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   DealBook: How Anthropic got so big
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             May 29, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Anthropic is now more valuable than OpenAI, something Silicon Valley wouldn’t have expected a year ago. We go behind the numbers — and outline the risks the new leader in A.I. faces.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also: Lauren Hirsch has a scoop on deal talks between iHeartMedia and SiriusXM, which were put on pause. And Dell’s stock is flying, raising new questions about President Trump’s investments in the computer giant. (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="An urban building draped in large panels that say, “Claude. Keep thinking.”" class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F29%252Fmultimedia%252F29db-claude-jclf%252F29db-claude-jclf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODAwNTc0MTQuMjAyOTQ0NX0:1wSwFS:lI7Xg3hH4YyYynNH3CpTDW2292Vz4Secg2YKM_D92jw" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <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">
              Anthropic, which created the Claude A.I. model, has surged in popularity with users, pushing its valuation to $900 billion.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jason Henry for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The numbers behind Anthropic’s rise
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A year ago, the biggest and buzziest artificial intelligence start-up around was undoubtedly OpenAI. That’s no longer the case.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Anthropic has taken that crown with its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $65 billion fund-raising round
         </a>
         <span>
          . How the company went from also-ran to 900-pound gorilla is a reflection of the current state of the A.I. race, and it raises questions about what comes next.
         </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">
          Where things stand:
         </span>
         <span>
          Anthropic is valued at $900 billion, while OpenAI was last valued at $730 billion, not including the $122 billion it had just raised.
         </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">
          Behind Anthropic’s ascent:
         </span>
         <span>
          The company’s Claude models were consistently highly regarded. But by November, Anthropic’s Claude Code programming tool had become exponentially better at automating software development, driving a surge in adoption.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Its models have continued to improve rapidly — and its Mythos model has proved so adept at uncovering cybersecurity vulnerabilities that it has spooked governments and companies around the world.
         </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">
          Here are three data points that help explain Anthropic’s leapfrogging OpenAI in valuation:
         </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’s revenue run rate
         </span>
         <span>
          — an extrapolation of projected annual revenue, based on a month’s financial performance — has jumped from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $4 billion
         </a>
         <span>
          last July to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $9 billion
         </a>
         <span>
          at the end of last year to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $30 billion
         </a>
         <span>
          last month to $47 billion now. By contrast, OpenAI implied in March that its revenue run rate was about
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $24 billion
         </a>
         <span>
          ; and The Information reported this week, citing unnamed sources, that the figure had risen just
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          north of $30 billion
         </a>
         <span>
          . (Of note: OpenAI has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          disputed Anthropic’s revenue calculations
         </a>
         <span>
          in the past.)
         </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’s market share on OpenRouter
         </span>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a platform
         </a>
         <span>
          that allows customers to dynamically switch between A.I. models, has outpaced OpenAI’s for many of the past 18 months. (Note: Tokens are the basic units of A.I. use.)
         </span>
        </p>
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            <img alt="A line chart shows a comparison between Anthropic and OpenAI as they vie for a share of the A.I. token market." class="css-mcckse" height="536" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F29%252Fbusiness%252F29db-chart-tokens%252F29db-chart-tokens-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODAwNTc0MTQuMjAzMDQ1NH0:1wSwFS:qEGAizTVc4AegUbCWzF3VTiPKp0FiAh2sJwZHcj3qZo" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
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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">
          Anthropic has just outpaced OpenAI in business adoption, too,
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          per Ramp
         </a>
         <span>
          , a provider of business billing and expense services:
         </span>
        </p>
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            <img alt="A line chart shows a comparison between Anthropic and OpenAI as they vie for a share of corporate A.I. subscriptions." class="css-mcckse" height="561" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F29%252Fbusiness%252F29db-chart-ramp%252F29db-chart-ramp-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODAwNTc0MTQuMjAzMTQ1N30:1wSwFS:wNVE8caHoBWykrVnvi4o_nxk7odyxF8nT46LMN9yLYQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
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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">
          But Anthropic’s lead could easily evaporate:
         </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">
                Anthropic has been forced to spend billions buying up computing power — including renting some
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                from SpaceX
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — to address
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                outages on Claude
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that have led to user complaints.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                It’s still in a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                court battle with the Pentagon
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                over its designation as a supply-chain risk to national security as the Defense Department reportedly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                tests out alternative A.I. models
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (That said, Dario Amodei, Anthropic’s C.E.O., is patching things up
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                with the White House
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                And Anthropic, whose models require more and more tokens, could take a hit as companies increasingly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                clamp down on A.I. spending
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </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 stakes are huge.
         </span>
         <span>
          Anthropic and OpenAI are racing toward
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          potentially trillion-dollar I.P.O.s
         </a>
         <span>
          this year, giving them the ability to raise billions from public-market investors after seemingly maxing out the private markets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Both companies are worried that there’s a finite amount of investor money for those offerings — and each wants to be the one that people bet on.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <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>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A mushroom cloud from the explosion of a New Glenn rocket on the left of the frame." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F29%252Fmultimedia%252F29db-blueorigin-kgqt%252F29db-blueorigin-kgqt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODAwNTc0MTQuMjAzMjQ1Nn0:1wSwFS:3omG3_CDEExZspkpvxuLJNDhr1b7d1-f496K5sVd794" 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">
              A screen grab of a video posted by an X user shows the explosion of a Blue Origin rocket on Thursday night.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              @JConcilus on X, via Agence France-Presse
             </span>
            </span>
           </td>
          </tr>
         </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">
          A Blue Origin rocket explodes on its launchpad.
         </span>
         <span>
          A New Glenn rocket from Jeff Bezos’ space company, which had been set to carry satellites for Amazon’s internet service,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          exploded during a test of its engines
         </a>
         <span>
          on the launchpad. Repairs of the damage caused by the explosion of the rocket, named after the astronaut John Glenn, will probably take months and affect NASA’s plans to land people on the moon in 2028.
         </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 traders cheer apparent progress on a peace deal.
         </span>
         <span>
          Brent crude, the international benchmark for oil, dropped to around $91 a barrel, on pace for its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          biggest monthly decline
         </a>
         <span>
          since 2020, as U.S. officials said they were moving closer to an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          agreement with Iran
         </a>
         <span>
          . Details for the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported framework
         </a>
         <span>
          , including the future of the Strait of Hormuz, are still being hammered out.
         </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">
          Mayor Zohran Mamdani announces New York City’s version of DOGE.
         </span>
         <span>
          City Hall will form a Commission of Government Efficiency, or COGE, to find ways to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          use public funds more effectively
         </a>
         <span>
          , Mamdani wrote on social media. The project was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          endorsed by Jeff Bezos
         </a>
         <span>
          , who suggested that some of the cost savings could be used to eliminate taxes on the bottom half of the city’s earners.
         </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_20260529%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODAwNTc0MTQuMjAzMzQ3Mn0:1wSwFS:QMW4KAMiQCEE7uRhIrnnqIXGiXeN8HkTjCgtYTIDGJU" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260529%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODAwNTc0MTQuMjAzNDU1Mn0:1wSwFS:wEnjlajEnBAUh0QwaMuZ9G3yqTcz3Hh-mGjFItj_M7Y" style="display:block;width:100%;max-width:600px" width="600"/>
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                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260529%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODAwNTc0MTQuMjAzNTYxOH0:1wSwFS:JP9PnVXdUMnQ-TYwDNrH1qZkAIJfncmDI94Ch54juro" style="display:block;width:100%;max-width:480px" width="480"/>
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            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Scoop: SiriusXM and iHeartMedia put deal talks on ice
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Early-stage talks over a potential sale of iHeartMedia to SiriusXM, which would create an audio giant, have stalled after the two sides were unable to come to terms, two people with knowledge of the discussions told Lauren Hirsch.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The sources, who were not authorized to speak about the negotiations, said that the talks could always be revived. But a big question now is what each company’s stand-alone strategy looks like as digital giants like Spotify continue to disrupt the audio industry.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          There’s a long history between the two companies.
         </span>
         <span>
          Liberty SiriusXM Group, once an affiliate of John Malone’s media empire, used to hold significant stakes in both companies. Liberty SiriusXM eventually sold its stake in iHeartMedia (primarily a broadcast radio company) and split off its ownership of SiriusXM (primarily a satellite radio company) into a separate entity.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Word of a potential deal, which was meant to help offset the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          deterioration of traditional radio businesses,
         </a>
         <span>
          first emerged
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          last month.
         </a>
        </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">
          Both companies are focused on podcasts as a point of growth:
         </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">
                IHeartMedia’s podcast business, which includes “Las Culturistas” and “Stuff You Should Know,” collected $147 million in revenue in the first quarter, up 27 percent year on year. It has also pushed further into video podcasts, including through
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a partnership with Netflix.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Its overall revenue came in at $884 million for the quarter, a 9.6 percent jump.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Sirius has signed deals for programs including “Call Her Daddy,” Alex Cooper’s hit show, and “SmartLess.” It has also focused on exclusive content, including by
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                renewing Howard Stern’s contract
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for another three years.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="President Trump shaking Michael Dell's hand in the White House." class="css-18ei5jy" height="398" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F29%252Fmultimedia%252F29db-dell-bkcl%252F29db-dell-bkcl-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODAwNTc0MTQuMjAzNjY2N30:1wSwFS:X5GM1OMnAmcafQYxGmZFyWBDSYRqxFb4IRqOqtG2SQ0" 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">
              Michael Dell, the founder of Dell Technologies, and President Trump at the White House last year. The company’s stock market run has bolstered the fortunes of both men.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Doug Mills/The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Dell’s surge puts scrutiny on Trump
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The computer company Dell Technologies has been on some run — and that’s especially good news for its founder,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Michael Dell
         </span>
         <span>
          , and one of his biggest supporters,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That raises questions about Trump’s relationship with the company, which just won a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          big government contract
         </a>
         <span>
          , even as the White House argues that his personal purchases of Dell stock are on the up and up.
         </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>
         <span>
          Dell just reported blowout earnings. Its shares are up a staggering 40 percent in premarket trading this morning as investors cheer its artificial-intelligence-fueled growth forecast.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Dell told analysts yesterday that it would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sell $60 billion worth of computer servers
         </a>
         <span>
          this year to hyperscalers and other companies that are investing heavily in the A.I. boom.
         </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">
          Dell is one of the biggest gainers on the S&amp;P 500 this year.
         </span>
         <span>
          The surge has pushed Michael Dell’s net worth
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          near $200 billion
         </a>
         <span>
          , according to Bloomberg.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A line chart shows the share performance for Dell since Inauguration Day last year." class="css-mcckse" height="554" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F29%252Fbusiness%252F29db-dell-chart%252F29db-dell-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODAwNTc0MTQuMjAzNzY0N30:1wSwFS:a2_-gefQvoMpmwv00YJ2YHWESBPfN2pYVwXQlYIFeFI" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But that’s not what’s raising eyebrows.
         </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 has profited, too.
         </span>
         <span>
          Recent filings show that the president bought between $1 million and $5 million in Dell stock in February, and smaller amounts since.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s made Dell’s stock market performance another proxy for how much Trump has personally gained from his many business deals while in office. It’s also alarmed watchdogs who see the mingling of politics and business — including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          yesterday’s announcement
         </a>
         <span>
          that the government will pay Dell $9.7 billion to equip the Defense Department, U.S. Coast Guard and the intelligence community with Microsoft software and services.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Pentagon contract put the potential conflict-of-interest problem back in the spotlight. “It looks terrible is the short answer,” Greg Williams, director of the Center for Defense Information, part of the Project on Government Oversight,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          told CNBC
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Trump family has argued that the president has no say in his stock trades, and that they are executed by brokerage firms.
         </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 and Dell’s fortunes have become intertwined lately.
         </span>
         <span>
          Michael and Susan Dell are at the center of Trump accounts, having
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pledged $6.25 billion
         </a>
         <span>
          to help capitalize the new investment accounts that are a key feature of Trump’s giant 2025 spending law. Dell
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          courted Trump early
         </a>
         <span>
          in the president’s second term, and Trump has become a big fan.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump hasn’t just bought Dell stock. “Go out and buy a Dell computer,” he told his followers at an event in Georgia in February.
         </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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            <img alt="Scott Bessent holds up a printout of an article with an image of money." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F29%252Fmultimedia%252F29db-bessent-trump-bill-tlcg%252F29db-bessent-trump-bill-tlcg-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODAwNTc0MTQuMjA0MTk5fQ:1wSwFS:bp2SLryjehQWLG7WvEmsviPOUlorYiROZKNT4pApmbg" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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              Treasury Secretary Scott Bessent holding an article about a $250 bill featuring a portrait of President Trump.
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              Evan Vucci/Reuters
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          Photo of the day: Trump money
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Treasury Secretary Scott Bessent confirmed yesterday that his department was preparing a
         </span>
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          mock-up of a $250 bill
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         <span>
          featuring President Trump’s portrait. Issuing one would require congressional approval, as a federal law from 1866 stipulates that only a “deceased individual” may appear on U.S. currency.
         </span>
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          Another potential issue: Law enforcement and economists worry that large-denomination bills are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          favored by organized crime
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         <span>
          .
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         <span>
          Talking A.I. with the C.E.O. of LabCorp
         </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">
          Adam H. Schechter
         </span>
         <span style="font-style:italic">
          , who leads the medical testing and health care company LabCorp, told Sarah Kessler that he had built an A.I. agent to scope out World Cup games. The interview has been condensed and edited for clarity.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          How do you personally use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There are two places where I could see World Cup games, and I want to know where the better games are, based on who wins the first round. How do I know when the tickets are hitting a floor price? I have an A.I. agent that is doing all the work for me.
         </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">
          How has A.I. changed your business?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We just launched an app where you can look at your test results in a very easy-to-understand format. You can ask any question through an A.I. chat.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We also have a tool to help with lab-test search. If you’re a physician with a patient who has a disease that’s a bit more rare, trying to figure out which of 6,500 tests would be most appropriate can be difficult. Now you can just have a natural conversation with it.
         </span>
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          What opportunities do you see in the longer term?
         </span>
        </p>
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         <span>
          Historically, you’ve had pathologists in every lab, and they’ll have to prepare and look at the slides. If the stain that they use on the slide isn’t correct, they’ve got to get another piece of tissue.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In the future, with A.I., you’ll be able to apply the stain digitally so you’re not using the tissue. And if that stain’s wrong, you’ll be able to wipe it off digitally and not need another piece of tissue. It will be completely transforming.
         </span>
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            <span>
             THE SPEED READ
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                SpaceX is said to have trimmed the valuation target for its I.P.O.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                to at least $1.8 trillion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , from more than $2 billion. (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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Tilman Fertitta
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a billionaire and the U.S. ambassador to Italy, has agreed to buy the casino operator
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Caesars Entertainment
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in a deal that values it at $17.6 billion, including the assumption of debt. (FT)
               </span>
              </li>
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          Politics, policy and regulation
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                “Bare-Knuckle Tactics and Brash Promises:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                How Howard Lutnick Operates
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (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">
                The
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                European Union fined Temu
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the Chinese e-commerce platform, €200 million ($232 million) for failing to stop the sale of unsafe, counterfeit or illegal goods. (NYT)
               </span>
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          Best of the rest
         </span>
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        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <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">
                A
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $26 billion longevity quest
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                by Russia’s president, Vladimir Putin, includes organ printing, cryotherapy and miniature pigs. (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">
                The giant law firm Kirkland &amp; Ellis plans to spend hundreds of millions of dollars
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                building its own artificial intelligence platform
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (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">
                ‘‘Why Peter Thiel 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">
                Decamping to the End of the World
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
              </li>
             </ul>
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