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DealBook: What Trump actually got in Riyadh
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Good morning. Geopolitics has largely taken a back seat to deal-making on President Trump’s first whirlwind visit this week to the Middle East. A contingent of business leaders, many of whom have been jolted by the president’s trade war, were in Saudi Arabia yesterday, betting on a flow of transactions. (Was this newsletter forwarded to you?
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Business leaders, including Tesla’s Elon Musk, BlackRock’s Larry Fink and Blackstone’s Steve Schwarzman, were in Saudi Arabia yesterday, during President Trump’s first major overseas stop.
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Business leaders who had high hopes for the second Trump administration hadn’t signed up for the turmoil of his trade war. President Trump’s deals-focused visit to Saudi Arabia is more of what they had in mind.
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</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Leaving aside questions of how many of the multibillion-dollar agreements the administration announced yesterday
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
were actually new
</a>
<span>
, the first leg of Trump’s trip to the Middle East underscores that his transactional instincts are what corporate leaders have been betting on.
</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 are highlights of what was announced yesterday:
</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">
A nearly $142 billion defense agreement involving over a dozen American companies and covering air force and space abilities, border security, communications and more
</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">
A deal for Nvidia
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to sell about 18,000 of its latest chips to the Saudi artificial intelligence start-up Humain to power new data centers, and 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">
AMD to sell about $10 billion worth
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
of processors to Humain as well — with shares of both chipmakers soaring yesterday
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
About $80 billion worth of investments by Google, Oracle, Uber and others in “cutting-edge transformative technologies in both countries”
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
About $19 billion worth in total of gas turbine by GE Vernova and plane exports by Boeing
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
A commitment by DataVolt, a Saudi company, to invest $20 billion in artificial intelligence data centers and energy infrastructure in the U.S.
</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">
Saudi Arabia’s approval of Starlink use
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in the region, according to Elon Musk
</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 deal flow is why top corporate leaders were in Riyadh yesterday.
</span>
<span>
Consider who was at a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
U.S.-Saudi investment lunch
</a>
<span>
: Musk; Jensen Huang of Nvidia (whom Trump
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
gave a shout-out to
</a>
<span>
, while noting that Tim Cook of Apple
</span>
<span style="font-style:italic">
wasn’t
</span>
<span>
present); Sam Altman of OpenAI, who is raising billions to build data centers as well as selling A.I. services; Larry Fink of BlackRock, who has assiduously
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
courted Saudi wealth
</a>
<span>
; Andy Jassy of Amazon; Dara Khosrowshahi of Uber; Alex Karp of the data consulting firm Palantir; Kelly Ortberg of Boeing; and more.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It’s also an environment —
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
décor-wise
</a>
<span>
, sure, but also focused on deals — that Trump appeared to enjoy. “We have the biggest business leaders in the world here,” he said. “They’re going to walk away with a lot of checks.”
</span>
</p>
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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">
Never mind that the announced deals are falling far short of Trump’s goal.
</span>
<span>
The White House said it had
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
secured $600 billion worth
</a>
<span>
of investment commitments from Saudi Arabia. But the announced total so far is about $283 billion, and organizers of the investment forum said that 145 deals were signed for a total of a bit over $300 billion. And several of the deals have been in the works before Trump’s second term.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The president has pressed Saudi officials to commit to more than $1 trillion (and bring down the price of oil, to boot). But that figure
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
exceeds the assets held
</a>
<span>
by the Saudi sovereign wealth fund, the Public Investment Fund — which has already said it wants to invest less abroad and instead focus on the domestic economy.
</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">
All of this is a reminder that deals are the way to Trump’s heart.
</span>
<span>
Promises of big investments were how Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler, forged ties with the president during his first term.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And it’s a lesson that Qatar and the United Arab Emirates have also learned, almost certainly meaning that billions more in commitments will be announced when Trump heads there next.
</span>
</p>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<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">
Speaking of Qatar,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
even Republicans are wary
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
of the country’s potential gift of a Boeing 747 for use as an Air Force One: Senator Ted Cruz of Texas told CNBC that “the plane poses significant espionage and surveillance problems.”
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
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<tbody>
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<td height="30">
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<td style="padding:0;font-size:0;border-top:8px solid #000">
<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">
A trade court hears a lawsuit over President Trump’s tariffs.
</span>
<span>
A three-judge panel for the U.S. Court of International Trade in Manhattan
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
listened to arguments
</a>
<span>
from a group of small businesses arguing for
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
blocking the levies
</a>
<span>
and to a defense from administration lawyers. Separately, The Washington Post reports that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
electoral concerns
</a>
<span>
helped persuade the White House to ease up on its Chinese tariffs.
</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">
Tesla’s board is said to weigh a new pay package for Elon Musk.
</span>
<span>
A committee of two directors — Robyn Denholm, the carmaker’s chair, and Kathleen Wilson-Thompson, an independent board member —
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
has been formed
</a>
<span>
to consider ways to compensate Musk, especially if Delaware’s Supreme Court upholds the overturning of a multibillion-dollar payday, The Financial Times reports. Separately, Denholm
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sold $198 million worth
</a>
<span>
of Tesla stock over the past six months via a prearranged trading plan.
</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">
Musk’s DOGE no longer claims credit for cutting more federal contracts.
</span>
<span>
The Department of Government Efficiency
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
withdrew claims
</a>
<span>
from its website that it had canceled dozens of contracts, after The Times reported that they had already been reinstated. The move underscores bigger questions about what the Musk-formed group
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
has actually achieved
</a>
<span>
, and whether it is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
losing influence on Capitol Hill
</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">
Microsoft again swings the ax on its work force.
</span>
<span>
The tech giant said that it planned to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
lay off about 3 percent of its employees
</a>
<span>
, or roughly 6,000 people, as it aims to reduce layers of management. The move — coming despite better-than-expected quarterly earnings — is the latest reminder that tech companies still see benefits from cutting expenses, with Amazon and CrowdStrike among those having announced layoffs this year.
</span>
</p>
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<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Back to square one
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Calm has returned to the bond market, and S&P 500 futures are pointing upward today as investors grow bullish that President Trump’s trade war will be replaced by trade deals.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The S&P 500 has pulled back from the brink of a bear market to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
positive territory for the year
</a>
<span>
.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="A line chart shows the relative performance of various global stock market indexes since the start of 2025." class="css-xsf469" height="540" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F13%252Fworld%252F13db-chart%252F13db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDcyMjM3MDQuMzE0NDg5NH0:1uFAhU:Cs2QI62jPf7DQv8TovY1IJ0uM-of_ywIC_bWA-kkyPg" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The speed of the market bounce is reminiscent of the Covid-era V-shape market recovery in April 2020, according to Deutsche Bank data. That surge bolstered investor portfolios and led to a deals boom, but there were
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
plenty of hiccups along the way
</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">
This one could be choppy, too.
</span>
<span>
Investors yesterday cheered the latest
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Consumer Price Index report
</a>
<span>
, which showed the annualized headline inflation rate inching up 2.3 percent, its lowest level in more than four years. But economists expect to see the effects of tariffs on price increases in future reports. A string of companies have warned that the levies have upended their supply chains, forcing them to consider
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
passing those costs on to consumers
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Here’s how things might play out:
</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 bull case:
</span>
<span>
There have now been three consecutive tame C.P.I. reports; even
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
egg prices are falling
</a>
<span>
. If it weren’t for tariff uncertainty, the narrative hanging over markets today might be about the Fed having largely stamped out the inflation menace, analysts say.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Could a string of trade deals keep the inflation genie in the bottle? Would that be enough to persuade the Fed to resume cutting interest rates, which could spur borrowing and motivate investors to buy stocks?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
On social media yesterday,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Trump again beseeched
</a>
<span>
the central bank and its chair, Jay Powell, to act: “THE FED must lower the RATE, like Europe and China have done. What is wrong with Too Late Powell? Not fair to America, which is ready to blossom? Just let it all happen, it will be a beautiful thing!”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
(That said, futures traders this morning actually
</span>
<span style="font-style:italic">
lowered
</span>
<span>
their odds slightly for just two rate cuts 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">
The bear case:
</span>
<span>
Yesterday’s C.P.I. report, was a mirage. “Higher tariffs threaten to derail this trend, and our expectation is that prices for goods including vehicles and apparel will rise in the coming months,” Sarah House, a senior economist at Wells Fargo, wrote in a research note yesterday. Other economists flagged the rising prices for household furnishings, toys and audio equipment as a sign that tariffs may still squeeze consumers.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The question is whether tariffs result in entrenched inflation, which could sap consumer buying power and erode economic growth. That could put more pressure on the Fed to intervene — but that could take months. “It will be a quiet summer for the Fed,” Becky Qin, a multi-asset portfolio manager for Fidelity International, told Bloomberg TV this morning.
</span>
</p>
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<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>
</tr>
</tbody>
</table>
<p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
DEALBOOK WANTS TO HEAR FROM YOU
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
We’d like to know how the tariffs are affecting your business. Have you changed suppliers? Negotiated lower prices? Paused investments or hiring? Made plans to move manufacturing to the U.S.? Or have the tariffs helped your business? Please
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
let us know what you’re doing
</a>
<span style="font-style:italic">
.
</span>
</p>
<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>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
“He needs to leave.”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
—
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
Eric Holder
</a>
<span style="font-style:italic">
, the former U.S. attorney general who led an inquiry into the World Economic Forum founder Klaus Schwab over whistle-blower accusations of financial impropriety and discrimination, to trustees of the organization, according to The Wall Street Journal.
</span>
</p>
<table width="100%">
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<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>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
How donors missed Biden warning signs
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The fallout from the presidential election has set off soul-searching within the Democratic Party and its backers — especially before next year’s midterms.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
A new book
</a>
<span>
is poised to force them to reflect on what went wrong.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“Original Sin: President Biden’s Decline, Its Cover-Up, and His Disastrous Choice to Run Again,” by Jake Tapper of CNN and Alex Thompson of Axios, dives into whether President Joe Biden’s decision to remain atop the Democratic ticket for so long doomed the party’s chances in November.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A main focus of the book is how Democratic power players and major donors missed the signs that Biden’s mental acuity was apparently slipping even as they poured huge sums into his re-election campaign. Were these just bad days, or the sign of entrenched decline? Were aides and party leaders in denial, the book suggests, or were they willfully deceiving others about Biden’s mental state and capabilities?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Tapper and Thompson detail what went down backstage at a major Los Angeles fund-raiser, organized by Jeffrey Katzenberg, the Hollywood mogul who was a chair of Biden’s campaign, with assistance from the actor George Clooney, two weeks before the fateful debate that spelled the end of Biden’s run. From an
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
excerpt in The New Yorker
</a>
<span>
:
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
It seemed clear that the President had not recognized Clooney.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
“It was not O.K.,” recalled the Hollywood V.I.P. who had witnessed this moment. … “It was uncomfortable.”
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
“George
</span>
<span style="font-style:italic">
Clooney,
</span>
<span>
” the aide clarified for the President.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
“Oh, yeah!” Biden said. “Hi, George!”
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
Clooney was shaken to his core. The President hadn’t recognized him, a man he had known for years. Clooney had expressed concern about Biden’s health before — a White House aide had told him a few months before that they were working on getting the President to take longer steps when he walked — but obviously the problem went far beyond his gait. This was much graver.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
This was the President of the United States?
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
Clooney was certainly not the only one concerned. Other high-dollar attendees who posed for photographs with Obama and Biden described Biden as slow and almost catatonic. Though they saw pockets of clarity while watching him on television, and onstage later that night, there were obvious brain freezes and clear signs of a mental slide. It was, to some of them, terrifying.
</span>
</p>
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</td>
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</table>
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<span style="font-style:italic">
We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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Subscribe to The New York Times
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
THE SPEED READ
</span>
</h3>
</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">
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">
The estate of Paul Allen has put 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">
N.B.A.’s Portland Trail Blazers up for sale
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
; the team has been valued at about $3.6 billion. (Bloomberg)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
OpenAI’s shake-up plan gets SoftBank’s nod
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
— all eyes now on Microsoft” (CNBC)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
GSK agreed 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 a liver-disease treatment from Boston Pharmaceuticals
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
for up to $2 billion. (WSJ)
</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">
Politics, policy and regulation
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
A bid by Robert F. Kennedy Jr., the health secretary, to label pesticides a potential health risk 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">
drawn opposition
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
from other Trump administration officials who fear it could roil the food supply chain. (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">
House Republicans are pushing a bill that would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
repeal state laws regulating artificial intelligence
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, and bar states from passing new ones for a decade. (WaPo)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Real estate titans ‘hold their nose’ 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">
get behind Cuomo with big money
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (Politico)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Best of the rest
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
CNN will
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
debut a streaming service this fall
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, just three years after the CNN+ debacle, and ESPN’s new streaming app
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
will cost $29.99 per month
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (NYT, CNBC)
</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">
Airbnb is rebranding
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to be for not just rentals, but “anything.” (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">
Pete Rose is among a group of deceased players whose eligibility bans have been lifted by Major League Baseball,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
giving them a shot at the Hall of Fame
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (The Athletic)
</span>
</li>
</ul>
</td>
</tr>
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</table>
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</td>
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</table>
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<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Thanks for reading! We’ll see you tomorrow.
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