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   The World: An A.I. boom or bubble?
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              By
              <a class="css-nanfcg" style="-webkit-text-decoration:underline;text-decoration:underline;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc;color:inherit">
               Katrin Bennhold
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          Good morning, world!
         </span>
         <span>
          Seven American technology companies dominate the U.S. stock market, which, in turn, dominates global stock markets. These companies are valued in the trillions of dollars. Their eye-watering valuations are increasingly based on a single bet: artificial intelligence.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For a while, it felt like you had to pay attention to what was happening in A.I. because it was changing the world in real time. If you ignored it, you might fall behind at work. Now, it’s starting to feel like you can’t ignore it for another reason: Could A.I. crash the global economy?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Today I talk to my colleague Cade Metz in Silicon Valley about whether the A.I. boom is in fact an A.I. bubble.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Also:
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The search for survivors in Hong Kong
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                Pope Leo XIV’s visit to Turkey
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                A Nigerian artist finally in the spotlight
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             <img alt="Two people observe a long corridor of server racks with NVIDIA branding, seen through a transparent barrier. The ceiling is a grid of white lights." class="css-xsf469" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F11%252F28%252Fmultimedia%252F28-int-theworld-lede-vzgk%252F28-int-theworld-lede-vzgk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQzMDc4MzQuMTU2MTA1OH0:1vOr3y:LQE-HoNKMY0OWfdUR9TDnOeOOOEproivr--7s0NpOAA" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              The chip-making giant Nvidia’s valuation topped $5 trillion last month.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Eric Lee for The New York Times
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        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <span>
          A.I. and the trillion-dollar question
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In 2014, I read “The Second Machine Age,” a book by two M.I.T. economists. The authors offered a sort of utopian vision of A.I.: The technology would lead to an age of hyper-productivity and plenty, where the only question was how to distribute its gains fairly.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We could still get there, but it seems fair to say the road to utopia, if that is our destination, won’t be smooth. Current anxieties around whether A.I. has become too dominant in the global economy —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          what happens if it’s not all it’s cracked up to be
         </a>
         <span>
          ? — sit alongside competing ones: What happens if A.I.
         </span>
         <span style="font-style:italic">
          is
         </span>
         <span>
          all it’s cracked up to be, and can replace all those humans after all? Would that really be a good outcome?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I spoke to my colleague Cade Metz,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          who writes about artificial intelligence
         </a>
         <span>
          . He told me every technological revolution has created anxiety during the transition from the old to the new, when jobs are destroyed, money is lost and companies go bust. The question is what emerges on the other side.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Cade, is this A.I. boom in fact an A.I. bubble?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s the million-dollar question. Or rather: the trillion-dollar question. This one technology is propping up the economy in so many ways. But we’re at a point where we’re not sure where that technology is going. It’s hard for even the companies building the technology to articulate where they’re going.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Some of these companies are not even turning a profit. What justifies these valuations?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          So some of these companies are enormously profitable. Google, Meta, Amazon and Microsoft make billions of dollars a quarter, on core products
         </span>
         <span style="font-weight:700">
         </span>
         <span>
          that are not fundamentally A.I.-related.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But their bottom line is also being driven by the interest in A.I. To build these A.I. technologies, you need enormous amounts of computing power. Google has that computing power. So do Amazon, Microsoft and Meta.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Everyone else who’s jumping on the A.I. bandwagon pays those firms for that computing power. So there’s all this other money that’s being pumped into these big companies, and so their stock price goes up, their valuation goes up, their revenues go up.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          All that makes sense. But if those other, smaller companies don’t start making money soon enough, you might have a problem.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          If this is a bubble, and it bursts, how bad would it be?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The dot-com bubble is one potential analogy. What happened there was, a lot of people lost a lot of money — people who were invested in the technology, people who were building the technology. Many companies just vanished, right? And you had some large companies go bankrupt. So you know, it wasn’t a small thing.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the larger economy wasn’t affected in the same way that it was in the 2008 financial crisis, which is another possible analogy.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some people are concerned about what they call potential systemic risk in the economy that would make it more like 2008. There is a lot of debt being taken on by highly leveraged investors and it’s hard to tell how much debt, who holds it, how widespread it is.
         </span>
        </p>
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             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              OpenAI’s Stargate, the largest data center project in the U.S.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Scott Ball for The New York Times
             </span>
            </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          All these companies that are betting big on A.I. — what does a successful bet for them look like?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Take a company like OpenAI. They think that within a few years, they’ll make tens of billions of dollars a year. They’re already getting billions of dollars in revenue. But they’re losing even more because it’s so expensive to build this stuff. They think that by 2030 it will flip.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It might. But even if the technology comes through, not everybody can win here. It’s a crowded field. There will be winners and losers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet another potentially good analogy is the railroad boom of the 19th century. The invention of the steam engine led to a boom in railroad building. You had railroad lines being built right beside each other. And that’s a lot of what’s happening here: You have all these companies building exactly the same thing — these massive data centers. Many people think there is surplus capacity being built right now. Which means you’ll have a lot of losers in the longer term.
         </span>
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             <img alt="A dark, damaged building with exposed concrete. People in yellow hard hats and reflective uniforms walk among charred debris and bamboo poles." class="css-xsf469" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F11%252F28%252Fmultimedia%252F28-int-theworld-hk-jqft%252F28-int-theworld-hk-jqft-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQzMDc4MzQuMTU2NjQ2M30:1vOr3y:k2zGl3ipdBr1wwA08iI0eTJ2SOP-c7zLDW3tsfjF3dI" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              The authorities said that at least 94 people had died in the blaze and dozens were still missing.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Lam Yik Fei for The New York Times
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        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <span>
          A search for survivors of the Hong Kong inferno
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Firefighters pulled people and corpses from a high-rise apartment complex in Hong Kong, a day after it was engulfed in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the city’s worst fire in nearly 70 years
         </a>
         <span>
          . The number of deaths rose to at least 94. That toll could go much higher, as dozens of people remain unaccounted for.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Lau Yu Hung said he and his wife barely escaped the flames in time. “Nobody warned us,” he said. “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          No alarm went off
         </a>
         <span>
          . We escaped by ourselves.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The authorities said flammable netting and foam boards may have fueled the blaze.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Three people
         </a>
         <span>
          with ties to a construction company that installed the materials were arrested on suspicion of manslaughter.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Here are some images from the disaster.
         </a>
        </p>
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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">
                Pope Leo XIV kicked off
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                the first foreign trip of his papacy
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in Turkey. On Sunday, he flies to Lebanon, home to the Arab world’s largest Catholic community.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                See photos
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
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                France
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                announced
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                a new form of military service
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , following in the footsteps of other European countries that have
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                bolstered their armed forces
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                since Russia’s invasion of Ukraine.
               </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;font-weight:700">
                The Louvre will raise ticket prices
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for visitors from outside the European Economic Area in order
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                to fund an ambitious new renovation plan
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                One of the National Guard troops
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                shot near the White House has died
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , President Trump said.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                The U.S. paused immigration from Afghanistan
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                after an Afghan man, who had worked with a C.I.A.-backed military unit during the war there, was detained in connection with the attack.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
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                A day after deposing Guinea-Bissau’s president,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                the military installed his close ally General
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                Horta Inta-a
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as the new transitional leader. The opposition
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                accused the president of staging the coup
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in order to lead by proxy, after an election that it says he lost.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
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                The U.S. Army secretary, Daniel Driscoll, is playing
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                an unusually active role
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                Ukraine peace negotiations
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Driscoll pushed for a quick deal by warning the Europeans that Russia
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                is stockpiling long-range missiles
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
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             <img alt="A player in a dark blue uniform jumps with a raised fist, mouth open. Two players in red and a goalie lie on the grass nearby." class="css-xsf469" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F11%252F28%252Fmultimedia%252F28-int-theworld-sports-zpqc%252F28-int-theworld-sports-zpqc-jumbo-v2.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQzMDc4MzQuMTU2NzQzNX0:1vOr3y:1FvcLZpEW3v_r7U1RXfs5f688spsq097lfc5zvCjBcw" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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              Liverpool suffered a 4-1 defeat to PSV Eindhoven on Wednesday.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Paul Ellis/Agence France-Presse — Getty Images
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          Football:
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         <span>
          Liverpool’s
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          latest defeat
         </a>
         <span>
          has plunged the reigning champions into crisis.
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          Tennis:
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         <span>
          What
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          Rafael Nadal is doing
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          a year after retiring.
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        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <span>
          Potato shoe
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          — Do the best shoes look like … potatoes? Just as hemlines rise and fall to reflect the fashion moment, so too do shoes swing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          from pointy to paunchy
         </a>
         <span style="font-style:italic">
          . Think Birkenstock clogs or the Ugg slipper.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             MORNING READ
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             <img alt="Three large earthenware pots with a photo of a woman making pottery in the background. " class="css-xsf469" height="750" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F11%252F27%252Fmultimedia%252F28-int-theworld-kwali%252F28-int-theworld-kwali-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQzMDc4MzQuMTU3MTM2NH0:1vOr3y:e_XNsd7cyPVYZ1EtgK7VpF1OVo08feHiZcWOpro6Yyw" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              via Ford Foundation Gallery; Photo by Sebastian Bach
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Ladi Kwali, a Nigerian artist who died in 1984, is the only woman whose face appears on the country’s currency. Her pottery is seen less often, but it’s now getting attention in a new exhibition in New York City.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The show feels like a revelation,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          our West Africa bureau chief Ruth Maclean writes
         </a>
         <span>
          . It provides a more complete picture of one of Nigeria’s most famous but least-understood artists.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             AROUND THE WORLD
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             <img alt="Sanna Marin stands in a white coat, hands in pockets, in front of a gray concrete block wall." class="css-xsf469" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F11%252F28%252Fmultimedia%252F28-int-theworld-sanna-gkmb%252F28-int-theworld-sanna-gkmb-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQzMDc4MzQuMTU3MjMxNn0:1vOr3y:OYQoLmRgQZtoa0mVvSfftsOG-zd3oixm6e06nIxZ1ks" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Juho Kuva for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <span>
          What they’re reading in … Finland
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          At 34, Sanna Marin became the world’s youngest sitting prime minister. She led Finland through the early days of the coronavirus pandemic and the country’s integration into NATO.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Then, videos leaked of her partying, vamping straight to camera. The so-called dancing scandal set off a feminist firestorm in Finland and abroad, and prompted a debate: Was this inappropriate or inspirational?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In the two years since she left politics, Marin, now 40, has rarely given interviews, and Finns, still fascinated, have had to parse her Instagram for clues about her life.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now they have a book to parse, too. Marin is trying to turn the scandal into a battle cry, using
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a new memoir to reclaim her legacy.
         </a>
         <span>
          In it, she argues that she has fought to build “a world where you can, yes, dance freely when the day’s work is done.” —
         </span>
         <span style="font-style:italic">
          Amelia Nierenberg, reporting from Helsinki
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             RECIPE
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             <img alt="An overhead view of a bright red cranberry tart. A bowl of cranberries and some hazelnuts sit just above it on a table." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2015%252F11%252F13%252Fdining%252F28-int-theworld-food%252F28-int-theworld-food-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQzMDc4MzQuMTU3MzI2N30:1vOr3y:SjmYDEnuZlI9yE4I4CegDFqkd0AEhPaQUMnyL6QQ1Mo" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Evan Sung for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          If you are a fan of the classic French dessert tarte au citron (lemon tart), you will love this
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cranberry version
         </a>
         <span>
          . One reader had this tip for keeping the color bright: purée the cranberry mixture in a pot with an immersion blender.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             WHERE IS THIS?
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A gorgeous view of water, mountains and  buildings on land by the water. The view is from above and there is a building with lots of windows, an outdoor walkway and a restaurant with people at tables inside." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F11%252F28%252Fmultimedia%252F28-int-theworld-quiz-mwkf%252F28-int-theworld-quiz-mwkf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQzMDc4MzQuMTU3NDIyOH0:1vOr3y:6WAfCHbiulc08-65g0kwG4M5W-5ZO33yPGA6ZhfeLpM" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Mark Coote for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Where is this lake?
         </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:#333;font:10px georgia,serif;text-align:left;padding-left:50px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Busan, South Korea
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Jackson Hole, U.S.
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Santiago, Chile
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Queenstown, New Zealand
               </a>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             BEFORE YOU GO …
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          You might know I live in Wales. It was an adjustment moving to Cardiff after Paris, London and Berlin. At first I missed the energy, the diversity, the sense of freedom that comes with the scale of those places.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But what I’ve learned here is the power of community.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Welsh comedian Rob Brydon jokes that if you name someone from Wales to a Welsh person, he either knows someone related to them or who went to school with them. When I drop my son at the school gate, I don’t just bump into my sister-in-law, I see my hair dresser, the guy who runs our gym and half a dozen people who went to school with my husband.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Last weekend, the actor Matthew Rhys was in town, to do a one-man show on the actor Richard Burton (Welsh!) on a local stage. Matthew grew up in Cardiff and, yes, went to school with my husband. It was part of a fund-raising tour for a new National Theater of Wales that Michael Sheen, another Welsh actor, is driving. At the reception afterward I spoke to Michael’s assistant (who went to school with my husband).
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          With that sense of community comes an extraordinary sense of national pride, joyful and inclusive, which to me personally as a German has been a revelation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One of the most rousing expressions of this was the 2022 pep talk that Michael gave to the Welsh football team before it headed to the World Cup. Watch it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          here
         </a>
         <span>
          . It’s incredible.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This week’s world-themed song is Welsh, of course: Super Furry Animals’ “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          It’s Not the End of the World?
         </a>
         <span>
          ” The lead singer, Gruff Rhys, did not go to school with my husband (but his wife did!)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Have a great weekend. — Katrin
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             TIME TO PLAY
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%">
         <tbody>
          <tr>
           <td>
           </td>
          </tr>
          <tr>
           <td>
            <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%">
             <tbody>
              <tr class="css-bxyyup" style="display:none">
               <td>
                <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
                 <tbody>
                  <tr>
                   <td style="border-bottom:1px solid #dcdcdc;border-right:1px solid #dcdcdc;padding:0 0 16px 0" width="50%">
                    <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%">
                     <tbody>
                      <tr>
                       <td width="62">
                        <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:none;white-space:nowrap">
                         <img alt="Wordle" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Femail-images%252Fimages%252Fgames%252Fwordle_logo_clipped.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQzMDc4MzQuMTU3NTE2NX0:1vOr3y:nmERCSVXK4Ki1RzT2YaN2mvTJZNZ0uZqUEZsJ1AMJ4s" style="display:block" width="62"/>
                        </a>
                       </td>
                       <td valign="middle">
                        <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:none;white-space:nowrap">
                         <p style="margin:0 0 0 24px;color:#000;font:700 20px/25px georgia,serif">
                          Wordle →
                         </p>
                        </a>
                       </td>
                      </tr>
                     </tbody>
                    </table>
                   </td>
                   <td style="border-bottom:1px solid #dcdcdc;padding:0 0 16px 0" width="50%">
                    <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%">
                     <tbody>
                      <tr>
                       <td style="padding-left:24px" width="62">
                        <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:none;white-space:nowrap">
                         <img alt="Connections" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Femail-images%252Fimages%252Fgames%252Fconnections_logo_clipped.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQzMDc4MzQuMTU3NjI1NH0:1vOr3y:3WS4Z1WcWc1tdCBkXqL2Pa2WDCHde9h7IJ48TPB9IsY" style="display:block" width="62"/>
                        </a>
                       </td>
                       <td valign="middle">
                        <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:none;white-space:nowrap">
                         <p style="margin:0 0 0 24px;color:#000;font:700 20px/25px georgia,serif">
                          Connections →
                         </p>
                        </a>
                       </td>
                      </tr>
                     </tbody>
                    </table>
                   </td>
                  </tr>
                 </tbody>
                </table>
                <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
                 <tbody>
                  <tr>
                   <td style="border-bottom:1px solid #dcdcdc;border-right:1px solid #dcdcdc;padding:16px 0" width="50%">
                    <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%">
                     <tbody>
                      <tr>
                       <td width="62">
                        <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:none;white-space:nowrap">
                         <img alt="Strands" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Femail-images%252Fimages%252Fgames%252Fstrands_logo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQzMDc4MzQuMTU3NzE3Mn0:1vOr3y:zjI87L1lCmNIbTAMaT9PaVkm0kucyGM_YMLxvpWP3TI" style="display:block" width="62"/>
                        </a>
                       </td>
                       <td valign="middle">
                        <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:none;white-space:nowrap">
                         <p style="margin:0 0 0 24px;color:#000;font:700 20px/25px georgia,serif">
                          Strands →
                         </p>
                        </a>
                       </td>
                      </tr>
                     </tbody>
                    </table>
                   </td>
                   <td style="border-bottom:1px solid #dcdcdc;padding:16px 0" width="50%">
                    <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%">
                     <tbody>
                      <tr>
                       <td style="padding-left:24px" width="62">
                        <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:none;white-space:nowrap">
                         <img alt="Spelling Bee" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Femail-images%252Fimages%252Fgames%252Fspelling_bee_logo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjQzMDc4MzQuMTU3ODA2OX0:1vOr3y:FXAvlwz64rDXZBpA-IAmgeZ8UF7HihD65vcxtH_MLEc" style="display:block" width="62"/>
                        </a>
                       </td>
                       <td valign="middle">
                        <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:none;white-space:nowrap">
                         <p style="margin:0 0 0 24px;color:#000;font:700 20px/25px georgia,serif">
                          Spelling Bee →
                         </p>
                        </a>
                       </td>
                      </tr>
                     </tbody>
                    </table>
                   </td>
                  </tr>
                 </tbody>
                </table>
                <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
                 <tbody>
                  <tr>
                   <td style="border-right:1px solid #dcdcdc;padding:16px 0" width="50%">
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