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   DealBook: OpenAI and A.I.’s resource war
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   Also, Apple’s incoming C.E.O. speaks.
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             May 1, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          conversation we began
         </a>
         <span>
          yesterday about Anthropic’s potential computing constraints is continuing, as OpenAI unveils a new model that supporters say doesn’t suffer from a lack of resources. We look at what that might mean for businesses, customers and national security.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also, Apple blew away earnings expectations. But as it faces questions about its A.I. strategy, the company announced a new plan that could give it more cash to invest in the technology. More below. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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            <img alt="Sam Altman of OpenAI, in a dark suit and blue shirt and tie, seen through a courthouse window." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F01%252Fmultimedia%252F01db-altman-oai-fcbj%252F01db-altman-oai-fcbj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzc2MzcxMjkuNzM0NTczMX0:1wImcb:Whm1TX5Tbua3Zcx4jyl9HR5_N1pT15cbFm4G7PvCJ_U" 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">
             Sam Altman, right, has suggested that OpenAI, when releasing its latest A.I. model, would take a different approach than its rival, Anthropic, did.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Brennan Smart for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The compute question
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Earlier this week, many in the technology industry were asking whether OpenAI was in danger of falling behind in the artificial intelligence race. But the release of the company’s new model may change its fortunes — and is contributing to a wider debate about the importance of computing resources.
         </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">
          Meet GPT-5.5-Cyber.
         </span>
         <span>
          The mouthful of a name is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          OpenAI’s newest cybersecurity model
         </a>
         <span>
          , which Sam Altman, the company’s C.E.O., said yesterday would be released to “critical cyber defenders” in a few days.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Altman said OpenAI would work “with the entire ecosystem and the government” to figure out how to quickly roll out wider access for the model in the name of safeguarding global computing systems. “We want to rapidly help secure companies/infrastructure,” he added.
         </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">
          It was an implicit rebuke to his rival Anthropic,
         </span>
         <span>
          even as Altman is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          doing something similar
         </a>
         <span>
          . Anthropic has restricted access to its Claude Mythos Preview model to several dozen companies and a growing number of U.S. federal agencies, arguing that Mythos’s ability to ferret out cybersecurity threats was a potential weapon that could be easily abused.
         </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">
          David Sacks cited GPT-5.5-Cyber in a different critique of Anthropic.
         </span>
         <span>
          Sacks, the venture capitalist who served as A.I. czar in the current Trump administration,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wrote on social media
         </a>
         <span>
          that GPT-5.5-Cyber “appears not to be token constrained,” unlike Mythos. (Worth noting: Sacks has a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          long-running beef with Anthropic
         </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">
          Lack of computing power is becoming a big topic of discussion.
         </span>
         <span>
          The Wall Street Journal reported this week that the Trump administration was worried that Anthropic
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          might not have enough resources
         </a>
         <span>
          to adequately power Mythos for both corporate and government users.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some users have already accused Anthropic of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          quietly downgrading the performance
         </a>
         <span>
          of its Claude chatbot to conserve compute resources. (An Anthropic executive said the company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          publicly disclosed the change
         </a>
         <span>
          .)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          OpenAI, which has been scrutinized for its sky-high investment plans for data centers, has said that running out of compute would be disastrous. Anthropic has criticized OpenAI’s approach, but is also planning major spending on A.I. infrastructure.
         </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">
          Is this enough to change the outlook for OpenAI?
         </span>
         <span>
          It has reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          missed internal business targets
         </a>
         <span>
          as many corporate customers have switched to Anthropic, citing better performance from its tools.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But if the new OpenAI model has caught up in performance, and users now worry about computing resource constraints, Altman’s company may have gotten a new chance to retake the lead in the A.I. race.
         </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">
                In other A.I. news: Elon Musk suggested on the witness stand in the OpenAI trial yesterday that his xAI had
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                “partly” trained its models
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on OpenAI’s via a controversial practice known as distillation.
               </span>
              </li>
             </ul>
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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">
          Berkshire Hathaway prepares for its first annual meeting of the Greg Abel era.
         </span>
         <span>
          Abel, who succeeded Warren Buffett as C.E.O. this year, will preside over an event that has long been called “Woodstock for capitalists,” though attendance looks like it will be
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          down slightly this year
         </a>
         <span>
          . Investors will want to know how Abel
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          plans to lift Berkshire’s moribund stock price
         </a>
         <span>
          and how he might spend some of the company’s $373 billion in cash.
         </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 U.S. economy grows, despite a surge in energy prices.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          G.D.P. grew 2 percent
         </a>
         <span>
          in the first three months of the year, suggesting that private investment — especially on artificial intelligence infrastructure — consumer spending and government expenditures remained in solid shape before the war with Iran and in its first weeks. But economists think
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          persistently higher fuel prices
         </a>
         <span>
          , with the average national gas price
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          nearing $4.40 a gallon
         </a>
         <span>
          , could curb 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">
          Oil giants’ profits climb in the early days of the war with Iran.
         </span>
         <span>
          Exxon Mobil and Chevron both
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          beat analyst expectations
         </a>
         <span>
          for their first-quarter earnings, benefiting from higher prices for oil and natural gas in the early days of the fighting. (They both took hits from an accounting quirk
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          related to hedging contracts
         </a>
         <span>
          .) Analysts expect the companies to continue to benefit from elevated energy prices, despite production outages related to the 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">
          Senators bar themselves from trading on prediction markets.
         </span>
         <span>
          The Senate voted unanimously to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          immediately forbid lawmakers and their staff
         </a>
         <span>
          from betting on the platforms, amid growing concern that insiders have used information about classified government operations to profit from wagers on military actions in Venezuela and the Middle East. Congress has also long faced criticism over lawmaker investments in stocks.
         </span>
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              Brandon Bell/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>
          The test for Apple’s next C.E.O.
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          John Ternus made his first public comments as Apple’s incoming C.E.O. yesterday,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          during the company’s quarterly earnings call
         </a>
         <span>
          , telling Wall Street analysts that he planned to maintain the financial discipline that defined the tenure of his predecessor, Tim Cook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Ternus expressed enthusiasm about Apple’s prospects, as the company announced some of its best-ever financial results. But analysts raised questions about the company’s readiness for the artificial intelligence era.
         </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 highlights:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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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">
                Apple reported a 19 percent year-on-year jump in quarterly profit, to $29.6 billion, a record for its fiscal second quarter. Revenue in the quarter rose 17 percent, to $111 billion.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                IPhone revenue climbed 22 percent, to $57 billion, thanks to the new iPhone 17 model.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Services, an increasingly important source of revenue, grew 16 percent to $31 billion.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Apple’s gross profit margin grew to an astounding 49.3 percent, though higher prices for things like memory chips are expected to erode that.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “This moment for the transition is the right one,” Cook told analysts during the call.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Ternus said it was “the most exciting time in my 25-year career at Apple to be building products and services.”
         </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 analysts wanted to know about Apple’s A.I. plans,
         </span>
         <span>
          a big concern for the company given its stumbles with upgrading its Siri digital assistant and its struggles to develop in-house models.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “The key is less about the March results and June guide, and more about Ternus’ ability to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pull AI rabbits out of his hat
         </a>
         <span>
          ,” Gene Munster, the managing partner at the investment firm Deepwater Asset Management, wrote on social media.
         </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">
          Apple signaled it’s making a big move on that front:
         </span>
         <span>
          It will retain more cash instead of returning it to shareholders via stock buybacks and dividend payouts.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The company has long been a cash-generation machine, holding $62 billion on its balance sheet even with its voluminous stock buybacks. That financial firepower could help pay for further investments in A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We believe A.I. is a really important investment area for Apple,” Kevan Parekh, Apple’s C.F.O., told analysts. “We’re going to be doing that incrementally, on top of what we normally invest in our product road map.”
         </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 Epstein wedge in the Rothschild empire
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Jeffrey Epstein files continue to jolt the business world with their revelations of the convicted sex offender’s connections with global business leaders. Among these are Ariane de Rothschild, the billionaire C.E.O. of the bank Edmond de Rothschild.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A police raid in March of a Paris townhouse belonging to the bank, over a former employee who had been an Epstein associate, put the focus on Ariane’s friendship with the disgraced financier. Edmond de Rothschild paid Epstein a $25 million consulting fee, and the C.E.O. had visited with her daughters on his island. (After Epstein’s arrest in 2019, the bank said Ariane had never met him, and she has denied knowledge of Epstein’s crimes.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The mess
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has also reignited tensions
         </a>
         <span>
          between Edmond de Rothschild and another part of the Rothschild empire, the investment bank Rothschild &amp; Co., The Wall Street Journal reports:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Now, the Epstein headlines were a concern for clients. Not to mention, it was personally unpleasant for family members to read Ariane’s unvarnished thoughts. In a 2017 email to Epstein that had just been made public, she called the cousins at Rothschild &amp; Co. “a dead breed.”
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Alexandre de Rothschild, one of those cousins and the young CEO of Rothschild &amp; Co., had a simple message for his teams, according to people familiar with the matter. Relationship managers should tell concerned patrons: Not us. The other ones.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
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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">
                In other Epstein news: The Times reports that a possible suicide note 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">
                Epstein reportedly wrote
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                before his death in a Manhattan jail in 2019 has been kept secret since then, locked up in a New York courthouse.
               </span>
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            <img alt='A chat bubble that reads, "How do you use AI? What are your best use cases?" The bubble underneath indicates a pending response.' class="css-xsf469" height="167" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F27%252Fbusiness%252Fdb-talking-ai-new%252Fdb-talking-ai-new-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzc2MzcxMjkuNzM1Mzk3Nn0:1wImcb:09Lj8jCjHb5MEpRXsSRN8uD1gDMNytCWAP3BskEO2Ug" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Talking A.I. with the C.E.O. of Doximity
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Every week, we’re asking a leader how he or she uses artificial intelligence. This week, Jeff Tangney, who leads Doximity, a maker of digital tools for physicians, told Sarah Kessler that he uses A.I. to digest customer feedback. The interview has been condensed and edited.
         </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">
          How do you personally use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          My favorite thing to do with A.I. around the house — I have three kids — is to use Google’s Nano Banana to do superhero images of them crushing their math exam or doing well on their track meet.
         </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 about at work?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A.I. is very good at taking lots of text comments and sorting them into buckets and reporting that, say, 23 percent of the feedback you’re getting is about this. It’s great for market research and summarizing that research.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I think there’s a future where instead of doing focus groups, we’re going to have a much more flexible model of folks giving video feedback to A.I., which distills it.
         </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 have you told your employees about how you want them to use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For our software engineers, we first did these “lunch and learns” where people would share what was working. But last quarter, we shifted to expecting that a quarter of all code committed should be done using A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It really makes sure everyone is pushing through the first few weeks to actually get past the productivity plateau.
         </span>
        </p>
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            <span>
             THE SPEED READ
            </span>
           </h3>
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          Deals
         </span>
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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">
                KKR has reportedly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raised more than $10 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to set up Helix Digital Infrastructure, a venture that will design, build and run things like data centers and be led by a former C.E.O. of Amazon Web Services. (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">
                Blue Owl’s C.E.O. said it had sold about half its
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                investment in SpaceX
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at a $1.25 trillion valuation. Separately,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                investor interest
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in Blue Owl’s private credit funds appears to have stalled. (Reuters, FT)
               </span>
              </li>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Politics, policy and regulation
         </span>
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        <div style="margin:0 auto;max-width:600px;width:100%">
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          <tbody>
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                Five more states
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                joined an antitrust lawsuit
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                challenging Nexstar’s acquisition of rival broadcaster ​Tegna after a judge paused the deal. (Reuters)
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              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
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                Cigna will
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                leave the Affordable Care Act
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                market next year, following Aetna, after the government ended federal subsidies. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
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                President Trump
               </span>
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                removed tariffs on British whisky
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , including Scotch. Thank King Charles III for that. (WSJ)
               </span>
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          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
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                “How
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Silicon Valley’s Brightest Parents
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Broke Their Own School” (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
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                Sam Altman once
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                spent $14 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on a universal basic income experiment. Now he says he no longer believes in it. (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">
                Palantir is both a data consulting giant and, apparently, 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">
                seller of $239 French work jackets
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT)
               </span>
              </li>
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