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   DealBook: Warsh’s hawkish turn
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   Also, calls for A.I. unity at the G7.
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             <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" title="DealBook">
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             June 18, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          There’s a new phenomenon in the world of investing. For years, Wall Street firms brought celebrities and athletes into investment funds to attract and entertain their wealthy clients.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now, celebrities are creating their own funds, using their star power and relationships to get into deals — and investors are clamoring to be part of
         </span>
         <span style="font-style:italic">
          their
         </span>
         <span>
          club. The latest example is Jake Paul, the influencer turned boxer, who just raised a new nine-figure growth-stage fund. We’ve got more below. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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            <img alt="Fed Chair Kevin Warsh is seen speaking at a lectern with American flags and those of the central bank in the background." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F17%252Fmultimedia%252F17hp-promo-swap-warsh-cvpw%252F17hp-promo-swap-warsh-cvpw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODE3ODQxMjYuMTY2Mjc4Nn0:1waBRe:n0Cxjc1fc6U-iS1nL8rJoRmZiIDVzTlgxGT1kpUEoyQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Kevin Warsh, the Fed chairman, surprised many on Wall Street with hawkish statements about the need to combat inflation.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Anna Rose Layden 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 Fed stunner
         </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">
          Kevin Warsh
         </span>
         <span>
          ’s first meeting as Fed chairman is reverberating through global markets this morning.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          S&amp;P 500 futures are gaining and the price of oil has fallen after
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          signed a framework U.S.-Iran agreement
         </a>
         <span>
          in France last night. But investors are also bracing for what seemed unthinkable not long ago: that Warsh, Trump’s pick, would preside over a more hawkish central bank.
         </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>
         <span>
          Futures traders this morning see at least one interest rate increase this year, possibly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as early as October
         </a>
         <span>
          . Fed policymakers are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          moving to that view
         </a>
         <span>
          , too. (In March, not one Fed official had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          penciled in a rate increase
         </a>
         <span>
          this year.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Here’s why the math is changing.
         </span>
         <span>
          The war in Iran has sent energy prices soaring, pushing inflation to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a three-year high
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Warsh called that trend “a burden for the American people,” and signaled that lowering inflation to the central bank’s 2 percent inflation target would be Job 1.
         </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">
          Trump may be coming around to the idea.
         </span>
         <span>
          When asked by reporters about the prospect of higher rates, the president, who has bullied and cajoled the Fed to cut rates for much of his second term,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          said yesterday
         </a>
         <span>
          : “It could happen. It’s hard to believe. It just keeps our country down. It’s so unusual.”
         </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 influence could be felt elsewhere.
         </span>
         <span>
          He had called for “regime change” at the Fed and is critical of Fed officials freely sharing their views about the economy. Central bank watchers saw glimpses of that focus yesterday, especially in his abbreviated remarks that struck some as Greenspan-ian.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We are going back to the days of Alan Greenspan when FOMC statements were deliberately minimalist,” Jeffrey Roach, the chief economist at LPL Financial, wrote to investors after the news conference.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Warsh also announced the establishment of five task forces, including ones focused on:
         </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">
                communications (Warsh is lukewarm on news conferences)
               </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 balance sheet, which Warsh has said he wants to see reduced
               </span>
              </li>
             </ul>
            </td>
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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">
                the influence of artificial intelligence on productivity and jobs
               </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">
          What’s next?
         </span>
         <span>
          The central bank is expected to offer less forward guidance — Warsh did not submit his outlook on rates, leaving yesterday’s dot plot short one dot — which would force individuals and firms to rely more on the available data to guide investment decisions.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          If anything, the reliability of economic data has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          grown
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          thorny
         </a>
         <span>
          .
         </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>
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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">
          Tim Cook of Apple warns price increases are “unavoidable.”
         </span>
         <span>
          Surging prices for memory and storage chips, driven by high demand from artificial intelligence companies, will mean higher prices for Apple devices, Cook told The Wall Street Journal: “The situation
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has become unsustainable
         </a>
         <span>
          ,” he said. In related news, shares in Intel jumped in premarket trading after
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          said the chipmaker would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          partner with Apple
         </a>
         <span>
          on U.S.-made chips.
         </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">
          Trump administration officials split on taking stakes in A.I. giants.
         </span>
         <span>
          Treasury Secretary
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Scott Bessent
         </span>
         <span>
          has reportedly favored distributing equity stakes in such companies to Trump Accounts, while Commerce Secretary
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Howard Lutnick
         </span>
         <span>
          prefers the creation of a sovereign wealth fund,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to Semafor
         </a>
         <span>
          . (Senator
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bernie Sanders
         </span>
         <span>
          , independent of Vermont, has drafted legislation for a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sovereign fund approach
         </a>
         <span>
          .) But some tech executives and Republicans have regarded the whole idea coolly.
         </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">
          Harvard and Bard face more questions about their links to Jeffrey Epstein.
         </span>
         <span>
          Representative
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jamie Raskin
         </span>
         <span>
          of Maryland, the leading Democrat on the House Judiciary Committee, asked the schools to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hand over documents
         </a>
         <span>
          detailing their interactions with the convicted sex offender, The Wall Street Journal reported. Raskin said that internal inquiries by the schools — Harvard’s looked at
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Larry Summers
         </span>
         <span>
          , its former president, while Bard’s focused on
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Leon Botstein
         </span>
         <span>
          , its departing leader — were incomplete.
         </span>
        </p>
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             <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_20260618%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODE3ODQxMjYuMTY2NDV9:1waBRe:9DKqEYSowoa_nux1_JTUIsGkyEeIyQzlY6-R0nmh290" style="max-width:96px;margin-bottom:7px"/>
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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%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260618%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODE3ODQxMjYuMTY2NjA3MX0:1waBRe:dMO9Y9PPObDqACl5WZXgASySOgSzIjUVDKVWv9Q-MEY" style="display:block;width:100%;max-width:600px" width="600"/>
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        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Dario Amodei, the C.E.O. of Anthropic, is seen seated at a table with others and peering to his left." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F18%252Fmultimedia%252F18db-amodei-bpfw%252F18db-amodei-bpfw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODE3ODQxMjYuMTY2ODU1fQ:1waBRe:e8p9siw97K912O0lxJVPe_1jtVqKkH9DBtetIZ4evJo" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Dario Amodei, the C.E.O. of Anthropic, was one of several tech leaders to speak yesterday about artificial intelligence at a Group of 7 lunch.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Anna Moneymaker/Getty Images
             </span>
            </span>
           </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>
          Can tech moguls keep the West aligned on A.I.?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It was striking enough that artificial intelligence executives like
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dario Amodei
         </span>
         <span>
          of Anthropic,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sam Altman
         </span>
         <span>
          of OpenAI and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Demis Hassabis
         </span>
         <span>
          of Google joined world leaders yesterday for a fish-and-cheese lunch at the Group of 7.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But more important than the image was the message that many tech leaders promoted: Don’t let U.S. clampdowns on Anthropic’s leading models Balkanize democracies’ approach to A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Political leaders appeared to agree that countries needed to collaborate on overseeing A.I. But cracks in that coalition don’t appear to have been entirely patched over.
         </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">
          Tech executives sought to walk a tightrope on A.I. sovereignty 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">
                “Everyone around the table agreed that the G7 needs to lead” in deploying and regulating A.I.,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Aidan Gomez
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the C.E.O. of the Canadian A.I. company Cohere, who attended the lunch, told Vivienne Walt.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Amodei said G7 leaders must “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                resist the temptation to splinter
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” when it came to A.I., according to The Financial Times.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Altman called for an international group to agree on “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                globally accepted standards
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for testing,” adding that it was vital to avoid concentrating too much power with any one country.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But others — perhaps mindful of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          , who sat between Altman and Hassabis at the lunch — emphasized that the U.S., home to most of the leading A.I. labs, remained centrally important. Gomez described Washington as “a key partner and the primary investor that created this technology.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          World leaders still appear deeply worried about American dominance.
         </span>
         <span>
          “We won’t buy any models made by these companies if overnight, you can just flip the switch,” President
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Emmanuel Macron
         </span>
         <span>
          of France told reporters at the G7. He has sought to promote Mistral, his country’s homegrown A.I. champion, as a European counterweight to Silicon Valley giants;
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Arthur Mensch
         </span>
         <span>
          , Mistral’s C.E.O., was at the lunch.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And Prime Minister
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Narendra Modi
         </span>
         <span>
          also expressed concern about the Trump administration’s move on Anthropic, according to the F.T.
         </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 unclear where Washington’s latest clash with Anthropic stands.
         </span>
         <span>
          Trump told reporters after the lunch that negotiations over the fate of the company’s high-end models, Fable and Mythos, were “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          going fine
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But unnamed administration officials
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          told Wired
         </a>
         <span>
          that they want Anthropic to make their frontier models jailbreak-proof, something cybersecurity experts say is probably impossible. Meanwhile, some Anthropic employees say that their company is being
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bullied by the administration
         </a>
         <span>
          , The Times reports.
         </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 Anthropic fight has other potential consequences. OpenAI executives have told the administration that building the best A.I. “requires 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">
                best talent from around the world
               </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">
                Jason Kwon
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the company’s chief strategy officer, told employees, according to The Information.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
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           <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="Jake Paul, sitting and wearing in a T-shirt, clasping his hands in front of him." class="css-18ei5jy" height="321" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F18%252Fmultimedia%252F18db-jakepaul-tclm%252F18db-jakepaul-tclm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODE3ODQxMjYuMTY2OTgxMn0:1waBRe:eXPyBl_OwQVbNB-Op9ip4Yx7_eq0LqPFum-JQQSk8aw" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <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">
              Jake Paul said that while fame got him access to start-ups, he used business knowledge to help companies he invested in grow.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Ed Mulholland/Getty Images
             </span>
            </span>
           </td>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Scoop: Jake Paul’s big new fund
         </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">
          Jake Paul
         </span>
         <span>
          is many things, including a professional boxer and content creator. He’s adding another title to his résumé: investor in late-stage start-ups.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Anti Fund, the venture capital firm Paul founded with the investor
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Geoffrey Woo
         </span>
         <span>
          , plans to announce today that it has closed its first growth capital fund at $100 million, Michael de la Merced is first to report.
         </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">
          Anti Fund now manages $180 million,
         </span>
         <span>
          a significant evolution from its start in 2021 as an AngelList rolling fund, essentially a subscription-based investment service.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The firm is run by Paul and Woo, who have founded several start-ups;
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Logan Paul
         </span>
         <span>
          , Jake Paul’s brother, is a general partner.
         </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">
                Investors in the growth fund include Aquarian Holdings, a $27.1 billion investment firm; FocusPoint Private Capital Group;
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Daniel Michalow
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a former partner at D.E. Shaw; and
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Matt Holt
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the founder of the private equity firm Thoreau Group and a former executive at New Mountain Capital.
               </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">
          Paul has parlayed fame into investment access
         </span>
         <span>
          alongside other celebrities like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          actors
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          athletes
         </a>
         <span>
          . Consider the companies Anti Fund has invested in: OpenAI, SpaceX (before it went public) and the drone maker Anduril. Others its growth fund has invested in include Saronic, a maker of boat drones; Etched, a designer of artificial intelligence chips; and Erebor, a digital bank focused on start-ups.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Fame gets me in the right rooms and the right time, and my business knowledge allows me to strike the right deals and partnerships,” Paul told DealBook via text message. He added that his attention-getting skills helped OpenAI in its debut of the (since-shuttered)
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sora video tool
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “My goal is to be regarded as the best ‘celeb’ investor of my generation,” Paul said.
         </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">
          Where Anti Fund sees opportunity:
         </span>
         <span>
          “The future will be defined by robotics in defense and manufacturing, semiconductors, power and specialized A.I. labs,” Paul wrote, pointing to ventures like Cognition AI, a maker of A.I. agent software, and Helion, a start-up focused on nuclear fusion.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="10">
           </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">
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            <img alt="A line chart shows the share price performance of Snap versus the S&amp;P 500 since the start of the year." class="css-mcckse" height="535" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F18%252Fbusiness%252F18db-chart%252F18db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODE3ODQxMjYuMTY3NTE5OH0:1waBRe:JnM3YTiw3hc53ChTbtXD7zL085KCKjukyOvEcE_qPQE" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
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         CHART OF THE DAY
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Snap’s slide
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares of Snap fell sharply yesterday after the company announced its latest
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          augmented reality glasses
         </a>
         <span>
          , which cost $2,195, more than sleeker rival products from Meta and are more akin to Apple’s unsuccessful Vision Pro device.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Snap laid off about 1,000 workers this year and drew an activist investor amid concerns about its lack of profits.
         </span>
        </p>
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            <img alt='A chat bubble that reads, "How do you use AI? What are your best use cases?" The bubble underneath indicates a pending response.' class="css-mcckse" 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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODE3ODQxMjYuMTY3NjcwMn0:1waBRe:WmcQvd5WUGJZ59p5uDfX77Rj1hfirtpQUhm5MyQtaCI" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Talking A.I. with the C.E.O. of Prologis
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Every week, we ask leaders how they use artificial intelligence. This week,
         </span>
         <span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
          Dan Letter
         </span>
         <span style="font-style:italic">
          , who leads Prologis — a logistics real estate company — told Sarah Kessler that A.I. was helping him find deals. The interview has been condensed and edited for clarity.
         </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 or your direct reports 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>
          Every other year, we bring together about 150 leaders from around the globe. This year, our C.T.O. and our head of A.I. created a “Shark Tank”-style challenge, where teams of three or four built a role companion to do or augment a job. And it was all scored by A.I.
         </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 did you do?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          My team chose the C.E.O. role and did not do well. The winner had a more specific role, which was executing a repeatable process.
         </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 has A.I. changed your approach to real estate deals or management?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’ve either done or pursued trillions of dollars of transactions. And we’re taking all of that data and using A.I. to build tools to help us make better, faster decisions.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          How much can you push up rent in that building in one of the hundred markets in which we operate? What buildings in Chicago should we be focused on that we don’t own? What buildings do we own that we shouldn’t own anymore? It’s all-around better, faster decisions around that data.
         </span>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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            <span>
             THE SPEED READ
            </span>
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          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">
                Goldman Sachs and Morgan Stanley will most likely lead the I.P.O.s of OpenAI and Anthropic. But
               </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 the same bankers
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at each investment bank. (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">
                Thoma Bravo
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                surrendered Medallia
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a software company, to its lenders, potentially losing its entire $5 billion investment in one of the largest losses ever for a private equity deal. (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">
                Accenture agreed to buy 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">
                majority stake in Dragos
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a cybersecurity provider, and buy two other companies for $4.2 billion. (WSJ)
               </span>
              </li>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Technology and artificial intelligence
         </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Roelof Botha
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the former leader of Sequoia, is reuniting with a fellow PayPal alumnus,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Elon Musk
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , 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">
                joining SpaceX’s board
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Fortune)
               </span>
              </li>
              <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">
                OpenAI poached
               </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">
                Noam Shazeer
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , an author of the research paper that kicked off the A.I. boom, from Google. (Bloomberg)
               </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">
          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">
                Allbirds
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                renamed itself Smartbird
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and hired a former Amazon executive as C.E.O. to focus on artificial intelligence infrastructure. Its shares jumped 39 percent. (Reuters)
               </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 Cloud Has Sound: The Unrelenting 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">
                Unseen Cost of A.I. Data Centers
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
              </li>
             </ul>
            </td>
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