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   DealBook: Private equity’s new tax fight
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   Also, oil jumps on fresh war jitters.
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             May 11, 2026
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          Good morning. Andrew here.
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         <span>
          The “talks” between the U.S. and Iran appear to have stalled, and yet the stock market is barely reacting, despite oil prices gaining. Investors are also shrugging off news about hantavirus. Should they?
         </span>
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          And we’re looking at a fascinating new battle over the math for tax revenue from “carried interest.”
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Let me know
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          where you land on that debate.
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         <span>
          Finally, I gave a commencement speech at American University’s business school on Friday, in which I argued that the drive of the world’s most successful people often comes from, well, insecurity — the relentless need to prove themselves. How can we all harness that while keeping things in perspective? You can
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          watch it here
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          . (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             The debate over closing the tax loophole on carried interest just took a new twist.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Stefani Reynolds for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The new carried interest battle
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For years, the debate over carried interest — the billions of dollars in profits paid to many kinds of investment executives that is taxed at capital gains rates — has followed a predictable script.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Critics call it an unfair loophole. Private equity and venture capital titans argue that it’s vital to incentivize long-term investment.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But now there is a new clash over the math.
         </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 Budget Lab at Yale recently dropped a bombshell report:
         </span>
         <span>
          Closing the carried interest loophole
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could rake in an estimated $87.7 billion
         </a>
         <span>
          over a decade. That’s significantly higher than previous projections
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          from nonpartisan congressional scorekeepers
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Yale team argues that past estimates were too low because they didn’t distinguish between different types of partnership income.
         </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">
          Its estimate is based on access to new data.
         </span>
         <span>
          Instead of looking at overall capital gains, the Budget Lab used academic research that analyzed Schedule K-1 tax form data. This allowed the team to see the specific performance-related distributions that go to general partners, or fund managers, versus funds’ limited partners.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The team found that far more ordinary income was being cloaked as capital gains, and therefore taxed at lower rates, than previously thought.
         </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">
          An industry advocacy group has come out swinging against the Yale report,
         </span>
         <span>
          claiming that its revenue estimate is “a splashy claim. It’s also wrong.”
         </span>
        </p>
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                The group, Private Investment Works, argues that the findings ignore how fund managers would react to a tax increase. If the rate jumps to the current ordinary income rate of 37 percent — or higher — P.I.W. warns of a revenue mirage in which managers simply start fewer funds or move operations overseas. The result: less total tax collected.
               </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The group also cites a study by an economist that argues that ending the carried interest loophole would lead to a drop in federal tax receipts. That runs counter to analyses by the Congressional Budget Office and many mainstream economists.
               </span>
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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">
          The last time the carried interest debate flared up in Washington was in 2022,
         </span>
         <span>
          during final negotiations over the Inflation Reduction Act. Democrats scrapped a provision to close the loophole at the eleventh hour to secure the support of Senator Kyrsten Sinema of Arizona, then a Democrat. (The industry had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          heavily lobbied
         </a>
         <span>
          her.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That reinforced the perception of the private equity industry’s clout in Washington. But the issue is coming up again: Last month, senators including Ron Wyden, Democrat of Oregon,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          introduced a bill
         </a>
         <span>
          to raise taxes on carried interest.
         </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>
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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">
          Some passengers evacuated from a cruise ship linked to hantavirus are heading home.
         </span>
         <span>
          As people
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          began disembarking
         </a>
         <span>
          yesterday from the vessel, the MV Hondius, after it anchored off Spain’s Canary Islands, some
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tested positive for hantavirus
         </a>
         <span>
          , according to authorities, and others were symptomatic. Health officials have stressed that the risks to the general public remain low.
         </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">
          China exports more electric vehicles than gasoline-powered ones for the first time.
         </span>
         <span>
          E.V.s and plug-in hybrids accounted for just
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          over half of the 769,000 vehicles
         </a>
         <span>
          that the country shipped abroad in April, the China Passenger Car Association said today; exports of so-called new-energy vehicles more than doubled. It’s another sign of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          China’s strength in E.V.s
         </a>
         <span>
          , especially as the war with Iran drives up global oil prices.
         </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">
          A founder of Fortress Investment Group is identified as the victim of a blackmail plot.
         </span>
         <span>
          A spokesman for Wes Edens, who also co-owns the N.B.A.’s Milwaukee Bucks, confirmed to The Wall Street Journal that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he was “Victim-1”
         </a>
         <span>
          in documents accusing Changli Luo of trying to extort a man after they had sex. Prosecutors said she had sought more than $1 billion in payouts; Luo has pleaded not guilty.
         </span>
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Totally unacceptable”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Oil is gaining again as investors brace for a continued stalemate in U.S.-Iranian negotiations to end the war.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The countries traded jabs on social media yesterday amid new warnings from Wall Street and the Persian Gulf over the war’s fallout on the global energy market. President Trump said on
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          social media
         </a>
         <span>
          that Iran’s latest offer to end the war was “TOTALLY UNACCEPTABLE.” And Masoud Pezeshkian, Iran’s president, posted on X that, that the country
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          intends to take a hard line in negotiations
         </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">
          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">
                Brent crude, the global benchmark for oil, rose to around $104 a barrel. U.S. gas prices on average remained at
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $4.52 a gallon
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The yield on the U.S. 10-year Treasury note, which underpins the mortgage market, rose to around 4.39 percent.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                S&amp;P 500 futures point to modest losses.
               </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">
          What Trump rejected:
         </span>
         <span>
          Among
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the conditions
         </a>
         <span>
          he found unacceptable were Iran’s demands for U.S. war reparations and recognition of its sovereignty over the Strait of Hormuz, according to Iran’s state-owned broadcaster.
         </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">
          Reopening the strait is a timely concern.
         </span>
         <span>
          Amin Nasser, the C.E.O. of Saudi Aramco, the oil giant, warned that disruption of shipping through the strait, a vital oil passage, stretching more than a few more weeks would result in high oil prices
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          until 2027
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Analysts at Morgan Stanley also cautioned that the oil market was in a “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          race against time”
         </a>
         <span>
          and that oil prices could jump to as high as $150 a barrel if the strait did not open until late June or July.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A bar chart shows the declining trend in daily Strait of Hormuz crossings beginning mid-February." class="css-xsf469" height="519" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F11%252Fbusiness%252F11db-chart%252F11db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg1MDEzODUuMDIzODE0Mn0:1wMPSD:COknsv5g4-JldxOe9v9mU93Jw3GlovI62_c857Z0zCQ" 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 Trump administration sees potentially higher prices, too.
         </span>
         <span>
          Chris Wright, the energy secretary,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          told “Meet the Press”
         </a>
         <span>
          yesterday that gas prices would most likely remain high as long as the war continued; in March, he had said that there was a “good chance” they would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          drop below $3
         </a>
         <span>
          a gallon before the summer travel season.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Wright also said the administration was open to pausing the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          federal gas tax
         </a>
         <span>
          to give relief to drivers. That said, the tax accounts for just a little over 18 cents per gallon of gasoline.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           </td>
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         </tbody>
        </table>
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         <tbody>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Kevin Warsh is the dog who caught the car. I say that with great affection and sympathy.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          — John Cochrane, a senior fellow at the Hoover Institution,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          on Warsh
         </a>
         <span style="font-style:italic">
          , President Trump’s pick to lead the Fed and a soon-to-be former colleague. The Senate may vote to confirm Warsh as soon as Wednesday, but the next Fed chair will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          face many challenges
         </a>
         <span style="font-style:italic">
          , including war-driven inflation, Trump’s desire for lower rates and a predecessor
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          who isn’t going away yet
         </a>
         <span style="font-style:italic">
          .
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="President Trump is seen shaking the hand of Xi Jinping, China’s leader in 2025." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F11%252Fmultimedia%252F11db-trump-xi-jzml%252F11db-trump-xi-jzml-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg1MDEzODUuMDI0MTc4M30:1wMPSD:HLnR4LFS-BljiaWG0oBz3xoJnb-iAHcxahs0Av-462I" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top: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">
              President Trump and Xi Jinping, China’s leader, in 2025. They are set to meet in Beijing this week with a packed agenda.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Haiyun Jiang/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 to watch for at the Trump-Xi summit
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump’s meeting with Xi Jinping, China’s top leader, is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          officially set for later this week
         </a>
         <span>
          , with the fighting in Iran, a trade war and the artificial intelligence race as the backdrop.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump appears to be courting investments and seeking deals, while China hawks are pushing a harder line on Beijing, George Chen, a partner at the Asia Group, a strategic advisory firm, told DealBook. Still, many analysts say Xi
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has the upper hand
         </a>
         <span>
          , Grady McGregor reports. (That said, Xi is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          facing domestic pressure
         </a>
         <span>
          about the economy.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here are three issues that could define the visit.
         </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">
          Trade:
         </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">
                Chinese purchases of the so-called “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Five B’s
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” — including Boeing jets and U.S. soybeans — are expected to be high on the agenda. Watch for a possible announcement on 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">
                “board of trade
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,” too, which could create a forum to manage certain areas of trade.
               </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 U.S. and China reached a framework deal in October to pause triple-digit levies on each other. And Beijing made some concessions on rare earths, a market it dominates that is key to automakers, tech manufacturers and the military. But can they extend that truce?
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Have recent
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                legal setbacks on tariffs
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                weakened Trump’s hand?
               </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">
          Geopolitics:
         </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 is expected to press Beijing to help broker an end to the war in Iran, a key oil supplier for China. But U.S. officials are also wary of giving China a peacemaker role that could elevate its standing on the global stage, experts say.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Watch Taiwan, a close U.S. partner. Xi wants to strike deals with Trump, but would like to see concessions on Taiwan in return, according to Chen.
               </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">
          A.I.:
         </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 Trump administration planned 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">
                invited business leaders
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to join the trip, Semafor reported last week. A big name to watch is Jensen Huang, the C.E.O. of Nvidia, whose company is barred from selling its most advanced A.I. chips to Chinese companies. (Huang told Bloomberg last week that
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                he would go if invited
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Either way, Nvidia’s H200 chips could be a big discussion point. The administration has approved their sale to China, but Reuters reports that U.S. regulators have
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                largely held up
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                exports.
               </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 countries are also expected 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">
                discuss A.I. safety
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Anthropic’s powerful new Mythos model has prompted increasing concern among global leaders about 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">
                security risks advanced A.I. poses
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
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          business leaders and experts warn that the two countries are increasingly demanding that trade partners
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          choose their way over the other’s
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            <span>
             THE SPEED READ
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Deals
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        <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">
                A former top executive at LionTree, the merchant bank, was reportedly identified
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                as an unindicted co-conspirator
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in 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">
                insider-trading case
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that made waves on Wall Street. (Reuters, FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In I.P.O. news:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Lime
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the electric bike and scooter company backed by Uber, and
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Inspire Brands
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the parent company of Dunkin’, both filed to go public. (Bloomberg)
               </span>
              </li>
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          Technology and artificial intelligence
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        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <td style="padding:0 0 5px">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Current and former OpenAI employees are said to have made 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">
                collective $6.6 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                when the company let them sell shares in a recent fund-raising round. (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">
                Why Alphabet’s turnaround in artificial intelligence has made it poised to surpass Nvidia as 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">
                world’s most valuable public company
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (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">
                A data center in an Atlanta suburb quietly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                drained nearly 30 million gallons of water
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — until residents complained about unusually low water pressure. (Politico)
               </span>
              </li>
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          Best of the rest
         </span>
        </p>
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          <tbody>
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            <td style="padding:0 0 5px">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “The Man Trying to Make Trump’s Tariffs
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Go on Forever
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (Politico)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                At many tech companies, typing is being
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                replaced by whispering
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , and founders 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">
                forsaking relationships for their start-ups
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ, 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">
                How can you get a heads up on a possible nuclear apocalypse? Maybe by
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                tracking billionaires’ private jets
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WaPo)
               </span>
              </li>
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          Correction: Friday’s newsletter misstated the year that Sam Altman was briefly fired from OpenAI. It was 2023, not 2022.
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