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   DealBook: SpaceX’s growing war chest
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   Also, A.I. tensions at the G7.
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             June 17, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          How high will SpaceX’s stock price go? It continues to defy gravity, with Elon Musk’s company now worth more than Amazon. And what will happen when the lockup on SpaceX shares for insiders expires? Those questions are on our minds; we get into more below.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also: We’ll be watching Kevin Warsh’s first news conference as Fed chair this afternoon (which
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          we previewed yesterday
         </a>
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          ). How much will he say? And if he hints at raising interest rates, after calling for lowering them, how will he spell that out to the public — and to President Trump? (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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             <span style="color:#666;font:normal 14px georgia,serif">
              The SpaceX rally looks set to continue again on Wednesday.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Angela Weiss/Agence France-Presse — Getty Images
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          SpaceX flexes its muscles
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in SpaceX are up again today in premarket trading, after the company’s market value — now nearly $2.6 trillion —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          surpassed Amazon’s
         </a>
         <span>
          yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $60 billion deal
         </a>
         <span>
          that SpaceX formally struck to buy Cursor, a popular coding tool, showed that
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk’s
         </span>
         <span>
          company has gained something more important than bragging rights from its I.P.O. It also has the financial resources to buy its way into greater relevance in artificial intelligence.
         </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 is using its stock to buy Cursor
         </span>
         <span>
          . While the terms of the deal mean that Cursor’s shareholders missed out on plenty of SpaceX I.P.O. upside, as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bloomberg Opinion’s Matt Levine points out
         </a>
         <span>
          , they’re still getting shares in what’s one of the most sought-after stocks in a while.
         </span>
        </p>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Andreessen Horowitz’s 10 percent stake in Cursor is now worth around
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                $6 billion
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                according to Bloomberg
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Thrive Capital’s 7 percent stake is valued at about
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                $4.2 billion
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Cursor’s four founders reportedly each held stakes of 4.5 percent,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                according to Forbes
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , making them now worth
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                $2.7 billion
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                a pop.
               </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">
          Buying Cursor will make SpaceX’s xAI more attractive to corporate users,
         </span>
         <span>
          who have flocked to Anthropic’s Claude largely because of its coding abilities.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          DealBook hears that Cursor’s revenue run rate from enterprise customers grew 50 times year-on-year, and tripled in the first quarter alone.
         </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">
          Cursor is banking on the benefits of a deep-pocketed parent.
         </span>
         <span>
          Among the attractions of the transaction for the start-up was SpaceX’s huge supply of computing power — it has so much extra that it’s leasing some to Anthropic and Google for billions of dollars.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That will be important for training Cursor’s latest A.I. software.
         </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 deal illustrates the power of the public markets.
         </span>
         <span>
          SpaceX’s Grok model is seen as less capable than rival offerings from Anthropic and OpenAI. But being publicly traded gives Musk a powerful currency for acquisitions to catch up. (Remember, too, that SpaceX raised a record $85 billion in cash from its I.P.O.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Both are benefits that Anthropic and OpenAI could hope to reap when they also go public, perhaps as soon as the fall.
         </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 much will the A.I. market consolidate?
         </span>
         <span>
          An A.I. executive told DealBook’s Michael de la Merced that one company probably won’t end up dominating the industry, but maybe just three or four will, since the technology is so resource-intensive.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Is there room for smaller A.I. companies to thrive when bigger rivals have the cash and stock to buy up resources and start-ups? And what do antitrust regulators think?
         </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">
          The Justice Department asks a federal court to toss a lawsuit against Elon Musk’s xAI.
         </span>
         <span>
          The agency argued that Musk’s artificial intelligence company has the right to run
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          polluting gas-burning turbines
         </a>
         <span>
          to power a data center in Mississippi, as the company is a corporate partner supporting the Defense Department in the U.S. war with Iran. (The suit, brought by the N.A.A.C.P., claimed the turbines violate the Clean Air Act.) The filing underscores the Trump administration’s push to prioritize “A.I. dominance” while it continues to fight environmental causes.
         </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">
          New Mexico reportedly widens its investigation into Jeffrey Epstein by looking at corporate giants.
         </span>
         <span>
          State investigators ordered more than two dozen companies, including Google and JPMorgan Chase, to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          preserve documents
         </a>
         <span>
          pertaining to the convicted sex offender’s activities at his New Mexico ranch, The Wall Street Journal reported, citing public records it had obtained. Other companies contacted include payment platforms, airlines and travel bookers.
         </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">
          President Trump cancels Jay Clayton’s confirmation hearing.
         </span>
         <span>
          The move
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          puts in limbo the potential appointment of Clayton
         </a>
         <span>
          , the U.S. attorney in Manhattan, as the next director of national intelligence. It also keeps
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bill Pulte
         </span>
         <span>
          , a housing official with no intelligence experience, as acting director. A former S.E.C. chair, Clayton had been expected to receive a speedy Senate approval. But Trump appears to be holding up the nomination so he can get
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jamie McDonald
         </span>
         <span>
          , his choice to replace Clayton as U.S. attorney, approved.
         </span>
        </p>
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            <img alt="President Trump faces forward below a logo for the Group of 7 summit, held in France." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F17%252Fmultimedia%252F17db-trump-qvwm%252F17db-trump-qvwm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODE2OTc2MDguNTc0Njg4fQ:1wZowC:RZ2PYJHotqGPLJaQ6ZUpMlQvnCRt8tuWdhkEwOguFtI" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Artificial intelligence is expected to be a big talking point at the Group of 7 summit in France today.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Ludovic Marin/Agence France-Presse — Getty Images
             </span>
            </span>
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          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The G7’s “kill switch” dilemma
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          World leaders and tech moguls are meeting in the French Alps today at the Group of 7 summit. High on the agenda: artificial intelligence.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Discussions about how to deploy bleeding-edge A.I. tools will take place amid diplomatic tensions over the Trump administration’s decision to block access to Anthropic’s most powerful models.
         </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">
          Who’s there?
         </span>
         <span>
          Guests at a lunch meeting today include
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dario Amodei
         </span>
         <span>
          of Anthropic;
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sam Altman
         </span>
         <span>
          of OpenAI;
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Demis Hassabis
         </span>
         <span>
          of Google; and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Arthur Mensch
         </span>
         <span>
          of Mistral AI.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          They’re
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expected to discuss
         </a>
         <span>
          how to safely regulate social media and A.I. on a global scale.
         </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.I. has become a dominant issue at the G7
         </span>
         <span>
          . Some U.S. allies fear that Washington forcing Anthropic to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          shut down its Fable and Mythos models
         </a>
         <span>
          over security concerns means it has effectively deployed a “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          kill switch
         </a>
         <span>
          ” for the technology.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A Bloomberg report, based on unnamed sources, shed more light on the administration’s move:
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Howard Lutnick,
         </span>
         <span>
          the commerce secretary, wrote to Anthropic on Friday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          threatening the A.I. lab
         </a>
         <span>
          with criminal and civil penalties if it tried to give foreign nationals access to its most advanced models without first getting government permission.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some experts have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          questioned the legality
         </a>
         <span>
          of threatening Anthropic or other A.I. labs with export controls over their models.
         </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">
          Fears over access have led to some fierce back-channeling at the G7.
         </span>
         <span>
          Some U.S. allies have discussed a carve-out that would give them “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          trusted partner
         </a>
         <span>
          ” status for frontier A.I. models, Reuters reported.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Trump administration appears unlikely to budge.
         </span>
         <span>
          An unnamed administration official told The New York Post that such an exemption would be “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          completely illogical
         </a>
         <span>
          ,” and that the hope was that a solution could be worked out with Anthropic.
         </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>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Ships in the Strait of Hormuz." class="css-18ei5jy" height="314" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F17%252Fmultimedia%252F17db-hormuz-tmck%252F17db-hormuz-tmck-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODE2OTc2MDguNTc0NzkzNn0:1wZowC:K45EbTAMh_U37Yw52Xz1ZH2kay6fvWnKKmS913g4Cg4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Traders are eyeing cheaper oil prices as reports emerge that a framework peace deal hinges on the full reopening of the Strait of Hormuz.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Reuters
             </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>
          What’s in the Iran deal?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’re two days away from the signing of a framework deal to potentially end the U.S. war with Iran, and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hard-liners in Israel
         </a>
         <span>
          and some within
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          President Trump’s own party
         </a>
         <span>
          don’t like what they’ve heard so far.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But investors are pleased, even if big questions remain over the implementation of the plan, which reportedly would involve significant financial relief for Iran, and may involve U.S. companies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
         <span>
          Brent crude, the international benchmark, traded around $79,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a three-month low
         </a>
         <span>
          , as traders assessed an agreement.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bloomberg reports that it could end the U.S. blockade of Iran,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reopen ⁠the Strait of Hormuz
         </a>
         <span>
          and restore the level of ship traffic through the vital corridor to prewar levels within 30 days.
         </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 else has been reported:
         </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">
                Iran would get access to a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $300 billion “Reconstruction and Development Fund”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to develop energy, ​manufacturing and transport projects, Reuters reported, citing unnamed sources.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                More than half of the funding has been committed, Reuters said, including from companies from South Korea, Japan, Singapore, Malaysia and the U.S.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The U.S. would issue waivers to allow Iran to export oil and other petroleum products
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                immediately after signing the framework
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , and would eventually release Iran’s frozen assets
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                estimated at $100 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , The Wall Street Journal reported.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The reaction has been divisive.
         </span>
         <span>
          World leaders at the Group of 7 summit, many of whom have been briefed on the deal,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          praised
         </a>
         <span>
          President Trump’s “strong leadership” in securing a “breakthrough” with Iran.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Closer to home, it’s been more frosty. “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          If this is true, Iran wins
         </a>
         <span>
          . There should be zero sanctions relief day one,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Nikki Haley
         </span>
         <span>
          , who served as the U.S. ambassador to the United Nations during Trump’s first administration, wrote on X.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump told reporters today that the reports of a $300 billion fund
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          were false
         </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">
          DealBook has questions.
         </span>
         <span>
          What’s been leaked so far appears to reflect what Trump aimed for in his proposed business-led redevelopment deals for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Gaza
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Ukraine
         </a>
         <span>
          .
         </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">
                Which companies would get involved, especially given that the U.S. has not had diplomatic or business ties with Tehran in half a century?
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Would Congress have to sign off on corporate America’s potential involvement?
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
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           <td>
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           </td>
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           </td>
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            <img alt="An electronic billboard shows the odds for the 2024 presidential election from Kalshi's platform." class="css-18ei5jy" height="334" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F17%252Fmultimedia%252F17db-kalshi-fhzt%252F17db-kalshi-fhzt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODE2OTc2MDguNTc1MjI4fQ:1wZowC:RnEYErfdVVbofV1FOIjF_wK1kZnW0v4xu-rZUqp2AtQ" 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">
              Prediction markets like Kalshi are known for letting bettors wager on politics, sports and more.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Marshall Scheuttle for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Prediction markets’ big bet: hedging
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Kalshi and Polymarket became
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          multibillion
         </a>
         <span>
          -
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dollar
         </a>
         <span>
          businesses by drawing in millions of users to bet on the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Super Bowl
         </a>
         <span>
          , where Taylor Swift
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          will get married
         </a>
         <span>
          and what President Trump
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          might say at events
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But both the platforms and major trading firms are betting that the future of prediction markets lies in much bigger trades made by much bigger users, such as institutions
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hedging business risks
         </a>
         <span>
          , Michael de la Merced reports.
         </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">
          Prediction markets are courting businesses that want to offset their risk,
         </span>
         <span>
          pitching themselves
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          as an alternative to traditional derivatives markets, which are usually opaque and often more expensive.
         </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 to hedge on prediction markets:
         </span>
         <span>
          The Jeffrey, a New York City bar, offered to comp many customers’ tabs during Game 1 of the N.B.A. finals if the Knicks won. It offset that potential cost by betting $5,000 on a Knicks victory — netting it just under $8,000, which helped pay for $9,500 worth of patrons’ tabs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “The Kalshi hedge worked like a charm,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Andrew Freedman
         </span>
         <span>
          , a corporate lawyer who owns the Jeffrey, told DealBook.
         </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">
          Will Hall
         </span>
         <span>
          , a founder and the C.E.O. of Game Point Capital, which helps manage the financial risks of performance incentives in athletes’ and coaches’ contracts, said his firm now arranges millions of dollars in hedges via Kalshi. (Game Point traditionally arranged for specialized insurance, something it still does.)
         </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">
          Wall Street giants see potential for hedging even bigger things.
         </span>
         <span>
          Trading shops like Susquehanna International Group and Jump Trading Group have set up shop on Kalshi, helping to arrange transactions for clients.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “It could end up being one of the largest businesses that come out of prediction markets,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jeremy Maletz
         </span>
         <span>
          , Susquehanna’s head of macro trading and prediction markets, told DealBook.
         </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 isn’t just about sports.
         </span>
         <span>
          In April, Kalshi completed its first block trade, brokered by Greenlight Commodities on behalf of a hedge fund that wanted to hedge against carbon allowances, with Jump Trading on the other side.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Proponents think institutions will want to hedge in more areas, including against political risks like elections — and even for things like the price of DRAM memory chips.
         </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">
          Kalshi recently took a big step to making hedging easier.
         </span>
         <span>
          It unveiled
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          perpetual futures contracts
         </a>
         <span>
          — “perps” in industry parlance — that allow bettors to track whether the price of something goes up or down, with no expiration date.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Importantly, “perps” can be traded on margin, meaning that traders don’t have to front the full amount of their wagers and can essentially borrow money to control much bigger positions.
         </span>
        </p>
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            <span>
             THE SPEED READ
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          Deals
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Yum Brands agreed 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">
                sell its Pizza Hut locations
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                outside of China to the private equity firm LongRange Capital for about $1.5 billion; Yum China will buy its Chinese stores for $1.2 billion. (CNBC)
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              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Netflix reportedly held
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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">
                merger talks with Roku
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                before deciding not to bid for the streaming set-top box maker, which Fox eventually agreed to buy in a $22 billion deal. (Semafor)
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              </li>
             </ul>
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          Politics, policy and regulation
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                The E.U. finally
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                ratified a trade agreement
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                with the U.S. that would ward off steep tariffs. (The Guardian)
               </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">
                Amy Griffin
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the billionaire author of “The Tell,”
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                sued a childhood classmate
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                who says key details in Griffin’s best-selling memoir were pulled from the classmate’s own life. (NYT)
               </span>
              </li>
             </ul>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Best of the rest
         </span>
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        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
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             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                How to Run a News Company
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the Age of Polarization and A.I. Slop” (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 peek at
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Sam Bankman-Fried’s
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                life behind bars: writing a serialized prison memoir, gaming on a locked-down tablet computer and
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                working on a presidential pardon
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (New York Magazine)
               </span>
              </li>
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