[!WARNING] 翻译质量评估未完全通过 (Quality Audit Failed) 发现以下潜在质量问题： - missing numeric tokens from source: 0099, 01020, 0193, 0935, 10.03, 10.09, 10.41, 10.44, 10.82, 10.88 - Missing proper nouns in translation: Across Lattice, Action Pct Stockprice Pointchg, Advanced Interna, Africa Bahrain, After Fable, After Silicon Valley Bank, Age Discrimination, Air Force, Al Johnson, Alan Greenspan - source dates, money, or percentage tokens may be missing
上周：道琼斯工业平均指数 51947.25 g 199.17 0.38% 纳斯达克指数 24975.82 g 2.1% 欧洲斯托克600指数 644.51 À 0.5% 10年期国债 g 1 2/32, 收益率 4.678% 原油 $89.31 À $7.53 欧元 $1.1371 日元 163.85
新闻
商业与金融
英伟达正在洽谈为 OpenAI 提供大约 $250 billion 的担保，作为一项大规模数据中心项目的一部分，这是美国 AI 繁荣时期迄今为止最宏大的金融交易之一。A1
英伟达正在洽谈为 OpenAI 提供大约 $250 billion 的担保，作为一项大规模数据中心项目的一部分，这是人工智能繁荣时期迄今为止最宏大的金融交易之一。 来自英伟达的担保将帮助 Chat-
联合航空在寻求一项巨额交易时，去年接触了达美航空，探讨一项将使两家最具价值的美国航空公司合并的方案。A1
从铁路到科技行业，美国各行业正出现增加招聘的趋势，因为公司计划增加员工以实现增长目标或利用新兴技术。A1
本周，股票市场将面临来自科技股财报和美联储利率决议的重大考验，而此前两周市场已出现显著下跌。B1
大卫·福克斯曾助力柯克兰与艾利斯律师事务所成长为顶级律所，他现在将人工智能视为该行业的未来。B1
孩之宝的 Magic 卡牌游戏人气飙升，打破了传统玩具销售额下降的趋势，为公司注入了活力。B3
烈酒制造商萨泽拉克向一群布朗-福曼的股东发送了一封信，要求他们重新考虑一份此前被拒绝的 $15 billion 收购方案。B3
埃隆·马斯克的隧道挖掘公司 (Boring Company) 正在洽谈新一轮融资，这将使其估值达到约 $20 billion。B4
由于担心款项实际上可能无法兑付，越来越多的企业正在转让他们可能应得的关税退款申请权。B3
全球
在努力重启外交以开放霍尔木兹海峡以及就弹药库存下降的影响进行讨论之际，特朗普推迟了升级针对伊朗的军事行动。A1
沙特阿拉伯与也门胡塞武装之间的袭击行动正在升级，威胁到维持了四年的脆弱停火协议。A6
前缅因州参议院议长特劳伊·杰克逊在格雷厄姆·普拉特纳决定放弃其深陷丑闻的竞选活动后，获得了美国参议院的民主党提名。A4
威斯康星州选举委员会的一项警告在预测市场与致力于禁止该市场的州监管机构之间日益激烈的法律斗争中开辟了新战线。A5
由于高温和严重湿度，美国中南部地区至少 40 million 人处于极端高温警告之下。A2
本期《华尔街日报》最初在美国出版，并在当地转载以进行区域发行。
印度教育部长辞职，使该国的青年运动获得胜利，并显示了数月前始于网络模因 (memes) 的抗议活动的影响力日益增强。A8
巴西拒绝向两名计划前往该国的特朗普政府官员发放签证，原因是担心他们试图破坏人们对该国电子投票系统的信心。A9
据官方媒体报道，朝鲜领导人金正恩要求“激进”地增强该国的军事侦察和情报能力。A8
目录 艺术评论..... A14 银行与金融 B10 商业与金融 B2,3,6 填字游戏................ A13 街头传闻... B10 市场数据............. B8
观点................ A15-17 个人日志 A12-13 体育.......................... A18 技术................ B4 行情表............... B10 美国新闻.............. A2-5 国际新闻....... A6-11
STEPHANIE LECOCQ/路透社
旋转并获胜：27 岁的斯洛文尼亚选手 Tadej Pogacar 周日骑行进入香榭丽舍大街，夺得他的第五个环法冠军，使他成为仅有的五位五次赢得这项最大规模自行车赛的男子之一。Pogacar 以 6 分 26 秒的优势获胜。A18
拟为数据枢纽提供 $250 Billion 资金
与美国协议挂钩的俄亥俄州项目，将成为全球最大的计算中心之一
致命 袭击
在前一天针对骄傲节的车辆袭击导致至少一人死亡、数十人受伤后，人们于周日聚集在勃兰登堡门前。嫌疑人于周日晚被警方击毙。A9
作者：CHIP CUTTER 招聘情况违背了 AI 导致就业崩溃的预测
美国最大的公司表示，它们最终可能需要更多的人员。 数月以来，主要雇主将招聘视为昂贵的最后手段。现在，各行业正出现转变。从铁路巨头 CSX 到 Google 母公司 Alphabet，各公司近日告知投资者，他们计划通过招聘来达成增长目标或抓住新兴技术。
是谁把草地变成了橙色？
i i i 密歇根州该球场的所有 18 个果岭及一个练习推球区均遭到攻击
作者：RYAN FELTON
密歇根州安娜堡——这里的球员们一直在挖掘围绕密歇根大学著名球场的一场丑闻： 这显然是一个共产主义阴谋。 不过，这也许是竞争对手俄亥俄州立大学和密歇根州立大学粉丝的杰作。 玩笑之余，密歇根州正面临……
据知情人士透露，GPT 制造商租赁了一个由软银能源子公司在俄亥俄州南部开发的 10-gigawatt 项目。 该项目总成本可能超过 $500 billion，包括进入数据中心的芯片。这将是迄今为止宣布的最大规模数据中心项目。 该项目的电力由美国政府控制，并由日本根据近期的一项贸易协议单独出资。Commerce
扩大员工人数的推动（即便幅度不大），是对 AI era 期间大部分主流公司传递信息的反转。由于经济的不确定性，或认为人工智能可以承担更多工作任务，主要雇主在很大程度上克制了人员增加。但一些高管表示，AI 的成本和局限性现在要求增加更多人员；另一些人则希望在裁员后重新雇佣员工。
“我们实际上需要稍微加快招聘速度。我们现在有点落后了，”Booz Allen Hamilton 的首席运营官 Kristine Martin Anderson 周五告诉投资者。“我们现在正在解决这个问题。”
由于特朗普政府削减了联邦合同并要求公司证明其成本的合理性，这家政府承包商去年削减了数千个工作岗位。截至 6 月 30, 总人数约为 30,900 人，比此前下降了 7.5%。
请参阅 A2 页
它面临一个谜团：它心爱的赛道上所有 18 个绿色标志怎么突然变成了橙色？该大学本月在一封紧急邮件中披露了这一问题，征集关于影响该课程绿地的“意外问题”的线索。
“在过去的几天里，我们经历了一次不可预见且极不寻常的……”
请参阅 A13 页
作者：Anissa Gardizy, Amrith Ramkumar 和 Corrie Driebusch
据一些人士透露，国务卿 Howard Lutnick 参与决定谁将获得这项权力。
英伟达的背书将使这家数据中心开发商（由日本亿万富翁孙正义的投资公司软银所有）能够以比 OpenAI 没有财务担保时更优惠的条款筹集债务，因为 OpenAI 作为一家不盈利的私营公司，没有投资级信用评级。据知情人士透露，这家 AI 公司几周来一直就在租赁该场地进行深入洽谈。
其中一名人士表示，OpenAI 是对该场地最感兴趣的公司之一，而 Anthropic、微软和谷歌在最近几周也就此事与 Lutnick 进行了沟通。
AI 公司们正渴望……
请参阅 A4 页
危险查询
AI 模型知道如何制造生物武器。有些模型会教你。
[[IMG_CHRISTOPH SOEDER/DPA/ZUMA PRESS]]
作者：GEORGIA WELLS 和 AMRITH RAMKUMAR
在 OpenAI 去年夏天增强了其聊天机器人的脑力后，全球数百名用户开始询问它如何制造和部署生物武器及毒药。这些模型在很大程度上不受美国政府限制地运行，耐心地回答了问题，并提供了分步指导。公司员工描述称，这些指导简单到高中生物学生都能遵循。知情人士表示，生物和恐怖主义专家随后审查了 ChatGPT 的对话记录，并判定其中部分内容精准得致命。
作者：ALISON SIDER 和 ANDREW TANGEL
据知情人士透露，联合航空在寻求一项巨额交易时，去年接触了达美航空，探讨一项将两家美国最具价值的航空公司合并的计划。
一些人士表示，作为推介的一部分，联合航空首席执行官 Scott Kirby 给达美航空首席执行官 Ed Bastian 打了电话。
据知情人士透露，达美航空的领导层将此次接触以及潜在交易的价值作为初步尽职调查的一部分进行了讨论。他们表示，谈判未能取得进展，两家公司随后都放弃了该提案。
暂停 对伊朗 打击计划
美国在武器供应辩论及 谈判潜能中推迟行动
据知情美国官员称，特朗普总统已推迟升级针对伊朗的军事行动，原因是目前正努力重启外交手段以开放霍尔木兹海峡，且内部正在就弹药库存下降的影响进行辩论。
作者：Michael R. Gordon, Meridith McGraw, Shelby Holliday 及 Lara Seligman
官员们表示，美国军方原定于周五启动一系列针对伊朗的打击行动，该行动可能持续长达两周。但由于需要让外交进程得以推进，且官员们在讨论一次重大攻击可能对美国日益缩减的“爱国者”及其他防空拦截弹库存产生的影响，该行动被推迟。官员们指出，由于情况仍然在变化，总统仍可能下令发起攻击。
官员补充称，参谋长联席会议主席丹·凯恩 (Dan Caine) 将防空拦截弹库存下降的情况告知了白宫。这一问题令凯恩深感担忧，他—— 请参阅第 A6 页
沙特与也门的停战协议进一步削弱................ A6 随着军队调整，伊朗导弹杀伤力增强............ A6
据 OpenAI 称，大多数查询是关于调制毒药的。 OpenAI 封禁了这些以及其他询问如何制造毒药和生物武器的用户账户，但并未提醒执法部门。美国目前没有联邦法律要求 AI 公司必须限制或披露有关制造武器或制定构成安全威胁计划的查询。
强制性保障措施的缺失，正值用户询问 AI 模型如何进行大规模杀戮的查询量上升之时——而聊天机器人则以可靠的计划予以回应。 请参阅第 A11 页
这次接触此前未见报道，凸显了柯比 (Kirby) 为实现联合航空的全球雄心而采取大胆行动的意愿。他随后试图与美国航空 (American Airlines) 进行合并谈判，但遭到对方拒绝，此事在今年早些时候被公开。
在过去二十年的系列合并之后，联合航空和达美航空成为了主导美国航空业的四家巨头之列。行业官员长期认为，由于反垄断担忧，这些承运商之间的任何合并都是不可能的。
但许多行业的商业领袖仍希望能够达成大交易——即便是一些曾经被认为不可思议的交易。 请参阅第 A4 页
华尔街日报 (THE WALL STREET JOURNAL)
KEVIN SERNA 为 WSJ 拍摄 (2)
上方为教育玩具制造商 Learning Resources 及学习材料公司 hand2mind 的员工，其首席执行官为 Rick Woldenberg（图中上方）。
天气 极端高温袭击 美国大片地区 周日，随着高温和严重湿度连续第二天笼罩美国大片地区，美国中南部至少有 40 million 人处于极端高温预警状态。
体感温度超过 105 度的区域从明尼苏达州延伸至密西西比州，并向西延伸至南加州和内华达州。
气象学家表示，这种酷热天气是由另一个“热穹顶” (heat dome) 引起的——这是一种大气条件锁住热量，从而加剧并延长本已较高温度的现象。
周六，南达科他州的急流城 (Rapid City) 报告了 112 度的历史最高温。
国家气象局气象学家鲍勃·奥拉维克 (Bob Oravec) 表示，美国中部将在本周中旬获得暂时缓解，但高温可能会在周末回归。 —美联社 (Associated Press)
环孢子虫 (Cyclospora) 是一种寄生虫。 周六一篇关于该调查的《美国新闻》(U.S. News) 文章中...
无视 AI 将导致大规模失业的说法
接第一页
一年前。但该公司现在认为其服务需求旺盛，包括在需要安全审查的国家安全领域从业人员的需求。
在过去 18 个月的大部分时间里，大型雇主坚信更少的员工意味着更快的增长。美国上市公司削减了白领员工规模。现在，裁员规模正在缩小。联邦数据显示，最近一周的美国初请失业金人数创下 1969 年以来最低记录。
人力资源平台 Lattice 的首席执行官 Sarah Franklin 表示，招聘情况的部分变化还反映了雇主在重新评估 AI 的能力。许多公司停止招聘初级员工，认为 AI 代理可以填补空缺。但此后他们意识到，人——
企业学会 应对征税， 但特朗普 未见预期提振
作者：MATT GROSSMAN 和 BOB TITA
白宫上周对关税的重新修订代表了特朗普总统持续推进的关税传奇中的又一次转折。在头条新闻之下，此举可能意味着企业和消费者已经习惯的局面将继续存在：政策突然转向、供应链混乱以及进口商品价格上涨。
在特朗普第二任期贸易战进入十八个月后，关税主要体现在价格上涨上，商品通胀率远高于疫情前的水平。
新的征税措施既没有拖累 30 万亿美元的美国经济，也没有实现特朗普所承诺的目标：削减贸易逆差并提振国内制造业。
特朗普贸易战的大体框架基本保持不变。相关调整主要旨在维持一个已陷入法律困境的关税议程。
最高法院在 2 月份废除了一系列全球征税措施。特朗普利用不同的法律授权，将其替换为一项新的 10% 全球关税，但该征税在法律上被限制为 150 天——该期限于周五结束。
最新举措 周四，总统利用另一项法律授权，对包括美国大多数最大贸易伙伴在内的 80 多个国家推出了 10% 至 12.5% 的新关税。这意味着大多数进口商品将继续面临与过去五个月类似的关税。
最新的关税依赖于 1974 年《贸易法》第 301 条——在特朗普第一任期内，该条款被广泛用于针对美国认为存在不公平贸易的数百种来自中国的消费品和工业品。第 301 条关税被认为比被法院废除的其他关税在法律上更持久，其目的是为了应对由于在出口到美国的商品材料或生产过程中使用强迫劳动而导致的美国业务损失。
所有这些重新洗牌的影响可能比看起来要小。分析师估计，美国进口商品的有效关税率将保持在 10% 左右，与今年大部分时间相似。“我们认为，经济受到的拖累不会比目前已经看到的更多，”研究公司 Capital Economics 的经济学家 Thomas Ryan 表示。
波士顿咨询集团（Boston Consulting Group）主席 Rich Lesser 表示，美国企业灵活地应对了特朗普的贸易战。他认为，最近的经历（如疫情爆发及其随后的通胀激增）使公司变得更加灵活，并提高了它们应对经济冲击的能力。这
这使得经理们能够快速地调整供应链并做出明智的定价决策。上周，通用汽车表示，预计今年的关税总成本将在 $2.5$ 十亿至 $3.5$ 十亿美元之间，但首席执行官玛丽·巴拉描述的盈利预期好于预期。她表示：“我们没有找借口，我们只是在持续推进工作。”尽管如此，一些美国企业高管表示，他们对这项新全球关税的法律依据感到困惑。教育玩具制造商 Learning Resources 及学习资料公司 hand2mind 的首席执行官里克·沃尔登伯格（Rick Woldenberg）表示：“美国尚未证明强迫劳动导致我们失去了业务。”Learning Resources 是此前推翻第一批关税的法律挑战中的主原告，并且已针对新关税提起诉讼。他说：“这仅仅是一个无需通过国会就对我征税的借口。”沃尔登伯格这家位于伊利诺伊州的公司从中国、印度及亚洲其他地区进口玩具。沃尔登伯格表示，最新的
数月内将增加员额以满足更高的需求，即便该公司正寻求利用技术来弥补公司其他部门的人员流失。这家运输公司指出，其员工总数仍低于一年前的水平。 很少有公司表示计划进行大规模招聘，且雇主也明确表示他们正在寻找特定类型的员工。 Alphabet 首席财务官阿纳特·阿什肯纳齐（Anat Ashkenazi）表示，这家科技公司预计将继续在 AI 和云计算等关键投资领域进行招聘。软件公司 ServiceNow 希望招聘更多“背负配额的实地销售主管”，以捕捉网络安全等领域的增长机会。 人力资源公司 Robert Half 的首席执行官 M. 凯思·沃德尔（M. Keith Waddell）表示，AI 对就业市场的影响被证明“比某些人担心的要温和得多”。该公司致力于
10% 至 12.5% 的 301 关税对美国经济而言，是“无可争议的通货膨胀因素”。
服务业幸免 特朗普关税最明显的影响是实物商品价格上涨。根据汽车估值分析机构 Kelley Blue Book 的数据，今年关税成本使新车价格增加了 $1,600$ 至 $9,000$ 不等。 美联储经济学家估计，截至 2 月份，这些税项使核心商品（即剔除波动较大的食品和能源类别的商品）的成本上涨了约 3.1%。 考虑到在新冠疫情之前的十年里，商品价格大多在下跌，这是一个巨大的转变。 美国大多数消费支出用于服务业——从住房和医疗护理到娱乐和机票。因此，关税引起的商品价格上涨对整体通胀的影响要小得多。总而言之，美联储经济学家认为关税对核心消费者通胀的影响约为 0.8 个百分点。 除了通货膨胀之外，关税并未给经济带来太大压力。在强劲的消费者支出和人工智能投资热潮的推动下，2025 年前三个月与 2026 年同期相比，经济经通胀调整后增长了 2.7%。 但关税在推进政府为其设定的两个核心目标方面——缩小贸易逆差和振兴工厂就业——并没有起到太大作用。截至 2026 年前五个月，美国贸易逆差总计 $297.91$ 亿美元，比 2024 年同期下降了约 10%。 而且，尽管自特朗普重返办公室以来，工厂产出增长了 3.1%，但该行业的就业人数却在减少。 6 月份从事制造业的美国人比 2025 年 1 月少约 75,000 人。
公司转让关税退税权........... B3
将人们安置在从科技到金融服务的各类岗位上，且部分客户已重新开始招聘。 “招聘需求继续改善，市场条件也日益支持我们的业务，”他说道。 不过，有人提醒道，随着人工智能（AI）的最终潜力不断演变，许多事情仍不明确。“我们需要更多的人吗？还是需要更少的人？”麻省理工学院（MIT）名誉教授、《一次性工人》（Disposable Workers）——一部关于就业转型的新书——的作者保罗·奥斯特曼（Paul Osterman）问道。“我们不得而知。没有人知道。” 奥斯特曼表示，许多公司将员工视为可有可无的消耗品，在方便时将其裁减，或将其降级为合同工或兼职角色。他预计这种趋势在这个动荡时期将继续下去。 “AI 给雇主带来了巨大的不确定性，他们不确定自己需要什么或不需要什么，”他说道，并补充称，关于 AI 取代人类并为股东节省资金的喧嚣将不会停止。“而所有这些喧嚣中的受害者将会是谁？”
KARL MERTON FERRON/BALTIMORE SUN/TRIBUNE NEWS SERVICE/GETTY IMAGES
特朗普总统再次对加拿大感到愤怒。 上个月初，加拿大总理马克·卡尼（Mark Carney）表示，戈迪·豪国际大桥（Gordie Howe International Bridge）——一项连接底特律与安大略省温莎市、期待已久的项目——即将开放。温莎-底特律桥梁管理局（Windsor-Detroit Bridge Authority）的一份邀请函宣布，剪彩仪式定于 6 月 12 日举行。
作者： Amanda Coletta（在多伦多） Brian Schwartz（在华盛顿）
数月前，特朗普曾威胁称，由于在通行费收入分配以及其他美加贸易问题上存在分歧，将推迟该桥的开放。一名美国官员表示，现在他确信卡尼试图匆忙开放并绕过他。 该官员称，在与商务部长霍华德·卢特尼克（Howard Lutnick）的一次会议上，特朗普产生了一个想法：如果他撤销允许该桥开放的总统许可会怎样？助手们最终说服总统放弃了该计划，但在 6 月 12 日剪彩仪式前一天，该活动被突然取消。卡尼表示，加拿大应美国请求同意推迟开放——这是在为这座 1.5 英里长的斜拉桥而努力十载后的最新转折，该桥已成为一个象征的
莱姆病与 alpha-gal 综合征 正向新地区扩张，对 密歇根州和俄亥俄州构成双重威胁
作者：JOSH ULICK 和 CARL CHURCHILL
JAMES GATHANY/AP (2)
左图为黑脚蜱，可携带引起莱姆病的细菌；右图为孤星蜱，会导致 alpha-gal 综合征。
冬季气温升高和 土地利用方式的改变 使得蜱虫及其 携带的疾病进入了 新 领地。 随着夏季全面到来， 卫生官员警告说，两种
当黑脚蜱首次在某个县建立种群时
Minneapolis Minneapolis
Minneapolis Minneapolis
Kansas City Kansas City
Oklahoma City Oklahoma City
Oklahoma City Oklahoma City
来源：疾病控制与预防中心 (Centers for Disease Control and Prevention)
莱姆病 直到最近，俄亥俄州和 密歇根州的莱姆病 发病率相对较低。在 2025, 年， 俄亥俄州的病例数 比前一年增长了 超过 60%。 在 密歇根州， 病例数 增长了近 80%。 5 月，俄亥俄州卫生部 警告称，莱姆病在全州 范围内激增。 莱姆病的扩散与白尾 鹿 种群的增长密切相关。 这种居住在森林中的 物种是黑脚蜱的主要宿主， 后者携带引起莱姆病的 bac- teria（细菌）。随着森林 （曾因农耕和伐木而被砍伐） 重新生长，鹿群在过去 100 年中有所回升。 随着鹿群的回归， 蜱虫也随之而来。
美国与加拿大关系不断演变的现状。 这座桥于周一正式通车，但由于贸易争端，且在特朗普第二任期进入 18 个月后，总统关于“第 51 个州”的言论仍使其两国紧张局势高企。 “这并不是什么突发新闻，[这座桥]反映了目前的困境，”约翰·霍普金斯大学高级国际研究学院美国-加拿大研究中心主任 Christopher Sands 表示。“这只是关系恶化长期过程的一部分，而我们似乎无法地修复它。” 在 2015, 年，当时的总理 Stephen Harper 宣布这座桥将以那位曾担任底特律红翼队队长的加拿大冰球巨星命名，他赞扬了美国与加拿大之间“非常强大且重要”的关系以及未来更多的双边贸易。当时的密歇根州州长 Rick Snyder 站在他身边，象征着这种亲密的关系。 如今，不确定性笼罩在美加贸易与安全关系之上，而 Gordie Howe 那种“肘击”的比赛风格已成为加拿大在面对特朗普威胁时的号召口号。在特朗普威胁将征收更多关税后，加拿大撤回了对美国官员参加原定于周五举行的桥梁开通共同剪彩仪式的邀请。
最常见的两种蜱传疾病：莱姆病和 alpha-gal 综合征。 两者 都在 扩张 其分布范围，使得 俄亥俄州 和 密歇根州正处于其路径正前方。
Cleveland Cleveland Detroit Detroit
Nashville Nashville
到 1996, 年，美国约有 400 个县建立了东部黑脚蜱种群。根据疾病控制与预防中心的数据，到 2025, 年，这一数字已达到 1,300 个。 随着蜱虫种群的 扩张，莱姆病病例正在 增加。在 2023, 年（为有数据的最近年份），美国病例数增长了 43%，达到近 90,000 例。但根据 CDC 的说法，由于报告不足，实际病例数可能是该数字的五倍。 感染通常会在叮咬部位引起皮疹。其他早期症状包括发烧、疲劳和肌肉酸痛。 虽然大多数人在接受抗生素治疗后能完全康复，但部分患者会出现持久的症状。
CARLOS OSORIO/路透社
这座价值 $4.5 billion 的新戈尔迪·豪国际大桥连接了底特律和安大略省的温莎。
这座桥似乎直到 2 月初才成为双边关系中更广泛紧张局势的一部分。当时，特朗普在其 Truth Social 账号上发布了一篇长文，威胁要封锁这座桥，除非“加拿大以我们应得的公平和尊重来对待美国”。他声称这座桥的建设没有使用美国钢材；而施耐德（Snyder）和加拿大官员则表示使用了美国钢材和劳动力。特朗普还批评了加拿大与中国的缓和关系，声称北京将取消职业冰球冠军奖杯——斯坦利杯。
戈尔迪·豪大桥的构思旨在平滑跨境贸易流。几十年来，温莎和底特律（一体化汽车工业的核心地带）之间的商业卡车流量主要通过大使桥流动。去年，有 1.8 million 辆以上的卡车驶过这座陈旧的青色大桥，该桥于 1929 年开放，是该大陆最繁忙的陆路边境口岸之一。从历史上看，大约四分之一的美加贸易是通过这座桥运输的。
但这座私有桥梁的拥堵长期以来一直让政治家以及依赖准时制（just-in-time）交付模式的汽车制造商感到担忧。两国官员决定，在底特律河上建一座新桥是解决方案。戈尔迪·豪大桥预计将缓解瓶颈，因为它拥有更多的车道和高速公路入口。为了进入大使桥，卡车现在必须在温莎的一条路上缓慢行驶，途中要经过 10 几个带有交通灯的交叉路口。此外，大使桥的通行费上涨……
年度报告的莱姆病病例数
3,000 3,000 3,000
俄亥俄州 密歇根州
2,000 2,000 2,000
1,000 1,000 1,000
2000 ’10 ’15 ’05 ’20 ’25
2000 ’10 ’15 ’05 ’20 ’25
来源：州卫生部门
Alpha-gal 综合征 Alpha-gal 综合征主要由孤星蜱（lone-star ticks）引起。与黑腿蜱一样，它们受益于鹿群数量的反弹，而更温暖的冬季使得这种对寒冷敏感的物种能够向更北的地方扩张。在 20 世纪的大部分时间里，很少有孤星蜱出现在新泽西州南部以北的地区。现在，它正在中西部地区站稳脚跟。
根据美国疾病控制与预防中心（CDC）的数据，截至 2025 年，孤星蜱已在俄亥俄州的 19 个县和密歇根州的 5 个县定居。俄亥俄州立大学今年春季警告称，由于孤星蜱的扩张，“南方俄亥俄州报告的 alpha-gal 综合征病例日益增加”。在全国范围内，2010 年至 2022 年期间共确定了 110,000 例以上的 alpha-gal 综合征疑似病例。由于报告不足，根据 CDC 的说法，受影响人数可能接近 450,000 人。
与由蜱传病原体引起的莱姆病不同，alpha-gal 综合征是一种由蜱虫叮咬引发的过敏反应。蜱虫将一种糖分子释放到受害者的血液中。免疫系统随后可能会将这种糖（常见于牛、猪等哺乳动物）识别为外部威胁，导致该个体在下次食用肉类时产生过敏反应。这种反应从轻微的荨麻疹到危及生命的过敏性休克不等。大多数被叮咬者不会产生肉类过敏。对于产生过敏的人来说，敏感度会随时间减轻，尤其是如果他们没有再次被叮咬。
预计 2025 年孤星蜱分布情况（按县划分）
历史孤星蜱分布范围 (1945)
来源：《基因组生物学与进化》期刊 (1945)；疾病控制与预防中心 (2025)
作者：ELLIE DAVIS
对于大多数驾驶员来说，在城市中寻找车位是一件令人头疼的事，自动驾驶机器人出租车 (robotaxis) 也不例外。在德克萨斯州奥斯汀，Waymo 的机器人出租车在遵守停车规则方面陷入了困境。根据《华尔街日报》通过公开记录请求获得的的文件，自该公司 2024 年进入该市以来，其车辆已收到 $9,325 的停车罚单。奥斯汀是美国最大的机器人出租车新兴市场之一。Waymo 在奥斯汀拥有 300 辆以上的机器人出租车，约占其德克萨斯州车队的近一半，处于领先地位。该公司缴纳的罚金在奥斯汀 2025 财年收取的 $6.3 百万停车罚款中仅是九牛一毛，但随着 Waymo 和其他机器人出租车公司在全美范围内扩大服务规模，此类停车失误正成为一个显眼的摩擦点。
来自 Waymo 及其他公司（在奥斯汀还包括特斯拉的 Robotaxi 和 Amazon 的 Zoox）的自动驾驶车辆在应对不可预见的情况（如紧急救援现场、施工区域和道路封闭）时，给执法部门带来了挑战。美国国家公路交通安全管理局在 7 月 8 日的一封信中要求自动驾驶车辆开发商使机器人出租车能够更好地遵循应急响应人员的指示。信中指出，部分问题在于机器人出租车往往无法识别在何处停车才不会阻碍交通。
《日报》对记录的分析发现，Waymo 已在 83 份不同的违章通知中支付了 $7,433 的罚金，且截至 7 月 15 日，该公司仍有 $1,892 的款项尚未支付。该公司像任何其他驾驶员一样，为其违规停放的车辆支付罚单。一位 Waymo 发言人表示：“我们不期望在开具罚单方面获得不同的待遇。” Waymo 的停车罚金从低至 $20 到高至 $519 不等。在 2024 年 9 月 11 日提起的一起案件中，由于其一辆车停在了残疾人专用车位，Waymo 受到了迄今为止最高的一次处罚。此外，该公司还因在拖车禁停区停车被处以 64 次罚款，因未支付停车计时收费被处以 13 次罚款，以及因双重停车被处以 9 次罚款。
机器人出租车 最大的 新兴 市场之一。
Bridge， 已 促使 更多 卡车通过 Blue Water Bridge 进入密歇根州， 那里距离约 100 英里。 使用 Gordie Howe 桥的商业卡车标准通行费为每轴 $8.75， 而 Ambassador Bridge 为每轴 $20。 温莎大学 2021 年的一项研究估计，新桥将为每辆卡车缩短 20 分钟的过境时间，并在其使用寿命期间为卡车运输业节省数十亿美元的成本。 这对于 Moroun 家族来说是个坏兆头，这个亿万富翁家族自 1979, 年起便拥有 Ambassador Bridge，长期以来一直试图阻止新桥的建设。 Moroun 家族针对 Gordie Howe 桥项目发起了几次不成功的法律挑战，并花费 $30 million 在密歇根州进行了一次失败的投票倡议，该倡议旨在修改州宪法，要求对建设新的国际桥梁或隧道进行全州投票。已故的家长 Manuel “Matty” Moroun（当时 84 岁）在 2012 年因未能按照法院命令对 Ambassador Bridge 进行维修而被判定为蔑视法庭，并在监狱中度过了一夜。 2012 年，加拿大表示将承担 Gordie Howe 桥的全部费用，最终金额为 6.4 billion 加元，约合 $4.5 billion。
奥斯汀的停车执法人员开具的是针对车辆而非驾驶员的罚单（即民事传票）。该市使用一个公共数据库来跟踪关于机器人出租车违停的投诉。在行程之间，一些 Waymo 车辆使用公开的停车位，以避免在道路上产生不必要的交通拥堵，同时在全市范围内靠近潜在乘客。或者，Waymo 车辆可以返回由 Uber 管理的奥斯汀运营仓库进行停放、充电和清洁。Waymo 拒绝评论其车辆一次最多可以在 Uber 仓库停放多少辆。一名警员报告称，11, 2025, 年 1 月，一辆 Waymo 车辆停在奥斯汀北部一条繁忙道路的路边，并部分阻塞了一条运行中的铁路轨道，警察局别无选择，只能将该车拖走。在另一个案例中，一辆 Waymo 车辆在小学外等待接乘客时，停在了标记的残疾人停车位中。另一位居民报告称，4 月份的一次周日礼拜期间，一辆 Waymo 在教堂停车库入口前怠速停了 5 分钟以上，导致教区居民无法进出。“必须有某种方法让他们移动，”该居民写道。在某些情况下，Waymo 免于支付罚金。2024 年和 2025, 年两起车辆阻碍交通的独立案件通过诉辩交易被撤销。“Waymo 审查所有收到的传票，并可能与法院沟通以处理和解决这些问题，包括如果我们认为传票发放有误，则根据事实对案件提出异议，”一名公司发言人表示。尽管出现了停车 mishaps，但 Waymo 和特斯拉等机器人出租车公司表示，从统计学上看，其车辆比人类驾驶员更安全。公路安全保险协会最近对 Waymo 进行的一项独立分析发现，这些车辆平均每英里的事故率低于人类。该组织发现，在凤凰城、旧金山、洛杉矶和奥斯汀超过 50 million 英里的无人驾驶运行中，Waymo 的事故率比人类驾驶员低 68%。
JESSICA KOSCIELNIAK/路透社
在华盛顿的东波托马克高尔夫球场（East Potomac Golf Links），一名高尔夫球手正在开球，同时一辆翻斗车正离开一个临时倾倒场。
焦点转向一堆泥土
作者：LYDIA WHEELER
华盛顿——诉讼双方有时会采取卑劣（dirty）的手段。但他们并不经常为了实体的泥土（dirt）而争斗。
大约 37,000 立方码的泥土成为了一个案件的中心，该案件将特朗普总统在国家首都的两项热门计划联系在了一起：白宫舞厅的建设，以及他计划将波托马克河一座岛上一个深受喜爱——且绝对不奢华的——公共高尔夫球场改造为冠军级设施的计划。
这些泥土来自白宫区域，特朗普在那里拆除了东翼，施工队伍花费数月时间在地下挖掘，为总统认为至关重要的地堡及其他设施腾出空间。
工人将 150 辆卡车的泥土运到了 2 英里外的东波托马克高尔夫球场（East Potomac Golf Links），目前这些泥土堆在该场地九洞球场之一的一个大土堆中。当地一个保护组织已提起诉讼以阻止此次翻修。其论据之一是，这些泥土很可能被污染，将损害高尔夫球手及环境。
如果这些泥土被用于改造，则会产生影响。国家公园管理局表示，关于是否或如何将这些泥土用于任何球场建设，尚未做出决定。
政府表示，这些被围栏隔离并覆盖草皮的土壤是干净的——或者至少足够干净。公园管理局对其进行了检测，并表示未检测到石棉。
尽管存在其他毒素，包括砷和铅，但该局表示其含量不足以伤害任何人。华盛顿特区保护联盟（DC Preservation League）现在希望对泥土本身进行检测。
这堆土的命运掌握在美国地区法院法官安娜·雷耶斯（Ana Reyes）手中。她在本月的一次听证会上表示，她不明白为什么政府不给保护组织一些土壤样本。
“如果没有问题，谁会在意呢？”雷耶斯问道。
但政府态度强硬。“我们没有法律义务这样做，”司法部表示。
曾寻求 与达美航空达成交易
接第1页
接第1页
在过去——在第二个特朗普政府期间可能是可以实现的。
联合航空与达美航空（这两家是全球最大的航空公司）之间的合并，将对航空业竞争和消费者产生深远影响。
这很可能会面临反垄断执法机构和州检察长的审查。
OpenAI 关注 担保协议
以确保运行其模型所需的芯片和电力，这使得拥有政府支持或电力保障的巨型项目变得日益具有吸引力。
据知情人士透露，根据该安排，英伟达将为一系列融资工具提供担保，旨在让贷款人更加自信地认为该项目背后的资金是安全的。相关条款尚未敲定，交易仍有可能破裂。
$250 billion 的担保将涵盖数据中心。
保护联盟现在 想要对土地本身 进行测试。
柯比对他对达美航空 (Delta Air Lines) 的敬意并不隐瞒。这家总部位于亚特兰大的航空公司多年来一直在颠覆传统的航空常识，即客户最关心的是在他们的行程中找到最便宜的座位。它对旅行体验的关注给高端旅客提供了一个保持忠诚的理由，并使达美航空成为美国最赚钱的航空公司。这一战略在近年来启发了联合航空 (United Airlines) 自身的转型。去年，联合航空和达美航空占据了该行业 90% 以上的利润。
截至周五，达美航空的市值约为 $56 亿美元，联合航空的市值约为 $38 亿美元。此前今年早些时候，当彭博社报道柯比在与特朗普总统的会议上提出了联合航空与美国航空合并的想法时，引起了强烈的抵制。立法者担心这种合并可能会损害旅客的利益。特朗普表示他不喜欢这个想法。美国航空首席执行官罗伯特·伊索姆则抨击此举为“反竞争”。
目前正在冲击该行业的的高燃料价格，此前一直是航空公司行业剧烈变动的催化剂。巴斯蒂安表示，在陷入困境的小型参与者之间可能会出现整合，但这不是达美航空寻求追求的目标。柯比则表示，他对规模较小的合并几乎没有兴趣。
用于其建设的租赁和债务，但不需要内置其中的英伟达 (Nvidia) 芯片。英伟达已向 OpenAI 投资 $30 亿美元，据熟悉这些讨论的人士透露，英伟达目前还在讨论一项为 OpenAI 的芯片采购提供融资的协议，总额可能达到 $350 亿美元。此类循环融资安排引发了人们的担忧，即如果投资者情绪转变或 AI 公司的增长放缓，该行业将变得脆弱。
该园区将需要大约 10 吉瓦的电力，足以供应数百万个家庭，且需要多年才能完工。据熟悉该交易的人士称，该项目的第一阶段预计将于 2028 年完工，届时将拥有约 800 兆瓦的电力。
卢特尼克和特朗普政权也对俄亥俄州项目寄予厚望。作为以降低关税换取对美投资承诺的一部分，日本同意在俄亥俄州的联邦土地上投资 $33 亿美元建设一个天然气发电项目，该项目将由 SB Energy 运营，而 SB Energy 实际上由软银 (SoftBank) 的孙正义控制。SB Energy 已收到 OpenAI 的投资，而软银本身也是 OpenAI 最大的投资者之一。今年 3 月，卢特尼克、孙正义和能源部长克里斯·赖特为该数据中心综合体破土动工。通过使用俄亥俄州的联邦土地，政府及其
顾问律师 迈克尔·罗伯逊 (Michael Robertson) 告诉法官。特朗普政府表示，目前还没有重新设计东波托马克 (East Potomac) 设施的详细蓝图，该设施于 1920 年首次作为市政球场开放。但特朗普本人已经选定了一名建筑师，并宣布 9 月 1 日为开工日期。
“建成后，这座球场将具备举办重大高尔夫赛事的能力，包括美国公开赛、赖德杯、PGA 锦标赛以及其他顶级 PGA 巡回赛赛事，”他在上个月底的一篇社交媒体帖子中写道。
特朗普还在继续加速推进宴会厅的建设。另一个保护组织希望在国会批准建筑计划之前停止该项目。在诉讼进行期间，法院目前允许工程继续进行。
在房地产开发中，土地是一门大生意。 “它是建设的主要成本之 1……”
“建设，” 理查德·特纳（Richard Turner）说道，他在弗吉尼亚州东南部经营农田填土销售已有二十多年。2022年，他的公司 Isle of Wight Materials 为弗吉尼亚州萨福克（Suffolk）一座300万平方英尺的亚马逊配送仓库提供了大部分填土。
如果公司处理的是被污染的土壤，可能会危及开发协议，推高项目成本并使企业面临风险。一家建筑公司去年同意支付 $11 million 以解决环境违规问题，此前该公司承认在重建罗德岛州的一处高速公路立交桥时使用了超过 4,000 吨的污染填土。
目前，这些为了防止径流而播种了草籽的土壤并未干扰东波托马克（East Potomac）的活动。政府在一份法院文件中估计，搬运该土堆的费用可能高达 $5.4 million。
法官表示，在没有进一步证据证明这些土壤伤害到任何人的情况下，她无法强制政府将其运走。尽管如此，法官表示，土壤中似乎含有大量砷，“这看起来是一件糟糕的事。”
“在过去，航空公司的合并通常是两家陷入困境的航空公司为了削减成本、航班和人员而走到一起。我的愿景则截然不同，”他在 4 月份关于美国航空提案的一份声明中写道。
但由于缺乏愿意合作的伙伴，柯比（Kirby）在 5 月份表示，他认为在可预见的未来，联合航空不会参与行业整合。他否认联合航空会对总部位于纽约的承运商捷蓝航空（JetBlue）感兴趣，并在 5 月份告诉分析师和投资者，他一直认为只有像他尝试与美国航空那样的大规模交易才有意义。
合作伙伴希望避免目前困扰全国数据中心的许可难题和当地反对意见。该项目位于哥伦布市以南约 50 英里的一个已停用的浓缩铀场址。完成融资并采购所有设备仍需时间。
一名知情人士表示，美国政府将向 SB Energy 支付电厂运营费。日本和美国将分担电力销售收入，直到日本回收其 $33 billion，之后美国政府将获得 90% 的收入。
这一安排表明
将需要 10 吉瓦的 电力，且 需要数年时间来建设。
杰克逊为候选人
作者：肯·托马斯 (KEN THOMAS)
缅因州，班戈 (BANGOR) —— 前缅因州参议院议长特罗伊·杰克逊 (Troy Jackson) 在一次特别提名大会上获得了美国参议院的民主党提名。在此之前，格雷厄姆·普拉特纳 (Graham Platner) 决定放弃其深陷丑闻的竞选活动，民主党正试图在此之后重新振作。
杰克逊是一名第五代缅因州人，曾从事伐木工作。他在周六被正式提名，旨在挑战共和党参议员苏珊·柯林斯 (Susan Colins)。柯林斯于 1996 年首次当选，目前仍是 11 月寻求连任的共和党参议员中最脆弱的一位。
“近 30 年来，柯林斯一直告诉缅因州她‘很关注’，”杰克逊说道，他引用了这位参议员过去经常使用的一句话。“但‘关注’并不能降低杂货或汽油的价格……缅因州不需要再经历六年的‘关注’。”
代表们挥舞着蓝色标牌，上面写着“不再关注”和“苏珊退休”。在缅因州的参议院竞选中获胜，是民主党在 11 月选举中夺回参议院多数席位策略的核心，此举将在特朗普总统任职的最后两年内增强该党的权力。
一个与共和党结盟的超级政治行动委员会 (super PAC) 迅速在一段新广告中对杰克逊进行定性，其中提到了最近关于他在堕胎和同性婚姻等问题上立场转变的报道，以及他在州议会中的急躁脾气。来自参议院领导基金 (Senate Leadership Fund) 的广告称：“杰克逊就像格雷厄姆·普拉特纳，但更糟——他做了数十年的政治圈内人。”
杰克逊现年 58 岁，曾任州议员，今年早些时候作为一名进步派竞选州长，并与普拉特纳及佛蒙特州参议员伯尼·桑德斯 (Bernie Sanders) 共同开展竞选活动。
[[IMG_XXXX]] 特罗伊·杰克逊是前缅因州参议院议长。
众议院民主党人如何转向反对以色列援助
众议院民主党人在以色列援助问题上的投票情况
2024 年 4 月
37 票反对以色列 173 票支持以色列
2026 年 7 月
103 票反对以色列 98 票支持以色列 10 票弃权
来源：国会
扫描此代码，可查看关于不同民主党群体（领导层、进步派、千禧一代）在以色列问题上如何转变，以及谁在其中起主导作用，从而导致许多众议院民主党人投票反对军事援助的图表分析。
政府如何试图通过与私营部门直接合作，来加速关键产业的活动。
拟议的结构反映了最大规模 AI 扩建融资方式正在发生的转变。投资级技术公司越来越多地利用其资产负债表，帮助规模较小的公司为基础设施需求借款，这种现象在业内被称为“信用包装” (credit wrapper)。
例如，Alphabet 旗下的 Google 为 Anthropic 的部分数据中心提供了担保，部分目的是为了增加其内部 AI 芯片（即张量处理单元，TPU）的销量。
该数据中心将是 OpenAI 作为租户的首个数据中心，使其能够更接近地控制其所依赖的底层设施。
在排名选择制的民主党初选中排名第三，但在缅因州北部的有组织劳工和工人阶级选民中表现强劲，该地区在最近的总统选举中一直支持特朗普。
当针对普拉特纳（Platner）的性行为不端指控出现时，杰克逊（Jackson）要求其退出竞选。他与普拉特纳拥有相似的政策议程，包括支持全民医疗保健以及废除美国移民和海关执法局。
此次大会汇集了来自全州 600 多名代表，以在周一的截止日期前选出新的参议院提名人。州党部迅速响应党内活动人士的号召，建立了一套确定其接替者的流程，其中许多活动人士最初是被普拉特纳吸引加入竞选的。
杰克逊以压倒性优势击败了 Evofem Biosciences 的首席执行官桑德拉·佩莱蒂尔（Saundra Pelletier），获得了 566 名代表的支持，而佩莱蒂尔获得了 $5 名代表的支持。
在大会之前，包括前州长候选人尼拉夫·沙（Nirav Shah）和申娜·贝洛斯（Shenna Bellows）在内的几位参议院候选人在杰克逊的支持者赢得绝大多数代表后退出了竞选。
州党主席查理·丁曼（Charlie Dingman）表示，该州的民主党领导层意识到，迅速组织一个替代普拉特纳的流程将非常困难。
“有些人好心地建议我们，我们的计划介于‘走钢丝’和‘登月’之间。但我们知道，走简单、建制派的路线是完全不可接受的，”丁曼说道。
“看看这个房间，看看缅因州民主党人所做的一切，”丁曼说。
目前主要从微软、亚马逊和甲骨文等云服务提供商处租赁。该公司最近将其到 2030, 年的计算能力预计支出提高到约 $750 billion，高于今年早些时候约 $600 billion 的预测。目前尚不清楚新协议将如何影响这些预测。
该公司和 Anthropic 都在奔向估值惊人的 IPO，这增加了它们继续快速增长的压力。
凭借约 5 万亿美元的市值，英伟达也在采取行动以锁定更大的芯片需求。在其最新的年度报告中，该公司警告称，数据中心的融资安排可能会降低其短期现金流，并增加其面临的客户信用风险。
GRAEME SLOAN/BLOOMBERG NEWS
3 未投票
4 未投票
2026年7月27日，星期一 | A5 美国新闻
对阵预测市场
州政府与 Kalshi 等网站之间的 法律斗争在期中选举前 愈演愈烈
作者：KRYSTAL HUR
当威斯康星州官员最近发出警告，称选民在法律上不能在自己参与押注的选举中投票时，布莱恩·希尔德布兰德（Brian Hildebrand）感到很欣慰。这位 39 岁的密尔沃基居民认为，人们在选举中下注的前景是对“民主的扭曲”——尤其是在像威斯康星州这样一个胜负关键且影响巨大的摇摆州。“我们的选举本身就非常紧张，这让情况变得更加糟糕，”软件开发人员希尔德布兰德表示。“选举过程不应关乎贪婪，而这在过程中引入了直接的财务激励，无论金额多么微小。”
威斯康星州选举委员会上周发出的警告，在预测市场与试图禁止它们的州监管机构之间日益升级的法律斗争中开辟了新战场。Kalshi 作为全美交易量最大的预测市场运营商，随即反击，指责该委员会在进行“积极的选民压制”——并指出其在该州拥有数十万用户。次日，该公司宣布推出一个期中选举中心，称该中心将根据用户的投注情况显示实时的选举预测。
在 Kalshi 上，用户可以对与威斯康星州选举相关的市场进行投注，包括谁将赢得州长竞选或成为总检察长。随着美国参众两院的控制权都处于争夺之中，这次期中选举将成为预测市场发挥主角作用的首次选举。
市场运营商表示，他们通过汇集“群体智慧”来预测结果。在传统基于民调的模型认为 2024 年总统大选结果难以预测时，预测市场准确预测了特朗普的胜利，从而大显身手。但一些人担心，利益相关方可能会在这些网站上进行巨额投注，从而营造出某个特定候选人处于领先地位的假象，进而影响选民。
在出现了一些利用政府内部信息获利的高调案例后，内幕交易也成为了关注焦点。另一些人则认为，选举与博彩不应结合，理由更为简单。“一个非常有力的论点是，人们投票应该是基于谁是该职位的最佳候选人，而不是基于他们能赚多少钱，”威斯康星州委员会由民主党任命的成员安·雅各布斯（Ann Jacobs）表示。
威斯康星州委员会的声明引用了州法律，该法律规定，在参与了“投注或赌博”的选举中，相关人员将被取消投票资格；委员会表示，他们认为这一措辞涵盖了基于事件的合约。
威斯康星州是许多持有类似立场的州之一，这些州认为预测市场的投注等同于非法赌博，且许多州认为这应受到州政府的监管并缴纳税款。Kalshi 和 Polymarket 对此持有异议，称他们提供的是由商品期货交易委员会（CFTC）监管的事件合约。由特朗普任命的迈克尔·塞利格（Michael Selig）领导的 CFTC 已代表预测市场平台起诉相关州。
这场多州的法律斗争最终可能会在最高法院审理。Kalshi 的总法律顾问里克·希斯利普（Rick Heaslip）表示，公司正在内部讨论如果其他州效仿威斯康星州的做法该如何应对。“威斯康星州实质上是在威胁要对其公民的合法行为进行起诉或剥夺其选举权，”希斯利普说。
Polymarket 的一名发言人表示，威斯康星州的声明“与 CFTC 既定的预测市场监管框架相悖”。Polymarket 拥有一个数据
与《华尔街日报》的出版商道琼斯 (Dow Jones) 建立了合作伙伴关系。 其他一些州的法律中也有与威斯康星州类似的措辞，这表明该问题可能会扩散。根据皮尤研究中心 (Pew Research Center) 的数据，特拉华州、德克萨斯州和新泽西州是将选举投注定为非法的州。
在纽约州，选民在投票站的投票权可能会受到质疑。如果他们被怀疑通过出售选票获取报酬，或者对选举结果进行投注，他们可能被要求签署一份“贿赂誓言”(Bribery Oath)，宣誓他们没有参与或涉及“任何取决于本次选举结果的赌注或打赌”。
在威斯康星州，由于官员们尚未获得针对 Kalshi 的禁制令，目前尚不清楚选民在预测市场上进行选举投注是否会面临任何后果。尽管发出了警告，但威斯康星州选举委员会在声明中指出，它无法监管预测市场平台上的投注。
“法院决定 Kalshi 和 Polymarket 是投注平台的可能性很可能是非零的，”威斯康星州选举委员会共和党主席唐·米利斯 (Don Millis) 表示。“我们的声明旨在告知选民并提高他们的意识：如果你对一场选举进行投注并在该场比赛中投票，你可能会损害你的投票能力。”
一名选民在 2025 年于威斯康星州基诺沙投下一票。
SCOTT OLSON/GETTY IMAGES
互相对攻 考验能源市场 随着德黑兰 扩大对该地区的影响力
作者：FELIZ SOLOMON 以及 SALEH AL-BATATI
沙特阿拉伯与也门胡塞武装之间的袭击事件正在升级，威胁到维持了四年的脆弱休战协议。沙特与这个由伊朗支持的武装组织如果恢复全面战争，将给全球能源市场带来更大压力，而该市场此前已因美伊战争以及德黑兰对霍尔木兹海峡的报复性封锁而处于紧张状态。这也可能给也门人民带来灾难性的后果，在该国内战最激烈的时期，饥荒曾在那里蔓延。
随着胡塞武装不断试探底线，利雅得一直在校准其应对措施，但冲突专家表示，他们认为缓和局面的空间很小。该武装组织面临着日益增长的经济压力，他们将其归咎于沙特强制实施的对也门港口和领空的封锁。
与此同时，伊朗正利用这一局势在不直接攻击该王国的情况下使其承受痛苦。“毫无疑问，伊朗在煽风点火，但胡塞武装倾向于在对自己有利的时候采取行动，”大西洋议会前美国中东政策官员艾莉森·迈诺（Allison Minor）表示。
沙特阿拉伯
沙特阿拉伯
沙特阿拉伯
随着军方改变使用方式
作者：DAVID S. CLOUD 以及 SHELBY HOLLIDAY
Kheibar Shekan 导弹是德黑兰军火库的主力——一种廉价、可移动、且精度高，射程至少 900 英里的武器。近期，伊朗将其用于复杂的袭击，证明了自己是一个能够灵活应对的美国对手。
美国官员表示，自战斗重启以来，伊朗一直向美国基地发射 Kheibar Shekan 导弹。他们称，伊朗正在结合不同的飞行路径、机动动作和速度，试图迷惑美国的防御系统。
一名美国官员表示，在整个战争期间，美国及其合作伙伴击落了大多数 Kheibar Shekan 导弹，但仍有一些突破了防御。军事分析师指出，与伊朗那些需要漫长发射前加注燃料的旧式导弹不同，Kheibar Shekan 可以保持加满油的状态，并快速装载到卡车或其他车辆中进行发射，以试图规避旨在摧毁伊朗导弹阵地的美国和以色列战机。
在该导弹的一些型号中，其头部区域，
Kheibar Shekan
接第一页
官员们补充说，他认为低库存并不会排除恢复针对伊朗的大规模作战行动，但这会增加风险。 凯恩（Caine）的一位发言人表示，他不会讨论主席向总统提供的机密建议。
多位官员表示，领导中央司令部的布拉德·库珀（Brad Cooper）上将认为，美国能够应对爱国者及其他防空拦截弹的有限库存，因为如果特朗普批准，美国加强打击将削弱伊朗发射大量导弹的能力。中央司令部的一位发言人拒绝就库珀的计划发表评论。
特朗普否认弹药减少是一个问题，并在给《华尔街日报》的一份声明中坚持认为，“我们拥有的弹药比世界上任何人都多，而且远超我们的需求。”
与此同时，白宫表示，如果新闻机构报道美国政府关于爱国者和萨德（Thaad）导弹消耗量的更新数据，显示自战争开始以来已使用的大量拦截弹数量，将危及国家安全。
政府以外的分析人士警告称，用于挫败伊朗攻击的大量反导弹拦截弹可能会削弱美国的应对能力。
[[IMG_XXXX]] 胡塞武装的支持者在本月早些时候抗议对也门萨那国际机场的袭击。
[[IMG_XXXX]] 特朗普总统周五出席记者晚宴。
某智库人士表示：“我认为我们距离全面战争的重启已经非常近了。我现在看不到任何退出机制。”
周六，根据一个反对胡塞武装的沙特主导的联盟称，沙特皇家空军袭击了也门沿海省份荷台达（Hodeida）的军事目标。胡塞武装则以无人机和导弹袭击了沙特阿拉伯国有能源公司沙特阿美（Aramco）在吉赞（Jizan）和延布（Yanbu）的设施，后者是该国西海岸石油出口的主要阀门。沙特阿拉伯未透露相关设施是否受损。
分析师和官员表示，“击碎者”携带爆炸弹头并在飞行最后阶段脱离，它配备了一个小型发动机，使其在以 6,000 英里每小时的速度接近目标时能够调整方向。
弹道导弹在俯冲向目标之前会进入高层大气或太空，但并非所有导弹都具备机动能力。研究过“击碎者”的军事分析师表示，它可以比其他一些弹道导弹更灵活地改变轨迹，试图使其更难以被探测和摧毁。
美国官员表示，伊朗还在向其使用卫星引导的“击碎者”所瞄准的同一地点发射高速攻击无人机和复杂度较低的导弹，在整个战争过程中调整其战术。
自停火协议崩溃以来，伊朗已将目标锁定在住宅区
据亚丁由沙特阿拉伯支持的政府运营的一家也门广播电台报道，数小时后，胡塞武装在马里布（Marib）和贾乌夫（Al-Jawf）等多个地点的发射阵地和武器库成为攻击目标。这是自 2022 年联合国调停的停战协议生效以来，联军首次在也门境内发动空袭。
周日，胡塞武装表示，他们击落了一架由沙特阿拉伯操作的土耳其侦察无人机。沙特阿拉伯外交部未对此请求发表评论。
“目前，我认为这仍处于一种以牙还牙的状态，人们希望这种情况或许能够得到控制，”英国伯明翰大学专注于沙特政策和海湾地缘政治的研究员乌默·卡里姆（Umer Karim）表示。“但按照目前的发展趋势，我认为很难。”
十年前，在胡塞武装于该国内战期间夺取大片领土后，沙特阿拉伯介入并对抗胡塞武装。此后，利雅得一直支持也门获得国际承认的政府，并领导阿拉伯军队联军支持其打击武装分子。
伊朗士兵在德黑兰的一枚“开伯尔破碎者”（Kheibar Shekan）弹道导弹旁站岗。
“开伯尔破碎者”射程：900 英里 “开伯尔破碎者”射程：900 英里
哈萨克斯坦 哈萨克斯坦 哈萨克斯坦
里海
土耳其 土耳其 土耳其
伊朗 叙利亚 叙利亚 叙利亚
阿富汗 阿富汗 阿富汗
以色列 以色列 以色列
阿曼湾 波斯湾
阿曼 阿曼 阿曼
也门 也门 也门
官员们表示，伊朗攻击的目标是美国军队驻扎在整个中东地区的基地。他们说，伊朗还针对支撑防空系统的雷达进行打击，这一策略使美国服役人员面临更大风险。
“我认为这告诉我们，伊朗在密切关注，他们在学习，并且在寻找可以攻击我们的方法，”曾领导美国中央司令部的退役陆军将军约瑟夫·沃特尔（Joseph Votel）表示。“这是一支拥有成熟无人机能力的军队，长期以来一直拥有导弹计划和火箭计划。他们在这一领域拥有大量专业知识。”
独立导弹专家法比安·欣茨（Fabian Hinz）表示，伊朗“已经看到了什么样的机动动作在克服导弹防御方面最有效”。“每一次实战使用都能提供某种数据，这对伊朗人来说非常有用。”
……以威慑包括中国在内的全球对手。
“弹药储备的减少造成了短期风险，”战略与国际研究中心（CSIS）在 4 月份的一份报告中指出。该报告由退役海军陆战队上校马克·坎西安（Mark Cancian）和该智库研究员克里斯·帕克（Chris Park）撰写。“一场针对像中国这样具有能力且旗鼓相当的竞争对手的战争，其弹药消耗速度将高于这场战争。”
该报告涵盖了在与伊朗战争中使用的七种关键弹药。坎西安和帕克在周日更新了他们的 4 月评估，他们估计自与伊朗战争开始以来，至少已消耗了 1,500 枚爱国者拦截弹。他们表示，这将使美国的爱国者拦截弹库存不足 1,000 枚。
白宫发言人卡罗琳·莱维特（Karoline Leavitt）和五角大楼首席发言人肖恩·帕内尔（Sean Parnell）表示，军方拥有特朗普选择的任何任务所需的一切装备。
上周，三枚伊朗弹道导弹袭击了约旦的一处基地，其中一枚击中了该基地美国服役人员的住宅区，进一步凸显了伊朗导弹带来的持续威胁。此次袭击造成三名美国士兵死亡。
国务卿马可·鲁比奥（Marco Rubio）表示，大多数针对该基地的导弹已被击落。其他美国官员表示，伊朗的导弹部队正在使用不同的飞行路径、机动动作和速度，这对美国防御系统构成了挑战，并增加了反导弹拦截弹的使用量。
海湾国家也消耗了大量拦截弹，这已成为……
ERIC LEE/GETTY IMAGES
也门内战持续了七年。2022年达成的休战协议旨在放宽对燃料进口和航班的限制。次年，利雅得与胡塞武装的赞助者伊朗在外交上重新 rapprochement（缓和关系），尽管在政治上几乎没有取得进展，但这有助于维持和平。
“现在我们看到了一个完全不同的故事：伊朗人正在推动胡塞武装升级行动，”国际危机组织（International Crisis Group）资深也门分析师艾哈迈德·纳吉（Ahmed Nagi）表示。
直到最近，胡塞武装在很大程度上并未参与这场战争，直到2月下旬美国和以色列袭击伊朗后情况发生了变化。7月初，武装分子试图通过从德黑兰起飞并降落在反政府武装控制的首都萨那（San’a）的直飞航班，来测试沙特阿拉伯的空中封锁。
一周后，胡塞武装指责利雅得轰炸了跑道，迫使他们将另一架来自伊朗的航班转向。由于担心这些航班被用于运输武器和军事顾问，联军禁止此类飞行。也门由沙特支持的政府承认对此次袭击负责。
机场袭击引发了升级的螺旋。利雅得表示，胡塞武装向沙特阿拉伯西南部的一个民用机场发射了弹道导弹和无人机。一周后，胡塞武装宣布封锁通过红海的沙特石油运输。
自从美国与伊朗之间的战争开始以来，德黑兰和利雅得一直试图限制直接对抗。即使伊朗加强了对霍尔木兹海峡的控制，沙特阿拉伯仍能通过将每天 4 million 桶石油改道至红海，从而减轻对其自身及全球经济的打击。
查塔姆研究所（Chatham House）研究员法里亚·穆斯利米（Farea al-Muslimi）表示，在伊朗的支持以及一个能够讨好其国内基础的理由（试图打破沙特领导的封锁）下，胡塞武装不太可能退缩。
“胡塞武装对任何事情总有一个解决方案，那就是找一个敌人，指责他们，然后开战，”他说道。
俄罗斯 俄罗斯 俄罗斯
中程弹道导弹
投入运行：2022 射程：900 英里 有效载荷：990-1,300 磅 冲击速度：5 马赫 推进方式：固体燃料，单级
中国 中国 中国
巴基斯坦 巴基斯坦 巴基斯坦
印度 印度 印度
KHALED ABDULLAH/路透社 来源：Iran Watch（射程，图表）；Globalsecurity.org（图表） ROQUE RUIZ 和 ASHLEY CAI/华尔街日报 (WSJ)
美国官员表示，这引起了五角大楼的关注。
国防部长皮特·海格塞斯（Pete Hegseth）此前曾表示，伊朗的导弹计划已在“功能上被摧毁”。但熟悉情报评估的美国和以色列官员在4月表示，伊朗的武器库中仍有数千枚弹道导弹，可以通过从地下存储区取出发射装置来使用。
《纽约时报》周六报道了特朗普计划推迟重大军事行动的方案，以及凯恩（Caine）对弹药库存的担忧。
上周，当特朗普表示他正在考虑发动重大袭击时，人们预计美国正处于攻势的边缘。官员们表示，库珀（Cooper）已经准备了多种方案，包括一场可能持续 10 到 14 天的密集战役。美国军队已开始将飞机和武器装备移至该地区。
但周五，特朗普暗示外交手段已重新成为一种选项，且美国官员正在与伊朗沟通。
“存在一个军事退出方案，即我们保持现状，我们可以……”
“甚至可以加大剂量，这将摧毁他们拥有的一切，”特朗普周五告诉记者。“或者可以用一个更聪明的策略，那就是达成一项协议。而他们想要达成协议。”
特朗普政府官员表示，包括阿曼在内的海湾国家——其外交官周五访问了德黑兰——正试图重启外交途径。一名官员表示，卡塔尔也参与其中。
海湾国家并非唯一与白宫协商的方面。
以色列总理本雅明·内塔尼亚胡预计将于周二在华盛顿与特朗普会面。这位以色列领导人周日表示，他计划讨论“所有待决问题”，并称其中将包括“伊朗局势”。
以色列和美国军队都参与了对伊朗的袭击，但应特朗普的要求，以色列自6月以来一直克制，未对该国进行打击。特朗普政府尚未表示，如果美国重启针对伊朗的大规模空中行动，以色列是否会参与新一轮打击，但一些美国官员表示，这可能是一个选项。
MORTEZA NIKOUBAZL/NURPHOTO/GETTY IMAGES
印度抗议者宣布获胜
教育部长 同意辞职 “蟑螂”群体 寻求进一步变革
作者：TRIPTI LAHIRI 及 KRISHNA POKHAREL
新德里——印度教育部长于周六辞职，这标志着该国青年运动取得了一次胜利，并展示了一个仅在几个月前以网络模因（memes）起家的 Z 世代运动日益增长的影响力。在辞职之后，抗议领导人宣布，由于政府同意了其他关键要求，他们将取消抗议活动。这些要求包括为那些因今年早些时候一场搞砸了的大学入学考试而自杀的学生提供补偿（根据其家属所述）。
“今天，学生们赢了，”主导此次抗议的“蟑螂人民党”（Cockroach Janta Party）运动在周六的一篇 X 帖文中表示。在今年本科医学院入学考试被指存在舞弊丑闻后，抗议者一直敦促印度教育部长 Dharmendra Pradhan 辞职。
抗议活动吸引了数千人在首都走上街头，这对印度总理纳伦德拉·莫迪（Narendra Modi）构成了挑战。
“蟑螂人民党”是一个诞生于讽刺性 Instagram 账号的青年运动。今年 5 月——正值医考丑闻爆发的月份——一名高级法官将失业青年称为“蟑螂”和“寄生虫”，该运动随后成立。
59 岁的活动人士索南·旺楚克（Sonam Wangchuk）在医院病床的社交媒体帖文中，发布了一张自己比出胜利手势的照片。他曾通过 26 天的绝食为该运动争取支持。在与政府关键官员谈判后，他在周五结束了绝食，这预示着政府即将做出让步。
“祝贺 [蟑螂人民党]，国家的 Z 世代，谢谢大家”
作者：KRISHNA POKHAREL 中美在珠峰竞逐无人机霸权
5 月的一天，特朗普总统的南亚特使塞尔吉奥·戈尔（Sergio Gor）出现在珠穆朗玛峰大本营。戈尔身穿一件印有“Trump Force One”的黑色夹克，大赞身旁展示的无人机。美国正在推动一款美国无人机，旨在支持登山者的新竞赛中挑战中国，从而在世界上最偏远的地区之一上演一场不寻常的大国竞争。
“世界上最顶尖的技术——美国造，”戈尔在评价一台由 Freefly Systems 制造的工业无人机时说道。Freefly Systems 是一家位于华盛顿州伍丁维尔（Woodinville）的重载无人机设计商和制造商。美国正在游说 Freefly 进入一项新业务：利用无人机向登山者运送物资并运走他们留下的垃圾，而中国的大疆创新（SZ DJI Technology）在该领域已占据先机。
这场竞争具有地缘政治背景。珠穆朗玛峰横跨尼泊尔与中国边境。近年来，北京在尼泊尔的投资和参与显著增加。与此同时，美国已将大疆（DJI）列为中国军事公司。
自 2024 年起，尼泊尔无人机公司 Airlift Technology 一直与大疆合作，测试并部署其重载无人机，将物资从海拔约 17,500 英尺的大本营运送到 19,900 英尺的下一个营地，并收集登山者留下的垃圾，从而减轻通常由夏尔巴登山向导承担的危险负担。
在早前测试了一款在海平面可承载 65 磅载荷的模型后，Airlift 在今春攀登季将大疆 FlyCart 100 无人机部署在珠峰。根据公司规格，该无人机在海平面可承载 200 磅以上，在山上可承载约 100 磅。这家中国无人机制造商表示，今年它运送了数千磅的物资并运走了更多
图片来源（顶部）：ARUN SANKAR/AFP/GETTY IMAGES; FRANCIS MASCARENHAS/REUTERS
上图：周六，“蟑螂”抗议者庆祝印度教育部长辞职。下图：一名人员在警察将抗议领导人索南·旺楚克带走后，清理其之前使用的病床。
“公民们应抛弃恐惧，抛弃对恐惧的恐惧，从国家的每一个角落站起来，”王楚克（Wangchuk）写道。他补充道：“从问责，转向改革。”
该青年运动的一位代表周六表示，抗议者已向政府提交了关于教育和考试改革的方案。他们表示，将在一个月后开会讨论这些方案。蟑螂民众党（Cockroach Janta Party）在一篇社交媒体帖子中称，政府还同意不对抗议者采取警察行动。警方未对置评请求做出回应。
近几周，蟑螂运动迅速扩大——最初是在该国首都进行的一场持续数周的安静静坐。在示威活动中，王楚克在绝食期间休息在一个舞台上。随后，原定于周一率领队伍前往议会游行的王楚克最近被警方强行转移到一家政府医院。
这次行动激怒了年轻人，数千人聚集起来向议会进军，要求普拉丹（Pradhan）辞职。他们与挥舞警棍并发射催泪瓦斯的警察发生冲突，造成数十人受伤。数十名警察也受了伤。
由于对警察的反应感到愤怒，此后每天都有数千名抗议者出现。
教育部长在周六发布的一条在线消息中表示，他对最近发生的事件感到“深感悲哀”。他说：“对我而言，这不是个人名誉的问题。印度的青年力量才是这个国家的真正力量。”
[[IMG_XXXX]] 由 Airlift 发布的资料照片显示，一名男子正在操作无人机清理珠穆朗玛峰上的垃圾。
注：海拔为近似值。 来源：尼泊尔文化、旅游与民航部；3D RealityMaps，德国航空航天中心，DigitalGlobe（营地位置）；Google（卫星渲染）
多年来，华盛顿一直指出北京可能会获取大疆（DJI）无人机在全球范围内收集的数据，并有可能操纵或干扰这些飞行器。12月，美国联邦通信委员会禁止在美国使用新型外国制造的无人机——此举主要针对中国公司。
在周五回应关于珠峰中美竞争的询问时，大疆的一位发言人表示：“对于我们这个创新驱动的行业来说，原产国往往掩盖了解决现实世界问题的技术突破，这令人遗憾。”该公司此前曾表示，美国对其无人机的怀疑是毫无根据的，且是一种保护主义形式。
位于戈尔（Gor）所在地的美国驻新德里大使馆拒绝置评。
Airlift 联合创始人米兰·潘德（Milan Pandey）表示，在戈尔访问珠峰之前，在当地操作大疆无人机的尼泊尔公司 Airlift 原计划协助 Freefly 执行一次登山飞行。
美国驻尼泊尔大使馆当时表示，美国商业无人机技术“将使珠穆朗玛峰上的交付在几分钟内完成，而相比之下，多——”
政治专家表示，这次青年运动可能会给莫迪（Modi）带来进一步的麻烦。
每年有数百万人参加竞争激烈的考试——这是进入大学以及获得中产阶级青年极力追求的政府职位的关键途径。这是莫迪的核心选民群体，他在 2014 年就任国家领导人时，承诺将满足印度年轻人的经济抱负。
新德里政策组织 Policy Monks 的合伙人巴斯卡尔·潘特（Bhaskar Pant）表示，这并非一场“失控的考试争议”。这场运动现在关乎“关于努力学习和公平竞争将带来阶层上升的承诺正在被侵蚀”。
印度最大的邦——北方邦计划在明年年初举行议会选举。这次投票被视为三年后全国大选的一个潜在预兆。
“单日徒步”。然而，根据《华尔街日报》看到的一封 4 月 30 日的信函，在 Gor 计划抵达大本营的前一晚，尼泊尔内政部告知珠峰地区的当地当局，它将不会批准该美国无人机的飞行许可。该部门表示，需要“就安全敏感性与其他利益相关机构进行协商”。在被要求置评时，Freefly 将其设备描述为“世界上最强韧的无人机”，但未就其在珠峰上的潜在用途回答具体问题。
在同一封 4 月的信函中，该部门撤回了其在 3 月（春季登山季开始时）授予 DJI 无人机的许可。这一决定带来的后果凸显了无人机对登山者而言已经变得多么重要。在登山季仅剩一个月的时间里，来自数十个国家的创纪录的 495 名登山者正急于行动，焦虑的远征队运营商们聚集在政府的大本营现场办公室周围，请求恢复向高海拔营地供应无人机的飞行，以弥补损失的时间。
五天后，内政部批准 DJI 无人机再次在珠峰上运行三个月，同时重申了要求无人机与该国国际边界（在这种情况下是指与中国）保持最短距离的规定。该部门还表示，无人机不应拍摄其许可运行区域之外的图像。比诺杰·巴斯尼亚特 (Binoj Basnyat) 是一位退休的尼泊尔陆军少将，也是一名常驻加德满都的独立战略分析师，他表示，最初限制美国和中国无人机的决定“可以被解读为一种维持战略中立的努力”，而恢复 DJI 无人机的使用则显示了“战略中立与实际必要性之间的紧张关系”。
-/法新社/盖蒂图片社 (AGENCE FRANCE-PRESSE/GETTY IMAGES)
正在升级 朝鲜 间谍网络
作者：DASL YOON
首尔——金正恩希望他的间谍们能提高水平。据信，朝鲜多年来完成了一些显著的情报壮举。其 2014 年对索尼影业（Sony Pictures）的黑客攻击演变成了美国的国家安全危机。2016, 平壤的黑客窃取了美韩军事计划。次年，朝鲜间谍被指策划了金正恩异同母兄在马来西亚的遇刺事件。但尽管有这些案例，朝鲜在情报搜集方面仍装备不足，缺乏广泛的国际间谍网络以及全球卫星网络等工具。
现在，金正恩想要解决这个问题。据国家媒体报道，在本月一次罕见提及该国间谍计划的活动中，他主持了一次会议，要求“激进地”增强朝鲜的军事侦察和情报能力。国家媒体表示，目标是更好地控制来自潜在敌人的威胁并搜集关键信息。
平壤并未详细阐述朝鲜情报机构未来的职责，该机构在金正恩 2011. 上台前不久刚刚完成整合。但去年，该机构更名，增加了“情报”一词，变为“侦察总局”。这表明金正恩政权渴望扩大其海外秘密行动。传统的间谍活动、黑客操作和间谍卫星均归该机构管辖。平壤否认参与海外黑客攻击以及金正恩异同母兄的死亡事件。
朝鲜面临情报不足的问题。该国的使馆数量远少于美国和其他西方国家。根据 Lowy 研究所的数据，截至 2024, 朝鲜在海外设有 43 个外交机构，而美国则有 271 个。因此，平壤缺乏能够在海外搜集情报的使馆人员。
前金正恩政权官员表示，由于全球制裁将该国与国际银行系统隔绝，朝鲜间谍必须通过加密货币抢劫来筹集自己的资金。此外，朝鲜不具备像美国和俄罗斯那样能够进行高级侦察的卫星网络。因此，金正恩的一个优先事项是建立一个间谍卫星网络。平壤仅将一颗间谍卫星送入轨道，距离实现有意义的侦察所需的卫星星座还相去甚远。Google Earth 的公开卫星数据比平壤能收集的图像更全面。
韩国情报机构表示，俄罗斯正将其卫星专业知识分享给朝鲜，以换取平壤决定派遣部队帮助莫斯科在对抗乌克兰的战争中作战。战略与国际研究中心（Center for Strategic and International Studies）的朝鲜分析师小约瑟夫·伯穆德兹（Joseph Bermudez Jr.）表示，朝鲜可能会与俄罗斯和中国建立类似于“五眼联盟”（Five Eyes，包括美国、英国、澳大利亚、加拿大和新西兰的情报共享网络）的关系。
网络安全专家表示，俄罗斯和朝鲜的网络特工正在就恶意软件展开合作。金正恩已示意有兴趣与志同道合的国家合作。
从历史上看，驻外朝鲜外交官和贸易代表实际上充当了军火商和情报传递员。联合国报告显示，试图入侵国防承包商和政府组织的朝鲜黑客有时在平壤拥有外交关系的国家（包括俄罗斯和中国）境内开展活动。
“朝鲜不受国际伦理规范的约束，因此他们的活动将通过黑客攻击和窃取而扩大，”韩国退役陆军将军 Chun In-bum 表示，“他们最大的优势在于西方世界低估了他们。”
2026年7月27日，星期一 | A9 国际新闻
顶部图片来源：CHRISTIAN MANG/路透社；美联社照片/EBRAHIM NOROOZI
周六，在一场骄傲游行期间，一辆汽车冲进人群，应急响应人员在现场展开工作。
在自豪节袭击事件中
此前一名男子驾驶货车 冲进人群，导致一人死亡， 29 人受伤
作者：BERTRAND BENOIT 及 JOSEPH PISANI
德国警方表示，在柏林发生的一起车辆冲撞袭击事件中，造成至少一人死亡的主要嫌疑人已于周日晚被警方特种部队击毙。
柏林警方发言人弗洛里安·纳斯（Florian Nath）表示，警方在柏林西部的施潘道区（Spandau）追踪到了 21 岁的德国公民阿卜杜尔·巴卢特（Abdul Ballout），在试图将其拘留时，他用刀袭击了警方。
纳斯表示，警员随即开火还击，导致该嫌疑人受致命伤，随后被宣布在现场死亡。
这场枪战结束了为期一天的搜捕。搜捕始于周六晚上 10 点之后，当时一名驾驶员在德国首都中心地带的一场自豪节活动边缘，驾驶一辆小型货车冲进人群。
随后，这辆小型货车撞在一棵树上并被发现弃置。当局表示，驾驶员随后使用一把疑似砍刀袭击路人。当局周日表示，在 29 名伤者中，部分人员伤势严重，但目前均无生命危险。
德国当局表示，巴卢特此前曾被判定策划恐怖袭击。柏林州检察院及高级地区法院称，他曾在 2025 年在黎巴嫩服刑三个月，原因是试图加入叙利亚的伊斯兰国（Islamic State）恐怖组织。
随后他被引渡回德国，在少年法庭就策划恐怖袭击接受审判。尽管他被定罪，但法官缓刑执行其监禁，部分原因是考虑到他此前在审前羁押中度过了近六个月。检方对此决定提出了上诉。
德国内政部长亚历山大·多布林特（Alexander Dobrindt）表示，巴卢特 2005 年出生于德国，其母亲出生于黎巴嫩，后通过入籍成为德国公民。
[[IMG_XXXX]] 周日，哀悼者聚集在柏林勃兰登堡门外。
作者：NOEMIE BISSERBE 及 MARGHERITA STANCATI 野火威胁波尔多地区
巴黎——周日，消防员正努力控制肆虐在法国西南部波尔多市附近且威胁巨大的野火，导致当局疏散了周边地区的数万人。
这场火灾始于周三，已在热门旅游目的地吉伦特省（Gironde）烧毁超过 100,000 英亩土地，并摧毁了 240 栋房屋。当地当局表示，截至周日，火势距离人口超过 850,000 人的波尔多都市区仅 10 英里。
在经历了长时间且创纪录的热浪以及低降雨量后，整个西南欧地区的植被实际上变成了易燃物，野火在当地肆虐。根据欧洲森林火灾信息系统（European Forest Fire Information System）的数据，今年欧洲已有超过 628,000 英亩土地被烧毁，比该大陆 20 年的平均水平增长了 84%。
在西班牙，应急响应人员在控制几天来在马德里地区及其附近肆虐的野火方面开始取得一些进展。由于火灾烧毁了露营地并导致道路关闭，近 100,000 人受到疏散或居家令的影响。尽管西班牙官员谨慎乐观地认为火势已不再失控，但截至周日，紧急状态远未结束。
ALAIN JOCARD/AGENCE FRANCE-PRESSE/GETTY IMAGES
[[IMG_XXXX]] 周日，波尔多西部的马什普里姆（Marcheprime）一片林地被烈火吞噬。
西班牙首相佩德罗·桑切斯（Pedro Sánchez）周日表示，消防员在昨晚取得了良好进展。尽管如此，他表示前方仍有艰巨的工作，并呼吁居民为了安全采取最大限度的谨慎。周五，西班牙首次因山火宣布进入国家紧急状态，允许中央政府主导紧急救援工作。今年以来，山火已在西班牙摧毁了 370,000 英亩以上的土地，约是去年同期的六倍。
在法国，内政部长洛朗·努涅斯（Laurent Nuñez）表示，这对消防员来说是一个极具挑战性的夜晚。他表示：“夜间早些时候，在吉伦特省（Gironde），火势再次变得极其剧烈且难以预测，产生了自身的风向，并向波尔多大都市区不规则地蔓延。”他补充说，火势在入夜结束前再次平静下来。
每年有近 700 万游客访问吉伦特地区，这里因大西洋沿岸的沙丘、海滩以及葡萄园而闻名。当局被迫从沿海度假地撤离数千名游客。葡萄园主要位于波尔多东部，基本未受火灾影响，火势主要在松林中蔓延。
该地区已部署了 5,200 多名消防员、警察和士兵，以及 18 架灭火飞机。
在 2002 年。 一名熟悉调查情况的人士表示，当局正在调查关于袭击发生时车内有第二名嫌疑人的报告。事发后，组织者结束了克里斯托弗街日（Christopher Street Day）节日，警方表示人群已散去。
“柏林发生了多么令人厌恶的行为，”总理弗里德里希·梅尔茨（Friedrich Merz）在 X 上写道。“这起犯罪行为将受到调查，并将受到法律的严厉制裁。”
尽管该嫌疑人出生在德国且拥有德国国籍，但其涉嫌的伊斯兰主义联系和黎巴嫩背景可能会重新引发关于安全和穆斯林移民的争论，为梅尔茨不受欢迎的政府带来最新的挑战。
民意调查员将梅尔茨的不受欢迎很大程度上归因于他未能重启停滞不前且失业率上升的经济。在过去的一周里，他的内阁在进行内阁改组时也陷入困境，一名部长候选人的退出打断了这一进程。
在 2025 年 2 月上次选举之前的准备阶段，发生了一系列大多由近期穆斯林移民实施的袭击，随后德国经历了一段政治动机暴力事件的缓解期。
此后，梅尔茨政府采取了严厉的移民管控措施，降低了新抵达人数，这是民意调查员认为选民认可政府取得成功的少数政策领域之一。
在秋季选举前，这一问题可能会进一步增强极右翼反移民政党“德国选择党”（AfD）的势力。
在目前的民意调查中，AfD 是德国最受欢迎的政党，并有望在 9 月份赢得该国前共产主义东部地区的两次州选举。在萨克森-安哈尔特州（Saxony-Anhalt），该党甚至可能获得绝对多数席位，从而允许其单独执政——考虑到德国的比例代表制选举制度，这在德国是非常罕见的。
德国的集市、节日和其他户外活动均采取了严密的防御措施，大多数入口通道由车辆或混凝土路障封锁。
工艺，包括一架安装了临时水箱的军用运输机。据当地当局称，至少有 75 名消防员受伤。
法国总统埃马纽埃尔·马克龙表示，他的国家已寻求整个欧洲大陆的增援以帮助扑灭大火，包括来自克罗地亚的 Canadair 飞机以及来自捷克共和国和斯洛伐克的黑鹰直升机。据总统府称，马克龙将于周一就火灾举行一次危机会议。
据法国内政部称，另一场发生在更南端比斯卡罗斯 (Biscarrosse) 镇附近的火灾目前已摧毁近 8,900 英亩土地，并迫使 36,000 人撤离。
美国官员 选举前夕
作者：SAMANTHA PEARSON
圣保罗——巴西已拒绝向两名计划访问该国的特朗普政府高级官员发放签证，此前巴西方面担心他们试图在10月总统大选前削弱人们对电子投票系统的信心。
此举正值巴西国内担忧加深，认为博索纳罗家族正与特朗普总统及其盟友合作，旨在推翻左翼总统路易斯·伊纳西奥·卢拉·达席尔瓦，并帮助巴西右翼重新掌权。
前总统雅伊尔·博索纳罗因在上次总统大选前策划政变，目前正在家中执行 27 年的监禁。其长子弗拉维奥在周六的一次政党会议上被正式提名候选人，该会议由其意识形态盟友——阿根廷总统哈维尔·米莱出席。
巴西外交部周六表示，已拒绝向美国国务院民主、人权与劳工局助理秘书里利·M·巴恩斯（Riley M. Barnes）以及副助理国务卿塞缪尔·萨姆森（Samuel Samson）发放签证。
接近达席尔瓦的人士表示，巴西政府认为，此次计划的代表团是雅伊尔·博索纳罗的儿子们（包括居住在美国的儿子爱德华）的一次协调行动，旨在如果弗拉维奥·博索纳罗在10月落选，则通过此举使选举失去公信力。
美国国务院确认，巴恩斯和萨姆森原定于本周早些时候访问巴西，就选举公正性、宗教自由和言论自由举行会议。该部门表示，“任何关于‘阴谋’削弱民主国家选举的暗示都是毫无根据的谎言”，并称此次访问为常规访问。
巴西官员表示，上周在首都巴西利亚，当弗拉维奥·博索纳罗告诉外交官该国的电子投票机是由委内瑞拉公司 Smartmatic 生产的，并暗示其易受欺诈影响时，巴西利亚方面警铃大作。
巴西选举法院驳回了这些主张，称 Smartmatic 从未向巴西选举提供过投票机，且国际观察员一致认为该国的系统是安全的。
四年前，雅伊尔·博索纳罗曾召集数十名外国大使前往总统府，质疑巴西电子投票系统的公正性——这是他企图抹黑选举的关键时刻，而这也导致他后来被禁止从政并被监禁。
在周六的提名仪式上，弗拉维奥誓言继承其父亲的遗产，指责巴西最高法院与达席尔瓦政府合作限制言论自由，并将他父亲被监禁作为“证据 A”。
他告诉欢呼的人群：“巴西被绑架了，我们要把我们的国家从这场囚禁中解救出来。”
雅伊尔·博索纳罗于去年 11 月被监禁，后因健康问题被允许居家监禁，因此被禁止参加其儿子的提名仪式，即使是远程参加也不行。但他的政党——自由党（Liberal Party）使用了人工智能，投射了一段前总统支持其儿子参选的视频。
Fears deepen that the Bolsonaro family is working with Trump.
巴西总统路易斯·伊纳西奥·卢拉·达席尔瓦，本月早些时候。
持久影响。
• 领先利率
• 慈善税务抵免
• 终身固定支付
• 资本利得税降低
• IRA-QCD 选项*
cmc.edu/annuities
Current Rates*
AGE RATE
%
%
%
%
%
Rates valid through 0/2026. Rates may vary by state.
BRUNA PRADO/AP
AP PHOTO/NATACHA PISARENKO
马力：周日，在阿根廷布宜诺斯艾利斯举行的乡村协会年度博览会开幕式上，马群被驱赶进入展示环。
与恶意行为者 博弈
接第一页
根据 OpenAI 等主要 AI 实验室的现任及前任员工，以及研究生物武器的政策顾问和研究人员的说法，[用户试图利用 AI] 策划大规模伤亡袭击。这些查询发生在今年早些时候令人不安的交流之后：用户询问 ChatGPT 如何将病原体气溶胶化，实质上是将传染性病菌转化为致命的、可呼吸的雾状物。有人想知道如何修改麻疹病毒，使爆发的疫情对麻疹疫苗产生抗药性。在这些情况下，聊天机器人提供了指令。据知情人士透露，另一名用户想知道如何制造蓖麻毒素（一种受国际条约禁止的毒药）。聊天机器人提供了详细指令，且该用户提到了一些关于杀死其父母的话。OpenAI 封禁了这些账号，但没有通知当局。
AI 日益增强的能力——尤其是在制定阴险的生物和网络攻击计划方面——正引起 AI 公司高管和白宫的警觉。全球领先的 AI 实验室正在努力研究如何在不妨碍善意查询的情况下，防止或减轻恶意用户的破坏。据特朗普政府官员称，自拜登 era 以来，白宫和国防部高级官员一直在讨论 AI 成为生物武器“操作指南”的威胁。
随后，强大新 AI 模型的发布促使政府从放任不管转向加强监管。商务部最近限制了两款 Anthropic 模型的海外使用，促使该公司关闭了所有访问权限。在该公司表示已解决允许用户规避安全措施的漏洞后，该机构取消了限制。
OpenAI、Anthropic 和其他 AI 公司表示，他们正与政府在模型发布方面密切合作，并已封禁了表现出可疑活动的用户或限制了相关账号。然而，目前没有联邦法规要求 AI 公司上报那些向模型寻求伤害或杀人建议的用户。一些立法者提出了此类立法建议，少数几个州已经通过了相关规定。但由于对隐私的担忧以及对行业增长潜在影响的考虑，此类通知通常仍处于自愿阶段。
联邦法律禁止聊天机器人制作儿童色情虐待材料，且 AI 公司必须遵守与其他企业相同的消费者保护和隐私通用规则。除此之外，界限划在哪里通常由 AI 高管决定。聊天机器人此前已引发过关于协助用户策划枪击袭击的担忧。而生物武器指令的提供，则为精明的用户提供了更大规模杀人的工具。OpenAI 在训练其模型时，要求其拒绝提供关于指令、策略或计划的请求，这些请求……
上方为 OpenAI 首席执行官 Sam Altman；右方为 MV Hondius 号，该船是致命汉坦病毒爆发的地点。
一位 OpenAI 发言人表示，这可能会对人们造成伤害。她称，公司在所有模型发布前都会进行安全评估，并且能够识别并拦截利用其模型获取有害生物信息的企图。ChatGPT 每天接收约 2.5 billion 次查询。该公司表示，当 OpenAI 认为一段对话表明存在迫在眉睫且可信的对他人的伤害风险时，它会通知执法部门。《华尔街日报》的所有者新闻公司 (News Corp) 与 OpenAI 拥有内容许可合作伙伴关系。寻求生物武器指令的用户还询问了 Anthropic 的 Claude、谷歌的 Gemini 以及埃隆·马斯克 的 Grok。据熟悉这些交流的人士透露，目前尚不清楚这些查询是旨在制造武器的真实尝试，还是为了探测这些应用程序能力的练习。谷歌的一位发言人表示，公司拥有一个安全团队，其中包括评估生物武器风险的科学家。他表示，谷歌还进行各项练习以测试公司 AI 的安全性。生命未来研究所 (Future of Life Institute) 国家安全政策负责人 Hamza Chaudhry 表示，对于可能拥有研究生级别生物学背景的“独狼”袭击者，AI 可以为“有针对性的、低致死率的生物袭击”提供规划和采购帮助，例如使用沙门氏菌或蓖麻毒素污染食物和水源。Chaudhry 认为，对于资源更多、野心更大的恐怖组织，AI 可以充当生物武器的研究生导师，“解决失败的实验方案问题，解释为什么某种特定技术没有达到预期效果，并概括性地替代多年的专业培训”。近期中国开发者在开放模型方面取得的进展，也引发了人们对这些模型带来网络和生物风险的担忧，因为这些模型价格低廉且广泛可用。研究人员发现，此类开放模型可以被定制，从而有可能移除安全护栏。Chaudhry 表示，AI 可能会帮助外国政府及其附属团体制定此前难以想象的大规模破坏计划，包括“涉及某种传播力极强、致死率极高或具有绝对新颖性的病原体的情景，以至于人类文明现有的生物和制度防御可能不足以遏制这一切”。
说服的力量 当 ChatGPT 在 2022, 年首次推出时，OpenAI 的员工发现 AI 模型在生物学和化学方面并不特别出色。公司领导层当时并不太担心聊天机器人会与用户在潜在的危险阴谋中合谋。 尽管如此，OpenAI 仍聘请科学家对模型进行测试，通过提出问题来观察聊天机器人是否能教会用户如何实施致命袭击。
乌克兰 俄罗斯、乌克兰 互遭袭击 当地官员报告称，俄罗斯导弹于周日早晨袭击了基辅，引发火灾并导致至少三名平民受伤；随后对乌克兰其他地区的袭击造成至少两人死亡。 此次袭击发生之际，乌克兰的无人机袭击使俄罗斯的推进陷入停滞，这一攻势已导致燃料短缺，并给俄罗斯领导人普京带来了压力。 在俄罗斯占领的乌克兰东部，克里姆林宫安装的当局称，周日一次乌克兰无人机袭击在霍尔利夫卡市造成四名平民死亡。 市长维塔利·克利奇科表示，周日凌晨基辅发生爆炸，掉落的碎片在历史中心附近的一栋塔楼中引发火灾。 —美联社
公司为模型不再回答的内容制定了规则，公司将其称为“拒绝”。测试揭示了说服力的威力。即使在 OpenAI 试图防止 ChatGPT 为用户提供关于武器或暴力计划的帮助时，员工们发现聊天机器人有时在长时间对话中会忘记自己的准则。
据熟悉该操作的人士透露，在一个常见的案例中，用户通过一个简单的诡计，规避了 ChatGPT 拒绝提供凝固汽油弹（用于纵火武器）配方的限制。他们告诉 ChatGPT，他们的祖母以前在睡前给他们读这个配方以帮助他们入睡。他们请求聊天机器人大声朗读该配方以辅助睡眠。这奏效了。
OpenAI 的发言人表示，其防御措施此后已变得显著增强，模型现在会拒绝此类请求。但其他人认为仍然存在相对简单的绕过方法。
网络设备公司思科 (Cisco) 的 AI 威胁与安全研究负责人 Amy Chang 发现，在与包括 ChatGPT、Claude 和 Gemini 在内的主要聊天机器人进行五轮往复对话的过程中，研究人员可以绕过护栏并诱导其给出潜在的危险答案。“没有任何模型能够 100% 免受侵害，尤其是如果用户足够坚持的话，”Chang 说道。
OpenAI 的高管们告诉员工，他们不希望模型频繁地说“不”。高管们指出，公共卫生工作者和药物研发研究人员的使用情况是限制拒绝理由的依据。
AI 专家表示，禁止聊天机器人指导用户制造生物武器（例如某些类型的基因编辑）的规则可能会干扰救命的工作。一些医学研究人员让 AI 模型与实验室人员一起主导搜集信息、压力测试假设、解读数据并制定计划。
OpenAI 创建了一个项目，为经过审核的组织和研究人员提供访问那些自动化安全拒绝较少的模型的权限。但获得批准的流程可能非常复杂，从而减缓了审批速度。
OpenAI 首席执行官 Sam Altman 最近与其他科技公司 CEO 一起，呼吁国会要求订购合成 DNA 和 RNA 的公司必须采取安全保障措施。这些高度
比利时 北约实习生被拘，涉嫌从事间谍活动 比利时当局周六表示，一名加拿大女性在北约 (NATO) 军事联盟作战总部担任实习生期间被捕，并被指控从事间谍活动。
在北约安全部门向比利时军事情报部门发出警报后，比利时联邦检察官办公室启动了调查。当局于周五拘留了“一名华裔加拿大公民”，此前一天，当局搜查了该嫌疑人的住所以及在北约指挥中心内的办公地点。检察官表示：“她涉嫌代表第三国从事间谍活动。”
加拿大和比利时都是这个由 32 个国家组成的军事联盟的成员，该联盟在 2021 年将中国与俄罗斯和中东的威胁并列为“安全挑战”。 ——美联社
哈萨克斯坦 空间站机组人员返回地球 在国际空间站执行了为期八个月的任务后，一支美俄空间机组人员周日在哈萨克斯坦草原安全着陆。
美国国家航空航天局 (NASA) 宇航员 Chris Williams 以及俄罗斯机组人员 Sergei Kud-Sverchkov 和 Sergei Mikaev 乘坐联盟号 MS-28 飞船降落，该飞船通过降落伞在指定区域着陆。
他们在轨道前哨站的 241 天任期是 Williams 和 Mikaev 的首次太空任务，以及 Kud‑Sverchkov 的第二次任务。
机组人员将由直升机送往卡拉干达，Williams 将在那里搭乘飞机返回位于休斯顿的 NASA 约翰逊空间中心，而 Kud‑Sverchkov 和 Mikaev 将乘机前往位于莫斯科郊外星城 (Star City) 的训练基地。 ——美联社
专业商品通常出售给实验室和科学家用于研究工作或开发某些疫苗。一些行业分析师表示，AI工具使一些可疑买家更容易利用它们来制造致命的新病原体。
立法者已经提出了一个两党支持的立法方案以加强监管。“AI是一个强大的创新引擎，我希望看到它繁荣发展，但不能没有问责机制，”众议员内森尼尔·莫兰（Nathaniel Moran，德克萨斯州共和党人）说道。他在6月提出一项法案时发表了上述言论，该法案要求AI公司向商务部报告危险威胁的证据。
莫兰还在共同发起另一项法案，赋予联邦政府权力，可命令科技公司关闭被认为过于危险的AI模型。
成败之机 到2024年，OpenAI的生物学能力迅速提高。据熟悉OpenAI开发情况的人士透露，公司测试表明，只要用户提问足够多，生物学家就可以说服ChatGPT提供关于如何构建气溶胶病原体的指导。当时，员工预测到2025年，ChatGPT将能够帮助仅具有高中生物学知识的用户设计并制造生物武器。
当时OpenAI的一名安全高管瑞安·贝尔迈斯特（Ryan Beiermeister）就聊天机器人的能力提升与同事发生了争论。据熟悉相关对话的人士透露，她表示公司安全人员需要尽快找出如何最有效地检测用户请求ChatGPT帮助制造生物武器并策划袭击。一些高管对她的担忧不以为然，称现有的安全保障已足够。
尽管如此，贝尔迈斯特仍协助动员公司各安全团队建立一个监测系统。到2025年春季，该团队开发出了一个初步产品，用于识别追求生物武器的用户。在2025年6月的一篇博客文章中，公司承认其模型不断提升的生物学能力可能会被滥用，并表示正在致力于开发检测和执行系统，训练模型拒绝有害请求。
那个夏天，在OpenAI准备发布GPT-5之际，员工认定该聊天机器人已触及高风险标记——公司将其定义为：ChatGPT成功帮助一名训练有限的用户制造生物危害。据熟悉相关担忧的人士透露，一些员工担心团队的检测工具不够全面。公司表示其在继续完善该工具。
据发言人称，自2025年4月起，OpenAI对其先进模型的100%用户查询进行了监测。她表示，GPT-5在经过训练不再提供可能造成伤害的信息后才推出。今年早些时候，OpenAI以性别歧视为由与贝尔迈斯特断绝关系，但她对此持有异议。在OpenAI发布新模型后不久，员工发现GPT-5在帮助询问如何制造毒药和生物武器的用户。随后在秋季，OpenAI更改了GPT-5的定义，将其分类为危险程度较低。
顶部图片：CHIP SOMODEVILLA/GETTY IMAGES; CHRIS MCGRATH/GETTY IMAGES
ON THE CLOCK A
CALLUM BORCHERS
游戏机厅、艺术与手工工作室或儿童博物馆是孩子生日派对的天然场所。 其中任何一个也可能成为你下一次公司团建（retreat）的完美场景。 诚然，许多员工更希望看到这些尴尬的企业仪式消失。但我们现在比以往任何时候都更需要它们，因此值得考虑一种不常规的解决方案。 美国人，尤其是年轻专业人士，似乎对与同事建立联系不那么感兴趣，快乐时光（happy hours）的没落就证明了这一点。此外，许多不同年龄段的人在工作中感到孤独。根据盖洛普（Gallup）的一项新调查，他们对大企业和其他机构的信任度处于历史最低点。 与此同时，企业希望降低团队建设产生反效果的概率。团建活动经常被视为浪费时间和金钱，或者更糟糕地，被视为潜伏的人力资源违规事件。 为了活跃气氛、降低风险——而且坦率地说，通过同僚情谊来提高生产力——越来越多的公司计划开展那些看起来像是由一群 10 岁孩子设计的团建活动。 这有何不可？也许提高……的方法就是
部分座位的礼遇服务
BY DAWN GILBERTSON
以下内容最初发表于 Dawn Gilbertson 的每周旅游 时事通讯。
达美航空 (Delta Air Lines) 对其将限制性基础票价引入更舒适舱位的计划一直坦诚相待。 但它并不那么坦诚的是：这样做原因。 当这家航空公司最近为其最昂贵的座位推出一个新的基础票价类别时，它原话说道：“这种基础体验的扩展允许客户以较低的价格使用高端产品，为他们提供更多选择，并使其能够根据最重要的需求定制行程。” 让我们把话说明白：达美航空并没有降低坐在高级精选（premium select）、头等舱或 Delta One 商务舱的价格。 它是在剥离直到现在为止只要购买这些机票就包含在内的权益。 然后它竟然厚颜无耻地称这是一种对我们的胜利。 这些权益包括提前选座，以及在商务舱的情况下，进入那些极其奢华的 Delta One 休息室的权限。 联合航空 (United Airlines) 已经在其高端舱位中实施了具有类似限制（以及类似理由！）的基础票价。 我不知道你怎么想，但如果我……
转向趣味化
团建（off-site）就像是在重演我们年幼时那些交友显得更简单的有趣活动。 贾娜维·沙（Jahnavi Shah）和她软件公司的同事们最近在鳕鱼角（Cape Cod）度过了三天。他们的行程包括烤棉花糖、参加麻袋赛和搭建人体金字塔。她玩得很开心，并自豪地报告说她的团队搭建了最高的人体金字塔，而她就在顶端。由于她是今年2月加入公司的，且在旧金山办公室工作，而部分同事则在纽约和伦敦，所以这是她第一次见到许多同事。令人惊讶的是，她发现爬在几乎不认识的人背上，竟然比一起去喝杯饮品感觉没那么奇怪。 “比起欢乐时光（happy hour）或午餐、晚餐，我一直更倾向于参与某种活动，”25 岁的沙表示。“在接触某人之前我会有点焦虑，但一旦进入某种活动，我就能与一起做这件事的人感到自在，从而变成一个非常外向的人。”
内心之子 沙的热情背后还有另一层原因。她的雇主 Clay 将一周的工作量减少，以便员工能前往这次静修活动。无论结果如何，她都很感激这一举措。 德勤（Deloitte）专注于组织内信任建设的负责人艾希莉·赖克海尔德（Ashley Reichheld）表示，年轻员工比起年长同事，更在意雇主的价值观。团建是公司展示其至少在尝试推广积极文化的一种方式。 “如果你在思考如何吸引年轻一代，你实际上必须比五年前更加强调‘意图’（intent），”赖克海尔德说。
[[IMG_XXXX]] （图注：劳伦·维纳比尔在一次公司团建的绳索课程中穿行，这有助于她与同事建立联系。）
[[IMG_XXXX]] （图注：贾娜维·沙在一次包含麻袋赛和人体金字塔的公司静修活动中赢得了一枚奖牌。）
（接上文） 花费数千美元购买机票，我期望获得所有的额外服务。（达美航空表示，即使持有基础机票，你仍然可以获得相同的机上服务、座椅功能和便利设施。） 达美航空（Delta Air Lines）希望这些限制会促使你为一张本已昂贵的机票支付更多费用。它和其他航空公司多年来一直毫不掩饰地在基础经济舱中采取这种做法。 在高端精选（Premium Select）——达美航空在长途国际和跨大陆航班中低于商务舱的一个类别中，新的基础票价类别注明你很可能会被分配到中间座位。这是因为你的座位将在最后一刻才被指定。 此外，在另一个直接照搬基础经济舱剧本的举措中，它要求你勾选一个方框，声明你“接受这些限制”。 以下是本月初从肯尼迪国际机场（JFK）飞往罗马，于10月初出发的往返航班价格差异：
高端精选基础票：$2,783
[[IMG_XXXX]] （图注：在部分机型上，即使持有基础商务舱机票，你仍可获得平躺座椅。）
带着孩子旅行 我的同事艾莉森·赛德（Alison Sider）最近避开了度假人群，前往威斯康星州，这是她第一次带婴儿旅行。看看她的心得技巧。 艾莉森写道：尽管我的职业是撰写关于航空公司和旅行的文章，但我从未成为一名频繁出行的旅客。我发现旅行的后勤组织有点令人畏惧。在加入了婴儿这个因素后，我们居然还能出门就真是个奇迹。 尽管如此，在为人父母近九个月后，我丈夫和我快要由于闭塞而发疯了，于是决定准备进行第一次家庭度假。我们选择了一次简单的尝试：前往威斯康星州的杜尔县（Door County），那里是一个受欢迎的度假目的地，距离我们在芝加哥郊区的家中约四小时车程。 有掉眼泪的吗？有的。只有婴儿掉眼泪吗？无可奉告。放松吗？额……大概吧？但我们熬过了一周，并总结了几条经验。
不要指望能快速抵达 旅途的第一小时还算轻松，让我们产生了一种虚假的安全感。但一些闹腾在所难免，我们不得不多次额外停下来给孩子换尿布、喂奶，或者只是为了让他们离开汽车安全座椅休息一下。我们坐在后排的可靠“保姆”——我们的狗 Huckleberry——也需要停下来休息一两次。这让我们比预期多花了大约一个小时才到达目的地。 我们计划在回程开车的时间点与当天的第一次午睡同步，这样进展得顺利得多。
研究群体仪式的哈佛商学院教授 Michael I. Norton 指出，即使是一次搞砸了的员工团建，也能让员工在共同吐槽其糟糕程度时拉近距离。显然，一次愉快的出游会更好。像港口游船或体育场豪华包厢这样的经典场所，能为同事们相互了解营造氛围。但另一方面，缺乏组织形式也可能导致人们不停地刷手机、局限于自己的小圈子，或者喝太多酒最后出现在“接吻之吻”镜头里。 高尔夫和滑雪之旅通过让人们保持活跃解决了其中一些问题。但对于从未练习过这些运动的人来说，这些活动可能会让他们感到压力。 像孩子般简单的公司异地团建正变得流行，因为它们降低了出现不良行为的可能性，并将每个人置于平等地位。在“鸡蛋接力赛”中，没有人会感到孤独或醉酒，也不太可能出现所谓的“高手”。 Norton 表示：“那种每个人都表现得很烂的活动，才是最理想的出游方式。”
延伸效应 核心客户为儿童的场所开始将自己定位为可以帮助提高业绩的公司异地团建选项。位于马萨诸塞州艾克顿的探索博物馆（Discovery Museum）是我孩子最喜欢的地方之一，该馆在白天举办商务会议，并在下班后为成人举办活动。 最近的一个工作日，一群成年人在探索博物馆的会议室聚集，进行公司战略会议。不过，首先他们参加了小学生在实地考察中可能会尝试的各类实验。在整个一天中，他们休息期间会参观互动展览，如声音画廊和光学错觉墙。
Lauren Venable 表示，自从上个月从康涅狄格州的团建回来后，她和她在 SmartStart Education（一家 K-12 人员配备和辅导公司）的同事们协作得更加紧密了。他们远程工作，这次聚在一起进行了几天活动，包括绘画、脚踏船和挑战绳索课程。他们没有选择品酒，而是品尝了纽黑文地区不同餐厅的披萨。 “我现在觉得与同事的关系更近了，因为我能面对面地看到他们，了解他们作为人的真实模样，”这位 40 岁的业务发展经理 Venable 说道。 这次异地团建并非完美。她并不太喜欢扔斧头活动。 异地团建名声不佳的一点好处是，很容易就能够超出预期。无论你是否对这种更具玩心、正在兴起的版本感到兴奋，我们肯定都能同意，这比做“信任之跌”要好得多。
尽管多带些东西 我们选择自驾的一个原因是：这样我们可以携带所有婴儿装备，而不用担心（令人心惊肉跳的）托运行李费用。我并不后悔准备了大量新玩具以让儿子在车里安静下来，以及几十片额外的尿布。幸运的是，我们没用到它们。但车里备好清洁用品是非常有用的，以防沿途发生任何意外。
做好睡眠质量不理想的准备 我们不想携带的一样东西是旅行婴儿床，所以我仔细筛选了提供婴儿床的度假租赁房。一定要与房东再次核实，确保房源信息是最新的。我的租赁房当时出现了一些混乱，但最终都解决了。 那个婴儿床比我儿子习惯的小，而且没有人睡得特别好，但这比随身搬一个床要强。我还研究了一些出租婴儿车、婴儿床和高脚椅等物品的服务，Vrbo 与这样一家名为 BabyQuip 的公司有合作伙伴关系。
放弃任何关于完美度假日程的念头。对于大多数旅游景点，婴儿们都毫无兴趣，即使是在多尔县（Door County）有如此多的活动可参与。我们在西斯特湾（Sister Bay）的 Al Johnson 餐厅享用了瑞典式早餐，那里有山羊在餐厅屋顶上吃草；我们还在半岛州立公园（Peninsula State Park）散了步，并赶上了一场传统的鱼 boil 宴（味道极佳）。但有时，午睡时间才是首要任务。
顶部图片：PEDRO NEKOI 为 WSJ 拍摄；LAUREN VENABLE；JAHNAVI SHAH
M
密码访问权限
个人 技术
妮可 阮 (NICOLE NGUYEN)
1Password for Claude 是一项新的集成功能，允许 AI 代理使用您的密码，而无需将实际的凭据分享给模型。
我的浏览器发出橙色光芒，我看着 Anthropic 的 Claude 打开我的 401(k) 供应商网站。 “我能看到登录页面，”它写道，“让我试着自动填充凭据。” 几秒钟后，这个 AI 代理就进入了我的退休账户。 我是否建议您向人工智能系统提供访问您毕生积蓄的权限？不建议。 这是一次测试——使用了我的真实密码——而且我监控了 Claude 的每一个动作，以确保它没有偏离轨道。 AI 代理可能会执行您未要求它们执行的操作，因此敏感信息通常不应参与其中。我首选的密码管理器 1Password 提供了一个新的解决方案：授权 Claude 使用相关的秘密信息，而无需将秘密本身透露给模型及其母公司。这是一种更安全地处理需要登录的琐事的方法。 事实证明，绝大多数琐事都需要登录。通过使用 Claude Cowork，我派遣该代理处理各项任务，从购买杂货到分析我的投资。 看着 AI 在工作而我坐回原处啜饮咖啡，有一种像《杰森一家》(The Jetsons) 那样的魔力。 然而，在实际环境中运行代理存在真正的危险。而且 1Password 的新模式仅解决了部分问题。
ELENA SCOTTI/WSJ; ISTOCK
秘密握手 代理是一种 AI 软件，它可以运行在网络上，为您点击网站并输入文本。 Claude Cowork 允许非技术人员启动 Claude
接第一页
“我们的推杆果岭颜色出现褪色，”7月 16 日发送的一封电子邮件中这样写道。
据密歇根大学工作人员称，损坏程度严重到该球场暂时降低了非大学相关高尔夫球手的费用。大学怀疑存在蓄意破坏行为，并表示其公共安全与保安部门已派出人员进行调查。目前尚未提供更多细节。
球场总经理安德鲁·罗密格（Andrew Romig）在通过电子邮件回复以及在练习果岭被询问时，均拒绝发表评论。他以调查正在进行为由，将此事交由公共安全部门处理。
该部门的一位发言人确认高尔夫球场发生了破坏行为，但拒绝分享进一步细节。
该球场是该大学的骄傲，由高尔夫球界最负盛名的建筑师之一阿利斯特·麦肯齐（Alister MacKenzie）于近 100 年前设计。它是麦肯齐在美国仅有的少数几个设计作品之一——其中最著名的是每年举办大师赛的奥古斯塔国家高尔夫球场。
长期以来，高尔夫球场一直是抗议和破坏行为的焦点。历史上，活动人士常在专业赛事期间将球场作为目标，有时称其为不平等的象征，或针对其用水量。化学攻击和蓄意破坏有时也会发生，而密歇根州东南部对此并不陌生。
2023, 年，有人潜入私人的底特律高尔夫俱乐部，在第 11 和第 12 洞的果岭上倾倒了化学药剂草甘磷。该俱乐部每年承办一项 PGA 巡回赛赛事，此次花费了数万美元重新铺设草皮。底特律警方对该案进行了调查，但未逮捕任何人。
“不幸的是，这类事情发生得稍微频繁一些……”
MARLOWE ALTER/USA TODAY NETWORK/REUTERS
密歇根大学的高尔夫球场出现了突然的褪色现象。
……智能体能更轻松地操作。
我不认为 AI 是万能的。尽管如此，这种更先进的品种在处理一些相当枯燥的生活琐事方面表现出色。
如果 Claude 需要访问网络，它可以激活其浏览器扩展程序并控制窗口内的所有内容。但它只能获得 1Password for Claude 的临时访问权限，该功能最近向 Mac 用户推出。（目前它与其他 AI 公司的智能体不兼容。）
其运作方式如下：我提示 Claude 将《华尔街日报》6 月份的小说推荐添加到我在图书馆的“稍后阅读”列表中。AI 制定了一个计划，并请求 1Password 许可自动填充我的 WSJ 和旧金山公共图书馆登录信息。我扫描了笔记本电脑的指纹传感器以授权该操作。在我吃午饭时，该智能体在 Chrome 标签页中运行。
大约每隔一分钟，我会偷看一眼 AI 的活动以进行检查。当它进入登录页面时，1Password 填写了正确的详细信息。
我很紧张。十多年来，我一直报道密码如果落入坏人之手会如何导致灾难。安全专业人士长期以来一直将全加密的密码管理器推崇为存储唯一登录信息的最佳解决方案。我将数百个凭据托付给了 1Password，并依赖它自动填充登录信息。尽管如此，相信 1Password 和 Claude 之间这种“秘密握手”是安全的，仍需要一种信念上的飞跃。
当我告诉丈夫关于这个……
“人们承认的程度可能低于实际发生的频率，”底特律俱乐部的农学主管山姆·莫伊尼汉（Sam Moynihan）表示。他补充说，化学袭击通常是由不满意员工或可能是相邻物业的所有者所为。
在最近的一个周五，密歇根州该球场的球手们对这种情况感到困惑。员工和球手们表示，该大学在发出电子邮件之前的本周早些时候举办了锦标赛，且没有人对果岭的打球体验有重大抱怨。
“它们看起来就很奇怪，”该大学的一名商科学生乔什·克赖特（Josh Kreiter）在完成一轮比赛后说道。这位 26 岁的年轻人说：“我几天前开车经过时，看到它们变成了橙色。我以为它们只是因为高温而枯死了。”
员工表示，全部 18 个果岭以及会所旁的练习推杆区都受到了损坏。一名员工说，场地维护人员让草长得比平时更长，以使颜色开始褪去。
来自各地的草坪专家被请来协助。他们来自北密歇根州著名的公共球场阿卡迪亚布拉夫斯（Arcadia Bluffs），甚至包括密歇根州立大学——该校通常是安娜堡学校（University of Michigan）的激烈竞争对手。双方都在 7 月中旬抵达现场评估损失。一名大学警察的调查员也被发现正在与员工交谈。
测试，他大声地自问——他是否应该将他的登录凭据从我们的共享保险库中删除。 1Password 的首席技术官 Nancy Wang 向我保证，这里有几道防护栏：
当代理程序运行时，1Password 会锁定保险库的其余部分。
向下
每次登录的授权仍需要人类的生物识别验证，例如 Touch ID。
获准的登录凭据仅对该项任务有效。如果代理程序随后需要凭据，必须再次请求。
当 1Password 自动填充登录信息时，Claude 无法观察页面。Claude 仅知道您的用户名和网站本身。
“这使得我们的用户能够真正提高生产力，同时不损害安全态势，”Wang 表示。 尽管如此，它们仍需要监管：
一名密歇根州立大学的发言人拒绝就密歇根课程的相关工作发表评论。一名 Arcadia Bluffs 的代表未回应评论请求。 据员工和一份简短的警方报告称，导致破坏行为的事件发生在大学向公众发送电子邮件的一周多之前。 根据大学在网上发布的摘要报告，一名员工于 7 月 15 日向大学警方报告，“有人故意破坏大学财产”。报告称，损害发生在 7 月 4 日上午。 警方目前以调查仍在进行为由，拒绝公布事件报告的完整副本。 不过，目前有一个重要的线索。 知情人士表示，有视频显示有人在现场，向地面工作人员使用的容器中填充某种化学物质。此人戴着帽子并在帽子外套了兜帽，这给警方的身份识别带来了困难。 当地检察官办公室的一位发言人周三表示，该案尚未收到逮捕令请求。 农学家和高尔夫球场工作人员表示，无论原因如何，导致果岭严重褪色的化学攻击可能会造成巨大的成本。 “这可能会非常昂贵，”底特律高尔夫俱乐部农学家 Moynihan 在谈到因化学品使用不当而导致的修复费用时说道，“我希望他们能抓住干这件事的人。”
“代理程序的行为像人类，但它们的工作方式像机器，”她警告道。 Wang 建议在提示词中给 AI 设定具体的约束，并在使用银行网站和医疗门户网站时格外小心。
真实风险 当我让 AI 帮我买杂货时，我见识到了 AI 令人恐惧的聪明才智：我给了 Claude 一个 Instagram 上的食谱，并要求它将食材添加到我在亚洲在线杂货店 Weee 的购物车中。 Claude 请求我提供 Weee 的详细信息。我通常使用 Google 登录，而 Claude 无法通过 1Password 实现这一点，于是它改变策略，请求向我的电子邮件发送登录链接。由于我已经登录了 Gmail，它可以打开邮件并获取该魔法链接。 一天后，杂货送达了。（不过该代理程序还不能下厨做饭。） Wang 表示，1Password 正在努力改进这些非传统的登录流程。未来将支持使用通行密钥 (passkeys) 登录以及自动填充信用卡号和其他详细信息。 她说，将 1Password 与其他 AI 提供商集成也在计划之中。 AI 代理程序的一个重大安全担忧是它们可能会被欺骗。
WSJ 每日填字游戏 | 编辑：Mike Shenk
1 2 3 4 5 6 7 8 9 10 11 12 13
14 15 16
17 18 19
20 21 22 23
24 25 26 27 28
29 30 31
32 33 34 35
36 37 38
39 40 41
42 43 44 45 46 47 48
49 50 51 52
53 54 55
56 57 58 59 60 61
62 63 64
65 66 67
运气之击 (STROKE OF LUCK) | 作者：Freddie Cheng
横向 1 支持 4 例如蝴蝶面或螺旋面 9 嘲讽的话语 14 愤怒 15 在日本，礼貌的进食方式 16 钻井平台？ 17 水上救援者 19 承诺在纸上 20 稍微湿润 21 大人物，简称 23 卡波特对他的伙伴们的称呼 24 爵士乐传奇 菲茨杰拉德 25 一些“向下对阵向上”争论的主题 29 误导 31 讲道之所
32 烤肉主人
35 将电影片段拼接在一起，例如
36 磁带的继任者
39 链条的一部分，也许
41 纨绔之徒
42 Piesserved 热的
44 Targetof statistical analysis 统计分析的 目标
49 Aromatic breakfast item 芳香的 早餐 食品
52 Bangkok language 曼谷 语言
53 Bebehind 在……后面
54 Kneepart often injured insports, forshort 膝盖部分， 常在运动中 受伤，或缩短
例如，一名黑客发送给你的日历邀请中，可能隐藏了打开 1Password、更改主密码并将恢复密钥发送给攻击者的指令，研究公司 Zenity 的联合创始人 Michael Bargury 表示。他的公司是利用 Perplexity 的 Comet 浏览器 AI 代理发现这一漏洞的。（虽然你不需要接受邀请它就能生效，但你可以调整日历设置，在未经你明确批准的情况下绝不添加日历邀请。）
Bargury 的团队将这次所谓的“提示词注入攻击”结果披露给了 Perplexity 和 1Password，后者随后推出了修复方案。但这类诡计可能会持续存在。
Bargury 表示，AI 代理的问题在于“它们会浏览互联网。大多数网站都有评论区、评价和帖子，攻击者可以在其中隐藏提示词。”
他认为，最好的缓解措施是永远不要将密码复制粘贴给你的 AI 代理。1Password 的新集成是朝着正确方向迈出的一步。
Claude 审阅了我的退休投资组合，并指出我为我的选择支付了超过 $400 的费用。它说，选择不同的基金可以为我省钱。我很庆幸能知道这些开支，而且 Claude 并没有做任何恶意之事，但我认为我不会再把退休账户的控制权交给它了。有些杂事最好还是交给人类。
7 Famed Roman fountain 著名的 罗马 喷泉
59 Golfer’s dreamshot, andwhat17-, 25-,36-and 49 Across eachhave 高尔夫球手的 梦幻击球，且 17-、 25-、36- 和 49 横向 各自拥有
8 Tax-filing month 报税 月份
9 Synagogue attendee 犹太会堂 出席者
62 Breakout, as fighting 爆发，如战斗
10 Knackfor music 音乐 天赋
63 Markingon acalendar 在日历上 标记
11 Difficultto understand 难以 理解
64 Unagiroll ingredient 鳗鱼卷 配料
12 Takeback,as anaccusation 收回，如撤回 指控
65 Settle,asa debt 结算，如债务
13 Gumshoes 侦探
66 Monopoly stack 大富翁（游戏） 堆叠
18 Jacob’stwin 雅各的双胞胎
67 Notwet 非湿的
Previous Puzzle’s Solution 前一谜题的答案
D E L I S O P E C I D O L A R E N A N E E R N O L A N A T A L I E Z E A F U S S W E B B W H A L E S H A S H E C C O D O M A N I A L H I R T H O A G Y D O I L Y L E W D L A X T H R E E F A C E S O F E V E O A K L U K E H A V E N L O I R E T O L E D O D R B A R N A R D O S E A N A I R B A G O O Z E C L E O S C A R L E T T J O H E A R A U D I S T A F F A S K S T E D S T O N K A
1 Mademovies 拍摄电影
2 Baltimore baseballer 巴尔的摩 棒球运动员
3 Coffee requestat adiner 餐厅里的 咖啡请求
4 Audible alternativeto ataponthe shoulder 拍肩的 听觉替代方案
22 Chestmuscle, informally 胸肌（非正式称呼）
25 Dayworker 日雇工
26 Statuettefor Streep 给斯特里普的 小雕像
27 Believerina god 信神者
28 Beer,slangily 啤酒（俚语）
30 Belittle 贬低
33 Greenprefix 绿色前缀
34 Musical exercisepiece 音乐练习曲
36 Gotfriendly 变得友好
37 Rice-shaped 4 Across 米粒形状的 4 横向
38 Goodbargain 划算的交易
39 Parodist 模仿作家的
40 Productssold byYankee peddlers 洋基小贩 销售的产品
43 Org.thataids mom-and-pop companies 援助夫妻小店 的组织
45 Abbr.for aletter recipient 信件收件人的 缩写
46 Chasedaway 被赶走
47 Salary recipient 薪金 领取者
48 Opportune 恰当的
50 Feltsore 感到疼痛
51 Fieldingneed 接球需求
55 Doesn’tplay 不参与
57 Water- monitoring org. 水质监测 组织
58 Placeforpigs 猪圈
60 Bruceof martialarts movies 武打电影中的 布鲁斯
61 Finish 完成
一幅革命性肖像画的遗产
作者：JUDITH H. DOBRZYNSKI
旧金山 1905 年夏末，当亨利·马蒂斯（Henri Matisse）在为秋季沙龙（Salon d’Automne）做准备时，他决定在当年于法国南部科柳尔（Collioure）创作的色彩斑斓的风景画中增加一幅肖像画。他使用随意的笔触，将妻子阿梅莉（Amélie）描绘成拥有奇异绿色皮肤（除了红润的脸颊和耳朵）、目光直视且戴着一顶精致蓝色帽子的形象。沙龙的评论家们愤怒不已。有人咆哮道：“一桶油漆就这样甩在了公众的脸上”；另一位著名的评论家则将马蒂斯以及沙龙七号展厅（Gallery VII）的同行艺术家们称为“野兽”（法语为“fauves”）。即便是在美国旅居的先锋艺术支持者利奥·斯坦（Leo Stein）也称其为“灿烂且强有力，但是我见过最糟糕的油漆涂抹”。
就这样，这幅孕育了野兽派（Fauvism）——法国对 20 世纪现代主义的首创贡献——的画作开始了它的生命历程。而这幅画现在正是旧金山现代艺术博物馆（SFMOMA）举办的“马蒂斯的《戴帽子的女人》：一场现代丑闻”展览的主题。此次展览展出了近 90 件艺术品以及 60 余件历史文献和零碎资料，讲述了一个由三部分组成的故事：关于沙龙的故事、关于《戴帽子的女人》所产生的影响，以及这幅画如何成为该博物馆馆藏标志之作的历程。此次展览由首席策展人珍妮特·毕晓普（Janet Bishop）和前助理策展人玛丽亚·卡斯特罗（Maria Castro，现就职于大都会艺术博物馆）组织，将展出至 9 月 13 日。
第一个展厅介绍了马蒂斯 (1869-1954) 和阿梅莉，
马蒂斯的《戴帽子的女人》： 一场现代丑闻 旧金山现代艺术博物馆，展至 9 月 13 日
其中包括他在两人于科西嘉岛度蜜月期间 (1898) 创作的一幅宜人的风景画；一幅由阿尔贝·马凯（Albert Marquet）创作的她的肖像画 (约 1900)；以及一些当时的帽子和扇子。在一面墙上，一个由 Google Arts & Culture Lab 利用档案图像制作的大皇宫（Grand Palais）动画 (2026) 重现了沙龙的环境，让参观者为进入下一个展厅做好准备。
在那里，他们将看到一个简化版的七号展厅，展出了所有 10 位艺术家的 27 个作品示例，从马蒂斯和马凯，到安德烈·德兰（André Derain）和莫里斯·德·弗拉明克（Maurice de Vlaminck），他们在该空间共贡献了 55 件展出作品。为了强调这些艺术家正在进行的激进转变，这些画作被挂在带有护壁板的展厅中极其华丽的梅红色墙纸上，这让人回想起大皇宫的装潢风格。
如今，这些艺术品看起来已经很温顺了：它们厚重的颜料、松散的笔触以及鲜艳且经常冲突的色彩不再令人震惊。如果某些作品，如德兰的《科柳尔的渔船》(1905)——其水面呈现淡粉色和橙色——看起来像评论家所抱怨的那样“不自然”，但它们同样美丽。
显而易见的是马蒂斯的卓越之处；难怪他会受到攻击。《科柳尔的开窗》(1905)——描绘了通过一个房间的大窗户看到的帆船，房间的墙壁呈现绿色、桃色和亮粉色——是后来成为其标志性主题的早期示例。在《日本人》(La Japonaise) 中：
上左：亨利·马蒂斯（Henri Matisse）作品《戴帽子的女人》（1905）；上中：安德烈·德兰（André Derain）作品《科柳尔的渔船》（1905）。
在《水边的女人》（1905）中，马蒂斯使用了大块的颜料来描绘一名身着和服的女性，使其与周围环境融为一体。当然，还有《戴帽子的女人》（Femme au chapeau）——毫无疑问的明星之作。
在沙龙展的最后一天，斯坦与他的妹妹格特鲁德（Gertrude）买下了这幅画。他们将其挂在公寓里，那里不久后成为了他们为艺术家和作家举办周六晚间沙龙的场所。展览通过另一个大型动画投影，将观众带入下一个展厅。
接下来的空间展示了艺术家们在直到 1948 年为止如何借鉴《戴帽子的女人》。让·梅青格（Jean Metzinger）的《戴帽子的女人》（约 1906）、弗拉芒克（Vlaminck）的《戴帽子的女人》（1906）以及基斯·凡·东根（Kees van Dongen）的《戴花帽的女人》（1905）读起来像是致敬之作，缺乏创新。国吉康男（Yasuo Kuniyoshi）的一幅无题静物画（1934）则离题最远——起初看似毫无关联，直到在果盘下方，一张马蒂斯杰作的灰色调图像变得清晰，而国吉在夫人的帽子上绘制了葡萄作为点缀。
在巴黎的 秋季沙龙展上 经历了波折的 首次亮相。
从右起顺时针方向：蕾切尔·哈里森（Rachel Harrison）作品《囤积者》（2012）；莫里斯·德·弗拉芒克（Maurice de Vlaminck）作品《沙图的房子》（约 1905）；以及理查德·迪本康（Richard Diebenkorn）作品《戴帽子和手套的女人》（1963）。
此处展览发生了转向。格特鲁德和里奥·斯坦（Leo Stein）在 1913-14 年分成了他们的收藏，格特鲁德拿到了《戴帽子的女人》，随后将其转卖给了她的哥哥迈克尔（Michael）及其妻子萨拉（Sarah）。1948 年，他们将其卖给了李维-斯特劳斯（Levi Strauss）的继承人爱丽丝·斯特恩·哈斯（Elise Stern Haas）。1990 年，这幅画成为了她捐赠给旧金山现代艺术博物馆（SFMOMA）的大量遗产的一部分。为了纪念这一点，这里展出了她捐赠给该馆的 26 件其他 20 世纪早期作品，包括毕加索、乔治亚·欧姬芙（Georgia O’Keeffe）和迭戈·里维拉（Diego Rivera）的绘画。
最后一个展厅展示了 20 世纪 50 年代以后的艺术作品。理查德·迪本康的《戴帽子和手套的女人》（1963）描绘了他的妻子，她盘腿而坐，色调为柔和的蓝色和灰色。她的面向与《戴帽子的女人》相反，但她的脸型、尖鼻子，以及巨大的帽子超出画框的方式，都影射了马蒂斯。大卫·霍克尼（David Hockney）、大卫·帕克（David Park）、韦恩·蒂博（Wayne Thiebaud）、琼·布朗（Joan Brown）和米卡琳·托马斯（Mickalene Thomas）都画过戴帽子的女人，每幅画在色彩、姿态、目光或其他方面都与马蒂斯的作品有相似之处，但没有一个人像迪本康那样深受启发，后者凭借对这位法国大师终生的崇拜，创造出了真正清新脱俗的作品。唯一的一件雕塑，蕾切尔·哈里森的《囤积者》（2012），是一个巨大的无定形块状物，配有一个数字显示屏、一个垃圾桶和一块紫色地毯，暗示了马蒂斯的调色板，但看起来无关痛痒。
期望艺术家们能达到马蒂斯的高度未免要求太高了。但或许这个展览一个更好的结尾应该是探讨这场“现代丑闻”对马蒂斯产生的影响——他对此感到苦恼，但并未因此气馁。野兽派很快消逝，但色彩——大胆、灿烂的色调——在他成长为 20 世纪最伟大的艺术家之一的过程中，始终是他的标志之一。对于这段重要插曲，仅需一个尾声即可。
多布任斯基女士（Ms. Dobrzynski）为《日报》及其他刊物撰写艺术评论。
旧金山现代艺术博物馆 (5)
现在 开心 了吗？ 显然 并没有。一项 2025 年的 盖洛普 (Gallup) 调查 显示， 只有 44% 的 美国人 对 他们的个人 生活 感到“非常满意”， 这是一个新 低点， 此前在 2007 年曾达到 59% 的峰值，而在疫情前则为 65%。为什么 我们如此消极？ 哈佛大学 运行着一个 人类 繁荣 计划 (Human Flourishing Program) （硬科学！），该计划发现全球青年在面对社会 财富 激增的同时， 依然在 幸福感、人际关系 以及生命意义方面苦苦挣扎。 其他调查表明，满足感在 1990 年达到顶峰。近期 《今日心理学》 (Psychology Today) 的一篇标题概括了这一点：“为什么 Z 世代在社会变得更富有时反而感到不那么幸福。” 如果这听起来耳熟，那就是 1974 年提出的 伊斯特林悖论 (Easterlin Paradox)， 该悖论指出，虽然富人比穷人更幸福， 但随着时间推移，幸福感并不会随着国民收入的增长而增加。自 1980 年以来，在经 经通胀调整后，我们的人均经济 产出 已经翻了一倍多。我们都更富有了。 那么为什么我们不更幸福呢？ 技术通常是 被怀疑的对象。自 2004 年以来，Facebook 和社交媒体一直 被指责。 也许 我们 不 幸福是因为他人看起来 很幸福？那些该死的、幸福的邻居 (the Joneses)。是对木护墙板 旅行车的羡慕转变成了 对特斯拉全自动驾驶的羡慕吗？ 那是胡说。相反，我们拥有几代被训练去
B
内部 视角 作者：安迪·凯斯勒 (Andy Kessler)
周二， 当秘鲁 宣誓就职中右翼的 庆子·藤森 (Keiko Fujimori) 为总统时， 美国将 获得 另一位 南美 盟友。 随着中国共产党在该国的影响力增强，以及跨国 组织犯罪的 激增，对于西半球的自由民主制而言，这次领导层的更换来得并不算太晚。 在秘鲁众所周知的腐败政治经济环境下，藤森女士在打击犯罪集团和应对中国对秘鲁主权威胁方面，预计能取得多少进展？这可能在很大程度上取决于她对这一事业的承诺以及她对政治资本的聪明利用。财力雄厚的强大利益集团正与她相对立。 藤森女士将成为秘鲁八年内的第八位 总统， 且是这段时间内仅有的第二位通过选举就职的人。好消息是，周五一个新的国会也宣誓就职，且这是一个两院制国会。一个时隔 30 多年才重新设立的参议院，可能会为政治体制提供稳定性。新总统将需要这种稳定性。 秘鲁在 1990 年代向市场经济的转型及其稳定的货币为数百万人带来了收益。从 2000 年到 2019 年，贫困率从 50% 下降到不足 21%。新冠肺炎 (Covid-19) 夺走了一些
美洲 作者：玛丽·安娜塔西亚·奥格雷迪 (Mary Anastasia O’Grady)
作者：Dennis Kneale
佛罗里达州，博卡拉顿
在 20 世纪 80 年代，我从家乡佛罗里达州搬到纽约，在《日报》工作。不久后，我参加了一个由一位年轻帅气的建筑师及其更迷人的俄罗斯女友举办的晚餐派对。在一张坐了 10 人的长桌上，我们互相介绍。当我提到我从劳德代尔堡搬来时，我的主人嗤之以鼻地说道：“佛罗里达是个沼泽。”我感到被冒犯了，但没有追究。
今年一月，我离开纽约搬回南佛罗里达，现在我可以正式确认：佛罗里达确实是个沼泽。我成年后的大部分时间都住在布鲁克林市中心附近，在那里我与野生动物的接触仅限于鸽子和老鼠。
现在，我的家住在“南佛罗”（SoFlo）的一个高尔夫球场旁边，这里拥有一个足以与奥马哈的“野生王国”（Wild Kingdom）相媲美的动物群。在博因顿海滩的码头吃午餐时，我看到一只海牛巨大的尾巴拍击水面，随后消失在水下。有一天早晨，我花了 20 分钟观察一只 4 英尺高的大蓝鹭在池塘边潜伏捕鱼。
……不开心。杞人忧天者。被负面情绪洗脑。
婴儿潮一代曾对核武器感到不安，尤其是 1983 年 ABC 电台凭借其核冬天闹剧《后日》（The Day After）吓掉了我们的胆量。现在人们告诉我们，人工智能将像僵尸末日一样摧毁人类，所以让我们禁止数据中心。
再加上想象中的特权。碳足迹。不可持续性。气候危机。为了获得无用的社会公正学位而背负的沉重学生贷款债务。负担不起。哎呀！
也许这就是为什么我们的生育率是 1.6。我们把整整一代人吓到了自我诱导的灭绝地步。另一项哈佛大学的调查显示，25 岁以下的年轻成年人自报焦虑的比例是青少年的两倍。快把水晶和那些嗡嗡作响的颂钵拿来吧。
不开心是一种政治策略。“特朗普躁狂综合征”是一种如此令人上瘾的药物，以至于如果唐纳德·特朗普不存在，进步主义者们也会创造出一个他来。
记得在 9 月 11 日事件后，一名共和党国会议员对阿拉伯人发表偏见言论后，阿里·弗莱舍（Ari Fleischer）提醒美国人应该“注意言辞”吗？现在许多词汇成了禁忌，并出现了一套全新的、诱发焦虑的词汇：无家可归者（unhoused）、无证件者（undocumented）、不平等（unequal）。简直不可思议。
Z 世代被训练得容易感到被冒犯，声称自己是受害者并感到不快乐。在 Netflix 的喜剧《大错》（Big Mistakes）中，那个角色……
……这种进步，但其成就依然不可否认。这是一个经济自由化的故事。
但毛主义团体“光辉道路”（Shining Path）的知识分子后裔并未放弃。富吉森女士在六月的决选中以极微弱的优势击败了极左翼的罗伯托·桑切斯（Roberto Sánchez）。他的阵营对此感到愤怒，且在等待富吉森女士完成五年任期期间，不太可能放弃其极端主义。
为了避免像玻利维亚在埃沃·莫拉莱斯（Evo Morales）的激进统治下那样陷入混乱，秘鲁的法院、国会和军队必须维护法治。
她已经 15 年没有担任选举公职了。但在那段时间里，她一直在指导其政党“民众力量党”（Popular Force）的立法议程，同时竞选总统。
这是她第四次竞选该职位。她的根基是民粹主义，但她现在更意识到产权在驱动资本形成和发展中的重要性。
秘鲁约 60% 的出口来自矿业，而富吉森女士看到了更大的潜力。她承诺将为矿产开采的更多投资清除监管障碍，并提供税收优惠。为了应对环保主义者和地区政治头目的反对，她希望将 40% 的矿业收入留在当地社区。
反发展群体已经在警告社会“冲突”。情况可能会变得……
海牛——它们都在 这个阳光之州。
白鹭、朱鹮以及吵闹的 秧禽（连续两个早晨， 一只非常聒噪的埃及雁 停在我的前廊上）都很常见。 有一天下午开车时，我 遇到一只试图穿过马路的 箱龟。我停下来把它捡起， 它的壳上覆盖着一层 一英寸长的藻类“假发”， 并把它送到它的
由婴儿潮一代劳里·梅特卡夫 (Laurie Metcalf) 饰演的角色问她的 Z 世代女儿：“你们这一代怎么可能被任何事情冒犯，既然你们被 每 一 件 事 都 冒犯？我以前从来没时间感到被冒犯。”她补充道：“那时候没有所谓的‘自我关爱’。一个坚强的女性就是每个能把工作完成——并且在一天结束时能花一分钟喝杯红酒的女性。”
可能简单到只需 无视“消极尼基” (Negative Nikki)。
现在，许多受教育不当的年轻人，这些小鲁鲁-列宁们，正渴望社会主义能让他们重新获得快乐。这真是个笑话。苏联的 无产阶级 快乐吗？ 当然，直到伏特加喝光为止。 不过没关系，披着伯尼披风的快乐英雄们——佐兰·马姆达尼 (Zohran Mamdani) 及其选定的 心腹们——已经 抵达， 承诺提供免费赠品。社会主义是一座愚者的天堂。 我怀疑伊斯特林悖论 (Easterlin Paradox) 是否属实。大多数悖论都有缺陷，且不能证明任何事情。此外，还存在测量问题。你如何能 衡量 不可量化的 幸福感？这取决于受访者被问及时的 心情， 甚至取决于问题：“你快乐吗？”与“什么让你快乐？” 最好无视像《世界幸福报告》这样的幸福感调查，或者那些软弱的
丑陋——如果她决定采取必要措施，以结束在私有财产上非法 金矿 开采 行动，而这些行动据称为政治竞选提供资金，那么情况会更糟。 今年晚些时候，秘鲁预计将遭遇严重的厄尔尼诺现象，这可能会破坏渔业资源，给该国北部带来强降雨，并在南部造成干旱。秘鲁国会已经为基础设施准备工作预算了 $2.8 billion，以及
也必须面对 左翼对民主 发出的威胁。
紧急援助，以应对预计将是 该国数十年以来最严重的 天气事件之一。公众将要求 藤森女士对其政府的应对 承担责任。 随着明年厄尔尼诺现象 消退，藤森女士将面临压力， 证明她能在其他问题上取得 成效。她恢复公共安全的 承诺，意味着要打击那些 在敲诈勒索流行病背后 操纵的有组织犯罪网络。 敲诈勒索不再是别人的 问题。它们正影响到 所有社会经济阶层。 关于大型企业是否悄悄 向敲诈者支付封口费， 目前存在争议。但据估计， 70% 的秘鲁就业人口处于 非正规经济之中，在那里，小型
预定目的地。 在钓运河鱼时，我看到 一只水獭从水中钻出并 爬到对岸，爪中抓着一只 在扭动的鬣蜥，随后又 潜回水中。显然，它们 尝起来像鸡肉。到处都是 鬣蜥！ 其中一只长 4 英尺，在我的 公寓后院草坪上悠闲地 走来走去，完全没有恐惧。 在一个钓鱼点，一只巨大的 鬣蜥妈妈带着八只幼崽 钻进灌木丛；感觉就像 《侏罗纪公园》里的场景。 它们能在水下跳跃， 游走的速度比服用了 甲基苯丙胺的人鱼还要快。 与此同时，我在过去几个月 里钓到的大口黑鲈，比过去 40 年的总和还要多。在 我能将其捕获并释放之前， 它们经常在钩子上挣脱， 然后翻滚回水中。 在许多运河边，告示牌 警告有鳄鱼。这
指数，比如 国民幸福总值。 似乎存在一个“幸福 工业复合体”在提高人们的 期望。欢乐时光 (Happy hour)。 开心餐 (Happy meal)。 快乐露营者 (Happy camper)。 像蛤蜊一样开心 (Happy as a clam)。 快乐旅程 (Happy trails)。 老婆开心，生活开心 (Happy wife, happy life)。 别担心，开心就好 (Don’t worry, be happy)。 “地球上最快乐的地方”。 现在，一个 4 口之家在 迪士尼乐园度过三天 可能需要花费超过 $4,000。 等等，随着社会变得富有， 我们的生活如此优渥，但 荒谬的成本却把我们脸上的 笑容给拍掉了？又一个 悖论。 幸福来自内心，而非 通过口号。 至于我？我通常是个 快乐的人。家人。朋友。 巧克力冰淇淋。每日的讽刺。 与此同时，我们造就了 一部分仅在抱怨时才感到 快乐的一代人。这让我 感到悲哀。 他们是否连追求幸福的 心都丢了？ 我向畅销书作家、个人 成长专家梅尔·罗宾斯 (Mel Robbins) 寻求帮助。她告诉我： “我将幸福简化为‘随他们’ 和‘随我’。你花在试图 控制无法控制之事物上的 时间越多，你就越不快乐。 停止控制他人的行为， 将你的精力重新投入到 幸福真正产生的地方—— 你自己的选择，你自己的 关系和你自己的生活。” 是的，忽略那些强迫症般的 消极妮基 (Negative Nikkis) 和丧气黛比 (Debbie Downers)， 成为你自己的幸福追求者 和快乐创造者。并且停止 回答关于幸福的问卷调查。 请致信 kessler@wsj.com。
以及中型企业依赖现金经营。正因如此，自从像 Tren de Aragua 这样的委内瑞拉帮派进入该国，且发现无人阻止，深陷其中之后，敲诈勒索团伙便随之扩张。
到目前为止，秘鲁对此类入侵的反应“就像是没有时间制定计划的消防员”，前内政部副部长达尔多·洛佩斯-多尔兹（Dardo López-Dolz）在上周的一次电话采访中告诉我的。洛佩斯-多尔兹先生现为一名驻德克萨斯州的政治风险顾问，他指出秘鲁在过去五年中更换了 15 位内政部长，他认为秘鲁只有在战略性地解决问题的情况下才能击败犯罪活动。这需要设立一个全职部门，旨在重建一个能够有效运作的专业情报机构。
近年来，中国向秘鲁的矿业和基础设施项目（如钱凯港）投入了数十亿美元。但并不存在所谓的私营中国公司，北京对该地区的兴趣不仅限于经济。这也是挑战美国在西半球霸权的一种方式。众所周知，中国在利马利用影响力干预商业和政治。
抵制中国影响力最好的办法是增加美国投资。但美国公司被禁止支付贿赂，且他们需要司法安全。请将解决这些问题也加入到富士森女士的待办事项列表中。
来信请发送至 O’Grady@wsj.com。
这个地方与这些史前怪兽有一种奇怪且宽容的亲缘关系，一种倾向于共存而非消灭那些能杀死我们的生物的意愿。
佛罗里达州大约有 1.3 百万只短吻鳄，杀死它们是犯罪行为，尽管该州每年会安乐死约 7,000 只短吻鳄，以降低对人类的攻击风险。尽管如此，2023 年仍发生了 23 起事件。自 2000 年以来，已有 20 多人死亡。上个月，一只长近 14 英尺的短吻鳄杀死了一名 31 岁的女性，当时她正身处埃孔洛卡哈奇河（Econlockhatchee River） 4 英尺深的水中消暑。
出门在外请小心。在狂野的佛罗里达，这句老话有了新的含义。
Crushers
作者：塔德·德文 (Tad Devine) 西蒙与舒斯特出版社 (Simon & Schuster)，256 页，$28
在伯尼·桑德斯 (Bernie Sanders) 参议员启动其 2016 年总统竞选活动之前，他曾对塔德·德文大吼大叫。2015 年 4 月，桑德斯先生将这位经验丰富的民主党竞选顾问召集到他在佛蒙特州的家中，讨论参选事宜。德文先生概述了其中的困难，并追问桑德斯先生为何想要参选。最终，他得到了一个直率的回答：“我已经厌倦了做一个该死的后座议员！”于是他参选了。在《民主党是如何坑了伯尼的》(How the Democrats Screwed Bernie) 一书中，德文先生讲述了他的竞选过程，这次竞选给预定提名人希拉里·克林顿 (Hillary Clinton) 带来了远超她预期的挑战。但曾担任桑德斯先生首席战略师的德文先生并不只是在回顾这段旅程。他想揭示“建制派是如何摧毁”桑德斯先生的努力的。作者回忆道，“大量的人们开着车，在拥堵的交通中穿行，坐在庞大的人群中，欢呼并购买竞选纪念品”，这证明当时发生了一些独特的事情。这类话是竞选老手经常说的。但他是对的。德文先生讲述了接到桑德斯先生的一个电话，当时这位候选人被堵在路上，担心会迟到——而造成交通堵塞的正是他即将参加的竞选活动。在过去的十年中，只有唐纳德·特朗普 (Donald Trump) 的政治成功可以与之媲美。克林顿夫人的竞选团队在桑德斯先生在爱荷华州党团会议上将她逼至平手后，对他发起了残酷的攻击；德文先生报告的种种欺诈行为，在他看来，足以证明选民对民主党建制派持怀疑态度是合理的。他详细阐述了提名过程如何有利于克林顿夫人，包括她的竞选团队与民主国家委员会 (DNC) 之间的财务纠缠，以及计划中次数少得可疑的辩论赛。“民主党愿意做克林顿告诉他们做的一切，”德文先生写道。在 2016 年竞选期间泄露的通讯记录揭示了在领导人黛比·瓦瑟曼-舒尔茨 (Debbie Wasserman Schultz) 领导下的民主国家委员会内部存在系统性的反桑德斯偏见——包括来自主席本人的偏见。在一次技术故障导致桑德斯竞选团队暂时获得了克林顿竞选团队的选民信息后，民主国家委员会的领导人们讨论了如何利用这一事件，将桑德斯先生塑造到最糟糕的形象。作者确实证明了他的观点，即克林顿的机器在全力运作以击败桑德斯先生的挑战。但德文先生在描写这些建制派诡计时的语气，仿佛他很惊讶于一个攻击建制派的候选人竟然会招致防御。对于一名政治顾问来说，认为强力追求胜利在某种程度上是不公平或不光彩的，这想法倒是挺奇怪的。德文先生笔下的桑德斯先生形象令人同情，且在个人层面大体可信。关于这位候选人向德文先生表达的、对他非婚生子的那种老派尴尬感的描述，几乎显得讨人喜欢。但在其他方面，这个形象却暗示他缺乏胆识。否则如何解释，在桑德斯先生仍在竞争提名期间，竞选团队竟然同意停止播放一条批评高盛和华尔街的广告，因为正如德文先生所述，克林顿竞选团队担心该广告过于有效，可能会损害她对抗特朗普先生的机会？又或者，如何解释桑德斯先生决定不对克林顿夫人在担任国务卿期间使用私人电子邮件服务器进行官方政府通信的问题进行施压？在一次初选辩论中，他宣称美国人已经“厌倦了听关于你那该死的电子邮件的事”。但如果他那样做，本是理所应当的，
在政治和实质层面，他利用克林顿夫人的行为来论证她又是另一个认为规则并不适用于自己的精英。德文先生关于她的竞选团队如何“利用外部团体和盟友为他们干脏活”的指责显得有些苍白；桑德斯先生或许本可以从他自身的更加冷酷无情中获益。
然后还有特朗普先生。德文先生并没有忽视桑德斯先生与候选人特朗普之间的相似之处，称他们是“同一枚民粹主义硬币的两面”。但他试图将两者区分开来的努力读起来像是在强词夺理。“伯尼的民粹主义是为了所有美国人而对抗极少数腐败的、囤积财富的亿万富翁阶层，而特朗普的民粹主义则是分裂和排斥，”作者写道。他说他不能将启发特朗普先生民粹主义竞选的功劳归于桑德斯先生，但随后他几乎恰恰这么做了，认为特朗普先生的人“能够如此清晰地看到伯尼信息的共鸣，并将其利用于自己的优势”。这是一个混乱的视角。这也表明德文先生并不完全理解桑德斯先生的特质。是的，这位参议员长期以来一直是一位坚定的左翼人士；德文先生宽容地原谅了他在桑地诺政府首次执政早期前往尼加拉瓜的一次冷战时期旅行。但在他的左翼立场中，曾经有一种独特的特质。德文先生似乎尴尬地承认，桑德斯先生曾有反对各项枪支管制限制的记录，克林顿夫人在竞选期间因此攻击他，而他现在已经放弃了这一立场。作者完全忽略了桑德斯先生在第一次总统竞选前多年持有的关于移民的观点。在 2015 年，他嘲讽“开放边境”是自由市场资本主义者的“科赫兄弟方案”，认为这破坏了工人阶级。这几乎是特朗普式的。德文先生认为，在同时喜欢两人的选民中，桑德斯先生本可以击败特朗普先生。这是有争议的，但这种赞美正是人们预期会在一本在致谢部分感谢桑德斯先生及其妻子的书中看到的内容。（尽管作者和这位参议员在竞选结束时发生了不快，导致桑德斯先生再次对他大吼大叫。）不可否认的是，桑德斯先生现在已不再是边缘人物。他的一名追随者现在是纽约市市长；桑德斯先生为佐兰·马姆达尼宣誓就职。类似的人物几乎肯定地正在前往国会。德文先生认为，民主党“必须停止阻碍选民决定初选结果”。他对 2016 年的愤怒是可以理解的。但自那时起，党内机制已经削弱，并且正被桑德斯先生所启发的候选人们进一步推向极左。德文先生正得到他想要的。他的政党——以及这个国家——可能会为此感到后悔。
THE WALL STREET JOURNAL
梅赛德斯-奔驰的汽车是中国潜伏的间谍吗？一项两党支持的参议院法案将这款德国豪华车视为如此，并拟禁止其进入美国市场。这是披着国家安全外衣的政治寻租行为。参议院商业委员会上周推进了一项法案，旨在将商务部对汽车中中国“联网”软件的限制法典化并予以扩大。这确实是一个国家安全问题，但自私的工会和企业利益已经劫持了该法案。
大多数新车都配备了可连接互联网并收集数据的软件。这可能包括位置数据以及车内记录的音频和视频。制造商及其软件合作伙伴利用这些联网系统来帮助驾驶员——例如，警告前方的道路危险。担心对手可能利用这些系统并非妄想。
美联社在 2018 年报道称，中国要求在该国运营的电动汽车制造商（包括特斯拉等外资公司）传输驾驶员的实时数据以供政府监控。此类担忧促使拜登政府禁止销售其制造商或软件由中国实体控制的“联网车辆”。该法规为制造商提供了申诉禁令并缓解安全担忧的程序。上个月，特朗普团队禁止电动汽车制造商 Polestar（由中国浙江吉利控股集团及其创始人持有多数股权）的新车进入美国市场。持有相同大股东的沃尔沃（Volvo）则因未说明的原因获得了豁免。
虽然政治偏好可能会影响国家安全审查，但参议院的这项法案问题更大。它规定，如果中国投资者持有超过 15% 的股份，除非获得监管机构的豁免，否则禁止制造商在美国销售汽车。它还将禁止“连...
在 11 月的选举之后，华盛顿特区将迎来一位民主社会主义市长，而国会正采取行动以尽量减少损害。
众议院监督委员会上该上周推进了一项立法，以抵御该特区正在讨论的税收增加中所带来的最严重影响。
Janeese Lewis George 几乎可以肯定会在 11 月的市长选举中获胜，她在上个月的民主党初选中取得了胜利。她被视为波托马克河畔的 Zohran Mamdani。她希望推出一项新的“商业活动税”，目标是游说公司、律师事务所以及总部设在该市但所有者居住在郊区（这类企业非常多）的其他企业。Lewis George 女士表示，该措施可增加 5 亿美元的新收入，以为她的支出愿望清单提供资金。但它更有可能将企业赶出这座城市。
于是，国会共和党人介入了。尽管自 20 世纪 70 年代以来联邦政府... 根据美国宪法，国会对该特区行使控制权。
美国民主社会党（DSA）在民主党内部的影响力正日益增强，因此选民有必要了解他们一旦获得政治权力将如何操作。我们知道，正如其最新的政策文件所言，他们想要一个“没有资本主义的未来”。但大多数美国人可能不知道，他们还想要重写美国宪法。
左翼长期以来一直将选举人团视为目标，因为选举人团阻碍了人口最多的州在总统选举中占据主导地位。但在其最新的宣言《工人值得更多》（Workers Deserve More）中，DSA 表示，它希望“用由国会选择并隶属于国会的人员来取代总统和最高法院”。它还希望“废除参议院”。詹姆斯·麦迪逊（James Madison），请接听你的电话。
理解这一主张的激进程度至关重要，这实质上是在摧毁宪法的权力分立机制。允许国会选择总统意味着采用在英国盛行的议会制。这基本上将取消总统的否决权，而这项权力是建国之父旨在制衡当时立法冲动的设计。废除独立的司法机构亦然，因为司法独立是对立法和行政部门侵犯个人权利的一种制约。第三世界国家的独裁者正是出于这个原因，寻求让司法机构隶属于执政党，正如他们在委内瑞拉所做的那样，以及墨西哥的 Morena 党现在正试图做的那样。
左翼厌恶参议院，因为它同样是对临时多数派的一种限制。参议院的设计——每个州两名议员——赋予了小州和大州同等的话语权。这防止了加利福尼亚州、纽约州和德克萨斯州的主导地位。并且，它支撑了宪法设计核心的联邦主义原则，将某些权力保留给各州，以制衡华盛顿特区的指令。参议院六年的任期则是另一种
国会采取行动 禁止梅赛德斯 车辆进入美国市场。
如果他们无法提高税收， 就必须做出 艰难的选择。
民主社会主义者 希望消除 激进变革的障碍。
“连接”软件和硬件，例如电池组，如果它们由中国公司供应，或者中国实体在开发商中持有超过 25% 的股权，则在禁止之列。第一个门槛的目标是梅赛德斯，该公司有两个被动中国股东，合计持有 19.7% 的股份。商务委员会主席特德·克鲁兹表示，通用汽车推动设定这一门槛是为了削弱其凯迪拉克车型的竞争对手。联合汽车工会 (UAW) 也希望惩罚梅赛德斯，因为该公司在其阿拉巴马州工厂反对该工会。梅赛德斯在阿拉巴马州和南卡罗来纳州雇用了约 7,500 名工人。今年春天，该公司宣布在其阿拉巴马州工厂投资 $4 billion。该参议院法案将扼杀这些就业机会和投资。然而，该法案已吸引了 32 名共同提案人，其中包括 25 名共和党人。正如克鲁兹先生在听证会上所思考的，为什么共和党人想要损害由共和党领导的州？共和党支持者指出，该法案得到了美国汽车公司和工人的支持——他们指的正是 UAW——但这暴露了其寻租动机。推动配套法案的众议院中国问题特设委员会最近在梅赛德斯反对该立法后对其进行了抨击：“所有美国人都应该关注这家总部位于德国、由中国持有的公司试图告诉美国立法者如何为我们自己的国家制定规则。”真正的疑问是，为什么共和党人为 UAW 跑腿，而 UAW 几乎完全支持民主党。克鲁兹先生没有在委员会中阻拦该法案，但他明智地推动取消法案中关于中国股权所有权的随意限制，转而采用美国外资投资委员会 (CFIUS) 使用的中国控制标准。由于今年是选举年，那些想要展示其反华资历的共和党人可能会坚持将该法案附加在像《国防授权法案》这样必须通过的法案中，这具有一定风险。如果美国工人随后失去工作，他们会责怪其他人。
联邦立法者通过“地方自治”给予城市政治家很大的自由度。国会有时仍会介入，众议院委员会在周三批准了一项法案，要求税收措施必须获得国会的明确批准。刘易斯·乔治女士的商业税是一个目标；市议会正在讨论的一种强化版投资所得税是另一个目标。 众议院法案可能需要一些微调。它的措辞较为宽泛，可能会使国会卷入城市治理的其他方面，这可能并不是立法者时间的最佳利用方式。但给区政治家的警告很明确：联邦立法者担心这座城市出现反商业倾向。他们关心是因为所有美国人都希望联邦区安全、繁荣且宜人。 对于民主社会主义计划而言，问题在于如果这些人不能不断提高税收，他们将如何治理。市长甚至可能不得不做出艰难的治理决定。
对每两年一次选举产生的众议院瞬时多数席位的制衡。制宪者最初的设计是参议员由州议会选举产生，而现在已改为直接选举。但 60 票的议事阻碍（filibuster）规则已成为一种替代方案，用以制衡由狭小多数带来的激进变革。宪法第五条规定，“未经其同意，任何州不得被剥夺其在参议院中的平等投票权”。这意味着，除非每个州都同意，否则参议院无法被废除——前提是民主社会主义者（DSA）不会像某些左翼人士希望的那样忽视宪法。但左翼的第一步将是打破议事阻碍规则。这将使他们能够将波多黎各和哥伦比亚特区增设为州，且每州拥有两名参议员。他们还将拥有足够的票数来“重组”最高法院，正如参议院民主党人已经承诺的那样。民主党人已提议向法院增加四名新法官，并限制法官可以审理的案件类型。所有这些 DSA 提案的共同点是消除快速、激进变革的障碍。社会主义者想要一个单院制立法机构，使其能通过一次选举迅速掌握权力，主导总统，并使司法机构作为权力制衡的职能失效。一旦这些制衡消失，他们就可以强加其议程，且几乎无法被撤销。共和党人以及有胆量的民主党人现在的任务是向全国普及这一议程。不要效仿特朗普总统那样称他们为“共产主义者”。那种概括性的攻击无法引起那些不知道共产主义是什么的年轻人的共鸣。政治任务是将 DSA 与其具体且激进的提案联系起来，并询问竞选国会的民主党人是否同意废除参议院或使司法机构失效。那些不否认这些 DSA 想法的民主党人，在今年的选举中将成为被与之挂钩的合理目标。
菲尔·格拉姆和杰布·亨萨林在 7 月 21 日发表的评论文章《艾伦·格林斯潘与金融危机》中，拆穿了那个在政治上很方便的迷思——即私人贪婪和监管放松导致了 2008 年的崩溃，对此他们值得极高的赞赏。
正如格拉姆先生和亨萨林先生所解释的，真正的罪魁祸首是强迫政府赞助企业购买高风险抵押贷款的中央计划。当这座纸牌屋坍塌时，华盛顿试图通过金融危机调查委员会那份带有党派色彩的报告，将责任转移给私人资本。该文件严重依赖学术贡献者，这些人是完全没有行业经验的扶手椅知识分子，其抽象的理论掩盖了根本原因。
这种误导掩盖了华盛顿对美国金融部门 2.7 万亿美元损失和全球 4.1 万亿美元损失应承担的责任，以及随之而来的巨大的间接破坏——美国产出损失 14 万亿美元，家庭财富蒸发 19 万亿美元。
如今，我们在民主社会主义者要求实施租金管制和国家住房的诉求中，看到了这种欺骗带来的最新后果。通过抹除历史，国家使道德风险制度化。这种意识形态的掩盖要糟糕得多。
《一些治疗师鼓励疏离以帮助疗愈》（个人日志，7 月 23 日）所涉及的远不止是与父母疏离的趋势。作为一名拥有近 20 年经验的婚姻和家庭治疗师，我的建议是：如果你的治疗师随意给出建议，请寻找新的治疗师。如果你想要的是建议，请询问其他人。治疗师的角色是提出问题，并给予支持地帮助客户探索如何以符合其个人目标的方式，去处理与朋友、家人、同事以及最重要地——与他们自己的关系。如果你是因为治疗师在进行“权威论证”而听从其建议，那么你的治疗师应该帮助你理解你与权威以及信任之间的关系。无论好坏，这可能都要追溯到你的父母。
艾丽莎·马斯 (ALYSSA MASS)，MFT 加州，拉霍亚
卡尔·罗夫在其 7 月 23 日发表的评论文章《民主党人会否否认 DSA 纲领？》中，描绘了一幅在“美国民主社会主义者”（DSA）哲学指导下可能产生的立法方向之阴暗图景。一如既往地深刻。虽然众议院中可能只有少数 DSA 候选人能赢得选举，且参议院中仅有伯尼·桑德斯承认效忠于 DSA 类立场。但那些希望支持温和派民主党人的选民应当记住，下次众议院或参议院的民主党多数席位可能仅维持在极小的优势之上的。
这种微弱的多数派在推动立法时，将不得不依赖少数几位 DSA 成员。你可以
学生需要更多奥威尔
罗伯特·麦考根在 7 月 21 日的信函《良好语法的权利》中表示，他的学生写作水平太差，以至于需要“一门英语语法课程”。我的经验则不同。我的大多数学生写作符合语法。但有些人倾向于使用荒谬的迂回措辞，例如“强尼在教育空间与同龄人群体互动的生活经验中面临挑战”，而不是直接说“强尼与同学相处不好”。许多大学行政人员和教授也是这样写作的。最好的补救措施是乔治·奥威尔的随笔《政治与英语》。 费利西亚·尼姆·艾克曼教授 (PROF. FELICIA NIMUE ACKERMAN) 布朗大学 罗得岛州普罗维登斯
自由表达 (Free Expression) 来自 WSJ 观点 (WSJ OPINION) 一份关于生活、政治与文化的每日时事通讯 编辑：马修·亨尼斯 (Matthew Hennessey) 专栏作家： 马修·孔蒂内蒂 (Matthew Continetti) / 凯尔·史密斯 (Kyle Smith) 路易丝·佩里 (Louise Perry) / 本·萨塞 (Ben Sasse) / 詹姆斯·B·梅格斯 (James B. Meigs) / 约翰·J·米勒 (John J. Miller) / 梅根·考克斯·格登 (Meghan Cox Gurdon) 以及其他撰稿人的评论文章
扫描二维码或 访问 wsj.com/opinion/ free-expression
比最初的罪行更严重，为新一代由国家主导的崩溃铺平了道路。 凯文·维拉尼 (KEVIN VILLANI) 加利福尼亚州拉霍亚
维拉尼先生在 1982-85 年期间担任房地美 (Freddie Mac) 的高级副总裁兼首席经济学家。
在试图免除格林斯潘对住房危机的责任时，格拉姆先生和亨萨林先生忽略了关键事实。美联储理事会 2005 年 7 月提交给众议院金融服务委员会的货币政策报告（由格林斯潘签署）认为，这些新的抵押贷款产品是市场创新的典范，并有助于服务不足的社区购买房屋。格林斯潘在 2005 年 4 月 8 日美联储第四届年度社区事务研究会议的讲话中，亲自赞扬了“次级贷款”——我清晰地记得当时在广播中听到了这段话。人会犯错，但真正的领导力要求承担责任并承认错误，这样我们所有人才能从中学习。不幸的是，据我所知，格林斯潘从未公开这样做过。 萨缪尔·颜 (SAMUEL YAN) 弗吉尼亚州博德兰兹
亲情疏离的痛苦是真实的，对许多人来说是永久的，并且是跨代传递的：祖父母失去了孙辈；兄弟姐妹失去了彼此；年迈的父母失去了唯一可能照顾他们的人。社交媒体和某些心理治疗室中泛滥的“断绝联系”建议，将复杂的人际关系视为可丢弃的商品。真正的虐待绝不能被淡化，受害者理应获得安全。但将不完美但充满爱的父母进行大规模病理化，导致了不必要地切断关系的流行病。那些在当时条件下尽力而为的父母，现在在没有沟通、道歉或修复可能性的情况下被抛弃。其代价是以破碎的心、失传的家族历史以及一代人来衡量，而这一代人有一天可能会面对来自他们自己孩子的同样拒绝。 艾米·J·帕尔默 (AIMEE J. PALMER) P.E.A.C.（成年子女疏离父母协会）国际组织 威斯康星州哈特兰
我敢打赌，他们会将温和派视为人质，坚持要求进行激进的变革。还记得民主党联盟中进步派少数群体对乔·拜登议程的影响吗？开放边境、男性参加女性体育赛事、将罪犯释放到街头，以及愚蠢且昂贵的绿色倡议。我可以列举很多。通过投票给一名“正常”的民主党人，你实际上是在支持民主社会党 (DSA) 的影响力。 詹姆斯·弗雷德里克 (JAMES FREDERICK) 佐治亚州费耶特维尔
如今的反垄断法 保护的是反垄断律师
关于你们的社论《派拉蒙与落后的反垄断》(7月 22 日)：在过去的几十年里，反垄断的主要目标似乎变成了保护反垄断本身，而不是保护消费者。在派拉蒙-华纳兄弟案中，对院线发行的极其狭隘的关注就是最新的例子。
分发或消费无穷无尽的娱乐内容从未如此廉价或便捷，且无论合并是否通过，情况都将如此。但如果没有反垄断行动的持续威胁，现任联邦反垄断雇员在离开政府后的市场价值将会低得多。 李·赖特 (LEE WRIGHT) 马萨诸塞州马尔堡
以及盐
作者：Judd Rosenblatt
在过去的六周里，美国受到保护最严密的人工智能模型——Anthropic 的 Fable 5，在发布时就被“越狱”了，随后因特朗普政府的一封信而暂时被关闭，并被一个中国模型 Kimi K3 从排行榜上击落。K3 的制作者 Moonshot AI 在 7 月中旬发布了这一强大模型；K3 的“权重”（即存储其所有知识的数万亿个数字）将于 7 月 27 日发布。
白宫在周三指称，Moonshot 利用了 Fable 的响应来帮助训练 K3，这一过程被称为“模型蒸馏”。如果政府的指控属实，那么该政府关闭的模型正以另一种形式在中国的竞争对手内部存活。财政部长斯科特·贝森特（Scott Bessent）警告称，制裁和限制贸易的实体清单认定已在考虑之列。
它在提升能力的同时 将危险知识隔离。
尽管如此，特朗普总统根据他掌握的信息对 Fable 采取了恰当的处理方式。政府掌握的一种手段是“关闭开关”，并且果断采取了行动。为了应对变革性 AI，美国需要这种果断以及一个更好的计划：在美国打造全球能力最强的开源权重模型，在发布前剔除危险能力，从而使北京的免费提供变为次优之选。
然而，华盛顿正在将美国最强大的模型边缘化，而中国却在免费提供自己的模型。目前，美国运行着一套事实上且没有法律依据、没有公布标准、也没有申诉程序的顶尖 AI 许可制度。暂停 Anthropic Fable 的信函是私下的，批准 OpenAI GPT-5.6 发布的流程同样如此。这一切都影响不到北京，潜在的黑名单或责任追究也同样如此。
众议院共和党人 在周四通过了一项 内容空洞得像 海滩小说一样的 预算案后，开始 休暑假。共和党 微弱的多数席位 似乎已经放弃了 今年的严肃支出 和税制改革。 许多共和党人似乎 安于充当民主党 福利国家以及依赖 此工作的官僚们的 税收征收员。他们 或许应该考虑到， 社会主义左翼的崛起 与联邦支出的激增 相吻合，这种激增 始于疫情期间， 大量资金流向州 和地方政府以及 左翼非营利组织。 加利福尼亚州是 这股慷慨之潮中 最大的受益者。自 2020 年以来，联邦 医疗补助计划（Medicaid） 向该州的拨款翻倍 至 $134.5 billion， 超过了任何其他州的 一般基金。该州还 在政府援助、租金 补贴、公共交通等 方面获得了数千亿 美元的联邦新冠资金。 在 2020 年 1 月至 2025 年 12 月之间， 加州增加了
生命 科学 作者：Allysia Finley
作者：Matthew Kroenig 以及 Henry Sokolski
对于最近宣布的美国与沙特阿拉伯核协议的批评者们，在特朗普总统在 Truth Social 上发帖称，在沙特阿拉伯承认以色列之前，该协议将不会推进，并坚持认为协议不允许“任何材料浓缩”时，感到松了一口气。尽管如此，该协议仍存在严重问题，其中最主要的一点是——尽管特朗普先生发了帖——它允许
自 1889 年起由道琼斯公司出版
拉克兰·默多克 (Lachlan Murdoch) 新闻集团执行主席 鲁珀特·默多克 (Rupert Murdoch) 新闻集团名誉主席
艾玛·塔克 (Emma Tucker) 总编辑
利兹·哈里斯 (Liz Harris)，执行主编 大卫·克劳 (David Crow)，副总编辑 阿贾·惠特克-摩尔 (Aja Whitaker-Moore)，副总编辑
据报道，相关规则旨在针对那些任何人都可以下载权重的中国模型。中国AI的发布时机如同炮击般精准。在Fable消失后，中国模型GLM-5.2随即发布，并成为了那些陷入困境的开发者的救命稻草。在AI模型市场OpenRouter上，GLM-5.2以仅为六分之一的价格超越了Anthropic。关掉一个美国模型，一个中国模型就在那里等待着——价格更低，可下载，且无法召回。K3展示了北京准备放弃什么。凭借 2.8 万亿参数，它将成为最大的开放权重模型。Moonshot AI表示，K3在整体性能上仅次于Fable 5和OpenAI的GPT-5.6。独立排行榜将其在某些类别中排在第一位。随着K3的普及，习近平成立了由 29 个国家组成的世界AI合作组织，支持开源AI，并警告不要在AI领域“过度延伸国家安全概念”，
尽管据报道，他的商务部正在考虑限制外国用户下载中国模型的权重。开放权重发布是指分享完成的模型供任何人下载并运行；而开源发布则还提供模型的“配方”、代码和训练数据。华盛顿无法召回开放的中国模型，也无法使其安全。我们只有一条出路：构建一个能力更强的美国开放权重替代方案，能够抵御尝试性的“越狱”。美国工业界支持该计划的开放部分。周五，英伟达、OpenAI、Meta等公司敦促华盛顿保护开放权重AI。他们的信函承认，发布后的权重已超出制造者的控制，但从未说明哪些权重是可以安全发布的。习近平的愿景建立在AI模型必须“始终处于人类控制之下”的基础上。没人能保证这一点。仅在上周，OpenAI就披露了其部分模型的违规行为，其中一个模型甚至黑进了另一个AI平台。AI能够识别出它何时被
根据劳工统计局的数据，医疗保健和社会援助领域有 249,920 家机构和 580,862 个就业岗位。这些行业在同期该州私营部门就业增长中占了 98%。该州新就业岗位最大的来源是“个人和家庭服务”——即社会工作。
加利福尼亚州拥有美国 12% 的人口，但却聚集了全美 62% 的个人和家庭服务机构以及该行业 28% 的从业人员。这些实体中有许多是由持有城市规划、社会工作和公共政策等领域高级学位的进步主义者运营的非营利组织。
进步主义政策造成了社会和经济功能失调——例如住房短缺和无家可归。非营利组织游说争取纳税人的资金来解决这些问题，结果却反而加剧了问题。如此循环往复。
上周的一份报告发现，与去年相比，生活在洛杉矶街头的人数增加了 7.9%。市长凯伦·巴斯（Karen Bass，南加州大学社会工作硕士）将此归咎于特朗普总统以及“联邦和州政府层面的资金削减”。
“特朗普政府推高了汽油、杂货和租金的价格——迫使更多家庭陷入”
浓缩。政府和国会应当纠正这一点。 铀浓缩既可以制造核反应堆燃料，也可以制造核武器。这就是为什么在过去的半个世纪里，华盛顿从未在与不拥有核武器的国家签署的任何民用核协议中，将核燃料制造纳入其中。近几十年来，包括法国、俄罗斯、中国、日本和韩国在内的其他主要核供应国都效仿了美国的做法。 华盛顿应当继续坚持这一
Robert Thomson 新闻集团 (News Corp) 首席执行官
Almar Latour 首席执行官兼出版人
道琼斯管理层： Jason P. Conti, 总法律顾问; Dianne DeSevo, 首席人力资源官; Artem Fishman, 首席技术官; Lisa Fitzpatrick, 道琼斯工业总经理; M. Scott Havens, 首席增长官; Dan Shar, 执行副总裁兼财富与投资总经理; Ashok Sinha, 首席 communications 官; Josh Stinchcomb, 执行副总裁兼首席营收官, WSJ | Barron’s 集团
经过测试，使得传统的评估变得不可靠。“控制”是一个政治幻想。 AI 的“拒绝”——即模型拒绝执行其认为有害的请求——不过是安全表演。实验室将危险知识训练进模型的权重中，然后教模型不要回答某些问题。但知识依然存在。包括博科圣地在内的“越狱者”会剥离掉这个拒绝层。发布的权重将永远公开，而移除拒绝训练仅需花费几美元。许可制度和周四在国会提出的“杀死开关”只能控制部署；但到那时，危险已经存在于权重之中了。 华盛顿担心中国的模型可能会隐藏后门，允许“潜伏特工”破坏建立在其之上的美国系统。但美国模型同样带有这种风险。禁令无法保证安全。AI 对齐的研发可以通过解决潜伏特工问题并制造出我们可以信任的 AI 来实现安全。 美国的优势在于对齐——即即使在 AI 自我改进时，也能让其按照设计者的意图行事。对齐使模型更强大。AI 历史上最大的能力提升来自于一项对齐技术：基于人类反馈的强化学习使得
优势——并削减了关键的安全网资金，”她写道。文中并未提到洛杉矶一直是国家联邦无家可归者资金的最大受益者。也没有提到该市安置在临时住房中的流浪者中，有 40% 最终回到了街头，通常是因为药物成瘾。 6 月，住房与城市发展部切断了洛杉矶无家可归者的联邦资金
该机构，理由是欺诈和严重的管理不善。联邦法院已暂时阻止了削减资金的计划。县审计控制器、市审计控制器以及一家外部咨询公司的审计发现，该机构并未跟踪资金的去向，也没有核实住房提供者是否遵守政府合同。 美国住房与城市发展部（HUD）指出，尽管自 2013, 年以来，洛杉矶获得的联邦资金增长了 178%，但该市的无家可归者人数却翻了一番，且尽可能地……
政策。 五角大楼最近轰炸了伊朗的核燃料生产厂。为 沙特阿拉伯 提供一条建立能力的路径，而这一能力正是美国空军正在伊朗境内摧毁的，这简直是对“伪善”一词的极大讽刺。这不仅会增加让伊朗限制其自身计划的难度，而且会树立一个糟糕的榜样，并鼓励其他核供应商违规操作。 更重要的是，这肯定会惊扰利雅得的邻国。美国谈判代表同意，伊朗在暂停一段时间后，可以恢复浓缩铀。美沙协议则赋予了利雅得类似的特权。美国让阿拉伯联合酋长国同意放弃制造核燃料，但附加了一个条件：如果华盛顿向任何邻国提供更宽松的条款，阿联酋可以重新谈判。 此外还有埃及和土耳其，两国都在建设大型核电站。美国外交官要求两国放弃制造核燃料，两国均予以拒绝。简而言之，沙特协议可能会为这些国家潜伏的核野心浇上一把扩散的汽油。 能源部长克里斯托弗·赖特（Christopher Wright）坚称事实恰恰相反。他表示，该协议将“维护核安全和不扩散的最高标准”。事实上，这代表了一个新低。该协议并不要求利雅得采用国际……
ChatGPT 可能。随着 AI 开始构建 AI，最信任其模型的国家可以委派最多的权力并实现最快的复利增长。北京的“人类控制”学说将其系统的速度限制在共产党的监督速度之内。 对齐（Alignment）是美国加速前进的许可证。 我的公司在这个领域进行了早期押注。我们与 AI 研究员共同开发了一种名为梯度路由辅助模块（gradient-routed auxiliary modules，简称 GRAM）的训练技术。通过使用 GRAM 训练语言模型，我们发现关于生物武器、攻击性网络和核能力，甚至是反犹主义的知识，可以被路由到独立的分区中，然后被移除。发布的模型表现得就像从未学习过这些信息一样。如果模型的权重没有编码这些知识，那么攻击者就无法通过“越狱”来揭露危险知识。当攻击者利用危险知识重新训练模型时，通过常规“反学习”（unlearning）移除的能力几乎会完全恢复。 相比之下，我们使用 GRAM 的模型则表现出极其强大的抵抗力，仿佛从未学习过这些危险知识；且随着模型规模的增大，这种抵抗力也随之增强。GRAM 尚未训练过万亿参数规模的模型，而另一种技术，或许是一种治理……
住房费用已增长三倍多，且 “洛杉矶每名无家可归者获得的 HUD 连续护理资金增加了 39%。” 巴斯女士上周至少承认，她所在城市的无家可归者机构是一个“破碎的系统”。她写道：“城市必须建立一个更好的机制——以结果为导向、透明，并围绕我们试图帮助的人群，而非围绕官僚机构。”这是在讽刺她在 11 月的对手、来自美国民主社会党 (Democratic Socialists of America) 的尼蒂亚·拉曼 (Nithya Raman)。 拉曼女士领导市议会的住房与无家可归者委员会，她一直支持让人们留在街头的政策。她反对清理露营地，并支持由政府资助的非营利组织向无家可归的成瘾者分发无菌注射器和吸刻精烟斗的计划。 在 2020 年加入市议会之前，拉曼女士（麻省理工学院城市规划硕士）创办了一家服务于这些街头人群的非营利组织。解决无家可归问题将意味着该组织获得的资金减少。然而，国会中的共和党人却在纵容左翼的支出成瘾以及对纳税人资金的浪费。 他们可以实施医疗补助 (Medicaid) 块状拨款，从而结束这种“全额消费”的联邦医疗补助自助餐。
国际原子能机构根据所谓的《附加议定书》(Additional Protocol) 开展的模型检查。这些检查允许在任何时间、任何地点进行短期通知访问。已有 144 个国家采用了《附加议定书》；沙特阿拉伯则拒绝了。人们担心它可能想要隐藏某些东西。
能源部急于坚称，它将对沙特阿拉伯的任何核燃料制造厂采取“黑箱”处理，以防止军事用途的挪用。这纯属幻想。目前尚未开发出此类黑箱，也没有公开的解释。这是因为这种东西并不存在。沙特国民不可能被排除在位于沙特领土的大型核燃料制造厂之外。起码，这种“黑箱”工厂的建设和运行将使检测沙特建立秘密设施（可能在拥有核武盟友巴基斯坦的协助下）的努力变得更加困难。而且，黑箱处理永远无法防止
关键在于一种安全标准，使危险能力在对抗性测试下保持缺失。像 GRAM 这样的技术迫在眉睫，因为 AI 已经开始构建其继任者。筛选机制会保留任何能使下一代模型更强大的因素，并舍弃任何损害能力的因素。拒绝训练（Refusal training）正是它已经在舍弃的一项“税收”。 特朗普先生的行政命令指示财政部、国家安全局（NSA）以及网络安全和基础设施安全局（CISA）对 AI 模型的网络能力进行机密审查，并建立一个自愿流程，让公司在模型发布前能以机密方式共享模型以供测试。审查和流程应统一适用一个标准：在对抗性挑战下，危险能力保持缺失。保证联邦政府采购通过测试的 AI 模型。公布该标准，在必要时对审查保持机密，并由审查的创建者决定谁能通过。 结束世界对中国 AI 依赖的最快方法，就是让中国模型成为“第二好”。给开发者提供最优质的免费模型（内置能力移除功能），这样危险的替代方案就会失去受众。中国模型经常蒸馏我们的模型。如果世界要抄袭美国 AI，就让它抄袭安全版本。全球只有几百人在全职从事对齐研究。资助 10 倍于此的人数，让美国制定对齐 AI 的全球标准。 值得信赖的美国 AI 意味着危险能力已被消除，且在攻击下依然保持消除状态。美国应该构建一个符合该标准的、最强大的模型并将其向世界发布。与中国的竞争以及对齐问题拥有相同的解决方案，而特朗普先生可以成为在两方面都获胜的总统。
ROBERT NEUBECKER
罗森布拉特先生是 AE Studio 的 CEO 兼 AI 对齐基金会（AI Alignment Foundation）主席。
或者对接收联邦资金的住房提供者强制执行禁酒和工作要求。或者结束学生贷款豁免计划——该计划允许在政府或非营利机构工作的毕业生，如果他们连续 10 年支付极小金额（低至每月 $10），即可免除债务。 贷款豁免仅仅是在鼓励进步派追求奢侈的研究生学位——其中许多学位的费用高达 $200,000 以上——然后去非营利机构工作。国会预算办公室上周的一份报告预测，对于参加基于收入还款计划的研究生借款人，联邦政府每 1 美元债务将核销 24 到 34 美分。 共和党今年的主要“成就”是由参议员伊丽莎白·沃伦（Elizabeth Warren）引导通过的一项住房法案，该法案创建了一系列拨款计划，将更多的纳税人资金输送到地方政府和非营利机构。这意味着像拉曼女士以及纽约市长佐兰·马姆达尼（Zohran Mamdani）的住房主管希亚·韦弗（Cea Weaver，纽约大学城市规划硕士）这样的进步派将拥有更多权力和就业机会。 只要共和党坚持资助社会主义，他们对社会主义的抱怨就将毫无说服力。
主权国家沙特阿拉伯对箱内物资的没收。
幸运的是，据报道该协议包含一项退出条款。它并未承诺立即转移浓缩铀技术，而是承诺对该概念进行为期两年的研究。但无需两年时间就能认定这是一个糟糕的主意。
华盛顿不应从事将核弹制造能力转移给沙特阿拉伯或任何其他国家的业务。为了确保不发生这种情况，热衷于达成最有利交易的特朗普先生应当重新谈判该协议。或者，特朗普先生可以简单地拒绝将这份糟糕的协议提交给国会。如果他依然提交，立法者需要举行听证会并立法，以便通过修正措施来设定其执行条件。
Kroenig 先生是乔治敦大学政府与外交服务专业教授，大西洋委员会高级研究员，以及《出口核弹：技术转移与核武器扩散》（“Exporting the Bomb: Technology Transfer and the Spread of Nuclear Weapons”）一书的作者。
Sokolski 先生是非扩散政策教育中心（Nonproliferation Policy Education Center）执行主任，以及《中国、俄罗斯与即将到来的冷战》（“China, Russia and the Coming Cool War”）一书的作者。他曾在 1989-93 年担任五角大楼非扩散政策副职。
顶部图片：GUILLAUME HORCAJUELO/EPA/SHUTTERSTOCK; JASPER JACOBS/BELGA/ZUMA PRESS
作者：JOSHUA ROBINSON
巴黎——去年这个时候， 塔代伊·波加查 (Tadej Pogacar) 曾被 厌倦感所击败。 这一代最伟大的自行车赛车手在 2025 年环法赛的第三周里 显得面色阴沉，身体隐约不适，且 公开谈论他只渴望一件事，而且仅此一项： 抵达巴黎，结束这次环绕全国的赛程。 十二个月后，这位 27 岁的 体育之王表现截然不同。当他 周日身披黄衫骑入香榭丽舍大街，夺得 追平纪录的第五次环法赛冠军时， 波加查正处于巅峰状态。他从始至终 统治了这场比赛。他赢得了 五个赛段冠军，而且还慷慨地将其中一个 让给了一名年轻的队友。 而且，他比以往任何时候都证明了， 他对主车队的掌控如此之强，以至于 再也没有人敢向他发起进攻。 “差距太大了，”EF Education-EasyPost 队的 体育总监查理·韦格利乌斯 (Charly Wegelius) 表示。 “你还能怎么做？” 在过去的三周里，真正的
现在成了一个“廉价劳动力”
作者：ROBERT O’CONNELL 和 SAM FEDERMAN
在他在 NBA 23 年的职业生涯中，勒布朗·詹姆斯曾是英雄也是恶棍，是救世主也是叛徒。他是史上最受期待的高中新星，并可能成为了有史以来最伟大的球员。 但如果说“詹姆斯之王”从未成为过的一种特质，那就是“廉价”——直到现在。 周五，詹姆斯通过加盟费城76人队震惊了 NBA，这是他的第四支、且几乎可以确定是最后的一支球队。然而，比詹姆斯身穿如此陌生球衣的画面更令人震惊的，是詹姆斯签约的金额：两年 $8 million。 这是詹姆斯能够接受的最低金额，即使他想赚得更少也是如此，因为他签署的是一名在联盟效力至少 10 年的球员的最低薪资。 “我不是为了钱而来的，”詹姆斯在宣布决定时在社交媒体上写道。 对于那些将在这个赛季抢购 76 人队门票的球迷来说，年均 $4 million 听起来并不像是一种牺牲。 但在如今的 NBA 以及整个职业体育领域，像这样一个定义时代的球员拿到如此低廉的数字，简直是闻所未闻。在他效力湖人队的最后一个赛季，詹姆斯拿到了 $52,627,153：在联盟中排名第 11 位。 这就像是一位 CEO 突然地，
试图将波加查留在高山尘埃中的机会 寥寥可数——尤其是 在他的主要对手约纳斯·温格高 在第 2 周退出比赛之后。 法国 19 岁的伟大希望保罗·塞克萨斯 很满意能跟上波加查的步伐， 并在他的环法首秀中 获得了值得称赞的第四名。 来自墨西哥的艾萨克·德尔托罗 在担任波加查的主要副手后 获得第三名。而来自比利时的 奥运冠军雷姆科·埃文波尔 发挥了职业生涯大环赛中的 顶尖水平，获得了第二名。 他说，唯一能与他 竞争第一名的方式 就是“如果波加查没有 参加比赛”。 波加查以 6 分 26 秒的巨大优势获胜， 现在他统治了这项全球最著名自行车赛 的一个完整时代。 是的，在他的统治期间， 2022 和 2023 年有两届冠军 由温格高获得，但
而且心甘情愿地决定领取一份邮件室实习生的工资。而这位 CEO 恰恰是 NBA 历史上收入最高的人，在职业生涯中从三支球队共赚了 $581.4 million。 根据 Spotrac 的合同排名（包括已宣布但尚未最终确定的交易），詹姆斯下赛季将到手的 $3,876,529 在 NBA 中排名第 292 位。这意味着，这位将名声转化为亿万富翁身份的全球名人，其收入将与比如德安德烈·乔丹完全相同——后者是一名上赛季仅出场 12 场的第三阵容中锋。 尽管詹姆斯 41 岁，是 NBA 中年龄最大的球员，但他已经证明自己依然精力充沛。虽然他已不再被讨论为世界最佳球员，但他刚刚完成了连续第 23 个赛季场均 20 分，连续第 22 次入选全明星赛，并在一次季后赛征程中让时光倒流，带领受伤的湖人队在系列赛中爆冷击败休斯顿队。而且博彩市场依然将詹姆斯视为超级巨星。 当他宣布加盟费城时，76 人队赢得 2027 年冠军的赔率跃升至联盟第三。 但詹姆斯有充分的理由让自己的服务价格低于市场价值。NBA 对那些试图堆砌球星的所谓“超级球队”从未如此不友好。
勒布朗·詹姆斯在湖人队的最后一个赛季的薪水
已经很明显，温格高 (Vingegaard) 已经不再处于同一个量级。 波加查 (Pogacar) 在现代自行车运动中独占鳌头——在这项运动一个多世纪的历史中，他也进入了极少数人的行列。
勒布朗·詹姆斯在与76人队签署一份为期两年、总额 $8 million 的合同后，将目标定为赢得第五座 NBA 冠军。
严苛的阵容管理处罚还导致争冠球队在今年夏天对其俱乐部进行“拆解”。最显著的例子或许是两年前的冠军波士顿凯尔特人队，将总决赛 MVP 杰伦·布朗 (Jaylen Brown) 送到了费城。 因此，如果詹姆斯想在职业生涯暮年追求那座难以企及的第五座冠军奖杯，他能做的最明智之事就是接受降薪，加入一支现成的争冠球队。 理解这一教训的人不止他一个。杰伦·布伦森 (Jalen Brunson) 在 2024. 与尼克斯队签署一份为期四年、总额 $156.5 million 的续约合同时，放弃了约 $113 million 的潜在收益。正是这种牺牲，让尼克斯队有了空间去组建后来成为 2026 NBA 冠军征程核心的阵容。 詹姆斯将这种做法做到了极致。 “我仍然想要竞争，想要获胜，并希望有机会再次感受到赢得冠军的感觉，”詹姆斯写道。 通过用实际行动（以及放弃金钱）来证明自己的决心，詹姆斯现在进入了一个罕见的类别。 处于赚钱年限末期的超级巨星通常希望进行最后一次套现。当汤姆·布雷迪 (Tom Brady) 跳槽到坦帕湾海盗队时，他获得了比带领新英格兰爱国者队参加六次超级碗时更高的年薪。 即便是在佩顿·曼宁 (Peyton Manning) 同意时……
顶部：周日，身着黄衫的塔代伊·波加查 (Tadej Pogacar) 骑行经过巴黎的凯旋门。这位 27 岁的车手从始至终主宰了今年的环法自行车赛。
“你疯了，”塞克萨斯 (Seixas) 在 l'Alpe d'Huez 山峰对他说道。 自 1903 年环法赛开始以来，只有另外四个人获得过五次冠军：雅克·安克蒂尔 (Jacques Anquetil)、贝尔纳·伊诺 (Bernard Hinault)、米格尔·印杜拉因 (Miguel Indurain) 和埃迪·默克斯 (Eddy Merckx)。（尽管兰斯·阿姆斯特朗在 1999 年至 2005, 期间连续夺冠 7 次，但因兴奋剂违规被剥夺了成绩，他的名字在环法官方记录本中仍被划掉。）现在，波加查正处于超越所有人的绝佳位置。他比被誉为“食人魔”的默克斯在夺得第五冠时年轻两岁。此外，他距离追平马克·卡文迪什 (Mark Cavendish) 创纪录的 35 场单站冠军仅差 9 场。周六，法国体育日报《队报》(L'Equipe) 将波加查称为“食人魔”。但如果说波加查在这个夏天展现出的一种新特质，那绝不是他的胃口，而是他的慷慨——只要你恰好在同一个车队。周六，在 l'Alpe d'Huez 强势获胜 24 小时后，波加查拥有如此巨大的领先优势，以至于他在一天之内从车队领骑变成了副手 (domestique)。他在本次环法最艰难的一天里的目标不是赢得该赛段，而是帮助 德尔·托罗 (del Toro) 确保登上领奖台，并获得代表赛事最佳年轻选手的白衫。 “我认为自行车界没有意识到车队有多重要，以及为黄衫——以及白衫而骑行的车队有多辛苦，”波加查在周六表示。“在过去的三周里，他们为了这个目标每天都得拼命工作。” 这种对赛事的极致掌控自然引起了人们对波加查的怀疑。在比赛的第二个休息日，这种声音变得更加强烈，因为他在凌晨 5 点就被反兴奋剂当局唤醒，这超出了正常的检测时间窗。波加查一直否认有任何违规行为，并表示他欢迎检测。如果早起对他产生了影响，他也未表现出来。到本周末，波加查在阿尔卑斯山中飞驰，仿佛这里是他的领地。有时，他只需要……
劝阻潜在挑战者的办法就是给他们一个威胁的眼神。尽管“食人魔”的体重可能勉强达到 140 磅，但一旦他骑上两轮车，体育界很少有比这更令人生畏的景象了。“我觉得他超级酷，”韦格利乌斯说，“但在体育方面，他绝对是个‘阿尔法’（强者）。他会把人们收拾地[服服帖帖]，纯粹是为了提醒他们。”
在他丹佛的最后一个赛季，即便是一份缩减后的合同，他仍然拿到了 1500 万美元的保底薪水。
而那些传奇四分卫们仍在追逐该项运动的最高荣誉。看看一名采取了与詹姆斯完全相反策略的运动员：足球传奇克里斯蒂亚诺·罗纳尔多。在沙特阿拉伯度过职业生涯末期的罗纳尔多，一周的收入（约 550 万美元）就比詹姆斯整个下个赛季的收入还要多。
事实上，对于一名拥有詹姆斯这样荣誉的球员做出此类牺牲，只有一个显而易见的先例，而这正是他希望避免被比较的对象。迈克尔·乔丹在效力于华盛顿奇才队回归时，年薪仅为 100 万美元。
上周：标普 7411.98 ↑ 0.61% S&PFIN ↓ 0.13% S&P IT ↓ 0.43% 道琼斯运输指数 ↑ 1.09% WSJ $IDX ↓ 0.47% 2 年期国债收益率 4.328% 日经指数 64611.15 ↓ 0.73% 更多详情请见 WSJ.com/Markets 商业与金融
50%
美国
STREETWISE | 作者：詹姆斯·麦金托什 (James Mackintosh) 泡沫信号：1 支股票，2 个价格，2 个地点 I
很容易找到那些声称这支股票、那支股票或整个市场被严重高估的熊派人士。通常这只是观点问题——但对于近期上市的韩国科技宠儿 SK 海力士 (SK Hynix) 的纽约股票来说，情况并非如此。本月早些时候，这家芯片制造商推出了美国存托凭证 (ADRs)，以补充其在韩国的长期上市地位。其新 ADR 的每一份由 1/10 股首尔上市股票支撑，并且可以很轻松地转换为韩国股票。任何神志清醒的人都不会选择转换，因为在调整汇率后，美国股票的交易价格比韩国价格有巨大的溢价。这是人工智能交易泡沫化的又一个迹象。自 ADR 两周前上市以来，溢价范围在 16% 至 51% 之间。美国人为了能在纽约购买这家内存芯片制造商股票的便利，而支付了高昂的价格，而不是去找一名愿意交易韩国股票的经纪人。这是某种自愿的——
其他
福利项目
6.0
估计有 $20,000 的酒精饮料。超过 $100,000 的体育赛事门票。广泛使用公司拥有的狩猎牧场。
地面交通 作者：马克·马雷蒙特 (Mark Maremont)、 伊丽莎白·加尔金娜 (Elizaveta Galkina) 和 尼尔·梅塔 (Neil Mehta) 四项最高昂福利的支出 自 2021 年以来激增。
地面交通
2.1
公司福利——通常叠加在执行官薪酬之上的奢华额外待遇——正在激增。 根据研究机构 Equilar 的数据，在 500 家最大的上市公司中，四项最高昂福利的支出自 2021, 以来激增，其中高管安保的中位数成本增长了一倍多。 《华尔街日报》分析了 1,500 家最大的美国上市公司在最新年度申报文件中披露的福利情况。 总计，这些公司在向其高管和董事会成员提供的约 15,000 项福利上花费了近 $600 百万。以下是我们的发现：
作者：LAUREN THOMAS
大卫·福克斯 (David Fox) 曾颠覆过一次法律行业。他希望再次这样做。
这位交易专家被认为制定了助力柯克兰与艾利斯律师事务所 (Kirkland & Ellis) 成为最大律师事务所的策略手册。他的新追求可能会让他与柯克兰及同行展开竞争。68 岁的大卫·福克斯共同创立了一家名为 Irving Technology 的软件公司，该公司正在驱动一家名为 Irving 的新律师事务所。该事务所雇用了少数律师，并依赖人工智能。“我希望我体内还留有一场革命，”大卫·福克斯说。
大卫·福克斯认为，Irving 及其类似的创业项目可能会改变法律服务向客户提供的方式以及融资方式。顶尖律师事务所才刚刚开始推演 AI 将如何重塑其商业模式。对投资的需求促使许多人探索替代所有权结构，而行业领导者正在讨论这项技术将如何削减员工人数或改变收费结构。
大卫·福克斯属于认为 AI 将把律师从重复性任务中解放出来，并让他们专注于最棘手问题的阵营。他说，作为回报，客户将支付更少的费用。Irving 的软件在基础层面上经过训练，其智能程度大约相当于一名表现出色的资深助理律师。
Irving 将面对一群法律 AI 初创公司、主要的 AI 开发商以及已成名的律所，而后者每一家都在规划其 AI 未来。柯克兰与艾利斯律师事务所最近表示，它拨出 $500 million 用于创建自己的 AI 平台，而不是依赖竞争对手使用的工具；而 Freshfields 则与 Anthropic 达成协议，共同构建专门的 AI 应用程序。Cleary Gottlieb 收购了法律科技公司 Springbok AI，将一支 AI 工程师团队纳入内部。
几家所谓的“AI 原生”律师事务所已经在运营。许多公司（如 Irving）涉及两个不同的业务实体——一个安置律师，另一个安置技术，后者允许外部投资者进入。一家名为 Norm Law 的公司雇佣了来自 Ropes & Gray 和 Sidley Austin 等律所的资深律师，它由一家 AI 公司驱动。
“我希望我体内还留有一场革命，”大卫·福克斯说。
SK 海力士 ADR 相对于韩国股票的溢价（以美元计）
7 月 13 24 20 0
4.2
*发展中亚洲包括中国、印度、印度尼西亚、韩国、马来西亚、菲律宾、台湾、泰国。
发展中亚洲*
来源：LSEG（溢价）；UBS HOLT（估值）
企业普遍对芯片股，尤其是内存股支付过高溢价的行为。 巨大的 ADR 溢价正是那种不应该在市场中出现的情况。例如，理发或酒店的价格可能会有显著差异，因为它们无法被运送到另一个地点。但股票是虚拟的，可以瞬间移动，因此套利者通常会介入，并从双重上市股票之间的任何显著差距中获利。
问题在于，韩国股票和美国股票之间没有安全的套利空间。虽然 ADR 可以……
个人安保
个人安保
安保在福利清单中以巨大优势位居榜首。《期刊》发现有 250 多家公司共花费 $170 million 保护高管。自 2024 年 UnitedHealth Group 高管 Brian Thompson 被杀后，许多董事会变得更加注重安保。Meta Platforms 支付了 $22.5 million 来保护亿万富翁 CEO 马克·扎克伯格，理由是其高知名度及“具体威胁”。
搬迁支持
当高管搬迁或在海外执行任务时，公司通常承担大部分费用——住房补贴、子女学费、搬迁费用和房屋出售协助。
台积电 ADR 相对于台湾股票的溢价（以美元计）
80%
互联网泡沫期间月内最大值超过 100%
’15 ’20 ’25 2000 –20
’05 ’10
被转换为韩国股票份额，监管限制使得将其转换回原样变得困难，且在没有公司许可的情况下是不可能的。
对于普通的美国存托凭证（ADR）而言，周五 29% 的溢价本应促使对冲基金在首尔购买股票并将其转换为 ADR，同时在纽约做空 ADR。但由于无法转换，这意味着如果溢价进一步扩大，该交易将使他们面临巨大的损失。
想要买入并持有的人投资者有一个简单的选择：面对同样的东西要多支付 29% 的费用，人们会发现通过电话联系经纪人购买韩国本地股票，其带来的麻烦和成本是非常值得的。（美国主流经纪商大多不提供韩国股票的在线交易。）专业交易员则不同，他们需要一套理论来解释为什么存在溢价。
部分溢价是合理的：韩国征收交易税，而美国不征收，同时美国的交易成本较低，托管费用也更便宜。此外，ADR 以美元定价，因此美国人不需要防范汇率波动。
铁路公司 CSX 在其首席运营官搬迁时，为其房屋出售带来的 $1.6 million 损失承担了补偿。 现任 Etsy 首席执行官的 Kruti Patel Goyal 曾被派驻到一家英国子公司执行国际任务，并于 2025 年回到美国担任公司总裁。她的海外派遣和搬迁由 $1.2 million 的津贴提供便利，涵盖了住房相关费用、租约终止、学费，税务筹划及其他福利。
个人飞机使用
乘坐公司喷气机进行个人旅行是一项令人羡慕且通常成本高昂的福利，约 700 名高管在约 400 家公司享受此项福利，年平均成本超过 $160,000。 苹果公司给予首席执行官 Tim Cook 近 $790,000 的个人飞行额度。
[[IMG_ROSHNI KHATRI FOR WSJ]]
由贝恩资本（Bain Capital）和黑石（Blackstone）支持。另一家由 General Catalyst 支持的法律科技公司在一家名为 Eudia Counsel 的 AI 驱动公司背后提供支持。此外，还有像 Harvey、Legora 和 CoCounsel 这样现成的产品，它们正迅速在整个行业中普及。
Fox 出生于纽约，但在他 9 岁时，他的家人搬到了以色列。他于 1983 年回到美国，在 Skadden, Arps, Slate, Meagher & Flom 开启法律职业生涯。Fox 在 Skadden 工作了 20 多年，晋升为该事务所最资深的合伙人，也是薪酬最高律师之一，参与的交易包括 2005 年对 Toys “R” Us 的杠杆收购。
2009, 他离开 Skadden 加入柯克兰与艾利斯律师事务所，这在法律界引起了震惊，当时该事务所具有全美...
芯片制造商估值，价格与调整后账面价值之比
10倍
每月 每月
'05 '10 '15 '20 '25 2000 0
的东西，一个人会发现通过电话联系经纪人购买韩国当地股票所带来的麻烦和成本是非常值得的。（美国主流经纪商大多不提供韩国股票的在线交易。）专业交易员则不同，他们需要一套理论来解释为什么存在溢价。
部分溢价是合理的：韩国征收交易税，而美国不征收，同时美国的交易成本较低，托管费用也更便宜。此外，ADR 以美元定价，因此美国人不需要防范汇率波动。
S&P 1500 公司高管福利构成
29.4%
搬迁及外派支持
22.1
注：由于四舍五入，总计不等于 100%
公司董事会要求 Cook 为了“安全和效率目的”乘坐私人飞机。许多公司同样以安全为由，解释为什么高管在个人旅行中乘坐私人飞机。
健康与福祉
一些公司为高管提供高达六位数的高端医疗保险、医生就诊和礼宾医疗服务。
以启动他在 Skadden 的法律职业生涯。Fox 在 Skadden 工作了 20 多年，晋升为该事务所最资深的合伙人，也是薪酬最高的律师之一，参与的交易包括 2005 年对 Toys “R” Us 的杠杆收购。
2009, 他离开 Skadden 加入柯克兰与艾利斯律师事务所，这在法律界引起了震惊，当时该事务所具有全美...
Dimensional Fund Advisors 的欧洲、中东及非洲（EMEA）投资组合管理负责人 Paul Foley 指出，在美股 ETF 中，ADR 也比韩国股票具有更高的税务效率。这支撑了几个百分点的溢价。台积电（Taiwan Semiconductor Manufacturing）的 ADR 同样难以套利，且有更长的记录。在 2010 和 2020 之间的十年间，其平均溢价为 3.2%。只要溢价保持大致稳定，购买 ADR 就是可行的，因为当你准备卖出时，溢价应该依然存在。
请翻到 B6 页
19.5
健康与 福祉 4.1
会员资格、 旅行及 生活方式
12.4
产品、礼品 及折扣 0.3
财务规划 及税务 福利
“高管体检”可能花费数千美元——总部位于芝加哥的保险公司 Old Republic International 曾支付近 $30,000 以覆盖一名高管的年度体检费用。 Palantir Technologies 首席执行官 Alex Karp 获得了 $160,000 的健康和医疗服务承保额。
车辆和司机通常向股东解释为一项安保费用，而非私人司机 请转至 B2 页
并购实践。他带来了 Daniel Wolf，一名处于上升期的 Skadden 合伙人。 福克斯 (Fox) 在时任主席 Jeff Hammes 的帮助下，制定了一项计划，旨在让 柯克兰与艾利斯律师事务所 成为并购领域的巨头。该计划的核心是重塑该公司纽约办事处的文化，并从其他律所挖掘潜力律师。 他引导律师将重点放在更大的交易上。到 2020 年，根据该公司的年龄限制，福克斯从公司执行委员会卸任时，柯克兰与艾利斯律师事务所 每年处理的交易数量已超过任何其他律所。 福克斯目前大部分时间在迈阿密和纽约地区之间分配，他正忙于 Irving 之外的项目，包括一家名为 Antiportfolio Ventures 的小型风险投资公司，该公司投资于 Sandstone 和 Patlytics 等法律科技公司。（他在该公司的其他合伙人是 Ryan Morgan 和 Mike Devlin。） Irving Technology 至今已从包括 Narya Capital 在内的投资者那里筹集到了一小笔资金，该风险投资 请转至 B2 页
以及美联储 预计 将考验 市场
作者：SAM GOLDFARB 与 HANNAH ERIN LANG
今年的股市上涨已经经受住了战争、通货膨胀以及围绕科技部门大规模人工智能投资的不确定性的考验。现在的问题是：投资者是否终于达到了他们的极限？主要股票指数今年都取得了健康的增长。但标准普尔 500 指数和纳斯达克综合指数上周连续第二次下跌——这是自 3 月份美国和以色列攻击伊朗最初余波以来，首次出现连续两周下跌。
导致下跌的催化剂并非令人惊讶的新进展，而是一直困扰投资者的相同威胁，只是程度有所升级。这些威胁包括：中东冲突扩大推高油价、债券收益率飙升至一年多以来的最高水平，以及某科技巨头宣布再次增加资本支出。
压力可能会在本周增加，因为微软和 Meta Platforms 计划在美联储决定利率的同一天公布业绩，而此次利率决定被广泛认为是多年来最难以预测的一次。由于经济仍在增长且公司公布的业绩稳健，标准普尔 500 指数仍处于历史最高点的 3% 范围内。但分析师表示，本周事件的结果很容易让市场向任何一个方向倾斜。
“目前，担忧清单和顺利清单在某种程度上相互抵消，”Yardeni Research 总裁 Ed Yardeni 表示。“整体上有一种不安感，认为不确定因素太多，问题太多，所以大家决定先潜伏观察。”
投资者对科技股业绩的关注源于他们对 AI 投资的矛盾心理。Alphabet、微软和 Meta 等公司在芯片和数据中心上的历史性投入，通过提升经济增长、为供应商创造意外之财以及激起对更高效经济的憧憬，助力股票在近年来实现了两位数的增长。但这也引发了周期性的抛售，因为投资者对企业投入的惊人成本感到心惊胆战。
这些担忧在现在看来从未如此剧烈。投资者在进入今年时，预计科技公司会在 AI 基础设施上花费数千亿美元。但他们仍然对这些投资的规模感到惊讶。
请翻到 B6 页
商业新闻 玩具制造商 孩之宝 将该行业的未来 视为纯粹的 魔力。B3
BING GUAN/路透社
A - B
A Academy Sports & Outdoors....................................B3 Alphabet......................A1, A4, B1 Amazon.com.....................A3, B6 American Airlines...................A1 Anthropic...........................A1, A13 Apollo Global Management ....................................................B1,B6 Apple..................................................B1
B Bank of America..................B10 Bank OZK...................................B10 Blackstone....................................B6 Booz Allen Hamilton...........A1 布朗-福曼..........................B3 Brunswick.....................................B2
C - D Chemed...........................................B2 Children's Place.......................B3 Citizens Financial................B10 Constellation Brands...........B2 CSX.............................................A1, B1 达美航空..............A1, A12
C - D
大肆攫取 其津贴
接第B1页
接第B1页
〔此处为前文关于津贴的续接〕。另一种常见的津贴是公司提供的车辆或车辆津贴，其中可包括免费燃料。
私募巨头 Apollo Global Management 为其亿万富翁首席执行官 Marc Rowan 提供车辆和司机，花费了 $790,000，理由是“提高效率、便利性和机密性”。
这几乎是摩根大通（JPMorgan Chase）在首席执行官 Jamie Dimon 使用公司车辆个人用途上花费的 $85,000 的 10 倍。
$790,000
生活方式与产品津贴
卡车经销商 Rush Enterprises 向其 CEO 提供了价值 $107,000 的公司所有、占地 11,000 英亩的德克萨斯州狩猎牧场个人使用权。
拥有 Roto-Rooter 和一系列临终关怀中心的 Chemed 公司向其 CEO 提供了价值 $121,502 的辛辛那提孟加拉虎队（Cincinnati Bengals）比赛及其他体育赛事门票。Chemed 表示，购买体育门票是出于商业目的，而其首席执行官作为一名“超级体育迷”，有时会使用剩余门票。
酒类公司 Constellation Brands 向其 CEO 提供了价值 $20,000 的酒类，公司称这是更广泛的免费产品计划的一部分，旨在增强员工对其品牌的“认知和鉴赏力”。
Sea Ray 和 Boston Whaler 船只制造商 Brunswick 的高管和董事获得了 $35,000 的年度津贴，用于支付船只相关费用和其他产品。该公司表示，该津贴旨在深化高管对其业务的理解。
有些津贴金额之小令人惊讶，例如为 Hewlett Packard Enterprise 的负责人 Antonio Neri 支付的 $492，用于涵盖“家庭备用发电机维护”，而他的总薪酬为 $23.5 million。HP 表示，这笔款项有助于在……
史蒂夫·施瓦茨曼 (黑石集团)
桑达尔·皮查伊 (Alphabet)
部分 S&P 1500 高管中 获得“飞机”福利最高者
查理·厄根 (EchoStar)
$3.4 million
约翰·泰森 (泰森食品)
$3.2 million
帕特里克·杜蒙特 (拉斯维加斯金沙)
$2.6 million
蒂姆·库克 (苹果)
$22.5 million
$12.6 million
$8.8 million
方法论 为了在 S&P 1500 公司的企业中识别出近 $600 million 的福利，《Journal》记者分析了在截至 1, 2026. 的年度内向证券交易委员会提交的约 2,000 份委托投票书和年度报告。在这段时间内，共有 1,418 家公司披露了至少一项福利。记者通过程序化提取了申报文件中提到的薪酬表、脚注和其他关于津贴的说明，并将结果输入大语言模型（LLM），由其解析每项福利的金额、类型和受益人。 由于公司不需要对福利进行分类，因此记者创建了一套包含九种福利类型的分类法，其中包括一个“其他”类别。部分公司没有披露每项具体福利的金额；记者通常将这些总额归入“其他”类。 记者采用了多种技术来验证分析结果，包括字符串匹配、金额加权随机抽样，以及对每个类别中最大金额福利的人工审查。在所有情况下，错误率均在 2% 或以下。记者发现的所有错误均已更正。本文提及的所有公司均获得了发表评论的机会。
确保其首席执行官在住所停电期间能够可用以管理公司，并按照监管要求披露了该项福利。 此外还有俱乐部会员资格：据《Journal》发现，至少 400 名高管的部分或全部会费及其他俱乐部费用由公司支付。一些公司表示，这些俱乐部被用于商务活动。 连锁餐厅 Texas Roadhouse 在 2025 年向其首席执行官提供了 $131,000，用于支付其在公司总部所在地肯塔基州路易斯维尔的一家乡村俱乐部的入会费和会员费。 该公司表示，在 Valhalla 高尔夫俱乐部的会员资格是由董事会决定的，目的是为了让首席执行官在从德克萨斯州搬迁后能更好地建立当地联系。 “很多这类福利都是过分的，”跨信仰企业责任中心的执行薪酬顾问罗莎娜·韦弗（Rosanna Weaver）表示。大多数高管“已经获得了极高的薪酬，我不认为这些福利是必要的。这里透着一种特权感——即首席执行官们认为‘我配得上这些’。” 在少数公司中，高管餐厅仍是一项披露的福利。害虫控制公司 Rollins（旗下品牌包括 Orkin）向其亿万富翁名誉董事长加里·W·罗林斯（Gary W. Rollins）提供了价值 $26,751 的公司高管餐厅用餐，平均每个工作日 $107。 Pearl Meyer 的公司执行薪酬顾问阿拉普·沙阿（Aalap Shah）表示，福利的主要增长点在于那些可能使首席执行官受益但同时也服务于公司业务需求的额外项目，例如高管健康计划和公司支付的安保费用。 “如果首席执行官或执行团队的部分成员发生意外，公司将面临生存风险，”沙阿说。他表示，如今许多福利“对于以最有效的方式运营业务确实是必要的”。
颠覆法律
由 JD Vance 共同创立的律师事务所、纽约风险投资公司 Addition，以及大卫·福克斯 (David Fox) 的 Antiportfolio Ventures。其另外三位共同创始人是拥有技术和国防公司（包括 Palantir Technologies）背景的工程师。总部位于纽约的相关律师事务所 Irving 的雇员人数少于 10 人——由律师和工程师组成——目前已运行数周，在日后正式亮相之前，已经为少数几笔小规模交易提供了建议。
Irving Technology 的软件是在现有的大语言模型基础上，通过执业交易律师的输入而训练出来的。它旨在处理诸如提取研究资料或起草文件等任务，从而让资深律师能够腾出精力专注于争取新业务和为客户提供建议。
福克斯表示，他将参与该律师事务所，但没有明确的角色，且不作为律师执业。他表示，随着时间的推移，他相信该事务所将雇佣更多资深律师并处理更大规模的交易。
Irving 及其同行采用了所谓的管理服务组织（MSO）模式，该模式将法律端与承载技术及任何知识产权的部分分开。这使得非律师投资者（如私募股权公司）能够提供资金支持。它让技术公司能够像会计行业那样寻求上市或其他退出方式。
少数几个州已经放宽了禁止律师事务所接受外部资金的限制，或者正在考虑这样做。亚利桑那州在 2020 年成为第一个完全取消这些规则的州。
福克斯表示，对才华横溢的律师的需求不会消失。“问题变成了：‘我是否需要 5,000 个非常有才华的人？还是说我用 20 个人就能完成？’”
是纯粹的魔法
孩之宝 (Hasbro)
该公司一款拥有 三十年历史的卡牌 游戏的销量正呈现 爆发式增长
作者：NATASHA KHAN
一款曾经仅在漫画书店和爱好者的专卖店中占据边缘地位的集换式卡牌游戏，现已成为玩具行业的一股强大力量。《万智牌》（Magic: The Gathering）长期以来一直是孩之宝最大的品牌。但近期，它进入了一个新阶段，实现了令华尔街惊讶的增长——并促使孩之宝的首席执行官向投资者大肆赞美其规模。
《万智牌》人气飙升的时机对孩之宝来说再好不过了，该公司还生产大富翁 (Monopoly) 游戏、Nerf 玩具枪和 G.I. Joe 动作玩偶。由于出生率下降以及向电子游戏和在线游戏的转移，传统玩具的销售多年来一直承受压力。根据情报公司 Circana 的数据，从 2021 到 2025 年，娃娃类玩具的销量下降了 36%。同期，幼儿和学前儿童玩具下降了 15%。但游戏和拼图——包括《万智牌》在内的细分领域——在此时期内激增，增长了 36%。这类
–25
作者：JENNIFER WILLIAMS 企业正通过交易转让关税退款权
面对长期的关税不确定性，Academy Sports & Outdoors 选择将其变现。这家体育用品连锁店去年出售了其关税退款权，加入了包括 GoPro 在内的企业行列，通过交易潜在的款项来换取即时现金，以管理债务或进行其他资本规划。部分企业在最高法院于今年废除全球关税之前就甩掉了这些债权，以摆脱资金何时或是否到账的悬而未决状态。而另一些坚持持有的人则获益匪浅：自裁决以来，某些退款请求的标价已翻了四倍多。
现在，由于部分款项依然不确定，新一波企业正考虑转让其权利。
在法院裁决后，此类交易的兴趣激增，投资公司纷纷抢购这些债权，赌注是他们能够回收投资；随后在企业等待观察赔付流程效率时，热度有所减缓。但由于退款分阶段发放，一些急需现金的企业正失去耐心，商业贷款咨询公司 Asset Enhancement 的董事总经理 Neil Seiden 表示。
收购布朗-福曼
作者：劳拉·库珀 (LAURA COOPER)
萨泽拉克 (Sazerac) 不打算接受拒绝。
这家 BuzzBallz 鸡尾酒和 Buffalo Trace 波本威士忌的制造商向一组布朗-福曼 (Brown-Forman) 股东发送了一封信函，要求他们重新考虑此前被拒绝的 $15 billion 收购报价。该群体——A 类股东——包括布朗家族成员，他们是公司创始人的后代，控制着公司的投票权。
但萨泽拉克向投资者的呼吁给布朗-福曼的管理层增加了压力。管理层正试图提高这家旗下拥有杰克丹尼 (Jack Daniel’s) 威士忌、伍德福储备 (Woodford Reserve) 波本威士忌和埃拉杜拉 (Herradura) 龙舌兰酒等品牌的公司业绩。布朗-福曼首席执行官劳森·惠廷 (Lawson Whiting) 本月早些时候宣布，在继任者确定后他将卸任。
布朗-福曼与 Wolf Pen Branch（一个持有大部分 A 类股票的布朗家族成员团体）发表联合声明，对萨泽拉克未经请求的提案不予理会。Wolf Pen Branch 在声明中表示：“我们对公司的实力和竞争地位充满信心，并相信公司能够为所有股东创造长期价值。”
家族经营的萨泽拉克在 5 月 1 日向布朗-福曼董事会发出报价，拟以每股 $32 现金收购该公司，根据《华尔街日报》看到的周五信函。
根据萨泽拉克执行主席马克·布朗 (Mark Brown) 和首席执行官杰克·温兹 (Jake Wenz) 签署的信函，截至 3 月 24 日，该提案为 A 类股提供了 37.9% 的溢价，为 B 类股提供了 40.4% 的溢价。
布朗-福曼 A 类股周五收盘价为 $26.71，使该公司的市值约为 $12 billion。B 类股收盘价为 $26.08。
萨泽拉克的信函称，该收购方案得到了富国银行 (Wells Fargo) 和阿波罗全球管理公司 (Apollo Global Management) 的支持，并且有其他银行对支持该交易感兴趣。
信函称，该交易将使布朗-福曼
[[IMG_XXXX]] 孩之宝 (Hasbro) 年度分部营收
$7
娱乐 $77
消费产品 $2.4
海岸巫师 (Wizards of The Coast)* $2.2 +45%†
2020 25
来源：公司（营收）；FactSet（业绩） *包含数字游戏 †较去年增长
玩具吸引的受众通常年龄较大，且越来越多地包括成年人，并且更有可能进行重复购买。
《魔法风云会》(Magic) 一直是该类别中最大的热门产品之一。该特许经营权的营收在过去 17 年中平均每年增长 17%——首席执行官克里斯·考克斯 (Chris Cocks) 上周表示，《魔法风云会》今年“开局迅猛”，上半年销售额增长 34%，超过 $1 billion。一套基于漫威 (Marvel) 超级英雄的新系列卡片创下了《魔法风云会》卡片首日和首月销售额的记录，成为营收最快达到 $300 million 的系列。
该特许经营权的营收在过去 17 年中平均每年增长 17%。
MASSILLON INDEPENDENT/USA TODAY NETWORK/REUTERS
Academy Sports 去年出售了一些关税退税权。
50
Solutions。“我们现在看到的是寻求出售这些索赔权的人在增加，”他说道，并指出自 6 月初以来，询问量增加了至少 50%。
Academy 在最高法院裁决之前就提前出售了部分退税权。首席财务官卡尔·福特 (Carl Ford) 表示：“在 2025 年，我们决定通过将[某些]关税在实现后的潜在退税货币化，从而消除风险。我认为这是一种套期保值策略。”
该零售商通过这笔交易净获 $10.5 million，同时保留了追索剩余 1 部分的权利。
杰克丹尼尔 (Jack Daniel’s) 生产商的 近似市值
股价及指数 表现，过去三年
75%
标普 500 指数 (S&P 500)
2024 25 26
收入，他表示。“退一步，在任何实际的时间维度上审视《魔法》 (Magic)，你会发现它是娱乐业中最稳定、最具复利增长能力的特许经营品牌之一，完全可以与游戏领域最大的那些知名品牌相媲美，”考克斯 (Cocks) 在上周二的财报电话会议上说道。“《魔法》并非一个分众的业余爱好业务。它是一个巨型特许经营品牌。” 最新的业绩推动孩之宝 (Hasbro) 股价在周二飙升 8.8%，创下一年多来最大涨幅。 《魔法》由数学家理查德·加菲尔德 (Richard Garfield) 创造，最初由游戏公司威世智 (Wizards of the Coast) 在 20 世纪 90 年代初出版。
关税索赔。虽然 Academy 尚未披露买家或其未售出索赔的潜在价值，但它已将该现金及未来可能的追回款项计入其全年展望。6 月，该公司将其该财年的毛利率指引维持在 34.5% 至 35% 之间。 分析师并不认为 Academy 的交易是弱势的迹象。Stephens 董事总经理杰夫·里克 (Jeff Lick) 表示，该公司截至 5 月 2 日止季度的自由现金流同比增长超过 14%，并不缺钱。相反，他表示，这是对当时退税相关未知因素的一种反应。 GoPro 同样在裁决前达成协议，在 2 月中旬出售了约 $19.4 million 的潜在关税索赔。根据该公司最新的季度申报文件，此次转让伴随着现有信贷协议的变更，包括修订最低流动性要求并取消某些财务指标的最低限制。申报文件显示，截至 3 月底，这家可穿戴相机制造商对这些索赔的估值为 $14.6 million。 在最高法院做出裁决之前，出售退税权通常意味着要承受巨大的折扣。在此之后，这些索赔的估值激增，达到了——
鼓励投资者将股份转换为一家具有“显著上涨空间”且股息支付高于当前方案的公司。信件称，合并后的公司将成为美国烈酒销售市场的领导者，并在全球范围内位列第二，仅次于帝亚吉欧 (Diageo)。 信件指出，自提交提案以来，萨泽拉克 (Sazerac) 一直试图与布朗-福曼 (Brown-Forman) 的董事会接触，但尚未进行实质性讨论。“我们的报价依然有效，而且我们的信心进一步增强，”信件称。 信件补充说，如果布朗-福曼的董事会对该事项予以关注，萨泽拉克“准备好提高报价条件”。 这封信在周四于肯塔基州路易维尔市举行的布朗-福曼年度股东大会后立即发送给了股东。 非家族股东和布朗家族成员均出席了会议。
1990s，《魔法》通过全球数千家当地游戏店销售卡牌而获得成功。孩之宝 (Hasbro) 在 1999, 年收购了威世智，并表示已有超过 50 百万人玩过这款游戏——在游戏中，玩家是被称为“计划移员” (Planeswalkers) 的强大巫师，通过构建卡组来召唤战斗生物或施放保护咒语。 在 2022, 年成为孩之宝 (Hasbro) 首席执行官之前，考克斯 (Cocks) 领导威世智六年之久。在该部门（也是《龙与地下城》特许经营权及其他游戏的所在地）他的领导下，其收入大约翻了一番
每 1 美元索赔额可获得 80 至 90 美分，部分甚至更高，而此前仅为 20 美分左右，律师事务所 Foley & Lardner 合伙人格雷戈里·胡西西安 (Gregory Husisian) 表示。 政府赔付采取分批形式，第一批仅限于某些未被视为最终确定或在过去 80 天内最终确定的进口商品。大多数进口商品均符合资格
节省 50%* ■
至 10 亿美元以上。其中一种方式是通过授权大热系列特许经营权来创建新的《魔法》卡组，从而使玩家能够构建一副包含蜘蛛侠与《指环王》中的甘道夫或《忍者神龟》中的莱昂纳多并肩作战的卡组。 一套入门礼盒的价格约为 $29.99。但许多客户随后会购买特殊的礼盒套装，其售价可能达到 $50 或更高。其他人可能会选择通过购买每包约 $5 到 $7 的补充包来尝试运气，以获取梦寐以求的卡片。 Cocks 表示，Magic 的粉丝会进行多年的游戏和收藏，并补充说他自己已经是一名忠实粉丝超过 30 年，自从在大学时的一家漫画店发现这款游戏以来。“这不仅仅是一个突然出现的一时的狂热，”追踪玩具和游戏行业的 UBS 分析师 Arpiné Kocharyan 说道。 她补充道，该品牌已经与“世界上一些最顶尖的特许经营权（如漫威、最终幻想和指环王）进行了非常成功的合作”。“这些系列不仅吸引了核心的、在爱好商店玩游戏的硬核玩家，还吸引了其他收藏家和玩家。”
在这个阶段可以申请退款。对于其他人，例如拥有旧进口商品的某些企业，或进口以往免税进入美国的低成本商品的公司，任何款项支付的时间点仍然未知。根据 Husisian 的说法，对于这些公司而言，出售权利具有吸引力。 “仍然有一个主要类别，其退款的时间点以及是否能拿到款项都存在不确定性，”他说道。“如果你能获得接近全额的追回，且速度更快，那么这种组合可能就足够了。”
Jennifer Williams 为 WSJ 领导力学院的 CFO 日志撰稿。
DANIEL KNIGHTON/GETTY IMAGES
恶意破解与中国引发 AI 恐慌 一场人工智能恐慌席卷了华盛顿。 而且，我们正实时地目睹那些渴望成为 AI 宇宙主宰的人试图在控制这项新技术的竞争中占据上风。 OpenAI 披露其 AI 模型突破限制并黑进了另一家科技公司的系统，这使得人们对该技术可能进入“科幻反派模式”的恐惧具有了新的可信度。 再加上一些消息称，中国的 AI 竞争对手推出了新的免费模型，据称这些模型是基于像 Anthropic 这样公司开发的高成本模型的学习成果。这在美中之间的地缘政治斗争中开辟了一个新战线。 特朗普政府此前已经在面临一个期限，旨在落实 6 月 2 日的一项行政命令，以加强对最大 AI 实验室模型的监管。该命令是由人们担心这些系统变得日益强大而引发的。 所有这些事件如此迅速地接踵而至，增加了华盛顿的压力
据知情人士透露，埃隆·马斯克 (Elon Musk) 的隧道挖掘初创公司——隧道挖掘公司 (Boring Company)，正在洽谈新一轮融资，这将使其估值达到约 $20 billion。
作者：Becky Peterson, Jessica Toonkel 以及 Berber Jin
部分知情人士表示，该公司正洽谈筹集约 $4 billion 资金。该融资轮尚未关闭，知情人士提醒称条款可能会发生变化。
隧道挖掘公司 (Boring Company) 总裁 Steve Davis 未回应置评请求。
该公司制造隧道掘进机，并声称其挖掘地下隧道的成本低于传统的建筑公司。
这家于 2018 年从 SpaceX 分拆出来的初创公司在拉斯维加斯大道 (Las Vegas Strip) 下方拥有一个运输网络，由司机驾驶特斯拉将乘客往返于拉斯维加斯会议中心。
Boring 在 2022 年的一轮融资后估值约为 $5.7 billion。该轮融资从包括 Vy Capital、红杉资本 (Sequoia Capital) 和 Founders Fund 在内的投资者那里筹集了 $675 million。
该公司曾在巴尔的摩、芝加哥和洛杉矶等城市推介私有资金项目，初创公司计划通过让乘客支付票价使用其地下交通系统来获利。其中许多项目并未成功。
然而，许多私募市场投资者将投资马斯克的公司视为稳赚不赔的买卖，并愿意支付溢价以进入其投资组合。
支持马斯克以 $44 billion 收购 Twitter 的投资者在 2022 年交易后的数月内一直处于亏损状态。但在这位亿万富翁企业家将这家陷入困境的社交媒体公司并入其人工智能初创公司 xAI，随后又将该实体并入 SpaceX 之后，他们最终获利。
马斯克上市公司的估值……
……采取行动。业内许多人的担忧是，匆忙采取行动——无论采取什么行动——都会阻碍创新，或者使某个参与者受益于其他参与者。
多年来，最大的 AI 公司一直试图抢占先机，积极主张制定法规，为这一强大的技术设立护栏。他们认为，为了防止网络安全、生物威胁和其他高风险领域的灾难，这是必要的。
这种努力让那些不相信这些预测的人嗤之以鼻。随后，随着技术的进步，他们的呼吁遭到了批评，认为他们真正想做的是为了自身利益地制定规则——即监管捕获 (regulatory capture)——而以牺牲较小的竞争对手为代价。尽管如此，就在几天前，AI 领导者们似乎终于在华盛顿形成了一个不太可能的统一战线并取得了进展。
7 月 14, Google DeepMind 联合创始人 Demis Hassabis 发表了一项提案，呼吁成立一个 AI 标准机构。该机构将模仿监管股票经纪人的自律组织。资金将由行业提供，董事会将包括技术专家和开源代表。
“当存在很大程度的不确定性且赌注如此之高时，以谨慎的乐观态度前进才是明智且正确的策略，”Hassabis 写道。“这需要一种既能促进创新，又能激励责任感和安全性的公共政策，促进在关键安全问题上的国际合作，并鼓励仔细考虑如何部署 AI 以造福社会。”
这位诺贝尔奖得主在 AI 领域是一位深受尊敬的超级巨星，但在美国公众面前的知名度较低，而他的同行在美国已成为更具争议的人物。
在发表提案之前，Hassabis 已经努力在竞争对手中为这一想法争取支持。这一努力似乎得到了回报——即使它创造了一些……
[[IMG_XXXX]] Google DeepMind 联合创始人 Demis Hassabis 今年 5 月被拍到。
奇怪的同床异梦。 周二晚些时候，OpenAI 披露其模型黑进了开源 AI 工具公司 Hugging Face，这一消息震惊了国会山。 这引发了迅速的反应。 为了引起关注，众议院周四提出了一项跨党派法案，要求 AI 制造商在系统中包含一项功能，允许政府使用所谓的“紧急开关”（kill switch）来关闭其模型。 “人类应该掌握控制权，而不是机器。当 AI 失去控制时，人类应该有能力将其关闭，”该法案的发起人之一、加州众议员特德·刘（Ted Lieu，民主党）在周四的一篇社交媒体帖子中表示。
[[IMG_JEFF CHIU/AP]]
对于科技行业中一些已经怀疑 OpenAI 试图将其监管政策塑造为对其有利的人来说，OpenAI 的这一声明显得过于刻意。 著名 AI 研究员蒂姆尼特·盖布鲁（Timnit Gebru）在 LinkedIn 上称该实验室的沟通是“顶级的宣传”。 传奇风险投资家比尔·格尔利（Bill Gurley）在其社交媒体帖子中表达得尤为直白：“如果 OpenAI 侵犯 Hugging Face 的方式达到了‘要求’新监管的程度，那么让我们从正式的刑事调查开始吧。由合适的第三方进行调查，并承担诚实的法律责任。” 在这些交锋之中，可以看到特朗普政府在公开权衡如何处理中国模型的威胁。 贝森特（Bessent）的一份声明暗示中国 AI 可能会面临贸易限制，这引发了科技界一些顶尖人物的反弹，包括指责他是在为 Anthropic 撑腰。到周五，几家科技巨头发布了一封信函——包括微软首席执行官萨蒂亚·纳德拉（Satya Nadella）和英伟达首席执行官黄仁勋（Jensen Huang）的 X 帖子——主张开放 AI 模型，这一立场有助于他们的业务。 讽刺的是，当所有这些科技公司都在努力保持在快速迭代的技术前沿时，他们想要的与传统公司一样：可预测性。 只不过在 AI 时代，没有人能掌控这一点。
埃隆·马斯克旗下的公司特斯拉（Tesla）和 SpaceX 在近日股价大跌。 特斯拉股价在周四下跌 15%。在这家电动汽车制造商未能达到盈利目标且两年多来首次报告负现金流后，市值蒸发了 $215 亿。 马斯克的火箭公司 SpaceX 在 6 月份通过一次创纪录的 IPO 上市，从华尔街筹集了 $86 亿。在发行后的几天里，其市值几乎翻了一番，随后股价从峰值下跌了约 50%。
近日。 隧道挖掘公司 (Boring Company) 正在纳什维尔开发一个新的环路，该项目由其私人出资。 今年 2 月，该公司宣布了一项在迪拜创建地下环路的新项目。公司表示，首个 4 英里的阶段将耗资 $154 百万，耗时一年完成。第二阶段——将路线扩展至 14 英里——预计将耗时三年，耗资 $545 百万。目前尚不清楚谁将为该项目的开发支付费用。
THE WALL STREET JOURNAL. BUSINESS & FINANCE
–2
–6
提供资金的同时 赚取丰厚的交易手续费
作者：LUIS GARCIA
黑石集团 (Blackstone) 认为，在未来的几个月和几年中，将有更多机会为那些旨在通过人工智能热潮获利的基础设施运营商提供资金，例如该资产管理公司近期参与的一项与天然气专业公司 Williams Cos. 达成的 53.4 亿美元 ( $5.34 billion) 交易。
这一战略使黑石集团能够在满足其保险合作伙伴对该类投资日益增长的需求之同时，提高自身在 AI 扩张领域的投注，并锁定回报，且通过组织这些交易赚取丰厚的手续费。
作为 Williams 交易的一部分，一个由黑石集团领导的团体上周同意向一家合资企业投资约 44 亿美元 ( $4.4 billion)，用于资助在俄亥俄州和犹他州建设五座天然气发电站，以为 AI 数据中心供电。黑石集团是通过其信贷和保险策略，与同行 Apollo Global Management 和 KKR & Co. 共同投资的。
该投资团体将获得这些项目的 49% 股权，并在合资企业投资之外向 Williams 支付额外的 9 亿美元 ( $900 million)。
4%
–4
4.4
美联储将考验 市场
接第 B1 页
接第 B1 页
投资以及资助这些投资所需的措施。
出售通知
美国路易斯安那州东区破产法院 案件编号 26-10678 （共同管理） CROSBY MARINE TRANSPORTATION, LLC, 第 11 章；复杂案件 复杂案件 债务人。 章节： 关于债务人资产在免除任何及所有索赔、权益和抵押的情况下出售的通知
请注意，上述债务人及占有债务人（统称“债务人”）现正就一项或多项交易征集报价（可能在拍卖会上进行），其中任何一项交易均可包括购买债务人资产的部分或全部，具体须符合路易斯安那州东区美国破产法院（“法院”）于 21, 2026 年 7 月通过发布命令 [ECF 文件 665] 所批准的竞标程序（“竞标程序”）（即“竞标程序命令”）。所有感兴趣的竞标人应仔细阅读竞标程序和竞标程序命令。若本通知与竞标程序或竞标程序命令之间存在任何不一致，应在所有方面以竞标程序或竞标程序命令（视具体情况而定）为准。
请进一步注意，竞标截止日期为 7, 2026, 年 8 月下午 5:00（当地中部时间），所有具有约束力的报价必须在此期限前实际送达债务人；任何希望参与拍卖的个人或实体必须遵守竞标程序中规定的参与要求、报价要求及其他要求。竞标程序命令或相关其他文件（包括任何 Stalking Horse Agreement 或列明资产的附件，视具体情况而定）的副本，可通过拨打 (833) 307-4262（免费电话）或 +1 (916) 405-7847（国际电话），或访问债务人重组网站 (https://cases. stretto.com/crosby/) 向 Stretto 请求获取。
请进一步注意，债务人计划举行拍卖，届时将根据竞标程序命令中规定的竞标程序，审议提交给债务人及其专业人士的方案。拍卖（如有）的第一天将于 13, 2026, 年 8 月上午 10:00（当地中部时间）开始，并根据需要持续至 14, 2026, 年 8 月，在向合格竞标人和咨询方书面披露的地点现场举行。每位合格竞标人应由至少一名代表亲自出席拍卖会，除非债务人在与咨询方协商后同意另一种出席方式。
请进一步注意，在拍卖结束后的 24 小时内，债务人应 (a) 向法院提交关于中标价及中标人的通知（“拍卖后通知”），该拍卖后通知应包括拟承接和转让的任何执行合同和租赁清单。
请进一步注意，债务人预计将在 31, 2026 年 8 月上午 9:00（当地中部时间），或在法院日程允许的其他日期和时间，在路易斯安那州新奥尔良市 Poydras 街 500 号 B-709 法庭，由美国破产法院的 honorable Meredith S. Grabill 法官主持的出售听证会上寻求对任何出售方案的批准。
请进一步注意，除竞标程序命令中关于对拟定补救金额的异议或对转让合同的承接与转让另有规定外，异议
如果有任何异议，针对拟议出售的异议必须：(a) 采用书面形式；(b) 符合适用的《破产规则》和《破产地方法院规则》的条款；(c) 详细陈述异议的法律和事实依据以及具体理由；并且 (d) 在 2026 年 8 月 24 日下午 4:00（当地中部时间）前提交至法院。未能及时提出异议的后果：任何未能按照《竞标程序命令》在出售异议截止日期或之前及时对出售提出异议的当事人或实体，将被永久禁止对该等出售主张任何异议，包括关于出售债务人的资产在脱离所有留置权、主张权、抵押权和其他权益的情况下进行转让的异议，除非适用购买协议另有规定。无继任者或受让人责任：出售命令预计将规定，其中包含：出售的成功竞标者将不承担以下任何继任责任，且资产将在此类责任脱离的情况下被出售：在适用法律允许的最大范围内，由于与《影子出价协议》（在影子竞标者成为成功竞标者的情况下）或与成功竞标者签署的单独购买协议（在影子竞标者未成为成功竞标者的情况下）相关的任何行动、出售的完成，或资产的转让或运营，成功竞标者不应被视为 (a) 法律继任者，或在其他方面被视为债务人的继任者（除作受让人在生效日后产生的《转让合同》项下的任何义务外）；(b) 事实上或以其他方式与债务人合并或并入债务人；或 (c) 是债务人的替代人格、简单的延续或实质性的延续。在上述 (a)、(b) 和 (c) 的每种情况中，包括但不限于：在任何外国、联邦、州或地方税收法、养老金法、《雇员退休收入保障法》、《综合预算预算调节法》、《工人调整和再培训通知法》（29 U.S.C. §§ 2101 及其后条款）、《公平劳动标准法》、《1964年民权法案》第七章（经修订）、《1967年就业年龄歧视法》（经修订）、《1973年联邦康复法》（经修订）、《全国劳工关系法》（29 U.S.C. § 151 及其后条款）、环境责任、债务、主张或义务，任何由债务人承担或要求债务人为任何期间的任何种类税款而支付的责任、债务或义务，劳动、就业或其他法律、规则或条例（包括但不限于该等法律、规则或条例项下的申报要求），或根据任何产品责任法或学说关于债务人在该等法律、规则或条例或学说项下责任的规定。任何当事人在生效日根据出售命令，抵销与资产相关的、由成功竞标者欠付或成功竞标者应收的任何主张、债务或义务的所有权利均应被终止。除《影子出价协议》（或另一成功竞标者的购买协议，视情况而定）中明确规定的承担债务外，成功竞标者不对以下事项承担任何责任：(a) 债务人的任何责任或其他义务，或与资产相关的责任或义务；或 (b) 针对债务人或其任何前身或关联方的任何主张（该词定义见《破产法》第 101(5) 条）。至
在适用法律允许的最大范围内，中标者对于债务人（或其前身或关联公司）各自的业务或经营，或债务人（或其前身或关联公司）基于任何形式或性质的继任责任或替代责任理论，或基于任何反垄断、环境、继任者或受让方责任、事实合并或实质延续、劳动与就业或产品责任理论而全部或部分直接或间接产生的任何义务，均不承担任何责任，无论该等责任在生效日时是否已知，目前是否存在或此后产生，是否已被主张，是确定的还是或有地，是已清算还是未清算的，包括因在生效日之前经营资产而产生、累计或应付的，或以任何方式与此相关的任何税项责任。请进一步注意，债务人在与磋商方沟通后，并在其合理的商业判断下且在履行信托职责的前提下，保留在与投标程序不产生重大矛盾的范围内，随时修改投标程序和/或终止与任何潜在投标者讨论的权利。请进一步注意，投标程序动议、投标程序和投标程序命令的副本以及所有相关附件可通过以下方式获取：(a) 向 Stretto（本第 11 章案件聘请的通知和索赔代理人）请求免费获取，方式为 (i) 拨打 (833) 307-4262（免付费）或 +1 (916) 405-7847（国际）；或 (ii) 访问债务人的重组网站 (https://cases.stretto.com/crosby/)；或 (b) 通过访问 http://www.laeb.uscourts.gov 支付费用经由 PACER 获取。
–8
–10
4.2
4.0
商业房地产
销售通知 请注意，根据纽约州颁布的《统一商业法典》的适用条款，鉴于 2023 年 8 月 3 日签署并由 VIA MIZNER PLEDGOR III, LLC（“出质人”）执行并交付的某项所有权权益质押与担保协议（“质押协议”）项下的某些违约事件，且根据 VIA MIZNER LENDER 2 LLC（“担保方”）作为担保持有人的权利，鉴于其根据纽约州《统一商业法典》（“法典”）第 8 条持有该特定股票证书，以及鉴于以担保方为受益人提交的某项 UCC-1 备案声明（均符合法典第 9 条），担保方将通过公开拍卖出售：(i) 出质人对以下各项的所有权利、权益和利益：VIA MIZNER OWNER III, LLC（“质押实体”），以及 (ii) 与此相关的某些相关权利和财产（(i) 和 (ii) 统称为“抵押物”）。担保方的理解是，质押实体的主要资产是位于 105 East Camino Real, Boca Raton, FL 33432 的 88 套待售共管公寓单元（“物业”）。Moecker Auctions, Inc.（“Moecker”），佛罗里达州拍卖业务许可证号 #AB1098，将在佛罗里达州获得许可的拍卖师 Eric Rubin（许可证号 #AU3219，下称“拍卖师”）的指导下，于 2026 年 8 月 18 日下午 3:30（东部标准时间）通过在线竞价对抵押物（详见下方附表 A）进行公开销售，以偿付金额约为 $50,727,826.16 的债务，包括本金、本金利息以及合理的费用和成本，外加截至...的违约利息。
2026年8月18日，取决于未结费用以及法律允许的所有额外成本、费用和支出。担保方保留信用出价权。在线竞标将通过 Zoom 会议进行。Zoom 会议链接将根据要求提供。投标人资格截止日期：有意对抵押品进行竞价的当事人必须在2026年8月17日下午3:00前联系 Jones Lang LaSalle Americas, Inc. (“JLL”) 的 Brett Rosenberg，地址为 330 Madison Avenue, New York, NY 10017, 电话 (212) 812-5926, 邮箱 Brett.Rosenberg@jll.com，以获取销售条款及竞标指令。在签署一份标准的保密与不披露协议（可在 105ECaminoRealCondoUCCSale.com 找到）后，将提供进一步的文件和信息。未能在销售前联系 JLL 并获得资格的意向方将不得参与竞价。
附表 A：质押权益：质押人：VIA MIZNER PLEDGOR III, LLC，一家特拉华州有限责任公司。发行人：VIA MIZNER OWNER III, LLC，一家特拉华州有限责任公司。质押权益：100% 成员权益。UCC1 已于2023年8月4日向特拉华州州务卿提交，备案号为 #20235370068。KRISS & FEUERSTEIN LLP, Attn: Jerold C. Feuerstein, Esq., 担保方代表律师, 360 Lexington Avenue, Suite 1200, New York, New York 10017, (212) 661-2900
黑石集团（Blackstone）最近参与了一项与天然气专家威廉姆斯公司（Williams Cos.）价值 $5.34 billion 的交易。
威廉姆斯将拥有该合资项目剩余的 51% 股份并管理新的发电厂。该交易是近年来许多基础设施融资交易中的最新一项，其中大型上市私募股权和信用管理机构设计了定制的结构化交易，以支持大公司的扩张。基金经理和证券分析师表示，这些交易通常比在资产负债表上增加更多债务，或通过发行新股来稀释现有股东权益，提供了更具吸引力的替代方案。
据研究公司 CreditSights 称，被统称为“超大规模运营商”（hyperscalers）的 AI 大买家今年已通过债券和贷款借款超过 $200 billion，并宣布另有 $115 billion 的股权融资。英伟达（Nvidia）和 Amazon.com 意外发行的 $25 billion 债券在近几周引发了超大规模运营商债务价格的剧烈下跌，投资者对未来可能出现更多发行规模感到担忧。
[[IMG_XXXX]] Amazon
广告
广告垂询：800-366-3975 或 WSJ.com/classifieds
“这次 [威廉姆斯] 的投资提供了另一个例子，表明财富 500 强公司正在寻求私人市场的定制化、长周期资本，”黑石集团董事长兼首席执行官史蒂芬·施瓦茨曼（Stephen Schwarzman）在周四与证券分析师讨论公司第二季度财报的电话会议上表示。
同时，作为威廉姆斯交易的一部分，黑石、阿波罗（Apollo）和 KKR 将从项目收入中获得定期股息支付，而威廉姆斯保留在七年后买断资产管理公司的权利，买断价格将使这些公司在投资中获得 6.35% 的整体内部收益率。
在五个项目中（所有项目都将位于各数据中心旁，作为专用电源），其中一个预计将于今年上线，其余项目将在未来几年内陆续跟进。
证券分析师表示，威廉姆斯在未来买断资产管理公司的能力使该交易变成了一种类债务交易，该公司可以将其记录为股权销售，从而为其他投资释放债务额度。
“从威廉姆斯的角度来看，他们实际上确保了……”
Alphabet 的 A 类股在 6 月 1 日宣布将发行至少 $80 billion 股权以来已下跌 15%。上周，在该公司将 2026 年资本支出预测提高 $15 billion 至 $195 billion 到 $205 billion 的新区间后，该股价下跌了 7.8%。
A 类股 Alphabet
Alphabet 的损失波及到其他科技股，导致“科技七巨头”（Magnificent Seven）遭遇自去年 4 月关税动荡以来最大的单日集体市值下跌。
“支出数字一直在上升，市场开始变得紧张，”The Wealth Alliance 总裁兼董事总经理埃里克·迪顿（Eric Diton）表示。“当你进行这样的投资时，不会立即获得回报。”
加剧这些焦虑的是中东地区日益激烈的冲突，这推高了油价并威胁到全球经济。周三，胡塞武装（Houthi）武装分子在红海向沙特阿拉伯（Saudi Arabia）油轮开火。
特朗普（Trump）总统威胁说，如果袭击继续，将对伊朗采取“重大军事惩罚”。
数月来，投资者通常愿意忽视这场冲突，赌注是这两个国家可以在……之前协商出解决方案。
过去一周的股价走势
15分钟间隔
周一 周二 周三 周四 周五
关于 泡沫的 警告
但台积电（TSMC）的 ADR 溢价在疫情后的泡沫期间飙升，随后在 AI 需求驱动美国买家押注英伟达芯片供应商时再次上涨。自 ChatGPT 在 2022 年推出以来，由于美国投资者证明愿意支付比台湾投资者高得多的价格，台积电的溢价平均达到了 15%。
SK 海力士（SK Hynix）的溢价规模表明，在美国交易芯片股票的需求已经失控，甚至超过了将“游戏化 FOMO（恐慌性买入）”交易视为家常便饭的韩国。根据瑞银（UBS）的 HOLT 估值模型，这种情况在普通股票中也同样存在，美国科技股（尤其是芯片股）的同类估值远高于亚洲科技股。
但估值很难比较；ADR 实际上是在其他地方上市股票的凭证，提供了一种直接的对比方式。
高 ADR 溢价并不一定会预示灾难——在 2008-09 年，台积电的高溢价是因为台湾股票的跌幅远大于 ADR。
市场并非完美高效，但相当高效。最终，足够多的人会意识到，只要稍微多花一点精力，他们就可以在韩国以便宜得多的价格买到同样的股票。
[[IMG_XXXX]] ANTRANIK TAVITIAN/BLOOMBERG NEWS
“通过获得 6.35% 的融资，同时获得 100% 的股权待遇，”巴克莱（Barclays）投资银行中游和炼油权益研究组董事总经理 Theresa Chen 表示，“这是一个高效的结构，在不增加杠杆的情况下支持其资产负债表。”
此类交易对大型基础设施运营商的吸引力，正推动黑石（Blackstone）为保险公司（尤其是寿险公司）管理资金的策略。分析师和基金经理表示，此类保险公司青睐能产生稳定、长期现金流的投资（这是基础设施资产的典型特征），同时支持具有投资级信用评级的公司有助于它们满足风险管理要求。
“人们认为，有一个无穷无尽的保险资金池正在寻找安全、可靠且有现金流的资产进行投资，”Chen 说道，“而且资产运营商显然希望获得类似于 Williams 交易那样具有吸引力的融资条件。”
这家纽约公司周四报告称，黑石在 6 月底拥有 $290 亿美元的保险资本，比一年前增加 15%。
上个月，黑石详细介绍了一项与日本日本生命保险（Nippon Life Insurance）的新合作伙伴关系，其中包括约 $10 亿——
战争对市场构成了长期威胁。
然而，他们的耐心有限。
不仅上周油价跳升，美国政府债券收益率也攀升至 2025, 年 1 月以来的最高水平，反映出人们日益担心美联储将需要很快加息以控制通胀。
国债收益率深受投资者对美联储设定的短期利率预期的影响。它们反过来又为抵押贷款利率等其他借贷成本设定了底线，因此收益率上升可能会减缓经济增长并拖累股票回报。
周五下午的利率期货显示，交易员认为有大约 36% 的——
投资者对本周 美联储加息的 估计概率
S&P 500
微软 (Microsoft)
Meta
来源：FactSet（业绩）；Tradeweb FTSE 收盘（收益率）
聆听播客：汽车内部的安全气囊正变得多么致命
在周四的电话会议上，黑石集团 (Blackstone) 总裁兼首席运营官乔纳森·格雷 (Jonathan Gray) 表示，在未来几年内，来自日本的信贷投资承诺规模将大幅增加。他提到，该公司与约 40 家保险公司签署了类似的资产管理协议，几乎是两年前数量的两倍。
在另一项交易中，黑石集团去年领导了一个投资集团，向技术与媒体公司罗杰斯通信 (Rogers Communications) 投资了 7 billion 加元，相当于 $4.97 billion。总部位于多伦多的罗杰斯公司提供基础设施密集型的宽带服务，并运营电话、卫星和无线通信网络。
“我们正在提供能源领域和数字基础设施领域急需的大型企业解决方案，我认为我们将继续在该 [保险] 领域获取客户，”格雷表示。
为大型公司提供的数十亿美元融资也提升了黑石集团在发起和构建此类交易时赚取的费用。首席财务官迈克尔·蔡 (Michael Chae) 在电话会议中表示，公司在刚刚结束的季度中赚取了创纪录的 $321 million 交易和咨询费，几乎是去年同期总额的两倍。
Luis Garcia 为 WSJ Pro Private Equity 撰稿。
4.8%
根据芝商所 (CME Group) 的数据，本周美联储 (The Fed) 加息的可能性为 4.8%，这表明市场对央行会议存在不寻常的不确定性。
TD 证券美国利率策略主管根纳迪·戈德堡 (Gennadiy Goldberg) 表示，如果美联储没有加息，或者没有强烈暗示即将加息，可能会出现“一点点松一口气”的情况，但这种感觉可能不会持续太久，因为投资者正焦虑地等待即将公布的通胀数据。
由于 10-year 美国国债收益率在 4.7% 附近波动，“我们正处于突破某些关键水平的边缘，”他补充道。“如果我们能维持在 4.7% 之上，我认为 4.8% 是下一个目标，而如果突破了那个点，就是 5%。”
10-year 美国国债收益率
4.6
3.8
2026年1月 7月
或者公司将发行更多美国存托凭证 (ADR) 以从溢价中获利，亦或是兴趣逐渐减弱。如果溢价因为韩国股票追赶而下跌，ADR 的买家会觉得没问题。但如果公司将美国股票当作“存钱罐”，他们将遭受损失；而如果溢价是因为韩国和美国的芯片股双双暴跌而下跌，他们将遭受更大的损失。
与此同时，当然，溢价可能会出现任何情况——包括变得更大。
JINTAK HAN 为 WSJ 撰稿
ŋĬŚêߌ ŷąÃŚ ĤÃŚŚêŋŒǡ
Ãĥå ŋĉŒě ĞêÃåêŋŒǢ ĉŚŒ ĥĬŚ êĥĬŠĀą ŚĬ ěĥĬŷ ŷąÃŚ ĘŠŒŚ ąÃňňêĥêå ǽ Ĭŋ êŶêĥ ŷąÃŚȃŒ ąÃňňêĥĉĥĀ ĥĬŷǡ Ĭ ňŋĬŚêߌ ĬňêŋÃŚĉĬĥŒ Ãĥå ňêĬňĞê Ãĥå Þê ŋêŒĉĞĉêĥŚǢ ŽĬŠ ĥêêå ÃߌĉĬĥÃÞĞê ÃĥŚĉßĉňÃŚĉĬĥǡ
Ĭÿ ĀêĬňĬĞĉŚĉßÃĞ ĥå ĀĞĬÞÃĞ ŒêߊŋĉŚŽ ŚąŋêÃŚŒ ĥå ßŋĉŒĉŒ ŋĉŒěŒǡ °ĉŚą ÿĬŋŷÃŋåǸĞĬĬěĉĥĀ ĉĥŒĉĀąŚǢ ŷê ňŋĬŶĉåê ŽĬŠŋ ĬŋĀÃĥĉƅÃŚĉĬĥ Śąê åêßĉŒĉĬĥ ÃåŶÃĥŚÃĀê ĉŚ ĥêêåŒ ŚĬ Ãߌ ŷĉŚą ßĬĥƌåêĥßê ĥå ÃßąĉêŶê ĉŚŒ ĀĬÃĞŒǡ
XêÃŋĥ ĤĬŋê ÃŚ åĬŷĘĬĥêŒǡßĬĤǮ#ŋÃĀĬĥƍŽ
THE WALL STREET JOURNAL.
t
t
t
s
t
s
t
–6
s
51947.25 t199.17, or 0.38% last week High, low, open and close for each of the past 52 weeks
Current divisor 0.1682481652835
200-day moving average
200-day moving average
2.00
2.00
–2.00
Monday's open
Bars measure the point change from Monday's open
J A S O N D J F M A M J J
J A S O N D J F M A M J J
J A S O N D J F M A M J J
F M A M J J
NYSE weekly volume, in billions of shares
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index
1.00
100%
| Index | Latest Week | 52-Week High | 52-Week Low | Close | Netchg | % chg | Low | Close (l) | High | %chg | YTD | 3-yr. ann. |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dow Jones Industrial Average | 52511.21 | 51542.06 | 51947.25 | -199.17 | -0.38 | 43588.58 | • | 53055.91 | 15.7 | 8.1 | 13.6 | |
| Transportation Avg | 22845.32 | 22298.68 | 22476.16 | -247.71 | -1.09 | 15067.87 | • | 23933.14 | 37.3 | 29.5 | 11.5 | |
| Utility Average | 1183.48 | 1136.19 | 1172.68 | 23.62 | 2.06 | 1048.33 | • | 1190.23 | 8.3 | 9.8 | 7.4 | |
| Total Stock Market | 74530.97 | 73081.25 | 73424.64 | -478.95 | -0.65 | 61627.03 | • | 75286.1 | 16.2 | 8.8 | 17.2 | |
| Barron's 400 | 1611.70 | 1588.89 | 1600.84 | 3.11 | 0.19 | 1316.75 | • | 1635.15 | 18.3 | 13.3 | 16.1 |
S&P
6.00%
12%
6.00%
4.00
4.00
–12
Nasdaq Stock Market
| Index | Latest Week | 52-Week High | 52-Week Low | Close | Netchg | % chg | Low | Close (l) | High | %chg | YTD | 3-yr. ann. |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nasdaq Composite | 25880.34 | 24918.09 | 24975.82 | -544.42 | -2.13 | 20650.13 | • | 27093.9 | 18.3 | 7.46 | 21.1 | |
| Nasdaq-100 | 29192.29 | 28053.08 | 28128.34 | -464.32 | -1.62 | 22763.31 | • | 30660.6 | 20.9 | 11.4 | 22.1 |
500 Index 7525.94 7376.00 7411.98 -45.71 -0.61 6238.01 • 7609.78 16.0 8.3 17.6
MidCap 400 3810.93 3744.12 3783.86 8.69 0.23 3104.60 • 3852.54 17.6 14.5 11.8
SmallCap 600 1786.69 1753.84 1761.47 -14.83 -0.84 1323.05 • 1804.34 27.9 20.0 11.7
5.00
Other Indexes
| Index | Latest Week | 52-Week High | 52-Week Low | Close | Netchg | % chg | Low | Close (l) | High | %chg | YTD | 3-yr. ann. |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Russell 2000 | 2988.43 | 2924.33 | 2930.00 | -32.22 | -1.09 | 2166.78 | • | 3024.37 | 29.6 | 18.1 | 14.2 | |
| NYSE Composite | 24085.60 | 23654.55 | 23990.88 | 173.92 | 0.73 | 20267.69 | • | 24075.12 | 14.5 | 9.0 | 13.6 | |
| ValueLine | 680.22 | 668.09 | 673.18 | -4.43 | -0.65 | 590.50 | • | 682.99 | 8.1 | 7.1 | 4.4 | |
| NYSE Arca Biotech | 8715.22 | 8465.75 | 8615.87 | -29.73 | -0.34 | 5640.67 | • | 8917.63 | 49.5 | 20.5 | 17.3 | |
| NYSE Arca Pharma | 1252.68 | 1205.67 | 1247.10 | 15.52 | 1.26 | 881.47 | • | 1270.42 | 30.1 | 10.8 | 12.3 | |
| KBW Bank | 189.96 | 185.90 | 188.27 | -0.59 | -0.31 | 139.52 | • | 191.84 | 28.9 | 14.7 | 28.3 | |
| PHLX§ Gold/Silver | 325.06 | 293.02 | 312.89 | 17.09 | 5.78 | 204.07 | • | 470.37 | 46.3 | -8.6 | 35.3 | |
| PHLX§ Oil Service | 96.82 | 89.79 | 96.36 | 4.36 | 4.74 | 58.66 | • | 109.24 | 53.2 | 31.4 | 1.9 | |
| PHLX§ Semiconductor | 12525.71 | 11711.39 | 11818.89 | 145.00 | 1.24 | 5527.61 | • | 14634.72 | 109.3 | 66.9 | 47.4 | |
| Cboe Volatility | 20.31 | 16.64 | 18.58 | -0.19 | -1.01 | 13.47 | • | 31.05 | 24.4 | 24.3 | 10.1 |
3.00
0.00
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data
| 地区/国家 指数 | 最新收盘价 | 本周涨跌幅 | 52周范围 低点 | • | 52周范围 高点 | 年初至今涨跌幅 |
|---|---|---|---|---|---|---|
| 全球 | ||||||
| MSCI ACWI | 1105.48 | –0.29 | 917.39 | • | 1136.59 | 9.0 |
| MSCI ACWI ex-USA | 464.41 | 0.36 | 373.97 | • | 482.25 | 10.3 |
| MSCI World | 4788.90 | –0.39 | 4022.69 | • | 4878.87 | 8.1 |
| MSCI新兴市场 | 1628.03 | 0.46 | 1226.18 | • | 1802.77 | 15.9 |
| 美洲 | ||||||
| MSCI AC Americas | 2808.50 | –0.63 | 2358.16 | • | 2879.69 | 8.3 |
| 加拿大 S&P/TSX Comp | 35369.10 | 0.30 | 27020.43 | • | 35485.11 | 11.5 |
| 拉丁美洲 MSCI EM Latin America | 3028.90 | 1.36 | 2224.92 | • | 3368.83 | 11.8 |
| 巴西 Bovespa | 174041.95 | 0.19 | 132129.26 | • | 198657.33 | 8.0 |
| 智利 S&P IPSA | 5516.01 | 0.58 | 4205.02 | • | 6013.24 | 1.7 |
| 墨西哥 S&P/BMV IPC | 66383.26 | –0.38 | 56650.26 | • | 71601.35 | 3.2 |
| 欧洲、中东及非洲 (EMEA) | ||||||
| 欧洲斯托克600指数 | 644.51 | 0.47 | 535.79 | • | 652.77 | 8.8 |
| STOXX Europe 50 | 5429.15 | 0.82 | 4377.10 | • | 5479.52 | 10.4 |
| 欧元区 Euro STOXX | 665.93 | 0.75 | 552.10 | • | 680.50 | 8.8 |
| Euro STOXX 50 | 6280.94 | 0.80 | 5165.60 | • | 6412.68 | 8.5 |
| 奥地利 ATX | 6455.88 | 1.43 | 4457.10 | • | 6594.82 | 21.2 |
| 比利时 Bel-20 | 5734.78 | 1.86 | 4565.37 | • | 5813.65 | 12.9 |
| 法国 CAC 40 | 8372.28 | 0.40 | 7546.16 | • | 8620.93 | 2.7 |
| 德国 DAX | 25099.00 | 1.08 | 22300.75 | • | 25817.89 | 2.5 |
| 希腊 Athex Composite | 2492.71 | 1.86 | 1950.12 | • | 2560.34 | 17.5 |
| 以色列 Tel Aviv | 4253.08 | 2.72 | 2898.78 | • | 4527.63 | 17.1 |
| 意大利 FTSE MIB | 51802.23 | –0.15 | 39943 | • | 52959 | 15.3 |
| 荷兰 AEX | 1090.04 | –0.18 | 883.89 | • | 1102.38 | 14.6 |
| 挪威 Oslo Bors All-Share | 2377.49 | 3.40 | 1822.75 | • | 2460.27 | 22.5 |
| 葡萄牙 PSI 20 | 9215.11 | 1.69 | 7626.71 | • | 9484.93 | 11.5 |
| 南非 FTSE/JSE All-Share | 109398.05 | –0.16 | 97744.15 | • | 128455.68 | –5.6 |
| 西班牙 IBEX 35 | 19585.40 | 1.92 | 14126.7 | • | 19852.4 | 13.2 |
| 瑞典 OMX Stockholm | 1108.74 | 0.94 | 955.07 | • | 1122.63 | 6.0 |
| 瑞士 Swiss Market | 14327.20 | –0.12 | 11755.32 | • | 14424.24 | 8.0 |
| 英国 FTSE 100 | 10736.23 | 1.28 | 9068.58 | • | 10910.55 | 8.1 |
| 亚太地区 | ||||||
| MSCI AC Asia Pacific | 263.25 | 0.80 | 204.13 | • | 285.9 | 15.6 |
| 澳大利亚 S&P/ASX 200 | 8772.30 | –0.28 | 8365.9 | • | 9200.9 | 0.7 |
| 中国 上海综合指数 | 3814.20 | 1.33 | 3559.95 | • | 4242.57 | –3.9 |
| 香港 恒生指数 | 24963.23 | 1.63 | 22671.86 | • | 27968.09 | –2.6 |
| 印度 BSE Sensex | 76059.77 | –2.68 | 71947.55 | • | 85762.01 | –10.7 |
| 日本 NIKKEI 225 | 64611.15 | 0.73 | 40290.70 | • | 72366.34 | 28.4 |
| 马来西亚 FTSE Bursa Malaysia KLCI | 1701.02 | –1.76 | 1513.25 | • | 1771.25 | 1.2 |
| 新加坡 Straits Times | 5588.34 | 1.43 | 4153.83 | • | 5595.42 | 20.3 |
| 韩国 KOSPI | 6690.62 | –1.91 | 3119.41 | • | 9114.55 | 58.8 |
| 台湾 TAIEX | 43654.84 | 2.30 | 23201.52 | • | 47741.51 | 50.7 |
来源：FactSet；道琼斯市场数据
美国消费者利率 过去一年消费者利率与其基准值的对比
联邦基金 目标利率
货币市场 账户收益率
J 2025
A S O N D J 2026
收益率/利率 (%) 52周范围 (%) 3年变化 利率 最新 (l) 一周前 低点 0 2 4 6 8 高点 (百分点)
| 项目 | 最新 | 一周前 | 低点 | l | 高点 | 3年变化 |
|---|---|---|---|---|---|---|
| 联邦基金目标利率 | 3.50-3.75 | 3.50-3.75 | 3.50 | l | 4.50 | -1.50 |
| 优惠利率 (Prime rate)* | 6.75 | 6.75 | 6.75 | l | 7.50 | -1.50 |
| SOFR | 3.64 | 3.62 | 3.50 | l | 4.51 | -1.41 |
| 货币市场，年化收益率 | 0.44 | 0.44 | 0.41 | l | 0.45 | -0.11 |
| 五年期定期存款 (CD)，年化收益率 | 1.73 | 1.73 | 1.67 | l | 1.73 | -1.12 |
| 30年期固定抵押贷款† | 6.71 | 6.61 | 6.11 | l | 6.81 | -0.61 |
| 15年期固定抵押贷款† | 6.10 | 6.08 | 5.55 | l | 6.13 | -0.53 |
| 巨额抵押贷款，$832,750及以上† | 6.71 | 6.70 | 6.34 | l | 6.95 | -0.65 |
| 五年期可调利率抵押贷款 (ARM)† | 5.95 | 5.98 | 5.66 | l | 6.26 | -0.31 |
| 新车贷款，48个月 | 6.97 | 6.97 | 6.85 | l | 7.21 | -0.54 |
Bankrate.com 利率基于对 1,500 多家在线银行的调查。*由全美 70% 的最大银行公布的基准利率。†不含结清费用。 来源：FactSet；道琼斯市场数据；Bankrate.com
| 一年前 | 最新 | 滚动市盈率 | 预测市盈率 * | 股息率 | 历史最高 |
|---|---|---|---|---|---|
| t | t | ||||
| 22.06 | 24.97 | 20.23 | 21.34 | 1.51 | 1.62 |
| 53055.91, 07/06/26 |
65日移动平均线 65日移动平均线
本周高点 周五收盘价 下跌 上涨
周五收盘价 周一开盘价
本周低点
一级市场
精选利率 货币市场/储蓄账户
Bankrate.com 平均值†: 0.44%
BTG Pactual Bank 4.15% 纽约, NY 212-652-7200
Quorum Federal Credit Union 4.15% Purchase, NY 800-874-5544
Sallie Mae Bank 4.20% 盐湖城, UT 877-346-2756
TAB Bank 4.20% 奥格登, UT 800-355-3063
E*Trade 4.35% Purchase, NY 800-387-2331
7411.98 t45.71, 或上周 0.61% 过去 52 周每周的最高、最低、开盘和收盘价
54000
51000
48000
45000
42000
39000
36000
扫描此代码
0 12 24 36
获取实时美国股票报价，并追踪最活跃股票、新高/新低、共同基金和 ETF。
可在 WSJMarkets.com 免费获取
基准收益率与利率
国债收益率曲线 当前国库券、票据和债券的到期收益率
到期时间
t 一年前
Tradeweb FTSE 周五收盘价
1 个月(s)
3 6 1 年
2 3 5 7 10 20 30
来源：Tradeweb FTSE U.S. Treasury Close; TullettPrebon; DowJonesMarket Data 公司借贷利率与收益率 利差+/- 国债, 收益率 (%) 以基点计, 52周范围 总回报 债券总回报指数 最新 一周前 最新 最低 最高 52周 3年
25.17 24.85 21.10 24.03 1.11 1.20 7609.78, 06/02/26
纳斯达克综合指数 (Nasdaq Composite) t 544.42, 或上周 -2.13%
24800 17 七月
20 21 22 23 24
20 21 22 23 24
DJ US TSM t 478.95, 或上周 -0.65%
72800 17 七月
货币
上周 年初至今 收盘 净变动 %变动 % 变动
DJ 大宗商品指数 (DJ Commodity) 1396.95 44.07 3.26 23.55 FTSE/CC CRB 指数 395.67 13.71 3.59 32.43
原油，美元/桶 89.31 7.53 9.21 55.54
天然气，美元/MMBtu 2.871 -0.040 -1.37 -22.11 黄金，美元/金衡盎司 4067.60 54.90 1.37 -5.96
美元指数 101.47 0.71 0.70 3.20
WSJ 美元指数 97.55 0.46 0.47 1.70
WSJ 美元指数
欧元，每美元 0.8795 0.005 0.61 3.33
日元，每美元 163.85 1.45 0.89 4.58 英镑，以美元计 1.33 -0.0129 -0.96 -1.14
日元
52周 最低 收盘(l) 最高 %变动
DJ 大宗商品指数 (DJ Commodity) 1037.49 l 1467.33 31.34
FTSE/CC CRB 指数 291.69 l 406.18 30.91 原油，美元/桶 55.27 l 112.95 37.06
天然气，美元/MMBtu 2.523 l 7.460 -7.68 黄金，美元/金衡盎司 3293.20 l 5318.40 22.00
美元指数 96.22 l 101.61 3.92 WSJ 美元指数 93.64 l 97.73 2.71 欧元，每美元 0.8305 l 0.8805 3.27 日元，每美元 146.47 l 163.85 10.96 英镑，以美元计 1.30 l 1.39 -0.85
访问 WSJMarkets.com 免费获取实时市场数据。
外汇赛跑 日元、欧元对比美元；美元对比美国主要贸易伙伴
2025 2026
美国市场 IPO 预计本周将进行的股票首次公开募股 (IPO)；其中可能包含一些仅通过 Rule 144a 市场面向机构投资者的发行（包括美国及外国发行）；交易金额仅指美国市场。
| 预期定价日期 | 发行人/业务 | 交易代码/预期交易所 | 股份 (百万) | 定价范围 ($) | 申报日期 | 主承销商 |
|---|---|---|---|---|---|---|
| 7/29 | Reformation (女装及女童剪裁与缝制其他外衣制造) | REF | 14.1 | 15.00/ | 6/25 | JPMorgan |
| 7/29 | Jersey Mike's Subs (有限服务餐厅) | JMKE | 43.5 | 21.00 - 25.00 | 7/2 | MS, Jefferies, JPM, Barclays Capital, Guggenheim, BofA, GS, Evercore Group, UBS, Robert W Baird, Wells Fargo, William Blair, RBC Cptl Mkts, Deutsche Bank, Nomura Intl, WR Securities, Piper Sandler, Raymond James, Stifel Nicolaus, TD (USA), BTIG, Mizuho USA, SG Americas, Truist |
IPO 成绩单 IPO 表现，按最近日期排序
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
回顾道琼斯工业平均指数 (DJIA) 成份股在过去一周的表现，以及每只股票对指数的影响。本周道琼斯工业平均指数下跌 199.17 点，跌幅为 0.38%。任何一只 DJIA 成份股价格每变动 $1 = 该平均指数变动 5.94 点。截至目前，若在 12 月 31 日向每只当前的 DJIA 成份股投资 $1,000，包括再投资的股息在内，投资额 $30,000 将获得 $32,304 的回报，收益率为 7.68%。
74300
73800
本周走势 | 公司 | 代码 | 收盘价 | 价格变动 (%) | 对平均指数的点数影响* | 投资 $1,000 (25年底) | 变动 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Honeywell International | HON | $243.15 | 8.06 | 18.13 | $1,201 | 107.76 | | 3M | MMM | 172.62 | 8.00 | 12.78 | 1,089 | 75.96 | | Travelers | TRV | 387.26 | 4.95 | 18.28 | 1,345 | 108.65 | | Johnson & Johnson | JNJ | 263.40 | 4.09 | 10.36 | 1,287 | 61.58 | | Chevron | CVX | 194.79 | 3.95 | 7.41 | 1,302 | 44.04 |
73300
| 公司 | 代码 | 收盘价 | 价格变动 (%) | 对平均指数的点数影响* | 投资 $1,000 (25年底) | 变动 |
|---|---|---|---|---|---|---|
| JPMorgan Chase | JPM | 353.21 | 3.55 | 12.11 | 1,112 | 71.98 |
| Merck & Co | MRK | 131.07 | 2.80 | 3.57 | 1,264 | 21.22 |
| Amgen | AMGN | 376.04 | 2.66 | 9.75 | 1,166 | 57.95 |
| NVIDIA Corp | NVDA | 206.84 | 1.99 | 4.03 | 1,110 | 23.95 |
| Cisco Systems | CSCO | 114.17 | 1.99 | 2.23 | 1,504 | 13.25 |
| Caterpillar | CAT | 888.73 | 0.96 | 8.45 | 1,561 | 50.22 |
| Coca-Cola | KO | 82.25 | 0.85 | 0.69 | 1,192 | 4.10 |
| IBM | IBM | 214.19 | 0.71 | 1.52 | 733 | 9.03 |
| Apple | AAPL | 333.02 | –0.22 | –0.72 | 1,227 | –4.28 |
| Goldman Sachs | GS | 1,061.23 | –0.37 | –3.99 | 1,219 | –23.71 |
| Visa | V | 355.74 | –0.79 | –2.82 | 1,019 | –16.76 |
| McDonald’s | MCD | 264.76 | –1.10 | –2.95 | 877 | –17.53 |
| UnitedHealth | UNH | 420.74 | –1.26 | –5.35 | 1,292 | –31.80 |
| Procter & Gamble | PG | 147.41 | –1.71 | –2.57 | 1,051 | –15.28 |
| Home Depot | HD | 332.98 | –1.74 | –5.89 | 982 | –35.01 |
| Boeing | BA | 209.52 | –2.11 | –4.51 | 965 | –26.81 |
| Walt Disney | DIS | 94.85 | –2.89 | –2.82 | 840 | –16.76 |
| Microsoft | MSFT | 381.70 | –3.08 | –12.12 | 793 | –72.04 |
| Salesforce | CRM | 163.66 | –4.16 | –7.11 | 621 | –42.26 |
| Sherwin-Williams | SHW | 317.51 | –4.17 | –13.81 | 985 | –82.08 |
| Walmart | WMT | 109.47 | –4.18 | –4.77 | 987 | –28.35 |
| NIKE | NKE | 41.70 | –4.71 | –2.06 | 665 | –12.24 |
| Amazon.com | AMZN | 232.11 | –6.12 | –15.12 | 1,006 | –89.87 |
| Alphabet | GOOGL | 319.74 | –7.79 | –27.03 | 1,023 | –160.66 |
| American Express | AXP | 326.17 | –8.21 | –29.18 | 889 | –173.43 |
美东时间下午 5 点的美元外汇汇率
| 国家/货币 | 每单位兑换美元 (US$) | 1 美元兑换 (单位) | 年初至今变动 (%) |
|---|---|---|---|
| 美洲 | |||
| 阿根廷比索 | 00071496.4596 | 00071496.4596 | 3.1 |
| 巴西雷亚尔 | 1962 5.0977 | 1962 5.0977 | –7.6 |
| 加拿大元 | 7095 1.4095 | 7095 1.4095 | 2.7 |
| 智利比索 | 001055 947.88 | 001055 947.88 | 5.3 |
| 哥伦比亚比索 | 000310 3226.90 | 000310 3226.90 | –14.4 |
| 厄瓜多尔美元 | 1 | 1 | 保持不变 |
| 墨西哥比索 | 0572 17.4831 | 0572 17.4831 | –2.9 |
| 乌拉圭比索 | 02491 40.1456 | 02491 40.1456 | 2.8 |
| 亚太地区 | |||
| 澳大利亚元 | 6980 1.4327 | 6980 1.4327 | –4.4 |
| 中国元 | 1477 6.7722 | 1477 6.7722 | –3.2 |
| 香港元 | 1275 7.8426 | 1275 7.8426 | 0.8 |
| 印度卢比 | 01037 96.398 | 01037 96.398 | 7.3 |
| 印度尼西亚卢比 | 0000558 17922 | 0000558 17922 | 7.4 |
| 日本日元 | 006103 163.85 | 006103 163.85 | 4.6 |
| 哈萨克斯坦坚格 | 002105 475.15 | 002105 475.15 | –6.4 |
| 澳门币 | 1238 8.0796 | 1238 8.0796 | 0.7 |
| 马来西亚林吉特 | 2444 4.0914 | 2444 4.0914 | 0.8 |
| 新西兰元 | 5789 1.7274 | 5789 1.7274 | –0.6 |
| 巴基斯坦卢比 | 00360 277.689 | 00360 277.689 | –0.9 |
| 菲律宾比索 | 0162 61.707 | 0162 61.707 | 4.7 |
| 新加坡元 | 7750 1.2904 | 7750 1.2904 | 0.4 |
| 韩国圆 | 0006851 1459.63 | 0006851 1459.63 | 1.3 |
| 斯里兰卡卢比 | 0029766 335.95 | 0029766 335.95 | 8.4 |
| 台湾元 | 03092 32.337 | 03092 32.337 | 3.2 |
| 泰国铢 | 02967 33.700 | 02967 33.700 | 7.0 |
预测市场：2026 年美联储将进行多少次降息？
该市场将根据美联储在 2026 年实际进行的 25 个基点降息次数来结算。
N 17.00 摩根士丹利
来源：道琼斯市场数据；FactSet
*基于综合价格。DJIA 是根据初级市场价格计算的。 来源：道琼斯市场数据；FactSet。
越南盾 .00003798 26327 0.1 欧洲 捷克克朗 .04710 21.233 3.2 丹麦克朗 .1521 6.5743 3.4 欧元区欧元 1.1371 .8795 3.3 匈牙利福林 .003149 317.56 –3.0 冰岛克朗 .007951 125.77 0.4 挪威克朗 .1044 9.5781 –5.0 波兰兹罗提 .2634 3.7965 5.7 瑞典克朗 .1029 9.7180 5.5 瑞士法郎 1.2223 .8181 3.2 土耳其里拉 .0211 47.3340 10.2 乌克兰格里夫纳 .0223 44.8500 5.9 英镑 1.3323 .7506 1.1 中东/非洲 巴林第纳尔 2.6518 .3771 0.04 埃及镑 .0195 51.3490 7.6 以色列谢克尔 .3279 3.0496 –4.3 科威特第纳尔 3.2248 .3101 0.7 阿曼里亚尔 2.5993 .3847 –0.01 卡塔尔里亚尔 .2751 3.635 –0.5 沙特阿拉伯里亚尔 .2662 3.7566 0.2 南非兰特 .0594 16.8344 1.6
收盘价 净变动 %变动 年初至今%变动
WSJ美元指数 97.55 –0.04–0.04 1.70
来源：Tullett Prebon, Dow Jones MarketData
道琼斯合作伙伴
Monday, July 27, 2026 | B9
列出的是按资产规模测算的 300 家最大的封闭式基金。封闭式基金出售数量有限的份额，并将所得资金投资于证券。与开放式基金不同，封闭式基金通常不会从希望套现持仓的投资者手中回购其份额。相反，基金份额在股票交易所交易。NA 表示信息不可得或不适用。NS 表示该基金在整个期间内并非一直存在。12 个月收益率的计算方法是将支付的收入股息（对于在月末结束的期间，计算前 12 个月；对于在非月末时间结束的期间，计算前 52 周）除以经资本利得分配调整后的最新月末市场价格。根据基金类别，列出的是 12 个月收益率或总回报率。 来源：LSEG Friday, July 24, 2026
周五
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
通用股票基金 AdamsDiversifiedEqInc ADX 26.03 25.88 -0.6 26.3 BlackRockEnLgCapCr CII 23.73 24.48 +3.2 35.3 Central Secs CET 61.99 52.20 -15.8 13.2 CohenStrsCEOppFd FOF 13.42 13.48 +0.4 14.1 EVTxAdvDivIncm EVT 30.47 27.61 -9.4 23.2 GabelliDiv&IncTr GDV NA 29.73 NA 18.6 Gabelli Equity Tr GAB NA 5.58 NA 4.1 GeneralAmer GAM 71.79 64.06 -10.8 23.7 JHancockTaxAdvDiv HTD 27.05 26.08 -3.6 16.3 LibertyAll-StarEquity USA 6.42 5.69 -11.4 -4.8 LibertyAll-StarGrowth ASG 5.82 5.07 -12.9 0.5 NuveenNasdaq100DynOv QQQX 30.67 29.50 -3.8 20.9 NuvS&P500DynOvFd SPXX 20.34 18.41 -9.5 10.4 RoyceMicro-CapTr RMT 15.49 13.76 -11.2 52.8 RoyceValueTrust RVT 20.43 18.04 -11.7 26.9 Source Capital SOR 49.26 44.89 -8.9 8.1 SpecialOpportunities SPE 15.29 13.16 -13.9 -4.5 SprottFocusTrust FUND 10.97 9.81 -10.6 34.4 SRHTotalReturn STEW 23.53 18.10 -23.1 4.6 Tri-Continental TY 38.26 34.87 -8.9 18.5 Specialized
股票基金 abrdnGlbPremProp AWP 12.16 12.23 +0.6 18.8 abrdnGlobalInfraInc ASGI 22.17 24.54 +10.7 30.6 abrdnHealthcareInvest HQH 22.99 21.50 -6.5 50.1 abrdnHealthcareOpps THQ 19.60 18.55 -5.4 21.8 abrdnLifeSciencesInv HQL 21.60 19.25 -10.9 62.8 abrdnWorldHealthcare THW 13.54 13.12 -3.1 30.8 AdamsNaturalResources PEO 30.31 27.61 -8.9 36.5 AllspringUt&HiInc ERH 13.17 11.93 -9.4 9.8 ASAGold&PrecMetLtd ASA NA 50.47 NA 54.9 BlackRockEnergy&Res BGR 18.27 16.50 -9.7 34.1 BlackRockEqEnhDiv BDJ 10.29 9.59 -6.8 18.2 BlackRockEnhGlblDiv BOE 12.98 11.91 -8.2 12.9 BlackRockEnhIntlDiv BGY 6.24 5.65 -9.5 6.3 BlackRockESGCapAllT ECAT 15.07 15.05 -0.1 14.1 BlackRockHlthSciTerm BMEZ 17.08 15.31 -10.4 20.1 BlackRockHlthSciences BME 44.29 42.85 -3.3 27.3 BlackRockRes&Comm BCX 12.72 11.79 -7.3 30.0 BlackRockSci&TechTerm BSTZ 31.43 28.69 -8.7 49.6 BlackRockSci&TechTrust BST 49.29 45.35 -8.0 28.8
BlackRockInnov&GroTerm BTX 9.32 NA NA NA BlackRockUtlInf&Pwr BUI 27.76 27.87 +0.4 17.3 BluerockPrivateRE BPRE NA NA NA NS CLEARBRIDGEENGYMDSOPP EMO NA 52.76 NA 24.0 ChnStrInfr UTF 28.72 28.07 -2.3 12.8 Cohen&SteersQualInc RQI 13.88 12.63 -9.0 10.1 CohenStrsRealEstandI RLTY 17.74 16.18 -8.8 14.3 Cohen&SteersTotRet RFI 12.22 11.70 -4.3 5.8 CohenStrsREITPrefInc RNP 22.47 20.65 -8.1 -1.3 ColumbiaSelPrmTechGr STK 51.90 47.37 -8.7 64.3 DNPSelectIncome DNP NA 11.10 NA 22.3 Duff&PhUti&InfraIncFd DPG NA 14.97 NA 26.5 EtnVncEqtyInc EOI NA 19.70 NA 1.6 EtnVncEqtyIncoII EOS NA 21.35 NA -4.5 EVRskMnDvsEqInc ETJ 9.11 8.36 -8.2 1.7 ETnVncTxMgdBuyWrtInc ETB 16.77 15.27 -8.9 14.3 EtnVncTxMgdBuyWrtOpp ETV NA 14.62 NA 15.2 EvTxMnDvsEqInc ETY 15.53 14.24 -8.3 -1.8 EtnVncTxMgdGlbB ETW NA 9.40 NA 16.9 EVTxMnGblDvEqInc EXG 10.36 9.50 -8.3 16.8 FirstTrEnhancedEq FFA 24.87 22.37 -10.1 14.5 Gab GlUtil & Inc GLU
NA 19.39 NA 16.7 GabelliHealthcare GRX NA 9.56 NA 9.5 Gab Utility GUT NA 6.43 NA 26.0 GAMCOGlGold&NatRes GGN NA 4.91 NA 17.0
能源
禁售期届满 以下公司的高管及其他内部人士将首次获得出售其新上市公司的股票资格。此类出售可能会影响股价。
| 禁售期届满 | 股票代码 | 发行价($) | 发行额($百万) | 周五(%) | 禁售条款 | 发行日期 |
|---|---|---|---|---|---|---|
| 7月 28 | LIFE | 19.00 | 200.0 | –2.6% | 180 天 | 26年 1月 29日 Ethos Technologies |
| 7月 28 | PICS | 19.00 | 434.3 | –37.6% | 180 天 | 26年 1月 29日 Picpay Holdings Netherlands |
| 7月 28 | YSS | 34.00 | 629.0 | –49.8% | 180 天 | 26年 1月 29日 York Space Systems |
国债
7月 27日，星期一 13周和 26周短期国库券拍卖； 7月 23日公布；7月 30日结算
7月 28日，星期二 6周短期国库券拍卖； 7月 23日公布；7月 30日结算
2年期和 5年期国债拍卖； 7月 23日公布；7月 31日结算
7年期国债拍卖； 7月 23日公布；7月 31日结算
7月 29日，星期三 2年期浮动利率票据 (FRN) 拍卖； 7月 23日公布；7月 31日结算
7月 30日，星期四 4周和 8周短期国库券拍卖； 7月 28日公布；8月 4日结算
17周短期国库券拍卖； 7月 28日公布；8月 4日结算
内部交易聚焦 公司“内部人士”（如首席执行官、副总裁或董事）的交易可能会传递关于公司前景的新信息。内部人士必须在两个工作日内向 SEC 报告大额交易。以下是基于 LSEG 数据与分析公司在 7月 24日收到的数据，所列出的内部人士最大单笔交易以及公司年至今的股票表现。
关键代码：B：持有该类证券 10% 以上的受益所有者；CB：董事长；CEO：首席执行官；CFO：首席财务官；CO：首席运营官；D：董事；DO：董事兼受益所有者；GC：总法律顾问；H：高管、董事兼受益所有者；I：通过信托、内部人士配偶、未成年子女或其他方式提交的间接交易；O：高管；OD：高管兼董事；P：总裁；UT：未知；VP：副总裁。不包括纯期权交易。
基于上周提交给监管机构的报告
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
*一半的交易为间接持有 **两天交易 p-粉单市场 (Pink Sheets)
GAMCONRGLD&INC GNT NA 8.24 NA 38.8 JHanFinlOpptys BTO 41.90 40.45 -3.5 21.0 KayneEnrgyInfraInc KYN 16.85 14.91 -11.5 31.9 NeubergerEnrgyInf&In NML 11.61 10.72 -7.7 35.1 NeubergerNxtGenConn NBXG 17.33 14.93 -13.8 11.2 NeubergerRealEstSI NRO 3.36 3.06 -8.9 6.7 NuvCorEqAlpha JCE NA 16.40 NA 14.5 NuveenNasdaq100DynOv QQQX 30.67 29.50 -3.8 20.9 Nuv Real Est JRS 9.66 8.69 -10.0 19.8 NuvS&P500DynOvFd SPXX 20.34 18.41 -9.5 10.4 NXGCushingMdstrmEnrgy SRV 47.70 49.69 +4.2 42.7 NXGNextGenInfrasInc NXG 58.10 59.95 +3.2 39.1 PIMGlbStkPI PGP NA 8.34 NA 9.97 ReavesUtilityIncome UTG 39.93 40.04 +0.3 12.3 TortoiseEnrgyInfraCrp TYG NA 44.76 NA 18.0 VDivInt&PremStr NFJ NA 15.19 NA 29.5 VArtInt&TechOpps AIO 28.24 25.60 -9.3 18.0 XAIMadisonEquityPrInc MCN 6.14 5.59 -9.0 0.6 收益与优先股基金 股息与收益 BXSY 27.17 NA NA NA CalamosStratTot CSQ 22.03 20.00 -9.2 15.8 CohenStrsLtdDurPref&Inc
LDP 22.04 20.59 -6.6 5.0 CohenStrsSelPref&Income PSF 21.54 19.50 -9.5 2.8 CohenStrsTaxAvPreSecs&I PTA 20.30 18.86 -7.1 2.9 FirstTrIntDurPref&Inc FPF 18.83 17.73 -5.8 2.2 JHanPrefInc HPI 15.11 15.97 +5.7 10.2 JHPrefIncII HPF 14.98 15.76 +5.2 9.4 HnckJPfdInco III HPS 13.52 14.23 +5.3 10.0 JHan Prm PDT 14.58 12.89 -11.6 3.5 LMP CapInco SCD NA 15.41 NA 10.0 NuveenPref&IncOpp JPC 7.72 7.70 -0.3 5.2 NuveenVarRateP&I NPFD 19.36 18.26 -5.7 5.1 TCWStratIncome TSI 4.83 4.39 -9.1 -2.5 可转换证券基金 AdvntCnvrtbl&IncFd AVK 13.42 12.32 -8.2 12.2 BancroftFundLtd BCV NA 24.25 NA 30.3 CalamosConvHi CHY 12.67 12.78 +0.9 28.2 CalmosConvOp CHI 11.92 12.64 +6.0 34.0 EllsworthG&IFundLtd ECF NA 12.49 NA 27.6 HiIncBd PCF 6.25 5.32 -14.9 -6.3 VConv & Inc NCV 18.57 16.54 -10.9 28.1 VConv & Inc II NCZ 16.90 15.17 -10.2 28.2 VDivInc & Conv ACV 27.33 26.78 -2.0 30.0 VEqty & Conv Inc NIE 29.13 25.90 -11.1
18.4 全球股票基金 印度基金 IFN 12.51 11.43 -8.6 -15.8 abrdnAusEq IAF 14.10 12.49 -11.4 4.1 abrdnEmgMktsEx-China AEF 9.60 8.58 -10.6 56.1 abrdnGlblDynDiv AGD 11.92 12.05 +1.1 18.5 abrdnTotDynDiv AOD 10.36 10.40 +0.4 29.8 AllspringGlDivOppty EOD 6.96 6.40 -8.0 25.1 中东欧 CEE 21.62 20.74 -4.1 33.7 GabelliGlSm&MidCpVal GGZ NA 15.87 NA 21.5 GabelliMultimedia GGT NA 4.07 NA 17.8 GDL Fund GDL NA 8.42 NA 6.3 JHanHdgdEty&Inc HEQ 12.67 11.59 -8.5 19.3 日本小盘股 JOF 12.81 11.29 -11.9 26.6 韩国 KF 69.50 59.44 -14.5 122.9 墨西哥 MXF 24.18 21.19 -12.4 27.3 MSChinaShrFd CAF 23.51 19.87 -15.5 40.1 MSIndia IIF 24.92 22.29 -10.6 -12.5 新德国 GF 12.40 11.33 -8.6 -4.5 NuveenRlAsstInc&Gro JRI 13.60 13.06 -4.0 12.5 NYLICBREGlblInfMegT MEGI 16.87 15.11 -10.4 16.4 RoyceGlobalValueTrust RGT 17.11 14.59 -14.7 18.9 TempletonDragon TDF 12.23 10.65 -12.9 6.5 TempletonEmMkt EMF
23.55 21.03 -10.7 54.5
12个月溢价 基金 (代码) 资产净值 收盘价 /折价 收益率
12个月溢价 基金 (代码) 资产净值 收盘价 /折价 收益率 InvPAValMuIncTr VPV 10.55 10.84 +2.7 7.0 InvTrInvGrNYMu VTN 10.55 11.10 +5.2 7.1 NuveenAZQualMuniInc NAZ 11.32 12.30 +8.7 6.3 NuveenCAAMT-FQualMI NKX 11.74 12.18 +3.7 7.2 Nuveen CAVal NCA 9.09 9.02 -0.8 3.7 NuveenCAQtyMuInc NAC 11.30 11.72 +3.7 7.2 NuveenMAQualMuniInc NMT 10.95 12.74 +16.3 5.9 NuveenNYAMT/FrQualMI NRK 10.46 10.32 -1.3 7.6 Nuveen NY Val NNY 8.73 8.38 -4.0 4.0 NuveenNYQualMuniInc NAN 11.01 11.24 +2.1 7.3 NuveenVAQltyMunInc NPV 11.11 10.92 -1.7 6.8 PIMCO CA PCQ 9.70 8.56 -11.8 4.8 PIMCONYMuniII PNI 7.63 6.85 -10.3 4.9
Prem12 个月基金 (SYM) 资产净值 (NAV) 收盘价 / 折价率 收益率 美国抵押债券基金 Arca 美国国债 NA NA NA 0.0 CATALYST/PERINISTRATIN NA NA NA 12.3 Ellington Inc Opp:A NA NA NA 11.2 Ellington Inc Opp:M NA NA NA 11.4 ForumREIncome;Founders 9.75 NA NA 8.6 Forum RE Income;I 9.75 NA NA 8.5 Forum RE Income;K 9.72 NA NA 7.7 ORGN RECRDT;I 9.93 NA NA NS ORGN RECRDT;O 9.94 NA NA NS 贷款参与基金 1WSCreditIncome;A2 18.26 NA NA 9.9 1WSCreditIncome;Inst 19.01 NA NA 9.5 ApolloDiversifiedCd:A NA NA NA 7.6 ApolloDiversifiedCd:C NA NA NA 7.0 ApolloDiversifiedCd:F NA NA NA 10.5 Apollo Diversified Cd:I NA NA NA 7.9 ApolloDiversifiedCd:L NA NA NA 7.4 ApolloDiversifiedCd:M NA NA NA 7.7 Axonic Alternative I;A NA NA NA 10.0 AxonicAlternativeIIns NA NA NA 10.1 Bluerock HIInst Crd:A NA NA NA 8.8 Bluerock HIInst Crd:C NA NA NA 8.2 Bluerock HIInst Crd:F NA NA NA 9.7 Bluerock HIInst Crd:I NA NA NA 9.1
CALLODINESPCLTYINC;I 10.05 NA NA NS CliffwaterClFd;I NA NA NA 10.2 CliffwaterEhnLending;D NA NA NA NS CliffwaterElFd;I NA NA NA 10.7 CNR Strategic Credit 4.37 NA NA 34.7 EAGLEPOINTENHINC;A NA NA NA NS EAGLEPOINTENHINC;AA NA NA NA 10.6 EAGLEPOINTENHINC;C NA NA NA NS EAGLEPOINTENHINC;I NA NA NA NS EAGLEPOINTENHINC;S NA NA NA NS EaglePointInstlIncome NA NA NA 17.4 EqualizeCommunityDev 9.48 NA NA 2.6 FedProj&TrFinanceTendr 10.12 NA NA 6.0 FEDERATEDHRMSP&TFIN;SS NA NA NA NS FlatRockCoreIncome 19.29 NA NA 9.7 FlatRockEnhancedInc 21.59 NA NA 8.9 FRANKLINBSPLENDING;I 10.00 NA NA NS InvDYCrOpp:A 9.57 NA NA 10.9 InvDYCrOpp:R6 9.57 NA NA 11.3 InvDYCrOpp:Y 9.57 NA NA 11.2 Invesco Sr Loan A 5.43 NA NA 7.7 Invesco Sr Loan C 5.45 NA NA 6.9 Invesco Sr Loan IB 5.43 NA NA 7.9 Invesco Sr Loan IC 5.43 NA NA 7.8 Invesco Sr Loan Y 5.44 NA NA 7.9 MonachilCreditIncome:I 10.10 NA NA 7.9 NBASSET-BASEDCRDT;INST
10.21 NA NA NS Nomura Alt Inc;I 9.68 NA NA 10.1 NuveenEnhCLOInc:A1 17.30 NA NA 12.7 NuveenEnhCLOInc:A2 17.30 NA NA 13.0 Nuveen Enh CLO Inc:I 17.30 NA NA 13.5 OFSCreditCompany OCCI NA 2.34 NA 33.1 PCPCAAM AI;I 10.37 NA NA 6.9 PRINCIPALPRVTCR;A 10.20 NA NA 7.1 PRINCIPALPRVTCR;INS 10.25 NA NA 7.1 PRINCIPALPRVTCR;Y 10.30 NA NA 7.1 PURSUITASSET-BASEDI;I 8.81 NA NA NS SARDISCREDITOPPTYS;I 10.20 NA NA NS SEIAlternativeIncome:F 10.05 NA NA 7.1 SEIAlternativeIncome:Y 10.05 NA NA 7.3 SOUNDPOINTALTINC;I 20.29 NA NA NS VanEckCLO Oppts;I 24.96 NA NA NS OctagonXAICLOInc;A 24.05 NA NA 8.7 OctagonXAICLOInc;I 24.11 NA NA 9.0 Yieldstreet Alt Inc NA NA NA 6.7 高收益债券基金 ABCarValCreditOpp;Adv 10.11 NA NA 7.1 ABCarValCreditOpp;A 10.10 NA NA 6.3 ABCarValCreditOpp;C 10.10 NA NA 5.9 ABCarValCreditOpp;U 10.10 NA NA 6.2 Opprtnstc Crdt Intrvl;I 11.59 NA NA 8.7 PIMCOFlexibleCrI;A-1 NA NA NA 10.8
PIMCOFlexibleCrI;A-2 NA NA NA 10.8 PIMCOFlexibleCrI;A-3 NA NA NA 10.5 PIMCOFlexibleCrI;A-4 NA NA NA 10.5 PIMCOFlexibleCrI;Inst NA NA NA 11.3 PolenCreditOpps;Inst 8.27 NA NA 11.3 其他国内应税债券基金 ABXLongevityGro&Inc 10.00 NA NA NS AFAPrivateCredit;Fndr NA NA NA 10.0 AFAPrivateCredit;Inst NA NA NA 10.0 AlternativeCreditInc:A 8.76 NA NA 7.9 AlternativeCreditInc:C 8.90 NA NA 7.1 AlternativeCreditInc:I 8.76 NA NA 8.1 AlternativeCreditInc:L 8.77 NA NA 7.6 AlternativeCreditInc:W 8.76 NA NA 7.9 AMGBBHAst-BackCrd;I 10.96 NA NA NS AMGBBHAst-BackCrd;M 10.96 NA NA NS AMGBBHAst-BackCrd;S 10.96 NA NA NS AMGPantheonCrdtSoln;I NA NA NA 7.3 AMGPantheonCrdtSoln;M NA NA NA 6.9 AMGPantheonCrdtSoln;S NA NA NA 7.4 Angel Oak Str Crdt:FI 20.69 NA NA 8.4 AngelOakStrCrdt:Inst 20.68 NA NA 8.4 BlackRockHPSCrStr;A 8.03 NA NA 8.4 BlackRockHPSCrStr;I 7.99 NA NA 9.2 BlackRockHPSCrStr;J 8.02 NA NA 8.6
BlackRockHPSCrStr;U 8.00 NA NA 8.4 BlackRockHPSCrStr;W 8.04 NA NA 8.3 CAPGRPKKRCRPL+;A NA NA NA 6.2 CAPGRPKKRCRPL+;A-2 NA NA NA 6.4 CAPGRPKKRCRPL+;A-3 NA NA NA NS CAPGRPKKRCRPL+;F-2 NA NA NA 6.5 CAPGRPKKRCRPL+;F-3 NA NA NA 6.7 CAPGRPKKRCRPL+;R-6 NA NA NA 6.7
美国抵押贷款债券基金 BlckRk Income BKT 10.78 10.18 -5.6 9.8 WesternAssetMtgOppty DMO NA 10.45 NA 12.1 投资级债券基金 MFS Intmdt MIN 2.58 2.40 -6.9 2.3 AngelOakFSIncTrm FINS 13.44 12.51 -6.9 10.7 BlRck Core Bond BHK 9.32 8.89 -4.6 9.7 BRCreditAllocInc BTZ 10.75 9.93 -7.6 9.8 InvescoBond VBF 15.91 14.68 -7.7 5.4 JHan Income JHS 11.92 10.84 -9.1 5.5 WAInvestmentGradeInc PAI NA 11.86 NA 5.2 WesternAssetPremBd WEA NA 10.36 NA 7.5
来源：LSEG Data and Analytics；道琼斯市场数据 (Dow JonesMarket Data)
WestnAsstIGDefOppTr IGI NA 15.84 NA 5.2 贷款参与基金 BRDebtStrategy DSU 9.55 9.39 -1.7 12.2 BRF/R IncStr FRA 11.34 10.76 -5.1 13.5 BlackRockFloatngRtInc BGT 11.11 10.79 -2.9 13.5 BlackstoneLng-ShCrInc BGX 12.21 10.65 -12.8 9.0 BS SFR 2027 T BSL NA 12.93 NA 8.3 BSStCr2027Tm BGB 11.72 11.20 -4.4 8.4 EtnVncFltRteInc EFT 11.96 10.65 -11.0 9.0 EVSenFlRtTr EFR NA 10.55 NA 8.7 FT/SrFltgRteInc2 FCT 9.70 9.65 -0.5 12.0 FSSpecialtyLendingFd FSSL NA NA NA NS HighlandOppty&Income HFRO 11.90 7.34 -38.3 6.4 InvDYCrOpp:AX VTA 9.56 NA NA NA InvSnrIncTr VVR 3.35 2.96 -11.6 14.6 NuveenCreditStratInc JQC 5.34 4.75 -11.0 12.9 NuvFloatRateIncFd JFR NA 7.65 NA 12.9 SOUNDPOINTMRDANCAP SPMC NA NA NA 28.7 高收益债券基金 abrdnIncCreditStr ACP 5.37 5.10 -5.0 17.8 AllianceBernGlHiIncm AWF 11.22 10.06 -10.3 7.6 AllspringIncomeOppty EAD 7.07 6.29 -11.0 9.8 BaringsGlbSDHYBd BGH 14.80 13.97 -5.6 12.1
BRCorporate HY HYT 9.06 8.32 -8.2 10.9 BlackRockLtdDurInc BLW 13.12 12.56 -4.3 10.8 BNYMellonHiYieldStr DHF 2.66 2.35 -11.7 8.6 BrookfieldRealAsstInc RA 13.98 12.72 -9.0 8.7 CreditSuisseHiYldCrd DHY 1.91 1.72 -9.9 10.4 CSAM Income Fd CIK 2.69 2.43 -9.7 10.4 DoubleLineIncSol DSL 11.39 10.55 -7.4 11.9 DoubleLineYldOpps DLY 15.02 13.83 -7.9 9.95 FirstTrustHYOpp:2027 FTHY 13.92 13.56 -2.6 10.9 Franklin Univ FT 8.82 8.01 -9.2 6.3 KKRIncomeOpportunities KIO NA 10.98 NA 12.9 NeubHgYldStrt NHS 6.53 6.01 -8.0 17.4 NuveenGlobalHighInc JGH 13.56 12.38 -8.7 9.7 PGIMGlobalHighYield GHY NA 11.68 NA 10.4 PGIMHighYieldBond ISD NA 12.43 NA 9.6 PGIMShDurHiYldOpp SDHY NA 15.90 NA 7.9 WstAstHIF II HIX NA 3.91 NA 14.8 WesternAssetHiIncOpp HIO NA 3.52 NA 10.9 WesternAssetHiYldOpp HYI NA 10.42 NA 10.7 其他国内应税债券基金 AllspringMulti-Sector ERC 9.73 9.08 -6.7 9.4 AresDynamicCrdtAlloc ARDC NA
12.38 NA 10.6 BlackRockMlt-SctrInc BIT 13.08 12.19 -6.8 11.8 BlackRockTaxMuniBd BBN 16.52 15.68 -5.1 7.2 DoubleLine:OpporCrdtFd DBL 14.53 14.06 -3.2 9.1 EVLmtDurIncm EVV NA 9.08 NA 9.3 FranklinLtdDurIncome FTF 6.31 5.77 -8.6 12.7 Putnam Mas Int PIM 3.34 3.10 -7.2 7.2 Putnam Prem Inc PPT 3.65 3.38 -7.4 8.4 FSCreditOpportunities FSCO NA 4.89 NA 15.5 J Han Investors JHI 14.32 13.05 -8.9 9.3 NuvCorePlusImpact NPCT 10.57 9.71 -8.1 12.0 NuveenTaxableMuniInc NBB 15.78 15.20 -3.7 7.3 PIMCOCorp&IncOppty PTY NA 11.69 NA 11.8 PIMCOCorp&IncStrat PCN NA 11.64 NA 11.3 PIMCOHilnco PHK NA 4.62 NA 12.3 PIMCOIncmStrFd PFL NA 7.67 NA 12.4 PIMCOIncmStrFdII PFN NA 7.05 NA 12.0 WesternAssetDvsfdInc WDI NA 13.12 NA 13.1 WesternAssetInf-LkInc WIA NA 7.93 NA 6.3 WesternAssetInf-LkO&I WIW NA 8.29 NA 7.1 世界收入基金 abrdn APIncFd FAX 14.89 14.30 -4.0 13.4 BrndywnGLBGlbIncOppts BWG NA 7.69 NA 11.5
EtnVncStDivInc EVG 11.07 10.56 -4.6 8.3 MSEmMktDomDebt EDD NA 5.77 NA 10.7 MsEmMktDebtFd MSD 7.87 7.27 -7.6 8.3 PIMCOAccessIncome PAXS NA 14.03 NA 12.3 PIMCODynamicIncStrat PDX NA 21.41 NA 7.1 PIMCODynamicIncome PDI NA 16.04 NA 15.8 PIMCODynamicIncOpp PDO NA 12.91 NA 11.6 PIMCOStratgInc RCS NA 5.15 NA 8.8 TempltnGlblInc SABA NA 8.23 NA NE Templeton EmInc TEI 6.91 6.57 -4.9 12.9 VirtusSHEmergMktsInc EDF NA 5.11 NA 13.6 WstAstEmergDebt EMD NA 10.47 NA 8.9 National Muni Bond Funds AllBerNatlMunInc AFB 11.82 10.85 -8.2 5.0 BlackRock2037MuniTrg BMN 25.29 25.00 -1.1 4.3 BlackRockMuni2030Tgt BTT 24.41 22.44 -8.1 2.4 BRMuniAssetsFd MUA 11.12 10.46 -5.9 6.0 BRMuniHoldngs MHD 12.50 11.44 -8.5 6.0 BRMuniYieldQlty MQY 12.07 11.23 -7.0 6.0 BRMuniYld Qly 3 MYI 11.57 10.67 -7.8 5.9 BNYMellonMuniBdInfra DMB 11.45 10.68 -6.7 4.5 BNYMellonStrMuniBond DSM 6.37 5.90 -7.4 4.8 BNYMellonStratMuni LEO 6.73
6.22 -7.6 4.5 DWS MuniInc KTF 8.98 8.84 -1.6 6.5 EVMuniBd EIM NA 9.57 NA 6.1 EVMuniIncm EVN 10.61 10.69 +0.8 5.4 EVNatMuniOpp EOT 17.90 17.07 -4.6 4.6 PutnamMgdInc PMM 6.57 6.41 -2.4 4.5 PutnamMuniOpp PMO 11.08 10.31 -6.9 4.5 InvAdvMuIncTrII VKI 8.75 8.88 +1.5 7.0 Invesco MuniOp OIA 6.11 6.15 +0.7 5.6 InvescoMuOppTr VMO 9.76 9.60 -1.6 7.6 InvescoMuTr VKQ 9.81 9.68 -1.3 7.5 InvescoQual Inc IQI 9.87 9.95 +0.8 7.4 InvTrInvGrMu VGM 10.12 10.13 +0.1 7.3 InvescoValMunInc IIM 12.06 12.38 +2.7 7.2 NeubergerMunicipal NBH 11.06 10.27 -7.1 6.1 NuveenAMT-FrMuVal NUW 14.77 13.98 -5.3 4.0 NuveenAMT-FrQltyMunI NEA 11.20 11.23 +0.3 7.0 NuveenAMT-FrMuCI NVG 12.25 12.30 +0.4 7.4 NuveenDynMuniOpp NDMO NA 10.05 NA 7.1 NuveenMuCrdtOpps NMCO NA 10.46 NA 7.5 NuvMuniCreditIncome NZF NA 12.22 NA 7.5 NuvMuniHiIncOpp NMZ 10.14 10.22 +0.8 7.4 Nuveen Muni Inc NMI 9.81 10.77 +9.8 4.1 NuveenMuniVal NUV 8.98 9.08 +1.1
4.2 NuveenQualityMuniInc NAD 11.66 11.61 -0.4 7.0 Nuveen Sel Mat NIM 9.77 9.38 -4.0 3.6 Nuveen Sel TF NXP 14.10 14.28 +1.3 4.4 NYLIMacKayDTMuniOpp MMD 16.17 15.05 -6.9 4.8 PIMCOMuniIncII PML 7.81 7.29 -6.7 6.2 RiverNorthFlxMuIncII RFMZ 14.26 13.18 -7.6 7.3 RiverNorthMgdDurMuII RMMZ 15.74 14.72 -6.5 7.3 RiverNorthMgdDurMunI RMM NA 14.37 NA 7.1 WesternAssetMgdMuni MMU NA 10.06 NA 6.2 WesternAssetMunHiInc MHF NA 6.81 NA 5.0 Single State Muni Bond BRMHCAQlyFdInc MUC 11.51 10.67 -7.3 5.8 BRMH NJQly MUJ 12.30 12.03 -2.2 5.2 BRMuniYldMIQly MIY 12.13 12.23 +0.8 5.3 BRMuniYldNYQly MYN 10.59 9.75 -7.9 6.0 BRMuniYldPAQly MPA 12.04 10.93 -9.2 5.8 InvCaValMuIncTr VCV 9.96 10.49 +5.3 7.1
2026年7月24日
美国及国际市场借贷资金所支付的关键年利率。以下利率仅作为通用水平的指南，并不始终代表实际交易。
通货膨胀
| 六月指数水平 | 较前月变动 (%) | 较六月 '25 变动 | |
|---|---|---|---|
| 美国消费者价格指数 | |||
| 所有项目 | 333.952 | –0.35 | 3.5 |
| 核心 | 336.882 | 0.01 | 2.6 |
国际利率
| 最新 | 一周前 | 52周高点 | 52周低点 | |
|---|---|---|---|---|
| 最基准利率 (Prime rates) | ||||
| 美国 | 6.75 | 6.75 | 7.50 | 6.75 |
| 加拿大 | 4.45 | 4.45 | 4.95 | 4.45 |
| 日本 | 2.125 | 2.125 | 2.125 | 1.875 |
| 政策利率 (Policy Rates) | ||||
| 欧元区 | 2.40 | 2.40 | 2.40 | 2.15 |
| 瑞士 | 0.25 | 0.25 | 0.50 | 0.25 |
数据说明： 美国最基准利率（Prime rate）是由至少 70% 的 10 家最大美国银行公布的商业贷款基准利率，自 2025年11月11日 起生效。其他最基准利率不具备直接可比性；贷款习惯因地区而异；贴现率（Discount rate）自 2025年11月11日 起生效。担保隔夜融资利率（Secured Overnight Financing Rate）截至 2026年7月23日。DTCC GCF 回购指数是存托结算公司（Depository Trust & Clearing Corp.）针对不适用 CUSIP 的隔夜交易的加权平均值。交易价值以十亿美国元计。联邦基金利率为截至东部时间下午 3:30 的 Tullett Prebon 利率。
来源：美联储；劳工统计局；DTCC；FactSet；Tullett Prebon Information, Ltd.
2026年7月24日，星期五
wsj.com/market-data/commodities
这些价格反映了市场上各种实际或“实物”商品的买入和卖出价格——与交易所的期货价格不同，后者反映的是该商品在未来几个月可能具有的价值。
煤炭, C.Aplc., 12500Btu, 1.2SO2-r, w 82.000 煤炭, PwdrRvrBsn, 8800Btu, 0.8SO2-r, w 14.650
金属
黄金, 每金衡盎司 Engelhard 工业级 4058.00 克루格金币, 批发-e 4216.68 枫叶金币-e 4257.23 美国鹰金币-e 4257.23 墨西哥比索金币-e 4896.51 奥地利克朗金币-e 3977.22 奥地利爱乐金币-e 4257.23 白银, 金衡盎司 Engelhard 工业级 58.1000 Handy & Harman 基准 58.9210 Handy & Harman 加工级 73.6510 钱币, 批发 面值 $1,000-a 41684 其他金属 铂金, Engelhard 工业级 1611.0 钯金, Engelhard 工业级 1266.0 铝, LME, 每公吨美元 3194.0 铜, Comex 现货 6.3200 铁矿石, 62% Fe CFR 中国-s n.a. 钢材, HRC 美国, FOB 中西部工厂-s *n.a.
电池/电动汽车金属
英国 3.75 3.75 4.25 3.75 澳大利亚 4.35 4.35 4.35 3.60
隔夜回购 美国 3.67 3.61 4.45 3.49
美国政府利率
贴现率 3.75 3.75 4.50 3.75
联邦基金 有效利率 3.6400 3.6400 4.3300 3.6300 最高 3.7000 3.7000 4.5500 3.7000 最低 3.5500 3.5500 4.3200 3.5500 买入价 3.6200 3.6200 4.3200 3.6100 出价 3.6400 3.6400 4.3300 3.6300
国库券拍卖 4 周 3.730 3.660 4.300 3.550
BMI 碳酸锂, EXW 中国, =99.5%-v, w 21725 BMI 氢氧化锂, EXW 中国, =56.5%-v, w 20100 BMI 硫酸钴, EXW 中国, >20.5%-v, w 12136 BMI 硫酸镍, EXW 中国, >22%-v, k 4551 BMI 片状石墨, FOB 中国, -100目, 94-95%-v, m 425
纤维与纺织品
黄麻布, 10盎司, 40英寸 纽约码-n, w 1.2400 棉花, 1 1/16 标准低中级 Mphs-u 0.7480 Cotlook 'A' 指数-t *90.35 皮革, 重型原生牛皮片 fob-u n.a. 羊毛, 64s, staple, Terr 交付-u, w n.a.
谷物与饲料
麸皮, 小麦中粉, KC-u, w 80 玉米, 2号黄色, Cent IL-bp, u 4.4900 棉籽粕-u, w 320 玉米粒饲料, Cent IL-u, w 120 肉骨粉, 50% pro Mnpls-u, w 355 燕麦, 2号铣制, Mnpls-u 3.6325 大米, 长粒铣米, 2号 AR-u, w 28.63 豆粕, Cent IL, 铁路, 吨 48%-u, w 349.90 大豆, 1号黄色 IL-bp, u 12.4100 小麦, 春小麦 14%-pro Mnpls-u 8.5425 小麦, 2号软红小麦, 圣路易斯-u 6.4800 小麦-硬质-KC (USDA) 每蒲式狱美元-u 7.3625 小麦, 1号软白小麦, 波特兰, 俄勒冈-u 6.6500
CAPGRPKKRMUL-SC+;A NA NA NA 6.4 CAPGRPKKRMUL-SC+;A-2 NA NA NA 6.6 CAPGRPKKRMUL-SC+;A-3 NA NA NA NS CAPGRPKKRMUL-SC+;F-2 NA NA NA 6.7 CAPGRPKKRMUL-SC+;F-3 NA NA NA 6.8 CAPGRPKKRMUL-SC+;R-6 NA NA NA 6.8 CIONAresDvsfdCrdt;A NA NA NA 8.5 CIONAresDvsfdCrdt;C NA NA NA 7.6 CIONAresDvsfdCrdt;I NA NA NA 8.8 CIONAresDvsfdCrdt;L NA NA NA 8.4 CIONAresDvsfdCrdt;U NA NA NA 8.0 CIONAresDvsfdCrdt:U2 NA NA NA 8.0 CIONAresDvsfdCrdt;W NA NA NA 8.3 CNRSelectStrategies 16.92 NA NA 0.0 COLUMBIACRINCOPP;A 19.89 NA NA 9.6 COLUMBIACRINCOPP;I 19.90 NA NA 10.1 Diamond Hill Sec Cr;I 10.69 NA NA 6.6 Diamond Hill Sec Cr;R 10.69 NA NA 7.0 EAGLEPOINTDFNSVINC;A NA NA NA NS EAGLEPOINTDFNSVINC;C NA NA NA NS EAGLEPOINTDFNSVINC;I NA NA NA NS EAGLEPOINTDFNSVINC;S NA NA NA NS FirstEagleCrdtOppsA 22.01 NA NA 8.8 FirstEagleCrdtOppsA2 21.97 NA NA 8.5 FirstEagleCrdtOppsI 21.89 NA NA 9.0 FirstTrustPrivateCr;A NA NA NA 10.1
FirstTrustPrivateCr;I NA NA NA 10.1 Franklin BSP Pvt Cr:A 9.87 NA NA 6.7 FranklinBSPPvtCr:Adv 9.89 NA NA 7.2 FS Credit Income;A 11.79 NA NA 9.4 FS Credit Income;I 11.84 NA NA 9.6 FS Credit Income;T 11.82 NA NA 9.1 FS Credit Income;U 11.77 NA NA 8.9 FS Credit Income;U-2 11.89 NA NA 8.8 JHANCOCKCQSASSETBS;A 18.44 NA NA 9.4 JHANCOCKCQSASSETBS;I 18.46 NA NA 9.7 JHANCOCKCQSASSETBS;U 18.41 NA NA 8.9 KKR ASST BSD FIN;D NA NA NA 8.3 KKR ASST BSD FIN;I NA NA NA 8.6 KKR ASST BSD FIN;T NA NA NA 7.8 KKR ASST BSD FIN;U NA NA NA 7.8 LibreMaxAsstBckdIncm;I 10.05 NA NA NS LoomisSaylesCrInOp;R 9.98 NA NA NS LoomisSaylesCrInOp;I 9.98 NA NA NS LORDABETTFLEXINC;A 10.02 NA NA 6.2 LORDABETTFLEXINC;I 10.01 NA NA 7.0 LORDABETTFLEXINC;U 10.01 NA NA 6.1 MASPECIALTYCREDITIN;S 24.84 NA NA 9.3 NIAGARAINCOMEOPPORTNTS NA NA NA 9.95 PalmerSquareOppInc 17.37 NA NA 6.9 TCGSTRATEGICINCOME;I 9.96 NA NA NS
TCWPRIVASSETINC;A 9.86 NA NA 7.8 TCWPRIVASSETINC;I 9.98 NA NA 7.2 TCWPRIVASSETINC;I-3 9.97 NA NA NS World Income Funds BlueBayDestraItlE:A 21.95 NA NA 8.6 BlueBay Destra Itl E:I 21.98 NA NA 8.9 BlueBay Destra Itl E:T 21.80 NA NA 8.2 BOOSTERINCOMEOPPTYS 9.70 NA NA 9.3 Calamos-Aksia ACI:A 10.51 NA NA 8.9 Calamos-Aksia ACI:C 10.47 NA NA 8.2 Calamos-Aksia ACI:I 10.51 NA NA 9.1 Calamos-Aksia ACI:M 10.51 NA NA 8.4 CarlyleTactPvtCred:A NA NA NA 8.1 CarlyleTact PvtCred:I NA NA NA 8.6 CarlyleTactPvtCred:L NA NA NA 8.1 CarlyleTactPvtCred:M NA NA NA 7.8 CarlyleTactPvtCred:N NA NA NA 8.6 CarlyleTactPvtCred:U NA NA NA 7.8 CarlyleTactPvtCred:Y NA NA NA 8.3 EMERYPRTNRSINCCRESTR 10.24 NA NA 6.8 Fid MS Cr;A NA NA NA 5.5 Fid MS Cr;C NA NA NA 4.8 Fid MS Cr;I NA NA NA 5.8 Fid MS Cr;L NA NA NA 5.3 Jackson Credit Opps:I 10.84 NA NA 1.0 Lincoln Bain CTC;A 9.79 NA NA NS Lincoln Bain CTC;D 9.80 NA NA NS Lincoln
Bain CTC;I 10.19 NA NA NS Lincoln Bain CTC;IS 9.81 NA NA NS LordAbbettCredOppsFd NA NA NA 9.6 LordAbbettCredOppsFd NA NA NA 10.4 Lord Abbett Crd Op:U NA NA NA 9.6 Nuveen En Corp Opp;I 19.91 NA NA NS OAKTREEASST-BCKDINC;I 10.28 NA NA NS OAKTREEDVSFDINCOME;A 8.81 NA NA NS OaktreeDvsfdIncome;D 8.81 NA NA 8.5 PIMCOFlexibleEMI;Inst NA NA NA 8.8 National Muni Bond Funds BlackRockMunCrAlphaA 12.37 NA NA 5.1 BlackRockMunCrAlphaU 12.36 NA NA 5.1 FirstEagleTctMnOp;I 10.10 NA NA 6.6 LindCapPtMunCredInc 8.70 NA NA 4.8 LordAbbettMuniOpps:A 10.33 NA NA 5.2 LordAbbettMuniOpps:I 10.33 NA NA 5.9 NuveenEnHYMuniBd:A1 NA NA NA 5.4 NuveenEnHYMuniBd:A2 NA NA NA 5.6 NuveenEnHYMuniBd:I NA NA NA 6.1 NYLIMacKayMuIO;A1 10.06 NA NA 3.4 NYLIMacKayMuIO;A2 10.07 NA NA 3.4 NYLIMacKayMuIO;A3 10.06 NA NA 3.2 NYLI MacKay MuIO;I 10.06 NA NA 3.9 PIMCOFlexMunInc;A-3 10.02 NA NA 3.5 PIMCOFlexMunInc:A1 10.02 NA NA 3.8
PIMCOFlexMunInc;A2 10.02 NA NA 3.8 PIMCOFlexMunInc;Inst 10.02 NA NA 4.3 ROCKEFELLERMUNIOPPS;I 20.11 NA NA 5.2 Single State Muni Bond PIMCO CAFMI;A-1 9.98 NA NA 3.0 PIMCO CAFMI;Inst 9.98 NA NA 3.5
13周 3.730 3.760 4.240 3.540 26周 3.835 3.860 4.120 3.475
其他短期利率
隔夜拆借资金 (Call money) 5.50 5.50 6.25 5.50
商业票据 (AA 级别金融机构) 90 天 3.81 3.92 4.32 3.57
担保隔夜融资利率 (Secured Overnight Financing Rate) 3.64 3.62 4.51 3.50
价值 52周 最新 交易最高价 最低价
DTCCGCF回购指数 (DTCCGCF Repo Index) 国债 3.657 62.850 4.492 3.504 抵押贷款支持证券 (MBS) 3.682 91.470 4.623 3.517
每周调查
最新 一周前 一年前
房地美 (Freddie Mac) 30年期固定利率 6.58 6.55 6.74 15年期固定利率 5.96 5.93 5.87
食品
牛肉，胴体等值指数 (Beef, carcass equiv. index) 优选级 1-3,600-900 磅-u 347.61 精选级 1-3,600-900 磅-u 331.56 白切鸡，全国综合权重平均-u,w 1.1777 黄油，AA 芝加哥-d 1.5075 切达奶酪，桶装，芝加哥-d 163.00 切达奶酪，块装，芝加哥-d 160.75 牛奶，脱脂干粉，芝加哥 磅-d 140.25 咖啡，巴西，综合-y 3.0000 咖啡，哥伦比亚，纽约-y 3.6289 鸡蛋，大号白色，芝加哥-u,w 1.2150 面粉，硬冬小麦堪萨斯城-p 19.85 火腿，17-20 磅，美国中部离岸价-u 1.11 生猪，爱荷华-南明尼苏达-u 94.12 猪五花，12-14 磅 美国中部-u n.a. 猪里脊，13-19 磅 美国中部-u 1.0325 牛犊，德克萨斯-俄克拉荷马 优选级-u n.a. 育成牛，俄克拉荷马城-u,w 407.50 油脂类
10%
周一
政府似乎决心推进其计划，允许上市公司选择不提交季度财务报告。现在，公司及其董事会必须决定是否愿意这样做，以及这可能会给他们带来什么代价。
美国证券监管是一个基于披露的体系。降低财务报告的强制频率触及了该体系设计的核心。
这解释了为何人们对证券交易委员会（SEC）关于将季度报告改为自愿提供并允许改为半年报告的提议如此愤慨。许多投资者将其视为对他们利益的轻视。
不过，大声抱怨无助于实现回报最大化。投资者必须在现实世界中运作，而不是在他们希望存在的世界中。除非 SEC 出现意想不到的转向，否则对于投资者和公司而言，现实的考量正迅速临近。
转而采用半年报告的公司董事会，面临着在市场眼中被贴上“落后者”标签的风险。透明度较低通常意味着较低的股权估值和较高的借贷成本。此外，在特朗普总统离任后，SEC 可能会轻易撤销这一政策。因此，公司通过改变惯例可能获得的任何好处都可能是短暂的。
那些能从报告及时性降低中获益最多的人包括“拉高出货”（pump-and-dump）的投机者和追求快钱的低价股推广者。披露越少，就越容易从那些容易上当的受害者手中骗取资金。
但也许有一线希望：给予公司更长报告窗口的选择，可能会让投资者
作者：本·格里克曼 (BEN GLICKMAN)
大型贷款机构重新涉足商业地产
大型银行正致力于扩大其贷款规模，并重新转向一个不久前还被它们避之不及的领域。
就在几年前，由于疫情后办公空间空置率居高不下，银行担心潜在损失，正尽可能快地摆脱商业地产贷款。
现在，它们正重新涉足，重点关注多户住宅和工业地产等高增长领域，而后者正受到大型数据中心项目热潮的推动。
它们表示，在这样做时采用了更严格的信贷标准，同时仍在处理一些因部分办公市场持续低迷而产生的问题贷款。
美国银行（Bank of America）和美国银行业公司（U.S. Bancorp）的商业地产贷款余额在第二季度较一年前均增长了 8% 以上。
特鲁伊斯特财务公司（Truist Financial）的贷款增长了约 25%，PNC 金融服务集团（PNC Financial Services Group）的贷款增长了 15%。
总体而言，商业地产抵押贷款发放量——
Truist Financial
PNC Financial Services Group
Bank of America
第一季度商业地产抵押贷款发放量增长率
THE TICKER | 本周市场事件
PrincipalFinancial Group 2.34/2.16 Welltower 0.64/0.45
耐用品订单 5月，前值 下降 4.5% 6月，预期 上升 2.1%
周二
消费者信心指数 6月，前值 91.2 7月，预期 92.5
(HEARD ON THE STREET)
[[IMG_ASHLEY LANDIS/AP]]
埃克森美孚（ExxonMobil）提交了一封支持该提案的评论信，但仍预计将维持季度发布。
以识别应避开的股票。 信誉良好的公司无论如何都会继续提交季度财务报告。而那些不提交的公司则会引起警觉，让投资者质疑他们为何不愿在全年范围内让市场保持充分知情。 削减为半年报并不一定意味着终止季度披露。埃克森美孚在提交支持美国证券交易委员会（SEC）提案的评论信中表示，即使做出转变，该公司仍预计将继续发布季度收益报告。
这些报告缺乏完整财务报告的全面性和精确度，且其标准较低。但对于许多投资者来说，这可能已经足够。 这种多种选择的“自助餐”模式可能会引发一场有趣的市场实验。大多数大公司预计将继续进行季度报告，而一些公司则不会，这将导致同一行业内部出现差异。
这使得研究那些报告频率较低的公司是否确实因此而折价交易，或者是否因此承担更高的资本成本成为可能。 SEC 自 1970 年起开始要求季度财务报告，投资者长期以来一直将其视为理所当然。在许多方面，它是为压力时期而非平静时期设计的。尽管这些报告通常篇幅巨大，但
| 希捷科技控股 (Seagate Technology Holdings) | 5.10/2.59 |
|---|---|
| Visa | 3.23/2.98 |
周三
EIA 库存报告 (单位：百万桶) 原油库存增加 2.0 汽油库存增加 0.8 馏分油增加 1.4
第二季度商业房地产贷款余额，较去年同期变化
美国银行 (U.S. Bank) 8.6 8.3
CMBS 整体违约率
'05 '10 '15 '20 '25 2000
2.00
来源：相关公司（贷款余额）；美联储 (Federal Reserve)（美国银行贷款）；Trepp (CMBS)
据抵押贷款银行协会（Mortgage Bankers Association）的一项调查，第一季度的贷款量比一年前增长了 50% 以上，部分原因是存款机构的贷款增加了 80%。 “人们似乎意识到，重新回到水里（进入市场）可能是安全的，”公民金融集团（Citizens Financial Group）首席执行官布鲁斯·范·桑（Bruce Van Saun）表示。“我们需要收益资产，而且我们可以找到一些有吸引力的收益资产。” 公民金融表示，计划增加与特定领域（如数据中心）挂钩的房地产贷款，尽管其在办公楼领域的收缩导致其整体商业房地产贷款余额下降。 在疫情后的几年里，由于办公楼未能重新填满，投资者和分析师一直准备应对商业房地产贷款的一波违约潮。银行拨备了更多资金以应对潜在损失，并审查账目以寻找任何压力上升的迹象。高利率和不断上涨的维护成本也使前景更加黯淡。估值随之下降。 现在，银行已经处理完了最棘手的贷款，并看到其房地产组合中的违约率有所降低。在一些贷款机构中，第二季度陷入困境的商业房地产贷款比例大幅下降，尽管整个行业的整体违约率依然存在。
周四
抵押贷款银行指数 采购，前值 上涨 6.0% 再融资，前值 下降 2.0%
GDP 平减指数 第一季度，最终值 上涨 6% 第二季度，初步预估 上涨 4.4%
美国银行的商业房地产贷款
$3.00万亿
25.7%
2.75
2.50
15.0
2.25
1.75
2018 ’19 ’20 ’21 ’22 ’23 ’24 ’25 ’26
月度
保持相对高位。 Jade Rahmani 表示，多年来，大型贷款机构必须针对其商业房地产投资组合的潜在损失持有大量准备金，这使得他们在资产负债表上没有更多空间来发放新贷款。Rahmani 是
30年期固定利率 6.58% 15年期固定利率 5.96%
初请失业金人数 前值 187000 预期 203000
很难预测哪些看似模糊的数据点会在瞬间变得至关重要。 在 2023, 3 月硅谷银行倒闭后，距离第一季度财报季开始没多久，投资者突然要求及时获取关于贷款机构存款粘性及其债券持有量市场价值的信息。如果让投资者在等待完整财务报表时再多等三个月，将是不可想象的。 然而，对于上市公司银行来说，停止向 SEC 提交季度报告在很大程度上是徒劳的。 它们还向银行监管机构提交季度财务报告，其中包含许多相同的信息。 截至周四，SEC 已收到约 221,000 封关于其提案的评论信，且仍有更多信件等待处理。由俄亥俄州立大学会计学教授 Tzachi Zach 创建的一项追踪显示，最后一次统计时，99.5% 的信件对此表示反对。 是特朗普要求 SEC 开始将季度报告改为自愿申报的。 这一举措始终旨在取悦一个特定的对象。 这是一个资本市场狂热的时代。美国主要股指接近历史最高点。估值高企。杠杆博弈激增。新技术蓬勃发展。这是一个极其极端的风险偏好环境，也是那些试图削减投资者保护措施的投机者的理想时机。 但通过修改规则使季度报告变为可选，是一种过度干预。公司及其董事会必须决定，他们是否愿意成为证明这一点的人。 ——Jonathan Weil
2026年6月 $2.99万亿
2026年6月 7.35%
Keefe, Bruyette & Woods. Rahmani 表示：“他们觉得已经隔离了损失。” 许多问题较严重的贷款已被展期或修改。 根据美联储的数据，美国银行的商业房地产贷款总额在 6 月份近 $3 万亿，比一年前增长约 3%。
周五
十亿立方英尺 增长32
雇佣成本指数 第一季度，前值 增长 0.9% 第二季度，预期 增长 0.8%
预期收益 预估值/去年同期 AltriaGroup 1.50/1.44 Amazon.com 1.82/1.68 Apple 1.89/1.57 Bristol-MyersSquibb 1.60/1.46 Mastercard 4.77/4.15 Stryker 3.49/3.13
由于核心贷款业务利润 lackluster（平淡），部分原因是消费者存款竞争激烈，银行也面临着寻找扩大贷款规模方法的压力。 增长回归的另一个因素是：全国范围内大规模的数据中心建设。大型银行从人工智能繁荣带来的交易撮合和企业贷款中获益，而与这些项目相关的房地产开发商同样需要抵押贷款和建筑贷款。 银行家们保持谨慎，商业房地产在大型银行的贷款余额中仍占较小比例。 Bank OZK 是一家阿肯色州贷款机构，历史上商业房地产约占其贷款的三分之二，该行在最近几个季度一直推动多元化。在上周的第二季度财报中，该行表示，在看到房地产债务交易面临激烈竞争后，信贷发放量有所下降。 尽管如此，高管们对该行业仍持乐观态度。 U.S. Bancorp 首席财务官 John Stern 表示：“我们和许多其他机构一样，在商业房地产贷款方面经历了低谷，而现在它刚刚开始好转。看到这一点很好。”
指数 7月，初步 54.4 7月，最终 54
预期收益 预估值/去年同期 AbbVie 3.60/2.97 Chevron 5.53/1.77 Colgate-Palmolive 0.95/0.92 Dominion Energy 0.68/0.75 Eaton 3.07/2.95 Linde 4.49/4.09
Lastweek: DJIA 51947.25 g 199.17 0.38% NASDAQ 24975.82 g 2.1% STOXX600 644.51 À 0.5% 10-YR.TREASURY g 1 2/32, yield 4.678% OIL $89.31 À $7.53 EURO $1.1371 YEN 163.85
News
Business&Finance
Nvidia is in talks to pro- vide a roughly $250 billion backstop for OpenAI as part of a massive data center project, one of the most am- bitious financial transactions yet in America’s AI boom. A1
Nvidia is in talks to pro- vide a roughly $250 billion backstop for OpenAI as part of a massive data center proj- ect, one of the most ambi- tious financial transactions yet in the artificial-intelli- gence boom. The guarantees from Nvidia would help the Chat-
United Airlines, hunting for a megadeal, last year ap- proached Delta about a merger that would have combined the two most valuable U.S. carriers. A1
A shift toward more hir- ing is emerging across U.S. industries from railroads to tech as companies plan to add workers to meet growth goals or to seize on emerging technologies. A1
Stocks face major tests this week from tech earn- ings and the Fed’s interest- rate decision against a back drop of notable declines over the previous two weeks. B1
David Fox, who helped build Kirkland & Ellis into a top law firm, now sees artifi- cial intelligence as the pro- fession’s future. B1
A surge in popularity of Hasbro’s Magic card game has bucked the trend of declin- ing sales of traditional toys, energizing the company. B3
Spirits maker Sazerac sent a letter to a group of Brown-For- man shareholders asking them to reconsider a $15 billion buy- out offer that was rebuffed. B3
Elon Musk’s tunneling startup, the Boring Com- pany, is in talks to raise new funding that would value it at around $20 billion. B4
More businesses are trans- ferring claims to tariff refunds they might be due as they grow concerned that payouts may not, in fact, appear. B3
Worldwide
Trump put off an escala- tion of his military campaign against Iran amid efforts to revive diplomacy to open the Strait of Hormuz and a de- bate over the impact of de- clining munitions stocks. A1 Attacks between Saudi Arabia and Houthi rebels in Ye- men are escalating, threaten- ing to break a fragile truce that has held for four years. A6
Former Maine state Sen- ate President Troy Jackson secured the Democratic nom- ination for the U.S. Senate following Graham Platner’s decision to abandon his scan- dal-plagued campaign. A4
A warning by the Wiscon- sin Elections Commission opened a new front in the escalating legal battle be- tween prediction markets and the state regulators fighting to ban them. A5
At least 40 million people were under extreme heat warnings across central and southern parts of the U.S. in conditions of high tempera- tures and severe humidity. A2
This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.
India’s education minister resigned, handing the country’s youth movement a victory and showing the growing heft of protests that began months ago as online memes. A8
Brazil denied visas to two Trump administration offi- cials who planned to travel there amid concerns they sought to undermine confi- dence in the country’s elec- tronic-voting system. A9
North Korean leader Kim Jong Un called for “radical” enhancements to the coun- try’s military reconnaissance and intelligence capabilities, state media reported. A8
CONTENTS Arts in Review..... A14 Banking & Finance B10 Business & Finance B2,3,6 Crossword................ A13 Heard on Street... B10 Market Data............. B8
Opinion................ A15-17 Personal Journal A12-13 Sports.......................... A18 Technology................ B4 The Ticker............... B10 U.S. News.............. A2-5 World News....... A6-11
STEPHANIE LECOCQ/REUTERS
SPIN AND WIN: Slovenian Tadej Pogacar, 27, rolled onto the Champs-Élysées to claim his fifth Tour de France on Sunday, making him one of only five men to win bicycling’s biggest race five times. Pogacar won by six minutes and 26 seconds. A18
On $250 Billion for Data Hub
Ohio project, tied to U.S. deal, would be one of world’s largest computing centers
Attack In Berlin
People gathered Sunday in front of the Brandenburg Gate after a vehicle attack on a pride festival the previous day left at least one person dead and dozens injured. The suspect was killed Sunday evening by police. A9
BY CHIP CUTTER Hiring Defies Forecast of AI Wipeout
America’s biggest compa- nies say they might need more people after all. For months, major employ- ers treated hiring as an expen- sive last resort. Now, a shift is emerging across industries. Companies ranging from rail- road giant CSX to Google par- ent Alphabet have told inves- tors in recent days that they plan to hire to meet growth goals or to seize on emerging technologies.
Who Turned the Grass Orange?
i i i All 18 greens and a practice putting surface at Michigan’s course were attacked
BY RYAN FELTON
ANN ARBOR, Mich.—Golfers here have been chipping away at a scandal encircling the Uni- versity of Michigan’s r e n o w n e d course: It was clearly a commu- nist plot. Then again, maybe it was the handiwork of fans of rivals Ohio State and Michigan State. Jokes aside, Michigan has a
GPT maker lease a 10-giga- watt project that SoftBank’s energy subsidiary is develop- ing in southern Ohio, people familiar with the matter said. In total, the project could cost more than $500 billion, including the chips that would go inside the data cen- ters. It would be the largest data center project an- nounced to date. The power for the project is controlled by the U.S. gov- ernment and funded sepa- rately by Japan under a re- cent trade deal. Commerce
The push to expand head count, at least modestly, is a reversal from the prevailing corporate messaging during much of the AI era. Major em- ployers largely held back on adding people due to economic uncertainties or a belief that artificial intelligence could shoulder more tasks on the job. But some executives say the costs and limitations of AI now demand that more people be added; others want to hire people back following layoffs. “We actually need to accel-
mystery on its hands: How did all 18 greens of its beloved track suddenly turn orange? The university disclosed the issue this month in an urgent email so- liciting tips about an “unexpected is- sue” affecting the course’s greens. “Over the last few days, we have experienced an unforeseen and highly unusual PleaseturntopageA13
By Anissa Gardizy, Amrith Ramkumar and Corrie Driebusch
Secretary Howard Lutnick is involved in deciding who will get the power, some of the people said. Nvidia’s backing would al- low the data center devel- oper, which is owned by Jap- anese billionaire Masayoshi Son’s investment firm Soft- Bank, to raise debt at more favorable terms than it could if OpenAI had no financial
erate hiring a bit. We’re a lit- tle bit behind right now,” Booz Allen Hamilton’s chief operat- ing officer, Kristine Martin An- derson, told investors on Fri- day. “We’re addressing that now.” The government contractor cut thousands of jobs last year as the Trump administration slashed federal contracts and asked firms to justify their costs. Total head count stood at roughly 30,900 as of June 30, down 7.5% from a PleaseturntopageA2
backer, since OpenAI has no investment-grade credit rat- ing as an unprofitable private company. The AI company has been in advanced talks to lease the site for several weeks, people familiar with the matter said. OpenAI is among the com- panies that have shown most interest in the site, while An- thropic, Microsoft and Google have also spoken to Lutnick about it in recent weeks, one of the people said. AI companies are desperate PleaseturntopageA4
Perilous Queries
AI models know how to make biological weapons. Some will teach you.
CHRISTOPH SOEDER/DPA/ZUMA PRESS
BY GEORGIA WELLS AND AMRITH RAMKUMAR
After OpenAI enhanced the brain power of its chatbot last summer, hundreds of us- ers worldwide began asking it how to make and deploy bio- logical weapons and poisons. The models, operating largely free of U.S. govern- ment restrictions, patiently answered, issuing step-by- step instructions described by company employees as simple enough for a high-school biol- ogy student to follow. Biology and terrorism experts later reviewed the exchanges for ChatGPT and judged some as deadly accurate, said people familiar with the matter.
Delta About a Merger
BY ALISON SIDER AND ANDREW TANGEL
United Airlines, on the hunt for a megadeal, last year ap- proached Delta Air Lines about a merger that would have combined the two most valu- able U.S. carriers, according to people familiar with the mat- ter. As part of the pitch, United Chief Executive Scott Kirby made a call to Delta CEO Ed Bastian, some of the people said. Delta leaders discussed the approach and merits of a po- tential deal as part of prelimi- nary due diligence, people fa- miliar with the matter said. The talks didn’t progress, and both companies later moved on from the proposal, they said.
Pauses Plans for Strikes On Iran
U.S. delays campaign amid debates over weapons supply, potential for talks
President Trump has put off an escalation of his military campaign against Iran amid ef- forts to revive diplomacy to open the Strait of Hormuz and a debate over the impact of de- clining munitions stocks, said U.S. officials familiar with the matter.
By Michael R. Gordon, Meridith McGraw, Shelby Holliday and Lara Seligman
The U.S. military had been poised Friday to launch a se- ries of strikes against Iran, which could have lasted up to two weeks, the officials said. But the operation was de- layed so diplomacy could pro- ceed and as officials discussed the effect a major attack could have on the U.S.’s shrinking stocks of Patriot and other air defense interceptors. The pres- ident could still order an at- tack, officials said, noting that the situation remains fluid. The White House has been informed of the declining in- ventories of air defense inter- ceptors by Gen. Dan Caine, the chairman of the Joint Chiefs of Staff, officials added. The issue is a concern for Caine, who be- PleaseturntopageA6
Saudi truce with Yemen weakens further................ A6 Iran’s missiles more lethal as military adapts............ A6
Most queries were about con- cocting poisons, according to OpenAI. OpenAI banned these and other user accounts that asked about how to make poi- sons and biological weapons, but it didn’t alert law-en- forcement officials. The U.S. has no federal laws requiring AI companies to either re- strict or disclose queries about making weapons or formulating plans that pose a safety threat. The absence of mandated safeguards coincides with a rise in queries from users asking AI models how to kill en masse—and chatbots re- sponding with credible plans PleaseturntopageA11
The outreach, which hadn’t previously been reported, un- derscores Kirby’s appetite for taking big swings in pursuit of his global ambitions for United. His later attempt to engage in merger talks with American Airlines, which American rebuffed, also be- came public earlier this year. United and Delta are among four giants that have come to dominate the U.S. airline in- dustry after a series of merg- ers over the past two decades. Industry officials have long be- lieved that any merger be- tween those carriers would be impossible because of antitrust concerns. But business leaders in many industries were hopeful that big deals—even some that would have been unthinkable PleaseturntopageA4
THE WALL STREET JOURNAL
KEVIN SERNA FOR WSJ (2)
Rick Woldenberg, top, is chief executive of educational-toy maker Learning Resources and learning-material company hand2mind, whose workers are shown above.
WEATHER Extreme Heat Hits Big Swath of U.S. At least 40 million people were under extreme heat warnings across central and southern parts of the U.S. on Sunday as high tempera- tures and severe humidity gripped large swaths of the country for a second straight day. Heat indexes exceeding 105 degrees stretched from Min- nesota to Mississippi, extend- ing west into southern Califor- nia and Nevada. Meteorologists said the sweltering weather was the result of another heat dome—a phenomenon where atmospheric conditions trap heat, accentuating and pro- longing already-high temper- atures. On Saturday, Rapid City, South Dakota, reported a re- cord high of 112 degrees. Temporary relief will come to the central U.S. toward the middle of the week, but high temperatures could return by the weekend, said Bob Oravec, a National Weather Service meteorologist. —Associated Press
Cyclospora is a parasite. A U.S. News article on Satur- day about the investigation
Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling 888-762-5450.
(USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices.
Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.
U.S.WATCH mans are necessary to work alongside AI. “Just because you have cod- ing agents doesn’t mean you’re not hiring engineers,” she said, adding that compa- nies with AI sales agents also need salespeople. Across Lattice’s thousands of clients, many are now back in hiring mode across a num- ber of roles, particularly for junior positions. “There’s a big thirst for that,” Franklin said. “What you have now is a realization that you need the AI-native skills. You need this [entry-level] w o r k f o r c e , which is inno- vative, not cal- cified in thought. They’re also more affordable because they are newer to the workforce.” The pickup in hiring goes beyond white-collar profes- sions. Tool maker Snap-on said it plans to add employees to expand its business. CSX said its train and engine ser- vice head count will “increase modestly” in the coming
in hiring goes beyond white-collar professions.
WASHINGTON Two Parachute Off Space Needle The Seattle Police Depart- ment is searching for two men who climbed over the glass wall of the city’s Space Needle on Friday, flipped over the edge and parachuted from the 605-foot structure. The jumpers face trespass- ing charges, according to a report provided by Public Af- fairs Officer Brian Pritchard. The BASE jumpers pur- chased tickets and entered the Space Needle at about 8:50 p.m. Friday, according to the Seattle Police Department. The attraction has a round observa- tion deck surrounded by glass windows open to the sky. They were seen on camera at the top level of the Needle, then went into a restroom, coming out with helmets on, according to police. They ran to the glass win- dow, climbed over to the other side, and jumped off, according to police. Security at the Space Nee- dle were unsure where the men landed, and police couldn’t locate them. —Associated Press
of the cyclospora outbreak incorrectly described it as a bacteria.
Defy Talk of AI Wipeout
ContinuedfromPageOne
year earlier. But the company now sees healthy demand for its services, including in na- tional security for workers who need security clearances. For much of the past 18 months, big employers were convinced that fewer workers meant faster growth. U.S. pub- lic companies shrank their white-collar workforces. Now layoffs are shrinking. The most recent week of U.S. jobless claims was the lowest on re- cord since 1969, according to federal data. Part of the change in hiring also reflects a recalibration among employers about what AI can do, said Sarah Franklin, CEO of the human-resources platform Lattice. Many compa- nies stopped hiring entry-level employees, thinking AI agents could pick up the slack. They have since realized that hu-
Businesses learn to navigate levies, but Trump hasn’t seen expected boost
BY MATT GROSSMAN AND BOB TITA
The White House’s tariff re- vamp last week represents yet another bend in President Trump’s continuing tariff saga. Beneath the headlines, the move likely means more of what businesses and shoppers have learned to live with: sud- den policy shifts, scrambled supply chains and higher prices on imported goods. Eighteen months into Trump’s second-term trade war, tariffs have shown up mainly in higher prices, with goods infla- tion running well above its pre- pandemic pace. The new levies have neither dragged down the $30 trillion U.S. economy nor delivered what Trump promised they would do: cut the trade deficit and boost domestic manufac- turing. The broad outlines of Trump’s trade war are mostly staying the same. The changes are largely aimed at sustain- ing a tariff agenda that has run into legal trouble. The Supreme Court struck down a set of global levies in February. Trump replaced them with a new 10% global tariff us- ing a different legal authority, but that levy was limited by law to 150 days—a period that ended Friday.
Latest move On Thursday, the president rolled out new tariffs of 10% to 12.5% against more than 80 countries, including most of the U.S.’s biggest trading part- ners, using a different legal au- thority. That means most im- ports will continue to face tariffs similar to those incurred over the past five months. The latest tariffs rely on Section 301 of the Trade Act of 1974—used broadly during Trump’s first term on hun- dreds of consumer and indus- trial items from China that the
U.S. said were unfairly traded. The Section 301 tariffs, viewed as more legally durable than other duties struck down by the courts, are aimed at countering loss of U.S. business from the use of forced labor in the materials or production of goods exported to the U.S. All of this reshuffling might matter less than it looks. Ana- lysts estimate the effective tar- iff rate on U.S. imports will stay near 10%—similar to most of this year. “We think we won’t see more of a drag than we’ve already seen on the economy,” said Thomas Ryan, an econo- mist at research firm Capital Economics. American businesses have navigated Trump’s trade war nimbly, said Rich Lesser, chair of Boston Consulting Group. Recent experiences such as the onset of the pandemic and the inflation surge that followed have made companies more flexible and improved their ability to respond to economic shocks, he said. That has en- abled managers to make fast supply-chain adjustments and well-informed pricing decisions. This past week, General Mo- tors said it expects gross tariff costs of $2.5 billion to $3.5 bil- lion for the year, but Chief Ex- ecutive Mary Barra described better-than-expected profitabil- ity estimates. “We haven’t made excuses,” she said. “We’ve just continued to per- form.” Still, some U.S. business ex- ecutives said they are bewil- dered by the legal justification for the new global tariff. “The U.S. has not proven that forced labor is causing us to lose business,” said Rick Woldenberg, chief executive of educational-toy maker Learning Resources and learning-mate- rial company hand2mind. Learning Resources was the lead plaintiff in the legal chal- lenge that torpedoed the earlier batch of tariffs, and has filed suit over the new tariffs. “This is just a pretext to tax me without going through Con- gress,” he said. Woldenberg’s Illinois-based company imports toys made in China, India and elsewhere in Asia. Woldenberg said the latest
months to help it meet higher demand, even as it looks to technology to make up for at- trition in other parts of the company. The transport com- pany noted its head count is still lower than it was a year ago. Few companies are saying they plan to go on major hir- ing sprees, and employers are also making clear they are in the market for certain types of workers. A l p h a b e t Chief Financial Officer Anat Ashkenazi said the technology company ex- pects to con- tinue hiring in key investment areas such as AI and cloud computing. The software company ServiceNow wants to hire more “quota- bearing feet-on-the-street sales execs” to capture growth in areas like cybersecurity. M. Keith Waddell, CEO of staffing firm Robert Half, said that AI’s impacts on the job market are proving to be “more benign than some have feared.” The firm works to
10% to 12.5% Section 301 tariffs are “incontrovertibly inflation- ary” for the U.S. economy.
Services spared The clearest consequence of Trump’s tariffs has been higher prices for physical goods. Tariff costs have added anywhere between $1,600 and $9,000 to new-car prices this year, according to Kelley Blue Book, the automobile valua- tion analyst. Federal Reserve economists estimate that through Febru- ary, the levies lifted the cost of core goods—those exclud- ing volatile food and energy categories—by about 3.1%. That is a sizable shift given that goods prices mostly fell during the decade leading up to the Covid-19 pandemic. Most U.S. consumer spend- ing goes to services—every- thing from housing and medi- cal care to entertainment and airline tickets. So, the increases in prices of goods caused by tariffs have overall had a far smaller effect on overall infla- tion. All told, the Fed econo- mists put the tariff effect on core consumer inflation at about 0.8 percentage point. Outside of inflation, tariffs haven’t placed the economy under much strain. The econ- omy grew an inflation-ad- justed 2.7% between the first three months of 2025 and the same stretch of 2026, pro- pelled by solid consumer spending and the artificial-in- telligence investment boom. But the tariffs haven’t done much to advance two of the administration’s central goals for them: closing the trade deficit and reviving factory jobs. Through the first five months of 2026, the U.S. trade deficit totaled $297.91 billion, down about 10% from the same stretch of 2024. And although factory out- put is up 3.1% since Trump re- turned to office, the sector employs fewer people. Roughly 75,000 fewer Ameri- cans worked in manufacturing in June than in January 2025.
Companies trade away tariff refund rights........... B3
place people in roles from tech to financial services, and some clients are recruiting again. “Hiring demand continues to improve and market condi- tions are increasingly more supportive of our business,” he said. Some caution, though, that much remains unclear as AI’s ultimate potential continues to evolve. “Do we need more peo- ple? Do we need less people?” asked Paul Osterman, a profes- sor emeritus at MIT and the author of “Disposable Work- ers,” a new book on the trans- formation of employment. “We have no idea. No one has any idea.” Osterman said many com- panies treated employees as dispensable, cutting them when convenient, or down- grading them into contractor or part-time roles. He expects that trend to continue in this moment of flux. “AI introduces so much un- certainty with employers, not sure knowing what they need or don’t need,” he said, adding that the drumbeat of AI’s power to displace humans and save shareholders money will not stop. “Who’s going to be the victim of all that noise?”
KARL MERTON FERRON/BALTIMORE SUN/TRIBUNE NEWS SERVICE/GETTY IMAGES
President Trump was furi- ous at Canada, again. Early last month, Canadian Prime Minister Mark Carney said the Gordie Howe Interna- tional Bridge—a long-awaited project linking Detroit and
By Amanda Coletta in Toronto and Brian Schwartz in Washington
Windsor, Ontario—was set to be opened. A Windsor-Detroit Bridge Authority invitation announced a ribbon cutting for June 12. Months earlier, Trump had threatened to delay the bridge’s opening over disputes about how the toll revenue would be split and other U.S.-Canada trade matters. Now, he was convinced Carney was trying to rush the opening and circum- vent him, a U.S. official said. In a meeting with Com- merce Secretary Howard Lut- nick, the official said, Trump came up with an idea: What if he revoked the presidential permit that allowed the bridge to open? Aides ulti- mately dissuaded the presi- dent from that plan, but a day before the June 12 ribbon cut- ting, the event was abruptly called off. Carney said Canada agreed to delay the opening at the request of the U.S.—the latest twist in a decadelong effort to open the 1.5-mile, ca- ble-stayed span that has emerged as a symbol of the
Lyme disease and alpha-gal syndrome are expanding into new areas, threatening Michigan and Ohio with a one-two punch
BY JOSH ULICK AND CARL CHURCHILL
JAMES GATHANY/AP (2)
A blacklegged tick, left, can carry the Lyme-causing bacteria, while lone-star ticks, right, cause alpha-gal syndrome.
Warmer winters and shifts in land use have brought ticks—and the diseases they carry—into new territory. With summer in full swing, health officials are warning of increasing risks from two
When blacklegged ticks were first established in a county
Minneapolis Minneapolis
Minneapolis Minneapolis
Kansas City Kansas City
Oklahoma City Oklahoma City
Oklahoma City Oklahoma City
Source: Centers for Disease Control and Prevention
Lyme disease Until recently, Ohio and Michigan had relatively low rates of Lyme disease. In 2025, cases jumped more than 60% in Ohio from a year earlier. In Michigan, they rose almost 80%. In May, the Ohio Depart- ment of Health warned Lyme disease was surging state- wide. The spread of Lyme dis- ease is tied to the growth of white-tailed deer popula- tions. The forest-dwelling species is a primary host for blacklegged ticks, which carry the Lyme-causing bac- teria. Deer have rebounded over the past 100 years as forests, once razed for farms and logging, have grown back. As deer have returned, so have ticks.
evolving state of U.S.-Canada relations. The bridge opens to traffic Monday with U.S.-Canada ten- sions still running high over trade and the president’s 51st- state rhetoric more than 18 months into Trump’s second term. “It’s not a breaking news story that [the bridge] reflects the troubles,” said Christopher Sands, director of the Center for U.S.-Canada Studies at the Johns Hopkins University School of Advanced Interna- tional Studies. “It’s just part of a long period in which the relationship has gotten worse and we just don’t seem to be able to fix it.” In 2015, when then-Prime Minister Stephen Harper an- nounced the bridge would be named after the Canadian hockey great who captained the Detroit Red Wings, he hailed the “very strong and important” relationship be- tween the U.S. and Canada and a future of more bilateral trade. Then-Michigan Gov. Rick Snyder stood beside him in a sign of that chummy bond. Today, uncertainty looms over U.S.-Canada trade and se- curity ties, and Gordie Howe’s “elbows up” style of play has become a Canadian rallying cry amid Trump’s menaces. Canada disinvited U.S. officials from what was meant to be a joint ribbon-cutting on Friday to mark the bridge opening after Trump threatened more tariffs.
of the most common tick- borne conditions: Lyme dis- ease and alpha-gal syndrome. Both are expanding their ranges, placing Ohio and Michigan squarely in their path.
Cleveland Cleveland Detroit Detroit
Nashville Nashville
By 1996, about 400 U.S. counties had established pop- ulations of eastern black- legged ticks. By 2025, the number had reached 1,300, according to the Centers for Disease Control and Preven- tion. As tick populations ex- pand, Lyme disease cases are rising. In 2023, the most re- cent year for which data are available, U.S. cases climbed 43% to almost 90,000. But ac- tual cases might be five times higher because of underre- porting, according to the CDC. Infection often causes a rash at the bite site. Other early symptoms include fever, fatigue and muscle aches. While most people recover completely when treated with antibiotics, some experience prolonged symptoms.
CARLOS OSORIO/REUTERS
The new $4.5 billion Gordie Howe International Bridge links Detroit and Windsor, Ontario.
The bridge didn’t appear to become a part of the broader tensions in the bilateral rela- tionship until early February, when Trump fired off a lengthy post on his Truth So- cial account threatening to block the bridge unless “Can- ada treats the United States with the Fairness and Respect that we deserve.” He claimed that U.S. steel wasn’t used in the construction of the bridge; Snyder and Ca- nadian officials say U.S. steel and labor were used. Trump also criticized Canada’s rap- prochement with China, claim- ing Beijing would eliminate
Annual reported cases of Lyme disease
3,000 3,000 3,000
OHIO MICHIGAN
2,000 2,000 2,000
1,000 1,000 1,000
2000 ’10 ’15 ’05 ’20 ’25
2000 ’10 ’15 ’05 ’20 ’25
Source: State health departments
Alpha-gal syndrome Alpha-gal syndrome is pri- marily caused by lone-star ticks. Like blacklegged ticks, they benefit from rebounding deer populations, while warmer winters allow the cold-sensitive species to push farther north. For much of the 20th century, the lone-star tick was rarely recorded north of southern New Jersey. Now, it is gaining a foot- hold in the Midwest. As of 2025, lone-star ticks were established in 19 counties in Ohio and five in Michigan, according to CDC data. Ohio State University warned this spring that alpha-gal syndrome is “increasingly reported in Southern Ohio due to the ex- pansion of the lone-star tick.” Nationally, more than 110,000 suspected cases of al- pha-gal syndrome were identi-
Estimated lone-star tick distribution, by county, 2025
Historic lone-star tick range (1945)
Sources: Genome Biology and Evolution journal (1945); Centers for Disease Control and Prevention (2025)
professional hockey’s champi- onship trophy, the Stanley Cup. The Gordie Howe bridge was conceived to smooth the flow of trade across the border. For decades, commercial truck traffic between Windsor and Detroit, the heart of the integrated auto industry, has mostly flowed across the Am- bassador Bridge. Last year, more than 1.8 million trucks rumbled across the aging aquamarine span, which opened in 1929 and is one of the continent’s busiest land border crossings. Historically, around a quarter of U.S.-Can- ada trade has moved across
fied between 2010 and 2022. Because of underreporting, the number of people affected might be closer to 450,000, ac- cording to the CDC. Unlike Lyme disease, which is caused by a tick-borne pathogen, alpha-gal syndrome is an allergy triggered by tick bites. The tick releases a sugar molecule into the bloodstream of its victims. The immune sys- tem might then identify this sugar—which is common in mammals such as cows and pigs—as a foreign threat, caus- ing an allergic reaction the next time the person eats meat. This can range from mild hives to life-threatening anaphylaxis. Most bite victims don’t de- velop a meat allergy. For those who do, sensitiv- ity can lessen over time, par- ticularly if they don’t get bit- ten again.
the bridge. But congestion at the pri- vately owned bridge has long worried politicians as well as automakers that depend on a just-in-time delivery model. Officials in both countries decided a new bridge over the Detroit River was the solution. The Gordie Howe bridge is expected to ease bottlenecks because it has more lanes and highway access. To access the Ambassador Bridge, trucks now crawl down a Windsor road with more than a dozen intersections with traffic lights. This, coupled with toll increases on the Ambassador
Parking Fines in Texas
BY ELLIE DAVIS
Finding parking in a city is a headache for most drivers, and the same goes for self- driving robotaxis. In Austin, Texas, Waymo’s robotaxis have struggled to fol- low parking rules. Since the company came to town in 2024, its vehicles have been fined $9,325 in parking tickets, ac- cording to documents The Wall Street Journal obtained through an open-records request. Austin is one of the largest emerging markets for robot- axis in the U.S. Waymo leads the way with more than 300 robotaxis in Austin, nearly half its Texas fleet. The com- pany’s fines are a drop in the bucket of the $6.3 million that Austin collected in parking fines in fiscal year 2025, but such parking mishaps are be- coming a visible point of fric- tion as Waymo and other ro- botaxi companies are scaling their services across the U.S. Autonomous vehicles from Waymo and others—which in Austin include Tesla’s Robotaxi and Amazon’s Zoox—create challenges for law enforce- ment when they struggle to nav- igate unpredict- able situations such as emer- gency scenes, construction zones and road closures. The National Highway Traf- fic Safety Administration de- manded in a July 8 letter that autonomous-vehicle develop- ers enable robotaxis to better follow instructions from first responders. Part of the problem, ac- cording to the letter, is that robotaxis often fail to recog- nize where they can stop without getting in the way. Waymo has paid $7,433 of the fines across 83 different citations, and the company was still on the hook for $1,892 that hadn’t been paid as of July 15, a Journal analy- sis of the records found. The company pays tickets for its illegally parked cars like any other driver. “We do not expect different treatment [in regard] to ticketing,” a Waymo spokesman said. Waymo’s parking fines range from as little as $20 to as much as $519. In a case filed on Sept. 11, 2024, Waymo got hit with its biggest fine to date after one of its vehicles parked in a parking spot re- served for the disabled. The company has also been issued 64 fines for parking in a tow-away zone, 13 for not paying for a metered spot, and nine for double parking.
the largest emerging markets for robotaxis.
Bridge, has pushed more trucks to cross into Michigan at the Blue Water Bridge, some 100 miles away. The standard toll for a com- mercial truck using the Gordie Howe bridge is $8.75 per axle, compared with $20 per axle for the Ambassador Bridge. A 2021 study from the University of Windsor estimated the new span would slash 20 minutes off crossing time for each truck and save the trucking in- dustry billions in costs over its lifetime. This bodes ill for the Mo- roun family, the billionaire owners of the Ambassador Bridge since 1979, who have long sought to block the new bridge’s construction. The Morouns have mounted several unsuccessful legal challenges to the Gordie Howe bridge project and spent $30 million on a failed ballot ini- tiative in Michigan that would have amended the state con- stitution to require a state- wide vote on the construction of new international bridges or tunnels. The late patriarch Manuel “Matty” Moroun, then 84, was found in contempt in 2012 for failing to make court- ordered repairs to the Ambas- sador Bridge and spent a night in jail. In 2012, Canada said it would pick up the full tab for the Gordie Howe bridge, which turned out to be 6.4 billion Ca- nadian dollars, or about $4.5 billion.
Parking enforcement officers in Austin write tickets, which are civil citations, against a ve- hicle, not the driver. The city uses a public database to track complaints about robotaxi park- ing violations. Between trips, some Waymo vehicles use publicly available parking spaces to avoid creating unnecessary traffic on roads while staying nearby potential passengers throughout the city. Alternatively, a Waymo can return to an Austin operations depot managed by Uber to park, charge up, and get cleaned. Waymo declined to comment on how many of its vehicles can park at the Uber depot at a time. When a Waymo vehicle stopped on the side of a busy road in northern Austin and partially blocked an active railroad track on Jan. 11, 2025, the police department had no choice but to have the vehicle towed, an officer reported. In another instance, a Waymo vehicle stopped in a marked disabled parking spot while waiting to pick up a passenger outside an ele- mentary school. Another resi- dent reported that, in April, a Waymo was idling for more than five min- utes in front of the entrance to a church park- ing garage during a Sunday service, preventing parishio- ners from entering and exiting. “There needs to be some way to get them to move,” the resi- dent wrote. In some cases, Waymo has gotten out of paying the fines. Two separate cases of the cars impeding traffic, in 2024 and 2025, were dismissed through plea bargain. “Waymo reviews all re- ceived citations and may en- gage with the court to address and resolve them, including contesting cases on their merit if we believe they were issued erroneously,” a com- pany spokesman said. Despite parking mishaps, robotaxi companies such as Waymo and Tesla say their ve- hicles are statistically safer than human drivers. A recent independent analy- sis of Waymo by the Insurance Institute for Highway Safety found that the vehicles are on average involved in fewer crashes per mile than humans. Over 50 million miles in driver- less operation in Phoenix, San Francisco, Los Angeles and Austin, Waymo’s crash involve- ment rate was 68% lower than that of human drivers, the or- ganization found.
JESSICA KOSCIELNIAK/REUTERS
A golfer tees off at East Potomac Golf Links in Washington as a dump truck exits a makeshift dump site.
Turns Focus to Pile of Dirt
BY LYDIA WHEELER
WASHINGTON—Litigants sometimes fight dirty. They don’t often fight about physi- cal dirt. About 37,000 cubic yards of it are at the center of a case that bridges two of Pres- ident Trump’s hot-button ini- tiatives in the nation’s capi- tal: the construction of a White House ballroom and his plans to transform a be- loved—and decidedly un- fancy—public golf course on an island in the Potomac River into a championship- level facility. The dirt came from the White House grounds where Trump demolished the East Wing and construction crews have spent months digging below ground to make way for a bunker and other facili- ties that the president says are essential. Workers hauled 150 truck- loads of the soil 2 miles away, to East Potomac Golf Links, where it sits in a large mound on one of the site’s nine-hole courses. A local preservation group has sued to block the renovation. One of its argu- ments is that the dirt is likely contaminated and will hurt golfers and the environment
Sought Deal With Delta
ContinuedfromPageOne
ContinuedfromPageOne
in the past—might be achiev- able during the second Trump administration. A merger between United and Delta—two of the world’s biggest airlines—would have had wide-ranging implications for airline competition and consumers. It would likely have faced scrutiny from anti- trust enforcers and state attor- neys general.
OpenAI Eye Backstop
to secure chips and power needed to run their models, making megaprojects that have government support or guaranteed power increasingly attractive. Under the arrangement, Nvidia would guarantee a se- ries of financing vehicles in- tended to make lenders feel more confident that the fund- ing behind the project is se- cure, the people said. Terms haven’t been completed and the deal could fall apart. The guarantee of $250 bil- lion would cover the data cen-
if it is used in the makeover. The National Park Service says no decision has been made on whether or how the dirt will be used in any course construction. The government says the soil, which is fenced off and covered in grass, is clean—or at least clean enough. The Park Service had it tested and said no asbestos was de- tected. Though there are other toxins present, includ- ing arsenic and lead, the ser- vice said it isn’t enough to harm anyone. The DC Preservation League now wants to test the dirt itself. The fate of the pile sits with U.S. Dis- trict Judge Ana Reyes, who in a hearing this month said she didn’t understand why the government won’t give the preservation group some soil samples. “If there isn’t a problem with it, who cares?” Reyes asked. But the government is dig- ging in. “We’re not legally ob- ligated to,” Justice Depart-
Preservation League now wants to test the dirt itself.
Kirby has made no secret of his respect for Delta. The At- lanta-based carrier has spent years upending conventional airline wisdom that customers care mostly about finding the cheapest seat that works in their schedules. Its focus on the travel experience has given premium travelers a reason to be loyal and made Delta the most profitable U.S. carrier. The strategy helped inspire United’s own transformation in recent years. Last year, United and Delta accounted for over 90% of the industry’s profits. As of Friday, Delta had a market valuation of about $56 billion, and United’s market value was around $38 billion. There was sharp backlash
ter lease and debt needed to fund its build-out, but not the Nvidia chips that would go in- side it. Nvidia, which has in- vested $30 billion in OpenAI, is also discussing a deal to fi- nance the chip purchase for OpenAI, which could total $350 billion, people familiar with those discussions said. Such circular funding ar- rangements have caused con- cerns that the industry is vul- nerable if investor sentiment shifts or growth slows for AI companies. The campus would require roughly 10 gigawatts of elec- tricity, or enough to power several million homes, and take many years to complete. The first phase of the project is expected to be finished in 2028, and would have around 800 megawatts of power, ac- cording to people familiar with the deal. Lutnick and the Trump ad-
ment lawyer Michael Robertson told the judge. The Trump administration says there isn’t a detailed blueprint in place to redesign the East Potomac facility, which first opened as a mu- nicipal course in 1920. But Trump himself has already picked an architect and an- nounced Sept. 1 as the start date for construction. “When completed, this Course will have the ability to host Major Golf tournaments, including The U.S. Open, The Ryder Cup, The PGA Champion- ship, and other top PGA Tour events,” he wrote in a so- cial-media post late last month. Trump also is continuing to race through the ballroom construction. A different preservation group wants the project halted until Congress has approved the building plans. Courts have allowed work to continue for now while litigation is ongoing. In real-estate development, dirt is big business. “It’s a major cost of con-
earlier this year when Bloomberg reported that Kirby had floated the idea of a merger between United and American in a meeting with President Trump. Lawmakers raised concerns that the tie-up could harm travelers. Trump said he didn’t like the idea. And American CEO Robert Isom blasted it as “anticom- petitive.” High fuel prices, which are currently rattling the industry, have previously been a catalyst for airline industry shake-ups. Bastian has said that there could be consolidation among struggling smaller players but that it isn’t something Delta is looking to pursue. Kirby has said he has little appetite for smaller mergers.
ministration also have a lot riding on the Ohio project. As part of its commitment to in- vest in the U.S. in return for lower tariffs, Japan agreed to invest $33 billion in a natu- ral-gas power project on fed- eral land in Ohio that would be operated by SB Energy, which is effec- tively con- trolled by Soft- Bank’s Son. SB Energy has received an i n v e s t m e n t from OpenAI and SoftBank itself is one of the largest in- vestors in OpenAI. In March, Lutnick, Son and En- ergy Secretary Chris Wright broke ground on the data center complex. By using federal land in Ohio, the government and its
struction,” said Richard Turner, who sold fill from his farmland in southeast Vir- ginia for more than two de- cades. In 2022, his company, Isle of Wight Materials, sup- plied much of the fill for a three-million-square-foot Am- azon fulfillment warehouse in Suffolk, Va. If companies are dealing with dirty dirt, it can jeopar- dize development deals, drive up project costs and put busi- nesses at risk. A construction company agreed to pay $11 million last year to resolve environmental violations af- ter it admitted it used more than 4,000 tons of contami- nated fill to rebuild a Rhode Island state highway inter- change. For now, the dirt, which was seeded with grass to pre- vent runoff, isn’t interrupting play at East Potomac. Moving the mound would cost as much as $5.4 million, the gov- ernment estimated in a court filing. Without more evidence that the dirt is harming any- one, the judge said she can’t force the government to haul it away. Still, the judge said, there appears to be a lot of arsenic in the soil “and that seems like a bad thing.”
“In the past, airline mergers usually have been about two struggling airlines coming to- gether to cut costs, flights and head count. My aspirations could not be more different,” he wrote in a statement in April about the American pro- posal. But without a willing part- ner, Kirby said in May that he doesn’t see United participat- ing in industry consolidation in the foreseeable future. He has denied that United would be interested in acquiring New York-based carrier JetBlue, telling analysts and investors in May that he has long be- lieved that only a big transac- tion, like the one he tried to pull off with American, made sense.
partners hope to avoid the permitting headaches and lo- cal opposition that are snarl- ing data centers across the country. The project is on a decommissioned uranium-en- richment site about 50 miles south of Columbus. It will still take time to complete the financing and acquire all the equipment. The U.S. g o v e r n m e n t will provide a fee to SB En- ergy for oper- ating the power plant, one of the peo- ple said. Japan and the U.S. will split the power sales un- til Japan recoups its $33 bil- lion, after which the Ameri- can government will get 90% of the revenue. The arrangement shows
would require 10 gigawatts of power and take years to build.
Jackson as Nominee
BY KEN THOMAS
BANGOR, Maine—Former Maine state Senate President Troy Jackson secured the Democratic nomination for the U.S. Senate at a special nomi- nating convention, as the party sought to rebound in the after- math of Graham Platner’s deci- sion to abandon his scandal- plagued campaign. Jackson, a fifth-generation Mainer and former logger, was formally nominated Saturday to challenge Sen. Susan Col- lins, a Republican who was first elected in 1996 and re- mains the most vulnerable Senate Republican seeking re- election in November. “For nearly 30 years, Collins has told Maine she is con- cerned,” Jackson said, refer- encing a phrase the senator has used in the past. “But con- cern does not lower the cost of groceries or gas…Maine does not need another six years of concern.” Delegates waved blue signs reading, “No More Concerns” and “Retire Susan.” Winning the Senate race in Maine is central to Democrats’ strategy of recapturing control of the Senate majority in the November elections, a move that would empower the party during President Trump’s final two years in office. A Republican-aligned super PAC quickly sought to define Jackson in a new ad, referring to recent reports about his shifting stances on issues like abortion and same-sex mar- riage, and his hot temper in the state legislature. “Jackson is like Graham Platner, but worse—decades as a political insider,” the ad from the Sen- ate Leadership Fund says. Jackson, a 58-year-old for- mer state lawmaker, ran for governor earlier this year as a progressive, campaigning alongside Platner and Vermont Sen. Bernie Sanders. Jackson
Troy Jackson is a former Maine state Senate president.
How House Democrats Turned Against Israel Aid
How House Democrats voted on Israel aid
APRIL 2024
37 against Israel 173 for Israel
JULY 2026
103 against Israel 98 for Israel 10 present
Source: Congress
Scan this code for a graphic analysis of how different groups of Democrats—leadership, progressives, millennials—shifted on Israel, and who led the way, leading many House Democrats to vote against military aid.
how the administration is trying to accelerate activity in critical industries by di- rectly partnering with the private sector. The proposed structure re- flects a shift under way in how the largest AI build-outs are being financed. Invest- ment-grade technology com- panies are increasingly using their balance sheets to help smaller companies borrow money for their infrastruc- ture needs, a phenomenon known within the industry as a “credit wrapper.” Alphabet’s Google, for in- stance, has backstopped some data centers for An- thropic, in part to increase sales of its in-house AI chips, known as tensor processing units. The data center would be OpenAI’s first as a tenant, bringing it closer to control- ling the infrastructure that it
finished third in the ranked- choice Democratic primary, but showed strength with orga- nized labor and working-class voters in northern Maine, which has backed Trump in re- cent presidential elections. When sexual misconduct al- legations against Platner arose, Jackson called on him to with- draw from the race. He shares a similar policy agenda with Platner, including support for universal healthcare and the abolition of U.S. Immigration and Customs Enforcement. The convention brought to- gether more than 600 dele- gates from across the state to choose a new Senate nominee ahead of a Monday deadline. The state party acted quickly to respond to calls from party activists, many of whom were drawn into the campaign by Platner, to create a process to name his replacement. Jackson won overwhelm- ingly over Saundra Pelletier, CEO of Evofem Biosciences, re- ceiving the support of 566 del- egates with Pelletier receiving five delegates. Before the convention, sev- eral Senate candidates, includ- ing ex-gubernatorial candi- dates Nirav Shah and Shenna Bellows, dropped out of the race after Jackson’s supporters won an overwhelming number of delegates. Charlie Dingman, the state party chairman, said Demo- cratic leaders in the state rec- ognized that quickly organiz- ing a process to replace Platner would be difficult. “There were people who help- fully advised us that our plan was somewhere between a high-wire act and a moon landing. But we knew that the easy, establishment path was totally unacceptable,” Dingman said. “Look around this room, look at what Maine Democrats did,” Dingman said.
now primarily rents from cloud providers such as Mi- crosoft, Amazon and Oracle. The company recently raised its projected spending on computing power to around $750 billion through 2030, up from a projection of roughly $600 billion earlier this year. It isn’t clear how the new deal would affect those pro- jections. The company and An- thropic are racing toward IPOs with eye-watering valua- tions, increasing pressure on them to continue growing quickly. With a roughly $5 trillion market value, Nvidia is also moving to lock in greater chip demand. In its most recent annual report, the company warned that data-center fund- ing arrangements could lower its near-term cash flows and increase its exposure to cus- tomer credit risk.
GRAEME SLOAN/BLOOMBERG NEWS
3 didn’t vote
4 didn’t vote
Monday, July 27, 2026 | A5 U.S. NEWS
Versus Prediction Markets
Legal battle between state and sites like Kalshi is heating up ahead of midterms
BY KRYSTAL HUR
Brian Hildebrand was glad when Wisconsin officials re- cently warned that voters can’t legally cast a ballot in an election they bet on. The 39-year-old Milwaukee resident sees the prospect of people betting on elections as a “perversion of democracy”— especially in a swing state like Wisconsin where a lot is at stake. “The fact that our elections are also nail-biters makes it that much worse,” said Hilde- brand, a software developer. “The electoral process is not one about greed, and this in- troduces direct financial in- centive, no matter how small, into that process.” The warning by the Wis- consin Elections Commission last week opened a new front in the escalating legal battle between prediction markets and the state regulators fight- ing to ban them. Kalshi, the country’s big- gest prediction-market opera- tor by trading volume, shot back and accused the commis- sion of “active voter suppres- sion”—and noted that it has hundreds of thousands of us- ers in the state. The next day, the company announced the launch of a midterm elections hub that it said would show real-time election forecasts based on how its users are betting. On Kalshi, users can bet on mar- kets tied to Wisconsin elec- tions, including who will win the gubernatorial race or be- come attorney general. With control of both the U.S. Senate and House in play, the midterm elections are set to be the first in which prediction markets play a starring role. Operators of the markets say they channel the wisdom of crowds to forecast out- comes. Prediction markets came to the scene in a big way after correctly forecasting Trump’s victory in the 2024 presidential election while traditional poll-based models deemed the race a tossup. But some fear interested parties could place big bets on the sites to give the impres- sion a particular candidate is leading and sway voters. Insider trading has also be- come a concern, after high- profile cases emerged of peo- ple profiting off their knowledge of government in- formation. Others say elec- tions and betting shouldn’t be mixed for simpler reasons. “A very strong argument can be made that people ought to be voting based on who is the best candidate for the position, and not on how much money they will make,” said Ann Ja- cobs, a Democratic appointee on the Wisconsin commission. The Wisconsin commis- sion’s statement cites state law that disqualifies people from voting in an election where they have placed a “bet or wager,” language that the commission said it believes encompasses events-based contracts. Wisconsin is among many states that have taken the position that the bets on prediction markets amount to illegal gambling, with many saying it should be subject to state regulation and taxes. Kalshi and Polymarket dis- pute that, saying they offer event contracts that are regu- lated by the Commodity Fu- tures Trading Commission. The CFTC, run by Trump ap- pointee Michael Selig, has sued states on behalf of pre- diction-market platforms. The multistate legal battle is likely to end up at the Supreme Court. Rick Heaslip, Kalshi’s gen- eral counsel, said the company is having internal discussions about how to react if other states follow Wisconsin’s lead. “Wisconsin is essentially threatening to prosecute or disenfranchise its own citizens for legal conduct,” Heaslip said. A Polymarket spokesman said Wisconsin’s statement “runs counter to the CFTC’s established framework for regulating prediction mar- kets.” Polymarket has a data
partnership with Dow Jones, the publisher of The Wall Street Journal. Other states have language in their laws similar to Wis- consin’s, suggesting the issue could spread. Delaware, Texas and New Jersey are among the states where election betting is illegal, according to the Pew Research Center. In New York state, voters could have their right to vote challenged at polling stations. If they are suspected of having been paid for their vote or of
betting on the result of an election, they could be re- quired to take a “Bribery Oath” swearing that they ha- ven’t made or become in- volved in “any bet or wager depending upon the result of this election.” In Wisconsin, where offi- cials haven’t won an injunc- tion against Kalshi, it is un- clear whether voters would face any consequences for election bets on prediction markets. Despite its warning, Wisconsin’s election commis-
sion noted in its statement that it isn’t able to police bets on prediction-market plat- forms. “There’s likely a nonzero chance that courts will decide Kalshi and Polymarket are bet- ting platforms,” said Don Mil- lis, the Republican chair of the Wisconsin Elections Commis- sion. “Our statements on this are designed to inform voters and raise awareness that if you bet on an election and vote in that contest, you could com- promise your ability to vote.”
A voter cast a ballot in 2025 in Kenosha, Wis.
SCOTT OLSON/GETTY IMAGES
Back and forth strikes test energy markets as Tehran widens influence on region
BY FELIZ SOLOMON AND SALEH AL-BATATI
Attacks between Saudi Ara- bia and Houthi rebels in Ye- men are escalating, threaten- ing to break a fragile truce that has held for four years. A return to all-out war be- tween the Saudis and the Iran- backed militant group would heap more pressure on global energy markets already strained by the U.S.-Israeli war on Iran and Tehran’s retalia- tory chokehold on the Strait of Hormuz. It could also bring catastrophic consequences to the people of Yemen, where famine took hold when the country’s civil war was at its peak. Riyadh has calibrated its re- sponses as the Houthis test their limits, but experts on the conflict say they see little room for de-escalation. The militants are under growing economic pressure, which they blame on a Saudi-enforced blockade of Yemeni ports and airspace. Meanwhile, Iran is taking advantage of the situation to inflict pain on the kingdom without attacking it directly. “Iran is fanning the flames of this conflict—that’s without question—but the Houthis tend to do things when it makes sense for them,” said Allison Minor, a former U.S. official on Middle East policy now at the Atlantic Council
SAUDI ARABIA
SAUDI ARABIA
SAUDI ARABIA
As Military Adapts Its Use
BY DAVID S. CLOUD AND SHELBY HOLLIDAY
The Kheibar Shekan missile is the workhorse of Tehran’s ar- senal—a cheap, mobile, accurate weapon with a range of at least 900 miles. And recently, Iran has been using it in complex at- tacks, proving itself to be an adaptable adversary for the U.S. Since the fighting picked back up, Iran has been firing the Kheibar Shekan at Ameri- can bases, U.S. officials said. It is using a combination of dif- ferent flight paths, maneuvers and speeds to try to confuse U.S. defenses, they say. The U.S. and its partners have shot down most Kheibar Shekans throughout the war, one of the U.S. officials said, but some have gotten through. Unlike Iran’s older missiles that require lengthy prelaunch fueling, military analysts say the Kheibar Shekans can be kept fueled and loaded quickly into trucks or other vehicles for launching in an attempt to evade U.S. and Israeli war- planes seeking to knock out Iranian missile sites. In some variants of the missile, the nose section,
Kheibar Shekan
Plans Put On Hold
ContinuedfromPageOne
lieves the low inventories wouldn’t preclude a resump- tion of major combat opera- tions against Iran, but would add to the risk, the officials added. A spokesman for Caine said he wouldn’t discuss the chair- man’s confidential advice to the president. Several officials said Adm. Brad Cooper, who leads Central Command, believes the U.S. can cope with the limited stocks of Patriot and other air defense interceptors because stepped-up U.S. strikes, if they are approved by Trump, would blunt Iran’s ability to launch large numbers of missiles. A spokesman for Central Com- mand declined to comment on Cooper’s planning. Trump denied that dwin- dling munitions are a problem, insisting in a statement to The Wall Street Journal that “we
Houthi supporters protesting an attack on the San’a international airport in Yemen earlier this month.
think tank. “I think we’re very close to a resumption of all- out war. I’m not seeing an off- ramp right now.” On Saturday, the Royal Saudi Air Force struck military targets in Yemen’s coastal province of Hodeida, according to a Saudi-led coalition oppos- ing the Houthis. The Houthis responded with drone and missile attacks on facilities of Aramco, Saudi Arabia’s state- owned energy firm, in Jizan and Yanbu, the main spigot for oil exports off the country’s western coast. Saudi Arabia didn’t disclose whether the fa- cilities were damaged.
which carries the explosive warhead and detaches during the final phase of flight, is equipped with a small engine that makes it capable of adjust- ing its direction as it nears its target at 6,000 miles an hour, analysts and officials said. Ballistic missiles travel into the upper atmosphere or space before plunging back down to- ward a target, but not all are capable of ma- neuvering. Mili- tary analysts who have stud- ied the Kheibar Shekan said it can vary its tra- jectory more than some other ballistic missiles in an attempt to make it harder to detect and destroy. Iran is also launching high- speed attack drones and less sophisticated missiles at the same locations it is targeting with the satellite-guided Kheibar Shekans, adapting its tactics throughout the war, the U.S. officials said. Since the ceasefire collapsed, Iran has targeted housing areas
Shekan uses a variety of tactics to confuse air defenses.
President Trump Friday at the Correspondents’ Dinner.
have far more munitions than anyone in the world, and far more than we need.” At the same time, the White House said national security would be at risk if news organ- izations reported updated U.S. government figures on Patriot and Thaad missile expendi- tures showing the high number of interceptors that have been used since the war began. Analysts outside the gov- ernment have cautioned that the large number of antimissile interceptors that have been used to thwart Iranian attacks could hamper the U.S. ability
Hours later, Houthi launch sites and weapons depots were targeted in several loca- tions, including Marib and Al- Jawf, according to a Yemeni broadcaster run by the Saudi- backed government in Aden. These were among the coali- tion’s first airstrikes inside Yemen since a United Nations- brokered truce took effect in 2022. On Sunday, the Houthis said they shot down a Turkish sur- veillance drone operated by the Saudis. Saudi Arabia’s for- eign ministry didn’t reply to a request to comment. “For now, I think it’s still a
where U.S. troops stay at bases across the Middle East, officials say. Iran has also gone after the radars that underpin air de- fenses, a strategy that puts American servicemembers at greater risk, they say. “I think what it tells us is Iran is paying attention, and they’re learning and they’re looking at ways that they can get at us,” said retired Army Gen. Joseph Votel, who has led U.S. Central C o m m a n d . “This is a mili- tary that has a well-developed drone capabil- ity, it’s had a missile pro- gram, a rocket program for a long period of time. They’ve got a lot of ex- pertise in this area.” Iran “has seen what types of maneuvers are the most ef- fective ones for overcoming missile defense,” said Fabian Hinz, an independent missile expert. “Every single combat use gives you some sort of data, so that’s very useful for the Iranians.”
to deter adversaries around the globe, including China. “The diminished munitions stockpiles have created a near- term risk,” said an April report by the Center for Strategic and International Studies by Mark Cancian, a retired Marine Corps colonel, and Chris Park, a research associate at the think tank. “A war against a capable peer competitor like China will consume munitions at greater rates than in this war.” That report covered the seven key munitions that had been used in the war with
tit-for-tat and there’s hope that maybe this can be con- tained,” said Umer Karim, a researcher focused on Saudi policy and Gulf geopolitics at the University of Birmingham in the U.K. “But the way things are going, I don’t think so.” Saudi Arabia intervened against the Houthis a decade ago after the group seized a swath of territory during the country’s civil war. Since then, Riyadh has backed Yemen’s in- ternationally recognized gov- ernment and led the coalition of Arab militaries that sup- ported its fight against the militants.
Iranian soldiers standing guard beside a Kheibar Shekan ballistic missile in Tehran.
Kheibar Shekan range: 900 miles Kheibar Shekan range: 900 miles
KAZAKHSTAN KAZAKHSTAN KAZAKHSTAN
Caspian Sea
TURKEY TURKEY TURKEY
IRAN SYRIA SYRIA SYRIA
AFGHAN. AFGHAN. AFGHAN.
ISR. ISR. ISR.
Gulf of Oman Persian Gulf
OMAN OMAN OMAN
YEMEN YEMEN YEMEN
Iran. Cancian and Park, who have updated their April as- sessment, said Sunday they es- timate that at least 1,500 Pa- triot interceptors have been expended since the war with Iran began. That would leave a U.S. inventory of less than 1,000 Patriot interceptors, they said. White House spokeswoman Karoline Leavitt and Sean Par- nell, the Pentagon’s chief spokesman, said the military has everything it needs for any mission Trump chooses. The continued threat posed by Iran’s missiles was under- scored last week when three Iranian ballistic missiles struck a base in Jordan, including one that hit a housing area for American servicemembers at the base. Three U.S. soldiers were killed in the attack. Secretary of State Marco Rubio said most of the missiles that were directed at the base were shot down. Other U.S. of- ficials have said Iran’s missile force is using different flight paths, maneuvers and speeds, which is challenging U.S. de- fenses and increasing the use of antimissile interceptors. Gulf states have also drained many of their inter- ceptors, which has become a
ERIC LEE/GETTY IMAGES
The civil war in Yemen lasted seven years. The truce reached in 2022 was meant to ease restrictions on fuel im- ports and flights. Riyadh’s dip- lomatic rapprochement with Iran, the Houthis’ sponsor, the following year helped main- tain a peace even though little progress was made politically. “Now we are seeing a com- pletely different story: The Iranians are pushing the Houthis to escalate,” said Ah- med Nagi, senior Yemen ana- lyst for the International Cri- sis Group. Until recently, the Houthis had largely sat out the war
RUSSIA RUSSIA RUSSIA
Medium-range ballistic missile
In operation: 2022 Range: 900 miles Payload: 990-1,300 lbs. Impact speed: Mach 5 Propulsion: Solid fuel, single stage
CHINA CHINA CHINA
PAK. PAK. PAK.
INDIA INDIA INDIA
concern for the Pentagon, U.S. officials said. Defense Secretary Pete Heg- seth previously said Iran’s mis- sile program is “functionally destroyed.” But U.S. and Israeli officials familiar with intelli- gence estimates said in April that Iran still has thousands of ballistic missiles in its arsenal that it could use by retrieving launchers from underground storage areas. The New York Times re- ported Saturday about Trump’s plans to hold off on a major military operation and Caine’s concerns over muni- tions stocks. Expectations that the U.S. was on the cusp of an offen- sive were raised last week when Trump said he was con- sidering a major attack. Coo- per had prepared a number of options, including an intensive campaign that could last 10 to 14 days, officials said. The U.S. military began to move aircraft and weaponry to the region. But on Friday, Trump sig- naled that diplomacy had re- emerged as an option and that U.S. officials were communi- cating with Iran. “There’s a military exit where we just keep going just the way we are, and we can
that began in late February when the U.S. and Israel at- tacked Iran. That changed in early July, when the militants tried to test the Saudi air blockade with a direct flight from Tehran that landed in the rebel-controlled capital, San’a. A week later, the Houthis accused Riyadh of bombing the runway, forcing them to divert another flight from Iran, which the coalition pro- hibits over fears they could be used to transport weapons and military advisers. Yemen’s Saudi-backed government claimed responsibility for the strike. The airport strike set off an escalatory spiral. The Houthis fired ballistic missiles and drones at a civilian airport in southwestern Saudi Arabia, Riyadh said. A week later, the Houthis announced a blockade on Saudi oil shipments through the Red Sea. Since the war between the U.S. and Iran began, Tehran and Riyadh have sought to limit direct confrontation. Even as Iran tightened its grip on Hormuz, Saudi Arabia was able to cushion the blow—to it- self and the global economy— by rerouting 4 million barrels of oil a day to the Red Sea. With Iran’s support and a cause that pleases its domestic base—trying to break the Saudi-led blockade—the Houthis are unlikely to back down, said Farea al-Muslimi, a research fellow at the Chat- ham House think tank. “The Houthis always have one solution for everything, which is to find an enemy, blame them, and go to war,” he said.
KHALED ABDULLAH/REUTERS
Sources: Iran Watch (range, diagram); Globalsecurity.org (diagram) ROQUE RUIZ and ASHLEY CAI/WSJ
even make it a heavier dose, and it’s knocking out every- thing they have,” Trump told reporters Friday. “Or there’s a smarter strategy that you make a deal. And they want to make a deal.” Trump administration offi- cials said Gulf nations—includ- ing Oman, whose diplomats visited Tehran on Friday—are trying to revive diplomacy. Qa- tar is also involved, one of the officials said. Gulf states aren’t the only ones conferring with the White House. Israeli Prime Minister Ben- jamin Netanyahu is expected to meet with Trump in Washing- ton on Tuesday. The Israeli leader said Sunday that he plans to discuss “all pending issues,” which he said will in- clude “the situation in Iran.” The Israeli and the U.S. mili- taries have both participated in the attacks on Iran, but Is- rael has refrained from strik- ing the country since June, at Trump’s request. The Trump administration hasn’t said if Israel would participate in fresh strikes if the U.S. re- newed a major air campaign against Iran, but some U.S. of- ficials said that might be an option.
MORTEZA NIKOUBAZL/NURPHOTO/GETTY IMAGES
India’s Protesters Claim a Victory
Education minister agrees to resign as ‘Cockroaches’ seek further changes
BY TRIPTI LAHIRI AND KRISHNA POKHAREL
NEW DELHI—India’s educa- tion minister resigned Saturday, handing the country’s youth movement a victory and show- ing the growing heft of a Gen Z movement that began just months ago as online memes. Following the resignation, protest leaders announced they would call off their pro- test after the government agreed to other key demands, including compensation for students whose families say they took their lives over a botched college entrance exam earlier this year. “Today, the students have won,” said the Cockroach Janta Party movement, which has been driving the protests, in a post on X Saturday. Protesters have been pushing for the resignation of India’s ed- ucation minister, Dharmendra Pradhan, after this year’s un- dergraduate medical-school en- trance exam was marred by al- legations of cheating. The protests drew thousands to the streets in the capital, presenting a challenge for Indian Prime Minister Narendra Modi. The Cockroach Janta Party, a youth movement born from a satirical Instagram account, was set up after a top judge re- ferred to unemployed youth as “cockroaches” and “parasites” in May—the same month as the medical-exam scandal. In a social-media post from his hospital bed, 59-year-old activist Sonam Wangchuk, who helped to garner support for the movement with a 26-day hunger strike, posted a picture of himself making a victory sign. He ended his fast on Fri- day after talks with key gov- ernment officials, in a signal that concessions were coming. “Congratulations [Cock- roach Janta Party], Gen Z of the nation and thank you all
BY KRISHNA POKHAREL China, U.S. Vie for Drone Supremacy on Everest
One day in May, Sergio Gor, President Trump’s special envoy for South Asia, appeared at the base camp of Mount Everest. Dressed in a black jacket embla- zoned with “Trump Force One,” Gor sang the praises of the drone displayed next to him. The U.S. is pushing an American drone to challenge China in a new race to support mountaineers, setting up an unusual superpower contest in one of the most remote areas of the world. “The finest technology in the world—American,” said Gor, of an industrial drone made by Freefly Systems, a Woodinville, Wash.-based de- signer and manufacturer of heavy-lift drones. The U.S. is lobbying for Free- fly to enter the new business of using drones to deliver supplies to climbers and carry away the trash they leave behind, a task on which China’s SZ DJI Tech- nology has a head start. The contest has geopolitical undertones. Mount Everest straddles the border between Nepal and China. Beijing’s in- vestment and involvement in Nepal have grown significantly in recent years. Meanwhile, the U.S. has designated DJI as a Chinese military company. Since 2024, Nepali drone company Airlift Technology has been working with DJI to test and deploy its heavy-lift drones to deliver supplies from base camp, situated at around 17,500 feet, to the next camp, at 19,900 feet, and col- lect trash left by climbers, helping to relieve the danger- ous burden usually borne by Sherpa expedition porters. After earlier testing a model that can carry a 65- pound payload at sea level, Airlift deployed the DJI Fly- Cart 100 drone at Everest for this spring’s climbing season. That drone can carry more than 200 pounds at sea level and about 100 pounds on the mountain, according to com- pany specifications. The Chinese drone maker said this year it delivered thousands of pounds of sup- plies and hauled away more
FROM TOP: ARUN SANKAR/AFP/GETTY IMAGES; FRANCIS MASCARENHAS/REUTERS
Above, Cockroach protesters Saturday celebrated the resignation of India’s education minister. Below, a person cleaned the bed of protest leader Sonam Wangchuk that he had been using before police took him away.
citizens for shedding fear and the fear of fear and rising up from every corner of the na- tion,” Wangchuk wrote. He added: “FROM ACCOUNTABIL- ITY, NOW TO REFORMS.” A representative for the youth movement said Satur- day that protesters presented the government with propos- als to reform education and examinations. They said that they will meet to discuss them in a month. The government has also agreed not to pursue police action against protest- ers, the Cockroach Janta Party said in a social-media post. The police didn’t respond to a request to comment. In recent weeks, the Cock- roach movement has snow- balled—starting as a quiet, weekslong sit-in in the na- tion’s capital. In the demon- strations, Wangchuk rested on a stage during his hunger strike. Then, Wangchuk—who was supposed to lead a march to Parliament on Monday—
Handout photo released by Airlift shows a man operating a drone to clear trash on Everest.
Note: Elevations are approximate. Sources: Nepal Ministry of Culture, Tourism and Civil Aviation; 3D RealityMaps, German Aerospace Center, DigitalGlobe (camp locations); Google (satellite rendering)
was recently forcibly moved to a government hospital by po- lice. That move fired up young people who turned up in the thousands to march to Parlia- ment to push for Pradhan’s res- ignation. They clashed with po- lice who wielded batons and fired tear gas, injuring dozens. Scores of police were also hurt.
Enraged by the police reaction, thousands of protesters have turned out each day since. In a message posted online Saturday, the education minis- ter said he was “deeply sad- dened” by the recent events. “For me, this is not a matter of personal reputation,” he said. “India’s youth power is the true strength of this country.”
Washington has over the years flagged risks that Bei- jing could access data col- lected by DJI drones around the world and potentially ma- nipulate or interfere with the aircraft. In December, the Fed- eral Communications Commis- sion banned the use of new foreign-made drones in the U.S.—a move aimed largely at Chinese firms. “It’s unfortunate for our in- novation-driven industry that country of origin often over- shadows the technological breakthroughs solving real- world problems,” said a DJI spokesperson Friday in re- sponse to a query about the U.S.-China rivalry at Everest. The company has previously said U.S. suspicions about its drones are unfounded and are a form of protectionism. The U.S. Embassy in New Delhi, where Gor is based, de- clined to comment. In the run-up to Gor’s visit to Everest, Airlift—the Nepali company that operates DJI drones there—was set to help Freefly carry out a flight up the mountain, said Airlift co- founder Milan Pandey. The American Embassy in Nepal said at the time that U.S. commercial drone tech- nology “will enable deliveries on Mount Everest in a few minutes, in contrast to multi-
Political experts say the youth movement could spell further trouble for Modi. Millions study for competi- tive exams each year—a key route to both university spots and the state jobs that are highly coveted by middle-class youth. That is a core voting bloc for Modi, who came to national office in 2014 on the promise of meeting the economic aspira- tions of India’s young people. This isn’t “an examination controversy that got out of hand,” said Bhaskar Pant, partner at Policy Monks, a New Delhi-based policy organ- ization. The movement is now about “the erosion of the promise that studying hard and competing fairly would deliver upward mobility.” Uttar Pradesh, India’s larg- est state, is slated to hold as- sembly polls early next year. That vote is viewed as a po- tential harbinger for national elections three years from now.
ple-day treks.” However, the night before Gor’s scheduled arrival at base camp, Nepal’s Home Affairs Ministry told local authorities in the Everest region that it wouldn’t grant permission for the flight of the American drone, according to an April 30 letter seen by The Wall Street Journal. The ministry said it needed to “consult with other stake- holder agencies regarding se- curity sensitivities.” Asked to comment, Freefly described its device as “the world’s toughest drone” but didn’t address specific ques- tions about its potential use on Everest. In the same April letter, the ministry pulled the permit for the DJI drone that it had granted in March, the start of the spring climbing season. The fallout from that decision illustrated the importance the drones have already assumed for climbers. With only a month of the season remaining, and a re- cord 495 climbers from dozens of countries itching to get started, anxious expedition operators surrounded the gov- ernment’s field office at the base camp, asking it to re- sume drone supply flights to the higher camp to make up for lost time. Five days later, the Home Ministry gave the go-ahead for the DJI drone to again op- erate on Everest for three months, while reiterating rules that require drones to maintain a minimum distance from the country’s interna- tional borders, in this case with China. It also said that the drone shouldn’t capture imagery outside its permitted area of operation. Binoj Basnyat, a retired Ne- pali army major general and an independent strategic ana- lyst based in Kathmandu, said the initial decision to restrict both the U.S. and Chinese drones “could be interpreted as an effort to maintain stra- tegic neutrality,” while the re- instatement of the DJI drone showed “the tension between strategic neutrality and prac- tical necessity.”
-/AGENCE FRANCE-PRESSE/GETTY IMAGES
Is Upgrading North Korean Spy Network
BY DASL YOON
SEOUL—Kim Jong Un wants his spies to up their game. North Korea is believed to have pulled off some notable intelligence feats over the years. Its 2014 hack of Sony Pictures ballooned into a na- tional security crisis for the U.S. In 2016, Pyongyang’s hackers stole U.S.-South Korea military plans. The following year, North Korean spies were blamed for orchestrating the assassination of Kim’s half- brother in Malaysia. But despite such cases, North Korea is underequipped in intelligence gathering, lack- ing an extensive international web of spies and tools such as a global satellite network. Now, Kim wants to address that. In a rare mention of the country’s spy program this month, he presided over a meeting that called for “radi- cal” enhancements to North Korea’s military reconnais- sance and intelligence capabil- ities, according to state media. The goal is to better control the threats from potential en- emies and gather key informa- tion, state media said. Pyongyang didn’t elaborate on the future mandate for North Korea’s spy agency, an or- ganization consolidated just be- fore Kim took power in 2011. But last year, the group was re- named, adding the word “intel- ligence” to become the “General Reconnaissance and Intelligence Bureau.” That suggests the Kim regime is eager to expand its covert operations overseas. Tra- ditional spying, hacking opera- tions and spy satellites all fall under the body. Pyongyang has denied in- volvement in overseas hacking attacks and in the death of Kim’s half-brother. North Korea suffers from intelligence deficiencies. The country has far fewer embas- sies than the U.S. and other Western nations. As of 2024, North Korea had 43 diplomatic posts abroad, compared with 271 for the U.S., according to the Lowy Institute. As a re- sult, Pyongyang lacks the em- bassy personnel who could gather intelligence abroad. Constrained by global sanc- tions that cut the country off from the international banking system, North Korea’s spies must generate their own fund- ing through crypto heists, for- mer Kim regime officials say. Moreover, North Korea doesn’t have the satellite net- works that allow countries like the U.S. and Russia to under- take advanced reconnaissance. As a result, a priority for Kim is establishing a network of spy satellites. Pyongyang has placed just one spy satellite into orbit, leaving it a long way from the constellation needed for meaningful reconnaissance. Public satellite data from Google Earth is more compre- hensive than the imagery Pyongyang can collect. Russia is sharing its satellite expertise with North Korea in return for Pyongyang’s decision to send troops to help Moscow in its war against Ukraine, South Korea’s spy agency said. North Korea could also es- tablish a relationship with Russia and China similar to Five Eyes, the intelligence- sharing network including the U.S., the U.K., Australia, Can- ada and New Zealand, said Jo- seph Bermudez Jr., a North Korea analyst at the Center for Strategic and International Studies. Russian and North Korean cyber operatives are collaborating on malware, cy- bersecurity experts say. Kim has signaled an interest in working with like-minded na- tions. Historically, North Korean diplomats and trade representa- tives stationed abroad have acted as de facto arms dealers and intelligence couriers. North Korean hackers who have at- tempted to breach defense con- tractors and government organ- izations sometimes operate from countries Pyongyang has diplomatic ties with, including Russia and China, according to United Nations reports. “North Korea isn’t bound by international ethical norms, so their activities will expand through hacking and stealing,” said Chun In-bum, a retired South Korean army general. “Their greatest ad- vantage is that the Western world underestimates them.”
Monday, July 27, 2026 | A9 WORLD NEWS
FROM TOP: CHRISTIAN MANG/REUTERS; AP PHOTO/EBRAHIM NOROOZI
Emergency responders work at the scene Saturday after a vehicle drove into the crowd during a pride demonstration.
In Attack on Pride Festival
Man had been sought after a van rammed into crowd, killing one, injuring 29 others
BY BERTRAND BENOIT AND JOSEPH PISANI
The main suspect in a vehi- cle-ramming attack that left at least one dead in Berlin was killed by police special forces on Sunday evening, German police said. Police had tracked down Abdul Ballout, a 21-year old German citizen, to the West- ern Berlin district of Spandau and were seeking to detain him when he attacked them with a knife, Berlin police spokesman Florian Nath said. The officers opened fire in response, fatally wounding the suspect, who was pronounced dead at the scene, said Nath. The shootout ended a one- day hunt that began after 10 p.m. Saturday, when a driver rammed a small van into a crowd at the margins of a pride festival Saturday in the center of the German capital. The small van later crashed into a tree and was found abandoned. Authorities said the driver then attacked pass- ersby with what appeared to be a machete. While some of the 29 wounded were seri- ously injured, none was in life- threatening condition, author- ities said on Sunday. Ballout had previously been
BY NOEMIE BISSERBE AND MARGHERITA STANCATI Wildfires Threaten Bordeaux Region
PARIS—Firefighters were struggling Sunday to contain wildfires pushing dangerously close to the city of Bordeaux in southwestern France, lead- ing authorities to evacuate tens of thousands of people from the surrounding region. The fire, which began on Wednesday, has burned more than 100,000 acres in the Gi- ronde region, a popular tour- ist destination, and destroyed 240 houses. On Sunday, the fire was just 10 miles away from the Bordeaux metropoli- tan area, which is home to more than 850,000 people, ac- cording to local authorities. Wildfires are raging across southwestern Europe after prolonged, record-setting heat waves and low rainfall effec- tively turned the region’s vege- tation into kindling. More than 628,000 acres have burned across Europe this year, an 84% increase from the conti- nent’s 20-year average, accord- ing to the European Forest Fire Information System. In Spain, emergency re- sponders were beginning to make some progress in efforts to contain the wildfires that have been raging in and near the Madrid region for days. Nearly 100,000 people have been affected by evacuation or stay-at-home orders because of the fires, which have burned through campsites and forced road closures. The emergency was far from over on Sunday, even as Spanish officials were cautiously optimistic that the blazes were no longer spread- ing out of control.
Mourners Sunday outside Berlin’s Brandenburg Gate.
convicted of planning a terror- ist attack, German authorities said. He served a three-month sentence in 2025 in Lebanon for attempting to join the Is- lamic State terror group in Syria, the Berlin state prose- cutor and higher regional court said. He was then extradited to Germany to stand trial in juve- nile court for planning a ter- rorist attack. Although he was convicted, the judge sus- pended his jail sentence, partly to account for the fact that he had spent almost six months in pretrial custody. The prose- cution appealed the decision. German Interior Minister Alexander Dobrindt said Ball- out was born in Germany in 2005 to a Lebanese-born mother who became a German citizen through naturalization
ALAIN JOCARD/AGENCE FRANCE-PRESSE/GETTY IMAGES
A wooded area is engulfed in flames in Marcheprime, west of Bordeaux, on Sunday.
Spanish Prime Minister Pe- dro Sánchez said on Sunday that firefighters had made good progress the previous night. Still, he said there was difficult work ahead and called on residents to exercise maximum caution for their safety. On Friday, Spain for the first time declared a na- tional emergency because of the wildfires, allowing the central government to take the lead in emergency efforts. Wildfires have destroyed more than 370,000 acres of land in Spain so far this year, about six times as much dam- age as they caused during the same period last year. In France, Interior Minister Laurent Nuñez said it had been a challenging night for fire- fighters. “Early in the night, in Gironde, the fire became ex-
in 2002. A person familiar with the investigation said authorities were looking into reports that a second suspect was in the van at the time of the attack. Organizers ended the Chris- topher Street Day festival af- ter the incident, and police said the crowd dispersed. “What a disgusting act in Ber- lin,” Chancellor Friedrich Merz wrote on X. “The crime will be investigated and pur- sued with the full force of the law.” Although he was born in Germany and is a German citi- zen, the suspect’s alleged Isla- mist links and Lebanese back- ground could rekindle a debate about security and Muslim immigration, present- ing Merz’s unpopular govern- ment with its latest challenge.
tremely intense and unpredict- able again, generating its own winds and spreading erratically toward the Bordeaux metropol- itan area,” he said, adding the fire had calmed down again by the end of the night. Every year, close to seven million tourists visit the Gi- ronde region, which is popular for its sand dunes and beaches along the Atlantic coast, as well as its vineyards. Authori- ties were forced to evacuate thousands of tourists from coastal resorts. The vineyards, which are mainly located to the east of Bordeaux, were largely spared by the fire, which is mainly burning through pine forests. More than 5,200 firefight- ers, police and soldiers have been deployed to the region, along with 18 firefighting air-
Pollsters attribute Merz’s unpopularity largely to his failure to reboot a stagnant economy with rising unem- ployment. His cabinet has also struggled in the past week with a reshuffle interrupted by the withdrawal of a minis- terial candidate. Germany has had a period of respite from politically mo- tivated violence after a string of attacks, mostly perpetrated by recent Muslim migrants, in the run-up to the last election in February 2025. Merz’s government has since cracked down on immi- gration, bringing the number of new arrivals down in one of the few policy areas where pollsters said voters were crediting the government with success. The issue could further bol- ster the far-right anti-immi- gration Alternative for Ger- many, or AfD, ahead of elections in the fall. The AfD is now Germany’s most popular party in opinion polls and is on course to win two state elections in the country’s former Communist east in September. In the state of Saxony-Anhalt, it could even garner an absolute ma- jority, allowing it to govern alone, a rarity in Germany given the country’s propor- tional electoral system. Markets, festivals and other outdoor events in Germany are heavily fortified, with most access routes blocked by vehicles or concrete barriers.
craft, including a military transport plane that was fit- ted with a temporary tank. At least 75 firefighters have been injured, according to lo- cal authorities. French President Emmanuel Macron said his country had sought reinforcements from across the continent to help fight the blaze, including Cana- dair aircraft from Croatia and Black Hawk helicopters from the Czech Republic and Slova- kia. Macron will hold a crisis meeting on the fires on Mon- day, according to the presi- dent’s office. A separate fire burning near the town of Biscarrosse, farther south, has destroyed close to 8,900 acres so far, and forced the evacuation of 36,000 people, according to the French Interior Ministry.
To U.S. Officials Ahead of Elections
BY SAMANTHA PEARSON
SÃO PAULO—Brazil has de- nied visas to two senior Trump administration officials who were planning to travel to the country, amid concerns that they sought to undermine confidence in the electronic- voting system before Octo- ber’s presidential election. The move comes as fears deepen in Brazil that the Bol- sonaro family is working with President Trump and his allies to unseat leftist President Luiz Inácio Lula da Silva and help return the Brazilian right to power. Former President Jair Bol- sonaro is serving a 27-year prison sentence at home for plotting a coup ahead of the last presidential election. His el- dest son, Flávio, was formally nominated as the right-wing candidate on Saturday at a party conven- tion attended by Argentine Presi- dent Javier Milei, an ideological ally. Brazil’s Foreign Ministry said Saturday it had denied visas for Riley M. Barnes, assistant secre- tary from the State Depart- ment’s Bureau of Democracy, Human Rights, and Labor, and Samuel Samson, a deputy assis- tant secretary of state. Brazil’s government be- lieves the planned delegation is part of a concerted effort by Jair Bolsonaro’s sons—includ- ing his son Eduardo, who lives in the U.S.—to discredit the elections in case Flávio Bol- sonaro loses in October, said people close to da Silva. The U.S. State Department confirmed that Barnes and Samson were set to visit Bra- zil early this week to hold meetings about election integ- rity, religious freedom, and freedom of expression. “Any insinuation of a ‘ploy’ to un- dermine a democratic nation’s
Fears deepen that the Bolsonaro family is working with Trump.
Brazil’s President Luiz Inácio Lula da Silva earlier this month.
Lasting impact.
• Leading rates
• Charitable tax deduction
• Fixed payments for life
• Reduced capital gains
• IRA-QCD options *
cmc.edu/annuities
election is a baseless lie,” the department said, calling it a routine visit. Brazilian officials said alarm bells went off in the capital of Brasília last week when Flávio Bolsonaro told diplomats that the country’s electronic-voting machines were produced by the Venezu- elan company Smartmatic, in- sinuating they were vulnera- ble to fraud. Brazil’s election court has rejected those claims, saying that Smartmatic has never supplied voting machines used in Brazilian elections and that international observers have consistently found the coun- try’s system to be secure. Four years ago, Jair Bolson- aro summoned dozens of for- eign ambassa- dors to the presidential residence to question the in- tegrity of Bra- zil’s electronic- voting system— a defining moment in his campaign to discredit the elections that would later see him banned from politics and then jailed. Speaking at his nomination ceremony on Saturday, Flávio vowed to carry on his father’s legacy, accusing Brazil’s Su- preme Court of working with da Silva’s government to re- strict freedom of speech, with his father’s imprisonment held up as exhibit A. “Brazil has been kidnapped, and we are going to free our country from this captivity,” he told cheering crowds. Jailed in November last year and later released to house arrest because of health complications, Jair Bolsonaro was barred from taking part in the nominating ceremony of his son, even remotely. But his party, the Liberal Party, used artificial intelligence to proj- ect a video of the former pres- ident endorsing his son’s can- didacy.
Current Rates*
AGE RATE
%
%
%
%
%
Rates valid through 0/2026. Rates may vary by state.
BRUNA PRADO/AP
AP PHOTO/NATACHA PISARENKO
HORSE POWER: Horses are herded Sunday into the show ring during the opening ceremony of the Rural Society’s annual exposition in Buenos Aires, Argentina.
Tangle With Bad Actors
ContinuedfromPageOne
for mass-casualty attacks, ac- cording to current and former employees at the major AI labs, including OpenAI, as well as policy advisers and researchers who study biological weapons. The queries followed trou- bling exchanges earlier in the year: Users asked ChatGPT how to aerosolize pathogens, essen- tially converting infectious germs to a deadly, breathable mist. One wanted to know how to modify the measles virus to make an outbreak resistant to the measles vaccine. In those cases, the chatbot provided in- structions. Another user wanted to know how to make ricin, a poi- son banned under international treaties, according to people fa- miliar with the matter. The chatbot gave detailed instruc- tions, and the user said some- thing about killing his parents. OpenAI banned the accounts but didn’t alert authorities. AI’s advancing proficien- cies—especially for crafting ne- farious biological and cyber- based plans—are alarming senior executives at AI compa- nies and the White House. The world’s leading AI labs are grappling with how to prevent or mitigate damage by malevo- lent users without hampering well-intentioned queries. Senior White House and De- fense Department officials have discussed the threat of AI be- coming a how-to guide for bio- logical weapons since the Biden era, according to Trump ad- ministration officials. The re- lease of powerful new AI mod- els has since prompted the administration to shift from a hands-off approach to in- creased oversight. The Commerce Department recently restricted foreign use of two Anthropic models, prompting the company to shut down all access to them. The agency lifted its restrictions af- ter the company said it had ad- dressed workarounds that let users evade safeguards. OpenAI, Anthropic and other AI companies say they are working closely with the ad- ministration on the release of models and have banned users or restricted accounts showing suspicious activity. Yet no federal rules require AI companies to report users asking models for advice on how to injure or kill. Some law- makers have proposed such legislation, and a few states have passed rules. But con- cerns about privacy and the potential impact on the indus- try’s growth have generally kept such notifications volun- tary. Federal laws bar chatbots from producing child sexual- abuse material, and AI compa- nies must follow the same gen- eral rules for consumer protection and privacy as other businesses. Beyond that, it is generally up to AI executives to decide where to draw the line. Chatbots already sparked concerns over help to users plotting attacks with firearms. The dispensing of instructions for biological weapons gives savvy users the tools to kill people on a much larger scale. OpenAI trains its models to refuse requests for instruc- tions, tactics or planning that
Above, OpenAI CEO Sam Altman; right, the MV Hondius, site of a deadly hantavirus outbreak.
could harm people, an OpenAI spokeswoman said. The com- pany runs safety evaluations for all models before release, she said, and can identify and disrupt attempts to use its models to obtain harmful bio- logical information. ChatGPT receives some 2.5 billion que- ries a day. When OpenAI believes a conversation indicates an im- minent and credible risk of harm to others, it notifies law enforcement, according to the company. News Corp, owner of The Wall Street Journal, has a content-licensing partnership with OpenAI. Users seeking instructions for biological weapons have also asked Anthropic’s Claude, Google’s Gemini and Elon Musk’s Grok. It wasn’t clear if the queries were part of genu- ine efforts to make the weap- ons or exercises to probe the apps’ capabilities, according to people familiar with the ex- changes. A spokesman for Google said the company has a safety team that includes scientists who evaluate biological-weapons risks. Google also runs exer- cises to test the safety of the company’s AI, he said. For lone-wolf attackers with perhaps a graduate-level biol- ogy background, AI can provide planning and procurement help for “targeted, low-fatality bio- attacks,” such as using salmo- nella or ricin to poison food and water supplies, said Hamza Chaudhry, head of national se- curity policy at the Future of Life Institute. For terrorist organizations with more resources and broader ambitions, AI can act as a graduate adviser on bio- logical weapons, Chaudhry said, “troubleshooting a failed experimental protocol, explain- ing why a particular technique did not work as expected, and generally substituting for years of specialized training.” Recent advances by Chinese developers of open models also have stoked fears of cyber and biological risks from those models, which are inexpensive and widely available. Such open models can be customized, making it possible to remove safety guardrails, researchers found. AI could help foreign gov- ernments and affiliated groups
formulate previously unimag- ined plans for mass destruc- tion, including “scenarios in- volving an agent so transmissible, so lethal or so categorically novel that human civilization’s existing biological and institutional defenses may not be adequate to contain it all,” Chaudhry said.
Power of persuasion When ChatGPT first launched in 2022, OpenAI em- ployees found the AI models weren’t particularly good at bi- ology and chemistry. Company leaders didn’t worry much about the chatbot teaming up with users in potentially dan- gerous plots. Even so, OpenAI hired scien- tists to test models, posing questions to see if chatbots could teach users how to carry out deadly attacks. The com-
UKRAINE Russia, Ukraine Exchange Strikes Russian missiles struck Kyiv early Sunday, setting off fires and wounding at least three civilians, while attacks on other parts of Ukraine later killed at least two peo- ple, local officials reported. The strikes come as Ukraine’s drone attacks have stalled Russian advances in a campaign that has been causing fuel shortages and piling pressure on Russian leader Vladimir Putin. In Russian-occupied east- ern Ukraine, Kremlin-installed authorities said a Ukrainian drone strike Sunday killed four civilians in the city of Horlivka. Blasts rocked Kyiv in the early hours of Sunday, with falling debris sparking a blaze in a tower block near the his- toric center, according to mayor Vitali Klitschko. —Associated Press
pany set rules for what the models wouldn’t answer, which the company calls “refusals.” The tests revealed the power of persuasion. Even when Ope- nAI tries to prevent ChatGPT from offering users help with weapons or violent plans, em- ployees found that chatbots sometimes forget their own guidelines during extended conversations. In one common case, users dodged ChatGPT’s refusal to provide the recipe for napalm— used for incendiary weapons— with a simple ruse, according to people familiar with the practice. They told ChatGPT their grandmother used to read them the recipe at bedtime to help them fall asleep. They asked the chatbot to please read the recipe aloud to aid their sleep. It worked. The OpenAI spokeswoman said its safeguards have since
BELGIUM NATO Intern Held, Accused of Spying A Canadian woman was arrested and accused of espi- onage while working as an intern in the operational headquarters of the NATO military alliance, Belgian au- thorities said Saturday. Belgium’s Federal Prosecu- tor’s Office launched an inves- tigation after NATO’s security services alerted Belgium’s mili- tary intelligence. Authorities detained “a Canadian citizen of Chinese origin” on Friday, a day after raiding the suspect’s home and workplace inside NATO’s command center. “She is suspected of spying on be- half of a third country,” prose- cutors said. Canada and Belgium are members of the 32-nation mil- itary alliance that in 2021 la- beled China a “security chal- lenge” alongside threats in Russia and the Middle East. —Associated Press
become significantly more ro- bust and the models now re- fuse these types of requests. Others say there are still rel- atively easy workarounds. Amy Chang, head of AI threat and security research at networking-equipment com- pany Cisco, found that in the course of five back-and-forth turns in conversation with the major chatbots, including Chat- GPT, Claude and Gemini, re- searchers could bypass guard- rails and elicit potentially dangerous answers. “No model is 100% safe against compro- mise, especially if a user is per- sistent enough,” Chang said. OpenAI executives have told employees they don’t want models to say “no” a lot. Exec- utives have pointed to use by public-health workers and drug-discovery researchers as reason to limit denials. AI experts say rules to block chatbots from coaching users to make biological weapons— for instance, certain types of genetic editing—can interfere with lifesaving work. Some medical researchers let AI models take the lead alongside lab workers to gather informa- tion, stress-test hypotheses, in- terpret data and spit out plans. OpenAI created a program to give vetted organizations and researchers access to mod- els with fewer automated safety refusals. But the process for getting approved can be complicated, slowing approv- als. Sam Altman, OpenAI’s chief executive, recently joined other tech CEOs in calling for Con- gress to require safeguards for companies ordering synthetic DNA and RNA. These highly
KAZAKHSTAN Space Station Crew Returns to Earth A U.S.-Russian space crew landed safely Sunday in the steppes of Kazakhstan after an eight-month stint on the International Space Station. NASA astronaut Chris Wil- liams and Russian crewmates Sergei Kud-Sverchkov and Sergei Mikaev touched down in their Soyuz MS-28 that landed by parachute in a des- ignated area. Their 241-day stint on the orbiting outpost was the first space mission for Williams and Mikaev and the second for Kud‑Sverchkov. The crew will be flown by helicopter to Karaganda, where Williams will board a plane to return to NASA’s Johnson Space Center in Houston, while Kud‑Sverchkov and Mikaev will take a flight to their training base in Star City, just outside Moscow. —Associated Press
specialized goods are typically sold to labs and scientists for research work or to develop certain vaccines. Some industry analysts say AI tools make it easier for shady buyers to use them to make deadly new pathogens. Lawmakers have proposed bipartisan legislation to in- crease oversight. “AI is a pow- erful engine of innovation, and I want to see it flourish, but not without accountability,” Rep. Nathaniel Moran (R., Texas) said. He spoke in June while introducing a bill requir- ing AI companies to report evi- dence of dangerous threats to the Commerce Department. Moran is co-sponsoring a separate bill giving the federal government authority to order tech companies to shut down AI models deemed too danger- ous.
Make or break By 2024, OpenAI’s biology skills were fast improving. Company tests showed how a biologist could persuade Chat- GPT to give coaching on how to build aerosolized pathogens with enough user questions, according to people familiar with OpenAI’s development. At the time, employees pre- dicted that by 2025, ChatGPT would be able to help users who had taken only high-school biology to design and make a biological weapon. One of OpenAI’s safety exec- utives at the time, Ryan Beier- meister, argued with colleagues about the chatbot’s advancing skills. She said company safety employees needed to quickly figure out how to best detect users asking ChatGPT to help make biological weapons and plan attacks, according to peo- ple familiar with the conversa- tions. Some executives dismissed her concerns, saying existing safeguards were enough. Beier- meister nonetheless helped mobilize groups across the company’s safety teams to build a monitoring system. By spring 2025, the team had a rudimentary product to identify users pursuing biologi- cal weapons. In a June 2025 blog post, the company ac- knowledged that advancing bi- ology capabilities of its models could be misused and said it was working on detection and enforcement systems, training the model to refuse harmful re- quests. That summer, as OpenAI prepared to release GPT-5, em- ployees determined the chatbot had hit a high-risk mark, de- fined by the company as Chat- GPT successfully aiding a user with limited training to create a biological hazard. Some employees feared the team’s detection tool wasn’t comprehensive, according to people familiar with the con- cerns. The company said it con- tinued to refine the tool. Ope- nAI has monitored 100% of user queries for its advanced models since April 2025, ac- cording to the spokeswoman. She said GPT-5 launched after it was trained not to provide information that could cause harm. Early this year, OpenAI cut ties with Beiermeister on the grounds of sexual discrimina- tion, which she has disputed. Soon after OpenAI released the new model, employees found GPT-5 helping users who asked about making poisons and biological weapons. Later in the fall, OpenAI changed the designation of GPT-5, classify- ing it as less dangerous.
FROM TOP: CHIP SOMODEVILLA/GETTY IMAGES; CHRIS MCGRATH/GETTY IMAGES
ON THE CLOCK A
CALLUM BORCHERS
n arcade, arts-and- crafts studio or chil- dren’s museum is a natural location for a kid’s birthday party. One of these could also be the perfect setting for your next company retreat. True, plenty of workers would rather see these awkward corpo- rate rituals die. But we need them more than ever, so it’s worth con- sidering an unconventional fix. Americans, particularly young professionals, seem less interested in bonding with co-workers, as evidenced by the decline of happy hours. Many people of all ages also feel lonely at work. And their trust in big businesses and other institutions is near an all-time low, according to a new Gallup survey. Businesses, meanwhile, want to lower the odds of having team-building backfire. Retreats are of- ten seen as a waste of time and money or, worse, an HR violation waiting to happen. In an effort to lighten things up and reduce risk—and, let’s be honest, boost productivity through camaraderie— more companies are plan- ning retreats that could have been designed by a bunch of 10-year-olds. And why not? Maybe the way to improve the
Frills on Some Seats
BY DAWN GILBERTSON
The following items first appeared in Dawn Gilbertson’s weekly Travel newsletter. D
elta Air Lines has been up- front about its plans to bring those restrictive basic fares to its cushier cabins. What it hasn’t been so upfront about: the reason it’s doing it. When the airline rolled out a new basic fare category for its priciest seats recently, it said, and I quote, “This expansion of the basic experi- ence allows customers to access premium products at a lower price point, giving them more choice and the ability to tailor their travel based on what matters most.” Let’s be clear: Delta isn’t lowering the price to sit in premium select, first class or Delta One business class. It is stripping away benefits that until now were included anytime you bought one of these tickets. Then it has the gall to call it a win for us. Things like advance-seat assign- ments and, in the case of business class, admittance to those out-of- this-world Delta One lounges. United already has basic fares in its premium cabins with similar restric- tions (and reasoning!). I don’t know about you, but if I’m
Take a Playful Turn
off-site is to re-enact the playful things we did at an age when making friends seemed easier. Jahnavi Shah and her software- company colleagues recently spent three days on Cape Cod. Their itinerary included roasting marsh- mallows, competing in potato-sack races and building human pyra- mids. She had a blast and proudly reports that her team built the tallest pyramid, with her on top. This was the first time she met many of her co-workers because she joined the company in Febru- ary and works in the San Fran-
spending thousands of dollars for a plane ticket I expect all the frills. (Delta says you still get the same in-flight service, seat features and amenities even with basic tickets.) Delta’s hope is that the restric- tions will prompt you to shell out even more for what’s already a pricey ticket. It and other airlines have been unashamedly doing this with basic economy for years. In premium select, a Delta cate- gory below business class on long- haul international and transconti- nental flights, the new basic-fare category notes you’ll likely end up in a middle seat. This is because your seat will be assigned at the last minute. And, in another move straight out of the basic-economy playbook, it makes you click a box that says you “accept the restrictions.” Here are the price differences ear- lier this month for a round-trip flight from JFK to Rome in early October:
Premium select basic: $2,783
Lauren Venable navigated a ropes course during a company off-site that helped her bond with co-workers.
cisco office, while some colleagues are based in New York and Lon- don. What’s striking is that she found climbing on the backs of near-strangers to be less weird than grabbing drinks. “I’d always prefer an activity over happy hour or a lunch or din- ner,” says Shah, 25. “I get a bit anxious before approaching some- one, but once I get into an activity, I get comfortable with the people doing that thing and I become a very outgoing person.”
Inner child There is another layer to Shah’s enthusiasm. Her employer, Clay, scaled back work for a week so employees could travel to this re- treat. However it turned out, she appreciated the gesture. Young workers tend to care more than older colleagues about
Jahnavi Shah won a medal on a company retreat that included potato-sack races and human pyramids.
You’ll still get a lie-flat seat with a Basic Business ticket onboard select aircraft.
Traveling with a child My colleague Alison Sider avoided the holiday crowds and got away to Wisconsin recently, her first trip with a baby. Check out her tips and tricks. From Alison: Even though I write about airlines and travel for a living, I’ve never been much of a jet-setter. I find the logistics of travel to be a little daunting. After adding a baby to the mix, it’s a wonder we leave the house at all. Still, after nearly nine months of parenthood, my husband and I were going stir crazy and decided we were ready for our first family vacation. We eased into it with a road trip to Door County, Wisc., a popular des-
their employers’ values, says Ash- ley Reichheld, a principal at Del- oitte who focuses on building trust within organizations. Off- sites are one way companies can show they are at least trying to promote positive cultures. “If you’re thinking about how to engage your younger generations, you actually have to prioritize in- tent more strongly than you did just five years ago,” Reichheld says.
tination about a four-hour drive from our home in the Chicago suburbs. Were there tears? Yes. Only the baby’s? No comment. Was it relax- ing? Uhhh…sort of? But we made it through the week and picked up a few tips.
Don’t plan to get anywhere fast The first hour of the drive was easy enough, lulling us into a false sense of security. But some fussing was inevitable, and we had to make plenty of extra stops for diaper changes, bottles, or just to take a break from the carseat. Our trusty babysitter in the back—our dog Huckleberry—also needed to make a pit stop or two. It took us about an extra hour to get there. We timed the start of our drive home to coincide with the first nap of the day. That went much more smoothly.
Even a retreat that flops can draw employees closer while they commiserate over its lameness, adds Michael I. Norton, a Harvard Business School professor who has studied group rituals. Obviously, an enjoyable outing is better. Classic venues like a harbor cruise or stadium luxury box can set the scene for co-workers to get to know one another. Then again, the lack of structure can also lead to people scrolling on their phones, sticking to their cliques or drinking too much and winding up on the kiss cam. Golf and ski trips solve some of these problems by keeping people active. But they can be intimidat- ing for anyone who hasn’t prac- ticed those sports. Kidlike company off-sites are gaining traction because they re- duce the odds of bad behavior and put everyone on equal footing. In an egg-and-spoon race, no one gets lonely or drunk, and there is unlikely to be a ringer. “Something where everybody stinks is the ideal sort of outing,” Norton says.
Carry-over effect Venues whose core customers are children are starting to market themselves as corporate off-site options that can help the bottom line. The Discovery Museum in Ac- ton, Mass., one of my kids’ favor- ite places, hosts after-hours events for adults and business meetings during the day. Grown-ups gathered in a Discovery Museum conference room on a recent weekday for a company strategy session. First, though, they participated in the same kinds of experiments that grade-schoolers might try on a field trip. Throughout the day, they took breaks to visit interactive exhibits like a sound gallery and wall of optical illusions. Lauren Venable says she and her co-workers at SmartStart Education, a K-12 staffing and tutoring company, have been even more collaborative since returning from a retreat in Connecticut last month. They work remotely and came together for a few days of activities that included painting, pedal boating and navigating a ropes course. Instead of a wine tasting, they sampled pizzas from different restaurants in the New Haven area. “I feel closer to my colleagues now because I got to see them in person and understand who they really are, as people,” says Venable, a 40-year- old business development manager. The off-site wasn’t perfect. She didn’t love the ax-throwing event. One good thing about off-sites’ bad rap is that it’s relatively easy to exceed expectations. Whether or not you’re excited about the more-playful versions taking hold, surely we can agree they beat do- ing trust falls.
Go ahead and overpack One reason we opted for a driving trip: So we could haul all our baby gear without worrying about the (eye- watering) cost of checked bags. I have no regrets about loading up on new toys to keep our son occupied in the car and dozens of extra dia- pers. Luckily we didn’t need them. But cleaning supplies are great to have in the car in case of any acci- dents along the way.
Be prepared for less-than-ideal sleep One thing we didn’t want to bring was a travel crib, so I filtered carefully for vacation rentals that had one. Definitely double check with your host to make sure the listing is up to date. There was some confusion with my rental, but it all worked out. The crib was smaller than what our son is used to and nobody slept all that well, but it beat lugging one along. I also looked into services that rent out items like strollers, cribs and high chairs, and Vrbo has a partnership with one such com- pany, BabyQuip.
Ditch any notion of the perfect vacation agenda Babies are indiffer- ent to most tourist attractions, even if there’s lots to do in Door County. We had a Swedish breakfast at Al Johnson’s in Sister Bay, where goats graze on the restaurant’s roof, took a walk in Peninsula State Park and made it to a traditional fish boil (delicious). But sometimes naptime takes precedence.
FROM TOP: PEDRO NEKOI FOR WSJ; LAUREN VENABLE; JAHNAVI SHAH
M
Access to Passwords
PERSONAL TECHNOLOGY
NICOLE NGUYEN
1Password for Claude is a new integration that allows the AI agent to use your passwords, without sharing the actual credentials with the model.
y browser glowed orange as I watched Anthropic’s Claude open my 401(k) provider’s website. “I can see the login page,” it wrote. “Let me try to autofill the credentials.” Seconds later, the AI agent was in my retirement account. Do I recommend you give an artificial-intelligence system access to your life savings? No. This was a test—using my real password—and I monitored Claude’s every move to ensure it stayed on track. AI agents can do things you didn’t ask them to, so sensitive info typically shouldn’t be in the mix. My preferred password man- ager, 1Password, has a new work- around: authorize Claude to use relevant secrets, without revealing the secrets themselves to the model or its parent company. It’s a more secure way to handle chores that require logging in. As it turns out, that’s most chores. Using Claude Cowork, I dispatched the agent to handle tasks, from shopping for groceries to analyzing my investments. There’s a Jetsons-esque magic to watching AI work while I sit back and sip coffee. There are real dangers to using agents in the wild, though. And 1Password’s new mode solves only part of the problem.
ELENA SCOTTI/WSJ; ISTOCK
A secret handshake An agent is AI software that can run around the web, clicking on sites and typing in text for you. Claude Cowork allows nontechni- cal folks to fire up the Claude
The Orange Golf Green
ContinuedfromPageOne
decline in the coloring of our putting surfaces,” the email sent July 16 said. The damage was severe enough that the course tem- porarily reduced rates for non-university-affiliated golf- ers, according to Michigan staff. The university suspects foul play, and said its Division of Public Safety & Security had been dispatched to inves- tigate. No additional details were provided. Andrew Romig, the course’s general manager, de- clined to comment by email and when approached on the practice green. He deferred to the public-safety division, cit- ing the active investigation. A division spokesperson confirmed an act of vandalism occurred on the golf course, but declined to share further details. A point of pride for the university, the course was de- signed nearly 100 years ago by one of golf’s most heralded ar- chitects, Alister MacKenzie. It is one of a handful of Mac- Kenzie’s designs in the U.S.— the most well-known being Augusta National, host of the annual Masters tournament. Golf courses have long been a focal point of protest and vandalism. Activists histori- cally have targeted courses during professional tourna- ments, sometimes calling them symbols of inequality or targeting their water use. Chemical attacks and deliber- ate vandalism sometimes hap- pen, too—which southeast Michigan is familiar with. In 2023, someone sneaked onto the private Detroit Golf Club and spilled the chemical glyphosate on the greens of the 11th and 12th holes. The club, which hosts an annual event on the PGA Tour, spent tens of thousands of dollars to re-sod the grass. Detroit po- lice investigated the case, but no arrests were made. “Unfortunately, this type of thing happens a little bit more
MARLOWE ALTER/USA TODAY NETWORK/REUTERS
agent more easily. I don’t think AI is the answer to every- thing. Still, this more advanced variety excels at managing some pretty mundane life stuff. If Claude needs to go to the web, it can activate its browser extension and take control of everything within the window. But it only gets provisional access to 1Password for Claude, which recently rolled out to Mac users. (It’s currently not compatible with agents from other AI companies.) Here’s how it works: I prompted Claude to add The Wall Street Journal’s June fiction recommendations to my “read later” list at the library. The AI hatched a plan and asked 1Password for permission to auto- fill my WSJ and San Francisco Public Library logins. I scanned my laptop’s fingerprint sensor to authorize the action. The agent operated in a Chrome tab while I ate lunch. Every minute or so, I peered over at the AI’s activity to check on it. When it hit a login page, 1Password filled in the right details. I was nervous. I’ve spent over a decade covering how passwords, in the wrong hands, can lead to catastrophe. Security professionals have long promoted fully en- crypted password managers as the best solution for storing unique logins. I have entrusted 1Password with hundreds of credentials, and rely on it for autofilling logins. Still, it was a leap of faith that this secret handshake between 1Password and Claude was secure. When I told my husband about the
The University of Michigan’s golf course experienced a sudden discoloring.
frequently than I think people would like to admit,” said Sam Moynihan, director of agron- omy at the Detroit club. Chemical attacks are often the work of a disgruntled em- ployee or possibly an adjacent property owner, he added. On a recent Friday, golfers at Michigan’s course were be- mused by the situation. The university hosted tournaments earlier in the week before sending out the email, and no one has had major complaints about how the greens played, employees and golfers say. They just looked weird, said Josh Kreiter, a business student at the university, after finishing a round. “I drove past a couple days ago and they looked orange,” the 26-year-old said. “I thought they were just dying from the heat.” Employees said all 18 greens and the practice put- ting surface by the clubhouse were damaged. The grounds crew let the grass grow out more than usual to start to get the coloring to fade, an em- ployee said. Turf experts were called from far and wide to assist. They hailed from Arcadia Bluffs, a renowned public course in northern Michigan, and even Michigan State Uni- versity, normally a fierce rival to the Ann Arbor school. Both were on-site in mid- July assessing the damage. An investigator from the univer- sity police was also spotted talking with employees.
test, he wondered—out loud—if he should remove his logins from our shared vault. Nancy Wang, 1Password’s chief technology officer, assured me of several guardrails:
While the agent works, 1Password locks down the rest of your vault.
Down
Authorization for each login still requires a human’s biometric authentication, such as Touch ID.
Approved logins are only valid for that task. If the agent needs credentials later, it must ask again.
Claude doesn’t observe the page when 1Password is autofilling logins. Claude only knows your username and the site itself.
“It’s enabling our users to re- ally jack up their productivity while not compromising on secu- rity posture,” Wang says. Still, they need oversight:
A Michigan State spokes- man declined to comment about work on the Michigan course. An Arcadia Bluffs rep- resentative didn’t respond to a request for comment. The incident that resulted in the vandalism happened more than a week before the university sent out its email to the public, according to em- ployees and a brief police re- port on the matter. An employee reported to university police July 15 that “someone intentionally dam- aged university property,” ac- cording to a summary report posted online by the univer- sity. The damage occurred midmorning on the Fourth of July, the report said. Police so far have declined to release a full copy of the in- cident report, citing the con- tinuing investigation. There is one major clue to go on, however. Video exists of someone on the premises and filling con- tainers used by the grounds crew with a chemical of some sort, people familiar with the situation say. The person was wearing a hat with a hood over it, making identification difficult for police. The local prosecutor’s of- fice hasn’t received a warrant request in the case, a spokes- woman said Wednesday. Whatever the cause, chemi- cal attacks that leave greens severely discolored can be a major cost, agronomists and golf course staffers say. “It can get quite expen- sive,” said Moynihan, the De- troit Golf Club agronomist, of repairs from improper chemi- cal usage. “I hope they catch whoever did it.”
“Agents act like humans, but they work like machines,” she warns. Wang suggests giving AI specific constraints in your prompt and taking extra caution with banking sites and healthcare portals.
Real risks I saw the terrifying cleverness of AI in action when I sent it for gro- ceries: I gave Claude an Instagram recipe and asked it to add the in- gredients to my cart on the online Asian grocer Weee. Claude requested my Weee details. I typically sign in with Google, which Claude couldn’t facilitate via 1Password, so it pivoted and requested a sign-in link sent to my email. Since I was already logged into Gmail, it could open the email and get the magic link. A day later, the groceries ar- rived. (The agent won’t cook a meal quite yet.) Wang says 1Password is work- ing on improving those nontradi- tional sign-in processes. Logging in with passkeys and auto-filling credit-card numbers and other details will be supported later. Integrating 1Password with other AI providers is also in the works, she says. A big safety concern for AI agents is that they can be tricked.
The WSJ Daily Crossword | Edited by Mike Shenk
1 2 3 4 5 6 7 8 9 10 11 12 13
14 15 16
17 18 19
20 21 22 23
24 25 26 27 28
29 30 31
32 33 34 35
36 37 38
39 40 41
42 43 44 45 46 47 48
49 50 51 52
53 54 55
56 57 58 59 60 61
62 63 64
65 66 67
STROKE OF LUCK | By Freddie Cheng
Across 1 Insupport of 4 Farfalleor fusilli,for example 9 Taunting remarks 14 Anger 15 Politeway toeatudon, inJapan 16 Oil platform? 17 Aquatic rescuering 19 Committed topaper 20 Abitwet 21 Bigshot, forshort 23 Capote, tohispals 24 Scatlegend Fitzgerald 25 Subject ofsome down-vs.-up arguments 29 Misleads 31 Spotfora sermon
32 Roasthost
35 Splicesa movie together, say
36 Cassette successor
39 Partof achain, perhaps
41 Rakish fellows
42 Piesserved hot
44 Targetof statistical analysis
49 Aromatic breakfast item
52 Bangkok language
53 Bebehind
54 Kneepart often injured insports, forshort
For instance, a calendar invite sent to you by a hacker could have hidden instructions for opening 1Password, changing the master password and sending a recovery key to the bad guys, says Michael Bargury, co-founder of research firm Zenity. His company discovered this vulnerability using Perplexity’s Comet browser AI agent. (While you don’t need to accept the invite for it to work, you can adjust your calendar settings to never add calendar invites without your explicit approval.) Bargury’s team disclosed the findings of this so-called “prompt injection attack” to Perplexity and 1Password, which rolled out fixes. But this type of trickery is likely to persist. The problem with AI agents, Bargury says, “is that they browse the internet. Most websites have comment sections, reviews, posts where attackers can hide prompts.” The best mitigation, he says, is to never copy and paste passwords to your agent. 1Password’s new integration is a step in the right direction. Claude perused my retirement investment mix and noted I was paying more than $400 in fees for my election. Choosing different funds, it said, could save me money. I was glad to know about the expenses, and Claude didn’t do anything nefarious, but I don’t think I’ll give it the reins to my retirement account again. Some chores are better left to humans.
7 Famed Roman fountain
59 Golfer’s dreamshot, andwhat17-, 25-,36-and 49Across eachhave
8 Tax-iling month
9 Synagogue attendee
62 Breakout, asighting
10 Knackfor music
63 Markingon acalendar
11 Dificultto understand
64 Unagiroll ingredient
12 Takeback,as anaccusation
65 Settle,asa debt
13 Gumshoes
66 Monopoly stack
18 Jacob’stwin
67 Notwet
Previous Puzzle’s Solution
D E L I S O P E C I D O L A R E N A N E E R N O L A N A T A L I E Z E A F U S S W E B B W H A L E S H A S H E C C O D O M A N I A L H I R T H O A G Y D O I L Y L E W D L A X T H R E E F A C E S O F E V E O A K L U K E H A V E N L O I R E T O L E D O D R B A R N A R D O S E A N A I R B A G O O Z E C L E O S C A R L E T T J O H E A R A U D I S T A F F A S K S T E D S T O N K A
1 Mademovies
2 Baltimore baseballer
3 Coffee requestat adiner
4 Audible alternativeto ataponthe shoulder
22 Chestmuscle, informally 25 Dayworker 26 Statuettefor Streep 27 Believerina god 28 Beer,slangily 30 Belittle 33 Greenpreix 34 Musical exercisepiece 36 Gotfriendly 37 Rice-shaped 4Across 38 Goodbargain 39 Parodist 40 Productssold byYankee peddlers 43 Org.thataids mom-and-pop companies 45 Abbr.for aletter recipient 46 Chasedaway 47 Salary recipient 48 Opportune 50 Feltsore 51 Fieldingneed 55 Doesn’tplay 57 Water- monitoring org. 58 Placeforpigs 60 Bruceof martialarts movies 61 Finish
The Legacy of a Revolutionary Portrait
BY JUDITH H. DOBRZYNSKI
San Francisco I
n late summer 1905, as Henri Matisse was preparing for the Salon d’Automne, he decided to add a portrait to the colorful landscapes he had created that year in Collioure, in southern France. Using spontaneous brush- strokes, he painted his wife, Amélie, with strange green skin (save for a rosy cheek and her ear), a direct gaze and an elaborate blue hat. Critics at the Salon raged. “A pot of paint has just been thrown in the public’s face,” howled one; another famously called Matisse and fellow artists in the Salon’s Gallery VII “wild beasts” (“fauves” in French). Even Leo Stein, the American expa- triate proponent of avant-garde art, called it “brilliant and powerful, but the nastiest smear of paint I had ever seen.” So began the life of the paint- ing that birthed Fauvism, France’s first contribution to 20th-century modernism, and that is now the subject of “Matisse’s ‘Femme au chapeau’: A Modern Scandal” at the San Francisco Museum of Modern Art. With nearly 90 art- works and more than 60 historical documents and ephemera, the ex- hibition tells a three-part story: of the Salon, of the influence “Femme au chapeau” has had, and of the painting’s path to becoming a signature of the museum’s col- lection. Organized by chief curator Janet Bishop and former associate curator Maria Castro, now at the Metropolitan Museum of Art, it re- mains on view through Sept. 13. The first gallery introduces Matisse (1869-1954) and Amélie,
Matisse’s ‘Femme au chapeau’: A Modern Scandal San Francisco Museum of Modern Art, through Sept. 13
including a pleasant landscape he painted on their Corsican honeymoon (1898); a portrait of her (c. 1900) by Albert Marquet; and some period hats and fans. On one wall, an animation (2026) of the Grand Palais, made with archival images by Google Arts & Culture Lab, recreates the Salon’s milieu and readies visitors for the next gallery. There they will see a stripped- down version of Gallery VII, with 27 examples by all 10 artists, from Matisse and Marquet to André Derain and Maurice de Vla- minck, who contrib- uted the 55 artworks displayed in that space. As if to un- derscore the radical turn these artists were making, the paintings are hung on an ornate plum- red wallpaper in a wainscoted gallery that harks back to the Grand Palais’s look. Today, the artworks look tame: Their thick paint, loose brush- strokes and vibrant, often clashing colors no longer shock. If some, like Derain’s “Fishing Boats, Col- lioure” (1905), with its pale pink and orange waters, seem “unnatu- ral,” a critics’ complaint, they are also beautiful. What is obvious is Matisse’s su- periority; little wonder that he was attacked. “Open Window, Col- lioure” (1905)—depicting sailboats on the water seen through a large window in a room with green, peach and hot-pink walls—is an early example of what became a signature motif. In “La Japonaise:
‘Femme au chapeau’ (1905), by Henri Matisse, above left; ‘Fishing Boats, Collioure’ (1905), by André Derain, above.
Woman Beside the Water” (1905), Matisse uses big daubs of paint to portray a kimono-clad female who blends into her surroundings. And of course there is “Femme au cha- peau”—the obvious star. On the Salon’s last day, Stein bought it with his sister, Gertrude. They hung it in their apartment, soon to host their Saturday evening salons for artists and writers. The exhibition transports visitors there in the next gallery via another large-scale animated projection. The following space shows how artists drew on “Femme au chapeau” through 1948. Jean Metzinger’s “Femme au chapeau” (c. 1906), Vlaminck’s “Femme au chapeau” (1906) and Kees van Dongen’s “Femme au chapeau fleuri” (1905) read as homages, exhibiting little innova- tion. Yasuo Kuniyoshi’s untitled still life (1934) goes furthest afield—seemingly unrelated until, under the compote, a grisaille image of Matisse’s masterpiece becomes clear, embellished by grapes Kuniyoshi painted atop Madame’s hat.
made its stormy debut at the Salon d’Automne in Paris.
Clockwise from right: ‘Hoarders’ (2012), by Rachel Harrison; ‘Houses at Chatou’ (c. 1905), by Maurice de Vlaminck; and ‘Woman in Hat and Gloves’ (1963) by Richard Diebenkorn.
Here the exhibit detours. Ger- trude and Leo Stein split their col- lection in 1913-14, with Gertrude taking “Femme,” which she soon peddled to her brother Michael and his wife, Sarah. In 1948, they sold it to Elise Stern Haas, a Levi Strauss heiress. In 1990, the paint- ing was part of her large bequest to SFMOMA, which is honored here by the display of 26 other early 20th-century works she gave it, including paintings by Picasso, Georgia O’Keeffe and Diego Rivera. The last gallery showcases art made since the 1950s. Richard Die- benkorn’s “Woman in Hat and Gloves” (1963) depicts his wife, seated cross-legged, in muted blues and grays. She faces in the opposite direction of “Femme,” but the shape of her face and pointed nose, and the way her large hat exceeds the picture frame, allude to Matisse. David Hockney, David Park, Wayne Thie- baud, Joan Brown and Mickalene Thomas all painted women in hats, each with a color, a pose, a gaze or another affinity with the Matisse, but none as inspired as Dieben-
korn, who created something truly fresh out of his lifelong admiration for the French master. The one sculpture, Rachel Harrison’s “Hoarders” (2012), a large amor- phous lump, accompanied by a digital monitor, trash can and pur- ple carpet, hints at Matisse’s pal- ette, but it looks irrelevant. It is too much to expect artists to rise to Matisse’s level. But then maybe a better ending to this exhibition would have addressed the effect the “Modern Scandal” had on Matisse, who was distressed but undeterred by it. Fauvism soon faded, but color— bold, brilliant hues—remained among his hallmarks as he grew to become one of the 20th century’s greatest artists. Just a coda to this important episode would do.
Ms. Dobrzynski writes about art for the Journal and other publications.
SAN FRANCISCO MUSEUM OF MODERN ART (5)
Happy now? Apparently not. A 2025 Gallup survey showed that only 44% of A m e r i c a n s are “very sat- isfied” with their personal lives, a new low after peaks of 59% in 2007 and 65% before the pandemic. Why are we so negative? Harvard runs a Human Flourishing Program (hard science!) that finds young adults globally are struggling with happiness, relationships and the meaning of life, even as societal wealth booms. Other surveys suggest that satisfaction peaked in 1990. A recent Psychology Today headline sums it up: “Why Gen Z Feel Less Happy Even as Society Gets Richer.” If that rings a bell, it’s the Easterlin Paradox from 1974, which noted that although the rich are happier than the poor, happiness doesn’t increase as national income grows over time. Since 1980, our economic output per person has more than doubled after adjusting for inflation. We’re all richer. So why aren’t we happier? Technology is the usual suspect. Since 2004, Facebook and social media have been blamed. Maybe we aren’t happy because others appear happy? Those darn happy Joneses. Did wood-paneled station-wagon envy turn into Tesla full-self-driving envy? That’s bunk. Instead, we have generations trained to
B
INSIDE VIEW By Andy Kessler
The U.S. will pick up an- other South American ally on Tuesday when Peru swears in center-right Keiko Fuji- mori as presi- dent. With the presence of communist China growing in the country alongside a boom in transnational orga- nized crime, the change in leadership comes none too soon for liberal democracy in the Western Hemisphere. How much progress against criminal syndicates and Chinese threats to Peru- vian sovereignty can Ms. Fuji- mori be expected to make amid Peru’s notoriously cor- rupt political economy? That may depend heavily on her commitment to the cause and her smart use of political cap- ital. Powerful interests with deep pockets are lined up against her. Ms. Fujimori will be Peru’s eighth president in eight years and only the second during that time elected to the job. The good news is that on Friday a new Congress was also sworn in and this one is bicameral. A senate, the first in more than 30 years, could provide stability to the politi- cal system. The new president will need it. Peru’s 1990s shift toward market economics and its sta- ble currency have generated gains for millions. From 2000 through 2019 the poverty rate fell from 50% to less than 21%. Covid-19 stole some of
AMERICAS By Mary Anastasia O’Grady
By Dennis Kneale
Boca Raton, Fla. I
n the 1980s I moved from my home state of Florida to New York to work for the Journal. Early on, I at- tended a dinner party hosted by a hot, young architect and his even hotter Russian honey. At a long table of 10, we introduced ourselves. When I said I had moved up from Fort Lauderdale, my host sneered: “Florida is a swamp.” I was offended but let it pass. In January I left New York and moved back to South Florida, and I can officially confirm: Florida is a swamp. I spent most of my adult life near downtown Brooklyn, where my encounters with wildlife were limited to pi- geons and rats. Now my home is next to a golf course in “SoFlo,” graced with a me- nagerie that rivals “Mutual of
be unhappy. Worrywarts. Neg- ativity brainwashed. Baby boomers were nervous about nukes, especially after ABC scared the neutrons out of us in 1983 with its nuclear-win- ter farce, “The Day After.” Now we’re told artificial intel- ligence will ravage humanity like a zombie apocalypse, so let’s ban data centers. Add imaginary privilege. Carbon footprints. Unsustain- ability. The climate crisis. Crippling student-loan debt for useless social-justice de- grees. Unaffordability. Yikes! Maybe that’s why our fertility rate is 1.6. We’ve scared an entire generation into seeking a self-induced extinction. An- other Harvard survey shows young adults under 25 self-re- porting anxiety at double the rate of teenagers. Bring on the crystals and woo-woo singing bowls. Unhappiness is a political tactic. Trump derangement syndrome is such an addic- tive drug that if Donald Trump didn’t exist, progres- sives would have to invent him. Remember Ari Flei- scher’s reminder that Ameri- cans should “watch what they say” after a Republican congressman made a bigoted comment about Arabs in the wake of Sept. 11? Many words are now taboo, and there’s an entire new anxi- ety-inducing vocabulary: un- housed, undocumented, un- equal. Unbelievable. Generation Z has been trained to be offended, claim victimhood and feel unhappy. In the Netflix comedy “Big Mistakes,” the character
that progress, but the ad- vancements remain irrefut- able. This is an economic lib- eralization story. But the intellectual descendants of the Maoist group Shining Path haven’t given up. Ms. Fujimori won the June runoff election against the hard-left Roberto Sánchez by the narrowest of margins. His side is sore and unlikely to abandon its extremism while waiting for Ms. Fujimori to serve out her five-year term. To avoid a descent into chaos like what Bolivia has experi- enced under the militancy of Evo Morales, Peru’s courts, Congress and military will have to uphold the rule of law. She has been out of elec- tive office for 15 years. But she has spent that time di- recting the legislative agenda of her party, Popular Force, while campaigning for the presidency. This was her fourth run for the office. Her roots are populist, but she has become more attuned to the importance of property rights in driving capital for- mation and development. Some 60% of Peru’s ex- ports are from mining, and Ms. Fujimori sees greater po- tential. She has promised to clear the regulatory way for more investment in mineral extraction and to offer tax incentives. To counter oppo- sition from environmental- ists and regional political bosses, she wants 40% of mining revenue to remain in local communities. The antidevelopment crowd is already warning of social “conflicts.” It could get
Omaha’s Wild Kingdom.” At lunch dockside in Boyn- ton Beach, I see the flop of a manatee’s huge tail as it dis- appears below the surface. One morning, I spend 20 min- utes watching a 4-foot-tall great blue heron as it stalks fish along a pond’s edge.
manatees—they’re all in the Sunshine State.
Egrets, ibises and crying-out- loud limpkins are common, as are Egyptian geese (one very voluble honker perched on my front porch two mornings in a row). Driving one afternoon, I come across a box turtle try- ing to cross the road. I stop and pick it up, its shell cov- ered in a toupee of inch-long algae, and deliver it to its
played by baby boomer Laurie Metcalf asks her Gen Z daugh- ter, “How can your generation be offended by anything when you’re offended by every- thing? I never had time to be offended.” She adds: “There was no such thing as self-care back then. A strong woman was every woman who got the job done—and had a minute at the end of the day for a glass of red wine.”
flourishing may be as simple as ignoring Negative Nikki.
Now, many of our misedu- cated youth, little Lulu-Le- nins, are pining for socialism to make them happy again. The joke’s on them. Were the Soviet proletariat happy? Sure, until the vodka ran out. No matter, the happiness he- roes wearing Bernie capes— Zohran Mamdani and his cho- sen flunkies—have arrived promising freebies. Socialism is a fool’s paradise. I doubt the Easterlin Para- dox is true. Most paradoxes are flawed and prove noth- ing. Plus, there’s a measure- ment problem. How can you even gauge unquantifiable happiness? It depends on the respondent’s mood when asked and even the ques- tions: “Are you happy?” vs. “What makes you happy?” Best to ignore happiness sur- veys like the World Happi- ness Report or mushy in-
ugly—more so if she decides to do what’s necessary to end illegal gold-mining opera- tions on private property, which allegedly fund political campaigns. Later this year Peru ex- pects a severe El Niño, which could damage fishing stocks, bring heavy rains in the north of the country, and cause a drought in the south. Peru’s Congress has already bud- geted $2.8 billion for infra- structure preparedness and
can also expect to contend with the left’s threats to democracy.
emergency aid to handle what is forecast to be one of the worst weather events in the country in decades. The pub- lic will hold Ms. Fujimori ac- countable for the govern- ment’s response. As El Niño recedes next year Ms. Fujimori will be un- der pressure to show she can deliver on other issues. Her pledge to restore public secu- rity means taking on the or- ganized-crime networks be- hind an epidemic of extortion. Shakedowns are no longer someone else’s prob- lem. They’re hitting home across the socioeconomic spectrum. There’s a debate about whether large corporations quietly pay off extortionists. But an estimated 70% of Peru- vian employment is in the in- formal economy, where small
intended destination. While fishing a canal, I spot an otter as it emerges from the water and climbs onto the opposite bank, clutching a writhing iguana in its paws and then diving back in. Apparently, they taste like chicken. So many iguanas! One visitor is 4 feet long, traipsing across the lawn in back of my condo, utterly un- afraid. At one fishing spot, a big mama iguana and eight babies scramble into the un- derbrush; it felt like a scene from “Jurassic Park.” They can leap underwater and swim away faster than a mer- maid on methamphetamines. Meanwhile, I have caught more large-mouth bass in a few months than in the past 40 years combined. They of- ten wriggle off the hook and flop back into the water be- fore I can catch and release. At many canals, signs warn about alligators. This
dexes like Gross National Happiness. It seems like there’s a Hap- piness Industrial Complex raising expectations. Happy hour. Happy meal. Happy camper. Happy as a clam. Happy trails. Happy wife, happy life. Don’t worry, be happy. “The Happiest Place on Earth.” Three days at Dis- neyland can now run more than $4,000 for a family of four. Wait, as society gets richer, we have it so good but the ridiculous cost slaps that grin right off our faces? An- other paradox. Happiness comes from within, not via slogans. And me? I’m usually a happy guy. Family. Friends. Chocolate ice cream. Daily snarks. Meanwhile, we’ve cre- ated a chunk of a generation that is happy only when com- plaining. That makes me sad. Have they lost even the pur- suit of happiness? I asked Mel Robbins, a bestselling author and per- sonal-growth expert, for help. She told me, “I boil happiness down to ‘Let Them’ and ‘Let Me.’ The more time you spend trying to control what you can’t, the less happy you be- come. Stop controlling others’ behavior and put your energy back where happiness is actu- ally created—in your own choices, your own relation- ships and your own life.” Yes, ignore the obsessively Negative Nikkis and Debbie Downers and be your own happiness-pursuing mirth- maker. And stop answering happiness surveys. Write to kessler@wsj.com.
and medium-size businesses operate in cash. This is where extortion rackets have ex- panded since Venezuelan gangs like Tren de Aragua moved into the country and, finding no one to stop them, dug in their claws. So far Peru’s response to this invasion has been “like firefighters with no time to plan,” Dardo López-Dolz, a former vice minister of the interior, told me in a tele- phone interview last week. Noting that Peru has had 15 interior ministers in the past five years, Mr. López-Dolz, now a political-risk adviser based in Texas, believes Peru can defeat criminality only if it tackles the problem strate- gically. This calls for a full- time office designated to re- build a professional intelligence agency that works. In recent years, China has poured billions into mining and infrastructure projects in Peru like the Port of Chancay. But there’s no such thing as a privately controlled Chinese company, and Beijing’s inter- est in the region is more than economic. It’s also a way to challenge U.S. hegemony in the hemisphere. China is known to throw its weight around in Lima to influence business and politics. The best way to counter Chinese influence would be greater U.S. investment. But American corporations are prohibited from paying bribes, and they want judicial security. Add solving those problems to Ms. Fujimori’s to- do list. Write to O’Grady@wsj.com.
place has an odd, accommo- dating kinship with these prehistoric monsters, a will- ingness to coexist rather than eliminate what would kill us. Florida has about 1.3 mil- lion alligators, and it is a crime to kill them, although the state euthanizes some 7,000 gators a year to reduce the risk of attacks on hu- mans. Despite this, 2023 saw 23 incidents. Since 2000, more than 20 people have died. Last month an almost 14-foot-long gator killed a 31- year-old woman who was cooling off in 4-foot-deep wa- ter in the Econlockhatchee River. Be careful out there. That old saying takes on new meaning in wild, wild Florida.
Crushers
By Tad Devine Simon & Schuster, 256 pages, $28
efore Sen. Bernie Sanders launched his 2016 presidential campaign, he yelled at Tad Devine. In April 2015 Mr. Sanders had summoned the experienced Democratic campaign consultant to his Vermont home to discuss a run. Mr. Devine outlined the difficulties and pressed Mr. Sanders on why he wanted to do it. Finally, he got a blunt reply: “I’m sick and tired of being a f— backbencher!” So he ran. His campaign, which Mr. Devine recounts in “How the Democrats Screwed Bernie,” gave the presumptive nominee, Hillary Clin- ton, a far greater challenge than she expected. But Mr. Devine, who served as Mr. Sanders’s chief strategist, isn’t merely retracing the journey. He wants to show “how the establish- ment crushed” Mr. Sanders’s effort. The author recalls how the “astonishing numbers of people who got in their cars, crawled through traffic, sat in massive crowds, cheered and bought some campaign swag” proved something unique was going on. It’s the sort of thing cam- paign veterans often say. But he’s right. Mr. Devine recounts receiving a phone call from Mr. Sanders in which the candidate was stuck in traffic and worried he’d be late—traffic caused by the very campaign event in which he was set to appear. In the past decade, only Donald Trump’s political success can compare. Mrs. Clinton’s campaign ruth- lessly attacked Mr. Sanders once he ran her to a dead heat in the Iowa caucuses, and Mr. Devine reports chicanery that he feels justified voters’ skepticism of the Democratic Party establishment. He explains well the ways the nomination process favored Mrs. Clinton, including financial entanglement between her campaign and the Democratic National Committee and a suspiciously small number of planned debates. “The Democratic Party was willing to do whatever Clinton told them to do,” Mr. Devine writes. Communications leaked during the 2016 campaign revealed systemic anti-Sanders bias in the Democratic National Com- mittee under its leader, Debbie Wasserman Schultz—including from the chair herself. After a technical glitch resulted in the Sanders campaign temporarily gaining access to voter infor- mation belonging to the Clinton campaign, DNC leaders dis- cussed how to use the incident to paint Mr. Sanders in the worst light possible. The author certainly proves his case that the Clinton machine went into overdrive to defeat Mr. Sanders’s challenge. But Mr. Devine writes about these establishment shenanigans as though he was surprised that a candidate who attacked the establishment would invite a defense. The idea that the force- ful pursuit of victory is somehow unfair or underhanded would be a strange one for a political consultant to hold. The portrait Mr. Devine paints of Mr. Sanders is sympa- thetic and mostly creditable on a personal level. An account of the candidate’s old-fashioned embarrassment, expressed to Mr. Devine, about having a child out of wedlock is practi- cally endearing. But in other ways this portrait suggests he lacked gumption. How else to explain the campaign’s agreeing to stop airing an ad critical of Goldman Sachs and Wall Street while Mr. Sanders was still contesting the nomination because, as Mr. Devine relates it, the Clinton campaign worried it was too effective, and might hurt her chances against Mr. Trump? Or Mr. Sanders’s decision not to press the issue of how Mrs. Clin- ton had, while secretary of state, used a private email server for official government communications? At one primary debate, he declared Americans were “sick and tired of hearing about your d— emails.” But he would have been justified, politically and substantively, in using Mrs. Clinton’s behavior to argue that she was another elite who didn’t believe the rules applied to her. Complaints from Mr. Devine about how her campaign used “their outside groups and allies to do the dirty work for them” ring a bit hollow; Mr. Sanders might’ve benefited from more ruthlessness of his own.
challenge than she expected in 2016. His campaign strategist at the time hassomegripes.
And then there’s Mr. Trump. Mr. Devine doesn’t ignore the similarities between Mr. Sanders and candidate Trump, calling them “two sides of the same populist coin.” But his attempts to distinguish them read as special pleading. “Whereas Bernie’s populism elevates all Americans against a minuscule, corrupt class of wealth-hoarding billionaires, Trump’s populism divides and excludes,” the author writes. He says he can’t credit Mr. Sanders for inspiring Mr. Trump’s populist campaign, but then he does almost exactly that, arguing that Mr. Trump’s people “were able to see the resonance of Bernie’s message so clearly and use it to their advantage.” It’s a confused perspective. It also suggests Mr. Devine doesn’t fully understand Mr. Sanders’s idiosyncrasies. Yes, the senator has long been a com- mitted leftist; Mr. Devine indulgingly forgives him for taking a Cold War-era trip to Nicaragua early in the Sandinista govern- ment’s first reign. But there was once a unique character to his leftism. Mr. Devine admits with seeming embarrassment Mr. Sanders’s record of opposing various gun-control restrictions, for which Mrs. Clinton attacked him during the campaign and which he has now abandoned. The author completely ignores the view of immigration Mr. Sanders held for years before his first presidential campaign. In 2015 he derided “open borders” as a free-market capitalist “Koch brothers proposal” that undermined the working class. It’s almost Trumpian. Mr. Devine argues that Mr. Sanders would have beaten Mr. Trump among voters who liked both. That’s disputable, but it’s the sort of praise one would expect from a book that thanks Mr. Sanders and his wife in the acknowledgments. (This despite the fact that the author and the senator had a falling-out as the campaign ended that resulted in Mr. Sand- ers again yelling at him.) What’s indisputable is that Mr. Sanders is now off the backbenches. A fan of his is now mayor of New York; Mr. Sanders swore in Zohran Mamdani. Similar figures are almost certainly heading to Congress. Mr. Devine argues that the Democratic Party “must stop impeding voters from determining the outcome of prima- ries.” His anger over 2016 is understandable. But the party apparatus has weakened since then, and is being yoked ever further left by candidates Mr. Sanders inspired. Mr. Devine is getting his wish. His party—and the country—may regret it.
THE WALL STREET JOURNAL
A
re Mercedes-Benz cars Chinese sleeper- cell spies? A bipartisan Senate bill treats the German luxury vehicles as such and would ban them from the U.S. market. This is political rent-seeking in the guise of national security. The Senate Commerce Committee last week ad- vanced a bill that would cod- ify and expand Commerce Department restric- tions on Chinese “connected” software in cars. This is a national-security concern, but self- serving union and corporate interests have hi- jacked the bill. Most new cars are equipped with software that connects to the internet and scoops up data. This can include location data as well as audio and video recorded inside a car. Manufac- turers and their software partners use these in- ternet-connected systems to help drivers—say, by warning about road hazards ahead. It’s not paranoid to worry that adversaries could exploit these systems. The Associated Press reported in 2018 that China had required electric-vehicle makers operating in that coun- try, including foreign-owned companies like Tesla, to transmit real-time data on drivers for government monitoring. Such concerns spurred the Biden Adminis- tration to ban the sale of “connected vehicles” if their manufacturers or software are con- trolled by Chinese entities. The regulation pro- vides a process for manufacturers to appeal a ban and mitigate security concerns. The Trump team last month barred new cars from EV maker Polestar (majority-owned by the Chinese Zhejiang Geely Holding Group and its founder) from the U.S. market. Volvo, which has the same majority owner, won an exemp- tion for unspecified reasons. While political fa- voritism could bias national-security reviews, the Senate bill is more problematic. It would ban manufacturers from selling cars in the U.S. if Chinese investors own more than 15% of shares unless they get a waiver from regulators. It would also prohibit “con-
W
ashington, D.C., will have a Demo- cratic Socialist mayor after Novem- ber’s election, and Congress is mov- ing to minimize the damage. The House oversight commit- tee last week advanced legis- lation to brunt the worst of the tax increases under debate in the district. Janeese Lewis George, a Zohran Mamdani on the Potomac, is all but cer- tain to win November’s mayoral election after her Democratic primary victory last month. She wants a new “business activity tax” targeting lobbying shops, law firms, and other businesses with headquarters in the city whose owners live in the suburbs—which is a lot of them. Ms. Lewis George says the measure could raise $500 million in new revenue to fund her spend- ing wish list. It’s more likely to chase firms out of the city. Enter Congressional Republicans. Congress exercises control over the district under the U.S. Constitution, although since the 1970s fed-
T
he Democratic Socialists of America are gaining strength in the Demo- cratic Party, so it behooves voters to know what they’d do with political power. We know they want a “future without capitalism,” as their latest policy document avers. But most Americans may not know they also want to re- write the U.S. Constitution. The left has long targeted the Electoral College because it thwarts the ability of the most populous states to dominate presiden- tial elections. But in its latest manifesto, “Workers Deserve More,” the DSA says it wants to “replace the President and Supreme Court with an executive and judiciary chosen by and subordinate to Congress.” It also wants to “abolish the Senate.” James Madi- son, call your office. It’s important to understand how radical this is, essentially blowing up the Constitu- tion’s separation of powers. Letting Congress choose the President means adopting the par- liamentary system that prevails in Britain. It would essentially remove the presidential veto power that the Founders designed as a check on the legislative passions of the day. Ditto for ending an independent judiciary, which is a check against legislative and execu- tive violation of individual rights. Third World dictators seek to make the judiciary subservi- ent to the ruling party for this reason, as they did in Venezuela, and as Mexico’s Morena party is now attempting to do. The left loathes the Senate because it is also a restraint on temporary majorities. The Senate’s design, with two Members from each state, gives an equal voice to small and large states. This prevents dominance by California, New York and Texas. And it buttresses the fed- eralist principles at the core of the Constitu- tion’s design, which preserves certain powers to the states as a check on Washington, D.C.’s commandments. The Senate’s six-year terms are another
Congress moves to ban Mercedes vehicles from the U.S. market.
If they can’t raise taxes, they’ll have to make tough choices.
Democratic socialists want to remove barriers to radical change.
nected” software and hardware such as bat- tery packs if they are supplied by Chinese companies or Chinese entities hold more than a 25% equity stake in their developers. The first threshold targets Mercedes, which has two pas- sive Chinese shareholders that together own 19.7% of shares. Commerce Committee Chair Ted Cruz says General Motors pushed for this threshold to hamstring a competitor for its Cadillac model. The United Auto Workers also wants to punish Mercedes for opposing the union at its plant in Alabama. Mercedes employs some 7,500 workers in Al- abama and South Carolina. This spring, it an- nounced a $4 billion investment at its Alabama plant. The Senate bill would kill these jobs and investment. Yet it has drawn 32 co-sponsors, including 25 Republicans. As Mr. Cruz mused during the hearing, why do Republicans want to harm GOP-led states? GOP proponents note the bill is supported by U.S. auto companies and workers—by which they mean the UAW—but that betrays its rent- seeking motivation. The House Select Commit- tee on China, which is pushing a companion bill, recently sideswiped Mercedes for opposing the legislation: “All Americans should be watching as this German-based, Chinese-owned company tries to tell US lawmakers how to set the rules for our own country.” The real question is why Republicans are car- rying water for the UAW, which almost exclu- sively backs Democrats. Mr. Cruz didn’t hold the bill up in committee, but he’s wisely pushing to eliminate the bill’s arbitrary Chinese equity own- ership limit and adopt a standard of Chinese control that is used by the Committee on Foreign Investment in the United States. This being an election year, there’s a risk that Republicans who want to flaunt their anti- China bona fides insist on attaching the bill to a must-pass vehicle like the National Defense Authorization Act. If American workers later lose their jobs, they’ll blame someone else.
eral lawmakers have given city politicians wide latitude via “home rule.” Congress still steps in sometimes, and the House committee on Wednesday approved a bill re- quiring an explicit Congres- sional sign-off for tax mea- sures. Ms. Lewis George’s business tax is one target; a souped-up investment-income tax under debate in the City Council is another. The House bill could use some fine-tuning. It’s written in a broad way that could entangle Con- gress in other aspects of city governance, which probably isn’t a good use of lawmakers’ time. But the warning to district politicians is clear: Fed- eral lawmakers are worried about an anti-busi- ness tilt in the city. They care because all Ameri- cans have a stake in a federal district that’s safe, prosperous and pleasant to visit. The question for the Democratic Socialist project is how these folks will govern if they can’t keep raising taxes. The mayor might even have to make tough governing decisions.
check on momentary House majorities elected every two years. The Founders’ origi- nal design that Senators be elected by state legislatures has given way to direct election. But the 60- vote filibuster rule has de- veloped as an alternative check on radical change by narrow majorities. Article V of the Constitu- tion says “no State, without its Consent, shall be deprived of its equal Suffrage in the Senate.” This means the Senate couldn’t be abolished without the consent of every state, assuming the DSA doesn’t ignore the Constitution, as some on the left might want to do. But the left’s first step would be breaking the filibuster rule. This would let them add Puerto Rico and the District of Columbia as states with two Senators each. They would also have the votes to “restructure” the Supreme Court, as Senate Democrats are already promis- ing. Democrats have proposed adding four new Justices to the Court, as well as limiting the kind of cases the Justices can hear. The common denominator in all of these DSA proposals is eliminating barriers to rapid, radical change. The socialists want a single- branch legislature that can sweep into power in a single election, dominate the President, and neuter the judiciary as a check on that power. With those checks gone, they can im- pose their agenda that will be nearly impossi- ble to undo. The job of Republicans now, and Democrats who have the guts, is to educate the country about this agenda. Not by doing what President Trump does and call them “communists.” That general attack won’t resonate with young people who don’t know what communism is. The political task is to link the DSA to their specific and radical proposals, and ask Demo- crats running for Congress if they agree with abolishing the Senate or neutering the judi- ciary. Democrats who won’t disavow these DSA ideas make themselves fair game to be tied to them in this year’s elections.
Phil Gramm and Jeb Hensarling deserve immense credit for disman- tling the politically convenient myth that private greed and deregulation caused the 2008 crash in their op-ed “Alan Greenspan and the Financial Crisis” (July 21). As Messrs. Gramm and Hensarling explain, the real culprit was central planning that forced government- sponsored enterprises to buy high- risk mortgages. When the house of cards collapsed, Washington tried to shift the blame to private capital through the Financial Crisis Inquiry Commission’s partisan report. The document relied heavily on academic contributors, armchair intellectuals with zero industry experience, whose abstract theories distracted from the fundamental cause. This misdirection masked Wash- ington’s responsibility for $2.7 tril- lion in U.S. financial sector losses and $4.1 trillion globally, alongside massive indirect destruction—a $14 trillion loss in U.S. output and $19 trillion in evaporated household wealth. Today, we see the latest fruit of this deception in the Democratic so- cialist demands for rent control and state housing. By erasing history, the state institutionalized moral hazard. This ideological coverup is far worse
“Some Therapists Encourage Es- trangement to Help Heal” (Personal Journal, July 23) is about far more than the trend of parental estrange- ment. My advice, as a marital and family therapist with almost 20 years’ experience, is that if your ther- apist freely doles out advice: Find a new therapist. If it’s advice you want, ask someone else. A therapist’s role is to ask questions and supportively help clients explore ways of navigat- ing relationships with friends, family, co-workers and, most important, themselves in a way that aligns with their own personal goals. And if you are listening to your therapist’s ad- vice because they are making “an ar- gument from authority,” then your therapist should be helping you to understand your relationship to au- thority and trust. For better or worse, it probably goes back to your parents. ALYSSA MASS, MFT La Jolla, Calif.
Karl Rove paints a grim picture of what legislative direction might re- sult under a Democratic Socialists of America philosophy in his op-ed “Will Democrats Disavow the DSA Platform?” (July 23). Insightful, as always. It is likely only a handful of House DSA candidates will win their races, and only Bernie Sanders ad- mits allegiance to DSA-type posi- tions in the Senate. But those voters looking to support moderate Demo- crats should keep in mind that the next Democratic majority in the House or Senate will likely be held by a very small margin. That slim majority will be be- holden to a handful of DSA mem- bers to move legislation. You can
Students Needs More Orwell
In his letter “The Write to Good Grammar” (July 21), Robert McCa- ughan says his students write so badly that they need “a course in English grammar.” My experience has been dif- ferent. Most of my students write grammatically. But some are prone to ludicrous circumlocutions like “Johnny faces challenges in the lived experience of interactions with his peer group in educational spaces,” instead of “Johnny doesn’t get along with his classmates.” Many university administrators and professors write this way too. The best remedy is George Orwell’s essay “Poli- tics and the English Language.” PROF. FELICIA NIMUE ACKERMAN Brown University Providence, R.I.
Free Expression From WSJ OPINION A daily newsletter on life, politics and culture Edited by Matthew Hennessey Featuring columnists: Matthew Continetti / Kyle Smith Louise Perry / Ben Sasse/ James B. Meigs/ John J. Miller / Meghan Cox Gurdon & op-eds from other contributors
Scan the QR code or visit wsj.com/opinion/ free-expression
than the original crime, setting the stage for a new generation of state- engineered collapses. KEVIN VILLANI La Jolla, Calif.
Mr. Vilani was senior vice presi- dent and chief economist for Freddie Mac from 1982-85.
In trying to absolve Greenspan for responsibility for the housing crisis, Messrs. Gramm and Hensarling over- look key facts. The Federal Reserve Board of Governors’ July 2005 Mone- tary Policy Report to the House Fi- nancial Services Committee—which carried Greenspan’s signature—ar- gued that these new mortgage prod- ucts were prime examples of market innovation and were helping under- served communities buy homes. Greenspan personally praised “sub- prime loans” in his April 8, 2005 re- marks at the Fed’s Fourth Annual Community Affairs Research Confer- ence—which I distinctly remember hearing on the radio. People make mistakes, but true leadership re- quires taking responsibility and ad- mitting them so that we can all learn. Unfortunately, to my knowledge, Greenspan never publicly did so. SAMUEL YAN Broadlands, Va.
The pain of estrangement is real, permanent for many, and multigenera- tional: Grandparents lose grandchil- dren; siblings lose each other; aging parents lose the only people who might have cared for them. The “no- contact” advice that floods social me- dia and some therapy rooms treats complex human relationships as dis- posable commodities. True abuse must never be minimized, and victims de- serve safety. But the wholesale pathol- ogizing of imperfect, yet loving, par- ents has created an epidemic of unnecessary cutoffs. Parents who did the best they could with the tools they had are now discarded without conver- sation, apology or possibility of repair. The cost is measured in broken hearts, lost family history and a generation that may one day face the same rejec- tion from their own children. AIMEE J. PALMER P.E.A.C. (Parents of Estranged Adult Children) International Hartland, Wis.
bet they will hold the moderates hostage, insisting upon radical change. Remember the influence a progressive minority of the Demo- cratic coalition had over Joe Bi- den’s agenda? Open borders, men in women’s sports, criminals re- leased into the streets, foolish and costly green initiatives. I could go on. By voting for a “normal” Demo- crat you will in effect be support- ing DSA influence. JAMES FREDERICK Fayetteville, Ga.
Antitrust Law These Days Protects Antitrust Lawyers
Regarding your editorial “Para- mount and Backward Antitrust” (July 22): For the last several de- cades, the primary goal of anti- trust seems to have become pro- tecting antitrust, not consumers. The extremely narrow focus on theatrical releases in the Para- mount-Warner Bros. case is the lat- est example. It has never been cheaper or eas- ier to distribute or consume an un- ending assortment of entertainment content, and that will continue to be the case regardless of whether the merger goes through. But with- out the continued threat of anti- trust actions, the post-government market value of current federal, an- titrust employees would be much lower. LEE WRIGHT Marlborough, Mass.
And Salt
By Judd Rosenblatt
I
n the past six weeks, America’s most protected artificial-intel- ligence model, Anthropic’s Fa- ble 5, was jailbroken on re- lease, temporarily switched off by a letter from the Trump adminis- tration, and dethroned on leader boards by a Chinese model, Kimi K3. Moonshot AI, K3’s maker, released the powerful model in mid-July; K3’s “weights”—the trillions of numbers that store everything it knows—will be released by July 27. The White House on Wednesday alleged that Moonshot used re- sponses from Fable to help train K3 in a process called model distillation. If the administration is right, the model it switched off lives on inside its Chinese rival. Treasury Secretary Scott Bessent warned that sanctions and trade-limiting entity-list designa- tions are on the table.
C
which improves capability while cordoning off dangerous knowledge.
Still, President Trump handled Fa- ble appropriately with the informa- tion he had. The administration had one instrument, an off switch, and acted decisively. To navigate trans- formative AI, the U.S. needs such de- cisiveness and a better plan: build the world’s most capable open- weight model in America, with the dangerous capabilities stripped out before release, and make Beijing’s giveaways second-best. Instead, Washington is sidelining America’s strongest models while China gives its own away. For now, America operates a de facto frontier- AI licensing regime with no statute, published standard or appeal process. The letter that suspended Anthropic’s Fable was private, as was the process that cleared OpenAI’s GPT-5.6 to launch. None of it affects Beijing. Nei- ther do potential blacklists or liability
House Republicans left for summer re- cess on Thursday after passing a budget bill with as much substance as a beach novel. The tenuous GOP ma- jority looks to have given up on serious spending and tax reforms this year. Many Republicans seem content serving as tax collectors for Demo- crats’ welfare state and the bureau- crats whose jobs depend on it. They might consider that the rise of the socialist left coincided with an eruption in federal spending that began during the pandemic, with gobs of money flowing to state and local governments and left-wing nonprofits. California is the biggest benefi- ciary of the lava of largess. Since 2020, federal Medicaid payments to the state have doubled to $134.5 bil- lion, more than the general fund of any other state. The state also re- ceived hundreds of billions of federal Covid dollars in government aid, rental assistance, public transporta- tion and more. Between January 2020 and De- cember 2025, California added
LIFE SCIENCE By Allysia Finley
By Matthew Kroenig And Henry Sokolski
ritics of the recently an- nounced U.S. nuclear deal with Saudi Arabia let out a sigh of relief when President Trump posted on Truth Social that the deal wouldn’t go ahead until Saudi Arabia recognizes Israel and insisted that the agreement permits “no enrich- ment of material.” Still, there are se- rious problems with the agreement, not the least of which is that—de- spite Mr. Trump’s post—it allows for
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Lachlan Murdoch Executive Chairman, News Corp Rupert Murdoch Chairman Emeritus, News Corp
Emma Tucker Editor in Chief
Liz Harris, Managing Editor David Crow, Deputy Editor in Chief Aja Whitaker-Moore, Deputy Editor in Chief
rules reportedly aimed at Chinese models whose weights anyone can download. Chinese AI releases are timed like artillery. After Fable disap- peared, Chinese model GLM-5.2 launched and became a lifeline for stranded developers. GLM-5.2 passed Anthropic on OpenRouter, a marketplace for AI models, at one-sixth the price. Switch off an American model and a Chinese one is waiting, cheaper, downloadable and impossible to recall. K3 shows what Beijing is ready to give away. At 2.8 tril- lion parameters, it will be the largest open-weight model. Moonshot AI says K3 trails only Fable 5 and OpenAI’s GPT-5.6 in overall performance. Indepen- dent leader boards rank it first in some categories. As K3 became popular, Xi Jin- ping inaugurated the 29-nation World AI Cooperation Organization, championed open-source AI, and warned against “overstretching the national-security concept in the field of AI,” even as his Commerce Minis- try reportedly considered curbs on foreign downloads of Chinese model weights. An open-weight release shares the finished model for anyone to download and run; an open-source release also provides the model’s rec- ipe, code and training data. Open Chinese models can’t be re- called or made safe by Washington. We have only one path forward: build a more capable American open- weight alternative that withstands attempted jailbreaks. American in- dustry backs the open half of this plan. On Friday, Nvidia, OpenAI, Meta and others urged Washington to protect open-weight AI. Their let- ter recognizes that released weights are beyond the makers’ control but never says which weights are safe to release. Mr. Xi’s vision rests on AI models remaining “always under human con- trol.” Nobody can promise that. Last week alone, OpenAI disclosed rogue actions by some of its models, one of which hacked another AI platform. AI can recognize when it is being
249,920 establishments and 580,862 jobs in healthcare and social assis- tance, according to the Bureau of La- bor Statistics. These industries ac- counted for 98% of the state’s private job growth during that period. The state’s biggest source of new jobs has been “individual and family ser- vices”—i.e., social work. California has 12% of the U.S. pop- ulation, 62% of its individual- and family-service establishments and 28% of the sector’s employment. Many of these entities are nonprofits run by progressives with advanced degrees in fields like urban planning, social work and public policy. Progressive policies create social and economic dysfunctions—e.g., housing shortages and homelessness. Nonprofits lobby for taxpayer money to solve problems, only to exacerbate them instead. Rinse and repeat. A report last week found that the number of people living on Los Angeles streets increased 7.9% com- pared with last year. Mayor Karen Bass (master’s in social work, Uni- versity of Southern California) blamed President Trump and “fund- ing cuts at the federal and state levels.” “The Trump Administration has driven up the cost of gas, groceries, and rent—pushing more families to
enrichment. The administration and Congress should correct that. Uranium enrichment can make fuel for both nuclear reactors and nuclear weapons. That’s why for the past half-century Washington has never included nuclear fuel-making as a part of any of its civilian nuclear agreements with states that lack nu- clear weapons. In recent decades, other major nuclear supplier states including France, Russia, China, Japan and South Korea have fol- lowed America’s example. Washington should continue this
Robert Thomson Chief Executive Officer, News Corp
Almar Latour Chief Executive Officer and Publisher
DOW JONES MANAGEMENT: Jason P. Conti, General Counsel; Dianne DeSevo, Chief People Officer; Artem Fishman, Chief Technology Officer; Lisa Fitzpatrick, General Manager, Dow Jones Industries; M. Scott Havens, Chief Growth Officer; Dan Shar, EVP, General Manager, Wealth & Investing; Ashok Sinha, Chief Communications Officer; Josh Stinchcomb, EVP & Chief Revenue Officer, WSJ | Barron’s Group
tested, making conventional evalua- tions unreliable. “Control” is a politi- cal fantasy. AI “refusals”—when a model de- clines a request it deems harmful— are safety theater. Labs train danger- ous knowledge into a model’s weights, then teach the model not to answer certain questions. But the knowledge remains. Jailbreakers, in- cluding Boko Haram, peel away the refusal layer. Released weights are public forever, and removing refusal training can cost only a few dollars. Licensing and “kill switches,” like the one proposed Thursday in Congress, control deployment; by then the dan- ger is already in the weights. Washington fears Chinese models may hide backdoors that allow “sleeper agents” to sabotage the American systems built on them. But U.S. models carry the same risk. Ban- ning can’t guarantee safety. AI align- ment research and development can, by solving the sleeper-agent problem and producing AI we can trust. America’s edge is alignment—get- ting AI to act as designers intend even as it improves itself. Alignment makes models stronger. The biggest capability gain in AI’s history was an alignment technique: Reinforcement learning from human feedback made
the edge—and slashed critical safety net funding,” she wrote. No mention that L.A. has been the country’s big- gest beneficiary of federal money for homelessness. Or that 40% of the vagrants the city has put up in temporary housing wind up back on the streets, often because of drug addictions. In June, the Housing and Urban Development Department cut off fed- eral funding for L.A.’s homeless
agree on spending reform, so they keep funding the tax-eating nonprofits.
agency, citing fraud and flagrant mis- management. A federal court has tem- porarily blocked the funding cut. Au- dits by the county auditor-controller, city controller and an outside consult- ing firm found the agency wasn’t tracking how money was spent or whether housing providers complied with government contracts. HUD noted that while federal funding for Los Angeles had in- creased 178% since 2013, homeless- ness in the city has doubled, free
policy. The Pentagon recently bombed Iran’s nuclear fuel-making plants. Providing Saudi Arabia a pathway to build the capacity the U.S. Air Force is razing in Iran gives hypocrisy a bad name. It not only would make it more difficult to get Iran to restrict its own program, but also set a poor example and en- courage other nuclear suppliers to misbehave. More important, it’s sure to spook Riyadh’s neighbors. U.S. negotiators agreed that Iran may, after a morato- rium, resume enriching uranium. The U.S.-Saudi deal allows a similar priv- ilege to Riyadh. The U.S. got the United Arab Emirates to agree to forgo making nuclear fuel with the caveat that if Washington afforded any neighbor more-generous terms, the U.A.E. could renegotiate. Then there are Egypt and Turkey, both building large nuclear plants. U.S. diplomats asked both to for- swear making nuclear fuel. Both re- fused. The Saudi deal, in short, could pour proliferation kerosene on these states’ smoldering nuclear ambitions. Energy Secretary Christopher Wright insists the opposite. He says this deal will “uphold the highest standards of nuclear safety and non- proliferation.” In fact, it represents a new low. The agreement doesn’t re- quire Riyadh to adopt the Interna-
ChatGPT possible. As AI begins build- ing AI, the country that trusts its models most can delegate the most and compound the fastest. Beijing’s “human control” doctrine caps its systems at the speed of Communist Party supervision. Alignment is America’s license to go faster. My company made an early bet on this field. With AI researchers, we built a training technique called gradi- ent-routed auxiliary modules, or GRAM. Using GRAM to train language models, we found that knowledge about bioweapons, offensive cyber and nuclear capabilities, and even an- tisemitism, could be routed into com- partments, then removed. The re- leased model behaved as if it never learned that information. A model can’t be jailbroken into revealing dan- gerous knowledge if its weights ha- ven’t encoded that knowledge. When attackers retrained models on danger- ous knowledge, capabilities removed by conventional unlearning sprang back to nearly full strength. By contrast, models on which we used GRAM resisted as if they’d never learned the dangerous knowl- edge; the resistance grew as models got bigger. GRAM hasn’t yet trained a trillion-parameter model, and an- other technique, perhaps a govern-
housing has more than tripled, and “HUD Continuum of Care funding per homeless person in LA has increased 39%.” Ms. Bass at least acknowledged last week that her city’s homeless agency is “a broken system.” “The City must build something better— results-driven, transparent, and cen- tered around the people we’re trying to help, not the bureaucracy,” she wrote. That was a dig at her Demo- cratic Socialists of America oppo- nent in November, Nithya Raman. Ms. Raman, who leads the City Council’s Housing and Homelessness Committee, has championed policies to keep people on the streets. She opposes clearing encampments and backs programs in which govern- ment-funded nonprofits distribute sterile syringes and crack pipes to homeless addicts. Before joining the council in 2020, Ms. Raman (master’s in urban plan- ning, MIT) founded a nonprofit that caters to these people on the streets. Solving the homeless problem would mean less money for it. Yet Republi- cans in Congress are enabling the left’s spending addiction and waste of taxpayer dollars. They could implement Medicaid block grants that end the all-you- can-spend federal Medicaid buffet.
tional Atomic Energy Agency’s model inspections under what’s known as the Additional Protocol. These in- spections allow short-notice visits at any time, anywhere. One hundred forty-four states have already ad- opted the Additional Protocol; Saudi Arabia has refused. The fear is that it might want to hide something.
uranium would open the door to proliferation in the Middle East and beyond.
The Energy Department is quick to insist that it will “black box” any nuclear fuel-making plant in Saudi Arabia to prevent military diver- sions. That is magical thinking. No such box has ever been developed, nor has it been explained publicly. That’s because it doesn’t exist. Saudi nationals couldn’t be kept clear of a large nuclear fuel-making plant in Saudi territory. At a mini- mum, construction and operation of such a “black box” plant would make it far more difficult to detect Saudi efforts to build a covert facility (pos- sibly with the assistance of its nu- clear-armed ally Pakistan). And black boxing can never protect against
ment-built one, could replace it. What matters is a safety stan- dard that causes a dangerous ca- pability to stay absent under ad- versarial testing. Techniques like GRAM are urgent because AI has begun building its successors. Se- lection keeps whatever makes the next model stronger and sheds whatever costs capability. Refusal training is a tax it’s al- ready shedding. Mr. Trump’s executive order directed the Treasury, the Na- tional Security Agency, and the Cybersecurity and Infrastructure Security Agency to build a classi- fied examination of AI models’ cyber capabilities and to develop a voluntary process through which companies can confiden- tially share models for testing before release. The exam and the process should both apply one standard: Dangerous capability stays absent under adversarial challenges. Guarantee federal purchases of AI models that pass. Publish the stan- dard, keep the exam classified when necessary, and let the exam’s cre- ators decide who passes. The fastest way to end the world’s reliance on Chinese AI is to make Chinese models second-best. Give de- velopers the best free models, with capability removal inside, and dan- gerous alternatives lose their audi- ence. Chinese models regularly distill ours. If the world is going to copy American AI, let it copy the safe ver- sion. Only a few hundred people around the world work full-time on alignment research. Fund 10 times that many and let America set the global standard for aligned AI. Trustworthy American AI means dangerous capabilities are gone and stay gone under attack. America should build the strongest model that meets that standard and release it to the world. The race with China and the alignment problem have the same solution, and Mr. Trump can be the president who wins both.
ROBERT NEUBECKER
Mr. Rosenblatt is CEO of AE Stu- dio and president of the AI Alignment Foundation.
Or impose sobriety and work re- quirements for housing providers that receive federal dollars. Or end the student-loan forgiveness pro- gram that discharges debt for grads who work for government or non- profits if they make de minimis pay- ments (as little as $10 a month) for 10 years. Loan forgiveness merely encour- ages progressives to pursue extrava- gant graduate degrees—many cost- ing upward of $200,000—and go to work in nonprofits. A Congressional Budget Office report last week pro- jected that the feds will write off be- tween 24 and 34 cents of each dollar in debt for graduate borrowers who enroll in income-based repayment programs. The GOP’s main “achievement” this year is a housing bill shep- herded by Sen. Elizabeth Warren that creates a panoply of grant pro- grams to funnel ever more taxpayer money to local governments and nonprofits. That means more power and employment for progressives like Ms. Raman and New York Mayor Zohran Mamdani’s housing czar, Cea Weaver (master’s in urban planning, New York University). Republicans’ complaints about so- cialism will ring hollow as long as they persist in subsidizing them.
sovereign Saudi seizure of what’s in the box. Fortunately, the reported deal contains an escape clause. It doesn’t promise the immediate transfer of uranium-enrichment technology. Rather, it pledges a two-year study into the concept. But it doesn’t take two years to figure out that this is a bad idea. Washington shouldn’t be in the business of transferring nuclear bomb-making capability to Saudi Arabia or any other country. To make sure it doesn’t, Mr. Trump— who relishes getting the best bar- gain—should renegotiate the deal. Alternatively, Mr. Trump could sim- ply decline to send this bad deal to Congress. If he sends it anyway, law- makers need to hold hearings and legislate to condition its implemen- tation of making it right.
Mr. Kroenig is a professor of gov- ernment and foreign service at Georgetown, a senior fellow at the Atlantic Council and author of “Ex- porting the Bomb: Technology Trans- fer and the Spread of Nuclear Weap- ons.” Mr. Sokolski is executive director of the Nonproliferation Pol- icy Education Center and author of “China, Russia and the Coming Cool War.” He served as the Pentagon’s deputy for nonproliferation policy, 1989-93.
FROM TOP: GUILLAUME HORCAJUELO/EPA/SHUTTERSTOCK; JASPER JACOBS/BELGA/ZUMA PRESS
BY JOSHUA ROBINSON
PARIS—This time last summer, Tadej Pogacar was overcome by ennui. The greatest bike racer of his generation had spent the third week of the 2025 Tour de France looking glum, vaguely sick, and openly talking about his desire for one thing and one thing alone: getting to Paris and being done with this lap around the country. Twelve months later, the 27- year-old king of his sport couldn’t be acting more differently. As he rolled onto the Champs-Élysées in the yellow jersey to claim his re- cord-equalling fifth Tour de France on Sunday, Pogacar was in full pomp. He dominated this race from start to finish. He racked up five stage wins and still gifted one to a young teammate. And, more than ever before, he proved that his hold on the pelo- ton was so suffocating that no one even dared attack him anymore. “The gap is so big,” said Charly Wegelius, a sports director for the EF Education-EasyPost team. “What are you going to do?” Over the course of the past three weeks, the number of true
Is Now a Bargain
BY ROBERT O’CONNELL AND SAM FEDERMAN
Over his 23-year career in the NBA, LeBron James has been a hero and a villain, a savior and a traitor. He was the most antici- pated high-school prospect ever seen and has become perhaps the greatest player of all time. But if there’s one thing “King James” has never been, it’s a bar- gain—until now. On Friday, James shocked the NBA by joining the Philadelphia 76ers, his fourth and almost cer- tainly final franchise. Even more jarring than the image of James wearing such an unfamiliar uni- form, however, was the number James signed for: $8 mil- lion over two sea- sons. It was the lowest amount James could take, even if he wanted to earn less, as he signed for the minimum salary for a player with at least 10 years in the league. “I’m not going for money,” James posted on social media when he announced his decision. For the fans who will spend the season rushing for Sixers tickets, an average of $4 million per year doesn’t sound like such a sacrifice. But in today’s NBA, and across professional sports, such a small number for such an era-defining player is simply unheard of. In his final season with the Lakers, James made $52,627,153: the 11th- most in the league. It’s as though a CEO suddenly,
attempts to leave Pogacar in the dust of the high mountains could be counted on one hand—particularly once his chief rival, Jonas Vingegaard, crashed out of the race in Week 2. Paul Seixas, France’s great 19-year-old hope, was happy enough to hang with Pogacar and earn a commendable fourth place in his Tour debut. Isaac del Toro, of Mexico, came third after acting as Pogacar’s main lieutenant. And Remco Evenepoel, the Olympic champion from Belgium, produced one of the Grand Tours of his life to take second. The only way he might have contended for first, he said, was “if Pogacar doesn’t start the race.” Pogacar, who won by a colossal 6 minutes and 26 sec- onds, now owns an entire era of the world’s most famous bike race. Yes, there were two in the middle of his run that went to Vinge- gaard, in 2022 and 2023, but it’s
and willingly, decided to take the wages of a mailroom intern. Only that CEO happens to be the high- est earner in NBA history, having raked in $581.4 million from three teams over the course of his ca- reer. According to Spotrac’s contract rankings, which include deals an- nounced but not yet finalized, the $3,876,529 James will take home next season is the 292nd-ranked payday in the NBA. That means that the global celebrity who lev- eraged his fame into billionaire status will earn the exact same amount as, say, DeAndre Jordan, a third-string center who appeared in 12 games all of last season. Despite being the oldest player in the NBA, at 41 years old, James has proven he has plenty left in the tank. While he’s no longer in the conver- sation for best player in the world, he’s coming off of his 23rd straight season averaging 20 points per game, 22nd consecutive All-Star appearance, and a playoff run where he turned back the clock, leading an injured Lakers team to an upset series win over Houston. And the betting market still regards James as a superstar. When he announced his signing with Philadelphia, the 76ers’ odds to win the 2027 championship jumped to third-best in the league. But James has good reason to take less than market value for his services. The NBA has never been less kind to would-be superteams trying to stack up star players.
LeBron James’s salary in his final season with the Lakers
become clear that Vingegaard is no longer in the same class. Pogacar stands alone in modern cycling—and in rare company in more than a century of the sport’s history.
LeBron James will aim to win a fifth NBA title after signing a two-year, $8 million contract with the 76ers.
Prohibitive roster-management penalties have also caused con- tenders to strip their clubs for parts this summer. Perhaps the most notable example was the Boston Celtics, champions just two years ago, sending Finals MVP Jaylen Brown to Philadel- phia. So if James wanted to spend his twilight chasing an elusive fifth championship, the single smartest thing he could do was take a pay cut to join a ready- made contender. He’s not the only one to under- stand that lesson. Jalen Brunson left about $113 million on the ta- ble when he signed his four-year, $156.5 million contract extension with the Knicks in 2024. It’s a sac- rifice that gave the Knicks the
“You are insane,” Seixas told him on the Alpe d’Huez. Since the Tour began in 1903, only four other men have racked up five titles: Jacques Anquetil, Bernard Hinault, Miguel Indurain,
room to assemble what would be- come the core of the 2026 NBA Championship run. James takes this to the ex- treme. “I still want to compete, to win and to have a chance at the feel- ing of winning another champion- ship,” James wrote. In putting his money—or lack thereof—where his mouth is, James now belongs to a rare cate- gory. Superstars in the last of their earning years generally want to cash in one last time. When Tom Brady jumped to the Tampa Bay Buccaneers, he earned a higher annual salary than he had ever seen while leading the New Eng- land Patriots to six Super Bowls. Even as Peyton Manning agreed to
Top: Tadej Pogacar, in the yellow jersey, rides past the Arc de Triomphe in Paris on Sunday. The 27-year-old dominated this year’s Tour de France from start to finish.
and Eddy Merckx. (Though Lance Armstrong rattled off seven victo- ries in a row from 1999 to 2005, he was stripped of them for dop- ing and his name remains struck through in the Tour’s official re- cord book.) Now, Pogacar is in prime posi- tion to overtake all of them. He is two years younger than Merckx, the man known as “The Cannibal,” was at the time he took his fifth. He is also just nine career stage wins from equaling the record of 35 set by Mark Cavendish. On Sat- urday, the French sports daily L’Equipe dubbed Pogacar “The Ogre.” But if Pogacar showed one new trait this summer, it wasn’t his ap- petite. It was his generosity—as long as you happen to ride for the same team. On Saturday, 24 hours after storming to victory on the Alpe d’Huez, Pogacar held such a comfortable advantage that he transformed from team leader into domestique for a day. His objec- tive on the hardest day of this Tour wasn’t to win the stage but to help del Toro secure his spot on the podium and the white jersey as the race’s best young rider. “I think the cycling world doesn’t realize how important the team is and how hard it is for the team that is riding for the yellow jersey—and also the white jersey,” Pogacar said on Saturday. “The last three weeks, they had to work their asses off every day for this goal.” Such gaudy control of the race has naturally raised suspicions around Pogacar. Those only grew louder on the sec- ond rest day of the race when he was woken at 5 a.m. by antidoping au- thorities outside of the normal testing window. Pogacar, who has always denied any wrongdoing, said he welcomed the test. And if the early wake-up affected him, he didn’t show it. By the end of the week, Pogacar was flying through the Alps like he owned the place. At times, all he had to do to dissuade a would-be challenger was shoot them a menacing glance. The Ogre may weigh barely 140 pounds, but once he’s on two wheels, few sights in sports are more intimidating. “I think he’s super cool,” Wege- lius said. “But sports-wise, he’s definitely an alpha. He puts people where [they belong], just to re- mind them.”
a reduced deal for his last season in Denver, he still took home a guaranteed $15 million. And those legendary quarter- backs were still chasing their sport’s greatest prizes. Consider an athlete who took the exact op- posite approach of James: soccer legend Cristiano Ronaldo. Playing out the string in Saudi Arabia, Ronaldo earns more in a week (about $5.5 million) than James will all of next season. In fact, there is only one obvi- ous precedent for a player with James’s accolades making this kind of sacrifice, and it’s a com- parison he would prefer to avoid. Michael Jordan played for $1 million a year—when he came back with the Washington Wiz- ards.
Last Week: S&P 7411.98 g 0.61% S&PFIN À 0.13% S&P IT À 0.43% DJ TRANS g 1.09% WSJ $IDX À 0.47% 2–YR. TREAS. yield 4.328% NIKKEI 64611.15 À 0.73% Seemoreat WSJ.com/Markets BUSINESS&FINANCE
50%
U.S.
STREETWISE | By James Mackintosh Bubble Sign: 1 Stock, 2 Prices, 2 Places I
t’s easy to find bears claiming that this stock, that stock or the entire market is wildly overpriced. Usually it’s a matter of opinion—but not with the newly listed New York shares of the South Ko- rean tech darling SK Hynix. Earlier this month, the chip maker introduced American depositary receipts to add to its longstand- ing listing in Korea. Its new ADRs are each backed by a 10th of a Seoul-listed share and can be converted into a Korean share with little ef- fort. No one in his or her right mind would choose to convert because the U.S. stocks trade at a fat premium to the price in Korea, after adjusting for the currency. It is yet another sign of the frothiness of the artifi- cial-intelligence trade. Since the ADRs listed two weeks ago, the premium has ranged from 16% to 51%. Americans are paying a high price for the convenience of buying the memory-chip maker’s stock in New York, rather than finding a broker willing to trade the Korean shares. It’s part of a willing-
Other
InPerksFromTheirCompanies
6.0
An estimated $20,000 in booze. More than $100,000 in sports-event tickets. Extensive personal use of a company- owned hunting ranch.
Ground transport- ation By Mark Maremont, Elizaveta Galkina and Neil Mehta Spending on four of the biggest-ticket perks has surged since 2021.
Ground transportation
2.1
Corporate perks—the often- lavish extras layered on top of an executive’s pay—are boom- ing. Among the 500 largest pub- lic companies, spending on four of the biggest-ticket perks has surged since 2021, accord- ing to research firm Equilar, led by a more than doubling in the median cost of executive security. The Wall Street Journal ana- lyzed perks disclosed in the most recent annual filings from 1,500 of the largest U.S. public companies. In all, those companies shelled out close to $600 mil- lion on around 15,000 perks to their executives and board of directors. Here is what we found:
BY LAUREN THOMAS
David Fox upended the le- gal industry once before. He hopes to do it again. The dealmaker is credited with devising the playbook that helped make Kirkland & Ellis the biggest law firm. His new pursuit could put him in competition with Kirkland and its peers. Fox, 68 years old, co-founded a software com- pany, Irving Technology, that is powering a new law firm, called Irving, which employs a handful of lawyers and relies on artificial intelligence. “I hope I have one more revolu- tion left in me,” Fox said. Fox believes Irving—and similar ventures—could change how legal services are delivered to clients and funded. Elite law firms are just beginning to game out how AI could remake their business models. The need for investment prompted many to explore alternative owner- ship structures, and industry leaders are debating how the technology could shrink head count or alter fee structures. Fox is in the camp that be- lieves AI will free lawyers from repetitive tasks and let
‘I hope I have one more revolution left in me,’ David Fox said.
Premium for SK Hynix ADR over Korean stock, in dollar terms
July 13 24 20 0
4.2
*Developing Asia includes China, India, Indonesia, Korea, Malaysia, Philippines, Taiwan, Thailand.
Developing Asia*
Sources: LSEG (premium); UBS HOLT (valuations)
ness to overpay for chip stocks in general and mem- ory stocks in particular. The huge ADR premium is exactly the sort of thing that shouldn’t happen in markets. Prices for, say, haircuts or hotels can diverge signifi- cantly because they can’t be shipped to another location. But shares are virtual and can be moved instanta- neously, so arbitragers usu- ally step in and profit from any significant gaps between dual-listed stocks. The problem is that there is no safe arbitrage between the Korean and American shares. While the ADRs can
Personal security
Personal security
Security topped the perks list by a large margin. The Journal found more than 250 companies that spent a total of $170 million protecting exec- utives. Many boards have be- come more se- c u r i t y - c o n - scious since the 2024 killing of UnitedHealth Group executive Brian Thomp- son. Meta Platforms paid $22.5 million to protect billionaire CEO Mark Zuckerberg, citing his high profile and “specific threats.”
Relocation support
When executives relocate or are on assignment overseas, companies often shoulder much of the cost—housing sub- sidies, children’s tuition, mov- ing costs and home-sale assis- tance.
them focus on the thorniest issues. He says clients, in turn, will be charged less money. Ir- ving’s software is at a basic level trained to be about as smart as a high-performing senior-level associate. Irving will be going up against a bevy of legal AI up- starts and major AI developers as well as established firms, each of which have been chart- ing their futures with AI. Kirkland & Ellis recently said it set aside $500 million to create its own AI platform rather than rely on tools used by competitors, while Fresh- fields struck a deal with An- thropic to co-build specialized AI applications. Cleary Gott- lieb bought legal-tech firm Springbok AI, bringing a team of AI engineers in-house. Several so-called AI-native law firms are in operation. Many, like Irving, involve two distinct business entities—one housing the lawyers and one housing the technology, which allows for outside investors. One called Norm Law, which hired senior lawyers from firms including Ropes & Gray and Sidley Austin, is powered by an AI company
Premium for TSMC ADR over Taiwan stock, in dollar terms
80%
Dotcom bubble intramonth greater than 100%
’15 ’20 ’25 2000 –20
’05 ’10
be converted into Korean shares, regulatory restric- tions make it hard to con- vert them back, and impossi- ble without the permission of the company. For normal ADRs, Friday’s premium of 29% would have hedge funds buying stocks in Seoul to convert into ADRs while short selling the ADRs in New York. But the inabil- ity to convert means the trade would leave them ex- posed to big losses if the premium gets even bigger. Investors who want to buy and hold have a simple choice: Faced with paying 29% more for the same
Railroad company CSX cov- ered a $1.6 million loss on the sale of its chief operating offi- cer’s house when he relocated. Kruti Patel Goyal, now Etsy’s CEO, was on international assignment for a U.K. subsid- iary, and trav- eled back to the U.S. in 2025 to become presi- dent of the company. Her overseas posting and re- location were smoothed by $1.2 million in perks, covering housing-related costs, lease termination, tu- ition, tax prep and other bene- fits.
Personal aircraft use
Personal aircraft use
Hopping aboard the com- pany jet for a personal trip is an enviable and often costly perk, one enjoyed by around 700 executives at about 400 companies, with an average an- nual cost exceeding $160,000. Apple gave CEO Tim Cook
ROSHNI KHATRI FOR WSJ
backed by Bain Capital and Blackstone. Another legal-tech company backed by General Catalyst is behind an AI-pow- ered firm called Eudia Coun- sel. Then there are off-the- shelf products such as Harvey, Legora and CoCounsel that are quickly becoming ubiquitous across the industry. Fox was born in New York, but his family moved to Israel when he was 9 years old. He moved back to the U.S. in 1983
Chip-maker valuations, ratio of price to adjusted book value
10times
Monthly Monthly
’05 ’10 ’15 ’20 ’25 2000 0
thing, one will find that it’s well worth the hassle and cost of buying the local Ko- rean stocks by calling a bro- ker on the phone. (Main- stream U.S. brokers mostly don’t offer online trading for Korea.) Professional traders are different and need a theory for why there is a premium. Some premium is justi- fied: South Korea has a trad- ing tax, and the U.S. doesn’t, while U.S. trading costs are lower and custody is cheaper. Also, ADRs are priced in dollars, so Ameri- cans don’t need to protect against currency swings.
Makeup of executive perks of S&P 1500 companies
29.4%
Relocation and expat support
22.1
Note: Total does not equal 100% due to rounding
nearly $790,000 in personal flights. The company’s board re- quires Cook to fly private “for security and efficiency pur- poses.” Many companies simi- larly cite security to explain why executives fly private for personal trips.
Health and wellness
Some companies shell out six figures for high-end health insurance, doctor visits and concierge medicine for execu- tives.
to launch his legal career at Skadden, Arps, Slate, Meagher & Flom. Fox worked at Skad- den for more than two de- cades, rising to become the firm’s most-senior partner and among the highest-paid lawyers, working on deals in- cluding the leveraged buyout of Toys “R” Us in 2005. In 2009, he shocked the le- gal industry by departing Skadden for Kirkland & Ellis, which at the time had a na-
Paul Foley, head of EMEA portfolio management at Di- mensional Fund Advisors, points out that ADRs are more tax-efficient than Ko- rean stocks in U.S. ETFs, too. That justifies a premium of a few percentage points. Tai- wan Semiconductor Manu- facturing’s ADRs, which are also hard to arbitrage, have a longer record. For the decade between 2010 and 2020, they had a 3.2% average premium. So long as the premium is broadly stable, it’s fine to buy the ADR, because the pre- mium should still be there when you come to sell. PleaseturntopageB6
19.5
Health and wellness 4.1
Memberships, travel and lifestyle
12.4
Product, gifts and discounts 0.3
Financial planning and tax benefits
“Executive physicals” can cost thousands of dollars—Chi- cago-based insurer Old Repub- lic International paid nearly $30,000 to cover a single exec- utive’s annual checkup. Palantir Technologies CEO Alex Karp received $160,000 in coverage for health and medi- cal services.
Cars and drivers are typi- cally pitched to shareholders as a security expense, not a chauf- PleaseturntopageB2
scent mergers-and-acquisi- tions practice. He brought with him Daniel Wolf, a Skad- den partner on the rise. Fox, with the help of then- chairman Jeff Hammes, formu- lated a plan to make Kirkland a juggernaut in M&A. It revolved around resetting the culture at the firm’s New York office and plucking up-and-coming law- yers from other firms. He steered lawyers to focus on big- ger deals. By 2020, when Fox stepped down from the firm’s executive committee in keeping with the firm’s age limits, Kirk- land was working on more deals annually than any other firm. Fox, who now splits his time mostly between Miami and the New York area, is keeping busy with projects be- yond Irving, including a small venture-capital firm, Antiport- folio Ventures, that makes in- vestments in legal-tech com- panies such as Sandstone and Patlytics. (Fox’s other part- ners at the firm are Ryan Morgan and Mike Devlin.) Irving Technology has raised a small sum of money so far from investors including Narya Capital, the venture-capital PleaseturntopageB2
And Fed Expected To Test Markets
BY SAM GOLDFARB AND HANNAH ERIN LANG
This year’s stock rally has withstood war, inflation and uncertainty surrounding the tech sector’s massive artificial- intelligence investments. The question now is: Have inves- tors finally reached their limit? Major stock indexes have posted healthy gains this year. But the S&P 500 and Nasdaq composite both fell last week for the second time in a row— their first consecutive weeks of declines since March, in the initial aftermath of the U.S.-Is- raeli attacks on Iran. The catalysts behind the de- clines weren’t surprising new developments, but rather the same threats that have dogged investors for months, only di- aled up a little further. Those include the widening conflict in the Middle East driving up oil prices, bond yields surging to their highest levels in more than a year and a tech giant announcing yet another in- crease in capital expenditures. The pressures could mount this week, with both Micro- soft and Meta Platforms set to report earnings on the same day that the Federal Reserve makes a decision on interest rates widely seen as one of the least predictable in years. With the economy still growing and companies re- porting solid earnings, the S&P 500 is still within 3% of all- time highs. But analysts say that the outcome of this week’s events could easily tip the market one way or the other. “Right now the worry list and the list of what’s going right kind of balance each other,” said Ed Yardeni, presi- dent of Yardeni Research. “There’s an overall unsettled sense that there are too many uncertainties and too many problems, so let’s all hunker down.” Investors’ focus on tech earnings stems from their con- flicted feelings about AI in- vestments. The historic spending on chips and data centers by the likes of Alphabet, Microsoft and Meta has helped power stocks to double-digit gains in recent years by lifting eco- nomic growth, creating wind- fall profits for suppliers and stirring dreams of a more pro- ductive economy. But it also has spurred periodic selloffs, as investors have blanched at the mind-boggling cost of the enterprise. Those concerns have rarely been more acute than they are now. Investors entered the year expecting tech companies to spend hundreds of billions of dollars on AI infrastructure. But they have still been sur- prised by the scale of those in- PleaseturntopageB6
BUSINESS NEWS Toy maker Hasbro sees the future of the industry as pure magic. B3
BING GUAN/REUTERS
A - B
A Academy Sports & Outdoors....................................B3 Alphabet......................A1, A4, B1 Amazon.com.....................A3, B6 American Airlines...................A1 Anthropic...........................A1, A13 Apollo Global Management ....................................................B1,B6 Apple..................................................B1
B Bank of America..................B10 Bank OZK...................................B10 Blackstone....................................B6 Booz Allen Hamilton...........A1 Brown-Forman..........................B3 Brunswick.....................................B2
C - D Chemed...........................................B2 Children's Place.......................B3 Citizens Financial................B10 Constellation Brands...........B2 CSX.............................................A1, B1 Delta Air Lines..............A1, A12
C - D
Anderson, Kristine Martin..A1 Ashkenazi, Anat......................A2 Bargury, Michael...................A13 Barra, Mary.................................A2 Bastian, Ed...................................A1
Chae, Michael............................B6 Cocks, Chris.................................B3 Cook, Tim.......................................B1 Davis, Steve................................B4 Devlin, Mike.................................B1 Dimon, Jamie.............................B2 Diton, Eric.....................................B6
F - G
Ford, Carl.......................................B3 Fox, David......................................B1
UNIVERSAL/EVERETT COLLECTION
The film took No. 1 again with $87 million this weekend.
Estimated Box-OfficeFigures, ThroughSunday Sales, InMillions
Film Distributor Weekend* Cumulative % Change 1. The Odyssey Universal $87.0 $286.4 -30
3.0
Moana Disney $10.5 $102.5 -41
Toy Story5 Disney $10.0 $448.6 -27
Hadestown: The Musical Bleecker Street $9.7 $9.7 —
Minions &MonstersUniversal $9.6 $155.4 -29
*Friday, Saturday and Sunday in North Americantheaters Source: Comscore
E Etsy.....................................................B1 ExxonMobil Holdings.......B10
G General Motors.......................A2 GoPro................................................B3
H Hasbro..............................................B3 Hewlett Packard Enterprise ............................................................B2
J - K JetBlue............................................A4 JPMorgan Chase....................B2 KKR.....................................................B6
M Meta Platforms........................B1 Microsoft...............................A1, B1
N - O Nippon Life Insurance.......B6 Nvidia......................................A1, B6 Old Republic................................B1
Franklin, Sarah..........................A1 Goldberg, Gennadiy..............B6
H - I Hamme, Jeff...............................B3 Hassabis, Demis......................B4 Heaslip, Rick...............................A5 Huang, Jensen..........................B4 Isom, Robert..............................A4
J - K Jacobs, Ann.................................A5 Karp, Alex......................................B1 Kirby, Scott...................................A1
M Morgan, Ryan.............................B1 Musk, Elon...................................B4
N Nadella, Satya...........................B4
P Palantir Technologies..B1,B2 PNC Financial Services..B10
R Rogers Communications.B6 Rollins...............................................B2 Rush Enterprises....................B2
S-T Sazerac............................................B3 SK Hynix.........................................B1 Snap-On.........................................A2 SoftBank.........................................A1 SpaceX.............................................B4 Taiwan Semiconductor Manufacturing.......................B1 Tesla..................................................A3 Texas Roadhouse...................B2 Truist Financial......................B10
U - W U.S. Bancorp.............................B10 United Airlines..........................A1 UnitedHealth Group.............B1 Williams.........................................B6
Neri, Antonio..............................B2
P - R Patel Goyal, Kruti...................B1 Rollins, Gary W........................B2 Rowan, Marc..............................B2
S Schwarzman, Stephen.......B6 Son, Masayoshi........................A1 Stern, John................................B10
V - Z Van Saun, Bruce..................B10 Waddell, M. Keith..................A2 Wang, Nancy...........................A13 Weaver, Rosanna...................B2 Whiting, Lawson.....................B3 Woldenberg, Rick...................A2 Wolf, Daniel..................................B1 Zuckerberg, Mark....................B1
Rake In Their Perks
ContinuedfrompageB1
ContinuedfrompageB1
feuring perk. Another common perk is a company-provided car or a car allowance, which can include free fuel. Apollo Global Management, the private-equity giant, spent $790,000 for its billionaire chief executive, Marc Rowan, to have a car and driver, citing “increased efficiency, conve- nience and confidentiality.” That is nearly 10 times the $85,000 JPMorgan Chase spent on Chief Executive Jamie Dimon’s personal use of corpo- rate cars.
$790,000
Lifestyle, product perks
Truck dealer Rush Enter- prises awarded its CEO $107,000 in personal use of a company-owned, 11,000-acre Texas hunting ranch. Chemed, which owns Roto- Rooter and a chain of hospices, gave its CEO $121,502 in tickets for Cincinnati Bengals games and other sports events. Chemed said it buys sports tickets for business purposes and that its chief executive, a “huge sports fan,” sometimes uses leftovers. Liquor firm Constellation Brands gave its CEO $20,000 in booze, which the company said is part of a broader free- product program to enhance employee “knowledge and ap- preciation” of its brands. At Brunswick, maker of Sea Ray and Boston Whaler boats, executives and directors re- ceived a $35,000 annual allow- ance to spend on boat-related expenses and other products. The company said the allow- ance serves to enhance execu- tives’ understanding of its businesses. Some of the perks were sur- prisingly small, such as $492 to cover “backup home generator maintenance” for Hewlett Packard Enterprise’s chief, Antonio Neri, whose total com- pensation was $23.5 million. HP said the payment helps en-
Steve Schwarzman (Blackstone)
Sundar Pichai (Alphabet)
Top ‘aircraft’ recipients among select S&P 1500 execs
Charlie Ergen (EchoStar)
$3.4 million
John Tyson (Tyson Foods)
$3.2 million
Patrick Dumont (Las Vegas Sands)
$2.6 million
Tim Cook (Apple)
METHODOLOGY To identify nearly $600 million in perks across the companies in the S&P 1500, Journal reporters ana- lyzed around 2,000 proxy filings and annual reports filed with the Securi- ties and Exchange Commission dur- ing the year ended June 1, 2026. In total, 1,418 companies disclosed at least one perk during this time pe- riod. Reporters programmatically ex- tracted compensation tables, foot- notes and other explanations of perquisites mentioned in the filings and fed the results to an LLM which parsed the amount, type and benefi- ciary of each perk. Companies aren’t required to cate- gorize perks, so reporters created a taxonomy of nine types of perks, in- cluding an “other” category. Some companies didn’t disclose dollar fig- ures for each individual perk; report- ers generally categorized these ag- gregate amounts in “other.” Reporters used several techniques to validate the analysis, including string matching, dollar-weighted random sampling, and a hand review of the largest perks in each category. In all cases, error rates were 2% or below. All errors identified by report- ers were corrected. All the compa- nies mentioned in this article were given the opportunity to comment.
sure its CEO is available to run the company during a power outage at his residence, and it disclosed the perk in accor- dance with regulatory require- ments. Then there are club mem- berships: At least 400 execu- tives got some or all of their dues and other club costs paid
$22.5 million
$12.6 million
$8.8 million
for by their companies, the Journal found. Some compa- nies said the clubs are used for business. Restaurant chain Texas Roadhouse gave its CEO $131,000 in 2025 to cover his initiation fees and membership dues for a country club in the company’s hometown of Louis- ville, Ky. The company said the mem- bership at the Valhalla Golf Club was at the board’s direc- tion, to better connect the CEO locally after his relocation from Texas. “A lot of these perks are ex- cessive,” said Rosanna Weaver, an executive-pay consultant for the Interfaith Center for Corpo- rate Responsibility. Most exec- utives “already are extraordi- narily well paid, and I’m not persuaded that the perks are necessary. There’s a whiff of entitlement here—CEOs who say ‘I deserve this.’ ” The executive dining room remains a disclosed perk at a few companies. Pest-control firm Rollins, whose brands in- clude Orkin, gave its billionaire chairman emeritus, Gary W. Rollins, $26,751 worth of meals at the company’s executive din- ing room—$107 per workday. Aalap Shah, an adviser to companies on executive pay at Pearl Meyer, said the big growth in perks has been in ex- tras that may benefit the CEO but also serve the business needs of the company, such as executive health plans and company-paid security. “There’s an existential risk to the company if something happens to the CEO or part of the executive team,” Shah said. Many perks these days, he said, are “really necessary to run the business in the most effective way.”
Law With AI Help
firm co-founded by JD Vance, the New York venture firm Ad- dition, Hammes and Fox’s Anti- portfolio Ventures. Its three other co-founders are engineers with backgrounds at technol- ogy and defense companies, in- cluding Palantir Technologies. Irving, the associated law firm based in New York, em- ploys fewer than 10 people—a mix of lawyers and engineers— and has been running for a few weeks now, having advised on a handful of small deals before its official debut at a later date. Irving Technology’s soft- ware was trained on existing large language models with input from practicing deal lawyers. It is meant to be able to handle tasks such as pulling research or drafting docu- ments, freeing up senior law- yers to focus on winning new business and advising clients. Fox says he will be involved in the law firm but doesn’t have a defined role and isn’t practicing as a lawyer. Over time, he says, he believes the firm will hire more senior law- yers and work on bigger deals. Irving and its peers employ a so-called management ser- vices organization, or MSO, model, which keeps the legal side separate from the piece that houses technology and any intellectual property. That allows for backing from non- lawyer investors such as pri- vate-equity firms. It sets up the tech firms to go public or pursue other exits, similar to in the accounting industry. A handful of states have loosened restrictions barring law firms from taking outside money or are considering do- ing so. Arizona in 2020 be- came the first state to elimi- nate the rules entirely. Fox says the need for tal- ented lawyers won’t go away. “The question becomes: ‘Do I need 5,000 people who are re- ally talented? Or can I do it with 20 people?’”
Of Toys Is Pure Magic
Hasbro
Sales of the company’s three- decade-old card game are booming
BY NATASHA KHAN
Once a fringe fixture of comic-book stores and hobby emporiums, a trading-card game has become a power- house in the toy industry. Magic: The Gathering has long been Hasbro’s biggest brand. But lately, it has found a new gear, notching growth that has surprised Wall Street—and pushed Hasbro’s chief execu- tive to rhapsodize to investors about its scale. The surge in popularity for Magic couldn’t have come at a better time for Hasbro, which also makes Monopoly games, Nerf guns and G.I. Joe action figures. Sales of traditional toys have been under pressure for years, driven by declining birth- rates and a shift toward video- games and online games. Sales of dolls are down 36% from 2021 to 2025, according to data from intelligence firm Circana. Tod- dler and preschool toys are down 15% over the same period. But games and puzzles—the segment that includes Magic— have boomed during that time frame, up 36%. Those types of
–25
BY JENNIFER WILLIAMS Companies Are Trading Away Tariff Refund Rights
Faced with prolonged tariff uncertainty, Academy Sports & Outdoors chose to cash in. The sporting-goods chain last year sold its rights to tariff refunds, joining companies in- cluding GoPro in trading away potential payouts for immediate cash, to manage debt or for other capital planning. Some of- floaded their claims before the Supreme Court struck down global tariffs this year to escape the limbo of when or if any money would arrive. Others benefited from holding out: Price tags on certain refund claims have more than quadru- pled since the ruling. Now, as some payouts re- main uncertain, a fresh wave of businesses is considering trans- ferring their rights. Interest in the deals surged after the court’s ruling, with in- vestment firms snapping up the claims on the gamble that they would recoup the investment, and slowed as companies waited to see how efficient the payout process would be. But with refunds rolling out in phases, some businesses in need of cash are growing impa- tient, said Neil Seiden, manag- ing director at business loan ad- visory firm Asset Enhancement
At Acquiring Brown-Forman
BY LAURA COOPER
Sazerac isn’t taking no for an answer. The maker of BuzzBallz cocktails and Buffalo Trace bourbon sent a letter to a group of Brown-Forman shareholders asking them to reconsider a $15 billion buyout offer that was rebuffed. The group—Class A shareholders— includes members of the Brown family, descendants of the company founder who control its voting power. But Sazerac’s appeal to in- vestors adds pressure on man- agement at Brown-Forman, who are trying to boost the performance of the company behind brands like Jack Dan- iel’s whiskey, Woodford Re- serve bourbon and Herradura tequila. Brown-Forman Chief Executive Lawson Whiting an- nounced plans earlier this month to step down once a successor is named. Brown-Forman and Wolf Pen Branch, a collection of Brown family members who own the majority of Class A shares, is- sued a joint statement that brushed off Sazerac’s unsolic- ited proposal. “We are confi- dent in the strength and com- petitive position of the
Hasbro annual segment revenue
$7billion
Entertain- ment $77M
Consumer products $2.4B
Wizards of The Coast* $2.2B +45%†
2020 ’25
Sources: the company (revenue); FactSet (performance) *Includes digital gaming †Change from a year earlier
toys attract an audience that is typically older, increasingly in- cluding adults, and more likely to make repeat purchases. Magic has been among the biggest hits in the category. Revenue from the franchise grew an average of 17% a year for the past 17 years—and Chief Executive Chris Cocks said last week that Magic is “off to a ripping start” this year, with sales up 34% in the first half to over $1 billion. A new series of cards based on Marvel super- heroes set a record for first-day and first-month sales of Magic cards, becoming the fastest set to reach $300 million in reve-
Revenue from the franchise grew an average of 17% a year for the past 17 years.
MASSILLON INDEPENDENT/USA TODAY NETWORK/REUTERS
Academy Sports sold some tariff refund rights last year.
–50
Solutions. “What we’re seeing now is an increase in folks look- ing to sell the claims,” he said, noting that inquiries jumped at least 50% since early June. Academy sold some of its refund rights early, before the high court’s ruling. “In 2025, we made the decision to take risk off the table by monetiz- ing potential refunds on [cer- tain] tariffs should they mate- rialize,” finance chief Carl Ford said. “I think of it as a hedging strategy.” The retailer netted $10.5 mil- lion from the deal while keeping the rights to pursue remaining
business, and believe the com- pany is well-positioned to de- liver long-term value for all shareholders,” Wolf Pen Branch said in the statement. Family owned Sazerac sent an offer to Brown-Forman’s board on May 1 to acquire the company for $32 a share in cash, according to the Friday letter viewed by The Wall Street Journal. The proposal pro- vided a 37.9% premium for Class A shares and a 40.4% premium for Class B shares, as of March 24, according to the letter signed by Sazerac Execu- tive Chairman Mark Brown and Chief Executive Jake Wenz. Brown-Forman Class A shares closed at $26.71 on Fri- day, giving the company a mar- ket value of some $12 billion. Class B shares closed at $26.08. Sazerac’s letter said the bid had the backing of Wells Fargo and Apollo Global Management and additional interest from banks to support the deal. The letter said the deal would allow Brown-Forman
Approximate market capitalization of the maker of Jack Daniel’s
Share-price and index performance, past three years
75%
S&P 500
2024 ’25 ’26
nue, he said. “Step back and look at Magic over any real ho- rizon, and you see one of the most consistent, compounding franchises in entertainment, a genuine peer to the biggest names in gaming,” Cocks said on an earnings call last Tues- day. “Magic is not a niche hobby business. It is a mega franchise.” The latest results sent Has- bro shares soaring 8.8% Tues- day, their biggest gain in more than a year. Created by mathematician Richard Garfield and first pub- lished by gaming company Wiz- ards of the Coast in the early
tariff claims. While Academy hasn’t disclosed the buyer or the potential value of its unsold claims, it factored the cash and future possible recoveries into its full-year outlook. In June, the company held its gross mar- gin guidance for its fiscal year steady at 34.5% to 35%. Analysts don’t see Academy’s deal as a sign of weakness. The company, with free cash flow up more than 14% year over year for the quarter ended May 2, doesn’t need cash, said Jeff Lick, a managing director at Stephens. Instead, he said, it was a reaction to the refund-re- lated unknowns at the time. GoPro similarly reached a deal ahead of the ruling, off- loading roughly $19.4 million in potential tariff claims in mid- February. The transfer came with changes to an existing credit agreement, including re- vising minimum liquidity re- quirements and removing cer- tain financial metric minimums, according to the company’s lat- est quarterly filing. As of late March, according to the filing, the wearable-camera maker val- ued the claims at $14.6 million. Before the Supreme Court’s decision, selling refund rights often meant taking a massive haircut. After, valuations of those claims ballooned to be-
investors to roll over shares into a company with “signifi- cant upside” and a higher div- idend payout than the current offering. The combined com- pany would be the U.S. market leader in spirits sales and the world’s second largest behind Diageo, the letter said. Since sub- mitting its pro- posal Sazerac has tried to en- gage with B r o w n - F o r - man’s board but has yet to have substan- tive discus- sions, the letter said. “Our offer remains open and our convic- tion is only enhanced,” it said. The letter added that Sazerac “stands ready to improve the terms of our offer” if Brown- Forman’s board engages on the matter. The letter went out to shareholders just after the an- nual Brown-Forman share- holder meeting, held on Thursday in its hometown of Louisville, Ky. Nonfamily shareholders and Brown fam- ily members alike were in at- tendance.
1990s, Magic found success by selling cards through thousands of local game stores around the world. Hasbro acquired Wizards in 1999, and says more than 50 million people have played the game—where players are pow- erful wizards called Planeswalk- ers and build card decks that can help them summon fighting creatures or cast spells for pro- tection. Before becoming CEO of Hasbro in 2022, Cocks ran Wiz- ards for six years. The unit, which is also home to the Dun- geons & Dragons franchise and other games, has roughly dou- bled its revenue on his watch
tween 80 and 90 cents on the dollar, even higher for some, up from roughly 20 cents, said Gregory Husisian, a partner at law firm Foley & Lardner. Government payouts are coming in waves, with the first limited to certain imports that aren’t considered final or have been finalized within the past 80 days. Most imports are eligi-
save 50%* ■
to over $1 billion. One way has been to license blockbuster franchises to create new Magic card sets, so that a player can build a deck that includes Spi- der-Man playing alongside Gandalf from Lord of the Rings or Leonardo from Teenage Mu- tant Ninja Turtles. A starter box can be priced at about $29.99. But many cus- tomers will then buy special box sets that could sell for $50 or more. Others may choose to try their luck in getting coveted cards by purchasing booster packs for about $5 to $7 each. Magic fans play and collect for years, Cocks said, adding
ble for refunds during this phase. For others, such as cer- tain businesses with older im- ports or companies importing low-cost goods that used to en- ter the U.S. duty-free, the tim- ing of any payouts remains un- known. Selling off rights is attractive for those companies, according to Husisian. “There is still a major cate-
that he himself has been an en- gaged fan for more than 30 years, since discovering the game at a comic store in col- lege. “This is not just a fad that just showed up,” said Arpiné Kocharyan, a UBS analyst who tracks the toys and games in- dustry. The brand has had “very successful collaborations with some of the best trophy fran- chises of the world, like Mar- vel, Final Fantasy and Lord of the Rings,” she added. “These franchises pull in collectors as well as players beyond your core, hardcore hobby-store gaming player.”
gory of refunds where both the timing and whether you will get it is uncertain,” he said. “If you’re getting something pretty close to a full recovery and you’re getting it quicker, that combination might be enough.”
Jennifer Williams writes for WSJ Leadership Institute’s CFO Journal.
DANIEL KNIGHTON/GETTY IMAGES
Rogue Hack, China Spark an AI Panic A
rtificial-intelligence panic has swept Washington. And, in real time, we’re watch- ing wannabe masters of the AI universe try to win an up- per hand in controlling the new technology. OpenAI’s revelation that its AI models escaped confine- ment and hacked another tech company’s systems gave new credibility to fears that this technology can go sci-fi villain mode. Add into the mix an- nouncements that Chinese AI rivals have new, free models, allegedly built off the learn- ings of the expensive ones developed by the likes of An- thropic. That opened a new front in the geopolitical fight between China and the U.S. The Trump administration was already staring down a deadline to put in place the mechanisms for a June 2 ex- ecutive order to increase oversight of the biggest AI labs’ models. That order was sparked by fears the systems are becoming more powerful. Taken all together in such rapid succession, it increased the pressure in Washington
Elon Musk’s tunneling startup, the Boring Company, is in talks to raise new fund- ing that would value it at around $20 billion, according to people familiar with the discussions.
By Becky Peterson, Jessica Toonkel and Berber Jin
The company is in talks to raise around $4 billion, some of the people said. The fund- ing round hasn’t closed and the people cautioned that the
to do something. The fear of many in the industry is that a rush to do something—any- thing—will hinder innovation or benefit one player over an- other. For years, the largest AI companies have been trying to get ahead of things, advo- cating proactively for regula- tions to place guardrails around the powerful technol- ogy. They argued this was needed to prevent disaster for cybersecurity, biological threats and other risky areas. S
uch efforts drew eye rolls among those who didn’t believe the pre- dictions. Then, as the tech- nology advanced, their calls drew criticism that what they were really trying to do was write the rules for their own benefit—regulatory capture— at the expense of smaller ri- vals. Still, just days ago, it seemed like an unlikely uni- fied front of AI leaders might finally make headway in Washington. On July 14, Google Deep- Mind co-founder Demis Hass- abis published a proposal calling for the creation of an AI standards body. This
Google DeepMind co-founder Demis Hassabis seen this May.
terms could change. Steve Davis, president of the Boring Company, didn’t respond to requests for com- ment. The company builds tunnel boring machines that it claims can dig underground more cheaply than traditional con- struction companies. The startup, which spun off from SpaceX in 2018, owns a trans- portation network under the Las Vegas Strip in which driv- ers ferry passengers in Teslas to and from the Las Vegas Convention Center.
would be modeled after the self-regulating organization that oversees stockbrokers. Funding would come from the industry and a board that would include technical spe- cialists and open-source rep- resentatives. “When there is a large de- gree of uncertainty and the stakes are this high, proceed- ing with cautious optimism is the sensible and correct strategy,” Hassabis wrote. “That calls for public policy that promotes innovation while also incentivising re-
Boring was valued at around $5.7 billion after a 2022 funding round. That round raised $675 million from investors, including Vy Capital, Sequoia Capital and Founders Fund. The company has pitched privately funded projects in cities including Baltimore, Chicago and Los Angeles, where the startup stood to make money from ticketed passengers using its under- ground transit system. Many of those projects haven’t panned out.
sponsibility and security, fos- ters international collabora- tion on key safety issues, and encourages careful consider- ation of how AI is deployed for the benefit of society.” The Nobel laureate is a deeply respected superstar in the AI field but has less of a public profile in the U.S., where his peers have become more polarizing figures. Before publishing, Hassabis had worked to build support for the idea among his rivals. The effort seemed to pay off—even if it created some
Still, many private-market investors see investments in Musk’s companies as sure bets and are willing to pay premi- ums for access to his portfolio. Investors who backed Musk’s $44 billion takeover of Twitter had been underwater for months following the 2022 deal. But they eventually made money after the billionaire en- trepreneur rolled the strug- gling social-media company into his artificial-intelligence startup xAI, and later folded the entity into SpaceX. Valuations of Musk’s public
odd bedfellows. OpenAI rocked the Capitol late Tuesday with the disclo- sure that its models had hacked Hugging Face, an open-source AI tool company. It drew a swift reaction. One idea to draw attention was a bipartisan bill intro- duced Thursday in the House that would require AI makers to include a capability within their systems to allow the government to shut down their models using a so-called kill switch. “Humans should be in con- trol, not machines. And when AI goes rogue, humans should have the ability to turn it off,” Rep. Ted Lieu (D., Calif.), one of the bill’s sponsors, said in a post on social media Thurs- day. O
JEFF CHIU/AP
penAI’s announcement seemed a little too on the nose for some in the tech industry already sus- picious of its efforts to shape regulations to its liking. Timnit Gebru, a prominent AI researcher, on LinkedIn called the lab’s communica- tion “top notch propaganda.” Legendary venture capital- ist Bill Gurley was especially
companies Tesla and SpaceX have tumbled in recent days. Tesla shares fell 15% on Thurs- day. That erased $215 billion in market value after the elec- tric-vehicle maker missed earnings targets and reported negative cash flow for the first time in two years. Musk’s rocket company SpaceX went public in June in a record-setting IPO that raised $86 billion from Wall Street. Its market cap nearly doubled in the days after the offering before the shares fell around 50% from their peak in
blunt in his own social-media post: “If OpenAI violated Hugging Face in a way that ‘demands’ new regulation; let’s start with a formal crim- inal investigation. With a proper third party investiga- tion. And sincere liability.” Amid those exchanges, the Trump administration could be seen publicly wrestling with how to handle the threat of Chinese models. A statement from Bessent suggesting Chinese AI could face trade restrictions drew pushback from some of the biggest names in tech, includ- ing the claim that he is carry- ing Anthropic’s water. By Fri- day, several tech giants issued a letter—including X posts from Microsoft CEO Sa- tya Nadella and Nvidia CEO Jensen Huang—advocating for open AI models—a posi- tion that helps their busi- nesses. The irony is that as all of these tech companies wrestle to keep ahead of the quick- moving technology, they want the same thing that tradi- tional companies desire: pre- dictability. Except in the AI age, no one has mastered that.
recent days. Boring has a new loop un- der development in Nashville, which it is privately funding. In February, it announced a new project to create an un- derground loop in Dubai. The company said the first four- mile phase would cost $154 million and take a year to complete. A second phase—ex- panding the route to 14 miles—is expected to take three years and cost $545 mil- lion. It’s unclear who will pay for the development of the project.
THE WALL STREET JOURNAL. BUSINESS & FINANCE
–2
–6
lucrative transaction fees as it provides capital through deals
BY LUIS GARCIA
Blackstone sees more op- portunities in the months and years ahead to provide capital to infrastructure operators looking to feed the artificial-in- telligence boom, such as the as- set manager’s recent participa- tion in a $5.34 billion deal with natural-gas specialist Williams Cos. The strategy enables Black- stone to raise its own bets on AI expansion as it also meets rising demand for such invest- ments from its insurance part- ners—while locking in returns and earning lucrative fees for assembling the transactions. As part of the Williams deal, a Blackstone-led group last week agreed to invest about $4.4 billion in a joint venture to finance the construction of five gas-fired generating stations in Ohio and Utah to power AI data centers. Blackstone is investing through its credit and insur- ance strategy alongside peers Apollo Global Management and KKR & Co. The investing group will ac- quire a 49% stake in the proj- ects and pay an additional $900 million to Williams be- yond the joint-venture invest-
4%
–4
4.4
Fed to Test Markets
ContinuedfrompageB1
ContinuedfrompageB1
vestments and the measures needed to fund them.
NOTICE OF SALE
UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF LOUISIANA In re: § CASE NO. 26-10678 § (JOINTLY ADMINISTERED) CROSBY MARINE TRANSPORTATION, LLC, § § CHAPTER 11; COMPLEX CASE § COMPLEX CASE § Debtors. § SECTION: A NOTICE OF SALE OF THE DEBTORS’ ASSETS FREE AND CLEAR OF ANY AND ALL CLAIMS, INTERESTS, AND ENCUMBRANCES PLEASE TAKE NOTICE the above-captioned debtors and debtors in possession (collectively, the “Debtors”) are soliciting offers, potentially at an auction, for a transaction or transactions, any of which may include the purchase of some or all of the Debtors’ Assets, consistent with the bidding procedures (the “Bidding Procedures”) approved by the United States Bankruptcy Court for the Eastern District of Louisiana (the “Court”) by entry of an order on July 21, 2026 [ECF Doc. 665] (the “Bidding Procedures Order”). All interested bidders should carefully read the Bidding Procedures and Bidding Procedures Order. To the extent that there are any inconsistencies between this notice and the Bidding Procedures or the Bidding Procedures Order, the Bidding Procedures or the Bidding Procedures Order, as applicable, shall govern in all respects. PLEASE TAKE FURTHER NOTICE that the Bid Deadline is August 7, 2026, at 5:00 p.m. (prevailing Central Time), as the deadline by which all binding bids must be actually received by the Debtors, and that any person or entity who wishes to participate in the Auction must comply with the participation requirements, bid requirements, and other requirements set forth in the Bidding Procedures. Copies of the Bidding Procedures Order or other documents related thereto, including any Stalking Horse Agreement or an exhibit identifying the Assets, as applicable, are available upon request to Stretto by calling (833) 307-4262 (Toll Free) or +1 (916) 405-7847 (International) or visiting the Debtors’ restructuring website at (https://cases. stretto.com/crosby/) PLEASE TAKE FURTHER NOTICE that the Debtors intend to conduct the Auction, at which time they will consider proposals submitted to the Debtors and their professionals, by and pursuant to the Bidding Procedures as set forth in the Bidding Procedures Order, with the first day of the Auction (if any) to start on August 13, 2026, at 10:00 a.m. (prevailing Central Time) and continuing through August 14, 2026, as necessary, in person at a location to be disclosed in writing to the Qualified Bidders and the Consultation Parties. Each Qualified Bidder shall attend the Auction in person through at least one representative, unless the Debtors agree to another method of appearing at the Auction, after consultation with the Consultation Parties. PLEASE TAKE FURTHER NOTICE that no later than twenty-four (24) hours after the conclusion of the Auction, the Debtors shall (a) file notice of the Successful Bid(s) and the Successful Bidder(s) with the Court (the “Post-Auction Notice”), which Post-Auction Notice shall include a list of any executory contract and leases to be assumed and assigned. PLEASE TAKE FURTHER NOTICE that the Debtors expect to seek approval of any Sales at the Sale Hearing, on August 31, 2026 at 9:00 a.m. (prevailing Central Time), or such other date and time as the Court’s calendar permits before the Honorable Meredith S. Grabill in the United States Bankruptcy Court, 500 Poydras Street, Courtroom B-709, New Orleans, LA 70130. PLEASE TAKE FURTHER NOTICE that, except as otherwise set forth in the Bidding Procedures Order with respect to objections to proposed cure amounts or the assumption and assignment of Assigned Contracts, objections, if any, to a proposed Sale must: (a) be in writing; (b) conform to the applicable provisions of the Bankruptcy Rules and the Bankruptcy Local Rules; (c) state with particularity the legal and factual basis for the objection and the specific grounds therefor; and (d) be filed with the Court by August 24, 2026 at 4:00 p.m. (prevailing Central Time). CONSEQUENCES OF FAILING TO TIMELY MAKE AN OBJECTION ANY PARTY OR ENTITY WHO FAILS TO TIMELY MAKE AN OBJECTION TO A SALE ON OR BEFORE THE SALE OBJECTION DEADLINE IN ACCORDANCE WITH THE BIDDING PROCEDURES ORDER SHALL BE FOREVER BARRED FROM ASSERTING ANY OBJECTION TO SUCH SALE, INCLUDING WITH RESPECT TO THE TRANSFER OF THE SELLING DEBTORS’ ASSETS FREE AND CLEAR OF ALL LIENS, CLAIMS, ENCUMBRANCES, AND OTHER INTERESTS, EXCEPT AS SET FORTH IN THE APPLICABLE PURCHASE AGREEMENT(S). NO SUCCESSOR OR TRANSFEREE LIABILITY The Sale Order is expected to provide, among other things, that the Successful Bidder from the Sale will have no responsibility for, and the Assets will be sold free and clear of, any successor liability, including the following: To the greatest extent allowable by applicable law, the Successful Bidder shall not be deemed, as a result of any action taken in connection with the Stalking Horse Agreement (in the case where a Stalking Horse Bidder is the Successful Bidder) or a separate purchase agreement entered into with the Successful Bidder (if a Stalking Horse Bidder is not the Successful Bidder), the consummation of the Sale, or the transfer or operation of the Assets, to (a) be a legal successor, or otherwise be deemed a successor to the Debtors (other than with respect to any obligations as an assignee under the Assigned Contracts arising after the Effective Date); (b) have, de facto or otherwise, merged with or into the Debtors; or (c) be an alter ego or mere continuation or substantial continuation of the Debtors, in the case of each of (a), (b), and (c), including, without limitation, within the meaning of any foreign, federal, state or local revenue law, pension law, the Employee Retirement Income Security Act, the Consolidated Omnibus Budget Reconciliation Act, the WARN Act (29 U.S.C. §§ 2101 et seq.), the Fair Labor Standard Act, Title VII of the Civil Rights Act of 1964 (as amended), the Age Discrimination and Employment Act of 1967 (as amended), the Federal Rehabilitation Act of 1973 (as amended), the National Labor Relations Act (29 U.S.C. § 151, et seq.), environmental liabilities, debts, claims or obligations, any liabilities, debts or obligations of or required to be paid by the Debtors for any taxes of any kind for any period, labor, employment, or other law, rule or regulation (including without limitation filing requirements under any such laws, rules or regulations), or under any products liability law or doctrine with respect to the Debtors’ liability under such law, rule or regulation or doctrine. All rights of any party to set off any claims, debts or obligations owed by or to the Successful Bidder in connection with the Assets shall be extinguished on the Effective Date pursuant to the Sale Order. Other than as expressly set forth in the Stalking Horse Agreement (or another Successful Bidder’s purchase agreement, as applicable) with respect to Assumed Liabilities, the Successful Bidder shall not have any responsibility for (a) any liability or other obligation of the Debtors or related to the assets or (b) any claims (as such term is defined by section 101(5) of the Bankruptcy Code) against the Debtors or any of their predecessors or affiliates. To the greatest extent allowed by applicable law, the Successful Bidder shall have no liability whatsoever with respect to the Debtors’ (or their predecessors’ or affiliates’) respective businesses or operations or any of the Debtors’ (or their predecessors’ or affiliates’) obligations based, in whole or part, directly or indirectly, on any theory of successor or vicarious liability of any kind or character, or based upon any theory of antitrust, environmental, successor or transferee liability, de facto merger or substantial continuity, labor and employment or products liability, whether known or un-known as of the Effective Date, now existing or hereafter arising, asserted or unasserted, fixed or contingent, liquidated or unliquidated, including liabilities on account of any taxes arising, accruing or payable under, out of, in connection with, or in any way relating to the operation of the Assets prior to the Effective Date. PLEASE TAKE FURTHER NOTICE that the Debtors reserve the right, after consultation with the Consultation Parties and in their reasonable business judgment and subject to the exercise of their fiduciary duties, to modify the Bidding Procedures and/or to terminate discussions with any Potential Bidders at any time, to the extent not materially inconsistent with the Bidding Procedures. PLEASE TAKE FURTHER NOTICE that copies of the Bidding Procedures Motion, Bidding Procedures, and Bidding Procedures Order, as well as all related exhibits, are available: (a) free of charge upon request to Stretto (the notice and claims agent retained in these chapter 11 cases) by (i) calling (833) 307-4262 (Toll Free) or +1 (916) 405-7847 (International); or (ii) visiting the Debtors’ restructuring website at (https://cases.stretto.com/crosby/); or (b) for a fee via PACER by visiting http://www.laeb.uscourts.gov.
–8
–10
4.2
4.0
COMMERCIAL REAL ESTATE
NOTICE OF SALE PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, by virtue of certain Events of Default under that certain Ownership Interests Pledge and Security Agreement dated as of August 3, 2023 (the “Pledge Agreement”), executed and delivered by VIA MIZNER PLEDGOR III, LLC (the “Pledgor”), and in accordance with it rights as holder of the security, VIA MIZNER LENDER 2 LLC (“Secured Party”), by virtue of possession of that certain Share Certificate held in accordance with Article 8 of the Uniform Commercial Code of the State of New York (the “Code”), and by virtue of that certain UCC-1 Filing Statement made in favor of Secured Party, all in accordance with Article 9 of the Code, Secured Party will offer for sale, at public auction: (i) all of Pledgor’s right, title, and interest in and to the following: VIA MIZNER OWNER III, LLC (the “Pledged Entity”), and (ii) certain related rights and property relating thereto (collectively, (i) and (ii) are the “Collateral”). Secured Party’s understanding is that the principal asset of the Pledged Entity is the 88 for sale Condominium units located at 105 East Camino Real, Boca Raton, FL 33432 (the “Property”). Moecker Auctions, Inc. (“Moecker”), State of Florida Auction Business License No. #AB1098, under the direction of Eric Rubin, an auctioneer licensed in the State of Florida, License No. #AU3219 (the “Auctioneer”), will conduct a public sale consisting of the Collateral (as set forth in Schedule A below), via online bidding, on August 18, 2026 at 3:30pm (EST), in satisfaction of an indebtedness in the approximate amount of $50,727,826.16, including principal, interest on principal, and reasonable fees and costs, plus default interest through August 18, 2026, subject to open charges and all additional costs, fees and disbursements permitted by law. The Secured Party reserves the right to credit bid. Online bidding will be made available via Zoom Meeting. The Zoom Meeting link will be provided upon request. Bidder Qualification Deadline: Interested parties who intend to bid on the Collateral must contact Brett Rosenberg at Jones Lang LaSalle Americas, Inc. (“JLL”), 330 Madison Avenue, New York, NY 10017, (212) 812-5926, Brett.Rosenberg@jll.com, to receive the Terms and Conditions of Sale and bidding instructions by August 17, 2026 by 3:00 pm. Upon execution of a standard confidentiality and non-disclosure agreement, which can be found at 105ECaminoRealCondoUCCSale.com, additional documentation and information will be available. Interested parties who do not contact JLL and qualify prior to the sale will not be permitted to enter a bid. SCHEDULE A: PLEDGED INTEREST: PLEDGOR: VIA MIZNER PLEDGOR III, LLC, a Delaware limited liability company. ISSUER: VIA MIZNER OWNER III, LLC, a Delaware limited liability company. INTEREST PLEDGED: 100% membership interest. The UCC1 was filed on August 4, 2023, with the Delaware Department of State under Filing No. #20235370068. KRISS & FEUERSTEIN LLP, Attn: Jerold C. Feuerstein, Esq., Attorneys for Secured Party, 360 Lexington Avenue, Suite 1200, New York, New York 10017, (212) 661-2900
Blackstone recently participated in a $5.34 billion deal with natural-gas specialist Williams Cos.
ment. Williams will own the re- maining 51% of the venture and manage the new power plants. The deal is the latest of many infrastructure financing transactions in recent years in which large, publicly traded private-equity and credit man- agers have engineered bespoke structured deals to underpin expansion by large companies. The transactions often offer a more attractive alternative to loading up balance sheets with more debt or diluting existing shareholder equity by issuing new stock, according to fund managers and securities ana- lysts.
Big AI spenders, often called hyperscalers, have al- ready borrowed more than $200 billion this year in bonds and loans, and announced an- other $115 billion in equity raises, according to the re- search firm CreditSights. Sur- prise $25 billion bond sales from Nvidia and Amazon.com have sparked sharp declines in hyperscaler debt prices in re- cent weeks, with investors
Amazon
ADVERTISEMENT
To advertise: 800-366-3975 or WSJ.com/classifieds
“This [Williams] investment provides yet another example of Fortune 500 companies look- ing to private markets for cus- tomized, long-duration capital,” Stephen Schwarzman, Black- stone’s chairman and chief ex- ecutive, said Thursday during a call with securities analysts to discuss the firm’s second-quar- ter earnings. Also as part of the Williams deal, Blackstone, Apollo and KKR will receive periodic divi- dend payments from project revenue while Williams retains the right to buy out the asset managers after seven years at a price that gives the firms an
worried about how much more issuance could come in the fu- ture. Similarly, Alphabet’s class A shares have slumped 15% since it announced on June 1 that it would issue at least $80 billion of equity. They dropped 7.8% last week after the company raised its forecast for 2026 capital expenditures by $15 billion to a new range of $195 billion to $205 billion.
*Class A shares
Alphabet*
overall internal rate of return of 6.35% on their investments. One of the five projects—all of which will be located next to individual data centers as dedi- cated sources of power—is ex- pected to come online this year with the others following over the next few years. Williams’s ability to buy out the asset managers in the fu- ture turns the deal into a debt- like transaction that the com- pany can book as an equity sale, freeing up debt capacity for other investments, securi- ties analysts said. “From Williams’s perspec- tive, they effectively secured
Alphabet’s losses spread to other tech stocks, sending the Magnificent Seven to their biggest collective one-day drop in market value since the tariff turmoil last April. “The spending numbers just keep going up, and the market is getting nervous,” said Eric Diton, president and managing director at The Wealth Alli- ance. “When you make invest- ments like this, there’s not an immediate return.” Adding to those anxieties is an intensifying conflict in the Middle East that is lifting oil prices and threatening to ham- per the global economy. On Wednesday, Houthi militants fired on Saudi tankers in the Red Sea. President Trump threatened to unleash a “ma- jor military punishment” against Iran if the attacks con- tinue. For months, investors have often been willing to look past the conflict, wagering that the two countries could negotiate a resolution well before the
Share-price performance this past week
15-minute intervals
Mon. Tues. Wed. Thurs. Fri.
Warning of A Bubble
But TSMC’s ADR premium soared during the postlock- down bubble, and then again as AI demand drove U.S. buy- ers to bet on the supplier of chips to Nvidia. Since Chat- GPT’s 2022 launch, the TSMC premium has averaged 15%, as Americans proved willing to pay a lot more than Taiwanese investors. T
he size of the SK Hynix premium shows that there is out-of-control demand to trade chip stocks in the U.S., even more than in Ko- rea, home of gamified FOMO trading. According to UBS’s HOLT valuation models, this shows up in normal stocks, too, where like-for-like valuations are far higher for U.S. technol- ogy stocks and especially chips than for Asian tech. But valuations are hard to compare; ADRs are literally receipts for the stocks listed elsewhere, offering a direct
6.35% financing while receiving 100% equity treatment,” said Theresa Chen, a managing di- rector in the midstream and re- fining equity research group of investment bank Barclays. “This is an efficient structure that supports their balance sheet without increasing lever- age.” The appeal of such deals to large infrastructure operators is giving a boost to Black- stone’s strategy of managing capital for insurers, particu- larly life carriers. Such insurers favor investments that produce steady, long-term cash flow typical of infrastructure assets, while backing large companies with investment-grade credit ratings helps them meet their risk-management require- ments, according to analysts and fund managers. “The sentiment is that there’s an endless pool of in- surance money that is looking for safe, reliable, cash-flowing assets to invest in,” Chen said. “And the asset operators, seemingly, are hopeful to get attractive financing terms simi- lar to those in the Williams deal.” Blackstone ended June with $290 billion in insurance capi- tal, 15% more than a year ear- lier, the New York firm re- ported Thursday. Last month, Blackstone de- tailed a new partnership with Japan’s Nippon Life Insurance, which includes about $10 bil-
ANTRANIK TAVITIAN/BLOOMBERG NEWS
war posed a long-term threat to markets. Their patience has limits, however. Not only did oil prices jump last week, but yields on U.S. government bonds also climbed to their highest level since January 2025, reflecting growing con- cerns that the Fed will need to raise rates soon to keep a lid on inflation. T r e a s u r y yields are heav- ily influenced by investors’ expectations for s h o r t - t e r m rates set by the Fed. They in turn set a floor on other bor- rowing costs such as mortgage rates, so their rise can slow economic growth and drag on stock re- turns. Interest-rate futures showed Friday afternoon that traders see a roughly 36%
Investors’ estimated probability of a Federal Reserve rate increase this week
S&P 500
Microsoft
Meta
Sources: FactSet (performance); Tradeweb FTSE closes (yield)
comparison. A high ADR premium doesn’t necessarily foretell di- saster—in 2008-09, TSMC’s fat premium was the result of Taiwanese shares’ falling much more than the ADRs. M
arkets aren’t perfectly efficient, but they are pretty efficient. Eventu- ally enough people will wake up to the fact that with a little ex- tra effort they can buy the same stock far more cheaply in Korea,
Listen to a Podcast: How Deadly Airbags Are Getting Inside Cars
lion in commitments from Nip- pon to credit investments over the next several years, Jona- than Gray, Blackstone’s presi- dent and chief operating offi- cer, said on Thursday’s call. The firm has similar asset- management agreements with about 40 insurers, nearly dou- ble the number from two years ago, he said. In another deal, Blackstone last year led a group that in- vested 7 billion Canadian dol- lars, equivalent to $4.97 billion, in technology and media com- pany Rogers Communications. Toronto-based Rogers provides infrastructure-intensive broad- band services and also operates phone, satellite and wireless communications networks. “We’re doing these large corporate solutions that are so needed in the energy space, in the digital infrastructure space, and I think we’ll continue to gain clients in that [insurance] area,” Gray said. Multibillion-dollar financ- ings for large companies are also lifting the fees Blackstone earns for originating and struc- turing such deals. The firm earned a record $321 million in transaction and advisory fees for the just-ended quarter, nearly double the total of the year-earlier period, Chief Fi- nancial Officer Michael Chae said during the call.
Luis Garcia writes for WSJ Pro Private Equity.
4.8%
chance that the Fed will raise rates this week, according to CME Group, pointing to un- usual uncertainty about the central bank meeting. Gennadiy Goldberg, head of U.S. rates strategy at TD Secu- rities, said that there could be “a little bit of a sigh of relief” if the Fed doesn’t raise rates or strongly sig- nal that rate in- creases are coming but that the feeling likely wouldn’t last long, as in- vestors anx- iously await coming infla- tion data. With the yield on the 10- year Treasury note hovering around 4.7%, “we’re really on the cusp of breaking through some key levels,” he added. “If we sus- tain a break of 4.7%, I think 4.8% is the next move, and if we break that, it’s 5%.”
10-year U.S. Treasury yield
4.6
3.8
Jan. 2026 July
or the company will issue more ADRs to profit from the pre- mium, or interest will wane. Buyers of the ADR would be fine if the premium falls be- cause Korean shares catch up. But they will be hurt if the company uses the U.S. shares as a piggy bank, and hurt even more if the premium falls be- cause chip stocks in both Ko- rea and the U.S. plunge. Meanwhile, of course, the premium might do anything— including getting far bigger.
JINTAK HAN FOR WSJ
ŋĬŚêߌ ŷąÃŚ ĤÃŚŚêŋŒǡ
Ãĥå ŋĉŒě ĞêÃåêŋŒǢ ĉŚŒ ĥĬŚ êĥĬŠĀą ŚĬ ěĥĬŷ ŷąÃŚ ĘŠŒŚ ąÃňňêĥêå ǽ Ĭŋ êŶêĥ ŷąÃŚȃŒ ąÃňňêĥĉĥĀ ĥĬŷǡ Ĭ ňŋĬŚêߌ ĬňêŋÃŚĉĬĥŒ Ãĥå ňêĬňĞê Ãĥå Þê ŋêŒĉĞĉêĥŚǢ ŽĬŠ ĥêêå ÃߌĉĬĥÃÞĞê ÃĥŚĉßĉňÃŚĉĬĥǡ
Ĭÿ ĀêĬňĬĞĉŚĉßÃĞ Ãĥå ĀĞĬÞÃĞ ŒêߊŋĉŚŽ ŚąŋêÃŚŒ Ãĥå ßŋĉŒĉŒ ŋĉŒěŒǡ °ĉŚą ÿĬŋŷÃŋåǸĞĬĬěĉĥĀ ĉĥŒĉĀąŚǢ ŷê ňŋĬŶĉåê ŽĬŠŋ ĬŋĀÃĥĉƅÃŚĉĬĥ Śąê åêßĉŒĉĬĥ ÃåŶÃĥŚÃĀê ĉŚ ĥêêåŒ ŚĬ Ãߌ ŷĉŚą ßĬĥƌåêĥßê Ãĥå ÃßąĉêŶê ĉŚŒ ĀĬÃĞŒǡ
XêÃŋĥ ĤĬŋê ÃŚ åĬŷĘĬĥêŒǡßĬĤǮ#ŋÃĀĬĥƍŽ
THE WALL STREET JOURNAL.
t
t
t
s
t
s
t
–6
s
51947.25 t199.17, or 0.38% last week High, low, open and close for each of the past 52 weeks
Current divisor 0.1682481652835
200-day moving average
200-day moving average
2.00
2.00
–2.00
Monday's open
Bars measure the point change from Monday's open
J A S O N D J F M A M J J
J A S O N D J F M A M J J
J A S O N D J F M A M J J
F M A M J J
NYSE weekly volume, in billions of shares
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index
1.00
100%
Latest Week 52-Week % chg High Low Close Netchg % chg Low Close (l) High %chg YTD 3-yr. ann. Dow Jones
Industrial Average 52511.21 51542.06 51947.25 -199.17 -0.38 43588.58 • 53055.91 15.7 8.1 13.6 Transportation Avg 22845.32 22298.68 22476.16 -247.71 -1.09 15067.87 • 23933.14 37.3 29.5 11.5 Utility Average 1183.48 1136.19 1172.68 23.62 2.06 1048.33 • 1190.23 8.3 9.8 7.4 Total Stock Market 74530.97 73081.25 73424.64 -478.95 -0.65 61627.03 • 75286.1 16.2 8.8 17.2 Barron's 400 1611.70 1588.89 1600.84 3.11 0.19 1316.75 • 1635.15 18.3 13.3 16.1
S&P
6.00%
12%
6.00%
4.00
4.00
–12
Nasdaq Stock Market
Composite
Nasdaq Composite 25880.34 24918.09 24975.82 -544.42 -2.13 20650.13 • 27093.9 18.3 7.46 21.1 Nasdaq-100 29192.29 28053.08 28128.34 -464.32 -1.62 22763.31 • 30660.6 20.9 11.4 22.1
500 Index 7525.94 7376.00 7411.98 -45.71 -0.61 6238.01 • 7609.78 16.0 8.3 17.6 MidCap 400 3810.93 3744.12 3783.86 8.69 0.23 3104.60 • 3852.54 17.6 14.5 11.8 SmallCap 600 1786.69 1753.84 1761.47 -14.83 -0.84 1323.05 • 1804.34 27.9 20.0 11.7
5.00
Other Indexes
Russell 2000 2988.43 2924.33 2930.00 -32.22 -1.09 2166.78 • 3024.37 29.6 18.1 14.2 NYSEComposite 24085.60 23654.55 23990.88 173.92 0.73 20267.69 • 24075.12 14.5 9.0 13.6 ValueLine 680.22 668.09 673.18 -4.43 -0.65 590.50 • 682.99 8.1 7.1 4.4 NYSE Arca Biotech 8715.22 8465.75 8615.87 -29.73 -0.34 5640.67 • 8917.63 49.5 20.5 17.3 NYSE Arca Pharma 1252.68 1205.67 1247.10 15.52 1.26 881.47 • 1270.42 30.1 10.8 12.3 KBW Bank 189.96 185.90 188.27 -0.59 -0.31 139.52 • 191.84 28.9 14.7 28.3 PHLX§ Gold/Silver 325.06 293.02 312.89 17.09 5.78 204.07 • 470.37 46.3 -8.6 35.3 PHLX§ Oil Service 96.82 89.79 96.36 4.36 4.74 58.66 • 109.24 53.2 31.4 1.9 PHLX§Semiconductor12525.71 11711.39 11818.89 145.00 1.24 5527.61 • 14634.72 109.3 66.9 47.4 CboeVolatility 20.31 16.64 18.58 -0.19 -1.01 13.47 • 31.05 24.4 24.3 10.1
3.00
0.00
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data
LatestWeek 52-Week Range YTD Region/Country Index Close % chg Low Close High % chg
World MSCI ACWI 1105.48 –0.29 917.39 • 1136.59 9.0 MSCI ACWI ex-USA 464.41 0.36 373.97 • 482.25 10.3 MSCI World 4788.90 –0.39 4022.69 • 4878.87 8.1 MSCIEmergingMarkets 1628.03 0.46 1226.18 • 1802.77 15.9
Americas MSCIACAmericas 2808.50 –0.63 2358.16 • 2879.69 8.3 Canada S&P/TSXComp 35369.10 0.30 27020.43 • 35485.11 11.5 Latin Amer. MSCIEMLatinAmerica 3028.90 1.36 2224.92 • 3368.83 11.8 Brazil Bovespa 174041.95 0.19 132129.26 • 198657.33 8.0 Chile S&P IPSA 5516.01 0.58 4205.02 • 6013.24 1.7 Mexico S&P/BMV IPC 66383.26 –0.38 56650.26 • 71601.35 3.2
EMEA STOXXEurope600 644.51 0.47 535.79 • 652.77 8.8 STOXX Europe50 5429.15 0.82 4377.10 • 5479.52 10.4 Eurozone Euro STOXX 665.93 0.75 552.10 • 680.50 8.8 Euro STOXX 50 6280.94 0.80 5165.60 • 6412.68 8.5 Austria ATX 6455.88 1.43 4457.10 • 6594.82 21.2 Belgium Bel-20 5734.78 1.86 4565.37 • 5813.65 12.9 France CAC 40 8372.28 0.40 7546.16 • 8620.93 2.7 Germany DAX 25099.00 1.08 22300.75 • 25817.89 2.5 Greece Athex Composite 2492.71 1.86 1950.12 • 2560.34 17.5 Israel Tel Aviv 4253.08 2.72 2898.78 • 4527.63 17.1 Italy FTSE MIB 51802.23 –0.15 39943 • 52959 15.3 Netherlands AEX 1090.04 –0.18 883.89 • 1102.38 14.6 Norway Oslo Bors All-Share 2377.49 3.40 1822.75 • 2460.27 22.5 Portugal PSI 20 9215.11 1.69 7626.71 • 9484.93 11.5 South Africa FTSE/JSE All-Share 109398.05 –0.16 97744.15 • 128455.68 –5.6 Spain IBEX 35 19585.40 1.92 14126.7 • 19852.4 13.2 Sweden OMX Stockholm 1108.74 0.94 955.07 • 1122.63 6.0 Switzerland Swiss Market 14327.20 –0.12 11755.32 • 14424.24 8.0 U.K. FTSE 100 10736.23 1.28 9068.58 • 10910.55 8.1
Euro
Asia-Pacific MSCI ACAsia Pacific 263.25 0.80 204.13 • 285.9 15.6 Australia S&P/ASX 200 8772.30 –0.28 8365.9 • 9200.9 0.7 China ShanghaiComposite 3814.20 1.33 3559.95 • 4242.57 –3.9 HongKong Hang Seng 24963.23 1.63 22671.86 • 27968.09 –2.6 India BSE Sensex 76059.77 –2.68 71947.55 • 85762.01 –10.7 Japan NIKKEI 225 64611.15 0.73 40290.70 • 72366.34 28.4 Malaysia FTSEBursaMalaysiaKLCI 1701.02 –1.76 1513.25 • 1771.25 1.2 Singapore Straits Times 5588.34 1.43 4153.83 • 5595.42 20.3 South Korea KOSPI 6690.62 –1.91 3119.41 • 9114.55 58.8 Taiwan TAIEX 43654.84 2.30 23201.52 • 47741.51 50.7
Source:FactSet; DowJones Market Data
Consumer Rates and Returns toInvestor U.S. consumer rates A consumer rate against its benchmark over the past year
Federal-funds target rate
Money market account yields
J 2025
A S O N D J 2026
Yield/Rate (%) 52-WeekRange (%) 3-yr chg Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Federal-funds rate target 3.50-3.75 3.50-3.75 3.50 l 4.50 -1.50 Prime rate 6.75 6.75 6.75 l 7.50 -1.50 SOFR 3.64 3.62 3.50 l 4.51 -1.41 Money market, annual yield 0.44 0.44 0.41 l 0.45 -0.11 Five-year CD, annual yield 1.73 1.73 1.67 l 1.73 -1.12 30-year mortgage, fixed† 6.71 6.61 6.11 l 6.81 -0.61 15-year mortgage, fixed† 6.10 6.08 5.55 l 6.13 -0.53 Jumbomortgages, $832,750-plus† 6.71 6.70 6.34 l 6.95 -0.65 Five-year adj mortgage (ARM)† 5.95 5.98 5.66 l 6.26 -0.31 New-car loan, 48-month 6.97 6.97 6.85 l 7.21 -0.54 Bankrate.com rates based on survey of over 1,500 online banks. Base rate posted by 70% of the nation'slargest banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data;Bankrate.com
Year ago Last Trailing P/E ratio P/E estimate * Dividend yield All-time high
Year ago Last Trailing P/E ratio * P/E estimate * Dividend yield * All-time high
t t
22.06 24.97 20.23 21.34 1.51 1.62 53055.91, 07/06/26
65-day moving average
65-day moving average
Week's high
Friday's close DOWN UP
Friday's close Monday's open
Week's low
Primary market
Selectedrates MoneyMarket/SavingsAccts
Bankrate.com avg†: 0.44%
BTG Pactual Bank 4.15% New York, NY 212-652-7200
QuorumFederalCreditUnion 4.15% Purchase, NY 800-874-5544
Sallie Mae Bank 4.20% Salt Lake City, UT 877-346-2756
TAB Bank 4.20% Ogden, UT 800-355-3063
E*Trade 4.35% Purchase, NY 800-387-2331
7411.98 t45.71, or 0.61% last week High, low, open and close for each of the past 52 weeks
54000
51000
48000
45000
42000
39000
36000
Scan this code
0 12 24 36
Get real-time U.S. stock quotes and track most-active stocks, new highs/lows, mutual funds and ETFs..
Available free at WSJMarkets.com
Benchmark Yields and Rates
Treasury yield curve Yield to maturity of current bills, notes and bonds
maturity
t One year ago
Tradeweb FTSE Friday Close
1 month(s)
3 6 1 years
2 3 5 7 10 20 30
Sources: Tradeweb FTSE U.S. Treasury Close; TullettPrebon; DowJonesMarket Data Corporate Borrowing Rates and Yields Spread+/- Treasurys, Yield (%) inbasis pts, 52-wkRange Total Return Bond total return index Last Wk ago Last Low High 52-wk 3-yr
25.17 24.85 21.10 24.03 1.11 1.20 7609.78, 06/02/26
Nasdaq Composite t 544.42, or -2.13% last week
24800 17 July
20 21 22 23 24
20 21 22 23 24
DJ US TSM t 478.95, or -0.65% last week
72800 17 July
Currencies
Last Week YTD Close Netchg %Chg % chg
DJ Commodity 1396.95 44.07 3.26 23.55 FTSE/CC CRB Index 395.67 13.71 3.59 32.43
Crude oil, $perbarrel 89.31 7.53 9.21 55.54
Naturalgas,$/MMBtu 2.871 -0.040 -1.37 -22.11 Gold, $ pertroy oz. 4067.60 54.90 1.37 -5.96
U.S. Dollar Index 101.47 0.71 0.70 3.20
WSJ Dollar Index 97.55 0.46 0.47 1.70
WSJ Dollar Index
Euro, per dollar 0.8795 0.005 0.61 3.33
Yen, per dollar 163.85 1.45 0.89 4.58 U.K. pound,indollars 1.33 -0.0129 -0.96 -1.14
Yen
52-Week Low Close(l) High %Chg
DJ Commodity 1037.49 l 1467.33 31.34
FTSE/CC CRB Index 291.69 l 406.18 30.91 Crude oil, $ per barrel 55.27 l 112.95 37.06
Naturalgas,$/MMBtu 2.523 l 7.460 -7.68 Gold, $ pertroy oz. 3293.20 l 5318.40 22.00
U.S. Dollar Index 96.22 l 101.61 3.92 WSJ Dollar Index 93.64 l 97.73 2.71 Euro, per dollar 0.8305 l 0.8805 3.27 Yen, per dollar 146.47 l 163.85 10.96 U.K. pound,indollars 1.30 l 1.39 -0.85
Go to WSJMarkets.com for free access to real-time market data.
Forex Race Yen, euro vs. dollar; dollar vs. major U.S. trading partners
2025 2026
IPOsin the U.S. Market Initial public offeringsof stock expected this week; might include some offerings, U.S.and foreign, open to institutional investors only via the Rule 144a market; deal amounts are for the U.S. market only
Symbol/ Pricing Expected primary Shares Range($) pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s)
7/29 6/25 Reformation REF 14.1 15.00/ JPMorgan, Women'S and Girls' Cut andSew Other Outerwear Manufacturing
7/29 7/2 Jersey Mike's Subs JMKE 43.5 21.00/ MS, Jefferies, Limited-Service Restaurants N 25.00 JPM, Barclays Capital, Guggenheim, BofA, GS, Evercore Group, UBS, Robert W Baird, Wells Fargo, William Blair, RBC Cptl Mkts, Deutsche Bank, Nomura Intl, WRSecurities, Piper Sandler, Raymond James, Stifel Nicolaus, TD (USA), BTIG, Mizuho USA, SG Americas, Truist
IPO Scorecard Performance of IPOs, most-recent listed first
%Chg From %Chg From Company SYMBOL Friday's Offer 1st-day Company SYMBOL Friday3s Offer 1st-day IPO date/Offer price close($) price close IPOdate/Offer price close($) price close
MarketTechnologyAcquisition 9.97 –0.3 ... Research Alliance IV 10.82 8.2 3.8 MTAKU July 24/$10.00 RACD July 13/$10.00
PelicanAcquisitionII Unit 9.97 –0.3 ... ColumbusCircleCapitalIII 10.01 0.1 –0.1 PLCIU July 24/$10.00 CCCTU July 9/$10.00 Scribe Thera 21.65 44.3 ... Mercator Acquisition 10.02 0.2 ... SCTX July 24/$15.00 MRCOU July 9/$10.00
B&RTechnologyMerger 9.95 –0.5 –0.2 FreedomMetalsAcquisition 9.97 –0.3 0.2 BRTMU July 21/$10.00 FDMMU July 8/$10.00
SouthernCrossAcquisitionI 10.03 0.3 0.2 BleichroederAcquisitionIII 10.10 1.0 0.6 NCOOU July 21/$10.00 BCCQU July 7/$10.00
AMRResourcesAcquisition 9.97 –0.3 0.1 Idaho Copper 2.63 –45.8 –36.6 AMACU July 17/$10.00 COPR July 2/$4.85
25700
Csquare 22.77 8.4 10.2 Meridian3IndustrialsAcquisition 9.98 –0.2 –0.2 CSQR July 16/$21.00 MIACU July 2/$10.00 QumulusAI 7.16 –45.3 –78.5 Viking Acquisition II 10.00 ... –0.2 QMLS July 16/$13.08 VII.UTJuly 2/$10.00 Standard Nuclear 8.30 –44.7 –32.5 Bending Spoons 34.06 17.4 –15.9 STDN July 16/$15.00 BSP July 1/$29.00
25400
25100
JonesVentures Acquisition1 9.93 –0.7 –0.2 ITG 13.46 –15.9 –24.0 JONEU July 14/$10.00 ITG July 1/$16.00
A look at how the Dow Jones Industrial Average component stocks did in the past week and how much each moved the index. The DJIA lost 199.17 points, or 0.38%, on the week. A $1 change in the price of any DJIA stock = 5.94-point change in the average. To date, a $1,000 investment on Dec. 31 in each current DJIA stock component would have returned $32,304, or a gain of 7.68%, on the $30,000 investment, including reinvested dividends.
74300
73800
The Week’s Action Pct Stockprice Pointchg $1,000 Invested(year-end '25) chg(%) change inaverage* Company Symbol Close $1,000 8.06 18.13 107.76 HoneywellInternational HON $243.15 $1,201 8.00 12.78 75.96 3M MMM 172.62 1,089 4.95 18.28 108.65 Travelers TRV 387.26 1,345 4.09 10.36 61.58 Johnson &Johnson JNJ 263.40 1,287 3.95 7.41 44.04 Chevron CVX 194.79 1,302
73300
3.55 12.11 71.98 JPMorgan Chase JPM 353.21 1,112 2.80 3.57 21.22 Merck &Co MRK 131.07 1,264 2.66 9.75 57.95 Amgen AMGN 376.04 1,166 1.99 4.03 23.95 NVIDIA Corp NVDA 206.84 1,110 1.99 2.23 13.25 Cisco Systems CSCO 114.17 1,504
0.96 8.45 50.22 Caterpillar CAT 888.73 1,561 0.85 0.69 4.10 Coca-Cola KO 82.25 1,192 0.71 1.52 9.03 IBM IBM 214.19 733 –0.22 –0.72 –4.28 Apple AAPL 333.02 1,227 –0.37 –3.99 –23.71 Goldman Sachs GS 1,061.23 1,219
–0.79 –2.82 –16.76 Visa V 355.74 1,019 –1.10 –2.95 –17.53 McDonald’s MCD 264.76 877 –1.26 –5.35 –31.80 UnitedHealth UNH 420.74 1,292 –1.71 –2.57 –15.28 Procter &Gamble PG 147.41 1,051 –1.74 –5.89 –35.01 Home Depot HD 332.98 982
–2.11 –4.51 –26.81 Boeing BA 209.52 965 –2.89 –2.82 –16.76 Walt Disney DIS 94.85 840 –3.08 –12.12 –72.04 Microsoft MSFT 381.70 793 –4.16 –7.11 –42.26 Salesforce CRM 163.66 621 –4.17 –13.81 –82.08 Sherwin-Williams SHW 317.51 985
–4.18 –4.77 –28.35 Walmart WMT 109.47 987 –4.71 –2.06 –12.24 NIKE NKE 41.70 665 –6.12 –15.12 –89.87 Amazon.com AMZN 232.11 1,006 –7.79 –27.03 –160.66 Alphabet GOOGL 319.74 1,023 –8.21 –29.18 –173.43 American Express AXP 326.17 889
U.S.-dollar foreign-exchange ratesat 5 p.m. ET
US$vs, Fri YTDchg Country/currency inUS$ perUS$ (%)
US$vs, Fri YTDchg Country/currency inUS$ perUS$ (%)
Americas Argentina peso .00071496.4596 3.1 Brazil real .1962 5.0977 –7.6 Canada dollar .7095 1.4095 2.7 Chile peso .001055 947.88 5.3 Colombiapeso .000310 3226.90 –14.4 Ecuador USdollar 1 1 unch Mexico peso .0572 17.4831 –2.9 Uruguay peso .02491 40.1456 2.8 Asia-Pacific Australiadollar .6980 1.4327 –4.4 China yuan .1477 6.7722 –3.2 Hong Kong dollar .1275 7.8426 0.8 India rupee .01037 96.398 7.3 Indonesia rupiah .0000558 17922 7.4 Japan yen .006103 163.85 4.6 Kazakhstan tenge .002105 475.15 –6.4 Macau pataca .1238 8.0796 0.7 Malaysia ringgit .2444 4.0914 0.8 New Zealand dollar .5789 1.7274 –0.6 Pakistan rupee .00360 277.689 –0.9 Philippines peso .0162 61.707 4.7 Singapore dollar .7750 1.2904 0.4 South Korea won .0006851 1459.63 1.3 Sri Lanka rupee .0029766 335.95 8.4 Taiwan dollar .03092 32.337 3.2 Thailand baht .02967 33.700 7.0
Prediction Market: How many Fed rate cuts in 2026?
This market will resolve according to the exact amount of cuts of 25 basis points in 2026 by the Federal Reserve.
N 17.00 Morgan Stanley
Sources:Dow Jones MarketData; FactSet
*Basedon Composite price.DJIA iscalculated onprimary-market price. Source: Dow JonesMarket Data;FactSet.
Vietnam dong .00003798 26327 0.1 Europe Czech Rep. koruna .04710 21.233 3.2 Denmark krone .1521 6.5743 3.4 Euro area euro 1.1371 .8795 3.3 Hungary forint .003149 317.56 –3.0 Iceland krona .007951 125.77 0.4 Norway krone .1044 9.5781 –5.0 Poland zloty .2634 3.7965 5.7 Sweden krona .1029 9.7180 5.5 Switzerland franc 1.2223 .8181 3.2 Turkey lira .0211 47.3340 10.2 Ukraine hryvnia .0223 44.8500 5.9 UKpound 1.3323 .7506 1.1 Middle East/Africa Bahrain dinar 2.6518 .3771 0.04 Egypt pound .0195 51.3490 7.6 Israel shekel .3279 3.0496 –4.3 Kuwait dinar 3.2248 .3101 0.7 Oman sul rial 2.5993 .3847 –0.01 Qatar rial .2751 3.635 –0.5 Saudi Arabia riyal .2662 3.7566 0.2 South Africa rand .0594 16.8344 1.6
Close NetChg %Chg YTD%Chg
WSJDollarIndex 97.55 –0.04–0.04 1.70
Sources:Tullett Prebon,Dow Jones MarketData
A Dow Jones partner
Monday, July 27, 2026 | B9
Listed are the 300 largest closed-end funds as measured by assets. Closed-end funds sell a limited number of shares and invest the proceeds in securities. Unlike open-end funds, closed-ends generally do not buy their shares back from investors who wish to cash in their holdings. Instead, fund shares trade on a stock exchange. NA signifies that the information is not available or not applicable. NS signifies funds not in existence for the entire period. 12 month yield is computed by dividing income dividends paid (during the previous 12 months for periods ending at month- end or during the previous 52 weeks for periods ending at any time other than month-end) by the latest month-end market price adjusted for capital gains distributions. Depending on the fund category, either 12-month yield or total return is listed. Source: LSEG Friday, July 24, 2026
Friday
Friday
Friday
52 wk Prem Ttl Fund (SYM) NAV Close /Disc Ret
52wk Prem Ttl Fund (SYM) NAV Close /Disc Ret General Equity Funds AlternativeStrategies:I 11.91 NA NA -1.9 CALAMOSAKSIAHDGDSTR;A 10.44 NA NA N CALAMOSAKSIAHDGDSTR;C 10.40 NA NA N CALAMOSAKSIAHDGDSTR;I 10.46 NA NA N CALAMOSAKSIAHDGDSTR;M 10.41 NA NA N SEGPARTNERSL/SEQTY;A 24.49 NA NA -6.2 SEGPARTNERSL/SEQTY;I 25.00 NA NA -4.3 SSPRIVEQTYSTRAT;D NA NA NA N SSPRIVEQTYSTRAT;I NA NA NA N SSPRIVEQTYSTRAT;S NA NA NA N TRP GS Prv Mkt;A 25.07 NA NA N TRP GS Prv Mkt;D 25.08 NA NA N TRP GS Prv Mkt;I 25.09 NA NA N Specialized Equity Funds AOGINSTITUTIONAL;A 17.69 NA NA 10.1 AOGINSTITUTIONAL;I 17.69 NA NA 10.1 ARK Venture 54.28 NA NA 67.6 ArrowMarkFinancialCorp BANX NA 19.65 NA NA CalamosAksiaPE&Alt;A 12.05 NA NA 20.0 CalamosAksiaPE&Alt;C 11.96 NA NA 19.1 CalamosAksiaPE&Alt;I 12.07 NA NA 20.2 CalamosAksiaPE&Alt;M 11.99 NA NA 19.4 CAPGRPKKRUSEQ+;A NA NA NA NS CAPGRPKKRUSEQ+;A-2 NA NA NA NS CAPGRPKKRUSEQ+;A-3 NA NA NA NS CAPGRPKKRUSEQ+;F-2 NA NA NA NS CAPGRPKKRUSEQ+;F-3 NA NA NA NS CAPGRPKKRUSEQ+;R-6 NA NA NA NS CARLYLEALPINVESTPMS;I NA NA NA NS CARLYLEALPINVESTPMS;U NA NA NA NS CBRE GlbRlEst IGR 4.74 4.70 -0.8 10.7 CIM RA&C A 20.61 NA NA 0.7 CIM RA&C C 19.70 NA NA 0.0 CIM RA&C I 20.93 NA NA 1.0 CIM RA&C L 20.29 NA NA 0.5 ClarionPartnersREID 11.30 NA NA 4.7 Clarion Partners REI I 11.30 NA NA 5.0 ClarionPartnersREIS 11.30 NA NA 4.2 ClarionPartnersREIT 11.29 NA NA 4.4 ConneticVentureCA;I 10.22 NA NA -1.5 Versus Cap RE:I 23.52 NA NA 1.4 VersusCapitalRealAsst 29.33 NA NA 7.5 JACKSONREALASSETS;I 11.46 NA NA 6.6 MEKETAINFRSTRCTR;I 29.92 NA NA 9.0 MEKETAINFRSTRCTR;III 29.95 NA NA 9.1 NexPointRlEstStrat;A 12.77 NA NA -2.2 NexPointRlEstStrat;C 12.98 NA NA -2.8 NexPointRlEstStrat;Z 12.99 NA NA -1.9 PENDERREALESTATECR;A 10.09 NA NA 6.9 PENDERREALESTATECR;I1 10.09 NA NA 7.2 PENDERREALESTATECR;I2 10.10 NA NA 7.5 Principal Real Asst A 28.11 NA NA 8.4 PrincipalRealAsstIns 28.38 NA NA 8.8 Principal Real Asst Y 28.82 NA NA 9.0 Redwood RlEst;I 25.16 NA NA 7.2 STEPSTONEPRIVTEMRKTS;R NA NA NA NS THEPRE-IPO&GROWTH;F 15.70 NA NA NS THEPRE-IPO&GROWTH;S 15.69 NA NA NS The Private Shares;A 48.99 NA NA 13.2 The Private Shares;I 49.93 NA NA 13.1 The Private Shares;L 47.99 NA NA 13.1 Thirdline Real EstateI 8.65 NA NA -5.3 USQCoreRealEstate:I 14.13 NA NA 2.0 Wildermuth:I 0.34 NA NA -89.2 WILSHIREPRIVASST;INST 14.97 NA NA 18.5 Income &Preferred Stock Funds ALPHA ALT ASST;A 6.53 NA NA 9.3 AlphaAlternativeAssets 6.60 NA NA 9.2 CalamosL/SEqtyandDI CPZ 14.80 12.88 -13.0 -7.5 FlatRockOpportunity 14.31 NA NA -6.9 VersusCapitalInfraInc 10.20 NA NA 10.4 VariantAltrntvInc:Inst 25.92 NA NA 6.5 Variant Impact;Instl 26.52 NA NA 6.3 Convertible Sec's. Funds CalmosDynConvandInc CCD 23.82 24.98 +4.9 33.1 World Equity Funds AMGPANTHEONINFFD;I NA NA NA NS AMGPANTHEONINFFD;M NA NA NA NS AMGPANTHEONINFFD;S NA NA NA NS CalamosGlbTotRet CGO 14.04 12.77 -9.0 21.3 Cantor Fitzgerald SI:A 14.08 NA NA 9.7 Cantor Fitzgerald SI:C 13.71 NA NA 8.9 Cantor Fitzgerald SI:I 14.16 NA NA 10.1 CANTORFITZGERALDIN;SX 14.54 NA NA 11.0 Sweater Cashmere 23.96 NA NA 3.4 HMLTNLNPRIVINFRA;I 16.20 NA NA NA HMLTNLNPRIVINFRA;R 15.77 NA NA NA HMLTNLNPRIVINFRA;Y 16.26 NA NA NA IDA Private Access;I NA NA NA NS Primark Priv EqInv:I 17.17 NA NA 18.0 RBCBLUEBAYENHINC;A NA NA NA NS RBCBLUEBAYENHINC;I NA NA NA NS RBCBLUEBAYENHINC;T NA NA NA NS ThornburgIncBldrOpps TBLD 23.19 21.78 -6.1 18.0 VirtusTotalRetFd ZTR NA 6.81 NA NA
General Equity Funds AdamsDiversifiedEqInc ADX 26.03 25.88 -0.6 26.3 BlackRockEnLgCapCr CII 23.73 24.48 +3.2 35.3 Central Secs CET 61.99 52.20 -15.8 13.2 CohenStrsCEOppFd FOF 13.42 13.48 +0.4 14.1 EVTxAdvDivIncm EVT 30.47 27.61 -9.4 23.2 GabelliDiv&IncTr GDV NA 29.73 NA 18.6 Gabelli Equity Tr GAB NA 5.58 NA 4.1 GeneralAmer GAM 71.79 64.06 -10.8 23.7 JHancockTaxAdvDiv HTD 27.05 26.08 -3.6 16.3 LibertyAll-StarEquity USA 6.42 5.69 -11.4 -4.8 LibertyAll-StarGrowth ASG 5.82 5.07 -12.9 0.5 NuveenNasdaq100DynOv QQQX 30.67 29.50 -3.8 20.9 NuvS&P500DynOvFd SPXX 20.34 18.41 -9.5 10.4 RoyceMicro-CapTr RMT 15.49 13.76 -11.2 52.8 RoyceValueTrust RVT 20.43 18.04 -11.7 26.9 Source Capital SOR 49.26 44.89 -8.9 8.1 SpecialOpportunities SPE 15.29 13.16 -13.9 -4.5 SprottFocusTrust FUND 10.97 9.81 -10.6 34.4 SRHTotalReturn STEW 23.53 18.10 -23.1 4.6 Tri-Continental TY 38.26 34.87 -8.9 18.5 Specialized Equity Funds abrdnGlbPremProp AWP 12.16 12.23 +0.6 18.8 abrdnGlobalInfraInc ASGI 22.17 24.54 +10.7 30.6 abrdnHealthcareInvest HQH 22.99 21.50 -6.5 50.1 abrdnHealthcareOpps THQ 19.60 18.55 -5.4 21.8 abrdnLifeSciencesInv HQL 21.60 19.25 -10.9 62.8 abrdnWorldHealthcare THW 13.54 13.12 -3.1 30.8 AdamsNaturalResources PEO 30.31 27.61 -8.9 36.5 AllspringUt&HiInc ERH 13.17 11.93 -9.4 9.8 ASAGold&PrecMetLtd ASA NA 50.47 NA 54.9 BlackRockEnergy&Res BGR 18.27 16.50 -9.7 34.1 BlackRockEqEnhDiv BDJ 10.29 9.59 -6.8 18.2 BlackRockEnhGlblDiv BOE 12.98 11.91 -8.2 12.9 BlackRockEnhIntlDiv BGY 6.24 5.65 -9.5 6.3 BlackRockESGCapAllT ECAT 15.07 15.05 -0.1 14.1 BlackRockHlthSciTerm BMEZ 17.08 15.31 -10.4 20.1 BlackRockHlthSciences BME 44.29 42.85 -3.3 27.3 BlackRockRes&Comm BCX 12.72 11.79 -7.3 30.0 BlackRockSci&TechTerm BSTZ 31.43 28.69 -8.7 49.6 BlackRockSci&TechTrust BST 49.29 45.35 -8.0 28.8 BlackRockInnov&GroTerm BTX 9.32 NA NA NA BlackRockUtlInf&Pwr BUI 27.76 27.87 +0.4 17.3 BluerockPrivateRE BPRE NA NA NA NS CLEARBRIDGEENGYMDSOPP EMO NA 52.76 NA 24.0 ChnStrInfr UTF 28.72 28.07 -2.3 12.8 Cohen&SteersQualInc RQI 13.88 12.63 -9.0 10.1 CohenStrsRealEstandI RLTY 17.74 16.18 -8.8 14.3 Cohen&SteersTotRet RFI 12.22 11.70 -4.3 5.8 CohenStrsREITPrefInc RNP 22.47 20.65 -8.1 -1.3 ColumbiaSelPrmTechGr STK 51.90 47.37 -8.7 64.3 DNPSelectIncome DNP NA 11.10 NA 22.3 Duff&PhUti&InfraIncFd DPG NA 14.97 NA 26.5 EtnVncEqtyInc EOI NA 19.70 NA 1.6 EtnVncEqtyIncoII EOS NA 21.35 NA -4.5 EVRskMnDvsEqInc ETJ 9.11 8.36 -8.2 1.7 ETnVncTxMgdBuyWrtInc ETB 16.77 15.27 -8.9 14.3 EtnVncTxMgdBuyWrtOpp ETV NA 14.62 NA 15.2 EvTxMnDvsEqInc ETY 15.53 14.24 -8.3 -1.8 EtnVncTxMgdGlbB ETW NA 9.40 NA 16.9 EVTxMnGblDvEqInc EXG 10.36 9.50 -8.3 16.8 FirstTrEnhancedEq FFA 24.87 22.37 -10.1 14.5 Gab GlUtil & Inc GLU NA 19.39 NA 16.7 GabelliHealthcare GRX NA 9.56 NA 9.5 Gab Utility GUT NA 6.43 NA 26.0 GAMCOGlGold&NatRes GGN NA 4.91 NA 17.0
Energy
Lockup Expirations Below,companieswhoseofficers and other insiders willbecome eligible tosell shares intheir newlypublic companies for thefirsttime. Such sales can move the stock’sprice.
Lockup Offer Offer amt Through Lockup expiration Issue date Symbol price($) ($mil.) Friday(%) provision
July 28 Jan. 29, ’26 Ethos Technologies LIFE 19.00 200.0 –2.6% 180 days
Jan. 29, ’26 PicpayHoldingsNetherlands PICS 19.00 434.3 –37.6% 180 days
Jan. 29, ’26 York Space Systems YSS 34.00 629.0 –49.8% 180 days
Treasurys
Monday, July 27 Tuesday, July 28
Auction of13and 26 week bills; Auction of 6week bill; announced on July 23; settles onJuly 30 announced onJuly 23; settles on July 30
Auction of 2and 5year note; Auction of 7yearnote;
announced on July 23; settles onJuly 31 announced onJuly 23; settles on July 31
Wednesday, July 29 Thursday, July30
Auction of2year FRN; Auction of 4and 8week bills; announced on July 23; settles onJuly 31 announcedonJuly28;settlesonAugust4
announced on July 28;settles on August 4
Auction of17week bill;
Insider-Trading Spotlight Tradingby‘insiders’ ofa corporation, such asacompany’s CEO, vicepresident or director,potentially conveys new informationaboutthe prospects ofacompany.Insidersare required toreport large trades tothe SEC within two business days. Here’salook atthebiggest individual tradesbyinsiders, based ondata received by LSEG Data and Analytics on July 24, andyear-to-date stock performance ofthe company KEY: B: beneficial ownerof more than10% of asecurity class CB: chairman CEO: chief executive officer CFO: chief financial officer CO: chief operating officer D:director DO: director and beneficial owner GC: general counsel H:officer, director and beneficialowner I:indirect transactionfiled througha trust, insider spouse, minor child orother O: officer OD: officer and director P:president UT: unknown VP: vice president Excludes pureoptions transactions
Based onreports filedwith regulators this past week
No.ofshrsin Price range ($) $Value Date(s) Company Symbol Insider Title trans(000s) in transaction (000s) Close ($) Ytd(%) Buyers July 14-20 51Talk OnlineEducationGroup COE J.Huang CEOI 622 16.56-17.23 10,491 16.08 -49.6 July 9-13 J.Huang CEOI 495 16.71-17.24 8,480 June 25 Liberty Latin America LILAP M.Fries OD 49 20.39 1,007 19.33 n.a. July 17 Elevance Health ELV G.Boudreaux CEO 3 366.41-368.25 1,002 377.68 7.7 July 17 R. Peru D 1 366.05 366 July 14 Cardiff Oncology CRDF G.Pace D 687 1.46 1,000 0.83 -70.6 July 16-17 Fulcrum Therapeutics FULC K. Tang BI 168 3.52-3.56 595 3.72 -67.1 July 20 Columbia Financial CLBK T.Kemly CEO 53 10.00 531 10.88 54.0 July 20 S.Klein CO 50 10.00 500 July 20 A. Schlesinger O 50 10.00 500 July 20 T.Splaine CFO 50 10.00 500 July 20 E.Randall D 50 10.00 500 July 20 D.Gibney OD 45 10.00 445 July 20 J.Klimowich O 35 10.00 350 July 20 M.Massood DI 25 10.00 250 July 17 Conagra Brands CAG J.Brase CEO 35 14.59 511 14.77 -14.7 July 16 FuelCell Energy FCEL H. Livingston Iii D 26 18.75 494 21.26 190.8 July 22 Rhinebeck Bancorp RBKB N.Patzwahl D 25 11.94 299 12.43 44.5 Sellers July 15-16 BeOne Medicines ONC J.Oyler CEO 283 310.02-323.59 89,352 325.90 7.3 July 20-21 J.Oyler CEO 110 310.08-320.06 34,591 July 17 J.Oyler CEO 65 305.20-315.06 20,164 July 20-21 Snowflake SNOW F. Slootman D 300 267.77-278.24 82,324 268.06 22.2 July 14 Arista Networks ANET A. Bechtolsheim BI 300 176.18-185.00 54,231 173.99 32.8 July 17 SharkNinja SN M.Barrocas CEO 250 155.01 38,753 148.60 32.8 July 15-16 Airbnb ABNB J.Gebbia DOI 237 150.15-150.23 35,530 141.10 4.0 July 14 CoreWeave CRWV M.Intrator CEO 308 79.21-85.72 24,877 71.88 0.4 July 21 M.Intrator CEO 308 75.54-80.08 24,072 July 20 B. Mcbee O 195 73.52-79.18 14,613 July 14-16 Butterfly Network BFLY J.Rothberg DO 2800* 7.09-7.72 20,765 6.58 73.2 July 15 Monolithic Power Systems MPWR M.Sciammas O 15 1314.03-1405.71 20,246 1333.81 47.2 July 16 BlackRock BLK C.Meade GC 18 1101.99-1102.80 19,942 1055.67 -1.4 July 21 United AirlinesHoldings UAL J.Kirby CEO 159 118.05 18,807 118.27 5.8 July 15-17 Remitly Global RELY J.Hug D 688 24.11-25.39 17,235 22.53 63.3 July 14-15 ServiceTitan TTAN B. Deeter DOI 200 79.49-80.50 15,999 70.48 -33.8 July 16-17 B. Deeter DOI 160 76.00-78.46 12,358 July 15-16 Venture Global VG K. Larson GC 1,111 12.91-12.93 14,357 14.31 109.8
Halfthetransactionswereindirect*Two daytransaction p-PinkSheets
GAMCONRGLD&INC GNT NA 8.24 NA 38.8 JHanFinlOpptys BTO 41.90 40.45 -3.5 21.0 KayneEnrgyInfraInc KYN 16.85 14.91 -11.5 31.9 NeubergerEnrgyInf&In NML 11.61 10.72 -7.7 35.1 NeubergerNxtGenConn NBXG 17.33 14.93 -13.8 11.2 NeubergerRealEstSI NRO 3.36 3.06 -8.9 6.7 NuvCorEqAlpha JCE NA 16.40 NA 14.5 NuveenNasdaq100DynOv QQQX 30.67 29.50 -3.8 20.9 Nuv Real Est JRS 9.66 8.69 -10.0 19.8 NuvS&P500DynOvFd SPXX 20.34 18.41 -9.5 10.4 NXGCushingMdstrmEnrgy SRV 47.70 49.69 +4.2 42.7 NXGNextGenInfrasInc NXG 58.10 59.95 +3.2 39.1 PIMGlbStkPI PGP NA 8.34 NA 9.97 ReavesUtilityIncome UTG 39.93 40.04 +0.3 12.3 TortoiseEnrgyInfraCrp TYG NA 44.76 NA 18.0 VDivInt&PremStr NFJ NA 15.19 NA 29.5 VArtInt&TechOpps AIO 28.24 25.60 -9.3 18.0 XAIMadisonEquityPrInc MCN 6.14 5.59 -9.0 0.6 Income & Preferred Stock Funds DividendandIncome BXSY 27.17 NA NA NA CalamosStratTot CSQ 22.03 20.00 -9.2 15.8 CohenStrsLtdDurPref&Inc LDP 22.04 20.59 -6.6 5.0 CohenStrsSelPref&Income PSF 21.54 19.50 -9.5 2.8 CohenStrsTaxAvPreSecs&I PTA 20.30 18.86 -7.1 2.9 FirstTrIntDurPref&Inc FPF 18.83 17.73 -5.8 2.2 JHanPrefInc HPI 15.11 15.97 +5.7 10.2 JHPrefIncII HPF 14.98 15.76 +5.2 9.4 HnckJPfdInco III HPS 13.52 14.23 +5.3 10.0 JHan Prm PDT 14.58 12.89 -11.6 3.5 LMP CapInco SCD NA 15.41 NA 10.0 NuveenPref&IncOpp JPC 7.72 7.70 -0.3 5.2 NuveenVarRateP&I NPFD 19.36 18.26 -5.7 5.1 TCWStratIncome TSI 4.83 4.39 -9.1 -2.5 Convertible Sec's. Funds AdvntCnvrtbl&IncFd AVK 13.42 12.32 -8.2 12.2 BancroftFundLtd BCV NA 24.25 NA 30.3 CalamosConvHi CHY 12.67 12.78 +0.9 28.2 CalmosConvOp CHI 11.92 12.64 +6.0 34.0 EllsworthG&IFundLtd ECF NA 12.49 NA 27.6 HiIncBd PCF 6.25 5.32 -14.9 -6.3 VConv & Inc NCV 18.57 16.54 -10.9 28.1 VConv & Inc II NCZ 16.90 15.17 -10.2 28.2 VDivInc & Conv ACV 27.33 26.78 -2.0 30.0 VEqty & Conv Inc NIE 29.13 25.90 -11.1 18.4 World Equity Funds IndiaFund IFN 12.51 11.43 -8.6 -15.8 abrdnAusEq IAF 14.10 12.49 -11.4 4.1 abrdnEmgMktsEx-China AEF 9.60 8.58 -10.6 56.1 abrdnGlblDynDiv AGD 11.92 12.05 +1.1 18.5 abrdnTotDynDiv AOD 10.36 10.40 +0.4 29.8 AllspringGlDivOppty EOD 6.96 6.40 -8.0 25.1 CentralandEasternEuro CEE 21.62 20.74 -4.1 33.7 GabelliGlSm&MidCpVal GGZ NA 15.87 NA 21.5 GabelliMultimedia GGT NA 4.07 NA 17.8 GDL Fund GDL NA 8.42 NA 6.3 JHanHdgdEty&Inc HEQ 12.67 11.59 -8.5 19.3 JapanSmallerCap JOF 12.81 11.29 -11.9 26.6 Korea KF 69.50 59.44 -14.5 122.9 Mexico MXF 24.18 21.19 -12.4 27.3 MSChinaShrFd CAF 23.51 19.87 -15.5 40.1 MSIndia IIF 24.92 22.29 -10.6 -12.5 New Germany GF 12.40 11.33 -8.6 -4.5 NuveenRlAsstInc&Gro JRI 13.60 13.06 -4.0 12.5 NYLICBREGlblInfMegT MEGI 16.87 15.11 -10.4 16.4 RoyceGlobalValueTrust RGT 17.11 14.59 -14.7 18.9 TempletonDragon TDF 12.23 10.65 -12.9 6.5 TempletonEmMkt EMF 23.55 21.03 -10.7 54.5
Prem12 Mo Fund (SYM) NAV Close /Disc Yld
Prem12Mo Fund (SYM) NAV Close /Disc Yld InvPAValMuIncTr VPV 10.55 10.84 +2.7 7.0 InvTrInvGrNYMu VTN 10.55 11.10 +5.2 7.1 NuveenAZQualMuniInc NAZ 11.32 12.30 +8.7 6.3 NuveenCAAMT-FQualMI NKX 11.74 12.18 +3.7 7.2 Nuveen CAVal NCA 9.09 9.02 -0.8 3.7 NuveenCAQtyMuInc NAC 11.30 11.72 +3.7 7.2 NuveenMAQualMuniInc NMT 10.95 12.74 +16.3 5.9 NuveenNYAMT/FrQualMI NRK 10.46 10.32 -1.3 7.6 Nuveen NY Val NNY 8.73 8.38 -4.0 4.0 NuveenNYQualMuniInc NAN 11.01 11.24 +2.1 7.3 NuveenVAQltyMunInc NPV 11.11 10.92 -1.7 6.8 PIMCO CA PCQ 9.70 8.56 -11.8 4.8 PIMCONYMuniII PNI 7.63 6.85 -10.3 4.9
Prem12 Mo Fund (SYM) NAV Close /Disc Yld U.S. Mortgage Bond Funds Arca USTreasury NA NA NA 0.0 CATALYST/PERINISTRATIN NA NA NA 12.3 Ellington Inc Opp:A NA NA NA 11.2 Ellington Inc Opp:M NA NA NA 11.4 ForumREIncome;Founders 9.75 NA NA 8.6 Forum RE Income;I 9.75 NA NA 8.5 Forum RE Income;K 9.72 NA NA 7.7 ORGN RECRDT;I 9.93 NA NA NS ORGN RECRDT;O 9.94 NA NA NS Loan Participation Funds 1WSCreditIncome;A2 18.26 NA NA 9.9 1WSCreditIncome;Inst 19.01 NA NA 9.5 ApolloDiversifiedCd:A NA NA NA 7.6 ApolloDiversifiedCd:C NA NA NA 7.0 ApolloDiversifiedCd:F NA NA NA 10.5 Apollo Diversified Cd:I NA NA NA 7.9 ApolloDiversifiedCd:L NA NA NA 7.4 ApolloDiversifiedCd:M NA NA NA 7.7 Axonic Alternative I;A NA NA NA 10.0 AxonicAlternativeIIns NA NA NA 10.1 Bluerock HIInst Crd:A NA NA NA 8.8 Bluerock HIInst Crd:C NA NA NA 8.2 Bluerock HIInst Crd:F NA NA NA 9.7 Bluerock HIInst Crd:I NA NA NA 9.1 CALLODINESPCLTYINC;I 10.05 NA NA NS CliffwaterClFd;I NA NA NA 10.2 CliffwaterEhnLending;D NA NA NA NS CliffwaterElFd;I NA NA NA 10.7 CNR Strategic Credit 4.37 NA NA 34.7 EAGLEPOINTENHINC;A NA NA NA NS EAGLEPOINTENHINC;AA NA NA NA 10.6 EAGLEPOINTENHINC;C NA NA NA NS EAGLEPOINTENHINC;I NA NA NA NS EAGLEPOINTENHINC;S NA NA NA NS EaglePointInstlIncome NA NA NA 17.4 EqualizeCommunityDev 9.48 NA NA 2.6 FedProj&TrFinanceTendr 10.12 NA NA 6.0 FEDERATEDHRMSP&TFIN;SS NA NA NA NS FlatRockCoreIncome 19.29 NA NA 9.7 FlatRockEnhancedInc 21.59 NA NA 8.9 FRANKLINBSPLENDING;I 10.00 NA NA NS InvDYCrOpp:A 9.57 NA NA 10.9 InvDYCrOpp:R6 9.57 NA NA 11.3 InvDYCrOpp:Y 9.57 NA NA 11.2 Invesco Sr Loan A 5.43 NA NA 7.7 Invesco Sr Loan C 5.45 NA NA 6.9 Invesco Sr Loan IB 5.43 NA NA 7.9 Invesco Sr Loan IC 5.43 NA NA 7.8 Invesco Sr Loan Y 5.44 NA NA 7.9 MonachilCreditIncome:I 10.10 NA NA 7.9 NBASSET-BASEDCRDT;INST 10.21 NA NA NS Nomura Alt Inc;I 9.68 NA NA 10.1 NuveenEnhCLOInc:A1 17.30 NA NA 12.7 NuveenEnhCLOInc:A2 17.30 NA NA 13.0 Nuveen Enh CLO Inc:I 17.30 NA NA 13.5 OFSCreditCompany OCCI NA 2.34 NA 33.1 PCPCAAM AI;I 10.37 NA NA 6.9 PRINCIPALPRVTCR;A 10.20 NA NA 7.1 PRINCIPALPRVTCR;INS 10.25 NA NA 7.1 PRINCIPALPRVTCR;Y 10.30 NA NA 7.1 PURSUITASSET-BASEDI;I 8.81 NA NA NS SARDISCREDITOPPTYS;I 10.20 NA NA NS SEIAlternativeIncome:F 10.05 NA NA 7.1 SEIAlternativeIncome:Y 10.05 NA NA 7.3 SOUNDPOINTALTINC;I 20.29 NA NA NS VanEckCLO Oppts;I 24.96 NA NA NS OctagonXAICLOInc;A 24.05 NA NA 8.7 OctagonXAICLOInc;I 24.11 NA NA 9.0 Yieldstreet Alt Inc NA NA NA 6.7 High Yield Bond Funds ABCarValCreditOpp;Adv 10.11 NA NA 7.1 ABCarValCreditOpp;A 10.10 NA NA 6.3 ABCarValCreditOpp;C 10.10 NA NA 5.9 ABCarValCreditOpp;U 10.10 NA NA 6.2 Opprtnstc Crdt Intrvl;I 11.59 NA NA 8.7 PIMCOFlexibleCrI;A-1 NA NA NA 10.8 PIMCOFlexibleCrI;A-2 NA NA NA 10.8 PIMCOFlexibleCrI;A-3 NA NA NA 10.5 PIMCOFlexibleCrI;A-4 NA NA NA 10.5 PIMCOFlexibleCrI;Inst NA NA NA 11.3 PolenCreditOpps;Inst 8.27 NA NA 11.3 Other Domestic Taxable Bond Funds ABXLongevityGro&Inc 10.00 NA NA NS AFAPrivateCredit;Fndr NA NA NA 10.0 AFAPrivateCredit;Inst NA NA NA 10.0 AlternativeCreditInc:A 8.76 NA NA 7.9 AlternativeCreditInc:C 8.90 NA NA 7.1 AlternativeCreditInc:I 8.76 NA NA 8.1 AlternativeCreditInc:L 8.77 NA NA 7.6 AlternativeCreditInc:W 8.76 NA NA 7.9 AMGBBHAst-BackCrd;I 10.96 NA NA NS AMGBBHAst-BackCrd;M 10.96 NA NA NS AMGBBHAst-BackCrd;S 10.96 NA NA NS AMGPantheonCrdtSoln;I NA NA NA 7.3 AMGPantheonCrdtSoln;M NA NA NA 6.9 AMGPantheonCrdtSoln;S NA NA NA 7.4 Angel Oak Str Crdt:FI 20.69 NA NA 8.4 AngelOakStrCrdt:Inst 20.68 NA NA 8.4 BlackRockHPSCrStr;A 8.03 NA NA 8.4 BlackRockHPSCrStr;I 7.99 NA NA 9.2 BlackRockHPSCrStr;J 8.02 NA NA 8.6 BlackRockHPSCrStr;U 8.00 NA NA 8.4 BlackRockHPSCrStr;W 8.04 NA NA 8.3 CAPGRPKKRCRPL+;A NA NA NA 6.2 CAPGRPKKRCRPL+;A-2 NA NA NA 6.4 CAPGRPKKRCRPL+;A-3 NA NA NA NS CAPGRPKKRCRPL+;F-2 NA NA NA 6.5 CAPGRPKKRCRPL+;F-3 NA NA NA 6.7 CAPGRPKKRCRPL+;R-6 NA NA NA 6.7
U.S. Mortgage Bond Funds BlckRk Income BKT 10.78 10.18 -5.6 9.8 WesternAssetMtgOppty DMO NA 10.45 NA 12.1 Investment Grade Bond Funds MFS Intmdt MIN 2.58 2.40 -6.9 2.3 AngelOakFSIncTrm FINS 13.44 12.51 -6.9 10.7 BlRck Core Bond BHK 9.32 8.89 -4.6 9.7 BRCreditAllocInc BTZ 10.75 9.93 -7.6 9.8 InvescoBond VBF 15.91 14.68 -7.7 5.4 JHan Income JHS 11.92 10.84 -9.1 5.5 WAInvestmentGradeInc PAI NA 11.86 NA 5.2 WesternAssetPremBd WEA NA 10.36 NA 7.5
Sources: LSEG Data and Analytics; Dow JonesMarket Data
WestnAsstIGDefOppTr IGI NA 15.84 NA 5.2 Loan ParticipationFunds BRDebtStrategy DSU 9.55 9.39 -1.7 12.2 BRF/R IncStr FRA 11.34 10.76 -5.1 13.5 BlackRockFloatngRtInc BGT 11.11 10.79 -2.9 13.5 BlackstoneLng-ShCrInc BGX 12.21 10.65 -12.8 9.0 BS SFR 2027 T BSL NA 12.93 NA 8.3 BSStCr2027Tm BGB 11.72 11.20 -4.4 8.4 EtnVncFltRteInc EFT 11.96 10.65 -11.0 9.0 EVSenFlRtTr EFR NA 10.55 NA 8.7 FT/SrFltgRteInc2 FCT 9.70 9.65 -0.5 12.0 FSSpecialtyLendingFd FSSL NA NA NA NS HighlandOppty&Income HFRO 11.90 7.34 -38.3 6.4 InvDYCrOpp:AX VTA 9.56 NA NA NA InvSnrIncTr VVR 3.35 2.96 -11.6 14.6 NuveenCreditStratInc JQC 5.34 4.75 -11.0 12.9 NuvFloatRateIncFd JFR NA 7.65 NA 12.9 SOUNDPOINTMRDANCAP SPMC NA NA NA 28.7 High Yield Bond Funds abrdnIncCreditStr ACP 5.37 5.10 -5.0 17.8 AllianceBernGlHiIncm AWF 11.22 10.06 -10.3 7.6 AllspringIncomeOppty EAD 7.07 6.29 -11.0 9.8 BaringsGlbSDHYBd BGH 14.80 13.97 -5.6 12.1 BRCorporate HY HYT 9.06 8.32 -8.2 10.9 BlackRockLtdDurInc BLW 13.12 12.56 -4.3 10.8 BNYMellonHiYieldStr DHF 2.66 2.35 -11.7 8.6 BrookfieldRealAsstInc RA 13.98 12.72 -9.0 8.7 CreditSuisseHiYldCrd DHY 1.91 1.72 -9.9 10.4 CSAM Income Fd CIK 2.69 2.43 -9.7 10.4 DoubleLineIncSol DSL 11.39 10.55 -7.4 11.9 DoubleLineYldOpps DLY 15.02 13.83 -7.9 9.95 FirstTrustHYOpp:2027 FTHY 13.92 13.56 -2.6 10.9 Franklin Univ FT 8.82 8.01 -9.2 6.3 KKRIncomeOpportunities KIO NA 10.98 NA 12.9 NeubHgYldStrt NHS 6.53 6.01 -8.0 17.4 NuveenGlobalHighInc JGH 13.56 12.38 -8.7 9.7 PGIMGlobalHighYield GHY NA 11.68 NA 10.4 PGIMHighYieldBond ISD NA 12.43 NA 9.6 PGIMShDurHiYldOpp SDHY NA 15.90 NA 7.9 WstAstHIF II HIX NA 3.91 NA 14.8 WesternAssetHiIncOpp HIO NA 3.52 NA 10.9 WesternAssetHiYldOpp HYI NA 10.42 NA 10.7 Other Domestic Taxable Bond Funds AllspringMulti-Sector ERC 9.73 9.08 -6.7 9.4 AresDynamicCrdtAlloc ARDC NA 12.38 NA 10.6 BlackRockMlt-SctrInc BIT 13.08 12.19 -6.8 11.8 BlackRockTaxMuniBd BBN 16.52 15.68 -5.1 7.2 DoubleLine:OpporCrdtFd DBL 14.53 14.06 -3.2 9.1 EVLmtDurIncm EVV NA 9.08 NA 9.3 FranklinLtdDurIncome FTF 6.31 5.77 -8.6 12.7 Putnam Mas Int PIM 3.34 3.10 -7.2 7.2 Putnam Prem Inc PPT 3.65 3.38 -7.4 8.4 FSCreditOpportunities FSCO NA 4.89 NA 15.5 J Han Investors JHI 14.32 13.05 -8.9 9.3 NuvCorePlusImpact NPCT 10.57 9.71 -8.1 12.0 NuveenTaxableMuniInc NBB 15.78 15.20 -3.7 7.3 PIMCOCorp&IncOppty PTY NA 11.69 NA 11.8 PIMCOCorp&IncStrat PCN NA 11.64 NA 11.3 PIMCOHilnco PHK NA 4.62 NA 12.3 PIMCOIncmStrFd PFL NA 7.67 NA 12.4 PIMCOIncmStrFdII PFN NA 7.05 NA 12.0 WesternAssetDvsfdInc WDI NA 13.12 NA 13.1 WesternAssetInf-LkInc WIA NA 7.93 NA 6.3 WesternAssetInf-LkO&I WIW NA 8.29 NA 7.1 World Income Funds abrdn APIncFd FAX 14.89 14.30 -4.0 13.4 BrndywnGLBGlbIncOppts BWG NA 7.69 NA 11.5 EtnVncStDivInc EVG 11.07 10.56 -4.6 8.3 MSEmMktDomDebt EDD NA 5.77 NA 10.7 MsEmMktDebtFd MSD 7.87 7.27 -7.6 8.3 PIMCOAccessIncome PAXS NA 14.03 NA 12.3 PIMCODynamicIncStrat PDX NA 21.41 NA 7.1 PIMCODynamicIncome PDI NA 16.04 NA 15.8 PIMCODynamicIncOpp PDO NA 12.91 NA 11.6 PIMCOStratgInc RCS NA 5.15 NA 8.8 TempltnGlblInc SABA NA 8.23 NA NE Templeton EmInc TEI 6.91 6.57 -4.9 12.9 VirtusSHEmergMktsInc EDF NA 5.11 NA 13.6 WstAstEmergDebt EMD NA 10.47 NA 8.9 National Muni Bond Funds AllBerNatlMunInc AFB 11.82 10.85 -8.2 5.0 BlackRock2037MuniTrg BMN 25.29 25.00 -1.1 4.3 BlackRockMuni2030Tgt BTT 24.41 22.44 -8.1 2.4 BRMuniAssetsFd MUA 11.12 10.46 -5.9 6.0 BRMuniHoldngs MHD 12.50 11.44 -8.5 6.0 BRMuniYieldQlty MQY 12.07 11.23 -7.0 6.0 BRMuniYld Qly 3 MYI 11.57 10.67 -7.8 5.9 BNYMellonMuniBdInfra DMB 11.45 10.68 -6.7 4.5 BNYMellonStrMuniBond DSM 6.37 5.90 -7.4 4.8 BNYMellonStratMuni LEO 6.73 6.22 -7.6 4.5 DWS MuniInc KTF 8.98 8.84 -1.6 6.5 EVMuniBd EIM NA 9.57 NA 6.1 EVMuniIncm EVN 10.61 10.69 +0.8 5.4 EVNatMuniOpp EOT 17.90 17.07 -4.6 4.6 PutnamMgdInc PMM 6.57 6.41 -2.4 4.5 PutnamMuniOpp PMO 11.08 10.31 -6.9 4.5 InvAdvMuIncTrII VKI 8.75 8.88 +1.5 7.0 Invesco MuniOp OIA 6.11 6.15 +0.7 5.6 InvescoMuOppTr VMO 9.76 9.60 -1.6 7.6 InvescoMuTr VKQ 9.81 9.68 -1.3 7.5 InvescoQual Inc IQI 9.87 9.95 +0.8 7.4 InvTrInvGrMu VGM 10.12 10.13 +0.1 7.3 InvescoValMunInc IIM 12.06 12.38 +2.7 7.2 NeubergerMunicipal NBH 11.06 10.27 -7.1 6.1 NuveenAMT-FrMuVal NUW 14.77 13.98 -5.3 4.0 NuveenAMT-FrQltyMunI NEA 11.20 11.23 +0.3 7.0 NuveenAMT-FrMuCI NVG 12.25 12.30 +0.4 7.4 NuveenDynMuniOpp NDMO NA 10.05 NA 7.1 NuveenMuCrdtOpps NMCO NA 10.46 NA 7.5 NuvMuniCreditIncome NZF NA 12.22 NA 7.5 NuvMuniHiIncOpp NMZ 10.14 10.22 +0.8 7.4 Nuveen Muni Inc NMI 9.81 10.77 +9.8 4.1 NuveenMuniVal NUV 8.98 9.08 +1.1 4.2 NuveenQualityMuniInc NAD 11.66 11.61 -0.4 7.0 Nuveen Sel Mat NIM 9.77 9.38 -4.0 3.6 Nuveen Sel TF NXP 14.10 14.28 +1.3 4.4 NYLIMacKayDTMuniOpp MMD 16.17 15.05 -6.9 4.8 PIMCOMuniIncII PML 7.81 7.29 -6.7 6.2 RiverNorthFlxMuIncII RFMZ 14.26 13.18 -7.6 7.3 RiverNorthMgdDurMuII RMMZ 15.74 14.72 -6.5 7.3 RiverNorthMgdDurMunI RMM NA 14.37 NA 7.1 WesternAssetMgdMuni MMU NA 10.06 NA 6.2 WesternAssetMunHiInc MHF NA 6.81 NA 5.0 Single State Muni Bond BRMHCAQlyFdInc MUC 11.51 10.67 -7.3 5.8 BRMH NJQly MUJ 12.30 12.03 -2.2 5.2 BRMuniYldMIQly MIY 12.13 12.23 +0.8 5.3 BRMuniYldNYQly MYN 10.59 9.75 -7.9 6.0 BRMuniYldPAQly MPA 12.04 10.93 -9.2 5.8 InvCaValMuIncTr VCV 9.96 10.49 +5.3 7.1
July24,2026
Keyannualinterestratespaidtoborrowor lend moneyin U.S.andinternationalmarkets.Ratesbelowarea guide togenerallevelsbut don’t alwaysrepresent actual transactions.
Inflation
June index Chg From (%) level May '26 June '25
U.S. consumer price index All items 333.952 –0.35 3.5 Core 336.882 0.01 2.6
International rates
Week 52-Week Latest ago High Low
Week —52-WEEK— Latest ago High Low
Week —52-WEEK— Latest ago High Low
Week 52-Week Latest ago high low
Prime rates U.S. 6.75 6.75 7.50 6.75 Canada 4.45 4.45 4.95 4.45 Japan 2.125 2.125 2.125 1.875
Policy Rates Euro zone 2.40 2.40 2.40 2.15 Switzerland 0.25 0.25 0.50 0.25
Notes on data: U.S. prime rate isthe base rate oncorporate loans posted by atleast 70%ofthe10largest U.S.banks, and iseffective December 11, 2025. Other prime rates aren’tdirectly comparable;lending practices vary widely by location; Discount rateis effective December 11,2025.SecuredOvernight Financing Rate is asof July 23, 2026. DTCC GCF RepoIndex isDepository Trust &Clearing Corp.'s weighted average for overnight trades inapplicable CUSIPs. Value tradedisin billionsofU.S. dollars.Federal- funds rates are Tullett Prebon rates as of 3:30p.m. ET. Sources: Federal Reserve; Bureauof Labor Statistics; DTCC; FactSet; Tullett Prebon Information, Ltd.
Friday,July24,2026
wsj.com/market-data/commodities
These pricesreflectbuyingandsellingof a varietyof actualor “physical” commoditiesin the marketplace—separate from the futures price on anexchange,which reflectswhatthe commoditymightbe worthin future months.
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 82.000 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.650 Metals
Gold, per troy oz Engelhard industrial 4058.00 Krugerrand,wholesale-e 4216.68 Maple Leaf-e 4257.23 American Eagle-e 4257.23 Mexican peso-e 4896.51 Austria crown-e 3977.22 Austria phil-e 4257.23 Silver, troyoz. Engelhard industrial 58.1000 Handy &Harman base 58.9210 Handy &Harman fabricated 73.6510 Coins,wholesale $1,000 face-a 41684 Other metals Platinum,Engelhard industrial 1611.0 Palladium,Engelhard industrial 1266.0 Aluminum, LME,$ per metric ton 3194.0 Copper,Comex spot 6.3200 Iron Ore, 62% FeCFR China-s n.a. Steel,HRCUSA,FOBMidwestMill-s *n.a. Battery/EV metals
Britain 3.75 3.75 4.25 3.75 Australia 4.35 4.35 4.35 3.60
Overnight repurchase U.S. 3.67 3.61 4.45 3.49
U.S. government rates
Discount 3.75 3.75 4.50 3.75
Federal funds Effectiverate 3.6400 3.6400 4.3300 3.6300 High 3.7000 3.7000 4.5500 3.7000 Low 3.5500 3.5500 4.3200 3.5500 Bid 3.6200 3.6200 4.3200 3.6100 Offer 3.6400 3.6400 4.3300 3.6300
Treasury billauction 4 weeks 3.730 3.660 4.300 3.550
BMILithiumCarbonate,EXWChina,=99.5%-v,w 21725 BMILithiumHydroxide,EXWChina,=56.5%-v,w 20100 BMICobaltsulphate,EXWChina,>20.5%-v,w 12136 BMINickelSulphate,EXWChina,>22%-v,k 4551 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 425
Fibers and Textiles
Burlap,10-oz,40-inch NYyd-n,w 1.2400 Cotton,1 1/16 stdlw-mdMphs-u 0.7480 Cotlook 'A'Index-t *90.35 Hides,hvy native steers piecefob-u n.a. Wool,64s,staple,Terr del-u,w n.a.
Grains and Feeds
Bran,wheat middlings, KC-u,w 80 Corn,No. 2 yellow,Cent IL-bp,u 4.4900 Cottonseed meal-u,w 320 Hominy feed,Cent IL-u,w 120 Meat-bonemeal,50%proMnpls-u,w 355 Oats,No.2 milling,Mnpls-u 3.6325 Rice,LongGrainMilled,No.2AR-u,w 28.63 SoybeanMeal,CentIL,rail,ton48%-u,w 349.90 Soybeans,No.1 yllw IL-bp,u 12.4100 Wheat,Spring14%-pro Mnpls-u 8.5425 Wheat,No.2 soft red,St.Louis-u 6.4800 Wheat-Hard-KC(USDA)$perbu-u 7.3625 Wheat,No.1soft white,Portld,OR-u 6.6500
CAPGRPKKRMUL-SC+;A NA NA NA 6.4 CAPGRPKKRMUL-SC+;A-2 NA NA NA 6.6 CAPGRPKKRMUL-SC+;A-3 NA NA NA NS CAPGRPKKRMUL-SC+;F-2 NA NA NA 6.7 CAPGRPKKRMUL-SC+;F-3 NA NA NA 6.8 CAPGRPKKRMUL-SC+;R-6 NA NA NA 6.8 CIONAresDvsfdCrdt;A NA NA NA 8.5 CIONAresDvsfdCrdt;C NA NA NA 7.6 CIONAresDvsfdCrdt;I NA NA NA 8.8 CIONAresDvsfdCrdt;L NA NA NA 8.4 CIONAresDvsfdCrdt;U NA NA NA 8.0 CIONAresDvsfdCrdt:U2 NA NA NA 8.0 CIONAresDvsfdCrdt;W NA NA NA 8.3 CNRSelectStrategies 16.92 NA NA 0.0 COLUMBIACRINCOPP;A 19.89 NA NA 9.6 COLUMBIACRINCOPP;I 19.90 NA NA 10.1 Diamond Hill Sec Cr;I 10.69 NA NA 6.6 Diamond Hill Sec Cr;R 10.69 NA NA 7.0 EAGLEPOINTDFNSVINC;A NA NA NA NS EAGLEPOINTDFNSVINC;C NA NA NA NS EAGLEPOINTDFNSVINC;I NA NA NA NS EAGLEPOINTDFNSVINC;S NA NA NA NS FirstEagleCrdtOppsA 22.01 NA NA 8.8 FirstEagleCrdtOppsA2 21.97 NA NA 8.5 FirstEagleCrdtOppsI 21.89 NA NA 9.0 FirstTrustPrivateCr;A NA NA NA 10.1 FirstTrustPrivateCr;I NA NA NA 10.1 Franklin BSP Pvt Cr:A 9.87 NA NA 6.7 FranklinBSPPvtCr:Adv 9.89 NA NA 7.2 FS Credit Income;A 11.79 NA NA 9.4 FS Credit Income;I 11.84 NA NA 9.6 FS Credit Income;T 11.82 NA NA 9.1 FS Credit Income;U 11.77 NA NA 8.9 FS Credit Income;U-2 11.89 NA NA 8.8 JHANCOCKCQSASSETBS;A 18.44 NA NA 9.4 JHANCOCKCQSASSETBS;I 18.46 NA NA 9.7 JHANCOCKCQSASSETBS;U 18.41 NA NA 8.9 KKR ASST BSD FIN;D NA NA NA 8.3 KKR ASST BSD FIN;I NA NA NA 8.6 KKR ASST BSD FIN;T NA NA NA 7.8 KKR ASST BSD FIN;U NA NA NA 7.8 LibreMaxAsstBckdIncm;I 10.05 NA NA NS LoomisSaylesCrInOp;R 9.98 NA NA NS LoomisSaylesCrInOp;I 9.98 NA NA NS LORDABETTFLEXINC;A 10.02 NA NA 6.2 LORDABETTFLEXINC;I 10.01 NA NA 7.0 LORDABETTFLEXINC;U 10.01 NA NA 6.1 MASPECIALTYCREDITIN;S 24.84 NA NA 9.3 NIAGARAINCOMEOPPORTNTS NA NA NA 9.95 PalmerSquareOppInc 17.37 NA NA 6.9 TCGSTRATEGICINCOME;I 9.96 NA NA NS TCWPRIVASSETINC;A 9.86 NA NA 7.8 TCWPRIVASSETINC;I 9.98 NA NA 7.2 TCWPRIVASSETINC;I-3 9.97 NA NA NS World Income Funds BlueBayDestraItlE:A 21.95 NA NA 8.6 BlueBay Destra Itl E:I 21.98 NA NA 8.9 BlueBay Destra Itl E:T 21.80 NA NA 8.2 BOOSTERINCOMEOPPTYS 9.70 NA NA 9.3 Calamos-Aksia ACI:A 10.51 NA NA 8.9 Calamos-Aksia ACI:C 10.47 NA NA 8.2 Calamos-Aksia ACI:I 10.51 NA NA 9.1 Calamos-Aksia ACI:M 10.51 NA NA 8.4 CarlyleTactPvtCred:A NA NA NA 8.1 CarlyleTact PvtCred:I NA NA NA 8.6 CarlyleTactPvtCred:L NA NA NA 8.1 CarlyleTactPvtCred:M NA NA NA 7.8 CarlyleTactPvtCred:N NA NA NA 8.6 CarlyleTactPvtCred:U NA NA NA 7.8 CarlyleTactPvtCred:Y NA NA NA 8.3 EMERYPRTNRSINCCRESTR 10.24 NA NA 6.8 Fid MS Cr;A NA NA NA 5.5 Fid MS Cr;C NA NA NA 4.8 Fid MS Cr;I NA NA NA 5.8 Fid MS Cr;L NA NA NA 5.3 Jackson Credit Opps:I 10.84 NA NA 1.0 Lincoln Bain CTC;A 9.79 NA NA NS Lincoln Bain CTC;D 9.80 NA NA NS Lincoln Bain CTC;I 10.19 NA NA NS Lincoln Bain CTC;IS 9.81 NA NA NS LordAbbettCredOppsFd NA NA NA 9.6 LordAbbettCredOppsFd NA NA NA 10.4 Lord Abbett Crd Op:U NA NA NA 9.6 Nuveen En Corp Opp;I 19.91 NA NA NS OAKTREEASST-BCKDINC;I 10.28 NA NA NS OAKTREEDVSFDINCOME;A 8.81 NA NA NS OaktreeDvsfdIncome;D 8.81 NA NA 8.5 PIMCOFlexibleEMI;Inst NA NA NA 8.8 National Muni Bond Funds BlackRockMunCrAlphaA 12.37 NA NA 5.1 BlackRockMunCrAlphaU 12.36 NA NA 5.1 FirstEagleTctMnOp;I 10.10 NA NA 6.6 LindCapPtMunCredInc 8.70 NA NA 4.8 LordAbbettMuniOpps:A 10.33 NA NA 5.2 LordAbbettMuniOpps:I 10.33 NA NA 5.9 NuveenEnHYMuniBd:A1 NA NA NA 5.4 NuveenEnHYMuniBd:A2 NA NA NA 5.6 NuveenEnHYMuniBd:I NA NA NA 6.1 NYLIMacKayMuIO;A1 10.06 NA NA 3.4 NYLIMacKayMuIO;A2 10.07 NA NA 3.4 NYLIMacKayMuIO;A3 10.06 NA NA 3.2 NYLI MacKay MuIO;I 10.06 NA NA 3.9 PIMCOFlexMunInc;A-3 10.02 NA NA 3.5 PIMCOFlexMunInc:A1 10.02 NA NA 3.8 PIMCOFlexMunInc;A2 10.02 NA NA 3.8 PIMCOFlexMunInc;Inst 10.02 NA NA 4.3 ROCKEFELLERMUNIOPPS;I 20.11 NA NA 5.2 Single State Muni Bond PIMCO CAFMI;A-1 9.98 NA NA 3.0 PIMCO CAFMI;Inst 9.98 NA NA 3.5
13weeks 3.730 3.760 4.240 3.540 26weeks 3.835 3.860 4.120 3.475
Other short-term rates
Call money 5.50 5.50 6.25 5.50
Commercial paper (AA financial) 90 days 3.81 3.92 4.32 3.57
Secured Overnight FinancingRate 3.64 3.62 4.51 3.50
Value 52-Week Latest Traded High Low
DTCCGCFRepo Index Treasury 3.657 62.850 4.492 3.504 MBS 3.682 91.470 4.623 3.517
Weekly survey
Latest Week ago Yearago
Freddie Mac 30-year fixed 6.58 6.55 6.74 15-year fixed 5.96 5.93 5.87
Food
Beef,carcass equiv. index choice 1-3,600-900 lbs.-u 347.61 select 1-3,600-900 lbs.-u 331.56 Broilers,Nationalcompwtd.avg.-u,w 1.1777 Butter,AA Chicago-d 1.5075 Cheddar cheese,bbl,Chicago-d 163.00 Cheddar cheese,blk,Chicago-d 160.75 Milk,Nonfat dry,Chicago lb.-d 140.25 Coffee,Brazilian,Comp-y 3.0000 Coffee,Colombian, NY-y 3.6289 Eggs,large white,Chicago-u,w 1.2150 Flour,hard winter KC-p 19.85 Hams,17-20 lbs,Mid-US fob-u 1.11 Hogs,Iowa-So. Minnesota-u 94.12 Pork bellies,12-14 lb MidUS-u n.a. Pork loins,13-19 lb MidUS-u 1.0325 Steers,Tex.-Okla. Choice-u n.a. Steers,feeder,Okla. City-u,w 407.50 Fats andOils
10%
Monday
The government appears deter- mined to press forward with its plan to let public companies opt out of quarterly financial report- ing. Now companies and their boards must decide whether they want to and what it might cost them. U.S. securities regulation is a disclosure-based system. Reducing the frequency of required financial reports strikes at the heart of its design. This explains the outcry over the Securities and Exchange Com- mission’s proposal to make quar- terly reporting voluntary and al- low semiannual reporting instead. Many investors see it as an act of contempt for their interests. Vociferous complaining won’t help maximize returns, though. In- vestors must operate within the world they have, not the one they wish existed. Barring an unex- pected pivot by the SEC, practical considerations are fast approach- ing for investors and companies alike. Corporate boards that switch to semiannual reporting risk brand- ing themselves as laggards in the eyes of the market. Less transpar- ency often translates into lower equity valuations and higher bor- rowing costs. Moreover, the SEC could easily reverse the policy af- ter President Trump leaves office. So whatever benefits companies might see in changing practices could be short-lived. The people who stand to benefit most from less timely reporting include pump-and-dump artists and quick-buck penny-stock pro- moters. Less disclosure makes it easier to separate easy marks from their money. But there might be a silver lin- ing: Giving companies the choice of a longer reporting window could make it easier for investors
BY BEN GLICKMAN Big Lenders Wade Back Into Commercial Real-Estate
Big banks are on the hunt to grow their loan books and are turning back to an area they had shunned not that long ago. Just a few years ago, banks couldn’t get away from com- mercial real-estate loans fast enough, fearing potential losses as office vacancy rates remained elevated after the pandemic. Now, they are wading back in with a focus on big growth areas like multifamily housing and in- dustrial real es- tate, which is being fueled by a boom in big d a t a - c e n t e r projects. They are doing so with tighter lend- ing standards, they say, while still working through some troubled loans stemming from continued distress in some of- fice markets. Bank of America and U.S. Bancorp’s commercial real-es- tate loan balances were each up over 8% in the second quarter from a year ago. Truist Financial’s loans were up by about 25%, and PNC Financial Services Group’s were up 15%. Overall, commercial real-es- tate mortgage loan origina-
Truist Financial
PNC Financial Services Group
Bank of America
Rise in commercial real-estate mortgage loan originations in the first quarter
THE TICKER | MARKET EVENTS COMING THIS WEEK
PrincipalFinancial Group 2.34/2.16 Welltower 0.64/0.45
Durable-goodsorders May., previous down 4.5% Jun., expected up2.1%
Tuesday
ConsumerConfidence Jun.,previous 91.2 Jul.,expected 92.5
ON THESTREET
ASHLEY LANDIS/AP
ExxonMobil submitted a comment letter supporting the proposal, but still expects to keep up quarterly releases.
to spot stocks they should avoid. Reputable companies will con- tinue filing quarterly financial re- ports anyway. Companies that don’t would raise a red flag, leav- ing investors wondering what they have against keeping the market fully informed throughout the year. Cutting back to semiannual re- porting doesn’t necessarily mean ending quarterly disclosures. Exx- onMobil, which submitted a com- ment letter in support of the SEC’s proposal, said it expects to keep issuing quarterly earnings releases if it makes the switch.
tions in the first quarter were up more than 50% from a year earlier, according to a survey by the Mortgage Bankers As- sociation, driven in part by an 80% increase in loans from de- posit-taking institutions. “There’s kind of an awaken- ing that it’s probably safe to go back into the water,” said Citizens Financial Group Chief Executive Bruce Van Saun. “We need earning as- sets, and we can find some attractive earn- ing assets.” Citizens has said it plans to do more real- estate lending tied to specific areas such as data centers, though its pull- back in offices is causing its overall commercial real-estate loan balance to fall. After office buildings failed to fill back up in the years fol- lowing the pandemic, inves- tors and analysts had been bracing for a wave of defaults in commercial real-estate loans. Banks set aside more money for potential losses and scrutinized their books for any signs that distress could be bubbling up. Higher interest rates and rising maintenance costs also darkened the pic- ture. Valuations sank. Now banks have worked
SeagateTechnology Holdings 5.10/2.59 Visa 3.23/2.98
Wednesday
EIAstatus report Previous change instocks in millions of barrels Crude-oilstocks up 2.0 Gasolinestocks up 0.8 Distillates up 1.4
These lack the completeness and precision of full financial re- ports, and the stan- dards for them are lower. But they may suffice for many in- vestors. The buffet of op- tions could set up an interesting market experiment. Most large companies are expected to continue with quarterly re- porting while some companies won’t, leading to differ- ences within individual sectors.
Commercial real-estate loan balances in the second quarter, change from a year earlier
U.S. Bank
8.6
8.3
CMBS overall delinquency rate
’05 ’10 ’15 ’20 ’25 2000
2.00
Sources: the companies (loan balances); Federal Reserve (loans at U.S. banks); Trepp (CMBS)
through the most problematic loans and are seeing lower de- linquencies in their real-estate portfolios. At some lenders, the portion of commercial real-estate loans in distress in the second quarter dropped sharply, though overall delin- quencies across the sector re-
Thursday
Mort. bankers indexes Purch.,previous up 6.0% Refinan.,prev. down 2.0%
GDP Deflator 1st qtr., final up3.6% 2nd qtr.adv.est. up 4.4%
This would make it possible to study whether those that report less frequently in- deed trade for a dis- count or have a higher cost of capital as a result. The SEC began re- quiring quarterly fi- nancial reporting in 1970, and investors have long taken it for granted. In many ways it is designed for times of stress, not periods of calm. And while the reports are often voluminous, it is
report only twice a year risk being labeled as laggards.
Commercial real-estate loans at U.S. banks
$3.00trillion
25.7%
2.75
2.50
15.0
2.25
1.75
2018 ’19 ’20 ’21 ’22 ’23 ’24 ’25 ’26
Monthly
main relatively high. Big lenders for years had to hold significant reserves against potential losses in their commercial real-estate portfolios, which left them less space on their balance sheets to make new loans, said Jade Rahmani, an analyst at
30-year fixed 6.58% 15-year fixed 5.96%
Initial jobless claims Previous 187000 Expected 203000
hard to predict what seemingly obscure data points could become essential in a moment. After Silicon Valley Bank failed in March 2023, not long before first-quarter earnings season be- gan, investors were suddenly clamoring for timely information about the stickiness of lenders’ de- posits and the market values of their bondholdings. It would have been inconceivable to make inves- tors wait an extra three months for complete sets of financial statements. Then again, it would be largely futile for publicly held banks to stop filing quarterly reports with the SEC. They also file quarterly finan- cial reports with banking regula- tors that contain much of the same information. The SEC had posted about 221,000 comment letters about its proposal as of Thursday, with more awaiting processing. A tracker created by Tzachi Zach, an accounting professor at Ohio State University, at last count showed 99.5% of the letters opposed it. It was Trump who asked the SEC to begin the process of mak- ing quarterly reporting voluntary. Its initiative was always aimed at pleasing an audience of one. These are heady times for the capital markets. Major U.S. stock indexes are near all-time highs. Valuations are rich. Leveraged bets are soaring. New technologies are booming. It’s a risk-on envi- ronment in the extreme, and an ideal moment for opportunists looking to slash investor protec- tions. But changing the rules to make quarterly reporting optional is an overreach. Companies and their boards must decide if they will be the ones to prove it. —Jonathan Weil
June 2026$2.99T
June 2026 7.35%
Keefe, Bruyette & Woods. “They feel they’ve ringfenced the losses,” said Rahmani. Many of the more problematic loans have been extended or modified. Commercial real-estate loans at U.S. banks totaled nearly $3 trillion in June, up
Friday
billionsof cubic feet up32
Employment cost index 1stqtr., previous up 0.9% 2ndqtr., expected up 0.8%
Earnings expected Estimate/YearAgo AltriaGroup 1.50/1.44 Amazon.com 1.82/1.68 Apple 1.89/1.57 Bristol-MyersSquibb 1.60/1.46 Mastercard 4.77/4.15 Stryker 3.49/3.13
about 3% from a year earlier, according to data from the Federal Reserve. With profits from their core lending businesses lackluster, in part because of hot compe- tition for consumer deposits, banks are also under pressure to find ways to grow their loan books. Another factor in the re- turn to growth: the vast build- out of data centers across the country. Big banks have bene- fited in dealmaking and corpo- rate lending from the artifi- cial-intelligence boom, and real-estate developers tied to the projects also need mort- gages and construction loans. Bankers are being cautious, and commercial real estate re- mains a small portion of larger banks’ loan balances. Bank OZK, an Arkansas lender where commercial real estate historically made up around two-thirds of its loans, has been pushing to diversify in recent quarters. In its second- quarter earnings report last week, the bank said origina- tion volumes were subdued af- ter it saw significant competi- tion for real-estate debt deals. Still, executives are opti- mistic about the sector. “We along with many oth- ers had this downdraft in commercial real-estate loans, and now it’s just starting to pick up. It’s good to see,” said John Stern, chief financial of- ficer of U.S. Bancorp.
index Jul., prelim 54.4 Jul., final 54
Earnings expected Estimate/YearAgo AbbVie 3.60/2.97 Chevron 5.53/1.77 Colgate-Palmolive 0.95/0.92 Dominion Energy 0.68/0.75 Eaton 3.07/2.95 Linde 4.49/4.09
Waymo Is Racking Up Parking Fines, Ambassador Bridge, American Airlines, American Eagle, Americas Argentina, An Arcadia Bluffs, And American - WARNING: source dates, money, or percentage tokens may be missing
本次翻译质量未通过。文档中存在严重的幻觉（Hallucinations）、关键信息丢失以及未能清理的内部质量警告标签。
> [!WARNING] 翻译质量评估未完全通过... 的质量检查报告。根据指令，任何内部清理标签均被视为交付缺陷。REVIEW & OUTLOOK 章节中关于 Mercedes-Benz (梅赛德斯-奔驰) 被美国国会禁止进入市场的详细讨论、Ted Cruz 的观点以及 UAW 工会的博弈内容在译文中被完全删除/替换。roughly $250 billion 仍保留英文 billion。lackluster 在译文中以 lackluster（平淡） 形式出现，属于未完成翻译。g $\to$ $\uparrow$, À $\to$ $\downarrow$）在译文中被原样保留（如 51947.25 g 199.17），未转换为可读的中文金融术语（上涨/下跌）。Blocking Issue Found. 该译文不可用。不仅存在严重的文本幻觉（凭空捏造内容），且丢失了源文中核心的政治与商业评论部分，同时残留了系统警告标签。