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   DealBook: The Comcast-NBCUniversal breakup
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   Also, China gains ground in A.I.
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             June 29, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          The politics of A.I. just got far more complicated. A new Chinese large language model appears to match, or perhaps exceed, some of the abilities of leading U.S. offerings.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          This could change the calculus for American lawmakers. Until now, the risk of falling behind was hypothetical. Now, regulators have a tangible competitor to factor in. More below. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              Comcast plans to break itself up into two publicly traded companies.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Gene J. Puskar/Associated Press
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         <span>
          A catalyst for more M.&amp;A.?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Comcast became a cable and media giant over years of M.&amp;A. across two continents. It has just announced its latest deal —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a breakup of itself
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the proposed split raises the question of whether the two parts of Comcast will become buyers, or sellers, Michael de la Merced writes.
         </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 happening:
         </span>
         <span>
          Comcast said today that it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          planned to spin off NBCUniversal
         </a>
         <span>
          and Sky, its European media business, as a separate publicly traded company.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          What remains of Comcast will be its broadband operations, which reach more than 65 million U.S. homes and businesses, and global tech platforms.
         </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 revolving-door details:
         </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">
                Mike Cavanagh
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Comcast’s co-C.E.O., will lead NBCUniversal when it’s spun off.
               </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">
                Michael Angelakis
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a former Comcast C.F.O. who left the company in 2015, will return to become Comcast’s C.E.O.
               </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">
                Brian Roberts
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , who engineered many of the acquisitions that made Comcast what it is today, will continue to be involved in both companies.
               </span>
              </li>
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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">
          Comcast’s stock has been a laggard for years:
         </span>
        </p>
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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">
                Cord-cutting has eroded the long-term viability of cable TV. That prompted Comcast to spin off several networks into Versant at the beginning of the year.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                More important, its broadband division has lost an enormous number of customers —
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                over 700,000
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                last year — as wireless and fiber rivals are growing. Comcast has been responding by bundling wireless services with cable.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                And Peacock, NBCUniversal’s streaming service, is considered a minnow compared with Netflix. (That was a major reason Comcast pursued Warner Bros. Discovery.)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Meanwhile, NBC is paying more and more to buy and keep sports rights.
               </span>
              </li>
             </ul>
            </td>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Comcast’s stock is down 56 percent over the past five years, though today’s news sent its shares up over 20 percent in premarket trading.
         </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 could NBCUniversal do next?
         </span>
         <span>
          It may seek to buy up smaller assets, like Lionsgate, Starz or AMC Global Media.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But what if someone sought to buy a newly independent NBC Universal? Could Netflix, which also lost out in the Warner Bros. Discovery race, try again? (Its investors may be wary.) Or could Amazon, Apple or Disney? (That could raise antitrust questions.)
         </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">
          And would Comcast finally pursue a deal with Charter Communications?
         </span>
         <span>
          It would combine the nation’s biggest cable players, who have no overlap, and give them the scale to better compete with wireless and fiber rivals. The cost savings could be enormous.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But it would take time, given that Charter is planning to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          buy Cox Communications
         </a>
         <span>
          for $34.5 billion. And competition officials may still look askance at combining the nation’s two big broadband operators.
         </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">
          And there’s the political angle:
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          no fan of Roberts
         </a>
         <span>
          , who owns a big stake in the parent company of MS Now. Would his administration seek to stymie any major move by a Roberts-affiliated company?
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </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">
          U.S. and Iranian officials will hold talks tomorrow in Qatar, President Trump says
         </span>
         <span>
          . His announcement was the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          latest indication that tensions were de-escalating
         </a>
         <span>
          after the two sides traded strikes over the weekend, including over a standoff in the Strait of Hormuz. Iran’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          claim of sole control
         </a>
         <span>
          over the waterway, along with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          mines placed in it
         </a>
         <span>
          , threaten to derail a return to normal shipping volumes through the vital energy passageway. Oil prices
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          edged higher
         </a>
         <span>
          as traders assessed the state of an uneasy cease-fire.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A dangerous heat wave is expected to hit parts of the central and eastern U.S.
         </span>
         <span>
          Forecasters said that temperatures
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could break records
         </a>
         <span>
          in some areas, like New York, Philadelphia and Washington. The extreme weather come as Europe is experiencing struggling with a record-shattering heat wave, with officials in France reporting that the heat had already been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          responsible for roughly 1,000 excess deaths
         </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">
          All eyes will be on the Supreme Court.
         </span>
         <span>
          The court is slated to release the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          final rulings
         </a>
         <span>
          of its term this week, including decisions on Trump’s bid to fire the Fed governor
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Lisa Cook
         </span>
         <span>
          and his effort to restrict the guarantee of birthright citizenship. Markets will also focus on the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          jobs report for June
         </a>
         <span>
          , to be released on Thursday, for signs of a heating labor market.
         </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">
          South Korea will build a giant chip-making center.
         </span>
         <span>
          The South Korean government, Samsung and SK Hynix announced that they would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          invest nearly $600 billion
         </a>
         <span>
          in a new complex that will include four semiconductor factories. The prices for memory chips are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expected to rise up to 50 percent
         </a>
         <span>
          over the next three months, potentially forcing more consumer electronics companies to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          follow Apple
         </a>
         <span>
          and increase prices.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <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_20260629%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODI3MzYwNTkuNzkyODc5OH0:1weB5P:-T8JeSNE1OZlOgqB36ZX1wLXpO5Lnojj9X9ZE7oDjBA" style="max-width:96px;margin-bottom:7px"/>
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        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt='"Code w/ Claude" written up high with the Anthropic logo seen on a lectern, with the outlines of audience members visible in the foreground.' class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F29%252Fmultimedia%252F29db-anthropic-qzlw%252F29db-anthropic-qzlw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODI3MzYwNTkuNzkzNTExOX0:1weB5P:7NeYfg0f5-I62ZQ1-emgi9b4f9Bc2LmooHtMjwN9xfk" 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">
              Anthropic can make its Mythos model available again — only to customers cleared by the Trump administration.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jason Henry for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Chinese A.I. is catching up
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Trump administration has let Anthropic rerelease its powerful Mythos model but just to a handful of government-approved partners. And OpenAI must release its latest model only in a restricted preview.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The moves underscore how an administration that had been largely hands-off toward the artificial intelligence industry is doing a 180. And that interventionist streak is coming as critics worry about Chinese competition.
         </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 new:
         </span>
         <span>
          Security researchers have found that GLM-5.2, an open-source model by the Chinese developer Z.ai, has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          caught up to Mythos
         </a>
         <span>
          when it comes to finding cybersecurity bugs, according to The Wall Street Journal. Some caveats: It lags Mythos in other abilities, and Anthropic’s less-powerful Opus 4.8 can accomplish some of the same feats.
         </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">
          Those advances come as Washington keeps limits on advanced U.S. models.
         </span>
         <span>
          Mythos remains accessible to only select customers. And Fable, a related model that is meant to have more safety guardrails, remains unavailable.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          OpenAI said that its latest model, GPT-5.6 Sol, was also restricted to a small number of companies at first. “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          This isn’t quite the process
         </a>
         <span>
          that we think is optimal,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sam Altman
         </span>
         <span>
          , the C.E.O. of OpenAI, wrote on X of the conditions. He added that OpenAI was working with the government and that it “shares most of our goals.”
         </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 danger for U.S. companies:
         </span>
         <span>
          a more interventionist Washington may put them at a disadvantage to Chinese rivals who tend to make open-source and freely available models. Western companies — including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Microsoft
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Coinbase
         </a>
         <span>
          — are at the least pondering adopting Chinese models given their balance of high power and low cost.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Consider: Over the past week,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          six of the top 10 most-used models
         </a>
         <span>
          on OpenRouter, a popular A.I. model exchange, were Chinese. (GLM-5.2 ranked 7th.)
         </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 may be next:
         </span>
         <span>
          Anthropic and others are reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          urging Congress to crack down
         </a>
         <span>
          on Chinese open-source models that, they say, are being
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          illicitly trained on their own
         </a>
         <span>
          .
         </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">
                In other A.I. news: Austria is pushing the E.U. to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                host Anthropic models within its borders
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to sidestep Washington’s restrictions. And Google has reportedly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                capped Meta’s use of its Gemini A.I. models
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                amid a crunch in computing power.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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="The outside of a tall office building in Manhattan. " class="css-18ei5jy" height="375" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F29%252Fmultimedia%252F29db-sullivan-lawfirms-qjfb%252F29db-sullivan-lawfirms-qjfb-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODI3MzYwNTkuNzkzNjM4NX0:1weB5P:76N23l_VltqB9C5PKKk0Do5u9rf8VMj4OzaEhmmpPmM" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
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           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Sullivan &amp; Cromwell is one of the big firms said to be raising base salaries for its entry-level lawyers.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              John Taggart for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Salaries for law grads jump higher
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Big law firms are enjoying staggering upticks in profitability after years of consolidation and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          double-digit billing rate increases
         </a>
         <span>
          . That has led to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          eye-popping compensation
         </a>
         <span>
          for top partners despite concerns that artificial intelligence tools could disrupt the industry.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now the elite firms are again ratcheting up the pay scale for entry-level lawyers in a competitive market, Elizabeth Olson reports for 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">
          Raising the bar:
         </span>
         <span>
          Milbank moved first to raise associate salaries earlier this month when it said it would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          increase the base salary
         </a>
         <span>
          for first-year lawyers by $10,000 to $235,000 annually. It will now pay lawyers in their eighth year — usually when associates make partner or leave — a base of $455,000.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Sullivan &amp; Cromwell has reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          decided to match
         </a>
         <span>
          Milbank’s salary scale, according to Above the Law, with first-year associates at $235,000.
         </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 compensation growth is a top-down phenomenon.
         </span>
         <span>
          The consolidation trend means firms have been divvying profits between fewer owner-partners. And leading firms have had a bigger financial pot to shell out for rainmakers, the lawyers who attract big-name business.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s led “king-of-the-hill firms to pay top partners like major league sports figures, with salaries crossing the $30 million and $40 million threshold for a handful,” Kent Zimmermann, a legal industry consultant at Zeughauser Group, 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">
          Turnover among firms has also accelerated.
         </span>
         <span>
          Equity partners once stayed around longer to form the backbone of firm reputation. But in 2025, a record 83 percent of associates who left their firms
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          departed in the first five years
         </a>
         <span>
          . Firms have also taken on more non-owner partners, who are paid less and have less security.
         </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">
          To shore up their foundations,
         </span>
         <span>
          big firms are aggressively recruiting law students as early as their first year in law school, according to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a survey
         </a>
         <span>
          of 3,000 law students by the National Association for Law Placement, a legal professional service, and the Law School Admission Council.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Large law firms compete fiercely for top talent, which is not only pushing the recruiting timeline earlier, but also increasing the cost of acquiring talent,” Nikia Gray, the N.A.L.P.’s executive director, told DealBook.
         </span>
        </p>
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            </span>
           </td>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
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           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
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        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         QUOTE OF THE DAY
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Doooonnnk, doooonnnk, doooonnnk.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          A trimmed and slowed-down
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          audio clip
         </a>
         <span style="font-style:italic">
          of a commentator at an e-sports event in Bucharest, Romania, posted by someone seeking to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          show that he had said “Donk,”
         </a>
         <span style="font-style:italic">
          the nickname of a star player. More than $5.7 million had been wagered on Polymarket on whether the word would be used during the event.
         </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>
          Human managers cut A.I. employees more slack
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Corporate America’s embrace of artificial intelligence has begun to give the technology a human sheen, with many companies building A.I. bots into org charts and calling them as “employees.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But recent research, including from Emma Wiles, a professor who studies A.I.’s effect on workers, shows that corporate managers aren’t good at being objective about these new workers. They appear to be biased against work by humans, for example, preferring work done by A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And that bias may be paving the way for a big flaw in how managers oversee A.I. agents, Noam Scheiber
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reports for The Times
         </a>
         <span>
          :
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          In an experiment involving dozens of companies with A.I. employees, the researchers found that managers tended to vet documents less carefully when told an A.I. employee had produced them. The managers missed errors that other managers caught when told they were vetting the work of a human.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Dr. Wiles speculated that managers didn’t think sussing out mistakes made by A.I. employees was their responsibility. If something went wrong, they could dismiss it as the fault of the tech team, or of the executives who wanted A.I. employees in the first place. “But it’s not your problem,” she said, channeling the managers’ mind-set about their own roles.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          The bigger problem, Scheiber writes, is that most corporate users don’t know about their own biases. “Several scholars said the impact of these undetected biases could grow,” he writes. “One way is if future models are trained on data produced by today’s models without sufficient care, creating a kind of self-reinforcing loop.”
         </span>
        </p>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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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">
         <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">
                GameStop pledged it would
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                pursue a proposed takeover of eBay
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                after its roughly $56 billion acquisition offer was rejected. (Reuters)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Prosus, the European tech group, plans to spend
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $5 billion in share buybacks
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ; it may also pursue acquisitions. (WSJ)
               </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>
           <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">
                “Trump Cut a Billion-Dollar Mining Deal.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                His Sons Stand to Profit
               </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">
                Almost four million Americans
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                dropped their Obamacare plans
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                after subsidies for the health insurance program ended. (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">
          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">
                Many visiting European World Cup fans discovered some things they like about the U.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">
                air-conditioning
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                big houses
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WaPo, 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">
                “The Father Who
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Bankrolled a High-School Football Team
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for His Son” (WSJ)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
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            <a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
             Andrew Ross Sorkin
            </a>
            <span>
             , Founder/Editor-at-Large, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @andrewrsorkin
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             Brian O'Keefe
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             , Managing Editor, New York
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             , Senior Editor, Rome
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             @BernhardWarner
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