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Good morning. Andrew here. There’s a lot going on today, starting with Bitcoin. Its price has jumped to a record, topping $120,000 per coin. We explain what’s going on.
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We’re also looking at what increasingly looks like a game of chicken over tariffs as President Trump has declared new levels on Mexico and the E.U. if a deal isn’t struck by Aug 1. And earnings season takes off this week. We’ve got a rundown of what to look for as the numbers roll in. (Was this newsletter forwarded to you?
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Bitcoin and other cryptocurrencies are soaring, and backers have suggested that President Trump deserves much of the credit.
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Kevin Wurm/Reuters
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Bitcoin bulls
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Bitcoin’s march to new heights is going strong: It is trading above $122,000 this morning, having more than doubled year on year. (Among other things, that’s made Satoshi Nakamoto, the token’s pseudonymous creator,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
one of the wealthiest people on the planet
</a>
<span>
.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The steep rise of Bitcoin, the biggest cryptocurrency around, is further testament to the industry’s good fortunes in the Trump era. That could continue as the House — where leading Republicans have nicknamed this week “crypto week” — is set to take up legislation aimed at making America a haven for digital currency.
</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 the House is considering:
</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
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
GENIUS Act
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, which seeks to regulate so-called stablecoins and which the Senate has already passed;
</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
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
Digital Asset Market Clarity Act
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, which is meant to outline a clear system for regulating cryptocurrencies, including by defining the roles of the Commodity Futures Trading Commission and the S.E.C. in overseeing digital tokens;
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
And the
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
Anti-CBDC Surveillance State Act
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, which would forbid the Fed to create its own digital currency.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Republicans say that their efforts are aimed at nurturing a fast-growing industry, one that faced strict scrutiny under the Biden administration. “We are taking historic steps to ensure the United States remains the world’s leader in innovation,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Representative French Hill
</a>
<span>
of Arkansas, the chair of the House financial services committee, said in a statement.
</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">
Such an endorsement is powering the run of Bitcoin,
</span>
<span>
as well as of other digital currencies like ether, XRP and Solana, as mainstream investors and institutions rush to get a piece of the action. Bloomberg notes that U.S. Bitcoin exchange-traded funds had
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
more than $2.7 billion in inflows
</a>
<span>
last week, one of their best periods of performance since they debuted last year.
</span>
</p>
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<div style="width:100%;text-align:center;line-height:0">
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</table>
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<td style="text-align:center">
<img alt="A line chart shows the performance of Bitcoin since U.S. Election Day, in November." class="css-xsf469" height="598" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F07%252F14%252Fbusiness%252F14db-bitcoin%252F14db-bitcoin-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTI0OTU2MzguMzIxNDYwN30:1ubIAg:hmFNkWSejv23KkYUAker-8W_l1Xv2tCKS_5oxgbaF0E" 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 style="font-weight:700;font-family:arial,sans-serif;color:#000">
Skepticism about crypto remains, however.
</span>
<span>
The industry strongly backed President Trump and Republicans in last year’s elections, and critics say it is now enjoying the rewards for
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
its political bet
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Some Democrats have also criticized crypto ventures by Trump and his family, which have minted them
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
huge
</a>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
fortunes
</a>
<span>
, at least on paper. (There’s also the question of potential conflicts of interest and untoward influence made possible by these ventures: The Nation took a close look at the mystery behind a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
big investor in a Trump-affiliated crypto token.
</a>
<span>
)
</span>
</p>
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<tbody>
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</td>
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<div style="width:100%;text-align:center;line-height:0">
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“These bills would make Congress complicit in Trump’s unprecedented crypto scam,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Representative Maxine Waters
</a>
<span>
of California, the top Democrat on the House financial services committee, said in a statement.
</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">
Some expect crypto to keep rising regardless.
</span>
<span>
“Recent U.S. policy developments such as fiscal expansion and expectations of further monetary easing have created a backdrop that is undeniably favorable for Bitcoin,” Nicolai Sondergaard, an analyst at Nansen, told Bloomberg.
</span>
</p>
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<tbody>
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</td>
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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">
Trump administration officials continue to attack the Fed.
</span>
<span>
Futures traders this morning see little chance of a rate cut later this month, but President Trump hasn’t let up on pressure to get the Fed to quickly lower borrowing costs. Federal officials have started emphasizing another line of attack on Jay Powell, the central bank’s current leader: suggesting that Powell lied to Congress about
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
renovations of the Fed’s headquarters
</a>
<span>
, which could be grounds for his removal.
</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 raft of economic data will be in focus this week.
</span>
<span>
The releases of
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
the latest Consumer Price Index (tomorrow) and the Producer Price Index (Wednesday) should give investors more clues about the potential inflationary effects of Trump’s trade war. Also worth keeping an eye out for are the releases of the Fed’s Beige Book report (Wednesday) and the University of Michigan’s monthly survey of consumer sentiment (Friday).
</span>
</p>
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<div style="width:100%;text-align:center;line-height:0">
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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">
Meta goes on trial in Delaware.
</span>
<span>
The tech giant, which owns Facebook and Instagram, is facing accusations by three small shareholders who
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
accuse its board of mismanagement
</a>
<span>
over billions of dollars in fines the company paid out over data breaches. The trial, which is scheduled to begin on Wednesday, is set to feature testimony from big names including Mark Zuckerberg; Sheryl Sandberg, Meta’s former C.O.O.; and the venture capitalist Marc Andreessen, a director and longtime investor.
</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">
“Superman” gives Warner Bros. a much-needed hit.
</span>
<span>
The superhero’s return to the big screen
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
topped the weekend’s box office
</a>
<span>
with an estimated worldwide gross of $217 million. The movie’s strong performance provides more ballast for Warner Bros., which has struggled in recent years and faces an uncertain future as its parent company, Warner Bros. Discovery, prepares to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
split itself in two
</a>
<span>
.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
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<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
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</td>
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</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Pricing in trade risk
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Investors appear to be preparing for at least the possibility of a worst-case outcome in President Trump’s trade war.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Global markets were down again today after the president threatened the European Union and Mexico, two of the U.S.’ biggest trading partners, with
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
30 percent tariffs
</a>
<span>
starting Aug. 1 if they don’t reach new trade agreements by then.
</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 bullish take:
</span>
<span>
Despite Trump’s threats,
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
the MSCI All Country World Index, a benchmark for global stocks, is just shy of a record. Investors may be anticipating a strong start to earnings season, which has been a catalyst for previous rallies. (More on that below.) Or they may be betting that Trump will again back down from his tariff threats.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Brussels so far has emphasized negotiations with the U.S. rather than potential retaliation. “We have always been clear that we prefer a negotiated solution,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Ursula von der Leyen
</a>
<span>
, the president of the European Commission, the bloc’s executive arm, told reporters yesterday.
</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 bearish view:
</span>
<span>
The U.S. and the E.U. do roughly
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
$2 trillion in trade annually
</a>
<span>
. Even if Trump doesn’t impose a full 30 percent tax on European imports, rates will go up by some amount, driving up prices and crimping growth.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And economists caution that drawn-out negotiations have their own cost. “Even if negotiations ultimately avert the highest new tariffs, the longer it takes to get there, the more economic damage will already accumulate” as businesses put off investments and households rethink purchases, Salomon Fiedler, an economist at Berenberg, wrote in a research note this morning.
</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">
Negotiators’ work continues on a less U.S.-centric global trade system.
</span>
<span>
After all, trading partners have tried a variety of tactics with Trump, including friendlier and more combative ones, with
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
little to show for their efforts
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The E.U. is trying to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
cultivate stronger ties with Asian countries
</a>
<span>
, including with Indonesia, which also could face a major hit from Trump’s tariffs. And
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Anwar Ibrahim
</a>
<span>
, Malaysia’s prime minister, told a gathering of Southeast Asian leaders last week: “As we navigate external pressures, we need to fortify our foundations. Trade among ourselves. Invest more in one another.”
</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 the markets force Trump to retreat, again?
</span>
<span>
Last week, the dollar edged higher and sovereign bonds slumped in Europe and the U.S. as the Trump administration made its latest tariff threats. This morning, the yield on the 10-year Treasury note, which underpins borrowing costs for consumers and businesses, rose to near a one-month high at 4.43 percent. Bondholders appear to be concerned about the trade war’s economic fallout and whether it may force the Fed into a lengthy holding pattern on interest rates.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In April, jitters in the bond market forced Trump to back down on his first round of tariff threats. Analysts are closely watching to see if bond vigilantes might sway him again.
</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>
“I view Stanford and M.I.T. as mainly political lobbying operations fighting American innovation at this point.”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
—
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
Marc Andreessen
</a>
<span style="font-style:italic">
, the venture capitalist, in private group chats that included White House officials and other tech leaders, according to The Washington Post. Andreessen’s contributions to the chats included criticism of top American universities, which he said focused on matters like increasing diversity over advancing technology.
</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>
A crucial earnings season on tap
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Even though President Trump’s trade war is kicking into high gear, stocks are near record highs — and some on Wall Street think
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
the rally isn’t over
</a>
<span>
. Much of that will depend on companies’ weathering the tariff turmoil, making this earnings season a pivotal one.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Some of America’s biggest banks, including JPMorgan Chase and Wells Fargo, report quarterly results tomorrow, updates that should offer an important glimpse of the state of households and businesses. Netflix, Johnson & Johnson and United Airlines go later this week.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
A recap:
</span>
<span>
The S&P 500 had a strong comeback after falling
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
into a tariff-driven correction
</a>
<span>
. First-quarter earnings were generally solid. Companies from Meta to Dollar General beat the market, helping fuel the rebound.
</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">
Companies face a higher bar now.
</span>
<span>
S&P 500 companies are expected to post their
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
worst quarterly profit gains
</a>
<span>
since the fourth quarter of 2023, according to FactSet. Investors are expected to pay careful attention to corporate guidance and executives’ takes on consumer 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">
Two themes to watch:
</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">
Tariffs:
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
So far, the full fallout has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
not appeared in inflation data
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. “And so the question is, where is it going to show up?” Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management, told DealBook. “Is it going to show up in corporate margins?”
</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">
Consumers:
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Their spending, which accounts for more than two-thirds of U.S. economic activity, has held up in recent quarters. But executives at bellwether companies such as McDonald’s and Starbucks have warned 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">
signs of strain
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, especially among the less affluent. Is that a blip, or something more worrying?
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The full hit from tariffs on margins and pricing most likely won’t show up until the second half of the year, economists say. “It does put more reliance on guidance” and what companies intend to do with prices, Kevin Gordon, a senior investment strategist at Charles Schwab, told DealBook.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That said, executives may offer little clarity, especially with trade talks
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
still ongoing
</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">
Reason for optimism?
</span>
<span>
Last week, Delta reported a bigger quarterly profit than expected, citing an
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
improving outlook for travel
</a>
<span>
as consumers and businesses regain economic confidence. “I do think the consumer is doing much better than expected,” Adam Turnquist, the chief technical strategist at LPL Financial, told DealBook.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The big question: Do C.E.O.s share that view?
</span>
</p>
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</td>
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We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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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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</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">
Elon Musk suggested that Tesla shareholders
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
may get a vote
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
on whether to invest in xAI, his artificial intelligence start-up, as SpaceX is reportedly set to buy 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">
$2 billion stake
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in the venture. (Bloomberg, WSJ)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Andrew Ferguson
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, the F.T.C. chair, has more in common with his predecessor in the Biden administration, Lina Khan, than Wall Street had expected. (Bloomberg)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
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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>
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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">
“Drones Are Key to Winning Wars Now.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
The U.S. Makes Hardly Any
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
.” (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">
McKinsey researchers blame a slowdown in hiring in Britain
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
on artificial intelligence
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (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">
A.I.’s potential for social transformation explains why 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">
Vatican is keeping a close eye on the technology
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (FT Opinion)
</span>
</li>
</ul>
</td>
</tr>
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</table>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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Best of the rest
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</p>
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<table>
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<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">
Berkshire Hathaway has underperformed the S&P 500 recently. Does it have anything to do
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
with Warren Buffett’s pending retirement
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
? (Business Insider)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
This influencer claims he’s the “sports betting king.” Other gamblers say
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
he can’t be what he seems.
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
(NYT)
</span>
</li>
</ul>
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Andrew Ross Sorkin
</a>
<span>
, Founder/Editor-at-Large, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@andrewrsorkin
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Bernhard Warner
</a>
<span>
, Senior Editor, Rome
</span>
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@BernhardWarner
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Sarah Kessler
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<span>
, Deputy Editor, Chicago
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