Activist investors are on the march, launching a series of new campaigns in recent days.

Why it matters: Today's shareholder activism often leads to tomorrow's deals, or sometimes tries to kill existing merger agreements.

Driving the news: Starboard Value wants News Corp. to separate its digital real estate business. Engaged Capital wants North Face and Vans owner VF Corp. to cut costs and make board changes. Ancora is objecting to Forward Air's planned takeover of Omni Logistics.

• There's also Elliott Management disclosing nearly a 14% stake in E2open, and reportedly considering its own takeover of the SaaS company, and Nelson Peltz's Trian Fund Management building a position in insurer Allstate.
• Plus, the success of Oasis Management with Wagamama owner The Restaurant Group, which agreed to be bought by Apollo Global Management, and Carl Icahn suing Illumina's board for breaches of fiduciary duty.

By the numbers: Barclays reports that nine 13Ds were filed with the SEC on Monday and Tuesday of this week, each for companies with at least $500 million in market cap.

• That's the highest 48-hour volume ever, per the bank's shareholder advisory group.

Behind the scenes: Each situation is unique, but the overall trend seems to be driven by falling public equity values and broader economic uncertainty.

• The S&P 500, DJIA and Nasdaq all are down over the past month, although still up on the year.
• Axios' Michael Flaherty attended the 13D Active-Passive Summit yesterday at the Pierre Hotel in New York City and tells me there's a sense that activist activity should continue to pick up.
• Keith Meister, founder of Corvex Management and a former portfolio manager for Carl Icahn, said from the stage that he believes shareholder activism is becoming normalized. "The lines are blurring," Meister said. "I hope in 15 years, we're not using the term 'activist' anymore."

Look ahead: The director nomination window for most public companies is in Q1, and don't be surprised if the activist uptick results in a flurry of proxy season activity next year.

Chesapeake Energy (Nasdaq: CHK) has approached Southwestern Energy (NYSE: SWN) about a $12 billion takeover, according to Reuters.

Why it's the BFD: A tie-up would create America's most valuable natural gas-focused exploration and production company, topping EQT Corp.

• This also comes on the heels of another energy megamerger, with ExxonMobil last week agreeing to buy Pioneer Natural Resources for nearly $60 billion.

Bonus: There's also an activist angle, as Kimmeridge has been pushing on Chesapeake since last year.

The bottom line: "An acquisition of Southwestern would be transformative for Chesapeake, which has been snapping up small rivals in the last two years. The two companies are neighbors; most of Southwestern's production is in Appalachia's shale formations and the Haynesville basin in Louisiana, where Chesapeake also operates. The deal would also be a reversal of sorts. Southwestern acquired some of its acreage in West Virginia and Pennsylvania from Chesapeake for $5.4 billion in 2014." — David French, Reuters

• Baichuan, a Chinese AI chatbot developer, raised $300m from Alibaba, Tencent, Xiaomi and Shunwei Capital. https://axios.link/3Q2MIBL

• SecureW2, a Seattle-based zero-trust passwordless security software provider, raised $80m from Insight Partners. www.securew2.com

🚑 Bond Vet, a New York-based urgent and primary veterinary care provider, raised $50m from insiders Warburg Pincus and Talisman Capital Partners. https://axios.link/3M54LGC

🚑 VedaBio, a San Diego-based molecular detection startup, raised $40m. OMX Ventures led, and was joined by Kleinmuntz Associates. https://axios.link/3S2ArzW

• Fingerprint, a Chicago-based device intelligence API, raised $33m in Series C funding. Nexus Venture Partners led, and was joined by Uncorrelated Ventures. https://axios.link/46QYFS6

• Globacap, a London-based startup focused on digitizing and automating private capital markets, raised $21m in Series B funding from Moore Strategic Ventures, Cboe Global Markets, the Johannesburg Stock Exchange, GABI Ventures and QBN Capital. www.globacap.com

• Joor, a New York-based wholesale management platform, raised $25m in equity and debt funding co-led by Brightwood Capital and Tamarix Capital Partners, as first reported by Axios Pro. https://axios.link/45uMx8h

• Society Brands, a Canton, Ohio-based tech-enabled consumer products company, raised $25m from Callais Capital, North Coast Ventures and Gullane Capital. https://axios.link/3PYZpOe

• Tucker Carlson raised $15m, structured as a SAFE note, for his new media startup from Omeed Malik's 1789 Capital. https://axios.link/3PUEEDc

• Salted, an LA-based developer of quick-serve restaurant brands, raised $14m in Series B finding. Creadev led, and was joined by Proof Ventures and B. Riley Financial. https://axios.link/48UDbW9

• Objective (fka Kailua Labs), an SF-based multimodal search platform, raised $13m from backers like Matrix Partners and Two Sigma Ventures. https://axios.link/3M8jVL3

🚑 Cionic, an SF-based developer of neural tech devices, raised $12m in Series A extension financing. L Catterton led, and was joined by THVC. www.cionic.com

• Statement, an enterprise cash flow management platform, raised $12m in seed funding. Glilot Capital Partners led, and was joined by Citi, Mensch Capital Partners, Titan Capital and Operator Partners. https://axios.link/3S45Div

🚑 Allara, a New York-based provider of virtual care for women's chronic hormonal conditions, raised $10m in Series A funding, as first reported by Axios Pro. GV led, and was joined by Great Oaks Venture Capital, Humbition, Vanterra and Gaingels. https://axios.link/45Dkjbt

• Flanks, a Barcelona-based API for automated wealth services, raised $8m in Series A funding. Earlybird VC led, and was joined by JME Ventures and 4Founders Capital. https://axios.link/3Q3z0yy

🚀 K2 Space, an LA-based spacecraft startup, raised $7m from such backers as Alpine Space Ventures. https://axios.link/3S6vF4v

🚑 Thoughtful, a mental health app designed to combat loneliness, raised $7m in seed funding led by VCP Ventures, as first reported by Axios Pro. https://axios.link/45AGQph

• Aindo, an Italian synthetic data generation startup, raised €6m in Series A funding. United Ventures led, and was joined by Vertis SGR. https://axios.link/48VS22B

• Gardenuity, a gardening lifestyle startup, raised $5.5m in seed funding co-led by Anchor Capital and Retail Connection, as first reported by Axios Pro. Anchor Capital and Retail Connection. https://axios.link/3M6PWDb

• Zelus Analytics, an Austin, Texas-based sports data firm, raised $3.6m from RedBird Capital Partners, Gametime Capital, Teamworthy Ventures, 35V and Billy Beane. https://axios.link/3RYtxfd

• Auquan, a London-based data science platform for financial services, raised $3.5m in seed funding led by Neotribe Ventures. www.auquan.com

• Anonybit, a personal privacy and digital security startup, raised $3m. Jam Fintop led, and was by Connecticut Innovations. www.anonybit.io

🚑 Plan Forward, an Indianapolis-based dental software startup, raised $2m in seed funding. Elevate Ventures led, and was joined by IU Ventures and Revere Partners. https://axios.link/3PYEPNZ

• AHF Products, a Mountville, Pa.-based portfolio company of Paceline Equity Partners, acquired Crossville, a Crossville, Tenn.-based maker of porcelain. www.ahfproducts.com

• Apax Partners agreed to buy British consultancy Kin + Carta (LSE: KCT) for £203m. https://axios.link/46uFrlk

• CVC Capital Partners is considering a takeover bid for European payments firm Nexi (Milan: NEXI), as first reported by Bloomberg. https://axios.link/46CJpsm

• Consolidated Equipment Group, an Alexandria, Minn.-based portfolio company of Dominus Capital, acquired both Pro-Dig, an Elwood, Kan.-based maker of foundation drilling equipment and tooling, and First Dog Manufacturing, a Commerce, Ga.-based parts manufacturer for tractors and ATVs/UTVs. www.pro-dig-usa.com

• J.F. Lehman acquired its $1.2b take-private buyout of Heritage-Crystal Clean, a Hoffman Estates, Ill.-based environmental services firm. https://axios.link/45ESTlo

• KKR completed its $1.6b take-private buyout of Circor, a Burlington, Mass.-based maker of industrial flow control products. www.circor.com

⚡ Hull Street Energy invested in Greenskies Clean Focus, a North Haven, Conn.-based solar developer and operator. www.greenskies.com

• Mirvac Group (ASX: MGR) and Pacific Equity Partners agreed to buy Australian land lease operator Serenitas from GIC for around A$1b, with Tasman Capital Partners also participating on the buyside. https://axios.link/3RZIcXx

• MOTIS Brands, a Germantown, Wis.-based portfolio company of Prospect Hill Growth Partners, acquired Cargo Equipment Corp., a Huntley, Ill.-based maker of heavy-duty tie-downs and cargo equipment. www.motisbrands.com

• Providence Equity Partners invested in Populous, a Kansas City-based sports and entertainment venue architectural and design firm. www.populous.com

🚑 Varsity Healthcare Partners invested in Richmond, Va.-based veterinary platform VetEvolve. www.vetevolve.com

• Iron Horse Acquisitions, a media and entertainment SPAC, withdrew registration for a $100m IPO. It was chaired by Brian Turner (ex-CFO of Coinstar) and its CFO was Jane Waxman (ex-deputy CEO of 20th Century Fox).

• Hydrow, a connected rowing company that's raised over $300m from firms like L Catterton, is in talks to buy smaller rival Cityrow, which has raised $16m from firms like Everywhere Ventures, per Bloomberg. https://axios.link/48VBVlH

• Patreon, which connects creators with paying fans, acquired Moment, a livestream platform for events and ticketed experiences, per Axios' Sara Fischer. Moment had raised around $13.5m from investors like Halsey, UTA Ventures, Zaiko and Forerunner Ventures. https://axios.link/401e0Nt

• Stax Payments, an Orlando, Fla.-based payments platform valued by investors at around $1b, acquired Atlantic-Pacific Processing Systems, a Las Vegas-based payment processing and merchant tracking provider. https://axios.link/46R0e2q

• Wyndham Hotels and Resorts (NYSE: WH) rejected a $7.8 billion takeover offer from smaller rival Choice Hotels (NYSE: CHH), calling it "underwhelming." https://axios.link/3PZfDXG

• Volta, a Swedish e-truck maker, filed for bankruptcy protection. It had raised around $316m from investors like Luxor Capital Group, B-Flexion and BlackRock. https://axios.link/46yyq34

• Gridiron Capital, a New Canaan, Conn.-based PR firm, raised $2.1b for its fifth fund. www.gridironcapital.com

• Pfingsten, a Chicago-based PE firm, raised $435m for its sixth fund. www.pfingsten.com

• RevRoad Capital, a Provo, Utah-based VC firm, raised $61m for its debut fund. https://axios.link/3Qkm350

⚡ Veriten, a Houston-based energy research and strategy firm, raised $85m for its first private investment fund. www.veriten.com

• Monica Black joined Resolute Ventures as a partner. She previously was with Fractal. www.resolute.vc

• Allen Fozzard joined PE firm Stone-Goff Partners as VP of biz dev. He previously was with Symphony Technology Group. www.stonegoff.com

• Ashlyn Roberts joined the government relations team of the National Venture Capital Association. She previously was with the Small Business Roundtable. www.nvca.org

• JPMorgan named Carsten Woehrn as co-head of EMEA M&A. https://axios.link/3S3uOBE

10-year Treasury note yields rose by 0.13% yesterday to hit a post-COVID high of 4.84%, following strong retail and industrial production data, Axios' Matt Phillips writes.

Why it matters: This forms a foundation for most other borrowing activity, and also reflects that recession fears continue to fizzle.