☕️Rotten Apple

Good morning.

Thomas Rice, co-founder of AI-powered hedge fund Minotaur Capital is banking on the possibility that last week’s ruling against Apple will savage the tech giant’s bottom line. In what Rice describes to Capital Brief as one of the “harshest judgments” he has seen, the US District Judge blasted Apple for violating court orders and introducing a series of anticompetitive measures to “maintain a revenue stream worth billions.”

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Market movers

Block shares nosedived Friday as flat Cash App growth and slashed forecasts stoked fears over its future, bucking sector momentum and triggering a wave of broker downgrades.

The quick sync

• PEXA slams rival Sympli for trying to ‘free-ride’ on its infrastructure as a Senate probe reignites the battle over competition and interoperability in e-conveyancing. (Capital Brief)

• Rival safety tech firms 1Breadcrumb and SignOnSite join forces to take their Aussie-built platform global. (Capital Brief)

• Albanese's second term kicks off amid global trade turmoil and critical local data, setting the stage for tough economic decisions on productivity, reform and spending. (Capital Brief)

• APRA scrutinises Rest Super’s risk systems ahead of new July rules after cyberattack spotlight. (AFR)

Trading floor

M&A

• Shell is exploring a possible takeover of BP amid BP’s weak earnings, stock decline, and shareholder pressure, though no final decision has been made. (Capital Brief) (Bloomberg)

• Hamish Douglass buys 10.45% of MotorCycle Holdings. (AFR)

• Trade Me eyes sale after a $2b refinancing. (AFR)

• Stonepeak is in advanced talks to acquire I-MED. (AFR)

• Asian bidders are pulling back in the $2b auction for Queensland's Ravenswood gold mine, with just a few remaining contenders. (The Australian)

• KKR has been named preferred bidder to acquire chicken producer ProTen from Aware Super, with a winning bid of about $1.3b. (AFR)

• Kerr Neilson backs Platinum’s merger with L1 Capital after years of underperformance. (The Australian)

Capital Markets

• Global equity managers like GCQ, Hyperion, and Aoris have outperformed amid market volatility during Trump's first 100 days. (AFR)

• Minotaur Capital is shorting Apple after a US court ruling threatens the company’s App Store profits and business model. (Capital Brief)

• Atlassian’s AI strategy leads to a $15b market value loss after a poor sales forecast. (AFR)

• Bain Capital eyes Healthscope recapitalisation as lenders prepare to sell $1.4b debt. (The Australian)

• SS&C Technologies expands to challenge MUFG in Australia’s superannuation market. (AFR)

• Peabody Energy mulls selling coal assets after price drop and $5.8b acquisition. (The Australian)

VC

• Australian defence start-ups target Europe’s $1.4t rearmament push. (AFR)

People moves

• Issa Chehab has departed Blackstone after ten years to join Wentworth in a senior real estate role. (AFR)

• Sandon Capital pushes for Matt Bayliss to chair Southern Cross Media. (The Australian)

• Greg Abel to succeed Warren Buffett as Berkshire Hathaway CEO. (Bloomberg)(Capital Brief)

The watercooler