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   DealBook: Inside the Lakers’ sale
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   Also, new fund-raising for an A.I. testing start-up.
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             August 13, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          There’s hand-wringing in Silicon Valley about how Chinese open-weight A.I. models may upend the economics of frontier labs like Anthropic and OpenAI. But a counterview is attracting less attention: Beijing could clamp down on these models, which make their internal settings public, if regulators decide they’re too hard to control.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Remember that China was remarkably permissive around cryptocurrency — right until it pulled the plug on the sector. So while new open-weight models from Moonshot AI, Alibaba and others are enjoying tremendous momentum, Beijing could suddenly change its mind about them.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That could drastically reset the A.I. narrative in Washington and Silicon Valley all over again. (Was this newsletter forwarded to you?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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            <img alt='A view from the stands of an indoor arena, with "Lakers" on the scoreboard.' class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F13%252Fmultimedia%252F13db-lakers-jqcw%252F13db-lakers-jqcw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODY2MjI2NzUuMDc1Mzg0Nn0:1wuUAl:VrVWtA_lylnRKQWWIs5XTOumJ0sctvEoxztWn3rS_kQ" 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">
              A proposed purchase of the Los Angeles Lakers by Josh Kushner and Bob Iger is a bet on the power of premier sports franchises.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Ethan Swope/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 big bet on top sports teams
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s a good time to sell equity in a major sports franchise.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The latest proof came yesterday, when
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Josh Kushner
         </span>
         <span>
          , the venture capitalist, and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bob Iger
         </span>
         <span>
          , the former C.E.O. of Disney, said that they planned to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          buy the Los Angeles Lakers
         </a>
         <span>
          for $12.5 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s a record price for a U.S. sports franchise. The deal underscores that some deep-pocketed buyers think the benefits of owning a world-renowned team outweigh the steep expense, Michael de la Merced 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">
          How the deal came together:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Kushner
         </a>
         <span>
          and Iger had been working on buying an N.B.A. expansion team in Las Vegas for months. But the rising price for that franchise had the two considering an alternative, according to a person with knowledge of the discussions: buying an existing team.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          On Friday, Kushner called the financier
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mark Walter
         </span>
         <span>
          , who bought control of the Lakers last year at a $10 billion valuation. Over the weekend, the two sides — who didn’t use investment bankers — hashed out an agreement, reaching one by Sunday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But word of the deal leaked yesterday, forcing the sides to acknowledge the transaction.
         </span>
        </p>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Under the terms of the deal, Kushner is putting up personal money, and Iger may as well. Thrive Eternal, an offshoot of Kushner’s Thrive Capital investment firm that Iger is involved in, is also expected to be involved, though N.B.A. rules would cap its stake at 20 percent.
               </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">
          Investors are betting big on the power of big-name franchises.
         </span>
         <span>
          Consider the recent activity in sports M.&amp;A.:
         </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">
                An affiliate of Apollo Global Management agreed this week 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">
                invest $2.6 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the New York Yankees.
               </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 majority owner of Liverpool F.C., the English soccer team, is in 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">
                sell a stake
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to an investor group that reportedly includes
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Jeff Bezos
               </span>
               <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">
                Thrive Eternal’s first deal, announced in May, was an investment in the San Francisco Giants.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Thrive Eternal’s website
         </a>
         <span>
          hints at the appeal of what it calls “iconic franchises.” They can withstand technological disruption — in other words, the teams’ games are can’t-miss live events for their global fan bases. Their franchises can command top dollar for media and merchandise rights and more.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Iger is also a lifelong basketball fan, and as Disney’s C.E.O. he understood the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          power of franchises
         </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">
          Walter may also have been under financial pressure to sell,
         </span>
         <span>
          despite owning the Lakers for just a year. Federal prosecutors have been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          examining loans
         </a>
         <span>
          made by his insurance business to a Chicago firm over potential disclosure issues, Bloomberg reported last week, citing unnamed sources.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Walter’s firm, TWG Global, has approached investors about
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          selling assets
         </a>
         <span>
          to pay down these loans, Bloomberg reported yesterday, again citing unnamed sources.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Lakers deal, if it closes, would accelerate that effort, Bloomberg adds, considering the team’s valuation is poised to jump 25 percent in just over a year.
         </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>
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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">
          Luigi Mangione is said to be in plea-deal talks.
         </span>
         <span>
          Mangione, who is accused of fatally shooting the UnitedHealth Group C.E.O. Brian Thompson, is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          discussing a guilty plea
         </a>
         <span>
          to avoid a federal trial, Bloomberg reports, citing unnamed sources. (He has pleaded not guilty.) Mangione still faces charges in state court in Manhattan; prosecutors there will probably oppose any effort by him to dismiss their charges on double-jeopardy grounds.
         </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 investors reportedly anticipate a $2 trillion I.P.O.
         </span>
         <span>
          Unnamed backers of the artificial intelligence giant told The Financial Times that they expect the company to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          double its valuation
         </a>
         <span>
          from the current level when it goes public, as soon as the fall. In the meantime, Anthropic is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in talks to buy Decart
         </a>
         <span>
          , an A.I. start-up, for about $6 billion, according to Bloomberg, which cited unnamed sources.
         </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 plan to sell early access to President Trump’s social media posts is challenged.
         </span>
         <span>
          Plaintiffs including The Intercept
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sued Trump and several White House officials
         </a>
         <span>
          , arguing that a move to give customers access to the president’s posts on Truth Social violated the First Amendment. Truth Social has so far signed up
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          around 10 customers
         </a>
         <span>
          , who would pay up to $100,000 a month.
         </span>
        </p>
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            <div style="width:100%;text-align:center;line-height:0">
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        </table>
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        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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            <img alt="A woman in a grocery store aisle looking at products on the shelves. " class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F13%252Fmultimedia%252F13db-inflation-groceries-jqcp%252F13db-inflation-groceries-jqcp-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODY2MjI2NzUuMDc1ODYzNH0:1wuUAl:jwFKhvHaJSyURKZZpyArAAgqK8J9HrApxgSf1dGbm9Q" 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">
              Grocery prices have been on the rise, but they fell slightly in July.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jamie Kelter Davis 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>
          Does the Fed have inflation under control?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Stocks notched higher yesterday after
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a tame inflation report
         </a>
         <span>
          was seen to relieve some pressure on the Fed to raise interest rates. Prices rose 0.1 percent in July from a month earlier, and 3.4 percent from the previous year on a seasonally adjusted basis.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Lydia DePillis, who covers the American economy for The Times, talked with DealBook about the key takeaways.
         </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 is the headline takeaway from the report?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Inflation is easing from its height following the U.S. and Israel’s attack on Iran in the spring, but it remains far too hot for comfort and is running well above where it stood at the beginning of President Trump’s second term.
         </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">
          Does the slight easing of prices actually relieve pressure on the Fed?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Maybe, but not much. Inflation has been well over the Fed’s target for more than five years. And although economists expect it to come down slowly for the rest of this year, several members of the rate-setting committee have expressed the view that rates are currently too low.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (A lot rides on the next Consumer Price Index reading, which will come right before their September meeting.)
         </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 are the Iran war and tariffs showing up in inflation data?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Last year, inflation might have fallen back to the Fed’s target if it weren’t for tariffs. Their impact has been waning as prices have reset at higher levels to accommodate the extra import taxes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But then the Iran war essentially replaced the fading tariff impact on inflation — not just through the price of gasoline, but also through items that heavily depend on oil, such as airline fares.
         </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 will you be watching for in the next report?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Grocery prices, which fell slightly in July. That’s a good sign, but the resurgence in energy prices may be felt more in August, and companies are also looking to recoup margins they lost when fuel prices jumped earlier in the year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also, the artificial intelligence build-out has been popping up in some strange places, like laptops and software, and pushing the index up overall.
         </span>
        </p>
        <table width="100%">
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A large group of people standing or sitting in front of a brick wall as they pose for the photo. " class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F13%252Fbusiness%252F13db-vals-aimodels%252F13db-vals-aimodels-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODY2MjI2NzUuMDc1OTgxfQ:1wuUAl:r5lvYeODaxRovDRueP3V3FUBPWciRBXppqCcqFcjU6w" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
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           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Employees of Vals AI at headquarters in San Francisco, including the co-founder Rayan Krishnan, seated at bottom right.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Vals
             </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 quest to be No. 1 at rating A.I. models
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The artificial intelligence race is a high-stakes competition for capital and computing power that hinges in part on a central question: Which company’s A.I. model is the best?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Vals AI is one of a group of start-ups seeking to answer that query, by measuring models’ performance against a set of benchmarks. Did the newest version of Anthropic’s Claude edge ahead of the last iteration of OpenAI’s ChatGPT? Or vice versa?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Today, Vals is announcing a $40 million funding round at a $400 million valuation, Sri Muppidi is first to report.
         </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">
          Andreessen Horowitz led the round,
         </span>
         <span>
          with the existing investors 8VC, Bloomberg Beta and Pear VC participating. HRT Ventures and NextLadder Ventures also joined.
         </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">
          Vals built an automated system to grade A.I. models against a set of tasks and rubrics.
         </span>
         <span>
          These tests can judge models’ performance on a range of tasks, including those focused on coding, law and finance. Vals says that this system makes it difficult for A.I. labs to game the tests.
         </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">
                Vals also
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                announced a set of tests
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on Wednesday to measure A.I. models’ performance on child safety and mental health metrics.
               </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 start-up offers its test results of major models free to companies in the market for A.I.
         </span>
         <span>
          But it generates revenue by charging A.I. labs, including OpenAI, Anthropic and Google, to test their models.
         </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">
          Vals also sells its service to enterprise customers,
         </span>
         <span>
          such as the legal A.I. start-up Harvey, and government organizations including the Center for AI Standards and Innovation, which pay for proprietary evaluations of their products.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The start-up said its revenue had increased eightfold this year, although it declined to share dollar amounts.
         </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 need for trusted third-party groups,
         </span>
         <span>
          said
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Rayan Krishnan
         </span>
         <span>
          , the Vals C.E.O., who compared his company’s service to the product-testing nonprofit Consumer Reports and the credit ratings agency Moody’s. Without an independent appraisal, businesses may be reliant on self-reporting from A.I. companies themselves, Krishnan said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “You can’t have the carmakers making the crash tests,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jennifer Li
         </span>
         <span>
          , a general partner at Andreessen Horowitz, 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 competition is fierce.
         </span>
         <span>
          There are at least half dozen other start-ups vying with Vals to become the dominant name in A.I. model evaluation. That group includes Arena,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          which already has $100 million in revenue
         </a>
         <span>
          and has raised $250 million from investors including Andreessen Horowitz.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="10">
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              Randall Lane, the former chief content officer of Forbes.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Taylor Hill/WireImage
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Inside the shake-up at Forbes
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Randall Lane
         </span>
         <span>
          abruptly resigned last month after 15 years as the top editor of Forbes, he said that it was “time to live the spirit of the brand and try something new.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He didn’t say what had prompted that decision. And neither did Forbes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now we know.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Lane was fired after the company learned
         </a>
         <span>
          that he had accepted a payment of about $6 million from the founder of a company that does business with the magazine, Ben Mullins reports for The Times:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Lane, the magazine’s chief content officer, was paid by RJ Shook, whose company, Shook Research, has teamed up with Forbes since 2016 to publish rankings of wealth advisers. The payment was made after Mr. Shook
         </span>
         <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;color:inherit">
          sold a majority stake
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         <span>
          in Shook Research to PPC Enterprises, a private equity firm, last August, two of the people familiar with the transaction said.
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         <span>
          It isn’t clear why Mr. Shook paid Mr. Lane. According to a person familiar with Mr. Lane’s thinking, he considered the payment a gift in recognition of the advice he had provided Mr. Shook over the years.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          Lane violated company policy by not disclosing the gift, a decision he told The Times that he regretted.
         </span>
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        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
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          “I should have disclosed the gift, and failing to was a serious error in judgment. I deeply regret that, and I lost the job and team I love because of it. None of this changes how I feel about Forbes and the amazing people there.”
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            <span>
             THE SPEED READ
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          Deals
         </span>
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        <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">
                A group led by Trian, Nelson Peltz’s investment company, is said to be
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                preparing a takeover bid for Wendy’s
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the fast-food chain. (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">
                Shein, the fast-fashion giant, reportedly plans to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                stage its I.P.O.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in Hong Kong on Aug. 28 but may drop its valuation target below $30 billion. (Bloomberg)
               </span>
              </li>
             </ul>
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          Technology and artificial intelligence
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                Weeks before stepping down as the C.E.O. of Google’s DeepMind unit,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Demis Hassabis
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                is said to have pitched the
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                creation of an independent A.I. safety body
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               <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">
                “Workers Are Teaching A.I.-Powered Robots 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">
                Take Over Their Jobs
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (Bloomberg)
               </span>
              </li>
             </ul>
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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>
           <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">
                The divorce trial of
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                John Overdeck
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a founder of the hedge fund Two Sigma, 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">
                Laura Overdeck
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                began acrimoniously yesterday
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (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">
                “Prediction Firms Are Flagging Insider Traders.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Many Will Not Face Charges.
               </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">
                In a battlefield drill in Germany this year, Ukrainian drones
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                easily defeated U.S. troops
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ)
               </span>
              </li>
             </ul>
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