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   DealBook: A.I. anxiety
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   Also, dissent at the Fed.
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             December 11, 2025
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          Good morning. Andrew here.
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         <span>
          Here’s a head-scratcher: The Fed suggested that there was only one rate cut coming next year and another for 2027, but markets initially went up. Why? We take you inside the debate in the room. And we look at why investors are spooked about Oracle’s earnings — and what that means about the A.I. boom.
         </span>
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          Also: We’ve got a
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          big special section
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          in today’s print and online edition highlighting last week’s DealBook Summit. I’ve written
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          an essay about the biggest takeaway
         </a>
         <span>
          : We’re in a new era in which every major business decision now runs through 1600 Pennsylvania Avenue. Please also make sure to take a look at some of the fascinating
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          insights from our Groundbreakers
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          . More below. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="From left, Masa Son of SoftBank, Larry Ellison of Oracle and Sam Altman of OpenAI, all wearing dark suits, white shirts and ties in the White House." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F12%252F11%252Fmultimedia%252F11db-oracle-openai-vwbk%252F11db-oracle-openai-vwbk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjU0NjAyMDUuOTcwNDU2fQ:1vTgqb:XD6dn9IDf_9rK4ZnWnw4XYZ55pj0Ps4giFd0xbZRmN4" 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 increasingly linking the futures of Oracle, led by Larry Ellison, center, and SoftBank, helmed by Masa Son, left, with OpenAI, Sam Altman’s A.I. giant.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Haiyun Jiang 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>
          The OpenAI question
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Fears about the artificial intelligence boom have resurfaced, if Oracle’s stock price is any indication: The tech giant’s shares are down sharply in extended trading this morning, weighing on U.S. stock futures.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But what’s worrying investors isn’t just the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          swelling price tag
         </a>
         <span>
          of Oracle’s A.I. spending. It’s also the question of whether all of that investment — much of which is meant to cater to one customer, OpenAI — will deliver.
         </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 damage:
         </span>
         <span>
          Oracle’s shares are down
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          13 percent
         </span>
         <span>
          in premarket activity today. Other A.I. stocks are also down in extended trading, but the hit has been uneven. CoreWeave, the cloud computing provider, is down more than
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          4 percent
         </span>
         <span>
          in premarket trading, while SoftBank, the Japanese tech investor betting big on A.I., fell about
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          7.6 percent
         </span>
         <span>
          in Tokyo.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But shares in the so-called Magnificent Seven group of tech giants, all of which have much deeper pockets and bigger businesses than Oracle, have declined by smaller percentages in premarket trading.
         </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 fear is that Oracle’s A.I. bet will take more time and money to pay off.
         </span>
         <span>
          The company said that it now expected capital expenditures to hit about $50 billion through May 2026, up $15 billion from a forecast in September, and it burned through $10 billion in cash during the most recent quarter. At the same time, revenue and profits for the period missed analyst expectations.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That heavy investment is weighing on Oracle, given that it already has about $106 billion in debt — and Morgan Stanley analysts predict that will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          swell to $290 billion
         </a>
         <span>
          by 2028. The cost of protecting the company’s debt against default, via instruments known as credit default swaps, is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          now about 1.25 percent
         </a>
         <span>
          , up about threefold since September.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          OpenAI looms large.
         </span>
         <span>
          The company kicked off the A.I. frenzy and has led the industry for much of the past three years. But tech analysts and investors are increasingly worried about its trillion-dollar spending plans and whether wealthier rivals like Google are catching up.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Because OpenAI is privately held — at least for now — investors have had to take out their worries on the company’s publicly traded business partners, including both Oracle and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          SoftBank
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          OpenAI still accounts for a majority of the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $523 billion in contracted revenue
         </a>
         <span>
          that Oracle hasn’t yet recognized. (Oracle executives noted yesterday that their company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          had also struck partnerships
         </a>
         <span>
          with Meta and Nvidia, and that other customers could use the capacity built for OpenAI.)
         </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’s a reminder that the A.I. ecosystem is increasingly interconnected,
         </span>
         <span>
          with potentially big consequences if any major hub, like OpenAI, falters.
         </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">
          Oil prices whipsaw as U.S.-Venezuela tensions rise.
         </span>
         <span>
          Brent crude, the global benchmark, rose after President Trump announced that the U.S. military had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          seized an oil tanker
         </a>
         <span>
          off the Venezuelan coast. But prices then dropped as Trump pushed Ukraine to accept a U.S. plan to end the war, which would potentially bring Russian oil onto the market.
         </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">
          Trump insists that CNN be a factor in any deal for Warner Bros. Discovery.
         </span>
         <span>
          The president said yesterday that it was “imperative” that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the news network be sold
         </a>
         <span>
          or that its leadership replaced as part of any transaction involving Warner Bros., its parent company. That could hurt Netflix, which wants to buy much of the company but not its cable TV assets. David Ellison, the C.E.O. of Paramount, which has bid for all of Warner Bros. Discovery, has reportedly told the White House he would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          make major changes
         </a>
         <span>
          at CNN.
         </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">
          DeepSeek, a Chinese company, is said to be using Nvidia chips that aren’t supposed to be in China.
         </span>
         <span>
          A highly lauded artificial intelligence start-up, it has been covertly training its new models
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on Nvidia Blackwell chips
         </a>
         <span>
          , which Washington has prohibited from being sold to Chinese companies, The Information reports. (The arrangement involved illegal smuggling of the Blackwells to China via Asian data centers, according to the publication.)
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Nvidia denied
         </a>
         <span>
          any knowledge of “phantom data centers” reselling its chips. The report comes as China
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          debates whether to buy
         </a>
         <span>
          the older Nvidia H200 chips that the Trump administration recently approved for export.
         </span>
        </p>
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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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           <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>
          Is the Fed done cutting?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          quarter-point rate cut
         </a>
         <span>
          , an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          upbeat economic outlook
         </a>
         <span>
          and a promise to splurge on Treasury bills: Investors got almost everything on their Fed wish list yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet friction between the central bank and the Trump administration persists. Potentially aggravating matters was Jay Powell, the Fed chair, signaling that rates could stay put for a while.
         </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 Fed is now “well positioned to wait to see how the economy evolves,”
         </span>
         <span>
          Powell said at the news conference. That had Wall Street speculating this morning that investors just saw the last cut of the Powell era. (His tenure as chair ends 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">
          President Trump was not pleased.
         </span>
         <span>
          Shortly after the Fed decision, Trump called Powell a “dead head” — incidentally, Powell is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a Grateful Dead fan
         </a>
         <span>
          — and “a stiff,” and said that the rate reduction could have been “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          at least doubled
         </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">
          What the Fed did:
         </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">
                It voted to lower the benchmark lending rate to a new range of 3.5 percent to 3.75 percent.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Starting tomorrow, it will buy $40 billion worth of Treasury bills each month to add liquidity to the market. It’s the first sustained increase in the Fed’s balance sheet in three years, according to Deutsche Bank, and the announcement spurred a bond rally.
               </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">
          What they couldn’t fully agree upon:
         </span>
         <span>
          how to address stubbornly high inflation and a cooling labor market. The central bank’s so-called dot plot revealed that some officials wanted to cut rates aggressively to bolster hiring, while others wanted to stand pat to keep inflation in check.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A line chart shows the current level of the Federal Reserve's benchmark rate, and the various projections by central bank policymakers for where they believe it should be by the end of next year." class="css-xsf469" height="457" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F12%252F11%252Fbusiness%252F11db-chart%252F11db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjU0NjAyMDUuOTcwOTQ0NH0:1vTgqb:Pkr1V1bDcpCAZ0t-sXwY6mwGsRl90Zc0DW3nVR9IOwo" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" 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">
          Just how divided is the Fed?
         </span>
         <span>
          Yesterday’s rate vote featured three dissensions, an unusually high number. Austan Goolsbee of the Chicago Fed, and Jeffrey Schmid of the Kansas City Fed wanted to hold rates steady; Stephen Miran, a Fed governor and onetime Trump economic adviser, pushed for a jumbo-size half-point reduction.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          According to the central bank’s latest rates forecast, many of its officials expect one cut in each of the next two years.
         </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 next Fed chair faces a big challenge: building consensus.
         </span>
         <span>
          At yesterday’s news conference, Powell
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          played down a split
         </a>
         <span>
          at the central bank. But whoever succeeds him
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          must corral dissenters
         </a>
         <span>
          , even if that person is inclined to deliver on Trump’s demand for lower rates.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Should inflation perk up again, the dissent will grow louder, Mike Reid, a senior U.S. economist at RBC Capital Markets, wrote in an investor note yesterday. That would most likely mean “an extended pause is the next decision for the Fed,” he added.
         </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>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         DEALBOOK QUIZ
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          This question comes from a recent Times story. Click an answer to see if you’re right. (The link will be free.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It won’t come as a surprise to parents, but it turns out that teenagers spend vast amounts of time on social media. According to a new report from the Pew Research Center, most teenagers in the U.S. are on YouTube and TikTok every day. (Australia this week
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          barred anyone younger than 16
         </a>
         <span>
          from using social media.) Teenagers are talking to artificial intelligence a lot, too.
         </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 portion of U.S. teenagers say they use an A.I. chatbot daily, according to the recent survey?
         </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">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                28 percent
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                41 percent
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                58 percent
               </a>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251211%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjU0NjAyMDUuOTcxMDUzMX0:1vTgqb:OjQErltygvm2zKugBDJSsC1DXAMrgVszgjG4dIJyuPc" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251211%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjU0NjAyMDUuOTcxMTU3Nn0:1vTgqb:KJs1eiAQAts2XRiNMtMHKh0R0WH0jgaRS2IZ-K9NGF8" style="display:block;width:100%;max-width:600px" width="600"/>
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               <tr class="css-1npprw9" style="display:none">
                <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_20251211%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjU0NjAyMDUuOTcxMjU5Nn0:1vTgqb:q6P-jKyGfOu_iZco1IcowbMX49CjGj3ZNexH_K7CPBs" style="display:block;width:100%;max-width:480px" width="480"/>
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              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <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="President Trump in April holding a mock-up of a gold card, a symbol of his administration's new visa program." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F12%252F11%252Fmultimedia%252F11db-gold-card1-zwfp%252F11db-gold-card1-zwfp-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjU0NjAyMDUuOTcxMzU4NX0:1vTgqb:zmy1tIM-yaRejSEYiiwnAllWtHX43UslrUNDgyTFFiU" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <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">
              President Trump’s “gold card” visa appears to cost less than first proposed, but still a lot.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Eric Lee/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 Trump gold card takes shape
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When President Trump announced a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “gold card” visa program
         </a>
         <span>
          to allow foreign nationals to buy U.S. residency for a multimillion-dollar fee, he presented it as a tool to transform immigration policy while paying down the country’s debt.
         </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">
          Now the details are out
         </a>
         <span>
          , and those ambitions appear to have been notably scaled back.
         </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>
          In February, Trump proposed a gold card that could give residency to “very high-level people” who paid a fee of around $5 million, and estimated that the U.S. could raise $5 trillion by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          selling a million of these cards
         </a>
         <span>
          — money that he said could pay down America’s roughly $35 trillion in debt.
         </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">
          Card discounts:
         </span>
         <span>
          The administration has now
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          introduced a website for applications
         </a>
         <span>
          for the program, after Trump officially
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          created the program
         </a>
         <span>
          in September (with some tweaks to that first proposal).
         </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">
                Applicants must pay a nonrefundable $15,000 processing fee. If they’re successfully vetted by the Department of Homeland Security, they will then have to make a $1 million “gift” to “receive U.S. residency in record time” and become lawful permanent residents.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Companies can apply for a “corporate gold card” version, for which they would pay the $15,000 processing fee — and then $2 million per employee whom they’d like to sponsor to work in the U.S. if they pass vetting.
               </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 site also teases an upcoming “platinum card,” which for $5 million will let foreign nationals spend up to 270 days in the U.S. without paying American taxes on overseas income.
               </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">
          The gold card idea has drawn plenty of questions.
         </span>
         <span>
          It was originally meant to be a modified version of the EB-5 visa program, which has been criticized as an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          avenue for fraud
         </a>
         <span>
          . Administration officials have suggested vetting for gold cards would be much tighter, but it’s unclear how that can be reconciled with Trump’s apparent expectations.
         </span>
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          And the existing EB-5 program required investments meant to create jobs or financial returns, while the gold card payment to the federal government is just that. (As DealBook previously reported, loans from EB-5 investors have been
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          , including those run by members of the Trump family.)
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          The gold card program has also drawn criticism,
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          including from Democrats who say that it provides a speedy pathway to visas for wealthy individuals even as the administration
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          president’s travel ban
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             THE SPEED READ
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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          <tbody>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Reports of a SpaceX I.P.O. (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">
                how much Elon Musk could make
               </a>
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                from it) have Wall Street buzzing about
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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">
                a potential record-breaking torrent
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of companies going public. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Nick Clegg
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Meta’s former head of global affairs, is joining a British venture capital firm that also counts Yann LeCun, his former colleague and a pioneering A.I. scientist, as an adviser. (FT)
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          Politics, policy and regulation
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                Mexico approved tariffs on imports
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                from China of up to 50 percent, aligning its tariff policy with the U.S. (NYT)
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                Convicted business leaders, politicians, celebrities and Jan. 6 rioters: Here’s a deep dive into the
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                wave of pardons issued by President Trump
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                this year. (WSJ)
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                A new investigation highlights Jeffrey Epstein’s
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                extensive ties with Wall Street
               </a>
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                , with bankers pitching him on deals even as new accusations about sex crimes emerged. (Bloomberg)
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                “How
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                Jamie Dimon lured a Warren Buffett protégé
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to JPMorgan” (FT)
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