☕️ Dark horse

Good morning.

When it comes to AI stocks, Nvidia tends to dominate the conversation, followed by Alphabet and Microsoft. But is Amazon going under the radar?

The Everything Store not only has a stake in Anthropic – the major rival to OpenAI and Deepmind – but is also supplying the GPUs to train its new models.

With a finger in everything from data centres to advertising, there’s an argument that investors don’t quite grasp how big a role Amazon is going to play in the AI revolution.

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Market movers

Australian uranium stocks have rallied hard over the last year as nuclear energy features again in the energy debate. On Monday, Boss Energy continued its run higher after its Honeymoon project in South Australia produced its very first drum. It expects it can ramp the mine up to produce almost 2.5 million pounds per year.

The quick sync

• Litera says its new AI tool crunches hours worth of deal research into mere minutes. (Capital Brief)

• Exxon is leading the fight against a UN plastics ban (FT)

• Tesla is being plunged into chaos as Elon bets big on autonomous vehicles (Bloomberg)

• ANZ and NAB get grilled by the Senate greenwashing committee (Capital Brief)

• Nancy Pelosi tells US allies to steer clear of Huawei (CNBC)

• Citi tells clients to sell all big four banks (AFR)

• Opening arguments have been as the Trump hush money trial opens (New York Times)

Trading floor

M&A

• Telstra considers strategic review of Telstra Health division after its sluggish performance post-MedicalDirector acquisition. (AFR)

• Chicago PE firm Madison Dearborn Partners showed interest in APM Human Services, but its bid was considered disappointing by the Perth company. (AFR)

• Gold Road Resources may sell its $500m stake in De Grey Mining to fund a potential $1bn-plus acquisition in Canada. (The Australian)

• Wesfarmers is reportedly considering buying Ramsay Health Care, focusing on its Australian operations. (The Australian)

Capital Markets

• Alium Capital Management seeks $200m for public and private company funds, including its Innovation Fund. (AFR)

VC

• RayGen, a Melbourne solar-tech firm, raised over $51m in Series D led by SLB and Breakthrough Victoria, to expand locally and globally. (Smart Company)

• New Zealand startup NextWork raised $2.3m in pre-Seed funding. (Startup Daily)

People moves

• Former Goldman Sachs equities head Mario Argyrides to join Jefferies Australia. (AFR)

• Vitura Health's CEO, Rodney Cocks, resigned during a tough period. (BNA)

• Fletcher Building's shareholders rejected Ross McEwan as a potential chairman, signaling tension. (The Australian)

Together with Blackbird

Last chance to grab your tickets to Blackbird’s startup festival, Sunrise! 1-2 May, Carriageworks

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From bold keynotes to practical workshops, cutting through the noise of AI to the secrets of building a cult following (the good kind!), they’ve got something for everyone this year.

📣 3 stages. 50+ speakers. 30+ sessions. Check it out here

🌍 Big ideas + debates & provocations + personal growth workshops

🤝 Networking & facilitated 1:1 meetings

🥇 Founders live pitching

🌚 After Parties + music + art + performances

✨ See you there? Explore the full program & get your tickets here.

The watercooler