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DealBook: What Will Warren Buffett Bet on Next?
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May 3, 2024
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Good morning. We look at the big questions expected at Berkshire Hathaway’s first annual meeting since the death of Charlie Munger; the good and bad news in Apple’s latest earnings; what’s next after Sony and Apollo join the race to buy Paramount; and the F.T.C.’s surprise condition for approving Exxon’s purchase of the shale producer Pioneer. (Was this newsletter forwarded to you?
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Berkshire Hathaway shareholders and admirers of Warren Buffett will gather in Omaha tomorrow looking for investment tips and more.
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A different kind of Berkshire annual meeting
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Tens of thousands of investors are flocking to Omaha this weekend, which can mean only one thing: It’s time for Berkshire Hathaway’s annual shareholder meeting, dubbed the “Woodstock for capitalists.”
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The allure had long been the chance to see Warren Buffett and Charlie Munger live, answering attendees’ questions with a time-tested buddy-comedy act. But this year’s event will be the first without Munger, who
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died in November
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at age 99 — and comes amid growing questions about Berkshire post-Buffett, who’s 93.
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Buffett will have a different crew answering questions alongside him tomorrow.
</span>
<span>
Berkshire’s vice chairmen, Greg Abel and Ajit Jain, will be on hand for much of the day. Shareholders most likely will be focused on what Abel, Buffett’s appointed successor as C.E.O. and the head of the conglomerate’s noninsurance operations, has to say.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In Buffett’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
annual letter
</a>
<span>
to investors, he noted challenges to Berkshire’s biggest businesses, including the BNSF railroad (falling shipment volumes) and its utility business (forest fires). Last month, the company’s enormous real estate brokerage, HomeServices of America, also agreed to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
pay $250 million
</a>
<span>
to settle lawsuits over inflated home-sales commissions.
</span>
</p>
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<td colspan="1">
<h3 class="css-1uqm1ol" style="font:10px/10px arial,sans-serif;letter-spacing:.1em;color:#5a5a5a;text-align:center;text-transform:uppercase;margin:0 0 14px">
A MESSAGE FROM WALMART
</h3>
</td>
</tr>
<tr>
<td class="css-1expd9" style="vertical-align:middle;width:50%;padding:8px 16px 1px;box-sizing:border-box" valign="middle" width="50%">
<a style="text-decoration:none;display:block" tabindex="-1">
<p style="font:700 20px/28px georgia,serif;color:#121212;margin:0 0 4px">
Skills Help Build Careers at Walmart
</p>
<p style="font:16px/22px georgia,serif;color:#121212;margin:0 0 19px">
Walmart is creating opportunities for associates to build careers based on their real-life experiences. As one of the first companies to remove college degree requirements from the majority of their roles, Walmart is investing over $1 billion in career-driven training and workforce development programs for store and club associates by 2026. Learn how Walmart provides pathways to roles with greater responsibility and higher pay for associates with or without a degree.
</p>
<p style="font:700 10px/10px arial,sans-serif;text-transform:uppercase;-webkit-text-decoration:underline;text-decoration:underline;color:#5a5a5a;margin:0 0 20px">
Learn more
</p>
<img alt="Walmart Logo" height="15" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nytimes.com%252Fads%252Femail_logo%252FMorning_briefing%252Fus%252FWMV2.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MTQ3MzUzMTAuNTg4MjMyfQ:1s2qz8:dNUEogI8ONB40UWPdvK3FYofuChntoQsb-4_YRHQqOc" style="height:15px;max-width:150px"/>
</a>
</td>
</tr>
<tr>
<td style="padding-bottom:16px">
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Shareholders may want to hear what Jain, as the longtime mastermind behind Berkshire’s vital
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
reinsurance operations
</a>
<span>
, has to say about the business that makes most of Buffett’s investing possible.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Expect lots of questions about Berkshire’s signature investments.
</span>
<span>
The company’s stock performance this year has outpaced that of Apple (one of Buffett’s biggest investments; more on that below), Microsoft and Tesla, as well as the S&P 500.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But with
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
interest rates remaining higher for longer
</a>
<span>
and many tech giants’ shares losing steam, shareholders will want to know where Buffett sees future opportunities. That may include the company’s investments in the oil and gas producer Occidental Petroleum and five Japanese trading houses,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
whose stocks have soared
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Attendees may also want Buffett to explain what may be his most consequential admission in recent years: Berkshire is now so big that it’s unlikely to find any major acquisitions — the historical source of Buffett’s outsize investment returns — to spend its $163 billion cash pile on. “All in all, we have no possibility of eye-popping performance,” he wrote in this year’s annual letter.
</span>
</p>
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</td>
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<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
And there may be questions about Buffett’s stock-picking lieutenants.
</span>
<span>
Todd Combs and Ted Weschler have been managing portions of Berkshire’s investment portfolio for years. But their
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
performance has long lagged
</a>
<span>
behind that of Buffett himself and the S&P 500, raising questions about Berkshire’s future value proposition.
</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>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The Justice Department’s investigation into TD Bank reportedly focuses on fentanyl.
</span>
<span>
Investigators found that Chinese drug traffickers and crime groups used the Canadian bank to launder hundreds of millions in illicit drug proceeds,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
The Wall Street Journal reports
</a>
<span>
. The accusation adds to the scrutiny of the bank’s anti-money laundering practices, which is at the center of other regulatory investigations in the U.S. and Canada.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
President Biden makes his first public comments on campus protests.
</span>
<span>
Biden
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
condemned the violence yesterday
</a>
<span>
while defending the right to demonstrate peacefully. The president is eager to keep the issue from eroding his support with young voters but he has been criticized by Democrats and Republicans for not speaking 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">
Arguments in the Google antitrust case conclude today.
</span>
<span>
The Justice Department says the company competed unfairly in making deals with Apple and other companies to lock in search functionality on smartphones and web browsers. Google counters that it earned its market edge through innovation. The trial is the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
biggest challenge yet to Big Tech’s dominance
</a>
<span>
, and the judge’s verdict, expected later this year, could change how Google does business.
</span>
</p>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
A mega buyback lifts Apple
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
After a rocky stretch, Apple is predicting a return to growth in 2024. That, and an unprecedented $110 billion share-buyback promise, have lifted shares by more than 6 percent in premarket trading this morning despite
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
another sales decline
</a>
<span>
and big worries about China.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Apple is the latest Big Tech giant to report results in recent weeks — next up is Nvidia on May 22. Investors are zeroing in on when huge investments, especially in artificial intelligence, will pay off.
</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">
Apple’s rally belies a litany of challenges,
</span>
<span>
including a sluggish market for smartphones and wearables, intensifying competition in China, heightened regulatory scrutiny,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a lackluster debut
</a>
<span>
for the Vision Pro headset and questions about its A.I. efforts. (The company is expected to reveal how it will incorporate A.I. into its devices at a developers conference next month.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Add it up, and sales have declined at the king of growth stocks in five of the past six quarters and shares are down nearly 7 percent this year. A
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
big question on Wall Street
</a>
<span>
: What will Warren Buffett’s Berkshire Hathaway do with its $157 billion Apple stake?
</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 big takeaways from yesterday’s earnings report:
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
Sales fell 4
</span>
<span style="font-size:17px;line-height:25px;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
percent on an annualized basis to $90.8 billion last quarter, and profit dipped by 2 percent to $23.6 billion. Both reductions exceeded analysts expectations.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font-size:17px;line-height:25px;vertical-align:middle">
Apple reported $16.4 billion of revenues in Greater China, which includes the mainland, Hong Kong and Taiwan. That’s up compared to the previous quarter, driven by the iPhone. Investors are worried about Apple’s hold on the world’s No. 2 smartphone market, where consumers are shifting to local rivals amid a wider crackdown on foreign-made tech.
</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 also sought to reassure on generative A.I.
</span>
<span>
Apple isn’t investing the vast sums that rival tech giants Microsoft, Amazon and Meta, are spending on the technology. That has helped protect its profit outlook, but it has also left investors unsure about its strategy.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Tim Cook, Apple’s C.E.O., tried to express confidence that the company would catch up by deploying A.I. across its devices and services. “Apple’s unique combination of seamless hardware, software and services” — including its in-house chips — will give the company an edge, he told analysts.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-1ux4czy" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
The Paramount race heads to a cliffhanger
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
After weeks of anticipation, Sony Pictures Entertainment and Apollo Global Management have made it official: They’ve formally expressed interest in
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
buying Paramount for about $26 billion
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That puts extra pressure on the Paramount board’s special committee that’s evaluating the company’s future. Those directors are already facing a deadline today for exclusive deal talks with Skydance, the studio led by the tech scion David Ellison (and the preferred suitor of Paramount’s controlling shareholder, Shari Redstone).
</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">
Is the Sony-Apollo bid a game-changer?
</span>
<span>
Sony has deep experience in entertainment, with Apollo providing a big slug of capital. Sony plans to be the majority shareholder, making Paramount a division within its broader film and television empire and putting franchises like “Spider-Man” and “Mission: Impossible” under one roof.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That said, the $26 billion figure is preliminary: Sony and Apollo haven’t started due diligence, which could affect their ultimate takeover proposal.
</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">
There are regulatory concerns,
</span>
<span>
including whether the Sony-Apollo bid would be hamstrung by federal restrictions on foreign ownership of broadcast networks like Paramount’s CBS.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Apollo and Sony believe workarounds are available; one could be having Apollo, which has already been approved for network ownership after acquiring Cox Media Group, own the license for CBS. Still, the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
F.C.C. blocked
</a>
<span>
a takeover bid of the broadcaster Tegna because of Apollo’s role in financing that transaction.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
What happens next?
</span>
<span>
Here are some possibilities:
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
Paramount’s special committee signs a deal with Skydance that includes a low breakup fee and a so-called go-shop provision that lets it negotiate with Sony and Apollo. That would likely give Skydance a chance to match, setting up a bidding war and, if Sony and Apollo won, a mandatory payout to Skydance. (It could also lead to a lower price than what a traditional auction would have fetched, giving already irate shareholders more reason to gripe — or sue.)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font-size:17px;line-height:25px;vertical-align:middle">
Paramount could let the exclusivity period with Skydance expire at midnight tonight and open its books to Sony and Apollo. That, of course, risks the Sony-Apollo duo
</span>
<span style="font-size:17px;line-height:25px;vertical-align:middle;font-style:italic">
not
</span>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
making a formal bid — and Skydance walking away.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<table width="100%">
<tbody>
<tr>
<td class="css-1ux4czy" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
$76 billion
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
— What the N.B.A. is set to get from two new
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
broadcasting agreements
</a>
<span style="font-style:italic">
with Disney and Amazon, three times the size of its current deal, according to Bloomberg. The league is also reportedly considering another package with Warner Bros. Discovery and Comcast.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-1ux4czy" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
The F.T.C.’s surprise for Big Oil
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Exxon Mobil’s $60 billion purchase of Pioneer Natural Resources is set to close today. The F.T.C. gave its blessing, but the regulator extracted an unusual concession: It barred Scott Sheffield, the shale oil producer’s former C.E.O., from joining Exxon’s board, saying he colluded with OPEC to manipulate oil prices.
</span>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The accusations could lead to criminal charges and sent a shudder through an industry as deal making hits record highs.
</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 F.T.C.’s case:
</span>
<span>
The agency
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
said
</a>
<span>
that its merger review found Sheffield’s text messages, public statements and in-person meetings with OPEC officials were evidence he tried to distort the global market for oil prices and to profit from it. “American consumers shouldn’t pay unfair prices at the pump simply to pad a corporate executive’s pocketbook,” said Kyle Mach, the F.T.C.’s deputy competition chief. The F.T.C. reportedly plans to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
refer Sheffield’s case to the Justice Department
</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">
Pioneer said the F.T.C. doesn’t understand the oil industry.
</span>
<span>
It
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
disputed the accusations but said it and Sheffield wouldn’t do anything to stop the Exxon deal going through.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Others accused the regulator of overreach. Eric Grannon, an antitrust lawyer at White & Case, told
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
The Wall Street Journal
</a>
<span>
that using a merger-review process to target an executive wasn’t “principled antitrust enforcement.”
</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 another case of the F.T.C. chair, Lina Khan, pushing antitrust policy boundaries.
</span>
<span>
The F.T.C. doesn’t have the authority to make criminal charges. But in 2021, after she became chair, the regulator vowed to expand its corporate referral program to other agencies that do.
</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">
M.&A. in the oil sector hit a
</span>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;font-weight:700;font-family:arial,sans-serif;color:#000">
record in the first quarter
</a>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
after a bumper 2023.
</span>
<span>
But some analysts warn about a chill on activity if the F.T.C. takes a tougher stance on mergers. “Any C.E.O. contemplating a merger will have to worry about being singled out the way Sheffield was,” James Lucier, an analyst at Capital Alpha Partners, wrote in a client note yesterday.
</span>
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We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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THE SPEED READ
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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Deals
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
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<td style="padding:0 0 5px">
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<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font-size:17px;line-height:25px;vertical-align:middle">
The commodities giant Glencore is reportedly considering a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
takeover offer for Anglo American
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
, potentially setting up a bidding war with BHP. (Reuters)
</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-size:17px;line-height:25px;vertical-align:middle">
U.S. Steel pushed back
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
the expected close of its $14 billion sale to Nippon Steel to later this year, amid political opposition to the transaction. (Bloomberg)
</span>
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Policy
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The S.E.C. ended its inquiry into
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
trades by Barry Diller and David Geffen
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
in Activision Blizzard stock before the video game company announced its sale to Microsoft. (WSJ)
</span>
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<span style="font-size:17px;line-height:25px;vertical-align:middle">
A senior TikTok executive told advertisers that the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
video app wasn’t “backing down”
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
as it fights a U.S. government effort to force its sale, under threat of a ban. (Deadline)
</span>
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Best of the rest
</span>
</p>
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<tr>
<td style="padding:0 0 5px">
<ul class="css-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
Chubb, which insured the Francis Scott Key Bridge in Baltimore that collapsed in March, will
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
pay Maryland $350 million
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
, the full amount of the state’s coverage. (WSJ)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font-size:17px;line-height:25px;vertical-align:middle">
“A mystery chatbot came and went.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
It’s probably a new OpenAI product
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
” (Axios)
</span>
</li>
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6 months, 3 weeks ago - nytdirect@nytimes.com
DealBook: What Will Warren Buffett Bet on Next?
Also, Apple returns some of its cash hoard to investors.View in browser|nytimes.comMay 3, 2024SUP...