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   DealBook: Cashing in
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   Also, the limits of “tokenmaxxing.”
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             May 27, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Forget about A.I. processors. Memory chips are the new market winner, with Micron and the South Korean giant SK Hynix becoming the latest trillion-dollar companies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also, some businesses are starting to publicly acknowledge that they are not seeing enough productivity growth to justify their spending on A.I. tokens. What does this mean long term? And we’ve got details on the first fully A.I.-generated film, about Iran, that will be shown at the Tribeca Festival. 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="Two excavators sit on a snowy field. An American flag hangs from the arm of one machine, which has the name Micron on it." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F27%252Fmultimedia%252F27db-micron-gkvc%252F27db-micron-gkvc-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzk4ODQxNDMuODEyMDE0Nn0:1wSDAl:p8B186jdkxEw3Zb_9AKsTSZ1YQ1g6XkJP1wGme-4NgA" 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">
              Micron, the booming U.S. chipmaker, has become a darling of Wall Street and the Trump administration.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Liam Kennedy 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>
          Memory mammoths
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The artificial intelligence rally has minted two new trillion-dollar companies in the past 24 hours, Micron and the South Korean firm SK Hynix, as investor fervor for chipmakers goes into overdrive.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Worries about a bubble have weighed on tech stocks
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          for the past year
         </a>
         <span>
          . But robust demand for processors for data centers, and more recently a “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          supercycle
         </a>
         <span>
          ” surge in high-bandwidth memory chips for advanced A.I., has flipped the narrative.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Goldman Sachs just
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised its year-end target for the S&amp;P 500
         </a>
         <span>
          to 8,000 from 7,600, citing an A.I.-driven profit boom for semiconductor specialists.
         </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 few companies dominate the memory chip supply chain,
         </span>
         <span>
          including Micron, SK Hynix and Samsung, which also joined the $1 trillion club this month.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Trump administration has embraced Micron.
         </span>
         <span>
          Last week, Jamieson Greer, the U.S. trade representative, attended a ceremony at the company’s plant in Virginia. He told reporters that the administration was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          weighing a new tariff on chips
         </a>
         <span>
          to help bolster domestic production, which could help Micron cement its market dominance.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          At a rally in New York on Friday, President Trump
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          called Micron “great,”
         </a>
         <span>
          citing the company’s pledge to invest up to $100 billion in the U.S.
         </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">
          Investors see the companies’ strategic importance, too.
         </span>
         <span>
          Just look at these eye-popping numbers:
         </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">
                After yesterday’s 20 percent rally, Micron shares have risen roughly threefold this year.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                SK Hynix is up over 1,000 percent over the past year.
               </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 PHLX semiconductor index, which includes Micron, Intel and chip giants like Nvidia, has set record after record, lifting the wider S&amp;P 500.
               </span>
              </li>
             </ul>
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            <img alt="A line chart shows the 10-year performance of the PHLX semiconductor index versus the S&amp;P 500." class="css-mcckse" height="515" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F27%252Fbusiness%252F27db-new-chart%252F27db-new-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzk4ODQxNDMuODEyMTE1Mn0:1wSDAl:Zay3s65SU-9epJwTBg04i89lw2dYgSKYnm4GB39brFk" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But geopolitics may crash the party.
         </span>
         <span>
          China is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          investing heavily to close the gap
         </a>
         <span>
          with South Korea in chip manufacturing, analysts warn, amid surging demand for memory processors to train A.I. models.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And Samsung narrowly averted a potential global supply chain crisis this month after workers threatened to strike. It involved paying up: Employees in the company’s chip division
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          agreed today to a deal
         </a>
         <span>
          that will pay them a piece of the company’s A.I. chips profits. That means a bonus of roughly $400,000 per person on average.
         </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">
          U.S. consumer confidence falls on inflation fears.
         </span>
         <span>
          An index released yesterday by the Conference Board showed
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a decline in April
         </a>
         <span>
          , particularly among younger and lower-income Americans. It’s the latest sign of worries about rising prices, as well as a split-screen contrast between the stock market and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          oil prices
         </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">
          SpaceX is said to have sharply raised Starlink prices for the Pentagon.
         </span>
         <span>
          Elon Musk’s company recently argued to Defense Department officials that the U.S. government should be
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          paying significantly more
         </a>
         <span>
          for access to the satellite internet service, according to Reuters, which reported that the Pentagon ended up paying a higher rate. It’s a sign of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          SpaceX’s business strength
         </a>
         <span>
          as the company prepares to go public.
         </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 official fund for President Trump’s Board of Peace reportedly has no money.
         </span>
         <span>
          Months after Trump unveiled the organization as one of the “most consequential” international groups ever created, its formal pot, set up by the World Bank, has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          gotten no cash from donors
         </a>
         <span>
          , The Financial Times reports, citing unnamed sources. Instead, an affiliated account at JPMorgan Chase with no transparency requirements has received money.
         </span>
        </p>
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           <td style="text-align:center">
            <img alt="The Nvidia C.E.O., Jensen Huang, wearing a black leather jacket and a microphone, gestures with his right hand." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F27%252Fmultimedia%252F27db-huang-tokenmaxxing-lbtm%252F27db-huang-tokenmaxxing-lbtm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzk4ODQxNDMuODEyNjAyfQ:1wSDAl:6RiJNsBUnuVwm3BCtifW7NVXGEO_wMU8g-YrK5NLp54" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
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           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Jensen Huang, Nvidia’s C.E.O., has encouraged his company’s engineers to maximize their token use.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Mike Blake/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>
          Execs look beyond “tokenmaxxing”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Uber’s chief technology officer,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Praveen Neppalli Naga
         </span>
         <span>
          , made a stir
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          when he admitted
         </a>
         <span>
          last month that his engineers had “blown away” their artificial intelligence budget for the year in just a few months.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Uber is hardly alone.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As agentic coding tools like Anthropic’s Claude Code and OpenAI’s Codex gobble huge amounts of tokens, the atomic unit of data processed by A.I. models, more companies are dealing with A.I. sticker shock. That’s forced them to cut costs and, in some cases, seek alternative models, Niko Gallogly reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A.I. spending has soared in the past year.
         </span>
         <span>
          Companies’ average A.I. token spend has increased 13 times since January 2025, according to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          an index of 50,000 customers
         </a>
         <span>
          tracked by the financial start-up Ramp. Those A.I. costs are still small as a portion of total spend, hovering at 1 to 2 percent, but are “growing so quickly that it is now incumbent on firms to find ways to control that cost,” Ara Kharazian, Ramp’s lead economist, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Eye-popping A.I. bills are an unsurprising feature of “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tokenmaxxing
         </a>
         <span>
          ,” in which engineers compete to use the most tokens. Some A.I. leaders have encouraged the trend — one that they stand to benefit from.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jensen Huang
         </span>
         <span>
          of Nvidia, for example, has said he expects an engineer at his company with a $500,000 salary to spend at least $250,000 on tokens a 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">
          As A.I. costs climb, tokenmaxxing’s days may be numbered.
         </span>
         <span>
          “We want people experimenting, but not ripping tokens for the sake of doing so,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Karan Parekh
         </span>
         <span>
          , the C.F.O. at the A.I. start-up Clay, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Clay’s A.I. spend is growing faster than almost any other line item and in many months is growing faster than revenue, Parekh said. So far it hasn’t hurt the bottom line, but Parekh added that he carefully managed the company’s A.I. spend, including by requiring employees to get approval to surpass a certain token spend.
         </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">
          While Anthropic and OpenAI have dominated A.I. enterprise adoption,
         </span>
         <span>
          more companies are “opting to cheaper models where possible,” Kharazian said. Those include free-to-use open-source models and Google’s Gemini (whose most advanced model costs
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          less than half
         </a>
         <span>
          per token compared with similar offerings from Anthropic or OpenAI).
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Others are using tools like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          OpenRouter
         </a>
         <span>
          , which allows companies to easily switch between higher- and lower-end models.
         </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 high price tag is weighing on tech giants, too.
         </span>
         <span>
          This month Microsoft announced it was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          canceling most of its Claude Code licenses
         </a>
         <span>
          in part because of financial concerns, The Verge reported, as it urged its engineers to use Microsoft’s own coding tool, GitHub Copilot CLI.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
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           <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_20260527%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3Nzk4ODQxNDMuODEyNzE4NH0:1wSDAl:6m4df1sHe7HDLqJRYSuvERxF0qxe7WGng4zSzdHlzxI" style="max-width:96px;margin-bottom:7px"/>
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           </td>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “I dispute entirely the characterization of my conduct, and I will not allow a false narrative to go unchallenged.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          —
         </span>
         <span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
          Albert Manifold
         </span>
         <span style="font-style:italic">
          , who was ousted yesterday as the chairman of BP.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          News
         </a>
         <span style="font-style:italic">
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          outlets
         </a>
         <span style="font-style:italic">
          reported that Manifold was accused of being controlling and clashing with Meg O’Neill, whom he had helped recruit as the oil giant’s C.E.O.
         </span>
        </p>
        <table width="100%">
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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Rick Caruso, center, in a blue suit, shirt and tie." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F27%252Fmultimedia%252F27db-caruso-tkqg%252F27db-caruso-tkqg-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzk4ODQxNDMuODEzMDUxNX0:1wSDAl:Fsqjtyx4TwWr0GDiOaIfnsH6VUnVAQr-idu5Wyf0A70" 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">
              Rick Caruso plans to unveil a new vision for golf clubs.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jenna Schoenefeld for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Caruso’s next big bet
         </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">
          Rick Caruso
         </span>
         <span>
          , the billionaire real estate mogul behind Los Angeles properties like the Grove and Palisades Village, has a new project: remaking the golf experience.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Caruso acquired Sherwood Lake Club, the Jack Nicklaus-designed par-3 golf course in Los Angeles, after
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          David Murdock
         </span>
         <span>
          , its owner and the former C.E.O. of the Dole Food Company,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          died last year
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The deal closed in February, and Caruso is set to reopen the club this fall with a new vision, Lauren Hirsch 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">
          Golf clubs are a booming business.
         </span>
         <span>
          As the number of Americans hitting the links climbs — 48.1 million did so last year,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          up 41 percent
         </a>
         <span>
          from 2019 —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          initiation fees
         </a>
         <span>
          have skyrocketed.
         </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">
          “We’re reinventing the whole experience of golf,”
         </span>
         <span>
          Caruso told DealBook, saying the club’s “premium experience” will include high-quality food, a fitness center, tennis courts and more. It builds on an approach he took at Miramar Club, his take on the beach club, which opened in Montecito, Calif., in 2019.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Sherwood, which sits near Westlake Village, is already known as a hot spot for celebrities like Kevin Hart and LeBron James.
         </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 one of Caruso’s first big endeavors since he ran for mayor of Los Angeles in 2022.
         </span>
         <span>
          Speaking of the mayoral election, “It’s going to be an interesting June 2,” he said when asked about the surprising ascendancy of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Spencer Pratt’s candidacy
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “I really have stayed on the sidelines very intentionally on this,” he added, “and I’m going to remain on it.”
         </span>
        </p>
        <table width="100%">
         <tbody>
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           </td>
          </tr>
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           <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 still from an A.I.-generated movie of a young woman holding up her fist at a nighttime protest as a fire burns behind her. " class="css-18ei5jy" height="271" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F27%252Fbusiness%252F27db-ai-movie-still%252F27db-ai-movie-still-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzk4ODQxNDMuODEzMTU0NX0:1wSDAl:z1hatd3KuRdExw-_Swjk3lauQIHYmGTvNfTCCqvOglE" 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">
              A still from “Dreams of Violets,” an A.I.-generated feature film set in Iran.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Fountain 0
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A.I. comes to the Tribeca Festival
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Two defining narratives in the world today are the war with Iran and artificial intelligence. Now they’re converging in the form of a new movie that could ignite a debate about the role of generative A.I. in creating original entertainment and provoke fresh fears about job losses in Hollywood.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Today, Fountain 0, a start-up focused on creating A.I.-generated movies and TV, is announcing that its debut film will make its world premiere on June 10 at the Tribeca Festival in New York.
         </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 movie, “Dreams of Violets,”
         </span>
         <span>
          is the first full-length, live-action feature created entirely with A.I. to be accepted at a major film festival.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Tribeca Festival
         </a>
         <span>
          , celebrating its 25th anniversary this year, was co-founded by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Robert De Niro
         </span>
         <span>
          in the wake of Sept. 11. Lupa Systems, the investment firm of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          James Murdoch
         </span>
         <span>
          , bought a controlling stake in the festival’s parent company in 2019.
         </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">
          Set in Iran in January 2026,
         </span>
         <span>
          “Dreams of Violets” is a fictional docudrama that follows five strangers who end up in a Tehran alley on the day that the Iranian government
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          imposed an internet blackout
         </a>
         <span>
          amid a brutal crackdown in which thousands of protesters were killed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It was made without actors, cameras or sets.
         </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">
          Passion project:
         </span>
         <span>
          The movie’s creators,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ash and Pooya Koosha
         </span>
         <span>
          , are brothers and first-time filmmakers who grew up in Iran but were forced to leave the country in 2009 and settled in London. They are the co-founders of Claigrid, an agentic A.I. start-up, and Fountain 0.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Ash Koosha made
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the movie
         </a>
         <span>
          alone in just a couple of months, with a budget of $2,000 for generative A.I. tools. He primarily used Kling AI, a platform developed by the Chinese tech company Kuaishou, for video generation.
         </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 film industry is going to be transformed by A.I.,” Tom Rogers
         </span>
         <span>
          , Fountain 0’s executive chairman, who founded CNBC and previously ran TiVo, told DealBook. Rogers said “Dreams of Violets” showed that “great independent films can be made without big studio financial backing.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But he acknowledged that there would also be “a lot of consternation” about job displacement, given how A.I. fears drove
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          several
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          major
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          strikes
         </a>
         <span>
          in the entertainment industry in recent years.
         </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">
          Tribeca’s decision to screen an A.I.-created movie may add to the consternation.
         </span>
         <span>
          “The Tribeca Festival has long championed artists who push the boundaries of storytelling and explore new creative frontiers,” a Tribeca spokesperson said in a statement.
         </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>
             THE SPEED READ
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          Deals
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                Shares in AkzoNobel, the Dutch paint giant, jumped after the company said it had
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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">
                rejected a takeover bid of 12.5 billion euros ($14.6 billion)
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                by Nippon Paint and Sherwin-Williams. (WSJ)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The C.E.O. of Bolloré Group, the largest shareholder in Universal Music Group, said that a takeover bid for the music label by Bill Ackman’s investment firm
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                was too low
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Bloomberg)
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          Politics, policy and regulation
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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">
                Ken Paxton trounced Senator John Cornyn
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in Texas’ Republican Senate runoff, giving Democrats some hope they may pick up the seat. (NYT)
               </span>
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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 Trump administration plans to
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                give start-ups weapons-grade plutonium
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — to convert into fuel for nuclear power plants. (NYT)
               </span>
              </li>
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          Best of the rest
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A lawyer for Chirayu Rana, a former JPMorgan Chase employee who is suing the bank and a former colleague over sexual assault allegations, 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">
                said to have resigned
               </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">
                “Xi Jinping Quit Smoking.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                China Still Cannot.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
              </li>
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