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   DealBook: A top short-seller is convicted
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             June 2, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Late last night, just hours after Andrew Left’s conviction sent a shock wave through Wall Street, the investor sent me an email: “Amazing. I was actually criminally convicted on manipulating Nvidia Facebook and Tesla for telling the truth and making a profit. I am a bit speechless.”
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He asked rhetorically: “What this does for future of free speech is chilling. Can Individual investors not talk SpaceX? Wow. Still shocked.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The jury decided that the case wasn’t about free speech, but straightforward market manipulation. But it does raise questions for investors about how public they can be or should be about their bets. More below. (Was this newsletter forwarded to you?
         </span>
         <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="Andrew Left, in a suit and partially undone tie, holding his phone outside a federal courtroom in Los Angeles." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F02%252Fmultimedia%252F02db-left-vqgf%252F02db-left-vqgf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODA0MDI4NzUuOTAwNzYwNH0:1wUO7P:yDDsmAgcABMb64wCm6_dp8jOa-YVXs21TZaKDkju12I" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <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">
              What will the conviction of Andrew Left on securities fraud charges mean for Wall Street’s short sellers?
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Eric Thayer/Bloomberg
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A blow to short selling?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Wall Street was riveted by the criminal trial of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Andrew Left,
         </span>
         <span>
          the prominent short seller, over the past few weeks. Now it’s reckoning with the jury’s verdict.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Left was convicted of securities fraud yesterday, and his fellow short sellers are now worried that their investment style of betting against companies for profits could leave them open to charges of illegal market manipulation.
         </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 happened:
         </span>
         <span>
          The jury found Left, the founder of Citron Research,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          guilty of 13 of the 17 charges
         </a>
         <span>
          against him. They revolved around statements he made about trades in the cannabis company Cronos Group, the streaming device maker Roku, Nvidia, Tesla, American Airlines and others.
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Prosecutors said Left made more than $20 million on the trades between 2018 and 2023.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                He faces more than 20 years in jail.
               </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Left was among the most famous of a breed of short sellers
         </span>
         <span>
          who bet against — shorted, in Wall Street parlance — individual stocks and then published long treatises about their investment theses. (Left also bought shares of larger companies like Nvidia, then urged other investors on social media to buy them.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He rose to fame for shorting companies like China Evergrande, Valeant Pharmaceuticals and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Beyond Meat
         </a>
         <span>
          . Shares in Beyond Meat were trading at around $86 when he announced his bet in 2019. Today, its stock price is about 77 cents.
         </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 the case hinged on:
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Prosecutors said Left quickly closed out his positions after publishing a report or a social media post about a stock’s price.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                They also argued in court that he
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                gave advance warning
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to hedge funds of stocks he planned to short in exchange for a cut of their profits on his moves. (In one message, he bragged that profiting off his bet against Cronos, after retail investors latched onto his statements, was like “taking candy from a baby.”)
               </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For his part, Left said his comments reflected his beliefs, and that he didn’t think he was required to hold a stock position after publicizing his opinion on it.
         </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 trial was dramatic to the end.
         </span>
         <span>
          Judge Virginia Phillips berated Left’s lawyers after he disappeared from the courtroom during deliberations,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          leaving the jury waiting
         </a>
         <span>
          for an hour.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “If this happens again, I’m going to keep him in custody until we get a verdict,” she told Left’s lawyers.
         </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 fallout:
         </span>
         <span>
          Corporate America has long disdained short sellers, while investors like Left have argued that they bring important facts — like wrongdoing — to light. Short selling has gotten increasingly difficult, especially during the recent bull market run, and some prominent practitioners
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          have quit
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some experts say Left’s conviction could further chill the business of shorts: “It will scare them into silence,” Frank Zhang, a professor of accounting at the Yale School of Management, told Bloomberg.
         </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">
          Left suggested he would appeal.
         </span>
         <span>
          “It’s a sad day for free speech,” he told the Financial Times, saying he was being penalized for giving “honest opinions on the biggest companies in the world.”
         </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">
          President Trump is said to be backing off plans for a $1.8 billion “anti-weaponization” fund.
         </span>
         <span>
          The Times reports that he has recently leaned toward
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          scrapping the initiative
         </a>
         <span>
          , which drew political opposition even from Republican lawmakers. Yesterday, the Justice Department signaled that it could kill the fund, agreeing to abide by a judge’s order not to activate it until at least June 12.
         </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">
          China’s military has reportedly been trying to acquire Nvidia chips for years.
         </span>
         <span>
          Chinese records reviewed by Wirescreen, a software platform, showed “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          directly and irrefutably
         </a>
         <span>
          ” that U.S. technology was equipping the Chinese military. The report may heighten the debate over U.S. export restrictions on Nvidia’s most advanced artificial intelligence chips, which
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jensen Huang
         </span>
         <span>
          , the C.E.O., wants to sell to China.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Huang predicts the next trillion-dollar company.
         </span>
         <span>
          Shares in Marvell Technology, which designs chips for data centers,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          jumped more than 22 percent
         </a>
         <span>
          in premarket trading after the Nvidia C.E.O. talked up the company as poised to achieve a $1 trillion market valuation, like fellow processor companies Micron Technology and SK Hynix. Investors have been hot for semiconductor-makers that are benefiting from hefty spending on A.I. infrastructure.
         </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">
          California heads to the polls with a lot on the ballot.
         </span>
         <span>
          Candidates for the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          governor’s race
         </a>
         <span>
          include the former Biden administration official Xavier Becerra, the billionaire Tom Steyer and the former Fox News host Steve Hilton. The consequences include the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fate of a proposed tax on billionaires
         </a>
         <span>
          and the regulation of artificial intelligence. In the Los Angeles mayoral race,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          polls show a close race
         </a>
         <span>
          between the incumbent Karen Bass, the council member Nithya Raman and the reality TV star Spencer Pratt; on the prediction market Kalshi,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bass holds a substantial lead
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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         </tbody>
        </table>
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           <td height="10">
           </td>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
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           <td height="20">
           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="The Anthropic logo is seen above and right on a wooden wall, with a computer screen on the left." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F02%252Fmultimedia%252F02db-anthropic-qlmb%252F02db-anthropic-qlmb-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODA0MDI4NzUuOTAyNDQ4N30:1wUO7P:xTZsMPNqfK785o0iGnjOPZEkWTOSTr7Ek87Q9tAGpDI" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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           <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">
              Anthropic has taken a major step toward going public, but its business still faces big questions.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jason Henry 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>
          The benefits of being a publicly traded A.I. company
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The race among artificial intelligence giants to go public just picked up speed, after Anthropic filed confidentially for an I.P.O. That means it could be publicly traded by year-end.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Anthropic’s rivals, including older ones like Alphabet, aren’t standing still.
         </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 we know:
         </span>
         <span>
          So far, not much.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Anthropic hasn’t disclosed
         </a>
         <span>
          how much it will seek to raise, or at what valuation. But it’s already
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          worth more than OpenAI
         </a>
         <span>
          , with a $900 billion valuation, and has been praised for focusing early on corporate users.
         </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">
                Among the winners of a successful Anthropic I.P.O. would be early investors like Amazon (which so far is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                sitting on a return of more than nine times
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                its investments) and
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Salesforce
               </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">
          Anthropic still faces big questions,
         </span>
         <span>
          including:
         </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">
                How much will it have to spend on computing power? It has gone on a spending spree recently, including a deal to pay SpaceX
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $1.25 billion a month
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to rent data center capacity.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Will it win its fight with the Pentagon over limits to the military’s use of its products?
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Will people keep paying up for
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                its expensive, if powerful, models
               </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">
          How big is the first-mover advantage for A.I. offerings?
         </span>
         <span>
          Both Anthropic and OpenAI are hoping to lock up more of the investor money that’s waiting to be poured into leading A.I. companies. (They’re also hoping SpaceX, which owns xAI, doesn’t suck up all of the oxygen before they get there.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That said,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sam Altman
         </span>
         <span>
          of OpenAI sought yesterday to play down any need to file first. “Going public is a financing event,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he told CNBC
         </a>
         <span>
          yesterday, “and I don’t think that’s one that we’re focused on the timing of.”
         </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">
          Alphabet showed a major benefit of being publicly traded.
         </span>
         <span>
          Google’s parent company said yesterday that it was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          selling an astounding $80 billion in stock
         </a>
         <span>
          to fund its own data center build-out.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s a sign that even the mightiest tech companies need to keep shoveling money into the A.I. race. Alphabet has said it expects its capital expenditures this year to hit about $190 billion, about six times more than in 2022.
         </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">
                About $10 billion of the stock will be bought by Berkshire Hathaway, via an introduction brokered by Goldman Sachs, Lauren Hirsch reports. The deal adds to Berkshire’s stake in Alphabet — the tech giant is now
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                among the conglomerate’s biggest holdings
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — and seems to underscore a shift in Berkshire’s thinking about tech companies, its stake in Apple aside.
               </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">
          There’s a difference between Alphabet and the newer A.I. labs, of course.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Alphabet earned $62.6 billion
         </a>
         <span>
          in its most recent
         </span>
         <span style="font-style:italic">
          quarter
         </span>
         <span>
          . That’s roughly $62 billion more than either OpenAI or Anthropic has ever generated.
         </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">
          DealBook previously confirmed
         </a>
         <span>
          that Anthropic is on track to generate a $559 million operating profit in the current quarter. But in light of the company’s ongoing spend on computing, that seems unlikely to endure.
         </span>
        </p>
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           </td>
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           <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_20260602%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODA0MDI4NzUuOTAyNjU0Mn0:1wUO7P:ZsPtcWTtWCk4LKyxKuKURaMOcxj7jpBPlIiWyDISSj0" style="max-width:96px;margin-bottom:7px"/>
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                <td style="line-height:0;font-size:0">
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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_20260602%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODA0MDI4NzUuOTAyOTE1NX0:1wUO7P:FmH9eo9YqbSJouuAIA9V3rszMiUUm9JWN7ffjKo-96c" style="display:block;width:100%;max-width:480px" width="480"/>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <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>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td style="text-align:center">
            <img alt="" class="css-mcckse" height="511" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F02%252Fbusiness%252F02DB-CHART%252F02DB-CHART-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODA0MDI4NzUuOTAzMDI0Mn0:1wUO7P:-Cq05-3HazPk4HuWGnY-6Kh-g6b2pGoSWHLdhrDRHzg" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Chart of the day: M&amp;A on the rise
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The volume of U.S. M&amp;A deals worth $100 million or more is forecast to grow 8 percent in 2026, according to a new report from the consulting firm EY-Parthenon. That’s expected to be driven by corporate takeovers, which EY predicts will grow by 11 percent this year; private equity deals will probably stay flat. (That would be an improvement on the 11 percent year-over-year drop in private equity transactions in the first quarter of 2026.)
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Portrait photographs of Barry Pollack, in dark suit and tie, and Susan Hoffinger, in a dark suit and white shirt." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F02%252Fmultimedia%252F02POLLACK-HOFFINGER-bljw%252F02POLLACK-HOFFINGER-bljw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODA0MDI4NzUuOTAzMTU1OH0:1wUO7P:8MF4Fq12WMtw-r5c4VhdqyXZr6oGh-T3bsDz59hXs20" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Barry Pollack, left, represented Julian Assange, and Susan Hoffinger prosecuted Donald Trump.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              James Marcus-Wade
             </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>
          High-powered litigators join forces
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A senior Manhattan prosecutor who led the team that won the 34-count conviction of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Donald Trump,
         </span>
         <span>
          and a seasoned defense lawyer representing
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Nicolás Maduro
         </span>
         <span>
          of Venezuela, have joined Harris Trzaskoma, a boutique Manhattan law firm, Jonah E. Bromwich and Hurubie Meko report exclusively for DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The prosecutor,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Susan Hoffinger
         </span>
         <span>
          , and the defense lawyer,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Barry J. Pollack
         </span>
         <span>
          , will add firepower to the firm, bringing the number of lawyers at Harris Trzaskoma to 12.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Each of the lawyers has proved unafraid to face down Mr. Trump, an asset at a time when the president’s shadow looms large over the legal landscape.
         </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">
          Big law, small firm:
         </span>
         <span>
          Hoffinger and Pollack said they were attracted to Harris Trzaskoma because of the reputation of its founders. The firm was started in 2025 by Justine Harris and Theresa Trzaskoma, both experienced trial lawyers. Hoffinger and Pollack see the firm’s small size as a plus.
         </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">
          Pollack has represented a number of prominent clients,
         </span>
         <span>
          including Julian Assange, the founder of WikiLeaks. Previously a partner at Harris St. Laurent in Washington, Pollack said in an interview last week that small firms had been essential to his practice.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Having a team of 20 or 30 lawyers on a case may be right for a massive corporate representation, but I’ve never found it is right for representing an individual,” Pollack said.
         </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">
          During her second stint at the Manhattan district attorney’s office,
         </span>
         <span>
          Hoffinger was the head of the investigations division and later a senior adviser to the district attorney, Alvin L. Bragg. She led a number of the office’s most prominent cases in recent years, including trials that led to the convictions of Trump and his family business, the Trump Organization.
         </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">
          Hoffinger said that with the new team in place,
         </span>
         <span>
          the firm was positioned “to take on some really high-profile cases in New York, D.C. and elsewhere.”
         </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">
          Part of a trend:
         </span>
         <span>
          Big, corporate law firms — often an attractive landing spot for top litigators — have faced
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          an exodus after many struck deals with Trump
         </a>
         <span>
          . Some top litigators have left to start their own shops, while existing small competitors have become more appealing to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          top-shelf talent
         </a>
         <span>
          .
         </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
            </span>
           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Deals
         </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">
                Nearly half of American “unicorns,” start-ups valued at $1 billion or 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">
                haven’t raised money in three years
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Blame the artificial intelligence boom. (CNBC)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Elliott Management, the big activist investor, called on Northern Star, Australia’s largest gold miner, 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">
                put itself up for sale
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (FT)
               </span>
              </li>
             </ul>
            </td>
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          </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">
          Technology and artificial intelligence
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
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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">
                Accounts on Meta’s Instagram were hijacked by hackers who used the social media giant’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">
                own chatbot
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for help. (The Verge)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Top A.I. labs like Google DeepMind, Anthropic and Meta are
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                hiring experts in ethics and psychology
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as they expand their research into machine consciousness. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “A University System Went All In on A.I.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Now It’s Tearing Itself Apart.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
              </li>
             </ul>
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         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “University of California Professors Are
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Begging Schools to Reinstate the SAT
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Roughly half of American adults considered overweight but not obese
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                may have “clinical obesity,”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                new research finds. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The “60 Minutes” reporter Scott Pelley did not
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                mince words
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for the CBS News program’s new executive producer, Nick Bilton, and his boss, Bari Weiss. (NYT)
               </span>
              </li>
             </ul>
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