Is This the Memory Supercycle?
Hi, and welcome to a new edition of The Daily Dealflow — the 5-minute briefing that gives you clear context on capital flows and market-moving trends across the Americas, from Silicon Valley to Buenos Aires. Let's dive in.
🏆 Deal of the Day
Micron Technology reported fiscal fourth-quarter revenue of $54.23B, up from $11.32B a year earlier, with GAAP earnings of $32.87 per diluted share. Full-year revenue came in at $133.19B versus $37.38B the year before. CNBC's headline put it plainly: Micron beat on earnings and issued strong guidance as data center revenue jumped 11-fold.
Why This?: Micron's numbers are the clearest read yet on how much money AI buildouts are sending to memory suppliers, and that spending reaches data centers, power projects and startups across America. Investors were waiting on this report for signs of whether AI demand can keep going – The Motley Fool.
Positive Context:
- Micron guided fiscal first-quarter 2027 revenue to $61.5B, plus or minus $1.5B, which is higher than the quarter it just reported – Investing News.
- Operating margin reached 80.7% in the quarter, and the company holds $73.48B in cash and investments.
Yes, but:
- Major indexes sit near all-time highs while market breadth weakens, and single-stock volatility is rising, which leaves a few mega-cap AI names carrying a lot of weight.
"Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027," said Sanjay Mehrotra, chairman and CEO.
💰 Venture Capital
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Jeeves (US) – $110M, equity round led by CoinFund, for a stablecoin-native corporate banking platform offering cards, treasury payments, accounts payable and spend management. Founder and CEO Dileep Thazhmon is steering its shift from expense management to cross-border money movement; investors also included Andreessen Horowitz, Coinbase Ventures, GIC and Y Combinator. The company says annualized platform volume topped $5B – The Investor Society.
General Intuition (US) – $220M, growth round at a $6.2B valuation, foundation models for games and robotics trained on millions of hours of video game play and player inputs. Investors include Valor Equity Partners, Atreides Management, 776, Point72 Ventures, Khosla Ventures and General Catalyst. The money goes to GPU clusters and to growing its machine learning team in New York, so the gamers' screen time is now funding robot research – FinSMEs.
Galgo (Chile) – $55M, credit facility from BBVA Spark, digital motorcycle financing for independent workers and delivery drivers. The debt will fund more motorcycles in Mexico, where Galgo has financed bikes for more than 40,000 customers since 2022 and now finances over 3,500 a month. Across Mexico, Colombia and Chile it has served more than 200,000 people through 1,500+ partner stores, is profitable and is growing above 50% a year – LatamList.
🏛️ Private Equity
Kahua (US) – undisclosed, minority growth investment from Bain Capital Tech Opportunities, valuing the AI-powered construction platform at more than $1B. Co-founded by CEO Scott Unger, Kahua reported $100M in annualized revenue and supports more than $400B in capital programs; Bloomberg reported Bain’s investment at around $250M, which would make it Kahua’s largest outside investor – The Investor Society.
Harrison Street Asset Management (US) to acquire a majority stake in Vicinity Energy (US) – $2.92B enterprise value, sale by Antin Infrastructure Partners. Kenon Holdings will co-invest through a joint venture, and closing is expected in the first half of 2027. Vicinity runs district heating and cooling in 12 U.S. cities, serving about 1,000 buildings with steam, hot water and chilled water through more than 140 miles of underground pipe, so this is essentially a utility that lives under the sidewalk – PE Hub
Fusion Capital Partners (US) to acquire Pioneer Power Group (US) – undisclosed value, control buyout of an electrical power systems study and field services firm headquartered in Rockville, Maryland. Pioneer Power, founded in 2018, helps data centers, hospitals and factories meet OSHA and NFPA 70E safety requirements, and it is Fusion's fifth platform in Fund I and second of 2026 after water services firm AQUALIS. CEO Shreedhar Shah stays with the team in Pittsburgh and Washington, D.C. – The Middle Market.
📈 Public & Capital Markets
Tesla (US, Nasdaq: TSLA) – $30B of new credit facilities, debt financing, electric vehicles, robotaxis and robotics. The package has a $20B three-year delayed-draw term loan with Citibank as agent, an $8B five-year revolver and a $2B 364-day revolver, both led by Wells Fargo. Nothing was drawn, and Tesla ended its 2023 revolver at the same time. Elon Musk called 2026 "probably the fastest industrial scale-up since World War II," with capital spending above $25B expected this year. Shares fell 1.29% to $352.84 on September 29 – Yahoo Finance.
Moderna (US, Nasdaq: MRNA) – analyst downgrade, biotech. Citi cut the stock to Sell, and shares fell more than 6% – The Motley Fool.
Mattel (US, Nasdaq: MAT) – leadership change, toys and entertainment. CEO Ynon Kreiz is stepping down, and Condé Nast's Roger Lynch takes over by November 2 – TheStreet.
Robinhood Markets (US, Nasdaq: HOOD) – product launch, retail brokerage. Shares fell even though analysts reacted well to the new AI-driven strategy tools – The Motley Fool.
Cboe Global Markets (US, Cboe: CBOE) – licensing deal, exchange operator. Shares rose 4.38% after a 25-year licensing extension with S&P Dow Jones – TheStreet.
📅 ICYMI
Scarlett Johansson’s skincare brand, launched in 2022, is closing up shop. The beauty business has been cruel to celebs lately, with Gwen Stefani, Kate Hudson, Drew Barrymore, and Kate Moss all shuttering startups in the last year.
Meta reportedly collected $3.9B in tax breaks last year by calling its AI data centers experimental rather than part of its core business operation. Meta seems to know the move was sheisty — it told investors the IRS may come back for the cash.
Citadel founder Ken Griffin is giving Carnegie Mellon $3 billion, the largest individual donation to higher education in US history, including $2 billion for a new Miami campus focused on AI, robotics, and other emerging technologies.
See you tomorrow,
Jose Kont
The human behind The Investor Society