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   DealBook: A.I.’s open or shut debate
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             July 27, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          There is a phrase being used to describe Nvidia: the central bank of the A.I. economy. Today’s example is a new report that says the chipmaker is brokering a $250 billion guarantee for OpenAI’s immense Ohio campus.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          While underwriting debt for unprofitable partners is undeniably risky, it offers the broader A.I. ecosystem a form of cheap capital that traditional credit markets refuse to provide.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Throughout history, almost every generational infrastructure leap has relied on hardware titans to co-sign their buyers’ credit — think British steel makers funding 19th-century American railroads and General Electric underwriting early power utilities. This playbook has a mixed track record: It successfully built America’s electrical grid and, later, broadband internet. But it also incited devastating vendor-debt crashes during the 2001 telecom bust. What will it be this time?
         </span>
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          Let me know
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          your thoughts. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              Jensen Huang, Nvidia’s C.E.O., has weighed in on a major debate around the future of artificial intelligence.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Manuel Orbegozo for The New York Times
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         <span>
          Huang takes sides
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The first post that
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jensen Huang
         </span>
         <span>
          , the Nvidia C.E.O., made on X took aim at one of the biggest
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          debates dividing Big Tech
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          His words continue to reverberate in Silicon Valley and beyond after the company today announced the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          creation of the Open Secure AI Alliance,
         </a>
         <span>
          a coalition with other tech companies to bolster cyberdefenses for the artificial intelligence era.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The stakes are high for Huang, whose chipmaker, Nvidia, is helping to power the A.I. boom. His big-tent contention that A.I. can be developed safely on so-called open-source models
         </span>
         <span style="font-style:italic">
          as well as
         </span>
         <span>
          on closed ones has major implications for policymakers and investors, and could completely upend the A.I. economy.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Watch for it to be a major discussion point this week as Amazon, Meta and Microsoft weigh in on their latest quarterly results.
         </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>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          In Huang’s post
         </a>
         <span>
          , which appeared on Friday and which has more than 60 million views, he shared a letter that was also endorsed by tech and investment giants like Andreessen Horowitz, Meta and Microsoft. It said that open models would accelerate innovation and strengthen security.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “The world needs both frontier closed models and frontier open models,” Huang wrote.
         </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">
          Frontier labs like Anthropic and OpenAI argue the opposite:
         </span>
         <span>
          Some of the technology is too powerful for an open-source approach and should be limited to controlled environments like theirs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A reminder: Nvidia has skin in the “closed” camp; it’s been a major backer of Anthropic and OpenAI.
         </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">
                Nvidia is reportedly in discussions with OpenAI, the ChatGPT creator, 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">
                guarantee it roughly $250 billion in funding
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for a giant data center project, according to The Wall Street Journal.
               </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">
          Others have echoed Huang’s comments,
         </span>
         <span>
          including
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Satya Nadella
         </span>
         <span>
          , the C.E.O.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          of Microsoft;
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mark Zuckerberg
         </span>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          the C.E.O. of Meta;
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sundar Pichai
         </span>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          the C.E.O. of Alphabet; and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Demis Hassabis
         </span>
         <span>
          , the C.E.O. of Google DeepMind.
         </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 would Huang and other tech execs side with open models?
         </span>
         <span>
          Easier access to open-source A.I. should speed up the technology’s growth and drive demand for, say, Nvidia’s chips or Microsoft’s cloud, analysts say.
         </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">
          New competition from Beijing has intensified the debate.
         </span>
         <span>
          The Chinese start-ups Z.ai and Moonshot AI have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          recently released
         </a>
         <span>
          “open-weight” models that are powerful and relatively cheap — a potential antidote for corporate sticker shock over
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tokenmaxxing
         </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 Anthropic and OpenAI claim foul play.
         </span>
         <span>
          They accuse Chinese start-ups of copying their technology via a technique called
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          distillation
         </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">
          Trump officials appear to be walking a fine line.
         </span>
         <span>
          They want to avoid stifling A.I. innovation at home, while also playing tough against the threat of international companies
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stealing U.S. technology
         </a>
         <span>
          . In a post on social media, Treasury Secretary
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Scott Bessent
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          threatened Chinese companies with sanctions
         </a>
         <span>
          if their creations “cross the line into IP theft.”
         </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">
          In related news:
         </span>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                SoftBank’s $40 billion bridge loan for its OpenAI stake drew
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                21 new lenders
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , suggesting that investor appetite for closed A.I. models remains strong, Bloomberg reported, citing unnamed sources.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <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">
          Hollywood’s blockbuster run continues.
         </span>
         <span>
          “The Odyssey,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Christopher Nolan
         </span>
         <span>
          ’s Homeric extravaganza,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          brought in $87 million
         </a>
         <span>
          in North American ticket sales over its second weekend, putting its global take so far at almost $640 million, according to Deadline. With the successes of “The Odyssey,” “Toy Story 5,” and “Michael,” Hollywood appears on track to reach
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $10 billion domestically
         </a>
         <span>
          for the first time since the coronavirus pandemic.
         </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 Chinese chipmaker cashes in on the artificial intelligence boom.
         </span>
         <span>
          ChangXin Memory Technologies, known as CXMT,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rose about 470 percent
         </a>
         <span>
          on its first day of trading today. It makes memory chips needed for the A.I. buildout and became the most valuable company on the Shanghai Stock Exchange. CXMT’s I.P.O. gains underscore Beijing’s push to develop domestic A.I. suppliers to rival Western giants.
         </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 and earnings will dominate the markets this week.
         </span>
         <span>
          Wednesday is decision day for the central bank, as the debate around inflation intensifies in the face of volatile energy prices. While Big Tech earnings will get plenty of attention, investors will also get a glimpse into the health of consumers, with Coca-Cola (tomorrow), Procter &amp; Gamble (Wednesday) and Mastercard (Thursday) all reporting earnings. Finally, the Personal Consumption Expenditures Price Index for June, the Fed’s preferred inflation measure, is set for release on Thursday.
         </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%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260727%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODUxNTQ2NTcuNjc3MjA3Mn0:1woKH3:S5SAtQt9v9WYPKQMO4YFMB2Qfr8GNGdE8H-OkdJLcSs" style="max-width:96px;margin-bottom:7px"/>
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            <span style="text-align:center">
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              <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">
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                </td>
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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%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260727%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODUxNTQ2NTcuNjc3NDc5M30:1woKH3:SPSG2WN9l_QoraOFY_918a5D1yVpdkH_rKmm7RLP-ys" style="display:block;width:100%;max-width:480px" width="480"/>
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             </table>
            </span>
           </td>
          </tr>
          <tr>
           <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>
          The peace trade rally returns
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Global markets are rebounding today as investors cheer a pause in fighting between the U.S. and Iran that lasted through the weekend.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The bulls see the apparent de-escalation as a sign that Washington and Tehran could give diplomacy a chance to reach a more lasting peace that also lessens the war’s blow to the global economy.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But bears could point to signs of a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          slowdown in ship traffic
         </a>
         <span>
          through a vital Red Sea trade route, after the Houthis, an Iran-backed militant group in Yemen, attacked Saudi oil installations in the region, Reuters reported today.
         </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">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brent crude
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the international benchmark for oil, has fallen nearly 8 percent to $89.25, after surpassing $100 a barrel on Thursday and Friday.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                S&amp;P 500 futures are rallying, as are bonds and cryptocurrencies.
               </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 yield on the 10-year Treasury, which has been highly sensitive to fluctuating oil prices, fell to 4.64 percent.
               </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">
          Is the pause being driven by the markets?
         </span>
         <span>
          Energy prices had soared after the U.S. and Iran resumed their exchanges of attacks, prompting new inflation fears that could compel central bankers to raise interest rates.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The average price of gasoline in the U.S. remained at $4.11 today, according to AAA. That’s nearly a dollar above where it was at this time last year, an issue that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could add to voter discontent
         </a>
         <span>
          before the midterm elections.
         </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">
          Or is it more about the munitions?
         </span>
         <span>
          The Times has reported that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dwindling U.S. stockpiles of Patriot antimissile interceptors
         </a>
         <span>
          may be one reason for Washington’s decision to hold off on a major military escalation.
         </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 may be getting a case of déjà vu.
         </span>
         <span>
          Businesses and market observers have been wondering whether the economic fallout from the war in Iran would persuade
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          to seek an off-ramp to hostilities
         </a>
         <span>
          . He did so last year when his trade war roiled the bond and stock markets, giving rise to the market shorthand of “TACO,” or Trump always chickens out.
         </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">
          Pinning hopes on a Tehran TACO may be misguided,
         </span>
         <span>
          Paul Donovan, the chief economist for UBS Global Wealth Management, wrote to investors this morning:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          There are two key differences for investors. The trade war was largely unilateral, but the Gulf war needs Iran to act too. The oil price drop required Iran to cease strikes on US targets. The trade war directly affected the US economy, not the global economy (global trade is at a record high). Erratic oil prices have a more global direct impact.
         </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 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="The image of Elon Musk, the C.E.O. of SpaceX, is seen on a large display on the side of a building." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F17%252Fmultimedia%252F17db-musk-pfcq%252F17db-musk-pfcq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODUxNTQ2NTcuNjc3NjEzM30:1woKH3:CAQHF85hatycLEQQgGmuvHOWEgtU24DOh-IExC2k5yk" 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">
              Short sellers are circling Elon Musk’s companies again.
             </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>
          Shorting A.I. (and Musk)
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Short sellers are having a rough year so far, but they continue to go all in on one sector.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In recent months, traders eyeing a market swoon have increasingly bet against the giants of the artificial intelligence race as worries about a bubble grow. And one target has been especially profitable: SpaceX,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          ’s rocket and A.I. company.
         </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">
          Here are the numbers
         </span>
         <span>
          , according to S3 Partners, a data company
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          :
         </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">
                Short sellers as a whole are down more than $200 billion this year.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Those that have wagered against SpaceX have cleared nearly $7.3 billion in mark-to-market profits since the company listed in a record-breaking I.P.O. last month.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Shorts against SpaceX have surpassed $26 billion. That’s a fraction of SpaceX’s $1.5 trillion market cap, but it is roughly 35 percent of the entire SpaceX float, or shares available for investors to trade.
               </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 share price performance for SpaceX versus the S&amp;P 500 since SpaceX went public in June." class="css-mcckse" height="535" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F27%252Fbusiness%252F27db-chart%252F27db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODUxNTQ2NTcuNjc3NzIxNX0:1woKH3:Ywg0fMJCUxtQEAfM_p-tfa8h3hiG6MXFnlA9tzkGzbU" 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">
          SpaceX has become the second most profitable company to short this year
         </span>
         <span>
          , according to S3 Partners. Tesla is No. 1, with short sellers of the electric vehicle maker up nearly $9.1 billion in mark-to-market profits this year. (Short sellers typically borrow shares of a target company and sell them, hoping to buy them back at a lower price later.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We’ve seen continued SPCX short selling since its inception,” Ihor Dusaniwsky, a managing director at S3 Partners, told DealBook over email, referring to SpaceX by its ticker symbol.
         </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 bets against SpaceX are especially bold.
         </span>
         <span>
          The company secured fast-track inclusion on the Nasdaq 100 index of tech heavyweights, and on other big indexes, generating
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          excitement
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          alarm
         </a>
         <span>
          among investors and fund managers. (Nasdaq, FTSE Russell and CRSP changed their rules before SpaceX’s I.P.O., making it possible to bring in SpaceX.)
         </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">
          Worth watching:
         </span>
         <span>
          SpaceX reports quarterly results on Aug. 4. Two days later is the first “lockup expiry” date, when some SpaceX pre-I.P.O. shareholders can begin selling the stock. That could add volatility to a stock that’s down nearly 15 percent from its listing price.
         </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">
                Musk, who has sparred with Tesla short sellers in the past, has said that betting against SpaceX
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                could backfire
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on investors.
               </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">
          Shorts are targeting other A.I. heavyweights, too.
         </span>
         <span>
          Tech giants with a major stake in A.I. — think hyperscalers like Alphabet, Amazon and Microsoft, and chipmakers like Broadcom, Micron and Nvidia — are among the top 10 most shorted stocks this year, according to S3 Partners.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The mounting bearish bets are another headwind as investors grow increasingly wary of the sector’s A.I. spending spree.
         </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>
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             THE SPEED READ
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          Deals
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                Blackstone is opening an
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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">
                office in Kuwait
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                after joining with Brookfield Asset Management and KKR on a $16 billion lease deal involving the country’s oil pipelines. (Bloomberg)
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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">
                Brown-Forman, the spirits company that owns Jack Daniel’s whiskey,
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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">
                has rejected
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                an unsolicited $15 billion takeover offer from Sazerac, after its fellow bourbon maker
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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">
                asked it to reconsider
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Bloomberg, WSJ)
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              <li style="margin:0 0 10px 0;line-height:27.5px">
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                Carlyle and Bain Capital are reportedly the last investment funds
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                bidding on Wealth Enhancement
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                , a wealth management platform with nearly $160 billion in client assets. (FT)
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                “Trump Is
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                Pushing Nuclear Energy
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                . His Family and Supporters Could Benefit.” (NYT)
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                The Democratic Party is so
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                short on funds
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                that it is reportedly asking some vendors not to send bills until after the midterm elections. (NYT)
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          Best of the rest
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                “Look what we’ve done here. I almost cried”:
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                Unreleased footage
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                from a documentary film project reveals
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                Lindsey Graham
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ’s push for war with Iran. (WSJ)
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                says about the economy
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                ” (CNN)
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