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<div style="width:100%;margin-bottom:31px;font:12px/12px georgia,serif">
April 20, 2026
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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">
Good morning. Andrew here.
</span>
<span>
Virtually every morning we have more news about how the situation in the Strait of Hormuz has become more complicated, not less (which is also the case today). And yet, the stock market frequently continues to grind higher. We go behind the scenes.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
We’re also looking at the standoff between the Pentagon and Anthropic — and how that increasingly seems like a transparent politically motivated fight. The latest evidence: a meeting between Anthropic and the Trump administration, and the N.S.A. reportedly using Anthropic tools despite the artificial intelligence company being designated a “supply chain risk.” (Was this newsletter forwarded to you?
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Sign up here.
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<span>
)
</span>
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<td class="css-1b9cqt1" style="text-align:left;width:100%;padding-bottom:15px;line-height:14px">
<span style="color:#666;font:normal 14px georgia,serif">
Tensions around the Strait of Hormuz have again put hopes for a quick end to the war in the Middle East in doubt.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
U.S. Navy via Getty Images
</span>
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<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Shots fired
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Oil prices are climbing and global stock markets are wobbling this morning as U.S.-Iran talks appear to have hit a major snag.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
President Trump said the U.S. team would arrive in Pakistan today for another round of negotiations, but an Iranian official said there were “no plans” for negotiations. Tensions are high again over the Strait of Hormuz, with Iran
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
vowing to retaliate
</a>
<span>
after the U.S. attacked and seized an Iranian cargo ship over the weekend.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The strait, a vital waterway for global oil and natural gas exports, remains largely shut this morning, monitoring groups say, as a tenuous cease-fire agreement is set to expire this week. The latest turbulence suggests that investors may have been too optimistic last week in betting on a rapid end to the war.
</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>
</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">
Brent crude, the international benchmark for oil, rose sharply to around $95 a barrel — roughly $8 above Friday’s lows.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
S&P 500 futures are falling after the index set another record on Friday. The Nasdaq Composite’s 13-session winning streak also looks to be in jeopardy.
</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 yield on the 10-year Treasury note has risen to 4.269 percent.
</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">
Watch U.S. gas prices.
</span>
<span>
The average national price at the pump was $4.04 this morning, according to AAA, down slightly from last week. Energy Secretary Chris Wright acknowledged in a CNN interview yesterday that while the average price of U.S. gasoline had probably peaked, it may not
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
fall to below the prewar $3 level
</a>
<span>
until next year.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That could weigh on Trump and the Republican Party ahead of the midterm elections.
</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 economic fallout continues to widen.
</span>
<span>
The United Arab Emirates, a major oil exporter whose economy has been hit hard by the war, has held talks about a financial lifeline from Washington, The Wall Street Journal reported, citing unnamed sources. Last week, according to The Journal, The Emirati central bank chief discussed the possibility of setting up
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a currency swap line
</a>
<span>
with Treasury Secretary Scott Bessent and officials at Treasury and the Fed.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That would be a sign that the country fears the financial damage from a prolonged war. (The request also implicitly raised the possibility that the Emirates may use the Chinese renminbi if it ran out of U.S. dollars.) The fighting has forced luxury brands like Zegna Group to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
move inventory out of the Middle East
</a>
<span>
, and more broadly reconsider the Persian Gulf region’s importance to their fortunes.
</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">
Yet the war hasn’t crashed earnings season.
</span>
<span>
Several large banks reported solid results last week, bolstering the stock market rally. Many benefited from volatile stock markets, which is good for trading desks, though several business leaders said the U.S. economy was holding up. (“Resilient” was a word that came up more than once.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“Right now we’re in a war with a lot of uncertainty,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Bruce Van Saun
</a>
<span>
, the C.E.O. of Citizens Financial, told analysts. But, he added, “profitability is still increasing.”
</span>
</p>
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<td height="30">
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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">
Blue Origin’s latest mission experiences a mishap.
</span>
<span>
Jeff Bezos’ space company
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
launched its New Glenn rocket
</a>
<span>
yesterday, with its booster safely returning to Earth, an ability considered crucial for next-generation spacecraft. But the mission deployed a satellite from a customer, AST SpaceMobile, into an incorrect orbit; it’s a black mark for Blue Origin, which is seeking to rival Elon Musk’s SpaceX in the commercial space 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">
Polymarket is said to be in talks to raise money at a roughly $15 billion valuation.
</span>
<span>
The popular prediction market is seeking to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
raise about $400 million
</a>
<span>
, according to The Information, adding to what it has raised from the Intercontinental Exchange. That valuation would reportedly put it behind its rival Kalshi, however, which is said to have
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
locked in a $22 billion valuation
</a>
<span>
in a new round.
</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 Fed chair confirmation hearing and key earnings reports are set for this week
</span>
<span>
. Kevin Warsh, President Trump’s pick to lead the Fed, is expected to testify before the Senate Banking Committee tomorrow; his confirmation faces uncertain odds given the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
ire of Senator Thom Tillis
</a>
<span>
, the North Carolina Republican who opposes a federal criminal investigation into the central bank. Also keep an eye on quarterly reports from United Airlines tomorrow; Tesla and Southwest Airlines on Wednesday; Blackstone and American Airlines on Thursday; and Procter & Gamble on Friday.
</span>
</p>
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<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Is tariff relief finally here?
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Refunds may finally be in sight for many U.S. importers walloped by President Trump’s tariffs.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The Trump administration is set to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
begin the process of reimbursing claims
</a>
<span>
from importers and their brokers today for the more than $166 billion collected in tariffs (plus interest) that the Supreme Court struck down in February.
</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">
This step potentially removes major uncertainty hanging over companies
</span>
<span>
. FedEx and Costco were among the more than 3,000 businesses that had sued the administration to try to get a refund. Some companies filed suits before that Supreme Court decision, which involved the administration’s use of a 1977 law known as IEEPA.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It could also bring
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a windfall to hedge funds
</a>
<span>
that bet that the tariffs would be overturned.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
But the administration isn’t backing down.
</span>
<span>
Last week, Treasury Secretary Scott Bessent told businesses to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
brace for a new wave of levies
</a>
<span>
. “We had a setback at the Supreme Court in terms of the tariff policy,” Bessent said at an event hosted by The Wall Street Journal.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But, he added, new measures, potentially imposed under Section 301 of the Trade Act of 1974, could mean “tariffs could be back in place at the previous level by beginning of July.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Investors will be watching closely.
</span>
<span>
The yields on Treasury bonds and notes spiked shortly after the Supreme Court decision as traders began to worry that the IEEPA tariffs, which had been pitched as a way to help pay down the national debt, would be choked off. (That said, Trump’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
federal budget proposal
</a>
<span>
calls for a huge increase in military spending and cuts elsewhere, though not enough to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
appease deficit hawks
</a>
<span>
.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But others in the stock market cheered the court ruling, saying it removed an additional tax on corporate profits.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Still, businesses fear a complicated refund process.
</span>
<span>
“We’re thinking we might get it back, we might not get it back,” Melkon Khosrovian, a founder of Greenbar Distillery in Los Angeles, told The Times. Greenbar is one of several companies to have registered for refunds on a new online portal operated by the government.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Gabriel Rodriguez, the president of A Customs Brokerage, in Doral, Fla., told DealBook’s Bernhard Warner this month that confusion around tariffs had weighed heavily on business sentiment. That hasn’t gone away, even now.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“Everybody’s got a conspiracy theory as to where this will all go wrong,” he added. “They’re just hopeful that it doesn’t.”
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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<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%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260420%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzY2ODYzOTEuNDA5ODAxMn0:1wEnI7:18YTf4Bj3Wu4SIHkSdgpjEU-1JpnVBUd4qaMt_JXmhg" style="max-width:96px;margin-bottom:7px"/>
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<span style="text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
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<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
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<tbody>
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</td>
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</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
“A lot of Whoppers are getting sold, and I’m walking around with a smile on my face.”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
— Tom Curtis, the president of Burger King, who put aside his reservations about starring in an ad for the fast-food chain. C-suite leaders are more frequently being called on to be the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
public face of their companies
</a>
<span style="font-style:italic">
— the veteran political strategist Mark Penn called it akin to political advertising — but the risks are big. (Just ask Chris Kempczinski, the C.E.O. of McDonald’s.)
</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>
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<td style="text-align:center">
<img alt="Dario Amodei, the C.E.O. of Anthropic, holding up his right hand in a cupping motion and looking to his right." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F20%252Fmultimedia%252F20db-amodei-ftzh%252F20db-amodei-ftzh-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzY2ODYzOTEuNDEwMTIzNn0:1wEnI7:Tk6KdJMEmwK1UBBHZZM82GEAHbJlTupxuLeHAAqwxuU" 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, met with top Trump administration officials as government agencies seek access to his company’s new powerful artificial intelligence model.
</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>
Anthropic seeks a truce with the Trump administration
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
When Defense Secretary Pete Hegseth declared Anthropic a “supply chain risk” recently, forcing government contractors to stop using the artificial intelligence company’s tools for military work, some observers called it “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
attempted corporate murder
</a>
<span>
.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But the strength of Anthropic’s offerings, including the Claude Mythos Preview model, appears to be enough to keep the company in the good graces of other parts of the Trump administration.
</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">
Anthropic’s C.E.O., Dario Amodei, met on Friday with senior administration officials,
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
including Susie Wiles
</a>
<span>
, the White House chief of staff, and Treasury Secretary Scott Bessent.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
According to an Axios account
</a>
<span>
of the meeting, based on unnamed sources, the intent was to determine how to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
let government agencies
</a>
<span>
— except for the Pentagon, which is battling Anthropic in court — test out Mythos. (The
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
National Security Agency
</a>
<span>
, a key intelligence agency, is reportedly among those with access.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Axios added that while Wiles acknowledged that the Pentagon-Anthropic legal fight would continue to play out, she believed that the government needed a relationship with the company.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Separately, Bessent has publicly and privately acknowledged concern about the potential threats that next-generation A.I. models pose for financial stability, and convened Wall Street leaders this month to discuss what Mythos might mean for big banks.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
It’s a sign that the Pentagon threat isn’t slowing Anthropic.
</span>
<span>
The company has seen a jump in adoption by businesses on the strength of tools like Claude Code and the agent-focused Claude Cowork.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Another sign: The company has reportedly received offers for investment
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
at an $800 billion valuation
</a>
<span>
, according to The Information, which cited unnamed sources. That would rival the valuation of Anthropic’s main competitor, OpenAI.
</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 other tech talker of the weekend was Palantir’s 22-point manifesto on social media.
</span>
<span>
Adapted from “The Technological Republic,” a book by its co-founder and C.E.O., Alex Karp,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
the post outlined
</a>
<span>
how the company views its mission. Among its points:
</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">
“Silicon Valley owes a moral debt to the country that made its rise possible.”
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<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">
“If a U.S. Marine asks for a better rifle, we should build it; and the same goes for software.”
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<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">
“We must resist the shallow temptation of a vacant and hollow pluralism.”
</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">
Opinions on the post were predictably split.
</span>
<span>
In one camp was
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Shaun Maguire
</a>
<span>
, a Sequoia Capital partner who has publicly praised Karp: “Palantir represents the ideological center with a rarely articulated moral clarity,” he wrote.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In the other camp was
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Eliot Higgins
</a>
<span>
, the founder of the investigative journalism site Bellingcat, who wrote: “These 22 points aren’t philosophy floating in space, they’re the public ideology of a company whose revenue depends on the politics it’s advocating.”
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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</td>
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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>
</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">
Andreessen Horowitz and Thrive Capital are said to be in talks to participate in 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">
new funding round for Cursor
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, the popular coding start-up, at a valuation above $50 billion. (Bloomberg)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
QXO, a big distributor of roofing products,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
agreed to buy TopBuild
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, an insulation company, for $17 billion. (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">
USA Rare Earth, a mining company focused on rare-earth minerals, said it planned 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">
buy Serra Verde
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, the owner of a major rare earth mine in Brazil, for about $2.8 billion. (USA Rare Earth)
</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">
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">
Why are so many Democrats
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
pushing for tax cuts
</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">
“Aspiring pot companies had big dreams for Florida.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Reality has hit hard.
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (Politico)
</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">
“Syrian Billionaires Needed a Favor in Washington.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
They Invoked the Trump Name.
</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">
Chinese crypto entrepreneurs have benefited from the Trump administration’s deregulation of the digital money industry, even as the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Chinese Communist Party has clamped down
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
on crypto. (The Wire China)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
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<td>
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