Inboxes List

Create an inbox to save and track emails. It's free!

+New inbox
Back
Back
Back 
<!DOCTYPE html>
<html xmlns="//www.w3.org/1999/xhtml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:v="urn:schemas-microsoft-com:vml">
 <head>
  <title>
   DealBook: I.P.O. overload?
  </title>
  <!--[if !mso]><!-- -->
  <meta content="IE=edge" http-equiv="X-UA-Compatible"/>
  <!--<![endif]-->
  <meta content="text/html; charset=utf-8" http-equiv="Content-Type"/>
  <meta content="width=device-width,initial-scale=1" name="viewport"/>
  <style type="text/css">
   #outlook a{padding:0}body{margin:0;padding:0;-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%}table,td{border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0}img{border:0;height:auto;line-height:100%;outline:0;text-decoration:none;-ms-interpolation-mode:bicubic}p{display:block;margin:13px 0}p,ul{margin-top:0}@media (max-width:600px){body{padding:0 15px!important}}
  </style>
  <!--[if mso]>
        <xml>
        <o:OfficeDocumentSettings>
          <o:AllowPNG/>
          <o:PixelsPerInch>96</o:PixelsPerInch>
        </o:OfficeDocumentSettings>
        </xml>
        <![endif]-->
  <style type="text/css">
   .css-sdwaa1:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:480px){.css-63f6sn{display:none!important}}@media (max-width:480px){.css-1npprw9{display:table-row!important}}@media (max-width:480px){.css-tmef31{padding:0 0 0!important}}@media (max-width:480px){.css-r2ey6x{width:100%!important}}@media (max-width:480px){.css-36ugzx{padding-bottom:0!important}}@media (max-width:480px){.css-1b9cqt1{padding-bottom:15px!important;line-height:12px!important}}@media (max-width:600px){.css-14cus5q{width:100%!important}}@media (max-width:480px){.css-18ei5jy{padding-bottom:6px!important}}@media (max-width:600px){.css-18ei5jy{width:100%!important;height:auto!important}}@media (max-width:480px){.css-1dtd48z{padding-left:30px!important}}.css-1n5iqtj:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-1n5iqtj{display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px}}.css-wf08f0:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-wf08f0{display:inline-block!important}}@media (max-width:480px){.css-14jlz04{margin:0 30px 15px!important}}@media (max-width:480px){.css-10nzuqq{font-size:25px!important;line-height:30px!important}}.css-12jlfj0:hover{-webkit-text-decoration:none!important;text-decoration:none!important}.css-12jlfj0:hover{border-bottom:none!important}
  </style>
 </head>
 <body>
  <div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;">
   <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FoBB7Rud6RHtJGPCGgDLSAw~~%252FAAAAARA~%252F0X8dr3-nZDsdOJr1lB9q_chRaz8dOki8sIO9bai0o2d455SdqOZVvX96rbQDwAELg0uTrxNvT041eNe5XH8OLA~~/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3ODEwMDc2OTIuMzMyNTY1OH0:1wWvSW:TbTqLuI1DAjJ-2za0xsW1iXcI32tLdgRq3PULh9gsKQ" width="1"/>
  </div>
  <div style="display:none;font-size:1px;color:#fff;line-height:1px;max-height:0;max-width:0;opacity:0;overflow:hidden">
   Also, reassessing Sam Bankman-Fried’s record.
  </div>
  <div>
   <!--[if mso | IE]><table border="0" cellpadding="0" cellspacing="0" style="margin-right: auto; margin-left: auto" width="600" align="center"><tr><td><![endif]-->
   <table align="left" bgcolor="#FFFFFF" border="0" style="margin:0" width="100%">
    <tbody>
     <tr>
      <td align="left" id="EMAIL_CONTAINER" width="100%">
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="padding:15px 0 5px;text-align:center;width:100%">
            <div style="font-family:arial,sans-serif;font-size:12px;text-align:center;width:100%;padding-bottom:10px">
             <a class="css-sdwaa1" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="View in browser">
              View in browser
             </a>
             <span style="color:#dcdcdc;margin:0 10px">
              |
             </span>
             <a class="css-sdwaa1" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="The New York Times">
              nytimes.com
             </a>
            </div>
            <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
             <tbody>
              <tr aria-hidden="true">
               <td>
                <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%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260609%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzMzNTA1NH0:1wWvSW:bFx2IrSD-gVh5jr8E14FrnNlLGeimhx9XEjEek59JFw" style="display:block;width:100%;max-width:600px" width="600"/>
                     </a>
                    </td>
                   </tr>
                   <tr class="css-1npprw9" style="display:none">
                    <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%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260609%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzMzNzI1fQ:1wWvSW:ZrsF8tAML8BYVH_IFb-WOyqvZgzaCdCt-Rs2rIsAbO8" style="display:block;width:100%;max-width:480px" width="480"/>
                     </a>
                    </td>
                   </tr>
                  </tbody>
                 </table>
                </span>
               </td>
              </tr>
              <tr>
               <td height="10">
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="border-top:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td class="css-tmef31" style="padding:8px 0 0;width:100%;text-align:center">
            <div style="margin-bottom:7px">
             <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" title="DealBook">
              <img alt="DealBook" class="css-r2ey6x" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Femail-images%252Fnewsletters%252Fpadded-logos%252FDealBook.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEwMDc2OTIuMzMzOTA4fQ:1wWvSW:VCDGd0iI4n5_ianQUwa1dSvtYhve5q8UW4FhPZveyBY" style="width:300px" width="300"/>
             </a>
            </div>
            <div style="width:100%;margin-bottom:31px;font:12px/12px georgia,serif">
             June 9, 2026
            </div>
            <p aria-hidden="true" style="font-size:0;line-height:0;margin: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" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1080714%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260609%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzM0MTA0fQ:1wWvSW:JmI5iZiTPEDLeDl5_eVw46W698AqR5cmYsP5UaNgGYI" style="max-width:600px;width:100%" width="600"/>
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td height="20">
           </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">
          Good morning. Andrew here.
         </span>
         <span>
          A lot is being made of OpenAI’s confidential filing to go public — and we get into all the details below. But the truth is that OpenAI’s decision to go public, potentially this fall, rests more on the outcome of SpaceX’s I.P.O. on Friday than on just about anything else.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Dozens of companies are watching that I.P.O. as an indicator of whether they should race to the public market or hold back. And make sure to check out why one of Sam Bankman-Fried’s former cellmates is speaking out against his efforts to seek a pardon. (Was this newsletter forwarded to you?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
         </a>
         <span>
          )
         </span>
        </p>
        <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>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Sam Altman of OpenAI onstage, wearing a wireless microphone." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F09%252Fmultimedia%252F09db-altman-pjkv%252F09db-altman-pjkv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEwMDc2OTIuMzM0Mjg4Nn0:1wWvSW:dm9Ryvd6EmyWqjJFywqketCr0Sbm_umO_wRWa3qbbDg" 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">
              Sam Altman is officially taking OpenAI public — but what will demand look like for its I.P.O.?
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Mike Kai Chen for The New York Times
             </span>
            </span>
           </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>
          Big questions for the A.I. race to go public
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Days before SpaceX is expected to begin trading on the public markets, OpenAI, the artificial intelligence lab led by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sam Altman
         </span>
         <span>
          , announced that it had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          filed confidentially
         </a>
         <span>
          for what would almost certainly be another blockbuster I.P.O.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But with three A.I. titans — SpaceX, OpenAI and Anthropic — now officially seeking to go public, the move raises big questions about what that will mean for the industry and for investors.
         </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 OpenAI ready?
         </span>
         <span>
          Though it has taken an important step toward an I.P.O., OpenAI didn’t commit to a timetable for listing its shares. “It may be a while because there are things we want to do that are likely easier as a private company,” it said in a statement yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That could include managing its commitment to invest $115 billion over the next four years, largely on data centers to power its A.I. tools. Those plans reportedly led OpenAI’s own C.F.O.,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sarah Friar
         </span>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          to question
         </a>
         <span>
          whether the company would be ready to go public 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">
          Who stands to profit the most from an OpenAI listing?
         </span>
         <span>
          The company has raised $180 billion over the past 11 years, making its investor base a who’s who of venture capitalists.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Early investors (who could win especially big) include:
         </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">
                Khosla Ventures, OpenAI’s first venture backer
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Microsoft
               </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 Capital
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Andreessen Horowitz
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Sequoia Capital
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                angel investors, including the tech moguls
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Reid Hoffman
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Peter Thiel
               </span>
               <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">
          Is there enough investor capacity for three giant I.P.O.s, potentially in rapid succession?
         </span>
         <span>
          SpaceX’s offering, which is expected to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raise about $74.4 billion
         </a>
         <span>
          , has already
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          drawn enormous interest,
         </a>
         <span>
          including from big institutional funds and from retail investors (who are expected to account for up to 30 percent of the deal).
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Experts say the stock markets can handle that demand. But add on blockbuster deals by Anthropic and OpenAI, both of which could come before year-end, and the picture gets cloudier. (
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ali Ghodsi
         </span>
         <span>
          , the chief executive of the A.I. start-up Databricks, which is expected to eventually stage an I.P.O., said last week that 2026 would be “a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          terrible year to go public
         </a>
         <span>
          .”)
         </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">
                Retail investors are starting to worry, according to Ivan Cosovic, the managing director of Breakout Point, a market data firm that tracks investor sentiment. Especially bearish retail investors see the three I.P.O.s as marking “the actual top” of the stock market, he told DealBook.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Cosovic added that some retail investors saw SpaceX, which some analysts view as
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                extremely overvalued
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , as “an opportunity to make a quick buck”
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                if they can get in at the I.P.O. price
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and quickly resell their shares. “They see the game being played, mock it openly and then plan to play it anyway,” he said.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Many of those traders, he said, see OpenAI as a “retail meme trade.”
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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>
        <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 Trump administration names major Chinese companies as security threats.
         </span>
         <span>
          Alibaba and the electric vehicle maker BYD were included on
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a watchlist of businesses believed to be aiding China’s military
         </a>
         <span>
          . This would impose significant restrictions on their ability to operate in the U.S. (They couldn’t work with the military, for instance.) The move drew sharp criticism from Beijing and may further stress relations between the countries.
         </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 federal judge rejects a $100,000 fee for H1-B visas.
         </span>
         <span>
          Judge Leo Sorokin ruled in Massachusetts that the Trump administration’s plan for skilled-worker visas
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          appeared to usurp Congress’s taxation powers
         </a>
         <span>
          and must be voided. The ruling is a win for companies who rely on the visa to hire skilled foreign labor; the White House indicated it would appeal.
         </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">
          Apple formally releases its artificial intelligence catch-up plan.
         </span>
         <span>
          At the tech giant’s annual developer conference yesterday, executives — including Tim Cook, in his last appearance at the event as C.E.O. — unveiled a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          new, A.I.-powered version
         </a>
         <span>
          of its Siri digital assistant, emphasizing privacy and on-device processing. (Apple’s shares fell after the event, as they often do.) Separately, the company said
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Siri AI wouldn’t be available in the E.U.
         </a>
         <span>
          amid a dispute with regulators there.
         </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_20260609%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzM0NDg4Nn0:1wWvSW:U69qRTr0z2xcluqZgwTq-j0OKbUZnJpEuW-kr0YkQuU" 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_20260609%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzM0Njg1fQ:1wWvSW:0s28iVrOdEcR33HkCv044s8KlPgtmo7PY3a84IPF71s" style="display:block;width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
               <tr class="css-1npprw9" style="display:none">
                <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_20260609%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzM0ODc4fQ:1wWvSW:ZE-CY4ZfCw9ztOQREVB_QG2Y6Ok7r636kJKzHPSxbZg" style="display:block;width:100%;max-width:480px" width="480"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </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>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Sam Bankman-Fried walks out of a courthouse alongside another man." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F09%252Fmultimedia%252Fdb09-sbf-klzg%252Fdb09-sbf-klzg-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEwMDc2OTIuMzM1MDU0NH0:1wWvSW:1Q8sORacDDcU2LmOhNDxqPjVs3MDUuYWSX4NX9AAN-8" 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">
              Sam Bankman-Fried, the disgraced crypto mogul, in 2023. He is the latest convicted businessman seeking clemency from the Trump administration.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Desiree Rios/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>
          Bankman-Fried’s Hail Mary
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump has pardoned more than 1,500 people so far during his second term in office.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sam Bankman-Fried
         </span>
         <span>
          , the disgraced co-founder of the bankrupt cryptocurrency exchange FTX, is hoping to join that list.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bankman-Fried has applied for a “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pardon after completion of sentence
         </a>
         <span>
          ,” according to the Justice Department, and his status is “pending.” It’s a long shot — and it may revive a debate about his legacy, including what would have been a series of hugely successful venture-capital bets.
         </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 background:
         </span>
         <span>
          In 2023, Bankman-Fried was convicted of fraud, conspiracy, and money laundering after prosecutors charged him with stealing billions from FTX customers, plowing that money into FTX operations and investments.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bankman-Fried and his parents have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          aggressively campaigned for a pardon
         </a>
         <span>
          . But Trump told The Times this year that he
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          didn’t plan to grant Bankman-Fried clemency
         </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">
          An unexpected acquaintance of Bankman-Fried argued he shouldn’t be pardoned:
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Michael Avenatti
         </span>
         <span>
          . He’s the former star lawyer who represented the adult film actress Stormy Daniels in her lawsuits against Trump, and he was later convicted of attempting to extort Nike.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In a post on X,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Avenatti wrote
         </a>
         <span>
          that the former crypto mogul refused to accept responsibility for his actions:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Not once did he admit he’d done anything wrong — even after I told him repeatedly he could never begin to redeem himself without that acknowledgment.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          You don’t earn a pardon when you can’t admit, even to yourself, that you did wrong.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bankman-Fried’s legacy is still being debated.
         </span>
         <span>
          Had FTX not imploded,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          he might be regarded now as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          one of the most successful investors
         </a>
         <span>
          ever. Among the companies he backed:
         </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">
                Anthropic, the artificial intelligence giant
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Cursor, the A.I. coding tool
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                SpaceX, Elon Musk’s rocket-and-A.I. titan
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Robinhood, the online brokerage
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Anthropic and Cursor bets would have been especially lucrative, given how early Bankman-Fried invested in them. Forbes calculates that his Anthropic stake alone would now be worth about $80 billion and the Cursor one about $3 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet the trustee overseeing FTX’s unwinding quickly and aggressively sold off the company’s remains, including those stakes. Creditors, including customers, ended up being
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          paid back in full
         </a>
         <span>
          — but could they have earned more if FTX assets hadn’t been sold off at fire-sale prices?
         </span>
        </p>
        <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="Spencer Pratt, the Los Angeles mayoral candidate, walking on a street and wearing a hat with his name on it." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F09%252Fmultimedia%252F09db-pratt-mbfq%252F09db-pratt-mbfq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEwMDc2OTIuMzM1Mjk3OH0:1wWvSW:wIgUHA3ckBV6BmhwIvEkP1wtMKaLgBdmn7PoqE3GPyM" 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">
              Spencer Pratt, the Los Angeles mayoral candidate, last month. His campaign was dealt a tough blow yesterday.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Alex Welsh 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>
          Pratt falls short
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Spencer Pratt’s run for Los Angeles mayor was powered by outrage and online memes and unexpectedly buoyed by an array of deep-pocketed business donors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet it wasn’t enough to overcome political math.
         </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">
          Pratt probably won’t advance to the mayoral runoff.
         </span>
         <span>
          The Associated Press determined yesterday that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Mayor Karen Bass and Nithya Raman
         </a>
         <span>
          , a progressive city councilwoman, will face off in November.
         </span>
        </p>
        <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">
          As of last night
         </a>
         <span>
          , Bass had 34.3 percent of the vote, Raman 28.5 percent and Pratt 25.8 percent.
         </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 results cap an improbable run by Pratt,
         </span>
         <span>
          a reality-TV star whose candidacy was initially seen as a curiosity. Pratt, whose home burned down in the 2025 Pacific Palisades wildfires, built his campaign around rage against Bass: her handling of the wildfires, a rise in homelessness and more.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          His bombastic persona and promises to make Los Angeles friendlier to business, along with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fan A.I. videos
         </a>
         <span>
          , helped him raise millions, including from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          well-known corporate leaders
         </a>
         <span>
          like the investor
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dan Loeb
         </span>
         <span>
          and the entertainment moguls
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bobby Kotick
         </span>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Haim Saban
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Lucian Grainge
         </span>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          While Pratt initially appeared to perform strongly in last week’s primary, his lead over Raman was likely to disappear because Los Angeles is a heavily Democratic city and Californians tend to vote by mail.
         </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’s next?
         </span>
         <span>
          Pratt has promoted baseless conspiracy theories that homeless people were illicitly voting for Raman. He reminded supporters that not all ballots had been counted.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A big question is how will his supporters feel if Bass or Raman wins in November. Many of Pratt’s backers have shared his anger at Bass and at the city’s center-left Democratic establishment. But some also worry about Raman’s more progressive views.
         </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">
                In other California political news:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                San Francisco voters appear to have rejected 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">
                major tax increase
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on wealthy corporate executives that tech moguls opposed.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <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%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260609%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzM1NTI0Nn0:1wWvSW:wz7bn67ccLI4q7I0kbW6is8_sLgTYlWGE67ikbHBXaw" 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%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260609%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzM1NzE0Nn0:1wWvSW:jb-b-UJ5JG6tnDqL9puzXI8hlZlGBb7G4k-MjatCBNA" style="display:block;width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
               <tr class="css-1npprw9" style="display:none">
                <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%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260609%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzM1OTE0Nn0:1wWvSW:Qu_WQqMPDUixctomHtqcFt2wAq-YkBPJseXsahy_S7Q" style="display:block;width:100%;max-width:480px" width="480"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <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="Meta's logo on a sign outdoors." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F09%252Fmultimedia%252F09db-meta-vlhz%252F09db-meta-vlhz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEwMDc2OTIuMzM2MDk2OH0:1wWvSW:8esedLkOrIBMudLIxCuH7cO4Oj6O6Lcjr7G1afDX6IA" 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">
              Meta is investing $115 million in a program to train people for jobs building data centers.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jason Henry 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>
          Meta’s big job-training bet
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Artificial intelligence isn’t exactly riding high with the general public right now as people fear the technology’s effect on jobs, communities and more.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now, one of the most aggressive hyperscalers, Meta, is announcing a program meant to create jobs — and perhaps address concerns about its A.I. build-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">
          Meta yesterday unveiled “America’s Workforce Academy,”
         </span>
         <span>
          a five-week program that trains people to become fiber technicians, welders, plumbers and electricians. Graduates will be guaranteed a job at a Meta data center.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The tech giant said that this was the biggest private-sector commitment to skilled trades with a job guarantee in U.S. history. (Other corporate giants,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          like BlackRock
         </a>
         <span>
          , have announced similar job training without the guarantee.) Meta created a smaller program before, called Level-Up, that trained fiber installers and received 35,000 applications in its first week.
         </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 program has big ambitions.
         </span>
         <span>
          It will be funded by an investment of $115 million in its first year, and it will cover tuition, airfare, lodging and a daily stipend.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Graduates will receive credentials recognized by different employers and industries, and they will not be obligated to stick with a Meta-related project.
         </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 program appears to have been formed with politics in mind.
         </span>
         <span>
          It will start with test sites in Indiana, Louisiana, Ohio and Texas. If you guessed that these were all
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          locations for Meta data centers
         </a>
         <span>
          , you’re right — though Meta also says that that’s where a lot of the potential talent and demand is.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Meta’s partners include:
         </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">
                CBRE, the real estate giant
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Associated Builders and Contractors
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                National Urban League
               </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 U.S. Hispanic Chamber of Commerce, chambers of commerce in Louisiana and Ohio and an economic development corporation in Indiana.
               </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">
          A.I. and data centers could use positive P.R.
         </span>
         <span>
          A poll in March by Gallup found that seven in 10 respondents
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          opposed the building
         </a>
         <span>
          of computing hubs, known to be expensive, noisy and resource-hungry, in their local communities.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And more than a third of registered voters who participated in a poll by The Times and Siena College last month said that A.I. was “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          mostly bad
         </a>
         <span>
          .”
         </span>
        </p>
        <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>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Subscribe to The New York Times
         </a>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          .
         </a>
        </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>
             THE SPEED READ
            </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">
          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Shares in Nuvalent, a biotech company specializing in treatments for lung cancer, soared in premarket trading today after GSK agreed to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                buy it for $10.6 billion in cash
               </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">
                Blackstone is reportedly looking 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 stakes in its private investment funds
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                worth more than $2 billion. (FT)
               </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">
          Politics, policy and regulation
         </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">
                Bill Gates
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                is set 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">
                testify tomorrow on Capitol Hill
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                over his ties to Jeffrey Epstein, a relationship that has
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                roiled the Gates Foundation
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (FT, 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">
                “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Provision around taxing private jets
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                sparks partisan brawl in Congress” (Politico)
               </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">
          Best of the rest
         </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">
                Exclusive:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Carolyn Pokorny
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a longtime federal prosecutor and former acting U.S. attorney for the Eastern District of New York, is expected to announce that she has joined the law firm Akerman as a partner and co-chair of its practice group for white-collar crime and government investigations. (DealBook)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Companies are
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                dropping employee health-care coverage
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for GLP-1 drugs. But Novo Nordisk is also seeing 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">
                surge in prescriptions
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for its Wegovy weight-loss pills. (WSJ)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <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%253D1053700%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260609%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzM2MzA1NH0:1wWvSW:9Luac7cSEL2kWyKQlEB43TYrKD0x48nogPN17pJ5s0k" 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%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260609%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzM2NTYyOX0:1wWvSW:UWzm-I3FFZh1j_dIZQrfUI8fV8MrxgDRbCNunAlZ84Q" style="display:block;width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
               <tr class="css-1npprw9" style="display:none">
                <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%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260609%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzM2NzY0fQ:1wWvSW:sKKartoDjgYGuBeVookrHzFF5p8ivaaRJpGdKW2lEpM" style="display:block;width:100%;max-width:480px" width="480"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </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>
        <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">
          Thanks for reading! We’ll see you tomorrow.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’d like your feedback. Please email thoughts and suggestions to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dealbook@nytimes.com
         </a>
         <span>
          .
         </span>
        </p>
        <div aria-hidden="true" style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
         <table border="0" cellpadding="0" cellspacing="0" width="40">
          <tbody>
           <tr>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967600%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260609%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzM2OTUwOH0:1wWvSW:HdM8zploO9NE2kZNi2m3gu_vQO4MZINwklfwwBvI0H8" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967601%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260609%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzM3MTMzNH0:1wWvSW:Zb5CZlw49l9q3JwVNlPAtNzBSI9sUZKAHgwLlRvejgY" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967602%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260609%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzM3NTE0NH0:1wWvSW:pp090tltm8zUO06LnJ4oTR9DnkpKEOz1kiImLvfsu_w" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967603%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260609%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzM3NzA0fQ:1wWvSW:W2S04OW9jIp8izTE7DEPCnrADQj-ISdQKbZ1ARPrtTw" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967604%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260609%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwMDc2OTIuMzM3ODg1Nn0:1wWvSW:pOwnBeagxWmbzmcBUJVBpJ6ErhI2QcC09fVO8VQFq8c" width="2"/>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="15">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:22px">
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Andrew Ross Sorkin
            </a>
            <span>
             , Founder/Editor-at-Large, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @andrewrsorkin
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <span style="font-weight:600">
             Brian O'Keefe
            </span>
            <span>
             , Managing Editor, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @brianbokeefe
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Bernhard Warner
            </a>
            <span>
             , Senior Editor, Rome
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @BernhardWarner
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Sarah Kessler
            </a>
            <span>
             , Deputy Editor, Chicago
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @sarahfkessler
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Michael J. de la Merced
            </a>
            <span>
             , Reporter, London
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @m_delamerced
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Niko Gallogly
            </a>
            <span>
             , Reporter, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @nikogallogly
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Lauren Hirsch
            </a>
            <span>
             , Reporter, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @LaurenSHirsch
            </a>
           </td>
          </tr>
         </tbody>
        </table>
        <table>
         <tbody>
          <tr>
           <td style="height:15px">
           </td>
          </tr>
          <tr>
           <td style="padding:12px 0;border-top:1px solid #000">
            <p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
             If you received this newsletter from someone else,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              subscribe here
             </a>
             .
            </p>
            <p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
             Need help? Review our
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              newsletter help page
             </a>
             or
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              contact us
             </a>
             for assistance.
            </p>
            <p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
             <span>
              You received this email because you signed up for DealBook from The New York Times.
             </span>
            </p>
            <p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
             To stop receiving DealBook,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              unsubscribe
             </a>
             . To opt out of other promotional emails from The Times, including those regarding The Athletic,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              manage your email settings
             </a>
             .
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:10px 0;border-top:1px solid #dcdcdc">
            <p style="font:12px/15px arial,sans-serif;color:#666;margin:0">
             <a class="css-1n5iqtj" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              Subscribe to The Times
             </a>
             <a class="css-wf08f0" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:none">
              Get The New York Times app
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:9px 0 8px;border-top:1px solid #dcdcdc">
            <table>
             <tbody>
              <tr>
               <td style="padding-right:15px">
                <p style="font:12px/15px arial,sans-serif;color:#666;margin:0">
                 Connect with us on:
                </p>
               </td>
               <td style="padding-right:15px">
                <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
                 <img alt="x" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Fx.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3ODEwMDc2OTIuMzM4MDU0Mn0:1wWvSW:_Gsvfzf3mxP40QukfKKp1PtDhmM3kjP8N3pgRpQbJ_0" style="vertical-align:middle" width="25"/>
                </a>
               </td>
               <td style="padding-right:15px">
                <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
                 <img alt="whatsapp" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Fwhatsapp.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3ODEwMDc2OTIuMzM4MjI0NH0:1wWvSW:t3wRg9SJZQbE2Z82kmk3sdMuJYFI7HZHXEX1KKf0Ieg" style="vertical-align:middle" width="25"/>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
          <tr>
           <td style="padding:10px 0;border-top:1px solid #dcdcdc">
            <p style="font:12px/15px arial,sans-serif;color:#666;margin:0;line-height:20px">
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Change Your Email
             </a>
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Privacy Policy
             </a>
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Contact Us
             </a>
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              California Notices
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:5px 0 7px;border-top:1px solid #dcdcdc">
            <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
             <img alt="Zeta Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fads-powered-by-zeta-cropped.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3ODEwMDc2OTIuMzM4NDAwNn0:1wWvSW:FKuUxOoRVtMaNfMZssJ88GzyZXogivBELl-i91lz9c0" style="vertical-align:middle" width="150"/>
            </a>
            <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0">
             <img alt="AdChoices Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fadchoices.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3ODEwMDc2OTIuMzM4NTkxM30:1wWvSW:HoM3ZN9x-cL-2Xr-zVh9iLTjvgsOIhu-n4UahFCHJBU" style="vertical-align:middle" width="70"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:10px 0 30px">
            <p style="color:#999;font:12px/15px arial,sans-serif;margin:0">
             The New York Times Company. 620 Eighth Avenue New York, NY 10018
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
      </td>
     </tr>
    </tbody>
   </table>
   <!--[if mso | IE]></td></tr></table><![endif]-->
  </div>
  <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FT8ks25O61T0J54rzZADLcQ~~%252FAAAAARA~%252FqvH2gTa55xjTpfD2uFLrDBJuBHezElyT88ymisVR8MDMQE4cZcL0YLN3jV4d9fqlzQDNEjRZQtqvrPrRDM_GZA~~/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3ODEwMDc2OTIuMzM4Nzg3M30:1wWvSW:vz1v1h9i6mbYkPGHjhQUGbxKUVdVBdS87aByAuL8VCM" width="1"/>
 </body>
</html>