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DealBook: Buckle up!
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July 1, 2025
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Good morning. Andrew here. The second of half of the year begins today, and we go deep on where markets could lead, especially given all the turmoil in Washington.
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The other big story of the morning is that Apple is reportedly considering the use of OpenAI’s or Anthropic’s large language models to power Siri. This could be a turning point for Apple but also for the A.I. race. One question we have: Would OpenAI’s ChatGPT lose users — and effectiveness, given the more the chatbot is used, the better it gets — if Apple beefed up Siri by going with Anthropic? (Was this newsletter forwarded to you?
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Karoline Leavitt, the White House press secretary, showed off President Trump’s latest broadside against Jay Powell and his colleagues at the Fed.
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Uncertainty ahead
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It has been a Jekyll-and-Hyde start to 2025. Analysts and investors are bracing for more drama in the second half.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
S&P 500 futures point to a weak opening this morning, but the benchmark index is on a winning streak, having closed yesterday at another record. But the dollar has had its
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
worst start to the year in more than a half-century
</a>
<span>
as some investors sweat a possible return of the “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sell America
</a>
<span>
” trade instigated by President Trump’s trade war.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
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<img alt="A line chart shows the decline so far this for the dollar compared to similar periods, dating back to 1986." class="css-xsf469" height="378" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F07%252F01%252Fbusiness%252F01db-chart%252F01db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTEzNzI4NjIuOTA0NzE3Mn0:1uWa5O:MPOnuNtb0BbK9IUwtOhdOfMSxvtawJB-gwTiczXIWjA" 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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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Amid this split screen, Trump
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
has stepped up his attacks
</a>
<span>
on the Fed and its chair, Jay Powell. The threat to the central bank’s independence
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
could jolt global investors’ nerves
</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 recap:
</span>
<span>
Coming into the year,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Wall Street hoped
</a>
<span>
that Trump’s business-friendly agenda of slashing taxes and regulations would propel stocks.
</span>
</p>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But while the S&P 500 is up more than 5 percent this year, tariff uncertainty has rattled business executives, consumers and investors. And the fate of the Republican policy bill that is central to Trump’s domestic agenda remains unclear as the legislation awaits a vote in Congress.
</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 has been a recipe for market turbulence.
</span>
<span>
Stocks have rebounded since late April on hopes for a slew of trade deals that would avert crushing tariffs. But with the administration’s initial and highly ambitious goal of 90 deals in 90 days looking less and less likely, are investors getting ahead of themselves? (Among the developments: The European Union appears willing to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
concede some ground
</a>
<span>
, but Trump is threatening new tariffs on Japan, grumbling that the country “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
won’t take our RICE
</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">
What’s weighing on investors’ minds:
</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;font-weight:700;font-family:arial,sans-serif;color:#000">
Growth is uncertain.
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
G.D.P. fell last quarter in the U.S., and many economists expect faltering consumer spending. Could households benefit from tax cuts in the Republican policy bill if it passes? Many economists think the legislation would raise growth — but the Yale Budget Lab warns that it is so expensive, it could
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
raise interest rates in the long run
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
Inflation is far from vanquished.
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
So far, Trump’s tariffs haven’t significantly raised prices. But that could change fast, especially with a major deadline next week by which Trump could reinstate his biggest levies.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
The Fed is under pressure over interest rates.
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
The central bank is in wait-and-see mode as it watches the inflationary and labor-market effects of Trump’s trade policy. But some Fed governors have suggested they’re ready to cut borrowing costs as soon as this month.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
Succession drama hangs over the Fed.
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Treasury Secretary Scott Bessent
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
laid out a timeline
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
yesterday in which the administration could name an heir apparent to the Fed board in January, months before Powell’s term expires in May. That could create a shadow Fed chair beholden to Trump and undercut Powell’s authority, muddling the central bank’s messaging.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
That said, the underlying economy is holding up — so far.
</span>
<span>
“Despite all the turmoil that took place in Q2, one factor supporting markets was broadly resilient data,” Henry Allen, a Deutsche Bank markets strategist, wrote in an investor note this morning. “There was little evidence that either the U.S. or global economies were suddenly deteriorating thanks to the tariffs.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
If that trend buckles, all bets are off.
</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">
Senate Republicans toil toward a vote on their big domestic-policy bill.
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Lawmakers stayed up
</a>
<span>
to slog through numerous amendments to the legislation, including over
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
clean-energy credits
</a>
<span>
,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
cuts to Medicaid
</a>
<span>
and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
state-level regulation of artificial intelligence
</a>
<span>
. They hoped to get to an up-or-down vote soon and for President Trump to sign the bill into law by Friday. But many questions remain, including whether the bill will pass and whether
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
House
</a>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Republicans
</a>
<span>
will approve of the changes.
</span>
</p>
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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">
The Trump administration accuses Harvard of violating federal civil rights law.
</span>
<span>
Federal officials said that the university had
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
failed to protect Jewish students
</a>
<span>
from harassment, which could lead to the “the loss of all federal financial resources.” Harvard denied the allegations. Separately, a conservative think tank tied to Trump
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sued Cornell
</a>
<span>
, accusing that university of illegal discrimination via its use of diversity, equity and inclusion policies.
</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">
Trump and Paramount say they’re in “advanced” settlement talks.
</span>
<span>
The two sides disclosed in a court filing that they were in negotiations to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
end the president’s lawsuit
</a>
<span>
over a segment produced by “60 Minutes” on CBS News, which Paramount owns. The discussions have gone on for months; Paramount executives see the lawsuit as a potential hurdle to winning antitrust approval for their company’s proposed sale to the Hollywood studio Skydance.
</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">
Google makes a bet on nuclear fusion.
</span>
<span>
The tech giant agreed to buy
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
200 megawatts of power
</a>
<span>
from the first electricity facility planned by Commonwealth Fusion Systems, a start-up, and it is taking a stake in the company as well. It’s another sign of the deep hunger that tech companies have for electricity to power data services for artificial intelligence.
</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>
How far will Apple go?
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Apple’s struggles with artificial intelligence are well known, to the point that we’ve asked if the company
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
should open its wallet
</a>
<span>
to pay for a major acquisition or partnership.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Reporting by Mark Gurman of Bloomberg suggests that Apple is considering something along those lines: working with OpenAI, the maker of ChatGPT, or with the A.I. start-up Anthropic to power a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
new version of its digital assistant
</a>
<span>
, Siri. Apple could also scrap efforts to develop in-house software to make a smarter version of the tool.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Apple has asked OpenAI and Anthropic about training versions of their large language models that could run on Apple’s own cloud infrastructure, according to Bloomberg.
</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 recap:
</span>
<span>
While ChatGPT now assists Siri with some web-based queries, Siri itself is still powered by Apple software that has been criticized for years as underpowered.
</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">
More from the Bloomberg report:
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
[Craig Federighi, Apple’s software engineering chief, and Mike Rockwell, its head of Siri] and other executives have grown increasingly open to the idea that embracing outside technology is the key to a near-term turnaround. They don’t see the need for Apple to rely on its own models — which they currently consider inferior — when it can partner with third parties instead, according to the people.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
Licensing third-party A.I. would mirror an approach taken by Samsung Electronics Co. While the company brands its features under the Galaxy A.I. umbrella, many of its features are actually based on Gemini. Anthropic, for its part, is already used by Amazon.com Inc. to help power the new Alexa+.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
In the future, if its own technology improves, the executives believe Apple should have ownership of A.I. models given their increasing importance to how products operate. The company is working on a series of projects, including a tabletop robot and glasses that will make heavy use of 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">
Why it matters:
</span>
<span>
Apple executives worry that the rise of chatbots could lessen users’ dependence on devices like the iPhone. Some analysts and investors have suggested that Apple, a $3 trillion behemoth, should buy a major A.I. start-up like the search engine Perplexity.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
It’s not clear how far this will go.
</span>
<span>
Bloomberg reports that Apple and Anthropic have disagreed over financial details, with the A.I. start-up looking for a multibillion-dollar annual fee that would grow sharply every year.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And some Apple executives dislike the idea of going outside the company for a solution. Members of the company’s A.I. team have reportedly indicated that they could end up leaving, especially given that rivals like Meta are offering huge pay packages for experts in the field.
</span>
</p>
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</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
“Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
—
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
President Trump
</a>
<span style="font-style:italic">
on Truth Social today. He seemed to be responding to a barrage of X posts by Musk, whose criticism of the Republican domestic-policy bill now extends to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
calling for a new political party
</a>
<span style="font-style:italic">
. Tesla shares were down sharply in premarket trading as investors worried about potential blowback to Musk’s company.
</span>
</p>
<table width="100%">
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<td class="css-36ugzx" style="padding-bottom:15px">
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<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
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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>
A new corner of the market for Home Depot
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Home Depot struck its latest deal yesterday, announcing a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
$4.3 billion takeover of GMS
</a>
<span>
, a large distributor of building products. (It beat out the building-products distributor QXO, which had offered $5 billion in cash.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The transaction speaks to trends in the housing market, including a pullback in home improvement projects that has prompted retailers to look for growth elsewhere, Danielle Kaye 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">
Home Depot wants to increase sales to professionals.
</span>
<span>
That means offering more supplies like drywall, ceilings and steel framing to roofers and renovators, not just to homeowners looking to fix things up.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The GMS acquisition comes after Home Depot’s purchase last year of SRS Distribution, another building-products company. (SRS is technically the buyer of GMS.)
</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 deal in part reflects a drop-off in D.I.Y. demand.
</span>
<span>
“There’s a lot of pressure on the consumer right now, which means they’re not spending as much on home improvement projects,” Neil Saunders, managing director for retail at the consulting firm GlobalData, told DealBook. High interest rates are still dampening demand for big remodeling projects that require financing.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That backdrop means home-improvement retailers are reluctant to rely on the consumer 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 housing market is still stuck
</span>
<span>
. “You can see it simply through the very low level of home sales,” Chen Zhao, the head of economics research at Redfin, told DealBook. In May,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
existing-home sales inched up
</a>
<span>
from a month earlier, according to the National Association of Realtors.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But existing home sales are still at an annual rate of around four million — “and we have just not seen numbers that low since the 1990s,” Zhao said.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
More staying put means less remodeling tied to moves.
</span>
<span>
In response, retailers are zeroing in on their professional portfolios, which they see as more stable. Lowe’s announced last month that it was
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
acquiring Artisan Design Group
</a>
<span>
, which provides services to home builders and property managers.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
These businesses also handle commercial construction, including building data centers for tech companies. “Folks like Home Depot, Lowe’s, QXO and others want to be at the center of that growth,” Amol Shah, a manager director at the consulting firm AlixPartners, told DealBook. “This is a play for a lot of the home improvement retailers to fortify their position.”
</span>
</p>
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We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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<span>
THE SPEED READ
</span>
</h3>
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<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Deals
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
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<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">
Mike Moritz, the venture capitalist who got wealthy by investing early in Google and PayPal, is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
betting on news
</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">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Circle’s stock has climbed nearly 500 percent since the company went public. Analysts at JPMorgan Chase, which helped underwrite that I.P.O.,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
think that’s too much
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (Bloomberg)
</span>
</li>
</ul>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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Tech and artificial intelligence
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
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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">
Mark Zuckerberg officially announced
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Meta’s “superintelligence” A.I. unit
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, with leaders including Alexandr Wang, a founder of Scale AI, and Nat Friedman, the former C.E.O. of GitHub. (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">
Anthropic let its A.I. model run its in-house store for a month.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Things went very wrong
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (Business Insider)
</span>
</li>
</ul>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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Best of the rest
</span>
</p>
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<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 online retailers Shein and Temu
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
have shed customers
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
since President Trump ordered the closure of a tax loophole that helped them offer ultracheap items. (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">
“Caitlin Clark Is Worth Millions to the W.N.B.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">
But She’s Not Paid Like It.
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (The Athletic)
</span>
</li>
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Andrew Ross Sorkin
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, Founder/Editor-at-Large, New York
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Bernhard Warner
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Sarah Kessler
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, Reporter, London
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Lauren Hirsch
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, Reporter, New York
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@LaurenSHirsch
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