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   DealBook: Bond boom
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             August 19, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          What does the bond market know that the stock market does not? And which one is right? Bond investors are clearly becoming more worried about the economy — and yet the stock market is showing almost no sign of that anxiety.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          DealBook’s Bernhard Warner gets into all of the details and some of the implications for Washington and beyond. 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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            <img alt="Treasury Secretary Scott Bessent is seen seated, looking forward." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F19%252Fmultimedia%252F19db-bessent-pgmw%252F19db-bessent-pgmw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODcxNDAyMTMuMjcxMTA4OX0:1wweo9:cOPD5KQ9ZuHNs9ZAE-1KCTHZfHBrx4h8CKRuy_37TeQ" 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">
              Treasury Secretary Scott Bessent and his counterparts around the world are seeing more intense competition to attract bond investors.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Eric Lee 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>
          Higher for longer
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Borrowing costs have been climbing for some time. But in recent days, long-rated bonds have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hit multiyear highs
         </a>
         <span>
          , heaping pressure on governments, businesses and households.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Stocks and bonds are rebounding slightly this morning. Yet the higher-for-longer debt narrative looks set to stick, weighing on even deep-pocketed corporate giants.
         </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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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The yield on the 10-year Treasury note, which underpins many home mortgages and commercial loans, dipped to 4.697 percent. Yesterday, the yield hit a 20-month high.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The S&amp;P 500 futures are barely in the green this morning. But the benchmark index is on a three-day losing streak amid debt jitters.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Chip stocks sold off sharply in the U.S. yesterday and
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                today in Asia
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , as investors begin to worry about the sector’s growth prospects if the debt-fueled artificial intelligence spending spree slows.
               </span>
              </li>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Worth watching:
         </span>
         <span>
          The Treasury Department is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          set to sell
         </a>
         <span>
          $16 billion in 20-year government debt today. Tepid demand could add more volatility to the market, and pile pressure on Treasury Secretary
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Scott Bessent
         </span>
         <span>
          .
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                With bond yields rising, Washington’s exorbitant borrowing needs have come into sharper focus, especially with the U.S. federal debt
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                set to hit $40 trillion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bond investors are already spooked,
         </span>
         <span>
          including by inflation, surging government debt, aging demographics and newer concerns like a “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          climate sovereign doom loop
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Governments are also increasingly competing with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          record corporate bond offerings
         </a>
         <span>
          — mostly tied to the A.I. construction boom — for investors.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Exhibit A: Alphabet, Google’s parent company,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raised $3.9 billion worth of bonds
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                denominated in Australian dollars, according to Reuters, which cited a term sheet. The company set the coupon at 6.9 percent,
               </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 potential record
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , according to Bloomberg — and just two percentage points over the yield on 10-year Australian sovereign bonds.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          On the bright side:
         </span>
         <span>
          Analysts note that the U.S. economy is growing robustly, and business conditions remain strong, which should keep investors in a buying mood.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Optimists say that as bond yields climb, more buyers will come in, pushing down yields and easing borrowing costs for everyone.
         </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">
          That said:
         </span>
         <span>
          Investors may sell off stock or cryptocurrency holdings to buy bonds, depressing those asset classes. There are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          some signs of that
         </a>
         <span>
          in the spot Bitcoin exchange-traded fund 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">
          The irony:
         </span>
         <span>
          The latest bond market tremors occur as traders
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          continue to dial back bets
         </a>
         <span>
          that the Fed will raise interest rates this year. That may come as little relief for borrowers.
         </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>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Oil prices climb for a fourth consecutive day.
         </span>
         <span>
          Brent crude, the international benchmark for oil, rose to $91.70 as investors worried about the collapse of U.S.-Iran negotiations and a potentially protracted energy crunch.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          said yesterday
         </a>
         <span>
          that there were no talks underway or scheduled.
         </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 U.S. backs off from a tariff fight with Canada.
         </span>
         <span>
          Trump said last night that he was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          granting a three-day reprieve
         </a>
         <span>
          on new measures against some Canadian exports, as the countries seek to make progress on a broader deal. (He also suggested the stalled Keystone XL oil pipeline project could be resuscitated, but offered few details.) Elsewhere: Beijing has started letting in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          small shipments of Nvidia’s H200 chips
         </a>
         <span>
          for its artificial intelligence companies, according to The Financial Times.
         </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 Chinese robot maker soars in its market debut.
         </span>
         <span>
          Shares in Unitree, which makes A.I.-powered humanoid robots that perform manual tasks (and do
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          impressive acrobatic flips
         </a>
         <span>
          ),
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rose more than fivefold
         </a>
         <span>
          today in their first day of trading. It’s the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          latest Chinese tech start-up
         </a>
         <span>
          to dazzle investors, and underscores Beijing’s early lead in the race to commercialize humanoid robots.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <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">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260819%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODcxNDAyMTMuMjcxMzY1fQ:1wweo9:ZWMVpv5cQXJxbv8emG_sAxPQMdfn3qwFKAqqHTMP5uE" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260819%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODcxNDAyMTMuMjcxNTE1OH0:1wweo9:zMdwE8nYaV7ONZD1PUyEJC3LzpYAzIbAy-w7kwounbc" style="display:block;width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
               <tr class="css-1npprw9" style="display:none">
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260819%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODcxNDAyMTMuMjcxNjUxN30:1wweo9:BtZN18vyAc8eGlCAzo9KjyuQNmDQ0nPAGl21dZYHRFk" style="display:block;width:100%;max-width:480px" width="480"/>
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                </td>
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              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          OpenAI’s work in progress
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For much of this year, OpenAI has narrowed its focus to making inroads with business customers in a bid to catch up with Anthropic, its artificial intelligence rival.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          OpenAI, the ChatGPT maker, has made strides toward this goal. But a new report suggests that the effort is still a work in progress.
         </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’s second-quarter growth trailed Anthropic’s
         </span>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Wall Street Journal reported
         </a>
         <span>
          yesterday, citing unnamed sources:
         </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">
                Revenue grew to $6.7 billion during the period, up nearly 18 percent quarter on quarter.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Operating loss, which factors in stock-based compensation, swelled to $12.3 billion in the quarter, up from $9.3 billion in the three months before.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Compare that with Anthropic, which more than doubled revenue to $11.6 billion in the same quarter, The Journal added. (DealBook previously reported that the A.I. lab was set to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          turn a small operating profit
         </a>
         <span>
          during the period, though it’s unclear whether that could be sustained for the whole year.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          How much progress is OpenAI making?
         </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 company saw run-rate revenue from business customers
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                grow 32 percent in July
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from the previous month, DealBook has reported, outpacing its overall run-rate revenue growth.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                We’ve also reported
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Sarah Friar
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , OpenAI’s C.F.O., told investors that most of the company’s revenue now comes from business customers.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                OpenAI has become more popular than Anthropic again
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                on OpenRouter
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , an A.I. model marketplace for developers,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                as The Information notes
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Amping up growth is a key priority of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Greg Brockman
         </span>
         <span>
          , an OpenAI founder and its president, who is hiring new executives to focus on improving the company’s business and product teams.
         </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">
          Step back:
         </span>
         <span>
          The race for business supremacy comes as both companies prepare for I.P.O.s — Anthropic’s as soon as this fall, and OpenAI’s most likely next year. Both want to demonstrate strong business growth to prospective investors, especially as their costs are expected to soar for several more years.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Speaking of which, Anthropic is taking additional steps to prepare for an initial offering, including by setting up a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          multi-class stock structure
         </a>
         <span>
          that gives its founders outsize control (according to The Information) and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expanding its available credit line
         </a>
         <span>
          (according to Bloomberg)
         </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">
                In other A.I. news:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Pennsylvania
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                became the latest state to clamp down on data center development. Here’s how tech giants are trying 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">
                counter a growing A.I. backlash
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . And OpenAI has introduced
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                tougher guardrails around its models
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                after some of its tools hacked Hugging Face, an the A.I. company.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <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">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260819%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODcxNDAyMTMuMjcxNzc0OH0:1wweo9:YzT7Si0woex2Aus2Vc44bGQ2jH4L96QUtCAi7gEe5fc" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260819%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODcxNDAyMTMuMjcxOTAxMX0:1wweo9:XvoMiFmTbSHQ2IlIb0vd-vK9sC9Qukm5bEyF0z9uOjA" style="display:block;width:100%;max-width:600px" width="600"/>
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                </td>
               </tr>
               <tr class="css-1npprw9" style="display:none">
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260819%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODcxNDAyMTMuMjcyMDI0NH0:1wweo9:C1O1GYF5OAx_vQhe6rC9wnyn_GUBvzU38f1AUqWw8Kk" style="display:block;width:100%;max-width:480px" width="480"/>
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                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <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>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         QUOTE OF THE DAY
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Hook the users. Hold them for as long as they can. Harvest their data. Hide the truth from the public when making public statements.”
         </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">
          Megan O’Neill
         </span>
         <span>
          , a California deputy attorney general, at the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          start of a trial
         </a>
         <span>
          over whether Meta designed its social media platforms to become addictive to young people. A group of states, including California, is seeking about $200 billion in penalties and changes to the company’s platforms.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Meta said that it had put in safeguards to protect young users and that it was truthful to consumers.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Brendan Carr, the chairman of the Federal Communications Commission, wearing a blue suit with an American flag pin and purple tie. " class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F19%252Fmultimedia%252F19db-brendan-carr-cltp%252F19db-brendan-carr-cltp-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODcxNDAyMTMuMjcyMTQzfQ:1wweo9:dzREy-aN8QjcvOQIDwLejMUVi1uSgTva3m3dFD3k1ck" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <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">
              Brendan Carr, the F.C.C. chairman, called ABC’s lawsuit “meritless.”
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Julia Demaree Nikhinson/Associated Press
             </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>
          ABC goes on offensive against the F.C.C.
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          ABC opened a new front in its battle with the Trump administration yesterday when it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sued the F.C.C.
         </a>
         <span>
          , accusing the agency of violating the First Amendment in its efforts to possibly strip the network’s local broadcasting licenses.
         </span>
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          In April, the agency called for
         </span>
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          an unusual early review
         </a>
         <span>
          of ABC’s licenses that it said was related to an investigation into the network’s diversity and inclusion practices. The move came after
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jimmy Kimmel
         </span>
         <span>
          , its late-night host, angered
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          with a monologue joke. ABC, which Disney owns, argued in its legal complaint that the F.C.C. was retaliating for the network’s coverage and content.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          ABC also argued that the F.C.C. could create onerous obstacles for the network even without proving that ABC had violated the law, Jim Rutenberg and John Koblin report for The Times:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Under F.C.C. rules, Mr. Carr has the power to run the network through several painful steps. He could, for example, call for a hearing where he or other F.C.C. commissioners could grill network executives about their operations and their editorial decision-making.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
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          ABC said in its legal complaint that such a hearing would be a “charade” and “performative.” The network said the F.C.C. could also slow-walk such a hearing, or delay any ruling from it, leaving ABC in limbo while its editorial decisions remain under intense scrutiny and litigation costs skyrocket. …
         </span>
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        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The suit also highlighted what the network called onerous and inappropriate demands. ABC said it had supplied the F.C.C. with over 13,000 pages of documents in response to some 600 requests. ABC said the agency had requested communications between producers and hosts on “The View,” a network talk show, as well as an itemized list of political donations from some employees, including in its news division.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          In an interview yesterday, the F.C.C. chairman,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Brendan Carr
         </span>
         <span>
          , called the lawsuit “meritless,” and said that the agency had not decided how to proceed and denied that it was violating ABC’s free speech rights.
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </span>
           </h3>
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          Deals
         </span>
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        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
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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">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                European countries are
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                staking more moonshot start-ups
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to compete against the U.S. and China. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The European fintech giant Revolut has reportedly proposed increasing the amount that
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Nik Storonsky
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a Revolut founder,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                can borrow against his stake
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the company by fivefold, to $250 million. (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">
                Kalshi is expanding its offerings of perpetual futures contracts — “perps,” for short —
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                to equity indexes
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Could individual stocks be next? (CNBC)
               </span>
              </li>
             </ul>
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          Politics, policy and regulation
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Trump Fired the Watchdogs.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Their Replacements Have a Different Mission.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Hundreds of comments
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                have streamed in to the S.E.C. about a proposal to scrap a longtime rule requiring trading platforms to give investors the best possible price. (WSJ)
               </span>
              </li>
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          Best of the rest
         </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">
                Electric vehicle sales are surging
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                worldwide. The war with Iran is a major factor. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                An inside look at food giants’ struggle 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">
                adjust products for the GLP-1 age
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Alan Dershowitz
               </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">
                Won’t Forget
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                What
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Larry David
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Did to Him” (The Atlantic)
               </span>
              </li>
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