Good afternoon,
The AI trade is officially messy. Real estate services are taking a hit as the "AI Grim Reaper" narrative expands, software stocks are wobbling enough to derail IPOs, and Elon Musk just overhauled xAI after a massive leadership exodus. Meanwhile, Bill Ackman is betting big on Meta, and the M&A world is bracing for a year of carve-outs.here
Getting started.
The Pulse
As of 02/11/2026 market close.
Markets
Yields on the US 10Y Treasury dropped to a five-week low.
UK's FTSE 100 hit a fresh ATH
Earnings
This week's lineup:
Today: Coinbase, Brookfield, Rivian
Friday: Moderna, Wendy's
See the full calendar here.
Prediction Markets
Four years of preparation, one ranking. (Polymarket)
Headline Hunt
The Trump-Netanyahu meeting wrapped up with no Iran deal. (FT)
Musk has restructured xAI leadership after half the co-founders walked out. (TC)
The US budget deficit for January dropped to $95B. (RT)
US unemployment dipped to 4.3% in a solid jobs report. (CNBC)
The US is considering pulling out of the 2019 USMCA trade pact. (BBG)
Real estate services stocks are tanking in the latest AI scare trade. (BBG)
PE-backed companies are deferring loan payments more often. (BBG)
UK firms are rushing to sell pound bonds after that huge Google deal. (BBG)
CME is looking into launching rare earth futures. (RT)
US colleges took in $5B from foreign sources last year. (BBG)
The Deal Room
M&A / Investments
Kraft Heinz ($30B listed) has officially halted plans to split the company.
Dajia Insurance Group wants to sell the Waldorf Astoria in NYC, which just finished a $6B renovation (acquired for $2B).
Icertis is exploring a sale at a $5B valuation.
Baker Hughes is looking to sell Waygate Technologies for $1.5B.
Venture Flow
Apptronik (humanoid robots) raised a massive $935M Series A at a $5.3B valuation from Google, Mercedes, and B Capital.
Inertia Enterprises (fusion energy) raised a $450M Series A led by Bessemer Venture Partners.
Olix (AI chips) raised $220M at a $1B valuation led by Hummingbird Ventures.
IPO / Direct Listings / Issuances / Block Trades
Solv Energy raised $512M in an IPO at a $5B valuation.
Fidelidade is looking at a Portugal IPO at a $3.6B+ valuation.
STACK Infrastructure (owned by Blue Owl Capital) is seeking a $2.1B loan.
Pershing Square (Bill Ackman) took a $2B stake in Meta while exiting Nike, Chipotle, and Hilton.
Goldi Solar is weighing a $350M IPO in India.
Metaplanet is raising $137M to pay debt and buy more Bitcoin.
The Debt Desk
Slovakia saw huge demand ($10.2B in orders) for a $2.4B bond sale.
Bolivia is talking to the IMF for $3.3B.
China sold $2B of yuan bonds in Hong Kong.
Distress Signals
Ukrainian Naftogaz is talking restructuring on an $825M bond amidst attacks on its assets.
Fresh Capital
Blackstone folded its hedge fund seeder unit into its $60B hedge fund business.
Blue Owl raised $3B for its strategic equity fund.
Crypto Corner
The risk of 24/7 Bitcoin trading is spiking while traditional markets sleep.
JPMorgan is actually bullish on crypto for the remainder of the year.
The Galaxy CEO thinks crypto is heading for "much lower returns" from here.
Drug cartels are increasingly shifting their money laundering ops to crypto.
Provenance Blockchain just hit an all-time high TVL of $1.2B.
Recommended Reading
TechCrunch compiled a list of 55 U.S. AI startups that raised at least $100 million in 2025.
Today’s Meme Pick
🤝 Partner with us: Looking to align your brand with a community of driven professionals? We are currently accepting inquiries for strategic sponsorships and collaborations. Reach out to discuss how we can create value together.
📧 Start your own publication: Ready to turn your insights into a newsletter? If you have the ideas but need the right tools, we suggest beehiiv as the best platform to build and scale your audience.