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   DealBook: Sam Altman weighs in on Minnesota
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             January 27, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          Yesterday, I spoke here about the need for C.E.O.s to speak up after this weekend’s tragic shooting in Minneapolis. Credit to Sam Altman, the co-founder of OpenAI, who wrote in an internal Slack message to the company: “What’s happening with ICE is going too far. There is a big difference between deporting violent criminals and what’s happening now, and we need to get the distinction right.”
         </span>
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          We’ve got the full note. That, and much more, below. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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            <img alt="Sam Altman, C.E.O. of OpenAI, is seen in profile." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F01%252F27%252Fmultimedia%252F27db-altman-fjvm%252F27db-altman-fjvm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Njk1MjEzNjguOTQzMzk3M30:1vkjLE:cvKw-fzg5QhT_THmupUDW5t-gcDhm7CgQ_U-I3A45Z8" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             Sam Altman, C.E.O. of OpenAI, told employees, “What’s happening with ICE is going too far.”
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Haiyun Jiang for The New York Times
            </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Going too far”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yesterday, DealBook
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised the question
         </a>
         <span>
          of whether business leaders would begin to speak out against the Trump administration’s immigration crackdown after federal agents killed two Americans in Minnesota.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          More have started doing so — including Sam Altman of OpenAI — as corporate America is forced to confront the matter.
         </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’s happening with ICE is going too far,”
         </span>
         <span>
          Altman wrote in an internal Slack message to OpenAI employees, DealBook has learned. Here’s the full text of his message:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          I love the US and its values of democracy and freedom and will be supportive of the country however I can; OpenAI will too. But part of loving the country is the American duty to push back against overreach. What’s happening with ICE is going too far. There is a big difference between deporting violent criminals and what’s happening now, and we need to get the distinction right.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          President Trump is a very strong leader, and I hope he will rise to this moment and unite the country. I am encouraged by the last few hours of response and hope to see trust rebuilt with transparent investigations.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          As a company, we aim to stick to our convictions and not get blown around by changing fashions too much. We didn’t become super woke when that was popular, we didn’t start talking about masculine corporate energy when that was popular, and we are not going to make a lot of performative statements now about safety or politics or anything else. But we are going to continue to try to figure out how to actually do the right thing as best as we can, engage with leaders and push for our values, and speak up clearly about it as needed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          The post garnered hundreds of supportive responses, including heart and “THANK YOU” emojis.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          His comments illustrate the fine line many executives have sought to walk in speaking out against the Trump administration. Altman has become close to the president as he pushes for A.I. policies that are friendly to the industry; Greg Brockman, a fellow OpenAI co-founder, has become a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          major Trump donor
         </a>
         <span>
          as well.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Other top executives have also spoken about the shootings:
         </span>
        </p>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Target’s incoming C.E.O., Michael Fiddelke, sent a video message to employees yesterday
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                calling the fatal shootings “incredibly painful,”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and acknowledging that it was “weighing heavily” on many of them.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Dario Amodei, Anthropic’s C.E.O.,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                called the events in Minnesota
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                a “horror” in a social media post yesterday.
               </span>
              </li>
             </ul>
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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">
          Fissures are appearing elsewhere in Silicon Valley.
         </span>
         <span>
          Consider:
         </span>
        </p>
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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">
                In internal Slack messages, some workers at Palantir,
               </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 major government contractor
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , questioned why the tech company was working with ICE after the killing on Saturday of Alex Pretti by federal agents,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Wired reported
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Palantir executives reportedly defended the work with the agency.
               </span>
              </li>
             </ul>
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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">
                A public letter,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                known as ICEout.tech
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , calls on the tech industry to demand that ICE agents
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                leave U.S. cities and to cancel contracts
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                with the agency. It has amassed more than 800 signatures.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Keith Rabois, a managing director at the venture capital firm Khosla Ventures, defended ICE on social media, saying 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">
                “no law enforcement has shot an innocent person”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and that “illegals are committing violent crimes everyday.” Vinod Khosla, who founded the firm,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                publicly disavowed those comments
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
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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">
          What’s next:
         </span>
         <span>
          Part of the federal government could shut down by the end of the week, as Democrats seek to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          strip out funding
         </a>
         <span>
          for the Department of Homeland Security, which includes ICE, before approving a huge funding bill before a Friday deadline.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That comes as President Trump
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has shaken up the ICE operation
         </a>
         <span>
          in Minnesota, saying he will put in charge his border czar, Tom Homan, who will report directly to him.
         </span>
        </p>
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          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <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">
          President Trump threatens to raise tariffs on South Korean goods to 25 percent.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The president’s warning
         </a>
         <span>
          comes as he accuses the country’s legislature of taking too long to ratify a trade deal the countries reached last year. Separately, the European Parliament delayed a decision to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          unfreeze a U.S.-E.U. trade deal
         </a>
         <span>
          despite Trump walking back tariff threats tied to his efforts to acquire Greenland.
         </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">
          Michael Burry, of “The Big Short” fame, bets on GameStop.
         </span>
         <span>
          Shares in the video game retailer
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          jumped over 4 percent
         </a>
         <span>
          yesterday after Burry wrote that he was building a position in the stock, a frequent favorite of meme-stock traders. Burry backed efforts by Ryan Cohen, GameStop’s C.E.O., to turn around the company.
         </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">
          General Motors reports a $3.3 billion loss after writing off E.V. investments.
         </span>
         <span>
          The automaker took a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $7.2 billion accounting charge
         </a>
         <span>
          related to electric vehicles and other items, which more than erased a fourth-quarter operating profit. But its shares rose as much as 5 percent in premarket trading as the company predicted that profit this year would meet or exceed analyst estimates. Separately, sales of E.V.s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          surpassed those of gasoline-powered vehicles
         </a>
         <span>
          in the E.U. for the first time in December.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </td>
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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>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Addictive algorithms?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Tech giants have fought for years against legal broadsides by regulators and users alike over the content featured on their social networks. Starting this week, they face a new front:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          trials over how addictive their products are.
         </a>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The lawsuits are the latest effort to bring multibillion-dollar businesses like Meta, TikTok and YouTube to heel.
         </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>
         <span>
          Jury selection will start today in a lawsuit against Meta, TikTok and Google’s YouTube filed by a now-20-year-old Californian, identified in court documents by the initials K.G.M. She has argued that she became addicted to social media as a child and experienced anxiety, body-image issues and depression as a result. (Snap, the parent company of Snapchat,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          settled with K.G.M.
         </a>
         <span>
          last week for an undisclosed amount.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Prominent executives are expected to take the stand, including Mark Zuckerberg of Meta, Adam Mosseri of Instagram and Neal Mohan of YouTube.
         </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 new legal tactic against the tech titans:
         </span>
         <span>
          K.G.M.’s lawyers are drawing on the playbook used against Big Tobacco last century, and plan on citing social media features like infinite scroll and algorithmic content recommendations as intentional ways of addicting users. They also plan to cite internal documents that appear to show concern about aspects of the social networks’ design.
         </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 defense:
         </span>
         <span>
          To date, companies like Meta and Google have argued that their platforms are protected by Section 230 of the Communications Decency Act of 1996, which shields websites from legal liability for content posted by users. (Worth noting: President Trump moved to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          narrow that protection
         </a>
         <span>
          in his first term — for his own reasons.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Indeed, the companies plan to cite Section 230 as part of their defense here.
         </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 stakes:
         </span>
         <span>
          A win for K.G.M. could expose tech companies to hefty punishments — tobacco companies reached a $206 billion legal settlement in 1998 — and the threat of more lawsuits, as well as forced changes to their businesses.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Other lawsuits are on deck, including in state court in Los Angeles and federal cases brought by school districts and state attorneys general in Oakland, Calif.
         </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">
          Social media companies have already been feeling heat.
         </span>
         <span>
          Australian regulators last month blocked users under 16 from social media, a model that other authorities around the world are now weighing. Officials in Britain and the E.U. have limited some features.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Social networks are facing pressure on other issues, too: Yesterday, E.U. officials opened an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          investigation into Elon Musk’s X
         </a>
         <span>
          over sexualized images generated by the Grok chatbot. And some TikTok users who have accused the platform of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          suppressing anti-Trump videos
         </a>
         <span>
          — after a new entity that includes some allies of the president took over its U.S. operations — have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          flocked to an upstart rival, Upscrolled
         </a>
         <span>
          .
         </span>
        </p>
        <table width="100%">
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          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <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>
          Dollar dilemma
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The U.S. dollar rebounded against a basket of currencies this morning. But the greenback’s slump during President Trump’s second term continues to grip Wall Street as international investors weigh how much money to put in the country.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Usually, investors seek out the dollar in times of rising geopolitical uncertainty, inflation and government deficits — economic conditions that check boxes
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          across the globe
         </a>
         <span>
          . But the U.S. Dollar Index is down nearly 10 percent in the past year, while gold and silver, other safe haven assets,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          are hitting records
         </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 buck’s latest swoon may be by design.
         </span>
         <span>
          The dollar fell precipitously yesterday against the Japanese yen on reports that the U.S. Treasury and the authorities in Japan could be
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          working together to bolster the yen
         </a>
         <span>
          and stabilize demand for Japanese bonds. The goal ostensibly would be to prevent another sell-off in Japanese debt, like the one that jolted the global bond market last week.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A big sell-off in bonds risks driving up borrowing costs for businesses and households, a scenario that governments, including the Trump administration, are keen to avoid. The rout in Japanese bonds, and its effect on Treasury notes, prompted Treasury Secretary Scott Bessent to call his
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          counterpart in Japan
         </a>
         <span>
          in an apparent effort to calm the markets, he said last week at the World Economic Forum in Davos, Switzerland.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It’s unclear if Washington and Tokyo have backed that up with any big dollar-yen trades.
         </span>
         <span>
          But speculation that such an extraordinary move could be on the table has become the talk of the currency markets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It has also heaped attention on the finances of Japan, a key U.S. ally and trading partner, under Sanae Takaichi, its new prime minister. As John Authers of Bloomberg Opinion asks
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in his column today
         </a>
         <span>
          : Was the Japanese bond market swoon a blip, or the a sign of deeper instability in global markets?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          And what does this portend for the dollar?
         </span>
         <span>
          Over the years, Trump has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          shifted his position
         </a>
         <span>
          on whether he prefers a strong or a weak dollar. The latter scenario could bolster the competitiveness of American exporters, but also dent the profits of U.S. importers and drive up costs for consumers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Dominic Bunning
         </a>
         <span>
          , the head of G10 FX Strategy at Nomura, told Bloomberg TV this morning that the dollar could slump another 5 to 10 percent. That said, he called talk that we may be glimpsing an end to dollar dominance “nonsense.”
         </span>
        </p>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           <td class="css-36ugzx" style="padding-bottom:15px">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A.I. is eating software stocks
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The market’s attention will be trained on the Magnificent Seven starting this week, with Apple, Meta, Microsoft and Tesla set to report earnings. But even as investors look to the technology giants to gauge the progress of the artificial intelligence boom, some former tech darlings are falling out of favor: software stocks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Major software companies, including Salesforce, HubSpot and Atlassian, have seen their shares fall by 30 percent or more over the past year. The reason, Niko Gallogly reports, is the accelerating threat posed by A.I.
         </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">
          D.I.Y. danger:
         </span>
         <span>
          The rapid rise of so-called vibe-coding tools like Anthropic’s Claude Code, which allow users to generate websites and apps from simple language prompts, have prompted concerns that more companies will choose to build, not buy, software. There is a “crisis of confidence” among investors about software companies’ competitive edge, Jordan Klein, an analyst at Mizuho Americas, told DealBook.
         </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 performance of a grouping of software stocks in the S&amp;P 500 versus the benchmark index as whole." class="css-xsf469" height="561" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F01%252F27%252Fbusiness%252F27db-chart-new%252F27db-chart-new-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Njk1MjEzNjguOTQ0NTg2fQ:1vkjLE:GhdEe_aSUwd5nl8KeCN6qwMmVtSn737wlUUN5ausIuE" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
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        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Even solid growth numbers haven’t eased concerns.
         </span>
         <span>
          In December, for example, Adobe
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported $6.2 billion
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         <span>
          in revenue for its last fiscal quarter of 2025 — a 10 percent gain over the same period for the previous year. Adobe’s stock is down more than 10 percent since that report.
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          And the Army just awarded a
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          $5.6 billion, 10-year contract to Salesforce
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          Some investors don’t want to “wait around to find out” how A.I. might undercut the business model of software-as-a-service companies, Klein said. Instead, many are seeking safe harbor in the companies supplying the picks and shovels for the A.I. buildout. One such winner is the computer chip memory producer Micron; its stock has risen more than 300 percent over the past year.
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          Earnings season will be a big test.
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          Investors will be closely attuned to what software executives say about the competitive outlook, and how conservative they are in their own earnings projections. Until they see some new bullishness from the companies, Klein predicts, investors won’t be ready to take a bet on software.
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          The first major test will come tomorrow, when the business software provider ServiceNow releases its full-year 2025 results.
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             THE SPEED READ
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          Deals
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                Senator Mike Lee, Republican of Utah and the chair of the chamber’s antitrust panel, said Netflix’s proposed purchase of many Warner Bros. Discovery assets “
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                appears likely
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to raise serious” competition issues. (WSJ)
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                Goldman Sachs added several leaders from its asset management business to
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                its management committee
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                , including two senior private credit executives. (Bloomberg)
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                The Treasury Department
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                ended contracts with Booz Allen Hamilton
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                after a now-former contractor leaked President Trump’s tax return during his first term. (FT)
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                Republican lawmakers from Florida
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                expressed concern about the Trump administration’s plans to sell Venezuelan oil while Delcy Rodriguez, the interim leader, retains power. (Semafor)
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                “We don’t want it to be known that we are working on this”:
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                Inside “Project Panama,”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                a plan by Anthropic to “destructively” scan millions of books to feed into its Claude chatbot. (WaPo)
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                “
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                Greenland’s Biggest Band
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                Is Thrust Into an Uneasy Spotlight” (NYT)
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