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   DealBook: September on the table
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   Also, Trump unloads on another C.E.O.
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             August 13, 2025
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          Good morning. Andrew here. The stock market is up, despite new signs of tariff-driven inflation and weakness in the jobs market. Why? We dive into the unique crosscurrents in the economy and why investors have become bullish. (And why maybe they shouldn’t be.) And David Solomon, the Goldman Sachs C.E.O. and a sometimes D.J., and an unnamed economist are now a target of President Trump. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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         <span>
          A turning point?
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          S&amp;P 500 futures point to record-beating gains amid a
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          global market rally
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          on renewed hopes the Fed will cut interest rates.
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          That’s despite growing evidence that President Trump’s trade war is accelerating inflation, with plenty in
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          yesterday’s Consumer Price Index report
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          to appease and worry economists. But the data was probably good enough to persuade the Fed to lower borrowing costs in September. It was also enough for Trump to lash out anew at critics of his tariff moves.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          The latest:
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         <span>
          Traders this morning were penciling in a 94 percent chance of a Fed rate cut next month. After the C.P.I. report, economists at Nomura raised their forecast to two cuts this year, from one, starting in September.
         </span>
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          Economists at Citigroup stuck to their forecast for the central bank to lower borrowing costs at each Fed meeting through March, which would bring the benchmark lending rate to 3 percent to 3.25 percent, from the current 4.25 to 4.5 percent rate.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Trump called out the naysayers on Wall Street.
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          In a social media post after the inflation report was released,
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          the president claimed
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          that “Tariffs have not caused Inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury’s coffers.” (More on one of his diatribes below.)
         </span>
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          Trump also again took aim at Jay Powell, the Fed chair, writing in a separate post that he “
         </span>
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          must NOW lower the rate
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          ,” and threatened to allow a “major lawsuit” to proceed over the cost overruns for the renovation of the central bank’s headquarters. Treasury Secretary
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Scott Bessent
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          told Fox Business that the numbers were so good that the Fed ought to be thinking about a half-point cut at next month’s rate-setting meeting.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Was the data really that rosy?
         </span>
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                The good: Overall C.P.I. held steady at 2.7 percent on an annualized rate, slightly better than analysts had expected, thanks in part to lower fuel prices. And price increases for tariff-sensitive categories, including apparel and new and used cars, were relatively subdued.
               </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The worrying: “Core” C.P.I., which excludes volatile food and fuel prices, rose 0.3 percent over the course of the month, and 3.1 percent on an annualized basis. It was the fastest annual pace in five months, and hotter than economists’ estimates.
               </span>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Despite what Trump says, companies are in a bind.
         </span>
         <span>
          They
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          face the tough choice
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          of either raising prices to offset the costs of the levies, or pulling back on hiring and investment. With steep new tariffs going into effect this month, pressure to do so is growing.
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           <td height="20">
           </td>
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         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yesterday’s C.P.I. may have offered some relief, but “companies will eventually pass on price increases one way or another,” Bill Adams, chief economist for Comerica Bank, wrote in a research note yesterday.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </td>
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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">
          Russia is suspected in the hack of the U.S. federal electronic case-filing system.
         </span>
         <span>
          Investigators have determined that evidence shows Moscow-affiliated hackers
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          were at least partly responsible
         </a>
         <span>
          for breaching the system that includes highly sensitive court records, The Times reports. (Which entity was responsible wasn’t clear.) The revelation comes as President Trump prepares to meet with Vladimir Putin of Russia in Alaska;
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          European leaders are set
         </a>
         <span>
          to join Trump on a call today to implore him not to give into Putin’s demands for ending the war in Ukraine.
         </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">
          Elon Musk loses a court fight to OpenAI.
         </span>
         <span>
          A federal judge ruled that the Tesla chief
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          can’t dismiss accusations by OpenAI
         </a>
         <span>
          that his attacks on the artificial intelligence start-up amounted to “a yearslong harassment campaign.” It opens the door to a court battle between OpenAI and Musk, who co-founded the company but has since accused it of hypocrisy — and has since created his own A.I. business, xAI.
         </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 crypto entrepreneur Do Kwon pleads guilty to fraud.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Do Kwon
         </a>
         <span>
          , who created the cryptocurrencies Luna and TerraUSD that collapsed in 2022, admitted to one count of conspiracy to commit commodities fraud, securities fraud and wire fraud, and one count of committing wire fraud. The failure of Luna and TerraUSD tanked the prices of cryptocurrencies, leading to the loss of some $300 billion in market value, and eventually contributed to the implosion of FTX.
         </span>
        </p>
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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>
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           <td height="10">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Trump vs. Goldman
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump has repeatedly gone after anyone, including C.E.O.s, who cast his tariff moves in even a remotely negative light. Now his ire has extended to Goldman Sachs and its C.E.O., David Solomon.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The president’s broadside against the Wall Street giant is his latest wide-ranging attack on data crunchers who find weakness in the U.S. economy.
         </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 recap:
         </span>
         <span>
          As investors were still parsing the Consumer Price Index data yesterday, Trump argued on social media that the figures showed nothing but “CASH pouring” in.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Then he turned to Goldman and its chief. “David Solomon and Goldman Sachs refuse to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          give credit where credit is due
         </a>
         <span>
          ,” Trump wrote, saying that the bank made “a bad prediction” that tariffs would harm investors and others.
         </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 kicker:
         </span>
         <span>
          “I think that David should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ, and not bother running a major Financial Institution,” Trump concluded. (The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          D.J. dig is well known
         </a>
         <span>
          by this point, though Solomon dialed back his hobby some time ago.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump didn’t name the economist, but Goldman’s longtime chief economist is Jan Hatzius, who on Sunday co-wrote a research note forecasting that the consumer would pay the brunt of the new tariffs. Goldman is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hardly the only Wall Street firm
         </a>
         <span>
          to have made that call, The Wall Street Journal reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Goldman Sachs declined to comment to DealBook on the social media post.
         </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">
          Remember the others who came under fire from Trump over tariffs:
         </span>
         <span>
          Jeff Bezos, Amazon’s founder, was blasted over a news reports about potentially spelling out how the levies would affect prices. And Trump rebuked
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Walmart
         </a>
         <span>
          after it suggested it would raise prices outright. (The initial report about Amazon
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          appeared to be incorrect
         </a>
         <span>
          .)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Those spats
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          appear to be short-lived
         </a>
         <span>
          , in any case.
         </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">
          Trump’s anger could potentially cost Goldman.
         </span>
         <span>
          Could U.S. antitrust regulators be especially tough on M.&amp;A. deals on which the firm advised? Could Goldman be shut out of the potential I.P.O. of the mortgage giants Fannie Mae and Freddie Mac, which could be blockbuster offerings?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          So far, investors don’t appear too worried: Goldman’s shares are trading at a record high.
         </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>
          “It is definitely going to happen.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          — Dana White, the C.E.O. of Ultimate Fighting Championship, on whether the White House will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          host a U.F.C. match next July 4
         </a>
         <span style="font-style:italic">
          , the 250th anniversary of the signing of the Declaration of Independence. White supports President Trump, who has been seen at U.F.C. events — and others in the Trump orbit have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          started going to them
         </a>
         <span style="font-style:italic">
          , too.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <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>
          Perplexity and a bottomless well of A.I. money
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When news emerged that Perplexity, a search engine built on artificial intelligence, had bid $34.5 billion to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          buy Google’s Chrome web browser
         </a>
         <span>
          , industry executives scoffed. After all, the offer is nearly double Perplexity’s valuation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the offer is still not
         </span>
         <span style="font-style:italic">
          completely
         </span>
         <span>
          implausible, underscoring one truth about this era: Investor fervor for all things A.I. is leading to audacious efforts.
         </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">
          Let’s talk about how unlikely the bid is.
         </span>
         <span>
          Perplexity was valued at about $18 billion last month.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And then there’s the presumption that Google itself doesn’t want to sell Chrome, which has about 3.5 billion users and accounts for nearly two-thirds of the global browser market. Chrome is one of the most valuable vehicles for getting people to use Google search — and therefore exposing them to the ads that power the tech giant’s money machine. (One expert testified at Google’s search antitrust trial that Chrome could be worth about $50 billion if sold.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Perplexity appears to be hoping to convince the judge overseeing the case that there would be buyers if he forced a sale of Chrome. Legal experts say he probably won’t demand that.
         </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 Perplexity seems undeterred.
         </span>
         <span>
          The company said it could get the money for a bid from outside investors. It didn’t name any, but consider that the start-up’s existing backers include wealthy investors like the Qatar Investment Authority and SoftBank that have been known to open up their wallets for big deals.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Coupled with how badly investment banks want to do business with promising A.I. companies, there’s a world in which Perplexity could amass the necessary funds.
         </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 broader context: Investors are eager to throw money at A.I.
         </span>
         <span>
          There are now 498 A.I. unicorns, privately held start-ups valued at $1 billion or more, with a combined valuation of $2.7 trillion, according to CB Insights. About 100 of them
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          were founded since 2023
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And start-ups like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          OpenAI
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Anthropic
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Thinking Machines Lab
         </a>
         <span>
          are raising multibillion-dollar rounds with stunning frequency.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Going back over 100 years of data, we have never seen wealth created at this size and speed,” Andrew McAfee, principal research scientist at M.I.T.’s Sloan School of Management, told CNBC.
         </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 disclaimer:
         </span>
         <span>
          The Times sent Perplexity a cease-and-desist letter last year demanding that the company stop using its content to help power its A.I. technologies.
         </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>
             THE SPEED READ
            </span>
           </h3>
          </td>
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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">
                The crypto exchange
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Bullish priced its I.P.O.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                above already raised expectations, raising $1.1 billion at a $5.4 billion valuation. (Reuters)
               </span>
              </li>
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                Can Dubai keep its crown
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                Why is SoftBank’s stock soaring despite poor performance by its Vision Fund 2? The answer:
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                Jolts Washington and Silicon Valley” (WSJ)
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                . (WaPo)
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                . (WSJ)
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