⚡ AI POWER JUST GOT A $37.5B VALUATION. THE PREF STARTS AT 10%.
💰 Flex is separating its AI power and cloud infrastructure business, Axiom, after raising $2B of convertible preferred capital. The preferred pays 10% cash before the separation, then steps down after the business de-risks.
That is the lesson.
Capital should get cheaper as risk disappears.
Meanwhile:
🏭 Schneider Electric agreed to buy PTC for $23.7B.
⚛️ DOE conditionally offered up to $4.2B to preserve nearly 4 GW of nuclear power and add 433 MW.
🚚 C.H. Robinson agreed to acquire RXO for roughly $5.8B.
🏢 Fannie Mae backed more than $630M of multifamily refinancing.
📈 And the 10 year Treasury…
The skinny
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