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   DealBook: “There will continue to be more”
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   Novo Nordisk had a bad week, too.
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             February 6, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          Well, the mood music on Wall Street has changed. Instead of investors rewarding big tech companies for investing huge amounts of money in data centers for A.I., they’re now anxious about that spending. Also: Bitcoin is coming off its worst drop yesterday in years. Can it go lower? Or is this the bottom?
         </span>
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         <span>
          We also take a look at what’s happened to the maker of Ozempic, Novo Nordisk. And we spoke with Bret Taylor, the chairman of OpenAI and the C.E.O. of Sierra (and who played a leading role in the creation of Google Maps and Facebook’s “like” button) about this moment in tech. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             Amazon plans to spend heavily on artificial intelligence. Investors seemingly disapprove.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Lucia Vazquez for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A sea of red
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Technology stocks and crypto are nearing the end of a very bad week.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It didn’t help matters yesterday that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Amazon
         </a>
         <span>
          announced plans for a higher-than-expected $200 billion in capital expenditures, largely tied to artificial intelligence. Nor that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bitcoin
         </a>
         <span>
          plummeted to nearly $60,000 yesterday; it has lost all gains it had made during the second Trump term.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          What markets are left to ask is when will the pain stop.
         </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>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Shares in Amazon are down more than 7.5 percent in premarket trading today after the company disclosed its capex plans, which are up 50 percent year-on-year and $50 billion higher than analyst estimates. That’s despite announcing an otherwise strong holiday quarter, and is in line with how investors treated similar reports by Microsoft and Alphabet.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Shares in an array of
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                subscription-based software companies
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , including Salesforce, ServiceNow and Figma, slid again yesterday as investors feared the disruption posed by A.I. agent software like
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                that produced by Anthropic
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Wall Street is calling it the “SaaSpocalypse,” referring to the category’s formal name, “software as a service.”)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Strategy, the software company that is now a giant bet on Bitcoin, yesterday reported a $12.4 billion quarterly loss. And
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Gemini
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the crypto exchange founded by the Winklevoss twins, said yesterday that it’s cutting 200 jobs and shutting all its offices outside the U.S. and Singapore.
               </span>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          For now, there’s a slight reprieve — for tech investors at least.
         </span>
         <span>
          U.S. stock futures are up slightly; so too are shares of SaaS companies in premarket trading. For days, some tech executives and analysts have argued that the sell-off was overdone.
         </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 long it may last is another matter.
         </span>
         <span>
          Sam Altman, the co-founder and C.E.O. of OpenAI, told the popular tech talk show TBPN that he expects “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          there will continue to be more
         </a>
         <span>
          ” sell-offs in SaaS stocks. (Bret Taylor, the chair of OpenAI and the co-founder of the agents start-up Sierra, offers his own view below.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A.I. companies aren’t standing still: Just yesterday, Anthropic unveiled an updated Claude model that it says is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          better optimized for agents
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The outlook for crypto remains uncertain, too.
         </span>
         <span>
          The sector has tended to prosper when markets’ risk appetites are high. Investors have instead
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          swung to precious metals
         </a>
         <span>
          as safe havens, and have been unnerved by Treasury Secretary Scott Bessent’s suggestion that the federal government
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wouldn’t bail out the crypto industry
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One of the big questions is how much of the crypto sell-off is tied to leveraged bets (i.e., those made with borrowed money). Some estimates point to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          billions of dollars’ worth
         </a>
         <span>
          of such trades being unwound.
         </span>
        </p>
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            <span>
             HERE’S WHAT’S HAPPENING
            </span>
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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">
          Rio Tinto drops its takeover bid for Glencore.
         </span>
         <span>
          Rio Tinto said it was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          no longer seeking to buy
         </a>
         <span>
          its smaller mining rival, ending plans to create the world’s largest mining company with a market value of around $200 billion. The two companies were reportedly unable to agree on a price or roles for their top executives; the decision bucks the trend of growing consolidation in the mining sector amid strong demand for metals like copper.
         </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">
          Uber is found liable in the rape of a passenger by one of its drivers.
         </span>
         <span>
          A federal jury in Arizona
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          awarded $8.5 million
         </a>
         <span>
          to Jaylynn Dean, who said her Uber driver had raped her in 2023. (It did not find that the company’s actions were “outrageous, oppressive or intolerable” or created substantial risk.) The verdict sets the stage for more than 3,000 pending sexual assault and misconduct lawsuits against Uber; a company spokesman said it plans to appeal.
         </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">
          Stellantis takes a $26 billion write-down, tied largely to electric vehicles.
         </span>
         <span>
          Shares in the company tumbled 19 percent in Europe today after it became the latest carmaker to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          announce an accounting charge
         </a>
         <span>
          tied to what it said was overinvestment in E.V.s. (Stellantis’s is the largest write-down in the industry announced so far.) In other car news,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Toyota replaced Koji Sato
         </a>
         <span>
          as its C.E.O. with Kenta Kon, its C.F.O.
         </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A start-up’s view of the A.I. shake-up
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This era of the artificial intelligence boom may be hammering incumbent software companies. But it’s a great time for A.I. start-ups.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The latest sign of that comes from Sierra, a three-year-old company that creates customer service agents. Bret Taylor, Sierra’s co-founder — and the former co-C.E.O. of Salesforce and current chairman of OpenAI — spoke with Michael de la Merced about Sierra’s performance and his view of what’s going on in the A.I. arena.
         </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">
          Sierra says it is growing rapidly,
         </span>
         <span>
          hitting $150 million in annual recurring revenue this year, Taylor told DealBook. That’s just a few months after reaching $100 million in A.R.R. in November, after just seven quarters. (Sierra was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          valued at $10 billion
         </a>
         <span>
          in September.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Sierra now counts major companies on both sides of the Atlantic as clients, including Cigna, Gap, SoFi and the British retailer Next. “We’re just feeling a ton of momentum in the business,” Taylor 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">
          What A.I. agents can do now:
         </span>
         <span>
          While 2025 began with the promise of so-called
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          agentic A.I.
         </a>
         <span>
          , software that can take actions autonomously for a user, many experts ended the year feeling that the technology had been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          vastly overhyped
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Taylor argued that companies like Sierra are now demonstrating an actual use for agents, rather than pushing the tech for its own sake. One successful use case for Sierra’s agents, he said, was Rocket Mortgage and Redfin, which are both owned by Rocket Companies: People can now search for a home with Redfin, get a mortgage via Rocket Mortgage and then service that loan — “all with A.I.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The best-case scenario for what agents can do, Taylor added, is that they both lower costs and increase revenue for their clients. That frees companies to invest further in their business or ways to attract and retain users.
         </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">
          Will A.I. really eat up software companies?
         </span>
         <span>
          Tools like Anthropic’s Claude or OpenAI’s Codex make it far easier to develop software than ever before, Taylor said, bringing down the cost and risk of creating new products to challenge existing offerings. And A.I. agents that can act on users’ behalf can drastically enhance productivity, such as by generating sales leads and then tracking them.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The key question, Taylor said, is how much can existing companies adopt A.I. and still defend their competitive moats. “I don’t believe it’s zero-sum,” he said, “but in my view it’s not clear who the winners and losers will be.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Still, he added, “I think it’s a changing of the guard where A.I.-native firms are defining the next era of software.”
         </span>
        </p>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          New woes for Novo Nordisk
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Novo Nordisk investors were dealt a brutal one-two punch this week, after the Danish pharmaceutical giant behind Ozempic and Wegovy delivered a pessimistic forecast — and then faced the threat of cheaper competition.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The developments underscore how Novo Nordisk, which pioneered the use of GLP-1 treatments for weight loss, is facing an uphill battle to regain its crown as the leader of the fast-growing category, Niko Gallogly 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">
          What happened:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <td style="padding:0 0 5px">
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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">
                On Tuesday, Novo Nordisk disclosed that it expected sales to drop by
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                as much as 13 percent
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in 2026. Its stock dived.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Yesterday, the telehealth provider Hims &amp; Hers announced plans 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">
                sell a copycat version
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of the recently released Wegovy pill — and do so for just $49 for the first month and $99 after that. That’s $100 less per month than Novo Nordisk’s plan. The Danish company’s shares tumbled again; Novo Nordisk
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                vowed to sue
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Hims &amp; Hers.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Novo Nordisk’s U.S.-traded shares are down about 27 percent for the week through yesterday.
         </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 battle for GLP-1 supremacy has big stakes.
         </span>
         <span>
          About
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          one in eight American adults
         </a>
         <span>
          are currently taking a GLP-1 drug, according to a recent poll, and analysts have estimated the market could reach $150 billion in the next decade.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet Novo Nordisk, which just two years ago was Europe’s largest publicly traded company, has shed roughly $400 billion in market value since its peak. First came competition from Eli Lilly, whose Zepbound was found to be
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more effective than Wegovy
         </a>
         <span>
          and which was first to introduce a direct-to-consumer site.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Then the Trump administration also applied pricing pressure in the U.S., a huge market for GLP-1s. (Of note: TrumpRx, the government’s direct-to-consumer platform,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          opened for business
         </a>
         <span>
          yesterday.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          That makes the fight over oral GLP-1 treatments all the more important.
         </span>
         <span>
          Swallowing a Wegovy pill is much easier than patients injecting themselves, and Novo Nordisk appeared to clinch a victory by beating Lilly to the market.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the prospect of vastly cheaper generic rival treatments is worrisome to Novo Nordisk investors. “There is a real sense of urgency here for them” to win a legal dispute against Hims &amp; Hers, Karen Andersen, an analyst at Morningstar, told DealBook. She added that the Wegovy pill’s debut is “kind of the one real bright spot” for the company.
         </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">
          Novo Nordisk may get some help from the Trump administration.
         </span>
         <span>
          Dr. Marty Makary, the F.D.A. commissioner, wrote on X that his agency would “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          take swift action
         </a>
         <span>
          against companies mass-marketing illegal copycat drugs, claiming they are similar to FDA-approved products.”
         </span>
        </p>
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           </td>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “This is a democracy, and we’re with whoever wins.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Kathy Wylde
         </a>
         <span style="font-style:italic">
          , until recently the head of the Partnership for New York City, a group of 300 C.E.O.s, on her decision to meet and support Mayor Zohran Mamdani after his primary win, despite his democratic socialist policies clashing with business leaders. Wylde’s successor, Steve Fulop, has been more confrontational, calling Mamdani’s proposal for a corporate tax increase “suicide for New York City.“
         </span>
        </p>
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           </td>
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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 Crunchbase
         </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 about artificial intelligence. Jager McConnell, who leads the private market data company Crunchbase, told DealBook that A.I. empowers him to be a better leader. His answers have been condensed and edited.
         </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 use A.I. personally?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We had an off-site yesterday. I used A.I. to build a prototype of the thing that I think we should do next. And I built it myself in four hours. The ability to have every employee touch it and use it and interact with it — that completely aligned the company on this vision of where we’re going as a business.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In the old days, if I even had the time to do that, I would have to involve engineering and design and all these different folks. It would cost hundreds of thousands of dollars. Instead I was able to do it in minutes. It makes me the C.E.O. that I’ve always wanted to be, by being able to show more than just tell.
         </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 have you told your direct reports or employees about how you want them to use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’ve reworked our mission, vision and values to include A.I., so that’s as strong a directive as I can give employees.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I hear so much of this narrative being about, I get the answers I need. Or, it helps me think. But that’s not the interesting stuff. The interesting stuff is, how do you do things that you were never able to or couldn’t imagine doing before? And I think that’s where the puck is going. It’s not about efficiency.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </span>
           </h3>
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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          <tbody>
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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">
                Once Upon a Farm, a children’s organic food company co-founded by the actress Jennifer Garner,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raised $198 million in its I.P.O.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , valuing it at $724 million. (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">
                Blackstone is said to be finalizing 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">
                $3.5 billion loan
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to the Australian start-up Firmus Technologies to fund data centers. (Bloomberg)
               </span>
              </li>
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          Politics, policy and regulation
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                Argentina and the U.S. signed a trade deal
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                lowering tariffs and increasing quotas
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                for goods like American cars and Argentine beef. (NYT)
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                Travel to the U.S.
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                dropped 4.2 percent
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in 2025, amounting to $50 billion in lost spending, while worldwide travel boomed during the first year of President Trump’s second term. (FT)
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          Best of the rest
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                “
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                Divorce, Hedge-Fund Style
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                : Inside the Breakup at Two Sigma” (Bloomberg)
               </span>
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                Minute Maid opened for business eight decades ago selling frozen orange juice concentrate — a product
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                it’s now discontinuing
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                . (USA Today)
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