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   DealBook: Wall Street’s big week
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   Also, Persian Gulf strikes rattle markets.
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             July 13, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          A fascinating development last night underscores the brutal economics of the artificial intelligence race: Anthropic extended access to Fable, the consumer version of its high-powered Mythos model, for another week, delaying a plan to charge extra for it.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Because Fable requires so much computing power, Anthropic is most likely taking a loss on the move. The extension came after fierce internal debate, driven by fear that users would otherwise flock to OpenAI’s new GPT-5.6 model, which some find comparable or even superior.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This is more than a product story. It is a perfect prisoner’s dilemma, with tech giants burning cash to take market share before potentially trillion-dollar I.P.O.s. There’s a huge question with enormous consequences: Are these A.I. giants becoming low-margin commodities — or can they find a way to make huge profits? (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">
              Earnings season kicks off as corporate America faces a host of challenges.
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              Michael M. Santiago/Getty Images
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          What to watch for this earnings season
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Even as the U.S.-Iran cease-fire unravels, stocks are approaching record territory again. And some on Wall Street
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          see the rally grinding higher still
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That will depend on how companies manage geopolitical uncertainty — as well as high inflation, an uneven labor market and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          growth risks
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For some, there’s another question: Can corporate giants top last quarter,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the best one in six years
         </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 schedule:
         </span>
         <span>
          In
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a rarity
         </a>
         <span>
          , JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Goldman Sachs are all set to report quarterly results tomorrow. Netflix, BlackRock and others report later in the week.
         </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 to watch for:
         </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">
          Can the profit machine continue?
         </span>
         <span>
          Analysts expect stellar bottom-line growth again, with S&amp;P 500 companies’ average price-to-earnings ratio for the next 12 months — a closely watched measure —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          at a decade-high
         </a>
         <span>
          , according to FactSet.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Analysts will also want to see how
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a deal spree
         </a>
         <span>
          and a trading windfall have bolstered Wall Street giants’ profits.
         </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 about cash flow?
         </span>
         <span>
          It’s particularly pertinent for the Magnificent Seven tech giants, which begin reporting this month. Four — Amazon, Google, Microsoft and Meta —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          plan to spend roughly $700 billion
         </a>
         <span>
          combined on capex this year, mostly on artificial intelligence infrastructure.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors remain antsy about that flood of spending. Shares in the Magnificent Seven have vastly underperformed the S&amp;P 500 this year.
         </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">
                Worth reading:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Torsten Slok
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the chief economist at Apollo Global Management, asks tough questions about what happens if the anticipated “payoff” from A.I. spending
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                takes longer than expected
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
            </td>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          How is the consumer holding up?
         </span>
         <span>
          The war in Iran sent energy prices spiking worldwide, eroding the spending power of lower-income households.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The effects of penny-pinching and the so-called
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          K-shaped economy
         </a>
         <span>
          became a major talking point on earnings calls last quarter. A gloomy consumer outlook could sap corporate profits and weigh on Republicans’ chances in the midterm elections.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                On that note: The Bureau of Labor Statistics is set to publish the Consumer Price Index tomorrow, with analysts expecting to see that inflation most likely
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                cooled last month
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </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">
          And there’s
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kevin Warsh
         </span>
         <span>
          , the Fed chairman, who is set for two days of congressional testimony, beginning tomorrow. Expect him to be grilled on inflation and interest rates.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Lindsey Graham’s death raises questions about the Republican agenda.
         </span>
         <span>
          The South Carolina senator
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          died suddenly
         </a>
         <span>
          over the weekend; he was a onetime opponent of President Trump turned stalwart ally who was also an advocate for strong U.S. foreign policy,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sweeping tax cuts
         </a>
         <span>
          and, sometimes,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bipartisanship
         </a>
         <span>
          . While he was up for re-election this year, his death narrows Republicans’ current Senate majority to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          just 52-47
         </a>
         <span>
          (and realistically less given, the absence of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Senator Mitch McConnell
         </span>
         <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 Justice Department investigates the president of the U.A.W.
         </span>
         <span>
          Federal prosecutors are examining accusations that
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Shawn Fain
         </span>
         <span>
          , the head of the powerful auto workers union,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          improperly pressured another official
         </a>
         <span>
          for benefits for his fiancée and her sister. Fain said he was the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          victim of “bogus allegations”
         </a>
         <span>
          that he claimed were meant to sway an upcoming leadership vote.
         </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">
          More states prepare to sue over the sale of Warner Bros. Discovery.
         </span>
         <span>
          Connecticut, New York and Washington will join California
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in a lawsuit
         </a>
         <span>
          to block Paramount’s takeover of the media company, which could be filed as soon as this week, The Times reports. The lawsuit, if it happens, would be the last significant obstacle for the $111 billion media deal.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </td>
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           <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%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260713%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODM5NDUxMDUuODg0Njg5fQ:1wjFc9:h9HqNd5j-3pf1ss_nxSxDQsLuVt2Wd2A5_zfGB9YbGU" style="max-width:96px;margin-bottom:7px"/>
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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
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           <td height="20">
           </td>
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         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Persian Gulf volatility
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Oil prices have spiked again as the U.S. and Iran continue to trade strikes. And Tehran says it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          controls the Strait of Hormuz
         </a>
         <span>
          , a claim that Washington disputes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Iran is aiming to attack not just commercial ships and U.S. military assets in the Persian Gulf. Its strikes have also put the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          energy infrastructure
         </a>
         <span>
          of some neighboring countries at risk. That’s spooking traders and casting doubt on the possibility of a lasting peace deal.
         </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">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brent crude
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the international benchmark for oil, hit $78.60 in extremely choppy trade. It has climbed more than 9 percent in the past week, stoking wider inflation fears.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                S&amp;P 500 futures are under pressure, as are cryptocurrencies and bonds.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td style="text-align:center">
            <img alt="A line chart shows the price of Brent crude, the international oil benchmark, since the beginning of the year." class="css-mcckse" height="535" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F13%252Fbusiness%252F13db-chart%252F13db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODM5NDUxMDUuODg1MDQyfQ:1wjFc9:cbyPs3uvagoW_76Wve7HX3zs67PyOpNYbba-uwcaMyk" 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 style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Iran’s grip on the strait is solidifying.
         </span>
         <span>
          A U.S. barrage on Iranian targets over the weekend was intended to retaliate against Iran’s actions, an unnamed U.S. official said. Just 14 ships traversed the strait yesterday, according to Kpler, a maritime data firm, down sharply from late June after Washington and Tehran signed a framework agreement.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That pact did not clearly specify how the strait would be secured, and may have given Iran
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          an opening to exert more control over it
         </a>
         <span>
          , The Times reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Esmail Baghaei
         </span>
         <span>
          , a spokesman for Iran’s Foreign Ministry, said this morning that the memorandum of understanding had “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          undoubtedly entered a crisis phase
         </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">
          What’s next?
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          suggested on “Meet the Press” yesterday that the two sides were close to a deal over the weekend, but offered no specifics.
         </span>
        </p>
        <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="The Apple logo as seen from the company's store on Fifth Avenue in Manhattan." class="css-1b7vfn3" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F13%252Fmultimedia%252F13db-apple-vjlg%252F13db-apple-vjlg-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODM5NDUxMDUuODg1MTU4NX0:1wjFc9:-W9bb_GQHESpaxx1Xf9-5CP4cfabRr7my_44T_8U-M8" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:5px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:10px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Brendan McDermid/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>
          Apple (and Musk) take on OpenAI
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Silicon Valley is still abuzz about Apple’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          trade secrets lawsuit against OpenAI
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The legal fight creates yet another headache for OpenAI, which is grappling with volatility in its business and unpredictable oversight from Washington. (And, for good measure, new gibes by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <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">
          Apple accuses OpenAI of stealing information about products in development
         </span>
         <span>
          amid a campaign to poach hardware engineers and designers to build its own hardware offering. It marks the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          nadir of relations
         </a>
         <span>
          between the onetime partners.
         </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 lawsuit focuses on
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Tang Tan
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a former top Apple hardware executive who now leads hardware at OpenAI. Tan, according to the lawsuit, is accused of helping coach hires from Apple on how to evade the iPhone maker’s security processes for departing workers.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Another focus is
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Chang Liu
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , an iPhone engineer whom Apple accused of stealing confidential information. Upon discovering a networking vulnerability that let him access Apple information after leaving the company, according to the lawsuit, Liu told a former colleague, “LOL, I found out I can access the [network storage], so funny.”
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Of note: Tan previously reported to
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          John Ternus
         </span>
         <span>
          , Apple’s incoming C.E.O. Some designers
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          favored Tan over Ternus
         </a>
         <span>
          for the hardware chief role, according to Bloomberg.
         </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">
          From the lawsuit:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          OpenAI’s nascent hardware business now rests on the shakiest of foundations, rotten to its core by its illegal reliance on misappropriated trade secrets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Musk piled on over the weekend,
         </span>
         <span>
          after losing a lawsuit against OpenAI this year. Amid a back and forth with
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sam Altman
         </span>
         <span>
          , OpenAI’s C.E.O. and a longtime foil,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Musk wrote on X
         </a>
         <span>
          : “After stealing an open source AI charity, you then stole all of Apple’s phone technology! Wow.”
         </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 lawsuit adds to OpenAI’s challenges:
         </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 company is racing to catch up with Anthropic, especially among corporate users.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                OpenAI’s No. 2 executive,
               </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">
                , plans to step down because of health reasons, leaving a major hole in its leadership ranks.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A wide release of its latest artificial intelligence model was delayed by a request from the Trump administration.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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">
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        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         QUOTE OF THE DAY
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “I find it ironic that the status quo is to then turn around and impose restrictive terms on distillation, and to reserve the right to learn from customer usage and interaction data.”
         </span>
        </h2>
        <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">
          Satya Nadella
         </span>
         <span>
          , Microsoft’s C.E.O.,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          subtly jabbing
         </a>
         <span>
          artificial intelligence companies like Anthropic over their efforts to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          restrict rivals’ ability
         </a>
         <span>
          to copy their models via a technique known as distillation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Nadella notes that leading A.I. models rely on fair-rights use of publicly available data (which some content providers argue is taken without their consent).
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           </td>
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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 large group of people cheering and surrounding Sam Darnold, the quarterback of the Seattle Seahawks, as he holds up a trophy." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F13%252Fmultimedia%252F13db-seahawks-zbpm%252F13db-seahawks-zbpm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODM5NDUxMDUuODg1NzM0OH0:1wjFc9:zWOVwSP314Iynva8Ik40RwEM2Y9vsvUEvFx5GDF9CwU" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
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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 Seattle Seahawks celebrating their Super Bowl victory in February.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Kirby Lee/Imagn Images, via Imagn Images, Via Reuters Connect
             </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>
          A record price for the Super Bowl champs
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The venture capitalist
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Vinod Khosla
         </span>
         <span>
          has long been a member of Silicon Valley’s elite. Now, he and his family are joining another exclusive club by becoming primary owners of an N.F.L. team.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A group led by Khosla is buying the Seattle Seahawks, reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          for a record $9.6 billion
         </a>
         <span>
          , just five months after the team won the Super Bowl.
         </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 deal could end uncertainty over the fate of the team,
         </span>
         <span>
          which has been owned by the estate of Paul Allen, a Microsoft founder, since his death in 2018.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Khosla reportedly beat out rivals, including a group led by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Aditya Mittal
         </span>
         <span>
          , an Indian tycoon,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to Sportico
         </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">
          Khosla struck a record price for an N.F.L. franchise.
         </span>
         <span>
          The last time a team changed hands was when a group led by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Josh Harris,
         </span>
         <span>
          a financier, bought the Washington Commanders for $6.05 billion in 2023. (
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jeffrey Lurie
         </span>
         <span>
          sold a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          minority stake in the Philadelphia Eagles
         </a>
         <span>
          in 2024, valuing the team at $8.3 billion, according to The Wall Street Journal.)
         </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 the latest big deal in Khosla’s long career.
         </span>
         <span>
          Over four decades, he has become one of Silicon Valley’s most prominent and prescient investors, investing early in ventures like OpenAI, DoorDash and Instacart.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Forbes recently ranked him
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          No. 1
         </a>
         <span>
          on its latest Midas List of top venture investors, citing OpenAI. The magazine estimates his net worth is $13.7 billion.
         </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">
          Khosla will have to divest an existing N.F.L. ownership stake:
         </span>
         <span>
          a 3.1 percent stake in the San Francisco 49ers that he and his family bought last year at a valuation of more than $8.5 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          His wife,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Neeru Khosla
         </span>
         <span>
          , will become the Seahawks’ controlling owner if the sale is approved.
         </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">
          Who else can afford an N.F.L. team?
         </span>
         <span>
          The N.F.L. may yet grow, with speculation heating up last month after the owner of the United Football League mentioned that the N.F.L. was discussing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          adding two more teams
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But increasingly, it takes super-deep pockets to become an owner. The N.F.L. is already home to some of the world’s priciest franchises: The Dallas Cowboys are worth $13 billion,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to a Forbes estimate
         </a>
         <span>
          . The Los Angeles Rams and the New York Giants are each in the $10 billion club.
         </span>
        </p>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </span>
           </h3>
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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">
          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brookfield reportedly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                is nearing a stake
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the Hudson Square Properties, valuing the Lower Manhattan hub, home to tech giants like Anthropic, at $3.5 billion. (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">
                Helsing announced 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">
                $1.8 billion funding round
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , which DealBook hears gives the German defense start-up an $18 billion valuation. Investors include Goldman Sachs Alternatives, JPMorgan Chase and Lightspeed Venture Partners.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Helsing
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                is also expected to announce its first attack drone factory in the U.S., in West Virginia. (Helsing, DealBook)
               </span>
              </li>
             </ul>
            </td>
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          </tbody>
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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">
          Politics, policy and regulation
         </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">
                “How a Gang of Thieves Pulled Off 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">
                Multimillion-Dollar Data Center Heist
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </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">
                Vibe-coding led to an explosion of new apps. It also
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                created a mess
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for software maintenance experts to clean up. (FT)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                How far did Disney’s live-action “Moana” go at the box office?
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Not far
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , raising questions about the House of Mouse’s movie strategy. But Lionsgate’s Michael Jackson biopic
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                just surpassed $1 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at the box office. (NYT)
               </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">
                “The Podcasting Tech Investor
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Now Busy Hyping Trump Accounts
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
               </span>
              </li>
             </ul>
            </td>
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