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DealBook: Are investors too complacent?
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July 11, 2025
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Good morning. Andrew here. We’re taking a look at how markets are staying buoyant amid the debate over when the Fed might cut rates, and how tariffs — and President Trump’s continued pressure on the central bank to lower borrowing costs — could influence the outcome.
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We also surveyed corporate governance experts on their reactions to Andreessen Horowitz’s call for companies to leave Delaware. And for those of you playing around with A.I., the C.E.O. of Honeywell tells us his best tips and tricks. (Was this newsletter forwarded to you?
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Why are markets rallying amid a raging trade war? Too much “complacency,” said Jamie Dimon of JPMorgan Chase.
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Mike Segar/Reuters
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Rising tariffs … and stocks?
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Another day, another round of tariff threats from President Trump —
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and
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another record for the S&P 500. What gives?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It could be the result of growing market optimism about an interest-rate cut, or relief that some companies have started delivering surprisingly upbeat results. (More on that below). Or, it could be a bit of “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
TACO trade
</a>
<span>
” déjà vu, with investors convinced that Trump will back down on trade again.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Jamie Dimon
</a>
<span>
of JPMorgan Chase offered another explanation yesterday: “Unfortunately, I think there is complacency in the markets.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The latest:
</span>
<span>
Trump said yesterday that he would impose a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
35 percent levy on Canada
</a>
<span>
, effective Aug. 1, and that he planned to raise baseline tariffs on all trading partners to between 15 percent to 20 percent, from 10 percent. “I think the tariffs have been very well-received,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
he told NBC News
</a>
<span>
. “The stock market hit a new high today.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Despite the trade fight escalation, S&P 500 futures this morning are down only slightly.
</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 the trade picture could start getting muddled.
</span>
<span>
Vietnam was surprised by the 20 percent tariff figure that Trump announced last week, according to Bloomberg, and reportedly is looking to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
negotiate better trade terms
</a>
<span>
. In fact, Hanoi still
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
has not formally accepted
</a>
<span>
key details of what the White House presented as an agreed-upon deal and major victory, Politico adds.
</span>
</p>
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<tbody>
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</td>
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</td>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That gets at a big question hanging over global markets: Should investors take Trump at his word? “You have to call his bluff at this point,” Patrick Armstrong, chief investment officer at Plurimi Wealth, told Bloomberg Television this morning.
</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">
Interest rates are also weighing on investors.
</span>
<span>
Lower borrowing costs could give households relief and boost corporate profit. Trump kept up the pressure campaign on the Fed: “COUNTRY IS NOW ‘BACK.’ A GREAT CREDIT!
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
FED SHOULD RAPIDLY LOWER RATE
</a>
<span>
TO REFLECT THIS STRENGTH,” he wrote on Truth Social yesterday
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But the central bank’s key policymakers remain divided. In Trump’s camp is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Christopher Waller
</a>
<span>
, a Trump appointee considered to be a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
candidate for Fed chair
</a>
<span>
next year, who’s open to lowering borrowing costs at the next rate-setting meeting later this month.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Mary Daly
</a>
<span>
, the San Francisco Fed president, forecasts two cuts, but beginning in September. And
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Alberto Musalem
</a>
<span>
, the St. Louis Fed president, thinks that the central bank should keep waiting, a position
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
similar to that of the Fed chair, Jay Powell
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The futures market this morning was penciling in roughly two cuts, starting in September.
</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">
Dimon is a contrarian here, too.
</span>
<span>
The JPMorgan C.E.O. thinks rates should go up. “I’m pricing in a 40 percent to 50 percent chance” of that happening, he said, believing that markets are underestimating the fallout from tariffs.
</span>
</p>
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<td>
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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>
</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 Pentagon takes a stake in a rare-earth miner.
</span>
<span>
Shares in MP Materials soared yesterday after the Defense Department said it would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
invest several billion dollars in the company
</a>
<span>
to shore up American supplies of minerals that are vital to manufacturers — and which China has a lock on. The Trump administration has won commitments from Beijing to keep rare-earth exports flowing, but trade war tensions make that uncertain.
</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">
Iran appears to still possess near-bomb-grade enriched uranium.
</span>
<span>
Some of the cache
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
survived U.S. attacks on Iranian nuclear facilities
</a>
<span>
and may still be accessible to Iranian scientists, a senior Israeli official told The Times. The assessment, which was confirmed by other Western intelligence officials and contradicts President Trump’s repeated statements about the condition of Tehran’s nuclear program, raises questions about America’s next steps.
</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">
Boston Consulting Group executives are said to be demoted over Gaza.
</span>
<span>
The consulting firm’s chief risk officer and its head of social impact practice
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
have been demoted
</a>
<span>
after revelations about the firm’s work around Gaza, The Financial Times reports. BCG has drawn criticism of its involvement in a project to study turning the war-torn territory into a regional trading hub; the firm said these two executives were misled about the exact nature of the endeavor.
</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">
Goldman Sachs will test an autonomous coding tool.
</span>
<span>
The financial giant will try out software from the artificial intelligence start-up Cognition that is meant to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
complete programming tasks
</a>
<span>
with minimal human intervention. It’s the latest sign of how Wall Street is embracing A.I. as a way of becoming more efficient; Devin, as the software is known, will be tasked with rote work like upgrading internal code.
</span>
</p>
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<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Andreessen Horwitz’s DExit call: experts weigh in
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The venture capital giant Andreessen Horowitz made waves this week when it announced its latest exit — from Delaware — as it
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
moves its incorporation to Nevada
</a>
<span>
and begins encouraging start-ups to do the same.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The announcement could make A16Z, as the firm is known, among the most influential proponents of the so-called DExit movement. Michael de la Merced spoke with several corporate governance experts about their reactions.
</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">
Larry Cunningham, the Weinberg Center for Corporate Governance, University of Delaware:
</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">
A16Z’s post
</a>
<span>
promoted the benefits of incorporating in Nevada, notably greater protections for directors from shareholder lawsuits. But Cunningham says that the state lacks much of what makes Delaware attractive as a home for business, especially courts with decades’ worth of experience sorting out corporate disputes.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“Nevada has none of that stuff,” he told DealBook. “What the piece says is they’re about to start getting that stuff.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But Cunningham has a broader concern. “The real danger that everybody in this country should fear is that this ignites a competition that basically eliminates all the guardrails in corporate law,” he said. “It could create a race to the bottom.”
</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">
Ann Lipton, University of Colorado:
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A16Z overstates how onerous Delaware’s rules are for executives and directors, according to Lipton. The state’s current requirements, she said, are “as a practical matter, performative,” mostly demonstrating that potential conflicts of interest have been reviewed by “nominally independent” boards or shareholders. If even that’s too high a bar for A16Z, she told DealBook, it says more about the firm than it does about Delaware.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But Lipton added that lots of start-ups don’t particularly care about where to incorporate and are happy to take cues from an influential investor.
</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">
Joe Grundfest, Stanford Law School:
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
While critics including Elon Musk have harped on about what they say are Delaware’s shortcomings, the state has moved to address some of those criticisms. Lawmakers have approved
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
changes to Delaware’s corporations code
</a>
<span>
, while the state’s bar association may soon recommend changes to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
awards for plaintiffs’ lawyers
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“Before recommending the radical surgery of leaving Delaware for another jurisdiction — where the law is not as developed and there are substantial uncertainties — I generally recommend that corporations wait to see how Delaware law evolves,” Grundfest told DealBook.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</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>
Seen and heard, earnings edition
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Earnings season has begun, giving investors their first insights into how companies are weathering President Trump’s trade war. C.E.O.s are sharing their concerns about tariffs and inflation, their effects on consumer spending, and more.
</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;font-weight:700;font-family:arial,sans-serif;color:#000">
The good:
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Shares 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">
Delta Air Lines
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
soared yesterday after the carrier reported a better-than-expected outlook for air travel, after abandoning guidance last quarter. “Seeing trade deals getting done and progress being made on negotiations is helpful,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Ed Bastian
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, the company’s C.E.O., told Yahoo Finance.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<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">
The bad:
</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">
Conagra
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
saw its shares fall sharply after the maker of Slim Jims and other food products, warned that tariffs would raise costs, drive up inflation and weigh on consumer sentiment. “We weren’t looking for another 7 percent total inflation this year, but we’ve got it,” Sean Connolly, the company’s C.E.O., told analysts.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<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">
The chic:
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Levi Strauss is up in premarket trading this morning. One reason: “We are competitively positioned better than most as it relates to tariffs,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Michelle Gass
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, the jeans maker’s C.E.O., told CNBC. “Number one, 60 percent of our business is international now.” It helps 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">
demand for its jeans is soaring
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, possibly thanks to the ongoing trend 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">
denim-on-denim
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
.
</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 blue bubble with white text that reads, "How do you use A.I.? What are your best use cases?" Another bubble underneath indicates a pending response.' class="css-xsf469" 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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTIyMzUxNDQuMTk1MzU3OH0:1uaCPA:l8ys5gCHY0wAQlQdlDWAjGehYd_3Hvpss3FIki6ZYwQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
</td>
</tr>
</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 Honeywell
</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 C.E.O. how he or she uses generative artificial intelligence. Vimal Kapur, the chairman and C.E.O. of Honeywell, has a hack for getting to the point of long emails, and his conglomerate collaborated with Google on a large language learning model that has helped point out opportunities to accelerate development and extend the life cycle of products. His responses have been edited and condensed.
</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 use A.I. in your work or personal life?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
I get a lot of emails and some of them are really long. So I found this clever way to kind of ask the Copilot, “What’s the message?” I think it does save a lot of time, if somebody wrote a mile-long email.
</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 direction have you given your team on how to use A.I.?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
We partnered with Google about a year back on making a purpose-built large language model that we can apply in various ways. For example, we build equipment engineered for our customers, and engineers can take months to write specs for a product. So we have been working with Google to automate that process, using our old documents.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Another area we’ve been working on is value-engineering our products. Because a lot of them use electronic components, they go through a refresh cycle. Memory chips change, computing chips change — everything changes so frequently — and that presents an opportunity to build a better product that is also cheaper. We have a bunch of engineers who do that constantly, and we work with Google to automatically look at the opportunities to re-engineer our existing products and make suggestions.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
I look at A.I. more around growth versus productivity. These examples are growth drivers, not cost drivers. I believe that pushing that concept is likely to give more R.O.I. to companies, because growth is harder to drive. I’m not saying it’s easy to take costs out, but I’m not aware of an industrial company where productivity is not core to their operations. It’s a more mature process in most organizations.
</span>
</p>
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<span style="font-style:italic">
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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>
</td>
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</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">
Deals
</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">
The Justice Department
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
cleared T-Mobile’s $4.4 billion takeover
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
of UScellular. The move came a day after T-Mobile said it was scrapping its D.E.I. programs. (Reuters)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Bilt Rewards
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, which gives users rewards points for paying their rent via its platform, raised $250 million in new funding at a $10.8 billion valuation. (Bloomberg)
</span>
</li>
</ul>
</td>
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</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">
Tech and artificial intelligence
</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">
OpenAI asked California regulators 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">
investigate the Coalition for AI Nonprofit Integrity
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, a group challenging its efforts to change its corporate structure, for alleged lobbying law violations and ties to Elon Musk. (Politico)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Why Elon Musk’s xAI Chatbot Grok
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Went Rogue
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (WSJ)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
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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>
<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">
A group of wealthy New York City executives reportedly 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">
spend at least $20 million
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to bankroll a new effort to try to defeat Zohran Mamdani in the mayoral election. (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
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
original Hermès Birkin bag
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, which led to one of the most coveted (and priciest) lines of handbags in history, sold at auction for $10 million — more than the price paid for a hat belonging to Napoleon. (NYT)
</span>
</li>
</ul>
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Andrew Ross Sorkin
</a>
<span>
, Founder/Editor-at-Large, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@andrewrsorkin
</a>
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Bernhard Warner
</a>
<span>
, Senior Editor, Rome
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@BernhardWarner
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Sarah Kessler
</a>
<span>
, Deputy Editor, Chicago
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@sarahfkessler
</a>
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Michael J. de la Merced
</a>
<span>
, Reporter, London
</span>
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@m_delamerced
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Lauren Hirsch
</a>
<span>
, Reporter, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@LaurenSHirsch
</a>
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