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Bloomberg Intelligence
BI Weekend: BlackRock Buys HPS, Salesforce Surge
Dec 6, 2024
BlackRock makes waves with its $12 billion acquisition of HPS, solidifying its foothold in private credit. Meanwhile, U.S. natural gas shows promising potential amidst political influences and a complex energy transition. Salesforce's earnings shine, showcasing advancements in AI chatbots that revolutionize customer service. The auto industry faces upheaval with Stellantis's leadership changes and rising competition, highlighting tensions in the shift towards electric vehicles. An independent review of Supermicro hints at a strategic shift as the tech sector adapts.
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Quick takeaways
- BlackRock's $12 billion acquisition of HPS significantly boosts its presence in the private credit market, responding to increasing demand for alternative investments.
- Salesforce's optimism surrounding its AI product, Agent Force, highlights the potential for major cost savings in customer service, despite its current limited revenue impact.
Deep dives
The Rise of BlackRock in Private Credit
BlackRock's recent acquisition of HPS Investment Partners marks a significant strategic shift for the asset management giant, elevating its status to a top player in the private credit market. This $12 billion all-stock deal more than doubles BlackRock's existing private credit assets, positioning it alongside major competitors like Blackstone and Apollo. Analysts suggest that this move is a response to the growing demand and fee potential in private markets, which have become increasingly attractive as traditional index investments face challenges. The expansion demonstrates BlackRock's commitment to diversifying its offerings and capitalizing on the opportunities within alternative investments.
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