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   DealBook: Big Tech turmoil
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   Also, a Big Law shake-up.
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             July 29, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
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         <span>
          Back in 1995,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ari Emanuel
         </span>
         <span>
          walked out of International Creative Management in the middle of the night with a stack of client files to build Endeavor, proving even Hollywood’s top agencies weren’t untouchable. Now, Big Law may be having its Ari Emanuel moment.
         </span>
        </p>
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         <span>
          Yesterday, Wachtell, Lipton, Rosen &amp; Katz’s top litigation chief,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bill Savitt
         </span>
         <span>
          , led five partners to Gibson Dunn in a stunning raid. The defections have Wall Street debating whether the legal industry’s historically staid, loyalty-driven partnership model is undergoing a permanent shift. More below. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              Mark Zuckerberg, Meta’s C.E.O., had strong words about the future of artificial intelligence ahead of the tech giant’s earnings call later today.
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              Brendan Mcdermid/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Headwinds
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Renewed fighting between the U.S. and Iran. A high-drama
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Fed interest rate vote
         </a>
         <span>
          . A tech stock sell-off. Investors are being whipsawed by the boldfaced headlines.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s amping up market volatility ahead of earnings reports from artificial intelligence bellwethers Microsoft and Meta later today. Amazon goes tomorrow.
         </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>
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brent crude
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the international benchmark for oil, climbed more than 5 percent. It was trading around $88.50 a barrel after the U.S. and Saudi Arabia said they 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">
                launched coordinated strikes
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on Iranian-backed militias in Iraq overnight, ending a four-day lull in fighting.
               </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The sell-off on South Korea’s Kospi index continues, with SK Hynix again taking a big hit.
               </span>
              </li>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Investors are in a show-me-the-money mood
         </span>
         <span>
          . SK Hynix, whose memory chips are key to the build-out of A.I. infrastructure (as well as cars, tech gadgets and more), reported a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          record quarterly operating profit margin
         </a>
         <span>
          today. But it still fell short of calming demanding investors; its shares have halved in the past month.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It’s a tough crowd in the U.S., too.
         </span>
         <span>
          The Nasdaq 100 grouping of tech heavyweights is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          flirting with correction territory
         </a>
         <span>
          , or a drop of 10 percent from its June high. Shares in Microsoft and Meta have fallen even further in the past year as investors grow anxious about when their huge A.I. capital expenditure commitments will pay off. (The outlier: Apple, whose valuation
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          briefly surpassed $5 trillion
         </a>
         <span>
          yesterday.)
         </span>
        </p>
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            <img alt="A line chart shows the performance of the Nasdaq 100 versus the S&amp;P 500 over the past two months." class="css-mcckse" height="535" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F29%252Fbusiness%252F29db-chart%252F29db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODUzMjQzNzUuMzM0NDYwN30:1wp2QR:HW3OF3NNZ1ZSJcVJWAFzPL4vL2WSm9asAjf0RzwuBUY" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
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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 isn’t just interested in return on investment.
         </span>
         <span>
          Silicon Valley is divided over the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          open-versus-closed A.I. model debate
         </a>
         <span>
          . Investors will want to know whether this could shake up the economics of A.I., too, and even determine which frontier labs win out.
         </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">
          Mark Zuckerberg has made clear where he stands.
         </span>
         <span>
          The Meta C.E.O. is firmly in the “open” camp, and is growing increasingly suspicious of labs like Anthropic and OpenAI that have argued that as the technology grows more powerful it would be safer to keep A.I. models limited to controlled environments like theirs. He told The Times yesterday that such an approach would be
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bad for innovation and even dangerous
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “So much of the discourse from a lot of the other labs that are developing this is overwhelmingly filled with doom,” Zuckerberg said. “There needs to be a voice or several voices that are bringing realism to this debate.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Zuckerberg also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          told The Financial Times
         </a>
         <span>
          that the U.S. should not seek to block Chinese A.I. models. The Chinese competitive threat is also likely to be a hot topic on Big Tech earnings calls.
         </span>
        </p>
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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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         </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">
          Chinese robots join a U.S. blacklist.
         </span>
         <span>
          The Federal Communications Commission released rules that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bar the import
         </a>
         <span>
          from China of new humanoid and quadruped robots, along with power inverters, which connect renewable energy sources and batteries to grids and data centers. The administration is worried that such technology could be used to disrupt or steal data from U.S. supply chains.
         </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">
          Shein says it’s being investigated by the Federal Trade Commission.
         </span>
         <span>
          The Chinese online fast-fashion company made the admission in a new filing ahead of its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          planned I.P.O. in Hong Kong
         </a>
         <span>
          . Shein did not specify the reason for the scrutiny, but it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          adds to questions
         </a>
         <span>
          about its high-profile trading debut.
         </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 Senate confirms Jay Clayton as director of national intelligence.
         </span>
         <span>
          The Senate voted for Clayton along party lines, 51 to 47, to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          oversee U.S. intelligence agencies
         </a>
         <span>
          . Lawmakers have been eager to see Clayton, who served as chairman of the S.E.C. in President Trump’s first term, take over from
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bill Pulte
         </span>
         <span>
          , a housing official with no national security experience.
         </span>
        </p>
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            <img alt="A man is seen in close-up turning his head to his left." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F29%252Fmultimedia%252F29db-savitt-cbkh%252F29db-savitt-cbkh-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODUzMjQzNzUuMzM0ODk5NH0:1wp2QR:Ye0xAqjVIUCfLVZDRzB6bKZCQgY2AjKLmGa1lw58FIQ" 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">
              Bill Savitt at a news conference in May after his client, OpenAI, won a major verdict against Elon Musk.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jason Henry 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>
          A star Wachtell litigator jumps ship
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In a major shake-up of one of Wall Street’s most prestigious law firms, Gibson Dunn has hired
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bill Savitt
         </span>
         <span>
          , a co-chair of Wachtell, Lipton, Rosen &amp; Katz, as well as five other partners from its litigation department.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Hiring Savitt was “a dream hatched” by Barbara Becker when she became chair of Gibson Dunn five years ago, she told DealBook. Savitt was “No. 1” on her must-hire list, she added.
         </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">
          Savitt has led some of the most high-stakes corporate battles
         </span>
         <span>
          :
         </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">
                He defended Twitter in a 2022 lawsuit that forced
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Elon Musk
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to close his $44 billion acquisition of the company.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                As lead counsel for OpenAI, Savitt this spring helped the artificial intelligence company defend itself against Musk’s breach-of-contract accusations.
               </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">
          Wachtell is a longstanding force in M.&amp;A.
         </span>
         <span>
          Its model: run a tightknit, single-office boutique in New York with expertise in takeovers and a major corporate litigation presence in Delaware’s Court of Chancery. It is known for setting record profits.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Historically, departures of any kind from Wachtell, let alone by a firm co-chair, would have been unheard of. With the exit of Savitt and the five partners, questions will inevitably arise as to whether Wachtell needs to rethink its model.
         </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">
          “It’s a hydrogen bomb in the ecosystem,”
         </span>
         <span>
          said Steven Davidoff Solomon, a professor at the University of California, Berkeley, School of Law.
         </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">
          It comes amid big changes in Big Law.
         </span>
         <span>
          The shift away from the more gradual, lock-step salary approach has led to a fierce, and expensive, war for talent. (Law firms are now paying
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $20 million as a base line
         </a>
         <span>
          for top recruits.)
         </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">
          Wachtell remains an M.&amp;A. stalwart.
         </span>
         <span>
          “Wachtell Lipton is performing at its highest level across every metric,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          a spokeswoman for the firm said in a statement. “The firm is having a record year, continues at the top of all the league tables and is as strong as it has ever been.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It continues high-profile cases including representing the investment bank Jefferies in litigation surrounding the bankruptcy of the auto parts supplier First Brands.
         </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">
          It is the latest big hire for Gibson Dunn,
         </span>
         <span>
          including groups led by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jeff Wall
         </span>
         <span>
          , a former acting U.S. solicitor general, and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Barry Berke
         </span>
         <span>
          , the prominent white-collar defense lawyer.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The firm has been for “the past five years putting together what I call a dream team or a super team,” said Orin Snyder, co-chair of Gibson Dunn’s trials practice group.
         </span>
        </p>
        <table width="100%">
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="President Trump looks on smiling as Gianni Infantino, the president of FIFA, is seen speaking at a lectern." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F29%252Fmultimedia%252F29db-infantino-plwf%252F29db-infantino-plwf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODUzMjQzNzUuMzM1MDAzfQ:1wp2QR:FswhCaYLhrUj0DzVsgYXYNKhDkZKK2PmBKgry02_ZiE" 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">
              Gianni Infantino, right, the president of FIFA, at a reception with President Trump this month.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Haiyun Jiang/The New York Times
             </span>
            </span>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          FIFA fight
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The World Cup was a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bonanza for broadcasters
         </a>
         <span>
          , corporate sponsors and FIFA itself. But a rift between
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Gianni Infantino
         </span>
         <span>
          , the president of the international soccer governing body, and Europe’s soccer powerhouses continues to grow ahead of a big leadership vote next year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now two giants of the investment world — JPMorgan Chase and Thrive Capital — are being pulled into the fray as FIFA aims for its first private investment, Sri Muppidi writes.
         </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>
          FIFA yesterday announced a plan to sell a minority stake in a new subsidiary called FIFA Forward Enterprise (FFE) that would manage the commercial side of its main events, such as the World Cup.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The aim is to increase the revenue FIFA brings in, capitalizing on the popularity of this year’s supersized World Cup. But members still need to approve the plan.
         </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">
          Here’s how it would work:
         </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">
                Investors would put up to $4.2 billion into the new subsidiary, at a valuation of $20 billion, for about a 20 percent stake.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                JPMorgan is working with FIFA to drum up interest.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Thrive Capital, the investment fund led by
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Joshua Kushner
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , is in advanced talks to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                lead the deal
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                through its Thrive Eternal fund.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                FIFA’s 211 national soccer associations would each immediately receive $20 million, plus a big bump in future years.
               </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">
          Not everyone is a supporter.
         </span>
         <span>
          Fan groups and politicians have slammed FIFA for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          selling out a sport
         </a>
         <span>
          that had been run by nonprofits.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Europe’s soccer authority, known as UEFA, reacted with special fury. It said the deal “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          crosses a line
         </a>
         <span>
          ” and offers “zero transparency as to who gains financially.” And it was reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          considering a boycott
         </a>
         <span>
          of FIFA events.
         </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 payouts are causing tension.
         </span>
         <span>
          A drop in the bucket for richer countries, the funds represent a windfall for smaller nations. Critics fear the payments could enable Infantino, a close ally of President Trump, to curry favor with this bloc, giving him an overwhelming edge ahead of FIFA presidential elections in March.
         </span>
        </p>
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           </td>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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         <span>
         </span>
        </h2>
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           </td>
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           </td>
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        </table>
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         <tbody>
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            <img alt="Two men are smiling and sitting in chairs with a wall of bookshelves behind them. " class="css-18ei5jy" height="281" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F29%252Fbusiness%252F29db-pangram%252F29db-pangram-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODUzMjQzNzUuMzM1NDI1OX0:1wp2QR:7YNBMvlG64nrg6HBfAnvT_mQiQEFtAuj5pgUBTgPaqs" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              The Pangram C.E.O., Max Spero, left, and his co-founder, Bradley Emi, met as undergrads at Stanford.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Pangram
             </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>
          Scoop: New funding for a start-up fighting A.I. slop
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As generative artificial intelligence penetrates more of our communication channels, new start-ups are vying to be the best at distinguishing A.I. from human-generated content.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One is Pangram, which is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          announcing today a $9 million fund-raising round
         </a>
         <span>
          along with the launch of two new detection models, including one that analyzes images, Niko Gallogly is first to report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Menlo Ventures is leading the funding round for the New York-based start-up, with participation from ScOp Venture Capital, Haystack Ventures and others.
         </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.I. detection tools have been dismissed as unreliable in some tech circles.
         </span>
         <span>
          But Pangram has helped to reshape that narrative. A 2025
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          study
         </a>
         <span>
          from the University of Chicago found that Pangram maintained near-perfect accuracy in assessing texts that were roughly 500 words or more, outcompeting its rivals Originality.ai and GPTZero.
         </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">
          It’s attracted big customers.
         </span>
         <span>
          More than 50 universities are now paying for the start-up’s services. Last week, Substack unveiled a partnership with Pangram to allow readers to opt out of seeing A.I.-generated content.
         </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">
          Pangram’s annual revenue rate has soared in the past year.
         </span>
         <span>
          And the company said that monthly users grew to 120,000 in June, up from 2,700 a year before. A majority of Pangram’s revenue comes from individual subscriptions, which cost $20 per month.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The company is also introducing its first A.I.-image detection model,
         </span>
         <span>
          which will help bolster Pangram’s goal of providing users with “cognitive security,” Max Spero, Pangram’s co-founder and C.E.O., told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          One big caveat: It’s not always right.
         </span>
         <span>
          That creates the potential for accusations about A.I.-generated writing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          that might be wrong
         </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">
          Another question:
         </span>
         <span>
          What is the right way to treat text that Pangram labels as
         </span>
         <span style="font-style:italic">
          partly
         </span>
         <span>
          written with A.I.? Spero said he thought it was “completely OK” for people to use A.I. as an assistant, but noted that he personally chose not to. How everyone else chooses to treat that messy middle ground remains to be seen.
         </span>
        </p>
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            <span>
             THE SPEED READ
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          Deals
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                “How Blackstone Put Jersey Mike’s on a
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Fast Track to This Week’s I.P.O.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
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              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Meta and BlackRock are planning a giant Texas data center that
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                could cost $14 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to build. Koch Inc., the major conglomerate, is said to be weighing 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">
                sale of a data center developer
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that could value it at around $15 billion. (Bloomberg)
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          Tech and artificial intelligence
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        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
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             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
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                PwC published “thought leadership” reports
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                marred by A.I. hallucinations
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                More than 1,100 workers at leading artificial intelligence companies have signed a petition calling on Washington 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">
                weigh the throttling of A.I. development
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as a safety precaution. (Bloomberg)
               </span>
              </li>
             </ul>
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          Best of the rest
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Ross Douthat
               </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">
                Joins ‘60 Minutes’
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as a Correspondent” (NYT)
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                Would you take a flight lasting 24 hours? Qantas is betting that you would, and just set what’s believed to be
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a long-distance commercial flight record
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (The Guardian)
               </span>
              </li>
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