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DealBook: Tariffs are here. What’s next?
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Good morning. We break down what’s shaping up to be a rough day in the markets as global leaders hit back at President Trump’s long-awaited tariffs with bruising countermeasures. Warren Buffett saw tariffs as an “act of war”; investors seem to agree. (Was this newsletter forwarded to you?
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Nowhere to hide as a new wave of U.S. tariffs sinks global stock markets.
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Not just tough talk
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President Trump wasn’t bluffing, after all.
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Global markets plunged this morning after U.S. tariffs went into effect on
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roughly $1.5 trillion worth of imports
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from Canada, Mexico and China, with another, and even broader, wave set to kick in as soon as next week.
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China and Canada have already responded, with Beijing targeting the American heartland with
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sweeping levies on imported food
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and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
halting log and soybean shipments
</a>
<span>
from select U.S. companies. Mexico is expected to retaliate, too.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The escalation has global business leaders increasingly worried about what will come next, as economists warn that consumers and companies will
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
soon see higher prices
</a>
<span>
. Warren Buffett offered a reminder of what the global economy is facing. “Tariffs,” the billionaire investor said this week, “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
are an act of war, to some degree
</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">
Here’s the latest:
</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">
Stocks in much of Asia and Europe fell this morning, after the S&P 500 yesterday suffered its
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
worst one-day decline
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
this year. U.S. stock futures were down slightly this morning.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Hit especially hard today
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
were the shares of European automakers
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, including Volkswagen, BMW, and Daimler Truck. Levies could
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
slam the sector
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, which is highly dependent on a complex cross-border supply chain.
</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 CBOE volatility index, Wall Street’s so-called fear gauge popularly known as the VIX, jumped, posting its biggest one-day spike this year, according to Deutsche Bank.
</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 sell-off also extended to cryptocurrencies (more on that below), and, in a new twist, the dollar.
</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">
If global investors weren’t spooked before, they seem to be now.
</span>
<span>
“The market finally took the Trump administration at its word, and the realization that the tariff talk wasn’t just a negotiating tactic is starting to sink in,” Chris Zaccarelli, an investment strategist for Northlight Asset Management, said in a research note yesterday evening.
</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 long will the trade battle last?
</span>
<span>
Analysts see reason for cautious optimism — at least on China. “We view Beijing’s responses as still strategic and restrained,” Xiangrong Yu, Citigroup’s chief China economist, said in a research note this morning. He said a trade deal was still “plausible.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The Shanghai composite index closed slightly higher today.
</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">
Market watchers warn of deep repercussions should the trade war drag on.
</span>
<span>
Trump seems to be digging in, telling reporters yesterday that there is “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
no room left for Mexico or for Canada
</a>
<span>
.” A protracted fight could dent global growth and accelerate inflation, all of which could “hamstring the Fed,” Mark Haefele, the chief investment officer at UBS Global Wealth Management, told Bloomberg Television this morning.
</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>
</tr>
<tr aria-hidden="true">
<td>
<div style="width:100%;text-align:center;line-height:0">
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<span style="text-align:center">
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<tbody>
<tr>
<td style="line-height:0;font-size:0">
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</table>
</span>
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Analysts see the U.S. central bank pausing interest rate cuts until inflation drops closer to its 2 percent target. That would raise the chances of a clash with Trump, who has pressured the Fed to lower borrowing costs.
</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 dollar is worth watching.
</span>
<span>
Investors are now fretting about inflation and U.S. growth, factors that could force the White House into a rethink on tariffs.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That said, investors seem to be
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
flocking to safe-haven bonds
</a>
<span>
, taking the pressure off the Treasury Department for now.
</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">
The U.S. suspends all military aid to Ukraine.
</span>
<span>
President Trump
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
immediately halted
</a>
<span>
more than $1 billion in arms and ammunition on its way to Ukraine and said it would resume only after he determined that Volodymyr Zelensky was committed to peace negotiations with Russia. The move, coming days after an explosive Oval Office confrontation, is the latest sharp break between Washington and Kyiv. Ursula von der Leyen, the head of the European Commission, said the European Union could increase defense spending
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
by as much as €800 billion
</a>
<span>
($840 billion) in part to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
help defend Ukraine
</a>
<span>
. Separately, Bloomberg reports that Russia has agreed to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
help broker talks
</a>
<span>
between the White House and Iran on a range of matters, including its nuclear program.
</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>
</tr>
<tr aria-hidden="true">
<td>
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<span style="text-align:center">
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<tbody>
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<td style="line-height:0;font-size:0">
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</span>
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<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
</tr>
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<td height="20">
</td>
</tr>
</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">
The world’s largest chip maker announces a $100 billion U.S. investment plan.
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Taiwan Semiconductor Manufacturing Company
</a>
<span>
, which produces processors for Nvidia and Apple, said it planned to expand plants in the United States and hire more workers. The onshoring investment initiative is the latest by a corporate giant — see also Apple and SoftBank — as the Trump administration focuses on bolstering American manufacturing; Washington and Wall Street also fear that supply chains could be interrupted if tensions escalate between China and Taiwan.
</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">
Kroger’s C.E.O. resigns suddenly, amid an inquiry into his personal conduct.
</span>
<span>
The grocery chain said it had determined that behavior by Rodney McMullen was
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
“inconsistent” with its business ethics policy
</a>
<span>
, but that it didn’t involve other employees or the company’s financial performance. It’s the latest twist for Kroger after its effort to buy a rival, Albertsons, for nearly $25 billion was blocked by regulators. Speaking of Albertsons, its C.E.O.,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Vivek Sankaran
</a>
<span>
, was stepping down as part of a planned retirement.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Elon Musk’s Department of Government Efficiency deletes more claims of savings.
</span>
<span>
The organization has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
erased about $4 billion
</a>
<span>
from what it said it had saved taxpayers, including five of the seven largest items it had taken credit for last week, The Times reports. It’s the latest sign of disorder at the initiative, whose cost-cutting efforts are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
unpopular among Americans
</a>
<span>
, according to a new poll.
</span>
</p>
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<tbody>
<tr>
<td height="10">
</td>
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<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
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<td style="border-top:0 solid #dcdcdc;padding-top:15px">
</td>
</tr>
<tr aria-hidden="true">
<td>
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<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
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<tr>
<td height="20">
</td>
</tr>
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</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
What’s missing from Trump’s crypto reserve plan
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The crypto market gives and takes: After President Trump’s plan for a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
national crypto reserve
</a>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
drew backlash
</a>
<span>
from both Republicans and investors, the prices of digital tokens that would be involved spiked higher — and then tumbled. (Bitcoin was trading at about $83,800 early today, down nearly $10,000 from a day ago.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The plan has spurred a lot of questions about how it would work and the risks that would be involved. Here are some we’re asking:
</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 would a national reserve work?
</span>
<span>
Trump campaigned on creating a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
federal Bitcoin stockpile
</a>
<span>
last summer and appointed David Sacks as his
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
crypto czar
</a>
<span>
. Advisers have suggested holding on to any Bitcoin the government has already seized from criminals, recently estimated at about
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
$17 billion
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
bill proposed
</a>
<span>
by Senator Cynthia Lummis, Republican of Wyoming, would direct the government to buy about 200,000 Bitcoin a year over five years, for a value of about $90 billion. (To help pay for that, the bill proposes taking $4.4 billion out of the Fed’s surplus, cutting into the Treasury Department’s coffers.) Of course, the digital token’s prices would probably rise in anticipation of those federal purchases.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
One unknown is whether Trump, in the face of divisions among Republican lawmakers on the idea of a reserve, would seek to test legal limits on his authority and create one unilaterally.
</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">
Would taxpayer money be involved?
</span>
<span>
That prospect drew the most criticism. The financier Joe Lonsdale, a Trump supporter, said it was “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
wrong to tax me for crypto bro schemes
</a>
<span>
.” Another investor called the proposal an “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
unforced error
</a>
<span>
” that would “enrich the insiders and creators of these coins at the expense of the US taxpayer.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Some crypto executives have floated the idea of creating a specific tax to fund a reserve, such as putting a levy on transactions involving the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
$27.6 trillion stablecoin market
</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">
How would the government hedge against crypto volatility?
</span>
<span>
Considering the wild swings in digital currencies, the prospect of taxpayer money being used for what’s effectively a speculative investment has drawn real concern. “There’s nothing strategic or sensible about this idea,” Eswar Prasad, an economist at Cornell University, previously
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
told The Times’s
</a>
<span>
David Yaffe-Bellany. “This would certainly be great for current Bitcoin holders and equally certainly be a bad deal for taxpayers.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It would also mean the U.S. government would be playing the role of capital allocator, a notion
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Sacks himself criticized
</a>
<span>
in a 2021 post that was resurfaced after Trump’s proposal.
</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 would be the benefits?
</span>
<span>
In theory, the government could use any profit from its crypto investing to pay down the nation’s $36 trillion in debt.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But skeptics say the most obvious winner is Trump himself, who has rolled out a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
crypto venture of his own
</a>
<span>
that carries millions of dollars in tokens set to be included in the reserve. Others are the crypto executives, many of whom donated extensively to Trump’s re-election effort. One example is Ripple, whose XRP token is one of the five that Trump said would be included — and which
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
donated $45 million
</a>
<span>
to an industrywide PAC that sought to help elect Trump and other Republicans.
</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 don’t we know?
</span>
<span>
A lot. The curious lineup of tokens for the fund suggests Trump’s being advised by a fairly narrow group.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
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<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
New tests of investor appetite for A.I.
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Shares in the Magnificent Seven group of tech giants, which had rocketed up last year amid Wall Street hopes for artificial intelligence, have fallen more than 10 percent in the past two weeks. It doesn’t mean that investors are souring on A.I. bets altogether, however.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
New funding rounds — and a potential I.P.O. — suggest that start-ups and their backers believe there’s still plenty of appetite for promising players in the field.
</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">
Example 1: Anthropic.
</span>
<span>
The company, whose A.I. models compete with OpenAI’s, said yesterday that it had closed a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
$3.5 billion fund-raising effort
</a>
<span>
that valued it at $61.5 billion, up sharply from $16 billion a year ago.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The round was led by Lightspeed Venture Partners, and also included Bessemer Venture Partners, Fidelity and General Catalyst. (Existing Anthropic backers include Amazon and Google.)
</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">
Example 2: CoreWeave.
</span>
<span>
The company, which provides cloud-based Nvidia processing power to customers including Meta and Microsoft,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
filed yesterday to go public
</a>
<span>
, in what could be this year’s first major tech I.P.O.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
CoreWeave said its revenue shot up to $1.92 billion last year, an increase of more than 700 percent from 2023, as tech companies clamored for compute for A.I. applications. Nearly two-thirds of its sales were to Microsoft, OpenAI’s chief backer. (Worth noting: CoreWeave’s three founders have collectively
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sold nearly $500 million
</a>
<span>
worth of their holdings in the company.)
</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">
Plenty of other A.I. businesses are seeking money,
</span>
<span>
including Elon Musk’s xAI, which is in
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
talks for new financing
</a>
<span>
that could nearly double its valuation set just two months ago. And investors are still in deal mode: Consider that SoftBank, which is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
betting heavily on A.I.
</a>
<span>
, is planning to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
borrow $16 billion
</a>
<span>
to finance those wagers, according to The Information.
</span>
</p>
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We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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<span>
THE SPEED READ
</span>
</h3>
</td>
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</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">
Deals
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Walgreens Boots Alliance
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
is said to be near a deal to sell itself to the private equity firm Sycamore Partners for about $10 billion. (WSJ)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Mark Walter, the C.E.O. of Guggenheim Partners, and Thomas Tull, the financier and a founder of the film studio Legendary Entertainment, have formed a $40 billion vehicle 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">
invest in artificial intelligence businesses
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (FT)
</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">
Politics, policy and regulation
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
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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">
“Commerce Secretary’s Comments Raise
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Fears of Interference in Federal Data
</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">
Federal agencies are struggling with 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">
$1 spending limit
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
that the Trump administration imposed on most government-issued credit cards. (Wired)
</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 Treasury Department will stop enforcing a disclosure requirement for small businesses that was aimed at stopping money laundering, known as the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
beneficial ownership information rule
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (AP via NBC News)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
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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">
Best of the rest
</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">
SpaceX scrubbed the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
eighth test flight of its Starship rocket
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, which is meant to eventually carry people to outer space. (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">
Publishers are turning fewer hardcover books into
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
paperback versions
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (WSJ)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Seeing Political Red Meat, Texas May
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Rename the New York Strip Steak
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (NYT)
</span>
</li>
</ul>
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</table>
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Andrew Ross Sorkin
</a>
<span>
, Founder/Editor-at-Large, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@andrewrsorkin
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Ravi Mattu
</a>
<span>
, Managing Editor, London
</span>
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@ravmattu
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Bernhard Warner
</a>
<span>
, Senior Editor, Rome
</span>
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@BernhardWarner
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Sarah Kessler
</a>
<span>
, Deputy Editor, Chicago
</span>
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@sarahfkessler
</a>
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Michael J. de la Merced
</a>
<span>
, Reporter, London
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@m_delamerced
</a>
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Lauren Hirsch
</a>
<span>
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4 weeks ago - nytdirect@nytimes.com
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