Emptying out the notebook as we head into one of summer's final weekends...

🛑 Hurry up and wait: President Biden's executive order on outbound investment in certain Chinese tech companies won't go into effect anytime soon.

• "I'd be surprised if we see the final rules before the middle of next year, and it could well go beyond that," says Jim Mendenhall, a CFIUS-focused partner with law firm Sidley who once worked as USTR general counsel. "This is complicated stuff that no one quite knows how to do, and they need to get it right."
• There's also buzz in CFIUS circles that inbound decisions are taking longer than during the prior administration, and that some of the same bureaucracy is in charge of finalizing the outbound rules (even though this isn't close to the "reverse CFIUS" that had been floated).
• "The biggest difference between Trump and everyone else on CFIUS is that there's usually a tension between the security agencies and the trade agencies at the table," explains Jon Gafni, head of the U.S. foreign investments practice at Linklaters and the DNI's former deputy national intelligence officer for CFIUS support.
• He continues: "But with Trump, the leading trade agencies were all led by China hawks, and that filtered down to the civil servant technocrats who really run CFIUS ... I think there's still an anti-China approach under Biden to CFIUS, but things aren't quite as one-sided and things move more slowly."

🚚 Truck talk: Estes Express yesterday offered a $1.3 billion stalking horse bid for the terminal assets of bankrupt rival Yellow, which could be enough to repay most or all of Yellow's $700 million government loan.

• First in line for repayment remains a prior loan from Apollo, still valued at over $500 million, although it's now owned by Citadel (which also worked with MFN Partners to provide Yellow with $142 million in DIP financing).

⛳ Small cap: Sacks Parente, a California maker of premium golf putters, raised $13 million in its IPO on Tuesday and then saw its shares soar a whopping 624%.

• That was the year's top pop, but already the company's shares have fallen back into the rough — yesterday closing 21% below their $4 IPO price.

💰 Big cap: There's a steady plume of IPO smoke coming from both Arm and Instacart. Suggests we could get S-1 flips before Labor Day, thus setting up September floats.

❓ Quiz time: Can you name the AI unicorn that's losing its horn, per terms of its new VC fundraising effort? Hint: The New York-based company was founded more than five years ago, but less than 10.

🤯 Trump troubles: Former President Trump might not get the opportunity to sell and stay after all, as Digital World Acquisition Corp. yesterday postponed a shareholder meeting on delaying its merger close to year-end. In short, the SPAC doesn't appear to have enough votes yet.

🌴 Hawaiian Electric this morning acknowledged hiring outside advisers, but said that it is "part of prudent scenario planning" and that "the goal is not to restructure the company."

Tyson Foods (NYSE: TSN) hired Goldman Sachs to find a buyer for its Chinese poultry business, which launched in 2001 and generates around $1.1 billion in annual sales, per Reuters.

Why it's the BFD: This may reflect increased worry over China's economic slowdown, although a better bet is that it's about China's decreased meat consumption and rising feed costs.

• Arkansas-based Tyson also is having some domestic challenges, missing on quarterly earnings and announcing the closure of four U.S. facilities.

The bottom line: Tyson would be the second multinational to bail on poultry producing in the country, after Cargill sold its business to DCP Capital in May.

🚑 Sangon Biotech, a Chinese provider of life sciences research tools, raised $290m from backers like Novo Holdings. https://axios.link/3YMvFbm

⚡ Dcbel, a Montreal-based home energy management startup, raised over US$50m in Series B funding from Volvo, Coatue, Real Ventures, Idealist Capital and Investissement Québec. https://axios.link/3shcKcs

• ProjectDiscovery, an SF-based cybersecurity startup, raised $25m in Series A funding. CRV led, and was joined by Point72, SignalFire, Rain Capital, Mango Capital, Accel and Lightspeed Venture Partners. https://axios.link/47ErtOI

• Arccos, a Stamford, Conn.-based maker of on-course golf tracking products, raised $20m in Series C funding. PGA Tour led and was joined by Ping, TaylorMade, Cobra Puma Golf and Topgolf Callaway Brands. https://axios.link/3OCY1jp

• Jinx, an LA-based dog food brand, raised $17.9m in Series B funding. The Merchant Club and Align Ventures co-led, and were joined by insiders AF Ventures and Era Ventures, and the Range Group. https://axios.link/44bCd4o

🚑 Visana Health, a Minneapolis-based provider of virtual-first women's health services, raised $10.1m in seed funding. Flare Capital Partners and Frist Cressey Ventures co-led, and were joined by InHealth Ventures, Oxeon Partners, Pixel Perfect Ventures and Venture Investors. www.visanahealth.com

⚡ Verdigris, a Mountain View, Calif.-based building energy management platform, raised $10m co-led by DCVC and Solea Energy. www.verdigris.co

• SportsVisio, a computer vision-based sports analytics startup, raised $3m in seed funding led by Sapphire Sports. https://axios.link/45wBJqx

• CityPay.io, a Georgian crypto payments startup, raised €2m from Tether and Presto Ventures. https://axios.link/44ddFHZ

• Vegapay, an Indian digital lending and card management platform, raised $1.1m in pre-seed funding from Eximius Ventures, DSP HMK, Capri Global, Upsparks Capital, MGA Ventures and Climber Capital. https://axios.link/45yW2n6

• Apollo Global Management completed its $5.2b takeover of Pittsburgh-based aluminum parts maker Arconic (NYSE: ARNC) for $5.2b. https://axios.link/41lasoF

• EQT agreed to acquire the 21% stake it doesn't already hold in Frankfurt-listed open-source software firm SUSE at a €2.72b company valuation, thus taking it private. https://axios.link/3OJQorw

• General Atlantic invested in Flint Group, a home services firm operating in five U.S. markets. www.flintg.com

🚑 Peak Rock Capital is prepping an auction for Paragon Infusion, a Plano, Texas-based infusion services company with $50m-$70m in EBITDA, per Axios Pro. https://axios.link/3P1qPDR

⚡ Saint Bella, a Chinese maternity care company, hired Goldman Sachs and UBS to work on a 2024 Hong Kong IPO, per Bloomberg. Backers include C Capital, Transcend Capital Partners and Gotham Equity. https://axios.link/45vcFAb

• Cardea, an Atlanta-based wealth management firm, agreed to go public at an implied $175m enterprise valuation via Global Blockchain Acquisition Corp. (Nasdaq: GBBK). https://axios.link/45fDyIw

• 99 Acquisition Group, a real estate-focused SPAC led by Hiren Patel, raised $75m in a downsized IPO. https://axios.link/44em6TA

• Dalian Wanda Group hired Deutsche Bank to fund a buyer for sports marketing unit Infront, per Reuters. https://axios.link/3YDsFxK

⚡ Energy Transfer (NYSE: ET) agreed to buy Houston-based pipeline operator Crestwood Equity Partners (NYSE: CEQP) for $7.1b in stock. https://axios.link/3YJ4IFw

🚑 Swire Pacific (HK: 00019) is in talks to buy a minority stake in Indonesian health care group Pertamedika IHC at a $450m-$650m valuation, per Bloomberg. https://axios.link/44frK7R

• DNX Ventures, a B2B-focused venture firm, has secured $50m of a $200m-targeted fourth fund, per an SEC filing.

• Hayfin of London raised more than €6b for its fourth direct lending fund, which could hit its €7b hard cap by year-end. www.hayfin.com

• LiveOak Venture Partners of Austin, Texas, is raising $20m for its first "select" fund, per an SEC filing.

• Pioneer Fund, a VC firm that invests on behalf of YC founders, is raising $20m for an AI-focused fund, per an SEC filing.

🚑 Seemant Jauhari joined Singapore-based Jungle Ventures to focus on health care investments. He previously led HealthXCapital. https://axios.link/3QM35oA

• Krish Parikh joined TrueBridge Capital as a partner. He previously led VC investing for GIC. https://axios.link/45eisKK

• Lillie Belle Renner joined Snowpoint Ventures as director of operations. She previously worked biz dev for Palantir. https://axios.link/45AyTka

Yields on 10-year Treasury notes yesterday hit 4.3%, the highest in 15 years, before closing the day at 4.23%.

• The yield surge is being driven by increased speculation that the Fed will resume rate hikes, based on the release of minutes from its July 25-26 policy meeting, Axios' Courtenay Brown writes.