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   DealBook: Cashing in chips
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   Also, what’s Mark Zuckerberg’s A.I. endgame?
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             July 15, 2025
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          Good morning. Andrew here. We’re thrilled to announce that the
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          DealBook Summit is back
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          : It will take place on Dec. 3 in New York City. If you would like to join us in person for a day of headline-making conversations with some of the most consequential figures in business, policy and culture,
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          apply to attend here
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          .
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          This morning is turning out to be super-busy: JPMorgan Chase released earnings that
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          crushed estimates
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          . Nvidia shares are jumping, too, on news that it will resume selling its H20 chips in China. (We wonder: What changed about the national-security concerns over such sales, or is this part of the tariff negotiations?) We dive into what Mark Zuckerberg’s A.I. plans might really be about. And C.P.I. data will hit the tape shortly. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="Jensen Huang, Nvidia's C.E.O., wearing a leather jacket and holding up a device in his right hand and a microphone in his left." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F07%252F15%252Fmultimedia%252F15db-newsletter-nvidia-vwlh%252F15db-newsletter-nvidia-vwlh-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTI1ODA2NzYuNzU4MDYzOH0:1ubeIG:LB6GwRZOhUNGuJ04I2Ao1mSYZy-y3iTbqz4_OxNpxbE" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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             Jensen Huang, Nvidia’s C.E.O., scored a potentially big win for the chipmaker amid President Trump’s trade war.
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             I-Hwa Cheng/Agence France-Presse — Getty Images
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A U-turn on trade?
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The chipmaking giant Nvidia is soaring in premarket trading this morning, lifting S&amp;P 500 and Nasdaq futures, too.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Why? The company said yesterday that it had
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          scored a key concession
         </a>
         <span>
          from the Trump administration: resumed sales of H20 semiconductors to China, despite concerns that access to these advanced chips could help Beijing’s military and the artificial intelligence industry.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Shares in AMD, a rival chipmaker, were gaining, too, on a report that it had the
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          green light to sell its MI308
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         <span>
          to Chinese customers again.
         </span>
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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">
          It could be a huge victory for Jensen Huang, Nvidia’s C.E.O.
         </span>
         <span>
          He met with Trump in recent days as he leaned on the administration to lift tech trade restrictions on China. The Trump and Biden administrations had severely limited Nvidia’s ability to sell high-end chips to China, a key market.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That said, the Commerce Department hasn’t yet confirmed the new permission.
         </span>
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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">
          Trump’s trade war is still hobbling other companies.
         </span>
         <span>
          Volvo
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          took a $1.2 billion charge
         </a>
         <span>
          yesterday, partly blaming tariff costs. The Swedish automaker is controlled by the Zhejiang Geely Holding Group in China and faces some of the highest levies imposed on overseas car companies.
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          Taxes may also leave some U.S. consumers seeing red.
         </span>
         <span>
          The administration said yesterday that it would impose
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a 17 percent tariff on Mexican tomatoes
         </a>
         <span>
          . The measure is meant to bolster U.S. producers, who have long grumbled about competing against producers of cheaper Mexican tomatoes. Economists warn that it could drive up prices at the supermarket.
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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">
                In related news: In an effort to pressure Russia into stopping its war in Ukraine, Trump said he would impose “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                secondary tariffs
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” of up to 100 percent on countries that trade with Moscow. And Politico reports that officials in Brussels have drawn up
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a list of roughly €72 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ($84 billion) worth of U.S. goods to tax, including aircrafts and car parts, if trade talks break down.
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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>
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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">
          China’s economy grows, defying gloomy forecasts.
         </span>
         <span>
          A surge in domestic investment and exports — especially to Europe, Africa and Southeast Asia — pushed second-quarter
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          G.D.P. up by 1.1 percent
         </a>
         <span>
          . Chinese consumers aren’t spending much, but the country’s overall economic resilience suggests it may be able to weather President Trump’s trade war.
         </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 major storm hits the East Coast, including New York and New Jersey.
         </span>
         <span>
          Flash floods
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          overwhelmed the New York City subway system
         </a>
         <span>
          in places, dozens of flights to Newark Liberty International Airport were canceled, and roadways and rail service were disrupted — with more heavy rain forecast. The severe weather comes as NASA said it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wouldn’t host previous National Climate Assessments
         </a>
         <span>
          , congressionally required climate-change reports, on its website.
         </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 Supreme Court clears the way for shrinking the Education Department.
         </span>
         <span>
          Justices said yesterday that the Trump administration could
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          proceed with mass firings
         </a>
         <span>
          at the agency without congressional approval. It’s the latest example of the Supreme Court’s expanding presidential authority, giving Trump further cover to unilaterally reshape the federal government.
         </span>
        </p>
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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">
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Meta weighs a big A.I. shift
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Meta’s desire to catch up to artificial intelligence rivals like OpenAI, Google and Anthropic has already led it to spend billions of dollars on acquiring new talent and building new resources.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But The Times’s Eli Tan reports that Meta may also follow its competitors in a consequential way: by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          developing a closed-source A.I. model
         </a>
         <span>
          that keeps its underlying code private. Such a shift would be a big philosophical shift for the company — and it would raise the question, again, of what the A.I. end game is for Mark Zuckerberg, Meta’s C.E.O.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td>
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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 latest:
         </span>
         <span>
          Top members of Meta’s new so-called superintelligence lab, including its leader, Alexandr Wang, have discussed abandoning the company’s top open-sourced model, Behemoth, for a closed one, Tan writes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          To date, Meta has been an evangelist for the open-source movement: Zuckerberg and Yann LeCun, the company’s top A.I. scientist, have argued that such an approach would prevent A.I. from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          being dominated by a few big players
         </a>
         <span>
          who charge top dollar for access to their software.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That said, Zuckerberg hasn’t yet signed off on such a move. (It would raise the question of what would happen to LeCun as well.)
         </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">
          Zuckerberg has been open about his A.I. ambitions.
         </span>
         <span>
          Yesterday he
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          posted on Meta’s Threads social network
         </a>
         <span>
          about the company’s plans to build several massive A.I. data centers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Such megaclusters of data servers require loads of power — Meta has struck agreements with
         </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">
          power
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          companies
         </a>
         <span>
          for that — and water, which Tan reports is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          guzzling up the supplies
         </a>
         <span>
          of surrounding communities.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Then there are the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          huge payouts
         </a>
         <span>
          that Meta is dangling to prospective A.I. hires and the $14.3 billion that the company invested in the start-up Scale AI to help hire its founder, Wang.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors appear to be on board: Meta’s stock is trading at all-time highs.
         </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 is it all for?
         </span>
         <span>
          Part of the goal, Tan tells DealBook, is to develop chatbot technology that would be integrated into Meta’s social media platforms
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          like Facebook and Instagram
         </a>
         <span>
          and improve its all-important ad systems. It also wants to make its Meta AI assistant and smart glasses more popular.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Zuckerberg and other Meta executives are proud technologists who have noted that the company had been a longtime believer in and developer of A.I. Falling behind rivals like OpenAI, Google and the Chinese upstart DeepSeek (whose work is built in part on
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Meta-produced open-source code
         </a>
         <span>
          ) is both a personal affront and, potentially, a disaster for the company’s future relevance.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In other A.I. news: Elon Musk’s xAI was one of several A.I. companies 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">
                win a contract from the Pentagon
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , days after its Grok chatbot was criticized for
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                sharing antisemitic posts on X
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . And Google said it would
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                invest $25 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the largest U.S. electric grid to support more A.I. data centers.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <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>
          The anti-Mamdani movement takes a hit
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          After Zohran Mamdani won the Democratic nomination for New York mayor, his opponents in the city’s elite declared there was only one way to stop him: Either Mayor Eric Adams or former Gov. Andrew Cuomo should challenge him in the fall — but not both.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That scenario now looks like toast, with Cuomo declaring
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he’ll run as an independent
         </a>
         <span>
          . Where does that leave business leaders now?
         </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 Mamdani opposition is split, at least for now.
         </span>
         <span>
          “The fight to save our city isn’t over,” Cuomo declared in a video announcing his independent candidacy. His decision follows weeks of speculation about whether he would run after his unexpected shellacking in the Democratic primary last month — and jostling with Adams about who would drop out.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There are now four Mamdani opponents: Cuomo; Adams; Jim Walden, a corporate lawyer running as an independent; and Curtis Sliwa, the social activist and Republican nominee. “If the four of us split the vote in any form or combination, all we’re doing is electing this 33-year-old, paper-thin-résumé socialist, which will be terrible for New York,” Walden told The Times.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What can anti-Mamdani voters do now?
         </span>
         <span>
          Many of them, including the financiers Dan Loeb and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bill Ackman
         </a>
         <span>
          , had settled on Adams. (Both even
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          vetted the mayor’s campaign manager
         </a>
         <span>
          .) But even before Cuomo decided to stay in, Adams faced an uphill battle:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Recent polling
         </a>
         <span>
          shows him with a high unfavorable rating and trailing Mamdani and the former governor among key demographics.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As for Cuomo, he hasn’t managed to secure the support of many of the boldfaced names who backed him in the Democratic primary, raising questions about his financial resources.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Unless someone drops out, it’s unclear whether any of the non-Mamdani candidates can gain enough momentum to beat him. That’s increasingly reflected in prediction markets:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bettors on Polymarket
         </a>
         <span>
          overwhelmingly favor Mamdani to win in November, with Cuomo and Adams far behind.
         </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 watch:
         </span>
         <span>
          Today, Mamdani is scheduled for the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          first of two meetings
         </a>
         <span>
          with members of the Partnership for New York City, which represents many influential C.E.O.s. Mamdani has been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          striking a conciliatory tone
         </a>
         <span>
          with corporate leaders: “Where we have a shared interest in this city and this city’s success I’m excited to share my plans to that end, and to work with them to achieve that success,” he told The Times’s Emma Fitzsimmons.
         </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 table shows economists' expectations for the June Consumer Price Index reading." class="css-xsf469" height="433" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F07%252F15%252Fbusiness%252F15db-chart%252F15db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTI1ODA2NzYuNzU5MDcyM30:1ubeIG:i01tpbTB9dAs3cuWV8Hj32UHRQBqJ2JKrc1CEs4OVic" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          C.P.I. coming up
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          On Wall Street and in Washington, eyes will be on this morning’s Consumer Price Index report, due at 8:30 a.m. Eastern.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          After a string of soft readings, several economists forecast that President Trump’s tariffs began to drive up inflation in June. Trump himself views it differently, saying yesterday, “Incomes are up, prices are down and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          inflation is dead
         </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">
          The stakes are high.
         </span>
         <span>
          A hot number could persuade the Fed to keep interest rates elevated for longer, which could jolt the markets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Wall Street is divided on what to expect.
         </span>
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          Bank of America economists have penciled in a 0.3 percent month-over-month increase in headline and core inflation (which excludes often volatile food and energy products).
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Their counterparts at Citi, though, said they expected the streak of “benign” inflation readings to continue, though they did anticipate the beginnings of a tariff effect. “Any inflationary pressure should be narrowly focused on goods and short-lived,” Veronica Clark, an economist at the bank, wrote in a research note last week.
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          Could such a gap in views dent investor confidence?
         </span>
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          It would take an unexpectedly big number (think: an increase of more than 0.3 percent month over month), coupled with clear signs that tariffs had caused it, to put the markets on edge, George Goncalves, head of U.S. macro strategy at the financial-service company MUFG, told DealBook. “I’m a little bit skeptical now, and I think the market has that feeling, too,” he said.
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          Producer Price Index and Thursday’s retail sales data for a more complete picture of how tariffs are affecting prices and consumer behavior. (Remember: Economists have been
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          raising questions about the reliability
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          of government data on consumer prices.)
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          That’s on top of the second-quarter earnings season now underway — the “largest potential catalyst for market activity,” David Bahnsen, chief investment officer at the Bahnsen Group, told DealBook.
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                Cognition, an artificial intelligence start-up for coders,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                agreed to buy its rival Windsurf
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                days after that company secured a $2.4 billion licensing deal from Google. (NYT)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Dimon Says Private Credit Is Dangerous — and
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                He Wants JPMorgan to Get In on It
               </a>
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                ” (WSJ)
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                Jay Powell, the Fed chair, reportedly asked the central bank’s inspector general to
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                review planned headquarter renovations
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                that Trump administration officials have criticized. (CNBC)
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                House Democratic leaders
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                won’t require their colleagues
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                to oppose three crypto bills backed by Republicans, underscoring a divide on digital currencies among Democratic lawmakers. (Politico)
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          Best of the rest
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                Saudi Arabia is said to have asked consultants to
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                review plans for “The Line
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,” a futuristic and expensive city project, as the kingdom looks to cut costs. (Bloomberg)
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                “The D.E.I. Industry, Scorned by the White House,
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                Turns to ‘Safer’ Topics
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
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