Download PDF Introduction: The TMT sector focuses on Technology, Media and Telecommunications and is oftentimes the leading fee generating business unit for Investment Banks worldwide. From regional boutiques to large household names like Goldman Sachs, deals are fought over what is seemingly the sector we interface with the most in Read more…
Download PDF Background The launch of OpenAI’s ChatGPT has brought the semiconductor industry under the spotlight, resulting in a year of particularly high hype from investors, with constant stock spikes and new technological standards. With generative AI software gaining popularity over the past year, chipmakers’ performance has begun to catch Read more…
Download PDF Introduction With the AI trend currently dominating markets highlighted by NVIDIA’s earnings announcement this week, Palantir has gained a fresh breath of momentum over the last year. It has yet to reach its all-time high which was during the meme-stock frenzy in January of 2021 fuelled by redditors, Read more…
Download PDF USA In a strong week for the broad U.S. stock market, equity indexes generally trended upward, except for the small-cap Russell 2000 Index, which was down 0.8% for the week. Both the S&P 500 Index and the Nasdaq Composite Index reached new intraday highs, with the latter experiencing Read more…
Download PDF Pre-IPO history The legend goes that the idea for what would become a multibillion-dollar disruptive company originated when its co-founders, Garrett Camp and Travis Kalanick, could not manage to find a cab after attending a prestigious tech conference in Paris. Both already successful startup founders, they envisioned a Read more…
Download PDF Introduction China’s economy has embraced growth prospects for as long as we can remember, but it now faces a myriad of systemic obstacles. From inherent problems tied to its aging population and lack of independent institutions, to today’s property and financial crisis, China is now at an important Read more…
Download PDF Introduction Interest rate derivatives (IRD) represent the largest segment of the OTC derivative market. As of June 2023, the global OTC derivatives notional outstanding amounted to $714.7tn as reported by the Bank for International Settlements (BIS). The biggest share of this market is represented by IRD and FX Read more…
Download PDF USA This week in the US, which was headlined by the upcoming CPI print, the markets showed mixed results. The Dow Jones managed to only grow by 0.2%, while the S&P 500 could not outgrow Monday’s opening numbers overall decreasing by 0.1%. NASDAQ experienced even a larger decline Read more…
Download PDF Introduction and the state of the private equity industry The geopolitical and macroeconomic environment in 2022 and 2023 led to a sharp decline in the value and volume of private equity deals. Multiple causes contributed to this collapse, with inflation headwinds being a major one. Inflation, which stood Read more…
Download PDF Introduction As Bill Ackman – Founder and CEO of Pershing Square Capital Management [AMS: PSH] mentioned on an interview with David Rubenstein in November of last year, some people are simply born to be activist investors. Clearly, that begs the question: What are activist investors? The strategy refers Read more…
Download PDF Introduction Several factors, including high inflation, high interest rates, and overall uncertainty in the market, resulted in a decline in M&A activity in 2023. Despite the rough year, Q4 2023 and the first two months of 2024 have shown that deal activity is due for a comeback. One Read more…
Download PDF Introduction In 2023, the global economy has exceeded expectations, with projected global GDP growth set to beat consensus forecasts from a year ago. Core inflation has seen a significant drop, plummeting from 6% in 2022 to 3% across economies recovering from the post-COVID price surges. Notably, the US Read more…
Download PDF Introduction In a high interest rate environment, firms have to face new challenges to their capital structure and adapt to higher financing costs. Highly leveraged firms now confront more than substantial interest expenses and difficulties in refinancing. More borrowers now turn to private credit due to its additional Read more…
Download PDF Company Description Adevinta[OTCMKTS:ADEVF] operates numerous classified brands which together make up the largest European internet platform. The firm was created by the Nordic media conglomerate Schibsted, as a response to the rise of online platforms like StepStone, which had disrupted Schibsted’s original newspaper advertising business. Over time, Schibsted Read more…
Download PDF Introduction In November, amidst concerns of a slowdown in the Chinese economy, investors found a glimmer of hope with China’s new finance minister announcing increased budget spending to support the post-pandemic recovery. However, this optimism is now overshadowed by a significant challenge as Zhongzhi, a major player in Read more…