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   DealBook: China closes the A.I. gap
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             June 22, 2026
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          Good morning. Andrew here, in Cannes, France.
         </span>
         <span>
          Much of the media world and the globe’s largest marketers are flocking to the Cannes Lions International Festival of Creativity for meetings and networking — or what some critics deride as a giant boondoggle. Many boldfaced names are here, including
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Oprah Winfrey
         </span>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Demis Hassabis
         </span>
         <span>
          of Google DeepMind and the podcaster
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Alex Cooper
         </span>
         <span>
          . (I’m here for less than 48 hours, so this is squarely for work purposes.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And yet the war in the Middle East continues with uncertain prospects for peace. Here on the Croisette, the coming days will provide a real-time study in corporate cognitive dissonance. Can an industry obsessed with ad dollars and with engineering an A.I.-driven future remain insulated from the grinding friction of geopolitical risk?
         </span>
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          This just in:
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Alan Greenspan
         </span>
         <span>
          , who as Fed chairman reshaped American capitalism over 19 years,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          died today
         </a>
         <span>
          . He was 100. We’ll have more on his legacy soon. (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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         <span>
          )
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              The rapid rise of Chinese A.I. models has impressed many in Silicon Valley, and corporate America.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Go Nakamura/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Is Silicon Valley giving Chinese A.I. a boost?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          China is still weighing heavily on the Trump administration’s approach to artificial intelligence, including a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          clampdown on Anthropic’s top models
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But corporate America isn’t showing as much reluctance about using Chinese A.I. — especially as newer models are quickly closing the gap with their American rivals.
         </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">
          Microsoft may make DeepSeek available for its Copilot Cowork product,
         </span>
         <span>
          which would mean
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          adopting one of the most disruptive Chinese models
         </a>
         <span>
          for a product used by potentially millions of enterprise users.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The tech giant recently told Axios that DeepSeek’s V4 model would be meant as a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lower-cost alternative
         </a>
         <span>
          to Anthropic or OpenAI models. It was also fine-tuning the model — possible because DeepSeek’s products are open-source — to try to reduce any biases inherent in the base model.
         </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">
          Developers are already embracing Chinese A.I.
         </span>
         <span>
          Six of the 10 most popular models
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          available on OpenRouter
         </a>
         <span>
          , an A.I. model marketplace, are Chinese, including those from DeepSeek, Tencent and Xiaomi.
         </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">
          Alex Atallah
         </span>
         <span>
          , OpenRouter’s C.E.O.,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          previously told DealBook
         </a>
         <span>
          that cost concerns were driving the greater adoption of Chinese models, many of which are open-source and so free to use.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bigger companies had been using Chinese models as well: Cursor, the popular coding tool, built its Composer 2 model
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on Kimi K2.5
         </a>
         <span>
          , which was made by the Chinese lab Moonshot AI. (Cursor appears to be
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          moving away from Kimi now
         </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">
          Chinese models are getting more powerful, too:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Moonshot AI this month announced the latest version of Kimi, citing benchmarks showing that it’s competitive with top offerings by Anthropic and OpenAI.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Silicon Valley has been abuzz in recent days about GLM-5.2, a model by the Chinese lab Z.ai that Z.ai says is as powerful as high-level Anthropic and OpenAI models.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Guillermo Rauch
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the C.E.O. of the American A.I. developer tool maker Vercel, said he was “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                genuinely impressed
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , almost shocked” by its abilities. “This changes things,” he added.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          And they’re doing so at a faster rate. Dario Amodei
         </span>
         <span>
          , Anthropic’s C.E.O., had warned this spring that Chinese rivals were about “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          six to 12 months
         </a>
         <span>
          ” behind frontier-level U.S. models.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Chinese developers appear to be taking that as a challenge. In response to a prediction by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          that Chinese models could become as powerful as Anthropic’s Fable model,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jie Tang
         </span>
         <span>
          , a founder of Z.ai, wrote on X, “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          won’t take that long
         </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">
          How will the U.S. respond?
         </span>
         <span>
          In the spring, the Trump administration said it would crack down on Chinese companies reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          using American A.I. models
         </a>
         <span>
          to train their own, a process known as distillation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But further efforts to limit the practice haven’t been announced. Indeed, the administration reportedly held off on
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          blacklisting DeepSeek
         </a>
         <span>
          as a national security risk, according to Reuters, citing unnamed sources.
         </span>
        </p>
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             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In other A.I. news: Amazon’s movie division 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">
                abandoning plans
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to make a movie about
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Sam Altman
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of OpenAI and directed by
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Luca Guadagnino
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Amazon has invested in OpenAI and struck a cloud computing deal.)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <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">
          Corporate America will be watching as Coca-Cola takes its giant tax case to court.
         </span>
         <span>
          The beverage maker is set to begin arguments in a federal court in Miami this week in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a decade-old dispute
         </a>
         <span>
          with the I.R.S. over how it books profits at home and abroad. The stakes are high: A win could spare Coke a potential tax hit of more than $20 billion, and it could clarify similar cases involving multinationals under audit for similar reasons.
         </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 receives a lousy environmental, social and governance rating.
         </span>
         <span>
          MSCI, the stock index provider, handed
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          ’s space and artificial intelligence company its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lowest possible score
         </a>
         <span>
          — triple C, the same designation it gave Russia — before its mega-I.P.O. Some major public pension funds have raised
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          concerns over SpaceX’s corporate governance
         </a>
         <span>
          , arguing that shareholders get limited rights and that Musk
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has vast control.
         </a>
         <span>
          The rating is unlikely to faze Musk, who has described E.S.G. as a “scam.”
         </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">
          ‘Toy Story 5’ lifts Hollywood again.
         </span>
         <span>
          The Pixar animated sequel was expected to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sell about $160 million
         </a>
         <span>
          worth of tickets in North America on its opening weekend, raising Hollywood’s take to $1.85 billion this summer — the highest since 2019. The movie’s strong debut, rare for a fifth installment of a series, follows similar successes from “The Devil Wears Prada 2,” “Obsession” and “Backrooms,” cooling arguments that the pandemic had permanently damaged moviegoing.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260622%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODIxMzAxMTQuNzQyNTMyM30:1wbdS6:AbJcaZUvltwFBInVzhOoYeDWkd65q7DwZLDoMbVq1ZI" style="max-width:96px;margin-bottom:7px"/>
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         <tbody>
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           <td height="10">
           </td>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Vice President JD Vance is seen speaking at a lectern framed by two American flags." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F22%252Fmultimedia%252F22db-vance-zjtl%252F22db-vance-zjtl-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODIxMzAxMTQuNzQyODU5Nn0:1wbdS6:K-rDEm-TjM17_RyP623LDldQS4RMpoG3Bd2GFPbu6r4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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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">
              Vice President JD Vance in Switzerland for talks with Iran.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Pool photo by Nathan Howard
             </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>
          ‘Encouraging progress’
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A first round of talks between Washington and Tehran
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          concluded hours ago
         </a>
         <span>
          in Switzerland, with some mediators reporting “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          encouraging progress
         </a>
         <span>
          .” But global stock markets remain under pressure amid uncertainty about the path to a lasting peace settlement.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A slew of difficult issues loom over negotiations, including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the future of Iran’s nuclear program
         </a>
         <span>
          and whether a fragile cease-fire in the conflict between Israel and Hezbollah in Lebanon will hold.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But there was promising news: Oil tanker traffic in and out of the Strait of Hormuz
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          picked up this weekend
         </a>
         <span>
          , Bloomberg reported, even after Iran declared it had closed the vital trade corridor.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
        </p>
        <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">
                Brent crude, the international benchmark for oil,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                traded lower this morning
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , around $79 a barrel. (The price has hovered near $80 per barrel for the past six days as some futures traders
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                bet on oil reserves quickly filling up
               </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">
                S&amp;P 500 futures are down slightly. But the rebound last week put the index about 1.5 percent shy of a new record.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Bonds continue to slump. The yield on the 10-year Treasury note rose to roughly 4.5 percent as bondholders continue to worry about rising inflation and the chance of higher borrowing costs.
               </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">
          Investors are focused on the Fed and inflation.
         </span>
         <span>
          Lower oil prices are a welcome relief, but households and businesses are still contending with the war’s wider economic consequences. On Thursday, the Personal Consumption Expenditures report for May, an inflation measure closely watched by the Fed, will be released.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A higher-than-expected number could tilt central bankers further toward raising interest rates.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The futures market this morning sees at least one rate rise this year, while economists at Deutsche Bank see two, and Bank of America
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          forecasts three
         </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">
          That could pile pressure on Kevin Warsh, the new Fed chairman.
         </span>
         <span>
          Raising rates to fight inflation may be the prevailing bet in the markets, but it would most likely rile
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          , who has repeatedly berated Fed officials for not lowering rates. The president has said
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he wants Warsh
         </a>
         <span>
          to “do whatever he wants, and I don’t want to have a big influence on him.” But would Trump stay quiet if rates go
         </span>
         <span style="font-style:italic">
          up
         </span>
         <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">
          Another thing to watch: Micron Technology.
         </span>
         <span>
          The chipmaker, which reports quarterly results on Wednesday, has been on an astonishing run. Its high-bandwidth memory chips are in huge demand from companies at the forefront of advanced artificial intelligence. The company’s results should give investors clues into whether the A.I. trade has more room to run — or feed A.I. bubble fears
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A line chart shows the share price performance of Micron Technology versus the S&amp;P 500 over the past year." class="css-mcckse" height="535" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F22%252Fbusiness%252F22db-chart-final%252F22db-chart-final-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODIxMzAxMTQuNzQyOTYxNn0:1wbdS6:06e34V5O0zGWan5VC_SeavuHC0AHOy8DURFZODx1DfU" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
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                <td style="line-height:0;font-size:0">
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                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260622%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODIxMzAxMTQuNzQzMjg0fQ:1wbdS6:_DFHdNEt-FprgyJk-6N2mJnCwNfzBS6WU42IssrBV-k" style="display:block;width:100%;max-width:480px" width="480"/>
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           </td>
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         </tbody>
        </table>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           </td>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Forget Polymarket. It’s “Poiymarket.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Prediction markets have been accused of allowing apparent insider trading — on subjects including the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          operation to oust
         </a>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Nicolás Maduro
         </span>
         <span>
          of Venezuela or whether
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          George Santos
         </span>
         <span>
          would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          attend a State of the Union address
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now, The Wall Street Journal reports that Polymarket has marketed itself by hiring social media content creators who posted videos of themselves
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          making fake bets at dummy websites made to look like Polymarket’s
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Journal said its analysis of more than 1,100 videos revealed that Polymarket paid content creators to produce videos, which were promoted by an army of social media “clippers” who reposted the footage.
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          One of the earliest videos showing signs of a fake trade was posted to social media in June 2025, and it was filmed inside Polymarket’s New York office. The video shows someone betting $100,000 that Jerome Powell would say “good afternoon” during a press conference. The caption described the bet as “a valid testosterone test” — and the bet would have won.
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          The Journal identified more than a dozen discrepancies between the real Polymarket and the simulated sites.
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          A handful of videos the Journal reviewed also contained short glimpses of URLs indicating the sites were test environments for Polymarket engineers.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
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          One of those sites was “poiymarket.com,” which is essentially indistinguishable from Polymarket if the “i” is capitalized. (It was taken down after The Journal reached out for comment, the publication reported.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Polymarket told The Journal that it was “committed to maintaining accurate, fair, and transparent markets” and that it planned to audit its active promotional content.
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             THE SPEED READ
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                Military tech start-ups have
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                raised $12 billion in venture capital
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                this year, surpassing 2025’s full-year total, as wars in Ukraine and the Middle East attract investors to drones, autonomous vessels and artificial intelligence. (FT)
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                Australian dairy producer Made Group
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                from TPG Capital in a deal worth $1.4 billion. That’s as “protein-maxxing” is helping drive U.S.
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                cottage cheese shortages
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                . (Bloomberg, NYT)
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                , with a $1 billion investment in CoreWeave and a stake in Anthropic. (WSJ)
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                The air taxi industry is struggling to take off as
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                sue one another over accusations of intellectual property, corporate espionage and talent. (The Verge)
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                King Charles is set to become the first British monarch in modern time to
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                release his personal tax documents
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                , as the royal family tries to bounce back from multiple scandals involving the finances of the former Prince Andrew, his brother. (FT)
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                no one’s sure why
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                ” (Politico)
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