☕️ SHAZ Matazz

Good morning.

AI infrastructure company Sharon AI (NASDAQ: SHAZ) will float on the local exchange before the end of June, chief executive James Manning told Capital Brief, who has dismissed fears of market volatility that have forced other ASX hopefuls to rethink their plans.

Manning’s latest timeline signals a delay to the previous schedule. He told Capital Brief last month he hoped to formalise the IPO process in April and May, and possibly “accelerate it based on a few components.”

In fairness, he has been having to field questions of a more personal nature, after the AFR reported in February that Manning had been banned by the Crown Casino in 2015 after winning eight card hands in a row, racking up $32 million.

🏆 LOI Subscriber #TBD

Market movers

Shares in infant formula maker A2 Milk plunged on Monday after the company cut its FY26 earnings guidance, blaming Middle East supply chain disruptions that have created product shortages in China and forced it to warn that full-year profit would now be flat to lower versus prior expectations for growth.

The quick sync

• Trump's Hormuz blockade leaves markets facing months of oil disruption and no clear way out. (Capital Brief)

• Bendigo's tech outsourcing bet looks promising on paper, but analysts warn it could strangle the very thing that sets it apart. (Capital Brief)

• With runway tightening across Aussie startups, cash discipline and a credible AI story will define the survivors, writes Bhavik Vashi. (Capital Brief)

• Australia lags peers on AI productivity but KPMG says a surge is coming in 2026. (Capital Brief)

• Chalmers' plan to backdate foreign investor CGT nearly two decades sets a dangerous precedent, critics warn. (Capital Brief)

Trading floor

M&A

• Nvidia denies acquisition rumor that sparked Dell, HP rise. (Bloomberg)

• Monash IVF reviews higher 90¢ takeover bid from Genesis and Soul Patts. (Capital Brief)

• Sydney buyout firms eye Green Cross Health GP clinics amid private equity healthcare interest. (AFR)

• Paramount–Warner Bros deal set to face UK competition probe over antitrust concerns. (Bloomberg)

• Corrs Chambers Westgarth faces fallout as Cosette–Mayne Pharma deal collapse impacts client ties. (AFR)

• Billions in capital target Australian energy assets as Rio Tinto explores power asset sales. (The Australian)

• Pro Medicus lands $37m contract renewal with Northwestern Medicine. (Capital Brief)

• Baker Hughes sells Waygate unit for USD1.45b to focus on cleaner energy and growth areas. (Reuters)

• Altered Capital linked to possible deal involving Fletcher Building’s residential unit amid slow investor interest. (The Australian)

• Amtek Corporation is being prepared for sale as advisers seek buyers from strategic investors and private equity firms. (AFR)

• Insignia shareholders approve $3.3b CC Capital buyout, pending court approval. (Capital Brief)

• Horizon Nexus expands nationally with Perth and Brisbane accounting firm acquisitions. (AFR)

Capital Markets

• A2 Milk cuts FY26 outlook due to conflict-driven supply chain issues. (Capital Brief)

• Brambles reviews court ruling on partial shareholder claims over FY17 guidance. (Capital Brief)

• Luna Bronze expands globally with Ulta Beauty deal, targeting $20m revenue. (AFR)

• Telix secures $57m and major partnership with Regeneron for cancer therapies. (Capital Brief)

• Cash discipline is crucial as most startups face short runway. (Capital Brief)

• David Jones delays supplier payments amid cost-cutting and turnaround efforts. (AFR)

• Bendigo Bank’s tech pivot boosts shares but raises long-term growth questions. (Capital Brief)

• Meta is building an AI version of Mark Zuckerberg and 3D AI employees. (AFR)

• Viva Energy books $25m impairment after ASIC triggers accounting changes. (Capital Brief)

• Bruce McWilliam builds 5.3% stake in Southern Cross Media with $14m investment. (AFR)

• Booking.com reports data breach exposing customer reservation details. (Capital Brief)

• Wise posts 24% income growth ahead of upcoming Nasdaq listing. (Bloomberg)

• Car makers back range-extended EVs to boost range and compete with Chinese rivals. (AFR)

• Goldman Sachs reports 19% profit jump on record banking and markets revenue. (Capital Brief)

• Intel becomes market’s hottest stock after $100b rally driven by AI deals and turnaround optimism. (Bloomberg)

• Australia warned it may be exposed to hackers after delayed access to Anthropic’s new AI model. (AFR)

• Coalition proposes social media checks for visa applicants under new immigration policy. (Capital Brief)

• Western Australia Premier Roger Cook considers expanding Perth Mint into rare earths processing to boost sovereign supply. (AFR)

• Google faces mass arbitration from advertisers over alleged inflated ad pricing and monopoly power. (Bloomberg)

• Court dismisses Trump’s USD10b defamation suit against the Wall Street Journal. (Capital Brief)

• CoreLogic faces court allegations of large-scale competitor data scraping. (AFR)

• Lululemon investigated over possible PFAS chemicals in its activewear. (Capital Brief)

• Dell and HP shares rise on speculation of major PC industry acquisition talks.

  (Bloomberg)

• Used EV sales jump 138% amid fuel price spike from Middle East conflict. (AFR)

• Sharon AI targets ASX listing by June despite market volatility. (Capital Brief)

• Backdated CGT plan on green assets faces criticism over retrospective tax concerns. (Capital Brief)

• Australia trails peers in AI adoption and productivity, KPMG survey finds. (Capital Brief)

• Thoma Bravo winds down growth equity to focus on owning firms (Bloomberg)

• Anthropic hires Trump-linked lobbying firm Ballard Partners. (Bloomberg)

VC 

• Deteqt raises $5m seed funding led by Main Sequence to advance quantum sensor tech. (Capital Brief)

People moves

• Regal Partners names Peter Yates as incoming chair, replacing Michael Cole. (Capital Brief)

• JPMorgan hires three equity research analysts from competitors. (AFR)

• Dolce & Gabbana appoints Stefano Cantino as co-CEO amid leadership reshuffle. (Bloomberg)

• Santos CEO Kevin Gallagher departure speculation sparks succession talk. (The Australian)

• Mark Hammond appointed ADF chief amid defence leadership shake-up. (Capital Brief)

The watercooler