May 16, 2025

I recently learned that retail investors have been successful in buying the dip in the market, according to JPMorgan. Their strategy of buying the dip in early April has paid off, with their portfolio reportedly up 15.1% since April 8. Retail investors have been a driving force behind the market rally, with their market share reaching 36% in late April. However, a shift may be underway as profit-taking flows have been observed, with notable outflows from stocks like Nvidia.

In other news, Dick’s Sporting Goods has agreed to acquire rival retailer Foot Locker for around $2.4 billion. This merger could potentially result in additional pricing pressures on producers in the sneaker industry. Additionally, there have been several notable venture capital deals, including investments in companies like Cohere Health, Flock Freight, and Granola. These investments range from $60 million to $250 million and are aimed at supporting various industries such as healthcare, logistics, and AI.

Furthermore, Axiom Intelligence Acquisition 1, a SPAC targeting European infrastructure, has filed for a $150 million IPO. MNTN, a TV advertising software provider, has set IPO terms and plans to list on the NYSE. Thayer Ventures Acquisition II, a travel and transportation SPAC, has also raised $175 million in its IPO. These developments indicate continued activity in the SPAC and IPO markets, with various companies looking to go public or raise capital through these avenues.

Today, I learned that Group and Quadrivio have been acquired for just under €200m, as reported by Reuters. Additionally, Salesforce has agreed to acquire Convergence, an AI agent startup that had previously raised $12m from investors. WindRose Health Investors sold Workplace Options to TELUS Health for around $425m, while CookUnity acquired smart fridge tech company Fraîche. Enbridge has agreed to sell a stake in a natural gas pipeline in British Columbia to Indigenous communities for C$715m, and Strathcona Resources acquired Hardisty Rail Terminal for $45m.

In terms of fundraising, various firms have raised significant amounts, such as Archer of Los Angeles raising up to $150m for its fourth direct and secondary VC fund. Crestline Investors raised $3.5b for its fourth direct lending fund, while Dynamo Ventures raised $54m for its third fund. EV3, a New York-based VC firm, is raising up to $70m for its second fund, and Inflexion raised £2.3b for a multi-asset continuation fund. Lobster Capital is raising up to $50m for its second fund, and Nexa Equity raised over $390m for its second fund, among others.

Stay Well!