—— AI Blood Test Firm Raises $100M; Fed Speech Calms Investors; Lululemon Founder Pledges Shares for Loan; Apollo Lends $40B; Rivian Gets $827M Subsidy; Carvana Soars 40%; Gaza Rebuilding May Cost $50B
1. AI Blood Test Firm Raises $100M
AI-powered blood testing startup Karius has raised $100 million in its latest funding round, led by existing investor Khosla Ventures, with participation from Glide Healthcare and 5AM Ventures.
Karius’s technology detects harder-to-identify infections and diseases through blood samples. The company plans to use the funds to expand its hospital presence.
Karius can detect any fungal, parasitic, or other harmful pathogens in 26 hours—much faster than traditional hospital blood tests.
Over 400 hospitals are already using Karius’s blood testing technology.
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2. Fed Speech Calms Investors
On Wednesday, Fed Chair Jerome Powell stated that interest rate cuts remain possible this year, though recent economic data has shaken policymakers’ confidence in inflation easing.
Powell told reporters he believes price pressures will continue to cool, but he gave no timeline for potential rate cuts.
The good news: Powell eased investor concerns that the Fed might not cut rates—or could even raise them.
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3. Lululemon Founder Pledges Shares for Loan
According to regulatory filings, Lululemon founder Chip Wilson pledged 1.8 million of his Lululemon shares to Goldman Sachs in exchange for a $200 million margin loan.
The pledged shares are worth around $660 million. Since late March, Lululemon’s stock has fallen 25% due to underwhelming sales outlook.
Bloomberg’s Billionaires Index estimates Chip Wilson’s net worth at $6.8 billion.
The 69-year-old has also increased his stake in newly listed Amer Sports and owns dozens of properties in Vancouver.
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4. Apollo Lends $40B
Private equity giant Apollo Global Management reported issuing $40 billion in loans last quarter—a record high.
Apollo has acquired dozens of specialty lenders, including those focused on aircraft leasing and consumer finance. The company aims to reach $150 billion in annual loan issuance in the coming years.
Adjusted Q1 earnings rose 25% year-over-year but missed analyst estimates due to weak private equity exits.
Goldman Sachs led Wall Street with $901 million in equity underwriting fees over the past nine months.
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5. Rivian Gets $827M Subsidy
The state of Illinois announced that electric vehicle maker Rivian will receive $827 million in incentives to expand its EV manufacturing facility.
The package includes 30 years of tax abatements and $75 million in cash.
In March, Rivian halted construction of its Georgia plant and moved production of its lower-priced R2 model to Illinois. Facing intense competition and weak demand, the company is implementing cost-cutting measures.
Rivian plans to invest $1.5 billion to expand its Illinois facility, creating 550 jobs over the next five years. After the announcement, Rivian’s stock jumped more than 9%.
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6. Carvana Soars 40%
Used-car retailer Carvana posted better-than-expected Q1 results today, sending its stock up 40%. The stock has surged 1,500% year-to-date.
According to S3 Partners, short sellers of Carvana have lost a cumulative $3.9 billion, including $860 million in losses today alone.
Carvana stock still trades well below its all-time high of $370 in August 2021, when the used car market peaked.
Only 4 analysts rate Carvana a “buy,” while 17 recommend “hold” and 3 say “sell.”
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7. Gaza Rebuilding May Cost $50B
A UN official said today that rebuilding Gaza could take 20 years and cost $50 billion.
The UN’s regional coordinator for Arab countries said each day the war continues, the economic toll rises exponentially. Even temporary shelters and basic services for refugees will cost at least $2 billion.
Since the war began on October 7, more than a million people have been displaced. The UN says the conflict could impact generations of Gazans.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.