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   DealBook: SpaceX vs. gravity
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   Also, how Dario Amodei would rewrite A.I. policy.
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             June 11, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          Wall Street is counting down the hours to tomorrow, when SpaceX will debut in the public markets, as investors scramble for a piece of the I.P.O. Investors are hoping for a major pop — but a little-known financial instrument may be serving as an indicator of which way the stock will go. We have the breakdown below.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Plus: Dario Amodei of Anthropic has put out a provocative paper that is guaranteed to turn heads in Silicon Valley and Washington alike. We get into why it’s worth your time. And the Trump administration is reportedly moving ahead with an inquiry into “debanking” — with Wall Street’s top firms in the cross hairs. (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">
              SpaceX’s launchpad for its Starship rocket in March. Investors may be more focused on the company’s artificial intelligence business.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Gabriel V. Cardenas/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Can SpaceX escape the gravity of the A.I. race?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s now just over 24 hours until the moment Wall Street has waited years for: when SpaceX begins trading on the public markets, via the biggest I.P.O. on record.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The order books for the offering have already closed amid heavy demand. But those who have bought in will have to reckon with a potentially unsettling reality: SpaceX is now largely a bet on artificial intelligence — and that industry remains locked in an unprecedented trillion-dollar spending spree.
         </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">
          How will SpaceX shares perform?
         </span>
         <span>
          An esoteric financial instrument known as a perpetual futures contract offers some clues. A “perp,” as it’s known, basically lets investors bet on something’s price without having to actually own the asset.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The SpaceX perp on Hyperliquid, a blockchain-based platform, is trading
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          around $163
         </a>
         <span>
          . That’s 20 percent above the price SpaceX was aiming for in its I.P.O., suggesting the company’s shares
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could jump tomorrow
         </a>
         <span>
          . Yet the contract is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          down sharply
         </a>
         <span>
          from where it was last month.
         </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 A.I. worries weigh on trading in SpaceX shares?
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          As
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          we’ve
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          written
         </a>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          has made the company’s xAI division a big part of its investment story. That may be driving much of the enthusiasm for SpaceX shares — but may also leave it vulnerable to the economics of an expensive A.I. race that may be becoming untenable.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <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">
                Shares in the tech giant Oracle are down nearly 8 percent in premarket trading today after it reported
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                spending billions more
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on capital expenditures than expected, with plans to spend $70 billion in its 2027 fiscal year.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Amazon
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                lined up a $17.5 billion loan
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as it planned big investments in A.I.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                OpenAI is reportedly in talks 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">
                lease a planned data center
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in Ohio, which could end up costing $500 billion to build, according to The Information.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Meta and other hyperscalers are reportedly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                weighing stock sales
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to help pay for their A.I. investments, following in Google’s footsteps.
               </span>
              </li>
             </ul>
            </td>
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        </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 potential spending tab keeps climbing.
         </span>
         <span>
          A new research report by Goldman Sachs analysts argues that Wall Street forecasts for A.I. spending
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          are too low
         </a>
         <span>
          : Think $1.1 trillion in 2027, not $920 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Not even the potential for higher interest rates appears to be denting tech giants’ spending plans, the Goldman analysts add.
         </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 will probably have to spend loads to compete,
         </span>
         <span>
          especially since its xAI division lags far behind Anthropic and OpenAI — both of which are also planning to go public. The company is expected to report losses for quite a while.
         </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">
          Skeptics think that’s reason to be bearish on SpaceX long-term.
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jim Chanos
         </span>
         <span>
          , the prominent short-seller,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          noted at a conference
         </a>
         <span>
          yesterday that Tesla was currently trading at 14 times its revenue, based on future promises like robotaxis. By contrast, he said, SpaceX was trading at an astronomical 90 times its revenue.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “This is really a hopes-and-dreams I.P.O.,” Chanos said. But, he added, “bull markets put a premium on promises” — and we’re clearly in such a market right now.
         </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">
          Markets rebound despite a flare-up of fighting in the Middle East.
         </span>
         <span>
          U.S. stock futures are in the green and oil prices have dipped today as another
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          exchange of attacks
         </a>
         <span>
          between Washington and Tehran risked pushing the war into a new phase. Investors are anxiously awaiting the Labor Department’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          release of wholesale inflation data
         </a>
         <span>
          at 8:30 a.m. Eastern, which could signal the Fed’s next move on interest rates.
         </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 Trump administration steps up tariff refund payments.
         </span>
         <span>
          The Treasury Department last month
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          paid back importers nearly $22 billion
         </a>
         <span>
          in tariffs that the Supreme Court has ruled unlawful. That’s roughly what it collected in customs duties in May, underscoring the economic effect of the court’s ruling.
         </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 E.U. opens an antitrust inquiry into Paramount’s bid for Warner Bros. Discovery.
         </span>
         <span>
          The European Commission, the bloc’s executive arm, has set a provisional July 14 deadline to wrap up an examination
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          focused on about $24 billion in investments
         </a>
         <span>
          for the deal from the sovereign wealth funds of Abu Dhabi, Qatar and Saudi Arabia. The three would collectively have a roughly 38.5 percent stake in a newly combined media giant.
         </span>
        </p>
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            <div style="width:100%;text-align:center;line-height:0">
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          </tr>
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           <td height="20">
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Dario Amodei speaking and gesturing." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F11%252Fmultimedia%252F11db-amodei-htvw%252F11db-amodei-htvw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODExNzg5NTQuNjc4MTAxM30:1wXe0o:WDw5XvdB-VLffA59Vi96BmKFdYl0BIByf62k9jTtDBg" 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">
              Dario Amodei, the Anthropic C.E.O., at the DealBook Summit last year. He has predicted in an essay that A.I. will become “the dominant source of military and economic power of any nation.”
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Karsten Moran for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Amodei’s ‘exponential’ call
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The artificial intelligence boom faces all kinds of questions. Few are bigger than how to regulate these companies as their technology grows more powerful.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Talk of reining in the tech giants is hardly what investors want to hear before a wave of mega A.I. listings, including SpaceX’s. But
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dario Amodei
         </span>
         <span>
          , the C.E.O. of Anthropic, disagrees. He published a missive yesterday in which he predicted A.I. would become “the dominant source of military and economic power of any nation.”
         </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">
          Policy is moving far too slowly to keep up with A.I. advancements
         </span>
         <span>
          , he argues in the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          framework essay
         </a>
         <span>
          , “Policy on the A.I. Exponential.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Among his prescriptions:
         </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">
                Require third-party testing for frontier models and give the U.S. government the authority to block models deemed unsafe. That’s more aggressive than the voluntary
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                30-day review period
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                requested in a recent presidential executive order.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Revamp drug regulators like the F.D.A. to prepare them for A.I.-enabled drug development
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Ban the domestic use of A.I.-powered autonomous weapon systems
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Bolster privacy protections to guard against mass domestic surveillance systems
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Consider policies like taxes on A.I. companies to fund universal basic income, or create universal capital accounts, allowing the public to own a piece of the companies that could put them out of work
               </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">
          Economic relief is a big theme.
         </span>
         <span>
          Amodei reiterated that tech companies ought to pay their fair share of the soaring costs for electricity needed to power A.I. infrastructure, writing:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          I see public hostility to data centers as largely a symbol or outlet for broader economic anxieties about A.I. It is important we have a direct societal conversation about these wider economic issues and truly have compelling solutions for them, or else they are likely to manifest indirectly, as they have with data centers.
         </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">
          Amodei’s views could ruffle feathers again in Washington and Silicon Valley.
         </span>
         <span>
          Anthropic is still
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          battling the Pentagon in court
         </a>
         <span>
          over its designation of the company as a supply chain risk to national security. (Some administration officials, including Defense Secretary Pete Hegseth, have dismissed the company as “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          woke.
         </a>
         <span>
          ”)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And some in tech have called Amodei’s go-slow warnings “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          doom marketing
         </a>
         <span>
          ” meant to bolster its leading position in the A.I. race.
         </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">
                Guess how many direct reports Amodei has.
               </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 answer may surprise you.
               </a>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
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           <td class="css-36ugzx" style="padding-bottom:15px">
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        </table>
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           <td style="border-top:0 solid #dcdcdc;padding-top:15px">
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Bill Gates, illuminated by the light of a camera, is seen walking amid a group of people." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F11%252Fmultimedia%252F11db-gates-tgpc%252F11db-gates-tgpc-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODExNzg5NTQuNjc4ODA3NX0:1wXe0o:Rqp-q__nKBIgGeU2lAJrO5KRzYjB-1WXPd1DMxreSN0" 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">
              Bill Gates arriving on Capitol Hill yesterday for a House Oversight Committee hearing about Jeffrey Epstein.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Pete Marovich for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         QUOTE OF THE DAY
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “I should never have met with Epstein in the first place.”
         </span>
        </h2>
        <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">
          Bill Gates
         </span>
         <span>
          , in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          prepared remarks for a House committee
         </a>
         <span>
          , about his ties to the convicted sex offender
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jeffrey Epstein
         </span>
         <span>
          . Gates, the Microsoft co-founder, said that he met with Epstein about potential philanthropic donations but then cut off communication, after which Epstein tried to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          exploit information about his extramarital affairs
         </a>
         <span>
          to pressure Gates to re-engage.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In related reading, Maggie Haberman and Jonathan Swan of The Times go deep into the White House’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          response to the release of the Epstein files
         </a>
         <span>
          .
         </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>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Jeanine Pirro speaking behind a lectern." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F11%252Fmultimedia%252F11db-pirro-bhtm%252F11db-pirro-bhtm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODExNzg5NTQuNjc4OTU4Mn0:1wXe0o:Z0Nhsp21xWWvGvEHPIEgDo55UdkwswybFqpJwUHnWyE" 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">
              Jeanine Pirro, the U.S. attorney in Washington and a longtime Trump ally, in November.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Eric Lee for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The ‘debanking’ inquiry moves forward
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One of President Trump’s primary fixations in his second term has been to crack down on what he and his allies call the “debanking” of conservatives — notably of Trump himself.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now, the Justice Department is advancing that effort,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          issuing subpoenas to lenders
         </a>
         <span>
          like JPMorgan Chase, Bank of America and Wells Fargo, The Wall Street Journal reports, citing unnamed sources.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The latest move is overseen by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jeanine Pirro
         </span>
         <span>
          , the U.S. attorney in Washington and a longtime Trump ally, and has put the banking sector at loggerheads with the Trump administration.
         </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 reminder:
         </span>
         <span>
          In August, Trump
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          signed an executive order
         </a>
         <span>
          instructing federal regulators to investigate whether banks had barred customers for political or religious reasons. The process has been led by the Office of the Comptroller of the Currency. The agency said in December that it had found evidence of “debanking” at nine major banks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now the O.C.C. is coordinating with the U.S. Attorney’s Office in Washington, The Journal reports, adding:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          One challenge for prosecutors and regulators is identifying what laws the banks violated by choosing not to do business with certain industries, or cutting off particular customers they deemed as too risky to bank due to anti-money-laundering laws. While civil-rights laws prohibit banks from discrimination in connection with their lending, firms have wide discretion around whom they decide to bank.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Pirro’s office is investigating whether banks’ actions may have violated laws including the Financial Institutions Reform, Recovery and Enforcement Act of 1989, a broad statute traditionally used to prosecute bank-related fraud, some of the people said.
         </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">
          Debanking is personal to Trump.
         </span>
         <span>
          He has repeatedly claimed that JPMorgan and Bank of America rejected his business after his first term. In January, he sued JPMorgan and its C.E.O., Jamie Dimon, for $5 billion. JPMorgan said at the time that the lawsuit
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          had “no merit
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And last year, Trump’s company, the Trump Organization, filed suit against Capital One with similar claims of improper account closures. Capital One also rejected the allegations.
         </span>
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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>
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          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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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">
                Ares Management
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raised $8.5 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from institutional investors, seemingly defying worries about private credit. That said,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Scott Kleinman
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of Apollo warned 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">
                pain could return
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for some private equity players. (FT, 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">
                Wall Street was puzzling over President Trump’s social media post in which he falsely said Citigroup was
               </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. 1 in M.&amp;A.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                (FT)
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          Politics, policy and regulation
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                Britain is the latest country 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">
                consider a social media ban
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for children under 16, an initiative that has grown increasingly popular with the public. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A German court ruled that Google’s A.I. Overview search results should be considered the tech giant’s own words, making it
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                liable for false answers
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (The Decoder)
               </span>
              </li>
             </ul>
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          Best of the rest
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Lee Raymond
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the oil mogul who led the 1998 combination of Exxon and Mobil and resisted the scientific consensus on climate change, has died.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                He was 87
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Why the Supreme Court Is Debating
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Which Founding Fathers Were Drunks
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
               </span>
              </li>
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             Andrew Ross Sorkin
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             Bernhard Warner
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             Niko Gallogly
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             , Reporter, New York
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