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   DealBook: Trump eyes a stake in A.I.
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             June 8, 2026
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          Good morning. Andrew here.
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         <span>
          Breaking: After Iran and Israel exchanged strikes, oil prices are up. And yet the stock market remains mostly positive. The juxtaposition is bewildering.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Another head-scratcher: Goldman Sachs and Morgan Stanley, the lead underwriters for SpaceX’s I.P.O., are reportedly promoting internal research by their analysts with particularly bullish forecasts for the company. For years after the dot-com crash, that was considered forbidden. Now, it’s not — but should it be? Read our report and
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          let us know what you think
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          . (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              President Trump has signaled he wants to see greater regulation of artificial intelligence.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Haiyun Jiang/The New York Times
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         <span>
          Tighter reins
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For much of President Trump’s second term, his administration’s approach to artificial intelligence has been to let the industry rip.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But amid personnel changes and potential new policies — including the federal government owning pieces of A.I. giants — Trump is signaling that he’s willing to take a more hands-on approach.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          “We’ll look into that,”
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he told reporters
         </a>
         <span>
          on Friday about the prospect of A.I. companies giving taxpayers stakes in their firms. The comments came after a report by the publication NOTUS, citing unnamed sources, that
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sam Altman
         </span>
         <span>
          of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          OpenAI had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          recently discussed such a plan
         </a>
         <span>
          . (Anthropic, which has filed for an I.P.O., reportedly isn’t currently engaging in such talks.)
         </span>
        </p>
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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">
                Such a move could be linked to the idea 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">
                universal basic capital
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , in which workers are given a share of the industry that may put many out of work. Returns on these investments could go toward a dividend payment to American households, NOTUS reported.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                It raises big questions, including how effectively the government could regulate companies it owns a stake in, and whether those A.I. giants would be more likely to get federal bailouts if they run into trouble.
               </span>
              </li>
             </ul>
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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">
          That’s after Trump signed an executive order about A.I. oversight,
         </span>
         <span>
          in which tech giants would be asked to voluntarily give the government
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          30 days to review their newest models
         </a>
         <span>
          before releasing them to the public. (Trump had initially rejected a proposed 90-day review.)
         </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">
          And a top A.I. official is leaving the White House.
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sriram Krishnan
         </span>
         <span>
          , a onetime Andreessen Horowitz partner who became the administration’s senior policy adviser for A.I., wrote on social media that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he was stepping down
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Krishnan shared the pro-industry leanings of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          David Sacks
         </span>
         <span>
          , the former White House A.I. czar, having helped create the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          administration’s action plan
         </a>
         <span>
          that prioritized innovation over stricter safeguards for A.I. development. He was also involved in the White House seeking to limit states’ ability to regulate the technology.
         </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’s emerging is a White House more willing to regulate the industry,
         </span>
         <span>
          which it has essentially deemed a key national security priority. Consider how it has urged Anthropic to set tight limits on who can access Mythos, its next-generation model, amid concerns about its cyberwarfare abilities. (Anthropic only last week widened how many companies could use Mythos.)
         </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">
          Not everyone is thrilled with the administration’s shift:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “I am fairly confident
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                this is a mistake
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,”
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Dean Ball
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a former White House A.I. adviser, wrote on X after Trump signed the executive order.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                And OpenAI
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                called for civilian agencies
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to lead the government reviews of A.I. models. (Altman made the rounds in Washington last week.)
               </span>
              </li>
             </ul>
            </td>
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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">
          Oil prices rise amid military strikes in the Middle East.
         </span>
         <span>
          Brent crude, the international benchmark,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rose to around $94
         </a>
         <span>
          after
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Israel and Iran attacked each other
         </a>
         <span>
          , but then Tehran announced it would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wind down military actions
         </a>
         <span>
          against Israel, for now. The business fallout of the war continues to mount, with airlines expected to spend an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          extra $100 billion for fuel
         </a>
         <span>
          this year, the International Air Transport Association said, and the sector’s profits expected to fall. And Axios reports that oil executives have begun to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          warn the Trump administration
         </a>
         <span>
          that $150-per-barrel oil could arrive in weeks if the war continues.
         </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">
          Prediction markets face criticism over ties to those pushing election conspiracy theories.
         </span>
         <span>
          Kalshi asked political influencers whom it has a commercial relationship with to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          take down social media posts
         </a>
         <span>
          promoting baseless election-fraud claims about the Los Angeles mayoral race, according to Semafor. Polymarket has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          contracted political influencers
         </a>
         <span>
          to get the word out about betting on their platforms, Politico 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">
          A revamped Siri is set to take the stage.
         </span>
         <span>
          Apple is expected to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          unveil its overhauled digital assistant
         </a>
         <span>
          — now more chatbotlike and powered by Gemini, by Google — at its WWDC developer conference today after years of failed efforts to update the tool. The release is expected to be the biggest test yet of Apple’s revised approach to A.I., a technology some executives worry could threaten the company’s business model.
         </span>
        </p>
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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%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260608%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODA5MjA1MDUuNzI0MjAzOH0:1wWYmH:nmsjYSLEqTUjlDPUiozvHODv-vQhwd4aO2_LswHvWic" style="max-width:96px;margin-bottom:7px"/>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A person is seen holding an umbrella in front of a wall of stock prices displayed on red and green panels." class="css-18ei5jy" height="312" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F08%252Fmultimedia%252F08db-stocks-bcgh%252F08db-stocks-bcgh-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODA5MjA1MDUuNzI0NjE2fQ:1wWYmH:MVd1ZdCxUPv8X2XMID92WFfErJAzuXSqqLESZW_AMTo" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              The tech sell-off went global this morning.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Kazuhiro Nogi/Agence France-Presse — Getty Images
             </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>
          Rates rout
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          War jitters are back, as are calls for higher interest rates. That has putting pressure on global stocks this morning as investors sell shares in Asian companies tied to the artificial intelligence boom.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Markets face a few tests this week, highlighted by the Labor Department’s release of more inflation data as well as quarterly results from Oracle, the A.I. bellwether, on Wednesday, and SpaceX’s trading debut, expected on Friday.
         </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">
                U.S. futures are rebounding, but traders continue to sell bonds; the yield on the 10-year Treasury note rose sharply to 4.54 percent this morning.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Asian chip stocks were battered today, with shares in Samsung Electronics and SK Hynix falling heavily.
               </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 pullback follows Friday’s rout that saw U.S. tech stocks experience their
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                worst one-day drop
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                since April 2025, just after President Trump’s major tariffs barrage.
               </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">
          The volatility is leading to more questions about the A.I. trade and the Fed’s next move.
         </span>
         <span>
          The bond market is worried about higher borrowing costs, especially after Friday’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stellar jobs report
         </a>
         <span>
          . A resurgent labor market and rising wartime inflation could tie the central bank’s hand on interest rates, analysts say.
         </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 could put pressure on Kevin Warsh, the new Fed chair.
         </span>
         <span>
          The central bank is expected to announce a rate decision next week, and already Trump, who had been pressuring Jay Powell, Warsh’s predecessor, to cut, is weighing in. He told the NBC News show “Meet the Press” that he didn’t “want to have a big influence” on Warsh, before adding: “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          There’s no reason to raise interest rates
         </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 market sees it differently.
         </span>
         <span>
          Futures traders this morning were pricing in a quarter-point interest rate increase by December, a call
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          echoed by economists at BNP Paribas
         </a>
         <span>
          . Their counterparts at Goldman Sachs predict
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          no interest rate cuts
         </a>
         <span>
          before June 2027, nixing their earlier call for a December reduction.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Could rates jitters spill over into the stock market?
         </span>
         <span>
          One area of concern is the A.I. rally, which has been bolstered by the tech giants’ debt-fueled spending spree. Investors have also grown concerned about tech valuations. Friday’s tech sell-off was a reminder “how little it takes for investors to take profits in A.I. trades,” Joachim Klement, the head of strategy at Panmure Liberum, an investment bank, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But, he added, “one snow goose doesn’t make an A.I. winter, so to say.” Sure enough, Nasdaq futures are gaining this morning, as dip buyers appear to be back.
         </span>
        </p>
        <table width="100%">
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          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="The blurry silhouettes of people are seen in front of a large sign that reads “Morgan Stanley Welcomes SpaceX.”" class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F08%252Fmultimedia%252F08db-spacex-btpl%252F08db-spacex-btpl-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODA5MjA1MDUuNzI0NzM5fQ:1wWYmH:W4ndpIb2rHr62XpSmJV0oe-j13XEvz7Zci5HzKRzq_g" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              The lobby of Morgan Stanley’s building in New York, last week.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jeenah Moon/Reuters
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          SpaceX.com?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Goldman Sachs and Morgan Stanley are set to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reap huge fees
         </a>
         <span>
          as the lead underwriters for the potentially record-breaking I.P.O. of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk’s
         </span>
         <span>
          SpaceX. The banks also project some eye-popping growth forecasts — up to trillions in future revenues — for SpaceX.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The optimistic forecasts come after a recent easing of the rules governing banks that some market watchers fear will weaken protections for investors, 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">
          Betting big on Musk:
         </span>
         <span>
          Goldman’s analysts forecat that SpaceX’s revenue will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          grow to more than $470 billion
         </a>
         <span>
          in 2030, over 25 times as much as what it generated in 2025. Morgan Stanley’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          analysts project
         </a>
         <span>
          that the company’s revenue
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could hit $3.4 trillion
         </a>
         <span>
          in 2040.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Underlying those sky-high predictions is a belief in Musk’s artificial intelligence business, which has been aggressively racking up customers to rent its computing power:
         </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">
                Last month, Anthropic announced that it had agreed to rent SpaceX compute for $1.25 billion a month.
               </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">
                Last week, Google struck a deal to pay $920 million a month for computing power for nearly three years, delivering some $30 billion to SpaceX.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Goldman’s projections were shared verbally in a private meeting with one potential investor,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Financial Times reported
         </a>
         <span>
          . The forecasts from Morgan Stanley’s research team were shared by the banking team with select investors,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to The Wall Street Journal
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (Goldman declined to comment to DealBook, and Morgan Stanley did not respond to a request for 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">
          To some, it feels reminiscent of the dot-com era,
         </span>
         <span>
          when Wall Street analysts publicly hyped internet stocks.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          In 2003, major banks settled an investigation with Eliot Spitzer, then New York’s attorney general, over whether deal makers had improperly pressured research analysts to give favorable ratings to their clients.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          They agreed to create firewalls between their investment banking and research divisions.
         </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 rules changed last year.
         </span>
         <span>
          In December, the S.E.C.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          loosened those restrictions
         </a>
         <span>
          . That was after appeals by large banks arguing that newer regulations — notably Rule 2241 by the Financial Industry Regulatory Authority, the industry’s self-regulating group, adopted in 2015 — covered conflicts of interest.
         </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 is a whole new world,”
         </span>
         <span>
          Patrick Corrigan, a law professor at the University of Notre Dame, told DealBook. The new rules appear to allow underwriters to use their banks’ research to sell investors on an I.P.O., as long as they comply with rules meant to ensure the impartiality and objectivity of the research, Corrigan said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The risk, Corrigan said, was that deal teams become a “conduit for an analyst recommendation that is subtly biased.” Skeptics of the new status quo are especially
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          worried about retail investors
         </a>
         <span>
          , who are expected to buy up to 30 percent of the shares sold in SpaceX’s I.P.O.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="10">
           </td>
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           </td>
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           <td>
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        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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            <img alt="A graphic shows the ticket prices on StubHub for Game 3 of the N.B.A. finals at Madison Square Garden in New York." class="css-18ei5jy" height="354" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F08%252Fbusiness%252F08db-stubhub%252F08db-stubhub-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODA5MjA1MDUuNzI1MjA4M30:1wWYmH:9n-ExtB_RtkX0wFJ7AEwk7VLmIFelou4Pv1LwTvqJKk" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Ticket pricing on StubHub for Game 3 of the N.B.A. finals, as of this morning.
             </span>
            </span>
           </td>
          </tr>
         </tbody>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Garden party
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Knicks fever is gripping New York
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          City
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          before the N.B.A. finals game tonight, the first at Madison Square Garden in 27 years. Ticket prices are booming, and President Trump and Mayor Zohran Mamdani are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expected to join
         </a>
         <span>
          the usual celebrities and Wall Street titans at the game.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          DealBook checked StubHub, the ticket resale platform, this morning, and found a pair of courtside seats, near the V.I.P. section, going for $160,546 each — a bit outside our budget.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          With the World Cup kicking off later this week in North America, expect more talk (and complaints) about
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ticket-flation this summer
         </a>
         <span>
          as huge demand and dynamic pricing algorithms drive up prices for major sports events.
         </span>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </span>
           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Deals
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        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
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             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The value of software buyout deals
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                plunged to $50 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the first five months of 2026, the lowest since the coronavirus pandemic, amid fears that artificial intelligence will disrupt the industry. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Inside the latest
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Hollywood rank-and-file fight
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                against Paramount’s proposed takeover of Warner Bros. Discovery. (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">
                Italian banking merger mania: Intesa Sanpaolo was reportedly preparing a joint bid with BPER for
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Banca Monte dei Paschi di Siena
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , hours after Monte dei Paschi received a bid from Banco BPM 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">
                create a roughly €50 billion ($57 billion) “national champion.”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                (Reuters, FT)
               </span>
              </li>
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          Politics, policy and regulation
         </span>
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        <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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Kathy Ruemmler
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                staying on as an adviser
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to Goldman Sachs at the behest of
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                David Solomon
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the firm’s C.E.O., after she resigned as the bank’s general counsel over revelations about her ties to Jeffrey Epstein. (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">
                “Trump’s next G.O.P. loyalty test: Ending 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">
                changing of the clocks
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (Politico)
               </span>
              </li>
             </ul>
            </td>
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          </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">
                “The Cattle Empire That Turned Out to Be 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">
                Giant Ponzi Scheme
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (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">
                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">
                out-of-office message
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                isn’t just an auto-response. It can be a philosophical statement. (The Atlantic)
               </span>
              </li>
             </ul>
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             Andrew Ross Sorkin
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