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   DealBook: A16Z under the microscope?
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            <div style="width:100%;margin-bottom:31px;font:12px/12px georgia,serif">
             August 18, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          There’s some new drama in the planned $12.5 billion sale of the L.A. Lakers.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Josh Kushner
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bob Iger
         </span>
         <span>
          , who agreed to buy control of the team from the financier
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mark Walter
         </span>
         <span>
          , had also been expected to buy out the 17.8 percent stake held by the Buss family.
         </span>
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          But
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jeanie Buss,
         </span>
         <span>
          who’s also the team’s governor, is reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fighting her siblings’ plan
         </a>
         <span>
          to sell. N.B.A. rules prevent a single private equity firm from owning more than 20 percent of a team; financial firms in total can’t own more than 30 percent. If the Buss family sells, Kushner and Iger have to cover $10 billion in equity — or syndicate the deal to others.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Who else might want to own the Lakers? Expect a long line of suitors wanting courtside seats and championship rings. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              Ben Horowitz, a general partner at Andreessen Horowitz.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Brendan McDermid/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Silicon Valley’s board seats in the spotlight
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Marc Andreessen
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ben Horowitz
         </span>
         <span>
          have been some of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump’s
         </span>
         <span>
          biggest champions in Silicon Valley.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet their powerhouse venture capital firm, Andreessen Horowitz, now reportedly faces antitrust scrutiny from federal prosecutors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The investigation could have wide repercussions for Silicon Valley, 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">
          What’s happening:
         </span>
         <span>
          The Justice Department is examining A16Z, as the firm is known,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          over the board seats it holds
         </a>
         <span>
          at companies including Databricks and Fivetran, Bloomberg reported, citing unnamed sources. Horowitz is a director on the board at Databricks, and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Martin Casado
         </span>
         <span>
          , a partner at Andreessen Horowitz, sits on Fivetran’s board.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Both companies help firms manage large quantities of data, and Databricks, recently
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          valued at $190 billion
         </a>
         <span>
          , is one of America’s biggest privately held start-ups.
         </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">
                A16Z, Databricks, Fivetran and the Justice Department didn’t respond to requests for comment.
               </span>
              </li>
             </ul>
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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">
          Federal prosecutors have been interested in overlapping boards,
         </span>
         <span>
          where people concurrently serve as directors of ostensible competitors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As DealBook
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has previously reported
         </a>
         <span>
          , the Justice Department has been examining potential violations of the Clayton Act, a 1914 antitrust law. Section 8 of the statute bars people from so-called interlocking directorates; people have been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          forced to resign
         </a>
         <span>
          after investigations.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The concern is that “if you serve on two companies that are competitors, you can foster collusion,” Yaron Nili, a corporate and securities law scholar at Duke University who has
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                written about the issue
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , told DealBook.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The case introduces new angles to Section 8 investigations.
         </span>
         <span>
          Previous Justice Department cases have largely focused on private equity, though a venture capitalist,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Larry Illg
         </span>
         <span>
          , stepped down from a board in 2022.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Perhaps more important, previous Section 8 inquiries have largely focused on people, while the A16Z case centers on a
         </span>
         <span style="font-style:italic">
          firm
         </span>
         <span>
          having simultaneous representation on competitors’ boards. This “leaves the law more open to interpretation,” Nili told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It strikes at a core practice of venture capital,
         </span>
         <span>
          where firms often invest in multiple companies in a sector to better understand their market. (Consider a famous Silicon Valley phrase often attributed to the investor
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          John Doerr
         </span>
         <span>
          of Kleiner Perkins: “No conflict, no interest.”)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Nili added that many venture investors will worry about where “you draw the line between two companies that are not competitors and are competitors.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But it’s also a shot at a firm that has championed many Trump policies.
         </span>
         <span>
          Andreessen and Horowitz
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          both donated millions
         </a>
         <span>
          to Trump’s re-election campaign and to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Republican causes
         </a>
         <span>
          afterward, and promoted the second Trump administration as a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          boost for artificial intelligence, crypto and defense start-ups
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A16Z has also become a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          formidable lobbying force
         </a>
         <span>
          in Washington when it comes to A.I. policy. Yet that influence may have taken a hit more recently, as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          national security concerns
         </a>
         <span>
          and public backlash have led to a more hands-on White House approach to the sector.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
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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>
          </td>
         </tbody>
        </table>
        <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 big government contractor ousts its C.E.O.
         </span>
         <span>
          L3Harris said that it had replaced
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Christopher Kubasik
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          after an investigation
         </a>
         <span>
          into whether he violated the company’s code of conduct. (
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sam Mehta
         </span>
         <span>
          , the head of its space and communications business, is taking over.) Kubasik became C.E.O. of L3Harris, which retrofitted a Boeing 747 from Qatar into an Air Force One, in 2021.
         </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">
          Anthropic’s business reportedly continues to soar.
         </span>
         <span>
          The artificial intelligence giant is now on track to generate more than
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $65 billion in annualized revenue
         </a>
         <span>
          , based on its current business performance, according to Bloomberg, which cited unnamed sources. Accelerating financial performance will help bolster Anthropic’s fortunes as it pursues an I.P.O. as soon as this fall.
         </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">
          Moelis hires rainmakers from LionTree.
         </span>
         <span>
          The investment bank has recruited
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jake Donavan
         </span>
         <span>
          , LionTree’s president of Europe, and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ehren Stenzler
         </span>
         <span>
          , who founded LionTree in 2012 with
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Aryeh Bourkoff
         </span>
         <span>
          , Benjamin Mullin and Lauren Hirsch report. Stenzler (based in New York) and Donavan (based in London) will become managing directors at Moelis, which recently advised
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jeff Bezos
         </span>
         <span>
          and others in buying a stake in the English soccer club Liverpool F.C. It also advised Netflix in its bid for Warner Bros. Discovery.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260818%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODcwNTU1NzguMTM5OTk1Nn0:1wwIn4:1Yc7scGw3vyYdxfw2yKW2JuqCQf4lYwYKmfSEk63PFo" style="max-width:96px;margin-bottom:7px"/>
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                <td style="line-height:0;font-size:0">
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                <td style="line-height:0;font-size:0">
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            </span>
           </td>
          </tr>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          ‘Panic button’
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A global bond rout is deepening this morning as investors fret about the finances of the world’s biggest countries.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There’s another wrinkle: Governments are increasingly competing with artificial intelligence giants like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Amazon
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Google
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Meta
         </a>
         <span>
          in the debt markets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          All issuers — governments or hyperscalers alike — are “now competing with more borrowers,” Tony Rodriguez, the head of fixed-income strategy at Nuveen, an asset management firm,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          told Bloomberg
         </a>
         <span>
          . “And therefore yields have to be higher.”
         </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>
        </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">
                The yield on the 30-year U.S. Treasury bond yesterday
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                hit its highest level since 2007
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Bond yields climb as prices fall.)
               </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 rate on the 10-year Treasury note, which underpins many home mortgages and commercial loans, is trading at a 19-month high.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A line chart shows the yield on the 30-year Treasury bond with years from 2010 to 2025 labeled." class="css-mcckse" height="514" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F18%252Fbusiness%252F18db-chart%252F18db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODcwNTU1NzguMTQwMzMxN30:1wwIn4:e4MlR5EgP5BBEN4cvUdkQm0Bc-G6i2DffuvDKyxeOL8" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <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 Treasury Department faces another test tomorrow.
         </span>
         <span>
          It is set to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sell $16 billion
         </a>
         <span>
          worth of 20-year debt with what could be another record-high yield.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We aren’t pushing the panic button,” strategists at Yardeni Research wrote in a research note today. “However, we are closely monitoring whether the bond vigilantes might do so.”
         </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">
                Those “vigilantes,” investors who sell a government’s bonds when they think monetary policy has gone astray, have exerted influence over countries’ policies over the years — and even helped
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                take down a British prime minister
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Ed Yardeni
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , his firm’s founder, has said that bond investors
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                could stymie
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                President Trump
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . They appeared 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">
                rattle him
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                last year.)
               </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">
          Watch what the Fed has to say next week,
         </span>
         <span>
          as central bankers convene at its annual confab in Jackson Hole, Wyo. Of special interest is what policymakers might say about inflation amid the war with Iran, especially as
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kevin Warsh
         </span>
         <span>
          , the Fed chairman, seeks to tame rising prices.
         </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">
                Also watch oil prices: “If oil moves higher again,” the Yardeni Research analysts wrote, bond yields could keep rising.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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="Bret Taylor sitting in a white chair on a stage, wearing a black sweater and gesturing with his hands as he talks. " class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F18%252Fmultimedia%252F18db-bret-taylor-sierra-hktj%252F18db-bret-taylor-sierra-hktj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODcwNTU1NzguMTQwNDQyOH0:1wwIn4:Cv4a3GIs01Dhloupjl-lkTi9fB5OVrkqDbl1n_xHQis" 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">
              OpenAI’s chairman, Bret Taylor, is a founder of a fast-growing A.I. voicebot start-up.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Albert Gea/Reuters
             </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>
          Scoop: Big growth for an A.I. voicebot start-up
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The competition to build a better voicebot with artificial intelligence is fierce.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Sierra, a start-up co-founded by the Silicon Valley veteran
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bret Taylor
         </span>
         <span>
          , has made big gains recently selling its A.I.-powered, conversational customer-service agents, Sri Muppidi reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The company’s annualized revenue was $135 million for its 2026 fiscal year, which ended in January, a more than fivefold increase from the previous year, according to documents seen exclusively by DealBook. And the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          company hit $200 million
         </a>
         <span>
          in annualized revenue in May.
         </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">
          Step back:
         </span>
         <span>
          Taylor is a tech industry fixture. He is the chairman of OpenAI’s board, and spent 14 months as a C.E.O. of Salesforce alongside
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Marc Benioff
         </span>
         <span>
          . Taylor also was Twitter’s board chairman when Elon Musk bought it, and was once the C.T.O. of Facebook.
         </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">
                Taylor’s co-founder at Sierra is
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Clay Bavor
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , who spent 18 years at Google, most recently as the head of Google Labs.
               </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">
          Sierra’s A.I. voice agents are multilingual and multimodal.
         </span>
         <span>
          Rather than a script, the agents are given a goal and guardrails, and allowed to reason through their responses, resulting in more natural-sounding responses. Sierra also tailors them for specific industries, including banking and retail.
         </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 start-up is working with big companies.
         </span>
         <span>
          Sierra’s top customers by annualized revenue include Walmart, Rocket Mortgage and Cigna, according to the documents.
         </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">
                Sierra generates revenue primarily through an “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                outcome-based pricing model
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .” This means that customers pay after a Sierra A.I. agent successfully completes a task, such as originating a mortgage or processing a refund, and not according to usage or the number of licenses.
               </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 company projected that it would generate more than $400 million in annualized revenue for its 2027 fiscal year, and about $900 million the next year, according to the documents.
               </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">
          But that growth hasn’t come cheap.
         </span>
         <span>
          Sierra burned through roughly $140 million in its 2026 fiscal year, according to the documents. But it is still well funded:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Sierra raised $350 million during its 2026 fiscal year, bringing its cash balance to more than $480 million at the end of January.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Since then, the company has raised an additional $950 million at more than a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $15 billion valuation
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
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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">
          Sierra is not alone in this space.
         </span>
         <span>
          Its competitors include the start-ups Decagon, valued at $4.5 billion, and Parloa, worth $3 billion, according to PitchBook. And a few big companies have begun building A.I. agents themselves using foundation models from A.I. labs.
         </span>
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             <span style="color:#666;font:normal 14px georgia,serif">
              Mark Zuckerberg of Meta in February.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Mike Blake/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Meta is back on trial for social media addiction
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Another bellwether trial over Meta’s role in child social media addiction begins today in Oakland, Calif.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The attorneys general of California, Colorado, Kentucky and New Jersey have accused the social media company of harming children with technology designed to be addictive, like cigarettes, and they are seeking roughly $200 billion in damages.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Meta is expected to argue
         </span>
         <span>
          that it has safeguards in place to protect young users and that it did not deceive consumers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Meta
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          said last month
         </a>
         <span>
          that it had spent more than $2 billion last quarter on legal expenses related to the social media addiction trials and other litigation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Whatever the outcome of this trial, it will have a significant effect on Meta’s business, Cecilia Kang and Eli Tan
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          report for The Times
         </a>
         <span>
          :
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The lawsuit is among thousands of personal injury and consumer protection lawsuits filed by states, school districts and individuals against Meta, YouTube, TikTok and Snap, which owns Snapchat. The cases claim that social media sites have harmed children with addictive products, drawing inspiration in part from a legal playbook used against Big Tobacco in the 1990s.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The strategy has already paid off. In March, Meta and YouTube were found liable in a landmark personal injury case in California’s Superior Court of Los Angeles County, where a young California woman was awarded $6 million in damages. This month, a New Mexico judge ordered Meta to pay damages totaling nearly $1 billion in a case brought by the state attorney general for violations of consumer protection laws. The companies have settled several other cases that were headed for trial this year.
         </span>
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          Lawmakers worldwide are also moving to restrict children’s use of social media.
         </span>
         <span>
          Countries across Europe — including France, Germany and Spain — have been considering such restrictions.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And U.S. lawmakers have introduced a bill that would strengthen privacy for minors and allow them to opt out of algorithmic social media features.
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            <span>
             THE SPEED READ
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          Deals
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Paramount is seeking to force the states suing to block its $111 billion takeover of Warner Bros. Discovery 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">
                cover the costs
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of delaying the deal. (NYT)
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              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “How Wall Street Sussed Out That
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Situational Awareness Was On the Ropes
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
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          Politics, policy and regulation
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A House legislative office that helps draft U.S. laws 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">
                overwhelmed by so-called A.I. slop
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Politico)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                President Trump
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                is lashing out at a U.S. ally seeking to mediate the war with Iran: “If Oman gets in the way,
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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">
                we’ll bomb the shit out of them
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,” he told Fox News. (NYT)
               </span>
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          Best of the rest
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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">
                Neko Health, the health tech start-up that
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Daniel Ek
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
               </span>
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                Spotify helped found, will
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                open its first U.S. clinic
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in New York next month. (Neko Health)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Gainsay,” “concomitant” and “fantods”: Why does the Bank of America C.E.O.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Brian Moynihan
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                speak so archaically on earnings calls
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ?
               </span>
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