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DealBook: A jobs report with big stakes, Musk escalates fight over Threads
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July 7, 2023
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Good morning. In today’s newsletter: What to watch in this morning’s payroll numbers; the Twitter-Meta clash over Threads heats up; Treasury Secretary Janet Yellen calls out Beijing; and BlackRock seeks to transform Bitcoin trading. (Was this newsletter forwarded to you?
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Economists estimate that 225,000 new jobs were created last month.
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A jobs report that could shake up the markets
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Economists and market participants are deeply divided about today’s payrolls report — due out at 8:30 a.m. Eastern — and what it may signal for the Fed’s interest rate policy and the chances of a recession this year.
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</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The
</span>
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
numbers to watch
</a>
</span>
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
:
</span>
Economists polled by Bloomberg have estimated that employers
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
added 225,000 jobs
</a>
in June, which would represent a slight cooling of the labor market. But economists have underestimated the strength of job growth in 14 of the past 17 months, including
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
a big miss last month
</a>
.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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</td>
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</tbody>
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</td>
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</tbody>
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<tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The Fed will be closely watching wage data.
</span>
It’s expected that average hourly earnings ticked up month-on-month, keeping the pressure on Fed officials to raise interest rates further in an effort to tame inflation. Yesterday, Lorie Logan, the Dallas Fed president, became the latest voting member of the rates committee to say
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
more increases were needed
</a>
.
</p>
</td>
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</tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The picture on jobs is confusing.
</span>
There are far fewer vacancies than a year ago, and the “great resignation” seems to be
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
a thing of the past
</a>
, signs that wage growth should begin to ease.
</p>
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</tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Elsewhere, the labor market seems to be running red hot. Yesterday, data from the payroll processor ADP showed another surge in hiring, particularly in the leisure and hospitality sector. And so-called JOLTS jobless claims
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
fell to a four-month low
</a>
, according to data released yesterday by the Labor Department.
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Those figures suggest a big number today.
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Jeffrey Roach, chief economist at LPL Financial, wrote in a note to investors yesterday that signs pointed to “another healthy jobs report.”
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Wall Street seems to be bracing for bad news.
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The futures market this morning was pricing in a 0.25 percentage point rise at the Fed’s rate-setting meeting this month and growing odds for a second increase in September. Stocks and bonds declined yesterday after the ADP numbers were released, as investors fretted that further Fed moves could harm economic growth.
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The Fed’s own economists predict a mild recession by the fourth quarter. But that call could change too, depending on today’s jobs numbers. “Given the continued strength in labor-market conditions and the resilience of consumer spending, the staff saw the possibility of the economy continuing to grow slowly and avoiding a downturn as almost as likely as the mild-recession baseline,” the
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
minutes from the Fed’s most recent rate-setting meeting
</a>
said.
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
HERE’S WHAT’S HAPPENING
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Samsung delivers a profit warning as demand for chips sags.
</span>
The Korean tech giant estimated that its second-quarter earnings
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
plunged 96 percent
</a>
year on year, as a global slump in computer and smartphone sales continued to sap demand for memory chips. It’s a sign that the recent boom in A.I.-related spending
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
has failed
</a>
to overcome other weaknesses in the semiconductor market.
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Beijing reportedly plans to end a crackdown on Ant Group.
</span>
Chinese regulators will
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fine Ant, the Alibaba-affiliated fintech giant
</a>
, at least $1.1 billion, one of the largest fines of an internet company in that country, according to Reuters. That is expected to wrap up a yearslong investigation into Ant, after government officials blocked the company’s plans to go public.
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Ford reports strong sales.
</span>
New vehicle purchases
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rose 10 percent
</a>
in the April quarter, as truck demand roared back. But Ford’s shares fell yesterday because its electric cars sales declined in the same period,
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underperforming its biggest rival
</a>
, Tesla.
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Food delivery giants sue over New York City’s new minimum wage rule.
</span>
DoorDash, Grubhub and Uber argue that the law, which requires drivers to be
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
paid at least $18 an hour
</a>
, would unfairly hurt their industry and lead to higher prices for consumers. The regulation, which goes into effect July 12, has drawn support and opposition from drivers themselves.
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Musk takes the fight to Zuckerberg
</h2>
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The fight between Elon Musk and Mark Zuckerberg ratcheted up a notch yesterday, as Twitter threatened to sue Meta for stealing trade secrets to build its rival messaging platform Threads.
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But some thought the legal accusation, which was short on detail, was a sign that Twitter was rattled by the new platform’s roaring success: Threads was
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downloaded
</a>
more than 30 million times within a day of being released, the fastest pace for an app in history.
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Twitter accused Meta of using its former employees to build the new business.
</span>
Alex Spiro, a lawyer for the company and a longtime counsel for Musk, sent a letter to Meta on Wednesday accusing it of intellectual property theft, hiring former employees who had access to confidential information and scraping Twitter’s data in violation of its terms of service. The letter was first reported by
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Semafor
</a>
.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
“Competition is fine, cheating is not,”
</span>
Musk
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
said
</a>
yesterday. Meanwhile, Linda Yaccarino, Twitter’s new C.E.O., downplayed the new competition. “We’re often imitated — but the Twitter community can never be duplicated,” she
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
tweeted
</a>
.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Zuckerberg wasn’t too upset.
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
</span>
“This is as good of a start as we could have hoped for!” he wrote on Threads. Investors agreed: Meta’s stock flirted with a 52-week high yesterday. Andy Stone, a Meta spokesman, said on Threads that no former Twitter engineers were working on the new platform.
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Intellectual property lawsuits are
</span>
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
common
</a>
</span>
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
among big tech firms
</span>
, particularly given the frequent movement of workers between them. But to win, companies need to meet a high bar, proving that a “trade secret” that provides a real competitive advantage has been stolen. More often, the two sides reach a settlement through
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
mediation
</a>
.
</p>
</td>
</tr>
</tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
It’s not clear what Twitter’s
</span>
<span style="font-style:italic;font-size:inherit;font-weight:700;font-family:arial,sans-serif">
actual
</span>
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
accusations are.
</span>
The letter is vague about what trade secrets were stolen and doesn’t say the employees broke confidentiality, only that they have “ongoing obligations” to the company.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
“If I were writing a letter like this, and knew that they were under an express confidentiality agreement, I would say that,” Sharon Sandeen, a law professor specializing in trade secrets at Mitchell Hamline School of Law, told DealBook.
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Orly Lobel, a law professor at the University of San Diego, added: “The idea of a social media platform with short news/updates is no secret — and I don’t see much that could be secret about the format and the deployment of the platform.”
</p>
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<img class="css-17i7zb3" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2023%252F07%252F07%252Fmultimedia%252F07db-newsletter-yellenchina-bjpk%252F07db-newsletter-yellenchina-bjpk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1qHjEH:xW5n82696W42iG8fzXLiq5GB5244s9nAxyzBg7LG2Ck" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:0;line-height:0" width="500"/>
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<td align="center" style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px" width="100%">
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<span class="css-2zlgwg" style="margin:0;font:normal 12px georgia,serif;color:#666">
Treasury Secretary Janet Yellen said she was “troubled” by a crackdown on U.S. businesses operating in China.
</span>
<span style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
Pool photo by Mark Schiefelbein
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Yellen calls out Beijing’s pressure on U.S. companies
</h2>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
On a four-day visit to China, Treasury Secretary Janet Yellen faces
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
a high-wire act
</a>
: taking a hard line on China’s often aggressive efforts to grow, while trying to moderate tensions between the two countries. Within the Biden administration, she’s known for advocating less combative stances toward China, including when it comes to limits on exports and investments.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
But in some of her first public remarks of the trip, Yellen
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
took an unusually hawkish stance
</a>
, pushing back against what she said were unfair attacks by China on
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
companies with foreign ties
</a>
, The Times’s Alan Rappeport writes:
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<p class="css-2pb6aj" style="text-align:left;font:17px/25px georgia,serif;margin:0 50px 15px;color:#000">
“During meetings with my counterparts, I am communicating the concerns that I’ve heard from the U.S. business community — including China’s use of nonmarket tools like expanded subsidies for its state-owned enterprises and domestic firms, as well as barriers to market access for foreign firms,” Ms. Yellen told members of the American Chamber of Commerce in China at a round-table event. “I’ve been particularly troubled by punitive actions that have been taken against U.S. firms in recent months.” Representatives of Boeing, Bank of America and the agriculture giant Cargill were among those in attendance.
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Yellen said those actions, along with new Chinese measures to
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
limit exports
</a>
of some semiconductor-related minerals, justified the Biden administration’s efforts to build up non-Chinese supply chains.
</p>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Can BlackRock break through with Bitcoin?
</h2>
</td>
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</tbody>
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</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Six years ago, Larry Fink of BlackRock dismissed Bitcoin as “
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
an index of money laundering
</a>
.” Now Fink, the C.E.O. of the world’s largest asset management firm, is driving
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Bitcoin prices to 13-month highs
</a>
, as BlackRock joins a long line of companies seeking S.E.C. approval for a Bitcoin-tied exchange traded fund. Such a fund would let individual investors bet on Bitcoin’s price via the stock market.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
But it’s unclear that even Fink, one of Wall Street’s most influential leaders, will succeed where dozens of smaller crypto players have failed.
</p>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
BlackRock is pursuing the holy grail of crypto,
</span>
a spot Bitcoin E.T.F. The S.E.C. has
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
approved Bitcoin futures E.T.F.s
</a>
, which, because they fall under the purview of the regulated CME commodities exchange, are considered less prone to fraud.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
But the agency has repeatedly denied applications for such E.T.F.s. Among its concerns is that such funds — which would directly hold Bitcoin — may be more subject to market manipulation.
</p>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Fink’s firm is trying to address those concerns.
</span>
BlackRock’s application includes a
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
surveillance sharing agreement
</a>
with Nasdaq and the crypto exchange Coinbase that is meant to prevent fraud and manipulation of the E.T.F. The measure has since been adopted by other fund managers seeking approval of their own funds.
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Michael Sonnenshein, the C.E.O. of the crypto asset management giant Grayscale, told DealBook that BlackRock’s move was encouraging. But he cautioned that the surveillance sharing proposal likely isn’t a “silver bullet.”
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The ultimate fate of these funds may not be up to the S.E.C., however.
</span>
Grayscale sued the agency last year over its rejection of an application to convert its Bitcoin trust into an E.T.F. The firm has argued that the denial was arbitrary, since the S.E.C. has approved Bitcoin futures funds; Sonnenshein said he expected a federal appeals court to rule on the matter soon.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
A lot is at stake,
</span>
according to Matthew Sigel, the head of digital assets research at the investment management firm VanEck: Whichever E.T.F. is approved first may gain a hard-to-overcome lead among investors. (BlackRock declined to comment.)
</p>
</td>
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<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
In other crypto news: The crypto exchange
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Binance has lost several top executives
</a>
, reportedly over its handling of investigations by U.S. regulators. And F.B.I. agents
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
searched the home of Jesse Powell
</a>
, the founder of the exchange Kraken, over allegations that he cyber-stalked a nonprofit arts group.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
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</td>
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</td>
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</table>
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
THE SPEED READ
</h3>
</td>
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</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Deals
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<td style="padding:0 0 5px">
<ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The private equity firm GTCR agreed to
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
buy a majority stake in Worldpay
</a>
, one of the world’s biggest payment processors, for nearly $12 billion. (WSJ)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The owner of Birkenstock, the sandal maker, is reportedly
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
considering an I.P.O.
</a>
that it hopes will net a valuation of over $6 billion. (Bloomberg)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Six more women have
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
accused the financier Crispin Odey
</a>
of sexual assault and misconduct. Separately, Lazard
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
fired a top restructuring banker
</a>
who faced claims that he harassed employees. (FT, WSJ)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Policy
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
New York State officials now regret
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
spending nearly $1 billion
</a>
to help Elon Musk build a giant solar panel plant near Buffalo. (WSJ)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
“The new power couple taking on Wall Street:
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
J.D. Vance and Elizabeth Warren
</a>
” (Politico)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Best of the rest
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
OceanGate Explorations
</a>
, the operator of the doomed Titan submersible, has suspended operations. (Politico)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Countries around the world reached a breakthrough agreement to effectively eliminate
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
carbon emissions by the shipping industry
</a>
by 2050. (NYT)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
“Apple’s headset headache: the tiny and costly
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
displays inside the Vision Pro
</a>
” (FT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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</td>
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1 year, 12 months ago - nytdirect@nytimes.com
DealBook: A jobs report with big stakes, Musk escalates fight over Threads
Also, Janet Yellen calls out a Beijing crackdown on U.S. companies.View in browser|nytimes.comCon...