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Bloomberg Deals 6/24/2026

Watch on YouTube ↗  |  June 24, 2026 at 19:40  |  44:45  |  Bloomberg Markets
Speakers
Rheingold — Reporter, Bloomberg
Jake Silverman — Reporter, CoinDesk
Estelle Brachlianoff — CEO, Veolia
Christine McNerney — Portfolio Manager, Periscope Capital
Scarlet Fu — Anchor, Bloomberg Television
Jenny Surane — Reporter, Bloomberg
Common Arroyo — Tech Reporter, Bloomberg
Raj Ganguly — Co-Founder & Co-CEO, B Capital

Summary

This episode of Bloomberg Deals covers key M&A and market developments: Qualcomm's $3.9B acquisition of Modular to boost AI software capabilities, SK Hynix's massive US listing to close valuation gaps, Veolia's $3B Clean Earth deal riding AI-driven hazardous waste demand, and Abu Dhabi's $50B MGX fund for AI infrastructure. The show also explores PE exit difficulties, private credit redemptions, a disciplined SPAC resurgence focused on AI deep-tech, and speculation about a potential Tesla-SpaceX merger.

  • Qualcomm buys Modular for $3.9B in stock to add AI inference software layer.
  • SK Hynix plans a US listing up to $29.4B to narrow valuation discount to US peers.
  • Veolia CEO explains the Clean Earth acquisition as an AI-driven hazardous waste and water play.
  • Abu Dhabi's MGX raises nearly $50B for AI infrastructure, shifting from LP to direct investor.
  • SPAC volumes and performance recover, driven by more experienced sponsors and AI/deep-tech capital needs.
  • Private equity faces exit difficulties and zombie funds as AI disruption complicates portfolio sales.
  • Private credit funds see rising redemption requests, with Morgan Stanley and Apollo capping exits.
  • Speculation persists about a possible Tesla-SpaceX merger, though no official plans exist.
Ideas
Rheingold Reporter, Bloomberg 1:32
Qualcomm fills AI software gap via acquisition.
Qualcomm's acquisition of Modular for $3.9 billion in stock adds a crucial software layer for AI inference, filling a gap that enables it to compete with NVIDIA in the data center. The demand for efficient model deployment is high, and if Qualcomm didn't acquire this capability, someone else would. This positions Qualcomm to capture growth in AI infrastructure and data centers.
QCOM MED
Jake Silverman Reporter, CoinDesk 4:04
US listing narrows valuation discount.
SK Hynix's planned US listing aims to narrow the persistent valuation discount versus US memory peers. A US listing could lead to a re-rating to similar multiples as US comparables. Meanwhile, strong memory cycle dynamics, upward earnings revisions, and ongoing AI capex support the outlook, while raising $29.4B provides capital for future capacity expansion without straining cash flows.
000660.KS MED
Estelle Brachlianoff CEO, Veolia 12:26
AI drives hazardous waste and water demand.
Veolia's $3B acquisition of Clean Earth doubles its US hazardous-waste footprint and is a double growth play linked to AI. Semiconductor fabs and data centers are generating high demand for hazardous-waste treatment, water recycling, and waste-heat recovery. Veolia aims for $1 billion in turnover from the AI industry by 2030. The deal also secures critical resources and addresses local acceptability challenges for hyperscalers, making Veolia a direct beneficiary of AI infrastructure buildout.
Veolia HIGH
Christine McNerney Portfolio Manager, Periscope Capital 28:11
SPAC resurgence funded by AI capital needs.
SPACs are making a comeback as a disciplined capital-raising vehicle, particularly suited for deep-capital-need sectors like AI, data centers, and quantum computing. These sectors require large, quick capital infusions and benefit from SPACs' ability to provide forward projections. More experienced sponsors, regulatory certainty post-amendments, and growing deal flow in AI buildout are driving a healthier SPAC resurgence.
SPACS MED
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This Bloomberg Markets video, published June 24, 2026, features Rheingold, Jake Silverman, Estelle Brachlianoff, Christine McNerney discussing QCOM, 000660.KS, Veolia, SPACS. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Rheingold, Jake Silverman, Estelle Brachlianoff, Christine McNerney  · Tickers: QCOM, 000660.KS, Veolia, SPACS