☕️Newsmaxxed Out

Good morning.

Seems like right now is the right time for right wing news.

In its very own meme-stock moment, shares in conservative media outlet Newsmax Inc. soared 1,160% since its Monday debut on the NYSE. In what could be 2025’s ‘Trump-trade,’ the stock opened up another 51% at US$125.98 ($200.60) apiece on Tuesday, building on a 735% surge in its debut session which saw the shares halted multiple times. The company now has a market value of over US$16 billion. Newsmax’ IPO still pales in comparison to DJT’s listing of Trump Media & Technology Group ahead of his re-election last year, which rather inexplicably notched up a price-to-sales ratio over 2,000.

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Market movers

Deep Yellow led a slump among uranium stocks on Tuesday, falling 7.5% as new US tariffs cast doubt over nuclear fuel demand and stalled contract negotiations.

The quick sync

• StrongRoom AI’s administrator HLB Mann Judd races to sell the startup as a court-ordered asset freeze blocks funds and deepens a messy investor showdown. (Capital Brief)

• Aussie VC firms like Airtree, Flying Fox and Archangel are using AI to streamline everything from operations to hiring—but when it comes to picking startups, human judgement still calls the shots. (Capital Brief)

• Chris Cuffe, former First State and Challenger executive, is blending decades of investment expertise with philanthropy through roles at UniSuper, Argo, Hearts and Minds, and Third Link. (Capital Brief)

• SoftBank is backing OpenAI with up to US$30 billion—including US$10 billion in debt from Mizuho—helping drive a record US$300 billion valuation for Sam Altman’s AI firm. (WSJ)(Bloomberg)

• Following the launch of Pearler’s ‘no boomers’ self-directed super fund, experts are warning that ETF-only retirement products may carry risks for unadvised investors. (Capital Brief)

Trading floor

M&A

• AVJennings accepts $369M buyout from Proprium, dropping Ho Bee Land talks. (Capital Brief)

• PSG Equity moves to acquire Melbourne's Uptick software firm. (AFR)

• Fat Zebra buys SecurePay, expanding its dominance in Australian payments. (Capital Brief)

• Longreach Credit Investors fields a $20m bid for Top Shelf International’s assets, including an agave farm and distillery. (AFR)

• Crescent Capital Partners hires Greenhill to find a buyer for its stake in outsourcing firm Emapta. (AFR)

Capital Markets

• Virgin Australia’s ASX comeback is on for June, capital raise planned for May, but Bain faces a wary market still remembering the airline’s last crash-and-burn. (AFR)(The Australian)

• HMC Capital to gain $150M and pivot to a closed-end private equity fund. (Capital Brief)

• David Di Pilla of HMC Capital pledges to maintain Healthscope’s hospital operations in his bid to acquire the company. (AFR)

• Lendlease exits global construction, shifts focus to Australia and investment management. (Capital Brief)

• Alibaba plans to release Qwen 3, its upgraded AI model, in April, competing with OpenAI and DeepSeek. (Bloomberg)

• Sleeping Duck’s trade secrets case against ex-CFO Sean Curry heads to mediation. (Capital Brief)

• Bitcoin investor Chun Wang bought a SpaceX flight for a unique journey over the North and South poles, launching from NASA’s Kennedy Space Centre. (AP)

• JPMorgan and Craigs are advising the New Zealand government on a deal for Kiwibank, which includes finding an investor to inject NZ$500m, potentially paving the way for an IPO. (The Australian)

• Albanese stands firm on News Bargaining Code amid US trade tensions. (Capital Brief)

• Trump plans 20% import tariffs, risking recession; USTR flags Aussie trade policies. (Capital Brief) (Washington Post)

• NZME's trading lock-up ends this week, following a Takeovers Panel probe into activist efforts to oust the board. (The Australian)

• Mercedes may drop entry-level US models over Trump’s auto tariffs. (Capital Brief) (Bloomberg)

• Coalition proposes Investment Australia to fast-track projects and ease regulations. (Capital Brief)

• Three top private equity firms have lost $61.3bn in market value in 2025, as failed investments and the limitations of their business model, reliant on cheap interest rates, are exposed. (The Australian)

• Eurozone inflation drops to 2.2%, fueling expectations of another ECB rate cut in April, despite trade war concerns. (Capital Brief)

• Bellevue Gold's shares are suspended as it works on a long-term plan to avoid market surprises following a likely production downgrade. (The Australian)

• Tesla is struggling in 2025, with sales down due to backlash against Elon Musk’s politics, production delays, and a cooling EV market. (Bloomberg)

• Labor calls for above-inflation wage hikes for 2.9M low-paid workers. (Capital Brief)

• ASFA backflips on ASIC criticism as damning death benefits report exposes super sector’s deep governance failings. (AFR)

• Climate Change Authority chairman Matt Kean has declared material interests in carbon credit projects through Wollemi Capital, raising fresh questions about governance in Australia’s emissions policy. (AFR)

• Apple and Google app stores host VPNs linked to sanctions-hit Chinese group. (FT)

• Stocks wobbled higher and gold hit a record high as markets braced for Donald Trump’s looming tariff announcement and rising economic uncertainty. (Reuters)

• J&J’s US$10b talc deal was tossed out by a judge, sinking its shares and reviving a legal war over cancer claims the company hoped to bury. (Reuters)

• Tesla’s European sales tanked again as Musk’s political antics and China’s EV surge turned the once-iconic brand into a protest target and a market laggard. (Reuters)

VC

• Australian VCs use AI for operations, but human judgment remains key in investment decisions. (Capital Brief)

People moves

• Cettire appoints Steven Fisher as its new chair, replacing Bob East, and adds Daniel Agostinelli to its board. (Capital Brief)

• UBS analyst Lee Power leaves for JPMorgan after a brief stint following Barrenjoey's poaching. (AFR)

• Former Goldman Sachs ECM head Aaron Lamshed secures a new role after leaving the firm 2.5 months ago. (AFR)

The watercooler