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   DealBook: Nvidianomics
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             August 14, 2025
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         <span style="font-style:italic">
          Good morning. Andrew here. The unusual arrangement between the White House, Nvidia and Advanced Micro Devices to collect 15 percent of the tech giants’ revenue on certain chips sold to China continues to raise eyebrows. We dive deeper into that — and look at how such an arrangement might expand to other companies, too. We also share some of your insightful takes on the debate.
         </span>
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          And don’t miss our rundown of who may be starring in what increasingly looks like a reality TV show that could be called “The Apprentice — Fed Edition,” as we assess the possible candidates for the next Fed chair. More below. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="President Trump is seen shaking hands with Nvidia’s Jensen Huang." class="css-3vswge" height="410" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F08%252F14%252Fmultimedia%252F14db-trump-huawei-khgz%252F14db-trump-huawei-khgz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTUxNzIxMjguMTE4ODYzNn0:1umWRs:ji9Jg83bGOWiUqY1eKCtz_vOWgXI2EIGgp7DViwW0FY" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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             The Trump administration’s unorthodox chips deal, struck recently with Jensen Huang of Nvidia, could serve as a model for other industries.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Leah Millis/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          ‘Rational industrial policy’?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Since Inauguration Day, C.E.O.s have made the pilgrimage to the White House to shake hands with President Trump on big-money deals — proof, he says, that “
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          America is back
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          .”
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the business world and Washington are still reeling over one pact in particular: Trump’s announcement this week granting the chipmakers Nvidia and Advanced Micro Devices
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          permission to resume selling
         </a>
         <span>
          some powerful semiconductors to Chinese companies in exchange for giving the U.S. government an expected 15 percent cut. The apparent green light
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          alarmed some China hawks and national security experts
         </a>
         <span>
          , who worry it could ultimately harm America’s tech industry, and the country.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Beyond that, DealBook and others
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          have asked
         </a>
         <span>
          , is this just a one-off business arrangement unique to the giants of the chips industry, or Trump’s new rules of global capitalism?
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          Think of it as both, Scott Bessent said.
         </span>
         <span>
          “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          I think we could see it in other industries over time
         </a>
         <span>
          ,” the Treasury secretary told Bloomberg TV yesterday. “I think right now, this is unique, but now that we have the model and the beta test, why not expand it?”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He played down security concerns, arguing that the chips in question — Nvidia’s H20 and AMD’s MI308 — were “levels down the chips stack.” He also said that “we would not sell any of the advanced chips.”
         </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 legality of granting a company export permissions in exchange for a piece of sales is unclear.
         </span>
         <span>
          At its worst, it is akin to a shakedown, some trade experts say.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “This isn’t rational industrial policy. This is intervention into who runs companies and threatening businesses with penalties if they don’t do what Trump says,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Ann Harrison
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         <span>
          , a former dean of the Haas School of Business at the University of California, Berkeley, told The Times. “He’s micromanaging.”
         </span>
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        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Andrew asked DealBook readers to weigh in this week. Here’s what a few of you had to say. (Some responses have been edited or condensed for clarity.)
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <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">
                “For years, the United States has been subsidizing various industries from aircraft to pharma. So now we see industries beginning to subsidize the U.S. government. This is just another way of continuing the blurring of business and government.” — Larry Gerston
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “What we have now is Cosa Nostra capitalism. This administration goes to where the money is and extorts it. If you don’t play by the rules, then you will suffer.” — Richard Ford
               </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 don’t think this is a new form of capitalism. However, it could signal a trend. Business is conforming to an unusual event in our history … to gain what its leaders believe will be a competitive advantage. Everyone in the room is a dealmaker thinking they are making a great deal for themselves.” — John Hurter
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
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           <td height="30">
           </td>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </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">
          A chips setback reportedly forces DeepSeek to delay its new artificial intelligence model.
         </span>
         <span>
          The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          technical complication
         </a>
         <span>
          stems from the Chinese chatbot maker’s decision to shift from using Nvidia’s semiconductors to the less-powerful Huawei Ascend processor, The Financial Times reports. The snag underscores the potential significance of America’s top chips to China’s A.I. sector, and how import curbs could loom large in trade talks with Beijing.
         </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">
          President Trump warns Moscow of “severe consequences” if it doesn’t agree to end the war in Ukraine.
         </span>
         <span>
          While
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          the president
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          changed his tone
         </a>
         <span>
          somewhat before his planned summit tomorrow in Alaska with President Vladimir Putin of Russia, he did not specify how he might try to persuade Moscow to halt its invasion of Ukraine. (He also appeared to downplay expectations for a breakthrough.) One of Trump’s objectives is to use the occasion to potentially swing a “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          quick second meeting
         </a>
         <span>
          ” involving the Ukrainian president, Volodymyr Zelensky.
         </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">
          Divisions grow over the Fed’s next move.
         </span>
         <span>
          Trump and Scott Bessent again called on the central bank to cut interest rates, with the Treasury secretary saying the benchmark lending rate “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          should probably be 150, 175 basis points lower
         </a>
         <span>
          .” But two members of the Fed,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Austan Goolsbee
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Raphael Bostic
         </a>
         <span>
          , said yesterday that they didn’t see the need for such aggressive moves with inflation high and the labor market robust, setting up more potential friction with the White House and investors.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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            <div style="width:100%;text-align:center;line-height:0">
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The swelling Fed short list
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The list of candidates to replace Jay Powell seems to be growing by the day.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Trump administration is reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          weighing nearly a dozen contenders
         </a>
         <span>
          for Powell’s Fed chair seat, according to CNBC, giving the selection process the look of an episode of “The Apprentice.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Treasury Secretary
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Scott Bessent
         </a>
         <span>
          , who has said he will handle the initial interviews before making his recommendations to President Trump, confirmed to Bloomberg TV yesterday that the field had grown to 10 or 11. Whoever emerges will have to contend with a weakening labor market, resurgent inflation
         </span>
         <span style="font-style:italic">
          and
         </span>
         <span>
          Trump’s repeated attacks on central bank independence.
         </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 seat is set to become vacant in May.
         </span>
         <span>
          But Trump said yesterday that he may announce his choice “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a little bit early
         </a>
         <span>
          ,” creating the prospect that a successor could play the role of a shadow chair seeking to undermine Powell’s messaging. Trump added that he was “down to three or four names.”
         </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">
          Wall Street names are making the cut.
         </span>
         <span>
          Trump, the longtime real estate mogul, has made it clear he wants the central bank to lower interest rates early and often. That’s created friction as Powell and his colleagues have held rates unchanged since December as they wait out the potential inflationary effects of Trump’s trade war.
         </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 front-runner break that deadlock?
         </span>
         <span>
          Here are some of the newly reported contenders:
         </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">
                David Zervos,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the chief market strategist at Jefferies, has argued that interest rates are too restrictive, and he downplayed the inflationary effects of tariffs
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                in a CNBC last week
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . He also appears to be aligned with Trump’s long-held view of the economic benefits of a weaker dollar, writing in a research note in May that a declining greenback would bolster the “U.S. exceptionalism trade” — also known as the buy America trade.
               </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">
                Rick Rieder,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                a
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                chief investment officer for BlackRock, recently argued that
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                lower interest rates
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                could turbocharge growth. A potential plus: He’s made frequent appearances on television, and regularly expresses bullish views on the markets.
               </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">
                James Bullard,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the former president of the St. Louis Fed, left central banking in 2023 to become dean of Purdue University’s business school. “I don’t really think tariffs cause inflation,” he
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                told CNBC this week
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . If he were to get the job as Fed chair, he 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">
                aim to break up “group think”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at the central bank, Bullard told Bloomberg TV yesterday.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in the mix
         </a>
         <span>
          are
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Christopher Waller, a Fed governor appointed by Trump who has voted for lower rates; Kevin Hassett, a close adviser to Trump, and Kevin Warsh, a former Fed governor. Trump last week told CNBC that “both Kevins are very good.” (Both Hassett and Warsh have called for rate cuts.)
         </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">
          Betting markets give Waller the edge.
         </span>
         <span>
          His odds this morning hovered around
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          28 percent on Kalshi
         </a>
         <span>
          , the popular prediction market platform. But Zervos and Bullard appear to be gaining ground, potentially closing in on Warsh to crack the top three.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In related news: Stephen Miran, Trump’s choice to temporarily fill a vacant seat on the Fed board,
               </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 not stay on
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                after the seat’s term finishes at the end of January, Bessent said. Miran would still need Senate confirmation.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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>
          “It’s hard to get 30 people for a corporate dinner to come to a plant-based restaurant.”
         </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">
          Daniel Humm
         </a>
         <span style="font-style:italic">
          , the chef of Eleven Madison Park, on his decision to bring meat back to the menu as some bookings declined. More than four years ago, the Michelin-starred restaurant jolted the fine-dining universe when it decided to go meatless in a climate-friendly move.
         </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="A white aircraft with propellers facing skyward is on the ground near water." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F08%252F14%252Fmultimedia%252F14db-joby-mwcz%252F14db-joby-mwcz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTUxNzIxMjguMTIwMzI4Mn0:1umWRs:YFDOiHAsBkJ4CXSaLj6dDCR3XSFqmQahKUJdCpYEInI" 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">
              The regulatory runway for air taxis seems to finally be clearing.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Earl Wilson/The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Ready for takeoff?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For more than a decade, investment has poured into electric vertical takeoff and landing (eVTOL) aircraft, but the dream of such battery-powered “air taxis” that cut commute times and transport cargo has been mired in red tape. Now, as the White House vows to clear the regulatory runway, the sector looks poised to finally take off, Ian Frisch reports for DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “A lot of the pieces are falling into place,” said Sergio Cecutta, a partner at SMG Consulting, who advises eVTOL makers.
         </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 of the biggest eVTOL manufacturers just signaled its confidence
         </span>
         <span>
          . Called Joby Aviation, it announced a deal last week to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          purchase Blade Air Mobility
         </a>
         <span>
          , a New York-based passenger helicopter company, for up to $125 million.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Blade’s routes include the sort of short-distance jaunts best suited for Joby’s aircrafts, whose maximum travel distance is roughly 150 miles. Joby says it can ferry passengers to Kennedy Airport in Queens from Manhattan in seven minutes.
         </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">
          NASA first conceptualized eVTOLs in 2009
         </span>
         <span>
          , but many start-ups that pursued the technology failed amid regulatory pushback. (The aircraft are not quite helicopters and not quite airplanes, so new regulations have to be written from scratch.)
         </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">
          President Trump has signaled that he wants to remove that barrier.
         </span>
         <span>
          In June, he
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          signed an executive order
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          that directed the transportation secretary and the Federal Aviation Administration to establish an eVTOL pilot program to “accelerate the deployment of safe and lawful eVTOL operations in the United States.” Under its framework, eVTOLs could start operating by the end of 2026.
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          But big obstacles remain.
         </span>
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          Aside from dealing with regulatory limbo, eVTOL operators must contend with infrastructure availability (launch-and-land pads currently exist only in bigger cities, and building more elsewhere will be costly) and convince residents who are already jaded by helicopter noise that eVTOLs are different (they are nearly silent at a cruising altitude of 1,000 feet).
         </span>
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          Most important, companies will have to stay solvent until mass adoption and profitability. “Some of the most advanced companies are burning $400 to $500 million a year,” Cecutta said. “And that’s only going to get worse once they are up and running.”
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            <span>
             THE SPEED READ
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The I.P.O. win streak continues for now with shares in Bullish, the Peter Thiel-backed crypto exchange,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                soaring roughly 84 percent yesterday
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in its trading debut. (WSJ)
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              </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">
                Mistral AI
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                is reportedly wooing Middle East investors, including Saudi Arabia’s Public Investment Fund, for backing. Separately, the Saudi fund has taken a roughly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $8 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                write-down tied to its stake in the kingdom’s gigaprojects. (Sifted, FT)
               </span>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
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                “Behind Wall Street’s
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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">
                Abrupt Flip on Crypto
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
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          Politics, policy and regulation
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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">
                Letitia James
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , New York’s attorney general, has sued the operator of Zelle, accusing its payments network of enabling widespread fraud that cost users more than $1 billion. (CNBC)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Trump Order Seeks 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">
                Cut Regulations for Space Industry
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
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          Best of the rest
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                “Inside Silicon Valley’s Growing
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Obsession With Having Smarter Babies
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
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              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
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                Universities in Asia have been trying to lure the world’s top minds for years. President Trump’s clashes with U.S. academia are
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                bolstering their recruitment efforts
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT)
               </span>
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