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   DealBook: A big bet on open A.I.
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   Also, Mamdani’s efforts to woo business advisers.
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             August 10, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Mark Zuckerberg announced a new open-weight A.I. model that can run locally on a laptop, aiming to prove that open models can be far smaller and cheaper than top frontier systems — potentially rewriting the industry’s economics.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Meta is also creating a $1 billion fund to support police and firefighters in towns hosting its data centers, an effort to counter local pushback in states like New York and Texas. We get into all of it.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Plus, don’t miss our fascinating piece on Mayor Zohran Mamdani’s efforts to recruit business leaders to a panel of advisers. More below. (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">
              Mark Zuckerberg stressed the importance of open artificial intelligence models in a lengthy new essay about his approach to the technology.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Brendan McDermid/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Zuckerberg’s bid to catch up on A.I.
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When it comes to artificial intelligence, the discussions in Silicon Valley and in Washington in recent weeks have come down to one thing: open versus closed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Meta is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          now doubling down
         </a>
         <span>
          on the open camp. Its C.E.O.,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mark Zuckerberg
         </span>
         <span>
          , outlined that in his philosophy on A.I., as the company races to catch up with technologically advanced rivals in the West and in China.
         </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">
          Zuckerberg’s mantra: Give everyone access to A.I.
         </span>
         <span>
          That’s the central thesis of a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          14-page essay
         </a>
         <span>
          he published this morning, in which he talks up widespread access to A.I. and agents. (That means personalized coaches for every subject, tools to start businesses and more.)
         </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 other way of looking at it? Oppose centralizing control of A.I.
         </span>
         <span>
          That principle, which he
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          outlined to The Times
         </a>
         <span>
          last month, is a direct shot at leading A.I. labs like Anthropic and OpenAI, whose favoring of closed A.I. models risks restricting access to the most powerful features of the technology.
         </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 includes committing to open models.
         </span>
         <span>
          Zuckerberg announced that Meta was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          releasing Muse Glimmer
         </a>
         <span>
          , an open-weight model close in abilities to its most powerful tool, Muse Spark.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The move is meant to position Meta as a bulwark against rapidly advancing and increasingly popular Chinese open A.I. models, which can be much cheaper to run than high-end Western ones, but also while increasingly match their performance.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (That said, Zuckerberg didn’t say whether Meta’s forthcoming cutting-edge model, internally code-named Watermelon, would be open or closed.)
         </span>
        </p>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Zuckerberg also defended distillation, the practice of using existing models to help train other ones. Companies like Anthropic have called Chinese rivals’ distilling of its own models stealing, but Zuckerberg called it an important feature of an open A.I. approach.
               </span>
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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">
          Meta also talked up a commitment to safety,
         </span>
         <span>
          including by proposing that A.I. companies help the federal government toughen critical tech infrastructure.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Perhaps more important, these companies should submit their tools to government reviews more frequently during development, instead of just at the end of training.
         </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">
          And he proposed spending more on local communities,
         </span>
         <span>
          as Meta and other tech giants face blowback over their plans for giant data centers to power A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Zuckerberg promoted Meta’s program to pay for the training of skilled tradespeople to build the giant server farms, as well as an initiative in which teachers in the Louisiana community in which it’s building a huge data center received a $50,000 bonus.
         </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">
          Meta still has some hurdles.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The biggest is performance: Muse Glimmer, like the closed Muse Spark before it, isn’t as capable as the highest-end models from Anthropic and OpenAI or those from Chinese companies like Alibaba, Moonshot AI or Z.ai.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Zuckerberg’s expansive view of A.I. only further commits the company to costly investments in data centers and other infrastructure, something its investors remain uneasy about.
               </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Zuckerberg appears to be betting that committing to openness (and lower cost) and a willingness to work with Washington will help Meta catch up. Whether that’s enough remains to be seen.
         </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>
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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">
          Oil prices tick up amid uncertainty about the Strait of Hormuz.
         </span>
         <span>
          Brent crude, the international benchmark for oil, hovered close to $85 a barrel today as ship traffic through the waterway remained at a trickle. Tensions between Iran and the U.S.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          remain high
         </a>
         <span>
          , with
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          saying he was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          only “semi-negotiating”
         </a>
         <span>
          over the strait while Tehran named
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mohsen Rezaei
         </span>
         <span>
          , who supports Iran having control over the waterway, as the new
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          secretary of the Supreme National Security Council
         </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">
          Taylor Farms voluntarily recalls some products with fresh jalapeños.
         </span>
         <span>
          The company is recalling products distributed in 26 states that have been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tied to a salmonella outbreak
         </a>
         <span>
          . It’s the latest blow to Taylor Farms, which has already been linked to a large outbreak of cyclosporiasis tied to iceberg lettuce.
         </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">
          Paramount reportedly commits to releasing 30 movies a year in theaters.
         </span>
         <span>
          The media giant has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          struck written agreements
         </a>
         <span>
          with AMC and Cineworld’s Regal Cinemas, the world’s biggest theater chains, guaranteeing the release figure if it acquires Warner Bros. Discovery, according to Bloomberg, citing unnamed sources. The move appears aimed at countering claims in a lawsuit by several states that Paramount would reduce its output if the deal goes through.
         </span>
        </p>
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            <div style="width:100%;text-align:center;line-height:0">
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
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         </tbody>
        </table>
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         <tbody>
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           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Mayor Zohran Mamdani wearing a dark suit and tie and smiling. " class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F10%252Fmultimedia%252F10db-mamdani-business-bzgv%252F10db-mamdani-business-bzgv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODYzNjUyMzcuMDgwMzQyfQ:1wtPCX:strU_Z1ZdVyraLBus6CxxnpR13STe71hw0OH0utKKo0" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Mayor Zohran Mamdani of New York arriving at an event in July to announce his plan for city-run municipal grocery stores.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Ryan Murphy/Associated Press
             </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>
          Mamdani’s new business outreach
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          News about a business advisory council that Mayor
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Zohran Mamdani
         </span>
         <span>
          of New York is forming had Wall Street abuzz over the weekend, Niko Gallogly and Lauren Hirsch report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some dismissed the council as a superficial move from Mamdani, who has taken aim at business elite. Still, others cited it as an example of the behind-the-scenes effort to form a more cooperative relationship between the corporate sector and the 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">
          Mamdani and his team have been meeting with C.E.O.s from different sectors since December
         </span>
         <span>
          . It is weeks away from formally announcing the members of the council, which will engage business leaders for their input into the city’s economic development strategy, Dora Pekec, a spokeswoman for the Mamdani administration, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Among the list of invitees, first
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported by Bloomberg
         </a>
         <span>
          and confirmed by DealBook, are:
         </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Robert Wolf
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the former C.E.O. of UBS Americas and a major Democratic donor.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Antonio Weiss
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a former global head of investment banking at Lazard. Weiss was also a counselor to the Treasury secretary during the Obama administration.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Jose Tavarez
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the president for New York City at Bank of America.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          DealBook has also learned of two more people the mayor’s office has reached out to about the possibility of joining the council. According to a person familiar with the administration’s plan who was not authorized to speak publicly, they are:
         </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Kevin Ryan
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a prominent New York-based investor and entrepreneur and the founder of the venture capital firm AlleyCorp.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Hamdi Ulukaya
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the C.E.O. and founder of Chobani.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Wolf told DealBook that he was considering joining the council and that he hoped business leaders would engage “in a constructive way, irrespective of where they are politically, as helping N.Y.C. thrive economically has to be a priority.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Weiss, Ryan and Ulukaya declined to comment and Tavarez did not respond to a request for comment.
         </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">
          At least some C.E.O.s are skeptical of the council. Steven Fulop
         </span>
         <span>
          , the president and C.E.O. of the Partnership for New York City, which represents many corporate giants, told DealBook he had “spoken with a number of major business leaders who declined the invitation,” partly because of their frustration with Mamdani’s approach to the corporate sector.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Fulop cited as one example a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          video Mamdani posted
         </a>
         <span>
          on social media that took aim at a $238 million penthouse owned by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ken Griffin
         </span>
         <span>
          , the C.E.O. of Citadel. “We’re tired of the performative gestures on one hand, and then being punched in the face publicly on the other,” Fulop said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Mayor Mamdani has been clear from Day 1 that New York City will remain the business capital of the world,” Pekec said in a statement in response to Fulop’s concerns, “and that his door is open to business leaders who wish to share strategic guidance.”
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260810%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODYzNjUyMzcuMDgwNDgwM30:1wtPCX:jikMcE8LEkB048Vr4uSYOsk_Yfc2vsJ1OMuR_ZEMR88" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260810%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODYzNjUyMzcuMDgwNjcwNH0:1wtPCX:1bvPqX5UcA4AFF4lF1TfNgHAJHmX-Zq5SrkQr9WS5SM" style="display:block;width:100%;max-width:600px" width="600"/>
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                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260810%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODYzNjUyMzcuMDgwODE5MX0:1wtPCX:zvHpSYA9pJoCybGYF_TzDhBUopOOW3KM28r5Q4f9Sfk" style="display:block;width:100%;max-width:480px" width="480"/>
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              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="" class="css-mcckse" height="80" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F01%252F29%252Fbusiness%252Fdealbook-icon-split%252Fdealbook-icon-split-jumbo-v6.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODYzNjUyMzcuMDgwOTU4fQ:1wtPCX:FyqCWBAtcoIRCk1iWzd3-PBnWFeOSyqtSooS69gsaCc" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Private equity is stuck in limbo
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This should be a golden moment for private equity. Stock indexes have been hitting record highs and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          global deal-making has surged
         </a>
         <span>
          this year. (Not to mention the fact that a number of private equity guys
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          are dating celebrities
         </a>
         <span>
          .)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And yet the industry
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          continues to flounder,
         </a>
         <span>
          stuck with companies it can’t offload, Maureen Farrell reports for The Times.
         </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 number of companies sitting stagnant in private equity portfolios has increased
         </span>
         <span>
          for a third year in a row. As of June 30, private equity firms had 33,575 unsold companies in their portfolios, according to PitchBook. That’s double the amount from a decade ago.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And while the first half of 2026 was the second-highest for I.P.O.s by volume in more than 10 years, the prospect of a flood of I.P.O.s for private equity-owned companies looks bleak: Since 2022, only 70 private equity-backed companies have gone public on U.S. exchanges, according to the data firm Dealogic.
         </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">
          Frustration is building for big investors in private equity,
         </span>
         <span>
          like pension funds and endowments, Farrell writes:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          As the backlog grows, private equity firms continue to underperform the broader stock market. From July 1, 2022 to March 31, 2026, U.S. private equity firms generated annualized returns of 6.4 percent, according to the most recent data from MSCI, an index firm. That’s far below the 15.2 percent annualized returns of the S&amp;P 500 and the 19.3 percent of the Nasdaq during the same time period.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          There are several reasons for the logjam. Higher interest rates have made it difficult for private equity firms to find buyers that rely on cheap debt to finance acquisitions.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Another challenge is the weakness in the software sector, where there is a heavy concentration of private equity-owned companies. The value of many software firms has declined, as investors worry that artificial intelligence will cut into future earnings.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A prolonged delay in sales and I.P.O.s could lead to more pain,
         </span>
         <span>
          Farrell reports, with firms eventually being forced to sell, even if it’s at a lower price.
         </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">
                Keep an eye on private credit as well: The health of loans made by the industry
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                is worsening
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , as are returns for investors, according to The Wall Street Journal.
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                Intel said it planned 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">
                sell $15 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in new stock as the company seizes on investor demand for companies involved in artificial intelligence infrastructure. (Intel)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Chinese regulators are fast-tracking I.P.O. applications by start-ups and encouraging lenders to back tech companies as
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                part of a bid
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to help China catch up to the U.S. in A.I. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Berkshire Hathaway under
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Greg Abel,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the successor to
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Warren Buffett
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as C.E.O., is finally
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                putting its giant cash hoard to work
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (FT)
               </span>
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          Politics, policy and regulation
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                Republicans are losing their edge with voters
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                on economic issues
               </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">
                “How the U.A.E.
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                won over Washington
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (FT)
               </span>
              </li>
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          Best of the rest
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                MacKenzie Scott
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                has bucked the norms of philanthropy. Now she’s taking an unusual approach to publishing a novel:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                posting pages on Substack
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT)
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              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                China is betting on an
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Arctic-based “Ice Silk Road”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                shipping route to avoid choke points on traditional passageways. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A flood of tech I.P.O.s could fill the coffers of philanthropic groups
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                tied to effective altruism
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the movement once tarnished by its association with
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Sam Bankman-Fried
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Semafor)
               </span>
              </li>
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