Finance/Business
The M&A rebound is real. It is also five trades in a trench coat.
Q1 M&A volume is the highest in four years and 73% of it came from five deals, all AI-adjacent. That is not a recovery. It is a single thesis buying...
Capital One just built the Amex challenger that the bulge brackets quietly feared
Capital One isn't buying fintechs. It's assembling a vertically integrated consumer-and-SMB financial platform that has no direct peer. The credit-provision spike in the same quarter is the countersignal nobody is...
The banks beat the quarter and downgraded the year. Only one of those is the signal.
Q1 bank earnings were strong on trading and weak on guidance. The trading beat is not repeatable. The guidance cut is.
Private credit's first visible crack is actually the AI trade in disguise
Blue Owl's 5% redemption cap isn't a private-credit liquidity story. It's the first balance-sheet expression of SaaS-cannibalisation anxiety, and the industry's own investor letters are saying so in writing.
The largest IPO in history is also a control-crystallisation event
SpaceX's S-1 is being read as a valuation story. It's a governance story. Musk is taking the company public at precisely the moment that keeps him in control of SpaceX,...