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   DealBook: IBM’s canary in the coal mine?
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   Also, another souring investment by Saudi Arabia.
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             July 15, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          There is a fascinating soap opera involving Big Law and the White House that has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sprung into the open
         </a>
         <span>
          , thanks to The Times’s Michael Schmidt and Devlin Barrett.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Early in President Trump’s second term, nine law firms struck peace deals brokered by Boris Epshteyn, one of Trump’s personal lawyers, which spared them from what they believed could be crippling executive orders in exchange for nearly $1 billion worth of free legal work.
         </span>
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          But those firms — including Paul Weiss, Kirkland &amp; Ellis and Skadden — have now been issued federal subpoenas demanding their private communications. The Justice Department is also seeking documents from four firms fighting the administration in court. Watch this space. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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              A dire earnings preview from IBM’s chief executive, Arvind Krishna, spooked investors yesterday.
             </span>
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              Benoit Tessier/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Behind a historic sell-off
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yesterday was a bad day for IBM.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in Big Blue tumbled 25 percent for its worst trading day since at least 1968. The company had previewed quarterly results that would fall well short of analyst expectations because of artificial intelligence.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now, the big question confronting older software and services companies like IBM is whether more rough times lie ahead as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          investor fears
         </a>
         <span>
          re-emerge over A.I. disruption of their industries, Niko Gallogly writes.
         </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">
          IBM’s stock plunge dragged down shares in big software makers,
         </span>
         <span>
          including Workday, ServiceNow and Salesforce.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The sector overall has had a rough year to date: The S&amp;P 500 Software Industry Index is down nearly 15 percent so far for 2026.
         </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 worried investors about IBM’s results:
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Business customers are prioritizing capital expenditures for A.I. development — like servers, storage and memory purchases — over IBM’s hardware products like powerful mainframe computers, whose sales fell 7 percent. “We did not anticipate the magnitude of the capex reprioritization,”
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Arvind Krishna
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the company’s C.E.O., wrote in a letter to investors yesterday.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Software sales grew 5 percent last quarter, below Wall Street’s expectations. IBM is facing increasing pressure from A.I. coding tools like Anthropic’s Claude Code: Starbucks, for example, is seeking 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 an in-house version
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of a maintenance tool currently run by IBM, Bloomberg reported last week.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “What played out was worse than our expectations,” Krishna wrote. “These conditions require our teams to execute perfectly, and this quarter we faltered.”
         </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">
          Is it software companies that need to worry — or service ones?
         </span>
         <span>
          Some analysts argued that IBM’s problems were largely tied to its mainframe miss. Generalizing it to software companies as a whole was “a bit of a stretch,” according to Kirk Materne of Evercore ISI.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Technology consulting firms may be at risk instead, according to some analysts. Shares in Accenture and Cognizant Technology Solutions each fell by more than 2.5 percent yesterday.
         </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">
                Some tech companies made gains yesterday, including
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                cybersecurity providers
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                : Shares in CrowdStrike, for instance, surged 12 percent. (Krishna had noted that IBM clients were “distracted” by cybersecurity worries as new A.I. models exposed fresh vulnerabilities.)
               </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">
          Further pain could be in store,
         </span>
         <span>
          as rising costs for A.I. infrastructure components like processors and especially memory chips swallow up more corporate I.T. budgets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Discretionary I.T. spending is worsening and will likely be the main theme across most software companies when they report results,” a Bloomberg Intelligence analyst, Anurag Rana,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          said in a note
         </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">
          What to watch:
         </span>
         <span>
          quarterly results from ServiceNow (set for release next Wednesday) and Cognizant (due out July 29) for further evidence of the A.I. effect.
         </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">
          Morgan Stanley reports record results.
         </span>
         <span>
          Revenue at the Wall Street giant in the second quarter
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rose 27 percent year on year
         </a>
         <span>
          to $21.35 billion, boosted by a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          48 percent jump
         </a>
         <span>
          in trading revenue. Morgan Stanley’s results are the latest in positive quarterly earnings from big banks as extreme market volatility and the A.I. boom help trading desks.
         </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">
          China’s economy grows at its slowest rate in three years.
         </span>
         <span>
          Beijing’s National Bureau of Statistics said G.D.P.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expanded by 4.3 percent
         </a>
         <span>
          in the second quarter. A consumer spending slump and a persistent real estate crisis have offset an export boom driven by artificial intelligence, raising expectations for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more government stimulus
         </a>
         <span>
          this year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump backs off plans to charge a Strait of Hormuz toll.
         </span>
         <span>
          The president said that Persian Gulf nations would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          invest in the U.S.
         </a>
         <span>
          instead of paying Washington a 20 percent fee to pass through the waterway near Iran. Traffic through the strait dropped sharply after Iran and the U.S. traded strikes recently, and shippers worry that other countries will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          try to monetize waterways
         </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">
          PayPal reportedly receives a $53 billion takeover bid by Stripe.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          An offer
         </a>
         <span>
          by Stripe and the investment firm Advent International followed an initial approach in April, according to Reuters, citing unnamed sources; the two companies are said to have $50 billion in bank financing lined up. It’s not clear whether PayPal is interested, but a bid would be the latest in what’s shaping up to be a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          year of big-ticket M.&amp;A.
         </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">
          OpenAI moves ahead with its own hardware as it rejects claims by Apple.
         </span>
         <span>
          The artificial intelligence giant said it was not
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          aware of “any evidence”
         </a>
         <span>
          of merit to a lawsuit by Apple that accuses it of stealing trade secrets to develop its consumer devices. (An Apple lawyer’s mix-up of two OpenAI employees may have helped
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sour talks between the companies
         </a>
         <span>
          before the suit.) Bloomberg reports that OpenAI’s first device will be a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          personalizable smart speaker
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </td>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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        </table>
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            <img alt="A gray Lucid car seen from the front, with its right door open." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F15%252Fmultimedia%252F15db-lucid-gpml%252F15db-lucid-gpml-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQxMTgyOTAuMDY5MDgzMn0:1wjyfS:UY1807zxMPAWBlAT7rONVShz3cfYQLOb1RMHoUO4ovQ" 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">
              Lucid Motors denied that it would go private or go bankrupt, but it acknowledged hiring a turnaround consulting firm.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jeenah Moon/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>
          How Lucid’s struggles weigh on a Saudi fund
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in Lucid Group, the embattled electric vehicle maker,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          were rattled yesterday
         </a>
         <span>
          after a report that it might go private or even bankrupt, which the company denied
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The incident underscored ongoing troubles for the western E.V. industry and was a sign of another souring investment for Lucid’s big backer — Saudi Arabia’s sovereign wealth fund, the Public Investment Fund.
         </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">
          Lucid called a report that it might be delisted “completely false.”
         </span>
         <span>
          The report, by the Eletric-Vehicles blog, led the company’s shares to plunge more than 50 percent. The carmaker added that it had enough liquidity to finance its operations well into 2027.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the company acknowledged that it had hired the turnaround consulting firm AlixPartners to improve its operations.
         </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">
          Lucid has struggled for some time.
         </span>
         <span>
          The Trump administration’s elimination of E.V. subsidies late last year, just as the carmaker was expanding production of its Gravity SUV, hit its business hard. The company, based in California, has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lost about $16.6 billion
         </a>
         <span>
          since it was founded 19 years ago.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          More recently, Lucid suspended its vehicle production forecast for the year after supply-chain issues disrupted deliveries of the Gravity SUV. It cut about 18 percent of its work force as part of an overhaul under its new C.E.O., Silvio Napoli.
         </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">
          Saudi Arabia is Lucid’s biggest backer.
         </span>
         <span>
          PIF, as the fund is commonly known, has an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          almost 57 percent stake
         </a>
         <span>
          in the company. It and affiliated entities have invested
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          about $9.5 billion
         </a>
         <span>
          in the carmaker since 2018, which is more than five times the company’s current market 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">
          Lucid’s troubles are another black eye for the Saudi fund.
         </span>
         <span>
          PIF has retreated from several flagship projects, including the money-losing upstart competition
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          LIV Golf
         </a>
         <span>
          . It has also slowed down projects like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Neom
         </a>
         <span>
          , a planned futuristic city in the desert, and it is reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          facing delays in building a stadium
         </a>
         <span>
          for the men’s World Cup in 2034.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Saudi Arabia faces a multibillion-dollar budget shortfall and has recently
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          borrowed money
         </a>
         <span>
          instead of lending it.
         </span>
        </p>
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            <div style="width:100%;text-align:center;line-height:0">
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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>
          “The members of our committee have no tolerance for persistently elevated inflation.”
         </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">
          Kevin Warsh
         </span>
         <span>
          , in his
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          first congressional testimony
         </a>
         <span>
          as Fed chairman. Warsh told the House Financial Services Committee that the central bank would set the “right” policy so that “the inflation surge of the last five years will be a thing of the past” — but didn’t commit to raising interest rates as part of that.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          His remarks came after the release yesterday of the latest Consumer Price Index data, which showed that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          inflation slowed in June
         </a>
         <span>
          . But economists are worried the war with Iran will drive prices up again.
         </span>
        </p>
        <table width="100%">
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           <td class="css-36ugzx" style="padding-bottom:15px">
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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Hjalmar Nilsonne and Daniel Ek face the camera while standing together in a room with a glowing floor. " class="css-18ei5jy" height="375" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F15%252Fmultimedia%252F15db-neko-health-mhbk%252F15db-neko-health-mhbk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQxMTgyOTAuMDY5NjExNX0:1wjyfS:KiJcxyJx5E0Oron2CKrEGw36vDPkPdHi09SxSSARUDc" 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">
              Neko Health’s founders, Hjalmar Nilsonne, left, and Daniel Ek, in a company building in London.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Sam Bush 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>
          Neko Health’s star-studded funding round
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The confluence of wearables, celebrity influencers and artificial intelligence has again turbocharged venture investing in the wellness space.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Few start-ups have ridden this wave faster than
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Neko Health
         </a>
         <span>
          , the Swedish health tech start-up founded by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Daniel Ek
         </span>
         <span>
          of Spotify and the entrepreneur
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Hjalmar Nilsonne
         </span>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The company announced a $700 million funding round today,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bernhard Warner writes
         </a>
         <span>
          . It was led by Lightspeed Venture Partners and O.G. Venture Partners. New investors include Liberty City Ventures, Positive Sum and BDT &amp; MSD Partners.
         </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 some of the boldface names who participated:
         </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Mark Zuckerberg
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of Meta and his wife,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Priscilla Chan
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Zuckerberg and Ek have known each other for over a decade;
               </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">
                Ari Emanuel
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the Hollywood superagent and C.E.O. of TKO Group Holdings;
               </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">
                Tim Ferriss
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the best-selling author and investor who helped popularize the “biohacking” craze;
               </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">
                Jessie Inchauspé
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the French biochemist also known as the “Glucose Goddess” for promoting regular glucose monitoring.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (Most of the A-list investors have had a Neko Health scan and became hooked on the technology after the first visit, a company spokeswoman 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">
          The round values Neko Health at nearly $7 billion
         </span>
         <span>
          , DealBook hears, a roughly fourfold jump from its last funding round, 18 months ago. The company plans to use the funding to scale up its proprietary scan technology before
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          entering the U.S. market
         </a>
         <span>
          — its third — after the summer.
         </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 it does:
         </span>
         <span>
          Neko Health, which operates eight clinics in Sweden and Britain and advertises its service as “a health check for your future self,” offers A.I.-powered full-body diagnostic scans.
         </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">
          Screening for everyone?
         </span>
         <span>
          Ek told DealBook that investors were attracted by the company’s aim to make preventive scans affordable enough to become part of the annual health care checkup.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Neko Health uses scores of sensors and a mix of proprietary and off-the-shelf technologies to noninvasively measure heart function and circulation, and to photograph every inch of a patient’s body looking for big killers, including cardiovascular and metabolic diseases.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “The visual metaphor early on was around the airport scanner,” Ek told DealBook in 2024.
         </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">
          Health tech has become a hot target for V.C.s again.
         </span>
         <span>
          Funding for these start-ups surpassed $25 billion worldwide in the first half of the year, according to PitchBook, putting the sector on a pace for its best year since 2021.
         </span>
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             THE SPEED READ
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          Deals
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Uber is in advanced talks 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 Delivery Hero
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the European food-delivery company, reportedly for more than $13.7 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">
                Thomson Reuters agreed to sell 51 percent of its
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Global Print business
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , which publishes legal and tax information, to KKR for about $500 million. (Reuters)
               </span>
              </li>
             </ul>
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          Technology and artificial intelligence
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                Employees of the tech giant Meta sued, claiming that the company used A.I.-powered software 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">
                target people with disabilities
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                or who took medical leave for layoffs. (Reuters)
               </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In data center news: New York became the first state to impose 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">
                moratorium on data center construction
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Newly released documents show that
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Elon Musk’s
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                xAI installed
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                59 gas turbines
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                without federal permits at a data center in Tennessee. And Australia set
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                power-generation requirements
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for data centers within its borders. (Reuters, NYT)
               </span>
              </li>
             </ul>
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          Best of the rest
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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">
                The U.S. Mint will
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                release a $1 gold coin
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                featuring the likeness of
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                President Trump
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , ostensibly to commemorate the nation’s 250th anniversary. (@secscottbessent)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Gus, a T. Rex fossil,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                sold at auction for $50.1 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a record, as dinosaur bones command ever-higher prices. (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">
                “Generative AI Is an
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Engineering Disaster
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (The Atlantic)
               </span>
              </li>
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