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   DealBook: Risk on
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   Also, the world reacts to the Anthropic lockdown.
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             June 15, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Breaking: Fox has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          agreed to purchase Roku
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         <span>
          in a cash-and-stock deal that values the streaming company at about $22 billion, including debt.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’re also trying to make sense of the U.S. government’s decision to force Anthropic to bar foreign nationals from using its most powerful models on national security grounds. It feels like a Rubicon has been crossed — with profound implications for the future of artificial intelligence and an industry that is powering the economy.
         </span>
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         <span>
          Separately, while SpaceX’s I.P.O. signals the arrival of the trillionaire era, Americans are debating what responsibilities the superwealthy now have. New polling by Just Capital, the nonprofit group founded by the investor Paul Tudor Jones focused on responsible corporate leadership, suggests that the public is focused on how those riches are used, not how they were created.
         </span>
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         <span>
          Only 10 percent of respondents say a trillion-dollar company’s primary responsibility is to its shareholders, far behind worker pay, employee ownership and investment in local communities. Strikingly, 57 percent say it’s acceptable for a single person to be worth at least $1 trillion — but 34 percent support that only if the wealth was created responsibly and without exploitation, while 35 percent find that concentration of money concerning and acceptable. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              Hopes that the Strait of Hormuz will fully reopen have prompted a global market rally.
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             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The Hormuz question
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A global relief rally is underway this morning. Investors are cheering
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a potential breakthrough
         </a>
         <span>
          reached in the past few hours between the U.S. and Iran that could eventually end a war that has rocked the global economy.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump hailed the development,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          writing on social media
         </a>
         <span>
          : “Ships of the World, start your engines. Let the oil flow!” But details of what’s in the framework agreement are scarce. And major challenges to a lasting regional peace remain.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          They include whether Washington and Tehran can resolve their differences over Iran’s nuclear program, and how Israel and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          members of Trump’s party
         </a>
         <span>
          might respond to the terms. Still, a signing ceremony is scheduled for Friday in Geneva for what Tehran is calling a “memorandum of understanding.”
         </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>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brent crude, the international benchmark for oil, was trading around $83 this morning, a three-month low.
               </span>
              </li>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Stocks in Asia and Europe were gaining, led by airline stocks. S&amp;P 500 futures, crypto and sovereign bonds rallied. The yield on a 10-year Treasury note fell to 4.45 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">
                The average price of gasoline in the U.S. fell to $4.06 today, according to AAA.
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What’s driving those gains?
         </span>
         <span>
          The most bullish see an extended cease-fire easing energy prices and the inflation burden they put on companies and households, which could in turn influence central banks’ stance on interest rates.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Economists had warned that rising energy prices from a protracted war would force central banks to raise borrowing costs to ward off inflation, as the European Central Bank did last week. But futures traders this morning have pared their calls for rate increases in Europe and the U.S.
         </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">
          They still expect the Fed to raise its benchmark rate in December.
         </span>
         <span>
          But it’s closer to a coin toss than a done deal, something to watch ahead of this week’s policy decision.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What could go wrong?
         </span>
         <span>
          Trump told The Times that he wanted the Strait of Hormuz, the vital waterway that has been effectively shut since the war began, to be reopened and “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          permanently toll-free
         </a>
         <span>
          .” Earlier in the war, an emboldened Tehran had explored
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          charging some ships
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Hormuz is likely to reopen slowly, and ships (and their insurers) may not be rushing to sail through,” Paul Donovan, the chief economist for UBS Global Wealth Management, wrote to investors this morning.
         </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">
          Several states open an investigation into OpenAI.
         </span>
         <span>
          A coalition of state attorneys general, led by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Letitia James
         </span>
         <span>
          of New York, served the artificial intelligence company a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          subpoena seeking documents
         </a>
         <span>
          related to the effect that OpenAI’s products have on users, including minors. The inquiry comes after Florida
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          filed a lawsuit against OpenAI
         </a>
         <span>
          over the role ChatGPT may have played in a shooting, and highlights growing worries about how the technology affects users.
         </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 entrepreneur who defrauded JPMorgan Chase reportedly pushes for a presidential pardon. Charlie Javice
         </span>
         <span>
          , who was sentenced to more than seven years in prison for defrauding the bank in its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          purchase of her student loan start-up
         </a>
         <span>
          , Frank, has sought clemency help from people close to the administration, according to The Wall Street Journal. The White House is weighing a plan for President Trump to issue 250 pardons to commemorate the nation’s 250th birthday this summer, The Journal reported, though Javice’s name isn’t on a formal list of requests.
         </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">
          SpaceX shares rally again.
         </span>
         <span>
          Shares in
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          ’s rocket-and-A.I. company jumped over 5 percent in premarket trading this morning. Its record-breaking debut has already
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bolstered the fortunes
         </a>
         <span>
          of insiders and early investors, and charities
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          are now expecting a windfall
         </a>
         <span>
          from many of them.
         </span>
        </p>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          ‘The ball is in Anthropic’s court’
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The artificial intelligence world is still reeling from the Trump administration’s crackdown on Anthropic and its top-end models, a decision that the company — the A.I. lab that proclaims itself safety-first — disagrees with.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The consequences of the standoff are being felt worldwide, and they raise questions about how Washington will govern A.I. technology.
         </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">
          Catch up:
         </span>
         <span>
          Late on Friday, the Trump administration ordered Anthropic to bar foreign nationals from using its Fable and Mythos models, according to the A.I. lab.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The company shut down access for everyone, arguing that there was no way for it to comply (since the order applied even to foreign-born Anthropic employees).
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Anthropic officials
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          were in Washington yesterday
         </a>
         <span>
          to try to resolve the impasse, Axios reported.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What we know so far:
         </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">
                Amazon’s C.E.O.,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Andy Jassy
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , and others notified officials late last week about a potential vulnerability in Fable that allowed users to bypass some protections against using the model for cyberattacks,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                The Information
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                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">
                The Times
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                reported. (Amazon is a major investor in Anthropic.)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Administration officials, including Treasury Secretary
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Scott Bessent
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and Commerce Secretary
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Howard Lutnick
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , then
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                held talks with Dario Amodei
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Anthropic’s C.E.O., about removing Fable based on those concerns, according to 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">
                Amodei argued that the vulnerability didn’t represent 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">
                universal jailbreak
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” that could bypass Fable’s security guardrails.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Believing that Amodei wasn’t willing to shut down Fable, the administration ordered export controls on Fable and the more powerful Mythos.
               </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 White House and Anthropic seem to be at odds again.
         </span>
         <span>
          Administration officials like Bessent had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          appeared to mend ties
         </a>
         <span>
          with the company after Mythos was released.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          How some administration officials and allies responded:
         </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                David Sacks
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the former A.I. czar for the Trump administration,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                wrote on X
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , “The ball is in Anthropic’s court.”
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Defense Secretary
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Pete Hegseth
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , also on X,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                tied the clash
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to the Pentagon’s own dispute with Anthropic: “Every passing day proves why that was the right move. 🇺🇸”
               </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">
          Is Washington looking to have a kill switch for A.I.?
         </span>
         <span>
          The prospect has many in Silicon Valley
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          aghast
         </a>
         <span>
          , though The Information said an unnamed government official told it that the administration
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wasn’t considering a similar move
         </a>
         <span>
          for rivals’ frontier models.
         </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">
                That said, the administration has restricted Anthropic before:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Until recently
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , it forbade the company to give foreign entities access to Mythos,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a sore point
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for international governments and businesses.
               </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">
          Another big question: How do U.S. allies respond?
         </span>
         <span>
          If Washington can control advanced A.I. models, “that makes U.S. A.I. models problematic for the rest of the world,” Mikko Hypponen, a Finnish cybersecurity expert, told DealBook. (E.U. officials said they were
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          closely watching the situation
         </a>
         <span>
          .)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That could leave an opening for European model makers like Mistral of France, which President Emmanuel Macron has promoted. But it could also make popular open-source Chinese models that can be modified to run locally, like DeepSeek’s, more attractive.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Guaranteeing “safe, rapid and effective deployment” of A.I. will be a big theme at the Group of 7 meeting in France this week but organizers will keep the Anthropic issue off the official agenda, DealBook hears. Still, given
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          how central A.I. is
         </a>
         <span>
          to the world economy — and since Amodei and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sam Altman
         </span>
         <span>
          of OpenAI are expected to attend — don’t be surprised if it’s a talking point behind the scenes.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Talker: Microsoft’s C.E.O. on humans and A.I. monopolies
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Warnings about the potentially devastating effect of artificial intelligence on employment have sharpened with the advancement of the technology.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in an essay
         </a>
         <span>
          that’s been making the rounds in Silicon Valley,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Satya Nadella
         </span>
         <span>
          , Microsoft’s C.E.O., argues that “human capital” and an A.I. component, “token capital,” together can help businesses:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          This means the real opportunity is not in picking the best model but instead in building a learning loop on top of models where human capital and token capital compound. You can offload a task, or even a job, but you can never offload your learning. The future of the firm is the ability to compound that learning across people and A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          Nadella also warns against letting a few A.I. models dominate, and wipe out whole business sectors:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          If all the value is accrued by only a few models, the political economy will simply not tolerate it. There is no societal permission for an A.I. future that hollows out entire industries.
         </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">
          Worth noting:
         </span>
         <span>
          Microsoft, which for years had relied on its close relationship with OpenAI to power its A.I. ambitions, is increasingly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          competing with its partner
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That said, Microsoft’s A.I. leader,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mustafa Suleyman
         </span>
         <span>
          , recently
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          walked back comments
         </a>
         <span>
          he had made about many white-collar jobs being “fully automated” by A.I. within up to 18 months.
         </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 related news,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Sundar Pichai
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Google’s C.E.O., made
               </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 explicit mention of A.I.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                during his commencement speech yesterday at Stanford.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              The South Lawn of the White House was the scene of an Ultimate Fighting Championship event yesterday.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Kenny Holston/The New York Times
             </span>
            </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Photo of the day: U.F.C. at the White House
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The cage-match fights President Trump hosted last night on the White House lawn on his birthday were a full-fledged spectacle. The event was replete with crypto advertisements inside the ring and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          billionaires, cabinet members and Republican lawmakers
         </a>
         <span>
          outside.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Spotted among the attendees:
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mark Zuckerberg
         </span>
         <span>
          of Meta;
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ari Emanuel
         </span>
         <span>
          , the C.E.O. of TKO Group Holdings, a parent company of U.F.C. that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Trump has a stake in
         </a>
         <span>
          ; and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          David Ellison
         </span>
         <span>
          , the C.E.O. of Paramount Skydance, which streamed the event on Paramount+ two days after the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Justice Department cleared the way for
         </a>
         <span>
          its $111 billion merger deal with Warner Bros. Discovery.
         </span>
        </p>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           </td>
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            <img alt="Members of the New York Knicks team and ownership stand standing together and celebrating. " class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F15%252Fmultimedia%252F15db-knicks-dolan-qvcg%252F15db-knicks-dolan-qvcg-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODE1MjU2ODEuNjQzODczfQ:1wZ6DB:P6AfHWbO14qPkXsIPyP6fCEeyqNs0yug5L_84jH3wFc" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              James Dolan, the owner of the New York Knicks, in the orange jacket, and others after the team won the N.B.A. title on Saturday.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Gregory Shamus/Getty Images
             </span>
            </span>
           </td>
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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>
          The Knicks stand on business
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Knicks have captured the hearts of New York, and their N.B.A. finals victory will be celebrated with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a ticker-tape parade Thursday
         </a>
         <span>
          in Manhattan.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Celebrity super fans
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Spike Lee
         </span>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ben Stiller
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Timothée Chalamet
         </span>
         <span>
          were on hand to witness the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          win on Saturday
         </a>
         <span>
          that ended a 53-year drought.
         </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 the biggest champion of all might be James Dolan.
         </span>
         <span>
          As the chairman and C.E.O. of Madison Square Garden Sports, the parent company of the Knicks, Dolan is the team’s primary owner. He is also a polarizing figure with fans.
         </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">
          Now Dolan is riding high.
         </span>
         <span>
          Shares in company just hit a record, and are outperforming the S&amp;P 500 since the season began in October.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td style="text-align:center">
            <img alt="A line chart shows the relative share performance of Madison Square Garden Sports versus the S&amp;P 500, since October." class="css-mcckse" height="535" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F15%252Fbusiness%252F15db-chart%252F15db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODE1MjU2ODEuNjQzOTk0OH0:1wZ6DB:R4HziDGR8ea41_AWYcS0-6bgNE41r10jtlcu-eVMwBw" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
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         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The catalyst goes beyond the Knicks’ playoff run.
         </span>
         <span>
          In February, the company’s board
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          voted to explore
         </a>
         <span>
          a spinoff that would split the Knicks and another franchise, the New York Rangers of the N.H.L., into separate publicly traded companies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Breaking up the Knicks and Rangers could unlock value for shareholders,
         </span>
         <span>
          including the Dolan family. The Knicks are worth an estimated $9.75 billion, according to Forbes, and the Rangers are at an estimated $4 billion. M.S.G.S., though, has a market capitalization of just $9.3 billion.
         </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">
          Could Dolan sell the team outright?
         </span>
         <span>
          It’s unlikely. There is precedent for selling high, however. The owners of the Boston Celtics put the team up for sale soon after winning the 2024 N.B.A. title and completed the transaction last August at a value of $6.1 billion.
         </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">
          If Dolan did want to cash out,
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Forbes suggests
         </a>
         <span>
          , this might be a good time to sell a minority stake.
         </span>
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             THE SPEED READ
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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">
          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">
                Lazard, the investment bank, pushed 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">
                replace Centerview Partners
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as Venezuela’s financial adviser. (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">
                Sigma Healthcare, an Australian pharmacy group,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                pulled out of talks
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to acquire the British drugstore chain Boots in what had been seen as 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">
                possible $10 billion deal
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (FT, WSJ)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
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         <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">
                Could
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                screwworm’s U.S. arrival
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                undermine Republicans’ push to keep control of Congress? (Axios)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Swiss voters
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                reject a ballot measure
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to cap the country’s population at 10 million. (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">
          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">
                “Rich Californians Are Finding Creative Ways 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">
                Get Ahead of the Billionaire Tax
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Disclosure Day” gives
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Steven Spielberg
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                his
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                first new-to-the-screen summer hit since “Minority Report”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                24 years ago. (NYT)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
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