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   DealBook: Anthropic inches toward a mega-I.P.O.
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             July 16, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          We’re taking a look at Anthropic’s latest steps toward an I.P.O. that appears set for this fall, Stripe’s takeover plan for PayPal, and BlackRock’s $15.3 trillion — with a “t” — in assets under management. More below. (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">
              Anthropic appears to be on track for a mega-I.P.O. scheduled for the fall.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jason Henry for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The next big A.I. offering?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The race to be the next artificial intelligence giant to go public is on, and all signs point to the A.I. lab Anthropic.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It is reportedly taking the kinds of steps a company would if it were preparing for a potentially trillion-dollar I.P.O. in the fall. That timeline would put Anthropic ahead of rivals — but comes amid an uncertain outlook for the 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">
          What’s happening:
         </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">
                Banks advising Anthropic are lining up
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                meetings with potential investors
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the coming weeks, Bloomberg reported, citing unnamed sources.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Anthropic is in talks 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">
                arrange more credit lines
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from banks, many of which would become underwriters for its I.P.O., according to The Information. (The A.I. lab is already working with Morgan Stanley, Goldman Sachs and JPMorgan Chase.)
               </span>
              </li>
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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">
          All this suggests an I.P.O. in the fall is in the offing.
         </span>
         <span>
          Anthropic has already filed confidentially for an initial offering, and Bloomberg previously reported that the company might go public as soon as October.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That timeline would put Anthropic squarely ahead of OpenAI, which has also filed confidentially but is now looking at
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          going public next year
         </a>
         <span>
          . And DeepSeek, one of its fast-growing Chinese rivals, is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          weighing an I.P.O. in China
         </a>
         <span>
          as soon as next year, 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">
          Some in Silicon Valley have worried about falling behind in the I.P.O. race.
         </span>
         <span>
          Going later might mean ceding some investor capital to competitors that went public beforehand, the thinking goes.
         </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">
                That said, business fundamentals often trump timing. Consider how Uber’s stock has vastly outperformed that of Lyft, its longtime rival, despite the company’s going public second.
               </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">
          Several significant questions hang over Anthropic.
         </span>
         <span>
          The company is still battling the Pentagon in court over its designation as a supply chain risk to national security.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Its relationship to the rest of the Trump administration remains uncertain, even since it struck concessions that allowed it to rerelease its Fable A.I. model following restrictions imposed by the Commerce Department.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And the company’s leading A.I. models remain vulnerable to pricing pressure from OpenAI and other Western labs as well as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          open-source Chinese ones
         </a>
         <span>
          , especially
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          among cost-conscious users
         </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">
          In other A.I. news:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                SpaceX’s shares briefly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                dipped below their I.P.O. price
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                yesterday.
               </span>
              </li>
             </ul>
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        </div>
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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">
                Here’s how Anthropic plans 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">
                encourage states’ efforts
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to regulate artificial intelligence tools.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Some OpenAI employees are donating to a super PAC
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                that opposes one
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                funded by
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Greg Brockman
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , their company’s president.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Thinking Machines Lab, a start-up run by the former OpenAI executive
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Mira Murati
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                released its first A.I. model
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                And
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                President Trump
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                joined
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                business executives
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                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">
                criticizing
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                New York’s planned moratorium on data centers.
               </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">
          The F.C.C. prepares to repeal the audience cap for TV broadcasters.
         </span>
         <span>
          The agency’s chair,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Brendan Carr
         </span>
         <span>
          , said the regulator would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          replace the blanket restriction
         </a>
         <span>
          — currently set at reaching 39 percent of U.S. households — with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          case-by-case evaluations
         </a>
         <span>
          . The move could usher in more consolidation of the TV broadcast industry.
         </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">
          TSMC plans another big investment in the U.S. amid blockbuster earnings.
         </span>
         <span>
          TSMC, a major Taiwanese chipmaker, reported a 77 percent year-on-year jump in quarterly profit today and said it would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          invest another $100 billion
         </a>
         <span>
          in chip factories in Arizona. The company has benefited from a scarcity of A.I.-related chips; that shortage also has Apple weighing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          takeovers of semiconductor start-ups
         </a>
         <span>
          , according to The Information.
         </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">
          Todd Blanche’s nomination as attorney general is uncertain after his Senate confirmation hearing.
         </span>
         <span>
          Blanche, who holds the role in an acting capacity, faced
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tough questioning
         </a>
         <span>
          from Senator
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          John Cornyn
         </span>
         <span>
          , the Texas Republican who lost a primary to a Trump-backed challenger, as well as Democrats. Much of the grilling revolved around Blanche’s role in setting up a nearly $1.8 billion fund for people the Trump administration says are victims of Justice Department persecution; a single Republican “no” vote would sink Blanche’s nomination.
         </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_20260716%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODQyMDQwMzcuNjI0MjcyM30:1wkKyT:rFpJ3K3wqfzMEI_6K03ccpHfyAncZN9orx8chRoK3Yg" style="max-width:96px;margin-bottom:7px"/>
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                <td style="line-height:0;font-size:0">
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            </span>
           </td>
          </tr>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="The PayPal logo shown outside the company's headquarters." class="css-18ei5jy" height="303" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F16%252Fmultimedia%252F16db-paypal-pglf%252F16db-paypal-pglf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQyMDQwMzcuNjI0Njc4NH0:1wkKyT:YehqUSsTAmStdUTnxL1LcGfUgVgKtT0RQmofQID5VB4" 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">
              Stripe’s takeover bid for PayPal is ambitious, but some on Wall Street called it “lowball.”
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jeff Chiu/Associated Press
             </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>
          Why does Stripe want PayPal?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Stripe is already one of the biggest financial technology companies around. Now it’s seeking to buy one of its embattled forebears, PayPal.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $53 billion takeover offer
         </a>
         <span>
          by the payment upstart Stripe and the investment firm Advent International is one of Stripe’s most ambitious moves yet. (It’s rare to see a privately held start-up bid for a publicly traded rival, though Stripe is significantly bigger, with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a $159 billion valuation
         </a>
         <span>
          .)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But many on Wall Street are speculating about whether it can pull off this megadeal.
         </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 offer’s details,
         </span>
         <span>
          according to The Times’s reporting:
         </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">
                Stripe and Advent have bid about $60.50 a share, 28 percent above where PayPal was trading before Reuters broke the news of the proposal.
               </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 two suitors have about $50 billion in committed bank financing.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What Stripe and Advent would get:
         </span>
         <span>
          Stripe is the leader in e-commerce processing, handling $1.9 trillion in payments last year. (PayPal handled $1.79 trillion that year.) Buying PayPal could give Stripe yet more customers, especially on the consumer side of payments, as well as PayPal’s competing Braintree division.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Advent has struck several notable payment-related deals over the years, including the $6.3 billion buyout of Nuvei of Canada and a $430 million investment in EBANX of Brazil.
         </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">
          Not everyone is sold on the deal.
         </span>
         <span>
          True, PayPal has been losing momentum, struggling to compete against Apple, Google and, yes, Stripe. In February, it announced plans to replace its C.E.O. with
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Enrique Lores
         </span>
         <span>
          , the former chief of HP; it has also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          retained Goldman Sachs and Evercore
         </a>
         <span>
          to explore its strategic options, according to Bloomberg.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the Stripe-Advent offer is still well below where PayPal has traded over the past five years. Analysts at William Blair described it yesterday as “lowball” and questioned its industrial logic. Shares in PayPal closed yesterday below the offer price, suggesting some investor skepticism that it will go through.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What’s next?
         </span>
         <span>
          PayPal’s board is set to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          meet as soon as Monday
         </a>
         <span>
          to formally discuss the offer, according to CNBC.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s not clear whether PayPal would be open to being sold at all. But Martin Peers of The Information suggests that another company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          might come knocking
         </a>
         <span>
          : SpaceX, which wants to bulk up its payment offerings and could benefit from PayPal’s steady cash flow — and whose leader,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          , was a founder of PayPal.
         </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 big deal news: Uber clinched a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $14.8 billion takeover of Delivery Hero
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a big European food-delivery rival.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           </td>
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         </tbody>
        </table>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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        </table>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         QUOTE OF THE DAY
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “I found nothing in there that was beyond what I could picture myself doing.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Warren Buffett
         </span>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          talking to CNBC
         </a>
         <span>
          about
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bill Gates’s
         </span>
         <span>
          ties to
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jeffrey Epstein
         </span>
         <span>
          . Buffett, who excluded the Gates Foundation from his annual charitable donations this year, said that while he found his longtime friend’s relationship with Epstein “distasteful,” he could envision himself making similar mistakes when picking associates.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <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="Larry Fink of BlackRock, dressed in a blue suit and shirt, speaks and gestures." class="css-18ei5jy" height="363" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F16%252Fmultimedia%252F16db-fink-gcvp%252F16db-fink-gcvp-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQyMDQwMzcuNjI1MTIyOH0:1wkKyT:ke0qoYPk3_KqI5YrdtilJukTKdl46zFjsFYdFrgvVb4" 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">
              Larry Fink has adapted BlackRock to the latest evolutions of global markets — to the firm’s huge financial benefit.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Karsten Moran for The New York Times
             </span>
            </span>
           </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>
          BlackRock diversifies its way to an asset bonanza
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          BlackRock, the world’s biggest investment management firm, just got even bigger: It now oversees a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          staggering $15.3 trillion in assets
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The achievement underscores just how well BlackRock has adapted to the changing nature of global markets and profited from it, including by capturing private investments and actively managed assets.
         </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 flood of new client money bolstered BlackRock’s results.
         </span>
         <span>
          The company reported $192 billion in net inflows during the second quarter and a record $321 billion in the first half of the year. That helped push up its organic growth from base fees by 10 percent for the quarter.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “They’re an asset-gathering machine,” Steve Sosnick, chief strategist at Interactive Brokers, told DealBook.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A bar chart showing BlackRock’s assets under management by quarter. " class="css-mcckse" height="346" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F16%252Fbusiness%252F16DB-CHART%252F16DB-CHART-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQyMDQwMzcuNjI1MjMwNn0:1wkKyT:jIMxDY-48bubrkFQwFV86SWHguAgBM1Xo2do33CockQ" 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">
          Surging markets have also benefited the firm
         </span>
         <span>
          as investors have poured more capital into money managers like BlackRock. (That rising tide also bolstered Wall Street banks: The six biggest reported a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          collective $49 billion in profits
         </a>
         <span>
          , driven by big I.P.O.s and a spike in trading.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          BlackRock executives talked up the firm’s evolving approach to markets,
         </span>
         <span>
          which has involved adding complements to the asset manager’s longtime strength in index funds.
         </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">
                Actively managed funds made up $53 billion of client inflows in the second quarter.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Private markets and liquid alternatives together made up about $22 billion worth of inflows for the period, up 50 percent year on year.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “BlackRock is simultaneously a leading public markets manager, a skilled private markets platform and a global technology company,” Larry Fink, the firm’s co-founder and C.E.O., told analysts yesterday. “That’s a model built to deliver sustained growth.”
         </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">
          Private credit has been a particular focus.
         </span>
         <span>
          Last year, BlackRock paid $12 billion to buy the lender HPS Investment Partners. For the quarter, the firm reported $6 billion in private credit inflows.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That said, BlackRock hasn’t been immune to a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          downturn in the sector
         </a>
         <span>
          , with HPS having capped investor withdrawals amid a flood of redemption requests.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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          <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">
                Still, Martin Small, BlackRock’s C.F.O., told analysts yesterday that he saw “incredible opportunities” in the industry.
               </span>
              </li>
             </ul>
            </td>
           </tr>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The firm is continuing to look for the next big thing.
         </span>
         <span>
          The effort may include so-called tokenization, in which stocks, bonds and other assets are turned into digital tokens. That could unlock fractional ownership of those securities and make trade settlement times much quicker and available around the clock.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          BlackRock is one of nearly 40 firms that plan to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tokenize a batch of securities
         </a>
         <span>
          held at the Depository Trust &amp; Clearing Corporation, according to The Wall Street Journal.
         </span>
        </p>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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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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        <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">
          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
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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">
                Chancellor Friedrich Merz of Germany said he would not try 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">
                stop UniCredit
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the Italian lender, from acquiring Commerzbank. (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">
                Eli Lilly plans to buy AtaiBeckley, a maker 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">
                experimental psychedelic treatments
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for depression, for $2.8 billion. (CNBC)
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Politics, policy and regulation
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
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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">
                Tech entrepreneurs and investors who say they left California before a vote on the state’s
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                proposed “billionaire tax”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                will probably face an aggressive investigation into where they live. (FT)
               </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 A.I. Backlash Has Tech Executives
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Fearing for Their Lives
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
               </span>
              </li>
             </ul>
            </td>
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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">
                China 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">
                policing virtual romance
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to stop people from forgoing real-life relationships (and children) in favor of ones with chatbots. (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">
                “The Hunt for the Counterfeiter Trying 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">
                Make the Perfect Bill
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
              </li>
             </ul>
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