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   DealBook: An A.I. dividend?
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             <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" title="DealBook">
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             May 22, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          President Trump has pulled back on his executive order to oversee new artificial intelligence models. Behind the scenes, several tech leaders have been campaigning against the plan, arguing that it will slow innovation. That’s as others, like Anthropic, have voluntarily previewed their models with Washington.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Elon Musk, Mark Zuckerberg and David Sacks, the former White House A.I. czar, have reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          weighed in against the executive order
         </a>
         <span>
          . Given the national security concerns these frontier models present, the question is whether the industry can police itself. Please
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          let me know
         </a>
         <span>
          what you think. (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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            <img alt="Gov. Gavin Newsom of California is see walking off stage at the 2025 DealBook Summit." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F22%252Fmultimedia%252F22db-newsom-hbvg%252F22db-newsom-hbvg-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzk0NTExODYuMTA5MjQ0Nn0:1wQOXa:dxMHW_dA9N3zBFiVwX3CDQdhtmZjwR-Ab8oj6ucMIsg" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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             <span style="color:#666;font:normal 14px georgia,serif">
              Gov. Gavin Newsom of California has floated a proposal aimed at shielding workers from some of the more disruptive forces of artificial intelligence.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Dave Sanders 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>
          Giving workers a stake in the A.I. that laid them off
         </span>
        </h2>
        <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">
          Anxiety
         </a>
         <span>
          over what artificial intelligence will do to the labor force
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          shows no sign of receding
         </a>
         <span>
          , amid broad layoffs and the promise of more across nearly every sector.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Elected officials have been rushing to devise ways to deal with the fallout of the A.I. boom. A
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          first-in-the-nation directive by Gov. Gavin Newsom
         </a>
         <span>
          of California yesterday puts the spotlight on a potential solution that has been gaining traction in policy circles and Silicon Valley alike: giving workers a share of the disruption.
         </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">
          Newsom’s order directs California officials to study universal basic capital,
         </span>
         <span>
          or U.B.C., alongside more traditional moves like expanding job training for white-collar workers and others likely to be displaced by A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “You cannot save democracy unless we democratize the economy,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he said in a speech on Tuesday
         </a>
         <span>
          , before yesterday’s announcement. “The whole system has to be reimagined.”
         </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 spin on universal basic income,
         </span>
         <span>
          or U.B.I., in which governments pay citizens set amounts of cash, an idea attractive to those who worry about widespread A.I. layoffs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          U.B.I. systems have been tested around the world, and a version was touted by Andrew Yang in his 2020 presidential run. (
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Elon Musk
         </a>
         <span>
          remains a fan.) But research has raised questions about
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          whether they work
         </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">
          Enter U.B.C.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Proponents say
         </a>
         <span>
          that U.B.C. offers people more compensation for the disruption that A.I. will create.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In April, OpenAI — whose C.E.O., Sam Altman, previously backed U.B.I. —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          published a policy framework
         </a>
         <span>
          that proposes the creation of a “public wealth fund,” financed by tech companies, that gives all citizens, including those who don’t otherwise own stocks, “a stake in A.I.-driven economic growth.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As A.I. businesses grow,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the thinking goes
         </a>
         <span>
          , people would get a proportionate share of their profits via their holdings in the fund.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (The underlying principle behind U.B.C. — broadening stock ownership — has been gaining traction, too. We previously reported that the Treasury Department is weighing whether to allow the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          donation of individual stocks
         </a>
         <span>
          to so-called Trump accounts.)
         </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 skeptics have concerns about U.B.C.
         </span>
         <span>
          It’s unclear whether people could sell their stakes in the kind of wealth fund that OpenAI has proposed — and allowing such transactions risks wealthy investors getting wealthier by buying out the holdings of those who want a quick payout.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And then there’s the question of whether U.B.C. only further entrenches the power and longevity of A.I. giants. “If I own OpenAI shares that I can never sell, we just made OpenAI last forever, whereas maybe I want to be able to sell my shares to buy Anthropic,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Betsey Stevenson
         </a>
         <span>
          , a former top Labor Department economist in the Obama administration, told Politico last month.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          She added, “The need for competition to make everything work efficiently doesn’t go away because of A.I.”
         </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>
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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 rise as peace talks between the U.S. and Iran stumble.
         </span>
         <span>
          Traders are again on edge as disagreements remain over Tehran’s uranium stockpile and a report that Iran is weighing imposing a toll on the Strait of Hormuz to gain greater control of the vital trade route. Brent crude, the international benchmark for oil, traded
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          around $106 a barrel
         </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">
          The Pentagon is reportedly testing rivals to Anthropic’s Claude artificial intelligence model.
         </span>
         <span>
          The Defense Department’s trial involves input from a core of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the agency’s “power users,”
         </a>
         <span>
          Bloomberg reports, citing an unnamed source. The trial began in March shortly after Defense Secretary Pete Hegseth declared Anthropic a supply-chain risk, a move that the company is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          trying to stop in court
         </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">
          The quantum computing sector rallies, with help from the Trump administration.
         </span>
         <span>
          Shares in companies involved in quantum computing rose after the Commerce Department announced that it would provide them with a combined
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $2 billion in funding
         </a>
         <span>
          , and take equity stakes in them, part of a wider strategy to support businesses involved in industries deemed critical. The government now has equity stakes in more than 20 private companies.
         </span>
        </p>
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            <img alt="A table shows the share price performance of five companies that are involved in quantum computing." class="css-mcckse" height="377" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F22%252Fbusiness%252F22db-chart%252F22db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzk0NTExODYuMTA5MzkwN30:1wQOXa:9uhLuQPDMvgrjvWw7xBrsZNAKHhWvUmVkzIbQdc3xY0" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
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           </td>
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        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          SpaceX I.P.O. winners and losers
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors continue to pore over SpaceX’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          voluminous I.P.O. prospectus,
         </a>
         <span>
          as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bulls
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          doubters
         </a>
         <span>
          brace for what could be the biggest public market debut ever.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As Elon Musk’s space and artificial intelligence company seeks to raise up to $75 billion from the offering, it could mint some big winners.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          They include:
         </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Musk.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The world’s richest man owns nearly 850 million Class A shares, and 5.6 billion Class B shares, giving him
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                85 percent of the shareholder vote
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . The company values itself at $1.25 trillion, making his stake worth more than $635 billion.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Goldman Sachs.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                It secured the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                lead underwriter position
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — known on Wall Street as “lead left” because of its position on the prospectus — beating out its longtime rival, Morgan Stanley. That could let it collect the biggest share of what’s expected to be more than $1 billion in commissions and associated fees.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Cursor.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The A.I. coding software firm, whose business is increasingly under threat by OpenAI and Anthropic, is in line to be
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                acquired by SpaceX
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at a lofty $60 billion valuation — in stock, which could be more valuable if the offering goes well.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Early investors
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , including
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Google
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the hedge funds
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                D1 Capital
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                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">
                Darsana Capital Partners
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , 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">
                Washington University in St. Louis
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Scott Wilson
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the school’s chief investment manager,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                invested roughly $50 million in SpaceX
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                a decade ago, a stake that’s worth over $1 billion today.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                The space sector.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                On Wednesday,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Jeff Bezos told Andrew
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that he was seeking outside funding to help grow Blue Origin, his rocket start-up.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The verdict is still out on:
         </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Morgan Stanley
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and its star banker,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Michael Grimes
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . The bank’s second-banana billing is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a blow to Grimes
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a longtime ally of Musk whose return to Morgan Stanley was meant to help the bank score the lead-left position. (That said, its role as stabilization agent — ensuring SpaceX shares trade smoothly post-I.P.O. — could also net big fees.)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Tesla.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Shares in Musk’s electric vehicle company have slumped this year, as shareholders worry about Musk running another publicly traded company. “It feels like SpaceX is his new baby at the expense of Tesla,”
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Joe Gilbert
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a portfolio manager at Integrity Asset Management, said this week.
               </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">
          Also worth watching:
         </span>
         <span>
          A bloc of shares will be sold directly to retail investors through trading platforms including
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Charles Schwab
         </span>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Fidelity
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Robinhood
         </span>
         <span>
          . That’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          getting plenty of attention
         </a>
         <span>
          on online investor forums — but risks individual investors piling into a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          vertiginously valued stock
         </a>
         <span>
          .
         </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">
                In other I.P.O. news:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Oura
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the maker of the popular fitness tracker rings, 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">
                Blockchain.com
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a crypto brokerage, have reportedly filed confidentially to go public.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A display shows gasoline prices at a Shell gas station. " class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F22%252Fmultimedia%252F22db-gasoline-travel-mklt%252F22db-gasoline-travel-mklt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzk0NTExODYuMTA5OTg5fQ:1wQOXa:YZG5IPDDmBioyr_QrlmG91Oy6RawpS7WUMo6DEMTKog" 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">
              The war in Iran has caused gasoline prices to spike, including at this Shell station in Encinitas, Calif.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Mike Blake/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>
          Headwinds for the travel business
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The summer travel season unofficially kicks off this weekend amid huge uncertainty. The war with Iran has disrupted oil supplies and spiked gasoline and jet fuel prices, making both road trips and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          flights
         </a>
         <span>
          more expensive, and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          driving cancellations
         </a>
         <span>
          that are weighing on the industry.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Sarah Kessler spoke with Michelle Meyer, the chief economist at the Mastercard Economics Institute, about three big questions the sector faces.
         </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">
          Will high gas prices keep Americans at home?
         </span>
         <span>
          Perhaps not. The Transportation Security Administration said this week that it expected to screen around 18.3 million passengers over Memorial Day weekend, up slightly from last year. And AAA forecasts 45 million people will travel at least 50 miles from home over the weekend, also a slight increase from last year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Cost-conscious consumers are more likely to shift travel plans than forgo it altogether. “It’s not if people will travel,” she said. “It is how they will travel.”
         </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">
          Will war in the Middle East change business travel patterns?
         </span>
         <span>
          In a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          recent report
         </a>
         <span>
          , the Mastercard Economics Institute looked at how airlines’ scheduled capacity to international destinations between June and September compared with the same period in the previous year. Paris had the largest planned increase of incoming international air travelers; Abu Dhabi, a major business travel hub, came in sixth.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But war has forced airlines
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          to cancel thousands of flights to the region
         </a>
         <span>
          , or reduce service. It’s unclear
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          how quickly that will reverse
         </a>
         <span>
          if a peace deal is reached.
         </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 are recommendations by artificial intelligence changing tourism?
         </span>
         <span>
          Mastercard looked at the travel spending habits of its customers with subscriptions to an A.I. service. They tended to budget more for travel, and appear to favor “off-the-beaten-track” destinations like Leipzig, Germany; Carcassonne, France; and Orvieto, Italy.
         </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">
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           </td>
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           </td>
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         </tbody>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Number of the day: $850 million
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s how much an Iranian financier reportedly funneled through a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          secret payment network
         </a>
         <span>
          on the cryptocurrency exchange Binance to help fund Tehran’s military, according to The Wall Street Journal.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Binance and its founder, Changpeng Zhao, have had a rocky history with the U.S. In 2023, the company and Zhao admitted to violating anti-money-laundering laws and breaching U.S. sanctions on Iran. (President Trump pardoned Zhao last year.) In March, The Times reported that accounts on the exchange had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          moved $1.7 billion
         </a>
         <span>
          to Iran-linked entities.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Iran’s reliance on crypto has become a major worry on Capitol Hill, and threatens to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          derail the Clarity Act
         </a>
         <span>
          , a major crypto bill that the White House supports.
         </span>
        </p>
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           </td>
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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzk0NTExODYuMTEwNTk0NX0:1wQOXa:mf5ApTCjBUUNf19mGARchDr6RJfGGlmTq3bahTcXpb4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
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         </tbody>
        </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 Zendesk
         </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 a leader how he or she uses artificial intelligence. This week,
         </span>
         <span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
          Tom Eggemeier
         </span>
         <span style="font-style:italic">
          , who leads the customer service technology company Zendesk, told Sarah Kessler that he thinks about 80 percent of customer service interactions will soon be handled by A.I. agents. 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 spent about two months with my 21-year-old son, who’s a walk-on college basketball player, and we created an application for college basketball transfer portals on what the expected value and expected impact of a potential transfer player was. I had no coding experience before that.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And then I used Claude to launch a feature for Zendesk that’s in our software code now. We just launched it last week.
         </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 did you start using A.I. in the company?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We knew when OpenAI and Anthropic launched their models that this was going to disrupt customer service. And so we made seven acquisitions of A.I. companies in about two years.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s a rallying cry within the organization that we need to disrupt ourselves or someone is going to disrupt us.
         </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">
          Do you think most companies can handle all their customer service with A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We think within about three and a half years, 80 percent of customer service interactions will be handled by A.I. agents.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Once the barriers are down, interactions go up. We have a lot of companies that are handling 70, 80, 90 percent of interactions with A.I. agents.
         </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>
             THE SPEED READ
            </span>
           </h3>
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Estée Lauder ended
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                acquisition talks with Puig
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the Spanish perfume company, nixing for now a plan to create a rival to L’Oreal. (Reuters)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                LIV Golf has reportedly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                offered its players equity
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and is looking to raise $350 million as it scrambles for new funding. (FT)
               </span>
              </li>
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          Politics, policy and regulation
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        <div style="margin:0 auto;max-width:600px;width:100%">
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Meta settled a lawsuit with a Kentucky school district over claims it harmed youth mental health, heading off the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                first of over 1,200 suits
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                brought by schools against social media companies. (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">
                Senators are preparing a bill to limit Treasury Secretary Scott Bessent’s use of the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $219 billion Exchange Stabilization Fund
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to support foreign allies of the Trump administration. (FT)
               </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">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <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">
                JPMorgan Chase is locked in a battle for control 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">
                8.2 million comics
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , graphic novels, figurines and tabletop games locked in a Mississippi warehouse. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Would sprinkling in
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a few typos
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                prove you’re human? (The Atlantic)
               </span>
              </li>
             </ul>
            </td>
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