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   DealBook: “Please be careful”
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   Also, Republicans’ policy bill looks set to pass the House.
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             July 3, 2025
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          Good morning. Andrew here. Keep an eye this morning on Republicans’ major policy legislation, which the House appears likely to pass in the next couple of hours, and
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          the latest jobs numbers
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          at 8:30 a.m. Eastern.
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         <span style="font-style:italic">
          But the story that’s roiling corporate America today is an effort by several financial firms to sell the equivalent of shares in private companies like OpenAI and SpaceX to the public — via a clever workaround of investor-protection rules. I dive into the issue and the questions it raises below.
         </span>
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          Have a happy July Fourth. We’re off tomorrow and Saturday and will be back on Monday. (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">
             Robinhood is looking to shake up investing again — this time with the so-called tokenization of private companies.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Sasha Maslov 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">
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          The trouble with tokens
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For years, Wall Street fund managers have talked about opening private markets to ordinary investors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some tech companies are rolling out what they say are ways to help investors get into hot, privately held start-ups like OpenAI. In truth, what’s happening in many cases appears to be an end run around rules to protect investors.
         </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’s about so-called tokenization.
         </span>
         <span>
          This week, Robinhood began
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          offering “tokens” in OpenAI and SpaceX
         </a>
         <span>
          that are supposed to reflect the valuations of the privately traded companies. In other words, it is pitching them as offering stocklike exposure to start-ups that average people can’t buy into otherwise.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the tokens are available only to investors in the E.U., to avoid breaking American laws that preclude such sales. And OpenAI made clear it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wasn’t a fan of the move
         </a>
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          :
         </span>
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         <span>
          We did not partner with Robinhood, were not involved in this and do not endorse it. Any transfer of OpenAI equity requires our approval — we did not approve any transfer. Please be careful.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          Vlad Tenev, Robinhood’s C.E.O., clarified that the tokens
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          aren’t technically “equity”
         </a>
         <span>
          but that they “effectively give retail investors exposure to these private assets.” (Robinhood isn’t alone:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The start-up Republic
         </a>
         <span>
          is offering tokens meant to track the equity performance of SpaceX. Those will be sold to U.S. investors
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          via a loophole in a 2012 securities law
         </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">
          These appear to be ways around longstanding regulations,
         </span>
         <span>
          such as the S.E.C.’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          accredited-investor rule
         </a>
         <span>
          for U.S. investors, which requires individuals to meet specific wealth thresholds to be able to buy into privately traded offerings.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There’s an ongoing debate about whether people should meet other qualifications, such as passing a knowledge-based exam, in order to participate in these private markets. We absolutely need to have that discussion. But it’s separate from the issue at hand.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The accredited-investor rule exists because OpenAI, SpaceX and other privately held companies often don’t have the same rigorous disclosure obligations as publicly traded counterparts. Their overall risk profile is usually higher.
         </span>
        </p>
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           </td>
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           <td height="20">
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         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Tokenization offers potential benefits to average investors,
         </span>
         <span>
          including enabling broader access to high-growth assets that are otherwise out of reach. The mechanism is undeniably clever.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But proponents like Larry Fink of BlackRock, the giant money manager, concede that tokenization
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          strips away “friction”
         </a>
         <span>
          — like regulations — in the name of “allowing more people access to potentially higher returns.”
         </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">
          Let’s not ignore the potential risks.
         </span>
         <span>
          Unregulated private-company tokens could lead to a fragmented and less transparent ecosystem for investments, making it harder for regulators to protect the public.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The S.E.C. faces a critical challenge here, ensuring that the intent of the law prevails over technical loopholes. Paul Atkins, the S.E.C. chair and a proponent of loosening restrictions on cryptocurrency, said on CNBC yesterday that “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tokenization is an innovation
         </a>
         <span>
          .” It may be. But investing isn’t just about rules — it’s about trust.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </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%253D1053700%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250703%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTE1NDQ0NDEuNTA2MzQ2N30:1uXIin:IkiyoDeXuuUBM8QCa3XdVXN_3q6PKN0oJ3Furu8K5Vc" style="max-width:96px;margin-bottom:7px"/>
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            <span style="text-align:center">
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                <td style="line-height:0;font-size:0">
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           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
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           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="30">
           </td>
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          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The music mogul Sean Combs wins acquittal on the most serious charges.
         </span>
         <span>
          A federal jury
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          found him not guilty
         </a>
         <span>
          of racketeering conspiracy and sex trafficking, sparing him from potential life imprisonment, but it convicted him of transportation to engage in prostitution. Combs
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          remains in a Brooklyn jail
         </a>
         <span>
          and still faces dozens of other lawsuits accusing him of sexual assault and misconduct.
         </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">
          Britain’s prime minister offers support to his finance chief as investors worry.
         </span>
         <span>
          Keir Starmer told the BBC that Rachel Reeves, the country’s chancellor of the Exchequer, would be in that post “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          for a very long time
         </a>
         <span>
          .” He was seeking to quell speculation that she might be out soon after he declined to guarantee her job security in Parliament yesterday, which led to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          drops in the pound and British government bonds
         </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">
          Microsoft will lay off another 9,000 employees.
         </span>
         <span>
          The tech giant said it would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cut about 4 percent
         </a>
         <span>
          of its global work force across teams and locations, adding to the 6,000 layoffs it announced in May. The move is the latest instance of cost-cutting by Big Tech companies as they spend heavily on artificial intelligence. It may also be tied to growing efficiency at these businesses because of A.I.
         </span>
        </p>
        <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>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Big deals
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Global stocks are up today on signs of breakthroughs in President Trump’s trade wars before Trump’s own tariff deadline next week.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
         <span>
          Three makers of chip design software, including Siemens, said that the Trump administration had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lifted restrictions on sales to China
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Dropping chip-related export limits was a key point in recent U.S.-China tariff negotiations. Also, Washington has demanded that China resume shipments of rare-earth minerals vital to many U.S. manufacturers, including car companies.
         </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">
          Stocks in Asia are rallying, too.
         </span>
         <span>
          That’s on the news yesterday that the U.S. had clinched a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          preliminary trade deal with Vietnam
         </a>
         <span>
          that would impose a 20 percent tax on the country’s U.S.-bound exports. Hanoi also agreed to a 40 percent tariff on so-called transshipped goods, which are produced elsewhere but shipped from Vietnam, a move seen at punishing countries like China.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Vietnam is a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          key cog in the global supply chain
         </a>
         <span>
          for retail, tech and sportswear companies. The pact appears to spare it from a far worse fate: It had faced a 46 percent export tax as soon as next week.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Investors cheered the news,
         </span>
         <span>
          with shares in Nike and Levi Strauss climbing yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But some trade experts worried about the fallout for American companies with strong ties to Vietnamese trade. For instance, the deal is likely to raise the cost of athletic shoes, Matt Priest, the C.E.O. of the Footwear Distributors and Retailers of America, a trade group, told The Times. “It’s bad economics,” he said.
         </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">
          Does this set a (steep) new base line for trade deals?
         </span>
         <span>
          Executives and investors had assumed that the Trump administration would settle on an average tariff rate of about 10 percent, the level in the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          recent trade deal with Britain
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Whether 20 percent will be the new standard is a question that will hang over talks with trade representatives from Japan, the European Union, India and other governments descending on Washington to negotiate before next week’s deadline.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Graphic of the day
         </span>
        </h2>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A graphic shows dollar amounts in different categories: cryptocurrencies, as much as $7.1 billion; stocks, bonds and cash, at least $2.2 billion; real estate and other business holdings, at least $1.3 billion." class="css-xsf469" height="296" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F07%252F03%252Fbusiness%252F03db-chart%252F03db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTE1NDQ0NDEuNTA2NjU4OH0:1uXIin:NyvW8cOLrEmgGJBk9SuZM-grMzDHU-wQjGDocW9Ly_0" 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:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump’s true net worth has long been murky, and his family’s business forays have raised concerns from government watchdogs.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Times took a close look
         </a>
         <span>
          at many of his holdings, including from the Trumps’ push into crypto, to shed more light on the president’s assets (and significant liabilities)
         </span>
         <span style="font-style:italic">
          .
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Tech companies fail to escape state A.I. rules
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Buried in Republicans’ domestic policy legislation was a measure about artificial intelligence: a proposal would have barred state-level A.I. regulation for the next decade.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The proposal was ultimately removed from the Senate bill that passed this week, keeping the state rules in play. But the debate about it underscored a major split in the tech world about the appropriate guardrails for the technology, Danielle Kaye writes.
         </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">
          Among those who had supported banning state regulations:
         </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">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Collin McCune
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , head of government affairs at the venture capital firm Andreessen Horowitz, called the proposed moratorium “the right move” last week in a post on X: “The U.S. can’t win the AI race if Little Tech is buried under 50 different rulebooks.”
               </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">
                Chris Lehane
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , OpenAI’s chief global affairs officer, argued that state bills “risk creating a maze of conflicting rules without meaningfully improving the safety of frontier A.I. systems” and that OpenAI, which makes ChatGPT, supports “a strong, national approach” instead.
               </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">
                Joe Lonsdale
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a founder of Palantir and the managing partner at the investment firm 8VC, wrote, “It is the idea of 50 different systems regulating the
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                math
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                behind A.I. that we are against.”
               </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
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                spokesperson for Nvidia
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                told Politico Pro, “Having 50 conflicting sets of laws governing A.I. applications would not make America any safer and only hurt U.S. start-ups.”
               </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">
          Proponents of tougher A.I. regulation are cheering the survival of state rules
         </span>
         <span>
          , saying they would lead to more stringent consumer protections and online safety, given the slow progress toward federal regulation:
         </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">
                “Let this be a lesson to Congress — freezing state A.I. laws without a serious replacement is a political nonstarter,”
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brad Carson
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , president of Americans for Responsible Innovation, said in a statement on Tuesday.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Anthropic’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">
                Dario Amodei
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , said in an opinion piece in The Times last month that the proposed moratorium was “far too blunt an instrument.” That said, he argued that a clear plan for a federal response was needed, with a narrow focus on transparency.
               </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">
                Fred Humphries
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Microsoft’s vice president of U.S. government affairs, had called for a federal standard for A.I. while allowing states room to act. The company’s chief scientific officer,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Eric Horvitz
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , said that regulation
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                “done properly”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                could help advance A.I.
               </span>
              </li>
             </ul>
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          But tech allies aren’t ending their push.
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          “We’re hopeful it will get brought up as a stand-alone provision,” Zach Lilly, deputy director of state and federal affairs at the advocacy group NetChoice, told DealBook in a statement.
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            <img alt='A blue bubble with white text that reads, "How do you use A.I.? What are your best use cases?" Another 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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTE1NDQ0NDEuNTA2NzU0Nn0:1uXIin:N252t6Tj4H_YQfIzKH-xWiQEeRT6VqRX67YJ6JBmqwA" 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 Workday’s C.E.O.
         </span>
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        <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 C.E.O. how he or she uses generative artificial intelligence. Carl Eschenbach, who leads the H.R. software company Workday, recently began a training program to get employees comfortable with A.I. tools. His responses have been edited and condensed.
         </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 use A.I. in your work or personal life?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Anything around summarization, whether it’s an analyst note or a press article, I just find it significantly helpful.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We use Slack internally, but there’s so many channels. I use Slack A.I. to give me an overview on what I may have missed throughout the day.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          What direction have you given your team on how to use A.I.?
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’ve introduced an A.I. curriculum that all 20,000 employees are required to take. We teach them about the tools we’ve rolled out — whether it’s Zoom A.I., Gemini or our Copilot for developers. At the end, we ask them to build their own development cases around how they’re going to use A.I. and how they’ll measure their own success going forward.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We look at sentiment going into the training and why they’re afraid of A.I. After they’re done with the training, you can see a change. When all you do is talk about savings or a return on investment from using these tools, it will tell your employees, “Wow, my job may go away.” We need to flip that narrative to talk about how we’re not just going to save money but drive growth.
         </span>
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          Deals
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                How JPMorgan Chase reportedly
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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">
                drove a hard bargain
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                with Warner Bros. Discovery bondholders that ultimately led to the media giant’s split into two companies. (Bloomberg)
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                The London Stock Exchange
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                is in the doldrums: It suffered its slowest pace of I.P.O.s for the first half of a year since 1997, and the big drugmaker AstraZeneca is said to be weighing a listing move to the U.S. (Bloomberg)
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          Tech and artificial intelligence
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                Dozens of C.E.O.s of major European companies urged the E.U. to
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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">
                delay its expansive A.I. regulation
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , arguing that it would limit innovation. (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">
                Meta denied a report by Wired that it had offered potential A.I. recruits annual pay packages of
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                up to $300 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in equity. (NY Post)
               </span>
              </li>
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          Best of the rest
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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">
                Whitney Wolfe Herd, Bumble’s C.E.O., reportedly criticized employees for
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                “freaking out” over expansive job cuts
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , as she acknowledged that “dating apps are feeling like a thing of the past.” (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">
                G/O Media, the digital publisher that once ran sites like Jezebel and Deadspin, said it was
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                winding down
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT)
               </span>
              </li>
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