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   DealBook: Who’s afraid of A.I.?
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             May 20, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          Explain this: The bond market is showing clear signs of worry about the economy. The effect, in the form of higher borrowing costs, could sting. And yet the stock market seems to think everything is fine — or better than fine. We delve into the disconnect.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          We’re also looking at increasing worries about how artificial intelligence could meaningfully impact the jobs market. More below.
         </span>
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          (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              A.I.-related layoffs at Meta may be feeding into rising global anxiety about the consequences of companies embracing the technology.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Carlos Barria/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A.I. backlash goes global
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Anxiety about artificial intelligence isn’t just on display at
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          college commencement speeches
         </a>
         <span>
          . It’s showing up across the globe (including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          at the Vatican
         </a>
         <span>
          ) and in response to yet more announcements about job cuts and other corporate initiatives, as well as in new polling.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The drumbeat of negative reactions to A.I. is providing a contrast to the full-steam-ahead approach by many companies.
         </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 linked to A.I. are still happening, and they’re often big.
         </span>
         <span>
          Meta’s offices will be mostly empty today as it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cuts 8,000 workers
         </a>
         <span>
          around the world, part of its effort to refocus on its A.I. operations. (Another 7,000 are being reassigned to new initiatives tied to the technology.) From The Times:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Ahead of the layoffs, hundreds of employees in New York planned to gather for drinks on Tuesday to “commiserate or celebrate, pick your poison,” according to a copy of an invitation seen by The New York Times. The title of the event: “Never a dull moment 🫡.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          That’s adding to the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more than 111,000 tech-sector employees
         </a>
         <span>
          laid off so far this year, according to Layoffs.fyi.
         </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">
          Blunt talk by some business leaders about A.I.’s impact is drawing backlash.
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bill Winters
         </span>
         <span>
          , the C.E.O. of the London-based bank Standard Chartered, has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sought to reassure employees
         </a>
         <span>
          after the lender announced plans to eliminate 8,000 support jobs over the next four years as it relies more on A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          What drew condemnation was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          how he described the move
         </a>
         <span>
          yesterday to reporters:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          “It’s not cost cutting; it’s replacing in some cases lower-value human capital with the financial capital and the investment capital we’re putting in.”
         </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">
          Halimah Yacob
         </span>
         <span>
          , a former president of Singapore, a major hub for Standard Chartered, called the comments “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          demeaning
         </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">
          Antipathy to A.I. is reflected in recent polling.
         </span>
         <span>
          In a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          new survey
         </a>
         <span>
          by The Times and Siena College, 35 percent of U.S. registered voters said that they believed the technology to be mostly bad, while 16 percent said it was mostly good. (About 45 percent said it was neither good nor bad.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Democrats and younger voters are especially skeptical of A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          That doesn’t seem to be stopping companies from pushing forward with A.I.
         </span>
         <span>
          That includes Google, which rolled out a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          slew
         </a>
         <span>
          of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          new
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          models
         </a>
         <span>
          at its developer conference yesterday and announced plans to embed A.I. more deeply into popular products like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          its all-important search box
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (That said, some worry the tech giant is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          going too far
         </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">
          Others think the A.I. doomerism around jobs is overblown.
         </span>
         <span>
          A
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          major survey of employers
         </a>
         <span>
          about their graduate hiring plans this year showed that nearly three times as many executives at companies using the technology plan to
         </span>
         <span style="font-style:italic">
          increase
         </span>
         <span>
          junior-level hiring, not cut back.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Still, some C.E.O.s acknowledge that there is cause for concern, particularly for longer-tenured employees. “If you spent 15 years learning to be a senior engineer, and now you’ve got this upstart person in 12 months’ time that can do more than you with A.I. agents,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          that’s kind of threatening
         </a>
         <span>
          ,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bruce Buchanan
         </span>
         <span>
          , the co-founder and C.E.O. of Rokt, an e-commerce technology company, told The Wall Street Journal.
         </span>
        </p>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In other A.I. news:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Anthropic has hired
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Andrej Karpathy
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , an OpenAI founder who also led A.I. at Tesla, to lead a new research team. And a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                worker strike at Samsung Electronics
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , which could begin as soon as tomorrow, could cripple global supplies of semiconductors.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <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">
          The I.R.S.’s deal with President Trump blocks any audits of himself or his businesses.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The provision
         </a>
         <span>
          , part of the settlement of Trump’s extraordinary lawsuit against the agency over the leaking of his and two of his sons’ tax returns, will end any current proceedings against the president, his family or his companies. It drew criticism from Democrats, as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Republicans appear increasingly nervous
         </a>
         <span>
          about the formation of a $1.8 billion legal compensation fund for allies.
         </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">
          Appeals court judges appear skeptical of Anthropic’s efforts to overturn a Pentagon threat.
         </span>
         <span>
          Two of the judges from the U.S. Court of Appeals for the Federal Circuit — both appointed by Trump — questioned whether the A.I. company could block Defense Secretary Pete Hegseth from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          designating it a supply-chain risk
         </a>
         <span>
          to national security. Separately, some banking regulators are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pausing cybersecurity examinations
         </a>
         <span>
          for lenders to let them study the risks posed by Anthropic’s Mythos model, according to Bloomberg.
         </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 Trump administration sues Minnesota over a ban on prediction markets.
         </span>
         <span>
          The Commodity Futures Trading Commission said that the state’s recently enacted law
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          seeks to usurp federal authority
         </a>
         <span>
          over platforms like Kalshi and Polymarket. At least 14 other states have introduced bills to regulate prediction markets, as lawmakers worry about their surge in popularity and about the prevalence of potential insider trading.
         </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">
          LIV Golf is reportedly drawing up contingency bankruptcy plans.
         </span>
         <span>
          The upstart golf competition is laying the groundwork for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          an insolvency filing
         </a>
         <span>
          at the end of its current season if it can’t find new investors to replace Saudi Arabia’s sovereign wealth fund, Bloomberg reports. That may include moving its headquarters to the U.S. to benefit from favorable American bankruptcy law.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
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                <td style="line-height:0;font-size:0">
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            </span>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
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           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Bond trembles
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Debt, demographics, inflation, war:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bondholders are watching it all
         </a>
         <span>
          , and they don’t like what they see.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          global bond sell-off
         </a>
         <span>
          has paused this morning. But analysts see the slump continuing, leading to higher borrowing costs that risk deeper political, economic and market ramifications, Bernhard Warner reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
        </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 yield on the 10-year Treasury note, a rate that underpins many home mortgages and commercial loans, hit 4.64 percent this morning.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                It has now climbed roughly 70 basis points since the war with Iran began on Feb. 28. That surge is being felt in 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">
                real estate market
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                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">
                global stock markets
               </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">
                Watch Britain, where
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                turmoil in the sovereign debt market
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                reflects investor worries about fiscal deficits, inflation and the precariousness of the current Labour-led government.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The U.S. 30-year Treasury bond has slumped to levels unseen since 2007.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A line chart shows the performance of the U.S. 10-year Treasury note during President Trump's second term." class="css-mcckse" height="536" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F20%252Fbusiness%252F20db-chart-UST%252F20db-chart-UST-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzkyNzc5MTYuMjQzMTA5Mn0:1wPfSu:l8oUpWcnEirl60UZGjTxrNS9R9FSR45TWiBQNgctd5o" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
           </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">
          Last week’s bond swoon spooked many on Wall Street.
         </span>
         <span>
          Until then, investors were buzzing about a rally in chips and artificial intelligence stocks, said Lisa Shalett, the chief investment officer at Morgan Stanley Wealth Management. (Speaking of which, Nvidia reports quarterly earnings after market close today.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lousy inflation
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reports
         </a>
         <span>
          and a U.S.-China summit
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          light on results
         </a>
         <span>
          changed the narrative. Investors refocused on surging oil prices and persistently higher prices that would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tie the hands of the Fed
         </a>
         <span>
          . The futures market this morning forecasts a rate
         </span>
         <span style="font-style:italic">
          increase
         </span>
         <span>
          this year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors have taken it out on “the highest-valued parts of the market that had gotten really frothy,” Shalett told DealBook.
         </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 potential fallout:
         </span>
         <span>
          Climbing bond yields often bring higher borrowing costs, which could weigh on corporate profits and tech giants’ debt-financed A.I. spending spree.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s also worrisome for investors who
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          borrowed at record levels
         </a>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          to bet on stocks and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          crypto
         </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">
          What’s next?
         </span>
         <span>
          Some analysts see bond yields continuing to climb in tandem with oil prices. Shalett is watching the price of December contracts for Brent crude, the international oil benchmark.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          She also warned that the market for I.P.O.s, which is sensitive to investor enthusiasm about the economy, may be hit. (Blockbuster deals like the pending offering for SpaceX are likely to be fine.) “I do think higher interest rates close the door” for smaller start-ups seeking to go public, she said.
         </span>
        </p>
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           <td height="10">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “I also sound like I have a stick up my butt, according to ChatGPT.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          — Kara Swisher, the tech journalist, on a quote attributed to her by the author Steven Rosenbaum in “The Future of Truth,” his new book about the effects of artificial intelligence on, well, the truth. After being contacted by The Times, Rosenbaum said he’s investigating several instances of quotes that are either
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          misattributed or seemingly invented by chatbots
         </a>
         <span style="font-style:italic">
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          The quote attributed to Swisher, by the way: “It reflects our own morality back at us, polished and articulate, but ultimately empty behind the surface. It’s not bound by Asimov’s laws or any ethical framework — it’s bound by the patterns in its training data and the objectives set by its creators.”
         </span>
        </p>
        <table width="100%">
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td style="text-align:center">
            <img alt="A red Tesla is shown at a charging station in front of a Tesla dealership." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F20%252Fmultimedia%252F20db-ev-fee-gtkm%252F20db-ev-fee-gtkm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzkyNzc5MTYuMjQzNDg0N30:1wPfSu:TT4HvHarkEVR3K-4yAMkxSKCM79iCXdcR8Gd6CaSBCQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Congress is weighing a bill that would add to the cost of owning electric vehicles.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Mike Blake/Reuters
             </span>
            </span>
           </td>
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         </tbody>
        </table>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         DEALBOOK QUIZ
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A new fee for American E.V. owners
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          This question comes from a recent Times article. Click an answer to see if you’re right. (The link will be free.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The global market for electric vehicles is booming. Sales
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          surpassed 20 million last year
         </a>
         <span>
          , a roughly sevenfold increase from 2020, according to a report by the International Energy Agency published today. Surging gasoline prices are expected to turbocharge sales again this year.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A bar chart shows the growth in electric vehicle sales since 2020." class="css-mcckse" height="519" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F20%252Fbusiness%252F20db-chart%252F20db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzkyNzc5MTYuMjQzNTcyfQ:1wPfSu:3zNAHk6a9k20SNJzKOFe-DCHem_yPthtZACNnI89P3Q" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet Congress isn’t making it cheaper for Americans to own E.V.s. Last year, lawmakers ditched subsidies worth up to $7,500 for E.V. purchases and leases. And a bill introduced this week that has bipartisan support would impose an annual, federal fee on E.V. owners.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The bill’s sponsors say that the fee would help fund highway maintenance, which is partly paid for by gasoline taxes. But opponents of the bill say the new E.V. fee is significantly higher than what most Americans pay in federal fuel taxes.
         </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 is the annual fee that E.V. owners would have to pay, according to the bill introduced this week?
         </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">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $75
               </a>
              </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">
                $130
               </a>
              </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">
                $165
               </a>
              </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">
                $250
               </a>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <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>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </td>
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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>
             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">
                Goldman Sachs is said to have landed the coveted
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                lead underwriter position for SpaceX’s I.P.O.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ; Elon Musk’s rocket company could publicly disclose its offering prospectus as soon as today. (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">
                In sports news: The entertainment moguls Ari Emanuel and Mark Shapiro personally acquired stakes
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the N.F.L.’s Las Vegas Raiders
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , and Doug Ostrover, the co-founder of the embattled investment firm Blue Owl, 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">
                sold his stake in the Washington Commanders
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (The Hollywood Reporter, Bloomberg)
               </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">
                The billionaires Miriam Adelson, John Paulson and Paul Singer were among those who
               </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 to super PACs
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                backing Ed Gallrein, the Trump-endorsed Republican who
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                defeated Representative Thomas Massie
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of Kentucky, in the most expensive House primary race ever. (FT, 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">
                A Republican New York congressman who helped negotiate a cap on state and local tax deductions
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                cast doubt
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on an extension of the measure. (Bloomberg)
               </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>
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             <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">
                Spanish police arrested the son of Isak Andic, the founder of the Mango fashion chain,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                as a homicide suspect
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in his billionaire father’s death in 2024. (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">
                “Emails Show How Lululemon’s
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Peace Treaty With Its Founder Fell Apart
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
               </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">
                Greg Hyman
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a toy inventor who helped create the retail success and cultural phenomenon that was Tickle Me Elmo, died on May 1. He was 78. (NYT)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
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             Andrew Ross Sorkin
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             , Founder/Editor-at-Large, New York
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             Bernhard Warner
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             , Senior Editor, Rome
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