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   DealBook: A.I.’s nonproliferation moment?
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   Also, SpaceX’s Wall Street snub.
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             June 5, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          In 2023, Elon Musk signed an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          open letter
         </a>
         <span>
          , along with over 30,000 other signatories, seeking a pause on artificial intelligence. Now, Anthropic is suggesting a similar break, arguing the risks could outweigh the rewards. All of this as it plans to go public.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also: The company behind the S&amp;P 500 has declined to change its rules to quickly add SpaceX to its index after the I.P.O., unlike Nasdaq. (A reminder: Nasdaq won the SpaceX listing on its exchange.) We go into all that below. (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">
              Does the world need to consider a kind of A.I. nonproliferation treaty?
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jason Henry for The New York Times
             </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A global brake pedal for A.I.?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Artificial intelligence giants like Anthropic and OpenAI are racing toward blockbuster I.P.O.s that could value them at more than $1 trillion each, on the promise of their rapidly advancing products.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet Anthropic’s new suggestion that A.I. labs should
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          weigh pausing work
         </a>
         <span>
          on their bleeding-edge technology —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in the name of safety
         </a>
         <span>
          — raises questions about the risks of investing in these companies. (That could have big repercussions if the federal government
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          takes stakes in them
         </a>
         <span>
          , as the news outlet NOTUS 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">
          From a blog post on Anthropic’s website yesterday:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          We believe it would be good for the world to have the
         </span>
         <span style="font-style:italic">
          option
         </span>
         <span>
          to slow or temporarily pause frontier AI development to enable societal structures and alignment research to keep up with the advance of the technology.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jack Clark
         </span>
         <span>
          , an Anthropic founder,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          told BBC News
         </a>
         <span>
          , “Right now, it’s like the A.I. industry has a gas pedal, but it doesn’t have a brake pedal.”
         </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 reason: “recursive self-improvement.”
         </span>
         <span>
          That refers to how A.I. models could soon be able to improve themselves
         </span>
         <span style="font-style:italic">
          without human intervention
         </span>
         <span>
          . Increasingly capable models and the rise of agents that can run autonomously would make that possible.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As of last month, Anthropic noted, 80 percent of the code added to the company’s code base was written by its Claude model.
         </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 is proposing the A.I. equivalent of a nuclear nonproliferation treaty:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          A meaningful slowdown or pause would require multiple well-resourced labs at or near the frontier, in multiple countries, agreeing to stop under the same conditions. It would also require that each can verify that the others have actually stopped.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          The company added that its Anthropic Institute, an in-house research arm, would work on ways to create such a system.
         </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.I. oversight is an increasingly important concern.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Polls suggest
         </a>
         <span>
          that Americans worry more about building guardrails around the technology than about speeding up its development. Even the Trump administration has become more open to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          actively regulating A.I. companies
         </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">
          But pausing A.I. development could have serious consequences:
         </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">
                Anthropic and OpenAI have attained astronomical valuations thanks to their rapid growth. (Remember that Anthropic was recently valued at $900 billion.) Disrupting that could crater their stocks and hammer investors.
               </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 system Anthropic outlined would require effective policing of labs and international cooperation among rival nations like the U.S. and China.
               </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">
          Anthropic’s call drew skepticism,
         </span>
         <span>
          including from
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          David Sacks
         </span>
         <span>
          , the administration’s former A.I. czar who has long criticized the company. “In other words, you want the government to save us from… you,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he wrote on X
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Several critics have argued that Anthropic has made fear-mongering a marketing strategy, though industry experts have told DealBook that company executives appear genuinely concerned.
         </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">
          Blackstone caps withdrawals from the world’s biggest private credit fund.
         </span>
         <span>
          The asset management giant
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          limited redemptions
         </a>
         <span>
          from the $79 billion flagship fund, known as BCRED, to 5 percent of assets per quarter, after investors asked to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          withdraw double that amount
         </a>
         <span>
          . The firm had avoided the redemption caps instituted by its competitors even as investors worry about the health of private credit firms’ loan books.
         </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 Supreme Court says the S.E.C. can recover illicit gains without proving victim losses.
         </span>
         <span>
          The court ruled that the securities regulator didn’t need to prove that investors had suffered a financial loss in order to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          strip money from wrongdoers
         </a>
         <span>
          . The case, which involved a trader who
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pleaded guilty to securities fraud
         </a>
         <span>
          but tried to keep the $4.1 million he’d made, comes as the Trump administration has eased up on financial regulations.
         </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">
          Investors await the latest jobs report for signs of slowing growth.
         </span>
         <span>
          Today’s data release from the Bureau of Labor Statistics is expected to show that the U.S. economy
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          added 85,000 jobs in May
         </a>
         <span>
          , a three-month low, and unemployment unchanged at 4.3 percent, according to economists surveyed by Bloomberg. Growing layoff announcements and a war-related jump in inflation continue to put pressure on the economy.
         </span>
        </p>
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            <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_20260605%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODA2NjE5MTUuMzY4MDU0OX0:1wVTVT:U2Zi9mj1CDD03tRd29OsDKO1twP62BdQLaHdV3Qs1T8" style="max-width:96px;margin-bottom:7px"/>
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            <img alt="A black sign in a window publicizes the upcoming SpaceX I.P.O." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F05%252Fmultimedia%252F05db-bofa-kjlc%252F05db-bofa-kjlc-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODA2NjE5MTUuMzY4NTc2M30:1wVTVT:KfVjCDXUAcPGMUCFe_-amskjMKKZH_RfZPsFT6iy0c4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
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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">
              Anticipation for SpaceX’s I.P.O. is sky high. But not everyone on Wall Street is ready to jump in early.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jeenah Moon/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>
          Not so fast
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          SpaceX’s I.P.O. has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          already captivated
         </a>
         <span>
          Wall Street — with one notable exception.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          S&amp;P Dow Jones Indices said yesterday that it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          would not change its rules
         </a>
         <span>
          to fast-track the inclusion of a new mega-cap company, like SpaceX, in one of its stock indexes.
         </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 announcement is a blow to Elon Musk’s rockets-and-artificial-intelligence company,
         </span>
         <span>
          as well as to the I.P.O. hopefuls Anthropic and OpenAI.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          They will have to wait at least 12 months from their public trading debut to qualify for entry to the S&amp;P 500, a colossus.
         </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 move is likely to rekindle a major debate at the heart of SpaceX’s listing,
         </span>
         <span>
          which is expected to value the company at $1.77 trillion.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Should Wall Street firms make exceptions to add newly listed giants to stock indexes within days of going public? (Nasdaq and FTSE Russell did just that.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The question isn’t just about fairness. Investment funds that track the indexes — and which dominate investors’ portfolios — are often obligated to buy up new index entrants, affecting market pricing.
         </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 reminder:
         </span>
         <span>
          While some A.I. bulls are thrilled by speedy entry,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          major pension funds don’t want to see a change in the rules
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Either way, brokerages like Robinhood and E*Trade from Morgan Stanley have been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bracing for a tsunami of SpaceX orders
         </a>
         <span>
          from retail investors — a group that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Musk is again embracing
         </a>
         <span>
          to give the stock liftoff.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (Complicating things, underwriters have reportedly been told by Washington that they
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cannot take orders
         </a>
         <span>
          for SpaceX shares from investors in China and Hong Kong, according to 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">
          Why so much buzz?
         </span>
         <span>
          Jamie Dimon of JPMorgan Chase
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hosted Musk for a livestream event
         </a>
         <span>
          yesterday
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          at the bank’s New York headquarters. And as the roadshow winds on, more to-the-moon
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          numbers are emerging
         </a>
         <span>
          . Analysts at Goldman Sachs, which is leading SpaceX’s offering, see the company’s revenues rising to $474 billion in 2030, a roughly 25-fold increase over last year, according to The Financial Times, citing an unnamed source.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A.I. is expected to drive the brunt of that growth, The FT added. (That said, Martin Peers of The Information
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          is skeptical
         </a>
         <span>
          : SpaceX’s A.I. revenues largely come from … ad sales at X, which is part of the xAI division, yet Goldman’s projections require xAI to surpass OpenAI by 2030.)
         </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 successful listing could make Musk the world’s first trillionaire.
         </span>
         <span>
          Plenty of others are expected to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reap huge returns
         </a>
         <span>
          , too. Om Malik, a tech journalist, details a few:
         </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">
                Peter Thiel’s venture capital firm Founders Fund, which made a $20 million investment in 2008. Its stake could be worth around $182 billion today, Malik calculates.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Alphabet, Google’s parent company, and Fidelity, which co-led a round in 2015 at a $122 billion valuation.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Sequoia, which invested in 2019 and 2021. The second investment was at a $74 billion valuation.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Andreessen Horowitz, which led a $750 billion round in 2023 at a $137 billion valuation.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Nvidia and Gulf region investors, including Qatar Investment Authority and the Abu Dhabi-based MGX, which have stakes via SpaceX’s merger with xAI.
               </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">
          A must-read:
         </span>
         <span>
          the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          updated analysis of SpaceX’s financials
         </a>
         <span>
          by Aswath Damodaran, a finance professor at N.Y.U.’s Stern School of Business and a prominent valuation expert.
         </span>
        </p>
        <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_20260605%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODA2NjE5MTUuMzY4NzI0fQ:1wVTVT:nzENJyMxxroeqULJ3_me_w6IFuEf5Iq1je1Z04dxNAc" style="max-width:96px;margin-bottom:7px"/>
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            <span style="text-align:center">
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                <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_20260605%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODA2NjE5MTUuMzY4ODQ2Mn0:1wVTVT:tdMZ1aR4aMXxiAnl71Gqv3xpY-GxP_TMWzYJ6-KDYpY" style="display:block;width:100%;max-width:600px" width="600"/>
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               </tr>
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                <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" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260605%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODA2NjE5MTUuMzY4OTcyfQ:1wVTVT:lF6DnN4-dCJuSGHAkwPD7j1l0e1De1tAkVKclDyN8Ps" style="display:block;width:100%;max-width:480px" width="480"/>
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             </table>
            </span>
           </td>
          </tr>
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           <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>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “You don’t need to keep asking Code Puppy the exact same question again.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Suresh Kumar
         </a>
         <span style="font-style:italic">
          , the C.T.O. of Walmart, on the retail giant’s capping employees’ use of the company’s internal artificial intelligence coding tool, Code Puppy. (The company realized that some employees had been using it to perform the same tasks repeatedly.) It comes amid growing concerns over workers’ use of expensive A.I. tools and “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          tokenmaxxing
         </a>
         <span style="font-style:italic">
          .”
         </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='A chat bubble that reads, "How do you use AI? What are your best use cases?" The bubble underneath indicates a pending response.' class="css-mcckse" height="167" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F27%252Fbusiness%252Fdb-talking-ai-new%252Fdb-talking-ai-new-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODA2NjE5MTUuMzY5MDgwNX0:1wVTVT:d5mFH8M4K_hkoe3o1SkLFiOE1YvF37boICSRuufS79Q" 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>
          Talking A.I. with the C.E.O. of Banyan Software
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Every week, we’re asking leaders how they use artificial intelligence. This week,
         </span>
         <span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
          David Berkal
         </span>
         <span style="font-style:italic">
          — who leads Banyan Software, a company that acquires and holds enterprise software companies in industries like health care and finance — told Sarah Kessler that he’s not worried about A.I. eating software. The interview has been condensed and edited for clarity.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          How do you personally use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I’ve built a chief-of-staff agent. It’s connected to my calendar, my email. It has context on all of my meetings. It knows my annual goals. It knows who the key people are in the organization and even my family.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s telling me: “Here are the meetings coming up. Here’s what might be important in those meetings.” It will say, “There’s this important internal initiative, and you’re not spending enough time on it,” and proactively put time on my calendar to work 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">
          Your company acquires enterprise software firms, a sector that has been hit by investors’ A.I. disruption fears. What are they missing?
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Horizontal software companies are, frankly, pretty easy to
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          vibe code
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          . We’ve canceled software subscriptions left, right and center that we can just vibe code ourselves.
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          The companies we focus on are mission critical and very deeply embedded into their customer workflows. They typically operate in regulated markets. You don’t just vibe code credit union banking software or fire station dispatch software over the weekend.
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          What advice do you give your portfolio software companies about incorporating A.I.?
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        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The key is getting from what I would call Level 1 A.I., which is just an easier way to query data with a chatbot, to Level 2, which is, you’re really transforming the work, productizing data. You are going from a system of record to a system of action.
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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">
                Helion said it had
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raised $465 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in a round led by Thrive Capital, nearly tripling the valuation of the nuclear fusion start-up, to $15.5 billion. (Reuters)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Bill Ackman’s hedge fund, Pershing Square, ultimately failed in its bids to take over Universal Music Group. But selling its stake in the music label will reportedly net the firm
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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 $600 million profit
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ)
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          Technology and artificial intelligence
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                Dara Khosrowshahi, Uber’s C.E.O., said the ride-share company is
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                recruiting fewer new drivers
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in cities that have autonomous taxis. (Fast Company)
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                Robinhood is moving some of its customers’ World Cup bets
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                away from Kalshi
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to Rothera, an exchange it bought a stake in last year. (Bloomberg)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Jane Street Group, a big trading firm, is reportedly planning to
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                build its own data center
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to deal with shortfalls in computing power, and train its own A.I. models. (Bloomberg)
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          Best of the rest
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “The Wall Street Mania
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Pushing Knicks Tickets to $176,000
               </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">
                Why the global flight of
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                rich people planning to move
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to a tax-friendly destination is slowing. (FT)
               </span>
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