Welcome back! Vibes are immaculate this week. Nvidia’s solid report lifted AI stocks yesterday, software names like CrowdStrike and Salesforce were on fire, plus crypto has continued its quiet rally. AND, after Labor Day, we should be getting Anthropic’s prospectus as they close in on trying to go public at a $2 trillion valuation. We’re pacing towards massive IPO number 2 following SpaceX’s megadeal. I will admit though, Nvidia’s financing spree is starting to spook me a bit (Hugging Face and rumors of a Perplexity stake too). It doesn’t help the circular financing argument when they want to give money to everyone.

Today of course, we do have Kevin Warsh speaking. We think this is Warsh’s chance to become a better communicator - and that miscommunication would lead to a selloff. There’s probably an A/B path here: A) Warsh appears as a puppet fed chair, says inflation dynamics are transitory (like Oil), which is constructive for stocks, maybe not for rates though - there’s a battle between those dynamics, or B) Warsh gets serious on inflation as it is today, draws a line in the sand on needing to get to 2% and firms up rate hike plans. There’s a barbell range of options, but given his odd communication style, we tilt towards an initially negative reaction, regardless of what he says. Let’s get into it.

Today’s Jobs:

  1. Ares is hiring an AI Credit Product Lead (NY)

  2. Apollo is hiring a DCM Associate (NY)

  3. Partners Group is hiring a Private Credit Investment Associate (London)

  4. Morgan Stanley is making 2027 Summer Associate Hires (NY, Boston)

  5. Ares is hiring a Liquid Credit IR Associate (Los Angeles)

Search the Buyside Hub Job Board

Earnings Corner 💸

  • Nvidia $NVDA ( ▲ 8.74% ) beat on the top and bottom lines, with revenue of $96.2B vs. $92.3B and EPS of $2.22 vs. $2.09. Results were driven by Data Center revenue more than doubling to $89B as hyperscalers, AI clouds and enterprises built larger GPU clusters to train and run AI models. Growth also broadened beyond hyperscalers as AI cloud providers, industrial companies and enterprises increased spending on AI computing capacity, driving revenue from those customers up 138% YoY, while manufacturing and memory chip constraints kept supply below demand. Mgmt. expects ~70% FY28 revenue growth as AI infrastructure spending continues to scale and guided Q3 revenue above expectations.

  • CrowdStrike $CRWD ( ▲ 20.5% ) beat on the top and bottom lines, with revenue of $1.47B. Results were driven by accelerating cybersecurity demand as wider AI adoption and AI-powered attacks pushed companies to add more protection, helping record net new ARR reach $333M. Falcon Flex ARR more than doubled as customers adopted more of CrowdStrike’s security products through a single platform, while demand for its newer AI and threat-detection tools also accelerated. Mgmt. raised FY27 guidance above expectations.

  • Marvell $MRVL ( ▼ 1.49% ) Beat on the top and bottom lines as Data Center revenue rose 46% y/y as hyperscalers build out AI infrastructure and develop their own processors. Mgmt. raised FY27 and FY28 revenue guidance above expectations, but shares fell as its new custom AI chip partnership with Google is not expected to meaningfully boost revenue until FY29.

  • Salesforce $CRM ( ▲ 22.58% ) jumped after beating estimates in Q2, with adjusted EPS of $5.90 vs $3.27 expected and revenue up 11% to $11.35B, boosted by a $2.6Bn gain on its Anthropic stake. Salesforce also bumped their FY guide to ~11% revenue growth.

  • Synopsys $SNPS ( ▲ 13.39% ) beat on the top and bottom lines, driven by Design Automation revenue (DA) rising 53% y/y as increasing AI chip complexity boosted demand, while the acquisition of Ansys also contributed. Mgmt. raised FY guide above expectations on continued AI-driven demand and double-digit DA growth.

  • Abercrombie and Fitch $ANF ( ▼ 1.35% ) beat on the top and bottom lines, with revenue of $1.27B and EPS of $4.17 vs. $1.95. Results were driven by record sales, led by 8% growth at Abercrombie, while regional strength helped offset weaker Hollister comps. Profitability jumped due to $100M of tariff refunds, which added $1.75/share to EPS. Mgmt. raised FY sales and EPS guidance above expectations.

  • Bath & Body Works $BBWI ( ▼ 1.32% ) beat on the top and bottom lines as digital sales returned to growth for the first time in five years due to free shipping and better conversion, while expanded distribution through Amazon and Ulta drove international and other sales up 25%. Store traffic remained weak and total sales fell 2.3% y/y as cautious consumers pulled back, while $80M of tariff refunds heavily boosted profitability. Mgmt. guided Q3 EPS below expectations as cautious spending and turnaround investment weigh on near-term results.

  • Kohl’s $KSS ( ▲ 1.17% ) Missed on the top line but beat on the bottom line as comp sales fell 0.9% amid lower-income consumer pressures, though digital sales rose 2.8% and proprietary brands grew 3%. Profitability was lifted by roughly $100M of tariff refunds, while underlying gross margin was roughly flat excluding the benefit. Mgmt. raised FY EPS guidance, largely reflecting the tariff refund benefit.

  • Workday $WDAY ( ▲ 1.48% ) beat on the top and bottom lines as growing adoption of its AI agents drove customer expansion. The company also authorized a new $4B share buyback. Mgmt. raised the low end of FY subscription revenue guidance, with the range roughly in line with expectations.

  • Dollar General $DG ( ▲ 2.53% ) beat on the top and bottom lines as inflation weary consumers sought lower priced essentials, driving traffic up 2% and comp sales up 3.5%. Expanded $1 offerings and using tariff refunds to lower prices and run promotions helped drive traffic and market-share gains. Mgmt. raised FY guidance above expectations, driven by improving underlying demand rather than tariff benefits.

  • Affirm $AFRM ( ▲ 1.35% ) Beat on the top and bottom lines as GMV jumped 36% to $14.1B, driven by strong growth through merchant checkout integrations and its DTC business, while active customers grew 20%. Profitability also improved as operating margins expanded with higher transaction volume. Mgmt. guided FY27 above expectations as it continues to expand its merchant network, products and international presence.

  • Dollar tree $DLTR ( ▼ 3.92% ) revenue and EPS beat as comp sales rose 3.7% on higher spending per trip and continued demand for value, while $383M of tariff refunds significantly boosted profits. The company is using much of those refunds to lower prices, increase marketing and improve stores, which will pressure near term margins. Mgmt. raised FY EPS guidance above expectations, but guided Q3 EPS well below expectations as those investments and higher fuel related freight costs weigh on profits.

  • IREN $IREN ( ▲ 2.4% ) missed on revenue but beat on EPS. The neocloud fell after hours due to the weaker profitability and the high capex plans of $25B- $30B as it rapidly builds out AI data centers and GPU capacity to meet contracted demand.

On The Move 📈

IPO Roundup 📍

  • The Anthropic prospectus is coming after Labor Day as the Company eyes an IPO in either September or October.

  • Vista, the private jet company, is exploring a $1B IPO at a $10Bn+ valuation, with Milan and Zurich as potential venues. The UAE-based operator of VistaJet and XO runs a subscription-based model and is eyeing a 2027 listing.

  • Shein priced its Hong Kong IPO at HK$48.56 per share, raising $1.7B at a ~$26B valuation, down from a ~$100B price tag four years ago. The fast-fashion retailer starts trading Sept. 1.

  • KNDS, the Franco-German tankmaker, is relaunching its IPO as soon as late September at a €12B valuation, targeting a Frankfurt-Paris dual listing. Investor meetings begin next week following July’s postponement.

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Today’s Headlines 📖🍿

  • Russia is preparing to escalate ballistic missile attacks on Kyiv and other Ukrainian cities after concluding peace talks hit a dead end, with Putin warning Ukraine to “be ready to get a blowback” for striking Russian economic infrastructure.

  • Meta settled over social media addiction claims for $16.7Bn, paid out over 10 years, with 70% guaranteed to states and the remaining 30% contingent on YouTube and TikTok agreeing to matching payments and similar app changes.

  • Apollo President Jim Zelter says America’s next industrial buildout won’t fit the old playbook. IG issuance now rivals US Treasury net issuance as companies raise trillions for AI, energy, and factories. Zelter argues public bonds, banks, insurance, and private credit are now complements rather than substitutes.

  • Anthropic will pay Nscale $45B for AI computing power from Nscale’s Monarch campus in West Virginia, generating 460 megawatts of power using Nvidia’s upcoming Vera Rubin chips.

  • SK Hynix broke ground on its Indiana memory production base. The $4B factory will be live in 2030 and be a “key HBM production base in America.”

  • Time released their 100 most influential people in AI list….but it didn’t include Jensen Huang, Sundar Pichai, Mark Zuckerberg, and many others…

  • Citadel Securities notched a record $7.3B in Q2 trading revenue and $3.3B in net income. The firm stayed profitable in July when Jane Street lost $15B and is expanding into fixed income and equity block trading long dominated by JPMorgan and Goldman Sachs.

  • Companies still can’t put a dollar figure on the AI payoff three years into the buildout, per Bloomberg. Only 1 of the 60 largest US financial firms has mentioned realized AI returns in 3 years (~$19M combined), even as AI prices collapse and chip/memory costs get repriced upward.

  • JPMorgan is leading a $5Bn debt package to fund Volta Infra Holdings’ AI data center buildout, just weeks after Volta raised $300M in venture funding at a $2.4Bn valuation.

  • First Brands has been forced to liquidate, with Judge Christopher Lopez rejecting a Chapter 11 plan negotiated between the company, lenders, and creditors as “unconfirmable under any circumstances.”

  • Investors are choosing to stay in private credit rather than take a 26% loss. Cox Capital offered to buy up to $90M of non-traded BDC shares from HPS, Apollo, Ares, and Blue Owl at a ~26% discount, but drew less than $5M in orders.

  • Kioxia and Sandisk plan to spend ¥5 trillion ($31.4 billion) over six years to expand Japanese NAND flash memory production, including ¥1.8 trillion for a new fab in Kitakami dedicated to high-density 3D chips for AI data centers.

  • KKR says US real estate’s $5.1T middle market is underserved by traditional institutional capital. Nearly 5,800 sponsors control 85% of the institutionally sponsored market, and only 31% of it sits in closed-end fund structures.

  • Media newsletter Puck is in late-stage talks with RedBird Capital Partners on a deal valuing the company at $250M, which would make RedBird its largest shareholder.

  • Bitcoin treasury companies have lost more than $80Bn in combined value since mid-2025, with the top 50 holders’ market cap falling from $150Bn to $67Bn. Strategy alone accounts for $79Bn of the decline.

M&A Transactions💭

Nvidia (NAS: NVDA) has reached a definitive agreement to acquire Hugging Face, developer of a machine-learning community platform, for $12.9B.

Altruist, developer of a digital investment platform, has entered into a definitive agreement to be acquired for $4.0B by The Vanguard Group.

Enbridge (TSE: ENB) reached a definitive agreement to acquire The Crude Oil Gathering Business of Salt Creek Midstream for $600.0M.

Rael, manufacturer of organic feminine care products, has entered into a definitive agreement to be acquired for $290.0M by TowerBrook Capital Partners and other undisclosed investors. Jefferies advised on the sale.

Permiso, developer of cloud identity security software, was acquired for $200.0M by Okta (NAS: OKTA).

Leggett & Platt (NYS: LEG), designs and produces engineered components, was acquired for $2.5B by Somnigroup International (NYS: SGI). EV/EBITDA was 5.62x and EV/Revenue was 0.64x. J.P. Morgan advised on the sale.

The Testing and Measurement Business of Indicor was acquired by AMETEK (NYS: AME) for $5.0B. Evercore Group advised on the sale.

Two Power Plants were acquired by Hull Street Energy for $675.0M. Houlihan Lokey and PEI Global Partners advised on the sale.

First Eagle Investments, provider of investment advisory services, has reached a definitive agreement to be acquired for $7.0B by Victory Capital Management (NAS: VCTR). Bank of America and UBS Group advised on the sale.

Alignment Engine, developer of GPU computing infrastructure, has reached a definitive agreement to be acquired for $500.0M by Volato Group (ASE: SOAR).

Nexa Resources (NYS: NEXA), operates large-scale, mechanized underground and open pit mines, as well as smelters, has reached a definitive agreement to be acquired for $1.31B by Boliden (STO: BOL). EV/EBITDA was 2.76x and EV/Revenue was 0.93x.

Astrum Space, provider of satellite-to-device broadcasting services, has reached a definitive agreement to acquire Black Spade Acquisition III (NYS: BIII) through a $1.0B reverse merger. Cohen & Company Capital Markets advised on the sale.

Private Placement Transactions💭

Blank Street, a coffee shop chain, raised $105.0M of Series C venture funding led by General Atlantic Service.

ICON, developer of construction technologies, raised $114.89M of venture funding from undisclosed investors.

Gatik, developer of autonomous vehicle software, raised $200.0M of Series D venture funding led by Koch Disruptive Technologies and Qatar Investment Authority.

Emerald AI, developer of an infrastructure flexibility management platform, raised $150.0M of Series A venture funding led by DCVC and Energize Capital at a pre-money valuation of $900.0M.

CORE POWER, developer of maritime nuclear energy systems, raised $200.0M of venture funding from Mitsubishi, Sumitomo, and Mitsui.

Honeycomb Internet, provider of physical AI simulation engine infrastructure, raised CNY 1.2B of venture funding from undisclosed investors.

REGENT Craft, developer of an all-electric wing-in-ground-effect vessel, raised $240.0M of venture funding through a combination of debt and equity. $120.0M of Series B venture funding was led by AE Ventures and Mare Liberum Capital Partners. The transaction was supported by $120.0M of debt financing.

Alice, developer of an internet security tool, raised $140.0M of venture funding led by Apax Digital at a pre-money valuation of $660.0M.

PsiBot, developer of robotics and AI solutions, raised over $100.0M of venture funding from Lens Technology, Chery Holding, and 37 Interactive Entertainment.

Quaise Energy, developer of a deep geothermal energy technology platform, raised $169.0M of Series B venture funding led by Prelude Ventures.

Socure, developer of a digital identity verification platform, raised $156.0M of venture funding led by Summit Partners at a pre-money valuation of $5.04B.

Odds of the Day 🍒

Going into today’s speech, Polymarket traders are pricing in a 69% chance of no change in rates in September.

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Noteworthy Story 🧭

Following Hugging Face’s sale to Nvidia - Kevin Durant, who wrote an early stage check, has been crowned a big winner. Here’s Kevin’s other big wins:

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