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   DealBook: It’s not ‘Her’
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   Also, what’s at stake in replacing the F.D.I.C.’s chair.
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             May 21, 2024
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          Good morning. We’re paying attention to what Scarlett Johansson’s fight against OpenAI says about trust in the A.I. start-up. Also on deck: the complexity of cleaning up the F.D.I.C.; Lauren Hirsch on the latest moves in the PGA Tour’s talks with a Saudi Arabian fund; and a fight between David Einhorn and an ex-employee over Tesla. (Was this newsletter forwarded to you?
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             Scarlett Johansson has voiced “disbelief” over the latest version of ChatGPT that sounds eerily like the Hollywood actress.
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             Tom Brenner/Reuters
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          OpenAI’s Scarlett Johansson problem
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When OpenAI unveiled the latest version of ChatGPT last week, a chatbot that can listen to spoken questions and respond verbally, many users had one question:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Is that Scarlett Johansson?
         </a>
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         <span>
          The actress, who provided the voice for an A.I. assistant in the movie “Her,” has now made clear that she did not do the same for OpenAI — and she demanded that the company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stop using the sound-alike
         </a>
         <span>
          . It’s another sign of eroding trust in OpenAI, which has taken fire from creative industries and former employees.
         </span>
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          “I was shocked, angered and in disbelief,”
         </span>
         <span>
          Johansson said in a statement yesterday, days after OpenAI’s product announcement kicked off debate about one of ChatGPT’s new virtual assistant voices, which is called Sky. The company wouldn’t confirm who provided the vocals, though Sam Altman tacitly encouraged the comparison, plugging the announcement with a single word —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “her”
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          — on social media and writing that the new ChatGPT “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          feels like A.I. from the movies
         </a>
         <span>
          .” (OpenAI’s chief technology officer, Mira Murati, said
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          that was a coincidence
         </a>
         <span>
          .)
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          her statement
         </a>
         <span>
          , Johansson shed more light on the matter:
         </span>
        </p>
        <p class="css-vy6hlw" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Last September, I received an offer from Sam Altman, who wanted to hire me to voice the current ChatGPT 4.0 system. He told me that he felt that by my voicing the system, I could bridge the gap between tech companies and creatives and help consumers to feel comfortable with the seismic shift concerning humans and A.I. He said he felt that my voice would be comforting to people.
         </span>
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             ADVERTISEMENT
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         <span>
          Altman tried again two days before the ChatGPT product announcement, she added, but released the service before they could connect. Johansson — no stranger to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          waging war against big companies
         </a>
         <span>
          — suggested that she was ready to take legal action.
         </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">
          OpenAI backed down.
         </span>
         <span>
          While Altman said after Johansson’s statement that the actor behind the Sky voice had been cast before he reached out to the movie star, his company was pausing the use of Sky.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We are sorry to Ms. Johansson that we didn’t communicate better,” he added.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The spat is another sign of eroding trust in OpenAI.
         </span>
         <span>
          Johansson explicitly linked her dispute to the fight over “deepfakes and the protection of our own likeness, our own work, our own identities.” (Though the fight in this case was over a sound-alike, not over an A.I.-generated copy.)
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             ADVERTISEMENT
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          It was also reminiscent of fears among Hollywood writers, news publications, authors and others about A.I. being trained on their work without their permission — or compensation — or replacing humans. (
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Times
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          and
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          other newspapers
         </a>
         <span>
          have sued OpenAI and Microsoft for copyright infringement.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And the controversy emerged after some
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          former OpenAI employees publicly accused
         </a>
         <span>
          the company of caring more about doing business than about ensuring its products don’t harm humanity.
         </span>
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             <span>
              HERE’S WHAT’S HAPPENING
             </span>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jamie Dimon suggests he’s closer to stepping down.
         </span>
         <span>
          At JPMorgan Chase’s investor day yesterday, the bank’s C.E.O. of 18 years said that the timetable for his retirement “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          isn’t five years anymore
         </a>
         <span>
          .” The comment puts succession at JPMorgan back in focus; potential replacements include the senior executives Jennifer Piepszak, Marianne Lake and Troy Rohrbaugh.
         </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">
          Microsoft builds artificial intelligence into laptops.
         </span>
         <span>
          The tech giant announced
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          new computers
         </a>
         <span>
          featuring chips that can run A.I. applications natively. Locally powered A.I. is the newest focus for hardware companies; Apple, which has touted the A.I. capabilities of its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          latest iPad Pro models
         </a>
         <span>
          , is expected to make a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          similar announcement for its Mac computers
         </a>
         <span>
          later this year.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td style="height:10px">
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             ADVERTISEMENT
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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">
          Janet Yellen seeks Europe’s help in combating excess Chinese goods.
         </span>
         <span>
          The U.S. Treasury secretary said in a speech in Germany today that a wave of cheap Chinese exports represented a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          huge threat to the global economy
         </a>
         <span>
          . Expect it to be a topic at a meeting of Group of 7 finance ministers this 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">
          Donald Trump and Republicans raise more than President Biden.
         </span>
         <span>
          The Trump campaign and the Republican Party
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          collected $76.2 million
         </a>
         <span>
          in April, according to officials; the Biden campaign said it had raised $51 million with the Democratic National Committee, about half of what it raised in March. Still, Trump remains well behind Biden in overall money accumulated.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Fixing the F.D.I.C.
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In the end, the heat was too much for Martin Gruenberg, who struggled last week in congressional hearings to answer for the toxic “boys’ club” culture at the Federal Deposit Insurance Corporation, of which he is chairman.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Gruenberg said yesterday that he was “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          prepared to step down
         </a>
         <span>
          ” after losing support from a key Democratic senator, Sherrod Brown of Ohio. That would force the White House to find a successor to help oversee the nation’s banks and lead an agency that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          insures over $10 trillion in consumer deposits
         </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">
          Gruenberg isn’t leaving immediately;
         </span>
         <span>
          he will depart only when a replacement is confirmed. (The White House says it will name a successor “soon.”) That would preserve the Democrats’ 3-2 majority on the agency’s board, at least through Election Day.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s important: The F.D.I.C., along with the Fed and the Office of the Comptroller of the Currency, is tasked with drafting tough new capital requirements for banks that Wall Street and Republicans strongly oppose.
         </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 writing was on the wall.
         </span>
         <span>
          Gruenberg took fire from the Senate Banking Committee last week during a hearing prompted by a Wall Street Journal investigation into hostile working conditions.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          While Gruenberg apologized, he declined to step down, and he won public support from high-level Democrats, including Senator Elizabeth Warren of Massachusetts. But that changed yesterday when Brown, the committee’s Democratic chairman who is facing a tough re-election fight, reversed his position and called for his ouster.
         </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">
          Republicans are putting up the fight.
         </span>
         <span>
          The chair of the House Financial Services Committee, Representative Patrick McHenry of North Carolina, called on Gruenberg to step down immediately, saying “this announcement is too little, too late.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Sheila Bair, a Republican former F.D.I.C. chair, also called for an immediate change: “It’s untenable. If this was a bank C.E.O., they’d be so gone,” she told DealBook.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The PGA Tour’s Saudi deal is far from dead
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There have been a series of setbacks in the year since the PGA Tour and Saudi Arabia’s sovereign wealth fund agreed to combine forces in the professional golf world, including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          missed deal deadlines
         </a>
         <span>
          and the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          resignation of leaders
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When the PGA Tour
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          secured a huge investment
         </a>
         <span>
          in January from U.S. investors, including the hedge fund mogul Steven Cohen, the question was whether the Saudi deal was dead.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But negotiations are still very much alive, two people familiar with the talks told DealBook’s Lauren Hirsch. The Saudi Public Investment Fund, which bankrolls LIV Golf, and the PGA Tour exchanged term sheets in recent days for a potential deal in which the Saudis would inject $1.5 billion into the tour’s for-profit arm. Representatives both from the fund and from the PGA Tour declined to comment.
         </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">
          U.S. investors have already invested $1.5 billion in the PGA Tour.
         </span>
         <span>
          In the January deal, those investors, led by Fenway Sports and including Cohen and fellow billionaires Marc Lasry and Arthur Blank, took a minority stake in a commercial venture created by the tour. The cash infusion was seen as a way to help the tour better compete with the Saudis in the golf world or to make a Saudi investment more palatable to regulators.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The deal now on the table would give the tour $3 billion in new funding, with the Saudis and U.S. investors each kicking in half. The PGA Tour would retain majority control.
         </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">
          Major questions remain.
         </span>
         <span>
          A deal between the Saudis and the PGA Tour is far from certain, and one of the biggest unresolved issues is LIV Golf’s future. The upstart circuit has spent heavily to lure top golfers away from the tour, but it has yet to prove it is a viable business. If a transaction led to LIV’s disappearance, that could draw scrutiny from the Justice Department, which plans to look into any deal on antitrust grounds.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Justice Department may also question any arrangement that gives the Saudi wealth fund seats on the PGA Tour board, given the agency’s concern over
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          interlocking directorates
         </a>
         <span>
          .
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “All that mattered to Ivan Boesky was making money … He found a path to that and he abused it badly.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Jeff Madrick
         </a>
         <span style="font-style:italic">
          , the author of “Age of Greed.” Boesky, who amassed great wealth before becoming a symbol of Wall Street avarice after his arrest and conviction for insider trading, died yesterday. He was 87.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          An offer to debate Tesla gets ugly fast
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          David Einhorn, the hedge fund mogul known for betting against companies, including Lehman Brothers a year before its collapse,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has been shorting Tesla
         </a>
         <span>
          again.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That wager has drawn criticism from Tesla’s legions of supporters. It has also led to a public fight between Einhorn and a former employee.
         </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">
          Einhorn has long been skeptical of Tesla’s prospects.
         </span>
         <span>
          The short-seller, who profits when a target company’s stock declines, has accused Elon Musk —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in colorful terms
         </a>
         <span>
          — of misleading investors about the capabilities of the company’s autonomous vehicle software. A bet against Tesla lost Einhorn a lot of money in 2020, but his Greenlight Capital
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          revived it
         </a>
         <span>
          two years later.
         </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 former Greenlight employee has challenged his former boss over the matter.
         </span>
         <span>
          Last week, James Fishback, who now runs Azoria Partners,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          called for a debate with Einhorn
         </a>
         <span>
          on the merits of Tesla’s business:
         </span>
        </p>
        <p class="css-vy6hlw" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          “I’ve been critical of Tesla shorts like @davidein because they fundamentally misunderestimate Tesla’s core value driver: autonomy.”
         </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">
          Einhorn dismissed his former employee.
         </span>
         <span>
          After declining to participate, he questioned Fishback’s professional credentials:
         </span>
        </p>
        <p class="css-vy6hlw" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          I am not aware that you have ever spent any time analyzing Tesla or its fundamentals — or really any other equity position for that matter. Certainly not during the 2 years while you were a macro research analyst at Greenlight.
         </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">
          Fishback got feisty,
         </span>
         <span>
          sharing documents from his defamation lawsuit against Greenlight that he said showed he was in fact the firm’s head of macro. In the legal filing, Fishback said that he “excelled in his work” and generated “over $100 million in profits” over two years ending August 2023. It was when he resigned, according to Fishback, that Greenlight began claiming that he never held the head of macro title.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In short: Don’t expect that debate anytime soon.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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            <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
             <span>
              THE SPEED READ
             </span>
            </h3>
           </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">
          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-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
                Google will
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                invest €1 billion
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                ($1.27 billion) in a data center in Finland, a country with ample access to wind power, to help support its artificial intelligence services. (Reuters)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Legal &amp; General Investment Management, a top investor in Anglo American,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                is backing the mining giant’s breakup plan
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                that’s meant to ward off BHP Group’s hostile $43 billion takeover bid. (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">
          Policy
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
                Economists are forecasting that new tariffs proposed by Donald Trump will cost the U.S. economy
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                $500 billion annually
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                . (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                CalPERS, the big California public pension fund, will
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                vote against re-electing Exxon Mobil’s board
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                at the oil giant’s annual shareholder meeting next week. (CNBC)
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                Michael Sonnenshein,
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                , is stepping down and will be replaced by a Goldman Sachs executive. (WSJ)
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                thanks in part to Beyoncé
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                . (Fortune)
               </span>
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