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   DealBook: $3.99 a gallon
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   Also, Washington’s worries about private credit.
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             March 30, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          The price of oil is headed up again as the U.S. appears to be getting closer to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          putting boots on the ground
         </a>
         <span>
          . Anxiety is also up about private credit amid a new report that firms are more exposed to slumping software companies than previously disclosed.
         </span>
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         <span>
          And the value of this guy just went up: Congrats to UConn’s Braylon Mullins on his
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          game-winning three-pointer
         </a>
         <span>
          over Duke that everyone is still talking about. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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            <span style="color:#666;font:normal 14px georgia,serif">
             More mixed messages from President Trump about war in the Middle East have markets and economists on edge.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Elizabeth Frantz/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Oil climbs amid the fog of war
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Energy prices are surging again as the war in the Middle East enters a second month, with no apparent end in sight.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Market pros are issuing increasingly pessimistic forecasts. That comes as President Trump sends mixed messages about possible negotiations to end the fighting, particularly as the U.S. sends more troops to the region.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brent crude, the global benchmark for oil,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                topped $115 a barrel
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                this morning. It is up roughly 60 percent since the war began on Feb. 28, a surge that some oil majors,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                including TotalEnergies
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , have turned into bumper profits.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The average price of gasoline in the U.S.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                hit $3.99
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                a gallon this morning. Experts warn that elevated fuel prices could force Americans to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                rethink their summer travel plans
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                S&amp;P 500 futures are up slightly today. But the benchmark index is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                down nearly 9 percent
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from its January high, while the Nasdaq Composite fell into correction territory last week.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The availability of key industrial materials is getting shakier. The price of aluminum, a key component of auto parts, furniture, windows and more,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                hit a four-year high today
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Reuters reported, after Iranian attacks this weekend on two Middle East production sites. And manufacturers are worried about
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                supplies of helium
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , which is used in chip-making and M.R.I. machines.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Investors are bracing for a lengthy war.
         </span>
         <span>
          Trump told journalists yesterday that a deal
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could come “soon
         </a>
         <span>
          .” But he also told The Financial Times that he would like to “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          take the oil in Iran
         </a>
         <span>
          ,” musing about seizing Kharg island, Iran’s key export hub. Adding more confusion, Trump said Iran had agreed to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          allow 20 oil cargo ships
         </a>
         <span>
          to pass through the Strait of Hormuz, but it was unclear where they might be headed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The president is also said to be weighing a military operation to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          extract nearly 1,000 pounds of Iran’s uranium
         </a>
         <span>
          , according to The Wall Street Journal. The report comes as several hundred U.S. Special Operations forces were said to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          have arrived in the Middle East
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The fighting is continuing to spread.
         </span>
         <span>
          The Houthis, an Iranian-backed militia in Yemen, entered the war over the weekend by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          firing a missile at Israel
         </a>
         <span>
          . Oil analysts are closely watching to see if the Houthis begin
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          disrupting shipments in the Red Sea
         </a>
         <span>
          — an increasingly vital waterway for Saudi oil exports —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as they did in 2023 and 2024
         </a>
         <span>
          during the war in Gaza.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A wider war could have worldwide repercussions.
         </span>
         <span>
          BlackRock’s Larry Fink warned last week that oil hitting $150 a barrel, and staying there, could put
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the global economy into recession
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s not the base case for many economists, at least for the U.S. But some, including those at Goldman Sachs, are beginning to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raise the odds for an economic slowdown
         </a>
         <span>
          .
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Apollo Global Management weighs a southern state for its second headquarters.
         </span>
         <span>
          The investment giant is considering picking
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Texas or Florida
         </a>
         <span>
          for its next big hub, which is expected to account for a majority of its future hires, the firm told The Financial Times. Apollo would be the latest financial giant to pursue expansion in the Sun Belt, but most other firms to date have maintained the New York City area as the focal point of their businesses.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A new political group prepares a costly push to promote President Trump’s A.I. agenda.
         </span>
         <span>
          The organization, Innovation Council Action, said it expected to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spend at least $100 million
         </a>
         <span>
          this year on initiatives including efforts by the White House to stymie state regulations on artificial intelligence. The effort comes despite Americans suggesting in polls that they were wary of several aspects of the A.I. boom, including potential job losses and the proliferation of data centers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mistral, a French A.I. start-up, raises $830 million in debt financing.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The move
         </a>
         <span>
          is meant to help Mistral build data centers across Europe. The start-up, which has become the continent’s biggest homegrown A.I. champion with a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          valuation of nearly €12 billion
         </a>
         <span>
          (about $13.8 billion), has sought to capitalize on European wariness of American technology companies in the Trump era.
         </span>
        </p>
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            <img alt="Treasury Secretary Scott Bessent is seen adjusting his belt as a person leans toward him." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F30%252Fmultimedia%252F30db-bessent-bvct%252F30db-bessent-bvct-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzQ4NzA1MTIuODc0ODUyMn0:1w7Atk:A0orEX4ahuqETYhCAvFCt1w5N-F-66lSyMn89JxBXh8" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Treasury Secretary Scott Bessent has raised concerns about investors being exposed to private credit.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Dave Sanders for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Protecting Main Street from private credit’s troubles
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Wall Street’s worries about private credit show few signs of abating. In fact, new reports about the health of the industry may only compound investor anxiety.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But concerns are growing at a time when the Trump administration may allow individual Americans to add private credit and other so-called alternative assets to their retirement funds, creating a potential political liability for policymakers in Washington.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The hits keep coming for private credit.
         </span>
         <span>
          An analysis by The Wall Street Journal suggests that several big private credit funds — run by Blue Owl Capital, Blackstone, Ares Management and Apollo Global Management — are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more exposed to software companies
         </a>
         <span>
          than they have disclosed. (Private credit funds have been hammered over questions about
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          their exposure to software companies
         </a>
         <span>
          at risk of being disrupted by artificial intelligence.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          From The Journal:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The Blue Owl Credit Income Corp. fund had nearly twice as much exposure to software as it reported, an analysis by The Wall Street Journal found, while the discrepancies for the other funds were smaller. On average, the four funds classified about 19% of their investments as software, while the Journal found their average software exposure to be about 25%.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Private-credit funds provide an industry breakdown of their loans to companies each quarter. Software is the biggest category for most of them. Methodologies for categorizing loans vary. Ares said in a filing that it adheres to the independent Global Industry Classification Standard, while others use different methods.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          Remember that last week, funds run by Apollo and Ares
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          limited investor requests
         </a>
         <span>
          to withdraw money from funds, while Moody’s downgraded a fund run by KKR.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          All eyes are on Washington.
         </span>
         <span>
          The Labor Department is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expected to introduce
         </a>
         <span>
          as soon as this week a proposal that would let 401(k) plans — a roughly $12 trillion market —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          invest in higher-risk assets
         </a>
         <span>
          like private equity and private credit funds.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The idea is that giving ordinary Americans access to alternative assets could bolster their investment returns for retirement, as part of a broader deregulation push by the Trump administration.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But administration officials appear mindful of the political risks,
         </span>
         <span>
          particularly of potentially exposing Main Street investors to toxic Wall Street assets. Alluding to private credit
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in a speech in February
         </a>
         <span>
          , Treasury Secretary Scott Bessent said that he didn’t want investors exposed to “something rotten.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Not everyone is panicking.
         </span>
         <span>
          Some investment firms — don’t call them “vulture funds” — are searching for bargains in the private credit sell-off, with one hedge fund executive telling The Financial Times, “This is the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          greatest opportunity I’ve ever seen
         </a>
         <span>
          in my lifetime.”
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          An antitrust win for the states
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One of the big debates that dominated the ABA Antitrust Spring Meeting, the annual gathering of antitrust leaders in Washington, last week is whether efforts by state attorneys general to stop deals cleared by the U.S. government will get traction, Lauren Hirsch reports. (The other: Has a Wall Street Journal
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          profile of the competition lobbyist Mike Davis
         </a>
         <span>
          encouraged some companies to hire him — or scared them away?)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          States can point to one win they scored late Friday: A federal judge imposed a 14-day pause for Nexstar’s merger with its rival TV station owner Tegna, a week after Nexstar
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          announced the deal’s closing.
         </a>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Nexstar-Tegna deal has been caught up in political cross hairs.
         </span>
         <span>
          President Trump has thrown his support over the agreement,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          writing on social media in February
         </a>
         <span>
          that it would “help knock out the Fake News” and to “get that deal done!”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Brendan Carr, the chair of the F.C.C., approved the deal this month, after waiving a cap on national station ownership. Carr’s approval came a day after California and New York participated in a lawsuit to block the measure.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          States have targeted other antitrust matters,
         </span>
         <span>
          including Paramount’s planned takeover of Warner Bros. Discovery and the unexpected settlement of the Justice Department’s lawsuit against Live Nation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But while state attorneys general have helped halt deals before, including Kroger’s takeover of Albertsons, challenging the federal government can be tough, given their more limited resources. The ruling in the Nexstar-Tegna case shows that even if states can’t block a deal, they can at least create uncertainty.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          That creates an interesting dynamic.
         </span>
         <span>
          Could companies offer significant enough concessions to avoid pressure from state attorneys general? (That tactic wasn’t used in the Live Nation settlement.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Justice Department has begun to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          send out subpoenas
         </a>
         <span>
          to Paramount competitors to study the competitive impact of the Warner Bros. Discovery deal. Would the impression of a robust investigation, and perhaps even a mild remedy like some kind of behavioral decree, from the department reduce the prospects of a successful challenge from the states?
         </span>
        </p>
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           <td height="10">
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           </td>
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        </table>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Vinyl gets its groove back
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We may be living in a digital world, but the old-school LP continues its remarkable comeback. And if the turntable trend holds, vinyl record sales in the U.S. could top $1 billion in 2026 for a second year in a row, Christine Zhang reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Last year, U.S. vinyl revenue reached nearly $1.1 billion, the 19th straight year of growth for the format, according to the Recording Industry Association of America’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          year-end report
         </a>
         <span>
          . That’s a small slice of the pie compared with streaming, and a far cry from vinyl’s heyday when adjusted for inflation. But vinyl continues its resurgence as the leading source of physical-media music sales.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A chart showing U.S. recorded music revenues by format from 1975 to 2025." class="css-xsf469" height="368" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F25%252Fbusiness%252FoakImage-1774490523847%252FoakImage-1774490523847-jumbo-v4.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzQ4NzA1MTIuODc1Mjg0Mn0:1w7Atk:1zzWiqyiUePBYyS9l9iEv1dSfArWaT7PWsNwwrGjTrA" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Notes: Revenues are adjusted for inflation. “Tapes” include 8-track tapes and cassettes. Source: Recording Industry Association of America.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Christine Zhang/The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A look at the top-selling vinyl records over time offers two takeaways. First, the scale of the market has expanded hugely. In 2015, the No. 1 record, Adele’s “25,” sold some 115,000 copies, according to the entertainment data provider Luminate. In 2025, Taylor Swift’s “The Life of a Showgirl” was No. 1, with more than 1.6 million copies sold.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A bar chart showing the top selling vinyl album in the U.S. each year from 2012 to 2025." class="css-xsf469" height="409" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F25%252Fbusiness%252FoakImage-1774492904099%252FoakImage-1774492904099-jumbo-v5.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzQ4NzA1MTIuODc1Mzg1NX0:1w7Atk:Tn95XaZ567lWzqBvDoOPlWN94M7Bce320zIZ3Wt6120" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Source: Luminate.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Christine Zhang/The New York Times
             </span>
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         <span>
          The second takeaway will be familiar to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          superfans
         </a>
         <span>
          of all stripes: The emergence of vinyl as a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          collectible
         </a>
         <span>
          . The album “25” had just one primary vinyl edition in 2015, while “The Life of a Showgirl” released
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          eight vinyl variants
         </a>
         <span>
          in its first week.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Will vinyl’s comeback — whether driven by nostalgia, fandom or simply a desire to own physical things — continue? Early signs look promising. Sales so far this year are slightly higher than over the same period in 2025, according to Luminate.
         </span>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
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             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Kraft Heinz’s new C.E.O., Steve Cahillane, opens up about
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                why he called off a breakup
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of the food giant. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                U.S. billionaires are increasingly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                investing in Indian cricket teams
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , seeking profits like the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                more-than-90-times return
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that Lachlan Murdoch reportedly made on the Rajasthan Royals. (AP, Sportico)
               </span>
              </li>
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          Tech and artificial intelligence
         </span>
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        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                How Sora, OpenAI’s soon-to-be-shuttered video app, went from a highly hyped product to an
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                expensive albatross
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Digital tools like Google Chromebooks were once promoted as increasingly essential for schoolchildren. Now
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                they’re facing a backlash
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Wearable health tech like the Oura Ring are hugely popular —
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                maybe too popular
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ? (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “The karaoke company, the penny stock investor and the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $17 billion trucking rout
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (FT)
               </span>
              </li>
             </ul>
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