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   DealBook: What’s next after the Trump-Xi meeting
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             October 30, 2025
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         <span style="font-style:italic">
          Good morning. Andrew here. Consider this split screen: Just before President Trump said he reached an agreement (at least a temporary one) with China on tariffs and other trade matters, he threatened to resume testing nuclear weapons for the first time in three decades. The good news is that there appears to be a tariff truce, but there is clearly more negotiating to go. We’ve got the details below.
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          Also: We’re looking at the fallout from yesterday’s Fed decision, and the latest quarterly results of Alphabet, Meta and Microsoft — and the questions that the market is asking about A.I. spending. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Sign up here.
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          )
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             President Trump and President Xi Jinping of China covered a range of issues in their meeting today. But can they reach a lasting deal?
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Haiyun Jiang/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>
          The latest on Trump-Xi talks
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump and President Xi Jinping of China appear to have covered a lot of ground in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          their meeting today in South Korea
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Details have been emerging throughout the morning, with Trump calling it an “amazing meeting.” Beijing had a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more measured response
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But investors appear underwhelmed. It’s unclear whether the two economic powers achieved a true breakthrough, or merely a pause in hostilities from their trade war. Bourses in China and Europe dipped, and S&amp;P 500 futures point to a weak open. Yesterday’s Fed decision and Big Tech earnings could be weighing on investors, too. (More on that below.)
         </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 upshot:
         </span>
         <span>
          The two sides made major, if temporary, concessions. They agreed to delay some of the most punitive trade measures, including on certain tariffs and export curbs.
         </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">
          Also:
         </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">
                China agreed to suspend for a year the tight export controls it had placed on rare earth metals this month, a move that potentially removes a pressure point on global supply chains.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump said that Washington would halve a fentanyl-linked tariff, to 10 percent, because Xi had vowed to work “very hard” to stop the flow of ingredients that the U.S. says are being used to make opioids.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                China’s Ministry of Commerce
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                said that the U.S. would extend
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the pause on reciprocal tariffs for another year. (A Nov. 10 deadline had loomed for those levies.)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Both sides will suspend tit-for-tat measures against each other’s shipping and shipbuilding industries for a year, including
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                suspending port fees
               </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">
                China also said it had agreed to “expanding agricultural product trade” and to “properly resolve issues related to TikTok.”
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump later wrote on social media that China would buy “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                massive amounts
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” of soybeans, and also said that there may be a “very large” purchase of oil and gas from Alaska.
               </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 China said that the U.S. agreed to suspend for one year a new rule that put export restrictions on companies at least 50 percent owned by Chinese firms on its “entity” blacklist.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What’s not in the deal — so far:
         </span>
         <span>
          There is no word on key issues, such as the trade in semiconductors for artificial intelligence. This week, Trump had said that “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          We’ll be speaking about Blackwells
         </a>
         <span>
          ,” referring to Nvidia’s high-end chips that Chinese companies seek. Shares of Nvidia fell in premarket trading.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Despite Trump’s assertion, it remains unclear how many American soybeans China will buy, a critical negotiating point for American farmers.
         </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">
          Big questions remain.
         </span>
         <span>
          While the post-meeting messaging has been upbeat — Trump said that “the meeting was a 12” on a scale of zero to 10 — there’s no clear sign that a more durable deal is in the works. A reminder: The last time the leaders met face to face, in 2019, Trump hailed the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          talks as a breakthrough
         </a>
         <span>
          , only for the two sides to ratchet up trade barriers afterward.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The uncertainty will most likely hang over companies and markets.
         </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">
          On the plus side:
         </span>
         <span>
          Trump said he planned to travel to China to meet with Xi in April, and invited China’s leader to the U.S. for a later visit.
         </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">
          On the down side:
         </span>
         <span>
          Shortly before the meeting, Trump rattled the international community when he wrote on social media that he had “instructed the Department of War” to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          restart nuclear weapons testing
         </a>
         <span>
          on an “equal basis” with other countries, for the first time in over three decades.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump later suggested that the announcement did not have to do with China.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          OpenAI is said to be preparing an I.P.O. that could value it at $1 trillion.
         </span>
         <span>
          The ChatGPT maker has considered filing as soon as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the second half of 2026
         </a>
         <span>
          , according to Reuters, and has looked at raising $60 billion or probably more. The company may be betting that this is the time to capitalize on investor enthusiasm for A.I. Nvidia, the chipmaker at the center of the A.I. boom, yesterday became the first publicly traded company to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          top a $5 trillion valuation
         </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">
          Restaurant chains offer a mixed picture on consumer spending.
         </span>
         <span>
          Starbucks
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          announced that its global sales had risen 1 percent last quarter, reversing an almost
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          two-year slide in sales
         </a>
         <span>
          and offering positive news about the coffee chain’s turnaround under its C.E.O., Brian Niccol. But the chain
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          closed 627 stores
         </a>
         <span>
          after months of struggles with weakening consumer spending, an issue that also hit Chipotle Mexican Grill. The food chain’s shares dropped 18 percent in premarket trading after it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lowered sales forecasts again
         </a>
         <span>
          as consumers skip dining 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">
          Layoffs keep coming.
         </span>
         <span>
          General Motors laid off
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          about 1,700 workers
         </a>
         <span>
          at its manufacturing sites yesterday, citing a slowdown in the electric vehicle market, while Paramount began cutting more than 2,000 positions, an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expected outcome of its merger
         </a>
         <span>
          with the Hollywood studio Skydance. The downsizing comes after this week’s big cuts at Amazon, as well as news that PwC had ditched plans to add 100,000 hires. Such layoffs, and A.I.’s role in them, led Jay Powell, the Fed chair, to say yesterday that the bank would be watching the job market “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          very, very carefully
         </a>
         <span>
          .”
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
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           <td>
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           </td>
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         <tbody>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Powell’s ‘slow down’ message
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For months, Jay Powell, the Fed chair, has had to contend with President Trump’s broadsides demanding that the central bank lower interest rates, no matter what. Now, Powell has to manage dissent among his fellow Fed policymakers, a fissure that has rattled the markets.
         </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">
          A recap:
         </span>
         <span>
          As expected, the Fed yesterday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lowered its benchmark lending rate
         </a>
         <span>
          by a quarter point, bringing it under 4 percent for the first time since late 2022. There were two who broke ranks, though, with Stephen Miran, a Fed governor, calling for a half-point
         </span>
         <span style="font-style:italic">
          cut
         </span>
         <span>
          , and Jeffrey Schmid, the Kansas City Fed president, voting to leave rates unchanged. It was the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          first dual dissent since
         </a>
         <span>
          2019.
         </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 next surprise came from Powell.
         </span>
         <span>
          During the news conference explaining the cut, he told reporters multiple times that it would be a mistake to assume the bank would make another trim at its next meeting, in December, a move that many on Wall Street had penciled in.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Citing “strongly differing views” among members of the central bank’s Federal Open Market Committee, Powell said that a move to lower rates at the upcoming meeting “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          is not a foregone conclusion
         </a>
         <span>
          — far from 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">
          The market response was swift.
         </span>
         <span>
          The S&amp;P 500 fell, and the yields on Treasury notes and bonds spiked. (Bond yields climb when prices fall, often as a result of heavy selling.) The futures market this morning put the odds of another quarter-point cut in December at 69 percent; it was above 90 percent before Powell started speaking.
         </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">
          Wall Street is rethinking its assumptions.
         </span>
         <span>
          “Chair Powell does not think it is a slam dunk decision, and neither do we,” Sarah House and Michael Pugliese, economists at Wells Fargo, wrote in a research note 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">
          The Fed is contending with contradictory signals.
         </span>
         <span>
          Inflation is running above the central bank’s 2 percent target, and there are continued signs of weakness in the labor market. Powell again said there was “no risk-free path” — meaning that the Fed risked reaccelerating inflation if it were to lower borrowing costs in the hopes of boosting hiring. On the plus side: Overall consumer spending has held up, even if lower income households have pulled back on purchases.
         </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 shutdown is another problem.
         </span>
         <span>
          A lack of official government data has hobbled efforts by the Fed and much of Wall Street to forecast the economy. Powell, for one, is thinking about the brakes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “What do you do if you’re driving in the fog?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          You slow down
         </a>
         <span>
          ,” he said. “So I’m not committing to that. I’m just saying it’s certainly a possibility that you would say, we really can’t see, so let’s slow down.”
         </span>
        </p>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The A.I. spending spree rolls on
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Artificial intelligence spending by tech giants shows no signs of slowing. But investors appear to be grading the companies on a tougher curve as they battle for market dominance.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Meta
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Microsoft
         </a>
         <span>
          tumbled in premarket trading. The social media giant behind Facebook and Instagram reported quarterly results that fell short of Wall Street’s expectations, while Microsoft acknowledged that its cloud computing business was still playing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          catch-up with sky-high demand
         </a>
         <span>
          . Shares
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in Alphabet
         </a>
         <span>
          , Google’s parent company, zoomed higher after it posed blowout revenues aided by strong demand for its cloud business.
         </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 spending numbers were astounding:
         </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 trio spent a combined
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                $78 billion
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                last quarter on capital expenditures — an 89 percent year-on-year rise, according to Deutsche Bank. A big chunk was earmarked for the construction of data centers, and for the purchase of high-end chips and gear to power their A.I. aims.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                More is on the way: Alphabet, which posted a quarterly profit of nearly $35 billion, forecast that it would spend more than
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                $91 billion
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                this year on capex, a $6 billion increase from its last projections.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                After reporting a disappointing $2.7 billion quarterly profit, Meta raised its capex projections to
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                $70 billion to $72 billion
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for the year.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Microsoft’s
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                $34.9 billion
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                capex outlay in its latest quarter surpassed its expectations. It notched a profit of nearly $28 billion last quarter.
               </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">
          Will it pay off?
         </span>
         <span>
          The fear in some corners of the market is that the spending blitz could lead to a bubble. “No one needs reminding that history is full of episodes of technology exuberance that eventually left the early investors battered,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Dec Mullarkey
         </a>
         <span>
          , a managing director at SLC Management, told The Financial Times.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Executives remain bullish on A.I. demand.
         </span>
         <span>
          “We will increase our total A.I. capacity by over 80 percent this year, and roughly double our total data center footprint over the next two years,” Satya Nadella, Microsoft’s C.E.O., told investors. But the buildout comes as the company said that its data center capacity
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could not keep up with demand
         </a>
         <span>
          , spooking investors.
         </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 spending spree appears far from over.
         </span>
         <span>
          Much of that will be spurred by the companies’ breakneck pursuit of what some call artificial general intelligence, or A.I. systems that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          match the power of human thinking
         </a>
         <span>
          , or more. “There’s a range of timelines” for when superintelligence might come, Mark Zuckerberg, Meta’s C.E.O., said on an analysts call.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “I think that it’s the right strategy to aggressively front-load building capacity, so that way we’re prepared for the most optimistic cases,” he added.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Up next: Amazon and Apple report after the closing bell today.
         </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>
             THE SPEED READ
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          Deals
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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">
                Novo Nordisk has made
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a bid
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of up to $8.5 billion for the U.S. drugmaker Metsera, topping Pfizer’s offer by more than $1 billion. (CNBC)
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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">
                David Zaslav, Warner Bros. Discovery’s C.E.O., told staff that he
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                needed to see a higher takeover bid
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