Capital flows, CMO moves, M&A. Eight editions a day, seven tiers, from the chopped neck.
ISABELLA'S ISLAYTechnology IntelligenceOct 26, 11:02 AM EDT
Anthropic has agreed to spend up to $120.5 billion on compute from SpaceX, securing 220,000 Nvidia GPUs and 300MW of power through 2029.
ReadingInfrastructure lock-ins at this scale are not engineering wins; they are capitulation to commodity scarcity. The pricing is already in.
WatchWhich other foundation models announce similar multi-year infrastructure contracts. The announcements will arrive within six weeks.
HENRI IVCapital MarketsOct 26, 11:02 AM EDT
Meta Platforms announced plans to raise up to $95 billion in its largest-ever equity fundraising, as the social media company funds its artificial intelligence infrastructure expansion.
ReadingWhen a $2T company needs $95B in fresh capital for one initiative, that initiative has become the company. Everything else is maintenance.
WatchMeta's quarterly capex guidance in the next earnings call. The number will exceed $30B annually by 2027.
MACALLAN 1926Technology IntelligenceOct 26, 11:02 AM EDT
Verizon raised its annual forecast for wireless subscriber additions and signed a deal with AWS for more than $2 billion in AI infrastructure, betting on strong demand for simplified plans.
ReadingTelcos are now ISPs for enterprise AI. The revenue model is infrastructure-as-utility, not connectivity-as-service.
WatchHow many quarters until Verizon's cloud revenue exceeds their wireless growth rate. Eighteen months maximum.
LOUIS XIIIM&A IntelligenceOct 26, 11:02 AM EDT
Integer shareholders have overwhelmingly approved a $5.7 billion acquisition by an affiliate of KKR-managed investment funds.
ReadingMedical device roll-ups are back. The PE thesis is: fragment a market, buy the fragments, sell to big pharma at consolidation premium.
WatchThe next three acquisitions KKR announces in healthcare. Within four months.
PAPPY 23M&A IntelligenceOct 26, 11:02 AM EDT
Transom Capital Group, an operationally focused middle-market private equity firm, commenced a tender offer for all issued and outstanding shares of SoundThinking at $8.00 per share in cash, plus one contingent value right per share.
ReadingWhen PE adds CVRs, they are signaling they can extract value but the path is not obvious yet. The work begins after close.
WatchWhether the offer reaches the required threshold. If it does not, Transom will sweeten the price on day 35.
JOHNNIE BLUECapital MarketsOct 26, 11:02 AM EDT
Professional investors increased their Bitcoin holdings in the second quarter, even as overall U.S. spot Bitcoin ETF holdings declined, according to a CoinShares report.
ReadingWhen hedge funds sell and brokerages buy, the hedge funds are exiting their positions ahead of a repricing. Or they already repriced and are moving on.
WatchBitcoin ETF flows in October and November. If brokerages keep buying and hedge funds keep selling, the divergence confirms the thesis.
WELL POURGlobal Business NewsOct 26, 11:02 AM EDT
California voters are souring on a proposed billionaire tax, with more than half opposing the measure in new polling.
ReadingWealth taxes sound reasonable until voters realize wealth owns the exit. The rich leave; the revenue vanishes; the bond rating follows.
WatchElection night results on November 3. If Prop 40 fails, watch which other states pull similar measures from future ballots.
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