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   DealBook: Tech tumbles
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   Also, remembering Greenspan’s influence.
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             June 23, 2026
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          Good morning. Andrew here in Cannes, France.
         </span>
         <span>
          The sunny Riviera backdrop at the Cannes Lions International Festival of Creativity contrasts sharply with the anxieties brewing in global markets. Many attendees have been glued to their iPhones, tracking the tumble in tech stock prices yesterday and today — and wondering if A.I. euphoria is taking a pause, or something more significant.
         </span>
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          The other talker here on the Croisette: the sudden decision by Amazon, which has a big presence here, to drop “Artificial,” a nearly finished $40 million biopic about Sam Altman that was directed by the award-winning filmmaker Luca Guadagnino. Virtually nobody is willing to pick up the movie. Does that say more about the film itself, or the power of Big Tech? (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">
              The tech sell-off has gone global on Tuesday.
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              Jade Gao/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>
          A.I. jitters
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Markets are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sliding globally
         </a>
         <span>
          , and investors are pointing fingers at the artificial intelligence trade.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s a reminder that the A.I. rally, powered by billions of dollars pouring into data centers and cutting-edge software, is built on investors’ appetite for risk. That can easily evaporate amid concerns about interest rate increases and more.
         </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>
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                S&amp;P 500 futures are down sharply in premarket trading, driven again by slumping tech stocks.
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                European stocks and Asian indexes are tumbling too, especially South Korea’s Kospi, which fell 10 percent.
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Weighing heavily on investors’ minds:
         </span>
         <span>
          the prospect of higher borrowing costs coming sooner than expected. Traders now expect the Fed to raise rates
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as soon as September
         </a>
         <span>
          , following an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          unexpectedly hawkish turn by Kevin Warsh
         </a>
         <span>
          , the central bank’s new chairman, last week.
         </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.-related stocks are taking a pounding.
         </span>
         <span>
          Shares in the memory chip giants Samsung Electronics and SK Hynix fell about 12 percent each. The stock of ASML, the Dutch chip giant, is down 5 percent.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And shares in SpaceX look set to extend a three-day losing streak after plunging 16 percent yesterday. The broader Magnificent Seven group of stocks is also poised for further losses. (More on that below.)
         </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’s drop is a sign that investor optimism has its limits.
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          ’s rockets and A.I. company soared in its first few days of trading, as public-market shareholders seized on the chance to finally buy a piece of it. (The company benefited from other factors, like having a low percentage of its shares available for trading.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Analysts said that investors are mindful of the company’s challenges, including its also-ran status in the A.I. race and its plans to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sell investment-grade bonds
         </a>
         <span>
          for the first time. “Why do you need like $100 billion in cash?”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Keith Snyder
         </a>
         <span>
          , a senior analyst at CFRA Research, wrote in a research note yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (The SpaceX swoon came despite the company striking another potentially multibillion-dollar deal to lease computing power, this time
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          with the start-up Reflection AI
         </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">
          That investor concern raises questions about other A.I. companies.
         </span>
         <span>
          OpenAI executives are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          at the Cannes Lions International Festival of Creativity
         </a>
         <span>
          , the giant ad confab in the south of France, pitching the ChatGPT maker’s nascent ad business.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          OpenAI sees ads as an important revenue source as it prepares to spend billions on A.I. infrastructure. Potential investors for its I.P.O., which could come later this year, will be keeping a close eye on how it goes.
         </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">
          A sinking Japanese yen spooks traders.
         </span>
         <span>
          Japan’s finance minister,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Satsuki Katayama,
         </span>
         <span>
          said today that she had spoken with Treasury Secretary
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Scott Bessent
         </span>
         <span>
          about
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          coordinated efforts to stem the slide
         </a>
         <span>
          in the yen, which is close to a four-decade low. A volatile yen could be bad news for the global bond market: Japan is a major buyer of U.S. Treasury bonds and notes. Separately, the Treasury Department temporarily
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lifted sanctions on Iran
         </a>
         <span>
          , giving it a 60-day permit to sell its oil.
         </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">
          An Apollo Global private credit fund faces a wave of redemption requests.
         </span>
         <span>
          The private equity giant said it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          would cap redemptions
         </a>
         <span>
          at the $26 billion Apollo Debt Solutions fund. It’s the latest private credit vehicle to confront investor requests to withdraw capital amid concerns about the health of the sector.
         </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">
          Google takes a stake in the movie studio A24.
         </span>
         <span>
          The tech giant is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          investing about $75 million
         </a>
         <span>
          , according to The Wall Street Journal, as part of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a partnership
         </a>
         <span>
          between A24 and Google’s DeepMind artificial intelligence division. It’s the first time Google has taken a stake in a movie studio; it will provide A24 with A.I. tools, but won’t have a say in creative decisions or be able to train its models on A24 titles.
         </span>
        </p>
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        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Alan Greenspan, the former Fed chair, is seen leaning back against a table, gripping two chairs with his hands." class="css-18ei5jy" height="336" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F23%252Fmultimedia%252F23db-greenspan-vmhf%252F23db-greenspan-vmhf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODIyMTU4MjMuMTg2MDA3M30:1wbzkV:s18K-o2GsrfULTZx23OZAIr95M7Re0efNK5ecrYgvVw" 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">
              Alan Greenspan, the former Fed chair, in 2026.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Doug Mills/The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The Greenspan effect
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Tributes have poured in for Alan Greenspan, perhaps the most influential Fed chair ever, who
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          died yesterday
         </a>
         <span>
          at age 100.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Fed watchers are examining his legacy as it continues to shape the central bank and Wall Street 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">
          A look back:
         </span>
         <span>
          Greenspan was a longtime Washington power player who advised Richard Nixon, Gerald Ford and Ronald Reagan, but also won over many in the Clinton administration. He was an economist, but also a data geek, a crisis firefighter and the first celebrity central banker (as fans of “The Simpsons”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          will recall
         </a>
         <span>
          ).
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He played mind games with journalists, teased lawmakers,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          played the saxophone
         </a>
         <span>
          , befriended the free-market defender Ayn Rand and did some of his best thinking in a bathtub.
         </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">
          Greenspan invented the famously cryptic “Fed speak”
         </span>
         <span>
          during his 19-year tenure as Fed chair. Chief among his aphorisms was this timeless question:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          “How do we know when irrational exuberance” is inflating asset prices?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          Such coinages “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          are now part of the vernacular
         </a>
         <span>
          ,” Greg Ip wrote in The Wall Street Journal yesterday. Ip added: “The unelected Greenspan was in many ways more influential than the elected people who kept reappointing him. This was first, because he was successful.”
         </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">
          Yet the “maestro” had a mixed record:
         </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">
                He got high marks for his handling of the Black Monday stock market crash in 1987 when he urged banks to keep credit flowing; the 1998 collapse of the hedge fund Long-Term Capital Management; and the Asia financial crisis in 1997.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                But critics panned him for missing the froth that led to the dot-com boom and bust in the early 2000s, and the global financial crisis in 2008.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” Greenspan testified to the House Committee on Oversight and Government Reform in 2008.
         </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 all came down to Greenspan’s laissez-faire approach.
         </span>
         <span>
          That “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          light touch was enough to contain
         </a>
         <span>
          ” the shocks he encountered in the 1980s and 1990s, the author Roger Lowenstein wrote in a Times Opinion guest essay yesterday, “but not the larger one to come.”
         </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">
          Greenspan’s legacy lives on.
         </span>
         <span>
          Kevin Warsh, the new Fed chairman,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          appears downright Greenspan-ian
         </a>
         <span>
          , Fed watchers note. In pursuing a “reform-oriented” agenda, Warsh said he wants to bring back a minimalist communication style that harks back to his predecessor.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Warsh also sees technology like artificial intelligence making the U.S. economy more efficient, opening the door to lower interest rates. Greenspan viewed the PC boom in the 1990s in a similar way.
         </span>
        </p>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A woman is seen walking past fountains." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F23%252Fmultimedia%252F23db-heat-qhgk%252F23db-heat-qhgk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODIyMTU4MjMuMTg2MTcwM30:1wbzkV:bbpiJ60icGs_acsk61TJ-iISHAGsLh0JQi2EMrDz9dU" 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">
              A woman walks near water fountains, in Beziers, in southern France, on Monday.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Gabriel Bouys/Agence France-Presse — Getty Images
             </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>
          Red alert
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Much of Europe is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          under a red alert for heat
         </a>
         <span>
          , with temperatures set to shatter records this week. (Paris, for example, is expected to suffer triple-digit temperatures today and tomorrow.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Extreme weather is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          taxing power grids
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          transport networks
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          driving up health care costs
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spoiling tourists’ vacations
         </a>
         <span>
          . This heat wave comes amid a renewed debate over the economic consequences of climate change and how much people are willing to spend to combat it.
         </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">
          Climate change could cost the global economy trillions,
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          economists calculate
         </a>
         <span>
          . Scientists warn the fallout could get worse in the decade ahead.
         </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">
          Yet there are signs that investment in climate mitigation is slowing.
         </span>
         <span>
          That’s even as
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Michael Bloomberg
         </span>
         <span>
          , the billionaire who donates to green causes, was set to make a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $590 million pledge
         </a>
         <span>
          for various initiatives at London Climate Action Week this week.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Global public and private investment in climate finance — including for projects to make cities greener and cooler, decarbonize architecture and move toward renewable energy — hit an estimated $2.1 trillion last year, according to the Climate Policy Initiative, a nonprofit climate advocacy organization.
         </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 catch.
         </span>
         <span>
          “Climate finance is growing, but not fast enough,” the group wrote in its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          most recent climate funding report
         </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">
          Funding for climate start-ups is also drying up.
         </span>
         <span>
          Global venture capital financing for the sector has declined since 2021, according to PitchBook data, as investors make bigger and bigger
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bets on artificial intelligence
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A bar chart shows the trend in global V.C. investing in climate tech start-ups, dating back to 2020." class="css-mcckse" height="531" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F23%252Fbusiness%252F23db-chart%252F23db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODIyMTU4MjMuMTg2MzYzNX0:1wbzkV:gEyTFH3sLIDfBiRTGldXQRAFRAlbI1JCfCe0AdjIoXc" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But many companies are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dialing back their net-zero pledges
         </a>
         <span>
          , while strapped governments have let expire or killed many taxpayer-funded initiatives, including the Biden administration’s climate plans.
         </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">
          Households and consumers are picking up the slack,
         </span>
         <span>
          according to the Climate Policy Initiative. In 2024, households and other private market participants invested $332 billion in climate-mitigation and low-carbon solutions, accounting for roughly 60 percent of total spending.
         </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>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           </td>
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         <tbody>
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           <td style="text-align:center">
            <img alt="Elon Musk on a screen, speaking via video. He’s wearing a black leather jacket." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F23%252Fmultimedia%252F23db-musk-spacex-hqjk%252F23db-musk-spacex-hqjk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODIyMTU4MjMuMTg2OTQzfQ:1wbzkV:heWoFeKrPMYJH5OU9uD6gAwz4i-C54KKel3r3kre8Ew" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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           <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">
              Elon Musk speaking via video on the day of SpaceX’s I.P.O. The company has a lot of capital to spend on A.I. talent.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Brendan Mcdermid/Reuters
             </span>
            </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Upping the ante in the A.I. talent war
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Google’s stock tumbled yesterday after two of the company’s star artificial-intelligence researchers said they were leaving to join its A.I. rivals Anthropic and OpenAI. The reaction is the latest evidence that the battle for elite talent is central to winning the A.I. race.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That contest is only getting more cutthroat after the record-breaking I.P.O. of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          ’s SpaceX, and the expected public offerings of Anthropic and OpenAI later this year, Niko Gallogly 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">
          Raiding the Googleplex.
         </span>
         <span>
          Google
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has made huge strides
         </a>
         <span>
          in the A.I. race with its Gemini model in recent months. But it’s losing two senior executives:
         </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">
                A leader of the Gemini team,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Noam Shazeer
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , said last week that he was leaving the company to join OpenAI.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                And
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                John Jumper,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                a creator of the A.I. system AlphaFold who shared in the Nobel Prize for Chemistry in 2024, announced he was leaving Google DeepMind for Anthropic.
               </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">
          Wooing the best A.I. engineers now requires a white-glove approach.
         </span>
         <span>
          Companies treat the recruiting of A.I. researchers “like an executive search,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          David Paffenholz,
         </span>
         <span>
          a founder and the chief executive of the A.I. recruiting platform Juicebox, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The roles command salaries of seven figures or more. And founders, investors and recruitment teams work together to identify and attract top talent, like Ph.D. researchers, engineers at rival labs and start-up founders.
         </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 made a statement with its purchase of Cursor.
         </span>
         <span>
          Just days after his company’s market value soared past $2 trillion in its I.P.O., Musk
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          snapped up the hot A.I. coding company
         </a>
         <span>
          for $60 billion in an all-stock transaction.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s not clear how Cursor might be integrated with xAI, SpaceX’s A.I. lab. But SpaceX is signaling that it’s serious about competing for top engineers — and that it has the cash to do so.
         </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">
          More than the money:
         </span>
         <span>
          Leading A.I. companies have plenty of capital to throw at talent. That means recruits are often betting on which major A.I. lab they see as leading the A.I. race,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Chris Vasquez
         </span>
         <span>
          , a founder of the A.I. recruiting firm Quantum, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          By that measure, Anthropic and OpenAI may be the best positioned to find and retain top talent, for now. “We’ve poached a lot out of xAI and a lot out of Google,” Vasquez said, but “OpenAI and Anthropic are still very hard to poach from.”
         </span>
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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">
                MGX, a giant Abu Dhabi investment vehicle, has reportedly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raised about $50 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for artificial intelligence investments. (Bloomberg)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                AbbVie agreed to
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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">
                buy Apogee Therapeutics
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a maker of anti-inflammatory drugs, for $10.9 billion in cash. (Reuters)
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          Politics, policy and regulation
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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">
                Oracle
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                shed about 21,000 employees
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , 13 percent of its work force, during its most recent fiscal year, as it refocuses on A.I. (Reuters)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                President Trump
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                signed two executive orders
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                promoting research in the field and defending against quantum-based cyberattacks. (The Information)
               </span>
              </li>
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          Best of the rest
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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">
                A law firm that drafts legal filings using A.I.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                won its first victory in court
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in London. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
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                “The Repo Man
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Coming for Your Ride
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (New Yorker)
               </span>
              </li>
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