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   DealBook: Wall Street’s betting limits
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   Also, Andreessen’s and Bernanke’s new A.I. roles.
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             July 10, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Here’s a dilemma for the C-suite: Should employees be allowed to place bets with prediction markets?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I’m not talking about insider trading of your own stock. Imagine logistics managers using their unique supply chain visibility to wager on inflation data. They aren’t betting on their employers — but they
         </span>
         <span style="font-style:italic">
          are
         </span>
         <span>
          monetizing an information edge that the public doesn’t have.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Wall Street is already clamping down. Goldman Sachs and others are barring employees from trading financial and political event contracts, citing compliance and conflict risks.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Let me know
         </a>
         <span>
          what you think the rules should be. (Was this newsletter forwarded to you?
         </span>
         <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">
              Goldman Sachs is limiting how employees can trade on prediction markets.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Andrew Kelly/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Goldman’s limits on prediction market betting
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Prediction markets like Kalshi and Polymarket have become a big business, with aims of becoming a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          next-generation Wall Street
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But existing financial giants are limiting what their employees can do on these betting platforms, underscoring growing fears of wagers based on illicit information, Michael de la Merced 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">
          Goldman Sachs set strict limits on employee bets on prediction markets,
         </span>
         <span>
          DealBook has confirmed. In a recent memo to employees,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          first reported by Bloomberg
         </a>
         <span>
          , the bank barred workers from wagering on essentially anything except sports and entertainment.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s tied to Goldman’s policies ensuring that workers don’t trade on material nonpublic information and that they avoid real or perceived 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">
          Other Wall Street banks are also addressing prediction market use.
         </span>
         <span>
          JPMorgan Chase recently sent a memo to employees that was less prescriptive than Goldman’s, urging workers not to “engage in transactions that create the appearance of conflict, or use information you learn through work for personal gain.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A Morgan Stanley representative
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          told CNBC
         </a>
         <span>
          that the firm had policies about prediction markets but didn’t elaborate. And Bank of America is reportedly in the process of publishing policy updates.
         </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 isn’t just banks that are taking stands.
         </span>
         <span>
          The big hedge funds
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Point72 and Balyasny
         </a>
         <span>
          have barred employees from trading on prediction markets via their personal accounts, Bloomberg previously reported.
         </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">
          Insider trading concerns have continued to dog prediction markets,
         </span>
         <span>
          including after suspicious winning bets on geopolitical events like the U.S. military operation in Venezuela. Regulators have brought charges against a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Google employee
         </a>
         <span>
          and against a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          U.S. Army soldier
         </a>
         <span>
          who made bets on Polymarket.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Kalshi has noted that it is regulated in the U.S. and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          promoted its efforts
         </a>
         <span>
          to crack down on improper trading. Polymarket, whose offshore market has been a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          focus of scrutiny
         </a>
         <span>
          amid claims of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          suspicious trading
         </a>
         <span>
          , said it was “committed to maintaining accurate, fair and transparent markets.”
         </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">
          But Wall Street remains keenly interested in prediction markets,
         </span>
         <span>
          even as financial titans are trying to figure out the regulatory outlook for the platforms. Firms like Susquehanna International Group, Jump Trading and FalconX are helping institutional clients use prediction markets for hedging and other trades.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And Kalshi has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          begun thinking
         </a>
         <span>
          about an eventual I.P.O.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Information previously reported
         </a>
         <span>
          that Kalshi had encouraged banks that might advise on the deal to work with its platform to bolster its institutional trading business.
         </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>
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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">
          Oil dips on new demand fears.
         </span>
         <span>
          The International Energy Agency said this morning that oil demand would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          drop significantly this year
         </a>
         <span>
          . The high prices and supply disruptions caused by war in the Middle East are part of the problem, as is a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          slowing global economy
         </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">
          A stricken New York City skyscraper puts the office-to-apartment conversion boom in focus.
         </span>
         <span>
          Developers around the country are facing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          questions about such projects
         </a>
         <span>
          after structural damage at Pfizer’s former headquarters in Midtown Manhattan has put the skyscraper at risk of partial collapse. The projects could now face a “Pfizer premium” involving more expensive safety reviews, insurance and funding.
         </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">
          Investors are closely watching SK Hynix’s U.S. trading debut today.
         </span>
         <span>
          The Korean tech giant
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised $26.5 billion
         </a>
         <span>
          , a near record, in a share sale yesterday. It’s another sign of robust investor demand for companies at the heart of the memory chip boom driving the artificial intelligence trade, but
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          broader bubble concerns
         </a>
         <span>
          haven’t faded.
         </span>
        </p>
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         <tbody>
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            <img alt="Ben Bernanke, the former Fed chair, is seen walking past a group of people." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F10%252Fmultimedia%252F10db-bernanke-cgkl%252F10db-bernanke-cgkl-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODM2ODMwNTIuOTM2NTU1OX0:1wi9RU:32koBTCCqLnr6F-bbLfqA64I_aPTJxkKWXgRzrM0hsc" 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">
              Ben Bernanke, the former Fed chair, is getting more deeply involved in the artificial intelligence industry.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Andrew Harnik/Associated Press
             </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>
          The A.I. A-Team
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Artificial intelligence is going to turbocharge the economy, wreck the job market or fall short of the hype.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Two prominent new appointments in Washington and Silicon Valley signal the stakes of correctly determining the technology’s effects on the economy and beyond. They involve
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Marc Andreessen
         </span>
         <span>
          , a billionaire venture capitalist and backer of President Trump, and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ben Bernanke
         </span>
         <span>
          , the former Fed chair.
         </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 Fed named Andreessen to a “productivity and jobs” task force.
         </span>
         <span>
          The group will assess the economic impact of new technologies such as A.I.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          to inform central bank policy
         </a>
         <span>
          .
         </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">
                Andreessen will be joined by
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Charles Jones
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , an economics professor at Stanford who is currently on leave working at Anthropic, and
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Asha Sharma
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the C.E.O. of Microsoft’s Xbox unit, which just
               </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 a reset involving big layoffs
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The productivity and jobs task force is one of five created by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kevin Warsh
         </span>
         <span>
          , the new Fed chairman.
         </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">
          Warsh is bullish on A.I.’s potential.
         </span>
         <span>
          He believes it will drive up productivity, spur growth and eventually lower inflation — potentially setting the stage for lower interest rates. Fed officials mostly agree that A.I. will bring economic benefits, but they also fear that rapid corporate adoption of the technology could
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          disrupt the labor market
         </a>
         <span>
          and that the debt-fueled A.I. infrastructure buildout
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could raise inflation
         </a>
         <span>
          in the near term.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Could a task force involving Andreessen, a noted “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          techno-optimist
         </a>
         <span>
          ,” change policymakers’ views on A.I.’s benefits?
         </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 then there’s Bernanke,
         </span>
         <span>
          who is joining an independent advisory board for Anthropic.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          As the Fed chief from 2006 to 2014, Bernanke helped steer the economy through the global financial crisis that defined his tenure.
         </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">
          Dario Amodei
         </span>
         <span>
          , Anthropic’s C.E.O., cited that experience yesterday. Bernanke’s judgment “will make us better at anticipating and responding to how advanced A.I. affects work forces and economies around the world,” Amodei wrote in a statement
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          published to the company’s blog
         </a>
         <span>
          .
         </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">
                In other A.I. news,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Fidji Simo
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the No. 2 executive at OpenAI, said yesterday that
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                she was leaving the company
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for health reasons, another complication for the A.I. lab as it prepares to go public.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <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="President Trump pulls a cord attached to a large gold-colored bell on a wood desk. Several people stand behind him and clap." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F10%252Fmultimedia%252F10db-trump-mcfh%252F10db-trump-mcfh-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODM2ODMwNTIuOTM2Njc3Mn0:1wi9RU:WS4EOOInhxs7nAC0IwQACJ54SlJTZomFiL-w1-P24aI" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
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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">
              President Trump rings a bell featuring the logos of the New York Stock Exchange and Nasdaq during an Oval Office event this month.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Tierney L. Cross for The New York Times
             </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>
          Trump’s trades
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump’s recent financial disclosures
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pointing to giant earnings
         </a>
         <span>
          while in office have stunned his critics and Wall Street alike.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now, The Wall Street Journal has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          revealed a critical piece
         </a>
         <span>
          of Trump’s moneymaking strategy: frenetic stock trading, much of it in his brokerage account at Charles Schwab.
         </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 legal victory helped.
         </span>
         <span>
          Much of the trading began shortly after a New York appeals court threw out a roughly $500 million penalty that the state’s attorney general,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Letitia James
         </span>
         <span>
          , had won in a fraud case against Trump family businesses, The Journal reported, citing unnamed sources.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump, who disclosed about 21,000 trades last year, used a direct-index trading strategy. That often involves buying and selling individual stocks in an effort to mimic the swings of a broader stock index. Some investors prefer this way of trading, in part because it can help offset a capital-gains tax hit.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The president’s family has investment accounts with other firms, including UBS and JPMorgan Chase, The Journal reported, citing anonymous sources. But Schwab stands out.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          From The Journal:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Schwab is a dominant competitor in the brokerage industry and a pioneer in low-cost trading. Unlike banking giants such as JPMorgan and Capital One, the firm didn’t face accusations from the Trump family that it had “debanked” them, or closed their accounts, in response to the Jan. 6, 2021, riot at the U.S. Capitol.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Schwab founder Charles “Chuck” Schwab, who has occasionally appeared at the president’s side, has advocated for government-backed retirement plans, including a mandated savings program requiring employers to contribute to workers’ accounts, people familiar with the matter said.
         </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>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         CHART OF THE DAY
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A bar chart displays year-by-year venture capital spending, beginning in 2020." class="css-mcckse" height="535" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F10%252Fbusiness%252F10db-chart%252F10db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODM2ODMwNTIuOTM2Nzg1fQ:1wi9RU:Q1Ypy2veXmnFACo5nj88D3W39yaFhmvcwqarswd33a4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Venture capital firms poured $412.7 billion into start-ups in the first half of the year, more than any full year in the past decade, according to a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          new report
         </a>
         <span>
          by PitchBook and the National Venture Capital Association.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But aspects of that boom are stirring up concern in Silicon Valley and beyond:
         </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">
                Artificial intelligence deals — including a $122 billion mega-round for OpenAI and a $65 billion one for Anthropic — drove much of the frenzy, accounting for 86 percent of the investments. But that hyper-focus concentrates risk, the PitchBook authors write: “Even if A.I. delivers, returns will concentrate in a small number of winners, so funding a wide field at elevated prices leaves many of those entries exposed.”
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Nearly 90 percent of the V.C. money invested in start-ups in the first six months of 2026 went to deals valued at $100 million or more, another kind of concentration risk.
               </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 future of the V.C. fervor depends largely on how the forthcoming I.P.O.s for OpenAI and Anthropic perform. “A lot is riding on those two companies,” Kyle Stanford, a co-author of the PitchBook report, told DealBook.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
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           <td height="10">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Talking A.I. with the managing partner of Bain Capital
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          Every week, we’re asking a leader how he or she uses artificial intelligence. This week,
         </span>
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          David Gross
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          , who leads Bain Capital, told DealBook’s Sarah Kessler that it’s difficult for companies to transition from personal productivity to change at scale. The interview has been condensed and edited.
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          How do you use A.I. personally?
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          It’s the most confidential adviser I could ever hope to have.
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          What have you told your direct reports or employees about how you want them to use A.I.?
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         <span>
          It’s really been about not approaching it from a technology way of thinking, but as an imagination problem. You don’t really get that far by incrementally making something a little bit more efficient or easier to do.
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          Usually that sends you on the path of a big I.T. project, versus doing something in a more practical way.
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          Bain Capital invested in the Deployment Company, a joint venture with OpenAI and other investors that sends consultants to help businesses use A.I. software. What have you learned?
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          I think businesses are all experiencing the same challenges in terms of implementing this beyond personal productivity and implementing it at scale.
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          Do you see these forward-deployed engineers as a permanent need or just a way to get over an adoption hump?
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It does feel like there’s a bottleneck that needs to be cleared because the technology is new.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When you are taking this very broad and powerful technology and implementing it in real-life companies, changing how business processes really work, I don’t see a technology solution for that.
         </span>
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             THE SPEED READ
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                Shein, the fast-fashion retailer, is reportedly preparing for a
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                potential initial public offering in Hong Kong
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                . (Bloomberg)
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                UBS is said to have contributed to
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                investor withdrawals from a big Blue Owl fund
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                after it encouraged some clients to cut their exposure to private credit. (FT)
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                The E.P.A. proposed relaxing limits on
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                pollution from heavy-duty vehicles
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                like tractor-trailers and delivery trucks. (NYT)
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                “
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                Top Senate Democratic PAC Stockpiles Record Sum
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , as Money Chase Heats Up” (NYT)
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          Best of the rest
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                Will Netflix
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                add live TV
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and bundle rival streaming services to prop up declining engagement? (WSJ)
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                Madison Square Garden
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                reportedly labeled V.I.P.s, superfans and more
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                with an array of tags, including risk scores and “L.G.B.T.Q.I.A.” (Wired)
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