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   DealBook: The struggle to turn A.I. into profits
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   Also, G.M. had a rough day.
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             October 25, 2023
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                        SUPPORTED BY
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              Good morning. A reminder: The DealBook Summit will be on Nov. 29. Elon Musk of Tesla and X; Jamie Dimon of JPMorgan Chase; and Representative Kevin McCarthy, the former House speaker, are among the guests. You can
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              . (Was this newsletter forwarded to you?
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                  Satya Nadella, Microsoft’s C.E.O., had reason to feel positive about his company’s big bet on A.I.
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                  Ruth Fremson/The New York Times
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             A cloudy forecast for Big Tech and A.I.
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             The Nasdaq composite index looks set to open in the red today, after investors got a split-screen view of how two tech giants, Microsoft and Alphabet, were doing in efforts to profit from artificial intelligence.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The verdict so far, based on quarterly earnings reports released yesterday: Only one of them is showing early progress. That raises questions about the tech industry’s multibillion-dollar bet on the power of A.I.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Microsoft shares are up 3.9 percent after exceeding expectations.
             </span>
             The company reported $56.3 billion in sales, largely on the strength of its Azure cloud business. Some of that growth came from generative A.I., where Microsoft has invested big: It has poured $13 billion into OpenAI, the firm behind ChatGPT, and
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              built that technology into its Bing search engine
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             .
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             Satya Nadella, Microsoft’s C.E.O.,
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              told analysts
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             that more than 18,000 organizations were using Azure OpenAI, including new customers. (The Information reported yesterday that some early OpenAI customers were switching to cheaper alternatives …
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              including Microsoft
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             .)
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              It was a different story for Alphabet, whose shares were down 6.2 percent premarket.
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             The company yesterday reported “
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              meaningful growth
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             ” in its Google search and YouTube business lines, but its cloud results came in
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              well below forecasts
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             . Analysts appear to be concerned that it’s falling behind Microsoft and Amazon in the market for cloud computing, which customers are buying to help power their A.I. initiatives.
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             On yesterday’s earnings call, Sundar Pichai, Alphabet’s C.E.O., doubled down on the technology. “We’ll do everything that is needed to make sure we have the leading A.I. models and infrastructure in the world, bar none,”
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              he said
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             .
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              Alphabet faces legal headwinds, too.
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             The Justice Department’s antitrust case against the company resumes today, with the internet giant scheduled to begin its defense shortly. Here’s a
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              recap of the landmark proceedings
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             , and what to expect next.
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              More tech giants that have bet big on A.I. are set to report shortly.
             </span>
             Up today is Meta, whose shares have more than doubled this year, helped by a steady rebound in its ad sales at Facebook and Instagram and by a vast cost-cutting initiative. Investors will be looking for evidence that Meta’s investments in A.I. are helping to grow its core ad business.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             That said, Meta’s stock fell yesterday after more than three dozen states and the District of Columbia
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              sued the company
             </a>
             for violating consumer protection laws by designing platforms like Instagram to hook young users for “compulsive and extended use.” Meta said it was working to provide a safer environment for teenagers on its apps.
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              <span style="font-size:17px;line-height:25px">
               In other tech news: Spotify
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                swung back to profitability
               </a>
               last quarter after it introduced pricier subscription plans. And Snap
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                returned to growth
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               following two consecutive quarters of declining sales, in another sign of revival in the market for digital ads.
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             HERE’S WHAT’S HAPPENING
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              House Republicans churn through two speaker nominees in one day.
             </span>
             Lawmakers first chose Tom Emmer of Minnesota as their candidate, only for him to withdraw after facing backlash from hard-right legislators and from Donald Trump. They then
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              picked Mike Johnson
             </a>
             , a little-known social conservative from Louisiana, but it’s unclear whether he can finally break the G.O.P. logjam that has paralyzed the House for three weeks.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              A fourth defendant flips in the Georgia 2020 election fraud case.
             </span>
             Jenna Ellis, a legal adviser to Donald Trump who publicly embraced claims that the presidential race had been stolen,
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              pleaded guilty and agreed to cooperate
             </a>
             with prosecutors. She joins fellow lawyers Kenneth Chesebro and Sidney Powell, as well as the bail bondsman Scott Hall, in taking a deal.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Another fashion giant sinks as luxury spending slows.
             </span>
             Shares in Kering, which owns Gucci and Saint Laurent, fell as much as 9 percent this morning in Paris after the company reported
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a wider-than-expected drop in revenue
             </a>
             last quarter. Kering joins LVMH in suffering declining sales as well-heeled consumers pull back their spending.
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             G.M.’s bad day
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             There has been little good news lately for General Motors, whose stock price has fallen more than 13 percent over the past month as it faces a targeted strike by the U.A.W. and slowing growth in the demand for electric vehicles.
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             Several news developments yesterday underscored some of the company’s major struggles.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              G.M. said quarterly profits fell 7 percent year-on-year.
             </span>
             The U.A.W.’s strike was a major factor; the carmaker said it expected the union action to
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              cost around $200 million a week
             </a>
             . (Despite the walkout, G.M. said that revenue rose about 5 percent in the quarter.)
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Then another 5,000 G.M. workers walked off the job at the company’s biggest plant.
             </span>
             The stoppage at the
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              factory in Arlington, Texas
             </a>
             , which makes large and profitable S.U.V.s such as the Chevrolet Tahoe and Cadillac Escalade, further increases the cost of the strike. The U.A.W.’s move came despite the two sides seeming to edge closer to a deal; some analysts said the action might have been meant to squeeze every last dollar from the company.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              G.M. abandoned a goal to build 400,000 electric vehicles by mid-2024,
             </span>
             citing
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              slower-than-expected growth
             </a>
             in sales. The company, which has bet its future on its E.V. transition, also recently delayed an effort to
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              expand electric pickup production
             </a>
             .
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             G.M.’s chief financial officer, Paul Jacobson, said that the company was still embracing electric vehicles: “Our commitment to an all-E.V. future is as strong as ever,” he said yesterday.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              And finally … the carmaker’s Cruise autonomous vehicle division was kicked out of California.
             </span>
             State regulators ordered Cruise to
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              stop its driverless taxi service
             </a>
             after a series of traffic mishaps. It’s bad news not only for G.M., which poured $700 million into the division in the most recent quarter, but also for the autonomous vehicle business more broadly.
            </p>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “Across the entire Raytheon portfolio, you’re going to see a benefit of this restocking.”
            </h2>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Greg Hayes, C.E.O. of RTX, Raytheon’s parent company. He told analysts yesterday that the defense giant expected to benefit from a bigger Defense Department budget with higher shipments of weapons to Israel and Ukraine. (Hayes began the call by “acknowledging the tragic situation playing out in Israel today.”)
             </span>
            </p>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Protecting land amid U.S.-China tensions
            </h2>
           </td>
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         </tbody>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Land purchases in the U.S. by companies with potential ties to the Chinese Communist Party are increasingly becoming a sore point between Washington and Beijing. Microsoft recently raised concerns about a
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Chinese-owned Bitcoin-mining center
             </a>
             located near an Air Force base in Wyoming. And lawmakers have expressed worry about whether entities with ties to Beijing are
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              buying up huge swaths of American farmland
             </a>
             .
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Senator Tim Scott, Republican of South Carolina and a 2024 presidential contender, introduced a bill yesterday intended to fix what he called a “significant flaw” in the review process.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              His legislation would require federal agencies to maintain a list of sensitive locations
             </span>
             that would be provided to the Committee on Foreign Investment in the U.S.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The committee has been hamstrung by bureaucratic issues in the past: It said last year that it had no jurisdiction to review a
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              land purchase by Fufeng Group
             </a>
             , a Chinese food company, near an Air Force base in Grand Forks, N.D., because the Defense Department hadn’t flagged the area.
            </p>
           </td>
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             A spokeswoman for Scott told DealBook that his legislation “ensures that foreign adversaries can’t set up in sensitive locations.”
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The Treasury Department, which oversees the committee, is also trying to address the issue.
             </span>
             In May, the department
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              proposed a rule
             </a>
             to add certain military installations, including the North Dakota base, to the committee’s purview. The plan would create a process for agencies to inform the committee about sensitive locations, and for the panel in turn to report to Congress.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              States are taking matters into their own hands.
             </span>
             Officials in Grand Forks
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              terminated the Fufeng deal
             </a>
             in April, citing national security concerns because of its proximity to the base. State lawmakers across the U.S. have introduced bills to
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              limit foreign ownership of land
             </a>
             near military bases.
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             This month, Arkansas ordered a seed company owned by the state-controlled China National Chemical Company to
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              sell 160 acres of land
             </a>
             and pay a penalty under a new law targeting “prohibited foreign party-controlled” land. Asked why the purchase posed a risk to U.S. intellectual property, Gov. Sarah Huckabee Sanders said, “Seeds are technology.”
            </p>
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            <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             THE SPEED READ
            </h3>
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              Deals
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              <span style="font-size:17px;line-height:25px">
               A rash of disappointing I.P.O.s by Arm, Birkenstock and others is forcing companies to
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                rethink their plans to go public
               </a>
               . (Bloomberg)
              </span>
             </li>
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              <span style="font-size:17px;line-height:25px">
               VF, the owner of Vans and the North Face, is reportedly being targeted by activist investors whose demands include
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                stopping the company from agreeing to any more takeovers
               </a>
               . (Bloomberg)
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              <span style="font-size:17px;line-height:25px">
               The European telecom operators Orange and MásMóvil agreed to
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                sell assets to the Romanian company Digi
               </a>
               to try to win regulatory approval for a $19.7 billion deal to combine their Spanish businesses.
              </span>
             </li>
            </ul>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Policy
             </span>
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              <span style="font-size:17px;line-height:25px">
               The Senate
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                confirmed President Biden’s nominee
               </a>
               to run the F.A.A., Michael Whitaker, filling a position that had been vacant for more than 18 months. (NYT)
              </span>
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               Stocks in China rose today after Beijing announced
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                a $137 billion stimulus plan
               </a>
               to lift the economy. (CNBC)
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             </li>
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               Bank regulators introduced a rule that
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                seeks to end lending discrimination
               </a>
               by overhauling a 1977 anti-redlining law. (Politico)
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              Best of the rest
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              <span style="font-size:17px;line-height:25px">
               Mayor Eric Adams of New York says that the city has regained all the jobs it lost during the pandemic. Analysts point out that the recovery
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                has been an uneven one
               </a>
               . (NYT)
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               “
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                Women Will Vote
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               at a Vatican Meeting for the First Time” (NYT)
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                Jay-Z has finally weighed in
               </a>
               on a longstanding internet debate about whether having dinner with him or taking $500,000 was better. (Insider)
              </span>
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