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   DealBook: Booing A.I.
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             May 18, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          If you want to understand the deep fear that artificial intelligence is creating in much of the nation, look no further than the reaction to Eric Schmidt’s commencement address. The former Google C.E.O. spoke the truth about the technology, but it did not go over well with graduates who are anxious about their future. We’ve got more below.
         </span>
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          We also take a look at a major deal that was just announced in the power utility space. And, make sure to read Robert Draper’s story about the dark arts of a reputation management firm that sought to help Goldman Sachs’s outgoing general counsel minimize her ties to the Jeffrey Epstein scandal.
         </span>
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          And here is a talker: It appears that President Trump — or at least his investment advisers — made 3,700 individual trades in the last quarter.
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          Let me know
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          what you think the trading policy for White House employees, including the president, should be. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="Eric Schmidt, Google’s former C.E.O., is seen in profile with a microphone pointed at him." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F18%252Fmultimedia%252F18db-schmidt-tkmh%252F18db-schmidt-tkmh-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzkxMDUyNDAuNzQ2MDU4Mn0:1wOwXo:CLxavPlL26YaItLkuPaKGi5yQFbnEJ_oLcWbU3Z_1fQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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             <span style="color:#666;font:normal 14px georgia,serif">
              Boos rained down on Eric Schmidt, Google’s former C.E.O., when he mentioned artificial intelligence in a commencement address yesterday.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Kenny Holston/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>
          A.I. backlash on graduation day
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The subject of artificial intelligence and its transformative impact on the world has come up at college graduations across the country in recent days. The response from newly minted grads? Some full-throated booing.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s the latest sign that even as the big hyperscalers commit to hundreds of billions in new A.I. investment, many in the next generation of corporate workers have mixed feelings about what it means for them.
         </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">
          Cue the boo birds:
         </span>
         <span>
          In a commencement address at the University of Central Florida this month,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Gloria Caulfield
         </span>
         <span>
          , a real estate executive, called A.I. the “next industrial revolution” and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          was met with
         </a>
         <span>
          a loud chorus of boos. Stunned, she asked, “What happened?”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yesterday,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Eric Schmidt
         </span>
         <span>
          , the former C.E.O. of Google, was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          booed repeatedly
         </a>
         <span>
          when he began talking about A.I. during his commencement speech at the University of Arizona. “I know what many of you are feeling about that,” Schmidt said. “I can hear you.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Schmidt told the grads that he understood there was “a fear” that the machines were coming and jobs were disappearing.
         </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">
          Scary numbers:
         </span>
         <span>
          According to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          new research
         </a>
         <span>
          from the employment site ZipRecruiter, some 47 percent of recent graduates say that A.I. has already affected hiring in their field, and nearly 51 percent of soon-to-be grads believe that A.I. will reduce the number of entry-level jobs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Companies like Coinbase and PayPal have said they
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          will reduce their workforces
         </a>
         <span>
          to adapt to A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It isn’t just grads worried about jobs and A.I.
         </span>
         <span>
          At the Stanford Leadership Forum last month, the billionaire financier
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ken Griffin
         </span>
         <span>
          described how A.I. agents did work at his Citadel hedge fund in days that teams of Ph.D.s needed months to do.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “These are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          not mid-tier white collar jobs
         </a>
         <span>
          ,” Griffin said. “These are extraordinarily high-skilled jobs” that are being automated by A.I. He added that he went home one Friday “actually fairly depressed by this.”
         </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">
          But grads are grappling with more than employment stress.
         </span>
         <span>
          In
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a guest essay yesterday in The Times’s Opinion section
         </a>
         <span>
          , Theo Baker, a senior at Stanford, examines what easy access to A.I. has done to “the first college class of the A.I. era.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          ChatGPT and other generative A.I. tools have made cheating “omnipresent,” Baker writes. And he worries about how quickly students have grown dependent on A.I.:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Emerging research has begun to show what most people feel is obvious: Relying on A.I. for cognitive tasks can reduce one’s own intellectual capacity and resilience. It’s one thing to use it in the workplace, but in the classroom, difficulty is often precisely the point.
         </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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        <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">
          SpaceX is reportedly preparing to file its I.P.O. as soon as Wednesday.
         </span>
         <span>
          That could see
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Elon Musk’s space company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          begin trading on June 12
         </a>
         <span>
          as it aims for a valuation of more than $2 trillion, Bloomberg reported, citing unnamed sources. (Musk said on social media that he has no current plans
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          to sell any of his SpaceX shares
         </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">
          China will spend billions more on U.S. agricultural goods.
         </span>
         <span>
          Beijing has agreed to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          buy $17 billion a year
         </a>
         <span>
          in products from U.S. farmers through 2028 — it bought less than half that last year amid a feud over tariffs — not including previous soybean commitments, the White House said yesterday. Elsewhere, China’s economy
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          continued to slow in April
         </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">
          An embattled nuclear power company enlists Alex Spiro.
         </span>
         <span>
          Fermi has hired Spiro, the high-profile litigator from Quinn Emanuel Urquhart &amp; Sullivan, as a legal fight with its former C.E.O., Toby Neugebauer, intensifies, Lauren Hirsch is first to report. Neugebauer is contesting his removal, and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          campaigning
         </a>
         <span>
          for Fermi to overhaul its board and consider a sale. Shares in Fermi, which was co-founded by Rick Perry, the former U.S. energy secretary, have plunged nearly 80 percent since its I.P.O. last year.
         </span>
        </p>
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            <img alt="Wind mills are seen on the horizon of a barren hilltop." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F18%252Fmultimedia%252F18db-nextera-cqwj%252F18db-nextera-cqwj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzkxMDUyNDAuNzQ2NDc1NX0:1wOwXo:O-AjftW4sGEsAWLvy2CsmPMhUOfGTQwv7AFKMrPYcPM" 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">
              NextEra Energy is set to combine with Dominion Energy in a deal that’s largely driven by a boom in data centers.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Bing Guan/Reuters
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The big question about a blockbuster deal
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          If completed, the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          proposed union of NextEra Energy and Dominion Energy
         </a>
         <span>
          that was just announced would be one of the biggest of the year and create a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          colossus in the power industry
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But it will test the appetite of a Trump administration that has largely been willing to approve mega-mergers, and of state authorities worried about rising energy prices.
         </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 details:
         </span>
         <span>
          NextEra, one of the nation’s biggest power companies, is offering about an eighth of a share for each of Dominion’s shares. It also plans to make a onetime cash payout of $360 million to Dominion shareholders.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It would be the biggest takeover struck so far this year, excluding the combination of the Elon Musk-owned
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          SpaceX and xAI
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A combined NextEra-Dominion would have about 10 million customers across the nation, including in major markets like Florida and in Virginia, home to the area known as Data Center Alley for its concentration of cloud computing hubs.
         </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">
          Data centers are driving the deal.
         </span>
         <span>
          They’re expected to help push up peak electricity demand in coming summers and winters more than 20 percent. They’re stressing existing grids — and A.I. giants plan to build many more, requiring more power plants.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Data centers have motivated other major takeovers this year, including a BlackRock-led consortium agreeing to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          buy AES for $10.7 billion
         </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">
          But they also represent perhaps the biggest hurdle for the transaction.
         </span>
         <span>
          Data centers have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          become hugely unpopular
         </a>
         <span>
          , in part because of their enormous need for electricity, water and other resources. That has incentivized politicians to take a harder line on them:
         </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 White House has pushed tech giants to commit 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">
                paying for the increased power use
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of their data centers, in an effort to cap the rates for average users.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Gov. Abigail Spanberger of Virginia has pledged 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">
                make data centers pay more
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for their electricity, too.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          NextEra’s Florida customers recently saw a $7 billion increase in their electricity rates, largely affecting residential and small-business customers.
         </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">
          Will that bear on federal or state regulators as they weigh whether to clear the deal?
         </span>
         <span>
          “If regulators approve this merger, it will lead to higher electric bills for customers in Virginia and South Carolina,” David Pomerantz, the executive director of the nonprofit watchdog Energy and Policy Institute, told The Times.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A customer is pushing a cart outside the entrance of a Home Depot." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F17%252Fmultimedia%252F17db-homedepot-retail-tmgw%252F17db-homedepot-retail-tmgw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzkxMDUyNDAuNzQ2NTY4Mn0:1wOwXo:5wzo6sbc6Wf1X4EbXFoKwJTy8uPhRD8VKDBnCwwVdXc" 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">
              Home Depot will kick off a big week for retail earnings when it reports tomorrow.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Charles Krupa/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>
          “K-shaped,” or just OK?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Earnings season has been a blockbuster so far. Corporate profits have driven the S&amp;P 500 to fresh records, muffling some of Wall Street’s worries about the economic fallout of the war in Iran. The artificial-intelligence giants’ $725 billion
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spending spree has helped
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A.I. will again be a focus this week as
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Nvidia
         </span>
         <span>
          reports its earnings on Wednesday. But investors will also be watching retailers’ results, and what these bellwethers have to say about the U.S. economy.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What to expect: Home Depot
         </span>
         <span>
          kicks things off tomorrow. On Wednesday,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Lowe’s
         </span>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          TJX
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Target
         </span>
         <span>
          report quarterly results, followed by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Walmart
         </span>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ralph Lauren
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          BJ’s Wholesale Club
         </span>
         <span>
          on Thursday.
         </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">
          Consumers are feeling gloomy, but they’re continuing to spend.
         </span>
         <span>
          Households expect
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          inflation and the job market to worsen
         </a>
         <span>
          this year, though
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          retail sales remain robust
         </a>
         <span>
          . But as wartime inflation forces families to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          save less and rack up debt
         </a>
         <span>
          , analysts are wondering about the durability of that spending trend.
         </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">
          President Trump’s tax cuts have helped — but for how long?
         </span>
         <span>
          Generous tax refunds “have offset the impact of gas prices,” Michael Pearce, an economist at Oxford Economics, wrote in a research note last week.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          But
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          “with refund season behind us and gas prices still creeping higher, that will flip in the months ahead, putting downward pressure on spending growth,” he 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">
          A reminder:
         </span>
         <span>
          Last quarter, retailers and other consumer-focused companies told analysts that inflation and stagnant wage growth were hitting lower-income consumers especially hard.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Walmart reported a growing “diversion between the spending at the upper income level versus the lower income level” in the second half of last year, John David Rainey, the retail giant’s C.F.O., told analysts in February. He and several other executives described the split-screen view as a sign that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a “K-shaped” economy
         </a>
         <span>
          was taking hold.
         </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">
          Expect analysts to zero in on this point again with retail executives.
         </span>
         <span>
          Since the U.S. and Israel attacked Iran on Feb. 28, the average price of gasoline in the U.S. has risen roughly 50 percent,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          putting the crimp on households’ finances
         </a>
         <span>
          .
         </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%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260518%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzkxMDUyNDAuNzQ2NjY4M30:1wOwXo:YFUlgdSh7Mm1v3QtJIdBV7ve0uDpo9PatlE5MqVAxrM" style="max-width:96px;margin-bottom:7px"/>
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            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
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                <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_20260518%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzkxMDUyNDAuNzQ2NzY2Nn0:1wOwXo:kbDshgq5DVT2PnXLaBUizJVFkAAstVwQUlApRIMRjLc" style="display:block;width:100%;max-width:600px" width="600"/>
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                <td style="line-height:0;font-size:0">
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                  <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_20260518%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzkxMDUyNDAuNzQ2ODcxMn0:1wOwXo:5BKKXmFTtPgXJ-sMRMEgwDS6Va8Dcn61BteQSxUh3Xo" style="display:block;width:100%;max-width:480px" width="480"/>
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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 width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          More than 3,700
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          The number of trades President Trump or his investment advisers made during the first quarter. They included companies like Apple, Boeing and Nvidia, whose C.E.O.s accompanied Trump on his China trip last week. The trade volume has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          astonished many on Wall Street
         </a>
         <span style="font-style:italic">
          and drawn criticism from some lawmakers, including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Senator Elizabeth Warren
         </a>
         <span style="font-style:italic">
          , Democrat of Massachusetts.
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A crash course in Epstein-laundering
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The investigation into Jeffrey Epstein has rocked Washington and the business world since the Justice Department
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          released millions of documents
         </a>
         <span>
          related to the sex offender. It has also lifted the curtain on the opaque world of reputation management.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One such firm, Terakeet, spent nearly two years attempting to play down ties between
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kathryn Ruemmler
         </span>
         <span>
          , the general counsel at Goldman Sachs, and Epstein, Robert Draper
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reports for The Times
         </a>
         <span>
          :
         </span>
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          Terakeet created and posted positive online content about Ms. Ruemmler that was aimed at appearing above the mostly negative content about her association with Mr. Epstein. The goal was that at least 80 percent of the first 30 Google search results would be favorable.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
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          To pull this off, the firm, based in Syracuse, N.Y., resorted to the furtive, algorithm-placating digital tradecraft that has made it one of the most exclusive and expensive players in the booming world of reputation management firms that combine public relations and technical skills to maintain a preferred narrative online. (Mr. Epstein himself tried to do the
         </span>
         <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;color:inherit">
          same sanitizing of his digital presence,
         </a>
         <span>
          although not with Terakeet, with seemingly similar, unsuccessful results.)
         </span>
        </p>
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          Among Terakeet’s other clients, Draper reports, was
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Robert F. Smith
         </span>
         <span>
          , the private equity billionaire who acknowledged engaging “in an illegal scheme to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          conceal income and evade taxes
         </a>
         <span>
          ” from 2000 to 2015.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Ruemmler declined to comment for the article.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mac Cummings
         </span>
         <span>
          , Terakeet’s co-founder, did not speak to The Times on the record.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Ruemmler campaign was largely unsuccessful, with her connections to Epstein remaining prominent in Google search results today. She is set to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          step down from Goldman next month
         </a>
         <span>
          .
         </span>
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            <span>
             THE SPEED READ
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           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Elliott Investment Management is said to have
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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">
                amassed a large stake in Bio-Rad
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a supplier of life-science tools. (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">
                Everlane, the millennial fashion brand, is reportedly being
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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">
                sold to Shein
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the Chinese online clothing retail giant, in a deal that values it at about $100 million. (Puck)
               </span>
              </li>
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          Politics, policy and regulation
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                Why traditional insider-trading laws have fallen short in curbing a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                boom in suspicious betting
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on prediction markets by Washington insiders. (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">
                What Kevin Warsh could learn from his predecessor as Fed chair, Jay Powell:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                minimize mistakes and stay humble
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Politico)
               </span>
              </li>
             </ul>
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          Best of the rest
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                “AI license plate cameras
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                tore this town apart
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and led to a state of emergency” (WaPo)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                How a $400 Swatch pocket watch — a partnership with the luxury watchmaker Audemars Piguet — led to 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">
                temporary closure of dozens of stores
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT)
               </span>
              </li>
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