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DealBook: The budget bill advances
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Good morning. House Republicans approved a Trump-backed spending bill after days of negotiations. Bond investors, fearful for the legislation’s effect on the U.S. deficit, have only stepped up their “sell America” trade that’s rattling markets. More on how that might play out below. (Was this newsletter forwarded to you?
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Speaker Mike Johnson helped deliver a major victory for President Trump’s domestic agenda.
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Haiyun Jiang for The New York Times
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Bond investors squirm over the budget
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House Republicans overcame bitter differences to deliver President Trump a major victory this morning.
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Minutes ago, they narrowly passed a spending bill that packs in huge tax cuts and guts many of Joe Biden’s signature policies on student-debt relief and climate transition efforts.
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The next hurdle is the Senate, where Republican lawmakers — especially those looking to preserve elements of Biden initiatives and Medicaid entitlements — could claw back some cuts. Whatever the outcome, investors remain worried about the costs. Bond yields ticked higher moments after Speaker Mike Johnson banged his gavel in triumph.
</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’s in the bill?
</span>
<span>
Here is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a handy guide
</a>
<span>
of the latest changes.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Notable provisions
</a>
<span>
include a $4 trillion boost to the nation’s debt limit (a move that fiscally hawkish Republicans have traditionally staunchly opposed), and the creation of $1,000 “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Trump accounts
</a>
<span>
” for newborns.
</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’s not quite in there:
</span>
<span>
Trump’s campaign promise for a straightforward
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
slashing of the corporate tax rate to 15 percent
</a>
<span>
, from 21 percent today, for domestic manufacturers. Companies can trim their tax bill, especially by bringing more production back to the United States and spending R.&D. money domestically, but it’s unclear how much they would save, and who would qualify.
</span>
</p>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“It could be because the revenue math didn’t work,” Garrett Watson, director of policy analysis at the Tax Foundation, told DealBook.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The bond market is continuing to revolt.
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Yields on government debt spiked
</a>
<span>
yesterday as investors fretted that the bill would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
add roughly $3.3 trillion
</a>
<span>
to the federal debt pile over the next decade. The yield on the 10-year Treasury note, which underpins mortgages and commercial loans, has risen nearly a percentage point since September, even as the Fed cut its benchmark lending rate by almost the same amount over that period.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The yield on the 10-year this morning stood at 4.61 percent, well above the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
“yippy” level
</a>
<span>
it traded at last month that forced Trump into a tariffs rethink, and a 90-day pause on some of the biggest levies.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Investors appeared to tank an auction for 20-year Treasury bonds yesterday.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Another auction
</a>
<span>
is set for today.
</span>
</p>
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<tbody>
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</td>
</tr>
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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">
There has been fallout elsewhere.
</span>
<span>
The dollar, a traditional haven that was already battered by trade-war jitters, has sunk in value by roughly 1 percent this week, a big move. Surprised analysts see it as a sign of the “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sell America
</a>
<span>
” trade in action.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
S&P 500 futures are pointing to a tepid open.
</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">
Investors appear doubtful about economic arguments in favor of the bill.
</span>
<span>
The Trump administration has said little about the restive markets. But it has argued that the spending plan would unleash a wave of investment,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
bolstering G.D.P. and wages
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
What’s happening in the markets suggests that’s not finding traction. “At the core of the problem is that foreign investors are simply no longer willing to finance U.S. twin deficits” unless they get a sweeter price, George Saravelos, global head of FX Research at Deutsche Bank Research, wrote in a research note yesterday.
</span>
</p>
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</td>
</tr>
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<td>
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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>
</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">
Oil falls and Bitcoin soars.
</span>
<span>
The price of Brent crude, the global benchmark, fell about 2 percent this morning on speculation that the OPEC Plus cartel of producers will vote at its meeting next week
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
to boost output
</a>
<span>
. Bitcoin rallied above $111,000 overnight, a record, as crypto bulls cheer more industry-friendly regulation, including
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a stablecoin bill advancing in the Senate
</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">
The U.S. takes possession of a Qatari 747.
</span>
<span>
Despite criticism from Congress and former government officials, the Pentagon
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
formally accepted the luxury wide-body jet
</a>
<span>
, which carries a value of roughly $200 million, and began preparations for it to be retrofitted for use as Air Force One. Experts have warned
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
it could take years and cost hundreds of millions
</a>
<span>
to upgrade the plane for that purpose — unless President Trump waives security requirements for the plane, a move that former Pentagon officials said would be unwise.
</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">
Trump suggests Fannie Mae and Freddie Mac could go public.
</span>
<span>
In a social media post, he wrote that “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
the time would seem right
</a>
<span>
” for the mortgage giants, under government control since the 2008 financial crisis, to finally be privatized. This isn’t the first time a president — including Trump during his first term — has spoken of such a possibility. Complicating matters, the U.S. housing market
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
has been in the doldrums
</a>
<span>
, hurt by high interest rates.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<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%">
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</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
The A.I. bet on hooking consumers
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In a week of splashy rollouts of artificial intelligence products, OpenAI made the biggest of all with its
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
planned acquisition of IO
</a>
<span>
, a start-up co-founded by the former Apple design guru Jony Ive.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The move is notable for many reasons, including the union of Ive and Sam Altman and the $6.5 billion price tag. But it also underscores an emerging dynamic in A.I.: Tech giants want to dominate the hardware their models run on — and have it directly in consumers’ hands.
</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’s a bet on going beyond the iPhone.
</span>
<span>
While Ive shot to fame and wealth by designing the iPhone and the iMac, he and Altman criticized the way that humans currently interact with technology: largely by being glued to smartphones. “I don’t feel good about my relationship with technology right now,” Altman told The Times.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Not that they see the iPhone going extinct anytime soon. The two
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
shared more details
</a>
<span>
to OpenAI employees, according to The Wall Street Journal: It will be an unobtrusive device that people would carry around, supplementing a laptop or a smartphone.
</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">
OpenAI isn’t the only A.I. company doubling down on consumer products.
</span>
<span>
Meta has been focusing on its smart glasses collaboration with Ray-Ban, which has been one of the company’s most popular consumer devices in years.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Google is also getting into smart glasses,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
working with Warby Parker
</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">
Tech companies are applying one of Apple’s biggest lessons:
</span>
<span>
combining software and hardware helps to lock in users. Right now, customers largely use OpenAI’s ChatGPT, Google’s Gemini or Meta’s Meta AI via websites or apps, making switching easy. Getting customers hooked on devices intimately tied to their A.I. software is intended to reduce that possibility.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A.I.-focused devices have had a mixed record. Consider the start-up Humane, whose A.I. pin flopped. (Altman was an investor.) But OpenAI appears to have big ambitions for its Ive-influenced product: Altman told employees that the IO deal could add $1 trillion in value to their company, The Journal reported.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Apple appears to be getting left in the dust.
</span>
<span>
The company recognizes that A.I. could erode its iPhone business: “You may not need an iPhone 10 years from now, as crazy as it sounds,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Eddy Cue
</a>
<span>
, the head of the company’s services business, testified in court this month.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But the tech giant has drawn criticism for
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
potentially misleading consumers
</a>
<span>
about how A.I.-capable its devices really are, and news reports have dissected why it has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
struggled to make headway
</a>
<span>
in the technology.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Retail resilience in a time of turmoil
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
America’s retail heavyweights have all acknowledged the risk of tariffs and dampened consumer sentiment, but most haven’t blinked. Walmart, Home Depot and Lowe’s all held steady on their financial projections for the year.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Target yesterday bucked the trend by
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
slashing its guidance
</a>
<span>
, reports Danielle Kaye, which raises the question: Can any company truly forecast in this environment?
</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">
Structural shifts in retail may be boosting confidence.
</span>
<span>
Companies in other industries like autos have adjusted their guidance because of uncertainty over tariffs. (Toyota said that its operating profit would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
decline by about one-fifth
</a>
<span>
for the fiscal year ending in March. General Motors last month
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
abandoned its previous forecast
</a>
<span>
altogether.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But retailers may feel they have more room to meet expectations because they are betting not only on further easing in trade tensions, but on competitors collapsing, according to Burt Flickinger III, the managing director of Strategic Resource Group. (Big Lots and Rite Aid, for example, have filed for bankruptcy in recent months.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The giants in the sector, he said, are in a position to gain significant market share as drugstores, department stores and other brick-and-mortar chains shutter. Retail executives have also highlighted on recent earnings calls their strategies such as working with vendors and suppliers to keep prices low, adjusting inventory and tweaking the timing for some orders.
</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">
Still, full-year forecasts are a gamble.
</span>
<span>
Retailers have acknowledged financial uncertainty in the short term. Walmart, for example, which said yesterday it plans to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
cut about 1,500 jobs
</a>
<span>
to reduce expenses, held off on projecting profits for its current quarter as tariff policies and pricing decisions remain in flux.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That raises questions about whether these companies will ultimately perform as they say they will. Another spike in tariffs could throw current projections out the window.
</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">
Target’s guidance change reflects more than macro trends.
</span>
<span>
It’s grappling with the fallout over the company’s pullback from diversity policies, which has weighed on sales, Target executives acknowledged on their call with analysts. That hurt Target more than other retailers, according to Flickinger.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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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>
‘Oura paranoia’
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Body hacking is a favorite pastime of executives everywhere, best exemplified by the Oura Ring, a quiet status symbol in the C-suite and among policy wonks who are obsessed with optimizing every facet of their lives.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
For years, the appeal has been clear: a continuous stream of biometric data — from sleep quality and heart rate variability to body temperature — promising insights that could unlock peak performance. Everyone from Mark Zuckerberg to Marc Benioff to Senator Cory Booker to Kim Kardashian to Gwyneth Paltrow use the device.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But some wearers are noticing an unintended side effect: High anxiety.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Madison Malone Kircher writes
</a>
<span>
of the phenomenon: “Rather than helping them feel more in control of their wellness, the data only made them fixate on potential — and often nonexistent — problems.”
</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">
Such “Oura paranoia” could happen with any wearable health technology,
</span>
<span>
Kircher writes.
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
Users report being so worried about their sleep scores that they can’t sleep and stressing so much about their metrics that a therapist recommends they stop tracking.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It highlights a problem of the data economy that we have come to increasingly rely upon: Sometimes too much information breeds doubt and disbelief.
</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 there’s also a potential upside to all of that data.
</span>
<span>
While some wearers say their health data is keeping them up at night, a few have spotted real health issues. One suggested in a TikTok post that the ring tipped her off to cancer before she was diagnosed.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Another, Hunter Woodhall, a Paralympic track star, said his Oura Ring
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
alerted him to his appendicitis
</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’s how you use it:
</span>
<span>
“I think it’s on us as individuals and users and how we actually leverage this technology so the technology is serving us not the other way around,” Shyamal Patel, Oura’s senior vice president of science, told Kircher.
</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>
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Deals
</span>
</p>
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<table>
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<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">
Elliott Investment Management, the big activist investor, won
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
two of the four board seats
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
it had sought at Phillips 66. (WSJ)
</span>
</li>
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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">
Hinge Health
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, a digital physical therapy company, priced its I.P.O. at $32 a share, the top end of the expected range. (CNBC)
</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">
Politics, policy and regulation
</span>
</p>
<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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<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Jensen Huang, Nvidia’s C.E.O., said that U.S. efforts to limit China’s access to advanced semiconductors has only
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
made Chinese tech companies stronger
</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">
Bernard Arnault, the billionaire chief of LVMH,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
criticized the E.U.’s approach
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to trade negotiations with the U.S. (FT)
</span>
</li>
</ul>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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Best of the rest
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</p>
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<table>
<tbody>
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<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">
The Google co-founder Sergey Brin
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
gave away another $700 million
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
worth of his shares in the company, though it wasn’t clear to whom. (Bloomberg)
</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">
“Trump’s Mar-a-Lago and Bedminster Clubs Are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Taking In More Money Than Ever
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (WSJ)
</span>
</li>
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Andrew Ross Sorkin
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, Founder/Editor-at-Large, New York
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