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   DealBook: The A.I. race to go public
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   Also, Nvidia’s solid quarter underwhelms.
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             May 21, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Here we go: Both SpaceX and OpenAI may be going public within weeks, or months, of each other. We dive deep into the SpaceX prospectus — note not just the numbers, but the unusual governance structure — and what an OpenAI I.P.O. could look like.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also, we’ve got some highlights from my interview with Jeff Bezos. And we look at Barney Frank’s legacy. I always found him insightful and refreshingly candid. I remember him once telling me, for an article about the financial crisis: “You get no credit for disaster averted or damage minimized.” A friend made him a bumper sticker in 2010 with the slogan: “Things would have sucked worse without me.” (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="A SpaceX rocket is seen blasting off in the distance." class="css-18ei5jy" height="339" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F21%252Fmultimedia%252F21db-spacex-jvhk%252F21db-spacex-jvhk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzkzNjU3MzAuODk0NDI1OX0:1wQ2JG:sSEOE0KBTZnXjZU4HcMUukl26GOeFs7CJ6Ho46S2dQ8" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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             <span style="color:#666;font:normal 14px georgia,serif">
              SpaceX, Elon Musk’s rocket and A.I. company, is seeking to get the jump on rivals with an I.P.O. that could land as soon as next month.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Steve Nesius/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          SpaceX vs. OpenAI vs. Anthropic
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Elon Musk’s SpaceX just publicly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          took the wraps off
         </a>
         <span>
          the prospectus for its I.P.O., by far the biggest in history. But Wall Street today is wondering not only how investors will digest that megadeal, but also two other potential offerings — from OpenAI and Anthropic — hot on its tail.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It sets up a race among three artificial intelligence giants to capture investors’ wallets, and raises questions about how they’ll fare in the public markets.
         </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 we’ve learned about SpaceX,
         </span>
         <span>
          via
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          its S-1 filing
         </a>
         <span>
          :
         </span>
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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">
                The rocket, satellite internet and A.I. company is growing quickly, with $18.7 billion in revenue last year and $4.7 billion in the first quarter of 2026.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                So, too, are its losses, thanks largely to xAI, which SpaceX acquired earlier this year: The combined company reported a $4.9 billion net loss last year, and a $4.3 billion net loss in the first quarter.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                SpaceX estimates that it has “the largest actionable total addressable market” in “human history” — investor-speak for how big its business can get — at $28.5 trillion.
               </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">
          But OpenAI stole some of SpaceX’s thunder,
         </span>
         <span>
          with reports emerging about its I.P.O. plans. The company behind ChatGPT is hoping to go public
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as soon as September,
         </a>
         <span>
          The Times reports — just three months after SpaceX.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Making the I.P.O. possible was OpenAI winning a legal fight brought by Musk, seeking $150 billion in damages and to unravel its conversion into a for-profit 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">
          The A.I. race is becoming a competition to go public.
         </span>
         <span>
          Investors are clamoring for a piece of the leading companies in the sector. But SpaceX, OpenAI and Anthropic (which is also targeting an I.P.O. in the fall) are all rushing to claim an outsize portion of that money
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          before their rivals
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Staging an I.P.O. would give these companies, which have already raised billions in the private markets, the ability to raise even more money from public market investors as they plan to spend heavily on data centers and other needs.
         </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">
          Are these companies ready for the stock markets?
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                SpaceX has the advantage of strong performance from its rocket and Starlink divisions helping offset big losses at xAI. That said, in some ways xAI 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">
                struggling
               </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">
                OpenAI recorded over $13 billion in revenue last year. But it still expects to spend $115 billion over the next four years. And Sam Altman, its C.E.O., and Sarah Friar, its C.F.O.,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                have disagreed
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                over how feasible a 2026 I.P.O. would be.
               </span>
              </li>
              <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">
                Anthropic recently told investors
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that it collected $4.8 billion in revenue in the first quarter, and is set to report a $559 million operating profit in its current quarter, The Wall Street Journal reported. (DealBook has confirmed those numbers.) But the company is spending big on computing power — including paying $1.25 billion a month over three years to rent some from SpaceX.
               </span>
              </li>
             </ul>
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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 JPMorgan Chase executive accused of sexually harassing a male colleague files a counterclaim.
         </span>
         <span>
          In her suit,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Lorna Hajdini
         </span>
         <span>
          , who works on the bank’s leveraged finance team, said the lurid claims by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Chirayu Rana
         </span>
         <span>
          were
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “entirely false, malicious, and fabricated”
         </a>
         <span>
          and “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wreaked havoc” on her life
         </a>
         <span>
          . The allegations of sexual abuse have captivated Wall Street, and the case may now be heading to trial, a rarity for banking employment cases.
         </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">
          Fed officials are more open to interest-rate increases.
         </span>
         <span>
          The release yesterday of minutes from the central bank’s last policy meeting
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          revealed heightened concerns
         </a>
         <span>
          that higher wartime inflation would require the bank to increase borrowing costs, a pivot that would likely raise President Trump’s ire. That said, the futures market this morning sees one rate increase by December.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Trump administration will reportedly take stakes in quantum computing companies.
         </span>
         <span>
          The Commerce Department is set to soon announce that the White House is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          awarding $2 billion in grants
         </a>
         <span>
          to nine companies, including IBM, according to The Wall Street Journal. The deals involve the government taking equity stakes in those companies, part of a wider administration strategy.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </td>
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           <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">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260521%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzkzNjU3MzAuODk0NTI4OX0:1wQ2JG:YiCAZVl2idaEN6YOMJ6CbovoM13lE4-22bRsQhWXJbg" style="max-width:96px;margin-bottom:7px"/>
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            </span>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
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           <td height="20">
           </td>
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         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Nvidia knockout
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Nvidia did it again. The chip giant central to the artificial intelligence boom
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported bumper profits
         </a>
         <span>
          , a torrid sales outlook, and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          generous stock buybacks
         </a>
         <span>
          and higher dividends yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But that’s not enough for tech bulls. Shares in Nvidia are under pressure this morning as investors
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          focus on SpaceX’s I.P.O. filing
         </a>
         <span>
          and weigh concerns about the chipmaker’s future.
         </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 Nvidia reported:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Profit in its most recent quarter rose more than 200 percent year-on-year, to $58 billion
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Revenue climbed 85 percent, to $86.1 billion
               </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">
          Its forecast was solid, too.
         </span>
         <span>
          Sales in the current quarter are expected to nearly double from last year, to $91 billion. “Demand has gone parabolic,” Jensen Huang, Nvidia’s C.E.O., told analysts, hailing the popularity of A.I. agents as a new growth driver alongside its data center business.
         </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 parabolic?
         </span>
         <span>
          The company said A.I. infrastructure spending would climb as high as $4 trillion in 2030, up from roughly $1 trillion 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">
          But what about competition?
         </span>
         <span>
          Perhaps to allay investor concerns that its biggest customers are increasingly encroaching on its turf, Nvidia said it will break out its data center revenue line item to disclose how much comes from hyperscalers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Huang has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dismissed concerns
         </a>
         <span>
          that Google’s massive investment in high-powered
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tensor processing units
         </a>
         <span>
          , or TPUs, is a threat to Nvidia’s dominance in A.I. chips. But investors are getting antsy about tech giants’
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          push into hardware
         </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">
          Other concerns include:
         </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                China.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Huang traveled with President Trump and other C.E.O.s to Beijing last week, but
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                that didn’t lead
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to any lifting of export restrictions to Chinese companies. Huang told CNBC yesterday that Nvidia has “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                largely conceded
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” that rapidly growing market to Huawei.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                The economy.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Tech companies have gorged on debt to finance their data center buildouts. Will
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                soaring bond yields
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                curb that?
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Supply constraints, especially memory chips.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Investors got good news yesterday when Samsung, the world’s biggest supplier of memory chips,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                reached a tentative wage deal
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , averting a strike.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                For Wall Street,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Nvidia isn’t quite the investor darling it once was:
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A line chart compares the year-to-date stock performance of Nvidia against the PHLX semiconductor index." class="css-mcckse" height="533" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F21%252Fbusiness%252F21db-newsletter%252F21db-newsletter-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzkzNjU3MzAuODk0ODM4fQ:1wQ2JG:e6ty4_YQQC5i7B-GE7B1d-YUtgCtv6s6K5BSp76qzL0" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <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>
          Bezos on taxes, Trump and his big projects
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Jeff Bezos and I sat down yesterday for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a wide-ranging interview
         </a>
         <span>
          on CNBC’s “Squawk Box.” The tech mogul and I covered the billionaire class, artificial intelligence, the space race (and orbital data centers), and more.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The interview also drew reactions from all corners of social media, including from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Elon Musk
         </a>
         <span>
          and Mayor
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Zohran Mamdani
         </a>
         <span>
          of New York.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here are some key takeaways:
         </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">
          Bezos proposed a major new tax policy:
         </span>
         <span>
          Eliminate taxes for the bottom 50 percent of earners. When I asked him about the backlash against billionaires, he said he’s been thinking a lot about what he sees as “a tale of two economies.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “The top 1 percent of taxpayers pay 40 percent of all the tax revenue. The bottom half pay only 3 percent,” Bezos told me. He added, “I think it should be zero.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Should billionaires then pay more to cover that 3 percent? “We don’t have a revenue problem in this country,” Bezos said. He added, “An Amazon C.F.O. could find 3 percent in the federal budget on a Tuesday afternoon.”
         </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">
          He denied seeking President Trump’s favor.
         </span>
         <span>
          Bezos denied that he was behind Amazon’s decision to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pay $40 million
         </a>
         <span>
          for a documentary about the first lady, Melania Trump, calling it “the falsehood that won’t die.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He added it appears to have been “a very wise business decision” for Amazon.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bezos also stood by what he said of Trump
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          at the DealBook Summit
         </a>
         <span>
          in December. “I think he is a more mature, more disciplined version of himself than he was in his first term,” he said. Bezos added: “He’s been right about a lot of things. You have to give him credit where credit is due.”
         </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">
          Bezos shed more light on his two big non-Amazon ventures:
         </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">
                On Project Prometheus, an A.I. start-up of which he’s co-C.E.O.: “It’s a little premature for me to talk about it, but we have nothing to do with robotics,” he said. “What we are doing is we’re building an artificial general engineer” that offers tools to make it easier for people to design physical objects.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                On Blue Origin, Bezos confirmed that he’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">
                weighing raising money
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from outside investors, after years of funding the rocket company himself. “It’s a good time actually to start thinking about the future and bring on some other outside investors,” he told me.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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>
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           </td>
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         <tbody>
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            <img alt="Barney Frank, right, in a dark suit, white shirt and tie, in front of a microphone, and Representative Nancy Pelosi, in a light suit" class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F21%252Fmultimedia%252F21db-frank1-pcjl%252F21db-frank1-pcjl-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzkzNjU3MzAuODk1Mjg5fQ:1wQ2JG:hTMyTq51gTo257kLouUF5jZJrgUgznjbDDhqNZ8voBg" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              One of Barney Frank’s most significant achievements as a lawmaker was spearheading Dodd-Frank, the consequential overhaul of banking regulations.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Brendan Hoffman for The New York Times
             </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>
          Barney Frank’s legacy
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Few figures have had a more profound impact on Wall Street and Washington in recent memory than Barney Frank.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The former Massachusetts Democratic congressman
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          died on Tuesday at 86
         </a>
         <span>
          . Tributes are pouring in, from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Barack Obama
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Nancy Pelosi
         </a>
         <span>
          to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          AIPAC
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As chairman of the House Financial Services Committee during the 2008 financial crisis, Frank sponsored, with Senator Christopher Dodd, Democrat of Connecticut, the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Dodd-Frank Wall Street Reform and Consumer Protection Act
         </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">
          It is hard to overstate the legacy of the law
         </span>
         <span>
          , which passed in 2010 and touched nearly every corner of the banking industry. It included:
         </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">
                Tighter regulation of derivatives trading, previously a huge profit center for Wall Street;
               </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 so-called Volcker Rule, which prohibits banks from making certain bets with their own money;
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Requirements for “too big to fail” banks to hold more capital and liquidity to absorb losses, a point that is still
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                hotly contested today
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ; and
               </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 creation of the Consumer Financial Protection Bureau.
               </span>
              </li>
             </ul>
            </td>
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          </tbody>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Elements of it have been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rolled back
         </a>
         <span>
          over the years — one change was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          supported by Frank himself
         </a>
         <span>
          — but it remains a significant piece of banking regulation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “When we were at the brink during the 2008 financial crisis, Barney was crucial to securing passage of legislation that gave the government the tools it needed to avert financial meltdown,” Hank Paulson, the Treasury secretary from 2006 to 2009, said in a statement to DealBook
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          .
         </span>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </span>
           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Deals
         </span>
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        <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">
                James Murdoch has agreed to buy
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                about half of Vox Media
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , including New York magazine, reportedly for more than $300 million. (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">
                The founders of Manus are reportedly weighing 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 billion fund-raising push
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to buy the Chinese artificial intelligence start-up back from Meta to fulfill a demand from Beijing. (Bloomberg)
               </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Jobs and artificial intelligence
         </span>
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        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <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">
                “To 2026 Graduates Facing 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">
                Bleak Job Market
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , 1991 Grads Have Some Advice” (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">
                Jamie Dimon said JPMorgan Chase will employ
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                more A.I. specialists
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and fewer bankers — but that shift will occur via natural turnover, not major layoffs. (Bloomberg)
               </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">
          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">
                Harvard is trying to curb grade inflation by
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                capping the number of A’s
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                per course. (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">
                Saudi Arabia has reportedly paused
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                payments on consulting contracts
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — and stopped issuing new ones — as effects from the Iran war hit. (FT)
               </span>
              </li>
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