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   DealBook: Anthropic’s reprieve
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   Also, a record-breaking quarter.
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             July 1, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          A major national discussion right now is about President Trump’s recent financial disclosure, which notes an unprecedented $2 billion in earnings during his first year back in office.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Corporate leaders operate under strict compliance frameworks for their personal finances. But elected officials often face a different set of expectations — a regulatory gap I’ve frequently highlighted. Beyond the ongoing debate about the emoluments clause of the Constitution, the sheer scale of these figures may serve as a catalyst for meaningful policy overhauls.
         </span>
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          Putting politics aside, the core concern is less about proving an explicit conflict of interest, and more about how even the
         </span>
         <span style="font-style:italic">
          appearance
         </span>
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          of one can erode public confidence in our democratic institutions. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              Anthropic has reached a deal with the Trump administration that would restore access to its two most potent artificial intelligence models.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jason Henry for The New York Times
             </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Anthropic turns its top models back on
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Fable and Mythos are back, mostly.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Anthropic will begin restoring access
         </a>
         <span>
          to its most powerful artificial intelligence models, after reaching an agreement with the Trump administration over safety guardrails.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The agreement concludes a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          blackout of the Anthropic models
         </a>
         <span>
          that lasted more than two weeks. But it’s unclear whether the move will settle growing concerns about the administration’s increasingly interventionist approach to regulating A.I. — and as rivals from China rapidly catch up.
         </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">
                Anthropic will make Fable available to users starting 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">
                Mythos will be available again for certain U.S.-based organizations, with Anthropic seeking to restore access to the broader set of domestic and overseas customers who were part of the company’s Glasswing program.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Anthropic agreed to additional safety guardrails for the models.
         </span>
         <span>
          Here’s what Commerce Secretary
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Howard Lutnick
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wrote in a letter to Anthropic
         </a>
         <span>
          lifting the ban:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Anthropic has agreed to proactively detect and address security risks associated with the models; to work diligently with the U.S. government on protocols and standards and releases for Mythos, Fable and future models; and to inform the U.S. government of any malicious activity.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          More specifically, according to an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Anthropic blog post
         </a>
         <span>
          , the company has addressed what Amazon and the administration said was a way to bypass Fable’s safeguards around cybersecurity.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (Anthropic cautioned that its models will have to scrutinize more potential false positives, which will be costly.)
         </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">
          Has the damage already been done?
         </span>
         <span>
          Even though the administration lifted the export restrictions on the Anthropic models, Lutnick wrote in his letter that his department “reserves the right” to reimpose those limits “should circumstances change.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That may be a standard caveat. But it reinforces the growing suspicion in Silicon Valley and beyond that the Trump administration will play a stronger hand in regulating A.I., an industry it previously treated with a light touch.
         </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">
                “This
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                opacity will not lend itself
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                well to a stable, investable, trustworthy industry over time,”
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Dean Ball
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a former A.I. adviser to the administration who now works at OpenAI, wrote on X. But, he added: “The status quo is not tenable, but we made progress today.”
               </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">
          And Chinese A.I. is still breathing down Silicon Valley’s neck.
         </span>
         <span>
          Tech experts are still talking about models like GLM-5.2 from Z.ai, which
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          outperforms most Western equivalents
         </a>
         <span>
          , save the highest-end Anthropic and OpenAI ones. And it’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          open-source and freely available
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “This was a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          huge own goal for the US
         </a>
         <span>
          , and we will see how bad US models get over the next six months and if Chinese models become noticeably better for cyber work,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Alex Stamos
         </span>
         <span>
          , a former chief security officer at Facebook, wrote on X.
         </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">
                In other A.I. news: Anthropic has unveiled a new Claude model
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                aimed at life sciences work
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Trump administration reportedly plans to drop the U.S.-Mexico-Canada trade deal.
         </span>
         <span>
          The administration is expected to announce today that it will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          not extend the agreement
         </a>
         <span>
          , known as U.S.M.C.A., starting a decade-long countdown to the end of a 32-year-old free-trade zone. Elsewhere, the E.U.’s side of a trade deal it struck last year with ​the U.S., which will eliminate import duties on many American products,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          comes into force today
         </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">
          An independent studio buys the Sam Altman movie that Amazon dropped.
         </span>
         <span>
          Neon
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          purchased “Artificial,”
         </a>
         <span>
          a film about Sam Altman and his rocky road to becoming the C.E.O. of OpenAI, after Amazon put it up for sale (months after announcing a $50 billion investment in the artificial intelligence lab). Neon won best picture Oscars in 2020 and 2025 for “Parasite” and “Anora.”
         </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">
          Britain may intervene in the takeover of Warner Bros. Discovery.
         </span>
         <span>
          The country’s culture secretary, Lisa Nandy, said she was inclined to do so
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          given her concerns
         </a>
         <span>
          about the concentration of media and news ownership. Paramount, the planned buyer of Warner Bros. Discovery, has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          offered remedies to the E.U.
         </a>
         <span>
          to resolve the bloc’s concerns about the transaction.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
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           <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_20260701%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODI5MDc3MTkuODAyMzg3NX0:1wetk7:3dRqLIiL4hWyOeErW0AoAMpXpz5Au7HAlig877nEk9s" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
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                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
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                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260701%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODI5MDc3MTkuODAyNjEzM30:1wetk7:5wxYdXjs4vBNxAwRJpzouD-Dzn7Z6mFi4vhvrsLyBb0" style="display:block;width:100%;max-width:480px" width="480"/>
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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
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           <td height="20">
           </td>
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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>
          SCOTUS puts a data deal in jeopardy
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The fallout from the Supreme Court’s chipping away at
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the independence of agencies like the Federal Trade Commission
         </a>
         <span>
          is rippling across the Atlantic Ocean, putting a major international treaty at risk.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The ruling threatens to disrupt a data privacy agreement between the United States and the European Union, and could have big implications for American businesses serving European customers, David Meyer reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The context:
         </span>
         <span>
          The F.T.C.’s role as an independent privacy regulator is a bedrock for the E.U.-U.S. Data Privacy Framework, an agreement that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          allows American firms to import
         </a>
         <span>
          Europeans’ personal data in compliance with E.U. data-protection laws. Adopted in 2023, the deal enables companies like Meta and Google to seamlessly serve users across Europe.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But now that the Supreme Court has undercut the F.T.C.’s independent authority,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Max Schrems,
         </span>
         <span>
          the prominent Austrian lawyer and privacy activist, is calling on the European Commission to scrap the deal.
         </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">
                Schrems was
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                responsible for overturning two previous versions
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of the E.U.-U.S. privacy agreement. In both cases, the Court of Justice of the European Union — the bloc’s highest court — agreed with him that the deals failed to protect Europeans’ data from U.S. intelligence gathering.
               </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">
          Schrems urged the E.U.’s executive body in a letter yesterday
         </span>
         <span>
          to “immediately
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          take all necessary steps
         </a>
         <span>
          to allow European citizens and businesses an orderly exit” from the agreement. But if not, Schrems wrote, “we also want to inform you, that we are also planning to challenge” the deal “before the courts.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Markus Lammert, a spokesman for the European Commission, said yesterday that the commission would “carefully analyze any implications” the Supreme Court ruling might have for “the EU-U.S. agenda.”
         </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">
          Schrems is optimistic that he won’t need to take the legal route.
         </span>
         <span>
          “Today there was already some momentum building in the E.U. institutions, so we could see some movement,” he told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But if not, Schrems said, he plans to file his challenge this summer.
         </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">
          U.S. tech giants are already facing uncertainty across the Atlantic.
         </span>
         <span>
          The European Commission recently
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          proposed a “tech sovereignty” law
         </a>
         <span>
          that would effectively shut U.S. cloud providers out of the bidding for many large public contracts in Europe.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Vipul Ved Prakash, Percy Liang and Ce Zhang smile at the camera while sitting together on a couch." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F01%252Fbusiness%252F01DB-together-ai-founders%252F01DB-together-ai-founders-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODI5MDc3MTkuODAyNzE4Nn0:1wetk7:U4X2fTgtldQh8nmWSj2TpDvLE586um4L1zXi2hnSlTA" 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">
              From left, Together AI’s chief executive, Vipul Ved Prakash, with his co-founders Percy Liang and Ce Zhang.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Together AI
             </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>
          Together AI lands an $8 billion valuation
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Two recent trends are reshaping the artificial intelligence boom: Chinese open-source models are closing the gap with American models, and more U.S. companies are turning away from “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tokenmaxxing
         </a>
         <span>
          ” to rein in soaring costs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That created an opportunity for Together AI, a San Francisco start-up that provides businesses with a platform to gain access to hundreds of open-source models while improving those models’ efficiency.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Today, Together AI announced
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          an $800 million funding round
         </a>
         <span>
          at an $8.3 billion valuation, Niko Gallogly is first to report.
         </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 round was led by Prosperity7 Ventures,
         </span>
         <span>
          the venture arm of Saudi Aramco, Saudi Arabia’s state oil company. Nvidia, Vista Equity Partners, General Catalyst and others also participated.
         </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">
          Companies’ “margins are being eaten by token costs on closed-models,”
         </span>
         <span>
          like those offered by OpenAI and Anthropic,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Vipul Ved Prakash,
         </span>
         <span>
          Together AI’s co-founder and C.E.O., told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As more companies adopt open-source models, which can be used and modified freely, Together AI’s business has surged. In the past year, the start-up has seen a 10,000-fold increase in the number of tokens it processes per month.
         </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 numbers behind the open-source trend:
         </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">
                Chinese open-source models can cost one-fiftieth as much as their American counterparts on a per-token basis, according to a recent
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                JPMorgan Chase report
               </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">
                Open-source processing on the A.I. model marketplace OpenRouter rose to 65 percent in June, from 34 percent in January, according to a Citi analysis that
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Reuters reported
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </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">
          Some experts worry about U.S. companies’ adoption of Chinese open-source models,
         </span>
         <span>
          citing concerns that the models are built by companies connected to China’s government and that the developers have illicitly leveraged American technology.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But for many customers, the models’ lower cost is enticing.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
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           <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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            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
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                <td style="line-height:0;font-size:0">
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        </table>
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            <img alt="An American flag is seen hanging over an entrance to the New York Stock Exchange." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F01%252Fmultimedia%252F01db-wall-street-hzcq%252F01db-wall-street-hzcq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODI5MDc3MTkuODAzMjk3M30:1wetk7:6cLJRebvm4gV_d_fxnrq9atSugpLfN1WdcJMmizuuD4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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          </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 New York Stock Exchange, in June 2026.
             </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>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Market movers
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Global stocks are under pressure this morning after investors racked up
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          huge second-quarter gains
         </a>
         <span>
          that point to bumper trading profits for Wall Street.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The S&amp;P 500’s best quarter in six years was aided by a staggering run in chip stocks,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          especially memory chipmakers
         </a>
         <span>
          , as traders found new darlings in the artificial intelligence rally. But bears see a fragile U.S.-Iran cease-fire, high interest rates and, yes, A.I. bubble worries as potentially spoiling the party in the second half of the year.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A bar chart shows some of the big market winners and losers in the second quarter of 2026." class="css-mcckse" height="263" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F01%252Fbusiness%252F01db-chart%252F01db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODI5MDc3MTkuODAzNDMyMn0:1wetk7:iTRD-tkILg_7nJg4HpQCSPlQxD0J3jiHFUV1GoZ3Lns" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
           </td>
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         </tbody>
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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 big winners
         </span>
         <span>
          were the PHLX semiconductor index and Korea’s tech-heavy KOSPI index. Both are packed with chipmakers, including Nvidia, Micron, SK Hynix and Samsung, who have thrived amid a spending spree by top A.I. companies, known as “hyperscalers.”
         </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 flip side:
         </span>
         <span>
          Negotiations on a framework peace deal in Iran have sent oil prices plunging, pushing Brent crude, the international benchmark, briefly below prewar levels last week.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Brent tumbled 38 percent last quarter, according to Deutsche Bank data.
         </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">
          Crypto is also in a tailspin.
         </span>
         <span>
          Bitcoin fell 15 percent last quarter, its third straight quarterly decline, the bank said, as retail investors
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          look for better returns elsewhere
         </a>
         <span>
          , including in A.I. stocks.
         </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 crypto has helped fuel President Trump’s family fortunes.
         </span>
         <span>
          The president’s most recent mandatory financial filing shows that he netted
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a staggering $2.2 billion in revenues
         </a>
         <span>
          last year — $1.4 billion of which came from his family’s crypto businesses.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors who snatched up $TRUMP memecoins and digital tokens issued by World Liberty Financial, the Trump family’s crypto venture, contributed to that windfall. One investor was the United Arab Emirates, which took a big stake in World Liberty.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A reminder: Some traders
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lost big in the Trump crypto frenzy
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What’s next?
         </span>
         <span>
          Kevin Warsh, the Fed chairman, is set to speak today at the European Central Bank’s annual conference in Sintra, Portugal. Investors will be looking for clues on his outlook for inflation and rates ahead of tomorrow’s big jobs report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Economists forecast
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          another hot set of hiring figures
         </a>
         <span>
          , which could add to calls for the central bank to raise rates soon.
         </span>
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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
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          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">
                In I.P.O. news: Bending Spoons, an Italian firm
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                rolling up struggling software apps
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , raised
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $1.68 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the company’s initial offering. Lime, the Uber-backed bike-sharing company,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raised $174 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT, 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">
                Getty Images has 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">
                its plan to acquire Shutterstock
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , which would have created a stock images supplier worth $3.7 billion, after Britain’s competition regulator imposed conditions on the deal. (FT)
               </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">
          Politics, policy and regulation
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Melat Kiros
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a democratic socialist, defeated Representative
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Diana DeGette
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a 15-term incumbent, in Colorado’s Democratic primary, as progressive candidates
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                continued to pressure moderate Democrats
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                TikTok is 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">
                finalizing a deal
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to settle another lawsuit claiming that its social media platform is addictive to minors. (Bloomberg)
               </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">
          Best of the rest
         </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">
                “They’re in Their 60s and Their Student Loans
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Won’t Let Them Retire
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Victor Willis
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the Village People lead singer who
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                co-wrote hits like “Y.M.C.A.,”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                has died. He was 74. (NYT)
               </span>
              </li>
             </ul>
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