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   DealBook: Trump’s rethink on A.I.?
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             May 5, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Should there be the equivalent of the F.D.A. for artificial intelligence models? Should there be a government approval process before new models are released?
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Those are some of the big questions as the White House weighs an executive order that could increase oversight of new A.I. tools. Will it need congressional approval? How much will the industry push back? More below. (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">
             Is the White House moving away from the laissez-faire approach to artificial intelligence championed by David Sacks, its former A.I. czar?
            </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>
          The debate over new A.I. guardrails
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For most of his second term, President Trump has embraced a laissez-faire approach to artificial intelligence. Let Silicon Valley do its thing, his administration reasoned, and it would maintain its lead over China and other rivals.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a report by The Times
         </a>
         <span>
          about the White House potentially taking a heavier hand in overseeing A.I., including reviewing new models before they’re released, underscores how even the Trump administration has to reckon with how powerful these tools are becoming.
         </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 being discussed:
         </span>
         <span>
          The administration is weighing the creation of a working group for government officials and industry leaders to discuss oversight procedures, The Times reports. Crucially, that may include a formal government review process for new A.I. models. (It may not involve actually blocking their release.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A possible model is what Britain does, with government officials ensuring that A.I. meets certain safety standards.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It’s part of a shift in the White House’s thinking on A.I.:
         </span>
        </p>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Until March, the administration’s point person on A.I. policy was David Sacks, a venture capitalist who has long favored a light regulatory touch. Sacks also openly feuded with Anthropic, which he has derided as “woke.”
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                But Sacks is no longer in government (though he remains a tech adviser). Assuming bigger roles on the administration’s A.I. policies are Susie Wiles, the White House chief of staff, and Treasury Secretary Scott Bessent. Both
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                met with Anthropic’s C.E.O.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Dario Amodei, last month to discuss resuming the government’s use of its A.I. tools.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Possibly on the table is re-empowering the Center for A.I. Standards and Innovation, a Biden-era agency meant to vet A.I. models, The Times adds.
               </span>
              </li>
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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">
          Driving much of the shift is Mythos,
         </span>
         <span>
          Anthropic’s next-generation A.I. model, whose ability to rapidly find cybersecurity vulnerabilities has worried government and corporate leaders.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The White House has opposed letting Anthropic drastically increase access to Mythos, which is currently limited to several dozen companies and organizations. That’s in part because of fears of Mythos falling into the wrong hands (and in part because of fears that Anthropic may have to throttle use of the model given
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          its computing resource constraints
         </a>
         <span>
          ).
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          All that underscores how A.I. is increasingly a national security concern — and could create new
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          geopolitical
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tensions
         </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">
          Mythos is only the first of many.
         </span>
         <span>
          OpenAI is also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          planning a limited release
         </a>
         <span>
          of its latest model, GPT-5.5-Cyber, because of similar concerns about cybersecurity. Amodei has predicted that other bleeding-edge tools will catch up within months.
         </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">
                In other A.I. news: OpenAI weighed
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                spinning out its robotics and consumer hardware divisions
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to give them more financial independence but has since soured on the idea, according to The Wall Street Journal.
               </span>
              </li>
             </ul>
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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>
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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">
          Global markets rebound as the cease-fire with Iran holds.
         </span>
         <span>
          Brent crude, the international benchmark for oil, fell below $113 this morning after
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          clashes yesterday
         </a>
         <span>
          between U.S. and Iranian forces didn’t lead to a re-escalation in fighting. Still, analysts at Goldman Sachs warned, the world’s oil reserves are drawing down at
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a “concerning” pace
         </a>
         <span>
          , and the average price of U.S. gasoline rose again today, to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $4.48 a gallon
         </a>
         <span>
          , according to AAA.
         </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">
          Elon Musk’s lawyers grill the president of OpenAI on the stand.
         </span>
         <span>
          Greg Brockman, the OpenAI executive,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          faced tough questions
         </a>
         <span>
          from Musk’s legal team yesterday about whether his work was driven by greed. In other Musk legal news: The tech billionaire agreed to pay $1.5 million to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          settle a fight with the S.E.C.
         </a>
         <span>
          over whether he broke securities laws in his 2022 takeover of Twitter.
         </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">
          Shares in Intel rise on a report about potential deals with Apple.
         </span>
         <span>
          The chipmaker has held talks with Apple
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          about making processors in the U.S.
         </a>
         <span>
          for the iPhone maker’s devices, according to Bloomberg. (Samsung has, too.) The possible plan lifted Intel’s stock about 3.6 percent in premarket trading today.
         </span>
        </p>
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        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Renewed faith in crypto?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Since late last year, cryptocurrencies have had a rough time, with the price of Bitcoin having tumbling as low as $62,000, down from over $124,000 in October. The steep drop drew concerns that the shine had come off the sector.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But there are signs of encouragement in the crypto industry, and one of the sector’s biggest boosters has just announced that it still believes there is plenty of money to be made from digital currencies.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A line chart shows the wild swings in Bitcoin since the start of 2025." class="css-xsf469" height="536" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F05%252Fbusiness%252F05db-chart-btc%252F05db-chart-btc-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzc5ODI4NTkuMzYxNDg4Nn0:1wKEYt:_N52p33UdUyN0AEab9FiJJK0DRGAUzTX5ErdHadBKv4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
           </td>
          </tr>
         </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">
          Bitcoin is currently trading around $81,000,
         </span>
         <span>
          putting it up more than 20 percent month over month. Its strong performance in April set it up for its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          first monthly double-digit increase
         </a>
         <span>
          since May 2025.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That appears to be driven by a couple of factors, including:
         </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">
                Coinbase, a big crypto exchange, signaled that it
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                backed revisions
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to a major crypto bill known as the Clarity Act. At issue were adjustments to how interestlike payouts tied to stablecoins, known as rewards, would be regulated. Its shares rose in premarket trading this morning after the company
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                announced layoffs
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Until recently, hopes that the war in the Middle East would end soon had bolstered crypto prices, which tend to be sensitive to geopolitical risks.
               </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 former tech company that is now basically a big bet on Bitcoin, has continued to spend hundreds of millions of dollars buying the digital token. (That said, it
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                paused purchases
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                this week.)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The crypto rally is reinvigorating some of the bullish talk that has come to define some of the industry. Yesterday, Thomas Lee, the chairman of the Ethereum treasury firm Bitmine, claimed that a “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          crypto spring
         </a>
         <span>
          ” was underway.
         </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">
          Andreessen Horowitz has just announced it’s still betting big on crypto.
         </span>
         <span>
          The venture capital giant said it had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised $2.2 billion for its fifth fund
         </a>
         <span>
          focused on the industry, bringing its total committed capital for the strategy to $9.8 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In a blog post announcing the fund, executives at a16z, as the firm is known, noted that stablecoin use had kept growing even as trading volumes whipsawed. So, too, has the adoption of blockchains.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Those back-end technologies, they say, point to crypto’s durability.
         </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>
          What’s next for a Gulf oil giant
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When the United Arab Emirates said last week that it would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          split from OPEC
         </a>
         <span>
          , many experts were surprised that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          it had taken so long
         </a>
         <span>
          , given the country’s differences with Saudi Arabia.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now the oil powerhouse looks poised to take advantage of its newly independent status, pursuing a bold financial strategy that could redraw the balance of power in the region, Vivienne Walt writes.
         </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 Emirates wants to be a hub for deal makers and business.
         </span>
         <span>
          Despite a shaky cease-fire in the war in Iran — and a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          drone attack yesterday
         </a>
         <span>
          on the Emirati oil port of Fujairah — thousands of investors and executives descended on Abu Dhabi’s convention center yesterday for the opening of the trade show Make it in the Emirates.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          After
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          canceling a string of events earlier this spring
         </a>
         <span>
          , the country was determined to get back to business. Officials announced
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          record attendance for the event
         </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 Emirates has a new sales pitch:
         </span>
         <span>
          becoming a manufacturing hub, Sultan Ahmed Al Jaber, the country’s minister of industry and advanced technology, told attendees yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He also leads the state-run oil company known as Adnoc, which announced on Sunday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a $150 billion
         </a>
         <span>
          five-year plan to expand energy infrastructure, even as the war batters oil and gas 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">
          Artificial intelligence is a huge focus.
         </span>
         <span>
          In recent years, the Emirates struck A.I. infrastructure deals with OpenAI, Microsoft and others. With about $2 trillion in its sovereign wealth funds, the nation is viewed as a deep-pocketed partner for tech companies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The country’s plan after the war in Iran winds down is to double down on economic sovereignty, industrial resilience and technology, Kristian Alexander, a senior fellow at Rabdan Security and Defense Institute in Abu Dhabi, told DealBook.
         </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 sense of urgency is driving the Emirates’ diversification strategy.
         </span>
         <span>
          Underpinning it is the belief that global demand for oil will decline around midcentury as the green transition takes hold.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Last week, Abu Dhabi announced it would increase oil production to five million barrels per day, from about 3.2 million barrels, as soon as next year.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260505%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3Nzc5ODI4NTkuMzYxNTgzNX0:1wKEYt:XH68svND7OnTEqaFSDeF6WrSbYPn5qLRTThthWPGLtM" style="max-width:96px;margin-bottom:7px"/>
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            <span style="text-align:center">
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                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260505%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3Nzc5ODI4NTkuMzYxNjc2Mn0:1wKEYt:NxQ8AadQ6UcybIWeOjhWdTYDV-R75cx__OiiizuuO_Y" style="display:block;width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
               <tr class="css-1npprw9" style="display:none">
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260505%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3Nzc5ODI4NTkuMzYxNzcyOH0:1wKEYt:OEDjfCcC5L53mC7JwBONfcRKTHmA9r_AQUb1q7KgkIQ" style="display:block;width:100%;max-width:480px" width="480"/>
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            </span>
           </td>
          </tr>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Nicole Kidman, Lauren Sanchez Bezos and Anna Wintour stand side-by-side in extravagant, colorful outfits. Other people stand behind them." class="css-xsf469" height="321" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F05%252Fmultimedia%252F05db-met-gala-gpvt%252F05db-met-gala-gpvt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzc5ODI4NTkuMzYxODY4OX0:1wKEYt:RF9-YEuGKgS6J1sW6j-EpzOmjPD90tJbxPKIZ-ja7oM" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Angela Weiss/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>
          Picture of the day
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Last night’s Met Gala brought together celebrities and business moguls alike at the Metropolitan Museum of Art in New York City, complete with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          head-turning high-design looks
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the event
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          drew more scrutiny
         </a>
         <span>
          than usual this year given that two of its lead sponsors were Jeff Bezos and Lauren Sánchez Bezos. (Lauren Sánchez Bezos is pictured here with her fellow co-chairs of the gala, Nicole Kidman and Anna Wintour.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Jeff Bezos
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          skipped the red carpet
         </a>
         <span>
          , as did a fellow tech mogul and attendee, Mark Zuckerberg.
         </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>
          A tennis tech start-up scores funding
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          PlayReplay, an electronic line-calling company backed by the U.S. Tennis Association, just raised $12 million in a round led by Alfven &amp; Didrikson, alongside Centre Court Capital, a fund managed by LionTree, ExM Investment Partners and others, Lauren Hirsch is the first to report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The start-up was the first company to receive backing from the U.S.T.A.’s venture fund, which started in 2023. The U.S.T.A., which did not participate in this round, announced
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          last week
         </a>
         <span>
          that all men’s and women’s hard court tournaments on its entry-level circuit, the International Tennis Federation’s World Tennis Tour tournaments, are using 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">
          Electronic line judges can be costly.
         </span>
         <span>
          The I.T.F. requires that elite tournaments, like the U.S. Open and Wimbledon, only use line-calling technology that meets its gold standard. But such technology is expensive: Hawk-Eye, which is used at Grand Slam events, costs
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          nearly $100,000 to set up for one court.
         </a>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          By contrast, PlayReplay, whose technology has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          gotten the silver status
         </a>
         <span>
          required by the International Tennis Federation for second-tier tournaments, costs about $3,500 per indoor court per year.
         </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">
          PlayReplay wants to bring its technology to the masses.
         </span>
         <span>
          The system uses four cameras for each court. (Hawk-Eye, by comparison, uses about 12 cameras, which are also much larger, per court.) The cameras use 3-D tracking and artificial intelligence to monitor the players, court and ball. A courtside screen offers real-time data. Players can also use a mobile app to track data, such as player statistics and performance across matches.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We would love to see the scale of use of it in all kinds of tennis clubs around the United States,” Michael Hughes Sr., the director of digital strategy and business innovation at the U.S.T.A., told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          PlayReplay, based in Stockholm, has partnerships with Tennis Canada and the German Tennis Federation, as well as a three-year
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          exclusive relationship with the Intercollegiate Tennis Associate
         </a>
         <span>
          .
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          In addition to scaling, PlayReplay will use the funds to move into other racket sports,
         </span>
         <span>
          its C.E.O., Hans Lundstam, said. Its technology is already being used in pro pickleball, and the start-up has its eye on padel and badminton.
         </span>
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            <span>
             THE SPEED READ
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          Deals
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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">
                Shares in GameStop sank yesterday
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as investors digested its surprise $55.5 billion takeover bid for eBay — and its C.E.O.’s strange interview with CNBC. (CNBC)
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              <li style="margin:0 0 10px 0;line-height:27.5px">
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                Sierra, a start-up focused on artificial intelligence agents for customer service,
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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">
                raised $950 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at a valuation above $15 billion. (TechCrunch)
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          Politics, policy and regulation
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                Jeanine Pirro, the U.S. attorney for Washington,
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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 efforts
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to appeal a court ruling that quashed subpoenas for the Fed over the renovation of its headquarters. (CNBC)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “The Billionaire Donors Behind
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump’s Midterm Superweapon
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (Forbes)
               </span>
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          Best of the rest
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                “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Why Almost Everyone Loses
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — Except a Few Sharks — on Prediction Markets” (WSJ)
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                Doris Fisher
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , who founded the Gap with her husband and created a retail empire, died on Saturday. She was 94. (NYT)
               </span>
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                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">
                legal battle over “It Ends With Us,”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                which involved the actors Blake Lively and Justin Baldoni, texts with Taylor Swift,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                allegations of a smear campaign
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and more, has ended. (NYT)
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