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   DealBook: “Credibility shock”
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   Also, Microsoft and Meta’s A.I. fortunes diverge.
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             July 30, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          The bond market is falling again after the Fed’s decision to hold rates steady. But the real story is the insistence by Kevin Warsh, the Fed chairman, on letting markets run their course — a vision he telegraphed before getting the job. He also said he wanted a quieter central bank, but for now, there is plenty of short-term noise. More below.
         </span>
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         <span>
          Separately, a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          report in The Financial Times
         </a>
         <span>
          that the hedge fund darling Situational Awareness — known for its big bets on artificial intelligence — is overextended and seeking new capital serves as a classic reminder that one fund’s trouble can signal broader market stress. Watch this space.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’re also tracking speculation that SpaceX wants to meaningfully
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          break into the cellular market
         </a>
         <span>
          by acquiring more spectrum. Never count
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          out. But with roughly 80 percent of Americans living in urban areas, that would require a significant ground-based infrastructure buildout (remember: orbital satellites need line-of-sight to a device) and a huge amount of capital. (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 markets have reacted strongly to the news conference given by Kevin Warsh, the Fed chairman.
             </span>
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              Win McNamee/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>
          Mixed messages
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kevin Warsh
         </span>
         <span>
          , the Fed chairman, has said he welcomes “a good family fight” among central bank policymakers. It looks like he’s got one with investors now, too.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Markets are worried that the Fed, which left its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          benchmark lending rate unchanged
         </a>
         <span>
          yesterday in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a dissent-filled vote
         </a>
         <span>
          , may be falling behind in its efforts to tamp down inflation.
         </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>
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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">
                A sell-off in long-dated bonds, which accelerated yesterday during Warsh’s news conference, has continued this morning. The 30-year U.S. Treasury bond yield rose to 5.23 percent, the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                highest since 2007
               </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">
                Traders set the odds of a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                September interest rate increase
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at 60 percent, and several Wall Street economists predict a series of hikes on the horizon.
               </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 rebounding this morning after a late-afternoon swoon yesterday.
               </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">
          The market is sending a message about the Warsh Fed.
         </span>
         <span>
          The stock and bond moves yesterday “were consistent with a central bank inflation credibility shock,” Aditya Bhave, an economist at Bank of America, wrote to investors last night.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bhave added:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Warsh evaded a lot of questions but made a few starkly dovish remarks. First, he opened the door for looking at other inflation indicators besides P.C.E. Second, he suggested there could be other tools besides hikes to fight inflation. Third, he implied that markets have done some of the Fed’s tightening work for it.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          A reminder: P.C.E., or Personal Consumption Expenditures price index, has been the Fed’s preferred inflation gauge, and it has been running hot for years.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Warsh did sound hawkish at times,
         </span>
         <span>
          saying the Fed would not go “soft” on trying to bring inflation closer to the central bank’s 2 percent target. But he offered few details on how policymakers arrived at their 9-to-3 vote to stand pat on rates, or hints about what’s next.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “There was nothing inertial about our discussions, our policy or our strategy,” he told reporters.
         </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 Fed’s mixed messages leave plenty open to interpretation.
         </span>
         <span>
          Yesterday,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          , who has pressured the Fed for years to lower rates, praised Warsh after the policy vote. “I know he’d love to see lower interest ​rates, but he’s got a board, and it’s a political board, ​and they want to keep rates up,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Trump told reporters
         </a>
         <span>
          . “But we fight through ⁠rates.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What’s next?
         </span>
         <span>
          Investors are likely to pore over the Fed minutes of this week’s meeting, set to be released on Aug. 19, to see what was left unsaid yesterday about rates policy.
         </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>
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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 resumption of strikes in the Middle East adds volatility to the oil market.
         </span>
         <span>
          Brent crude, the international benchmark for oil, was at $90 a barrel
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on choppy trade
         </a>
         <span>
          , as
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          vowed to retaliate with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a “very hard” round of strikes
         </a>
         <span>
          in response to the latest Iranian attacks.
         </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">
          Beijing threatens to retaliate if Washington blocks imports of Chinese-made robots.
         </span>
         <span>
          China’s commerce ministry said the Trump administration’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          proposal to limit robot imports
         </a>
         <span>
          would undermine U.S.-China trade relations. While not mentioning China, the Federal Communications Commission’s effort to restrict imports of humanoid and animallike robots reflects White House fears that the technology could be an espionage and commercial threat.
         </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 hedge fund founded by a former OpenAI exec reportedly scrambles for cash.
         </span>
         <span>
          Situational Awareness, a $20 billion hedge fund founded by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Leopold Aschenbrenner
         </span>
         <span>
          , a former OpenAI employee, is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          looking to raise more capital
         </a>
         <span>
          from investors after taking heavy losses, The Financial Times reports, citing unnamed sources. The fund took a hit from the recent tech-stock rout.
         </span>
        </p>
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           <td style="text-align:center">
            <img alt="Satya Nadella, the C.E.O. of Microsoft, is seen seated in a dark outfit holding right hand upward in a clenched fist." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F30%252Fmultimedia%252F30db-nadella-lktq%252F30db-nadella-lktq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODU0MTE5OTYuMzU1Njg2Mn0:1wpPDg:KJsUK1KZcqJGK6FIIs1ZKUuwJPdcqgtW3pQe2m3tuu8" 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">
              Microsoft’s impressive quarterly results have given investors some reason to cheer today.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Mike Kai Chen for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Big Tech’s big spend
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Tech stocks are rebounding this morning after the Nasdaq 100 closed in correction territory yesterday. Investors can thank Microsoft, an artificial intelligence bellwether, for some of that bounce.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But big questions still loom about the A.I. spending spree. Exhibit A: Meta is down sharply in premarket trading.
         </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">
          First, the good news:
         </span>
         <span>
          Shares in Microsoft jumped 9 percent in premarket trading as the tech giant
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported big beats
         </a>
         <span>
          on its top and bottom lines. Its quarterly profit jumped 31 percent to $35.8 billion.
         </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’s results suggest that its capital expenditures are paying off.
         </span>
         <span>
          Like Meta, Microsoft is spending heavily to build out A.I. data centers. But it is generating significant A.I. revenue from its cloud computing unit, which posted the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fastest growth in four years
         </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">
          Amy Hood
         </span>
         <span>
          , Microsoft’s C.F.O., predicted even
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          faster unit growth
         </a>
         <span>
          in the current quarter. “Customer demand continues to exceed available capacity,” she said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But Microsoft is holding the line on capex,
         </span>
         <span>
          calming investors worried about ballooning outlays that have strained cash flows at other hyperscalers, including Alphabet.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Hood said the company was sticking to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          its capex plan for the year
         </a>
         <span>
          . (An accounting change lowered the estimate to $175 billion from roughly $190 billion).
         </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">
          And the less good news:
         </span>
         <span>
          Returns from
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Meta’s A.I. investments are harder to spot.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Despite notching record quarterly revenue, its profit fell 14 percent to $18.3 billion. And it gave disappointing revenue guidance and forecast
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a higher capital expenditure spend
         </a>
         <span>
          as it grapples with increased costs, especially around its data center buildout.
         </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 Meta plans to keep spending heavily on A.I.
         </span>
         <span>
          The social media giant raised the lower level of its projected capital spending plan to $130 billion, from its April estimate of $125 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          At the same time, Meta’s free cash flow has plummeted, to $784 million from more than $12 billion in the previous quarter.
         </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">
          Could Meta make a splash in the cloud sector?
         </span>
         <span>
          Its C.E.O.,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mark Zuckerberg
         </span>
         <span>
          , said the company had fielded offers from companies interested in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          leasing its unused computing power
         </a>
         <span>
          . Meta is in talks to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lease excess capacity
         </a>
         <span>
          to Anthropic in a potential deal worth up to $10 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But don’t expect a wave of deals soon: “I also think it would be foolish to basically just sell all the compute and take a short-term profit.”
         </span>
        </p>
        <table width="100%">
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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A shop window is seen in close-up with the name Reformation written on the glass." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F30%252Fmultimedia%252F30db-reformation-mltq%252F30db-reformation-mltq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODU0MTE5OTYuMzU1Nzk1NH0:1wpPDg:Wh1f9bli_nO_CQ4Kmssz-YLh90LV9-AhFtcVV3gkMh4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
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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">
              Reformation is set to begin trading today on the public market.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Gabby Jones for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Why the fashion company Reformation is going public
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Reformation, the eco-friendly fashion brand, has attracted celebrity clients like
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Taylor Swift
         </span>
         <span>
          . Now, it is set to begin trading today and is trying to win over investors in what has been a challenging segment of the public markets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Los Angeles-based company priced its initial public offering at $15 per share yesterday, valuing the company at nearly $900 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">
          Why now?
         </span>
         <span>
          Reformation’s C.E.O.,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Hali Borenstein
         </span>
         <span>
          , told Niko Gallogly that the company would use the I.P.O. proceeds primarily to pay down debt and to compensate shareholders.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “At the time of the I.P.O., we will be less than one-time levered,” Borenstein said. In a world of tariffs and geopolitical uncertainty, “that affords us more flexibility,” she added.
         </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">
          Step back.
         </span>
         <span>
          Reformation was founded in 2009 by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Yael Aflalo
         </span>
         <span>
          . The brand attracted
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cool girls
         </a>
         <span>
          to its vintage look, flowy dresses and crop tops. Its sustainably sourced fabrics make many of its items pricier than fast-fashion competitors: Some of Reformation’s dresses typically cost $200 to $400.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In 2019, the company drew significant backing from the private equity firm Permira
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          ,
         </span>
         <span>
          which has invested in several other apparel companies, including Dr. Martens, Hugo Boss and Valentino.
         </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">
          Several direct-to-consumer darlings haven’t fared well in the public markets.
         </span>
         <span>
          The share price for AllBirds, the sustainable shoe company, imploded after its 2021 public debut. (It rebranded as an artificial intelligence firm
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          this year
         </a>
         <span>
          .) And the stock of the fashion brand Rent the Runway has collapsed since it went public five years ago.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That Reformation is majority-owned by a private equity firm — such firms tend to be more cost-cutting-oriented than growth-focused venture capital ones — may have put it in a better position for a public market debut than its direct-to-consumer peers. Consider:
         </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">
                The company’s revenue last year reached $507 million, up from roughly $360 million in 2023.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                It earned $12.6 million in profit — and that’s despite the Trump administration’s tariffs weighing on its bottom line.
               </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 company has 70 stores globally and plans to double that count in the coming years.
               </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">
          Public retail companies have had a difficult stretch,
         </span>
         <span>
          but there are signs of a rebound, David Swartz, a senior analyst at Morningstar, told DealBook. Recent “results have been better than expected for a lot of these apparel retail companies,” he said. Still, “it’s definitely never going to be easy.”
         </span>
        </p>
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           </td>
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           <td>
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            <img alt="Joon Sung Park is shown wearing a T-shirt and appears to be painting an orange stripe on a glass surface. " class="css-18ei5jy" height="626" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F30%252Fbusiness%252F30db-simile-ceo%252F30db-simile-ceo-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODU0MTE5OTYuMzU2MzEzMn0:1wpPDg:CT87jO_rj_B9ZPQjV5-gXALGr1wmXxZfXwHQH00QW5E" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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             <span style="color:#666;font:normal 14px georgia,serif">
              Joon Sung Park, the C.E.O. of Simile, was inspired to create the company while finishing his Ph.D. in computer science at Stanford.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Simile
             </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>
          A Stanford spinoff announces a funding haul
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Earnings calls can be intimidating for executives. The stakes are high, and analysts’ questions can be unpredictable. But a start-up called Simile is using artificial intelligence to turn the learning curve into a fast-growing business.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We can simulate every analyst and predict what questions they would ask,” said Joon Sung Park, its C.E.O.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Today, Simile is announcing a $200 million fund-raising round at a $2 billion valuation, Sri Muppidi is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          first to report
         </a>
         <span>
          . Greenoaks led the round, which also included the existing investors Index Ventures, Hanabi, A*, Bain Capital Ventures, Definition and CVS Health Ventures.
         </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">
          The company spun out of Stanford last year.
         </span>
         <span>
          The inspiration for
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Simile came from a 2023 research paper Park co-wrote as a computer science Ph.D. student about A.I. agents simulating human behavior.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          To help start the business, he partnered with
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Lainie Yallen,
         </span>
         <span>
          a start-up veteran, and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Michael Bernstein
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Percy Liang
         </span>
         <span>
          , Stanford computer science professors.
         </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">
          Simile’s A.I. agents are based on data from human interactions.
         </span>
         <span>
          Simile laid the groundwork for its model by conducting two-hour interviews with 1,000 participants, feeding the data into its model and testing those responses against answers from the human panelists.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The company has since partnered with Gallup and other organizations to bolster its model with data gathered from people around the world. Simile says it has enough data to tap into the A.I.-simulated opinions of specific population groups.
         </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 start-up’s customer base is growing.
         </span>
         <span>
          They include CVS Health, Wealthfront, a financial services app, and the consulting group Deloitte. The company generates revenue partly based on the number of A.I. agents that it models for its customers.
         </span>
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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
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        <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">
                Grant Thornton Advisors has
               </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 take CBIZ private
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in a deal that values the rival professional services firm at $5 billion. (WSJ)
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              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Anglo American is reportedly in discussions to
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                sell its De Beers diamond business
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for about $1 billion, a fraction of its 2001 valuation when it was taken private. (Bloomberg)
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          Politics, policy and regulation
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “SpaceX looks 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">
                compete with the carriers
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (Semafor)
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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 F.T.C., Utah and Los Angeles County are suing Hims &amp; Hers, the telehealth platform, accusing it of
               </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 information on its users’ health
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                with advertisers like Meta and Snap. (Reuters)
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Best of the rest
         </span>
        </p>
        <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">
                “LIV Golf Cancels Its Grand Finale as
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Saudi Funding Peters Out
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A new scientific breakthrough 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">
                uses solar power to cool chips
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                could enable the dream of A.I. data centers in space. (NYT)
               </span>
              </li>
             </ul>
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          </tbody>
         </table>
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