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   DealBook: Bessent, Newsom, A.I. and more
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   Also, a scoop on an A.I. start-up’s big new fund-raise.
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             December 4, 2025
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Yesterday’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          DealBook Summit
         </a>
         <span>
          created a whirlwind of headlines. My head is still spinning. There were so many fascinating discussions with leaders of great consequence. We’ve got highlights below.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And over the next two weeks, we’ll send a special series of newsletters taking you inside the big day and go in-depth into the insights and trends that we learned from each interview. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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            <img alt="The Times’s Andrew Ross Sorkin and Gavin Newsom, the Governor of California, are seen in conversation at the 2025 DealBook Summit, with a view of the New York skyline in the background." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F12%252F04%252Fmultimedia%252F04db-summit-hfbv%252F04db-summit-hfbv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQ4NTM4MzcuMDg0NzQ5fQ:1vR96T:sd_6QPo6sVocZaWZ5dNlQIAfgdV-0Ie5m2BFB3B8iSw" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             Gavin Newsom, the governor of California, voiced his criticism of President Trump — and the business world’s deepening ties to his administration.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Dave Sanders for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The big takeaways from the DealBook Summit
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump’s economic policies and the artificial intelligence boom have dominated the news agenda this year. The two subjects came up repeatedly yesterday at the DealBook Summit in New York.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          At last year’s event, the tension ran high before Trump’s return to the White House. Yesterday, several speakers gave the president
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          mixed marks
         </a>
         <span>
          on his economic agenda.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But many questions remain. How will Trump’s tariff policies reshape global trade? Will A.I. radically transform how businesses operate and hire? Does crypto have a permanent place on Wall Street?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here are some big themes from this year’s event.
         </span>
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The debate over tariffs, inflation and the economy continues.
         </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">
          Scott Bessent
         </span>
         <span>
          , the Treasury secretary, said he was “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          very optimistic about the economy
         </a>
         <span>
          ” despite stubbornly high prices and signs of strain in the labor market. On tariffs, he admitted, there could be a downside. “You could get a one-time price adjustment,” he said.
         </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">
          Mary Barra
         </span>
         <span>
          , the C.E.O. of G.M. — which has been hit hard by tariffs —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reaffirmed the carmaker’s commitment to electric vehicles
         </a>
         <span>
          despite the Trump administration’s push to loosen fuel-efficiency standards. (She noted that the future of E.V. sales in the U.S. remained uncertain.) “I want clarity, whether it’s tariffs or regulatory, because we invest over a period of years,” Barra said.
         </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">
          Brian Armstrong,
         </span>
         <span>
          the C.E.O. of Coinbase,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          brushed off the fallout
         </a>
         <span>
          from recent plummeting crypto prices, which has been partly fueled by wider economic uneasiness from Trump’s trade policies. Armstrong instead expressed optimism about the economy, saying that America is in “kind of a golden age for freedom.”
         </span>
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          There’s no escaping the A.I. bubble talk.
         </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">
          Larry Fink
         </span>
         <span>
          , BlackRock’s C.E.O., the $13.5 trillion asset management juggernaut, said that some tech industry leaders were divided on whether they were spending too much or too little on A.I.
         </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">
          Dario Amodei
         </span>
         <span>
          , the C.E.O. and co-founder of Anthropic, the A.I. start-up now valued at $183 billion, acknowledged that the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          vast amounts of spending
         </a>
         <span>
          could eventually hurt some companies racing toward A.I. dominance. Amodei said that he and his executive team were entering a “cone of uncertainty” over the risks of investing too heavily today in computing facilities with an uncertain payoff.
         </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">
          Alex Karp,
         </span>
         <span>
          the
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          C.E.O. and co-founder of Palantir,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          defended his company’s advancements in the field
         </a>
         <span>
          , asserting that it had become a “juggernaut” in A.I. He pushed back aggressively against accusations that the company was building mass surveillance tools.
         </span>
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Trump is still a lightning rod.
         </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">
          Gavin Newsom
         </span>
         <span>
          , the California governor who has positioned himself as a foil to Trump,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          was not shy about criticizing the administration’s moves to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          take equity stakes
         </a>
         <span>
          in the chipmaker Intel and MP Materials, an operator of rare earth mines, and a “golden share” in U.S. Steel. “What the hell happened to free enterprise?” Newsom said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A few speakers said their perspectives had changed since Trump took office in January. Bessent
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          defended the president’s use of tariffs
         </a>
         <span>
          and acknowledged that he and Trump were initially far apart on tariff strategy. “My evolution went to, ‘Well, I think we should do smaller incremental tariffs.’ And the president went in with a maximalist position,” he said, adding that Trump’s approach gave them leverage in trade negotiations.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And Fink, once a skeptic of crypto, said his feelings about digital currencies
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          had evolved
         </a>
         <span>
          . He had previously called crypto “the domain of money launderers and thieves.” Now his firm is one of the biggest players in the industry, a move that has been bolstered by the administration’s pro-crypto stance.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Watch Andrew’s conversations
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          here
         </a>
         <span style="font-style:italic">
          and catch up on all of The Times’s coverage
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          here
         </a>
         <span style="font-style:italic">
          .
         </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>
             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">
          Wall Street is said to have concerns about Kevin Hassett possibly moving to the Fed.
         </span>
         <span>
          Bond investors and bank executives are among those who have expressed worries to the Treasury Department about Hassett, who has emerged as a front-runner to succeed Jay Powell as the central bank’s chair.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          A chief worry
         </a>
         <span>
          : He may cut interest rates deeply to please President Trump, according to The Financial Times. And Bloomberg reports that Trump aides and allies
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          have discussed
         </a>
         <span>
          giving Hassett’s current job as a top White House economic adviser to Treasury Secretary Scott Bessent.
         </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">
          Morgan Stanley is said to weigh cutting its exposure to data center loans.
         </span>
         <span>
          The bank has held talks with investors about using Synthetic Risk Transfer transactions to lower its exposure to loans made to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          finance data centers powering the A.I. boom
         </a>
         <span>
          , Bloomberg reports. Morgan Stanley forecasts that cloud computing companies will spend about $3 trillion on such projects by 2028, and investors have grown worried about a bubble in the market.
         </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">
          Sam Altman reportedly explores building a competitor to Elon Musk’s SpaceX.
         </span>
         <span>
          The OpenAI C.E.O. held talks about raising funds to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          buy or partner with a rocket company
         </a>
         <span>
          , according to The Wall Street Journal. Altman has long expressed interest in building data centers in space.
         </span>
        </p>
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            <div style="width:100%;text-align:center;line-height:0">
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            <span style="text-align:center">
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           <td height="20">
           </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="Treasury Secretary Scott Bessent, wearing a gray suit and tie, sits next to Andrew Ross Sorkin and gestures with his hands. " class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F12%252F04%252Fmultimedia%252F04DB-Bessent-mzlp%252F04DB-Bessent-mzlp-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQ4NTM4MzcuMDg1Mzk2NX0:1vR96T:quPZWAlPZZGhIAodUID1rIqXcWYGSXMhinuSUJY7icM" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              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>
          Scott Bessent: “I’ve had an open mind, and that I’ve evolved on this, and that the president’s been right.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Treasury secretary on his
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          change of heart about tariffs
         </a>
         <span>
          . As a hedge fund investor in 2024, Bessent said that a weak dollar strategy would be preferable to tariffs for starting an industrial renaissance.
         </span>
        </p>
        <table width="100%">
         <tbody>
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           <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>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Benjamin Netanyahu: “When history is within reach, you don’t step aside. You step forward.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The prime minister of Israel has led the country for many years and is in his third stint in this role. But he made it clear that he had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          no intention of stepping down
         </a>
         <span>
          , despite being 76 years old and facing legal woes at home and abroad, as well as other pressures. He argued that Israel was now positioned to make peace with regional neighbors and that he would be the leader to do it.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Larry Fink: “My thought process always evolves.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s how the BlackRock C.E.O. summed up his pivot on cryptocurrencies. A onetime skeptic, Fink is now an enthusiastic proponent, and his firm offers one of the leading Bitcoin E.T.F.s. Many executives on Wall Street are reassessing crypto these days, as the industry notches major policy victories in Washington.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Fink spoke alongside Brian Armstrong, the C.E.O. of Coinbase, and both
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dismissed fears of a crypto winter
         </a>
         <span>
          .
         </span>
        </p>
        <table width="100%">
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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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="Gov. Gavin Newsom of California wears a blue suit and sits in front of a blue background. He is smiling and gesturing with his hands. " class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F12%252F04%252Fmultimedia%252F04DB-Newsom-zcbt%252F04DB-Newsom-zcbt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQ4NTM4MzcuMDg1NTR9:1vR96T:hI6kG7wvj0RSVb2QCVcyfZYJhgK1jV4o6HtBzGGDCtU" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              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>
          Gavin Newsom: “We have to be more culturally normal. We have to be a little less judgmental. We have to be a party that understands the importance and power of the border.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The governor of California, a Democrat, has been on a quest for the past year to examine why Democrats lost in 2024 and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          how they can regain power
         </a>
         <span>
          . He said the party would need to be a bigger tent with an inclusive economic vision.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Lai Ching-te: “President Trump wants the U.S. to become the world center for A.I., and we are willing to assist in this.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The president of Taiwan is navigating trade talks with the Trump administration, which has put a 20 percent tariff on the island’s exports. A semiconductor powerhouse, Taiwan has sought to use its chip expertise as leverage in those negotiations.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Lai also warned that China’s military aggression toward Taiwan
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          was growing
         </a>
         <span>
          .
         </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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        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Andrew Ross Sorkin, in a blue suit and tie, sits on a white chair next to Mary Barra, the C.E.O. of General Motors, who is wearing a leather jacket over a black dress." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F12%252F04%252Fmultimedia%252F04DB-Barra-fmpw%252F04DB-Barra-fmpw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQ4NTM4MzcuMDg2MTg1Mn0:1vR96T:EJ1Ox2UkhgqTy8ZWrxxQeEnoC3oDR1qWCBr1Clc1K5g" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Michael M. Santiago/Getty Images
             </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>
          Mary Barra: “It’s more than just price.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The C.E.O. of G.M. said that U.S. carmakers could compete with fast-growing Chinese companies on styling, safety and performance, even if the Chinese rivals could manufacture more cheaply. But it will be difficult to compete when the Chinese carmakers receive huge government support, she said: “If somebody is being subsidized 30 percent, that becomes a pretty difficult situation.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Speaking hours before President Trump announced plans to water down fuel economy standards established during the Biden administration, Barra also said G.M. would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          continue to develop motors that are fuel-efficient
         </a>
         <span>
          and cleaner even if federal standards no longer required automakers to do so.
         </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>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Alex Karp: “I think that’s stupid, honestly.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s how the C.E.O. of Palantir, who wrote his college dissertation on the rhetoric of fascism, responded when asked whether President Trump was a fascist.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Karp, who has previously backed Democratic politicians, brushed off criticism about Trump and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pushed back against criticism
         </a>
         <span>
          of his technology company’s work with the Trump administration on immigration and the military.
         </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>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Dario Amodei: “I think there’s genuine uncertainty. There’s genuine dilemma, which we as a company try to manage as responsibly as we can.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The C.E.O. of Anthropic acknowledged that the tech industry, including his own company, was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          facing considerable risk
         </a>
         <span>
          as it spends billions of dollars on the huge data centers that are meant to power the artificial intelligence technologies of the future.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
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            <img alt="Halle Berry wears a black jacket and pants and stands in front of a blue screen that features the words “DealBook Summit” and “The New York Times.”" class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F12%252F04%252Fmultimedia%252F04DB-Berry-gchf%252F04DB-Berry-gchf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQ4NTM4MzcuMDg2MzM2OX0:1vR96T:ETWHcw-QacprXbzz2Kg1raMfwjr6WDTT_rZKIZL6bi0" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Halle Berry: “Be bold, be loud, ladies — refuse to be diminished during one of the most important seasons of your life.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Academy Award-winning actor, director and producer
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          gave a talk
         </a>
         <span>
          on the importance of supporting women’s midlife health and promoting a better understanding of menopause. Berry, who is 59, has been vocal about her harrowing experience with perimenopause and the frustration she felt when doctors had no answers for her. She’s pushing for legislation, on the federal and state levels, to promote menopause research, training and education.
         </span>
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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>
          Jimmy Donaldson: “If you want to sell $100 million in product, the most important, it would be YouTube by a mile.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The stunt-happy creator known as MrBeast
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spoke about his expanding business empire
         </a>
         <span>
          , which is now valued at $5.2 billion and is rumored to be exploring a public offering. He has an Amazon game show, a snack line and a phone company in development, among other projects. (His C.E.O., Jeff Housenbold, claims that Beast Industries makes the country’s No. 1 action figure.) But he’s still attached to YouTube — where he is the platform’s top creator — both financially and sentimentally. He began uploading videos at age 13, and at the summit, he emphasized the platform’s “educational content” and lack of “brain rot” compared with TikTok.
         </span>
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             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Karsten Moran for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Erika Kirk: “We can agree on how to disagree.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The C.E.O. of Turning Point USA and the widow of the slain conservative activist Charlie Kirk
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cast a diplomatic tone
         </a>
         <span>
          .
         </span>
        </p>
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           <td class="css-36ugzx" style="padding-bottom:15px">
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           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Harvey’s big new fund-raising round
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Fervor for artificial intelligence extends far beyond the giant model makers like OpenAI and Anthropic and into creators of more specialized software. That’s underscored by the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          latest fund-raising round for Harvey
         </a>
         <span>
          , a prominent maker of A.I. tools for lawyers, Michael de la Merced 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">
          Harvey has raised $160 million at an $8 billion valuation,
         </span>
         <span>
          the start-up will announce today. That now brings Harvey’s fund-raising efforts to more than $750 million this year alone, and means that its valuation has more than doubled since February.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The round was led by Andreessen Horowitz, a new investor. Other participants included T. Rowe Price and the investment firm WndrCo, both new to Harvey, and the existing investors Sequoia Capital, Kleiner Perkins, Conviction and Elad Gil.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Alongside the new round, Harvey will also allow some existing employees to sell their equity, letting them cash in on the start-up’s rising valuation.
         </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 company is growing rapidly,
         </span>
         <span>
          according to Winston Weinberg, one of Harvey’s founders: Annual recurring revenue has now surpassed $150 million, triple the amount at the beginning of the year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “They’ve become the de facto leader” in A.I. legal assistants, David George, a partner at Andreessen Horowitz who led the fund-raising round, 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">
          Harvey is also racing to expand its non-law-firm user base.
         </span>
         <span>
          Nearly 35 percent of its customers are companies like Comcast, the hedge fund Bridgewater Associates and the energy giant Repsol.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One way to help expand its customer base, Weinberg said, is a new tool Harvey is introducing that lets law firms and their clients work together in shared virtual spaces on the platform. It’s meant to help them collaborate — and get them to use Harvey beyond a case-by-case basis.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A question of competition:
         </span>
         <span>
          Harvey faces pressure from both fast-growing rivals like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Legora
         </a>
         <span>
          , a Swedish start-up that’s now valued at $1.8 billion, and from established providers including Luminance and CoCounsel of Thomson Reuters.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Weinberg said he was also worried about competition from model makers like OpenAI, whose software helps power Harvey’s tools. (The ChatGPT maker was also his start-up’s first major investor.) OpenAI and Anthropic have increasingly been hiring professionals to help train their models on industry-specific tasks, potentially eating into specialists’ businesses.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But, Weinberg told DealBook, Harvey has continued to build industry-specific features that the larger companies can’t recreate.
         </span>
        </p>
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