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   DealBook: Policing prediction markets
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             May 28, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          Warning: If you bet on prediction markets about things you could know about from your work, it may be insider trading. That’s the lesson from new charges against an employee of Google.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also, Jamie Dimon is thinking about spending $20 billion on acquisitions; we go through some possible targets. And take our quiz about the U.F.C. fight scheduled to take place at the White House. (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="A close-up of a computer screen shows several active wagers on Polymarket." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F28%252Fmultimedia%252F28db-polymarket-cjpg%252F28db-polymarket-cjpg-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzk5Njk3MjEuODc0MDcyNn0:1wSZR3:Wz8IEePySXaNppi2iGgwCJMwV-YVUzGtZDxOg4WbLKY" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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             <span style="color:#666;font:normal 14px georgia,serif">
              A new insider-trading case has rocked Polymarket, the popular prediction market platform.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Martin Lelievre/Agence France-Presse — 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>
          Gaming prediction markets
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In the public’s view, prediction markets are a way to bet on the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          N.B.A. playoffs
         </a>
         <span>
          , the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Texas Senate race
         </a>
         <span>
          or what Costco executives will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          say on their next earnings call
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          They’re also often seen as a hive of insider trading, a view reinforced by charges filed yesterday against a Google employee who
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          made more than $1 million on Polymarket
         </a>
         <span>
          . The case raises more questions about how these platforms are policed — and who should do the policing.
         </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 happened:
         </span>
         <span>
          The Google employee, Michele Spagnuolo (who used the handle AlphaRaccoon), was accused of betting on what people were searching for on Google — wagers he was sure to win because he had access to internal search data.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Spagnuolo correctly predicted virtually all of the outcomes on these positions,” the Commodity Futures Trading Commission wrote in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          its complaint
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A Google representative said in a statement that using confidential information for making these kinds of bets was “a serious breach of our policies.”
         </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">
          Spagnuolo isn’t the only person charged with insider trading on Polymarket.
         </span>
         <span>
          Federal prosecutors in Manhattan last month accused Master Sgt. Gannon Ken Van Dyke, a U.S. Special Forces soldier, of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          betting on the capture of Nicolás Maduro
         </a>
         <span>
          of Venezuela, an operation he participated in.
         </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">
          Insider trading is an increasing problem for prediction markets.
         </span>
         <span>
          Polymarket has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          faced significant scrutiny
         </a>
         <span>
          because its unregulated offshore platform has long made it easy to bet anonymously. (Kalshi, which is regulated in the U.S., has also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          suffered from insider trading
         </a>
         <span>
          .)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Polymarket has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          started clamping down
         </a>
         <span>
          on that practice, according to The Information — though some longtime users have chafed at those efforts. “Polymarket will go down the drain if they make KYC mandatory,” one user wrote on the company’s Discord discussion forum, referring to “know your customer” practices.
         </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 are policymakers doing?
         </span>
         <span>
          Critics have accused the C.F.T.C., the primary American regulator of prediction markets, of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          failing to adequately police the industry
         </a>
         <span>
          . (Mike Selig, the commission’s chairman,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          told ABC News
         </a>
         <span>
          that his agency actively patrolled for wrongdoing.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some lawmakers are seeking to crack down on insider trading, including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Representative James Comer
         </a>
         <span>
          , the Kentucky Republican who leads the House Oversight and Government Reform Committee, and several
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bipartisan
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          groups
         </a>
         <span>
          of senators.
         </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">
          Why it matters:
         </span>
         <span>
          Prediction markets have become big businesses. (Kalshi was most recently
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          valued at $22 billion
         </a>
         <span>
          .) But a growing perception that they’re rife with cheating could threaten their popularity.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </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 Trump administration is reportedly preparing to fund U.S. drone companies.
         </span>
         <span>
          Shares in Unusual Machines, a drone start-up in which
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Donald Trump Jr.
         </span>
         <span>
          is an investor and advisory board member, are soaring in premarket trading after The Wall Street Journal, citing unnamed sources,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported on the potential investments
         </a>
         <span>
          . (The Times hasn’t independently confirmed the report.) The deals, aimed at bolstering domestic production, are still in the negotiation stage — equity stakes are a possibility — as the Pentagon vets the companies, The Journal adds.
         </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 brace for today’s inflation data.
         </span>
         <span>
          The Personal Consumption Expenditures report for April, which will be closely watched by the Fed, is expected to show this morning that headline inflation
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hit a three-year high
         </a>
         <span>
          of 3.9 percent. The wartime energy spike is a big culprit, and that’s likely to tie the Fed’s hands on interest rates.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Lisa Cook
         </a>
         <span>
          , a Fed governor whom President Trump has tried to fire, is the latest policymaker to say that there’s even a rate increase in the cards.
         </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">
          Jensen Huang
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          reportedly agrees to join the board of a Chinese university.
         </span>
         <span>
          Huang, the Nvidia C.E.O., is expected to be the latest U.S. business leader to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          join the advisory board
         </a>
         <span>
          of Tsinghua University School of Economics and Management, The Financial Times reports.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Tim Cook
         </span>
         <span>
          , Apple’s departing C.E.O., is the chairman, and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Michael Dell
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          are members. (Nvidia is trying to jump-start business in China as the Washington-Beijing trade war continues.)
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Laura Loomer
         </span>
         <span>
          , a right-wing agitator, quickly seized on the Huang news, calling it “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a massive scandal!!!!
         </a>
         <span>
          ” on social media, and a national security risk.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="10">
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         <tbody>
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            <img alt="Jamie Dimon of JPMorgan Chase holding a hand to his forehead and looking into the distance." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F28%252Fmultimedia%252F28db-dimon-cjlp%252F28db-dimon-cjlp-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzk5Njk3MjEuODc0OTA2fQ:1wSZR3:JSPlOkfBUGZ1_X0V1nyhV5TOZE2uEYW92naa9eSQNAo" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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           <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">
              Is Jamie Dimon on the prowl for deals for JPMorgan Chase?
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Haiyun Jiang 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>
          What might Dimon buy?
         </span>
        </h2>
        <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">
          Jamie Dimon
         </span>
         <span>
          , the C.E.O. of JPMorgan Chase, is sitting on a pile of cash and says he’s open to a deal. He even put a number on it:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          up to $20 billion
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          While that’s not a big sum relative to the bank’s assets, it got us thinking: Where could JPMorgan, whose last
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          major acquisition was First Republic
         </a>
         <span>
          during the 2023 regional-banking crisis, go fishing for a company to buy? Brian O’Keefe asked
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mike Mayo
         </span>
         <span>
          , a banking analyst at Wells Fargo.
         </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 are three possibilities:
         </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">
          Wealth management.
         </span>
         <span>
          Driven by solid margins and lucrative high-net-worth customers, this area of finance has experienced an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          M.&amp;A. boom in recent years
         </a>
         <span>
          . (The First Republic deal already bolstered JPMorgan’s wealth-advisory ranks.) Such a move would tick a lot of boxes, Mayo said, adding, “It could be a high-end private bank, it could be kind of a mass-affluent brokerage firm, it could be wealth advisory.”
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Mary Erdoes
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , who runs JPMorgan’s wealth management division, told analysts in February that her unit had reviewed 25 potential deals last year and passed on all of them.
               </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">
          Payments.
         </span>
         <span>
          JPMorgan has invested heavily in new payment platforms, including in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          JPM Coin
         </a>
         <span>
          , a digital token it has tested with Coinbase and Mastercard. The bank handles between $5 trillion and $10 trillion in transactions daily, Mayo said. “There could be more opportunities to enhance the efficiency, the effectiveness, the timeliness or the geographic reach in the payments area,” 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">
          Digital banking.
         </span>
         <span>
          Dimon recently
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          singled out Revolut
         </a>
         <span>
          , the British banking app that is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          plotting expansion into the U.S.
         </a>
         <span>
          , as an emerging competitive threat. “To the extent that an acquisition could help JPMorgan become the next Revolut outside the United States, that would seem to be attractive,” Mayo noted.
         </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">
          There are some big asterisks to consider.
         </span>
         <span>
          Because of its size, JPMorgan would most likely be barred from buying another U.S. lender on antitrust grounds. For that reason, Mayo thinks that a deal, if there is one, would probably happen abroad.
         </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">
          Dimon himself is being coy.
         </span>
         <span>
          The bank may have amassed ample capital for acquisitions, but “it’s not burning a hole in our pocket at all,” Dimon said yesterday at an investor conference. “If it sits there for a while, no problem,” he added.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Dimon did not suggest any potential targets yesterday.
         </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 are some guesses:
         </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">
                Aberdeen Group, Invesco or Julius Baer in wealth management?
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Revolut is too big, but how about Wise or Toast in payments?
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Or what about Monzo or Bunq, fintech banks that have grown rapidly in Europe?
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Mark Zuckerberg, wearing a black T-shirt, grasps a pair of thick glasses that he is also wearing." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F28%252Fmultimedia%252F28db-zuckerberg-ai-tqfg%252F28db-zuckerberg-ai-tqfg-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzk5Njk3MjEuODc1MTIxOH0:1wSZR3:xIbJrYg7w2fJB7unmTI9YTPYiRoKnMC6908vXZSl4ek" 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">
              Mark Zuckerberg, modeling Meta’s Ray-Ban glasses, has said his company will invest $600 billion in A.I. infrastructure.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Carlos Barria/Reuters
             </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>
          Meta will charge for its chatbot
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Meta will begin
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          charging customers
         </a>
         <span>
          for access to its A.I.-powered chatbot, a big change for a company best known for its free products — and the latest sign that even deep-pocketed companies are wrestling with the enormous cost of artificial intelligence.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yesterday we looked at how companies were
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reining in the costs
         </a>
         <span>
          of consuming A.I., including by switching to cheaper models. Meta’s move shows that the companies supplying
         </span>
         <span style="font-style:italic">
         </span>
         <span>
          A.I. models are also reckoning with ballooning costs, and seeking revenue to make up for those losses.
         </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">
          Meta is spending a fortune on A.I.
         </span>
         <span>
          Last month the company increased its 2026 capital expenditure forecast to as high as $145 billion, and Meta’s C.E.O.,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mark Zuckerberg
         </span>
         <span>
          , said it would spend at least $600 billion on A.I. infrastructure in the next few years.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some investors have looked skeptically on that plan. The company’s stock is down 2.3 percent this year.
         </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">
          Meta will use paid subscriptions to offset some of its A.I. investment.
         </span>
         <span>
          The basic tier of the chatbot, Meta One Plus, will be $7.99 per month. A premium version, Meta One Premium, will cost $19.99. From Bloomberg, which
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported
         </a>
         <span>
          the subscription news earlier:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Meta has long argued that its A.I. investments are already paying off in the form of highly targeted and efficient advertising, which is improved thanks to A.I. models. But the company is also looking for other ways to recoup its A.I. spending, and consumer chatbot subscriptions have become popular with several other A.I. competitors, including Alphabet Inc.’s Google and OpenAI. Both rivals offer similarly priced subscription tiers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The company has sought to expand its subscription business,
         </span>
         <span>
          testing plans for WhatsApp, Instagram and Facebook. It has also tried to cut costs in other corners of its business. This month, Meta laid off 10 percent of its employee base, about 8,000 workers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors, eager to see revenue gains from A.I., cheered Meta’s subscription-chatbot plan. The company’s stock price was up 3.7 percent at the market close yesterday.
         </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">
                Elsewhere, shares in the software maker Snowflake are soaring in premarket trading today after it reported
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                strong quarterly results
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that suggested that A.I. agents weren’t clobbering its core subscription business. Salesforce’s analyst call yesterday, however,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                renewed fears
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that this sector was still vulnerable to A.I. disruption.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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">
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            <img alt="An aerial view of equipment being assembled on the South Lawn of the White House." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F28%252Fmultimedia%252F28db-ufc-whitehouse-zvmf%252F28db-ufc-whitehouse-zvmf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzk5Njk3MjEuODc1OTYyN30:1wSZR3:3TPxOJKzzI_BNkeZ6IHOM_TeAeLyqtnyNe5ru5BSnjY" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <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">
              A temporary U.F.C. arena at the White House includes a 90-foot-tall arch structure known as “The Claw.”
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Mark Schiefelbein/Associated Press
             </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Quiz: U.F.C. on the South Lawn
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          This question comes from a recent Times article. Click an answer to see if you’re right. (The link will be free.)
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          President Trump is getting ready to celebrate his 80th birthday — and America’s 250th — with an evening of mixed martial arts. Preparations are underway to host Ultimate Fighting Championship matches in an octagon on the White House’s South Lawn on June 14. Construction of the temporary arena, along with a 90-foot-tall arch known as “The Claw,” featuring LED lights and audio equipment, began this week.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          U.F.C. plans to spend around $60 million on the event, said
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mark Shapiro
         </span>
         <span>
          , the president and chief operating officer of TKO Group Holdings, U.F.C.’s parent company, on a recent earnings call. (He added that U.F.C. would lose about $30 million on the event but that it would be “an investment for the long term.”)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The expenses include about $700,000 to repair the lawn after the fight,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dana White
         </span>
         <span>
          , the U.F.C. president and chief executive, told
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sports Business Journal
         </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">
          How many people will the temporary arena hold for the U.F.C. event at the White House?
         </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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              <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">
                About 750
               </a>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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">
                Nearly 1,500
               </a>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                More than 4,000
               </a>
              </li>
             </ul>
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          </tbody>
         </table>
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        <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">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Almost 7,200
               </a>
              </li>
             </ul>
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          </tbody>
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             THE SPEED READ
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          Deals
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “SpaceX-Tesla Merger 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">
                ‘Only a Matter of When,’
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Early Investor Says” (Bloomberg)
               </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Shares in the European food-delivery company Delivery Hero are down sharply today after Uber, which is pursuing a takeover bid for the company,
               </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 its stake
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to nearly 37 percent. (WSJ)
               </span>
              </li>
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          Politics, policy and regulation
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The attorneys general of New York and New Jersey
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                subpoenaed FIFA
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                over soaring World Cup ticket prices. (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">
                Gov. Gavin Newsom of California said he would impose
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a 100 percent tax
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on payouts to state residents from the $1.8 billion fund tied to the Justice Department’s settlement with President Trump. (Politico)
               </span>
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          Best of the rest
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        <div style="margin:0 auto;max-width:600px;width:100%">
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          <tbody>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “This 83-Year-Old Investor 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">
                Elon Musk’s Biggest Fanboy
               </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">
                Who
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                dislikes Ferrari’s new electric car
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ? Investors, the so-called Ferraristi and even a former chairman of the carmaker. (NYT)
               </span>
              </li>
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