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   DealBook: “From buffered to fragile”
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   Also, Anthropic notches a win in court.
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             March 27, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          For those who think that the Trump administration’s designation of Anthropic as a security risk was another effort to coerce private companies to bend to its will, a federal judge agrees with you. In temporarily blocking the government’s Anthropic move, Judge Rita Lin in San Francisco wrote: “Nothing in the governing statute supports the Orwellian notion that an American company may be branded a potential adversary and saboteur of the U.S. for expressing disagreement with the government.”
         </span>
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          Corporate leaders may want to take note. The judicial system — all the way up to the Supreme Court — has frequently pushed back against the administration’s most aggressive tactics against businesses. Lin’s ruling might also persuade the Pentagon and Anthropic to return to the negotiating table. 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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             War in the Middle East has roiled markets and ignited fears of global economic damage.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Jeenah Moon/Reuters
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         <span>
          Taking stock
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Wall Street is still struggling to gauge the fallout of the Middle East war nearly one month into the conflict.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Fresh off one of the stock market’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          worst trading days of the year
         </a>
         <span>
          , oil prices are rising again today, with analysts at Macquarie warning that Brent crude, the global benchmark,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could reach $200 a barrel
         </a>
         <span>
          if the war lasts into June.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Such an increase would wallop the global economy and corporate profits.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                S&amp;P 500 futures are down this morning after President Trump yesterday gave Iran more time, until April 6, to fully reopen the Strait of Hormuz. Trump has insisted talks with Tehran are “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                going very well
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,” but there was little sign of a breakthrough.
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                Brent was trading above $110 a barrel. It has soared roughly 50 percent since the war began.
               </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The yield on the 10-year Treasury note, a rate that underpins mortgages and other loans, has risen to 4.46 percent.
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Higher fuel prices and borrowing costs are clouding the economic outlook.
         </span>
         <span>
          Mortgage rates in the U.S. have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          steadily risen since the war began
         </a>
         <span>
          . The Organization for Economic Cooperation and Development raised its inflation forecast yesterday and now expects it to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          average 4.2 percent this year
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s well above the Fed’s projection, but the Fed governors
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Michael Barr
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Lisa Cook
         </a>
         <span>
          warned yesterday that they were closely watching
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the war’s inflationary impact
         </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">
          Traders seem to be getting the message.
         </span>
         <span>
          The futures market this morning foresees the Fed’s next move as an interest-rate
         </span>
         <span style="font-style:italic">
          increase
         </span>
         <span>
          ,
         </span>
         <span style="font-style:italic">
         </span>
         <span>
          in December. It’s the latest sign that Trump’s long-stated desire for lower borrowing costs is at odds with market expectations.
         </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">
          Keep watching the Strait of Hormuz.
         </span>
         <span>
          Tehran has signaled it will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          grant safe passage
         </a>
         <span>
          through the strait to countries it deems friendly. That said, traffic through the vital shipping route, through which roughly 20 percent of the world’s exports of oil and natural gas pass, is at a virtual standstill. This is creating
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a huge supply disruption
         </a>
         <span>
          that could also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          slam food production
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Through the first four weeks of the war, spikes in oil prices have been somewhat subdued as countries have been able to tap strategic reserves or supplies already at sea, Paola Rodriguez-Masiu, an oil analyst at the research and advisory firm Rystad Energy, wrote to investors yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “That phase is now ending,” Rodriguez-Masiu added. With “inventories already drawing down, the system has shifted from buffered to fragile.”
         </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">
          The Senate passes a Homeland Security funding bill.
         </span>
         <span>
          The legislation was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          approved by voice vote
         </a>
         <span>
          early this morning, after Republicans acceded to Democrats’ demands not to fund ICE and Border Patrol amid uproar over the Trump administration’s immigration crackdown. If passed by the House and signed into law by President Trump, the bill could end the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          longest partial shutdown
         </a>
         <span>
          on record, which has led to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          huge security lines
         </a>
         <span>
          at airports as unpaid T.S.A. agents called in sick or quit.
         </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’s signature will appear on the U.S. dollar.
         </span>
         <span>
          The Treasury Department said that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          this unprecedented move
         </a>
         <span>
          , which will have the president’s John Hancock appear along with Treasury Secretary Scott Bessent’s, was being made in honor of the country’s 250th anniversary. It’s the latest decision by Trump to emblazon his brand on national institutions.
         </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 makers of Absolut Vodka and Jack Daniel’s are in talks to combine.
         </span>
         <span>
          Pernod Ricard and Brown-Forman confirmed they were
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          discussing a “merger of equals”
         </a>
         <span>
          that would create a drink giant with a combined value around $30 billion. The discussions come as the drink industry faces a broad downturn in alcohol consumption, driven in part by GLP-1 weight-loss drugs and the consumption of cannabis products.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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            <div style="width:100%;text-align:center;line-height:0">
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Anthropic takes Round 1
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The battle between the Pentagon and Anthropic over the government’s designation of the artificial intelligence start-up as a security risk is far from over. But Anthropic just scored a big early win in court, with a federal judge
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          temporarily sparing the company
         </a>
         <span>
          from that debilitating label.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The bigger question remains how long the fight will drag on, as Anthropic races to go public before year-end and tries to stay ahead of rivals like OpenAI and Google.
         </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">
          Anthropic can keep its federal contracts for now,
         </span>
         <span>
          Judge Rita Lin of the Federal District Court for the Northern District of California ruled yesterday. In
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          her order
         </a>
         <span>
          , the judge excoriated the government’s effort to classify the company as a supply chain risk after a breakdown in negotiations over limits on the use of Anthropic’s Claude software in classified military applications.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Under the law, the supply-chain-risk designation would prohibit military contractors from using Anthropic software in their Pentagon-related work. The Trump administration went further than that, however, ordering
         </span>
         <span style="font-style:italic">
          all
         </span>
         <span>
          federal agencies to stop using Anthropic.
         </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">
          From the ruling:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The Department of War’s records show that it designated Anthropic as a supply chain risk because of its “hostile manner through the press.” Punishing Anthropic for bringing public scrutiny to the government’s contracting position is classic illegal First Amendment retaliation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          The Pentagon offered “no legitimate basis” to assume that Anthropic might seek to sabotage the government, the judge added.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The case is a reminder of the challenges that Anthropic faces.
         </span>
         <span>
          The company has become the darling of the A.I. world in recent months, racking up new customers eager to deploy its Claude coding tools. Anthropic was a primary driver of the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          so-called SaaSpocalypse
         </a>
         <span>
          that decimated many
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          software
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          private equity
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          private credit
         </a>
         <span>
          stocks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But if the administration prevails in court, Anthropic could lose enterprise customers who must comply with the government directive to strip out its software. So far, it’s unclear how many companies have done that, other than military contractors removing Claude from their Pentagon-facing work.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s just another complication for Anthropic, which is racing to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stage an I.P.O.
         </a>
         <span>
          — reports suggest that could come
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as soon as October
         </a>
         <span>
          — and keep innovating in the face of competition, particularly from OpenAI and Google. (Anthropic told Fortune that it had started
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          testing its newest model
         </a>
         <span>
          with some customers.)
         </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">
                In other A.I. news, Apple plans to open its Siri digital assistant to A.I. chatbots
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                beyond ChatGPT
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , according to Bloomberg.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
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           </td>
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           <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>
          Google jolts the chip market
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in some memory-chip makers, including Samsung and SK Hynix, are down again this morning, after the sector tanked yesterday on news of a technological breakthrough from Google.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It is the latest sign of Google’s growing influence in the semiconductor industry, Niko Gallogly reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in Google’s parent, Alphabet, were also down yesterday, by 3 percent. But that dip was probably in part because of the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          verdict against the company
         </a>
         <span>
          on Wednesday in a landmark case about social media addiction.
         </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">
          Memory-chip companies had been on a roll,
         </span>
         <span>
          driven by robust demand from A.I. companies looking to train and run large language models. Google’s latest software innovation, known as the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          TurboQuant
         </a>
         <span>
          algorithm, promises to run models using one-sixth of the memory — prompting fears among investors about demand for such chips.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some analysts played down the potential impact. It makes “little difference to demand given the extreme supply constraints,” wrote an Ortus Advisors analyst, Andrew Jackson, according to Bloomberg.
         </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">
          Google has been gaining ground in chips.
         </span>
         <span>
          The company’s tensor processing units, or TPUs, specifically target A.I. workflows. The tech giant’s progress is beginning to threaten Nvidia, whose chips have long dominated the chip market. Google’s TPUs are more energy-efficient, though less broadly applicable than Nvidia’s graphic processing units, or GPUs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          TPUs are no longer a “nascent” alternative to Nvidia, Abhijoy Mitra, a founder of the venture capital firm CIV, which invests in A.I. companies, told DealBook. One of the most important proof points for Google’s success in the chip market is Anthropic, which has used TPUs to build out a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          highly compute-efficient business
         </a>
         <span>
          . Anthropic has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bought $21 billion of TPUs
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Nvidia has since responded by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          unveiling new chips
         </a>
         <span>
          that work more like Google’s.
         </span>
        </p>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           </td>
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         </tbody>
        </table>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td style="text-align:center">
            <img alt='A chat bubble that reads, "How do you use AI? What are your best use cases?" The bubble underneath indicates a pending response.' class="css-xsf469" height="167" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F27%252Fbusiness%252Fdb-talking-ai-new%252Fdb-talking-ai-new-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzQ2MDk1OTQuMzIzNjkyNn0:1w651O:W-FzOOjSTakJEsJUhNqbxo7U9byZmxRtdst75L3lJHc" 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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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Talking A.I. with the C.E.O. of Antithesis
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Every week, we’re asking a leader how he or she uses artificial intelligence. This week,
         </span>
         <span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
          Will Wilson
         </span>
         <span style="font-style:italic">
          , who leads Antithesis, an autonomous-software testing company, told Sarah Kessler that he was teaching his kids to code the old-fashioned way. The interview has been condensed and edited.
         </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 do you personally use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          My oldest daughter really, really likes programming, and she’s good at it. And so she and I have been writing a small computer game together. Vibecoding makes it easier to do the grungiest parts of coding and lets you focus more on the fun parts. That’s injected new life into this shared project.
         </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">
          You’ve been a software engineer at Google and Apple. You obviously know how to code. But you’re choosing to vibecode?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          None of the A.I. companies want to say this, but it’s totally true: Vibecoding is most useful for people who are already really good at coding. You know when the A.I. is doing a good job, and you know when it’s doing a bad job.
         </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">
          So given that, are you teaching your kids to code the old-fashioned way, or are you letting them vibecode?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Maybe in six months the models will get better and none of this will matter. But how do you become a good programmer? By writing code the old-fashioned way, millions and millions of times, and bashing your head against all the problems.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Late at night, if I’m adding some cool new feature to the game that I’m going to surprise my kids with, I’ll vibecode. But I don’t let them see that.
         </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 have you told your employees about how you want them to use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
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             THE SPEED READ
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                The top official at the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, said it was
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                committed to its international investments
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                despite the economic upheaval of the war in the Middle East. (Bloomberg)
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                Mastercard has reportedly chosen investment bankers to
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                sell the real-time-payment unit
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                it bought from Nets Group in 2019, which could undo its largest-ever acquisition. (FT)
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                Brendan Carr, the F.C.C. chair, said the N.F.L. risked
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                losing the antitrust exemption
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                that lets it negotiate leaguewide TV deals if it put too many games on paid streaming services. (Semafor)
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                opened probe into Jay Powell
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                showed ‘courage’” (FT)
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          Best of the rest
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                How Binance missed clues about billions of dollars moving on its crypto exchange to
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                entities tied to Iran
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                . (NYT)
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                “The Complicated Financial Lives of Dentists,
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                the Millionaires Next Door
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                ” (WSJ)
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