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   DealBook: Dimon’s crystal ball
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   Also, markets are calm ahead of Trump’s new deadline.
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             <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" title="DealBook">
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             April 6, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Jamie Dimon of JPMorgan Chase is out with his annual letter, and we’ve got the details. In it, he raises questions about the valuations of private credit funds, but he says the industry probably doesn’t represent a systemic risk.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          While he is relatively bullish on the economy, he offered this downside scenario: “The skunk at the party — and it could happen in 2026 — would be inflation slowly going up, as opposed to slowly going down. This alone could cause interest rates to rise and asset prices to drop. Interest rates are like gravity to almost all asset prices. And falling asset prices at one point can change sentiment rapidly and cause a flight to cash.”
         </span>
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         <span>
          Also: A piece in The New Yorker out this morning by Ronan Farrow and Andrew Marantz
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          about OpenAI’s Sam Altman
         </a>
         <span>
          is likely to be a big talker in Silicon Valley and beyond. More below. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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            <span style="color:#666;font:normal 14px georgia,serif">
             Jamie Dimon, the C.E.O. of JPMorgan Chase, said the war in Iran could pose potentially big risks.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Denis Balibouse/Reuters
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         <span>
          Risk factors
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          War in the Middle East shows no sign of letting up, exacting a huge toll on the global economy.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Amid that volatility, Jamie Dimon dropped
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          his annual letter
         </a>
         <span>
          to JPMorgan Chase shareholders this morning, and he offered little comfort. Dimon sees challenges ahead — not just from the war and “growing geopolitical tensions,” but from concerns about inflation, growth, private credit and the world’s debt crisis.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here’s what he had to say on:
         </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">
          Tariffs.
         </span>
         <span>
          The levies have had only a modest effect on inflation and growth, he writes, but “the trade battles are clearly not over.” Watch for a further redrawing of global trade alliances, he said, as markets increasingly focus on how the Trump administration handles Washington’s fraught relationship with Beijing. (More on that below.)
         </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">
          Inflation and growth.
         </span>
         <span>
          The U.S. economy is far less susceptible to global energy shocks than it was in the 1970s and early 1980s, he writes. But that doesn’t mean it’s immune from a worst-case stagflationary scenario.
         </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 would be especially bad for private credit.
         </span>
         <span>
          Last October,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Dimon warned of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          potential “cockroaches”
         </a>
         <span>
          in the private credit market shaking investor confidence. That was before
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a recent wave of redemptions
         </a>
         <span>
          . Dimon wrote that private credit is probably not “a systemic risk.” But he reiterated his concern that “credit standards have been modestly weakening pretty much across the board.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The $1.8 trillion sector’s reliance on retail investors could backfire for some private credit lenders, he added. “If anything ever goes wrong, you should assume” these investors “will seek remedy in the courts.”
         </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 then there are the private markets.
         </span>
         <span>
          Investors are buzzing about the prospects for a blockbuster pipeline of I.P.O.s,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          led by SpaceX
         </a>
         <span>
          . But Dimon marveled that “it is a little surprising that private equity firms, which own close to 13,000 companies, have not taken greater advantage of healthy markets to take their companies public.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dimon’s closely read letter often lands amid turbulent moments
         </span>
         <span>
          . Last year,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          it arrived
         </a>
         <span>
          during the heights of President Trump’s tariffs barrage and a brutal market sell-off. Today’s version carries stark warnings, but also sees tailwinds coming from Big Tech’s giant investments in artificial intelligence and from Trump’s efforts to revamp taxes and public spending and deregulate business.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The war in Iran could squelch those gains, though, leading to “commodity price shocks, along with the reshaping of global supply chains.” That, in turn, could lead to “higher interest rates than markets currently expect.”
         </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">
          OpenAI and Anthropic forecast huge revenues
         </span>
         <span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          losses.
         </span>
         <span>
          The artificial intelligence start-ups anticipate breakneck growth that comes at a big cost. OpenAI, for example, is set to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lose about $85 billion
         </a>
         <span>
          in 2028, The Wall Street Journal reports, citing financial documents shared with investors. That is substantially more than Anthropic (which also sees plenty of red ink) as both prepare for I.P.O.s in the coming months — though Sarah Friar, OpenAI’s C.F.O., has privately expressed doubts that the company will be fully
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ready to go public in 2026
         </a>
         <span>
          , The Information 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">
          Americans’ wealth gains are accelerating.
         </span>
         <span>
          About
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          31 percent of Americans
         </a>
         <span>
          were part of the upper middle class in 2024, up from about 10 percent in 1979, as the percentage of those in lower economic classes shrunk, too, The Wall Street Journal reports. Meanwhile, the tax cuts passed as part of the “Big Beautiful Bill” last year are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reaching Americans’ bank accounts
         </a>
         <span>
          in uneven and, to some tax experts, arbitrary ways that may further widen the rich-poor gap.
         </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">
          Inflation and earnings will be in focus this week.
         </span>
         <span>
          Investors are set to get two consequential economic reports — the Personal Consumption Expenditures, the Fed’s preferred measure of inflation, on Thursday, and the Consumer Price Index, on Friday — that could show the Middle East war is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sapping Americans’ purchasing power
         </a>
         <span>
          . On Wednesday, Delta Air Lines will report results. Expect questions about how the company is managing the recent
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          surge in jet fuel
         </a>
         <span>
          .
         </span>
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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
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           </td>
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           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Trump’s new Iran ultimatum
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A sense of calm has largely settled over the oil market as traders await the next move in the war in the Middle East.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump is again giving mixed signals. He claimed in an interview with Axios that the U.S. was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in “deep negotiations”
         </a>
         <span>
          with Iran and that there was a “good chance” that a deal could be reached. But he also leaned on his new deadline —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tomorrow at 8 p.m. Eastern
         </a>
         <span>
          — warning that “if they don’t make a deal, I am blowing up everything over there.”
         </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 global benchmark for oil, traded around $108 a barrel, as 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">
                seem to be putting less weight
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on the president’s volley of social media posts.
               </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 were up slightly.
               </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">
          In a promising sign:
         </span>
         <span>
          Some ships are navigating the Strait of Hormuz, a key waterway for oil and natural gas imports. An
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          oil tanker
         </a>
         <span>
          passed through yesterday, one of seven Malaysia-linked vessels cleared by ​Iran, Reuters reported, citing anonymous sources. Over all,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          21 ships passed through the strait
         </a>
         <span>
          , Bloomberg reports, over the weekend.
         </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 analysts expect big disruptions in the oil market to continue.
         </span>
         <span>
          Eight members of OPEC Plus, the oil producing consortium, said they would raise production quotas by about 200,000 barrels a day — a largely symbolic move given the virtually blocked strait — and warned that “restoring damaged energy assets to full capacity is both
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          costly and takes a long time
         </a>
         <span>
          .”
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Elon Musk is seen holding out his right hand and giving the thumbs-up sign." class="css-xsf469" height="342" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F06%252Fmultimedia%252F06db-musk-czml%252F06db-musk-czml-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzU0NzcyODAuOTA0NTU5MX0:1w9ikK:VUxN0zaySIpaUEbc-VJkRnGL_r87GHZdpUmyJ_7Uqso" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              A big question on investors’ mind: Can Elon Musk run two giant publicly traded companies?
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Kevin Lamarque/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>
          A former Tesla leader on what SpaceX’s future may hold
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As SpaceX proceeds with what may be the biggest I.P.O. ever — its underwriters are reportedly expected to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hold a kickoff planning meeting
         </a>
         <span>
          today.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There are lots of questions that potential investors are likely to have. Among them: Can Elon Musk run two trillion-dollar publicly traded companies?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For one of his former lieutenants, the answer is yes. Jon McNeill, Tesla’s president from 2015 to 2018, spoke with Michael de la Merced about Musk’s management playbook, which McNeill and Musk call “the algorithm.” (That’s also the title of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          McNeill’s new book
         </a>
         <span>
          .)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          McNeill recounted how Musk works and what that might mean for SpaceX, Tesla and his other businesses.
         </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 does Musk operate?
         </span>
         <span>
          His principal goal, according to McNeill, was getting “down to one day a week at Tesla,” allowing him to focus on “the two or three biggest existential challenges facing the business.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          McNeill said that the algorithm was at work at SpaceX, with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Gwynne Shotwell
         </a>
         <span>
          , the company’s president and C.O.O., running the business day to day. That setup frees Musk to focus on SpaceX’s existential issues, including producing a Mars-capable rocket and advancing its xAI artificial intelligence.
         </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">
          McNeill and others came up with “the algorithm,”
         </span>
         <span>
          a distillation of Musk’s playbook. Its components
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          :
         </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">
                Question every requirement
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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">
                Eliminate possible steps
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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">
                Simplify and optimize
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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">
                Accelerate cycle time
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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">
                Automate as the last step
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One example: McNeill asked the company’s lawyers to research how many paragraphs in a standard loan document — which can run to 12 pages or so — were required by law or regulations. None, they replied.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That allowed Tesla to simplify buying a car down to as few as 12 clicks, McNeill 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">
          What about regulation?
         </span>
         <span>
          Musk has regularly been criticized for aggressively pursuing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          design decisions perceived as risky
         </a>
         <span>
          , which have led to injuries, fatalities and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          federal investigations
         </a>
         <span>
          . McNeill’s response:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          We definitely want to push the boundaries in areas where it’s not a requirement of law or not a requirement of regulation. We want to push the boundaries, but where the law has been decided or where there are regulatory fences, we want to be respectful of that.
         </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">
          Would SpaceX and Tesla ever combine,
         </span>
         <span>
          as Musk has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          often done with his companies
         </a>
         <span>
          ? McNeill said there was a case for that.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s easier for Musk to run one public company than two, he added. And Tesla’s two existential issues at the moment, he said, are autonomous cars and autonomous robots — so “it probably makes a lot of sense from a proximity basis to have those A.I. capabilities close to Tesla.”
         </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">
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                <td style="line-height:0;font-size:0">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          China’s A.I. gains in focus
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Power brokers in both Silicon Valley and China’s buzzing tech sector are marking their calendars for mid-May. That’s when President Trump is slated to meet with President Xi Jinping of China, with all eyes on whether advanced U.S.-made chips will be on the agenda.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Trump administration seems to be in deal-making mode. Administration officials last month said that the two governments had discussed forming a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “U.S.-China Board of Trade”
         </a>
         <span>
          as Washington and Beijing seek to de-escalate their trade war. That could pave the way for increased sales of U.S. semiconductors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But such a move could clash with China hawks in Congress who see the U.S. at risk of losing its competitive edge in the race to dominate artificial intelligence, Grady McGregor reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Watch the House Foreign Affairs Committee.
         </span>
         <span>
          Last month, the committee
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          advanced legislation
         </a>
         <span>
          that would aim to force U.S. chipmakers to do more to try to prevent their A.I. chips from being smuggled into China. “America has the best semiconductors in the world,” said Representative John Moolenaar, Republican of Michigan and chairman of the Select Committee on China, “and we must defend our advantage over China.”
         </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">
          China’s A.I. companies have become a force in the marketplace.
         </span>
         <span>
          Despite Washington’s export controls on advanced chips, Chinese A.I. companies are quickly growing their customer base, including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          with U.S. tech start-ups
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The main reason: Chinese companies are developing open-source A.I. models, which allows companies and developers to build their own tools on top of free Chinese code. China has “leveraged the open-source community to slingshot themselves ahead of the U.S. in some areas,” Michael Kuiken, the vice chair of the U.S.-China Economic and Security Review Commission, a government agency, told DealBook.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          By the end of last year, China’s open-source models, like DeepSeek and Alibaba’s Qwen,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          had become competitive models in the global A.I. market
         </a>
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          . Last year, Alibaba told investors that it would
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          invest heavily on A.I. infrastructure
         </a>
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          , and it aims to push A.I. and cloud revenues
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          to $100 billion
         </a>
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          annually in the next five years.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          To blunt those gains, Kuiken said the U.S. should maintain export controls on Chinese companies. But he also said Washington should examine Beijing’s successful playbook on open-source A.I. models “so we’re not ceding this space to the Chinese.”
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                Paramount Skydance has reportedly
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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">
                secured nearly $24 billion in funding
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from three Gulf sovereign wealth funds to help finance the media conglomerate’s bid for Warner Bros. Discovery. (WSJ)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Neurocrine Biosciences is reportedly getting closer to acquiring
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                Soleno Therapeutics
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a biotech company, for more than $2.5 billion. (FT)
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                institute a windfall tax
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                on energy firms’ profits as the war in Iran pushes up fuel prices. (Reuters)
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                PepsiCo
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                and Diageo said they would
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                withdraw their sponsorships
               </a>
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                of a London music festival headlined by the rapper formerly known as Kanye West, who has a history of antisemitic remarks. (NYT, Guardian)
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          Best of the rest
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                “The Wall Street Dealmaker
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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">
                Charged With Solving Paul Weiss’s Identity Crisis
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                ” (WSJ)
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                Some hockey rinks are
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                trading ice for plastic
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as the Earth warms. (NYT)
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