☕️Chatbot bankers

Good morning.

One of OpenAI’s largest clients, Morgan Stanley, had been fretting about the fate of its AI@Morgan Stanley Assistant chatbot during the management upheavals of late. While The Information says that use of the chatbot by MS employees has shot up following OpenAI’s recent notoriety, many advisors have had to be “prodded” to give it a chance – or squarely condemned it to the realms of administrative staff.

Strong tech performance is something MS hangs its hat on. But when advisors are tossing up whether to consult the chatbot or speak directly to a senior and secure a better EOY review, which option do we think bulge bracket bankers are really going to take?

🏆 LOI Subscriber #TBD

Market movers

Premier Investments is riding high on the back of Black Friday. At its AGM last week, CEO Solomon Lew told investors that the global sales weekend saw the company’s portfolio of retail brands including Smiggle and Peter Alexander deliver record results. While he did not elaborate on numbers, he said the group’s H1 2024 earnings should hit $200 million, surpassing analyst expectations.

Lew, the billionaire, also urged the federal government to “put their hand in their pocket” to assist Australian households manage cost of living pressures. 

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The quick sync

• Canadian miner Teck Resources has just landed a $10 billion windfall and it’s ready to go shopping in Australia with Chalice Mining near the top of its target list. (Capital Brief)

• Bitcoin surges past US$42,000, cracking a 19-month high. (Bloomberg)

• ANZ’s bid for Suncorp’s banking business saw a roll call of competition silks as it got underway before the Australian Competition Tribunal yesterday. (Capital Brief)

• Google postpones launch of Gemini, its conversational AI tool set to compete with OpenAI. (The Information)

• Without Congress sign off, US funding for Ukraine could run out by end of 2023. (Wall Street Journal)

• The VC and startup industries keep a weathered eye on the launch of the $15 billion National Reconstruction Fund. (Capital Brief)

• Qatar slashes its Barclays stake with £510 million stock sale hot on the heels of the bank’s restructuring pressures. (Financial Times)

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Trading floor

M&A

• Advisers pause on Origin Energy bid until after Christmas as shareholders await a potential revised offer. (The Australian)

• Rode Microphones' Peter Freedman acquires Mackie for $120m with debt facility from amicaa. (AFR)

• Capricorn Metals executives sell shares through Barrenjoey at $4.60, a 5.3% discount. (The Australian)

• CPE Capital is nearing completion on acquisition of Modus Projects, a facilities maintenance firm. (AFR)

• EBOS reportedly shifts focus to Paragon Care after considering Greencross. (The Australian)

• TPG Capital is bringing Novotech to market, explores options with Goldman Sachs. (AFR)

• Edtech Birth Beat, offering digital childbirth education, was acquired by Device Technologies. (Startup Daily)

• ATB Engineering to change hands after 30 years of family ownership, with Simon Genarri running the sale process. (AFR)

• The auction of Cura Group was extended with final bids due next week, possibly due to detailed queries from Partners Group. (The Australian)

• ARN Media seeks to prevent the forced sale of shares in Southern Cross Media after the Takeovers Panel ruling. (AFR)

CAPITAL MARKETS

• Dutch medtech Nicolabs, backed by Soul Patts and Regal, is out to raise $10 million as it hopes for an IPO next year. (AFR)

• Tower Insurance undergoes a strategic review facilitated by Goldman Sachs. (The Australian)

• Metals Acquisition Corp eyes ASX listing in February after NYSE debut. (AFR)

• CoreWeave has closed a minority stake sale to investors led by Fidelity Investments. (Capital Brief)

VC

•  Arkeus closes a $4.45m funding round led by Main Sequence Ventures. (Startup Daily)

People moves

• None

The watercooler