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   DealBook: Fed watch
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   Also, the tensions with Meta’s pricey A.I. push.
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             December 10, 2025
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          Good morning. Andrew here.
         </span>
         <span>
          Will the Fed cut rates? That’s the question of the day — and we’ll get the answer this afternoon. We go deep on what could happen next.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We also take a look at Meta’s A.I. strategy. And we do some math on just how much U.S. taxpayers could make off Nvidia’s sales of its H200 chips to China. 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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            <img alt="Jay Powell, the Fed chair, is seen seated and looking over the brim of his glasses." class="css-3vswge" height="450" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F12%252F10%252Fmultimedia%252F10db-powell-cglj%252F10db-powell-cglj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjUzNzA5OTcuNjM3NTU3N30:1vTJdl:HD9tWkO8Vftqkr_lXZd3H8zMw1yYN_rRRUaND_2cBZU" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             The shadow of President Trump could loom over Jay Powell, the Fed chair, at today’s meeting.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Caroline Gutman for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          An uncertain path from here
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Fed policymakers are widely expected to cut rates today, their third such move since September.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Traders this morning were penciling in 88 percent odds of a quarter-point cut, which would bring the central bank’s benchmark lending rate to a range of 3.5 percent to 3.75 percent. That said,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expect dissenting votes
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Beyond that, little about the meeting appears straightforward — but its consequences are likely to reverberate throughout the global economy.
         </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">
          Market watchers are divided on what comes next.
         </span>
         <span>
          Economists at Goldman Sachs see the Fed lowering rates once next year; those at Citi forecast two cuts
         </span>
         <span style="font-style:italic">
          in the first quarter
         </span>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Still, many investors appear to expect fewer reductions next year, as suggested by the yield on the 10-year Treasury note — a closely watched rate that tends to underpin mortgage and credit card rates — which has reached a three-month 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">
          This split-screen view will weigh on the Fed’s outlook
         </span>
         <span>
          , set to be released today. In September, the last time the central bank gave such guidance, officials foresaw the benchmark rate at the end of next year
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hovering at a range of 3.25 to 3.5 percent
         </a>
         <span>
          . That would suggest just one quarter-point cut next year.
         </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">
          Fed officials are in a bind.
         </span>
         <span>
          They have less visibility than usual because the government shutdown led to key inflation and labor market data being
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          delayed or scrapped
         </a>
         <span>
          . Data released by the New York Fed on Monday showed that consumers were
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          downbeat about their finances
         </a>
         <span>
          , even as President Trump rejects suggestions that the country is experiencing an affordability crunch.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Our prices are coming down tremendously,” the president said yesterday at an event in Pennsylvania. “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Inflation is stopped
         </a>
         <span>
          ,” he added. (Official government data
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tells a different story
         </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">
          Trump will loom over today’s meeting.
         </span>
         <span>
          The president continues to push for lower rates, as does Kevin Hassett, a top White House economic adviser who is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          viewed as a front-runner
         </a>
         <span>
          to replace Jay Powell as Fed chair. There is “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          plenty of room
         </a>
         <span>
          ” for further cuts next year, Hassett told The Wall Street Journal.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Hassett added he would not be swayed by pressure from Trump were he to lead the central bank.
         </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">
          Succession drama is in the air, too.
         </span>
         <span>
          Trump will soon
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          begin his last round of interviews
         </a>
         <span>
          with finalists for the central bank’s chair, including Hassett and Kevin Warsh, a former Fed governor, according to The Financial Times.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There’s yet another wrinkle to consider: Would Powell consider
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          staying on as a Fed governor
         </a>
         <span>
          through January 2028, depriving Trump of the chance to install another loyalist to the bank’s rate-setting committee anytime soon?
         </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">
          SpaceX is said to be planning an I.P.O. next year at a $1.5 trillion valuation.
         </span>
         <span>
          Elon Musk’s rocket company is moving ahead with plans to go public, with a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fund-raising target of more than $30 billion
         </a>
         <span>
          , according to Bloomberg. That would make its offering the biggest ever, surpassing Saudi Aramco’s; its potential valuation is driven in large part by huge sales of its Starlink satellite internet system.
         </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">
          MacKenzie Scott says she has given $7 billion this year.
         </span>
         <span>
          The billionaire philanthropist
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          quietly disclosed the figure
         </a>
         <span>
          in a blog post that touched on the recipients of her aid, including an organization combating tropical deforestation and several scholarship funds. That brings her total gifts to more than $26 billion, with Scott having been lauded by some philanthropy experts for giving her wealth away at a rapid pace.
         </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">
          Customs and Border Protection may soon review international tourists’ social media accounts.
         </span>
         <span>
          People visiting the U.S. from abroad — including from countries like Britain that qualify for the visa waiver program — may have to submit up to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          five years’ of social media activity
         </a>
         <span>
          , according to a proposal the agency disclosed yesterday. Some immigration experts suggested that the move could affect tourism numbers, which are already
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expected to be down this year
         </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">
          Private equity tackles college football.
         </span>
         <span>
          The University of Utah
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          agreed to a landmark deal
         </a>
         <span>
          with Otro Capital to create a for-profit joint venture that will operate the school’s athletics business, and that is expected to generate an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          estimated $500 million
         </a>
         <span>
          for the university. The arrangement comes as Wall Street is circling the booming business of college sports; other schools may strike similar deals.
         </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Meta plays catch-up in the A.I. race
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Despite having as much cash and engineering talent as any of its tech giant rivals, Meta has been playing catch-up in the artificial intelligence race for the past few years. But this spring, Mark Zuckerberg, Meta’s C.E.O., decided he’d had enough.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He invested billions to overhaul his A.I. division with new researchers, and to lead the revamped effort he chose an outsider: Alexandr Wang, the 28-year-old C.E.O. of Scale AI, a data labeling start-up.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But in the first few months of Wang’s tenure at Meta,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tensions are forming
         </a>
         <span>
          , Eli Tan reports. Namely, Wang has had disagreements with the inner circle of Zuckerberg’s C-suite, including Chris Cox, the chief product officer, and Andrew Bosworth, the chief technology officer.
         </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">
          At the center of the tension is Zuckerberg,
         </span>
         <span>
          who needs to support the company’s longtime business — advertising revenue from social media — while also pursuing what he sees as its future, which is creating superintelligence, loosely understood as A.I. that’s smarter than a human brain.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Since long before Wang took over Meta’s A.I. effort, the company’s researchers have complained that it lacked a clear vision for what it was trying to build. Despite the new leadership and dozens of splashy hires with pay packages in the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hundreds of millions
         </a>
         <span>
          , Meta seems no closer to articulating what that vision is.
         </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">
          Some background:
         </span>
         <span>
          In June, Meta, which currently has a market valuation of more than $1.6 trillion, invested $14.3 billion in Scale AI and made Wang its new chief A.I. officer. Bringing in an outsider to lead the A.I. efforts was seen as a drastic move for a company that has long valued loyalty: Cox and Bosworth, for instance, have each worked there for nearly 20 years.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          While Wang oversees Meta’s entire A.I. division, his main task is to create a new “frontier” A.I. model to rival those from companies like OpenAI and Google. That model is expected to be released next year, and its success will determine what Wang’s future looks like at Meta.
         </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">
          Who will win out?
         </span>
         <span>
          So far, Wang has been focused on creating superintelligence, a godlike fantasy technology that is similar to what companies like OpenAI are trying to build. Cox and Bosworth have been focused on improving Meta’s core business, including its recommendations algorithm.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It remains to be seen if the two goals can coexist, and which goal Zuckerberg will ultimately favor if they can’t.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <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">
                In other A.I. news:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                OpenAI hired Denise Dresser
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the C.E.O. of Slack, as its chief revenue officer. And Anthropic struck a three-year
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                sales partnership with Accenture
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the big consulting firm, as the A.I. start-up
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                reportedly outpaces OpenAI
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in signing up corporate customers.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
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            <div style="width:100%;text-align:center;line-height:0">
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            <img alt="A line chart shows the rise in the price of silver future contracts since 2008." class="css-xsf469" height="513" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F12%252F10%252Fbusiness%252F10db-chart-final%252F10db-chart-final-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjUzNzA5OTcuNjM4MjA2Mn0:1vTJdl:T_b1Y7fY0tlgzHIx9Nl-ZZuNz1nudkFvnV2GCyUFCqw" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Chart of the day: Silver surge
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Silver
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          continues to set records
         </a>
         <span>
          , as the price of the precious metal topped $61 per troy ounce this morning. (The commodity’s rise this year has outpaced gold’s.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Driving the spike in silver prices is a combination of factors, including a flight to safe-haven assets amid a weakening of the dollar, concern over U.S. tariff policy, Fed jitters and soaring demand from industrial companies that use the metal for electronics components.
         </span>
        </p>
        <table width="100%">
         <tbody>
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           </td>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          How much could the U.S. make from chip sales to China?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump said this week that Nvidia would be allowed to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sell its advanced H200 chips to China
         </a>
         <span>
          , despite concerns that doing so will erode America’s competitive advantage in the artificial intelligence race. But he wants the federal government to get a 25 percent cut of the proceeds.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          How big might the windfall be? Niko Gallogly digs into the math.
         </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 hype could exceed the payoff.
         </span>
         <span>
          Analysts at Wells Fargo estimate that lifting export controls to China for Nvidia’s H200 chips could result in $25 billion to $30 billion annual revenue, or $5 billion to $7.5 billion in annual revenue for the U.S. government. Nvidia had $57 billion of revenue in its most recent quarter.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But even if Nvidia were to capture 100 percent of the Chinese A.I. chip market, which the semiconductor giant estimates to be worth $50 billion, that would only result in $12.5 billion for U.S. taxpayers. Compare that with the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $4.9 trillion in annual tax revenue
         </a>
         <span>
          collected in the U.S. last year.
         </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">
          Some analysts are skeptical about projecting significant sales.
         </span>
         <span>
          “It remains unclear whether there will be actual orders for these older G.P.U.s,” Sebastien Naji, a research analyst at William Blair, wrote in an analyst note on Monday, referring to the Nvidia chips. He added that the firm would not update its Nvidia revenue expectations based on the news.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That said,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Alibaba and ByteDance have shown interest
         </a>
         <span>
          in buying H200s if Beijing clears such sales, according to Reuters.
         </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">
          Export volumes could be squeezed by both governments.
         </span>
         <span>
          The U.S. Bureau of Industry and Security, which is responsible for granting export licenses, might take a restrictive approach to H200 approvals. And Beijing has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pressured Chinese tech companies
         </a>
         <span>
          to use domestically made chips instead of American ones.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Still,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a recent report
         </a>
         <span>
          from the Institute for Progress, a nonpartisan research organization, noted that “Chinese A.I. companies will remain highly incentivized to purchase significant volumes” of advanced semiconductors like H200s “for which China has no competitor and has imposed no restrictions.”
         </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">
          There is a legal elephant in the room.
         </span>
         <span>
          It is generally illegal to charge fees for export licenses, according to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          U.S. trade law
         </a>
         <span>
          , which states that “no fee may be charged in connection with the submission, processing, or consideration of any application for a license.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s unlikely to deter Trump. “You could see Trump saying, ‘Jensen you owe us 25 percent’” which might result in a “voluntary” 25 percent donation to the Treasury Department from Nvidia, Andrew Grotto, a researcher at the Center for International Security and Cooperation at Stanford, told DealBook. (“Jensen” is Jensen Huang, Nvidia’s C.E.O.) But that move could expose Nvidia to shareholder lawsuits.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Creative lawyers on his team may have some theory cooked up,” Grotto said of Trump’s legal team. “Whatever that theory is, it is certainly not obvious to me.”
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
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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">
                In Warner Bros. Discovery news: Some conservative influencers urged President Trump 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">
                oppose Netflix’s takeover bid
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for parts of the media company, citing the streamer’s content deal with the Obamas; and some officials in Washington have
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                reportedly criticized Paramount’s assumption
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                that the government would favor its bid. (WaPo, Semafor)
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                approve a $50 billion deal
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                that would combine the two mining giants. (FT)
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                . (WaPo)
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