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   DealBook: Musk’s trillion-dollar day
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   Also, the oil wild card whipsawing markets.
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             June 12, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          What does it mean to be a trillionaire? We’ll probably have our first today when SpaceX goes public and Elon Musk’s paper fortune hits 13 digits. But the truth is that nothing has fundamentally changed; Musk was effectively worth the same amount yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The milestone is less a measure of one man’s wealth than a marker of our age, in which innovation (and marketing) can create value at almost unimaginable scale and capital markets can concentrate it within a few individuals’ hands. Workers, investors and governments are left to argue over who deserves what.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Two years ago, Warren Buffett wrote: “In no way did I, or
         </span>
         <span style="font-style:italic">
         </span>
         <span>
          anyone else, dream of the fortunes that have become attainable in America during the last few decades. It has been mind-blowing — beyond the imaginations of Ford, Carnegie, Morgan or even Rockefeller. Billions became the new millions.” Now, the goal post is trillions. (Was this newsletter forwarded to you?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              SpaceX’s market debut today is expected to be a watershed moment for Wall Street.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Steve Nesius/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Liftoff
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Today is the day: SpaceX will begin trading in public markets after raising about $75 billion (and perhaps more) in the world’s biggest I.P.O. ever, valuing it at nearly $1.8 trillion.
         </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">
          Elon Musk’s
         </span>
         <span>
          rocket and artificial intelligence company shattered norm after norm in the process of going public, and will mint
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a new class of millionaires
         </a>
         <span>
          — with Musk himself poised to become a trillionaire. The big question now is what Wall Street will look like when the dust settles.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What to watch:
         </span>
         <span>
          SpaceX will probably begin trading around midday, after its underwriters set an opening price that best clears market demand.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A so-called perpetual futures contract tied to SpaceX, seen as a proxy for the company’s real shares,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          is trading around $175
         </a>
         <span>
          today, well above the $135-a-share I.P.O. price. That bodes well for SpaceX’s stock.
         </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">
          Musk could become a trillionaire today.
         </span>
         <span>
          At $135 a share, the I.P.O. values his stake in the company at about $688 billion and his total net worth at about $970 billion,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to Bloomberg
         </a>
         <span>
          . Even a $6 rise in SpaceX’s share price could propel him into the trillion-dollar club (on paper).
         </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">
                Other big winners include the longtime Musk associate
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Antonio Gracias
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , whose investment firm owns 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">
                $65 billion stake
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in SpaceX. Founders Fund, the venture capital firm run by
               </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">
                , Andreessen Horowitz and Sequoia Capital, all own stakes now worth
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                tens of billions of dollars
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Even 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">
                minor figure in Musk’s orbit
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                is set for a billion-dollar payday.
               </span>
              </li>
             </ul>
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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">
          Will SpaceX suck investor capital away from other assets?
         </span>
         <span>
          That’s what
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          some analysts are positing
         </a>
         <span>
          . From a new report by JPMorgan Chase’s private bank:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          To buy something new, an investor has to sell what they own. That means existing cohorts of the S&amp;P 500 — and likely the largest weightings — could see temporary selling pressure. This could be driven by index rebalancing and individual investors looking to fund positions in new equity offerings.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          (JPMorgan is an underwriter of SpaceX’s offering.)
         </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">
          SpaceX broke the Wall Street mold in many ways:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                The company priced its offering without the extensive market-testing
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that most issuers tend to do to raise the most money possible from an I.P.O. That said, The Financial Times reports that Musk, who insisted on the $135 price, and his team had
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                informally tested the price
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                before officially setting it.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                The stock’s first-day “pop” may matter far less than it does for most I.P.O.s.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Wall Street tends to see big jumps, like LinkedIn’s
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                doubling its offering price
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , as bad, because it means issuers could have raised more money. But Musk didn’t seem to optimize SpaceX’s debut for maximum fund-raising.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                SpaceX allocated far more stock than usual to individual investors,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                reflecting Musk’s unique following. (That said, CNBC reported that about
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                20 percent of the offering
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                was reserved for retail, less than initially expected.) Most companies are wary of selling too much to individuals, believing they’re more likely to sell off shares quickly.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                The company revamped how many major stock indexes work.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Sheer interest in the offering drove Nasdaq and FTSE Russell to let SpaceX join their indexes far more quickly than usual, meaning Musk’s company will be in millions of Americans’ investment accounts within weeks.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The implications of SpaceX’s I.P.O. stretch beyond Wall Street.
         </span>
         <span>
          Investors from mainland China and Hong Kong
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          couldn’t participate in the I.P.O.
         </a>
         <span>
          , The Times reports. (That probably
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          won’t stop investors there
         </a>
         <span>
          from betting on SpaceX.) OpenAI is likely to impose a similar restriction for its offering.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The rationale behind the geographic ban isn’t clear. But it underscores deepening tensions between Washington and Beijing, especially when it comes to A.I. At the same time, Chinese rivals in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          satellite internet
         </a>
         <span>
          and A.I. are likely to keep putting pressure on SpaceX.
         </span>
        </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>
             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">
          President Trump taps Jay Clayton to be the new U.S. intelligence chief.
         </span>
         <span>
          Trump said he would nominate Clayton, the U.S. attorney in Manhattan, to replace
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Tulsi Gabbard
         </span>
         <span>
          as the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          next director of national intelligence
         </a>
         <span>
          . Trump had named
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bill Pulte
         </span>
         <span>
          , a federal housing official without any relevant intelligence experience, as acting director, prompting a revolt from lawmakers. Clayton, a former S.E.C. chairman, appears set for a speedy confirmation.
         </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">
          Pressure builds on central banks as wartime inflation accelerates.
         </span>
         <span>
          The European Central Bank raised its benchmark lending rate yesterday, the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          first major central bank to do so
         </a>
         <span>
          since the war in the Middle East sent energy prices surging. The Bank of Japan is expected to follow suit next week. Economists see the Fed holding rates steady at its meeting next week. But traders are pricing in the Fed raising rates by a quarter-point by December after a string of hot
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          inflation
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          jobs
         </a>
         <span>
          reports. Relatedly, the World Bank yesterday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          downgraded its global growth forecast
         </a>
         <span>
          for 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">
          LIV Golf’s future appears to be increasingly doubtful.
         </span>
         <span>
          Saudi Arabia’s sovereign wealth fund, which said in April that it would stop funding the upstart professional golf tournament, has reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          only provided a third
         </a>
         <span>
          of the $600 million it had committed for this year, according to The Financial Times, citing a financial filing and unnamed sources. A funding shortfall adds pressure on LIV officials to find new investors to avoid financial collapse.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
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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">
           </td>
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        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         CHART OF THE DAY
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Hitting a rare milestone on Day 1
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When SpaceX begins trading today, it will join an elite group of companies with a market capitalization of at least $1 trillion. The first to hit the mark was Apple in 2018; 11 more S&amp;P 500 companies have since joined the trillion-dollar club, Christine Zhang reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          SpaceX is expected to enter the Nasdaq 100 index in early July. But the earliest it could join the S&amp;P 500 is 2027. Where will the company rank in the trillion-dollar club by then?
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A table showing the 12 companies on the S&amp;P 500 that have reached $1 trillion in market capitalization, sorted by the date that they first reached that milestone: Apple, Amazon, Microsoft, Alphabet, Meta, Tesla, Nvidia, Berkshire Hathaway, Broadcom, Eli Lilly, Walmart and Micron Technology." class="css-18ei5jy" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F09%252Fbusiness%252Fdealbookemail%252FDB-TRILLION%252FDB-TRILLION-jumbo-v8.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEyNjUwNzYuNDg3MzI4NX0:1wY0Ps:UXwJ2_7O8tz9p5aZMx6Is58djqSI8-CQXM-eRheFpC4" 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">
              Notes: Historical market capitalizations are plotted monthly. Current market value is as of June 11. Source: S&amp;P Capital IQ.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Christine Zhang/The New York Times.
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Oil’s hazy outlook
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Oil prices are tumbling this morning, prompting
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a rally
         </a>
         <span>
          in global stocks and sovereign bonds.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Brent crude, the international benchmark, traded around $86, a three-month low, as President Trump again signaled optimism about a potential peace deal with Iran.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Traders have heard this before, of course, and Iran’s state broadcaster, quoting the spokesman for the country’s foreign ministry, said today that “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          nothing has been finalized
         </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">
          Another concern: Global stockpiles of oil and fuel have fallen to worrying levels.
         </span>
         <span>
          And there is growing concern among industry leaders about the economic fallout from months of supply disruption.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The International Monetary Fund recently projected that global oil inventories
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          would hit a five-year low
         </a>
         <span>
          next month. And U.S. government stockpiles are approaching their
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lowest level since 1983
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A chart shows declining global inventory for crude oil." class="css-18ei5jy" height="417" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F11%252F06%252Fbriefing%252Fsub-crude-oil-inventory%252Fsub-crude-oil-inventory-jumbo-v2.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEyNjUwNzYuNDg3NDQwNn0:1wY0Ps:9hOryNjyULce1fN7Hxpsp1sf9grOMdyAs10audX7Wlg" 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">
              Note: Figures are total crude held in both commercial storage and national strategic reserves. Source: Kpler.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              The New York Times
             </span>
            </span>
           </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">
          Oil industry executives have privately warned the White House
         </span>
         <span>
          that the dangerously low inventories could squeeze consumers,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Politico reported recently
         </a>
         <span>
          . (A White House spokesperson denied that those conversations had taken place.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But several oil sector leaders are now speaking out:
         </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">
                “We’re
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                sounding the alarm
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on these inventories going to record lows,”
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Mike Sommers
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the C.E.O. of the American Petroleum Institute, an industry lobbing group, told Maria Bartiromo of Fox Business last week.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                How high? A worst-case scenario would be $160 a barrel, an Exxon Mobil executive
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                recently warned
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at an investment conference.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump and administration officials have said prices should ease shortly after a deal is struck. Analysts disagree.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “I don’t know how really smart people in the market continue to think this is just like a light switch you can flip,” Helima Croft, the global head of commodity strategy at RBC Capital Markets, told DealBook.
         </span>
        </p>
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            <img alt="Dara Khosrowshahi, who has a beard and is wearing a gray suit jacket, stands in a rice field. Trees and houses are in the background." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F12%252Fmultimedia%252F12db-uber-khosrowshahi-jhcw%252F12db-uber-khosrowshahi-jhcw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEyNjUwNzYuNDg3ODY5M30:1wY0Ps:l6mLKNf7H1x9Z003S6q2BMoTM6BicH99oy9Ewf1PKVA" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Uber’s chief executive, Dara Khosrowshahi. He has introduced soft caps on A.I. token use by his engineers.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Hiroko Masuike/The New York Times
             </span>
            </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Talking A.I. with the C.E.O. of Uber
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Every week, we’re asking leaders how they use artificial intelligence. This week,
         </span>
         <span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
          Dara Khosrowshahi
         </span>
         <span style="font-style:italic">
          , who leads Uber, told Sarah Kessler that he put a soft cap on token spending. The interview has been condensed and edited for clarity.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          How do you personally use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I vibe coded my own little productivity app that I call my clarity task manager. It’s not as feature-rich as some of the professional products, but it’s great because it’s exactly what I want it to be.
         </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 have you told your employees about how you want them to use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I think it would be a failure for me to tell our employees how to use A.I. We just want them to use it to help make a more effective version of themselves.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We have engineering teams that we’re embedding into our legal, operations and marketing teams to help them imagine what they can build.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It has been a volunteer project, so the engineers usually spend 50 percent of their time with the operations teams. We have had more engineers volunteer than we need. We’re going to start a rotation program that is full time for six months.
         </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">
          You recently set maximums on the amount that engineers can spend on A.I. tokens. How did you get there?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s kind of a soft cap. You’re hitting your cap, and you have to make a request to get more A.I. usage.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There’s a cost to these tokens. And we want our teams to be aware of that. These are significant investments that we’re making in our future. We want to remind employees that they should be responsible, just as they are on their T.&amp;E. spending.
         </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">
          Andrew Macdonald, your C.O.O.,
         </span>
         <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;font-weight:700;font-family:arial,sans-serif;color:#000">
          said recently
         </a>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          that it was hard to draw a line between A.I. use and useful customer features. Is that the way you see it?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s a matter of timing. Our developers are much more productive today than they were a year ago, if you measure that by the amount of code they’re committing into our code base.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I think what Andrew was talking about is that all of the inputs are improving, but it takes time for that feature to actually show up in the streets of London or New York or Lagos, and for it to have a positive effect on the business.
         </span>
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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>
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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">
          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">
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Crowe, an accounting firm, 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">
                sell a majority stake
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to KKR and co-investors in a deal valued at nearly $3 billion after private equity funds bought many of its peers. (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 former Moelis investment banker accused of passing information about 22 deals to 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">
                global insider trading ring
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                was spared prison time after pleading guilty to a single charge. (Bloomberg)
               </span>
              </li>
             </ul>
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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">
          Tech and artificial intelligence
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Jeff Bezos
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , whose artificial intelligence start-up Prometheus
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                just raised $12 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at a $41 billion valuation, says A.I. will usher in “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                multiple golden ages
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,” not major job losses. (Techcrunch, FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Google accused 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">
                Chinese cybercrime network
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of using its Gemini A.I. system to create hundreds of fake websites for online financial scams. (NYT)
               </span>
              </li>
             </ul>
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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">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
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             <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">
                “Meet the Bodyguards Signing Up to Protect
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                America’s Frightened Billionaires
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (GQ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                How the Isle of Man’s online casinos turned the tiny British island into a hub for
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                international gambling scams
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Bloomberg)
               </span>
              </li>
             </ul>
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