*as of 11/2; Sources: S&P, BTC, FTSE, DJRE, GOLD

Today is Election Day in the U.S., and control of both the House and Senate are up for grabs, along with a lot of other important races nationwide. There will be a lot of ramifications for private markets, especially around hot-button industries such as AI, crypto, and defense. If Democrats prevail, expect more proposed regulations on AI and crypto. While legislation is unlikely to be enacted under a Trump White House, investors could stay away from certain investments out of caution. Defense spending and data center construction could also be affected if control of the House or Senate changes hands.

➨ TAKEAWAY: While public markets attempt to price in the chances of each party gaining control of Congress, the actual result will likely drive short-term movements. For private markets, investors should be prepared for long-term holding and should not be too concerned over the results of the election, though it could present buying opportunities if current holders get rattled. The bigger concern is whether a midterm loss causes President Trump to ramp up the Iran War or enact more tariffs, both of which would have a negative impact on the overall economy. Now go out and vote!

🤖 Cohere fundraise: The AI startup announced the largest private fundraise in Canadian history, with a $5 billion round at a $25.5 billion valuation led by the Canadian government. The round more than triples its $7 billion round from last September, and comes as the company has grown revenue by 165% year-over-year.

🪙 Binance outflows: In the wake of its record-breaking hack, the crypto exchange reported $6 billion in total outflows, representing around 4% of its total assets. Because of its size and the fact that customers are not losing any assets, the damage from the hack seems to be somewhat limited, though the company is covering the billions of dollars in losses.

🏢 Industrial outdoor storage: Thanks to the AI boom, industrial outdoor storage properties are becoming a hot commodity after being a long overlooked part of the industrial asset class. There is unprecedented demand for secure areas with large footprints to store construction materials and heavy equipment, leading to a surge in rents.

🚀 Fractile fundraise: The UK-based AI chip startup is reportedly raising a $700 million funding round at a $6.5 billion valuation, a massive leap from its $1 billion valuation in May. The round includes an investment from the UK Sovereign AI fund, in yet another example of a government investing in an AI startup.

🎨 Yoshitomo Nara sale: The prominent artist’s painting “Milky Lake” is being offered in a single-lot auction by the digital auction house Fair Warning later this month. It carries a $10 million - $15 million estimate and last sold in 2023 for $12.8 million.

⌚ Geneva watch auction preview: Geneva’s fall watch auction season starts this weekend, with more than 1,225 lots across four major auction houses on the block this month. Some of the big ticket items include pieces from F.P. Journe that could go for seven-figures, and a whole lot of six-figure Patek Phillippes.

A major slice of art history could be yours, as Jackson Pollock and Lee Krasner’s former art studio just hit the market. The Greenwich Village townhouse was built in 1879 and has 2 bedrooms, 2 bathrooms, 2 kitchens, and 1,500 square feet of living space across three floors. It is one of only ten single-family homes on a gated alleyway just off Washington Square Park, and is comes with a deeded parking spot. The property also has a garden, a fireplace, a rooftop with city views, and a balcony. The listing price is $7.995 million, which may seem high for the square footage, but it is a unique property in an incredible location with historical significance.