Sam Altman is back!

November 23, 2023

Good Morning,

David Seymour, does not believe either he or Winston Peters should be put in a position to voluntarily rule themselves out of the deputy PM role, Sam Altman is set to make a return as chief executive of OpenAI, Israel's cabinet has approved a temporary ceasefire with the Hamas & Gerard Minack says Australian policymakers are “doubling down on a dumb strategy”.

Let's jump in.

Before The Bell

Markets

  • The man managing $47 billion of state investments is sceptical of United States technology stocks like Tesla and Nvidia that are being fueled by artificial intelligence hype. (Herald)

  • Australian shares ended Wednesday largely unchanged as gains in a handful of large-cap stocks countered declines in technology and real estate. (AFR)

  • The S&P 500 is set for a fresh high in 2024 because US companies have adapted to higher rates and weathered macroeconomic jolts, according to Bank of America strategists who join a growing chorus of optimistic Wall Street forecasters. (AFR)

  • Oil steadied, with signs of another stockpile build in the US coming ahead of an OPEC+ meeting on supply over the weekend. (BBG)

  • Britain’s largest listed residential landlord has boosted its dividend guidance following a bumper year of rental income. (BBG)

News Summary

  • Act leader David Seymour has landed at Wellington Airport tonight declaring he does not believe either he or Winston Peters should be put in a position to voluntarily rule themselves out of the deputy PM role. (Herald)

  • A sports star has been charged with dishonestly taking a vehicle and intentional damage - but his name cannot be published due to a suppression order. (Herald)

  • The woman on trial for murdering her elderly father by setting his house alight has been found guilty. (Stuff)

  • Sam Altman is set to make a return as chief executive of OpenAI after the ChatGPT developer said it had “reached an agreement in principle” for his reinstatement. (Guardian)

  • Israel's cabinet has approved a temporary ceasefire with the Hamas militant group that is expected to bring the first halt in fighting in a devastating six-week war and win freedom for dozens of hostages held captive in the Gaza Strip, in exchange for the release of Palestinians detained in Israeli prisons. (9 News)

  • Renowned macroeconomist Gerard Minack says Australian policymakers are “doubling down on a dumb strategy” by relying on population growth rather than increased investment to grow the economy. (AFR)

     

Deal Flow

Investments / M&A

  • Capital Power Corp. agreed to buy two US natural gas-fired power plants in a $1.1 billion deal that’s partly backed by BlackRock Inc. and would make the Canadian company one of North America’s largest generators. (BBG)

  • US private firm TA Associates is ready for its payday at Fisher Funds, six years after it bought a 33.9 per cent stake in the now-$NZ22 billion Kiwi investing giant. (AFR)

  • Influential shareholders in ASX-listed gold developer OreCorp are growing increasingly dissatisfied with Silvercorp Metals’ proposed takeover deal. (AFR)

  • Stardust Power, a lithium refiner supplying the electric-vehicle industry, on Tuesday agreed to go public in the U.S. through a merger with a blank-check company in a deal valued at $490 million. (RT)

  • Long-suffering lender Macquarie has sold its entire exposure in the pub and hotel roll-up to another senior lender, Archibald Capital. (AFR)

Equity Raises

  • Bubs had its broker, Bell Potter, launch a $28 million raising on Wednesday morning, split evenly across a placement and a share purchase plan. (AFR)

  • The U.S. Federal Trade Commission (FTC) is investigating whether Roark Capital's purchase of Subway for $10 billion is legal under antitrust law given that the private equity firm already owns Jimmy John's and Arby's, Politico reported Tuesday. (RT)

Debt

  • Private credit funds are providing a record €4.5 billion ($4.9 billion) loan to back the buyout of Adevinta ASA, marking the latest win for a market that’s increasingly become the go-to funding source for private equity firms. (BBG)

Daily Picks

  • Rachin Ravindra to the IPL? How breakout Cricket World Cup star can become an overnight millionaire. (Herald)

The Daily Deck is sponsored by Industrial Equity, LLC

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