Inboxes

Create an inbox to save and track emails. It's free!

+New inbox
Back
Back
Back 
<!DOCTYPE html>
<html xmlns="//www.w3.org/1999/xhtml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:v="urn:schemas-microsoft-com:vml">
 <head>
  <title>
   DealBook: Would Trump 2.0 control the Fed?
  </title>
  <!--[if !mso]><!-- -->
  <meta content="IE=edge" http-equiv="X-UA-Compatible"/>
  <!--<![endif]-->
  <meta content="text/html; charset=utf-8" http-equiv="Content-Type"/>
  <meta content="width=device-width,initial-scale=1" name="viewport"/>
  <style type="text/css">
   #outlook a{padding:0}body{margin:0;padding:0;-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%}table,td{border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0}img{border:0;height:auto;line-height:100%;outline:0;text-decoration:none;-ms-interpolation-mode:bicubic}p{display:block;margin:13px 0}p,ul{margin-top:0}@media (max-width:600px){body{padding:0 15px!important}}
  </style>
  <!--[if mso]>
        <xml>
        <o:OfficeDocumentSettings>
          <o:AllowPNG/>
          <o:PixelsPerInch>96</o:PixelsPerInch>
        </o:OfficeDocumentSettings>
        </xml>
        <![endif]-->
  <style type="text/css">
   @media (max-width:480px){.css-9k65el{padding:20px 0 0!important}}@media (max-width:480px){.css-p8oerp{width:100%!important}}.css-sdwaa1:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:480px){.css-1ytstr3{padding-bottom:6px!important}}@media (max-width:480px){.css-u9v36b{padding-bottom:15px!important;line-height:12px!important}}@media (max-width:480px){.css-12n1aic{font-size:25px!important;line-height:30px!important}}@media (max-width:480px){.css-1uqm1ol{margin:0 0 20px!important}}@media (max-width:480px){.css-1expd9{vertical-align:top!important;display:block!important;width:100%!important;padding:0 14px!important}}@media (max-width:480px){.css-9m6grc{padding-left:30px!important}}@media (max-width:480px){.css-vy6hlw{margin:0 30px 15px!important}}@media (max-width:480px){.css-kf37zi{margin-bottom:5px!important;letter-spacing:.5px!important}}@media (max-width:480px){.css-1ux4czy{padding-bottom:0!important}}.css-13ccda7:hover{-webkit-text-decoration:none!important;text-decoration:none!important}.css-13ccda7:hover{border-bottom:none!important}.css-irp95o:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-irp95o{display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px}}.css-aqjl7v:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-aqjl7v{display:inline-block!important}}.css-76jd1b:hover{-webkit-text-decoration:none!important;text-decoration:none!important}
  </style>
 </head>
 <body>
  <div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;">
   <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FDLM5aBxFTgs0BItKk2Rb7g~~%252FAAAAAQA~%252FRgRoDh6GPVcDbnl0QgpmJ4aZK2bBYSOGUhNhZThiODM5YkB1aWZlZWQuY29tWAQAAAAD/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3MTQxMzMzODUuNjE2NjQ1Nn0:1s0KOf:NBFrH7hOotQuME5dBpVxu5wG4Ja7Ld6KvRDC551rtlM" width="1"/>
  </div>
  <div style="display:none;font-size:1px;color:#fff;line-height:1px;max-height:0;max-width:0;opacity:0;overflow:hidden">
   Also, Microsoft and Alphabet dodge an A.I. stock slump.
  </div>
  <div>
   <!--[if mso | IE]>
      <table border="0" cellpadding="0" cellspacing="0" style="margin-right: auto; margin-left: auto" width="600" align="center">
        <tr>
          <td>
    <![endif]-->
   <table align="left" bgcolor="#FFFFFF" border="0" style="margin:0" width="100%">
    <tbody>
     <tr>
      <td align="left" id="EMAIL_CONTAINER" width="100%">
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td align="center" style="padding:15px 0 5px;text-align:center;width:100%" width="100%">
            <div style="font-family:arial,sans-serif;font-size:12px;text-align:center;width:100%;padding-bottom:10px">
             <a style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="View in browser">
              View in browser
             </a>
             <span style="color:#dcdcdc;margin:0 10px">
              |
             </span>
             <a style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="The New York Times">
              nytimes.com
             </a>
            </div>
            <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
            <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
             <tbody>
              <tr>
               <td>
                <span style="width:100%;text-align:center">
                 <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
                  <tbody>
                   <tr>
                    <td colspan="2">
                     <a rel="noopener noreferrer nofollow">
                      <img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240426/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTQxMzMzODUuNjE3MjE5N30:1s0KOf:xIMjFU0FC-ClR4lfS7VXLVUkCyAAwtuRkjToYGdBRfQ" style="width:100%;max-width:600px" width="600"/>
                     </a>
                    </td>
                   </tr>
                  </tbody>
                 </table>
                </span>
               </td>
              </tr>
              <tr>
               <td style="height:10px">
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="border-top:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td align="center" class="css-9k65el" style="padding:19px 0 0;width:100%;text-align:center" width="100%">
            <div style="margin-bottom:15px">
             <a title="DealBook">
              <img alt="DealBook" class="css-p8oerp" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252FF-DealBook-Sorkin%25402x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3MTQxMzMzODUuNjE3NjAxNH0:1s0KOf:ZgkYI1VZ6Rd85oYStBBt8FtSzjD9dj5NKiN5sHBeQGc" style="width:300px" width="300"/>
             </a>
            </div>
            <p style="width:100%;margin-bottom:31px;font:12px/12px georgia,serif">
             April 26, 2024
            </p>
            <div>
             <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
              <tbody>
               <tr>
                <td style="border-top:1px solid #dcdcdc;padding-top:18px">
                </td>
               </tr>
               <tr>
                <td align="center" style="text-align:center">
                 <a style="font:400 11px/12px arial,sans-serif;color:#8b8b8b;letter-spacing:.8px;text-decoration:none;display:block;margin:0 auto">
                  <span>
                   SUPPORTED BY
                  </span>
                  <span>
                   SILICON VALLEY BANK
                  </span>
                 </a>
                </td>
               </tr>
               <tr>
                <td style="padding-bottom:18px">
                </td>
               </tr>
              </tbody>
             </table>
            </div>
           </td>
          </tr>
          <tr>
           <td style="border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Good morning. We examine a report about allies of Donald Trump reportedly weighing efforts to undercut the Fed’s independence; explain how Microsoft and Alphabet avoided an A.I. slump; scrutinize the high stakes of the latest N.B.A. rights deal; and analyze the return of net neutrality. (Was this newsletter forwarded to you?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Sign up here.
         </a>
         <span style="font-style:italic">
          )
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td>
            <img alt="Dark clouds loom over a stone building flanked by trees." class="css-1ytstr3" height="404" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2024%252F04%252F26%252Fmultimedia%252FDB26-Fed-btgz%252FDB26-Fed-btgz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MTQxMzMzODUuNjE3NzMzN30:1s0KOf:BvDAhOyyxp241l2gCKkJNh_kjpjU9eTit-gxRI-I0Vg" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
           </td>
          </tr>
          <tr>
           <td align="left" class="css-u9v36b" style="text-align:left;width:100%;padding-bottom:15px;line-height:14px" width="100%">
            <span style="color:#666;font:normal 14px georgia,serif">
             Any move to erode the independence of the Federal Reserve would be a big shift in U.S. monetary policy.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Jim Bourg/Reuters
            </span>
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          An effort to give Trump more say on rates
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This week, investors had planned to examine the latest inflation data, due out at 8:30 a.m. Eastern today, for clues about when the Fed would start cutting interest rates. But they now have something potentially bigger to digest.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Wall Street Journal
         </a>
         <span>
          reports that allies of Donald Trump are devising ways of watering down the central bank’s independence if he is re-elected president.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          If true, that change would represent the biggest shake-up in U.S. monetary policy in decades. But it also raises questions about whether such a plan is possible — or whether Trump’s Wall Street supporters would back 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">
          Both big and small changes are on the table,
         </span>
         <span>
          according to The Journal, which cites unidentified sources. Among the most consequential would be asserting that Trump had the authority to oust Jay Powell as Fed chair before Powell’s term is up in 2025. While Trump gave Powell the job in 2017, he has since soured on his pick for raising rates, and has publicly said he
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wouldn’t give Powell a second term
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Smaller changes include allowing the White House to review Fed rules and using the Treasury Department to keep the central bank on a tighter leash.
         </span>
        </p>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
        </a>
        <div style="padding-top:10px;padding-bottom:27px">
         <table border="0" cellpadding="0" cellspacing="0" style="width:100%;background:#f8f8f8">
          <tbody>
           <tr>
            <td style="padding-top:16px">
            </td>
           </tr>
           <tr>
            <td colspan="1">
             <h3 class="css-1uqm1ol" style="font:10px/10px arial,sans-serif;letter-spacing:.1em;color:#5a5a5a;text-align:center;text-transform:uppercase;margin:0 0 14px">
              A MESSAGE FROM SILICON VALLEY BANK
             </h3>
            </td>
           </tr>
           <tr>
            <td class="css-1expd9" style="vertical-align:middle;width:50%;padding:8px 16px 1px;box-sizing:border-box" valign="middle" width="50%">
             <a style="text-decoration:none;display:block">
              <p style="font:700 20px/28px georgia,serif;color:#121212;margin:0 0 4px">
               When you bank with us, you get what matters.
              </p>
              <p style="font:16px/22px georgia,serif;color:#121212;margin:0 0 19px">
               30+ years of fund banking experience and the largest team in the market.
              </p>
              <p style="font:700 10px/10px arial,sans-serif;text-transform:uppercase;-webkit-text-decoration:underline;text-decoration:underline;color:#5a5a5a;margin:0 0 20px">
               Learn more
              </p>
              <img alt="Silicon Valley Bank Logo" height="15" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nytimes.com%252Fads%252Femail_logo%252Fdealbook%252FSVB1.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MTQxMzMzODUuNjE3ODM4MX0:1s0KOf:4KGwnF0JE_LIP019DOrobzY9KfJDOF_u0dii3MruX1g" style="height:15px;max-width:150px"/>
             </a>
            </td>
           </tr>
           <tr>
            <td style="padding-bottom:16px">
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The overall goal is to give Trump what he wants: more say on interest rates.
         </span>
         <span>
          Trump allies have discussed requiring candidates to lead the Fed to informally consult with him on such decisions and essentially act as the president’s advocate on the institution’s rate-setting committee.
         </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">
          We have questions about such a move,
         </span>
         <span>
          which could have huge consequences including raising the U.S. government’s borrowing costs because of investor worries about the Fed’s loss of independence.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Does Trump
               </span>
               <span style="font-size:17px;line-height:25px;vertical-align:middle;font-style:italic">
                really
               </span>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                support these nascent proposals? Representatives for the former president told The Journal that “no aspect of future presidential staffing or policy announcements should be deemed official” unless it came from him or an authorized official — but they didn’t dismiss the report entirely and he has long favored more powers to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                chip away at the authority
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                of the Fed and other agencies.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Could Trump recruit a credible candidate for Fed chair under these circumstances?
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Would Trump’s financial backers, including the hedge fund billionaire John Paulson, support these plans?
               </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">
          For context, remember that presidents have tried to influence the Fed before.
         </span>
         <span>
          See Andrew’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          2018 interview with Paul Volcker
         </a>
         <span>
          who led the central bank from 1979 to 1987:
         </span>
        </p>
        <p class="css-vy6hlw" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Mr. Volcker recounts being summoned to meet with President Ronald Reagan and his chief of staff, James Baker, in the president’s library next to the Oval Office in 1984.
         </span>
        </p>
        <p class="css-vy6hlw" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Reagan “didn’t say a word,” Mr. Volcker wrote. “Instead Baker delivered a message: ‘The president is ordering you not to raise interest rates before the election.’” Mr. Volcker wasn’t planning to raise rates at the time.
         </span>
        </p>
        <p class="css-vy6hlw" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          “I was stunned,” he wrote. “I later surmised that the library location had been chosen because, unlike the Oval Office, it probably lacked a taping system.”
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:30px">
           </td>
          </tr>
          <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>
          </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">
          Antony Blinken meets with President Xi Jinping of China in Beijing.
         </span>
         <span>
          The two sides were conciliatory in public, even as the U.S. secretary of state was expected to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raise numerous concerns
         </a>
         <span>
          about the countries’ relationship and Xi warned Blinken about engaging in a “vicious competition.”
         </span>
        </p>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
        </a>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr>
           <td>
            <h3 class="css-kf37zi" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:7px;margin-top:0;text-align:center">
             ADVERTISEMENT
            </h3>
            <span style="width:100%;text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td colspan="2">
                 <a rel="noopener noreferrer nofollow">
                  <img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240426/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTQxMzMzODUuNjE3OTQyM30:1s0KOf:37VgcuIHoHeV3fPP5GNMtXWn0c0aFeOejsHnTernty4" style="width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </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">
          Anglo American rejects BHP’s $39 billion takeover bid.
         </span>
         <span>
          The offer from its mining rival
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “significantly undervalues”
         </a>
         <span>
          the company, Anglo American said, setting up a potential fight. BHP must now weigh improving its bid — and figure out how to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          win over the South African government
         </a>
         <span>
          , whose public pension fund is Anglo American’s biggest shareholder.
         </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">
          Elon Musk’s xAI is reportedly close to raising $6 billion.
         </span>
         <span>
          The fund-raising round, which would include investors such as Sequoia Capital, would value the artificial intelligence start-up
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          at about $18 billion
         </a>
         <span>
          , according to The Information. It would be one of the biggest cash hauls in an A.I. start-up amid a heated innovation race, and shows investors are spreading their bets: Sequoia is already a big investor in OpenAI.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
        </a>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr>
           <td>
            <h3 class="css-kf37zi" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:7px;margin-top:0;text-align:center">
             ADVERTISEMENT
            </h3>
            <span style="width:100%;text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td colspan="2">
                 <a rel="noopener noreferrer nofollow">
                  <img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240426/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTQxMzMzODUuNjE4MDQ1M30:1s0KOf:pshfPJwcjfAd5Y4VC63B23Se3xbWAIA0QJjCXvWxNtM" style="width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A.I. is still giving tech giants a boost
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Maybe not
         </span>
         <span style="font-style:italic">
          all
         </span>
         <span>
          tech giants are being punished for their hefty investments in artificial intelligence.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in Microsoft are up nearly 4 percent in premarket trading, while those in Alphabet are up a whopping 11 percent, after they announced their latest earnings. Both are soaring a day after Meta’s stock tumbled 12 percent — the parent company of Instagram had predicted
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bigger-than-expected spending
         </a>
         <span>
          on A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The results show that investors are willing to be patient on A.I. — as long as they can see benefits on the horizon. (Getting extra payouts like a dividend helps, however.)
         </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">
          Like Meta, Microsoft and Alphabet are spending a lot.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Microsoft
         </a>
         <span>
          reported $14 billion in capital expenses and leases in the first quarter, up 21 percent year-on-year, while
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Alphabet
         </a>
         <span>
          invested $12 billion — a
         </span>
         <span style="font-style:italic">
          91 percent
         </span>
         <span>
          increase.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          By comparison, Meta spent $22 billion in the quarter, up 6 percent.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          All three said they planned to keep spending on A.I.:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                “We’ll still grow our investment envelope meaningfully before we make much revenue from some of these new products,” Mark Zuckerberg, Meta’s C.E.O., told analysts.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Ruth Porat, Alphabet’s C.F.O., said spending would be “roughly at or above” current levels.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Amy Hood, Microsoft’s C.F.O., said investment would “increase materially.”
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
        </a>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr>
           <td>
            <h3 class="css-kf37zi" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:7px;margin-top:0;text-align:center">
             ADVERTISEMENT
            </h3>
            <span style="width:100%;text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td colspan="2">
                 <a rel="noopener noreferrer nofollow">
                  <img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240426/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTQxMzMzODUuNjE4MTQ3NH0:1s0KOf:zuaNVO7UZLi13C61uhBsGOb6Qg7P8rBHD5G8t2k_j6U" style="width:100%;max-width:600px" width="600"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </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">
          There are key differences:
         </span>
         <span>
          Meta also forecast lower-than-expected revenue. And investors are also still wary after the company’s multibillion-dollar investment in so-called metaverse technologies, despite no clear sign of a payoff.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Its rivals showed more tangible results from their spending sprees:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Microsoft reported a 31 percent jump in sales at its Azure cloud service, which powers many of its A.I. offerings like technology from its partner OpenAI. (Note: The Times has sued OpenAI and Microsoft, accusing both of copyright infringement of news content via their A.I. systems.)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Alphabet also reported a 27 percent rise in revenue at its Google Cloud business.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That said, Alphabet emphasized that it was cutting costs (which Meta did last year, to investors’ delight) and also introduced a dividend and carried out a $70 billion stock buyback.
         </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 hasn’t written Meta off yet.
         </span>
         <span>
          Despite the company’s stock tumble yesterday,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          analysts still think
         </a>
         <span>
          it’s poised to become a leader in A.I. Some agreed with Zuckerberg’s contention that the company had proved it could eventually make money from new technologies.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The other high-stakes N.B.A. contest
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          While the N.B.A. has already seen
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          some thrilling playoff games
         </a>
         <span>
          , the league is also managing another contest worth billions.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The basketball league got $24 billion in its current contract with Disney, which owns ESPN and ABC, and Warner Bros. Discovery, which runs TNT. Now it’s looking to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          double that
         </a>
         <span>
          in a new deal — and the results could reshape the media landscape.
         </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">
          Streaming platforms are competing hard for a piece of the pie.
         </span>
         <span>
          The N.B.A. could split its game rights into two bundles: broadcast and digital.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some games would be taken from the current package held by Disney and Warner to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          create a streaming offering
         </a>
         <span>
          that would show both nationally televised contests and some playoff matches, according to The Wall Street Journal. (That said, Disney and Warner would still be expected to pay
         </span>
         <span style="font-style:italic">
          more
         </span>
         <span>
          despite showing fewer games.)
         </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 front-runner among streamers is Amazon,
         </span>
         <span>
          which has won plaudits for its handling of football games. The tech giant signed an $11 billion, 11-year deal to show
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Thursday night N.F.L. matches
         </a>
         <span>
          in 2021, and this year reportedly paid $120 million for exclusive rights to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          air a playoff game
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That said, YouTube is also in the mix, The 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">
          NBC also wants a big piece of the NBA broadcast pie.
         </span>
         <span>
          It’s vying for regular-season and playoff games to show on its broadcast network and its Peacock streaming service, as well as shared rights with ABC for the finals, according to The Journal.
         </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">
          Warner Bros. Discovery faces a dilemma.
         </span>
         <span>
          Some analysts and investors are worried about the company paying more for a new deal while it tries to pare its $44 billion debt load: Wolfe Research
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          downgraded its shares
         </a>
         <span>
          to an underperform rating this week on those concerns.
         </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">
          But sports rights are among the most highly sought media assets for a reason:
         </span>
         <span>
          Live sports are a big draw for audiences, making them a valuable bargaining chip with cable and satellite companies as well as advertisers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Are you better paying up for less games and hurting your financials or juicing your financials but potentially destroying your long term?” Rich Greenfield, an analyst at LightShed Ventures, said to DealBook.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The not-so-new rules for the internet
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Net neutrality is back. The Federal Communications Commission voted to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reinstate rules
         </a>
         <span>
          designed to prevent internet service providers from slowing or blocking services from some websites, most likely setting the stage for another legal fight between business and regulators.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The F.C.C. restored Obama-era rules that were scrapped under Donald Trump.
         </span>
         <span>
          In a vote yesterday, the agency classified internet service as a public utility.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The rule is supposed to ensure that broadband providers like Verizon and Comcast don’t charge some websites more than others or slow delivery of content by rivals, like Netflix or YouTube. “Every consumer deserves internet access that is fast, open and fair,” Jessica Rosenworcel, chair of the F.C.C. and a Democrat, said. “This is common sense.”
         </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">
          Critics say the rule is another case of regulatory overreach.
         </span>
         <span>
          Broadband providers worry that the F.C.C. could move next to regulate prices. (Some states have already capped the rate that low-income households can be charged.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In a letter sent to Rosenworcel this week, dozens of Republicans argued that net neutrality would harm the growth of the telecom industry.
         </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">
          Both sides’ worst fears have never become reality.
         </span>
         <span>
          The Obama administration
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          didn’t start setting broadband prices
         </a>
         <span>
          when it created the rules. When the Trump administration repealed them, broadband companies didn’t throttle or block websites and consumers didn’t notice big changes in how they reached the internet or how much they would have to pay for 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">
          Democrats say rules are still needed to protect consumers in the long term.
         </span>
         <span>
          Rosenworcel has also said that greater oversight of internet infrastructure would allow the F.C.C. to better protect networks from cybersecurity attacks.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Subscribe to The New York Times
         </a>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          .
         </a>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:30px">
           </td>
          </tr>
          <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>
              THE SPEED READ
             </span>
            </h3>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          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-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Shares in CVC Capital Partners
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                rose 24 percent in their trading debut today, after the private equity giant raised $2.15 billion in its long-awaited I.P.O. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                The C.E.O. of Fisker, the embattled electric-vehicle start-up, told employees that the company was in talks with
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                four potential buyers
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                . (Business Insider)
               </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">
          Policy
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                The F.D.I.C. delayed plans to limit the influence of
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                big shareholders in banks
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                after neither of two rival proposals for doing so gained support. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                “A Chinese Firm Is America’s Favorite Drone Maker —
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Except in Washington
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                ” (NYT)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                New York’s highest court overturned the 2020
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                felony conviction of Harvey Weinstein
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                on sex crime charges, citing a lower court judge’s error during the disgraced movie mogul’s trial. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                The Democratic Republic of Congo accused Apple of using minerals
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                illegally exported
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                from the war-torn eastern half of its territory in its iPhones, Macs and other products. (FT)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="height:20px">
           </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">
          Thanks for reading! We’ll see you tomorrow.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’d like your feedback. Please email thoughts and suggestions to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dealbook@nytimes.com
         </a>
         <span>
          .
         </span>
        </p>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
        </a>
        <div style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
         <table border="0" cellpadding="0" cellspacing="0" width="40">
          <tbody>
           <tr>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967600%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240426%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTQxMzMzODUuNjE4MjUwNn0:1s0KOf:TEaHMEoQ9Z_VpjTeLNKuVxn9Y-BTQ-ulZEE3Y2qtS2I" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967601%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240426%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTQxMzMzODUuNjE4MzUyMn0:1s0KOf:f8j3-ceFV943bw97xBb0UfO28kY93kdJZGqEk8su1hs" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967602%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240426%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTQxMzMzODUuNjE4NDUzM30:1s0KOf:h-MBFyeiCsgsnQght7qjBGqGAF0UXApehpnIsdpFu5U" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967603%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240426%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTQxMzMzODUuNjE4NTUzNn0:1s0KOf:sK0r79lo_HTcOSz9UOxuaCL3QECRS2tR86Im61RlVhc" width="2"/>
            </td>
            <td height="6">
             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967604%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20240426%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3MTQxMzMzODUuNjE4NjUyOH0:1s0KOf:pvGG68BFDfcWb4wYzECHdDyQU7djVhSkzs_LDQp1cvc" width="2"/>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:22px">
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Andrew Ross Sorkin
            </a>
            <span>
             , Founder/Editor-at-Large, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @andrewrsorkin
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Ravi Mattu
            </a>
            <span>
             , Managing Editor, London
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @ravmattu
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Bernhard Warner
            </a>
            <span>
             , Senior Editor, Rome
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @BernhardWarner
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Sarah Kessler
            </a>
            <span>
             , Deputy Editor, Chicago
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @sarahfkessler
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Michael J. de la Merced
            </a>
            <span>
             , Reporter, London
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @m_delamerced
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Lauren Hirsch
            </a>
            <span>
             , Reporter, New York
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @LaurenSHirsch
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-13ccda7" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Ephrat Livni
            </a>
            <span>
             , Reporter, Washington D.C.
            </span>
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             @el72champs
            </a>
           </td>
          </tr>
         </tbody>
        </table>
        <table>
         <tbody>
          <tr>
           <td style="height:15px">
           </td>
          </tr>
          <tr>
           <td style="padding:12px 0;border-top:1px solid #000">
            <p style="font:12px/15px arial,sans-serif;margin-bottom:7px;color:#666">
             Need help? Review our
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              newsletter help page
             </a>
             or
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              contact us
             </a>
             for assistance.
            </p>
            <p style="font:12px/15px arial,sans-serif;margin-bottom:7px;color:#666">
             <span>
              You received this email because you signed up for DealBook from The New York Times.
             </span>
            </p>
            <p style="font:12px/15px arial,sans-serif;margin-bottom:7px;color:#666">
             To stop receiving DealBook,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              unsubscribe
             </a>
             . To opt out of other promotional emails from The Times, including those regarding The Athletic,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              manage your email settings
             </a>
             . To opt out of updates and offers sent from The Athletic,
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              submit a request
             </a>
             .
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:10px 0;border-top:1px solid #dcdcdc">
            <p style="font:12px/15px arial,sans-serif;margin:0;color:#666">
             <a class="css-irp95o" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              Subscribe to The Times
             </a>
             <a class="css-aqjl7v" style="-webkit-text-decoration:underline;display:none;text-decoration:none;color:#286ed0">
              Get The New York Times app
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:9px 0 8px;border-top:1px solid #dcdcdc">
            <table>
             <tbody>
              <tr>
               <td style="padding-right:15px">
                <p style="font:12px/15px arial,sans-serif;margin:0;color:#666">
                 Connect with us on:
                </p>
               </td>
               <td style="padding-right:15px">
                <a>
                 <img alt="twitter" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Ftwitter.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3MTQxMzMzODUuNjE4NzgxOH0:1s0KOf:r_BQ3KuvIFo5xMhHwpPwuGbpTb6yJxivKORkO8MdbQE" style="vertical-align:middle" width="25"/>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
          <tr>
           <td style="padding:10px 0;border-top:1px solid #dcdcdc">
            <p style="font:12px/15px arial,sans-serif;margin:0;color:#666;line-height:20px">
             <a class="css-76jd1b" style="-webkit-text-decoration:underline;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;text-decoration:none;color:#286ed0">
              Change Your Email
             </a>
             <a class="css-76jd1b" style="-webkit-text-decoration:underline;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;text-decoration:none;color:#286ed0">
              Privacy Policy
             </a>
             <a class="css-76jd1b" style="-webkit-text-decoration:underline;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;text-decoration:none;color:#286ed0">
              Contact Us
             </a>
             <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
              California Notices
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="padding:5px 0 7px;border-top:1px solid #dcdcdc">
            <a class="css-76jd1b" style="-webkit-text-decoration:underline;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;text-decoration:none;color:#666;line-height:0">
             <img alt="LiveIntent Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fliveintentads.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3MTQxMzMzODUuNjE4OTAxfQ:1s0KOf:FIUG_5jeps8v43ksRP1aCcjSdk98SXbpzUyi2-ady50" style="vertical-align:middle" width="150"/>
            </a>
            <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0">
             <img alt="AdChoices Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fadchoices.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3MTQxMzMzODUuNjE5MDEyfQ:1s0KOf:3CbsUJMyTPbYvtJV-xoCIBnvu3HI_DuRJL3TiI6P-xY" style="vertical-align:middle" width="70"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:10px 0 30px">
            <p style="font:12px/15px arial,sans-serif;margin:0;color:#999">
             The New York Times Company. 620 Eighth Avenue New York, NY 10018
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
      </td>
     </tr>
    </tbody>
   </table>
   <!--[if mso | IE]>
      </td>
    </tr>
  </table>
  <![endif]-->
  </div>
  <script>
   window&&window.parent.window!==window&&function(){const e=document;for(var t=e.querySelectorAll("a"),r=0;r<t.length;r++)t[r].onclick=function(e){e.preventDefault()},t[r].style.cursor="default";(e.referrer.match(new RegExp("https://(.*?).nytimes.com"))||e.referrer.match("https://nytimes.com"))&&window.parent.postMessage({tableHeight:e.querySelector("table").scrollHeight},e.referrer)}()
  </script>
  <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FSo7aAmgtRk6x968UcnzPJg~~%252FAAAAAQA~%252FRgRoDh6GPlcDbnl0QgpmJ4aZK2bBYSOGUhNhZThiODM5YkB1aWZlZWQuY29tWAQAAAAD/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3MTQxMzMzODUuNjE5MTMwMX0:1s0KOf:u1IS-CTUEnTHfbIdNxZ1pBdDC76P5ozQrOt_rDKJfSU" width="1"/>
 </body>
</html>