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March 20, 2025
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Good morning. Jay Powell delivered the news Wall Street wanted to hear yesterday — that economic pain from President Trump’s trade war would be “transitory” — but the message raised the hackles of some economists who remember the last time that phrase came into play. (Was this newsletter forwarded to you?
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Jay Powell, the Fed chair, seems to have calmed markets in playing down the risks of Trump’s trade war. But his “transitory” call has others worried.
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“Transitory” is back
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Jay Powell wants businesses and investors to know: The Fed chair shares their concerns about President Trump’s tariff skirmishes as the
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economic outlook dims
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.
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But there is a silver lining, he said yesterday at a news conference. Tariff-driven inflation is likely to be “transitory” and just for this year. That’s the “base case,” he added, words that seemed to lift stocks. S&P 500 futures were climbing this morning as traders price in roughly two to three interest rate cuts this year.
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But the “transitory” label — one that Treasury Secretary Scott Bessent
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<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
has embraced
</a>
<span>
— has set off alarm bells elsewhere.
</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 remains a loaded term,
</span>
<span>
especially for critics of the Fed’s handling of pandemic-era inflation. Some worry that Powell may be mistakenly playing down the risks of Trump’s trade war, as he did in 2022 when he wrongly called inflation “transitory.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Several economists see tariffs disrupting global supply chains, raising prices and denting growth. And Trump has reiterated that more tariffs are coming. “April 2nd is Liberation Day in America!!!,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
he wrote yesterday on Truth Social
</a>
<span>
, presumably referring to the date when reciprocal tariffs on major trading partners are expected to go into effect.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It’s too early to say if “the inflationary effects will be transitory, especially given that companies and households still have fresh in their minds the recent history of high unanticipated inflation,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Mohamed El-Erian
</a>
<span>
, the economist who called the Fed too cautious in handling the last inflation surge, wrote on X.
</span>
</p>
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<tbody>
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</td>
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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">
Trump has also questioned the central bank
</span>
<span>
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
— over its rates decision,
</span>
<span>
which kept things unchanged, at 4.25 percent to 4.5 percent. “The Fed would be MUCH better off CUTTING RATES as U.S. Tariffs start to transition (ease!) their way into the economy,” Trump
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
wrote on Truth Social
</a>
<span>
. “Do the right thing.”
</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 central bank does see some tariff risks.
</span>
<span>
The Fed’s new outlook is for the economy to expand by 1.7 percent this year, down from a previous 2.1 percent growth forecast. It also forecasts unemployment and inflation ticking up. Otherwise the economy is “solid,” Powell 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">
Some companies and households see things differently.
</span>
<span>
Surveys show business sentiment weakening and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
consumers’ inflation fears growing
</a>
<span>
. Such downbeat vibes were around during the Biden administration. But add trade war uncertainty, and some economists and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Wall Street analysts
</a>
<span>
have begun to raise the odds of a recession.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Powell played that down yesterday. “We do understand that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sentiment has fallen off pretty sharply
</a>
<span>
, but economic activity has not yet and so we are watching carefully,” he said. “I would tell people the economy seems to be healthy.”
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
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</td>
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</td>
</tr>
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<td>
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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">
Not everyone is buying that assessment.
</span>
<span>
Torsten Slok, the chief economist at Apollo Global Management, told Bloomberg Television this morning that the recent stock bump appeared “unwarranted,” and he expressed surprise at Powell’s transitory assessment.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“This is assuming only one set of tariffs are coming,” he said. “There are so many other dominoes.”
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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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">
Elon Musk’s X is said to raise almost $1 billion in new equity funding.
</span>
<span>
The investment — including from Musk, Darsana Capital Partners and the conservative-focused 1789 Capital — values the social media platform at
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
about $32 billion
</a>
<span>
, according to Bloomberg. (That’s about the same equity valuation that Musk bought the company for in 2022; add the $12.5 billion that Musk borrowed, and you get the more famous $44 billion enterprise value, though these figures may not compare.) X has said that its advertising revenue had rebounded — but Democratic senators
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
have called for an inquiry
</a>
<span>
into whether Musk used his newfound political influence to pressure marketers into returning to X.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
President Trump again targets higher education.
</span>
<span>
His administration moved to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
freeze $175 million in federal funding
</a>
<span>
to the University of Pennsylvania over its support of transgender athletes. His pressure on universities appears to be getting results, including the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
University of California
</a>
<span>
no longer requiring the use of diversity statements in hiring and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Columbia
</a>
<span>
reportedly preparing to give in on several demands after he paused $400 million in funds. More broadly, he is expected to sign an executive order today aimed at
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
dismantling the Education Department
</a>
<span>
. (It cannot be broken up without Congress’s approval.)
</span>
</p>
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<tbody>
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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">
Paul Weiss’s chair is said to seek a deal with Trump.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Brad Karp
</a>
<span>
, a top adviser to corporate leaders and a prominent Democratic donor, has been meeting this week with administration officials to repair relations after Trump cracked down on the law firm, Semafor reports. It’s a sign of how existential Trump’s attacks on law firms like Paul Weiss, Covington & Burling and Perkins Coie are becoming; Paul Weiss has reportedly
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
lost at least one client
</a>
<span>
over the clash, according to Reuters.
</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>
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<td height="20">
</td>
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</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
A Tesla bull gets nervous
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
While Elon Musk’s political power is showing few signs of diminishing, the company that remains the vast source of his wealth is continuing to struggle.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Tesla’s woes — including a falling stock price; a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
plummeting reputation with Democrats
</a>
<span>
, a core segment of the E.V. buyer market; and growing competition from Chinese rivals — have mounted to the point that even some of the company’s most fervent supporters are starting to sweat. And they’re pointing the finger at the carmaker’s C.E.O.
</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">
“Tesla is going through a crisis,”
</span>
<span>
Dan Ives, a Wedbush Securities analyst, wrote in a research note yesterday. He noted the vandalism and violence at several of the company’s dealerships and the surge in protests against Musk, both of which the analyst says is now weighing on Tesla’s stock.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That’s in addition to Tesla sales
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
falling worldwide
</a>
<span>
, especially in
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Europe
</a>
<span>
and even in
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
China
</a>
<span>
. Speaking of which, Chinese rivals are continuing to out-innovate Musk’s carmaker in critical technology
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
like battery charging
</a>
<span>
, critics say, posing more challenges for Tesla in one of its biggest markets.
</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 problem, Ives writes, is Musk’s focus on his government work.
</span>
<span>
The billionaire’s cost-cutting efforts for the Trump administration reflect seemingly extraordinary power for a private businessman, and have earned key political support for his businesses. Consider that Attorney General Pam Bondi has labeled attacks on Tesla dealerships as domestic terrorism, or that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
President Trump
</a>
<span>
and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Commerce Secretary Howard Lutnick
</a>
<span>
have both praised the company publicly.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But that’s a double-edged sword, Ives adds. “This has essentially turned Tesla into a political symbol,” he writes. “And this is a bad thing.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Other longtime Tesla bulls are also worried about Musk’s political activities, including the investors
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Ross Gerber
</a>
<span>
and Christopher Tsai.
</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">
Musk needs better time management, Tesla bulls agree.
</span>
<span>
Ives writes that the company should announce that Musk will balance leading the carmaker and the so-called Department of Government Efficiency, as well as lay out a road map for producing cheaper models. Ives previously
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
told Bloomberg
</a>
<span>
that he had brought his concerns to the Tesla board, urging Musk to “come home,” and to do so now.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Separately, Gerber said that Musk should step down as Tesla’s chief or as the leader of the department.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Musk himself told Fox Business Network recently that his DOGE work
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
could last another year
</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">
That said, many supporters still have high hopes for Tesla.
</span>
<span>
Ives’s price target for the company is $550 a share, nearly double yesterday’s closing price of $235.86. In fact, the average stock price target set by Tesla analysts is $365.70, according to FactSet — a sign that, for all of the company’s woes, Wall Street still believes that Musk can turn things around.
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
In other Musk news: Here’s 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">
deep dive into Steve Davis
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, the longtime lieutenant who effectively oversees DOGE day to day. And Musk 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">
maxing out donations to Republican lawmakers
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
who support impeaching federal judges who are stymieing Trump’s political agenda, The Times reports.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
What TheSkimm deal says about digital media
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
TheSkimm was once a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
fast-growing newsletter
</a>
<span>
aimed at young women that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
was considered by many
</a>
<span>
to be the future of publishing.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Yesterday, the company
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
announced its sale
</a>
<span>
to Ziff Davis, the century-old publisher that operates older digital media sites such as Mashable and CNET, along with lifestyle brands like Everyday Health.
</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 one way to look at the deal:
</span>
<span>
TheSkimm found a way to survive. It reportedly
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
peaked at seven million subscribers
</a>
<span>
, though that figure has since come down. The company raised about $28 million and now runs other newsletters, podcasts and an affiliate marketing business, all standard elements of today’s publishing playbook.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But TheSkimm failed to become a big enough brand to thrive alone. When asked by Axios if the company was profitable, its co-founders said it had a track record as a company of profitability.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Deal terms weren’t disclosed. The company’s co-founders, Danielle Weisberg and Carly Zakin, will continue to run the business. (The New York Times Company bought a 1 percent stake in the company in 2016 at a $55 million valuation.)
</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 more accurate picture:
</span>
<span>
TheSkimm is another in a long line of media start-ups that has struggled to build a major news brand, helping prove a widespread thesis for the industry: There may only be a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
few profitable models for digital news
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Consider that BuzzFeed, which was once
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
valued at $1.7 billion
</a>
<span>
and viewed as a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
potential rival to The Times
</a>
<span>
, has since disbanded its news division and now trades at an $80 million valuation on the Nasdaq. Vice Media went bankrupt in 2023, and its new private equity owner has since
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
gutted the staff
</a>
<span>
. The Daily Beast’s new owners are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
cutting costs
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Other women-focused media efforts have also foundered, including
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Lenny Letter
</a>
<span>
, founded by the actress and producer Lena Dunham, and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Rookie
</a>
<span>
, created by the writer and actress Tavi Gevinson.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
But other new digital media companies are succeeding,
</span>
<span>
including many built on newsletter platforms like Beehiiv and Substack. Among them are Matt Yglesias’s politics-focused Slow Boring, which
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
grosses more than $1 million a year
</a>
<span>
, and Oliver Darcy’s media-focused Status, which is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
on track
</a>
<span>
to hit that number.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Notably, these are small operations with targeted areas of interest that charge for access, something that the digital media entrepreneur
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Jessica Lessin
</a>
<span>
recently told DealBook was an often-overlooked market.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“What great media entrepreneurs are figuring out now — after a decade of learning the wrong lessons about how to build media businesses — is that there is so much growth and opportunity and impact we can have by serving those communities,” she said, adding, “The large media organizations haven’t gotten the memo.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
To be fair, there are also thriving start-ups that are aiming for broader audiences, such as Semafor, which now runs about a dozen newsletters, a podcast and a conferences business.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
(Hey, Ben Smith and Justin Smith, DealBook’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
open to a Q&A with you
</a>
<span>
— if you’ll reveal some hard numbers.)
</span>
</p>
<table width="100%">
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<tr>
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</td>
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</td>
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<span style="font-style:italic">
We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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Subscribe to The New York Times
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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
</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">
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">
QXO, a building products company founded by the entrepreneur Brad Jacobs, agreed 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">
buy Beacon Roofing Supply
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
for about $11 billion, including debt, ending a takeover battle between the two. (WSJ)
</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">
SoftBank agreed to buy Ampere
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, a designer of chips for data centers, for $6.5 billion as another bet on artificial intelligence. (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">
“Female-led start-ups are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
increasingly starved of funding
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (FT)
</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">
Artificial intelligence
</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 Italian newspaper Il Foglio says it 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">
published an edition
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
put together
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
entirely by A.I.
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, including headlines, quotes and summaries — with journalists’ reduced to “asking questions” of the A.I. agent. (The Guardian, Il Foglio)
</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 Chinese tech giant Tencent
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
plans to sharply increase
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
its spending on A.I. to keep pace with rivals like DeepSeek and Alibaba. (Bloomberg)
</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">
Best of the rest
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<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">
Ben & Jerry’s accused its corporate parent, Unilever, 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">
firing its C.E.O.
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
for allowing the ice cream maker to speak out on political issues. (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">
“UBS Client Says His Wife Moved In With Their Wealth Adviser.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
It Got Messy
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (Bloomberg)
</span>
</li>
</ul>
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Andrew Ross Sorkin
</a>
<span>
, Founder/Editor-at-Large, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@andrewrsorkin
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Ravi Mattu
</a>
<span>
, Managing Editor, London
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@ravmattu
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Bernhard Warner
</a>
<span>
, Senior Editor, Rome
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@BernhardWarner
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Sarah Kessler
</a>
<span>
, Deputy Editor, Chicago
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@sarahfkessler
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1 week, 1 day ago - nytdirect@nytimes.com
DealBook: Powell’s silver lining
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