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   DealBook: State of the strait
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   Also, who’s cashed in on the war.
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             April 9, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          Markets are turning negative as investors absorb just how tenuous the cease-fire in Iran really is. (Sorry to say it, but
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          we told you so
         </a>
         <span>
          yesterday.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Another big story we’re watching is the setback Anthropic experienced yesterday in federal court, when a panel of three federal appellate judges declined to stay the government’s designation of the company as a supply chain risk while their legal battle played out. Katie Haun, the venture capitalist and a former federal prosecutor, wrote on X that the judge panel had been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stacked against Anthropic
         </a>
         <span>
          . More below.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And Andy Jassy, the C.E.O. of Amazon, just published his annual shareholder letter — and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          threw down the gauntlet
         </a>
         <span>
          at Nvidia (a business partner.) “Our chips business is on fire, changes the economics for AWS, and will be much larger than most think,” Jassy wrote. “Virtually all A.I. thus far has been done on Nvidia chips, but a new shift has started.” (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">
             Transit through the Strait of Hormuz remains perhaps the defining question of the tenuous U.S.-Iran cease-fire.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Associated Press
            </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The costs of cease-fire uncertainty
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The cease-fire between the U.S. and Iran is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          holding on
         </a>
         <span>
          into a second day, if barely. More worrisome for the global economy is that little has changed when it comes to the Strait of Hormuz.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Stalled shipping traffic through the waterway, once a conduit for roughly a quarter of the world’s oil and natural gas exports, is dampening the exuberance that bolstered markets yesterday. And questions about whether the strait will fully reopen or remain under Iran’s control — among many other issues — will hang over talks that could begin soon in Pakistan.
         </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>
        </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">
                Brent crude, the global oil benchmark,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                surpassed $98 a barrel
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                today, after briefly tumbling close to $90 yesterday. West Texas Intermediate, the U.S. benchmark, is approaching $100, underscoring how global energy shocks are hitting 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 average U.S. gas price
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                hit $4.166 a gallon
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , according to AAA.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                U.S. stock futures are down, as are many major European and Asian stock indexes.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                President Trump wrote on social media overnight that the U.S. military buildup in the Middle East would
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                remain in place
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “until such time as the REAL Agreement reached is fully complied with.”
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Iran said that Israel’s continued strikes against Hezbollah in Lebanon — which killed more than 200 people and injured 1,000 others yesterday, according to officials there — violated the cease-fire agreement. Pakistan, which is slated to host peace talks, said the truce was meant to cover Lebanon;
               </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 U.S. and Israel disagree
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Some key infrastructure in the region was hit yesterday even after the cease-fire was announced, notably Saudi Arabia’s
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                east-west pipeline
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that is meant to circumvent the Strait of Hormuz.
               </span>
              </li>
             </ul>
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            <img alt="A line chart shows the rise in the price of Brent crude, the global oil benchmark over the past two months." class="css-xsf469" height="536" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F09%252Fbusiness%252F09db-chart%252F09db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzU3MzYzMjUuODY5MTc0NX0:1wAo8T:jhC99NnqbzQHXJlp1c1uuS-t5Y5E9MG2w2yner8U_8k" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
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        <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 state of the strait remains a central issue.
         </span>
         <span>
          Iran has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          demanded control
         </a>
         <span>
          of the passageway, and according to The Wall Street Journal has been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          creating a fee schedule
         </a>
         <span>
          for ships to pass through. (Among the requirements, according to The Journal: paying in crypto or in Chinese renminbi, and forking over up to $2 million for a supertanker.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Such a toll violates international law, according to Gulf states and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          oil companies
         </a>
         <span>
          who adamantly oppose any move to let Iran charge money. But whether Washington would stop Tehran doing so permanently is unclear:
         </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">
                Secretary of State Marco Rubio called the Iranian demand illegal, but suggested that the U.S. wouldn’t lead efforts to fight it.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump yesterday suggested that the U.S. might set up 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">
                joint venture
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” with Iran to charge tolls.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That uncertainty has kept traffic through the strait at a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          virtual standstill
         </a>
         <span>
          , with just four ships having sailed through yesterday, according to S&amp;P Global Market Intelligence. (That’s down from an average of nine a day over the past five days.) It’s unclear whether paying tolls now would violate sanctions on Iran. And maritime insurance covering the strait remains very 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">
          Western companies are still grappling with the uncertainty.
         </span>
         <span>
          Ed Bastian, the C.E.O. of Delta Air Lines, told analysts yesterday that he expected oil prices to be “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          higher for longer
         </a>
         <span>
          ,” even if a lasting peace is reached. (He also predicted that weaker airlines would have to take “pretty significant steps” to adjust to a world of more expensive fuel.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Separately, bankers normally stationed in the United Arab Emirates were still weighing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          whether to return
         </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">
          All eyes will turn to the talks in Islamabad on Saturday.
         </span>
         <span>
          Vice President JD Vance is expected to lead the U.S. delegation in negotiations with Iranian officials, with a two-week deadline hanging over them.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Experts said
         </a>
         <span>
          both Washington and Tehran had incentives to strike a compromise, despite their maximalist public demands.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Key to the talks is how much each is willing to bend on key issues like whether Iran can retain uranium for enrichment. One possible result, analysts said, was a limited agreement that kicks the can down the road — cold comfort for businesses seeking a firmer resolution.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <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">
          Fed officials see no need to lower interest rates.
         </span>
         <span>
          Policymakers at the central bank have broadly concluded that
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          the potential inflation-boosting effect from the war in the Middle East means that they should
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stand pat on borrowing costs
         </a>
         <span>
          , minutes from the Fed’s last policy meeting show. That puts added attention on the release of inflation this week, which is expected to show
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a steep jump in consumer prices
         </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">
          Amazon revamps its relationship with the U.S. Postal Service.
         </span>
         <span>
          Under the terms of a tentative new deal, the online retail giant, which accounts for more than half of the postal service’s package deliveries, will ship
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          20 percent fewer packages
         </a>
         <span>
          through the service. Amazon’s move could complicate the struggling postal service’s plan to end years of losses.
         </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 British computer scientist denies that he is Bitcoin’s inventor.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “I’m not satoshi,”
         </a>
         <span>
          Adam Back declared on X yesterday after an investigation by The Times’s John Carreyrou identified him as Satoshi Nakamoto, the pseudonymous creator of the cryptocurrency. (Back appears on today’s episode of “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Daily
         </a>
         <span>
          ,” as does Carreyrou.)
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Who’s made money on Iran?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Canny traders routinely profit from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          conflict
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pandemics
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          political instability
         </a>
         <span>
          . But the war in the Middle East hasn’t played out so smoothly for Wall Street.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some big hedge funds have watched their recent market bets implode amid a spike in volatility that resulted in major stock indexes selling off and commodity prices going haywire,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          several
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          news
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          outlets
         </a>
         <span>
          have 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">
          After a blowout rally yesterday, a here-we-go-again vibe has returned to markets.
         </span>
         <span>
          This war has been especially hard to trade on, even for seasoned market pros, Joachim Klement, the head of strategy at Panmure Liberum, a London-based investment bank, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Low trading volumes and uncertainty about Washington’s military strategy, he added, have led a lot of fund- and portfolio managers to stand pat.
         </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">
          “There’s been a very high reluctance to make a mistake,”
         </span>
         <span>
          Klement said, adding that he hadn’t seen such hesitation to trade since March 2020, when the coronavirus pandemic was raging. Stocks plunged into a bear market that month, before governments and central banks intervened with monetary and fiscal policy bazookas that involved giant stimulus spending and asset purchases.
         </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’s mixed war messages have put investors on the back foot.
         </span>
         <span>
          The president’s barrage of conflicting social media posts, in which he had threatened Iran and then backtracked hours later, were enough to dissuade many traders whom Klement spoke with from buying oil futures, for example.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Misread Trump’s public pronouncements and you risk “accumulating a lot of underperformance in a very, very short time,” he said.
         </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">
          Not everybody is standing still.
         </span>
         <span>
          Yesterday’s rebound in stocks — the Stoxx 600, a broad European index, rose 3.9 percent for its best one-day gain since 2022, according to Deutsche Bank —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          minted some winners
         </a>
         <span>
          . And investors
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dumped $950 million in oil futures contracts
         </a>
         <span>
          this week just hours before Trump announced a cease-fire and prices plunged, Reuters reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (There were also a wave of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          suspiciously timed war bets
         </a>
         <span>
          on Polymarket, the prediction market platform, just before the cease-fire was announced, according to Bloomberg.)
         </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 buy-and-hold investors aren’t faring too badly.
         </span>
         <span>
          Despite the war’s heavy economic toll, the S&amp;P 500 has fallen by less than 2 percent since the war began on Feb. 28. The light trading volume has kept losses to a minimum, Klement says.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           <td style="text-align:center">
            <img alt="The Meta logo is seen on a large billboard." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F09%252Fmultimedia%252F09db-meta-vhjc%252F09db-meta-vhjc-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzU3MzYzMjUuODY5OTIzOH0:1wAo8T:xhyrmWSRyEmM946fzXMAloqC6FvqN4HvClnrwa6066Y" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Investors were buzzing yesterday about Meta’s new A.I. release, but big questions loom.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Jason Henry 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>
          High stakes for Meta’s new A.I. model
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One of yesterday’s big stock market winners was Meta.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in the social media giant rose 6.5 percent (and are up again in premarket trading), adding roughly $95 billion to its market capitalization, on investor hopes that its huge investments in artificial intelligence would soon pay off.
         </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>
          Mark Zuckerberg, Meta’s C.E.O.,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          yesterday introduced
         </a>
         <span>
          a new
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          A.I. model
         </a>
         <span>
          , Muse Spark. It is the first major splash under the company’s superintelligence lab, which Zuckerberg has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          poured billions into
         </a>
         <span>
          in a bid to overhaul the company’s struggling A.I. efforts and catch up with rivals like Google, OpenAI and Anthropic.
         </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">
          There’s a lot at stake.
         </span>
         <span>
          The release of Muse Spark will focus scrutiny on Alexandr Wang, Meta’s chief A.I. officer, who runs the lab. Meta
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spent $14.3 billion to acquire Wang
         </a>
         <span>
          and his team..
         </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">
          Muse Spark is aimed at Meta’s consumer base.
         </span>
         <span>
          Zuckerberg classified the model as an assistant that would specialize in health, social content, shopping and games, and it will be rolled out on the company’s social media apps, which have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          about 3.5 billion daily active users
         </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">
          Will that be enough?
         </span>
         <span>
          Muse Spark performed nearly as well as rival models on tests that measure writing and reasoning. (That
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wasn’t the case
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          last month.)
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But it lagged in a crucial area — the coding skills used by business customers, a lucrative market segment that Anthropic is leading.
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                In other A.I. news, a federal appeals court in Washington
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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">
                denied a motion from Anthropic
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to stop the Pentagon from labeling it a security risk, a victory for the Trump administration as it seeks to ban Anthropic from government computer systems. But the decision runs counter to a recent ruling in a parallel case that Anthropic filed in California, where a judge decided that Anthropic could not be restricted from continuing work with some defense-related agencies.
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             THE SPEED READ
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          Deals
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Bill Ackman is said to be 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">
                create a fund
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that would bet against prevailing narratives in markets, copying the successful trades he made during the coronavirus pandemic. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Artificial intelligence tools investors use to interpret proxy filings are
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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">
                more likely to support initiatives by activist investors
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                than recommendations by traditional advisers like ISS and Glass Lewis, a new report finds. (Kekst CNC)
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          Politics, policy and regulation
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                The S.E.C.
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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">
                named David Woodcock
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                , a partner at the law firm Gibson Dunn, to lead its enforcement division. (FT)
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                Top Justice Department
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                antitrust litigators have reportedly left
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                after a surprise settlement with Live Nation was negotiated without the input of the trial team. (Bloomberg)
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          Best of the rest
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                The price for GLP-1 weight-loss drugs is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                as low as $14 a month
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in India after a key patent on the semaglutide sold as Ozempic expired. (Vox)
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                Jeff Shell
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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">
                stepped down
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as president of Paramount Skydance after being ensnared in a legal fight with a high-stakes gambler who accused him of leaking confidential information. (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">
                “Can Longtime Car Executive Luca De Meo
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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">
                Kick the House of Gucci Into Gear
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ?” (WSJ)
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          Correction:
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         <span style="font-style:italic">
          Yesterday’s DealBook misstated the surname of the British cryptographer who The Times’s John Carreyrou suspects could be Satoshi Nakamoto, the pseudonymous creator of Bitcoin. He is Adam Back, not Beck.
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