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July 9, 2025
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Good morning. Andrew here. Yesterday we told you about the backlash
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against the venture capitalist Shaun Maguire
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We’re also keeping a close eye on the latest trade fight, including a steep tariff on copper that threatens to further rattle U.S. companies. And Lauren Hirsch reports on what’s on New York business leaders’ minds before their meetings with Mamdani next week. (Was this newsletter forwarded to you?
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<span style="color:#666;font:normal 14px georgia,serif">
President Trump’s threats of steep tariffs on copper have roiled markets and worried businesses.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
Jon Cherry for The New York Times
</span>
</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>
Copper climbing
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The latest phase of President Trump’s trade war has had little fallout on global stock markets so far this week. But it’s beginning to affect other areas, including commodities — take a look at copper in particular — and government bonds.
</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>
</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">
Trump yesterday said that there would be
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
“no extensions
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” to his Aug. 1 deadline for trade talks. And the White House plans to send up to 20 more letters to trading partners this week about potential tariff rates,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Commerce Secretary Howard Lutnick
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
told CNBC.
</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 president announced two new tariff goals: a 50 percent rate on copper, and up to 200 percent on pharmaceuticals (though the latter may not kick in for another “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
year, year and a half
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
,” he added).
</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">
The copper threat is a big one for American businesses,
</span>
<span>
which use the metal in components for homes, cars, high-tech devices and the power grid as well as data centers. Copper futures
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
hit a record
</a>
<span>
in New York yesterday as traders anticipated a Trump move.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="A line chart shows the U.S. price rise of copper, dating back several decades." class="css-xsf469" height="513" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F07%252F09%252Fbusiness%252F09db-chart%252F09db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTIwNjMwODkuNzUzODg2NX0:1uZTe5:l6PpS6Z_6CKQcm4e_CiBbpwnFkjigim9Hj4AWkUyKwU" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The metal’s geopolitics have been a major market focus.
</span>
<span>
Desperate to shore up supplies of the metal, the Biden administration and the European Union funneled nearly $1 billion, beginning in 2022, into
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a massive infrastructure project
</a>
<span>
in copper-rich Africa, where China has a huge presence.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
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<td style="border-top:1px solid #dcdcdc;padding-top:15px">
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</td>
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<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Closer to home, spikes in copper prices often lead to increased crime as scrap-metal thieves raid
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
streetlights
</a>
<span>
,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
train yards
</a>
<span>
and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
plumbing lines
</a>
<span>
to capitalize on demand.
</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">
Economists are trying to determine the inflationary effects.
</span>
<span>
Before Trump issued his threats on copper and pharmaceuticals, Goldman Sachs economists concluded that U.S. consumers and businesses would each pay about 40 percent of tariff costs, and foreign exporters the rest.
</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">
Are bond vigilantes getting restive?
</span>
<span>
The yield on the 10-year Treasury note, which underpins lending rates for businesses and homeowners, rose today for a sixth straight session, to 4.4 percent. (Remember that a sell-off in Treasury notes and bonds in April helped force the White House to pause its tariff threats.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Trump now seems determined to stick with his hard-line tactics to advance framework deals, with
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
India and the European Union
</a>
<span>
appearing to be next in line. But full-fledged trade deals often take months of negotiations; that’s why Treasury Secretary
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Scott Bessent
</a>
<span>
and others tried to persuade Trump to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
give them more time for talks
</a>
<span>
, The Wall Street Journal reports.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
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<td>
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</td>
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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 Supreme Court clears a path for mass firings of federal workers.
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Justices lifted a lower court’s ruling
</a>
<span>
that had blocked the Trump administration’s plan to lay off potentially tens of thousands of government workers. While technically temporary, the Supreme Court’s move effectively allows the administration to reorganize the federal bureaucracy without input from Congress.
</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 said to invest about $3.5 billion in the maker of Ray-Bans.
</span>
<span>
Meta, the parent company of Facebook and Instagram, acquired a roughly
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
3 percent stake in EssilorLuxottica
</a>
<span>
, which makes smart glasses for the tech giant, according to Bloomberg. The investment signals Meta’s ongoing interest in A.I.-enabled wearables; shares in Warby Parker, a rival glasses maker, rose on the report as investors speculated that it might secure its own investment from its
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
tech partner, Google
</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">
Apple’s No. 2 executive plans to retire.
</span>
<span>
Jeff Williams, a longtime lieutenant to Tim Cook, will step down as the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
chief operating officer
</a>
<span>
after a 27-year career there. Williams had been considered a potential C.E.O.; his departure raises questions about who might succeed Cook. Candidates include John Ternus, Apple’s head of hardware engineering; Craig Federighi, its head of software; and Eddy Cue, its head of services.
</span>
</p>
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<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
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</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
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<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Wall Street prepares to grill Mamdani
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
There’s one topic that Wall Street has talked about incessantly over the past several weeks: Zohran Mamdani, who
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
won New York City’s Democratic primary
</a>
<span>
for mayor last month. His unexpected ascent has set off furious speculation among executives who want to know what he might do if he wins in November.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
They may soon have fresh insight: Mamdani is set to meet with the Partnership for New York City next week, offering many of the city’s top business leaders their first chance to grill the mayoral candidate, Lauren Hirsch reports.
</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 group consists of some of Manhattan’s most influential executives.
</span>
<span>
It is chaired by Albert Bourla of Pfizer and Rob Speyer of Tishman and Speyer. Others on its board include Jeff Blau of Related, Jane Fraser of Citigroup, Henry Kravis of KKR and David Solomon of Goldman Sachs.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The day after Mamdani’s win, the partnership held a video call dissecting the victory. The liveliness of the meeting caught many of its executives by surprise. Among the dominant topics: Was there any effective way to support a rival candidate? How much could fund-raising for another candidate do, given the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
unprecedented sums
</a>
<span>
that Andrew Cuomo raised, only to lose the primary? Did they feel comfortable backing Mayor Eric Adams, given that he had faced five federal counts of corruption, which
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
were eventually dropped
</a>
<span>
?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In one of the snappier moments someone on the call let the executives know that their kids probably voted for Mamdani. (Probably
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
some of their employees
</a>
<span>
did, too.)
</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">
Next week’s meetings will run for two days.
</span>
<span>
Mamdani will address C.E.O.s on July 15 to speak generally and on July 16 to discuss the tech sector. He reached out to the Partnership for New York City after he won the primary, the group’s C.E.O., Kathryn Wylde, told DealBook.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Wylde and Mandami discussed setting up meetings, and he asked which executives he should reach out to, she 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">
Wall Street has a lot on its mind.
</span>
<span>
On the list: details behind his top-line policy proposals, including higher taxes on corporations and the wealthy; whether he believes
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
billionaires should exist
</a>
<span>
; if he would keep Jessica Tisch on as police commissioner; and his position on Israel.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Meanwhile, any hope that financial moguls had of averting a split ticket seems to be fading: Adams
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
told CNBC
</a>
<span>
that he had rebuffed a request by Cuomo to step aside; instead, Adams called for Cuomo to drop out. Cuomo hasn’t publicly indicated he plans to do so.
</span>
</p>
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<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
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</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
What, Musk worry?
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Shares in Tesla have recovered slightly from their sharp drop after Elon Musk announced his intent to form a new political party, drawing the anger of President Trump.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Many shareholders and analysts may still be worried that the tech billionaire’s plan could lead to political retribution against his business empire. But Musk — and some investors — appear undaunted.
</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">
“Shut up, Dan”
</span>
<span>
was
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Musk’s response to
</a>
<span>
the tech analyst Dan Ives, who had again called on Tesla’s board to force Musk to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
drop his political efforts
</a>
<span>
. Whether the carmaker’s directors, who have long been criticized for being too deferential to Musk, would heed Ives’s call is worth watching.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It’s not clear how serious Musk is about forming a new party or whether any such organization would do more than field a handful of candidates for the House and the Senate.
</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 Musk appears willing to keep lashing out at Trump.
</span>
<span>
Musk’s current focus is the Justice Department’s assertion that the convicted sex offender Jeffrey Epstein died by suicide and didn’t have a “client list.”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Trump exasperatedly urged people
</a>
<span>
to move on from the topic, but Musk is among those
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
who hasn’t
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Musk’s needling of Trump comes despite worries that the president might use his administration to punish Tesla, SpaceX and other Musk-run businesses, many of which depend on favorable regulation and government contracts.
</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 investors don’t seem worried.
</span>
<span>
The latest sign is that SpaceX, the rocket and satellite company, is debating whether to raise money
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
at a $400 billion valuation
</a>
<span>
— up 14 percent from where it was valued in December — according to Bloomberg.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Interest in any such round would indicate a belief that investors aren’t worried about SpaceX’s fortunes.
</span>
</p>
<table width="100%">
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<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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<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="Jay Powell, the Fed chair, is seen sitting and looking upward with a large microphone extended toward him." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F07%252F09%252Fmultimedia%252F09db-powell-wvkm%252F09db-powell-wvkm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTIwNjMwODkuNzU1MDU1N30:1uZTe5:SuFFKXSHrj5_kI4PgRz8kmB2NChSxvwHVVaNNz90Rgw" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
</tr>
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<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
Who’s coming for Jay Powell’s seat as Fed chair?
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Mark Schiefelbein/Associated Press
</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>
“The Apprentice,” Fed edition
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
President Trump kept up his attacks on Jay Powell at a Cabinet meeting yesterday, calling him
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
“terrible” as the Fed chair
</a>
<span>
: “We should get somebody in there that’s going to lower interest rates,” he said.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Powell’s term as chair doesn’t end until May (though he can stay on as a governor until January 2028.) But Fed watchers continue to speculate about a pair The Wall Street Journal
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
calls the “two Kevins”
</a>
<span>
— Kevin Hassett, a top Trump economic adviser, and Kevin Warsh, a former Fed governor — who are jockeying to become the central bank’s leader.
</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 succession drama is
</span>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;font-weight:700;font-family:arial,sans-serif;color:#000">
hanging over the Fed
</a>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
and markets.
</span>
<span>
Trump has made clear that he doesn’t care much about preserving the central bank’s perceived political independence as he seeks someone who would lower borrowing costs. (On that note, the release today of minutes from last month’s Fed meeting could reflect where its policymakers stand on rates.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The candidacies of Hassett and Warsh have taken on the feel of a game-show competition, The Journal reports:
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
Hassett met with Trump about the Fed job at least twice in June, according to people familiar with the matter. The discussions marked a shift for Hassett, who previously had told allies he wasn’t interested, but now says he would take the job if offered.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
Warsh has discussed traveling to Washington this month to meet with Treasury Secretary Scott Bessent about the Fed position, according to people familiar with the matter.
</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">
Who has the edge?
</span>
<span>
Hassett is a longtime Trump aide and has become a vocal critic of Powell’s hold-steady approach to rate cuts. But he’s seen as less telegenic, which appears to matter to the president.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Warsh is well respected by Wall Street, was a college classmate of Trump’s and interviewed last fall for role of Treasury secretary. But he’s viewed as more hawkish on rates, potentially putting him at odds with the president.
</span>
</p>
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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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<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">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Mistral
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, a fast-growing French artificial intelligence start-up, is said to be in talks to raise up to $1 billion in new funds from potential backers, including the Emirati tech investor MGX. (Bloomberg)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Youth Sports Are a $40 Billion Business.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Private Equity Is Taking Notice.
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (NYT)
</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">
Politics, policy and 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">
Live Nation, the events giant that has been investigated for potential antitrust violations, has suggested
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
price caps on secondary ticket sales
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (Variety)
</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">
Goldman Sachs hired Rishi Sunak
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, the former British prime minister, as a senior adviser. (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">
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">
Is the rise of Ozempic contributing to the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
decline in availability of plus-size clothing
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
? (Business Insider)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“The Wild Russian Plot 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">
Burn a London Restaurant and Kidnap Its Owner
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (NYT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
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</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
Correction: Yesterday’s newsletter misstated the timing of a video by Shaun Maguire in response to criticism of his post about Zohran Mamdani. It was published before the petition condemning his remarks went online. Also, it misstated which signatories Sequoia had invested in. It had backed one; others had received investment from entities that have since been spun off from the firm.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
Also, the newsletter misstated Robinhood’s plans for tokens tied to OpenAI and SpaceX. The company plans to offer them to European investors as part of a limited giveaway, not to sell them.
</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">
Thanks for reading! We’ll see you tomorrow.
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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
</a>
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