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   DealBook: Exclusive: Blue Origin’s big fund-raise
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             July 8, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Today, I’ve got a scoop on Blue Origin closing in on a big fund-raising round, which is expected to value Jeff Bezos’ spaceflight company at about $130 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It would be the first time that outside investors buy a piece of Blue Origin in its 25-year history.
         </span>
        </p>
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          We have more details below. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="A Blue Origin New Glenn rocket is seen on a launchpad." class="css-18ei5jy" height="323" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F08%252Fmultimedia%252F08db-blue-origin-pzgl%252F08db-blue-origin-pzgl-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODM1MTE5MzkuOTI0NTA2NH0:1whQvb:8nMx29vAdXJDp235ooDryL0vaoj8D3l2wAS_EdDAf7Y" 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">
              Jeff Bezos’ Blue Origin is gaining its first outside investors.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Joe Skipper/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Investors bet on Bezos’ rocket giant
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Blue Origin, the rocket company that is becoming increasingly key to NASA’s lunar plans, already has a deep-pocketed backer: its founder,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jeff Bezos
         </span>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the company is now raising outside capital for the first time — $10 billion at a $130 billion valuation excluding the new funds — DealBook has learned. It’s a sign of the accelerating space race and investors’ appetite to fund Blue Origin’s ambitions as it seeks to compete with SpaceX, which sits on billions that it raised in its I.P.O. last month.
         </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 round:
         </span>
         <span>
          Coatue Management, a big asset manager, is expected to lead with a $4 billion commitment, DealBook understands. (Bezos’ family office is a major investor in Coatue’s Innovative Strategies Fund, which is focused on emerging-technology start-ups.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bezos himself is set to contribute an additional $2 billion to the Blue Origin round. The other $4 billion is expected to come from large institutional investors.
         </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">
          Bezos had signaled Blue Origin’s fund-raising ambitions recently.
         </span>
         <span>
          “We finally have enough visibility into our future and our financial success,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he told me
         </a>
         <span>
          in a CNBC interview in May, adding: “It’s a good time actually to start thinking about the future and bring on some other outside investors.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The external fund-raising would give Blue Origin a set valuation, which would be helpful for future investors and any other financing the company may pursue. (Bezos has said he believes Blue Origin may one day be worth more than Amazon.) And it may relieve Bezos of having to fund Blue Origin himself by selling his holdings in Amazon shares.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In May, analysts had forecast that Blue Origin could
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spend nearly $5 billion
         </a>
         <span>
          this year alone, according to The Financial Times, having spent roughly $28 billion over its existence.
         </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">
          It follows in the footsteps of SpaceX’s mega-I.P.O.,
         </span>
         <span>
          which raised more than $85 billion and valued
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk’s
         </span>
         <span>
          rocket and artificial intelligence colossus at $1.77 trillion. (SpaceX is now valued at nearly $2 trillion, though its shares have fallen since going 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">
          Investors appear willing to look past Blue Origin’s recent setback,
         </span>
         <span>
          when in May one of the company’s giant New Glenn rockets
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          exploded during a test
         </a>
         <span>
          , destroying the vehicle and badly damaging its launchpad.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet the company’s prospective backers are more focused on Blue Origin’s future projects, DealBook understands.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          They include new launches and orbital infrastructure: Demand is surging for TeraWave, a high-capacity satellite communications network unveiled in January that’s meant to connect up to 100,000 high-priority customers like data centers. (SpaceX’s Starlink is its most profitable business.)
         </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">
          SpaceX falters in its Nasdaq-100 debut.
         </span>
         <span>
          Shares in
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          ’s rockets and artificial intelligence company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fell 6.8 percent
         </a>
         <span>
          yesterday, even after it officially joined the index of tech heavyweights, a move that prompted a wave of buying by index funds. Wall Street
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          remains bullish
         </a>
         <span>
          , but bubble jitters are weighing on the A.I. trade.
         </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 former Pfizer headquarters in Midtown Manhattan looks shaky.
         </span>
         <span>
          New York City’s buildings commissioner,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ahmed Tigani
         </span>
         <span>
          , said the building was stable for now, but
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          warned of tense days ahead
         </a>
         <span>
          . Nearby buildings were evacuated yesterday after reports that internal support columns had begun buckling and several upper floors were sagging. The office tower is being converted into a housing complex with more than 1,600 apartments.
         </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">
          Apple says it will spend more than $30 billion on Broadcom chips.
         </span>
         <span>
          The investment is the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          largest Apple has announced
         </a>
         <span>
          as part of a pledge it made to the Trump administration to invest and spend $600 billion in the U.S. over four years, helping it to secure an exemption from some tariffs. The deal will allow Broadcom to expand a chip-making factory in Colorado, Apple said.
         </span>
        </p>
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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="President Trump is seen speaking with Mark Rutte, NATO’s Secretary General, seated to his right." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F08%252Fmultimedia%252F08db-trump-mhqp%252F08db-trump-mhqp-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODM1MTE5MzkuOTI1MTU2Nn0:1whQvb:MJklDpWiCWER2Ug1P2cq6hTljJ-ESQIMk8kO0dTuN9s" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
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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">
              At the NATO summit today, President Trump cast doubt on the fragile U.S.-Iran cease-fire.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Doug Mills/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>
          Iran tensions roil global markets
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Oil prices have spiked after the U.S. and Iran traded fire on targets around the Persian Gulf, and after
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          said this morning at the NATO summit that he thinks
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the cease-fire is “over.”
         </a>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump also suggested that peace talks are not dead, but tensions are running high: Trump
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          called his counterparts
         </a>
         <span>
          in Tehran “sick people,” and Washington yesterday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          revoked a waiver
         </a>
         <span>
          that allowed Iran to sell its oil on the global market for 60 days, a key plank of a framework deal both sides signed last month.
         </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 market reaction to Trump’s comments was swift:
         </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">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brent crude
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the international benchmark for oil, rose to $78. It’s up more than 8 percent since Monday.
               </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 fell, as have global stocks and cryptocurrencies. Investors were already on edge about
               </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 sharp sell-off
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the Kospi, a haven for the artificial intelligence trade that made South Korea’s benchmark index a worldbeater this year.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Sovereign bonds are under pressure, too.
               </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">
          The turmoil is reigniting inflation concerns.
         </span>
         <span>
          The yield on the 10-year Treasury, a rate that underpins many mortgages and loans, has climbed to 4.58 percent, a multiweek high.
         </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">
          Households were already feeling gloomy
         </span>
         <span>
          , according to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the New York Fed
         </a>
         <span>
          . Its latest consumer sentiment report published yesterday showed that inflation expectations have risen to the highest level since September 2023, a period when the Fed was raising interest rates to combat 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">
          That could put the Fed and other central bankers in a bind.
         </span>
         <span>
          The futures market this morning was pricing in at least one rate hike this year, as soon as September.
         </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">
          Would the Fed raise borrowing costs ahead of the midterm elections?
         </span>
         <span>
          Taming inflation this summer could be key to staving off such a prospect. The White House appears to see the risks.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Tate Bennett
         </span>
         <span>
          , a top Agriculture Department official, reportedly spoke with grocery store chains, including Walmart, Kroger and Albertsons, about
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lowering beef prices
         </a>
         <span>
          ahead of the Fourth of July holiday, The Wall Street Journal reports.
         </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>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The A.I. flyaround
         </span>
        </h2>
        <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">
                OpenAI plans to unveil as soon as tomorrow its advanced GPT-5.6 artificial intelligence model, and two lesser ones. The White House’s greater scrutiny of frontier models from OpenAI and Anthropic has unnerved Silicon Valley. (
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Axios
               </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">
                Anthropic will lease a 16-story office building in Hudson Square, in Lower Manhattan, as the company prepares to double its work force in New York City to 1,000 people this year. New York was already home to its largest office outside of San Francisco. (
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                NYT
               </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">
                Meta unveiled an A.I. image generator, Muse Image, that can create realistic images for users on Instagram and WhatsApp. It’s the first A.I. image generator created under Meta Superintelligence Labs, the A.I. division that the company has bankrolled in a bid to catch up to its rivals. (
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                NYT
               </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">
                Beijing reportedly held talks with leading Chinese tech companies, including Alibaba, ByteDance and Z.ai, as it weighs restricting access to the country’s most advanced A.I. models. China and the U.S. are increasingly treating A.I. models as critical national security resources. (
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Reuters
               </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">
                DeepSeek is said to be developing its own A.I. inference chip, which could reduce its dependence on chips from Nvidia (and China’s Huawei) to train and run its models. Z.ai is also reportedly weighing the design of its own custom chip. (
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Reuters
               </a>
               <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">
                The Information
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                )
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260708%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODM1MTE5MzkuOTI1MjY4NH0:1whQvb:W3F7ybYZuRLiIVsF3Psvoz40Nzm_jKsH3qt2u352zwY" style="max-width:96px;margin-bottom:7px"/>
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                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260708%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODM1MTE5MzkuOTI1NTA0N30:1whQvb:tS8XLPkyUkAeGdJj71NIjLp-Y64aRZOG3u8AlAonxMc" style="display:block;width:100%;max-width:480px" width="480"/>
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            </span>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
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         </tbody>
        </table>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         QUOTE OF THE DAY
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Mark (the wolf) is on this.”
         </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">
          Ben Horowitz
         </span>
         <span>
          , the venture capital billionaire, to the C.E.O. of the start-up Deel, amid a corporate spying scandal. Horowitz was referring to
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mark Dyne
         </span>
         <span>
          , a jack-of-all-trades — investor, negotiator, legal strategist and more — whom Silicon Valley moguls like Horowitz,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Egon Durban
         </span>
         <span>
          of Silver Lake and more rely on to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          resolve tricky situations
         </a>
         <span>
          , according to The Information.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Horowitz’s nickname for Dyne alludes to Harvey Keitel’s shadowy cleanup character in “Pulp Fiction.” Dyne referred to himself in another situation as “the fixer,” The Information adds.
         </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>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Private equity’s backlog grows
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The gloomy state of private equity can be summed up by a number: 13,500. That’s how many unsold U.S. companies are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sitting in private-equity portfolios
         </a>
         <span>
          as of June 30, according to The Wall Street Journal, citing PitchBook data.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The number of total portfolio companies has grown roughly threefold since 2006, when private equity firms owned 4,335 companies. At the current pace, the industry is expected to take nine years to clear the backlog, according to a PricewaterhouseCoopers analysis.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now private equity is coming under another threat, led by artificial intelligence.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          From The Journal:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          After bingeing on software firms in 2020 and 2021, many private-equity firms are now stuck holding companies with worsening outlooks and rising debt loads.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          While only about 1,200 of the 13,500 companies in private-equity portfolios are in the software sector, according to PitchBook, they tied up an outsize portion of firms’ capital after many were purchased at lofty valuations.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Debts were already beginning to pile up at the software companies before the so-called SaaS-Pocalypse, when concerns over the risk AI poses to the software industry slashed the valuations of comparable publicly traded software companies earlier this year.
         </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">
          It’s not all bad news.
         </span>
         <span>
          The industry took 16 companies public in the first half of the year, the most since 2021.
         </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">
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                UniCredit increased its stake in Commerzbank
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                to close to 50 percent
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                , a takeover bid from the Italian lender that valued its German target at about $47.8 billion. (WSJ)
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                Private equity firms are turning to climate analysts to help
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                screen their portfolios for vulnerabilities
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                amid a surge in extreme weather events. (Bloomberg)
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                Four U.S. states, including Kentucky and California, are
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                seeking a combined $1.4 trillion
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                in damages from Meta in cases arguing that the company’s social media platforms are addictive to young people. (Reuters)
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                a $3.8 billion defamation lawsuit
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                that Trump Media &amp; Technology Group, the owner of Truth Social, brought against the Washington Post. (WaPo)
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          Best of the rest
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                selling Budweiser in Germany
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                again, a marketing effort that is falling flat with the locals. (NYT)
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                . Public health experts are worried. (NYT)
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