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Masayoshi Son called AI bubble talk an 'insult,' South Korea stock volatility hit a record high, Venezuela is preparing for the world's largest restructuring, Micron may have saved the stock market, and Wendy's soared 40% for no reason other than a viral Reddit post (crazy how this just sounds so normal at this point).  

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Let's dive in.

Before The Bell

As of 6/24/2026 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

  • US stocks closed lower as the chip selloff resumed ahead of Micron's bellwether earnings

    • Micron crushed earnings

  • Bitcoin hits 20-month low 

Earnings

  • Micron absolutely smashed Q3 earnings and revenue estimates as sales surged over 400% and profit rocketed 1,300% amid insatiable memory demand tied to the AI boom (CNBC)

  • Jefferies missed Q2 earnings estimates as weakness in asset management offset strength in dealmaking and ECM activity (RT)

  • What we're watching this week:  

    • Today: McCormick, FedEx Freight 

  • Full calendar here

Prediction Markets

  • The sentiment is slightly different in NYC, where three Mamdani-endorsed Democratic Socialists swept their primaries

  • Trade event contracts on Polymarket, the world's largest prediction market

Headline Roundup

  • Wendy's soared 40% yesterday following a viral Reddit post (BBG) 

  • Masayoshi Son calls AI bubble talk an 'insult' (BBG)

  • Cracks in AI narrative seem more serious this time (BBG)

  • Big banks aced this year's easier stress test (WSJ)

  • New hedge funds are using AI bots to rival industry giants (BBG)

  • Fed calls basis trade key driver of hedge fund Treasuries exposure (BBG)

  • Debasement trade begins to unravel under Kevin Warsh Fed (BBG)

  • South Korea stock volatility hit a record high (FT)

  • SEC is probing continuation vehicles as it steps up secondaries scrutiny (RT)

  • 25% of life insurers who invest in private credit also lend to privates (WSJ)

  • SPAC deals seen as key path to public market in data center boom (BBG)

  • SpaceX short interest rose to 13% (RT)

  • Alphabet's Dow inclusion shows index headache in tech economy (BBG)

  • Google lost two more senior AI researchers to Anthropic (BBG)

  • Florida unemployment surges even as big companies move in (BBG)

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Deal Flow

M&A / Strategic

  • Paramount Skydance is prepared to divest its film distribution JV with Universal ​Pictures to win EU approval for its $110B ‌acquisition of Warner Bros. Discovery 

  • Logistics firm Prologis went hostile with its $16.6B takeover proposal for UK warehouse landlord Segro after management rejected its approach

  • SoftBank is looking to invest in $4.7B-listed Tokyo Electric Power Co. to secure power for AI

  • $4B-listed cybersecurity company Varonis Systems is exploring a sale after receiving takeover interest from Blackstone, Thoma Bravo, and Vista Equity Partners

  • Qualcomm agreed o to acquire AI inference firm Modular for $3.9B in stock

  • Sony Pictures announced a $100M strategic investment in immersive technology firm Cosm

  • Ryman Hospitality Properties is exploring a sale of its 70% interest in Opry Entertainment Group, which owns venues such as the Grand Ole Opry House and the Ryman Auditorium

  • BlackRock's AI Infrastructure Partnership, Brookfield, IFM Investors, KKR, and SoftBank-backed DigitalBridge Group are interested in acquiring Blue Owl-owned STACK Infrastructure's APAC data centers

  • Dubai Holding is exploring an investment in Bain Capital-owned data center builder Hscale

VC

  • Prediction markets platform Kalshi is in talks to raise funds at a $40B valuation

  • XLight, an advanced-laser-for-semiconductor startup, is in talks with VCs to raise $350M 

  • Assort Health, an AI agents platform for the patient journey, raised a $120M Series C at a $1.2B valuation led by Menlo Ventures

  • Caplight, a private markets data and transaction infrastructure company, raised a $16M Series A led by BlackRock and Fin Capital 

Access the complete VC deal flow and data on Fundable

IPOs / Listings / Issuances / Block Trades

  • $1.2T-listed Korean chip darling SK Hynix is seeking to raise $30B in a US listing

  • $125B-listed Chinese AI startup Zhipu is considering raising several billion dollars in a Hong Kong issuance

  • $74B-listed Chinese electronics manufacturer Luxshare Precision Industry is gauging interest for a $3B Hong Kong listing 

  • Tankmaker KNDS started the process for a dual Germany and France IPO which could fetch a ~$20B valuation

  • Fintech MNT-Halan is planning an Egypt IPO of its Egypt unit at a $1B valuation

  • UK aerospace parts supplier Doncasters is seeking to raise $890M in its US IPO

SPAC / SPV

  • Humanoid robotics firm Agility Robotics will list with ​Churchill Capital Corp XI in a $2.5B deal

Debt

  • Chinese tech giant ByteDance is in early ‌talks with banks for a record $20B offshore loan

  • Infrastructure investor Stonepeak sold $2.5B of private bonds to refinance a loan related to its investment in a Louisiana LNG export terminal

  • Singapore SWF Temasek's SeaTown Holdings and Oman Investment Authority will invest $255M in private credit financing for Vietnamese conglomerate Vingroup's hospitality arm

Bankruptcy / Restructuring / Distressed

  • Venezuela is set to disclose a $240B debt pile to set the stage for the world's largest restructuring

  • Indian conglomerate Shapoorji Pallonji Group offered bondholders a 30 bps fee for another extension on $1.5B of debt owed by its Goswami Infratech unit

  • Real estate firm 601W Companies defaulted on a $343M Blackstone loan on a 40-story downtown Chicago office tower

  • The ex-COO of collapsed sub-prime auto lender Tricolor pleaded guilty to fraud

Funds / Secondaries

  • Commodities hedge fund Moreton Capital Partners is seeking $500M for an SPV to trade commodities impacted by the 'super El Niño' weather phenomenon

  • Israeli deep tech VC Deep33 raised $200M for its debut fund

Crypto Sum Snapshot

  • Saylor's Strategy faces Bitcoin dilemma with no easy way out

  • Binance vows to stay in Europe despite license setback

  • Crypto-backed candidates won primaries after Fairshake spent $8M on campaigns

Crypto Sum compiles the most important stories on everything crypto. Read it here.

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*DISCLAIMER: Investment advice provided by Autopilot Advisers, LLC ("Autopilot"), an SEC-registered investment adviser. Past performance does not guarantee future results. Investing carries risks, including loss of principal. As always, be smart out there. Litquidity is compensated to promote AutoPilot. Compensation details available upon request.