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   DealBook: “Otherworldly”
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   Also, a peek at OpenAI’s latest cap table.
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             August 4, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          I’m writing to you today from Aspen, where the Aspen Economic Strategy Group’s annual meeting is underway. A group of global policy leaders and economists have gathered for the two-day summit. Among those in the room:
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jay Powell
         </span>
         <span>
          , the former Fed chair, as well as the former Treasury secretaries
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Hank Paulson
         </span>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Tim Geithner
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Janet Yellen
         </span>
         <span>
          . Also here is
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Neel Kashkari
         </span>
         <span>
          , the Minneapolis Fed president who recently made waves dissenting against
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kevin Warsh
         </span>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          High on the agenda: the trajectory of Fed policy; the continued tensions around the Strait of Hormuz; whether the A.I. boom is treading into bubble territory and what it means for jobs; and the growing national debt. I’ll have much more for you tomorrow. I’ll have much more for you tomorrow. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              The bull market rally has kicked into another gear, fueled by corporate profits.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jeenah Moon/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Great gains
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          S&amp;P 500 futures are edging higher today, approaching another record.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s despite plenty of noise out there: a precarious U.S.-Iran cease-fire that’s whipsawing oil markets; growing odds of a Fed interest-rate increase; President Trump’s renewed trade war.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The big reason: Corporate profits are blowing away Wall Street expectations.
         </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">
          Eighty-six percent of the S&amp;P 500
         </span>
         <span>
          companies that have reported this earning season have posted earnings-per-share results that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          beat analysts’ forecasts
         </a>
         <span>
          , as of Friday’s market close, according to FactSet. Shares in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Palantir
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Snap
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          On Semiconductor
         </a>
         <span>
          are all soaring in premarket trading after the companies reported impressive results yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Robust consumer and business spending, and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          companies’ pricing power
         </a>
         <span>
          , have helped pad bottom lines. “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Otherworldly
         </a>
         <span>
          ” sales growth, in the words of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Alex Karp
         </span>
         <span>
          , Palantir’s C.E.O., powered his company’s latest quarter, prompting it to lift its full-year outlook.
         </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">
                Up next: SpaceX delivers its first quarterly results after the closing bell today.
               </span>
              </li>
             </ul>
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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">
          “Expect earnings to be the primary driver of stock gains” this year,
         </span>
         <span>
          Jeff Buchbinder, the chief equity strategist at LPL Financial, wrote to investors yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          LPL hasn’t raised its year-end S&amp;P 500 target, but analysts at Goldman Sachs, JPMorgan Chase and Citigroup have.
         </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">
          Worries about spending on artificial intelligence aren’t dampening the mood:
         </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">
                Hyperscalers have rallied in recent days, with Amazon surpassing
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $3 trillion in market value
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Shares in Meta, which has seen its huge capital expenditures weigh on its stock, are on a three-day run, snapping 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">
                worst-ever losing streak
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
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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">
          Helping matters is that
         </span>
         <span>
          the bull market rally is no longer dominated by A.I. The equal-weighted S&amp;P 500, a broader measure of the benchmark index, is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          at a record high
         </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">
          What could go wrong?
         </span>
         <span>
          Plenty, including:
         </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">
                Volatile oil prices could batter stocks and bonds. (The yield on the 10-year U.S. Treasury note traded at 4.694 percent this morning, up from 3.95 percent on the eve of the Iran war in late February.) President Trump called his push for peace talks 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">
                last chance
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” for Tehran. And Iran and Oman appear to be
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                near an arrangement
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to reopen the Strait of Hormuz — but transit costs are now likely to exceed prewar levels.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Record borrowing
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                is juicing the market rally. But
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                government borrowing costs are climbing
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , potentially squeezing the most highly leveraged investors.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          And watch the yen.
         </span>
         <span>
          The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          joint intervention
         </a>
         <span>
          by Tokyo and Washington bolstered the battered currency yesterday. But the yen is dipping again today, as concerns grow that the move won’t be enough.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some market watchers
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          see another risk
         </a>
         <span>
          : Intervention could undermine the popular “carry trade,” in which investors borrow cheap yen and reinvest in riskier assets, like emerging market currencies and tech stocks. Investors could rethink that trade now that Tokyo and Washington want to see a stronger yen.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             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">
          Tech giants reportedly will meet with the Trump administration today to discuss artificial intelligence safety.
         </span>
         <span>
          Anthropic, Google and OpenAI are among
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          those expected to participate
         </a>
         <span>
          , according to Bloomberg, as businesses and policymakers are on edge over reports of A.I. models going rogue and hacking other companies. The Trump administration also said it has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          devised a voluntary framework
         </a>
         <span>
          for evaluating the safety of frontier models. At the same time, competition from cheaper Chinese models
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          is intensifying
         </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">
          Is Jeanine Pirro in the hot seat?
         </span>
         <span>
          Her future is being closely watched after
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          said yesterday that Pirro, the U.S. attorney for Washington, D.C., had “choked” in dismissing his claims that the damage to the Lincoln Memorial Reflecting Pool was done by vandals. Trump has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          discussed ousting her
         </a>
         <span>
          , according to The Wall Street Journal, citing unnamed sources. But The Times reports that her job is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          safe for now
         </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">
          Twenty-five states sue the administration over tariffs.
         </span>
         <span>
          The coalition, consisting mainly of blue states including California and New York, argues that the administration acted illegally in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          imposing new duties
         </a>
         <span>
          under Section 301 of a 1974 trade law. While the Supreme Court struck down earlier tariffs, the so-called 301 levies are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          thought to be on safer legal ground
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260804%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODU4NDI4MjguOTkyNDI0Mn0:1wrDIa:Y5V2tNdwXZjpTouBMgV6ACAzV-5ZQIZfcDXsOr6r2WI" style="max-width:96px;margin-bottom:7px"/>
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            <span style="text-align:center">
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            </span>
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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A large banner featuring ChatGPT is seen on the side of a building." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F04%252Fmultimedia%252F04db-openai-wpcj%252F04db-openai-wpcj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODU4NDI4MjguOTkyNzk1N30:1wrDIa:WS7-HkgvFS8kuqO6gimYqMAMPB8eCphXnqG68gR0bGU" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              An ad campaign for OpenAI’s ChatGPT in April 2025.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jamie Kelter Davis for 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>
          Who owns how much of OpenAI
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors have committed more than $180 billion to OpenAI — and they’re expecting a hefty payoff when the artificial intelligence start-up goes public,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          possibly early next year
         </a>
         <span>
          , near a $1 trillion valuation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          On March 31, OpenAI announced that it had raised a colossal $122 billion from investors including Amazon and Nvidia at an $852 billion “post-money” valuation, which includes the new funds.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Who holds how much of OpenAI’s stock is closely held information. But Sri Muppidi obtained the company’s capitalization table after its recent funding round, confirmed by two additional people with knowledge of the matter.
         </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">
          Here’s what the cap table tells us:
         </span>
         <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">
          OpenAI’s founders and employees own the largest share of the company.
         </span>
         <span>
          Those with vested shares hold Class A common stock equaling 48.93 percent of the company, the document shows.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That group also includes investors that participated in OpenAI’s 10 employee tenders over the years, including Thrive Capital and SoftBank, according to one of the people.
         </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">
                One notable exception:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Sam Altman
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , OpenAI’s C.E.O.,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                famously doesn’t have any equity
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the company.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Microsoft owns more than a
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          quarter of the company.
         </span>
         <span>
          An early backer of OpenAI, Microsoft has invested more than $13 billion in the company since 2019.
         </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">
          Investors from previous rounds own nearly 20 percent.
         </span>
         <span>
          These hauls include:
         </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">
                OpenAI’s initial funding round of $194 million in 2019 from backers including Khosla Ventures and the LinkedIn co-founder
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Reid Hoffman;
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                a $6.6 billion round led by Thrive Capital, at a $157 billion post-money valuation;
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                a $41 billion round led by SoftBank in 2025, at a $301 billion post-money valuation.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Investors in OpenAI’s latest round own about 6 percent of the equity so far.
         </span>
         <span>
          That’s because the money is being invested in installments:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The first tranche of investment brought in $47 billion, including $15 billion from Amazon and $10 billion each from Nvidia and SoftBank by April 1, according to two sources.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Amazon completed a second installment of $35 billion last week, while Nvidia and SoftBank each put in an additional $10 billion last month. Nvidia and SoftBank have each committed to invest another $10 billion by Oct. 1.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          OpenAI’s nonprofit arm owns a stake, too.
         </span>
         <span>
          The OpenAI Foundation owns Class A common stock and additional shares from OpenAI’s 2019 round, according to one of the people with knowledge of the cap table.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s not clear how much stock the foundation now owns. It was 26 percent last fall, before being diluted by the $122 billion round.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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            </span>
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           </td>
          </tr>
         </tbody>
        </table>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
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         </tbody>
        </table>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         QUOTE OF THE DAY
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Uber’s strategy recycles an old and ugly script: If a woman drank, if she rode alone, if it was late, if her memory is imperfect, then maybe she is to blame.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Nora Freeman Engstrom, a legal ethics professor at Stanford Law School, to The Times on the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          aggressive defenses Uber has used
         </a>
         <span>
          in lawsuits against the company over allegations of sexual assault by drivers.
         </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">
          Tony West
         </span>
         <span>
          , Uber’s chief legal officer,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          said in a statement
         </a>
         <span>
          : “Defending the company in a lawsuit and treating survivors with humanity are not mutually exclusive; we must do both. ”
         </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="Gianni Infantino, FIFA’s president, is seen in close-up with his head slightly bowed." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F04%252Fmultimedia%252F04db-infantino-hvqj%252F04db-infantino-hvqj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODU4NDI4MjguOTkzMjQ0NH0:1wrDIa:h_0yBIUQGzwEg-28_uLQxA74j9PrnHU3lePaTgRMF9E" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Gianni Infantino, FIFA’s president, is under pressure after an aborted effort to attract new investors.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Brendan Smialowski/Agence France-Presse — Getty Images
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          JPMorgan gets yellow card for failed FIFA deal
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For FIFA’s president,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Gianni Infantino
         </span>
         <span>
          , the plan to spin off FIFA’s commercial assets into a new entity, in which the soccer giant would sell a 20 percent stake, has been a disaster.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The now-abandoned deal, which would have valued the spinoff at $20 billion, has resulted in boycott threats and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          calls for Infantino’s resignation
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For JPMorgan, which worked with Infantino on the deal, the fiasco
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          probably feels familiar
         </a>
         <span>
          , writes Tariq Panja of The Times.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The bank played a similar role in a 2021 plan to create a so-called Super League featuring only the richest soccer clubs, which drew condemnation from fans and governments alike:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Chastened, the Wall Street titan issued an unusual apology for its role in the fiasco. The bank pledged to learn from how it had “misjudged” the effect the plan would have on the feverish world of global soccer. Even Jamie Dimon, the bank’s outspoken and
         </span>
         <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;color:inherit">
          all-powerful
         </a>
         <span>
          chief executive officer,
         </span>
         <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;color:inherit">
          acknowledged
         </a>
         <span>
          that the company had misunderstood the passions that would be aroused.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          This time around, JPMorgan’s involvement was led by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mary Erdoes
         </span>
         <span>
          , the head of the bank’s asset and wealth management division. (JPMorgan sports investment bankers also worked on the deal.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Infantino worked with
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Josh Kushner
         </span>
         <span>
          , the venture capitalist and the brother of President Trump’s son-in-law
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jared Kushner
         </span>
         <span>
          , on the plan. JPMorgan’s role was to recruit investors to join the deal with Thrive Eternal, a new subsidiary of his firm Thrive Capital:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The depth of JPMorgan’s involvement in the plan was underlined by its logo appearing on a 25-page FIFA sales deck that leaked to the news media. The bank, according to the person with direct knowledge, had analyzed the reputational risks associated with the project before going ahead. The deal being proposed was for the investors to own a slice of the new company, like they would a professional sports team, and hope for the valuation to increase in the years to come rather than to expect regular dividends.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          Part of FIFA’s pitch to its 211 member associations was to share a portion of the profits back with them from its proposed new commercial entity, FIFA Forward Enterprise.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Sri Muppidi obtained a copy of the slide deck FIFA had prepared. Excerpts are below.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A slide in a presentation contains a bar chart showing a rise in funding through the 2035-2039 FIFA fiscal cycle." class="css-mcckse" height="283" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F04%252Fbusiness%252Fdb4-fifa-slide-1%252Fdb4-fifa-slide-1-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODU4NDI4MjguOTkzMzg5Nn0:1wrDIa:s96L1i1OJJ47txPMqO7hr6iHoEHkwlDDOa68NpHn8xc" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The growth in future distributions would come from increased revenue via broadcasting and sponsorships, among other things:
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A slide deck is seen prominently displaying the FIFA logo." class="css-mcckse" height="281" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F04%252Fbusiness%252F04db-slide-2%252F04db-slide-2-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODU4NDI4MjguOTkzNTIxMn0:1wrDIa:pRsHoxAAk0_WUoEVNrBPfhKKdYVhSMqO86n4tNVORsM" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Where FIFA got things wrong:
         </span>
         <span>
          “The recurring mistake is to assume that fans are a captive audience,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ronan Evain
         </span>
         <span>
          , the executive director for Football Supporters Europe, an umbrella body for fan groups, told Panja. “The Super League proved we are not.”
         </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’s next:
         </span>
         <span>
          Lawyers for European soccer’s governing body have demanded that FIFA retain all documentation related to the project — including any correspondence with JPMorgan.
         </span>
        </p>
        <table width="100%">
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           </td>
          </tr>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
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           </h3>
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        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Investors in AstraZeneca
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                questioned the wisdom
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of a potential tie-up between the British drugmaker and Bristol Myers Squibb; its London-traded shares were down 9 percent yesterday. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Base Power, a battery power company whose founders include
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Zach Dell
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , 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">
                raised $1 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at a $13 billion valuation. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Inside Google’s $200bn
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Wall Street Finance Machine for Anthropic
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (FT)
               </span>
              </li>
             </ul>
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          Politics, policy and regulation
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        </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">
                The Senate overwhelmingly passed a bill 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">
                avert another government shutdown
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , but it’s unclear whether the House will follow suit. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The Treasury Department
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                fined UBS $125 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for inadequate anti-money-laundering controls, eight years after the Swiss bank was punished for a similar problem. (FT)
               </span>
              </li>
             </ul>
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         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Best of the rest
         </span>
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        <div style="margin:0 auto;max-width:600px;width:100%">
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          <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">
                “This High-Powered Real-Estate Fund Is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Run by College Students
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Gen Z
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                can’t afford a first date
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT)
               </span>
              </li>
             </ul>
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