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   DealBook: The next big media empire?
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   Also, the Anthropic-Paramount fight comes to a head.
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             February 27, 2026
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          Good morning. Andrew here.
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         <span>
          Is Netflix’s explanation for dropping out of the bidding war for Warner Brothers Discovery the full story? The streaming giant said that the price Paramount offered was just too much to match. But how much of the calculus to drop out was a fear that the Trump administration would block its deal? We go behind the scenes below.
         </span>
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          Meanwhile, the battle between the Pentagon and Anthropic for how the military can use A.I. is set to come to a climax — and may be a watershed moment for the industry. And Block’s decision to slash its work force by 40 percent because of A.I. productivity tools could be a harbinger of things to come. Watch this space. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="The Paramount water tower in Los Angeles, with the Hollywood sign visible on a hill in the background." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F02%252F27%252Fmultimedia%252F27db-paramount-jvbk%252F27db-paramount-jvbk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzIxOTc2MTcuMjA0NDg4fQ:1vvxYX:CfMvmOqEZCksnU4LPkQV7MJ-lSxGBq6UO2lDlsYOsxI" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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             Paramount will become a much bigger force in Hollywood now that it appears likely to take over Warner Bros. Discovery.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Jae C. Hong/Associated Press
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          What’s next for Paramount
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The bidding war is over: Paramount has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          won the fight for Warner Bros. Discovery
         </a>
         <span>
          , after Netflix decided not to counter its $111 billion takeover bid for the media company. The decision caps a monthslong battle for Warner Bros. Discovery, home to an iconic Hollywood studio, HBO, franchises like Batman and Harry Potter — and a struggling streaming service and declining cable channels.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In some ways, though, now comes the hard part.
         </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">
          David Zaslav got what he wanted.
         </span>
         <span>
          Zaslav, the C.E.O. of Warner Bros. Discovery, saw his job as getting the best possible price for the media company. He turned down eight previous bids from Paramount before accepting an offer from Netflix.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now he has a $31-a-share takeover bid from Paramount, which includes a $7 billion payout if the offer is blocked by government regulators, as well as additional payments for every quarter the deal closes behind schedule. (Netflix is getting a $2.8 billion breakup fee.)
         </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">
          Netflix emphasized that it wouldn’t seek to win at all costs.
         </span>
         <span>
          It could certainly afford to raise its bid for Warner Bros. Discovery — but shareholders have repeatedly expressed their displeasure with the cost of the deal. Earlier this month, Ted Sarandos, a co-C.E.O. of the streaming giant, said that he was “willing to walk away and let someone else overpay for things.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And while Netflix repeatedly said it believed its offer could win regulatory approval, Justice Department officials told Sarandos yesterday that they would conduct a fair but thorough review of the transaction, according to The Times.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some on Wall Street had speculated about Netflix’s commitment to its deal before yesterday, after the streaming company chose not to raise its bid before Warner Bros. Discovery deemed Paramount’s new offer as superior.
         </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">
          Paramount now faces a different set of daunting challenges.
         </span>
         <span>
          Assuming the deal closes, David Ellison, its C.E.O., and his father, the billionaire Larry Ellison, will have their hands in a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          broad media and technology empire
         </a>
         <span>
          , one that also includes a stake in the U.S. version of TikTok and the software giant Oracle.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the transaction is effectively the largest leveraged buyout in history, saddling the combined Paramount-Warner Bros. Discovery, which remains far smaller than Netflix, with an eye-watering amount of debt. (Larry Ellison has personally guaranteed more than $40 billion of the Paramount bid.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Something that’s likely to happen is a wave of job losses — something Warner Bros. Discovery itself
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          had flagged publicly
         </a>
         <span>
          — given Paramount’s goal of hitting perhaps $6 billion in cost savings.
         </span>
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            <span>
             HERE’S WHAT’S HAPPENING
            </span>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          U.S. mortgage rates drop to a four-year low.
         </span>
         <span>
          ​​The average 30-year mortgage rate
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fell below 6 percent
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         <span>
          for the first time since September 2022, down from nearly 7 percent a year ago. High rates, part of a broader affordability crunch, have weighed on Americans seeking to buy a home but it’s unclear how much declining rates alone would revive the market.
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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">
          FedEx says it plans to return tariff refund money to customers.
         </span>
         <span>
          The shipping giant says that if it wins a lawsuit to reclaim money it paid out in levies that have since been overturned by the Supreme Court, it will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reimburse shippers and consumers
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          who ultimately bore those charges.More than 900 companies have now
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sued the U.S.
         </a>
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          for tariff refunds.
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        </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">
          Meta is said to agree to rent A.I. chips from Google.
         </span>
         <span>
          The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          multibillion-dollar deal
         </a>
         <span>
          will give Meta additional computing power to train its artificial intelligence models, The Information reports. It’s a victory for Google, which has stepped up efforts to market its chips as a lower-cost alternative to processors from Nvidia. The Information adds that Google is creating joint ventures with investment firms to lease chips to other customers.
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        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Dario Amodei, the C.E.O. of Anthropic, in a dark blue suit and white shirt, sitting in a chair in front of a blue blackdrop." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F02%252F27%252Fmultimedia%252F27db-amodei-qhfv%252F27db-amodei-qhfv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzIxOTc2MTcuMjA0ODg4Nn0:1vvxYX:LMJR61Z_U7Fo7igp-W_9YgM5144uun__eyoX_TQze1M" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
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           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Dario Amodei, the C.E.O. of Anthropic, said his A.I. company couldn’t agree to conditions the Pentagon set down for the military’s continued use of its Claude model in classified applications.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Karsten Moran 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>
          “We cannot in good conscience accede”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The deadline for Anthropic and the Pentagon to reach a compromise on the military use of the Claude artificial intelligence model is rapidly approaching, at 5:01 p.m. Eastern. And no deal appears near.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Dario Amodei, Anthropic’s C.E.O., said yesterday that his artificial intelligence company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          won’t accept the Defense Department’s demands
         </a>
         <span>
          to loosen restrictions on the use of Claude, until recently the only A.I. model allowed for classified applications.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The question now is whether the Pentagon will follow through on its threats to Anthropic — and what that might mean for the U.S. military and the A.I. industry.
         </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>
          “We cannot in good conscience accede,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Amodei said in a statement
         </a>
         <span>
          , rejecting the Pentagon’s latest assurances that it would not use the technology for mass domestic surveillance or for fully autonomous lethal weapons.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Emil Michael, the U.S. under secretary of war for research and engineering, accused Amodei of “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          putting our nation’s safety at risk
         </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">
          Both sides still appear to be playing chicken.
         </span>
         <span>
          An unidentified government official told The Financial Times that the Trump administration would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          end
         </a>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          all
         </a>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          of its agreements
         </a>
         <span>
          to use Claude services. And while Anthropic said it hoped the Pentagon would reconsider, it added that it “will work to enable a smooth transition to another provider.”
         </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 lot is at stake:
         </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">
                The Pentagon has threatened to label Anthropic a supply chain risk, which would force all government contractors to remove Claude from any military work.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                While the Pentagon has reached an agreement with xAI to use its Grok model for classified applications, Claude is generally regarded as superior. “Our operating forces need this deal to happen,” Emelia Probasco, a senior fellow at Georgetown University’s Center for Security and Emerging Technology, told The Times.
               </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 U.S. military, and the federal government more broadly, are expected to be big users of A.I. services.
               </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">
          What will other A.I. companies do?
         </span>
         <span>
          One provider,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          xAI, has agreed to the Pentagon’s demand to be able to deploy A.I. models for all lawful uses. Google is reportedly close to signing an agreement with the Pentagon along similar lines; OpenAI is in earlier stages of negotiations.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But nearly 50 employees of OpenAI and 175 at Google
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          signed an open letter
         </a>
         <span>
          calling on their companies’ leaders to stand with Anthropic. More than 100 Google workers also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sent a letter to Jeff Dean
         </a>
         <span>
          , one of the tech giant’s top A.I. executives, demanding that their company adhere to Anthropic’s “red lines.”
         </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>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="White BYD electric vehicles lined up under bright lights that form a row of arcs above them. " class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F02%252F27%252Fmultimedia%252F27DB-chinesecarmakers-fwbv%252F27DB-chinesecarmakers-fwbv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzIxOTc2MTcuMjA0OTg2fQ:1vvxYX:Vm0PXeQKfsmPKs-aIiew_71viB9lgjFI0s_xCMZiBY4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              BYD electric vehicles at the company’s new factory in Brazil. Last year, BYD surpassed Tesla in global sales of E.V.s.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Rafael Martins/Reuters
             </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>
          A path to America for Chinese carmakers
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump stunned the auto industry last month when he said he would welcome Chinese carmakers in America. “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Let China come in
         </a>
         <span>
          ,” he said in a speech in Detroit.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Since then, Trump’s idea has been gaining traction in Washington — as both a potential trade chip in U.S.-Chinese trade talks and a lifeline for a U.S. auto industry that is falling behind Chinese rivals, Grady McGregor 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">
          Could Ford Motor team up with the Chinese?
         </span>
         <span>
          Much of the chatter has centered on reports linking Ford to joint ventures with Chinese automakers. In January,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Financial Times
         </a>
         <span>
          reported that Ford had discussed a partnership with China’s Xiaomi to manufacture cars in the United States.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bloomberg
         </a>
         <span>
          later reported that Ford’s C.E.O., Jim Farley, had discussed the idea of Chinese joint ventures with White House officials. Ford has denied both reports, including to DealBook. But the idea isn’t going away.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “It has certainly entered the zeitgeist here in Washington,” Ilaria Mazzocco, a senior fellow at the Center for Strategic and International Studies, a Washington think tank, 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">
          China is speeding ahead on electric vehicles.
         </span>
         <span>
          The Chinese carmaker BYD
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          overtook Tesla
         </a>
         <span>
          as the world’s top E.V. seller last year despite being locked out of the U.S. market. General Motors, Ford and Stellantis, meanwhile, have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          recently announced
         </a>
         <span>
          more than $50 billion in write-downs on E.V. investments.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Weeks ahead of his summit with President Xi Jinping of China, Trump may be on the hunt for an auto agreement that creates U.S. jobs, boosts investment and lowers prices.
         </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 hurdles to a deal are steep.
         </span>
         <span>
          In addition to tariffs — Chinese cars exported to the U.S. face a 100 percent tariff rate — and other regulatory challenges, a Biden-era rule that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          takes effect in March
         </a>
         <span>
          will ban Chinese software in American cars because of spying fears.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Politically, it’s also an uphill battle. Trump defied Washington consensus on China by allowing TikTok to keep operating in the U.S. and Nvidia to sell chips to China. But Congress
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          remains deeply skeptical
         </a>
         <span>
          of China’s auto industry.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “It’s not clear that Trump’s party would follow him,” Mazzocco said.
         </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">
          U.S. automakers once created joint ventures in China.
         </span>
         <span>
          Now, American companies
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          may need Chinese innovation
         </a>
         <span>
          and manufacturing power to stay competitive. “It’s the most humbling thing I have ever seen,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Farley said
         </a>
         <span>
          last year about the innovations in China’s E.V. industry.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Tu Le, the founder of the consultancy Sino Auto Insights, said Chinese capital and technology could prove to be a boon for American automakers, similar to how Japanese and South Korean competition forced Detroit to adapt decades ago.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “These Chinese cars are way too good to only be for Chinese consumers,” he told DealBook. “But if you want a level playing field, then you want them to build here.”
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
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                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260227%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzIxOTc2MTcuMjA1Mjg3N30:1vvxYX:T6p18l9oXOA8tkJnhA8GkFU7CeRJ1gekamlgJAz-ruQ" style="display:block;width:100%;max-width:480px" width="480"/>
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           </td>
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         </tbody>
        </table>
        <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>
          “Intelligence tools have changed what it means to build and run a company.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          — Jack Dorsey, the founder of Block, on why the payments company is laying off
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          nearly half of its
         </a>
         <span style="font-style:italic">
          work force, or more than 4,000 employees. Dorsey has embraced the contention that artificial intelligence tools can replace programmers and many other white-collar workers — and argued that “a majority” of companies will make a similar move within the next year. Shares in Block soared in after-hours trading.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td style="text-align:center">
            <img alt='A blue bubble with white text that reads, "How do you use A.I.? What are your best use cases?" The bubble underneath indicates a pending response.' class="css-xsf469" height="167" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F27%252Fbusiness%252Fdb-talking-ai-new%252Fdb-talking-ai-new-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzIxOTc2MTcuMjA1Mzg0NX0:1vvxYX:hzxVbnSuqOoByTiMh8mo-qQdOL50TtZSGIMtLrtoowM" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Talking A.I. with the C.E.O. of Heidrick &amp; Struggles
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Every week, we’re asking a leader how he or she uses artificial intelligence. Tom Monahan, who leads the executive search firm Heidrick &amp; Struggles, told DealBook that A.I. helped ask the right questions of clients.
         </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 do you personally use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In one day I could be jumping from a Fortune 10 energy company to a Series B start-up that is trying to think through its way to an I.P.O.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There’s a generic agent that I’ve built, which preps me for a meeting. But then you can get really specific by ingesting recent performance data, recent news and the longevity of the executive team.
         </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">
          We’ve heard a lot about A.I. automatically generating job applications or new recruiting tools that generate lists of candidates. How is it changing the work your company does?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Everyone who’d be on the short list for a C.E.O. job is a good leader. This isn’t choosing between good and bad — it’s choosing right. A lot of our work is helping clients shape their demand priorities.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A.I. does show up in other ways. It allows us to gather information about candidates. And it allows us to take nine to 15 board-member perspectives and identify places of alignment and misalignment.
         </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 are some specific new ways your employees are using A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We built a set of lenses to look at client companies, which helps us ask interesting questions. You can say: If I were a rookie portfolio manager making a bull case to take a stake in this company, and I had to pitch my investment committee, write me that memo. And prepare three questions that the most skeptical portfolio manager might ask.
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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
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        <div style="margin:0 auto;max-width:600px;width:100%">
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          <tbody>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Caesars Entertainment, the casino operator, is 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">
                weighing several takeover bids
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , including one from the hospitality billionaire Tilman Fertitta. (FT)
               </span>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The hedge fund Elliott is said to be seeking pitches by investment banks 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">
                lead an I.P.O.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in London of the Barnes &amp; Noble and Waterstones bookstore chains, which it owns. (Bloomberg)
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          Politics, policy and regulation
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                “Inside Trump’s bid 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">
                involve banks in immigration agenda
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (Semafor)
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              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                European politicians say the E.U. needs to become
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                less dependent on China and the U.S.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — but the continent’s business leaders disagree. (NYT)
               </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">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
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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">
                Is the U.S. economy
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                really K-shaped
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ? (Axios)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “A World Where All Is Free? That’s Elon Musk’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">
                Theory of ‘Sustainable Abundance.’
               </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">
                Oliver Grant, the “stone-cold hustling machine” who helped grow the Wu-Tang Clan from a rap group
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                to a business empire
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                with a fashion line, has died. (NYT)
               </span>
              </li>
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             , Senior Editor, Rome
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