Emptying out the notebook as the markets react positively to President Trump delaying strikes on Iran's energy infrastructure:

🤖 Not quite yet: OpenAI last month announced "$110B in new investment at a $730B pre-money valuation," but only a small fraction of that capital will get counted in Q1 venture totals.

• Amazon's initial $15 billion check isn't slated to arrive until March 31, while the first $10 billion from Nvidia and SoftBank won't come until one day later (i.e., Q2).
• Amazon's remaining $35 billion commitment is conditioned on OpenAI meeting certain conditions, such as an IPO before the end of 2028.
• Nvidia and SoftBank each are committed to a pair of additional $10 billion tranches, hitting on July 1 and Oct. 1.

🕊️ Rest in peace: OnlyFans has been on the block for the past year, with various buyers kicking tires, and now we unfortunately now why.

• The adult content site's billionaire owner, Leonid Radvinsky, has died at the age of 43 after a "long battle with cancer."
• A source had told me that the sale process was being driven by private family concerns, but understandably declined to get more specific. It's unclear what happens next.

✉️ Mailbox No. 1: BlackRock chairman and CEO Larry Fink this morning released his annual shareholder letter, warning that "capitalism is working —just not for enough people."

• It's a clarion call for more Americans to become long-term investors, arguing that forces driving the past 25 years of income inequality will only accelerate with AI.
• Yes, Fink is talking BlackRock's book. But that doesn't make him wrong.

✉️ Mailbox No. 2: Alex Davis on Friday sent a letter to limited partners in his VC firm, Disruptive, arguing that AI is moving toward open-source models and away from the closed LLMs championed by OpenAI and Anthropic (although both seem to recognize the threat and are seeking to adapt).

• Like with Fink, Davis is talking his book. Disruptive is a major investor in Reflection AI, last year co-leading a $2 billion Series B round alongside Nvidia.
• But that doesn't necessarily dilute his argument that the next big shift will be in governance and trust, rather than in performance/reasoning.
• Davis writes, in part: "A nation-state relying on a private, closed-source company for its core intelligence infrastructure creates a strategic vulnerability ... That entity effectively holds a 'kill switch' over public services and national security. Open source provides an alternative."

🏀 Henry Cannon is our March Madness leader after two rounds of play. He's got Arizona winning it all. Sorry Henry, not sure where you work (drop me a note).

• Tied for second are Colman Lynch (Gunderson Dettmer) and Jack Ferr. Yours truly is rocketing up the ranks, now in 637th place.

A federal judge in San Jose, Calif., today will hear arguments on if the U.S. Justice Department improperly approved an antitrust settlement that allowed Hewlett Packard Enterprise (NYSE: HPE) to acquire Juniper Networks last summer for $14 billion.

Why it's the BFD: This case is at the heart of intensifying allegations that corporate lobbyists have gone around DOJ antitrust staff to get desired outcomes on pending mergers.

Catch up quick: The WSJ recently reported that the HPE-Juniper settlement, which didn't address the antitrust unit's main competition concerns, was largely drafted by HPE attorneys and foisted on DOJ antitrust staff by senior department leadership.

• If you haven't yet read the WSJ story, which also discusses Live Nation, it is worthy of your time.

Quasi-related news: Former DOJ antitrust chief Gail Slater this morning joined conservative think tank American Compass as chair for competition and tech policy.

The bottom line: It would be unprecedented for a judge to reject a merger settlement by using the Watergate-era Tunney Act, which is the statute under which 11 state attorneys general (plus D.C.) filed suit.

• Then again, there's also no precedent for top DOJ antitrust staff to keep getting canned for seeking to enforce antitrust law.

🐮 Halter, a New Zealand-based developer of smart cow collars, is in talks to raise funding led by Founders Fund at a $2b valuation, per Bloomberg. axios.link/4t83z8p

🚑 Doctronic, an NYC-based telemedicine practice, raised $40m in Series B funding. Abstract and Lightspeed led, joined by insiders USV, Seven Stars, Mantis, and Tusk Ventures. axios.link/3PCScGS

• Egide, a French developer of military interceptor systems, raised €8m in seed funding from Expeditions, Eurazeo, and Heartcore Capital, Galion.exe, and Kima Ventures. axios.link/41rjcM4

• HappyPay, a South African ad‑subsidized payments network for BNPL, raised $5m in seed funding. Partech led, joined by Futuregrowth Asset Management, 4Di Capital, E4E Africa, Equitable Ventures, and Felix Strategic Investments. axios.link/4cYydw6

• Newly, a Stockholm-based mobile app development startup, raised $2m led by PSV Tech. axios.link/3PnXFRX

• Actis acquired a 90% stake in 800 Super, a Singaporean environmental management company. axios.link/4dadIwF

🚑 Bridgepoint and Triton each ended takeover talks for Spire Healthcare (LSE: SPI), a U.K. private hospital operator that says it remains in talks with other suitors. axios.link/4dC3ULU

• Gravis, a New Water Capital portfolio company, acquired Procon Pacific, a maker of intermediate bulk containers and industrial packaging. axios.link/3NuZ20B

• One Equity Partners acquired Kitwave, a U.K. wholesale food and beverage distributor. axios.link/4d5Aqpx

• Qatar Investment Authority reportedly is in talks to buy a 10% stake in Golden Goose, an Italian luxury sneaker maker whose backers include HSG, Permira and Temasek. axios.link/41lzpT1

🚑 Viventium, backed by LLR Partners, acquired Perks4Care, a Lighthouse Point, Fla.-based rewards and recognition platform for post-acute care workers. axios.link/4lK43Pi

No major IPOs are expected this week on U.S. exchanges.

⚡ X-energy, a Rockville, Md.-based developer of small modular reactors, filed for an IPO. It reports a $390m net loss on $109m in revenue for 2025 and plans to list on the Nasdaq (XE). The company raised $1.8b in VC funding, including a $700m round last fall led by Jane Street. axios.link/4rRjWFk

🚑 Cencora (NYSE: COR) agreed to buy the retina business of EyeSouth Partners, an Olympus Partners portfolio company, for $1.1b. axios.link/4lR2Nu6

• Danone (Paris: BN) agreed to buy Huel, a U.K. maker of protein shakes, for around €1b. Huel had raised around $180m from backers like Highland Europe, Flight Fund, Morgan Stanley, Jonathan Ross, and Idris Elba. axios.link/4sqBrNz

🚑 Prestige Consumer Healthcare (BYSE: PBH) agreed to buy Breathe Right nasal strips and a portfolio of other brands from Foundation Consumer Healthcare for $1.05b. FCH backers include Kelso & Co. and Juggernaut Capital Partners. axios.link/3NDhofK

🚑 The Riverside Co. hired Raymond James to pursue a sale of Wondr Health, a Dallas-based weight loss company, per Axios Pro. axios.link/4lKSTdm

• Starwood Capital Group is weighing a sale of Dublin-based Echelon Data Centres, which could fetch up to €4.5b, per Bloomberg. axios.link/3NKnlrg

• Berkshire Hathaway (NYSE: BRK) agreed to pay $1.8b for a 2.5% stake in Japanese insurance giant Tokio Marine (T: 8766). axios.link/3NVKpUb

• Delivery Hero (ETR: DEHR) agreed to sell its Taiwan business to Grab (Nasdaq: GRAB) for $600m in cash. axios.link/3NV3p5a

• Deutsche Bank agreed to sell its India retail unit for around $480m to Kotak Mahindra Bank, per the Economic Times. axios.link/4cYwUxc

• Poste Italiane (Milan: PST) will launch a voluntary public takeover of Telecom Italia (Milan: TIT), in which it's the largest shareholder, at a €10.8b valuation. axios.link/3PoiDQG

• Public Policy Holding Co. (LSE: PPHC) agreed to buy Westminster Policy Partners, a U.K. public affairs and economics consultancy. axios.link/4bsItf0

• Silgan (NYSE: SLGN) has expressed takeover interest in listed German medical packaging firm Gerresheimer, which has around a €600m market cap, per Reuters. axios.link/41riA9f

• Sony (Tokyo: 6758) is in advanced talks to sell a majority stake in its home entertainment business to China's TCL Electronics (HK: 1070) for around $1b, per Bloomberg. axios.link/4rPwBIL

• Zijin Mining Group agreed to buy a control stake in rival Chinese gold miner Chifeng Jilong for around $2.64b. axios.link/4lKNuTF

• Air Street Capital. a London-based VC firm led by Nathan Benaich, raised $232m for its third fund. axios.link/3Psc53p

• Blue Pool Capital, a Hong Kong firm that manages Joe Tsai's family office, raised $1b for its first private equity fund. axios.link/3Nl78sJ

⚡ LS Power is targeting $4b for its sixth flagship fund, per a public pension disclosure.

🚑 Oncology Ventures is over halfway to the $70m target for its second fund, per an SEC filing.

⚡ Warwick Partners is targeting $750m for its fifth fund, targeting energy and real assets, per a public pension disclosure. The hard cap is $1.2b.

• David Danon joined ECI Partners as a London-based partner, after nearly 20 years with Bain Capital. axios.link/4lR4kAm

🚑 Graham Gardner and Rochelle Walensky joined Flare Capital Partners as executive partners. Gardner founded Kyruus Health (sold last year to RevSpring), while Walensky led the CDC between 2021 and 2023. flarecapital.com