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June 9, 2025
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Good morning. Andrew here. Just in: Warner Bros. Discovery said it plans to
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— one focusing on its streaming and studios business, the other on its cable channels — as it seeks to lift its embattled stock valuation.
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inflamed tensions in Los Angeles
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There’s still a lot of distance in the Trump-Musk relationship.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
Haiyun Jiang for The New York Times
</span>
</td>
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</td>
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</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
The cold war continues
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
There’s still no sign of a reconciliation between President Trump and Elon Musk.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That will continue to have potentially big consequences for Musk’s vast business empire — and for his rivals — as the world’s richest man remains on the outs with the administration.
</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>
A seeming truce between Trump and Musk appears to be holding, insofar as neither man is using his respective social media platform to assail the other. Musk’s X feed in recent days has focused more on excoriating immigration protesters in Los Angeles.
</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">
Trump warned Musk to keep quiet, however.
</span>
<span>
The president told NBC News that there would be “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
serious consequences
</a>
<span>
” if his erstwhile ally backed Democratic challengers to Republican lawmakers over the policy bill.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
When Trump was asked if he would get on the phone with Musk anytime soon, the president said, “I have no intention of speaking to him.”
</span>
</p>
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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">
Trump has a lot of leverage over Musk.
</span>
<span>
While the Tesla chief
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
donated about $275 million
</a>
<span>
to help Trump win re-election in November, in some ways the president has the upper hand:
</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">
Musk’s companies were promised
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
$3 billion in federal contracts
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
from 17 federal agencies in 2023 alone. Trump following through on threats to cut those contracts would hurt significantly: “Elon, Tesla, and investors are beginning to understand more and more just how much the government has control here,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Cathie Wood
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, a prominent Tesla shareholder, said recently.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
There’s 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">
risk of a regulatory crackdown
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
by Trump. At least 11 agencies were investigating or suing Musk companies before Trump took office, The Times notes. Policy moves like looser regulation of autonomous vehicles — which is key to Musk’s plans for Tesla — could be rescinded. Musk could also lose his security clearance, hurting SpaceX.
</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">
Musk rivals see an opportunity.
</span>
<span>
The Red Letter’s Tara Palmieri reports that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Bill Gates
</a>
<span>
, who has repeatedly clashed with his fellow tech mogul, visited the White House on Friday to argue for undoing some of the Musk-driven cuts to foreign aid.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And NASA and the Pentagon urged competitors to SpaceX to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
speed up development of alternative rocket systems
</a>
<span>
, after Musk briefly threatened to decommission the Dragon spacecraft that the U.S. uses for space missions, The Washington Post reports. That could benefit Boeing and Jeff Bezos’ Blue Origin.
</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">
Readers weigh in:
</span>
<span>
Last week,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Andrew asked
</a>
<span>
if Musk’s public pushback against Trump would inspire other corporate leaders to speak out. An email from Judy Samuelson, the executive director of the Aspen Institute Business and Society Program, summed up many readers’ feelings:
</span>
</p>
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<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
My gut? No, it does NOT catalyze “normal” CEOs, with more traditional relationships and responsibilities. That will only be enabled by collective action, which means business associations and networks and singular leaders able to catalyze others, like Ken Frazier and Ken Chenault did in the wake of George Floyd. One could ask, where and who are those leaders?
</span>
</p>
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<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">
Inflation, consumer sentiment and Apple’s A.I. efforts will be in focus this week.
</span>
<span>
Apple’s annual developers conference is set to kick off today with questions about the iPhone maker’s ability to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
catch up in the artificial intelligence race
</a>
<span>
. On Wednesday, the latest Consumer Price Index report is expected to show tariffs are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
pushing up goods prices
</a>
<span>
. The inflation effect on consumer confidence will be closely scrutinized in the release of the latest University of Michigan household survey, set for Friday.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Meta is said to be weighing its biggest ever A.I. investment.
</span>
<span>
The company is in talks to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
invest more than $10 billion in Scale AI
</a>
<span>
, the data-labeling specialist that works for many A.I. giants, according to Bloomberg. It’s the latest sign that tech giants still plan to spend aggressively on the technology.
</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">
California officials clash with the White House over L.A. demonstrations.
</span>
<span>
Governor Gavin Newsom said he planned to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sue the Trump administration
</a>
<span>
for unilaterally sending the National Guard to Los Angeles, while Trump called for a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
greater troop presence
</a>
<span>
to break up demonstrations that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
began on Friday
</a>
<span>
. The tensions come as the administration plans to ramp up deportations, increasingly
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
targeting workplaces
</a>
<span>
.
</span>
</p>
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</td>
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<td>
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<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Back to the negotiating table
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Round 2 of U.S.-China high-level trade negotiations is set to get underway today in London, with high stakes for both countries and their many trading partners. The talks are supposed to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
run two days
</a>
<span>
, The Times reports.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
President Trump has struck an optimistic tone, writing on Truth Social on Friday that “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
the meeting should go very well
</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">
Both sides are feeling pressure
</span>
<span>
, with the clock ticking on averting a full-blown trade war that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
could stunt global growth
</a>
<span>
this year and next. This morning, Beijing reported
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a steep drop
</a>
<span>
in exports to the United States last month as Trump’s tariffs begin to snarl supply chains.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And economists are warning that tariffs could raise inflation and dampen household and business spending in the United States in the second half of the year.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Who will be in the room?
</span>
<span>
Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Jamieson Greer, the U.S. trade representative, will meet a Chinese delegation led by He Lifeng, Beijing’s top trade negotiator. Bessent, Greer and He met in Geneva last month, reaching a 90-day truce that centered on a lowering of tariffs. But tensions remain, as each country
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
accuses the other
</a>
<span>
of violating the terms of that agreement.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Potentially complicating the U.S. position, the Trump administration
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
faces a deadline today
</a>
<span>
to defend the legality of many of its stiffest tariffs before a federal appeals court.
</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 sticking points:
</span>
<span>
China has been especially angered by Washington’s limits on chip exports, measures that are overseen by Lutnick. For the U.S., a major complaint is China’s curb on the flows of critical minerals, which are needed by automakers and military contractors.
</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">
Could China loosen its stance on rare earth magnet exports?
</span>
<span>
Beijing this weekend said it
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
could fast-track
</a>
<span>
applications for rare earth shipments to European Union companies after wrapping up talks with E.U. trade officials.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Can the U.S. team win a similar arrangement — and what concessions would they need to offer?
</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="Dick Beattie, right, in an open-collared shirt, sitting next to Henry Kravis in a white shirt." class="css-xsf469" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F09%252Fmultimedia%252F09db-newsletter-beattie%252F09db-newsletter-beattie-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDk0Njk2NzguMDg0NjgyN30:1uOays:yj-IWRv-5n58ZKaMgRj9eIK0JHggEeRECqJFVYxhi90" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
</tr>
<tr>
<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
Henry Kravis and Dick Beattie in Tuscany, Italy, in 1986.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Slim Aarons/Hulton Archive, via 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>
Remembering Dick Beattie, legendary M.&A. lawyer
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
For six decades, when the biggest corporate deal makers needed legal advice on mergers and acquisitions, many of them turned to one name: Dick Beattie.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Beattie, a former Marine pilot and longtime leader of the law firm Simpson Thacher & Bartlett — whose role in KKR’s takeover of RJR Nabisco
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
was immortalized
</a>
<span>
in “Barbarians at the Gate” — died on Friday of cancer, Michael de la Merced writes. He was 86.
</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">
Beattie’s track record spoke for itself.
</span>
<span>
After
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
joining Simpson Thacher in 1968
</a>
<span>
, he worked on many of the most consequential deals of the modern era. Among them:
</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">
KKR’s $25 billion deal for Nabisco in 1989, which for decades was the biggest-ever leveraged buyout
</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">
AOL’s $165 billion takeover of Time Warner in 2000
</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">
JPMorgan Chase’s $58 billion acquisition of Bank One in 2004
</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">
Dow Jones’s $5.3 billion sale to Rupert Murdoch’s News Corp in 2007
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
He also advised the board of AIG in its $85 billion federal bailout during the 2008 financial crisis, and had been a director of Harley-Davidson.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Ralph Schlosstein, a longtime friend and the former co-chair and co-C.E.O. of Evercore, described Beattie as “very calm and very steely,” who never raised his voice but commanded corporate boardrooms all the same.
</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">
“Dick was always by our side,”
</span>
<span>
Henry Kravis of KKR told DealBook. He first met Beattie in 1969, and came to rely on the young lawyer for much of his deal-making. Beattie, for his part, quickly came to recognize the importance and potential of the nascent private equity business, and helped turn Simpson Thacher into a powerhouse adviser to the industry.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
(Kravis came to rely on Beattie as a friend as well. Beattie’s children babysat his own. And when the financier’s son Harrison died in a car accident at the family ranch in Colorado in 1991, Beattie flew out with him.)
</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">
Beattie did more than corporate work:
</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">
He left Simpson Thacher for several years to join the Carter administration, becoming general counsel for what was then known as the Department of Health, Education and Welfare. His focuses included civil rights work such as Title IX protections against sex-based discrimination. He later helped supervise the creation of the Department of Education as a separate agency.
</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">
He founded New Visions for Public Schools, a nonprofit devoted to improving New York public schools.
</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">
He also served on the board of Memorial Sloan Kettering hospital.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“He really, strongly believed that given all the good fortune he had, he owed it to those who were coming up and less fortunate,” Schlosstein 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>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Picture of the day
</span>
</h2>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="Spectators, including David Zaslav of Warner Bros. Discovery, and the actor Dustin Hoffman and his wife, Lisa, cheer at the finals of the French Open." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F09%252Fmultimedia%252F09db-zas-hjbf%252F09db-zas-hjbf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDk0Njk2NzguMDg0Nzg1N30:1uOays:cy_IwvTpJcHRrci09oqhn6iK4_qc0Pw8ZMFXHY-UH_E" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
</tr>
<tr>
<td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
Christophe Ena/Associated Press
</span>
</span>
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
Yesterday’s men’s finals of the French Open was a five-hour thriller, with Spain’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
Carlos Alcaraz outlasting Italy’s Jannik Sinner
</a>
<span style="font-style:italic">
. Spotted in the crowd were countless celebrities, designers and business moguls, including David Zaslav, lower left, the C.E.O. of Warner Bros. Discovery, who sat next to the actor Dustin Hoffman and his wife, Lisa.
</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>
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</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Is the I.P.O. market bouncing back?
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
President Trump’s return to the White House was widely expected to revive the I.P.O. market. But tariff anxiety and market turbulence prompted several companies, including
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
StubHub
</a>
<span>
and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Klarna
</a>
<span>
, to pause going public.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
While trade war uncertainty still weighs on companies and investors, the I.P.O. outlook is brightening.
</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">
Watch these names:
</span>
<span>
Klarna is still expected to go public this year, as are Discord, the chat app, and Figma, the software design company. The number of new listings as of June 5 is the highest since 2021, according to Renaissance Capital, a market data firm.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="A bar chart shows the rise and fall of I.P.O.s, dating back to 2019." class="css-xsf469" height="545" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F09%252Fbusiness%252F09db-chart%252F09db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDk0Njk2NzguMDg0ODg5N30:1uOays:uklb8mMghW704VTUsoPGvhBcOEHXuYum_bav8IxZl68" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“We’re seeing clear signs of momentum — not necessarily a surge,” Mike Bellin, who leads PwC’s U.S. I.P.O. consulting business, told DealBook.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But even with this momentum, Bellin said, “I.P.O. windows open and close very quickly.” Macroeconomic challenges and trade-war jitters, he added, “could cause the window to close again shortly.”
</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">
Circle’s I.P.O. is the latest sign of a shift.
</span>
<span>
The stablecoin company
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
went public
</a>
<span>
last week on the New York Stock Exchange, pricing at $31, above the expected range, and then the stock went up from there. CoreWeave, which rents computing power to crypto and A.I. companies, and eToro, an investing app, are also trading above their listing prices.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And now, Gemini, a crypto exchange founded by Cameron and Tyler Winklevoss, has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
filed to go public
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“All of it points to a very robust and active I.P.O. market on the horizon,” Matt Kennedy, a senior strategist at Renaissance Capital, told DealBook. “For real this time.”
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="30">
</td>
</tr>
<td style="padding:0;font-size:0;border-top:8px solid #000">
<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
THE SPEED READ
</span>
</h3>
</td>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Deals
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Qualcomm agreed to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
buy Alphawave
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, a British semiconductor company, for $2.4 billion. (Bloomberg)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Anglo American is reportedly planning 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">
formally put its De Beers division
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
up for sale, though bankers expect the diamonds giant to fetch far less than its $4.9 billion book value. (FT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Politics, policy and regulation
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“The stealth Senate dealmaker who
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
could deliver Trump’s tax cuts
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (Politico)
</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 Trump administration is said to be weighing 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">
broad canceling of federal funds for California
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, which would probably draw legal pushback from the state. (WaPo)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Best of the rest
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Mark Read will step down as the
</span>
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DealBook: “No intention of speaking to him.”
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