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   DealBook: Giving some A.I. labs a pass
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   Also, investors punish SpaceX.
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             August 5, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          Is an Iran deal finally at hand? That is the central question in the markets after Treasury Secretary
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Scott Bessent
         </span>
         <span>
          said yesterday that an agreement to reopen the Strait of Hormuz could be finalized within 24 to 48 hours.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The reaction was swift: Government bond yields fell, while the S&amp;P 500 soared to a new high.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here at the Aspen Economic Strategy Group’s annual meeting, economists and corporate leaders are debating the durability of the proposed framework. The immediate issue is whether a 60-day extension of the shipping and cease-fire arrangement can serve as a bridge to a lasting diplomatic resolution — or if it’s just another Band-Aid.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There’s more skepticism here than on Wall Street. Remember that a similar 60-day agreement struck in June quickly unraveled. (Was this newsletter forwarded to you?
         </span>
         <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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              From left, OpenAI’s Sam Altman, President Trump and Demis Hassabis, the C.E.O. of Google DeepMind, at a G7 Summit event in June.
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              Evelyn Hockstein/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Uneven scrutiny
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Trump administration has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          laid out a plan
         </a>
         <span>
          to scrutinize leading artificial intelligence models for safety, as advanced tools from Anthropic and OpenAI spark increasing worries about the technology going rogue.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But not all tools will get the same treatment.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The uneven approach by Washington raises concerns about which A.I. models will be spared from what is described as “voluntary” testing — including cheaper Chinese software that performs almost as well as American standouts.
         </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 administration will review closed A.I. models, not open ones,
         </span>
         <span>
          it told industry figures yesterday. That means offerings from Anthropic, Google and OpenAI will face scrutiny over the risks their tools might cause.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But open tools — including those developed by Nvidia, Meta and, most importantly, China — currently won’t face that kind of testing.
         </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 we don’t know:
         </span>
        </p>
        <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">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                What counts
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as state-of-the-art or a national security risk, according to Axios;
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Whether or when open models will also be subject to review or other restrictions;
               </span>
              </li>
              <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">
                Other details of the A.I. evaluation framework
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , which will only be given to companies participating in the review process. “A rulebook can only hold AI companies in check if people outside those companies know what the rules are,”
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Brad Carson
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the president of the nonprofit group Americans for Responsible Innovation,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                said in a statement
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The China exemption is big.
         </span>
         <span>
          Models from Alibaba, DeepSeek, Moonshot AI and others have largely caught up to leading-edge ones from Anthropic and OpenAI, and can be run at far less expense.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That gives those models, which have already
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          been gaining traction
         </a>
         <span>
          among software developers, a potentially even bigger edge over those from top Western A.I. labs, experts say. (
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dario Amodei
         </span>
         <span>
          of Anthropic and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sam Altman
         </span>
         <span>
          of OpenAI have said they welcome more government involvement in A.I., so long as the process is fair and transparent.)
         </span>
        </p>
        <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">
                To be fair, as The Times notes, Beijing probably wouldn’t let Chinese models be reviewed by Washington.
               </span>
              </li>
             </ul>
            </td>
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        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Anthropic has already accused Chinese developers of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          illicitly training their high-end models
         </a>
         <span>
          off its own, and has sought help from Washington. (The framework gives the company’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          newly named chief global affairs officer
         </a>
         <span>
          even more to do.)
         </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 stakes of A.I. safety are growing.
         </span>
         <span>
          The A.I. Safety Institute, a British government body that evaluates models, said yesterday that both Anthropic’s Mythos 5 and OpenAI’s GPT-5.6-Sol had engaged in “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sustained, potentially harmful activity
         </a>
         <span>
          ” aimed at real people and organizations.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s in the wake of Anthropic and OpenAI revealing that their top models
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          went
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rogue
         </a>
         <span>
          and hacked outside organizations during testing. National governments and businesses alike are on high alert about the potential damage that could wreak.
         </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>
          </td>
         </tbody>
        </table>
        <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">
          Michigan’s Democratic Senate primary vote is a nail-biter.
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dr.
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Abdul El-Sayed
         </span>
         <span>
          , a former public health official and a progressive,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          holds a narrow lead
         </a>
         <span>
          over Representative
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Haley Stevens
         </span>
         <span>
          , a moderate, with about 95 percent of the vote counted. The winner will face off against Representative
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mike Rogers
         </span>
         <span>
          , a Republican, in November, in a contest key to Democrats’ long shot hopes of retaking control of the Senate.
         </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">
          Todd Blanche clears a big hurdle.
         </span>
         <span>
          The Senate Judiciary Committee
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          voted to advance his nomination
         </a>
         <span>
          for attorney general to the full Senate. But Senator
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Susan Collins
         </span>
         <span>
          , Republican of Maine, said she’s a no vote; Blanche’s nomination can afford only one more Republican loss. Elsewhere,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          said yesterday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he hasn’t decided
         </a>
         <span>
          whether to keep
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jeanine Pirro
         </span>
         <span>
          as U.S. attorney for the District of Columbia, even after she
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fought hard to keep the job
         </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">
          The cyclospora outbreak spreads to six more states.
         </span>
         <span>
          The Centers for Disease Control and Prevention
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          confirmed cases
         </a>
         <span>
          in Arkansas, Iowa, Missouri, Nebraska, New Hampshire and North Carolina, bringing the total to 15 states. Separately, shares in Chipotle fell sharply yesterday after the fast-food chain
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pulled jalapeños from some restaurants
         </a>
         <span>
          in Minnesota in connection with a salmonella outbreak.
         </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">
          FIFA will hold a crisis meeting today. Gianni Infantino
         </span>
         <span>
          , the embattled president of the international soccer governing body,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          convened the meeting
         </a>
         <span>
          of senior leadership as criticism of him continues to grow after a failed plan to draw outside investment in FIFA. UEFA, which oversees European soccer, has called for Infantino’s ouster.
         </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">
          Eli Lilly blows past earnings expectations.
         </span>
         <span>
          Shares in the drugmaker are up 6.5 percent in premarket trading today after the company said that its second-quarter net profit
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          jumped 25 percent
         </a>
         <span>
          year-on-year, to $7.1 billion, amid soaring demand for its GLP-1 weight-loss drugs. It also raised its revenue forecasts for the year, following in the footsteps of its rival,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Novo Nordisk
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260805%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU5MzE1NjguNzQxNzAzM30:1wraNs:yj0ROpevixNy8Izt_omAPveXbXvVzotYchjTPGMu8W8" style="max-width:96px;margin-bottom:7px"/>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
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           <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="People are seen walking on a city street, past a building that bears the logos of SpaceX and Nasdaq." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F05%252Fmultimedia%252F05db-spcx-bmcq%252F05db-spcx-bmcq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODU5MzE1NjguNzQyMTE0OH0:1wraNs:gRXItceXZxoL8N-L_F5fMRWHEzuIA6BMPa1BG9p32Po" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <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">
              SpaceX’s stock slump looks set to deepen today.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Karsten Moran for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Gravitational pull
         </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">
          Elon Musk
         </span>
         <span>
          boasted during
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          SpaceX’s first quarterly earnings report
         </a>
         <span>
          as a public company that it was on track to hit $1 trillion in revenue by 2030, a year ahead of schedule, thanks to orbital data centers and its planned dominance of the satellite internet and artificial intelligence sectors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But in the present, markets are pulling SpaceX stock down to Earth. It’s down 11 percent in premarket trading today, and investors are dealing with a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stampede of short-sellers
         </a>
         <span>
          and a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          flood of newly unlocked shares
         </a>
         <span>
          that could further depress the company’s stock price.
         </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">
          SpaceX isn’t immune to worries about A.I. spending.
         </span>
         <span>
          Capital expenditures hit $18.4 billion for the quarter, up significantly year-on-year. SpaceX also spent more than $2 for every dollar in sales, to the tune of $16 billion in cash burn.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That is well below what hyperscalers like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Amazon
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Google
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Meta and Microsoft
         </a>
         <span>
          plan to spend. But SpaceX, no longer a start-up, isn’t getting a free pass from public market investors anymore. (It’s a warning to Anthropic and OpenAI.)
         </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">
          Still, there was much for shareholders to like:
         </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">
                SpaceX’s $7.8 billion in revenue last quarter was up 92 percent year-on-year and beat analyst expectations. The company predicted it would hit $100 billion in annualized recurring revenue by year-end.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Its $541 million loss was narrower than expected.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Musk said that deals to rent out excess computing power to Anthropic and Google would probably drive significant profits in coming quarters.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Musk expects the company’s $60 billion takeover of the coding start-up Cursor to soon close, though he added: “We’re wary of sort of jumping the gun on regulatory closures.”
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Gwynne Shotwell
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the president of SpaceX, updated investors about the company’s mobile ambitions. After it acquired wireless spectrum from EchoStar last year, SpaceX now plans 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">
                build a terrestrial mobile network
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , she said, and win “quite a few” customers from incumbents. Shares in T-Mobile, AT&amp;T and Verizon fell in premarket trading this morning.
               </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 broader market picture:
         </span>
         <span>
          Despite the premarket swoon of SpaceX and the chipmaker AMD, which delivered
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a lackluster forecast
         </a>
         <span>
          , the S&amp;P 500 looks set to open in the green today.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s largely driven by news reports that Iran and Oman are near
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          an interim agreement
         </a>
         <span>
          to reopen the Strait of Hormuz. However, oil prices are climbing again, with Brent crude, the international benchmark, hovering around $80 a barrel.
         </span>
        </p>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           </td>
          </tr>
         </tbody>
        </table>
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           <td style="border-top:0 solid #dcdcdc;padding-top:15px">
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           <td style="text-align:center">
            <img alt="A group of people, wearing black T-shirts that bear the logo for Bending Spoons, are seen celebrating." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F05%252Fmultimedia%252F05db-bending-spoons-mqvj%252F05db-bending-spoons-mqvj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODU5MzE1NjguNzQyNjk5Nn0:1wraNs:xRxdwggG784XRKnARxy3GvHYPd-Ves8GkJWuu9WF1Sk" 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">
              Luca Ferrari, center, the co-founder of Bending Spoons, celebrates his company’s I.P.O. last month.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Brendan Mcdermid/Reuters
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Table, meet spoons
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Not long ago, Airtable was a high-flying software start-up with a peak valuation of $11 billion. Now, it’s a high-profile casualty of a backlash against software-as-a-service companies, spurred by the rapid development of artificial intelligence tools.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Airtable said yesterday it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          would sell itself
         </a>
         <span>
          for about $1.29 billion in cash. That’s a painful comedown for some of the company’s venture investors. But Sri Muppidi, Lauren Hirsch and Niko Gallogly report that Airtable could have a surprising second act with a spinoff.
         </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 buyer is Bending Spoons,
         </span>
         <span>
          a Milan-based public holding company that acquires established tech companies, like AOL and Evernote. It raised $1.68 billion in an I.P.O. last month.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bending Spoons operates similarly to a private equity firm: It reduces head count and overhead with a focus on improving profitability.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          After Bending Spoons bought the video platform Vimeo last fall, for example, it slashed a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “large portion”
         </a>
         <span>
          of the company’s staff.
         </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">
          Bending Spoons values Airtable’s equity at $2.25 billion.
         </span>
         <span>
          That implies that the software company has about $965 million in cash and cash equivalents on its books on top of the purchase price.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Airtable has raised about $1.35 billion over the past 14 years, according to PitchBook.
         </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">
          Airtable has a broad customer base
         </span>
         <span>
          of more than 500,000 companies and organizations. Bending Spoons will likely look to use that scale and fend off the A.I. threat.
         </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">
                Airtable’s annualized revenue was growing more than
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                20 percent year over year
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , to roughly $480 million, in June.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                But top A.I. start-ups have been growing at much faster rates. Anthropic’s annualized revenue, for instance, jumped to $47 billion in May from $9 billion at the end of last year.
               </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">
          Airtable is spinning off a hot A.I. business as a new stand-alone company
         </span>
         <span>
          . Bending Spoons will take over Airtable’s legacy project-management operations.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Airtable is breaking off its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Hyperagent
         </a>
         <span>
          business, which helps customers build and run A.I. agents, into an independent company, according to a securities filing and two people with knowledge of the deal.
         </span>
        </p>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Airtable’s investors get to keep a stake in Hyperagent. Airtable’s C.E.O. Howie Liu told investors that he will work full time on the new company after the Airtable acquisition closes, according to the people with knowledge of the deal. He also said that Hyperagent can raise new capital.
               </span>
              </li>
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            <span>
             THE SPEED READ
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          Deals
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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">
                Polymarket is reportedly raising a new round of capital
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                at a $20 billion valuation
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , after quietly closing one at a $15 billion valuation in April. (Bloomberg)
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A federal judge
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                scheduled a trial
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for an antitrust lawsuit against Paramount’s takeover bid for Warner Bros. Discovery for March, further delaying the $111 billion transaction. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Situational Awareness, the hedge fund forced to sell many of its big A.I. bets, reportedly had the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                backing of big-name investors
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                including
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Dan Sundheim
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of D1 Capital Partners and
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Feroz Dewan
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , formerly of Tiger Global Management. (WSJ)
               </span>
              </li>
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          Politics, policy and regulation
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        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The Trump administration has
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                refunded more than $100 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in so-called Liberation Day tariffs, U.S. customs officials said in court. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                About 2,000 people have
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                applied for an exemption
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from New York City’s new pied-à-terre tax. (Bloomberg)
               </span>
              </li>
             </ul>
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          Best of the rest
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                TikTok
               </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 held back a version of its app
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that had better content safeguards in place as it tested whether the feature reduced user engagement. (Bloomberg)
               </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Ari Emanuel
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the head of U.F.C.’s parent company, called the combat sport’s White House event “a roaring success.”
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                It lost $30 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Variety)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
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                “You’re In: Private Colleges Admit More Students
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Who Didn’t Apply
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (Bloomberg)
               </span>
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