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   DealBook: Walling off A.I.?
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   Also, Paramount’s big deal faces a delay.
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             July 21, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Silicon Valley is locked in a heated debate over new open-weight A.I. models out of China, with critics claiming they were “distilled” — read: stolen — from U.S. counterparts. Against this backdrop, the Trump administration and Chinese officials are expected to discuss A.I. regulation ahead of President Xi’s meeting with Trump on Sept. 24.
         </span>
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          The big question: Will Washington move to block Chinese open-weight models from the U.S.? And will this become a new chess piece in trade negotiations? (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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            <img alt="David Sacks, the former White House artificial intelligence czar, wearing a dark suit, white shirt and tie, sitting in front of a microphone with American flags behind him. " class="css-18ei5jy" height="324" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F21%252Fmultimedia%252F21db-ai-sacks-hpwb%252F21db-ai-sacks-hpwb-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQ2MzU2MDEuMDA5ODg0OH0:1wm9FB:OvriDXvZkQHCPr7KEQ4gMnEehNPDMYCoGUiqWaoesN4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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             <span style="color:#666;font:normal 14px georgia,serif">
              Even after leaving the White House, David Sacks has pushed back against efforts to limit competition in the artificial intelligence industry.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Eric Lee for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A.I. protectionism
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The U.S.-China race for artificial intelligence dominance has shifted drastically in recent weeks, as more
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Chinese models
         </a>
         <span>
          (that are largely open-weight) mostly matched the best Western offerings.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          New reports suggest that Washington and Beijing are weighing steps to protect and advance their national industries — which many in the industry believe could pose more problems than they solve.
         </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">
          Some in the Trump administration are pushing for limits on foreign models.
         </span>
         <span>
          The emergence of powerful new open-weight Chinese models from Z.ai and Moonshot AI, which are cheaper to use than closed Western models, have reinvigorated efforts to effectively
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ban such tools
         </a>
         <span>
          , Axios reports, citing unnamed sources:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The Commerce Department last year considered adding multiple Chinese A.I. labs to its “Entity List,” which would effectively cut off U.S. access without a license, a source close to the administration told Axios.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The National Security Agency and White House Office of the National Cyber director also considered putting out an advisory on Chinese A.I. lab threats last year, practically discouraging U.S. companies from using their tech, the source said.
         </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">
          These voices have gained power in the administration
         </span>
         <span>
          , especially as critics of the approach — including
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          David Sacks
         </span>
         <span>
          , the former White House A.I. czar;
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sriram Krishnan
         </span>
         <span>
          , a top White House A.I. adviser; and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Chris Fall
         </span>
         <span>
          , the director of the Commerce Department’s Center for A.I. Standards and Innovation — have departed.
         </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">
                Leaders of A.I. giants, including
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Dario Amodei
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of Anthropic and
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Sam Altman
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of OpenAI, have pushed for
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                mandatory government testing
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                even licenses
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for frontier models, in the name of safety. Some have 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">
                argued against open-source models
               </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">
          Prominent industry figures are still pushing back,
         </span>
         <span>
          arguing that — contra the views of Amodei and Altman — open-source A.I. is good because it forces leading labs to compete on capability and price.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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          <tbody>
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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">
                “Lobbyists are urging Washington to treat open-model A.I. as a security threat. In fact, it is something more familiar: proper competition
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                that should be welcomed
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,”
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Bill Gurley
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the veteran venture capital investor, wrote in an opinion piece in The Washington Post
               </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 leading closed labs, already a duopoly in terms of A.I. model revenue, want the government to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                eliminate their open source competition
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ,” Sacks wrote on X.
               </span>
              </li>
             </ul>
            </td>
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        </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">
          China is reportedly weighing limits for its own models.
         </span>
         <span>
          The country’s commerce ministry has been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          considering ways to limit
         </a>
         <span>
          foreign companies from getting access to key A.I. and chip-making data or from acquiring important tech start-ups, The Financial Times reports, citing unnamed sources.
         </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:
         </span>
         <span>
          The U.S. and China are set to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hold talks in September
         </a>
         <span>
          over how to regulate their increasingly powerful models, according to Reuters.
         </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">
          The war in the Middle East threatens to expand.
         </span>
         <span>
          The Houthis, an armed faction in Yemen that’s backed by Iran, said they
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          would blockade Saudi ships
         </a>
         <span>
          , a potential escalation of hostilities against international commerce. The biggest risk is to global energy prices, though Brent crude, the international benchmark, has held relatively steady at about $90 a barrel.
         </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">
          President Trump imposes new tariffs on Canadian products.
         </span>
         <span>
          Trump signed an executive order that will put a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          50 percent tax
         </a>
         <span>
          on many goods from Canada in 30 days, claiming that the country is discriminating against U.S. motor vehicles, dairy products and alcohol. He cited a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          never-before-used provision
         </a>
         <span>
          of the Tariff Act of 1930 to impose the new tariffs, raising the possibility of a new trade war with one of America’s biggest trading partners.
         </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">
          Britain’s new leader walks an economic tightrope.
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Andy Burnham
         </span>
         <span>
          officially
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          became the country’s prime minister
         </a>
         <span>
          yesterday, the seventh in a decade, and has since announced policies like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          eliminating value-added taxes on electricity
         </a>
         <span>
          . He has also appointed
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          John Healey
         </span>
         <span>
          , a former defense minister,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as his economic minister
         </a>
         <span>
          . He’ll have to deal with sluggish economic growth and other issues, though
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jamie Dimon
         </span>
         <span>
          of JPMorgan Chase warned Britain
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          against raising taxes on banks
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </td>
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           </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_20260721%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODQ2MzU2MDEuMDEwMDQ1M30:1wm9FB:7N1Po0G_LwazcVbxh62Gu5Woa7hgbMgY158faW7HAmI" style="max-width:96px;margin-bottom:7px"/>
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="The water tower on the Paramount Studios lot." class="css-1b7vfn3" height="368" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F21%252Fmultimedia%252F21db-paramount-zpmf%252F21db-paramount-zpmf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQ2MzU2MDEuMDEwNTN9:1wm9FB:kPG2IX36K3r0ae9IrrEqjavhgAjN09rEaJ2aB5Wr_qw" 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">
              Justin Sullivan/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>
          The ticking clock in Paramount’s deal fight
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The 12 states suing to block Paramount’s takeover of Warner Bros. Discovery scored an early win yesterday after the presiding judge agreed to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stop Paramount from closing
         </a>
         <span>
          the $111 billion deal for two weeks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now, the stakes are going to get higher, Lauren Hirsch reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What happens next:
         </span>
         <span>
          Lawyers for Paramount and the states will meet on Aug. 3 for a hearing on a preliminary injunction, which could pause the deal for much longer.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That could be costly for Paramount, which would owe Warner Bros. Discovery shareholders a so-called ticking fee of $650 million for each quarter the deal fails to close, starting in October.
         </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 case revolves in part around how to define the market for blockbuster movies.
         </span>
         <span>
          The states argue that the deal would create a company that controls about 27 percent of the market for wide-release theatrical distribution.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The judge in the case, Araceli Martínez-Olguín, agreed. “On this combined firm market share alone, the court is persuaded that it can presume the proposed merger is likely to violate antitrust laws,” she wrote.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Paramount argues that the states’ definition is arbitrary and excludes streaming services, pointing to blockbusters from newcomers like Amazon’s “Project Hail Mary.” The preliminary injunction hearing will give the company the chance to make this argument in far more detail.
         </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">
          Expect Paramount to fight back hard — and quickly.
         </span>
         <span>
          If the company loses the tussle over a preliminary injunction, it will probably seek an expedited appeal, Wall Street insiders say. Martínez-Olguín’s ruling on the temporary restraining order gives it a record of written material to appeal on.
         </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">
                Paramount is prepared for legal escalation, having hired the prominent appellate lawyer Paul Clement.
               </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="The Taylor Farms logo as seen on a warehouse, with semis seen in the foreground." class="css-1b7vfn3" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F21%252Fmultimedia%252F21db-taylorfarms-mwzj%252F21db-taylorfarms-mwzj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQ2MzU2MDEuMDEwNjk2Nn0:1wm9FB:2zZOfk0uxFFsMhfiVXN74MDfLVWnAl8d7bPq4oPGY3c" 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">
              Benjamin Fanjoy/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>
          The costs of lettuce distress
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In the summer of 1996, a large outbreak of intestinal illness swept across America. Dr. David Relman, then a young medical researcher, had just completed groundbreaking DNA work on the parasite that allowed officials to diagnose cases of cyclosporiasis and trace outbreaks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Just like today, the C.D.C. was scrambling that summer and trying to figure out where the damn thing was coming from,” Relman, now a professor of microbiology and immunology at Stanford Medicine, told Brian O’Keefe. (The culprit then turned out to be contaminated raspberries from Guatemala.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But this year’s cyclospora outbreak is much bigger, and getting worse, wreaking havoc on U.S. companies as well as stomachs.
         </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">
          Cases of the food-borne illness are surging:
         </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 C.D.C. reports that people in 34 states have fallen ill from the disease, which causes watery, sometimes explosive diarrhea. It may take several days to kick in after exposure and can linger for weeks.
               </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">
                Health officials in Michigan, the state that has been hit the hardest, said they had recorded 6,148 cases as of Monday, up from 5,002 before the weekend.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The F.D.A. has caused some confusion.
         </span>
         <span>
          On Saturday, the agency said that a sample of shredded lettuce from Taylor Farms, a major supplier of greens to grocery stores and food chains, had tested positive for cyclospora.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the next day, F.D.A. officials
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          said it had been a false positive
         </a>
         <span>
          , though they added that Taylor Farms
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          remains a focus
         </a>
         <span>
          of investigations. The company has already recalled iceberg lettuce sourced from central Mexico, where the contamination is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          suspected to have originated
         </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">
          Taco Bell has been walloped by the outbreak.
         </span>
         <span>
          Iceberg lettuce supplied by Taylor Farms has been linked to cases of cyclosporiasis. Taco Bell
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          voluntarily removed lettuce
         </a>
         <span>
          from its menu in many states.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But it has still taken a hit:
         </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">
                Foot traffic at Taco Bell was
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                down 19 percent
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on Friday compared with the daily Friday average from January to July, Bloomberg reported.
               </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">
                Shares of Taco Bell’s parent, Yum! Brands, are down 10 percent since July 10.
               </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">
          Sweetgreen has been whipsawed.
         </span>
         <span>
          The salad chain’s stock price is down 25 percent for the month, but it staged a comeback on Friday after the outbreak was connected to lettuce from Taco Bell.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Still, its shares dropped 6 percent yesterday.
         </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">
          Will cases continue to rise?
         </span>
         <span>
          Probably so, Relman said, because of the delayed onset of the illness. But the outbreak should probably start to ease soon.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “I doubt that there are nearly as many people eating chopped lettuce as there were two weeks ago,” he said.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
          </tr>
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           </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_20260721%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODQ2MzU2MDEuMDEwODU4fQ:1wm9FB:rAR-hgqcB2V1UCCZb6HZgQMdaG9IEqZqwZnAe0VoObA" style="max-width:96px;margin-bottom:7px"/>
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            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Goodbye to ‘Googling’?
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Google has long championed an open internet, where anyone has a chance of being discovered. But its new artificial intelligence tools threaten to dismantle that vision.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The site traditionally sent people to other websites via the links it returned in response to their queries. But the company’s A.I. mode, which summarizes the web’s communal knowledge in response to a user’s question, has been keeping them on its own site
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          for longer than ever
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          . Kate Conger reports for The Times:
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          Users are writing queries three times as long as the keyword-heavy questions they asked of traditional searches, Google said at its developer conference in May. People are spending one to nine more minutes in AI Mode than on traditional Google searches, according to three studies from researchers tallied by The New York Times. One October study from Growth Memo, a newsletter focused on search and marketing, found that in about 75 percent of sessions, users never left AI Mode for the web.
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          For publishers, businesses, banks and others that relied on Google to funnel its billions of users to their websites, the impact has been unmistakable as the company has increasingly incorporated A.I. into search. Google’s users are no longer leaving Google after a search and are just reading its A.I.-generated answers, they said, which means fewer people are coming to their websites and search traffic has dropped.
         </span>
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         <span>
          Google has added some features to guide users to the wider web. But part of the problem is that many users are no longer human. Increasingly, searches are performed by A.I. chatbots, according to Cloudflare, a web security company.
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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
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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          <tbody>
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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">
                BlackRock plans to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raise $12 billion in debt
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for a Meta data center in Texas; 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">
                owns 80 percent
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of the facility. (Bloomberg, WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The sandwich chain Jersey Mike’s, which is owned by investors including Blackstone, is looking to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raise almost $1.1 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in its initial public offering. (Bloomberg)
               </span>
              </li>
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          Politics, policy and regulation
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                MAGA Inc., the main super PAC supporting President Trump, has
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raised over $400 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to defend Republican control of Congress in the midterms. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The White House is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                courting Thom Tillis and John Cornyn
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , two Republican senators whom Trump has attacked as insufficiently loyal, to back the embattled nomination of Todd Blanche to be attorney general. (Politico)
               </span>
              </li>
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          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
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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">
                New Jersey Financier
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Behind Trump Media’s Pivot Into Nuclear Energy” (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">
                Rapidly skyrocketing egg prices are
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                touching a nerve in China
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , which consumes more of them per capita than almost any other country. (NYT)
               </span>
              </li>
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             Andrew Ross Sorkin
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             , Founder/Editor-at-Large, New York
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            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @andrewrsorkin
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             Brian O'Keefe
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