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Welcome back.
Well, a 2nd Jensen Huang affair has been revealed - the NYT has alleged he was having an affair with Kimberly Powell, a VP of Healthcare at Nvidia. The WSJ was out with an exclusive report saying that the Nvidia board is preparing to oust Jensen. Nvidia futures are down -7.4%. Meanwhile, Alice Huang, the alleged Chinese spy he had an affair with is reported to be currently in Beijing.
What a mess - it genuinely looks like the Head Cheerleader of the AI revolution is on his way out. The extent to how bad this is will likely shoe drop soon, but yesterday’s initial rebound rally looks all for naught. Let’s get into it.
Btw, we are running a 2027 outlook survey for Banking and Buyside professionals. We are mainly collecting the following:
Your 2027 outlook on deal flow, the market, and ai trade/investment
Your y/y comp growth expectations
Your y/y headcount headcount expectations
Here’s a look at the remaining earnings for this week.
Thursday: Cisco Systems, Applied Materials, Brookfield Corporation, Nu Holdings, Nebius, Cerebras Systems, YETI, Spectrum Brands, Wolverine World Wide, Flowers Foods, Edgewell Personal Care, KinderCare, National Vision, Intuitive Machines, Canadian Solar, Globant, Virgin Galactic
Friday: Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Mizuho Financial Group, KB Financial Group, Woori Bank, LG Display, Noodles & Company
Here’s a look at economic data this week (estimates are in quotations).
Thursday: Weekly Jobless Claims, Existing Home Sales, Monthly Treasury Balance
Friday: PPI, Ex-Food & Energy PPI M/M%, PPI Y/Y%
Earnings Corner 💸
IHeart $IHRT ( ▲ 13.1% ) plummeted after missing 3Q26 earnings (revenue of $1.03Bn vs. $1.05Bn expected) and weak guidance for 4Q26 (adjusted EBITDA of $135MM-$185MM vs. $331.8MM expected), causing its debt to plunge to record lows. The company’s high-yield bond dropped more than 20 cents on the dollar, and its term loan dropped 35 cents to 45 cents.
CoreWeave $CRWV ( ▲ 24.71% ) beat on revenue at $3.66B and adjusted EPS, driven by surging AI computing demand, with contracted backlog reaching $132.5B. However, heavy infrastructure spending and rising financing costs continued to weigh on profitability. Mgmt. raised its FY2026 revenue outlook and highlighted customer prepayments as a way to fund expansion, while the company's CEO canceled his planned share sales following concerns over insider selling.
KKR $KKR ( ▼ 0.79% ) Beat on revenue at $4.56B vs. $2.69B and EPS at $1.78 vs. $1.59. Revenue declined YoY due to weaker insurance revenue, but earnings rose as stronger management fees, capital markets activity, and investment gains drove record profitability. Assets under management reached $804B, supported by strong fundraising and growth in private credit and infrastructure. Mgmt. expects record Q4 earnings, helped by the planned sale of USI Insurance Services, which is expected to generate $2B in adjusted net income.
Constellation Energy $CEG ( ▲ 2.6% ) beat on revenue at $9.55B vs. $8.56B and adjusted EPS at $5.06 vs. $3.90. Results were driven by its Calpine acquisition, higher electricity capacity prices, and strong power sales, despite lower nuclear tax credits. Growing AI data center demand fueled new 20-year power agreements with Google and Amazon, supporting nuclear plant expansions and more predictable long-term revenue. Mgmt. raised its FY earnings guidance above expectations.
Hims & Hers $HIMS ( ▲ 8.78% ) missed on revenue at $890.4M vs. $892.9M and EPS at $0.03, despite sales growing 49% YoY. Growth was driven by international expansion and weight-loss treatments, but slower U.S. growth and declining subscribers weighed on results, while a shift toward lower-margin branded weight-loss drugs squeezed profitability. Mgmt. issued weaker than expected guidance and cut its FY profitability outlook amid higher expansion and marketing costs.
Take-Two Interactive $TTWO ( ▲ 2.97% ) missed on revenue at $1.50B vs. $1.65B, but posted a narrower than expected EPS loss. Revenue declined as weaker game sales and lower in-game spending weighed on results, while NBA 2K27 sales also fell short, contributing to an 18% YoY decline in net bookings. However, record preorders for Grand Theft Auto VI boosted investor confidence ahead of its November 19 launch. Mgmt. raised its FY revenue outlook but maintained its net bookings forecast.
On Holding $ONON ( ▲ 0.03% ) reported revenue roughly in line with expectations and beat on EPS, driven by strong demand for premium running shoes and apparel. However, DTC sales missed expectations as weaker online traffic and delayed store openings offset growth, while full price selling helped drive record margins. Mgmt. raised its FY margin outlook and expects Q4 growth to accelerate on new product launches and holiday demand.
StubHub $STUB ( ▼ 1.24% ) missed on revenue at $502M vs. $506.7M expected and EPS, as competitive pricing pressure and slower than expected growth in new revenue streams weighed on results. Lower marketing costs helped adjusted EBITDA rise 84%, while the company returned to profitability, compared with a year-ago loss driven by a large stock-based compensation expense. Mgmt. raised its full-year ticket sales outlook but maintained earnings guidance despite improved margins.
On The Move 📈 📉
GFL Environmental $GFL ( ▲ 2.29% ) fell after rejecting a $22Bn buyout offer ($52/share) from Blackstone, KKR, and Energy Capital Partners.
Oklo $OKLO ( ▲ 3.07% ) rose after the DOE authorized unrestricted operations at its Groves-1 test reactor, clearing it to begin research and testing.
GoPro $GPRO ( ▼ 18.34% ) sank after its preliminary Q3 revenue fell 41% and it disclosed covenant breaches that threaten its pending sale to Starman Optical.
Bloom Energy $BE ( ▲ 12.97% ) jumped as CoreWeave’s strong quarter lifted AI power stocks after a post-midterm selloff on data center delay fears.
Akamai $AKAM ( ▲ 3.55% ) dropped on Monday as Moody’s and S&P downgraded its credit rating after it announced a $2.2Bn convertible debt offering to fund its AI infrastructure push.
Travel stocks $BKNG ( ▲ 0.6% ), $EXPE ( ▲ 2.37% ), and $ABNB ( ▼ 3.09% ) slid on Tuesday after OpenAI’s acquisition of AI travel planner Odessia revived fears that AI platforms could bypass online travel agencies.
Microsoft $MSFT ( ▼ 2.26% ) slipped Tuesday on a report that Anthropic is rolling out AI workplace tools, including a spreadsheet that rivals Excel.
IPO Roundup 📍
Anthropic set terms for its IPO at $70-$78 per share, seeking up to $90.4Bn at a ~$1.4Tn fully diluted valuation. Key details:
The deal is multiple times oversubscribed, and bankers are weighing a price above the range that would put the valuation at $1.5Tn+.
The IPO is set to price Nov. 18 and start trading the next day under $ANT ( 0.0% ).
$26Bn of the raise is a private placement with AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC.
Including the greenshoe, the total could reach ~$100Bn.
Its revenue run rate hit $81Bn as of October 31, up $10Bn from the end of September.
YMTC is targeting its $4.9Bn Shanghai IPO as soon as Q1 2027, and the process is still moving despite last week’s report that the deal was on hold. The Chinese chipmaker is now the world’s third-largest NAND memory maker by shipments.
Barrick Mining filed to list its North American gold business as American Barrick Gold on the NYSE, offering a minority stake. The new company would be North America’s largest gold producer, and the listing is expected by year-end but could slip into early 2027.
Windward Bio set terms to raise ~$175mm, selling 10.3mm shares at $16-$18 each, plus a $50mm private placement from Sanofi. The Swiss biotech will use the money to fund respiratory drugs licensed from China.
Today’s Headlines 📖🍿
October CPI rose 0.4% month over month, down from 0.6% in September but above the 0.3% economists expected, with core CPI up 0.3% for a third straight month, keeping a December Fed hike in play.
Fed officials are calling for a rate hike but are split on pace after October’s hot CPI. Governor Christopher Waller warns a half-point hike may be necessary in December if inflation does not improve, with Chicago Fed’s Austan Goosbee calling the report “borderline disturbing,” while Philadelphia Fed’s Anna Paulson says “further gradual tightening seems appropriate” given limited wage pressures.
Nvidia has hired Wachtell Lipton to lead a board inquiry into CEO Jensen Huang after he admitted to an extramarital relationship with an executive the U.S. intelligence determined was a Chinese spy.
The Dallas and New York Fed are surveying private credit lenders on how lending standards are changing. Findings on credit availability, loan documentation, and borrower demand will be published in Q1 2027.
Sixth Street CEO Alan Waxman is keeping the firm largely on the sidelines of AI. He says “the ecosystem is just full of speculative behaviors,” and that about $200Bn of chips are sitting in warehouses because data centers aren’t ready.
Renaissance Capital says Anthropic’s IPO could kick off the next wave of AI listings. Most AI IPOs this year have been infrastructure companies. A strong Anthropic debut could bring in names higher up the AI value chain.
Clearlake Capital is exploring a sale of packaging company IPG for more than $3.5Bn versus the $2.6Bn it paid to take the company private in 2022, drawing interest from private equity firms and corporate buyers.
Crunch Fitness wants to borrow about $800mm against its franchise revenue. Early talks put the five-year bonds at 230 to 250 basis points over benchmarks, compared with 160 basis points for Planet Fitness’s similar deal last year.
PIMCO economist Tiffany Wilding now expects Fed hikes in both December and January. Core CPI rose 0.33% in October, but PIMCO still expects inflation to fall materially in 2027 as the energy shock fades.
Brookfield says it’s time for investors to revisit their infrastructure allocations. AI and rising energy demand are expanding the opportunity set. Higher rates have also brought debt return targets closer to those of core equity.
BC Partners is buying Investcorp’s struggling BDC at a 10% discount to net assets. The fund’s shares have plunged nearly 80% this year, and the deal follows Ares’ $2.6Bn purchase of Apollo’s MidCap Financial last month.
Pizza Hut is looking to sell $1Bn of whole-business securitization bonds backed by franchise royalties and fees to repay financing tied to LongRange Capital’s buyout.
Thames Water creditors holding more than £12Bn ($16.1Bn) of secured debt have backed a proposal to push 2027 maturities out to March 2028, buying time for a broader rescue and emergency loans.
Brent crude fell below $90 a barrel on Tuesday for the first time since August, trading at $89.70 as President Trump signaled no need for strikes on Iran.
Global lenders are returning to Saudi private credit. Goldman Sachs, HSBC and Fortress are backing $150mm of financing for United Saudi Company. It’s one of the first deals to draw major international lenders since the US-Iran war began in February.
Nvidia-backed Fireworks AI was hacked for the second time in weeks. The breach exposed files that in some cases contained customer data, and it comes as the startup is in talks to raise at a $30Bn to $40Bn valuation.
M&A Transactions💭
Heron Therapeutics (NAS: HRTX), a commercial-stage biotechnology company, reached a definitive agreement to be acquired by Cormedix (NAS: CRMD) for approximately $ 411.65M. The company will receive a contingent payout of $145.0M upon the completion of future performance terms. EV/Revenue was 2.78x. Leerink Partners advised on the sale.
Greenfire Resources (NYS: GFR), explores, acquires, develops and produces oil and gas in the Canadian energy sector and internationally, reached a definitive agreement to be acquired by Strathcona Resources (TSE:SCR) for CAD 2.9B. EV/EBITDA was 49.69x and EV/Revenue was 4.73x. CIBC Capital Markets and RBC Capital Markets advised on the sale.
Unnatural Products, developer of a computational biology techniques platform designed to engineer peptides that access traditionally undruggable targets, reached a definitive agreement to be acquired by Argenx for $1.15B.
Quintillion, provider of middle-mile backhaul services intended for telecommunication service providers, was acquired by GCI Fiber Communication for $360.0M. Bank Street Group advised on the sale.
MM Packaging, manufacturer of consumer packaging products designed for the protection and enhancement of consumer goods, entered into a definitive agreement to be acquired by KPS Capital Partners through a EUR 2.4B LBO. The transaction values the company at an estimated EUR 3.43B.
Magirus, manufacturer of firefighting vehicles and emergency response equipment intended to enhance safety and operational efficiency for fire services and disaster response teams, has reached a definitive agreement to be acquired by Morita Holdings for EUR 1.0B. EV/Revenue was 1.93x.
The Bioanalysis and DMPK Operations unit of Frontage Holdings (HKG: 01521) was acquired by Charles River Laboratories International (NYS: CRL) for $470.0M.
EnerCare, provider of energy utilities intended for residential and commercial sectors, has entered into a definitive agreement to be acquired by PSP Investments through a $1.6B LBO. The transaction values the company at an estimated $3.2B. CIBC Capital Markets and Scotiabank Global Banking and Markets advised on the sale.
Kobelco Construction Machinery reached a definitive agreement to acquire The Construction Equipment Business of CNH Industrial (NYS:CNH) for $1.0B. Bank of America and Goldman Sachs advised on the sale.
CKX Lands (ASE: CKX), a Louisiana corporation organized to receive non-producing mineral royalties spun off by a southwest Louisiana bank, has entered into a definitive agreement to be acquired by Jacobs Private Equity, HRTG Partners and other investors through a $1.0B LBO. TAP Advisors advised on the sale.
A1 Garage Door Service, provider of garage door repair and replacement services intended for residential customers, was acquired by Kohlberg Kravis Roberts through an estimated $2.0B LBO. Piper Sandler and William Blair & Company advised on the sale.
HiVolt Energy, provider of prime power infrastructure services intended to serve industrial and commercial sectors, reached a definitive agreement to be acquired by Archrock (NYS:AROC) for an approximately $450.0M. Bank of America advised on the sale.
Counsel Health, operator of a virtual medical consultation platform intended to specialize in messaging-based care, reached a definitive agreement to be acquired by Oura for $625.0M.
Akron Biotech, manufacturer of ancillary materials and critical raw materials intended for the cell and gene therapy industry, reached a definitive agreement to be acquired by MaxCyte (NAS:MXCT) for $151.8M. EV/EBITDA was 20.24x and EV/Revenue was 5.24x. Jefferies Financial Group advised on the sale.
Irish Residential Properties REIT (DUB: IRES), a Real Estate Investment Trust, entered into a definitive agreement to be acquired by Barings through a EUR 731.0M LBO. Barclays advised on the sale.
Canopius, provider of insurance and reinsurance underwriting services intended for a diverse portfolio of property and casualty classes of business, has entered into a definitive agreement to be acquired by Kohlberg Kravis Roberts, Samsung Fire & Marine Insurance and Korea Investment Corporation through an estimated KRW 3.0T LBO. The transaction values the company at an estimated KRW 5.0T. Fenchurch Advisory Partners and Macquarie Capital advised on the sale.
Private Placement Transactions💭
Mercor, developer of an artificial intelligence-powered hiring platform designed to streamline the hiring process for both candidates and companies, raised $750.0M of Series D venture funding from Benchmark Capital Holdings, Felicis and Fundomo, putting the company's pre-money valuation at $19.25B.
Optics11, developer of fiber optic sensing systems designed for monitoring and protection of critical infrastructure, raised EUR 90.0M of venture funding from FORWARD.one, Value Creation Capital and SET Ventures.
Onodrim, operator of a defense technology company intended to build the foundation for a new defense core by addressing priority national security challenges, such as border protection and resilient supply chains, raised $300.0M of Series A venture funding in a deal led by Lux Capital, putting the company's pre-money valuation at $1.0B.
Nominal, developer of a hardware testing and engineering data platform designed to streamline test execution, monitoring, and analysis for mission-critical systems, raised $240.0M of Series C venture funding in a deal led by Insight Partners and Lightspeed Venture Partners, putting the company's pre-money valuation at $2.7B.
newmo, developer of a ride-sharing service platform designed to provide a means of transport to local communities and consumers, raised JPY 20.8B of Series B venture funding in a deal led by KDDI.
Delix Therapeutics, developer of neuroplastogen therapeutics designed to treat neuropsychiatric and neurological conditions by promoting rapid and sustained neuroplasticity in targeted brain circuits, raised $100.0M of Series C venture funding in a deal led by Johnson & Johnson JJDC and SV Health Investors.
Clara, developer of a spend management software designed to simplify and automate corporate expense management, raised $105.0M of Series C venture funding in a deal led by Citius, Kaszek, and DEG.
Blue J, developer of a legal research platform designed to help predict court outcomes, raised $176.0M of Series E venture funding in a deal led by JMI Equity, putting the company's pre-money valuation at an estimated $524.0M.
Rox, developer of revenue operations software designed to automate sales activities and pipeline generation, raised $100.0M of Series B venture funding in a deal led by General Catalyst and March Capital.
Path Robotics, manufacturer of welding robots intended to find and weld seams autonomously, raised $300.0M of Series E venture funding in a deal led by Georgian, putting the company's pre-money valuation at $2.15B.
Noteworthy Chart 🧭
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