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   The World: The SpaceX I.P.O. rocket
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              By
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               Katrin Bennhold
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          Good morning, world.
         </span>
         <span>
          If all goes to plan, Elon Musk will become the world’s first trillionaire today. The initial public offering of his rocket, satellite and A.I. company, SpaceX, is the biggest in history. It’s expected to raise more money in one day than the annual economic output of many nations.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A whole bunch of people in Musk’s orbit are going to get very rich — or even richer — today. And millions of regular people are about to become SpaceX investors, though they may not even realize it. That might make them richer; it also exposes them to meaningful risks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Today, I write about a public offering that has sent investors the world over into a hot frenzy, but that is also emblematic of the moment we’re in: a time when a handful of people and companies are accumulating vast amounts of wealth and, with it, vast power. Also:
         </span>
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                Trump revokes Iran threat
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                Israel is set to expand settlements
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                A record-setting World Cup opener
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            <img alt="The top of a rocket." class="css-1b7vfn3" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F12%252Fmultimedia%252F12int-theworld-top-kvqh%252F12int-theworld-top-kvqh-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEyNDA3NzIuNDkzMDEzOX0:1wXu5s:hsHFOM4hzZL0aoUJwtft9Tv8jIBT50s_rYEDMV3lZ4M" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:5px" width="500"/>
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             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Meridith Kohut for The New York Times
             </span>
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        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <span>
          The SpaceX I.P.O. rocket
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Earlier this year, the arbiters of the world’s largest stock indexes faced a dilemma.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          SpaceX told them it was planning an I.P.O. for the summer. It demanded to be included in the top indexes straight away.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This was a big ask: Indexes like the S&amp;P 500 and Nasdaq-100, which are composed of baskets of public company shares and act as barometers of the broader stock market, typically make newly public companies wait a year, until the initial volatility after an I.P.O. settles.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But in May, the Nasdaq exchange altered its rules to allow “fast entry” by large private companies. Nasdaq denied the change had anything to do with SpaceX. Other indexes followed. (Notably, S&amp;P said it would not change its criteria for the S&amp;P 500, one of the world’s biggest indexes.)
         </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">
          As my colleagues Mike Isaac and Maureen Farrell wrote
         </a>
         <span>
          , these changes will mechanically push up demand for SpaceX shares by compelling index-tracking funds to buy the company’s shares within a week or so. They will also turn owners of retirement funds, pension plans and index funds into investors in SpaceX, whether they like it or not.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “If you trust Elon Musk, be my guest and invest directly in the I.P.O.,” said Ed Elson, a host of the “Prof G Markets” podcast. “But you cannot just stuff these genuinely terrible companies into people’s 401(k)s and retirement accounts.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Except if it’s the largest I.P.O. in history, you kinda can.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Millions, billions, trillions
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The scale of the SpaceX I.P.O. is enormous. Musk could very well become a trillionaire, and many of the Silicon Valley venture capitalists and private investment firms that invested early are likely to reap billions in returns.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          More than 4,400 current and former SpaceX employees
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          are set to become millionaires
         </a>
         <span>
          , with about 400 of them expected to earn $100 million or more. And that’s not to mention the banks and brokerage firms that could collect more than $500 million in fees, the largest such payout ever.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The sheer size of SpaceX — on course to be valued at $1.77 trillion in today’s I.P.O. — has also given Musk the power to impose several onerous terms and conditions.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He has obliged Wall Street banks, law firms, auditors and any other advisers working on the I.P.O. to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          buy subscriptions to Grok
         </a>
         <span>
          , his A.I. chatbot. And instead of a price range, as is customary when shares float, he is giving buyers
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          one price
         </a>
         <span>
          — $135 — to take or leave.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Nasdaq’s president said in May that the exchange had begun discussing index rule changes over a year ago. The idea of an index is that it’s a mirror of the stock market — and it seems likely that the market will soon be dominated by SpaceX and the A.I. companies Anthropic and OpenAI, which are about to have their own I.P.O.s.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But are these companies actually good bets for average investors?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          At its sky-high I.P.O. valuation, SpaceX’s stock
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          looks like a risky bet
         </a>
         <span>
          . When SpaceX pulled back the curtain on its finances last month, some were taken aback. The company’s space business was generating less revenue than expected. The losses from its artificial-intelligence unit were surprisingly large. These are not the sorts of trends that investors usually like to see.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Musk is not a typical C.E.O., and SpaceX is not a typical company.
         </span>
        </p>
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              Callaghan O'Hare for The New York Times
             </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          The church of Elon
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Think of Elon as the leader of a fan group — some might call it a cult — that supports his companies based as much on its faith in him as on the companies’ underlying financials.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One view of him is that he’s a visionary and a genius. Early Tesla investors, for example,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          have been rewarded for their faith
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But he’s also highly erratic. To call his politics controversial is an understatement. He spent more than $250 million on Donald Trump’s re-election campaign and uses his social media platform, X, to publicly support far-right parties around the world. This week, during violent protests in Belfast after a Sudanese man was charged in a stabbing attack,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Musk shared lists of locations around Northern Ireland for protesters to gather
         </a>
         <span>
          , and reposted messages from far-right figures in Britain.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          His notoriety and influence, and the way Starlink, the satellite arm of SpaceX, has become entangled in geopolitics, have also made him a target.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Just yesterday, as the war between the U.S. and Iran began escalating again, Iran’s semiofficial news agency published a report claiming that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Iran’s military might attack Musk’s business interests
         </a>
         <span>
          in the region, including Starlink infrastructure.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          All this makes Musk’s space-to-satellites-to-A.I. conglomerate an unusually fraught stock to expose so many passive investors to so quickly. That SpaceX will be in many pensions soon is a reflection of the power that a company accumulates when it’s operating on such an enormous scale.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’re all strapped to the SpaceX rocket now.
         </span>
        </p>
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              In the Oval Office.
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             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              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">
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          Trump withdraws his Iran strike threat
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          Over the course of yesterday
         </a>
         <span>
          , President Trump veered from threatening a third day of strikes on Iran to abruptly calling them off and then announcing that a peace deal could be signed as soon as this weekend.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump said that the deal was “in pretty final shape.” Iran’s state broadcaster, quoting the country’s foreign ministry spokesman, said that “nothing has been finalized.” Trump had claimed earlier this week that a peace deal was imminent but hours later the two countries attacked each other.
         </span>
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             <img alt="Bezalel Smotrich and a group of people with head coverings, some waving Israeli flags, stand near a parking lot." class="css-18ei5jy" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F11%252Fmultimedia%252F12int-theworld-more%252F12int-theworld-more-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEyNDA3NzIuNDkzOTM3N30:1wXu5s:rC14rG_LUd1gnlz6C1oZfrA0arbJEL5Fd8AQCq0WJqs" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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              Israel’s finance minister, Bezalel Smotrich, joined Israeli settlers as they gathered to celebrate a Jewish holiday last year.
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             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Daniel Berehulak/The New York Times
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              <li style="margin:0 0 10px 0;line-height:27.5px">
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                Israel is expected to allocate hundreds of millions of dollars to
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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">
                rapidly expand Jewish settlement across the occupied West Bank
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a move prompted by national elections this fall.
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                Two stabbings have fueled violent anti-immigration protests in England and Northern Ireland in recent days, fanned by online right-wing agitation. In Britain and across Europe,
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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">
                it’s a grim pattern
               </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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                Britain’s defense secretary abruptly resigned and accused Prime Minister Keir Starmer of
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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">
                failing to invest enough money in the military
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
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                Thailand sentenced two men to death
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for their roles in a 2015 bombing of a Bangkok shrine that killed 20 people and injured more than 120.
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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">
                At least two Iranian women who sought refuge in the U.S. will be
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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">
                deported to the Central African Republic
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , an impoverished country plagued by conflict.
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          The most clicked link in your newsletter yesterday was about
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          a tradwife influencer in Utah
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             WORLD CUP
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              Luis Antonio Rojas for The New York Times
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         <span>
          The world’s biggest sporting event kicked off in Mexico City yesterday. In the tournament’s first match,
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Mexico defeated South Africa
         </a>
         <span>
          , 2-0. Later, South Korea came from behind
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          to beat the Czech Republic
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          , 2-1. The two other host nations — the United States and Canada —
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          will play their first matches today
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          .
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Opener:
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          Three red cards were handed out
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          during the Mexico-South Africa match, a record for a World Cup curtain-raiser. At the 2022 World Cup, there were only four red cards across the entire tournament.
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          Jersey dispute:
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         <span>
          Haiti agreed to
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          change its uniforms
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          less than 72 hours before its match with Scotland after FIFA deemed the design “political.”
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Extreme heat:
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         <span>
          Many of the host cities may reach
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dangerously high temperatures
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          this year. In Miami, where England has been practicing, the heat “really does hit you in the face,” midfielder
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Declan Rice said
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          .
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                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1175351%2526li%253DWOR%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DWOR_20260612%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEyNDA3NzIuNDk0NTEwMn0:1wXu5s:FuPUqagTGrds76bkXu-vWiAd8W9_9MvEEhKkJtIH5cQ" style="display:block;width:100%;max-width:480px" width="480"/>
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        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             ANCIENT 💩 OF THE DAY
            </span>
           </h3>
          </td>
         </tbody>
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         <tbody>
          <tr>
           <td style="text-align:center">
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             <img alt="An Arctic ground squirrel stands on its hind legs surrounded by grass." class="css-1b7vfn3" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F09%252Fmultimedia%252F12int-theworld-squirrel%252F12int-theworld-squirrel-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEyNDA3NzIuNDk0NjMwM30:1wXu5s:MelyuG_AJ5o4NVE6mnnb1rvoAatSwCurAhcGbWSRgHA" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:5px" width="500"/>
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           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:10px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Government of Yukon
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Ground squirrel feces
         </a>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Klondike region of Canada’s Yukon territory didn’t just have gold in its hills — they were also filled with thousands of frozen pellets of ancient poop from prehistoric ground squirrels. The fossilized feces were unusually well preserved, allowing scientists to extract DNA that showed that the squirrels regularly ate the meat of mammoths, bison and saber-toothed cats.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          They also preserved a telltale odor. “I did not think that these would smell anymore, especially when you’re talking about 700,000-year-old poop,” one scientist said. “It was intense.”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Read more here
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="30">
           </td>
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           <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="A black-and-white pen-and-ink drawing shows a young bull sitting calmly in the shade under a cork tree at the top of a hill as he watches two other young bulls in the field below butt their heads together." class="css-1b7vfn3" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F07%252Fmultimedia%252F12int-theworld-bull%252F12int-theworld-bull-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEyNDA3NzIuNDk0NzYyNH0:1wXu5s:YEIezgZ9SxJdJvIBdbWK8UlJCVTqp-diFd83DqVdA6M" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:5px" width="500"/>
            </a>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:10px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              The Morgan Library &amp; Museum, 1970.16:1-37, Gift of the Mary Flagler Cary Charitable Trust. Used by permission PRH LLC. All rights reserved
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In 1936, Viking Press published a children’s book about a young flower-loving Spanish bull with no ambition to fight in the ring. By a string of coincidences (most notably, an untimely bee sting), the bull, Ferdinand, ends up there anyway, but simply refuses to respond to the matador’s taunts.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “The Story of Ferdinand” became a best seller in more than 60 languages and inspired two animated films. But it also became a lightning rod and a Rorschach test. Was the story sinister or benign? Fascist or communist? Subversive or patriotic? Or was it just a lovely story about an animal choosing his own path?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Decide for yourself
         </a>
         <span>
          .
         </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="" class="css-1b7vfn3" height="624" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F12%252Fmultimedia%252F12int-theworld-asia-nl-qgvf%252F12int-theworld-asia-nl-qgvf-jumbo-v2.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEyNDA3NzIuNDk0ODk0NX0:1wXu5s:uQCxjz8QOR038N5zDMWj7eP1_mWEX2fDaa0FpwaxUmA" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:5px" width="500"/>
            </a>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:10px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Anita Pouchard Serra 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>
          “I got a Messi!”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In the smartphone age, one of the World Cup’s most beloved traditions is defiantly analog: filling sticker albums with the faces of every player on every team.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The collecting fever is especially strong in Argentina. Parents say their children have left their smartphones untouched for long stretches, gathering instead to swap stickers in schoolyards and parks. “A child opening a pack is timeless,” one historian said. “It’s magic.”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:700">
          Read more
         </a>
         <span>
          .
         </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="" class="css-1b7vfn3" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F05%252Fmultimedia%252F12int-theworld-food%252F12int-theworld-food-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEyNDA3NzIuNDk1MDIwNH0:1wXu5s:x7gFvHrz80GTQDs8MZE15d76N50DL_75eEippYscR1s" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:5px" width="500"/>
            </a>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:10px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Linda Xiao 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>
          Bite-size and extra crunchy, these
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Shanghai butter mochi
         </a>
         <span>
          are a cross between Chinese nian gao and French canelé. They became extremely popular at bakeries in the Jiangsu-Zhejiang region of China before getting yet more attention online, particularly in Korea. The key to achieving a deeply browned crust is baking the cakes in a well-buttered tin, frying the outside.
         </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="Two people walk along a path between a white wall and a wooden fence. A fort looms behind them atop a rocky cliff. " class="css-1b7vfn3" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F12%252Fmultimedia%252F12int-theworld-quiz-qcgv%252F12int-theworld-quiz-qcgv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEyNDA3NzIuNDk1MTM3NX0:1wXu5s:Blo4IgjvFynOP92fAEHWiJo9898BqhtlZmAJBcI4wtE" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:5px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:10px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              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 are they walking?
         </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">
                Istanbul, Turkey
               </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">
                Plovdiv, Bulgaria
               </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">
                Bogotá, Colombia
               </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">
                Athens, Greece
               </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>
          Every four years, I become an amateur football coach. I shout instructions at players on the TV. I throw my hands up at the ref. I dissect the quality of a goal over lunch the next day as if I know what I’m talking about. (I don’t.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The World Cup does that to people. Big events do that. During the height of the Covid pandemic, we all became amateur virologists. When Iran closed the Strait of Hormuz, everyone had thoughts to share about shipping routes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It says something bigger about humans. We bond over shared events, and we are social animals — we like to learn from one another.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          So, if you want to learn from people who actually know what they’re talking about, I highly recommend a podcast series called “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Heroes &amp; Humans of Football
         </a>
         <span>
          ” by two journalists, Simon Kuper and Mehreen Khan.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          My favorite episode is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the story of Kylian Mbappé
         </a>
         <span>
          and the Parisian banlieues, places my colleague Tariq Panja (who also knows what he’s talking about) recently described to me as the most fertile pools of footballing talent in the world. Check it out.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Oh, and in honor of Brazil vs. Morocco on Saturday, here’s the great Jorge Ben Jor with “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Ponta de Lança Africano
         </a>
         <span>
          ,” one of the most iconic football songs ever written.
         </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>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here are today’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Spelling Bee
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Mini Crossword
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Wordle
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sudoku
         </a>
         <span>
          . Find
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          all our games here
         </a>
         <span>
          .
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          We welcome your feedback. Send us your suggestions at
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          theworld@nytimes.com
         </a>
         <span style="font-style:italic">
          .
         </span>
        </p>
        <div aria-hidden="true" style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
         <table border="0" cellpadding="0" cellspacing="0" width="40">
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             <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D128186400%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DWOR_20260612%2526li%253DWOR/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEyNDA3NzIuNDk1MjYyNH0:1wXu5s:RgCZxzhONXc8B4F3wX6cNURTjrO0NpWtgikyQY_LoRI" width="2"/>
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