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   Big Tech is writing some very big checks for AI: Goldman Sachs estimates global AI infrastructure spending could surpass $1 trillion this year.
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                      Hey Snackers,
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                     <p style="margin:0;margin-bottom:16px">
                      Don’t you hate it when the ATM is down? In Antarctica, that’s a serious problem, given that there’s only one working cash machine on the whole continent,
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        at McMurdo station
                       </strong>
                      </a>
                      . It’s the southernmost ATM in the world. There is another ATM right next to it, but that one doesn’t work, it’s just there so there’s spare parts in case the working one goes on the fritz. If you’re looking to get your foot in the door in the banking industry by working your way from the bottom up,
                      <a rel="noopener" style="text-decoration: underline; color: #5869ff;" target="_blank">
                       <strong>
                        Wells Fargo
                       </strong>
                      </a>
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        sends a technician
                       </strong>
                      </a>
                      down once every two years for maintenance and upgrades.
                     </p>
                     <p style="margin:0">
                      Stocks were up on Thursday, with the S&amp;P 500 notching a record close.
                     </p>
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                        WAIT FOR IT
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                     <strong>
                      Compute to work
                     </strong>
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                     <p style="margin:0;margin-bottom:16px">
                      Big Tech is writing some very big checks for AI.
                      <strong>
                       <a style="text-decoration: underline; color: #5869ff;">
                        Goldman Sachs
                       </a>
                      </strong>
                      estimates global AI infrastructure spending could surpass $1 trillion this year. That bill goes well beyond GPUs, covering the data centers, power systems, and other infrastructure needed to put all that compute to work.
                     </p>
                     <p style="margin:0;margin-bottom:16px">
                      As AI clusters get larger, thousands of chips need faster links to move data between them, driving demand for switches, transceivers, lasers and fiber. This earnings season is giving investors an important reminder that orders, sales, and deployments don't necessarily move on the same timetable.
                     </p>
                     <p style="margin:0;margin-bottom:16px">
                      Take
                      <strong>
                      </strong>
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Cisco
                       </strong>
                      </a>
                      <strong>
                       :
                      </strong>
                      The networking giant booked $9.3 billion of AI infrastructure orders from hyperscalers in fiscal 2026, including $4 billion in the fourth quarter alone according to its
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        earnings report
                       </strong>
                      </a>
                      <strong>
                       .
                      </strong>
                      Cisco had guided to roughly $4 billion of AI infrastructure revenue for fiscal 2026 and now expects that figure to reach $7.5 billion in fiscal 2027. Still, traders heavily focused on a decline in product gross margins, which dropped to 66.3% from 68.4% the previous year, and were not impressed by the revenue forecast.
                     </p>
                     <p style="margin:0;margin-bottom:16px">
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Cerebras
                       </strong>
                      </a>
                      can serve as another example. The chipmaker reported $180.1 million in second-quarter revenue in its
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        earnings statement
                       </strong>
                      </a>
                      <strong>
                       ,
                      </strong>
                      up 74.3% from a year earlier, but below the $194.23 million analysts expected according to
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Reuters
                       </strong>
                      </a>
                      . Its cloud-services revenue roughly quadrupled to $126 million, while hardware sales fell to $54.1 million from $70.3 million a year earlier.
                     </p>
                     <p style="margin:0">
                      Don’t get me wrong, the AI infrastructure boom is still real and hot. Recent earnings show demand piling up across the AI stack:
                     </p>
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                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Coherent
                        </strong>
                       </a>
                       saw
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Datacenter &amp; Communications revenue
                        </strong>
                       </a>
                       <strong>
                       </strong>
                       jump to $1.62 billion last quarter.
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Applied Optoelectronic
                        </strong>
                        s
                       </a>
                       reported
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         revenue growth
                        </strong>
                       </a>
                       <strong>
                        ,
                       </strong>
                       with data-center revenue surging to $107.7 million.
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Nebius
                        </strong>
                       </a>
                       <strong>
                       </strong>
                       grew
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         quarterly revenue
                        </strong>
                       </a>
                       <strong>
                       </strong>
                       to $582.3 million, with revenue tied to AI cloud business increased sixfold to $575 million.
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Corning
                        </strong>
                       </a>
                       <strong>
                        :
                       </strong>
                       Optical Communications sales rose 32% to $2.07 billion.
                      </li>
                     </ul>
                    </div>
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-5" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
                  <tr>
                   <td class="pad" style="padding-bottom:10px">
                    <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                     <p style="margin:0">
                      As demand for the AI buildout keeps surging, investors are starting to care more about how quickly the AI orders can be delivered, recognized as revenue, and converted into earnings.
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-5" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top;width:100%" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="col-pad" style="padding-left:25px;padding-right:25px">
                 <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                  <tr>
                   <td align="center" class="pad" style="width:100%;padding-top:24px;padding-bottom:8px">
                    <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:23px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:28px">
                     <span class="tinyMce-placeholder" style="word-break: break-word;">
                      THE TAKEAWAY
                     </span>
                    </h1>
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
                  <tr>
                   <td class="pad" style="padding-bottom:10px">
                    <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                     <p style="margin:0;margin-bottom:16px">
                      For much of the AI boom, proving demand was not hard. Huge capex plans, record orders and swelling backlogs gave investors a reason to bet that years of growth were still ahead. This earnings season suggests the bar for many of these stocks has gotten higher.
                     </p>
                     <p style="margin:0;margin-bottom:16px">
                      An order booked today can represent real future business, but it still takes time to manufacture the equipment, complete the deployment and recognize the sale. During that wait, costs can rise, margins can move, and the expectations already embedded in a stock can keep climbing.
                     </p>
                     <p style="margin:0">
                      For investors, that means not every giant AI backlog deserves to be valued the same way. The companies that can convert demand into revenue quickly while protecting margins may be rewarded very differently from those whose order books grow faster than their ability to deliver.
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
                  <tr>
                   <td class="pad" style="padding-top:15px;padding-bottom:10px">
                    <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:right;mso-line-height-alt:27px">
                     <p style="margin:0">
                      —
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        <em>
                         Helena Cheng
                        </em>
                       </strong>
                      </a>
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-6" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top;width:100%" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                <td class="col-pad" style="padding-left:25px;padding-right:25px">
                 <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                  <tr>
                   <td align="center" class="pad" style="padding-top:25px;padding-bottom:25px">
                    <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                     <tr>
                      <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                       <span style="word-break: break-word;">
                       </span>
                      </td>
                     </tr>
                    </table>
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="0" cellspacing="0" class="button_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                  <tr>
                   <td align="left" class="pad">
                    <!--[if mso]>
<v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word"   style="height:20px;width:157px;v-text-anchor:middle;" arcsize="27%" fillcolor="#5869ff">
<v:stroke dashstyle="Solid" weight="2px" color="#000000"/>
<w:anchorlock/>
<v:textbox inset="0px,0px,0px,0px">
<center dir="false" style="color:#ffffff;font-family:Arial, sans-serif;font-size:14px">
<![endif]-->
                    <span class="button" style="background-color: #5869ff; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-radius: 7px; border-right: 2px solid #000000; border-top: 2px solid #000000; color: #ffffff; display: inline-block; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; font-weight: 400; mso-border-alt: none; text-align: center; width: auto; word-break: keep-all; letter-spacing: normal;">
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                      <span style="word-break: break-word; line-height: 16.8px;">
                       <strong>
                        CHART OF THE DAY
                       </strong>
                      </span>
                     </span>
                    </span>
                    <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="0" cellspacing="0" class="image_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                    <div style="max-width:550px">
                     <img alt="" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Ffss%252Ffvl7w8%252Fe080c8f9-be0d-4fb3-82b2-986281b3c327%252FNvrV7-search-volume-for-eyes-hurt-spikes-after-a-solar-eclipse-.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCIsInRpbWUiOjE3ODY3MDM1OTAuNzc0MDg5fQ:1wupDq:KWe3MmstmT6RhAATGBVnDkOXsLjBLJbXquyJMsJh5UI" style="display:block;height:auto;border:0;width:100%" title="" width="550"/>
                    </div>
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-4" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
                  <tr>
                   <td class="pad" style="padding-top:15px;padding-bottom:10px">
                    <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:right;mso-line-height-alt:27px">
                     <p style="margin:0">
                      —
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        <em>
                         J. Edward Moreno
                        </em>
                       </strong>
                      </a>
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-7" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
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         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top;width:100%" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="col-pad" style="padding-left:25px;padding-right:25px">
                 <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                  <tr>
                   <td align="center" class="pad" style="padding-top:25px;padding-bottom:25px">
                    <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                     <tr>
                      <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                       <span style="word-break: break-word;">
                       </span>
                      </td>
                     </tr>
                    </table>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-8" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;border-left:20px solid transparent;border-radius:0;border-right:20px solid transparent;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;background-color:#5869ff;vertical-align:top;width:100%" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                 <table border="0" cellpadding="10" cellspacing="0" class="image_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                    <div style="max-width:500px">
                     <img alt="" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Ffss%252Ffvl7w8%252Fb7260155-9fac-4833-9243-983ee3a82045%252F60M.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCIsInRpbWUiOjE3ODY3MDM1OTAuNzc0MjIxfQ:1wupDq:GPohAQEEPKi9bvd5kgGH9byYfj1vraM0-ogXS88Qsz0" style="display:block;height:auto;border:0;width:100%" title="" width="500"/>
                    </div>
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                   <td class="pad" style="padding-top:5px;padding-bottom:5px;padding-left:10px;padding-right:10px">
                    <div style="color:#fff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:16px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:24px">
                     <p style="margin:0">
                      The streaming and cable deals to air “Seinfeld” have been renewed, with
                      <strong>
                      </strong>
                      <a style="text-decoration: underline; color: #ffffff;">
                       <strong>
                        Netflix
                       </strong>
                      </a>
                      <strong>
                      </strong>
                      getting the rights to stream the show for another five years and
                      <a style="text-decoration: underline; color: #ffffff;">
                       <strong>
                        Paramount
                       </strong>
                      </a>
                      getting the basic cable rights for another three. The sitcom remains one of the most popular shows, bar none; Nielsen says
                      <a style="text-decoration: underline; color: #ffffff;">
                       <strong>
                        60 million Americans
                       </strong>
                      </a>
                      have watched Seinfeld in the first six months of this year.
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-9" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top;width:100%" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="col-pad" style="padding-left:25px;padding-right:25px">
                 <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                  <tr>
                   <td align="center" class="pad" style="padding-top:25px;padding-bottom:25px">
                    <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                     <tr>
                      <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                       <span style="word-break: break-word;">
                       </span>
                      </td>
                     </tr>
                    </table>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-10" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;vertical-align:top;width:100%" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="col-pad" style="padding-left:25px;padding-right:25px">
                 <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                  <tr>
                   <td align="center" class="pad" style="width:100%;padding-bottom:10px">
                    <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                     <span class="tinyMce-placeholder" style="word-break: break-word;">
                      What else we're Snackin'
                     </span>
                    </h1>
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="0" cellspacing="0" class="list_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px" width="100%">
                  <tr>
                   <td class="pad" style="padding-top:5px;padding-bottom:5px;padding-left:10px;padding-right:10px">
                    <div style="margin-left:-20px">
                     <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       Why
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         AT&amp;T
                        </strong>
                       </a>
                       is betting big on
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         open-weight AI
                        </strong>
                       </a>
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       Anthropic CFO Krishna Rao is leading early IPO meetings with investors and
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         has not discussed valuation
                        </strong>
                       </a>
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Workday
                        </strong>
                       </a>
                       shares post best day in 10 years on
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Silver Lake takeover report
                        </strong>
                       </a>
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       Nate Silver: Dems' chances of flipping the Senate
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         at 57.3%
                        </strong>
                       </a>
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       Flock to add safeguards to AI surveillance tools
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         after backlash
                        </strong>
                       </a>
                      </li>
                     </ul>
                    </div>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-11" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
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                      There are 7,500 sidewalk sheds covering 330 miles of sidewalk in New York City, enough to circle Manhattan
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                        ten times
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                       July Retail Sales
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                      SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025
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