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   DealBook: Chips meltdown
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   Also, Bernard Arnault’s “masterclass” rebuttal.
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             July 28, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Chipmakers are taking a hit this morning because investors worry that Big Tech’s extravagant artificial intelligence spending isn’t delivering real profits yet. At the same time, powerful open-weight models are making A.I. cheaper to run, raising questions about whether companies need to keep buying such expensive tech, including chips.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Still, there are huge long-term investment build-out commitments from major tech players. So, the big question: Is this just a healthy reset for a hot market, or the start of a bigger slowdown?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also: Make sure to read Bernard Arnault’s reply to a critical series of articles in Le Monde about LVMH. It is quite a read. More below. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              The chips rout has gone global.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Greg Baker/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>
          Triple threat
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Not long ago, chipmakers central to the artificial intelligence boom were the hottest trade on Wall Street.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now investors are reckoning with headwinds that could put that sector’s gains at risk. Those concerns are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          playing out across global markets
         </a>
         <span>
          on the eve of a momentous string of tech earnings 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">
          The latest:
         </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">
                South Korea’s Kospi index, home to chip giants SK Hynix and Samsung, plunged more than 10 percent today in extremely volatile trading. The loss
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                shaved nearly $600 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                off SK Hynix’s market cap.
               </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 under pressure, also being dragged down by tech companies.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Nvidia tumbled 5 percent yesterday. The roughly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $250 billion rout
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                saw the chipmaker
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                lose its crown
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as the world’s most valuable listed company (to Apple).
               </span>
              </li>
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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">
          A trio of factors are driving the sell-off:
         </span>
         <span>
          Investors are
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          concerned about
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          a breakneck
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          A.I. spending spree, circular financing in the sector and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          growing Chinese competition
         </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">
          Numbers to watch:
         </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">
                The four biggest hyperscalers — Alphabet, Amazon, Meta and Microsoft — are forecast 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">
                spend a combined $5.3 trillion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on capital expenditure through 2030, much of it to finance their A.I. ambitions, according to Goldman Sachs.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                This year, hyperscalers are set 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">
                borrow up to $400 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to pay for that infrastructure build-out, according to S&amp;P Global, a market data firm. The scale of borrowing is beginning 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">
                unnerve some in the bond market
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , especially as concerns grow that
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                the Fed may raise interest rates
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to tamp down wartime inflation.
               </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 then there’s the circular question.
         </span>
         <span>
          Nvidia, AMD and other chipmakers have pledged billions of dollars to A.I. companies.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Some analysts wonder if these are legitimate investments or
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a form of vendor financing
         </a>
         <span>
          to prop up the start-ups that are also their biggest customers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Those concerns
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          re-emerged yesterday
         </a>
         <span>
          on reports, including from The Wall Street Journal and The Times, that Nvidia is in talks with OpenAI to provide the ChatGPT maker with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a $250 billion financial backstop
         </a>
         <span>
          to help cover lease costs on a $500 billion data center in Ohio.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Will tech bosses reassure investors?
         </span>
         <span>
          Chipmakers — SK Hynix and Samsung — and hyperscalers — Meta, Microsoft and Amazon — report quarterly results tomorrow and Thursday. From the latter trio, investors will want more insight into when their mammoth A.I. bets will pay off.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For chip giants, the big focus will be on demand for their hardware, and how they are positioned to fend off a growing threat from Chinese rivals.
         </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">
          Oil prices fall again.
         </span>
         <span>
          Brent crude, the international benchmark for oil, eased to $86.65 this morning as a pause in U.S. fighting with Iran extended into a fourth day. President Trump said yesterday that there was “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a good chance
         </a>
         <span>
          ” negotiations with Tehran could yield a more lasting peace deal. Iranian officials appear
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          less upbeat
         </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">
          Johnson &amp; Johnson reaches a deal to settle decade-old talc lawsuits.
         </span>
         <span>
          The company agreed to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pay $5.5 billion
         </a>
         <span>
          to settle about 80,000 suits that claim that its talc products caused ovarian cancer. J&amp;J has seen several settlement deals fall through before, but there appears to be more optimism this time.
         </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">
          Minnesota’s ban on prediction markets is in doubt.
         </span>
         <span>
          A federal judge sided with the Commodity Futures Trading Commission, and Kalshi and Polymarket, the prediction markets companies, which
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sued to stop the ban
         </a>
         <span>
          , arguing that the platforms can only be regulated at the federal level. The C.F.T.C. has sued more than a dozen states that have tried to use anti-gambling laws to block prediction market trading.
         </span>
        </p>
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            <img alt="Bernard Arnault, the C.E.O. of LVMH, is seen speaking at a lectern bearing the company’s name." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F28%252Fmultimedia%252Fdb28-arnault-tcgf%252Fdb28-arnault-tcgf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODUyMzc5MjQuMDk4MzcyNX0:1wofw4:0BWylnYMVO5iW3YYHWOxKHpuAUie6bNFOe7mo5l4IoI" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Bernard Arnault, the C.E.O. of LVMH, delivered a buzzy retort to questions about his business empire.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Stephanie Lecocq/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>
          Arnault’s “merci”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in LVMH are gaining in Paris this morning on
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          renewed hopes of a turnaround
         </a>
         <span>
          at the luxury-goods conglomerate that’s home to Dior handbags and Hennessy cognac.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the thing everyone seems to be talking about is
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bernard Arnault
         </span>
         <span>
          ’s social media savoir-faire.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A recap:
         </span>
         <span>
          On Sunday, the fashion tycoon delivered a rebuttal to Le Monde’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          six-part series
         </a>
         <span>
          investigating potential ruptures in the Arnault family power structure.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The 77-year-old wrote
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          an open letter
         </a>
         <span>
          dripping with sarcasm, titled “Merci,” that the company posted on X and was quickly translated into English by users. It was a defense of his business and family replete with the following zingers:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          I learned, first of all, that my staff are impeccably turned out and not one of them is overweight. I offer apologies to readers for this failure of bodily diversity, and I shall raise the matter with the company canteen.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          And then:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          …comes “the business-first strategy.” That a group exporting most of its French-made products should place commerce somewhere in its strategy, it appears, qualifies as a scoop. I await the follow-ups: L’Oréal sells beauty products, Danone takes an interest in food, Renault makes cars, and so on. We can keep this going until Christmas.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          And finally:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          … the crowning touch: the family. Once cannot write about a man for six months without ending up, in thought, at his table. There I found my five children, my wife, my nephews. I would have liked to find one nuance: the one that lets five strong personalities work in the same house without turning it into Italian opera. At the Arnault family, apparently, we don’t argue, we conspire. We don’t deliberate, we plot. Very novelistic. In the real world, my children run Maisons, build teams, make decisions and — sacrilege — call one another on Sundays.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          In what could be viewed as a victory lap of sorts,
         </span>
         <span>
          Arnault
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          made his first post yesterday
         </a>
         <span>
          on X under his personal account. He thanked those who cheered his open letter (and gave his Le Monde critique more oxygen).
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The open letter has generated roughly 9 million views, garnering hat tips from X’s former C.E.O.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Linda Yaccarino
         </span>
         <span>
          (a “masterclass!,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          she raved
         </a>
         <span>
          ), the billionaire investor
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dan Loeb
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Alfred Lin
         </span>
         <span>
          , a partner at Sequoia.
         </span>
        </p>
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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="Justin Sun, a crypto mogul, is seen close-up speaking into a microphone and gesturing with his right hand." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F28%252Fmultimedia%252F28db-sun-qvph%252F28db-sun-qvph-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODUyMzc5MjQuMDk4NDg0OH0:1wofw4:BqvA_QoK7vL8GnnglVEkocRePzif1E8s3yEtTbu4wVA" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Justin Sun, a crypto mogul, has taken on World Liberty Financial, a major source of President Trump’s crypto riches.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Kim Hong-Ji/Reuters
             </span>
            </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The billionaire suing Trump’s crypto company
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump’s embrace of crypto has been astonishingly profitable,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          netting him roughly $1.4 billion
         </a>
         <span>
          last year alone.
         </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">
          Much of that windfall came through World Liberty Financial.
         </span>
         <span>
          The company, run by Trump’s sons and the sons of Steve Witkoff, a Trump adviser, has cultivated a lucrative trade in $WLFI digital tokens. Now it has spawned a legal battle, pitting the company against an early investor, the crypto billionaire
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Justin Sun.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Chinese-born founder of the crypto exchange Tron became an adviser to the company in 2024 and invested a total of $75 million.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But Sun sued World Liberty in federal court in April,
         </span>
         <span>
          accusing it of fraud, breach of contract and extortion. He claims that World Liberty froze his tokens after he refused to invest more money.
         </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">
          Sun says he believes World Liberty is giving crypto a bad name,
         </span>
         <span>
          and the breakup is getting messy, as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Jen Wieczner writes in New York magazine
         </a>
         <span>
          :
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Sun would come to believe he’d made a colossal mistake. World Liberty would disappoint his expectations and those of many other investors: The decentralized crypto products it promised would largely never materialize; the money investors put in would remain mostly locked away from them; and the $WLFI cryptocurrency would crash, leaving many token holders with huge losses while the president and his partners made hundreds of millions in profits. Sun would be stripped of his tokens entirely. “Today, the thing I regret the most is not only that my money got stuck but that my name is on the project,” Sun says.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          World Liberty countered by suing Sun for defamation in May in Florida state court.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The company accuses
         </a>
         <span>
          Sun of betting against its tokens and embarking on a “public smear campaign.”
         </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 billionaire says it’s his duty to call out World Liberty’s bad behavior.
         </span>
         <span>
          But Sun himself has a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rocky legal track record
         </a>
         <span>
          , and a less-than-sterling reputation. Wieczner writes:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Many in that industry dismiss the claims as a pot-versus-kettle situation. “It’s scammers scamming scammers,” more than one crypto investor told me.
         </span>
        </p>
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            <img alt="Wesley LePatner, wearing a dark top, floral blue skirt and large silver earrings and carrying a small purse, smiles while posing for a portrait." class="css-18ei5jy" height="625" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F07%252F29%252Fmultimedia%252F29park-ave-shooting-victim-lepatner-vjpk%252F29park-ave-shooting-victim-lepatner-vjpk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODUyMzc5MjQuMDk4OTI3fQ:1wofw4:j8dRILtjgOoBx9aVsDQxJSopFV7vzCGfn7jHSdZ-a1w" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
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          <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">
              Wesley LePatner, an executive at Blackstone, was one of four people killed by a gunman in a Midtown office building a year ago.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Kelly Taub/BFA, via Shutterstock
             </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 new foundation to honor a slain Blackstone executive
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One year ago today, a gunman walked into an office building in Midtown Manhattan with an assault rifle and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          killed four people
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Among those who died was
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Wesley LePatner
         </span>
         <span>
          , a senior executive at the private equity firm Blackstone. Today, LePatner’s husband, Evan LePatner, is introducing the Wesley Mittman LePatner Foundation in honor of his wife.
         </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 foundation’s goal is to encourage business leaders to take on leadership roles in nonprofit organizations.
         </span>
         <span>
          It is launching in New York and aims to train 1,000 leaders nationwide to carry forward LePatner’s legacy of balancing professional success with philanthropic and civic engagement.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Wesley was a born leader,” Evan LePatner told Niko Gallogly. The two met during their freshman year of college at Yale. They married in 2006 and had two children together.
         </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">
          LePatner started her career at Goldman Sachs,
         </span>
         <span>
          before joining Blackstone in 2014. She was one of Blackstone’s top-ranking women leaders and became the C.E.O. of Blackstone Real Estate Income Trust in January 2025. She was known for mentoring colleagues, especially other women navigating the male-dominated financial industry.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “I felt so strongly from the moment after she died that I had to keep her flame going,” Evan LePatner said. “She had this pulsating energy.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          She founded the Altneu Synagogue in New York and served as a board member of UJA-Federation of New York, a charitable organization focused on Jewish causes, and the Metropolitan Museum of Art.
         </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 foundation aims to help young professionals follow in her footsteps.
         </span>
         <span>
          Evan LePatner said it will connect them with service-minded mentors. The hope is that it will lead to opportunities for them to serve on boards and partner with nonprofits and civic organizations.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The organization’s advisory board includes
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ken Caplan,
         </span>
         <span>
          the global co-chief investment officer of Blackstone;
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Brian Friedman
         </span>
         <span>
          , the president of the investment bank Jefferies;
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Chris Lee
         </span>
         <span>
          , a partner at the private equity firm KKR, and others.
         </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">
          Evan LePatner will serve as the chair of the foundation,
         </span>
         <span>
          a position he said he will balance alongside his full-time role as managing partner at the private equity firm he founded, Courizon Partners, and raising his two teenage children.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Wesley was the expert juggler,” he said. “I have become better than I ever thought I could be, but I’m still junior league compared to her.”
         </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
            </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                David Ellison
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Paramount’s C.E.O., told staff that he
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                is “highly confident”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the merger with Warner Bros Discovery will close, despite recent legal setbacks. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Ares Management, the investment group, reportedly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                has held talks to acquire
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the private equity firm Leonard Green &amp; Partners. (FT)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
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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">
          Tech and artificial intelligence
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
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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">
                “How Meta
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Got Everything It Wanted
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in a Secret Louisiana Data Center Deal” (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Dario Amodei
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the C.E.O. of Anthropic, denied that his A.I. company is pushing 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">
                ban open-weight models
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                like those made by Chinese rivals — as Beijing
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                warned of retaliation
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                if the U.S. was weighing such a clampdown. (CNBC, Bloomberg)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
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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">
          Best of the rest
         </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">
                “Ex-JPMorgan Banker
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Chirayu Rana
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Files New Lawsuit
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — and It’s Totally Different From His ‘Sex Slave’ Claims” (NY Post)
               </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 F.B.I.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                seized the cellphone
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Mark Walter,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the owner of the
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Los Angeles Dodgers, as part of an investigation into his asset-management firm, Guggenheim Investments, that
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                began with a whistle-blower complaint
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Bloomberg, WSJ)
               </span>
              </li>
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