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   DealBook: New tests for A.I. giants
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   Also, tallying a World Cup windfall.
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             July 20, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Save the date: We’re thrilled to announce that the DealBook Summit will take place on Nov. 18 in New York City. We are celebrating DealBook’s 25th anniversary and will be interviewing some of the world’s most consequential leaders. Speakers will be announced soon. You can
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          apply to join us here
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          — and we encourage you to do so early, because we expect overwhelming demand.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Today, we’re delving into the debate surrounding A.I. models, as Silicon Valley grapples with Chinese open-weight offerings and whether they could disrupt bleeding-edge closed ones from Anthropic and OpenAI. And we’re watching oil prices as the war in the Middle East continues, even as S&amp;P 500 futures are up. (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">
              Alibaba’s announcement of rapid advances in its latest artificial intelligence model add to pressure on Western technology giants.
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              Hector Retamal/Agence France-Presse — Getty Images
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Another reckoning for A.I. spending
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The artificial intelligence trade that has driven a global market rally for years has hit serious turbulence in recent weeks. This week, it faces yet another big test.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Alphabet, Google’s parent company, will report earnings on Wednesday, giving it a chance to weigh in on the progress of rivals based in China and offering investors a checkup on tech giants’ enormous A.I. spending plans.
         </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">
          Advances in Chinese A.I. models remain the big focus.
         </span>
         <span>
          News that Moonshot AI’s latest model, Kimi K3,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          nearly bested Anthropic’s Fable
         </a>
         <span>
          model in some benchmarks — and is freely available as open-source software — has continued to rattle Silicon Valley executives. (Kimi K3 was so popular that it was unavailable for much of the weekend, and Moonshot
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          announced changes to subscription plans
         </a>
         <span>
          for it.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And Alibaba yesterday announced a preview version of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          its newest Qwen model
         </a>
         <span>
          that also performed comparably to Fable, and would also be made open source. Alibaba’s Hong Kong-traded stock was up nearly 4 percent on the news.
         </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">
          That’s continuing to reverberate around the global A.I. industry.
         </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">
                South Korea’s Kospi index tumbled nearly 4.5 percent today as shares in major memory chip makers again fell. SK Hynix was down 4 percent.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Watch what happens to the PHLX Semiconductor Sector index today, after it fell 1.6 percent on Friday and 10 percent for the week, its
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                worst weekly decline in over a year
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </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">
          Do gigantic A.I. spending plans still make sense?
         </span>
         <span>
          Much of the investment that hyperscalers like Alphabet and Meta have announced — and which benefited both Nvidia and memory chip makers like SK Hynix and Micron — was built on the idea that it was needed to keep pace in the A.I. race.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Increasingly capable open-weight Chinese models undercut that thesis, potentially leaving much of the A.I. industry looking more indebted
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          than it can justify
         </a>
         <span>
          . Watch whether Alphabet modifies its capital expenditure forecast for the year, which the company last set
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          at $180 billion to $190 billion
         </a>
         <span>
          .
         </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 tech earnings to watch this week include Tesla and Intel.
               </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">
          What about the prospects for Anthropic and OpenAI?
         </span>
         <span>
          They’re expected to go public over the next year or so, but rapidly advancing (and vastly cheaper) Chinese rivals may weigh on those offerings. (Speaking of which: Moonshot is preparing to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          go public in Hong Kong
         </a>
         <span>
          , perhaps within six months, according to The Information.)
         </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">
          One thing to watch for,
         </span>
         <span>
          according to
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dean Ball
         </span>
         <span>
          , a former Trump administration adviser turned OpenAI executive: whether Washington
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          imposes more regulation
         </a>
         <span>
          to stymie the growth of open-source Chinese models.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Federal immigration officials reportedly seek to reassure the business community.
         </span>
         <span>
          Officials from the Department of Homeland Security met this month
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          with the Essential Worker Immigration Coalition
         </a>
         <span>
          , a group representing the U.S. Chamber of Commerce and associations of companies that rely on immigrant labor, according to The Washington Post. The meeting marked a change in approach by D.H.S. under
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Markwayne Mullin
         </span>
         <span>
          from his predecessor,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kristi Noem
         </span>
         <span>
          , under whom immigrant arrests surged.
         </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 Justice Department prosecutes fewer companies for employees’ wrongdoing.
         </span>
         <span>
          Federal prosecutors recently
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          haven’t charged companies
         </a>
         <span>
          , including Alibaba and Abbott Laboratories, even when they suspected executives of participating in misdeeds, The Wall Street Journal notes. The acting attorney general,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Todd Blanche
         </span>
         <span>
          , has emphasized punishing individuals over companies, though a department representative said the pullback in corporate prosecutions wasn’t because of a change in policy.
         </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">
          France bans Polymarket.
         </span>
         <span>
          The gaming authorities there
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cited concerns
         </a>
         <span>
          including the possibility that some bets on the prediction market’s platform were being manipulated. Concerns about such betting sites continue to abound in the U.S. as well: White House lawyers have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          worried about how pervasive
         </a>
         <span>
          betting on prediction markets has become among those with knowledge of forthcoming government plans, according to The Journal.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260720%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODQ1NTI2MzMuMjIyNTkyOH0:1wlnez:BA2PaK4rTOqdTnTuihACB6NTgzBb43PCirJalXwueC8" style="max-width:96px;margin-bottom:7px"/>
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             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
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                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260720%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODQ1NTI2MzMuMjIyNzIwOX0:1wlnez:0ifUuX-rsLVW5Ej-RHEO8tukJrXOX52wTyc7OgRycf4" style="display:block;width:100%;max-width:600px" width="600"/>
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        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td style="text-align:center">
            <img alt="A Freedom Fuel Network gas station in focus, with cars driving past in the foreground." class="css-18ei5jy" height="305" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F20%252Fmultimedia%252F20db-gasoline-lzjm%252F20db-gasoline-lzjm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQ1NTI2MzMuMjIyOTM4OH0:1wlnez:GcIqSH3Qtv9yDCGBjR4E0nitriXlJFy0TMNPv1aBWwQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              The average price of gasoline in the United States has ticked up again amid uncertainty over fighting with Iran.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Matthew Hatcher/Agence France-Presse — Getty Images
             </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>
          ‘Diplomacy also knows its duties well’
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Oil prices remain elevated amid widening escalations between the U.S. and Iran that included the death of American service members.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet investors are hoping that signals from Washington and Tehran over potential new negotiations will pull the region back from the brink.
         </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 latest:
         </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">
                Brent crude, the international benchmark for oil,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                slipped to around $88
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                after reaching almost $91. It’s still up 13 percent over the past month.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Yields on 10-year U.S. Treasury notes, which underpin many mortgages and commercial loans, hovered around 4.57 percent, up significantly from the end of June.
               </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 average price of gasoline in the U.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">
                climbed to $4 a gallon
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , according to the AAA. The price has risen 13 cents over the past week.
               </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 Strait of Hormuz remains a major flashpoint.
         </span>
         <span>
          Iran’s Islamic Revolutionary Guards Corps said today that two oil tankers had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “exploded and were forced to cease movement”
         </a>
         <span>
          as they tried to pass through the strait using a route that Tehran has warned ships not to use.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (The Revolutionary Guards did not directly claim responsibility.)
         </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 seemingly open door for diplomacy: Esmail Baghaei
         </span>
         <span>
          , a spokesman for Iran’s Foreign Ministry, said at a news conference that Tehran had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          received proposals from mediators
         </a>
         <span>
          who were “trying to prevent an escalation of tensions,” and that even amid exchanges of attacks, “diplomacy also knows its duties well and spares no efforts.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Secretary of State
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Marco Rubio
         </span>
         <span>
          said that Washington was still willing to pursue diplomacy and that Iran had signaled directly and through mediators that it wanted to negotiate.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We’ve tried multiple times with Iran, and we’ll continue to try,” Rubio said.
         </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="The Spanish World Cup team celebrates its victory over Argentina onstage with a giant copy of the FIFA World Cup trophy visible in the background." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F20%252Fmultimedia%252F20db-worldcup-jqmb%252F20db-worldcup-jqmb-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQ1NTI2MzMuMjIzMDQxOH0:1wlnez:UD9wSib5AxeAokakdRSfvqRw0YIUOxoo_Qb71S5Ild0" 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">
              Spain’s 1-0 World Cup victory caps a money-gusher of a soccer tournament.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Haiyun Jiang/The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The World Cup’s other winners
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Spain’s extra-time 1-0 victory
         </a>
         <span>
          over Argentina in the World Cup was a study in elegant teamwork and near technical perfection. It also capped a huge economic bonanza.
         </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 latest:
         </span>
         <span>
          As the tournament was ending, FIFA’s president,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Gianni Infantino
         </span>
         <span>
          , said the organization
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expected $15 billion in revenue
         </a>
         <span>
          from this World Cup, well above earlier projections of $11 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          There were other big winners:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Television broadcasters.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The first World Cup based (in part) in the U.S. since 1994 set audience records (and that was before 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">
                star-packed final
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                —
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Tom Cruise
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                !
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                BTS
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                !
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Madonna
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                !). The semifinal games averaged over 25 million in combined viewers on Fox and Telemundo,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                up more than 130 percent
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for both networks from the 2022 World Cup.
               </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">
                Prediction markets.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Kalshi added
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                three million new users
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                during the tournament, and over $1.2 billion was wagered on the market to predict the World Cup winner, a record for a singular market.
               </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">
                Spain’s national soccer association.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                La Roja will receive $51 million for its victory, while Argentina will get $34 million for second place, part of 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">
                record $871 million payout
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for 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">
                48 teams that played
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (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">
                I.R.S. will get a cut
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of prize money earned inside the U.S.)
               </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 huge revenues may have altered the tournament forever.
         </span>
         <span>
          Many fans complained about
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          changes at this World Cup
         </a>
         <span>
          , including dynamic pricing for tickets and hydration breaks that opened up more TV advertising spots.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But given the revenue boost, the modifications appear set to stay.
         </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">
          Hosts want FIFA to pay more.
         </span>
         <span>
          Gov.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mikie Sherrill
         </span>
         <span>
          of New Jersey, whose state hosted the final, complained that the organization didn’t contribute to necessary infrastructure. “They’re making $11 billion and now they’re trying to sell grass,” she told Politico, “and they’re
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          trying not to pay their bills
         </a>
         <span>
          .”
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In other soccer news: Telemundo, the Spanish-language TV network owned by Comcast, closed 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">
                three-year deal
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for the U.S. Spanish-language rights for the men’s soccer competitions run by Europe’s soccer association, including the Champions League tournament.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
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        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           <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='A picture from the filming of "The Odyssey," with Christopher Nolan, left, raising his arm, along with Matt Damon and Zendaya on the right. An IMAX film camera on a track is seen in the middle of the frame.' class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F20%252Fmultimedia%252F20db-odyssey-imax-tgkm%252F20db-odyssey-imax-tgkm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQ1NTI2MzMuMjIzNTg2fQ:1wlnez:lu48gpMHuhzo-E89uTbBIBiXgg9CVeir09P0cGgj0ng" 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">
              The opening weekend box office of “The Odyssey” is a win for Christopher Nolan — and for IMAX and others.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Melinda Sue Gordon/Universal Pictures
             </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>
          An ancient epic storms the box office
         </span>
        </h2>
        <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">
          Christopher Nolan
         </span>
         <span>
          ’s “The Odyssey” has more than lived up to the hype.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The long-awaited cinematic retelling of Homer’s nearly 3,000-year-old tale
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dominated the weekend box office
         </a>
         <span>
          in North America, on track to earn an estimated $124.5 million in ticket sales in the U.S. and Canada.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That easily topped prerelease estimates of $90 million to $100 million — and may bolster the fortunes of the entertainment industry more broadly.
         </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 stats:
         </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">
                “The Odyssey” had the biggest domestic opening of the year for a live-action film, beaten only by “Toy Story 5” ($160 million) and “The Super Mario Galaxy Movie” ($132 million). It was also 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">
                fourth-best domestic opening weekend for an R-rated film
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                (behind three “Deadpool” movies).
               </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 movie was expected to bring in an additional $139.6 million in ticket sales outside the U.S., according to Rentrak, a film data service, for a worldwide opening total of about $264.1 million.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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">
                It was the third-largest opening weekend in North America for a Nolan film, behind “The Dark Knight” and “The Dark Knight Rises.”
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A bar chart showing the biggest opening weekends for Christopher Nolan films, according to inflation-adjusted North American box office grosses." class="css-18ei5jy" height="368" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F19%252Fbusiness%252FDB-odyssey-box-office-weekend%252FDB-odyssey-box-office-weekend-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQ1NTI2MzMuMjIzNzE3NX0:1wlnez:FqIfgTZdXzPX7Tr2uZ5NOQAryyckGaZ3HiCRuYfO7IU" 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: Opening weekend data for “The Odyssey” is an estimate. Sources: Box Office Mojo, Rentrak.
             </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>
        <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 success of “The Odyssey” may be good for a number of players, including:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                The overall movie industry.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The film helped push domestic ticket sales
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                up about 10 percent year on year
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , according to Variety, which cited Rentrak data.
               </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">
                IMAX:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “The Odyssey” was shot
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                entirely in IMAX
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , and 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">
                special “blimp” housing
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                helped contain the noise of the gigantic cameras. The bet paid off, with IMAX delivering about 24 percent of the opening weekend’s total sales.
               </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">
                AMC Entertainment:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The biggest movie theater chain stands to benefit from rising box office receipts. (It also operates the most IMAX screens in North America, disproportionately benefiting from “The Odyssey.”) Analysts are waiting to hear what
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Adam Aron
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the company’s C.E.O., has to say on AMC’s earnings call today.
               </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">
                Companies potentially weighing M.&amp;A.:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The movie’s success is a feather in the cap of NBCUniversal, which is set to be
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                spun off from Comcast
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                next year. (Analysts have wondered if it will be a buyer or a seller.) And “The Odyssey” run solidifies IMAX’s standing as the leading premium large-format option, potentially very helpful for the company as it
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                reportedly weighs a sale
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
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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">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A financial vehicle for
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Jeff Bezos
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                invested in CuspAI, a British start-up that’s working with Nvidia to uncover
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                new materials for chip-making
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , as part of a $450 million round that values the company at $2.6 billion. (CNBC)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Warner Bros. Discovery’s C.E.O.,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                David Zaslav
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , bid $68 million via a personal company 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 Mohawk Day Camp
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , an upscale and bankrupt summer camp outside New York City. (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">
          Politics, policy and regulation
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “The C.I.A. Operative Who Spied on the U.A.E. — and
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Played a Role in Its A.I. Win
               </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">
                Moves by
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Brendan Carr
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the F.C.C. chair, to penalize TV channels over the content of their shows are
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                drawing backlash from some Republicans
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , including those who want to eliminate the agency. (Politico)
               </span>
              </li>
             </ul>
            </td>
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          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Madison Square Garden sued Wired magazine after it reported that the venue
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                tracked gay celebrities
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                who attended events, as well as other individuals. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “The biggest winners of the American economy
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                fear they’re sinking fast
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WaPo)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Who says
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Gen Z doesn’t drink
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ? (Business Insider)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
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