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   DealBook: What did Trump get from China?
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             May 15, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          With President Trump set to arrive back in Washington today, we’re taking a hard look at what his high-stakes summit in Beijing actually achieved. The TL;DR: It didn’t lead to the “grand bargain” many had anticipated.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          While there were optics of cooperation between Trump and Xi Jinping, concrete deals — including on Nvidia chips or tariffs — were few. Trump just said today that he rejected a proposal from Xi, China’s leader, to help broker a peace between the U.S. and Iran, leaving the critical Strait of Hormuz effectively shut.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Ultimately, the president is coming home to rising oil prices and a slumping bond market. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              The two-day summit between President Trump and Xi Jinping, China’s leader, has wrapped up with big questions over what they accomplished.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Kenny Holston/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>
          What was gained (and wasn’t) in Beijing
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump departed Beijing a few hours ago, hailing “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fantastic trade deals
         </a>
         <span>
          ” struck during his
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          two-day summit
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Still, many analysts and investors appear underwhelmed by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a lack of details or breakthroughs
         </a>
         <span>
          on key issues like tariffs, Iran and tech restrictions. The summit seems to have fallen short of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          already diminished expectations
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For the 17 business leaders who accompanied Trump on the trip, the deal flow also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          appeared thinner
         </a>
         <span>
          than what was announced on his last presidential trip to China, in 2017.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here are the highlights so far, Grady McGregor writes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Nvidia and Citi apparently scored wins.
         </span>
         <span>
          Shares in Nvidia,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          the chipmaker, hit a record yesterday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on reports
         </a>
         <span>
          that Washington had cleared 10 Chinese companies to buy its H200 semiconductors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That said, Beijing, which is looking to champion domestic rivals like Huawei, has not signaled it would be open to permitting the sales — an issue
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          echoed today by Jamieson Greer
         </a>
         <span>
          , the U.S. trade representative.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And on the eve of the summit,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Beijing approved
         </a>
         <span>
          Citi’s application to operate a securities business in China, ending a yearslong regulatory application process. It is unclear whether the presence of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jane Fraser
         </span>
         <span>
          , the bank’s C.E.O., on the trip played any role in Beijing’s decision. Citi shares gained 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">
          Boeing landed an order for 200 aircraft
         </span>
         <span>
          , a deal
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Trump highlighted
         </a>
         <span>
          in a Fox News interview last night.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But shares in the plane maker fell sharply in premarket trading today: The number was short of analysts’
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          forecasts of at least 300 planes
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Board of Trade looks like a go.
         </span>
         <span>
          The Washington-Beijing body would manage trade in sectors such as aviation, energy, medical equipment and agriculture. Greer said it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          would aim to reduce tariffs
         </a>
         <span>
          on roughly $30 billion worth of goods.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He added that he expected the tariff truce the countries struck last fall in South Korea to be extended.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What’s still unclear:
         </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">
                Has Washington made any progress in persuading China to guarantee that U.S. companies have
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                access to critical rare earths
               </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">
                Did the superpowers make any headway on safety measures 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">
                artificial intelligence
               </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">
                And what about a possible role for China in
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                helping reopen the Strait of Hormuz
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ?
               </span>
              </li>
             </ul>
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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">
          Major cryptocurrency regulation clears a key hurdle.
         </span>
         <span>
          The Senate Banking Committee
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          passed the Clarity Act
         </a>
         <span>
          , which has been promoted by crypto companies and investors like the venture capital firm Andreessen Horowitz. The bill heads to the full Senate, where it faces a less certain fate.
         </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">
          Federal prosecutors will drop criminal charges against India’s richest man.
         </span>
         <span>
          The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          move to end the case
         </a>
         <span>
          against the businessman Gautam Adani came after one of his lawyers — Robert Giuffra, who is also one of President Trump’s personal lawyers — met with Justice Department officials, The Times reports. (A presentation by Giuffra said that Adani was willing to invest $10 billion in the U.S., though sources told The Times that the withdrawal of charges wasn’t tied to the offer.) A settlement in a parallel case by the S.E.C. was announced Thursday in which Adani agreed to pay $6 million.
         </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">
          Bill Ackman bets big on Microsoft.
         </span>
         <span>
          The billionaire financier said today that he had acquired a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          major stake in the tech giant
         </a>
         <span>
          and that he believed in the long-term prospects of its productivity software and its spending on A.I. Other hedge fund managers have bet the opposite: TCI, the firm run by Chris Hohn, recently
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sold off an $8 billion stake
         </a>
         <span>
          in Microsoft.
         </span>
        </p>
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            <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_20260515%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3Nzg4NDY1MjQuNjEyNzM0OH0:1wNrEy:nOTqX4VbdQQgct80tFJOrP2L2rKg2T1E0nLOoI15R_k" style="max-width:96px;margin-bottom:7px"/>
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        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td style="text-align:center">
            <img alt="Sam Altman of OpenAI, wearing a dark suit, white shirt and dark tie." class="css-18ei5jy" height="334" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F15%252Fmultimedia%252F15db-openai1-jlwb%252F15db-openai1-jlwb-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg4NDY1MjQuNjEzMDQxOX0:1wNrEy:56ZJTqLBoyJrH4XjhUc89Gw7Mj_VpWQtBZ7IKjDmGcg" 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">
              Would you cross a bridge if Sam Altman said it was safe? That was a question posed by a lawyer for Elon Musk.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Manuel Orbegozo/Reuters
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The OpenAI trial heads to a conclusion
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The high-stakes legal showdown between
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          and OpenAI is finally headed to the nine-person jury.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Over more than
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          seven hours of closing arguments
         </a>
         <span>
          , lawyers for each side sought to paint the other as untrustworthy.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here are some of the highlights of yesterday’s proceedings.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Can anyone trust Sam Altman?
         </span>
         <span>
          That was again the central attack by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Steven Molo
         </span>
         <span>
          , Musk’s lead lawyer, who has argued that Altman, the OpenAI chief, deceived Musk, a fellow founder, about plans to convert the company from nonprofit to for-profit.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Molo told jurors that five witnesses had called Altman a “liar,” and he hammered home his point with a creative metaphor:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Imagine that you’re on a hike, and you come upon one of those wooden bridges that you see on a trail, and it’s over a gorge. There’s a river that’s 100 feet below and it looks a little scary, but a woman standing by the entry to the bridge says, “Don’t worry, the bridge is built on Sam Altman’s version of the truth.” Would you walk across that bridge? I don’t think many people would.
         </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">
          Can jurors trust Musk’s version of events?
         </span>
         <span>
          OpenAI’s lawyers, from the law firm Wachtell, Lipton, Rosen &amp; Katz, argued that the billionaire knew about the company’s plans for for-profit conversion earlier than he admitted to and that the statute of limitations for his claims had passed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Referring to Musk’s claim that he hadn’t read most of a 2018 email about OpenAI’s plans to seek outside investment,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sarah Eddy
         </span>
         <span>
          , a lawyer for OpenAI, said:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Here you have one of the most sophisticated businessmen in the history of the world and he claims he didn’t read a four-page summary term sheet.
         </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">
          The outcome of the trial could drastically alter the A.I. landscape.
         </span>
         <span>
          If OpenAI loses, its operations could be disrupted at a time when rivals are gaining steam.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Anthropic is reportedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          finalizing a $30 billion investment round
         </a>
         <span>
          at a $900 billion valuation, leapfrogging OpenAI’s valuation. And its Mythos model is said to have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cracked Apple’s state-of-the-art security technology
         </a>
         <span>
          , a testament to the tool’s power.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In other A.I. news, OpenAI 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">
                considering suing Apple
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                over how it has integrated ChatGPT with its Siri digital assistant.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Dylan Field, the C.E.O. of Figma, in a suit jacket and an open-necked shirt." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F15%252Fmultimedia%252F15db-figma1-fmlg%252F15db-figma1-fmlg-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg4NDY1MjQuNjEzMTQ3N30:1wNrEy:5oqjT_-Bzt0fdVfNM1ofgs4o3KxWuHMrSUSrL3SD1As" 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">
              Dylan Field, the C.E.O. of Figma, said his company’s strong results showed it was weathering disruption from artificial intelligence well.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Karsten Moran 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>
          Figma’s C.E.O. on surviving the “SaaSpocalypse”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The artificial intelligence boom has been a tale of haves and have-nots. Some companies have benefited mightily, most recently the chip maker Cerebras, whose stock
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          shot up 68 percent in its debut
         </a>
         <span>
          . But many enterprise software providers have been walloped.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One of them was Figma, the design-software maker whose shares have tumbled since
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          it went public
         </a>
         <span>
          last year. But as it reported
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          strong quarterly earnings
         </a>
         <span>
          yesterday, its C.E.O.,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dylan Field
         </span>
         <span>
          , spoke with Michael de la Merced about why he believed his company was poised to survive, and even thrive. Here are our takeaways after the conversation.
         </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">
          Remember the “SaaSpocalypse”?
         </span>
         <span>
          Referring to “software-as-a-service,” it referred to investors’ worries that tools like Anthropic’s Claude Code
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          would devastate the entire category
         </a>
         <span>
          of subscription-based software companies, like Figma.
         </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">
          Figma appears to have dispelled at least some of those worries:
         </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">
                Its revenue in the first quarter grew 46 percent, to $333.4 million.
               </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">
                It forecast revenue of at least $348 million in the current quarter and at least $1.422 billion for the full year, both above previous guidance.
               </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 company’s results held up after an A.I.-related change in pricing.
         </span>
         <span>
          For most of its existence, Figma charged companies per user (known as seat-based pricing). But A.I. agents that can do work once reserved for humans promise to drastically reduce how many “seats” customers need to pay for.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In mid-March, Figma switched to a system in which it charged users for how much A.I. they used past a certain amount. The company said that more than 75 percent of its business users kept using A.I. tools despite the cap.
         </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 result:
         </span>
         <span>
          Shares in Figma are up more than 10 percent in premarket trading since the 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">
          “Market narratives are market narratives,”
         </span>
         <span>
          Field said to DealBook about the SaaSpocalypse sell-off, playing down the investor concern while pointing out Figma’s strong performance.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “The way we see it, A.I. is going to create more software than ever,” he said. He added, “Design matters.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But Field remains on guard.
         </span>
         <span>
          Makers of A.I. models have muscled into Figma’s territory, notably Anthropic, which in March introduced Claude Design, a tool seen as a competitor of sorts. (Only three days before, Mike Krieger, a senior Anthropic executive,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          resigned
         </a>
         <span>
          from Figma’s board; Field
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reportedly complained
         </a>
         <span>
          about the situation.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “You have to take a company like Anthropic seriously,” Field told DealBook.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="10">
           </td>
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          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
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            <img alt='A menu with Chinese writing on one side and English on the other, showing song titles including "Can You Feel the Love Tonight?" and "Y.M.C.A."' class="css-1b7vfn3" height="559" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F15%252Fbusiness%252F15db-china-bremmer-tweet%252F15db-china-bremmer-tweet-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg4NDY1MjQuNjEzNTM3M30:1wNrEy:cbG6-DDPB5cv_5prfyrciMR2W7KgyERcjcrfzdTHmEM" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:5px" width="500"/>
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              @ianbremmer
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          Picture of the day
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The musical playlist for yesterday’s state dinner in Beijing for President Trump
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          drew big buzz on social media
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         <span>
          . It contained some Trump favorites, including the Village People hit “Y.M.C.A.”
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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 Circle’s C.E.O.
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        <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. This week,
         </span>
         <span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
          Jeremy Allaire
         </span>
         <span style="font-style:italic">
          , who leads the stablecoin issuer Circle, told Sarah Kessler that he had built a “C.E.O. prioritizer.” 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">
          How do you personally use A.I. at home or work?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One interesting one is a C.E.O. prioritizer. If there’s a request for me to meet someone or do something, you go to the agent and it interrogates you about it and does background research. Then it assigns a one-to-five score, with one being “Completely ignore it” and five being “This is a highly strategic use of your time.”
         </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">
          Circle wants to be part of the infrastructure that helps A.I. agents spend money. Tell me more about that.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The primary units of work in the economic system are going to be executed by A.I. agents. And increasingly, it’s going to be agents that are operating in teams.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We need a way for one agent to access and use the services of another agent. For example, you might have research data in a particular domain of biology, and I want to make that available to A.I.s to consume. And it’s going to be 5 cents, 10 cents. Whatever it is, you receive that payment, and the A.I. then can consume that data and use it.
         </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">
          You said on your latest earnings call that 85 percent of your employees are using A.I. coding and automation tools. What does that look like?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’re able to basically go through the entire software life cycle with A.I. agents conducting work. Agents are seeing feature requests, picking them up, coding and submitting the code for review. We have other agents that perform code review. Humans then obviously come in to do subsequent reviews.
         </span>
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            <span>
             THE SPEED READ
            </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Deals
         </span>
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        <div style="margin:0 auto;max-width:600px;width:100%">
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                Investors led by Egon Durban, a C.E.O. of the tech investment firm Silver Lake, have reportedly struck a deal 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">
                buy 25 percent of the Las Vegas Raiders
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at a $9.9 billion valuation. (CNBC)
               </span>
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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">
                Michael Carr
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a longtime top M.&amp;A. banker at Goldman Sachs, died on Tuesday. He was 68. (Bloomberg)
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          Politics, policy and regulation
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        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
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                A three-judge panel at a federal appeals court
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                appeared skeptical
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of the White House’s efforts to punish law firms. (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">
                Gov. Kathy Hochul
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                detailed a proposal for a new tax
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on second homes in New York City. (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">
          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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                Boeing and Toyota are said to have
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                donated $1 million each
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to fund a reality-TV video series starring the transportation secretary, Sean Duffy. (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">
                “In a City of Big Dreams, Many Young Adults
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                See a Cloudy Future
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
              </li>
             </ul>
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