☕️ Bad banker

Good morning.

JPMorgan had a busy 24-hour news cycle. The bank launched a private markets index tracking 6,400 companies, its M&A chief called April "challenging" and Bloomberg reported a JPMorgan-led syndicate is staring down USD500 million ($691 million) in paper losses on a debt deal for software firm Qualtrics.

But the most-read story on the WSJ site remains the one about the ex-banker who accused a female colleague of making him her office s** slave, and apparently turned down USD1 million from the bank to keep quiet before demanding USD11.75 million and going public. Despite JPMorgan's denials and mounting scepticism about his claims, the banker refiled his lawsuit earlier this week.

The latest twist, courtesy of the New York Post is that the Manhattan DA investigated the claims last year, reportedly found nothing, and referred the 35-year-old for mental health treatment instead.

🏆 LOI Subscriber #TBD

Market movers

Shares in Infratil, the ASX-listed infrastructure investor that part-owns data centre operator CDC, surged 15% on Wednesday after CDC signed what it called the largest data centre contract in Australian history: a 555 megawatt, 30-year deal with a US customer equivalent to 40% of the country's total existing capacity.

The quick sync

• Apple accused CBA of self-serving lobbying to dominate Australian digital payments. (Capital Brief)

• ElevenLabs opens Sydney office as the USD11b AI voice startup targets Australian enterprise. (Capital Brief)

• CDC's record data centre deal may be just the start as US opposition pushes demand south. (Capital Brief)

• Australia's CEOs were spotted competing to tell the best AI story. WiseTech's Richard White took it.(Capital Brief)

• Albanese's $10b fuel package puts Tuesday's budget on a collision course with the RBA. (Capital Brief)

• AI leaders who warned the public their products could cause mass unemployment or extinction look baffled that people believe them, writes JA Westenberg. (Capital Brief)

• As some of Canva's early leaders cash out and depart, the company pushes through its biggest reinvention without them. (Capital Brief)

Trading floor

M&A

• Digico sells a Chicago data centre for $1b and plans additional US asset sales. (Capital Brief)

• Atlas Arteria rejects a $7b hostile takeover bid from IFM Investors and appeals to the Takeovers Panel. (Capital Brief)

• Intertek is set to reject EQT’s sweetened takeover offer as still too low. (FT)

• JPMorgan appointed to lead Atlas Arteria Chicago Skyway selldown. (AFR)

• Bayer agrees to acquire Perfuse Therapeutics for up to USD2.45b. (WSJ)

• Google DeepMind takes a minority stake in the maker of EVE Online. (Bloomberg)

• Seattle NBA expansion bid hires JPMorgan and Moelis & Company as advisers. (Bloomberg)

Capital Markets

• AGL Energy narrows FY26 earnings guidance due to a softer market outlook. (Capital Brief)

• Aurizon expects a $10m earnings hit from volatile fuel prices. (Capital Brief)

• GPT Group reaffirms FY26 outlook after achieving 4.2% growth in Q3 sales. (Capital Brief)

• EMR Capital’s Ravenswood Gold Mine is facing severe financial stress and potential insolvency. (The Australian)

• Canva’s secondary sales boost staff wealth but may be driving early executive exits. (Capital Brief)

• Local filings a glimpse into Canva’s surging revenues, swing to profit. (AFR)

• Samsung Electronics reaches a USD1t valuation, joining TSMC in the top tier. (Bloomberg)

• Tanami Gold launches a $70.5m rights issue to raise capital. (AFR)

• McKinsey & Company faces competitive pressure as banks balance advisory and internal strategy roles. (AFR)

• Blue Owl Capital considers options for its data centre unit, including a potential USD30b Asia sale. (Bloomberg)

• HMC Capital reaffirms FY26 guidance following Digico’s $1b data centre sale. (Capital Brief)

• JB Hi-Fi reports 4% Q3 sales growth but warns of stock shortages and rising competition. (Capital Brief)

• BWP Trust seeks $228m to fund property pipeline expansion. (AFR)

• H3 Energy targets expansion opportunities involving major WA gas and SA energy assets. (SMH)

• ARN Media removes $3.2m worth of shares from Kyle Sandilands and Jackie O Henderson amid contract dispute. (AFR)

• BHP signals openness to issuing renminbi-denominated bonds following China deals. (AFR)

• Super Retail Group increases FY26 cost expectations to $66m as fuel price shocks impact sales. (Capital Brief)

• Tinder sees renewed growth driven by astrology features and increased in-person singles events. (SMH)

• Kraft Heinz beats earnings estimates as price increases drive sales growth. (Bloomberg)

• Rio Tinto plans further cost cuts while increasing focus on copper growth. (AFR)

• Morgan Stanley introduces crypto trading with lower pricing to compete with rivals. (Bloomberg)

• Chobani reports strong profits driven by surging high-protein yogurt demand. (AFR)

• Mastercard, Visa, and PayPal face a UK competition investigation. (Bloomberg)

• Nvidia invests USD500m in Corning through stock rights. (Bloomberg)

• Eli Lilly launches a high-grade bond sale to finance acquisitions. (Bloomberg)

• JPMorgan launches an index tracking 6,400 private companies. (Bloomberg)

• Anthropic secures a computing agreement with SpaceX to support AI growth. (Bloomberg)

• Atlassian billionaire boss, now solo, faces his biggest test yet. (SMH)

• AI bots auditioning for Wall Street trading are mostly losing. (Bloomberg)

• Sony to pay almost USD4b for Bieber, Neil Young catalog. (Bloomberg)

VC 

• Enaxiom raised $2.5m to scale water-saving cooling tech for AI data centres. (Startup Daily)

• Kayla Medica and Garry Williams launched Drip Drop to improve startup merchandise. (Startup Daily)

People moves

• ARN Media faces a potential shareholder revolt over executive pay. (AFR)

• Southern Cross Media faces leadership turmoil shortly after appointing a new CEO. (AFR)

• Underdog has appointed former Crypto.com executive Nick Lundgren as chief legal officer. (Bloomberg)

The watercooler