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   DealBook: A big bet on public venture capital
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   Also, another OpenAI executive departs.
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             August 14, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          For a summer Friday in August, there’s a lot going on. We’re following Robinhood’s latest effort to give retail investors an entry to private start-ups, another shake-up in OpenAI’s top ranks and a report that JPMorgan Chase dropped Polymarket as a client over regulatory concerns. More below.
         </span>
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          We’re also watching Manhattan federal court today: Luigi Mangione is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expected to plead guilty
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          to charges tied to the killing of the UnitedHealthcare C.E.O. Brian Thompson. (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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              Vlad Tenev, the C.E.O. of Robinhood, celebrating the I.P.O. of the Robinhood Ventures Fund I at the New York Stock Exchange in March. The company’s second venture fund began trading yesterday.
             </span>
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              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>
          Robinhood doubles down on venture investing
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’ve reported over the past year how high finance has increasingly seen retail investors — that is, ordinary, nonwealthy individuals — as a big part of its future.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One of the movement’s loudest proponents is Robinhood,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          which has argued
         </a>
         <span>
          that Main Street shouldn’t be shut out of the astronomical growth of private start-ups like Anthropic and OpenAI.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The trading platform has now offered retail investors another route for getting into the world of venture capital — even as skeptics warn of the risks that entails, Niko Gallogly reports.
         </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">
          Robinhood Ventures Fund II began trading on the New York Stock Exchange yesterday.
         </span>
         <span>
          The fund raised roughly $200 million in its I.P.O. at $25 per share.
         </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">
          How it works:
         </span>
         <span>
          Robinhood Ventures Fund II has teamed up with Y Combinator, a Silicon Valley incubator, to invest in companies that are just getting started. The fund has already invested in 80 of Y Combinator’s start-ups, in most cases with $250,000 in capital each.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Robinhood will use the money raised from the new fund’s I.P.O. to invest in more start-ups, mostly inside of the Y Combinator ecosystem.
         </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 fund debuted just five months after Robinhood Ventures Fund I,
         </span>
         <span>
          which has invested in later-stage start-ups like Stripe, Ramp and OpenAI.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Its share price has been volatile. In May it jumped as high as $74, up roughly 250 percent from the first day of trading, but now trades closer to its opening price of about $21.
         </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">
          More investment vehicles are bringing retail investors into the private market.
         </span>
         <span>
          That’s despite the fact that nonaccredited investors — individuals with less than $1 million in net worth or $200,000 in annual income — are largely barred from investing in privately held companies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Retail investors historically have been excluded from “this tiny, esoteric, insular world,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Richard Aberman, Robinhood Ventures Fund II’s portfolio manager, told DealBook.
         </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 “retail investors don’t always understand what they are getting into,”
         </span>
         <span>
          Josh Lerner, a professor at Harvard Business School, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Retail funds focused on private start-ups have struggled in recent years. Destiny Tech100, for instance, has underperformed the S&amp;P 500 by roughly 11 percentage points over the past year.
         </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">
          These funds can also charge significant fees.
         </span>
         <span>
          Robinhood Ventures Fund II charges a 2 percent annual fee plus a 20 percent performance fee on capital gains. That mimics typical venture capital fund fees.
         </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">
          Expect the venture industry to keep targeting individual investors.
         </span>
         <span>
          Retail has become an increasingly important fund-raising channel for private equity and private credit funds.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Whether you think it’s a good idea or not, it’s happening,” Lerner said.
         </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>
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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">
          The U.S. sells 30-year Treasury bonds at their highest yield since 2001.
         </span>
         <span>
          The $25 billion offering carried yields
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as high as 5.22 percent
         </a>
         <span>
          , compared with 4.91 percent just before President Trump began his second term. Fears of the swelling federal debt and persistent inflation are driving up borrowing costs for the U.S.
         </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 Trump administration’s antisemitism lawsuit against Harvard is thrown out.
         </span>
         <span>
          The federal judge in the case
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          granted Harvard’s motion to dismiss
         </a>
         <span>
          , saying the incidents cited in the lawsuit were “too isolated and episodic” to show that the school was breaking the law. The move hampers the administration’s effort to force Harvard to strike a settlement, though experts said the government may appeal.
         </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">
          Another sign of pressure on Mark Walter emerges.
         </span>
         <span>
          The billionaire financier in recent weeks
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pledged his stake in Guggenheim Partners
         </a>
         <span>
          , the big investment firm he helped found, as collateral for financing, Bloomberg reported, citing unnamed sources. Walter has been seeking money to pay down loans on his insurers’ books that are under federal scrutiny. This week, he agreed to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sell the L.A. Lakers
         </a>
         <span>
          for $12.5 billion.
         </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">
          JPMorgan Chase reportedly stopped banking Polymarket over regulatory concerns.
         </span>
         <span>
          The lending giant notified Polymarket in October that it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          needed to find a new bank
         </a>
         <span>
          , according to The Financial Times. Still, JPMorgan has maintained other ties with the prediction market operator. In other prediction market news, a state judge in Washington
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          barred Kalshi from most operations
         </a>
         <span>
          there.
         </span>
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           <td style="text-align:center">
            <img alt="Three framed prints hung on a teal wall, with two featuring the text “OpenAI.” A wooden console table with a vase of flowers and several books sits in front of it." class="css-1b7vfn3" height="375" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F14%252Fmultimedia%252F14db-openai-pvfm%252F14db-openai-pvfm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODY3MTEyMDkuMjgwMzAzNX0:1wurCj:JhJoODflAZXwdYxg5ez7pUxRG3kgHUYHPBUZuFVu9DM" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:5px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Aaron Wojack 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>
          Another shake-up at OpenAI
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The revolving door at OpenAI is spinning again.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The latest exit of a top executive underscores the quick pace of changes at the top of the artificial intelligence giant, even as it appears to be making headway in revamping its business — all with the company aiming to go public next year.
         </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">
          Catch up:
         </span>
         <span>
          OpenAI said yesterday that
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Denise Dresser
         </span>
         <span>
          , the company’s chief revenue officer, is leaving “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          for other opportunities
         </a>
         <span>
          .” She was responsible for growing the company’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          advertising
         </a>
         <span>
          and enterprise revenue.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          She’ll be replaced by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dali Rajic
         </span>
         <span>
          , the former president of the cybersecurity company Wiz, which Google acquired last year for $32 billion.
         </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">
          Among those who have left OpenAI this year:
         </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">
                Brad Lightcap
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a longtime employee who was previously chief operating officer,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                announced his departure
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                this 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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Kate Rouch
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                stepped down
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as chief marketing officer in April to focus on cancer recovery.
               </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">
                Kevin Weil
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , who oversaw scientific research, also
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                left in April
               </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Fidji Simo
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a top executive tasked with transforming OpenAI’s business,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                left her full-time role
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for health reasons last month, though she remains a part-time adviser.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Other departures include those of
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Chloé Bakalar
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the company’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">
                head of ethics
               </a>
               <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">
                Johannes Heidecke
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , who
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                oversaw safety systems
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ; and
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Joshua Achiam
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , 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">
                chief futurist
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and previously the leader of a “mission alignment team.”
               </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">
          Keep an eye on Greg Brockman,
         </span>
         <span>
          OpenAI’s president and a co-founder, who has been taking on a bigger presence at the company lately.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It was Brockman who tapped Rajic to focus on increasing enterprise adoption, and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Axios notes
         </a>
         <span>
          that Brockman has been building up a team to further drive OpenAI’s growth.
         </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">
          OpenAI appears to be making strides in growing enterprise revenue,
         </span>
         <span>
          a key goal as it seeks to catch up with its archrival, Anthropic.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          DealBook scooped
         </a>
         <span>
          on Wednesday that the company’s run-rate revenue from business customers in July rose 32 percent from the previous month.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bloomberg reported
         </a>
         <span>
          yesterday that OpenAI was on track to generate more than $40 billion in annualized revenue, double its run rate from December.
         </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 it still faces challenges.
         </span>
         <span>
          OpenAI and Anthropic have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cut prices
         </a>
         <span>
          for some of their models amid a cost war with cheaper Chinese rivals. The issue has grown increasingly urgent as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          companies
         </a>
         <span>
          look to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          trim their A.I. spending
         </a>
         <span>
          .
         </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">
                Potentially unhelpful to the cause: A study — from OpenAI — suggested that employees who use A.I. 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">
                didn’t necessarily generate more revenue
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </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">
          All this comes as OpenAI works toward a mega-I.P.O.,
         </span>
         <span>
          which could come as soon as early next year at what some hope will be a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          trillion-dollar valuation
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <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_20260814%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODY3MTEyMDkuMjgwNDYxNX0:1wurCj:5F5AmRvy71Jh5Wm5zoHlI_dgAAGqYUrg7r6cMQoiSjA" style="max-width:96px;margin-bottom:7px"/>
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            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
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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" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260814%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODY3MTEyMDkuMjgwNjc2fQ:1wurCj:fKp-LiE452GajRwIz6uPnn1JvWmHO6HhGjQ3iyRsM3M" style="display:block;width:100%;max-width:600px" width="600"/>
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                  <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_20260814%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODY3MTEyMDkuMjgwODI5NH0:1wurCj:f_t2VVSchDL2QUl0a6EOdwIpkhaW8iB0LhUNgAmLJo0" style="display:block;width:100%;max-width:480px" width="480"/>
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           </td>
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td style="text-align:center">
            <img alt="Colorful houses stand on rocky land next to a body of water." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F16%252Fmultimedia%252F00int-greenland-oil-01-jbqm%252F00int-greenland-oil-01-jbqm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODY3MTEyMDkuMjgxMDEyM30:1wurCj:3SX9Ti6Q8HjS1Cf7LC9IXmwF0SxwVadP4Xi5cIm7_NE" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
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          <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">
              Ittoqqortoormiit, a settlement in eastern Greenland. The remote area has been targeted by a U.S.-British joint venture for potential oil exploration.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Esther Horvath for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         QUOTE OF THE DAY
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “There are so many red flags here.”
         </span>
        </h2>
        <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">
          Naaja Nathanielsen
         </span>
         <span>
          , Greenland’s former minister of natural resources, about a U.S.-British
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          project to drill for oil
         </a>
         <span>
          on the Arctic island that’s supported by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dr. Phil
         </span>
         <span>
          and Gov.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jeff Landry
         </span>
         <span>
          of Louisiana.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Greenland’s government has pushed back the timeline for granting final approvals amid opposition from locals. But Greenlandic officials told The Times they’re worried that reflexive opposition could draw the ire of
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          .
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        </p>
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            <img alt='A chat bubble that reads, "How do you use AI? What are your best use cases?" The bubble underneath indicates a pending response.' class="css-mcckse" height="167" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F27%252Fbusiness%252Fdb-talking-ai-new%252Fdb-talking-ai-new-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODY3MTEyMDkuMjgxMTU4Mn0:1wurCj:jaIyZZmU6db-iuHi3bl0GbZ5BEcfh5bBOTUR1W7U7mQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Talking A.I. with the chair of Ropes &amp; Gray
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Every week, we ask a leader how he or she uses artificial intelligence. This week, Julie Jones, who leads the law firm Ropes &amp; Gray, told Sarah Kessler that the firm treated time spent developing A.I. solutions as billable hours. The conversation has been edited and condensed.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          How do you personally use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s my 5 a.m. buddy. It helps me go really deep in creative matters. And it actually reduces the isolation of the job of C.E.O. I also use an agentic tool to create daily briefings.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I travel all the time, and I had trouble staying on top of my exercise goals. So I set up an agent who sends me a reminder every night about what I need to accomplish in the morning. I say, I’m going to be in Chicago, and I’m staying at XYZ hotel. It will recommend a running route.
         </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">
          What have you told your employees about how you want them to use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The typical increment of our pricing is a billable hour. Everyone feels like you have to be really busy, and I understand that mentality. So we needed to open time for people to experiment.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Last fall, we announced that you could bill time developing A.I. solutions for clients. Even though that’s not billable to our clients, we would treat it internally in the same way. That, I think, inspired a lot of people.
         </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">
          What are some client problems you’re solving with A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          On acquisition projects, it’s about: How can we get sharper analysis faster? We’ve been developing tools to help clients do quick dives to make go/no-go decisions. We’re partnering with a frontier lab to develop what we describe as a first-pass review.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Another example is management equity plans. We developed an end-to-end tool that helps take the goals of a client’s incented equity program and create the master plan. There are generally available tools, but what clients want is a law firm that knows them really well. To take a tool and use the specific client history, and make it bespoke.
         </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>
             THE SPEED READ
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           </h3>
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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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">
                The investment firm Silver Lake is said to be
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                in talks to buy Workday
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the human resources software provider. A deal would be among the largest software leveraged buyouts ever. (Reuters)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Thrive Capital, the investment firm run by
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Josh Kushner
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , is reportedly pursuing 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">
                sale of another minority stake
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as its funds grow from bets on artificial intelligence. (Bloomberg)
               </span>
              </li>
             </ul>
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          Politics, policy and regulation
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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">
                President Trump and Elon Musk have reportedly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                mended ties
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , with the SpaceX chief signaling that he plans to spend at least $100 million to help Republicans in the midterm elections. (WSJ)
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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">
                A federal trade court allowed the Trump administration 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">
                impose tariffs on cheap imports
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , upholding the suspension of the so-called de minimis exemption. (Axios)
               </span>
              </li>
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          Best of the rest
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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">
                Alfonso Fanjul Jr.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , who rebuilt his family’s Cuban sugar business in the U.S. and made it an even bigger empire,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                died on Aug. 3
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . He was 89. (NYT)
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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">
                Investors in Wondermind, a mental health start-up, sued
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Selena Gomez
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for fraud,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                accusing the actress
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of failing to deliver on promises to build and promote the company. (Reuters)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Inside North Korea’s Operation 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">
                Conquer the American Job Market
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
               </span>
              </li>
             </ul>
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