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   DealBook: Who’s next?
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   Also, Trump’s trade war expands to drugs and furniture.
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             <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" title="DealBook">
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             September 26, 2025
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         <span style="font-style:italic">
          Good morning. Andrew here. With the federal indictment of the former F.B.I. director James Comey, Trump is now clearly moving against his enemies. Among the high-profile names on his list are two titans of business: the billionaire philanthropist George Soros (whose former protégé Scott Bessent is Trump’s Treasury secretary) and the LinkedIn co-founder Reid Hoffman, both of whom are prolific Democratic donors. He spoke about going after them openly in the White House yesterday.
         </span>
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          During past administrations,
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         <span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
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         <span style="font-style:italic">
          C.E.O.s in America showed a willingness to speak out against the president or his policies. Do Trump’s latest moves make it more fraught to do so? We have more on this, and other news below. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="Reid Hoffman wearing a dark shirt and looking to his right." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F09%252F26%252Fmultimedia%252F26db-newsletter-hoffmantrump-hplk%252F26db-newsletter-hoffmantrump-hplk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTg4ODc4MjUuMjYzMjUwNH0:1v274T:Nuaynfa2MBtMpZiLGq0hQkT33iF2ETQMFQR-4884P1U" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             President Trump specifically named Reid Hoffman, the billionaire LinkedIn co-founder and Democratic donor, as a potential target of federal investigations.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Brendan McDermid/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Comey may not be the last
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump has gotten his way, securing a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          federal indictment of James Comey
         </a>
         <span>
          , the former F.B.I. director and a longtime political opponent, despite concerns within the Justice Department over the case.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The question is who comes next.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump has already named potential targets: the billionaires George Soros and Reid Hoffman, both prolific Democratic donors, plus Democratic officials like Letitia James, New York’s attorney general.
         </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 Comey indictment came only after Trump put an ally in charge of the case.
         </span>
         <span>
          Lindsey Halligan, the U.S. attorney for the Eastern District of Virginia, secured two charges from a grand jury before a statute of limitations ran out. Halligan, who has never prosecuted a federal case, failed to secure a third charge.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump has already weighed in, declaring “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          JUSTICE IN AMERICA!
         </a>
         <span>
          ” on social media.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the charges came after Halligan replaced Erik Siebert, who had privately expressed misgivings about the strength of the case, as U.S. attorney. Other Trump officials, including Attorney General Pam Bondi (who The Times reported had also raised concerns about the case), publicly praised the charges.
         </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">
          Who else faces scrutiny:
         </span>
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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">
                Soros, whose Open Society Foundations nonprofit is explicitly 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">
                target of potential Justice Department investigations
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , The Times reported. Long a boogeyman on the right for his funding of liberal causes, the billionaire has faced heightened legal pressure in the wake of the Charlie Kirk shooting, though the Open Society Foundations said in a statement that its activities are “peaceful and lawful.” It also decried “politically motivated attacks on civil society.”
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Hoffman, the LinkedIn co-founder, venture capitalist and longtime Democratic donor who helped
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                bankroll private lawsuits
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                against Trump. Hoffman has stayed relatively quiet about politics since the presidential election.
               </span>
              </li>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “I hear names of some pretty rich people that are radical left people,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Trump said yesterday
         </a>
         <span>
          in specifically naming Soros and Hoffman, and suggesting more may come under fire. “They’re bad, and we’re going to find out if they are funding these things.”
         </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">
          Trump has shown he’s willing to take the gloves off this time around.
         </span>
         <span>
          Remember that his administration has extracted millions in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          settlements from law firms
         </a>
         <span>
          , pulled billions in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          federal funding from Harvard
         </a>
         <span>
          , fired officials at
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          independent federal agencies
         </a>
         <span>
          , moved to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          oust a Fed governor
         </a>
         <span>
          on mortgage fraud allegations and essentially
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          threatened broadcasters
         </a>
         <span>
          over content Trump didn’t like.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Several legal experts have said that the cases against Comey — as well as a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          mortgage fraud investigation against James
         </a>
         <span>
          — is flawed. Even so, the indictment is already sending a powerful message, and corporate America is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          already on edge
         </a>
         <span>
          .
         </span>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Microsoft cuts off the Israeli military from some cloud services.
         </span>
         <span>
          The U.S. tech giant found that Israel’s Defense Ministry was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          misusing its products
         </a>
         <span>
          to hold surveillance data on Palestinians, including about millions of phone calls. The move makes Microsoft one of the first tech companies to remove or disable services to Israel since the start of the war in Gaza. It comes as the U.N. announced the need for greater global oversight over
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the risks and opportunities of A.I.
         </a>
         <span>
          , including mass surveillance.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="10">
           </td>
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           <td height="20">
           </td>
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         </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">
          All living Fed chairs ask the Supreme Court to protect bank independence.
         </span>
         <span>
          Alan Greenspan, Ben Bernanke and Janet Yellen (as well as the former Treasury secretaries Larry Summers and Hank Paulson) filed a court briefing
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          urging the justices to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          allow the Fed governor Lisa Cook to remain
         </a>
         <span>
          in her job while she fights President Trump’s move to fire her over mortgage fraud allegations. Their argument hits at a deep investor concern: Research shows that lower inflation and lower long-term interest rates are features of independent central banks.
         </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">
          NBC warns some viewers that they could lose “Sunday Night Football.”
         </span>
         <span>
          NBCUniversal ran ads criticizing YouTube TV in the midst of fraught negotiations over what the Google-owned streaming service would pay for NBC programming. The network
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          threatened a blackout
         </a>
         <span>
          of its programming — which also includes N.B.A. basketball and the “Real Housewives” franchise — on YouTube TV unless an agreement is reached by Thursday.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td style="border-top:0 solid #dcdcdc;padding-top:15px">
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            <div style="width:100%;text-align:center;line-height:0">
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           <td height="20">
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         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Tariffs come for the kitchen sink
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A new
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wave of Trump tariffs
         </a>
         <span>
          are coming, and fast.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          They’re set to go into effect on Oct. 1, which investors had already circled in their diaries as the start of a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          potential government shutdown.
         </a>
         <span>
          But what’s striking is how broad these new levies are, targeting pharmaceuticals, semi trucks, and kitchen cabinets and furnishings, including, yes, kitchen sinks.
         </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 breakdown:
         </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">
                Branded and patented pharmaceuticals face a 100 percent tariff.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Kitchen cabinets and bathroom vanities are set for a 50 percent levy.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Upholstered furniture will be hit by a 30 percent charge.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Heavy trucks will be charged 25 percent.
               </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">
          Are semiconductors next?
         </span>
         <span>
          The administration is said to be
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          formulating a plan to use tariffs
         </a>
         <span>
          to sharply reduce corporate America’s reliance on foreign-made chips and bolster domestic production, The Wall Street Journal reported.
         </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 levies could land unevenly.
         </span>
         <span>
          For example, President Trump said that drugmakers building U.S. factories (which he said included those that are “‘breaking ground’ and/or ‘under construction’”) would be exempt.
         </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">
          Worth noting:
         </span>
         <span>
          The trade deal struck this summer between the U.S. and the E.U. set a 15 percent tariff on imports including brand-name medicines. Olof Gill, a European Commission spokesman, said today that the agreement would protect European importers from these new taxes, but the White House didn’t clarify that point 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 new tariffs could complicate the Fed’s job.
         </span>
         <span>
          Levies that drive up the price of patented drugs are expected to increase Americans’ health care costs. They come as inflation remains well above the central bank’s 2 percent target. This morning’s Personal Consumption Expenditures report is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expected to show
         </a>
         <span>
          that tariffs are beginning to nudge prices higher.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A hot number could also scramble the outlook for interest rates. Fed officials
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          are divided
         </a>
         <span>
          on whether to slow the pace of cuts to bring inflation under control, or take bolder action to revive a slowing labor market.
         </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">
                Elsewhere in trade: China, historically a major customer of U.S. soybeans, 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">
                stopped buying them
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — and is instead sourcing them from Argentina. That 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">
                outraged Republicans
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , especially as the Trump administration plans a financial backstop for Buenos Aires. That aside, Trump said he would like to use some tariff revenue to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                help struggling American farmers
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          TikTok deal confusion
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It looks as if there’s finally a deal to keep TikTok operating in the U.S. But there are already questions about the valuation and one of the principal 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 latest:
         </span>
         <span>
          President Trump said yesterday that “American investors, American companies, great ones” would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lead the consortium
         </a>
         <span>
          to take over TikTok’s U.S. operations from its Chinese owner, ByteDance.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But one of the expected backers is the Abu Dhabi-based investment firm MGX. It would also gain a board seat, the latest sign of the Emiratis using their deep pockets and growing ties to the Trump administration to expand their global influence.
         </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">
          Consider:
         </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 Persian Gulf state has pledged to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                invest $1.4 trillion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the U.S. over the next 10 years, to not only purchase Boeing jets, but to branch into artificial intelligence quantum computing and more.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                MGX is also 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">
                major player in crypto
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , bringing it closer into Trump’s orbit. This spring it announced a $2 billion investment involving World Liberty Financial, a cryptocurrency start-up founded by the Trump family and Zach Witkoff, the son of Trump’s international diplomatic envoy, Steve Witkoff.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Two weeks later, the White House approved giving the United Arab Emirates access to a vast cache of advanced A.I. chips, 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">
                Times investigation revealed
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , many of which would go to G42, a sprawling technology firm controlled by Sheikh Tahnoon bin Zayed Al Nahyan, 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">
                chairs MGX
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (There’s no evidence the crypto and chips deals are linked.)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Yesterday, the Democratic senators Elizabeth Warren of Massachusetts and Elissa Slotkin of Michigan asked inspectors general at the Commerce and State Departments to investigate whether
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                these actions violated ethics rules
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </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">
          Wall Street is confused, too.
         </span>
         <span>
          Vice President JD Vance, who has led negotiations around TikTok, valued the deal yesterday at $14 billion. Some analysts had pegged it at closer to $30 billion to $40 billion. The app’s ad revenue alone was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          estimated at $10 billion
         </a>
         <span>
          last year. In contrast, Snap collected about $5.4 billion in sales last year. Its market capitalization: $14 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “The number’s got to be wrong,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Brent Hill
         </a>
         <span>
          , a technology analyst at Jeffries, told CNBC. “It doesn’t make sense.”
         </span>
        </p>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “When the state becomes involved in picking winners and losers, there’s only one way this game ends: All of us lose.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          — Ken Griffin. The billionaire investor and longtime Republican donor, who
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          recently spoke out
         </a>
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          against President Trump’s efforts to undermine Fed independence, has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          a new criticism
         </a>
         <span style="font-style:italic">
          : the Trump administration cutting deals with companies in exchange for tariff relief.
         </span>
        </p>
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            <img alt='A blue bubble with white text that reads, "How do you use A. I.? What are your best use cases?" Another bubble underneath indicates a pending response.' class="css-xsf469" height="167" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F27%252Fbusiness%252Fdb-talking-ai-new%252Fdb-talking-ai-new-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTg4ODc4MjUuMjY0MzA4N30:1v274T:nFh1o-Ima8QZvITGDulA5vEjSZHH_UY7EQyXSDF8pOk" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Talking A.I. With the C.E.O. of DLA Piper
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Every week, we’re asking a chief executive how he or she uses generative artificial intelligence. Frank Ryan of the law firm DLA Piper, which has about 4,500 lawyers in 40 offices, told DealBook that the company was developing its own A.I. tools. His answers have been lightly edited for length and clarity.
         </span>
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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">
          How do you use A.I. personally?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I had a family member undergo surgery, and I took all of his results and put them into Perplexity — it was remarkable.
         </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 directives have you given your employees on A. I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          You have to embrace new technology — you just do. We have 20 or so data scientists. We have a group developing our own technology.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The public large language models provide you with some helpful responses. But given the precision that we require and that our clients require, we need something a bit more specific. So we’ve created our own data sets to look at different needs. We’ve got a great team that does
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          red-teaming
         </a>
         <span>
          [trying to break through the safeguards of A.I. programs in an effort to identify their vulnerabilities]. We look at whether or not there are hallucinations.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’ve got great tools on both the transaction and the litigation sides of our business that try to predict outcomes rather effectively.
         </span>
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                “StubHub’s $2.2 Billion Spiral Is
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Worst Start From I.P.O
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Since 2007” (Bloomberg)
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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">
                Robert Kraft is said to have agreed to sell an 8 percent stake in the N.F.L.’s New England Patriots
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                at a $9 billion valuation
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Mark Ein, the venture capitalist and a minority owner of the Washington Commanders, bought 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">
                stake in M.L.B.’s Baltimore Orioles
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                . (CNBC, Bloomberg)
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          Technology and artificial intelligence
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        <div style="margin:0 auto;max-width:600px;width:100%">
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                “Spending on A.I. Is at Epic Levels.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Will It Ever Pay Off?
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
               </span>
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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">
                Having laid off thousands in recent months, Accenture has warned employees that it
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                plans to “exit”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                those who they feel cannot be retrained for the A.I. age. (FT)
               </span>
              </li>
             </ul>
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          Best of the rest
         </span>
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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">
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                What drove Apple’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">
                delaying its latest drama series
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ? (Vulture)
               </span>
              </li>
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                “Welcome to London, 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">
                divorce capital of the world
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (FT)
               </span>
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