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   DealBook: Big Tech’s belt-tightening
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   Also, Citadel takes on Mamdani.
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             April 24, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          There’s so much going on today: Tech companies are laying off employees (cue the questions about A.I.’s impact). The Saudis are pulling back on funding the Metropolitan Opera given the war in Iran. Citadel is threatening, not so subtly, to scale back its ambitions in New York City in the face of criticism from the mayor focused on Ken Griffin, its C.E.O.
         </span>
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          We get into all that, and much 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">
             Tech companies like OpenAI, and its C.E.O., Sam Altman, are under increasing pressure to rethink costs.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Mike Kai Chen 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>
          Cost-cutting for A.I.
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Tech companies increasingly feel under pressure to cut costs to afford the artificial intelligence race.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the call to lay off workers and reduce spending isn’t just being felt at established titans like Microsoft and Meta. Younger ones, including OpenAI, are also facing tough financial decisions.
         </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>
        </p>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Microsoft
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                offered early retirement
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to about 7 percent of its U.S. work force, specifically long-tenured senior executives.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Meta officially announced plans to cut 10 percent of its employee rolls, or about 8,000 workers, and closed another 6,000 open roles.
               </span>
              </li>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          These are hardly isolated moves. Overall, 98 tech companies have announced plans to cut more than 92,000 employees this year,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to Layoffs.fyi
         </a>
         <span>
          , which tracks job losses in the industry.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Microsoft has signaled it will keep cutting costs to fund its A.I. ambitions. So, too, has Meta, which has made A.I. its biggest priority as it seeks to catch up to OpenAI, Anthropic and 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">
          OpenAI is also facing cost-cutting pressures.
         </span>
         <span>
          Yes, it is still splurging on things like the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tech talk show “TBPN”
         </a>
         <span>
          and is said to be planning to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          invest up to $1.5 billion
         </a>
         <span>
          in a venture with private equity firms. Yet it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has also been culling
         </a>
         <span>
          what it calls “side quests” like the Sora video generator.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And perhaps more consequentially, it has shifted its thinking on hugely expensive infrastructure projects. The company set aside plans to own and operate data centers, reportedly because of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pushback from potential lenders
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Instead, OpenAI plans to rent servers from existing cloud providers, a smaller blow to its balance sheet. Still, the server rental initiative will cost $600 billion.
         </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">
          Stiff competition doesn’t help.
         </span>
         <span>
          Rivals like Anthropic have made strides in technological capabilities, forcing companies like Meta and OpenAI to spend more on researchers and development resources. OpenAI yesterday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          announced yet another new model
         </a>
         <span>
          , GPT-5.5, but it’s still less capable than Anthropic’s latest technology, Claude Mythos Preview.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Don’t forget about competition
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          from elsewhere
         </a>
         <span>
          , especially from China, whose
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          DeepSeek announced a new open-source model
         </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">
          A.I. companies are also becoming victims of their tools’ success.
         </span>
         <span>
          OpenAI and Anthropic have promoted the growth of their agent tools, which complete tasks on users’ behalf.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          They’ve racked up new subscribers, but the tools guzzle more computing power, putting pressure on the companies to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cut their operating costs
         </a>
         <span>
          elsewhere.
         </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 bottom line:
         </span>
         <span>
          Not even young, well-capitalized tech companies are being spared from the need to clamp down on spending.
         </span>
        </p>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In other tech news: OpenAI is preparing for another challenge — opening arguments in its
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                legal battle with Elon Musk
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A U.S. soldier is charged for betting on the Venezuela raid on Polymarket.
         </span>
         <span>
          Federal prosecutors accused Master Sgt. Gannon Ken Van Dyke, a member of the Army’s Special Forces who took part in the capture of Nicolás Maduro, with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          insider trading on classified information
         </a>
         <span>
          after he made over $400,000 through various bets on the platform tied to the operation. It’s part of a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          growing
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          crackdown
         </a>
         <span>
          on illicit betting on prediction markets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Blackstone defends the private credit industry.
         </span>
         <span>
          In discussing the investment giant’s quarterly earnings yesterday, including an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          average net return of zero
         </a>
         <span>
          for its private credit funds after fees, Steve Schwarzman, the firm’s C.E.O., complained about “an intensely negative campaign” against the sector. Others bullish on private credit include JPMorgan Chase, which is in talks to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raise billions for the strategy
         </a>
         <span>
          , according to executives at the banking giant.
         </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">
          Saudi Arabia withdraws a $200 million gift to the Metropolitan Opera.
         </span>
         <span>
          The country cited economic damage from the war in the Middle East
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as the reason
         </a>
         <span>
          , dealing a blow to the strapped opera company. Saudi Arabia has been under pressure to tighten its belt, including by scaling back ambitious infrastructure projects and potentially
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cutting support for the LIV Golf circuit
         </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">
          Bob Iger returns to venture capital.
         </span>
         <span>
          After stepping down as Disney’s C.E.O. last month, Iger has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          taken an advisory role
         </a>
         <span>
          at Thrive Capital, the investment firm founded by Josh Kushner, The Wall Street Journal reports. Iger, who owns a stake in Thrive, briefly joined the fund as a partner in 2022 after retiring from Disney the first time. He left when Bob Chapek, his handpicked successor at Disney, was fired.
         </span>
        </p>
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            <img alt="Ken Griffin, wearing a dark suit and a blue shirt, clasps his hands while seated and looking to his right." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F24%252Fmultimedia%252F24db-griffin-bkhf%252F24db-griffin-bkhf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzcwMzI0NTUuNDA1ODg1Mn0:1wGFJn:NnwB4c1BdXs_-XbYfnlvM1mQba_P1gP-rdW2WIVi8AQ" 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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            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Ken Griffin, the C.E.O. of Citadel, has become a target in a campaign for “taxing the rich” waged by Mayor Zohran Mamdani of New York.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Jeenah Moon 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>
          Mamdani versus Citadel
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Since New York City’s mayor, Zohran Mamdani, posted his “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          we’re taxing the rich
         </a>
         <span>
          ” video to social media last week, it has racked up millions of views.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It has also struck a nerve with the business world after Mamdani, a democratic socialist, took aim at Ken Griffin, the billionaire founder of Citadel, and his 24,000-square foot penthouse, which he purchased in 2019 for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a then-record $238 million
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now, Griffin’s firm is suggesting it might reconsider a major construction project in the city.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The context:
         </span>
         <span>
          Mamdani’s message touted a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          new pied-à-terre tax proposal
         </a>
         <span>
          that has gained the backing of Gov. Kathy Hochul. It would apply to second homes in New York City worth $5 million or more.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Mamdani seemed to put Griffin, whose main residence is in Florida, on notice. The mayor said that a tax on second homes like Griffin’s Central Park South pad would raise at least $500 million to “fund things like free child care, cleaner streets and safer neighborhoods.”
         </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">
          Mamdani’s comments were “shameful
         </span>
         <span>
          ,” Gerald Beeson, the C.O.O. of Citadel, wrote in an email sent to employees yesterday that DealBook reviewed. “The mayor has once again manifested the ignorance and disdain of the elite political class toward those who have been consistently committed to building one of the greatest cities in the world,” Beeson wrote.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Citadel employees paid $2.3 billion dollars in local taxes over the past five years, Beeson wrote, and the business has supported the local economy in other ways. “Ken has personally directed $650 million in charitable gifts to support the people of New York City,” Beeson 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">
          Speaking of contributions:
         </span>
         <span>
          “We are about to commence the redevelopment of 350 Park Avenue, creating 6,000 highly paid construction jobs and supporting the creation of more than 15,000 permanent jobs in Midtown New York. The project — if we move forward — will entail more than $6 billion of spending,” Beeson 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">
          Would Citadel consider backing out?
         </span>
         <span>
          “We understand that our hard work and success will, on occasion, make us targets for political rhetoric,” Beeson wrote. “But it should not diminish the pride we take in building firms that will continue to help New York City thrive for decades ahead.”
         </span>
        </p>
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           </td>
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         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Strait talk
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The uncertain prospects for U.S.-Iran peace talks are reverberating through the markets this morning. Brent, the global benchmark for oil, has risen for a fifth consecutive day.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet until very recently, the geography of the Persian Gulf wasn’t a common topic in earnings calls.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Since the war began in late February, however, the number of mentions by executives of the Strait of Hormuz — the crucial shipping lane that has been largely closed since fighting began — has skyrocketed, Niko Gallogly reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The strait has been mentioned on 224 earnings calls so far this year
         </span>
         <span>
          , up from just 18 in all of 2025, according to the market intelligence platform AlphaSense.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A bar chart shows that mentions of the phrase “Strait of Hormuz” in earnings calls has spiked to more than 100 in March and April." class="css-xsf469" height="533" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F24%252Fbusiness%252F24db-chart-final-hormuz%252F24db-chart-final-hormuz-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzcwMzI0NTUuNDA1OTg0Mn0:1wGFJn:pvk9NOAv8CGEi0E0Ho8oJ8g79Magk3AJnXUvyTO8lvA" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
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         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here’s how analysts and executives are talking about the waterway, the war and its impact:
         </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 chemical maker
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Dow
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                warned of higher costs and delays as the war disrupted chemical and plastic shipments. “Since the conflict began, the scale of disruption we have seen is unprecedented,” the company’s C.O.O., Karen Carter, said on its earnings call yesterday.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The C.E.O. of
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Delta
               </span>
               <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">
                Air Lines
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Ed Bastian, addressed questions from analysts this month on how oil shipping blockages in the strait were affecting fuel prices: “The war in the Middle East has driven an unprecedented spike in jet fuel, with prices roughly double what they were earlier in the year.”
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Even on calls where executives haven’t mentioned the strait by name, the impact of its closing has been a common theme:
         </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">
                Asked last week how the war in Iran is affecting
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                PepsiCo
               </span>
               <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">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the company’s C.F.O., Steve Schmitt, told analysts, “Our assumption is that inflation will come.” That could ultimately put a crimp on consumers, he said, adding that it would be the worst possible outcome.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some were just happy to be operating their businesses far from the war zone. “Let’s remember that we’re not sailing in the Strait of Hormuz, thank God,” the C.E.O. of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Williams-Sonoma
         </span>
         <span>
          , Laura Jean Alber, said last month.
         </span>
        </p>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Talking A.I. with the co-C.E.O. of Gensler
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Every week, we’re asking a leader how he or she uses artificial intelligence. This week, Jordan Goldstein, who co-leads the design and architecture firm Gensler, told Sarah Kessler that A.I. was changing every stage of his company’s work process. The interview has been condensed and edited.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          How do you personally use A.I.?
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I needed to rent skis in France, where I don’t speak the language. So I quickly created an A.I. agent to help me.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The surprising moment was that the A.I. agent cross-referenced with other agents: It was like, well, you’ve had this knee injury years back, so you wouldn’t want to pick these skis because of that.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          How did you decide how to use A.I. in the company?
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          About three years ago, we set up parallel teams on projects around the world that were already ongoing. We said, using an A.I.-only process, let’s see what you can do.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We did this opaque to the clients, and using a separate budget, so that we could experiment — and if we failed, fail fast and learn from it.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Is generative A.I. helpful at the conception and pitching phase?
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That is where we were seeing early successes. Now it’s really started to move through the whole work stream, all the way through the technical building of buildings. The next iteration is the synthesizing of that whole journey.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Some people will hear that and think: I’ll just have an A.I. architect bot.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A.I. can produce amazing images and a great feeling for what a finished product will look like. But how do you really test so that it doesn’t just look good from afar, but it feels good?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Especially in architecture and design, it’s important to have a dialogue with a whole range of experts and potential users, to understand before something’s built, what would you feel like in this venue?
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            <span>
             THE SPEED READ
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          Deals
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                Foundation Future Industries, a robot company backed by Eric Trump, received 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">
                $24 million Pentagon contract
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                ,
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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">
                drawing rebukes
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                from Democratic lawmakers. (Fox Business, HuffPost)
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                Porsche agreed to sell its
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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">
                stake in the supercar brand Bugatti
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                to a consortium led by HOF Capital, a fund co-founded by a member of Egypt’s billionaire Sawiris family. (Bloomberg)
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                Two litigation partners reportedly
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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">
                left Paul Weiss
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for the rival Davis Polk in the latest blow to the New York law firm, which reached a widely criticized deal with President Trump last year. (NYT)
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                Just
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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">
                one Trump “gold card” visa application
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                has been approved so far, Commerce Secretary Howard Lutnick said yesterday. He’d previously predicted a windfall of “billions” from them. (Reuters)
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          Best of the rest
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                “United’s CEO Is Here to
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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">
                Buy Your Struggling Airline
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (Bloomberg)
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                Health Secretary Robert F. Kennedy Jr. again defended President Trump’s mathematically impossible drug discount claims, with some
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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">
                dubious math of his own
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT)
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