☕️Curbed Enthusiasm

Good morning.

MA Financial joint chief executive Chris Wyke has revealed the alternative asset manager will ramp up spending on technology and AI to help it cope with a flood of loan applications to its residential mortgage lending business.

After MA posted its first-half results which saw MA Money’s loan book surge 134% to $3.3 billion, Wyke told Capital Brief the goal is for AI to double the number of loan applications MA Money's credit officers can digest on a daily basis.

Given ‘AI investment’ is like catnip to investors, the move may not quite have Wyke’s desired effect to “temper some of the enthusiasm” around the booming business.

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Market movers

Shares in patent and trademark firm IPH saw the sharpest swing of any ASX 200 stock on Thursday - no small feat on a day when more than half a dozen of the 200 largest names posted double-digit moves, mostly to the upside, which helped the index break through 9000 points.

IPH shares tumbled almost 20% after chief executive Andrew Blattman warned the group’s heavier reliance on US patent filings is weighing on results.

The quick sync

• AI was little more than an afterthought at Labor’s economic roundtable, with debate centring on copyright and a promise to make it a national priority. (Capital Brief)

• News Corp is pushing back hard on talk of an AI payments deal, warning copyright law doesn’t need changing despite pressure for reform. (Capital Brief)

• A war of words between Jim Chalmers and Ted O’Brien hijacked the Economic Reform Roundtable, exposing how political point-scoring can derail serious debate. (Capital Brief)

• Goodman Group is doubling down on metro data centres and AI infrastructure as investors pile into the sector. (Capital Brief)

• Qantas’ apology over mass staff cuts dismissed as hollow after CEO Vanessa Hudson skips court. (Capital Brief)

Trading floor

M&A

• Elanor board rejects Lederer’s 70c takeover bid as undervalued. (Capital Brief)

• Crescent Capital to acquire Perth’s Western Radiology. (AFR)

• Peet taps Goldman Sachs for strategic review and potential sale. (The Australian)

• Mirvac backs Hostplus bid to oust Lendlease from $10b funds. (AFR)

• MIXI lifts PointsBet bid, contingent on Betr exit. (Capital Brief)

• Tiger & Bear acquires Luna to target start-ups. (AFR)

• Anglo’s stalled coal sale may give BHP a second chance. (The Australian)

• Plico Energy, a virtual power plant operator backed by SUSI Partners, is up for sale with KPMG. (AFR)

Capital Markets

• Fisher & Paykel forecasts 31% H1 profit growth and a board exit. (Capital Brief)

• Auckland Airport profit up 12% as travel slowly recovers. Capital Brief)

• Super Retail profit drops 8%; new Macpac boss appointed. (Capital Brief)

• Northern Star profit soars 110% on higher gold prices; record dividend declared. (Capital Brief)

• Brambles profit rises 12%, launches US$400m buyback. (Capital Brief)

• Pengana adds private credit to shrink LIC discount. (AFR)

• Charter Hall swings to profit, guides 10% earnings growth. (Capital Brief)

• Insignia returns to profit on cost savings. (Capital Brief)

• Whitehaven profit soars on Blackwater deal. (Capital Brief)

• Downer profit surges, unveils $230m buyback. (Capital Brief)

• RaptorTech raises $8m, valued at $40m. (AFR)

• Telix posts loss as expansion and R&D costs rise. (Capital Brief)

• Sonic profit rises, eyes strong FY26 growth. (Capital Brief)

• Netwealth profit surges on record inflows, boosts dividend. (Capital Brief)

• Bega Cheese posts $9m loss amid closures. (Capital Brief)

• SkyCity returned to profit with NZ$29.2m in FY25 but launched a NZ$240m equity raise and flagged asset sales. (Capital Brief)

• Fancourt Capital seeks $30m for first fund post-Wingate. (AFR)

• Ridley Corporation’s FY25 profit up 8.7% to $43m, eyes FY26 growth. (Capital Brief)

• NSR profit up 3% to $236m, guides higher FY26 earnings. (Capital Brief)

• Healius loss narrows to $151m, misses forecasts despite revenue lift. (Capital Brief)

• IPH sinks on US patent filing decline warning. (Capital Brief)

• APRA orders super funds to strengthen governance. (AFR)

• Goodman boosts $12.9b data centre push with strong capital base. (Capital Brief)

• Universal Store lifts sales 15.5% despite retail slump. (AFR)

• Qualitas profit rises 28% to $33m on stronger capital deployment. (Capital Brief)

• AusPost halts US transit shipping before tariff rule change. (Capital Brief) (ABC)

• MA Financial boosts AI spend as mortgage book surges. (Capital Brief)

• Tianqi backs future of WA lithium refinery despite IGO doubts. (AFR)

• Walmart profits miss as rising costs offset strong sales. (Capital Brief)

• Trump weighs using US$2b in CHIPS Act funding for critical minerals, sources say. (Reuters)

• Apple raises Apple TV+ subscription to US$12.99 as streaming costs climb and rivals push prices higher. (Reuters)(Bloomberg)

• Anthropic in talks to raise up to US$10b in new funding. (Bloomberg)

• Winning a flurry of dual listings from Texas companies, NYSE is playing offence and getting a head start on the Texas Stock Exchange. (Bloomberg)

• Nvidia’s soaring price targets show Wall Street doubling down on the AI chipmaker ahead of earnings. (Bloomberg)

• US DOJ prosecutors have pressed Jerome Powell to oust Fed Governor Lisa Cook as an investigation gets underway. (Bloomberg)

VC 

• Former Microsoft content safety director and journalist Shaun Davies launches The AI Training Company to boost AI skills in workplaces. (Startup Daily)

• NSW overhauls MVP Ventures grants with equity and diversity focus. (Smart Company)

People moves

• Qube chair Allan Davies will retire in November, with John Bevan set to replace him. (Capital Brief)

• Gadens hires three partners, including Allens’ Franki Ganter, to boost M&A team. (AFR)

• Allan Gray joins SkyCity’s $240m raise despite objections. (AFR)

• Vault Minerals CEO Luke Tonkin has resigned and will depart within 12 months. (Capital Brief)

• Tenet Advisory (formerly Sayers Group) has confirmed Paul Howes as its new CEO. (AFR)

• Bruce Billson to leave ASBFEO in 2026. (Smart Company)

• Brambles cuts 250 jobs despite profit surge. (AFR)

• Whitehaven warns Qld coal royalties threaten jobs. (AFR)

The watercooler