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   DealBook: A software A.I.-pocalypse?
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             February 4, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          We’ve written a lot about what happens if we’re in an A.I. bubble and it bursts. But what happens if it works?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There has long been a question mark about what happens to employment in an age of A.I. — now it appears the inflection point may have arrived sooner than some expected. That’s not to say that employment will fall off a cliff tomorrow. But the market typically projects economic results 12 to 18 months in advance. So watch this space. 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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            <img alt="A person walks through a glass door marked with the Anthropic logo to enter the start-up's office in San Francisco." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F02%252F04%252Fmultimedia%252F04db-anthropic-qfhp%252F04db-anthropic-qfhp-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzAyMTA3NTQuODI1MTIzNX0:1vncgM:IOdHPLWCZI0EH1xO8coaDCeiZnRidmhN_mJYxhuaADA" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             Investors are fleeing software stocks as A.I. companies like Anthropic introduce more-sophisticated business tools.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Marissa Leshnov for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A.I.’s latest blow to software stocks
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in software and analytics companies are down in Asia and Europe this morning, after a battering on Wall Street yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Fears that artificial intelligence will disrupt the industry appear to be growing, as investors reckon with the severity and breadth of that shake-up.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
         <span>
          Software and services companies lost
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          about $300 billion in market value
         </a>
         <span>
          yesterday after the release of more A.I.-driven automation tools by Anthropic, the maker of the Claude chatbot. The worry is that these tools, which can handle some legal, marketing and customer-service tasks, could replace many current offerings.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in Thomson Reuters fell almost 16 percent and LegalZoom.com lost nearly 20 percent, while a JPMorgan index that tracks U.S. software stocks
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dropped 7 percent
         </a>
         <span>
          . The stock of Infosys, the big Indian I.T. outsourcing provider, is down 7 percent today as well.
         </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 much disruption is coming?
         </span>
         <span>
          A.I. start-ups like the legal services providers Harvey and Legora have already put pressure on incumbents. But the entrance of model makers like Anthropic into these businesses — allowing companies to pare down their software subscriptions while programming their own processes — represents a bigger potential threat.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Even before Anthropic introduced its latest tools, shares in companies like Salesforce, HubSpot and Atlassian
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          had fallen
         </a>
         <span>
          by 30 percent or more over the past year. Toby Ogg, an analyst at JPMorgan Chase, wrote in a recent client note that more than 50 investors in the U.S. and Europe told him during the past two weeks that they had been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          steadily reducing their exposure
         </a>
         <span>
          to software stocks.
         </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 counterargument: “
         </span>
         <span>
          There’s this notion that the tool in the software industry is in decline, and will be replaced by A.I.,” Jensen Huang, the C.E.O. of Nvidia, said at an industry conference yesterday. “It is the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          most illogical thing in the world
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Huang argued that A.I. companies won’t rebuild basic software tools from scratch, and that companies would continue to rely on existing offerings. “If you were a human or robot, artificial, general robotics, would you use tools or reinvent tools?” he said. “The answer, obviously, is to use tools.”
         </span>
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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">
                Keep an eye on the latest earnings report from Alphabet, the parent company of Google, after the closing bell today: Analysts are expected to ask about the latest usage numbers for its Gemini A.I. model and chatbot.
               </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>
             HERE’S WHAT’S HAPPENING
            </span>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Walmart breaks the $1 trillion barrier.
         </span>
         <span>
          Shares in the retail giant rose 2.9 percent yesterday,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          making its market value
         </a>
         <span>
          greater than those of Costco, Home Depot and Target combined. It joins technology giants like Apple and Nvidia in a small club, having benefited from drawing in more higher-income consumers and posting rapid e-commerce 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">
          Ken Griffin criticizes the Trump administration for interfering in business.
         </span>
         <span>
          The founder of Citadel, the big hedge fund, criticized the federal government at a Wall Street Journal conference for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          taking stakes in private companies
         </a>
         <span>
          . Griffin, one of few major Republican donors to be publicly critical of President Trump, also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          accused the administration
         </a>
         <span>
          of making “missteps” that were “very, very enriching” to the families of administration members.
         </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">
          Documents appear to reveal whom Jeffrey Epstein wanted to inherit his fortune.
         </span>
         <span>
          A document signed by the disgraced financier two days before his death by suicide names his girlfriend Karyna Shuliak as the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          inheritor of about $100 million
         </a>
         <span>
          of his once-vast fortune. It is unclear if Shuliak or any of the other 40 possible beneficiaries mentioned would receive any money, after his estate pays taxes, restitutions to victims and lawyers’ fees.
         </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          More pain for PayPal
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          PayPal needs a new turnaround plan — again. Shares of the digital payments giant plunged 20 percent yesterday after the company ousted its C.E.O., Alex Chriss, and lowered its profit expectations for the year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          PayPal was for years one of the biggest beneficiaries of the explosive growth in digital financial services. But more recently, the company has struggled amid stiff competition from Apple Pay, Google Pay, Zelle and Shopify.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now PayPal is playing catch-up and may consider a major restructuring, 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">
          PayPal is betting on a new leader.
         </span>
         <span>
          The company announced yesterday that Enrique Lores,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          the C.E.O. of HP, would replace Chriss. Lores, who has served on PayPal’s board for the past five years, starts in March.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A peak, then a fall:
         </span>
         <span>
          Under the leadership of another former C.E.O., Dan Schulman, PayPal’s stock rose to a high of $308 in 2021, driven by a pandemic-era e-commerce boom. Schulman roughly tripled PayPal’s revenue from 2015 to 2022 to $27.5 billion by focusing on growing business volume through PayPal’s checkout button.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In 2021, he attempted to build a “financial super app” that never took off. By the time Chriss replaced Schulman in 2023, PayPal’s stock had slumped to $58 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">
          A pricing pivot gone wrong:
         </span>
         <span>
          Under Chriss, PayPal
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised prices
         </a>
         <span>
          for merchants in an effort to claw back margin. That “proved to be the wrong strategy,” Adam Frisch, an analyst at Evercore ISI told DealBook, because merchants de-emphasized PayPal’s checkout button as a result.
         </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">
          PayPal faces a Whac-a-Mole of other challenges,
         </span>
         <span>
          Dan Dolev, an analyst at Mizuho, told DealBook. Its software is clunkier than competitors’ and it has lagged on implementing biometric checkouts to speed up transactions.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It has also struggled to monetize its Venmo business, despite the payment app having more than 100 million users.
         </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">
          One option on the table: Sell off key assets.
         </span>
         <span>
          Lores helped manage the 2015 split of Hewlett-Packard into HP Inc. and Hewlett Packard Enterprise, becoming C.E.O. of HP Inc. in 2019.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          His hiring signals PayPal is seriously “considering alternatives for some of their key assets,” such as Venmo, Frisch said.
         </span>
        </p>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
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         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The growing fight over Nvidia’s China chip sales
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Nvidia’s stock price jumped nearly 2 percent last week
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          after
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reports
         </a>
         <span>
          that Beijing had approved imports of Nvidia H200 artificial intelligence chips to Chinese customers. But that investor optimism proved short-lived.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Nvidia’s C.E.O., Jensen Huang, called the reports
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “fake news”
         </a>
         <span>
          and said that China
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          had yet to grant licenses
         </a>
         <span>
          for chip imports. The delay, instead, is probably related to disagreements over provisions in U.S. export licenses, Grady McGregor reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          At the same time, backlash is building in Washington over Nvidia’s China business, while Beijing appears ambivalent about whether it should accept the chips at all.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A recap:
         </span>
         <span>
          President Trump and Nvidia
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          struck a deal
         </a>
         <span>
          in December to allow sales of the company’s H200 chips to Chinese companies, with the U.S. government taking a 25 percent cut.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The agreement angered China hawks in Congress, who warned that the powerful chips could help Beijing close its technological gap with the U.S. Nvidia and David Sacks, the White House A.I. czar, argue that the deal would make China more dependent on American 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">
          Congress is pushing back.
         </span>
         <span>
          On Jan. 21, the House Foreign Affairs Committee
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          voted nearly unanimously
         </a>
         <span>
          to advance the AI Overwatch Act
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          to the House floor
         </a>
         <span>
          . The legislation would subject H200 shipments to congressional review and bar Nvidia from selling China the more-advanced Blackwell chips.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Right-wing influencers then accused House Republicans of undermining President Trump’s authority. Sacks
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          endorsed one of those critiques
         </a>
         <span>
          , prompting a public exchange with Representative Brian Mast, the House Foreign Affairs Committee chair. “My job is not to be a yes-man to David Sacks or for Jensen Huang,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Mast told Axios
         </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">
          Why it’s a wedge issue:
         </span>
         <span>
          Michael Sobolik, a senior fellow at the Hudson Institute, a conservative think tank, said House Republicans were willing to challenge the White House in this case because the bill combines two core priorities: China and A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “When Nvidia makes the case that this is actually going to help national security, actual national security members on the Hill are like, that’s insane, you don’t equip your adversary,” he told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Nvidia has previously
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          disputed the idea
         </a>
         <span>
          that China’s military would use its chips. The delay in chip shipments is more likely to be related to a U.S. restriction that bars Chinese companies from using H200 chips outside China even if they are allowed to use them in China, DealBook hears.
         </span>
        </p>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Chart of the day: crypto crash
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bitcoin’s long, painful slide continues. The cryptocurrency briefly fell below $73,000 yesterday for the first time since 2024, before rallying later in the day. (It was trading around $76,000 this morning.) Since hitting a record high in early October, Bitcoin has slid nearly 40 percent, wiping out around $1 trillion in market value.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The prolonged sell-off comes even as the S&amp;P 500 continues to flirt with new highs.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td style="text-align:center">
            <img alt="" class="css-xsf469" height="519" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F02%252F04%252Fbusiness%252F04DB-CHART-REAL%252F04DB-CHART-REAL-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzAyMTA3NTQuODI1ODI3Nn0:1vncgM:357yQHNvCyDO-2z-2FxLAy5Mm903CtujnWhXMiLClNI" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
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            <img alt="An excavator outfitted with Bedrock Robotics sensors dumping earth into a dump truck." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F02%252F04%252Fbusiness%252F04db-bedrock%252F04db-bedrock-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzAyMTA3NTQuODI1OTIzfQ:1vncgM:Ot-rblbj_jZ5w3QZU7McYPuDesgN9gKSB9wu08JhGx4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Bedrock Robotics says its products could eventually allow contractors to work on projects as long as 24 hours a day.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Bedrock Robotics
             </span>
            </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          An A.I. start-up for construction raises a big new round
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Mention autonomous vehicles, and most people tend to think of robotaxi operators like Waymo. But a year-old start-up, Bedrock Robotics, is aiming to change that — and has collected a lot of money to help with that goal.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bedrock plans to announce today that it has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised $270 million
         </a>
         <span>
          at a $1.75 billion valuation, Michael de la Merced is first to report.
         </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">
          Bedrock focuses on big construction vehicles
         </span>
         <span>
          . Its sensors and software use technology similar to that employed by Waymo, like lidar, to let the machines operate autonomously.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The product can be added to existing equipment from major manufacturers including Caterpillar, John Deere and Komatsu.
         </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">
          Bedrock says its technology augments, not replaces, human labor.
         </span>
         <span>
          Sofman points to ongoing labor shortages in the construction industry — one trade group says the sector in the U.S.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          needs 349,000 new workers
         </a>
         <span>
          this year to meet demand — as a reason to adopt its product.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          So far, some early users say Bedrock’s product shows promise. “We’re three to five years ahead of where I would have expected to be when we first met these guys,” Trey Taparauskas, the C.E.O. of Champion Site Prep, a contractor in the Austin, Texas, area, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Boris Sofman, Bedrock’s co-founder and C.E.O., told DealBook that the start-up’s products could eventually enable contractors to let their machines run 24 hours a day, allowing them to finish more jobs more quickly. That could help build more housing and data centers in particular, areas of interest to the Trump administration.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          That potential was what underpinned the new fund-raising round,
         </span>
         <span>
          led by CapitalG, an investment firm owned by Alphabet (which also owns Waymo), and the Valor Atreides AI Fund. Other investors included the existing backer 8VC and the venture capital arm of Nvidia.
         </span>
        </p>
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             THE SPEED READ
            </span>
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          Deals
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                Santander of Spain agreed to
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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">
                buy Webster Financial
               </a>
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                , a Connecticut-based lender, for $12.2 billion to expand its presence in the U.S. (FT)
               </span>
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                Anthropic is reportedly planning a tender offer that will allow some employees to
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                sell shares
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at a valuation of at least $350 billion. (Bloomberg)
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                President Trump signed a funding bill to
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                end the partial government shutdown
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                , though money for the Department of Homeland Security will run out again at the end of next week. (NYT)
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                Amundi, Europe’s largest asset manager, said it would
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                reduce its investments
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                in U.S. assets because of worries that Trump’s economic policies could further weaken the dollar. (FT)
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          Best of the rest
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                Elon Musk’s Boring Company is preparing to dig a major tunnel in Nashville. The city’s mayor is
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                hoping no one dies
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                . (Bloomberg)
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                Golden Statue of President Trump
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Waits for Its Home” (NYT)
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