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   DealBook: Warsh’s dilemma
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             March 13, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          There’s a nugget in Eli Tan’s article today about Meta’s A.I. efforts that is worth thinking about: The tech giant, he reports, is considering temporarily licensing Google’s Gemini model because its own efforts are moving more slowly than planned. More below.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also, Bernhard Warner explores how rising oil prices put Kevin Warsh, President Trump’s Fed chair choice who wants to lower rates, in a bind. And make sure to read Niko Gallogly’s report about the wild legal fight over the calorie count of David protein bars, the hottest new product in the food market. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="Kevin Warsh, President Trump’s nominee for Fed chair, is seen standing beside a lectern and pivoting to his right." class="css-3vswge" height="402" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F13%252Fmultimedia%252F13db-warsh-hbfj%252F13db-warsh-hbfj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzM0MDE1MjEuNjAyNjIzfQ:1w10kL:caqPK73QIVV1TUfzZKnV3dSfH9vtwk3ynUEsU1A3cNI" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             Kevin Warsh, President Trump’s nominee for Fed chair, could inherit a central bank beset by challenges stemming from the war in Iran.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Ann Saphir/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The Fed’s Iran problem
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The war-driven surge in oil prices has rippled through the global economy, battering
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Wall Street
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          house hunters
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          farmers
         </a>
         <span>
          and more.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          largest supply disruption in the history
         </a>
         <span>
          of the global oil market,” per the International Energy Agency, could also complicate matters for the Fed. Some economists and traders have lowered their expectations for rate cuts this year even as President Trump has urged immediate action.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That could put Kevin Warsh — Trump’s pick for Fed chair
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          whom the president expects
         </a>
         <span>
          will push for lower borrowing costs — in a bind.
         </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>
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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">
                Brent crude, the global oil benchmark, traded below $100 a barrel this morning, after
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                closing at a multiyear high
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                yesterday. Its price has surged more than 35 percent since the U.S.-Israeli attacks on Iran began, despite efforts by the Trump administration to cap energy prices, including by
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                easing sanctions on Russia and its oil
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Jitters in the oil market remain high: Iran 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">
                begun laying mines
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the Strait of Hormuz, 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">
                waterway
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                through which 20 percent of the world’s oil exports flow. Mojtaba Khamenei, Iran’s new supreme leader, has pledged 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">
                keep the strait virtually shut
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </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">
          “A higher inflation path will make it harder for the Fed to cut soon,”
         </span>
         <span>
          David Mericle, the chief U.S. economist at Goldman Sachs, wrote to investors yesterday. Goldman now expects the central bank’s first rate cut of the year to come in September instead of June, citing the war and inflation. (June would be Warsh’s first meeting as Fed chair if confirmed by the Senate, though the nomination is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          being held up by Senator Thom Tillis
         </a>
         <span>
          , Republican of North Carolina.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Futures traders today give a 41 percent chance of
         </span>
         <span style="font-style:italic">
          any
         </span>
         <span>
          rate cut this year, and certainly not before December. Before the war began, they were betting on two cuts.
         </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’s Senate confirmation hearing could be feisty.
         </span>
         <span>
          (No date has been set yet.) Trump’s nominee criticized a Fed rate cut in September 2024, but has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          appeared more supportive
         </a>
         <span>
          of lowering borrowing costs since Trump took office last year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Meanwhile, Trump continues to demand action, and fast.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Yesterday he chided Jay Powell, the current chair, for not
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “dropping Interest Rates, IMMEDIATELY
         </a>
         <span>
          .” ​​
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the risk of war-driven inflation probably opens Warsh’s position on rates to tough scrutiny from lawmakers.
         </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">
          Next week’s Fed meeting may offer big clues on what’s next.
         </span>
         <span>
          Officials will release their quarterly forecast on rate cuts. In December, 12 of 19 policymakers
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          foresaw at least one cut
         </a>
         <span>
          this year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          If that dynamic holds, “it’s not as big of a lift for Warsh to convince people to cut in June,” David Seif, an economist at Nomura, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He argued that other Fed watchers are discounting how the Fed’s politics “fundamentally changes on the day that Warsh becomes chair.”
         </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">
          U.S. states step up their challenge to President Trump’s new tariffs.
         </span>
         <span>
          The 24 states that filed suit to stop Trump from imposing a new 10 percent global tariff have asked the Court of International Trade to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expedite the case
         </a>
         <span>
          . They argue that new levies, created under a 1974 law known as Section 122, must be canceled to avoid “irreparable harm” to businesses.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk reorganizes his business empire ahead of SpaceX’s planned I.P.O.
         </span>
         <span>
          The F.T.C. approved Tesla’s move to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          convert its $2 billion investment
         </a>
         <span>
          in Musk’s xAI into a stake in SpaceX, after the rocket company acquired xAI last month. Meanwhile, Bloomberg reports that the S.E.C. is considering a rule change that could accelerate SpaceX’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          entry into the S&amp;P 500
         </a>
         <span>
          after its I.P.O. Joining the S&amp;P 500 could supercharge SpaceX shares, requiring many index-tracking funds to own the stock.
         </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">
          Honda scraps its electric vehicle plans.
         </span>
         <span>
          The Japanese carmaker announced that it would record its first annual loss since going public in 1957 and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ended plans for three electric vehicle models
         </a>
         <span>
          to be produced in the U.S. Meanwhile, the E.V. makers Rivian and Lucid announced new models for around $50,000, underscoring how the market has moved away from established carmakers since the Trump administration ended tax incentives for E.V. purchases.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </td>
          </tr>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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        </table>
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           </td>
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           </td>
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        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Alexandr Wang is shown wearing glasses, a dark suit, white dress shirt and red polka-dot tie. " class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F13%252Fmultimedia%252F13db-wang-meta-ai-zftj%252F13db-wang-meta-ai-zftj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzM0MDE1MjEuNjAzMTY3M30:1w10kL:AwMi9gH4ChyoiIQ3YS8lPN33jy7dRs76gP0liUZWvpU" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
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           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Meta’s chief A.I. officer, Alexandr Wang, joined the company in June.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Ludovic Marin/Agence France-Presse — Getty Images
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Another A.I. setback for Meta
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          After Meta fell behind in the artificial intelligence race, its C.E.O., Mark Zuckerberg, took dramatic action to catch up,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spending billions
         </a>
         <span>
          to reshuffle his company’s entire A.I. division. Since July, those new hires have been hard at work on a new A.I. model while rivals like Anthropic, OpenAI and Google continue to introduce improved models.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Zuckerberg said his new A.I. lab, led by the 29-year-old tech entrepreneur Alexandr Wang, would “push the frontier in the next year or so.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But as Meta prepares to release its new model, code-named Avocado,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          that timeline is shifting
         </a>
         <span>
          , Eli Tan reports for The Times.
         </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">
          Wang and Meta’s A.I. team delayed its release to at least May, instead of this month,
         </span>
         <span>
          because of performance concerns, Tan reports. The new model is better than Meta’s old one, Llama 4, but not yet as good as the latest versions of competitors like Google’s Gemini or Anthropic’s Claude.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Specifically, Avocado performs somewhere between Gemini 2.5, which came out last March, and Gemini 3.0, which came out in November.
         </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">
          Meta’s potential plan B: temporarily licensing Gemini for its products.
         </span>
         <span>
          That move would be similar to what Apple
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          did in January
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And it would be a huge win for Google, with consumers using Gemini on its own products, on Apple devices and on Meta’s social platforms.
         </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">
          How Meta’s A.I. model performs is being closely watched by the rest of the industry.
         </span>
         <span>
          The tech is the basis for developing new chatbots, video generators, coding tools and other products, which in Meta’s case would be used by billions of users across Facebook, Instagram and WhatsApp. Being at the front of the pack of A.I. development also helps recruit top researchers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The company says it’s excited about its progress. Its A.I. lab already has a name for the model after Avocado: Watermelon.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “As we’ve said publicly, our next model will be good but, more importantly, show the rapid trajectory we’re on,” Meta said in a statement. “Then we’ll steadily push the frontier over the course of the year as we continue to release new models.”
         </span>
        </p>
        <table width="100%">
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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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="Store shelves show rows of wrapped snack foods, including boxes of David bars." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F13%252Fmultimedia%252F13db-david-fqhv%252F13db-david-fqhv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzM0MDE1MjEuNjAzMjc3Mn0:1w10kL:PA6kMoCGOrM_7YTmKgMbFj6OalAV9DEiBSs4nsCRY_0" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              The David bar, a sensation for protein enthusiasts, has come under scrutiny for its calorie claims.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Amir Hamja 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>
          David vs. the calorie counters
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          era of peak protein intake
         </a>
         <span>
          , the David bar has become a sensation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          It broke through
         </a>
         <span>
          in an already saturated market in less than two years, thanks to an industry-leading ratio of protein to calories and endorsements from Arnold Schwarzenegger and the health influencer Dr. Andrew Huberman.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          But a lawsuit
         </a>
         <span>
          filed against the bar’s maker, David Protein, asserts that its central claim — that its products offer a low calorie and fat count — is untrue, and the company pledges to fight back, Niko Gallogly reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          David’s differentiating factor:
         </span>
         <span>
          One bar contains 28 grams of protein but only 150 calories, a nutritional profile made possible by E.P.G., a modified plant fat that the body mostly can’t digest. In other words, it delivers a rich taste without a caloric downside.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Those stats, along with canny marketing, have made David a best-seller: By last summer, it was on pace to hit $180 million in sales for 2025. Last May, David
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised money
         </a>
         <span>
          at a valuation of $725 million, using some of the funds to buy Epogee, the maker of E.P.G.
         </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 claims David bars undercount their calories and fat.
         </span>
         <span>
          The plaintiffs, who are seeking class-action status, argue that an F.D.A.-certified lab found that the bars contain nearly double the calories and about six times the fat listed on their nutritional labels.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The bars “are unlawful, misbranded, and violate state and federal law,” the plaintiffs wrote in their complaint.
         </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 company has drawn criticism and scrutiny before.
         </span>
         <span>
          Several competitors sued David over its takeover of Epogee, a lawsuit
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          that was dismissed
         </a>
         <span>
          last month. Earlier this year, David cut ties with Dr. Peter Attia, who had been its chief science officer, over his
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ties to Jeffrey Epstein
         </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">
          David’s co-founder and C.E.O., Peter Rahal, called the lawsuit “frivolous.”
         </span>
         <span>
          Rahal, who previously helped found the also successful RXBAR, told DealBook that the plaintiffs are “using the wrong method to test our product.” He added that David had hired Alex Spiro, the high-profile litigator at the law firm Quinn Emanuel Urquhart &amp; Sullivan. “We’re going to fight back,” Rahal said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Dr. Marion Nestle, a professor emerita of nutrition and food studies at N.Y.U., told DealBook that the plaintiffs’ claims were based on counting calories from a “concocted ingredient that’s not absorbed” by the body. The lawsuit was likely to be dismissed, she added.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Not that Nestle was weighing in on the healthfulness of David bars: “Whether anyone should be eating non-absorbable fat is another discussion,” she said.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="10">
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
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           <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_20260313%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzM0MDE1MjEuNjAzMzk2N30:1w10kL:Y-VPImM5aWh7ibJZHWmKOo5I4FleDHEa2sMS7tjCmFU" 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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                <td style="line-height:0;font-size:0">
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                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260313%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzM0MDE1MjEuNjAzNTE1Nn0:1w10kL:TJgZGkIbREHdiKqjgyZB8zWk3MQXw0q6QRhAbs70uTg" style="display:block;width:100%;max-width:600px" width="600"/>
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                <td style="line-height:0;font-size:0">
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                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260313%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzM0MDE1MjEuNjAzNjI5NH0:1w10kL:MjHonb0J9ZGI17_2VHMlZ4jszXQmIlaAcIjR24lJ7zo" style="display:block;width:100%;max-width:480px" width="480"/>
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            </span>
           </td>
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           </td>
          </tr>
         </tbody>
        </table>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
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        </table>
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         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt='A blue bubble with white text that reads, "How do you use A.I.? What are your best use cases?" The bubble underneath indicates a pending response.' class="css-xsf469" height="167" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F27%252Fbusiness%252Fdb-talking-ai-new%252Fdb-talking-ai-new-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzM0MDE1MjEuNjAzNzQ2NH0:1w10kL:puMnEJ6R7D308AWW6LLT6sJ0Iw9LVB4EUPZW6AuV-BY" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Talking A.I. with the C.E.O. of Yahoo
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Every week, we’re asking a leader how he or she uses artificial intelligence.
         </span>
         <span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
          Jim Lanzone
         </span>
         <span style="font-style:italic">
          , who leads Yahoo, told DealBook’s Sarah Kessler that A.I. will be writing almost all of the company’s code by the end of the year. His answers have been condensed and edited.
         </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">
          How do you personally use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We entered the A.I. answer-engine race in January, with Yahoo Scout. Four or five months prior to the launch, I did every prompt on multiple A.I. chatbots at the same time and compared the answers with Scout, even when I was just checking the weather. Which is not the most efficient way to live.
         </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 have you told your employees about how you want them to use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A.I. coding has just changed the game for us. What used to take months now takes days. And I think by the end of this year, A.I. will be producing the vast majority of our code. Potentially all of it.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Frankly, it’s the best way to do it now. It doesn’t take that much nudging.
         </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">
          Has A.I. created any management challenges?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I think it has created a form of A.I. slop, where employees are now producing almost too much content — like a deck that used to be 10 pages, now has 35 pages.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And people can’t keep up with all the reading. You almost need A.I. to summarize a deck back down.
         </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 can you do about that?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’re going to have to create a culture of respecting people’s time. It will require a new form of empathy for your teammates, including your boss.
         </span>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
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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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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Carlyle has 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">
                overhauled its private equity team
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in Europe. Struggles with its latest European buyout fund have forced it to pause fund-raising on its next one. (FT)
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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">
                BuzzFeed said there was “substantial doubt” about its
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                ability to stay in business
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and announced it was exploring strategic options to
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                address its huge debt
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Bloomberg, CNN)
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          Politics, policy and regulation
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                The Fed and other U.S. banking regulators
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                plan to ease
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                some of the capital requirements on lenders that were established in the aftermath of the 2008 financial crisis. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Jay Clayton, the U.S. attorney in Manhattan, is leading investigations into Jeffrey Epstein and Venezuela’s Nicolás Maduro. But he also 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">
                investments in companies
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                tied to those legal matters. (The Lever)
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Best of the rest
         </span>
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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">
                Peter Thiel’s upcoming
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                lectures on the Antichrist
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                have become one of the hottest tickets in Rome. (AP)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Meet the investors risking millions to rebuild the Malibu mansion, designed by the Pritzker Prize-winning architect Tadao Ando, that rapper
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Kanye West gutted and abandoned
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ)
               </span>
              </li>
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