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   DealBook: Behind Google’s A.I. shake-up
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             August 6, 2026
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          Good morning. Andrew here.
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         <span>
          Would you pay as much as $100,000 a month to read President Trump’s posts a few milliseconds ahead of everyone else? Niko Gallogly did some digging to uncover how many trading firms have actually signed up for this data feed.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Beyond the steep price tag lies a glaring question: Should a political figure be able to profit off market-moving announcements? More below. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="Demis Hassabis, center, smiling as he sits between President Trump and President Lee Jae Myung of South Korea." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F06%252Fmultimedia%252F06db-hassabis-vbqj%252F06db-hassabis-vbqj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODYwMTgxOTAuMDI5OTYzN30:1wrwv0:ZzH5aTGHXZ_6ykmQhx0maupx2Mh1T1kuQ3jwa5_ToUY" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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              Demis Hassabis, center, with President Trump and President Lee Jae Myung of South Korea. He leads artificial intelligence at Google but acts as more of a statesman for the technology.
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              Pool photo by Julia Demaree Nikhinson
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Google’s A.I. future
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors in Google panicked yesterday after the tech giant announced a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          major shake-up
         </a>
         <span>
          in the leadership of its artificial intelligence division, Google DeepMind, and the departure of a hugely influential scientist.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The impact of the changes may be less than it initially appeared. But Wall Street’s reaction reflects anxiety about whether Google can catch up to its A.I. rivals.
         </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 happened:
         </span>
        </p>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Demis Hassabis
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the C.E.O. of Google DeepMind, will become chair of the unit and chief scientist of Google’s parent company, Alphabet.
               </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">
                Koray Kavukcuoglu
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a top lieutenant to Hassabis, will take over day-to-day management of Google DeepMind.
               </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">
                Jeff Dean
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Google’s chief scientist, and three other colleagues are leaving 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">
                found an A.I. start-up
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The background:
         </span>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Hassabis had
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                already been delegating
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                day-to-day management of Google DeepMind to Kavukcuoglu, according to Semafor.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Dean, though revered by many Google engineers and one of the company’s earliest hires, hadn’t been at the forefront of the company’s A.I. efforts. (
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Sergey Brin
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a Google founder, has been increasingly hands-on.) In a sign of apparent comity, Google will invest in Dean’s new start-up.
               </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">
          Hassabis has become one of the company’s statesmen on A.I.
         </span>
         <span>
          — he was Google’s representative at the A.I.-focused Group of 7 meeting this summer — and is increasingly focused on issues like the technology’s social impact. (He also runs
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Isomorphic Labs
         </a>
         <span>
          , an A.I.-focused drug discovery start-up spun out of Google.)
         </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 bigger issue: Google is an A.I. also-ran.
         </span>
         <span>
          Yes, it has successfully inserted its Gemini technology into its vast suite of products. It also won plaudits when its Gemini 3 model was released in November.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But its models are now considered several steps behind cutting-edge rivals from Anthropic and OpenAI. (It still hasn’t released its high-end Gemini 3.5 Pro model.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Meanwhile, Google has continued to bleed research talent, including
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Noam Shazeer
         </span>
         <span>
          (to OpenAI),
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          John Jumper
         </span>
         <span>
          (to Anthropic) and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          David Silver
         </span>
         <span>
          (who founded Ineffable Intelligence).
         </span>
        </p>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Google has
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                revamped its research division
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and formed an internal team focused on improving its models’ coding abilities, according to The Financial Times.
               </span>
              </li>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Google’s lagging position raises questions about its huge A.I. investment.
         </span>
         <span>
          The company estimates it will spend around
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $195 billion to $205 billion
         </a>
         <span>
          on capital expenditures (mostly A.I.-focused) this year, more than double what it did last year, and reported negative free cash flow for the first time since its I.P.O. in 2004.
         </span>
        </p>
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            <span>
             HERE’S WHAT’S HAPPENING
            </span>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Oil prices ease on hopes for a deal.
         </span>
         <span>
          Iran said yesterday it was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          close to an agreement
         </a>
         <span>
          with Oman to restore safe transit of ships through the Strait of Hormuz; the pact would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          last up to four months
         </a>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kazem Gharibabadi
         </span>
         <span>
          , Iran’s deputy foreign minister, told Iranian state media. (There’s been no mention of tolls so far.) Traders cheered, pushing S&amp;P 500 futures higher; Brent crude, the international benchmark for oil, traded at $80.40, below yesterday’s highs.
         </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">
          Gianni Infantino apologizes.
         </span>
         <span>
          After an emergency meeting, Infantino, FIFA’s embattled president,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wrote in a letter
         </a>
         <span>
          that “mistakes” were made in a now-shelved plan to attract private investors.
         </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 political fallout begins after the Michigan Democratic Senate primary.
         </span>
         <span>
          Despite being
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          widely outspent
         </a>
         <span>
          and shunned by party leadership,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dr. Abdul El-Sayed
         </span>
         <span>
          , a progressive, won Tuesday’s primary. He will face former Representative
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mike Rogers
         </span>
         <span>
          , a Republican, in November in a race that’s key to Democratic hopes of regaining control of the Senate. The American Israel Public Affairs Committee, which piled money into El-Sayed’s primary opponent, told allies it would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          back Rogers
         </a>
         <span>
          , The Times reports.
         </span>
        </p>
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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 border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="President Trump is seen holding up a printout of one of his Truth Social posts." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F06%252Fmultimedia%252F06db-truth-social-tljh%252F06db-truth-social-tljh-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODYwMTgxOTAuMDMwNDIxfQ:1wrwv0:z1qGXg46P7mfv9QIUym4_MN4ki1dKYFMiHAmGKwUQrU" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
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            <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">
              On Aug. 1, fast access to President Trump’s Truth Social posts became a new line of business for Trump Media and Technology Group.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jonathan Ernst/Reuters
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The numbers behind Truth API
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A new service selling early access to President Trump’s Truth Social posts has drawn plenty of controversy — and speculation about whether Wall Street firms will pay for it, Niko Gallogly reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Called Truth API, the product was created by Trump Media and Technology Group, Truth Social’s parent 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">
          Ten customers have signed up for Truth API so far,
         </span>
         <span>
          according to a person who is close to the company but not authorized to speak publicly about confidential information. They’re primarily trading firms whose algorithms can execute trades in fractions of a second.
         </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">
          For a monthly subscription fee between $60,000 and $100,000,
         </span>
         <span>
          the service alerts customers to Truth Social posts from influential accounts, including the president’s, milliseconds after the posts go up on Truth Social.
         </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 catch:
         </span>
         <span>
          Critics say
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          it is insider trading
         </a>
         <span>
          . On Monday, Senator Mark Warner, Democrat of Virginia,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          proposed legislation to ban it
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The president frequently makes market-moving posts on Truth Social,
         </span>
         <span>
          whether they are related to his trade war or the Iran war. In April last year, his post declaring a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          90-day pause on global tariffs
         </a>
         <span>
          helped send the Nasdaq up more than 12 percent in one session.
         </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 new service could be a key revenue stream.
         </span>
         <span>
          The company lost $712 million last year and reported $871,200 in first-quarter sales.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As Trump Media’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          largest shareholder
         </a>
         <span>
          , the president stands to gain if Truth API takes off.
         </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">
          Hedge funds can “make a crazy amount of money” with a small head start on Trump’s posts,
         </span>
         <span>
          Jordan Hauer, a founder of Amass Insights, which sources data for hedge funds, told DealBook.
         </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">
          Experts warn of legal and ethical concerns.
         </span>
         <span>
          “If I were the general counsel of a hedge fund, I’d still be very worried about exposure” to legal challenges, William Birdthistle, a law professor at the University of Chicago and a former director of the Division of Investment Management at the S.E.C., told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A future administration could accuse customers of paying a government official for nonpublic access to market-moving information, a criminal violation, Birdthisle said. Users could also be accused of breaking securities law by obtaining material nonpublic 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">
          Trump Media argues the opposite. “
         </span>
         <span>
          Truth API closes the latency gap for organizations that seek prompt access to publicly available Truth Social posts, and any suggestion that Truth API provides access to nonpublic information is factually inaccurate,” a spokesperson said in a statement.
         </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="A group cheering at a lectern that says “Nasdaq” and “SPCX, Nasdaq listed.”" class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F06%252Fmultimedia%252F06db-spcx-gmkt%252F06db-spcx-gmkt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODYwMTgxOTAuMDMwNTI4fQ:1wrwv0:kEM8ldJqWK1mQiZBfydBrz349NxITuVodx9vpZ33nt4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <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">
              SpaceX investors are bracing for another volatile trading session today.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Andres Kudacki 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>
          An X factor for SpaceX shares
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in SpaceX are rebounding in premarket trading after a weekslong slump. But investors are bracing for a deluge of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          up to 912 million new shares
         </a>
         <span>
          to hit the market today as an initial “lockup” on employees’ and investors’ shares expires.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some early hires and investors could see a windfall if they cash out now. But it is more complicated for newly unlocked stock held in special purpose vehicles, which add another level of unpredictability, Sri Muppidi 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">
          S.P.V.s are more lightly regulated.
         </span>
         <span>
          They’re investment funds that hold stakes in private companies, either directly or indirectly, and they have become a popular way for high-net-worth investors to invest in private companies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Take Sydecar, a platform that automates the creation of S.P.V.s. Some $1.79 billion has been invested across 1,424 S.P.V.s on its platform, up from $100 billion across 288 S.P.V.s in 2022.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bankers estimate that there
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          may be over a thousand S.P.V.s
         </a>
         <span>
          that hold SpaceX stock, according to The Wall Street Journal.
         </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">
          Huge demand for privately held start-ups has led to risky S.P.V.s.
         </span>
         <span>
          Some investors have resorted to holding stakes in S.P.V.s that are invested into other ones, known as layered S.P.V.s.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Two or three layers have become popular (with up to five layers in some cases). More layers add complexity:
         </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 layering can obscure how much in fees investors will have to pay to fund managers, what their returns will be and whether they will be paid out via cash or shares.
               </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 more layers, the more downstream investors could be at the mercy of those upstream.
               </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 companies, like
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Anthropic
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , may not honor stakes held through S.P.V.s.
               </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">
          S.P.V.s still have big fans.
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kendrick Kho
         </span>
         <span>
          , a founder and general partner at the venture capital firm Fourth Realm, manages more than 10 S.P.V.s that have invested in SpaceX. He expects a roughly tenfold return from an S.P.V. he organized in 2021.
         </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 all early investors are ready to sell. Christine Healey
         </span>
         <span>
          , the founder of the brokerage Healey Pre-IPO, said some of her clients viewed SpaceX as a “generational investment that they want to hold on to for decades.”
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </td>
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           <td>
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         QUOTE OF THE DAY
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Many of the loser children of my wealthy friends who see no way to emulate the success of their parents, have gravitated toward Mamdani-ism and found community and a sense of purpose by rejecting capitalism as a way to cope with their own failure.”
         </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">
          Dan Loeb
         </span>
         <span>
          , the billionaire investor and a vocal critic of Mayor Zohran Mamdani of New York,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on X yesterday
         </a>
         <span>
          . The rise of democratic socialist politicians, and their movement’s widespread appeal to young adults, is dismaying many corporate leaders.
         </span>
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td style="text-align:center">
            <img alt="A yacht moored in a harbor. On land is a fort and sand-colored buildings." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F06%252Fmultimedia%252F06db-malta-lmkb%252F06db-malta-lmkb-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODYwMTgxOTAuMDMxMDU4NX0:1wrwv0:i3GawMJTieN-kiBWymDsgbPAEoivOPtyFPYFM6LQke0" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <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">
              Malta’s Grand Harbour in 2023.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Dragana Rankovic 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>
          The ‘double Malta’
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Crocs sells shoes in 100 countries, but it claims that all of its profits are earned by a two-person office in Malta.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The country is the world’s new hot tax haven, and the accounting firms KPMG, PwC, Deloitte and EY are aggressively marketing strategies that Crocs and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          other companies are using
         </a>
         <span>
          , Jesse Drucker and Dylan Freedman report for The Times:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Malta has refined its appeal as a tax haven over decades. In an interview in his office at the Portomaso Marina, overlooking a harbor filled with yachts, John Dalli, a former finance minister for Malta, recalled hiring KPMG to draft legislation to help the country compete with offshore hubs like Bermuda and Grand Cayman. In the center of Valletta, building after building bears plaques for the law and financial firms that open the nearly endless shell companies claiming the island as their headquarters.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          PwC promoted a strategy called a “double Malta” as far back as 2006, promising tax rates in the single digits, compared with typical corporate income tax rates near 30 percent. After Ireland tightened rules on so-called
         </span>
         <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;color:inherit">
          double Irish
         </a>
         <span>
          tax shelters that made it easy to push profits into zero-tax locales, companies like LinkedIn and Abbott Laboratories discovered they could replicate the benefits by shifting part of those structures to Malta. The strategy became known as the
         </span>
         <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;color:inherit">
          single malt
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The number of Maltese subsidiaries established by U.S. companies is booming,
         </span>
         <span>
          and it includes offices for Victoria’s Secret, Kraft Heinz and PepsiCo. While Malta officially has a 35 percent corporate tax, firms can reduce that rate to nearly zero through various schemes.
         </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">
          Could others follow?
         </span>
         <span>
          Switzerland and Singapore have recently made moves to shield companies from the global minimum tax.
         </span>
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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
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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">
             <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">
                SoftBank
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                reported impressive quarterly results
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                this morning, helped by a huge gain from its shares in Intel. The value of its Vision Funds unit rose by $1.7 billion, bolstered by a stake in ByteDance. (CNBC)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Days after nearly imploding,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Leopold Aschenbrenner’s
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                hedge fund has reportedly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                invested $400 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in a private company. (Bloomberg)
               </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">
          Politics, policy and regulation
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <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">
                “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump Has Called Warsh Repeatedly
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Since He Became Fed Chair” (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">
                OpenAI asked a federal judge 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">
                throw out Apple’s lawsuit
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                accusing it of stealing trade secrets. (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">
          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">
                The rise and rise of the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                corporate chief of staff
               </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">
                Top law firms, including Paul Weiss and Quinn Emanuel, have reportedly held discussions 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">
                sell stakes in themselves
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to private equity firms or to seek outside funding. (FT)
               </span>
              </li>
             </ul>
            </td>
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