First of all, really exciting day for Connor in the New York Stock Exchange. You could see we opened at 52 on about 5 million shares and we're trading right there right now. So, really good to see good demand for another IPO with over a billion dollar raise in the market.So, definitely shows that the IPO markets are coming back to life. Can you give us any sense of of what you saw as you were pairing uh the demand from the the buy side here. Anything you can provide in terms of retail versus institutional i ...

Group 1 - The market is currently experiencing a hot IPO season, with companies that previously waited out uncertainties in 2025 now seeking to capitalize on favorable conditions for a quick exit [1] - The focus of investment analysis includes sectors such as AI, fintech, finance, and technology, emphasizing the importance of business models, earnings performance, and competitive positioning [1] - The analysis aims to provide clear insights into companies' strengths, risks, and valuations to assist investors in forming their own opinions and strategies [1]

Market Trends - Klarna shares jumped in the Swedish online-payments provider's NYSE debut [1] - The IPO market is showing signs of recovery [1]

Fintech & IPO Market - Fintech 公司在 2018 年至 2022 年期间获得大量私人投资，目前正走向成熟并公开上市 [2] - AI 驱动的公司正在追求比过去 15 年的云和移动公司更大的市场 [4] - AI 可能会推动未来的 IPO 市场 [5] AI Impact & Opportunities - AI 将推动科技行业有史以来最大的价值创造时期 [3] - AI 正在影响 IT 服务和某些类型的上市公司软件 [6] - AI 可能会影响执行数据操作或监控任务的人工 [6] - AI 可能会影响编码和开发人员的数量 [7] - AI 能够进入以前软件公司无法进入的垂直市场，并通过提高生产力来创造巨大的市场机会 [7] - AI 将以有意义的方式影响所有上市公司，从而提高生产力 [8] AI Adoption & Investment - 许多公司正在进行 AI 实验，其中一些实验会转化为实际收入，而另一些实验可能会消失，需要仔细选择 [9]

wondering about your view of fintech for lack of a better term because I think it's an imperfect term. Uh but it is uh kind of over represented in a lot of these companies that have been poised to come in have already come public and is it something that actually seems like you know these companies have a genuine edge uh they're solving a problem that's really out there or is it just kind of you know uh the same kind of product with a new software and interface. You know, I I actually, you know, I think tha ...

Core Viewpoint - Klarna, a Swedish buy-now, pay-later fintech firm, successfully began trading on the New York Stock Exchange, reflecting strong investor demand and a significant valuation increase from its initial public offering price. Company Overview - Klarna started trading at $52, a 30% increase from its IPO price of $40, which was raised from an initial target of $35 to $37 due to high demand, resulting in a valuation of $15.1 billion [1] - The company raised $1.37 billion through the offering of 34.3 million shares, with $200 million allocated to the company and $1.17 billion to existing shareholders [1] - Klarna's market capitalization reached $19.6 billion at the trading price of $52 [1] - Founded in Stockholm in 2005, Klarna expanded into the U.S. market in 2019 and is recognized for its buy-now, pay-later payment model, allowing customers to split purchases into four payments over six weeks or opt for longer-term financing [4] Industry Context - Klarna is the first of three notable fintech firms going public this week, alongside Figure and Gemini, indicating a resurgence of investor interest in IPOs [2] - The company faced challenges in profitability since 2019, with rising competition from firms like Affirm, which has seen a stock increase of nearly 44% this year and reported profits for the first time last quarter [5] - Klarna reported losses of $52 million on revenue of $823 million for the quarter ending June 30, compared to a $7 million loss on $682 million in revenue during the same period in 2024 [5] - The IPO was underwritten by major financial institutions including Goldman Sachs, JPMorgan, and Morgan Stanley [6]

Economic Policy - Mexico's Economy Minister confirmed a significant increase in tariffs on light vehicles and auto parts from Asia, particularly China, raising the rate from 20% to 50% to bolster domestic production and address concerns over cheap imports [2][9] - This tariff increase is part of a broader economic plan aimed at boosting local manufacturing and reducing the fiscal deficit, expected to generate an additional 70 billion pesos (approximately $3.76 billion) in tax revenue for 2026 [2] Market Activity - Klarna experienced a strong public debut on the New York Stock Exchange, with shares starting at $52, a 30% increase from its initial public offering price of $40, raising $1.37 billion in its IPO, making it one of the largest IPOs of the year [3][9] - The latest US 10-Year Note sale indicated healthy investor appetite, with the high yield rate decreasing to 4.033% from 4.255%, and the bid-cover ratio improving to 2.65 [6][9] Corporate Developments - Paramount Global announced the appointment of Dane Glasgow as Chief Product Officer, focusing on leading the company's product vision and strategy, particularly in digital platforms and AI capabilities [4][9] - Stellantis is moving forward with the sale of its VM Motori engine plant in Italy to industrial investors, indicating a strategic shift in its global manufacturing footprint [5][9]

Let's head over to the floor of the New York Stock Exchange where our own Leslie Picker is joined by Piachi. He is head of uh DMM floor trading at Citadel Securities. Leslie, hey Mike.Yeah, those shares set to open imminently essentially as you mentioned. It's indicated to open between 52 and $53 per share, which would be significant upside from that $40 per share that this company priced at uh last night. Uh Peter, as you mentioned, he is in the middle of getting these shares ready to open.He's known as th ...

Core Viewpoint - The company is set to open its shares at a price between $52 and $53, significantly higher than the $40 pricing from the previous night, indicating strong market demand and a positive reception for the IPO [1][4]. Company Overview - The company is a 20-year-old firm that has been rumored to go public for some time, with previous attempts to launch an IPO being delayed due to market volatility [2][3]. - It operates in the buy now pay later and fintech space, with strong growth reported at 21% year-over-year on the top line [5]. IPO Details - The IPO priced $3 above the initial range and is expected to open approximately 30% higher, implying a valuation of about $20 billion, which is below its private market valuation in 2021 but above 2022 levels [4]. - The IPO raised over a billion dollars, indicating a healthy public market environment and strong investor interest [6][12]. Market Dynamics - The IPO market is showing signs of recovery, with larger IPOs trading above their issuance prices, suggesting a favorable environment for upcoming deals [8][10]. - The demand for this IPO was characterized by a mix of retail and institutional interest, with more institutional flow observed during the opening [7][8]. Valuation Insights - The initial trading showed a 34% increase from the IPO price, which is considered a successful outcome in the investment banking community [9][10]. - Only about 17% of the float was primary issuance, indicating that most shares sold were from existing shareholders rather than new capital raised by the company [12].

We see the extraordinary valuations of generative AI enabling companies. Is that really where the activity still is. Is there room and oxygen in the room for others.I think that's where the majority of the activities we see, about two thirds of our deals are in the DNA space, but it also other big areas that are still very active. We still do a lot in healthcare. There's a lot in fintech.So it's not all jenn-air. The other thing is that Jenn-air is becoming everything. You know, they're talking about health ...