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   DealBook: Saudis shop for deals in Paris; I.P.O.s get a boost
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   Also, a House watchdog’s urgent call for A.I. hearings.
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             June 16, 2023
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              Good morning. In today’s newsletter: The Saudis head to France en masse to talk deals; what the Cava I.P.O. means for the market; a top House Democrat wants urgent hearings on A.I.; and Harry and Meghan part ways with Spotify. (Was this newsletter forwarded to you?
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              )
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                  Crown Prince Mohammed bin Salman of Saudi Arabia wants to transform the country’s economy and its role on the global stage.
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                 <span class="css-hpkdsj" style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
                  Saudi Royal Court, via Reuters
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             ‘An operation of seduction’
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Just days after the PGA-LIV Golf merger was announced, a contingent of Saudi Arabian investors and power brokers, including the crown prince, Mohammed bin Salman, has converged on France this week looking for more deals with potentially trillions to spend.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              First stop: Paris’s leading tech event.
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             The “Invest in Saudi” booth at VivaTech — where Elon Musk and the luxury tycoon Bernard Arnault are also on the program — has an outsized presence. Paid for by the Saudi Ministry of Investment, the booth serves as a kind of billboard to announce the country’s ambitions and a way to help its entrepreneurs attract Western investors and prospective business partners, Vivienne Walt writes for DealBook.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Bumper oil revenues have already transformed the country’s sovereign wealth fund, chaired by Prince Mohammed, into an investing force with
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              about $35 billion
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             in U.S. assets alone (including stakes in Uber, PayPal and Electronic Arts) and a mandate to diversify the economy beyond fossil fuels.
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             Badr Al Badr, the deputy minister for investor outreach, told DealBook that Saudi Arabia has about $3.2 trillion to invest by 2030. “That is why there are so many opportunities for investors,” he said.
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              The Saudis are looking across sectors.
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             Saudi soccer clubs have snapped up
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              star European players
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             for fortunes, and are reportedly looking for more. And at last month’s Cannes Film Festival, the kingdom — where cinemas were banned for decades, until 2017 — unveiled $180 million
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              in funding for moviemakers
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             .
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Awash in cash, the kingdom is trying to build a new public image.
             </span>
             People in the investment world seldom mention its long track record of human rights abuses, Saudi investors say. That includes the kingdom’s role in the 2018 killing of the journalist Jamal Khashoggi, which the C.I.A. found was likely carried out with the knowledge of
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Prince Mohammed
             </a>
             . Saudi Arabia has cut plenty of deals since then, and investor interest is rising fast:
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              private equity and venture capital firms
             </a>
             are looking to the kingdom for funding, particularly as China is increasingly off limits.
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              The Saudi royals’ iron grip on power remains undiminished.
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             Prince Mohammed is said to have final say in investment strategy, and the country’s wealth gives him leverage well beyond business.
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             As part of a weeklong visit to France, the crown prince (who owns a
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              $300 million chateau near Paris
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             ) is set to have lunch today with President Emmanuel Macron at the Élysée Palace, to discuss the kingdom’s potential role in Ukraine peace negotiations.
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             On Monday, Saudi officials and executives will also gather for a daylong investment summit. On the agenda: Riyadh wants to host the 2030 edition of the World Expo, whose governing body is headquartered in the French capital.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Final stop: the Paris Air Show next week.
             </span>
             The prince could announce a big purchase of Airbus planes, according to
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a report in the French newspaper Le Figaro
             </a>
             , which called his visit “an operation of seduction.”
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             HERE’S WHAT’S HAPPENING
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Goldman Sachs’s role in Silicon Valley Bank’s last days is reportedly being examined.
             </span>
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              The Fed and the S.E.C.
             </a>
             are looking into Goldman’s role in buying the tech lender’s securities book while advising on its doomed capital raise, according to The Wall Street Journal. It’s the latest point of pressure on Goldman over its dual roles as Silicon Valley Bank collapsed, which DealBook
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              first reported in March
             </a>
             .
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              BlackRock takes a big step into crypto.
             </span>
             The investment-management giant moved yesterday to
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              create a spot Bitcoin E.T.F.
             </a>
             , using Coinbase as the fund’s custodian. It’s a move by BlackRock to more tightly embrace crypto as the S.E.C. cracks down on the industry; the agency has yet to allow
             <span style="font-style:italic;font-size:inherit">
              any
             </span>
             spot Bitcoin E.T.F.s.
            </p>
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              China is said to plan new economic stimulus measures.
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             Beijing is
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              exploring potentially billions in fresh infrastructure spending
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             and loosening rules for people to invest in new property, according to The Wall Street Journal. Such moves would follow efforts by the Chinese government to kickstart an economy that has unexpectedly stalled out despite the end of pandemic restrictions.
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              Disney’s C.F.O. is stepping down.
             </span>
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Christine McCarthy
             </a>
             is taking a “family medical leave of absence” on July 1 before helping to identify a successor. She helped Disney navigate the pandemic, but increasingly clashed with then-C.E.O. Bob Chapek and sounded out Bob Iger about returning to lead the media giant.
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             Is the I.P.O. market poised to reopen?
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Shares in Cava
             </a>
             , a Mediterranean-oriented fast-casual restaurant chain, doubled in their trading debut yesterday, valuing the company at nearly $4.9 billion. That performance has many on Wall Street wondering whether the largely frozen market for initial public offerings is finally opening up — and what kinds of companies can take advantage.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Cava’s stock jumped as much as 117 percent,
             </span>
             closing at $43.78. That’s nearly double what the company had priced its shares at in the offering, after having already raised its price range. Such a performance harkens back to rosier eras for I.P.O.s, where investors eagerly bid for a piece of fast-growing, and often unprofitable, companies.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Cava is among them. The 12-year-old company hasn’t yet earned a profit, and has been expanding quickly, going from 22 locations in 2016 to 263 now — with ambitions to hit 1,000 by 2030.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Some see reasons for hope for the I.P.O. market,
             </span>
             which is currently at its
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              slowest pace since 2009
             </a>
             . Perhaps investors are willing to gamble on risky stocks again, despite the Fed saying it’s not done raising rates. (Consider that shares in the Cava rivals Chipotle and Sweetgreen have rebounded impressively this year.)
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Cava’s success is especially heartening for other restaurant chains poised to go public, including Panera and the parent company of Fogo de Chão.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Then again, other high-profile companies that have gone public recently, including the Tylenol maker Kenvue, have seen their stock performances fade after promising debuts.
            </p>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             A call for ‘urgent hearings’ on A.I.
            </h2>
           </td>
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         </tbody>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Representative Maxine Waters, Democrat of California and one of Congress’s longtime financial watchdogs, is asking Republicans to immediately schedule a hearing on how banks and other financial firms are using artificial intelligence in their businesses, Emily Flitter writes for DealBook.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Waters is worried about A.I.’s effects on consumers.
             </span>
             The top-ranked Democrat on the House Financial Services Committee urged the panel to investigate how the technology is enabling financial services companies to “make complex consumer and investment decisions with minimal human direction.”
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             She
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              singled out
             </a>
             the explosive popularity of generative A.I. powered chatbots like ChatGPT, Microsoft Bing’s A.I. feature and Google’s Bard, which have captured the imagination of the business world and the public at large.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The tech industry has said it’s open to some oversight.
             </span>
             In Senate testimony last month, Sam Altman, C.E.O. of the ChatGPT creator OpenAI, urged Congress to regulate this new generation of A.I. tools. “I think if this technology goes wrong, it can go quite wrong,”
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              he said at the time
             </a>
             . “We want to work with the government to prevent that from happening.”
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Waters echoed that concern. While seeing the potential for A.I. to expand financial access for consumers, she added in her letter, “The speed at which A.I. is being developed can potentially outpace Congress’ and regulators’ roles in fully assessing and understanding the harms of A.I. systems and the ability to put in place integral consumer and investor protections.”
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Her call may gain some traction.
             </span>
             Representative Patrick McHenry, the North Carolina Republican who chairs the panel, has
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              expressed privacy concerns
             </a>
             about the rapidly evolving technology.
            </p>
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                <img class="css-17i7zb3" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2023%252F06%252F16%252Fmultimedia%252F16db-newsletter-sussex-tcbf%252F16db-newsletter-sussex-tcbf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1qA7yX:FE1U0LzzGo8QTxni8qF_mK-nWSSYQcquahX4r_VqkYc" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:0;line-height:0" width="500"/>
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                 <span class="css-2zlgwg" style="margin:0;font:normal 12px georgia,serif;color:#666">
                  Prince Harry and Meghan are dropping the mic, for now.
                 </span>
                 <span style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
                  Angela Weiss/Agence France-Presse — Getty Images
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             Spotify breaks away from royalty
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Spotify and Archewell, the media company founded by Prince Harry and his wife, Meghan, said yesterday that they’re ending their exclusive content partnership after two and a half years.
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             The news speaks to tensions between the two sides — and, perhaps more important, to the changing outlook for what was meant to be one of Spotify’s breakout businesses.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The Archewell deal yielded just one podcast:
             </span>
             Meghan’s “Archetypes,” which topped the charts in several countries when it made its debut in 2020.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Depending on whom you talk to, the deal ended because Harry and Meghan wanted to
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              expand beyond Spotify’s walled garden
             </a>
             — as have other podcasters like the Obamas and Brené Brown — or because they
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              didn’t produce enough
             </a>
             content for Spotify. In any case, it’s unlikely the couple will earn out the full $20 million of their deal.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              And it’s a reminder that Spotify’s pricey podcast bet hasn’t worked out.
             </span>
             Eager to move beyond music streaming, a business that will fork over lots of money to labels in perpetuity, the company
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              spent over $1 billion
             </a>
             on podcasting, including $400 million for the studios Gimlet and The Ringer and hundreds of millions for deals with the likes of Harry and Meghan (to say nothing of the reported $200 million for Joe Rogan).
            </p>
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               as a top way to boost the investment firm’s fortunes. (Bloomberg)
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                spending cuts far deeper
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               than those agreed to by President Biden and Speaker Kevin McCarthy, raising the prospect of a government shutdown. (NYT)
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               in eight months. (FT)
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                $11 billion in subsidies
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               to build a new chip plant in Germany. (Bloomberg)
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               Lawyers for Elizabeth Holmes, the Theranos founder, told a federal judge that she can’t
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                afford to pay $250 a month
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               to victims of her failed start-up. (NYT)
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                Donald Trump Jr. and offensive emails
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               factor into a fight between a hedge fund executive and his former employer. (WSJ)
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