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August 7, 2025
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Good morning. The next phase of President Trump’s trade war is here, as scores of trading partners and imported products now face significantly higher tariffs. That will raise costs for many companies — except for those who have placated Trump with acceptable-enough promises to invest in the U.S. — and continue to scramble the outlook for global business. We dive into the latest below.
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<img alt="President Trump is seen standing at a lectern while Scott Bessent and Howard Lutnick, the heads of Treasury and Commerce, look on." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F08%252F07%252Fmultimedia%252F07db-trump-vkhg%252F07db-trump-vkhg-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTQ1Njc0NjUuMDAzNzI3NH0:1ujz9F:-G7eJZLg5NAcQaPhDT6SsZ1JLQBKUmgRflPzi0jO5vQ" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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<span style="color:#666;font:normal 14px georgia,serif">
The day that many countries and companies were dreading has arrived: President Trump’s new tariffs went into effect.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
Doug Mills/The New York Times
</span>
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<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Tariff tantrum
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Bruising tariffs went into effect a few hours ago on
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
more than 90 countries
</a>
<span>
as President Trump’s trade war enters a new phase. The president has signaled that there’s more to come.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Trading partners are scrambling to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
negotiate better terms
</a>
<span>
, while many of their industries —
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Japan’s automakers
</a>
<span>
, for one — reel from the protectionist attack. Here’s a country-by-country
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
tariff tracker
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But investors appear to be shrugging off the potential hit to global commerce. Stocks in Asia and Europe were trading mostly higher, helped by decent earnings that suggest that some companies are holding up. That’s in part because many deeply involved in international trade, like the shipping giant
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Maersk
</a>
<span>
and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Chinese exporters
</a>
<span>
, have found resilient demand outside the U.S.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
S&P 500 and Nasdaq Composite futures are gaining, too.
</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%">
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<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">
Shares in Toyota fell after the Japanese auto giant forecast a $9.5 billion hit from tariffs, and lowered its full-year profit guidance.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Several overseas chipmakers appear to have dodged a blow from
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
a new 100 percent levy
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
that Trump threatened on semiconductor imports. That tax would be waived for those companies already “building” in America, Trump said; shares in TSMC and Samsung, which have large U.S. manufacturing hubs, are rallying today.
</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 Magnificent Seven group of tech giants hit a record yesterday, buoyed by a surge in Apple shares. (More on that in a second.) Nvidia’s stock gained as
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Jensen Huang
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, the chipmaker’s C.E.O., met with Trump.
</span>
</li>
</ul>
</td>
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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">
Is Apple out of Trump’s doghouse?
</span>
<span>
Tim Cook separately joined Trump at the White House, announcing a commitment to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
invest an additional $100 billion
</a>
<span>
in the U.S. Cook had a 24-karat gold gift for the president and said that “every single new iPhone and every single new Apple Watch sold anywhere in the world will contain cover glass made in Kentucky.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It will be worth watching if the commitment will be enough to dissuade Trump from
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
imposing tariffs on Apple products
</a>
<span>
. (Remember that the iPhone maker has a history of pledging huge sums — in February it vowed to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
invest $500 billion domestically
</a>
<span>
, drawing Trump’s praise — but hasn’t always followed through.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Also keep an eye on Trump’s rapidly escalating trade fight with India, a major Apple production hub that now faces a 50 percent levy on most of its U.S. exports.
</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">
Switzerland is still under the gun.
</span>
<span>
The country’s president, Karin Keller-Sutter, left Washington yesterday
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
without a trade deal
</a>
<span>
, meaning her country — a major exporter of gold, watches and pharmaceutical products — faces a 39 percent tariff rate.
</span>
</p>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Swiss political figures are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
calling on Gianni Infantino
</a>
<span>
, the FIFA president who has close ties to Trump, to help out, The Financial Times 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">
Is Trump still in a negotiating mood?
</span>
<span>
He delivered a series of all-caps posts on social media heralding the new tariffs. “BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
he wrote in one message
</a>
<span>
.
</span>
</p>
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
HERE’S WHAT’S HAPPENING
</span>
</h3>
</td>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Federal agents stage a big immigration raid in Los Angeles.
</span>
<span>
The operation, which the Department of Homeland Security said led to the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
arrest of 16 undocumented immigrants
</a>
<span>
, was the most high-profile sweep in the area since a court order barred the authorities from stopping people for checks without “reasonable suspicion.” Previous raids in Los Angeles led to widespread protests and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
left business owners anxious
</a>
<span>
about the loss of workers and customers.
</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">
Andrew Cuomo courts New York business leaders.
</span>
<span>
The former governor sought to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
convince the roughly 50 executives
</a>
<span>
at a meeting that he — not Mayor Eric Adams — was the best candidate to defeat Zohran Mamdani in the fall, The Times reports. Separately, President Trump has indicated that he
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
may get involved in the race
</a>
<span>
, potentially scrambling an already unpredictable contest.
</span>
</p>
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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">
Nvidia helps SoftBank beat estimates for its quarterly profit.
</span>
<span>
The Japanese tech investor
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
reported $2.9 billion
</a>
<span>
in its most recent fiscal quarter, more than double what Wall Street had expected, thanks to the soaring value of both Nvidia and start-ups that SoftBank had invested in. That performance will help give Masa Son, SoftBank’s founder and C.E.O., more leeway to double down on his artificial intelligence bets.
</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">
Eli Lilly reports disappointing trial results for its weight-loss pill.
</span>
<span>
The drugmaker said that the highest dose of its daily obesity treatment helped patients
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
lose around 12 percent of their body weight
</a>
<span>
after 72 weeks. That’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
less effective
</a>
<span>
than many investors had hoped; shares in Lilly were down sharply in premarket trading.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
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<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
What’s the next big media deal?
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
More than a year after Skydance signed a deal to acquire Paramount, the transaction finally closes today. Now Paramount, a relatively small player in the streaming wars, is getting a second wind just as Comcast and Warner Bros. Discovery, two of its larger rivals,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
are rearranging their businesses
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
So, naturally, media insiders are buzzing about which deals might be next, Lauren Hirsch 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">
There are simply too many streamers.
</span>
<span>
There are the giants — Netflix, Amazon and Alphabet’s YouTube — and then there’s everyone else. Investing in streaming businesses is expensive, and consumers are getting sick of subscribing to multiple platforms.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Disney announced yesterday that it would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
consolidate its Hulu and Disney+ apps
</a>
<span>
. And analysts say Paramount is still under pressure to expand its streaming and studio businesses. “Skydance and Paramount coming together doesn’t change the game for the combined entity,” Laurent Yoon, an analyst at Bernstein Research, said. “They’re both small, and the status quo doesn’t work.”
</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">
Skydance’s C.E.O., David Ellison, has long been interested in Warner Bros. Discovery
</span>
<span>
, three people familiar with his thinking said. (Puck
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
earlier reported
</a>
<span>
Ellison’s interest.) And Warner Bros. Discovery is preparing to spin out its streaming and studio business by mid-2026, a move that insiders see as a potential precursor to selling one of the last major libraries of its kind.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But Paramount executives may want to settle in at Skydance before pursuing a major acquisition. And Discovery’s streaming and studio business, which includes intellectual property like Harry Potter, “Game of Thrones” and Batman, would cost at least $40 billion by the end of next year, according to analysts.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That means Paramount would need financial help to seal a deal — possibly from Ellison’s father, Larry, a co-founder of Oracle, who helped fund the Paramount deal. A spokeswoman for Skydance declined to comment.
</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">
Others could also make a play.
</span>
<span>
Technology giants like Apple and Amazon could afford the $40 billion price tag, but may not want to divert funds from artificial intelligence. And Comcast may wish to stay out of the regulatory spotlight given that its C.E.O., Brian Roberts, has been
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a constant target for President Trump
</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 elephant in the room:
</span>
<span>
Dealmakers
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
watched and learned from
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Skydance’s long, painful journey
</a>
<span>
to close its acquisition of Paramount. Appetite to withstand a rigorous review may determine whether dealmakers are in for a quick sequel or a long intermission.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
“We still are not posting the extremely edgy things that go — that are more likely to go viral. So that’s probably what had us come in slightly at the lower end.”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
— Luis von Ahn, the C.E.O. of the language-learning app Duolingo, to analysts yesterday. The company toned down its social media content after
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
drawing backlash to a post
</a>
<span style="font-style:italic">
about its A.I. strategy, but the move appears to have
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
cost Duolingo daily active users
</a>
<span style="font-style:italic">
.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Seen and heard, consumer edition
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Several consumer-facing companies yesterday reported earnings that both excited and underwhelmed investors.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The American consumer was a focus of analyst calls, with executives pointing to an emergent divide between the haves and have-nots. Here are some key takeaways:
</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">
McDonald’s: Lower-income consumers are under strain.
</span>
<span>
The restaurant chain
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
saw a rebound
</a>
<span>
at its U.S. stores last quarter, which it attributed to recent promotions. But executives still expressed concern about spending, especially by those with less disposable income.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“Re-engaging the low-income consumer is critical, as they typically visit our restaurants more frequently than middle- and high-income consumers,” Chris Kempczinski, the company’s C.E.O., told analysts. “This bifurcated consumer base is why we remain cautious about the overall near-term health of the U.S. consumer.”
</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">
Disney: Wealthier Americans are still spending on leisure.
</span>
<span>
The entertainment giant posted stronger-than-expected earnings and raised its profit outlook in two crucial businesses: streaming and “experiences,” a category that includes its parks, resorts and cruises. Revenue from domestic theme parks rose 10 percent in the most recent quarter.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Disney’s cruise ships are already roughly half-booked for next year, the company’s C.F.O., Hugh Johnston, told analysts. “I know there’s a lot of concern about the consumer in the U.S. right now,” Johnston
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
told CNBC
</a>
<span>
. “We don’t see it. Our consumer is doing very, very well.”
</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">
Shopify: Tariffs aren’t holding shoppers back.
</span>
<span>
Shares in
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
the e-commerce company soared 20 percent after it reported a sales jump of 31 percent year over year, fueled by robust consumer demand and adjustments to that by sellers on its platform. Jeff Hoffmeister, Shopify’s chief financial officer, told analysts that “the business remains in
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
very good shape
</a>
<span>
.” He also said that strength was not due to shoppers trying to front-run President Trump’s tariffs.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“We had factored into our guidance some potential impact from tariffs, which did not materialize,” Hoffmeister told analysts. Harley Finkelstein, Shopify’s president, told CNBC that “the millions of stores on Shopify
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
are doing really, really well
</a>
<span>
.”
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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<tr>
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</td>
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</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
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">
Firefly Aerospace, a space technology start-up,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
priced its initial public offering
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
at $45 a share, above already increased expectations, as investor interest in I.P.O.s grows. (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">
Claire’s, the embattled teen jewelry chain,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
filed for bankruptcy protection
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
for a second time. (NYT)
</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">
Tech and artificial intelligence
</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">
Microsoft’s A.I. chief, Mustafa Suleyman, has reportedly
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
raided his former team at Google DeepMind
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
for talent — putting him at odds with Demis Hassabis, his former colleague. (WSJ)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“China Turns to A.I.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
in Information Warfare
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (NYT)
</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">
An electronic case filing system used by the U.S. federal judiciary 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">
experienced a major cyberattack
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, potentially compromising the identities of confidential informants in several states. (Politico)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Larry Bossidy
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, who shot to fame by turning around Allied Signal and who led its takeover of Honeywell, has died. He was 90. (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">
“AT&T just made it official:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Workplace loyalty is dead
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (Business Insider)
</span>
</li>
</ul>
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</table>
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Andrew Ross Sorkin
</a>
<span>
, Founder/Editor-at-Large, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@andrewrsorkin
</a>
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Bernhard Warner
</a>
<span>
, Senior Editor, Rome
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@BernhardWarner
</a>
</td>
</tr>
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3 weeks, 1 day ago - nytdirect@nytimes.com
Also, gaming out the next big media deal.View in browser|nytimes.comAugust 7, 2025Good morning. T...