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   DealBook: Larry Summers exits OpenAI
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   Also, the C.E.O.s who came to the Saudi dinner.
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             November 19, 2025
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Good morning. Andrew here. Breaking news: Larry Summers said he was resigning from OpenAI’s board, as he
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          steps back from public commitments
         </a>
         <span style="font-style:italic">
          amid the revelation of emails he traded with Jeffrey Epstein. “Larry has decided to resign from the OpenAI board of directors, and we respect his decision,” the A.I. giant said in a statement. Summers added that he was “grateful for the opportunity to have served, excited about the potential of the company.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          It’s perhaps the biggest fallout yet for Summers from his association with Epstein. But it leaves open a big question: Can he still teach at Harvard, as he has said he intends to?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Below, we also explore whether Big Tech is about to go on an M.&amp;A. spree after Meta defeated the F.T.C. in court. And we’re waiting on Nvidia’s results after the market close today, which could determine where the stock market moves next. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Sign up here.
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          )
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            <img alt="President Trump, center, in a tuxedo, with Crown Prince Mohammed bin Salman of Saudi Arabia to his right. Behind both is a gold curtain." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F11%252F19%252Fmultimedia%252F19db-trump-mbs-qvmh%252F19db-trump-mbs-qvmh-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjM1NTkxMTguNDY3NjA3fQ:1vLiHu:dawD6OIsjjomqV-k26j6tgIFcc33E-Hrbs1GprheRUs" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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             Dozens of top business leaders flocked to the White House for a dinner President Trump hosted for Crown Prince Mohammed bin Salman of Saudi Arabia.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Kenny Holston/The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Things happen”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The red carpet optics coming from the White House last night underscored a deepening of ties between the U.S. and Saudi Arabia, including several deals with big price tags.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Hours after President Trump and Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler, talked up the prospect of the kingdom investing (a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          possibly unrealistic
         </a>
         <span>
          ) $1 trillion in the U.S., captains of industry
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          attended a White House gala
         </a>
         <span>
          with the Saudi royal.
         </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">
          It is the crown prince’s first U.S. visit
         </span>
         <span>
          since the 2018 killing of the Washington Post columnist Jamal Khashoggi,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          which U.S. intelligence determined the prince approved
         </a>
         <span>
          . But Western corporate executives have been returning to the oil-rich nation in the years since.
         </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">
          Last night’s dinner appeared to relegate that to old news.
         </span>
         <span>
          Hours earlier in the Oval Office, the president angrily brushed aside a journalist’s question about the intelligence implicating the crown prince, saying, “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Things happen
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The event further reset diplomatic ties — Saudi Arabia is now designated a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          major non-NATO ally
         </a>
         <span>
          —
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          a Trump imperative that appears to be
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          good for his family business
         </a>
         <span>
          , too.
         </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 U.S.-Saudi meeting allows both countries to claim victories.
         </span>
         <span>
          Trump wants the kingdom, an oil power, to help drive down prices at the pump. Riyadh needs to show it is open for business, especially as it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pushes further into artificial intelligence
         </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">
          Here are some deals that could come out of the gatherings:
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The U.S. reportedly plans to greenlight the sale of advanced A.I. chips to Humain, a Saudi A.I. firm founded by the crown prince that is angling to buy Nvidia’s processors,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                as soon as this week
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Bloomberg reports. Tareq Amin, its C.E.O., attended the White House dinner.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump said he
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                planned to approve the sale
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of F-35 fighter jets to Saudi Arabia. Some Pentagon officials have
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                expressed national security concerns
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                over such a deal.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Paramount Skydance’s David Ellison, another guest at the dinner, 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">
                held talks with Saudi Arabia’s sovereign wealth fund
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and other big Gulf investors about backing his effort to buy Warner Bros. Discovery, according to The Financial Times.
               </span>
              </li>
             </ul>
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            <img alt="Elon Musk, center, in a tuxedo speaking to people to his left." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F11%252F19%252Fmultimedia%252F19db-musk-dinner-bkjq%252F19db-musk-dinner-bkjq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjM1NTkxMTguNDY3Njk5OH0:1vLiHu:Fh5M0nt-pk2h5ZwwF9SOd21i1L7zeZsKw4CdyabUnGw" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Elon Musk attended the dinner.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Kenny Holston/The New York Times
             </span>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          C.E.O.s and others who were on the invite list include:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brian Armstrong of Coinbase
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Mary Barra of G.M.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Marc Benioff of Salesforce
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Albert Bourla of Pfizer
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Tim Cook of Apple
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Jane Fraser of Citigroup
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Jensen Huang of Nvidia
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Alex Karp of Palantir
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Elon Musk of Tesla and SpaceX
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Steve Schwarzman of Blackstone
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Vlad Tenev of Robinhood
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Mike Wirth of Chevron
               </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">
          Congress votes to approve the release of the Jeffrey Epstein files.
         </span>
         <span>
          Both chambers
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          voted in near unanimity
         </a>
         <span>
          to release the files on the disgraced financier. But it is unclear if the Justice Department would release them, and President Trump’s order to open an investigation into prominent Democrats with ties to Epstein could
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          delay the matter further
         </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">
          The Trump administration lends $1 billion to help restart the Three Mile Island nuclear plant.
         </span>
         <span>
          The funding, announced by the Energy Department, could provide a power boost for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Microsoft’s data centers
         </a>
         <span>
          . Microsoft and Constellation, which owns a unit at Three Mile Island that was closed in 2019, announced a deal to restart the plant last year, as technology companies scrambled to find power for their artificial intelligence expansion.
         </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">
          Hyundai says the U.S. has apologized over the September ICE raid.
         </span>
         <span>
          José Muñoz, the carmaker’s C.E.O., said the company had received an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          apology over the episode
         </a>
         <span>
          at the Hyundai-LG Energy Solution battery plant in Georgia, where federal agents detained 475 workers. Images of the shackled workers — mostly South Korean — had appeared to threaten Hyundai’s plans for significant investments in U.S. clean energy projects.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The consequences of Meta’s big win
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Big Tech scored a major win when a federal judge
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ruled decisively for Meta
         </a>
         <span>
          in a closely watched court battle with the F.T.C. over its acquisitions of Instagram and WhatsApp.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The decision that Facebook’s parent company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          didn’t create a social media monopoly
         </a>
         <span>
          underscores the government’s challenge in using the courts to rein in or break up technology giants.
         </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 F.T.C. didn’t prove that Meta was or is a monopolist,
         </span>
         <span>
          according to Judge James Boasberg of the U.S. District Court for the District of Columbia. The agency had argued that Facebook bought Instagram (in 2012) and WhatsApp (in 2014) to eliminate budding competitors, citing internal documents by Mark Zuckerberg and others.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Boasberg, an Obama appointee, said it wasn’t clear then — or now — that Meta controls the social media sector. TikTok, he wrote, “holds center stage as Meta’s fiercest rival.”
         </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. antitrust enforcers have fallen short several times in taking on Big Tech.
         </span>
         <span>
          Boasberg’s decision most likely salts the earth for any appeal by the F.T.C., given that appellate courts will probably defer to his broad definition of the social media market, Rebecca Haw Allensworth, a law professor at Vanderbilt University, told The Times.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Even when federal prosecutors have won, their victory was limited: A different judge ruled that Google operates an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          illegal search monopoly
         </a>
         <span>
          , but
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          declined to break up
         </a>
         <span>
          that company.
         </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">
          Using the courts to police Big Tech has limits,
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          experts say
         </a>
         <span>
          . Boasberg noted that “the landscape that existed only five years ago,” when the F.T.C. filed its lawsuit, “has changed markedly.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That could be good news for Amazon and Apple, which face court battles with regulators.
         </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">
          Can Big Tech go shopping for start-ups again?
         </span>
         <span>
          While companies like Meta have devised
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          complicated investment-slash-hiring deals
         </a>
         <span>
          to gain talent, they’ve largely abstained from full-on takeovers in recent years to avoid drawing regulators’ opposition.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That calculus
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          may have changed
         </a>
         <span>
          , with tech giants now potentially deciding “we don’t have to hide what we’re doing,” Samuel Weinstein, a law professor at Benjamin N. Cardozo School of Law, told The Times.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A change in strategy may have arrived just in time, Bloomberg reports, given
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          how much competition
         </a>
         <span>
          companies like Meta now face.
         </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="Dario Amodei of Anthropic, left; Satya Nadella of Microsoft, center; Jensen Huang of Nvidia" class="css-xsf469" height="279" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F11%252F19%252Fbusiness%252F19db-ms-anthropic%252F19db-ms-anthropic-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjM1NTkxMTguNDY4MTQ0N30:1vLiHu:AqFT7z9ZkUKHgr3F2ECXHXcGMhLK9hcnEhsuqzjNKhg" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Dario Amodei of Anthropic, left, Satya Nadella of Microsoft and Jensen Huang of Nvidia celebrated their big new A.I. partnership.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Microsoft, via YouTube
             </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>
          Microsoft widens its A.I. partnerships
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Since 2019, one of OpenAI’s biggest advantages in the artificial intelligence race has been its close relationship with Microsoft, one of the richest technology giants around.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But as OpenAI moves to strike deals with other technology companies, Microsoft is doing the same — and has now
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reached an agreement
         </a>
         <span>
          with one of the ChatGPT maker’s fiercest rivals.
         </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 will invest up to $5 billion in Anthropic,
         </span>
         <span>
          the developer of the Claude large language model. Nvidia, the giant chip maker that is also investing in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          many
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          promising
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          A.I.
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          start-ups
         </a>
         <span>
          (including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          OpenAI
         </a>
         <span>
          ), agreed to invest up to $10 billion in Anthropic.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s on top of the more than $16 billion in equity that Anthropic has raised this year alone. (Bloomberg reports that the Microsoft and Nvidia checks are part of Anthropic’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          next fund-raising round
         </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">
          Microsoft has been seeking to diversify its A.I. offerings,
         </span>
         <span>
          something made possible by the recent
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          renegotiation of its partnership
         </a>
         <span>
          with OpenAI. Both companies can now pursue so-called artificial general intelligence, or A.I. as capable as a human brain, independently of each other.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          OpenAI now works with the likes of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Amazon
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Oracle
         </a>
         <span>
          . And Microsoft is offering Azure customers one of the most popular A.I. models, alongside OpenAI’s GPT-5.
         </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">
          But the new investments may raise further concerns about A.I. deal-making.
         </span>
         <span>
          Anthropic has committed to buying $30 billion worth of computing capacity from Microsoft’s Azure service. It also agreed to take up at least one gigawatt’s worth of compute powered by Nvidia’s latest processors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Tech investors and analysts
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          have noted
         </a>
         <span>
          that deals in the sector
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          look increasingly circular
         </a>
         <span>
          , with investments in A.I. companies from compute and processor providers going to pay for … compute and processors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Skeptics say those kinds of transactions may be helping to inflate a bubble. Analysts at Deutsche Bank noted yesterday that shares in Microsoft and Nvidia didn’t jump significantly on the news, as they might have earlier 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">
          The A.I. industry’s latest health check will come later today,
         </span>
         <span>
          when
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Nvidia reports quarterly results
         </a>
         <span>
          . Any slowdown in demand for its processors could have major repercussions for the markets.
         </span>
        </p>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Scoop: Lawmakers want answers from BNPL lenders
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Five Democrats on the Senate Banking Committee sent a letter yesterday to seven major “buy now, pay later” lenders demanding data about their loan practices and credit reporting cooperation with FICO, the company whose credit scores are used by 90 percent of U.S. lenders, Niko Gallogly is the first to report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The issue:
         </span>
         <span>
          Pay-later borrowing has exploded in popularity in recent years. There are now an estimated 91.5 million users in the U.S., according to Empower, a financial services firm, with many relying on the loans to finance daily expenses. And a growing number of Americans who use pay-later services made a late payment on one of those loans this year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Those figures have raised concerns among Democratic lawmakers, who want a clearer view into just how reliant Americans have become on the lenders.
         </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">
          Regulators are in retreat.
         </span>
         <span>
          The senators’ request for information comes after the nation’s consumer protection watchdog, the Consumer Financial Protection Bureau,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          said it would not enforce a Biden-era rule
         </a>
         <span>
          that sought to treat pay-later lenders like credit card companies.
         </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">
          Lenders aren’t required to respond.
         </span>
         <span>
          But the committee’s authority to compel companies to testify could act as a powerful incentive. The letter was sent to Affirm, Afterpay, Klarna, PayPal, Sezzle, Splitit and Zip.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In a statement to DealBook, a representative from Affirm said it supported “thoughtful regulation and consistent industry standards that promote transparency for consumers and the flexibility to pay over time without any late fees or junk charges.” It added that it would continue to work with regulators and policymakers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The other companies did not immediately responded to requests for comment from DealBook.
         </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">
          “Hidden leverage” is a chief concern for lawmakers
         </span>
         <span>
          , said Justin Katz, an economics researcher at Harvard and an author of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a paper
         </a>
         <span>
          that showed that pay-later borrowers were more likely to increase their spending. “People are borrowing a lot more than we think,” 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">
          Consumer data paints a troubling picture,
         </span>
         <span>
          DealBook
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported in May
         </a>
         <span>
          . Pay-later default rates have grown to 41 percent today from 34 percent in 2024, according to a survey by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          LendingTree
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And in January, the consumer bureau released
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a study
         </a>
         <span>
          that found that nearly two-thirds of pay-later loans went to borrowers with lower credit scores.
         </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">
          Even industry insiders are uneasy.
         </span>
         <span>
          Consumers are using pay-later services “to buy something as basic and fundamental as groceries,” Nigel Morris, a co-founder of Capital One and an early Klarna investor, said last week at the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Web Summit conference
         </a>
         <span>
          . “I think is a pretty clear indication that a lot of people are struggling.”
         </span>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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            <span>
             THE SPEED READ
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          Deals
         </span>
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        <div style="margin:0 auto;max-width:600px;width:100%">
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                AkzoNobel, the Dutch paint giant, 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 Axalta Coating Systems
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , an American rival, and list the combined company in the U.S. (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">
                The activist hedge fund Elliott Investment Management has reportedly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                built a large stake
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the gold miner Barrick, which is weighing a breakup. (FT)
               </span>
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          Politics, policy and regulation
         </span>
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        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “The ‘JPMorgan Boys’ Behind the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                U.S. Bailout for Argentina
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (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">
                A federal court blocked Texas’ Republican-friendly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                congressional redistricting map
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT)
               </span>
              </li>
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         <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">
                “Wall Street Is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Paywalling Your Kids’ Sports
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (The Lever)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A broke California town’s proposal to save itself:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                annex nearly 23,000 acres
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from a nearby urban project backed by Silicon Valley billionaires. (NYT)
               </span>
              </li>
             </ul>
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         <span style="font-style:italic">
          Correction: Because of an editing error, yesterday’s newsletter mischaracterized the intent behind Saba Capital Management’s sale of credit default swaps tied to Oracle, Microsoft, Google and Amazon. It’s effectively a bet that it sees the financial health of those companies as robust, not as in decline.
         </span>
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          Thanks for reading! We’ll see you tomorrow.
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