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   DealBook: Hot New York summer
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   Also, Micron and the two A.I. trades.
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             June 25, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          Who would have thought that the stock market would be driven by memory chip companies? The demand for memory chips for artificial intelligence — and the shortage of them — is leading to a rush of investment and a profit windfall.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares of Micron are up nearly 20 percent in premarket trading. But its broader impact on business is complicated. It’s going to raise prices for consumers, as we’ve discussed before. (
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Tim Cook made that clear
         </a>
         <span>
          recently.)
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’re also having some fun this morning with a look at the potential economic impact of Taylor Swift’s wedding to Travis Kelce in New York City. 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="Taylor Swift, wearing gloves and a black hat, kisses Travis Kelce, who wears a black cap and a gray T-shirt." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F25%252Fworld%252F25deal-book-tswift-alni%252F25deal-book-tswift-alni-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODIzODg0MzMuNDczNzc4Mn0:1wcieX:4HFD5AxfOYNh3FHc6MmmbzbdevECTPoo5M9FofaibjY" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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             <span style="color:#666;font:normal 14px georgia,serif">
              New York and fans of Taylor Swift are buzzing over the prospect of Swift and Travis Kelce getting married in the city.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Ashley Landis/Associated Press
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A wedding economic extravaganza?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It looks official:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          New York will welcome
         </a>
         <span>
          the wedding of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Taylor Swift
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Travis Kelce
         </span>
         <span>
          , with a party at Madison Square Garden.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The nuptials represent more than just two A-listers tying the knot, however. The whole shebang promises to be the latest gigantic cultural event in New York in a summer full of them, bringing both economic benefits and logistical headaches.
         </span>
        </p>
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            <img alt="Madison Square Garden on a sunny day with a line of yellow taxis parked out front." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F25%252Fmultimedia%252F25db-msg-jtzh%252F25db-msg-jtzh-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODIzODg0MzMuNDczODg4NH0:1wcieX:-c6HZ0h5YnKgTyh5ktP9LvPj2B47sUQttmftaga_Jgs" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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             <span style="color:#666;font:normal 14px georgia,serif">
              Madison Square Garden.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Vincent Alban/Reuters
             </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Swift wedding could be like a mini-Eras Tour concert.
         </span>
         <span>
          Todd Shapiro, a Manhattan publicist, likened the M.S.G. event to an “electrified Met Gala,” with fans potentially surrounding the arena as they did during the Knicks’ playoff run.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          People who work for Swift have been seen at Rock Lititz, a campus in Pennsylvania where sets for major concerts are built and top performers sometimes rehearse, The Times reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It’s the latest major spectacle in a hot New York summer.
         </span>
         <span>
          Consider that the city has already had a blowout celebration for the Knicks’ N.B.A. championship win and three World Cup matches (technically at MetLife Stadium in New Jersey).
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s also set to host another World Cup match on July 5, a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bigger-than-usual July 4 fireworks show
         </a>
         <span>
          in Lower Manhattan and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          events
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tied
         </a>
         <span>
          to America 250, a series of celebrations for the country’s semiquincentennial.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Mayor
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Zohran Mamdani
         </span>
         <span>
          recently said that New York could handle the influx of people and that he was “excited to welcome the world here.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “It feels like a city that is coming to life,” he 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">
          How much of a boost will the summer spectacular provide?
         </span>
         <span>
          The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $2 billion
         </a>
         <span>
          Eras Tour was widely studied as an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          economic bonanza
         </a>
         <span>
          for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          host cities
         </a>
         <span>
          like New York, leading to sharp rises in hotel prices and plenty of spending by tourists.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Swift fans may very well show up to the city in droves,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as they did in Rhode Island
         </a>
         <span>
          last month because of rumors that she and Kelce would get married there.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Then again, the World Cup may not be providing the windfall projected for the New York region, including an estimated
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $3.3 billion economic impact
         </a>
         <span>
          . The Hotel Association of New York City has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          halved its forecast
         </a>
         <span>
          for hotel revenue growth to $100 million, with its leader calling the tournament “hugely disappointing and underwhelming.”
         </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 wedding also compounds a logistical perfect storm.
         </span>
         <span>
          Take it from Police Commissioner
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jessica Tisch
         </span>
         <span>
          , who mentioned the possibility of a Swift wedding in New York (in jest, she said) among all the city’s summer events at a recent budget hearing:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          All of them taken together are unprecedented and are going to place unusual and, I would say, historical demands on the New York City Police Department.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          Among the things we
         </span>
         <span style="font-style:italic">
          don’t
         </span>
         <span>
          know: who’s on the guest list, other than some Kansas City Chiefs players; whether the actual wedding will take place at the Garden, following in the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          footsteps of Sly Stone
         </a>
         <span>
          ; and whether Swift is planning any concurrent moves like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dropping her 13th album
         </a>
         <span>
          .
         </span>
        </p>
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            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
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         </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">
          Anthropic is said to poach more top artificial intelligence researchers.
         </span>
         <span>
          Two contributors to Google’s Gemini model,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jonas Adler
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Alexander Pritzel
         </span>
         <span>
          , plan to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          depart for the upstart rival
         </a>
         <span>
          , Bloomberg reported. (Google previously lost a star to Anthropic and another to OpenAI amid a high-stakes
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          war on A.I. talent
         </a>
         <span>
          .) Separately, Anthropic accused the Chinese tech giant Alibaba of improving its A.I. products by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          illicitly extracting the capabilities
         </a>
         <span>
          of Anthropic’s Claude model.
         </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">
          Big banks pass their Fed stress tests.
         </span>
         <span>
          JPMorgan Chase, Bank of America and other large lenders easily
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cleared the annual examinations
         </a>
         <span>
          that measure whether they have sufficient capital to withstand a severe economic downturn. The banks responded to the widely expected result by announcing they would spend some of their capital reserves on stock buybacks and dividend increases.
         </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">
          Oil briefly erases wartime gains.
         </span>
         <span>
          Brent crude, the international benchmark,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dipped below $72.48 a barrel
         </a>
         <span>
          , its price before the U.S. and Israel attacked Iran in late February. But relief at the pump could take awhile: The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          average price of gasoline was $3.92 a gallon
         </a>
         <span>
          this morning, 22 percent higher than this time last year.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          and administration officials are also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wary of Iran distorting the global market
         </a>
         <span>
          with its threats to impose tolls on ships passing through the Strait of Hormuz.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
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        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <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="From left, Senator Chuck Schumer, Gov. Kathy Hochul, Sanjay Mehrotra of Micron and Commerce Secretary Howard Lutnick hold spades with dirt in a snowy field." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F25%252Fmultimedia%252F25db-micron-pzqc%252F25db-micron-pzqc-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODIzODg0MzMuNDc0NTg0Nn0:1wcieX:xU5x9niCU2OY-CPurQ_K76_xLIptTHNBURLiSFHKY88" 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">
              Micron broke ground on a new factory in Clay, N.Y., amid supercharged demand for its memory chips.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Liam Kennedy 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>
          The other side of the A.I. rally
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Global markets are rebounding after a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          blockbuster earnings report by Micron
         </a>
         <span>
          , the memory chip giant that’s a central player in artificial intelligence.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Micron shares are up sharply in premarket trading. But their rally obscures a more systemic problem: The supply of advanced memory chips can’t keep up with demand.
         </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">
          A.I. is spurring inflation.
         </span>
         <span>
          Breakneck demand is helping drive record profits for Micron and rivals like SK Hynix and Samsung. (Micron is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          building a giant new factory
         </a>
         <span>
          in Clay, N.Y., to help keep up.) But shortages are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          increasing prices
         </a>
         <span>
          for smartphones, factory equipment, cars and more, and making the build-out of data centers more expensive.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Economists are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          getting worried
         </a>
         <span>
          , as are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          central bankers
         </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">
          How long will the chip crunch last?
         </span>
         <span>
          “We currently do not have line of sight as to when memory supply will be able to catch up with increasing demand,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sanjay Mehrotra,
         </span>
         <span>
          Micron’s C.E.O., warned analysts yesterday on an otherwise upbeat earnings call.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Mehrotra thought the shortfall wouldn’t improve before 2028, which suggests that companies reliant on DRAM and NAND flash chips are in for years of pain.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Investors can’t get enough of the memory chip giants,
         </span>
         <span>
          which have become the latest hot focus of the A.I. trade. Micron’s stock price has risen more than eightfold in the past year. With hyperscalers set to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spend trillions of dollars
         </a>
         <span>
          on A.I. infrastructure in the coming years, Micron and its rivals are expected to cash in.
         </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 frenzy is also fueling I.P.O. excitement in China.
         </span>
         <span>
          Two memory chip makers,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ChangXin Memory Technologies
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Yangtze Memory Technologies
         </a>
         <span>
          , are set to make their trading debuts soon in what would be the biggest listings on mainland China in years.
         </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 tale of two A.I. sectors is playing out in the markets.
         </span>
         <span>
          The tech-heavy Nasdaq Composite looks set to snap its three-day losing streak, bolstered by chip stocks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But shares in Apple and in Amazon, one of the big hyperscalers, are under pressure in premarket trading.
         </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">
                Elsewhere, OpenAI yesterday
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                unveiled Jalapeño
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a chip it jointly developed with Broadcom to run A.I. applications. Both hyperscalers and A.I. labs, including OpenAI, are investing heavily in custom-built chips to reduce their dependence on suppliers like Nvidia and AMD.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           </td>
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        </table>
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        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         QUOTE OF THE DAY
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “I think you guys were right. My incentives were totally and fundamentally misaligned.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          —
         </span>
         <span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
          Chamath Palihapitiya
         </span>
         <span style="font-style:italic">
          , a podcast host and venture capitalist once known as the “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          SPAC king
         </a>
         <span style="font-style:italic">
          ,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          expressed regret
         </a>
         <span style="font-style:italic">
          for the lackluster track record of his blank check companies, or SPACs, during the boom in 2020 and 2021. Palihapitiya told Axios that he planned to form more SPACs but wouldn’t profit unless their shares rose sharply.
         </span>
        </p>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Mayor Zohran Mamdani grins broadly amid a large crowd of people." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F25%252Fmultimedia%252F25db-mamdani-zfqk%252F25db-mamdani-zfqk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODIzODg0MzMuNDc1MDk3NH0:1wcieX:So9qEemD3zHlMTh3MQeW1_K8wnYtq6W71-veUCjnwDg" 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">
              Mayor Zohran Mamdani at an event in New York City on Tuesday.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Angelina Katsanis 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>
          The Mamdani effect
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The outcome of New York’s primary election on Tuesday continues to reverberate through state and national politics.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The stunning results, opening the door to a new generation of democratic socialist lawmakers, has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          shaken the Democratic Party
         </a>
         <span>
          , and heralded the arrival of New York City’s mayor,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Zohran Mamdani
         </span>
         <span>
          , as a kingmaker in the country’s financial capital and beyond.
         </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">
          Wall Street and corporate leaders now face a reckoning
         </span>
         <span>
          after business-friendly candidates backed by labor unions and the Democratic establishment fell to the party’s progressive wing.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          After Tuesday’s results, questions loom about the future of New York’s economy, taxes on corporations and the rich, the role of artificial intelligence in the nation’s politics and the possibility of a wider national movement.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Mamdani said the results showed that “New Yorkers are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hungry for a new kind of politics
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Prominent figures weighed in, too.
         </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 worry about business flight.
         </span>
         <span>
          The C.E.O. of the Partnership for New York City,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Steven Fulop
         </span>
         <span>
          , told DealBook he had heard from “lots and lots” of business leaders.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Several Wall Street giants, including Goldman Sachs, Morgan Stanley and Citadel have been staffing up in Texas recently, Fulop noted. “When candidates are villainizing businesses that create jobs, it becomes more difficult” to keep jobs here, he said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Others fear how
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          democratic socialists will govern.
         </span>
         <span>
          The political organization the Democratic Socialists of America “is not Denmark-style ‘democratic socialism’
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          it’s Cuban style socialism
         </a>
         <span>
          ,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Cliff Asness
         </span>
         <span>
          , a hedge fund magnate, wrote on X yesterday.
         </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">
          Democratic leaders were blamed for the leftward shift.
         </span>
         <span>
          “As long as Party leadership like @RepJeffries and @SenSchumer worry more about their own leadership than the future of the party,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expect to see more of this
         </a>
         <span>
          ,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dan Loeb
         </span>
         <span>
          , a
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          billionaire investor, wrote on X, referring to two of New York’s most powerful Democrats, Representative
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Hakeem Jeffries
         </span>
         <span>
          and Senator
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Chuck Schumer
         </span>
         <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 primaries also highlighted tensions over A.I.
         </span>
         <span>
          A legislator who worked on A.I. regulation,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Alex Bores
         </span>
         <span>
          , narrowly lost his primary bid after Leading the Future, a super PAC that opposes A.I. rules, poured $8 million into opposing him. Other super PACs focused on A.I. safety spent $19 million supporting him.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That said,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Micah Lasher
         </span>
         <span>
          , who was backed by the retiring Representative Jerrold Nadler and defeated Bores, distanced himself from the A.I. money that flooded the race. His blunt take: The millions spent accomplished
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          little more than angering voters
         </a>
         <span>
          .
         </span>
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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
            </span>
           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Deals
         </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">
                The E.U. is
               </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 set to approve
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Paramount Global’s proposed $111 billion takeover of Warner Bros. Discovery if certain conditions are met. (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">
                Qualcomm agreed 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">
                buy Modular
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a developer of artificial intelligence infrastructure software, for $3.9 billion. (Bloomberg)
               </span>
              </li>
             </ul>
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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">
          Politics, policy and regulation
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
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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">
                Senator
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Elizabeth Warren
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Democrat of Massachusetts, called for greater antitrust scrutiny of A.I.: “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                We need to push back
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,” she said. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Congressional lawmakers reportedly want to know more about
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                nondisclosure agreements
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                struck by friends of
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Jeffrey Epstein
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and his accusers. (Politico)
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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          <tbody>
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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">
                All of JPMorgan Chase’s
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                recent P.R. headaches
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , including a Knicks trash can thief and a lurid sexual harassment lawsuit. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Dianna Russini Was an N.F.L. ‘Insider.’
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Was She Also Out of Bounds?
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
              </li>
             </ul>
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