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   DealBook: The C.E.O.s for Spencer Pratt
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             May 14, 2026
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          Good morning. Andrew here.
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         <span>
          Breaking: Xi Jinping, China’s leader, warned President Trump that the issue of Taiwan could lead to conflict and “an extremely dangerous situation” — at the same time that top American C.E.O.s are seeking deals in Beijing during the presidential visit.
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          We’re going deep today on a fascinating turn in Los Angeles: Some big-money donors are lining up behind Spencer Pratt, the former reality-television star seeking to become mayor, as his campaign gains traction on social media. What does this say about the future of the city and politics? More below. (Was this newsletter forwarded to you?
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            <img alt="Spencer Pratt is seen dressed in a dark suit and clasping his hands while standing on a sidewalk." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F14%252Fmultimedia%252F14db-pratt-jfkz%252F14db-pratt-jfkz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg3NjExMzEuNzc2ODAzM30:1wNV1f:H5sjPoNOqcjRGyK7g4UQNfON3tva9M2JoEStuEem-o4" 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">
              Spencer Pratt, the former reality-TV star, is shaking up Los Angeles politics with a mayoral run that’s attracting some deep-pocketed donors.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Gabriela Bhaskar/The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The reality-TV candidate some C.E.O.s are backing
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Until recently, Spencer Pratt was best known as the villain of “The Hills,” the aughts-era reality-TV show. He later
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lost much of his fortune
         </a>
         <span>
          and, last year, he also lost his home in the Palisades wildfire.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Unexpectedly, he became a Republican candidate for Los Angeles mayor, driven, he has said, by the city’s “negligence” in the fire’s aftermath. More improbably, he’s surging in the polls before the June 2 election — and drawing millions of dollars from business leaders, DealBook 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">
          Pratt is assembling a who’s who of financial backers,
         </span>
         <span>
          some of whom have said they’re dissatisfied with how Mayor Karen Bass has handled the disaster and the city more broadly.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          His message of reducing bureaucracy and making the city friendlier to companies has also drawn support from corporate leaders around the country. And Pratt has gained attention with his campaign’s embrace of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          A.I.-generated social media videos
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here are some of the notable donors who have given to the Pratt campaign since May 1, according to campaign filings:
         </span>
        </p>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Dan Loeb
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the billionaire financier and a Los Angeles-area native
               </span>
              </li>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Bobby Kotick
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the former C.E.O. of Activision Blizzard
               </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Cameron and Tyler Winklevoss
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the cryptocurrency entrepreneurs
               </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">
                Haim Saban
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the entertainment mogul, and his wife,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Cheryl Saban
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a philanthropist
               </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">
                Jeffrey Sprecher
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the C.E.O. of the Intercontinental Exchange
               </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">
                Jeanie Buss
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the governor of the L.A. Lakers
               </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">
                Lucian Grainge
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the C.E.O. of Universal Music, and his son,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Elliot Grainge
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the C.E.O. of Atlantic Records
               </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">
                Jamie Siminoff
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the founder of the Ring home-security division at Amazon
               </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">
                Mark Pincus
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the founder of the mobile-game company Zynga
               </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">
                Sean Rad
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the founder of the dating app Tinder
               </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">
                Val Blavatnik
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a director of Warner Music Group and a son of the billionaire Len Blavatnik
               </span>
              </li>
             </ul>
            </td>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          DealBook understands that
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Nicole Avant
         </span>
         <span>
          also plans to support Pratt. She is a producer and Democratic fund-raiser and the wife of Ted Sarandos, a C.E.O. of Netflix.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Several donors and potential backers whom DealBook has spoken with pointed to Pratt’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          widely praised performance
         </a>
         <span>
          in a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          mayoral debate last week
         </a>
         <span>
          as the moment when he earned their support.
         </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">
          Pratt has been gaining in the polls, too.
         </span>
         <span>
          One
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          released yesterday by Emerson College
         </a>
         <span>
          showed him at 22 percent among voters, up sharply from 10 percent in March. (Bass remains in the lead with 30 percent, also up from March; Nithya Raman, an L.A. city councilwoman who’s running on the left, was at 19 percent, up from 9 percent in March.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Though Bass still has the highest odds on
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the prediction market Kalshi
         </a>
         <span>
          , at 54 percent, Pratt’s 27 percent odds are up from 8 percent in late February.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (Some Pratt supporters point to Mayor Zohran Mamdani, who trailed Andrew Cuomo
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in the Kalshi market
         </a>
         <span>
          for New York City’s Democratic primary for months — but then rapidly surged to the lead the day before the election in June.)
         </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">
          Some political analysts caution that Pratt still faces steep odds.
         </span>
         <span>
          The last time a Republican became L.A. mayor was in 1997, Isaac Hale, a politics professor at Occidental College, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And the Bass campaign has noted that money doesn’t necessarily win elections: In 2022, she defeated the real estate billionaire Rick Caruso, who
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spent over $100 million
         </a>
         <span>
          on his campaign.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Cerebras, a maker of artificial intelligence chips, surpasses expectations for its I.P.O.
         </span>
         <span>
          The company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          priced its initial public offering
         </a>
         <span>
          at $185 a share, well above a forecast range of $150 to $160 apiece; that will raise at least $5.5 billion and value the company at $56.4 billion. That almost didn’t happen: The processor designer Arm and its main backer, SoftBank,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sought to buy the company
         </a>
         <span>
          before it filed for an I.P.O., according to Bloomberg.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Honda reports its first-ever annual loss.
         </span>
         <span>
          The Japanese automaker said it had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lost $2.7 billion
         </a>
         <span>
          in the fiscal year ended March 31, the first time that has happened since it became a public company seven decades ago. Honda chalked it up to more than $9 billion in restructuring charges and write-downs after it revamped its electric vehicle strategy amid cooling consumer demand.
         </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">
          Ken Griffin, the Citadel C.E.O., reportedly rebuffs Mayor Zohran Mamdani.
         </span>
         <span>
          The mayor
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reached out to Griffin
         </a>
         <span>
          via intermediaries after Mamdani called him out by name in a social media post pushing for a so-called pied-à-terre tax, according to NBC News. But Griffin has ignored the outreach, with NBC News reporting that he may be waiting for a public apology.
         </span>
        </p>
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         <tbody>
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            <div style="width:100%;text-align:center;line-height:0">
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           <td style="text-align:center">
            <img alt="Business leaders and members of President Trump’s cabinet stand at attention as Trump and Xi Jinping, China’s leader, walk past." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F14%252Fmultimedia%252F14db-beijing-hkfm%252F14db-beijing-hkfm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg3NjExMzEuNzc3MjI2fQ:1wNV1f:qjB8RrrU8jSHCglfjIXom-hlDROurfRBw--RBB_Qqe8" 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">
              Business leaders who joined President Trump in Beijing, including Jensen Huang of Nvidia and Elon Musk, have heard encouraging talk that China wants to improve economic ties with the West.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Mark Schiefelbein/Associated Press
             </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 latest from Beijing
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Details are trickling in from Beijing, where President Trump and Xi Jinping, China’s leader, just held
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          face-to-face talks
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Business leaders who made the trip say they’re hearing encouraging signs about China’s future ties with the West. But those hoping for an end to the trade war may have to wait.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
         <span>
          Both leaders promised more economic cooperation, in remarks laced with a threat. Xi said that the U.S. and China should avoid the “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Thucydides Trap
         </a>
         <span>
          ” of clashing superpowers and gave Trump
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a blunt warning
         </a>
         <span>
          over Taiwan, a close U.S. ally and major provider of advanced semiconductors.
         </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 White House said Trump and Xi discussed more access to the Chinese market for U.S. companies,
         </span>
         <span>
          a huge priority for Jensen Huang of Nvidia,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Elon Musk
         </a>
         <span>
          and the other C.E.O.s. who made the trip with Trump. Xi told the business leaders that China’s market “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          will only open wider and wider
         </a>
         <span>
          ,” Chinese state media reported.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The U.S. also agreed to let Nvidia
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sell its not-quite-top-of-line H200 chips
         </a>
         <span>
          to 10 Chinese companies, Reuters reports, citing unnamed sources. That would be a win for Huang. But the U.S. and China still have disagreements on other areas of technology and artificial intelligence.
         </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 and Xi also discussed the possibility that China would invest more in the U.S.,
         </span>
         <span>
          a major goal for Trump. China said it would resume
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          buying more U.S. beef
         </a>
         <span>
          through late 2029, a time frame that is shorter than those of previous deals.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That said, beef prices are already soaring in the U.S., and the administration has reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          weighed efforts to increase imports
         </a>
         <span>
          to give domestic consumers some relief.
         </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">
          Iran, a major Chinese trade partner, came up, too.
         </span>
         <span>
          A White House statement about the Trump-Xi meeting said that the two sides had agreed that the Strait of Hormuz “must remain open to support the free flow of energy.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It was unclear if Trump persuaded Xi to play a more active role in brokering a peace deal.
         </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 was more hope for progress on the so-called Five B’s,
         </span>
         <span>
          which would involve China’s agreeing to purchase more Boeing aircrafts and soybeans as well as the establishment of a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Board of Trade
         </a>
         <span>
          by Washington and Beijing.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There is some optimism that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          those deals can be reached
         </a>
         <span>
          , Ana Swanson of The Times 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">
          What’s still unknown:
         </span>
         <span>
          Hopes for a major breakthrough on trade
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          were slipping
         </a>
         <span>
          before the summit, especially regarding thorny issues like whether the U.S. would further ease export controls on advanced processors and whether China would return the favor
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on rare earths
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But there will be another round of talks: Trump has invited Xi to a White House visit in September.
         </span>
        </p>
        <table width="100%">
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           <td class="css-36ugzx" style="padding-bottom:15px">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Tremors in the Treasury market
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The S&amp;P 500 is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          back in record territory
         </a>
         <span>
          thanks to the artificial intelligence rally. But it’s a different story in the bond market, where a slump risks inflicting further economic pain — and heaping pressure onto President Trump.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Sovereign bonds in many of the world’s biggest economies have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          underperformed stocks
         </a>
         <span>
          this year. In the U.S., that decline has accelerated since the war with Iran reignited inflation, rekindling worries that the Fed won’t lower interest rates anytime soon.
         </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">
          Watch the yield on the 10-year Treasury note,
         </span>
         <span>
          which underpins mortgages and other commercial loans. It hit 4.47 percent, a 10-month high, after new Producer Price Index data yesterday showed wholesale prices climbing at their
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fastest monthly pace since March 2022
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lackluster auction
         </a>
         <span>
          yesterday for 30-year Treasury bonds added to investor unease.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A line chart shows the performance of the U.S. 10-year Treasury note during President Trump's second term." class="css-mcckse" height="536" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F14%252Fbusiness%252F14db-chart%252F14db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg3NjExMzEuNzc3NjQ3M30:1wNV1f:CXMQmwaZq5Jp6MnRsuVIG6wV53HlY_J7iTOomrA_Vd0" 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 style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Could bond traders force the White House to change tack on Iran?
         </span>
         <span>
          Turbulence in the sovereign debt market
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          played a role last April
         </a>
         <span>
          when Trump temporarily paused many of his tariffs. The 10-Year Treasury’s yield hit a high of 4.48 percent two days later and then eased.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But reaching a peace deal with Iran — one that reopens the Strait of Hormuz — is a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          complicated diplomatic undertaking
         </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 prospects don’t look great.
         </span>
         <span>
          Treasury yields lately have correlated with oil prices. Both have soared since the start of the war; analysts warn that bond yields could
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          climb further
         </a>
         <span>
          if the war drags on.
         </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 could put Kevin Warsh in a bind.
         </span>
         <span>
          The Senate yesterday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          confirmed his nomination
         </a>
         <span>
          as Fed chair. Trump has said he expects a Warsh-led Fed to lower interest rates soon.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But policymakers at the central bank, concerned about rising inflation, appear
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          inclined to stand pat
         </a>
         <span>
          . That could revive Trump’s irritation with the Fed.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Two handlers holding up a red Mark Rothko painting against a white wall." class="css-18ei5jy" height="342" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F14%252Fmultimedia%252F14db-rothko-auction-gbfl%252F14db-rothko-auction-gbfl-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg3NjExMzEuNzc3NzQ5fQ:1wNV1f:Bqra-kKixZsfc9HyPFoM7JalAEeb0WBDupOTCcw3yG8" 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">
              Mark Rothko’s “Brown and Blacks in Reds” at a recent preview at Sotheby’s in New York.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Timothy A. Clary/Agence France-Presse — Getty Images
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         DEALBOOK QUIZ
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The art market roars back
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          This question comes from a recent Times article. Click an answer to see if you’re right. (The link will be free.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The spring auction season kicks off today, and the buzz in the New York art world is that it will be a blockbuster. After a few relatively lean years, the big auction houses have a larger inventory of expensive works to sell, including paintings by marquee artists like Jackson Pollock and Mark Rothko.
         </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 much in art sales are the auction houses Christie’s, Sotheby’s and Phillips aiming to generate over the next week?
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $1.6 billion
               </a>
              </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">
                $2.6 billion
               </a>
              </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">
                $3.2 billion
               </a>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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           <td height="30">
           </td>
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          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </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">
          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Modal, a start-up that helps train artificial intelligence agents, is said to be in talks to raise money at
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a $4.5 billion valuation
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (The Information)
               </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">
                Mind Robotics
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a start-up founded by R.J. Scaringe, the C.E.O. of the electric vehicle maker Rivian, raised $400 million from investors at a $3.4 billion valuation. (WSJ)
               </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">
          Technology and artificial intelligence
         </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">
                Dozens of long-shot wagers on the prediction market Polymarket show
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                signs of insider trading
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , an investigation found. (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">
                Companies have 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">
                three- to five-month window
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” to bolster their defenses against a wave of expected cyberattacks powered by A.I., a security chief warned. (CNBC)
               </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">
          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">
                Higher gas prices,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                lower beer sales
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (CNBC)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                When A.I. goes to college: “A” grades
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                are becoming ubiquitous
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , and Princeton 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">
                beef up proctoring for in-person exams
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ, The Daily Princetonian)
               </span>
              </li>
             </ul>
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