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   DealBook: Nvidia to the rescue?
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   Also, C.E.O.s seek deals with Saudi Arabia.
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             November 20, 2025
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         <span style="font-style:italic">
          Good morning. Andrew here. So the A.I. boom continues, thanks to Nvidia and remarkable demand for its chips. “There’s been a lot of talk about an A.I. bubble,” Jensen Huang, the company’s C.E.O., said yesterday. “From our vantage point, we see something very different.”
         </span>
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         <span style="font-style:italic">
          With Mohammed bin Salman, the Saudi crown prince, in Washington this week, we’ve got a look at a bevy of deals the kingdom is making with U.S. companies — and its increasingly complicated economics. And so many of you sent your thoughts after I asked about America’s selective view about “character” after revelations about Larry Summers and his association with Jeffrey Epstein. Summers is now stepping back from teaching at Harvard as it investigates those ties. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="Jensen Huang, Nvidia’s C.E.O., is seen seated in a dark suit looking forward." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F11%252F20%252Fmultimedia%252F20db-huang-bjpz%252F20db-huang-bjpz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjM2NDMzNTkuNDQ3OTE5MX0:1vM4Cd:fx5S_OzJqzFSccTMQdFdQecM2OOE3nvBtWjVvJfSi1A" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             Jensen Huang, Nvidia’s C.E.O., told jittery investors that he sees no sign of an A.I. bubble.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Win Mcnamee/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>
          Rebooting the A.I. rally
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Global stocks are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rallying this morning
         </a>
         <span>
          , bolstered by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          knockout quarterly results
         </a>
         <span>
          from Nvidia, the chipmaker at the center of the artificial intelligence boom.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That doesn’t entirely resolve investor questions about the future of tech companies’ billion-dollar A.I. bets, Bernhard Warner reports.
         </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">
          Nvidia’s results have “pushed out any bubble fears for another day,”
         </span>
         <span>
          Jim Reid, a Deutsche Bank strategist, wrote in an investor note this morning. In discussing Nvidia’s blockbuster earnings,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Jensen Huang
         </a>
         <span>
          , the company’s C.E.O., went further. “There has been a lot of talk about an A.I. bubble,” he told analysts yesterday. “From our vantage point, we see something very different.”
         </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 numbers:
         </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">
                S&amp;P 500 futures are climbing, with shares of Nvidia up more than 5 percent in premarket trading. Even stocks that have tumbled in recent weeks on A.I. fears, including those of CoreWeave, Nebius and Oracle, are in the green.
               </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 are other signs of renewed confidence on Wall Street: The CBOE Volatility Index, or VIX, has fallen, while crypto prices are rebounding.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Nvidia reported $31.9 billion in profit and $57 billion in revenues last quarter, outpacing analyst estimates.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Nvidia’s financial forecasts — including $65 billion in sales this quarter — also topped estimates.
               </span>
              </li>
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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">
          Looking ahead:
         </span>
         <span>
          Colette Kress, Nvidia’s C.F.O., said that the company had secured $500 billion in sales commitments for its high-end Blackwell and Rubin chips through next year, suggesting continuing strong demand for its processors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Huang added that Nvidia has worked with supply partners to ensure it can meet “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          off-the-charts
         </a>
         <span>
          ” demand for its Blackwell chips. (Supply worries were
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a major investor concern
         </a>
         <span>
          a year ago.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But challenges remain.
         </span>
         <span>
          The Times reports that about 90 percent of A.I. projects run on Nvidia processors. But several major customers, including Alphabet, Amazon, Meta and Microsoft, have been investing in in-house chips to reduce their reliance on Nvidia.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Export restrictions to China have also hurt Nvidia’s sales in what had been an important market. Huang told Bloomberg Television that while he’s trying to get those curbs lowered,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “we should assume zero
         </a>
         <span>
          ” sales of chips for Chinese data centers.
         </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">
          Nvidia also faces questions about its investment spree.
         </span>
         <span>
          The company has pledged billions of dollars to A.I. companies like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          OpenAI
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Mistral
         </a>
         <span>
          and, more recently,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Anthropic
         </a>
         <span>
          . Such transactions are meant to bolster the A.I. ecosystem — but also appear meant to further hook customers on Nvidia chips.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Are those genuine equity investments?” Lisa Shalett, the chief investment officer at Morgan Stanley Wealth Management, told DealBook. “Or are those infusions of capital that smack of vendor financing?”
         </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>
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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">
          Markets brace for the resumption of government jobs data.
         </span>
         <span>
          Today, the Bureau of Labor of Statistics is set to finally publish the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          September jobs report
         </a>
         <span>
          , which was delayed by the federal shutdown. The return of B.L.S. economic indicators will come as a relief to those who rely on them for important decisions, including Fed policymakers. But the Labor Department warned that part of the October jobs report would be packaged with the November readout scheduled for release next month — and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          some data will simply be lost
         </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">
          Larry Summers will step back from teaching duties at Harvard.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The move
         </a>
         <span>
          by the former Treasury secretary comes as the school investigates new revelations about his ties to Jeffrey Epstein and follows his resignation from OpenAI’s board. Separately, President Trump
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          signed a bill
         </a>
         <span>
          compelling the release of the government’s Epstein files, though significant loopholes in the legislation may mean that many individuals stay confidential.
         </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 White House reportedly prepares to crack down on state A.I. regulations.
         </span>
         <span>
          Trump administration officials are drafting an executive order that would direct government agencies to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          challenge state laws
         </a>
         <span>
          imposing restrictions on artificial intelligence companies, according to Politico. Such an effort underscores the growing tension between Washington and state capitals over how to police 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">
          Trump and Mayor-elect Zohran Mamdani will meet tomorrow.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The White House event
         </a>
         <span>
          will be the first time Trump meets New York City’s incoming leader. Mamdani ran in part on his willingness to challenge the president, while Trump has derided the democratic socialist. In other news, Mamdani said that he would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          keep Jessica Tisch on
         </a>
         <span>
          as police commissioner, retaining a top city official who is popular with business leaders.
         </span>
        </p>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The money keeps flowing to Saudi Arabia
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump’s warm welcome to Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler, at the White House was only the first sign this week of deepening ties between Washington and Riyadh.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          C.E.O.s flocked to a White House dinner held for Prince Mohammed and descended upon an investment forum stocked with boldfaced names. The objective: strike deals with the kingdom.
         </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">
          Many corporate leaders remained in Washington to pursue Saudi business.
         </span>
         <span>
          The
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          attendees at the U.S.-Saudi Investment Forum at the Kennedy Center yesterday included Jensen Huang of Nvidia; Steve Schwarzman of Blackstone; Marc Benioff of Salesforce; Alex Karp of Palantir; and Dina Powell of BDT &amp; MSD Partners.
         </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">
          “We can do deals here,”
         </span>
         <span>
          John Kelly, the chair and chief technology officer of Global AI, which provides computing infrastructure for artificial intelligence services, told The Times’s Lauren Hirsch. Indeed, the Saudi Ministry of Investment said yesterday that the two countries had pledged more than $575 billion in deals.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Among those announced yesterday:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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          <tbody>
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             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Elon Musk’s xAI said it would
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                partner with Humain
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a state-backed Saudi A.I. company, to build what would be its largest data center outside the U.S. in the kingdom.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Humain also said it had reached deals with Nvidia and Amazon to put up to 150,000 high-end A.I. chips in data centers in Riyadh. It’s also working with Blackstone, Cisco, AMD and Global AI to further develop A.I. infrastructure.
               </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>
          And David Ellison, the Paramount chief working on a takeover offer for Warner Bros. Discovery, has been trying to drum up cash from the Saudis for his bid.
         </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 openly praised the deal-making.
         </span>
         <span>
          “You’ve done such a good job,” he told Huang of Nvidia at yesterday’s event, asking him to stand for applause from the audience.
         </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 big question: How many of these deals will come to pass?
         </span>
         <span>
          The Public Investment Fund, Saudi Arabia’s nearly $1 trillion sovereign wealth fund,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          is increasingly low on cash
         </a>
         <span>
          , The Times’s Rob Copeland and Vivian Nereim report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Most of fund’s financial firepower is tied up in illiquid assets — including white elephant projects like Neom, a futuristic city concept, that are over budget and behind schedule. Representatives have begun telling international investors that they’re all but unable to allocate money for the foreseeable future, according to The Times.
         </span>
        </p>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Seen and heard, retail edition
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yes, there is still an economy outside the A.I. ecosystem. Earnings results from major retailers this week laid bare how consumer uncertainty is causing turbulence for U.S. businesses.
         </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">
          Just in:
         </span>
         <span>
          Walmart reported
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          better-than-expected quarterly results
         </a>
         <span>
          and raised its profit and sales forecast. But its shares fell in premarket trading.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here’s what a few of the biggest companies in the sector had to say:
         </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">
          Home Depot:
         </span>
         <span>
          The big-box retailer reported lower-than-expected comparable sales growth and cut its full-year earnings outlook. Home Depot attributed its sales slump to a housing market funk that is driving consumers to delay home improvement projects.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Our customers are homeowners,” Richard McPhail, its C.F.O., said on Tuesday. “They are seeing home prices now decline in more markets than rising.”
         </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">
          Lowe’s:
         </span>
         <span>
          Home Depot’s rival also fell slightly short of Wall Street’s revenue expectations. Lowe’s leadership shared its own doubts about the macro environment.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Affordability and uncertainty in the broader economy continue to weigh on consumer confidence,” Marvin Ellison, Lowe’s C.E.O., said during its earnings call on Wednesday.
         </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">
          Target:
         </span>
         <span>
          The retail giant’s third-quarter sales fell 1.5 percent year on year, and the company lowered its profit guidance. “We know consumers remain cautious,” Rick Gomez, Target’s chief commercial officer, told analysts.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Target’s troubles are bigger than the economic environment, with the company’s shares down around 35 percent year to date. On the earnings call, Target’s incoming C.E.O., Michael Fiddelke, who will take the reins in February, outlined his plans to turn sales around through a $5 billion investment in new stores and an improved shopping experience.
         </span>
        </p>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “The only thing Scott’s blowing it on is the Fed, because the Fed — the rates are too high, Scott. And if you don’t get it fixed fast, I’m going to fire your ass.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          President Trump
         </a>
         <span style="font-style:italic">
          , on his frustration with the central bank’s speed in cutting interest rates, and with Treasury Secretary Scott Bessent’s inability to change that. Minutes released yesterday from Fed policymakers’ meeting last month show that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          “many” officials
         </a>
         <span style="font-style:italic">
          opposed lowering borrowing costs again at their meeting in December. Traders this morning are penciling in the odds of a rate cut at 25 percent, down from more than 90 percent three weeks ago.
         </span>
        </p>
        <table width="100%">
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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>
          Your thoughts on “disqualifying behavior”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This week, Larry Summers, the former Treasury secretary, said he would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          step back from public commitments
         </a>
         <span>
          after the release of emails between him and Jeffrey Epstein.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Andrew pointed out
         </a>
         <span>
          the different reactions to the revelations about Summers and to the Trump administration’s embrace of Mohammed bin Salman, the Saudi crown prince who U.S. intelligence determined had ordered the killing of the Washington Post columnist Jamal Khashoggi.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “What does this split-screen tell us about the importance of character?” Andrew asked. “Has the definition of ‘disqualifying behavior’ fundamentally changed, or just become more selective?” Here’s what you said. (Responses have been condensed and edited for clarity.)
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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          <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">
                “It feels less like disqualifying behavior is being rejected and more like it’s being selectively overlooked. People and institutions seem to weigh morality against convenience and decide who deserves accountability based on alignment or influence rather than principle.”
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                — Whitney Barca
               </span>
              </li>
             </ul>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “I am too young to know (only 22), but I have seen videos online of previous presidential debates where the two candidates respectfully debate each other on their ideas and policies, rather than resorting to personal attacks. Something like this happening in the foreseeable future seems almost impossible to me.”
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                — Alex Miele
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “I ran a children’s mental health organization for a long time. This notion of disqualifying adult behavior is interesting to play with intellectually, but I’ll tell you that it’s anything but an intellectual exercise when it comes to how kids understand the rules. I once saw a court-ordered 15-year-old who told me that rules don’t matter to him because they don’t apply to virtually any of the adults he knows. Not a good message.”
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                — James Levine
               </span>
              </li>
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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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          Deals
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                Paramount Skydance, Comcast and Netflix are said to be fine-tuning their
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                takeover offers for Warner Bros. Discovery
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as first-round bids are expected today. (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">
                Kraken, the crypto exchange, has said it 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">
                confidentially filed for an I.P.O.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , testing investor demand amid a pullback in digital tokens. (Reuters)
               </span>
              </li>
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          Politics, policy and regulation
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                The Trump administration’s
               </span>
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                $20 billion financial lifeline to Argentina
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                helped some hedge funds net big profits. (FT)
               </span>
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                Several Republican lawmakers
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                appear skeptical
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                of President Trump’s $2,000 tariff rebate checks. The administration hopes recipients
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                won’t spend them
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the Treasury secretary said. (WSJ, Axios)
               </span>
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          Best of the rest
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                The artificial intelligence boom is helping to revive San Francisco’s economy. But
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                poverty levels in the Bay Area are still rising
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                . (WaPo)
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                “Can
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                Chinese-Made Buses Be Hacked
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ? Norway Drove One Down a Mine to Find Out” (WSJ)
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