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Thanks for reading The Backstory, a Saturday compilation of the best of
Puck. As always, it was a remarkable week: Matt Belloni reviewed David
Ellison’s first day atop Paramount while Kim Masters identified his next
potential M&A target; Julia Alexander detailed Bob Iger’s super-app
ambitions; Eriq Gardner delved into an HBO legal pickle; Ian Krietzberg
collected reactions to the GPT-5 debut.
Aug 9, 2025
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PREVIEW VERSION
Start a free 14-day trial to unlock access to Puck.
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Jon Kelly
Good morning,
Thanks for reading The Backstory, a Saturday compilation of the best of
Puck.
As always, it was a remarkable week: Matt Belloni reviewed David Ellison’s
first day atop Paramount while Kim Masters identified his next potential M&A
target; Julia Alexander detailed Bob Iger’s super-app ambitions; Eriq
Gardner delved into an HBO legal pickle; Ian Krietzberg collected reactions
to the GPT-5 debut; John Ourand revealed how the ESPN–NFL Media deal came
together; Bill Cohan explored a potential issue with Meta’s income
statement; Lauren Sherman unpacked a plot twist in the LVMH succession saga;
Rachel Strugatz interrogated a Gwyneth-ologist; Sarah Shapiro offered a
talmudic reading of the denim landscape; Marion Maneker elucidated some
proprietary Picasso and Basquiat auction data; Julie Davich scrutinized the
trend of wearable art; and Dylan Byers peered into the CBS News crying
rooms.
Meanwhile, Julia Ioffe pondered the right’s growing Israel schism; Leigh Ann
Caldwell documented the emancipation of Marjorie Taylor Greene; and Abby
Livingston considered the Texas redistricting butterfly effect.
Check out these stories, and others, via the links below. And stick around
for the backstory on how it all came together.
P.S.: If you’re in L.A. this upcoming Thursday, August 14, Julia Alexander
will be in town to moderate a panel in West Hollywood with the talented
casting directors behind a handful of Apple TV+’s award-nominated series:
Debby Romano (Shrinking), Melissa Kostenbauder (The Studio), and Rachel
Tenner (Severance). Click here to RSVP while spaces are still available; the
conversation will take place from 5 to 7 p.m. PT.
Check out these stories, and others, via the links below. And stick around
for the backstory on how it all came together.
START A FREE 14-DAY TRIAL
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FASHION
Lauren Sherman explains Frédéric Arnault’s Loro Piana opportunity.
and…
Rachel Strugatz creates a Gwyneth Paltrow HBS case study.
meanwhile…
Sarah Shapiro charts the creative director musical chairs in the denim
market.
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ART MARKET
Marion Maneker weighs in on proprietary 1H25 auction results and looks into
the Karpidas sale crystal ball.
and…
Julie Davich evaluates the designer jewelry marketplace.
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HOLLYWOOD
Matt Belloni details The Ellison Plan.
and…
Kim Masters delineates the new mogul’s next acquisition targets.
and…
Eriq Gardner wonders aloud whether Bill Maher will get Loomer-ed.
meanwhile…
Julia Alexander assesses Bob Iger’s refined streaming strategy.
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A.I.
Ian Krietzberg inspects the A.I. market for bubble behavior and puts GPT-5
in context.
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MEDIA
Dylan Byers separates fact from fiction at CBS and heralds a news media
duopoly.
and…
John Ourand explains how ESPN and the NFL completed each other’s sentences.
and…
Julia Alexander analyzes Fox’s Dave Portnoy plan.
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WALL STREET
Bill Cohan chats about Meta’s earnings with the legendary short seller Jim
Chanos.
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WASHINGTON
Leigh Ann Caldwell chronicles M.T.G.’s political migration.
and…
Abby Livingston uncovers how the Texas redistricting mess threatens to
engulf the midterms.
and…
Julia Ioffe investigates the right’s Israel civil war.
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PODCASTS
Dylan and Wired editorial director Katie Drummond discuss media brand
reinvention on The Grill Room.
and…
WWE president Nick Khan tells Ourand about his new ESPN deal on The Varsity.
and…
Lauren welcomes the serial founder Yael Aflalo onto Fashion People.
and…
John Heilemann and political entrepreneurs Dan Squadron and Adam Pritzker
discuss their plan to revive the left on Impolitic.
and…
Matt and Monday guy Lucas Shaw contemplate the new Paramount top team on The
Town.
and…
Kim and Peter Hamby plot out David Ellison’s plans for world domination on
The Powers That Be.
As a reminder, you can update your profile at any time to get more stories
like these directly in your inbox. Click here to customize your email
settings.
Bubble Trouble
I’ve lived through a number of hypercharged investing sprees in my day, some
of which have proved prescient, and others decidedly less so—the first
internet surge, the rise of the alts, fracking, the most recent
mobile-fueled Silicon Valley venture bubble, and the streaming wars, to name
just a handful. But I’ve never seen anything like the unprecedented capex
emanating from our economy’s so-called hyperscalers—Meta, Google, Amazon,
and Microsoft, etcetera—in pursuit of artificial intelligence hegemony.
The Four, which earn between $50 billion (Meta) and $175 billion (Amazon)
per quarter, are on pace to spend a staggering $360 billion on A.I.
infrastructure this year as they buy G.P.U.s, build out extensive data
centers, and manage the costs and hazards of operating these extraordinary
cloud computing mini cities. Their logic is simple, if somewhat imprecise:
A.I. and superintelligence will become the transformative technology of our
time, of course, and while its impact will be vast and ubiquitous, the
platform shift won’t confer a rose to every suitor.
The Four, along with Apple, have been the most prosperous companies of the
internet age—and, you could argue, of all time—with attendant fortress
balance sheets. They may have created their fortunes in software, products,
and logistics, but they aren’t going to cede their advantages to upstarts
like OpenAI and Anthropic—both of which are spending like mad, too.
Meanwhile, equity analysts are rewarding these companies for using their
billions to moat their traditional businesses while investing in their
futures; Morgan Stanley analysts predicted in a recent note that an
additional $3 trillion could be invested in data centers through 2028. Also,
none of their A.I. businesses are yet profitable. Heavy cake.
In a pair of extraordinary pieces this week, my newest partner, Ian
Krietzberg, assessed the less appreciated economic underbelly of the A.I.
revolution: We’ve gone full throttle into a Wild West—a true gold rush. In
A.I. Bubble Bust Theories, Ian looks for clues regarding whether these
extraordinary investments are actually trickling down into their operating
plans, and what a correction might look like—and which companies and sectors
it could impact. And in a subsequent piece, Slaughterhouse GPT-5, he offered
an acute look at the industry’s most famous insurgent—and how it’s managing
the comedown from its latest hype cycle.
But if you only have time to read one piece this weekend, I’d turn your
attention to my partner Bill Cohan’s latest masterstroke, Jim Chanos in the
Metaverse. Bill phoned up the legendary short seller on a late summer
pleasure cruise and engaged him and his newest fixation: Meta’s depreciation
schedule for, you guessed it, the company’s massive program of capital
spending. Chanos’s insights are provocative and compelling, and merely the
latest indication that we’re in the prehistory of this extraordinary
saga—one of the true stories of our time, and especially what you should
expect to read about voraciously at Puck.
Have a great weekend,
Jon
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style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-top:24px;"><div class=3D"r" align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid =
#d9d9d9;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"y o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-=
align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#d40000;font-family:'PuckSerifDi=
splay','Georgia';font-size:20px;font-weight:400;padding-botto=
m:24px;text-align:left;">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:0px;"><img alt=3D"Jon Kelly" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1739207840362_avatar-jon-update-2025-02-10_01JKRDV4MWG66YABQ09KYQKNAE.pn=
g" height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-spacin=
g:undefined;text-align:left;line-height:normal;">Jon Kelly
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;margin-bottom:0px;">Good morning,<br/><br/>Thanks for =
reading The Backstory, a Saturday compilation of
the best of Puck.<br/><br/>As always, it was a remarkable week: =
<strong>Matt Belloni </strong>reviewed <strong>David =
Ellison</strong>=E2=80=99s first day atop Paramount while <strong>Kim =
Masters</strong> identified his next potential M&A target; =
<strong>Julia Alexander </strong>detailed <strong>Bob =
Iger</strong>=E2=80=99s super-app ambitions; <strong>Eriq Gardner =
</strong>delved into an HBO legal pickle; <strong>Ian =
Krietzberg</strong> collected reactions to the GPT-5 debut; <strong>John =
Ourand </strong>revealed
how the ESPN=E2=80=93NFL Media deal came together; <strong>Bill Cohan =
</strong>explored a potential issue with Meta=E2=80=99s income =
statement; <strong>Lauren Sherman </strong>unpacked a plot twist in the =
LVMH succession saga; <strong>Rachel Strugatz </strong>interrogated a =
<strong>Gwyneth</strong>-ologist; <strong>Sarah Shapiro </strong>offered =
a talmudic reading of the denim landscape; <strong>Marion Maneker =
</strong>elucidated some proprietary <strong>Picasso </strong>and =
<strong>Basquiat </strong>auction
data; <strong>Julie Davich </strong>scrutinized the trend of wearable =
art; and <strong>Dylan Byers </strong>peered into the CBS News crying =
rooms.</p><p style=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p =
style=3D"margin:0;margin-bottom:0px;">Meanwhile, <strong>Julia Ioffe =
</strong>pondered the right=E2=80=99s growing Israel schism; =
<strong>Leigh Ann Caldwell </strong>documented the emancipation of =
<strong>Marjorie Taylor Greene</strong>; and <strong>Abby Livingston =
</strong>considered the Texas
redistricting butterfly effect.<br/><br/>Check out these stories, and =
others, via the links below. And stick around for the backstory on how =
it all came together.</p><p style=3D"margin:0;"><br/><em>P.S.</em>: If =
you=E2=80=99re in L.A. this upcoming Thursday, August 14, Julia =
Alexander will be in town to moderate a panel in West Hollywood with the =
talented casting directors behind a handful of Apple TV+=E2=80=99s =
award-nominated series: <strong>Debby Romano =
</strong>(<em>Shrinking</em>), <strong>Melissa
Kostenbauder</strong> (<em>The Studio</em>), and <strong>Rachel =
Tenner</strong> (<em>Severance</em>). <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9hY29udmVyc2F0aW=
9ub25jYXN0aW5nLnNwbGFzaHRoYXQuY29tLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSs=
tK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5=
Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uX=
HUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMz=
AxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI=
zMTM1MjB9/1ebe92a56622a960a0f68afb9c9502bed972f1e45a6da603cf30ca87267ee02=
5" style=3D"text-decoration:underline;color:#d40000;">Click here</a> to =
RSVP while spaces are still available; the conversation will take place =
from 5 to 7 p.m. PT.=C2=A0</p></div>
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<table class=3D"u" align=3D"center" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"y o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;vertical-align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">Check =
out these stories, and others, via the links below. And stick around for =
the backstory on how it all
came together.</p></div>
</td></tr></tbody></table>
<table class=3D"g oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:37px;text-align:center;"><div class=3D"r" =
align=3D"center"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam=
9pbi8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI=
5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUl=
MjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZ=
XIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZj=
ZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo1NTg2Nzl9/8ae8e2032b57ce8be09ad6=
e2d39f2c3ff45ebdbf08ad28f36a4b08e58b648776" target=3D"_blank" =
style=3D"color:#ffffff;text-decoration:none;"><span class=3D"m" =
style=3D"background-color:#d40000;border-bottom:2px solid =
#d40000;border-left:2px solid #d40000;border-radius:4px;border-right:2px =
solid #d40000;border-top:2px
solid =
#d40000;color:#ffffff;display:inline-block;font-family:'Inter',&#=
39;Arial';font-size:14px;font-weight:700;mso-border-alt:none;padding-=
bottom:8px;padding-top:8px;padding-left:20px;padding-right:20px;text-alig=
n:center;width:60%;word-break:keep-all;letter-spacing:normal;"><span =
style=3D"word-break:break-word;line-height:28px;">START A FREE 14-DAY =
TRIAL</span></span></a></div>
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<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"y o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-=
align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;"><div class=3D"r" align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"FASHION" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520868807_tbs-icon-fashion_01JAQQM7F4X1VMN1QPH2NRBDZ8.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:u=
ndefined;text-align:left;line-height:normal;">FASHION
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Lauren Sherman
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG=
93LWFyZS10aGluZ3MtZ29pbmctZm9yLWZyZWRlcmljLWFybmF1bHQtYXQtbG9yby1waWFuYS8=
_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcd=
TAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW=
9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA=
2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMzExNDU2fQ/24ac9b31e9b07e7defd3f539b=
582a7e1fe2ff1fe93ecb77a236012c66d292000" =
style=3D"text-decoration:underline;color:#d40000;">explains</a> =
<strong>Fr=C3=A9d=C3=A9ric Arnault</strong>=E2=80=99s Loro Piana =
opportunity.<br/><em>and=E2=80=A6</em><br/><strong>Rachel Strugatz =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYW=
15LW9kZWxsLW9uLWd3eW5ldGgtcGFsdHJvdy10aGUtZnV0dXJlLW9mLWdvb3AvP3V0bV9jYW1=
wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUyOVx1MDAyNnV0bV9j=
b250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUwMDI2dXRtX=
21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dX=
RtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzA=
xZDQ4ZDI4IiwibGlua19pZCI6MjMwOTM3Mn0/92c179a95d6299c3715a265b8d5c97a474c2=
841b1143022cc0e391bf62094bab" =
style=3D"text-decoration:underline;color:#d40000;">creates</a> a =
<strong>Gwyneth Paltrow </strong>HBS case =
study.<br/><em>meanwhile=E2=80=A6</em><br/><strong>Sarah
Shapiro </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hlLWRlbmltLXdhcnMtYXJlLWFsbC1hYm91dC10YWxlbnQtbm93Lz91dG1fY2FtcGFpZ249VGh=
lK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1U=
aGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09Z=
W1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPW=
Y2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCI=
sImxpbmtfaWQiOjIzMDczODZ9/9bd6d66237235ef2447e49b8c65c3d621919e939dffe246=
7eb4a7cf1bf51c040" =
style=3D"text-decoration:underline;color:#d40000;">charts</a> the =
creative director musical chairs in the denim market.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"y o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-=
align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;"><div class=3D"r" align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"ART MARKET" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520868285_tbs-icon-art_01JAQQM732KCZHXS8XJBMTGS8Y.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:u=
ndefined;text-align:left;line-height:normal;">ART MARKET
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Marion Maneker</strong>
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hlLXRvcC01MC1hcnRpc3RzLW9mLXRoZS15ZWFyLXNvLWZhci8_dXRtX2NhbXBhaWduPVRoZSt=
CYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhl=
K0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtY=
WlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNm=
M2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJ=
saW5rX2lkIjoyMzA5NzE0fQ/73730be22dc4bdbff7da57fe24d0034ce8ccaa5a2f475ee02=
b0fad9808c129f5" =
style=3D"text-decoration:underline;color:#d40000;">weighs in</a> on =
proprietary 1H25 auction results and <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvY2=
FuLWthcnBpZGFzLTgwbS1sb25kb24tc2FsZS1yZWlnbml0ZS10aGUtYXJ0LW1hcmtldC8_dXR=
tX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUwMDI2=
dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwM=
jZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdT=
AwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTV=
lM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMzA2NTM5fQ/64d0c8c5629d091b62f9b1b9a69cb=
12d7dee992be6c2149b49500f345ce67e8f" =
style=3D"text-decoration:underline;color:#d40000;">looks into</a> the =
<strong>Karpidas </strong>sale crystal =
ball.<br/><em>and=E2=80=A6</em><br/><strong>Julie Davich
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hlLXdlYXJhYmxlLWFydC1tYXJrZXQtaXMtaGVhdGluZy11cC8_dXRtX2NhbXBhaWduPVRoZSt=
CYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhl=
K0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtY=
WlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNm=
M2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJ=
saW5rX2lkIjoyMzAwNDM0fQ/dbef79f5be68547892415428dbd42ac69876881e84d7db29e=
fac2e3ff3df3ca3" =
style=3D"text-decoration:underline;color:#d40000;">evaluates</a> the =
designer jewelry marketplace.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"y o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-=
align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;"><div class=3D"r" align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"HOLLYWOOD" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520869111_tbs-icon-hollywood_01JAQQM7RNJPAHAYAT4JVP2FGA.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:u=
ndefined;text-align:left;line-height:normal;">HOLLYWOOD
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Matt Belloni</strong>
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZG=
F2aWQtZGF5LW9uZS10aGUtZWxsaXNvbi1lcmEtYXQtcGFyYW1vdW50LWJlZ2lucy8_dXRtX2N=
hbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUwMDI2dXRt=
X2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwMjZ1d=
G1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMj=
Z1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2Q=
zMDFkNDhkMjgiLCJsaW5rX2lkIjoyMzEyMjM4fQ/512460b4543c563b5b33d5b9255e0f4b5=
d9522f7c3f30899d45a3e52dec1145d" =
style=3D"text-decoration:underline;color:#d40000;">details</a> The =
Ellison Plan.=C2=A0<br/><em>and=E2=80=A6<br/></em><strong>Kim Masters =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaX=
MtbmV3LXBhcmFtb3VudC1vd25lci1kYXZpZC1lbGxpc29uLWFmdGVyLXdhcm5lcnMtbmV4dC8=
_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcd=
TAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW=
9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA=
2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMzAyOTgwfQ/f134b7fbb9f4b37b42951b224=
22099e3b838e3ccefbd43fe7a4d24fb5a3a53cd" =
style=3D"text-decoration:underline;color:#d40000;">delineates</a> the =
new mogul=E2=80=99s next acquisition =
targets.<br/><em>and=E2=80=A6<br/></em><strong>Eriq Gardner
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
lsbC1iaWxsLW1haGVyLWdldC1sb29tZXJlZC8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3Rvcnk=
rLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9y=
eSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvb=
lx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZD=
MwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjo=
yMzA4NzQ1fQ/7f8c54ac3306b0057648f62966af406ca679caabb3d2cff946a69d3677750=
8d1" style=3D"text-decoration:underline;color:#d40000;">wonders =
aloud</a> whether <strong>Bill Maher </strong>will get =
<strong>Loomer</strong>-ed.<br/><em>meanwhile=E2=80=A6<br/></em><strong>J=
ulia Alexander </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaX=
MtZGlzbmV5LXBsdXMtcmVhZHktdG8tYmVjb21lLWEtc3VwZXItYXBwLz91dG1fY2FtcGFpZ24=
9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVu=
dD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUyOVx1MDAyNnV0bV9tZWRpd=
W09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZX=
JtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQ=
yOCIsImxpbmtfaWQiOjIzMTA4NTR9/e9a33b7de4e60f4dce0fdbf1e74ee5d395b1f2b6629=
b522adbb64fc21835f963" =
style=3D"text-decoration:underline;color:#d40000;">assesses</a> Bob =
Iger=E2=80=99s refined streaming strategy.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"y o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-=
align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;"><div class=3D"r" align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"A.I." =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1750192320993_tbs-ai_01JXZSEWH3DSYQ0QETB525GJR3.png" height=3D"auto" =
width=3D"48" align=3D"center" style=3D"display:
block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:u=
ndefined;text-align:left;line-height:normal;">A.I.
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Ian Krietzberg
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hlLWFpLWJ1YmJsZS1jb250aW51ZXMtdG8taW5mbGF0ZS13aGF0LWlmLWl0LXBvcHMvP3V0bV9=
jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUyOVx1MDAyNnV0=
bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUwMDI2d=
XRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMD=
I2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTN=
kMzAxZDQ4ZDI4IiwibGlua19pZCI6MjMwMzc2OH0/3888399f9258f2d6501e3b1735c0c388=
62dcc1edd95f5adaaf1ccbf48a2d8dbe" =
style=3D"text-decoration:underline;color:#d40000;">inspects</a> the A.I. =
market for bubble behavior and <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZ3=
B0NXMtdW5kZXJ3aGVsbWluZy1sYXVuY2gtYW5kLXRoZS1saW1pdHMtb2YtYWktaHlwZS8_dXR=
tX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUwMDI2=
dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwM=
jZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdT=
AwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTV=
lM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMzExMjExfQ/a502fb98d41e0f18930083c7c307b=
8a494e7e48844adc22fafde5d6ae41c19a6" =
style=3D"text-decoration:underline;color:#d40000;">puts</a> GPT-5 in =
context.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"y o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-=
align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;"><div class=3D"r" align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"MEDIA" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520869437_tbs-icon-media_01JAQQM82TC2CJD5T3P72A68MN.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:u=
ndefined;text-align:left;line-height:normal;">MEDIA
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Dylan Byers </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvY2=
FuLWRhdmlkLWVsbGlzb24tbWFrZS1wYXJhbW91bnQtaW5ub3ZhdGl2ZS8_dXRtX2NhbXBhaWd=
uPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUwMDI2dXRtX2NvbnRl=
bnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwMjZ1dG1fbWVka=
XVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdG=
VybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDh=
kMjgiLCJsaW5rX2lkIjoyMzEzMzc0fQ/4098541cdfa487e4ef6438dd3ed37fe14b7ec9738=
9a820a5058bba8f4683e719" =
style=3D"text-decoration:underline;color:#d40000;">separates</a> fact =
from fiction at CBS and
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG=
93LWRvdy1qb25lcy1hbmQtbmV3LXlvcmstdGltZXMtY29tcGFueS1hcmUtZ3Jvd2luZy1kZXN=
waXRlLWFpLWNoYWxsZW5nZXMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMr=
JTI4OCUyRjklMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEU=
yslMjg4JTJGOSUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG=
1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjg=
iLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjMxMDIwNH0/=
229216a96ddb3cb4c4afbeb7dbc59d26f6f96bf8307c4be8f602ad32445170b7" =
style=3D"text-decoration:underline;color:#d40000;">heralds</a> a news =
media duopoly.<br/><em>and=E2=80=A6<br/></em><strong>John Ourand =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hlLWVzcG4tbmZsLWRlYWwtZXhwbGFpbmVkLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSs=
tK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5=
Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uX=
HUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMz=
AxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI=
zMTIxNDh9/a9b07259b9dde16f3e3f4e71547d83c2539bb0f3fecf7bbe6f54ea9eec3faab=
1" style=3D"text-decoration:underline;color:#d40000;">explains</a> how =
ESPN and the NFL completed each other=E2=80=99s sentences.<br/><em =
style=3D"background-color:transparent;">and=E2=80=A6<br/></em><strong =
style=3D"background-color:
transparent;">Julia Alexander </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
h5LXBhdC1tY2FmZWUtYW5kLWRhdmUtcG9ydG5veS1kb250LW5lZWQtZm94LWFuZC1lc3BuLz9=
1dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAw=
MjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUyOVx1M=
DAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1=
x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDY=
xNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIzMDg2NjZ9/031fec0559d38e6ef9c0ac3b834=
253d7fe03ff2928d5cab900198298d854d858" =
style=3D"background-color:transparent;text-decoration:underline;color:#d4=
0000;">analyzes</a><span =
style=3D"word-break:break-word;background-color:transparent;"> =
Fox=E2=80=99s </span><strong =
style=3D"background-color:transparent;">Dave Portnoy </strong><span =
style=3D"word-break:break-word;background-color:transparent;">plan.</span=
></p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"y o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-=
align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;"><div class=3D"r" align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"WALL =
STREET" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520870551_tbs-icon-wall-street_01JAQQM95KYVHSVTE1SADVAXTS.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:u=
ndefined;text-align:left;line-height:normal;">WALL STREET
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><strong>Bill Cohan
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaX=
MtbWV0YS1ib29zdGluZy1pdHMtbmV0LWluY29tZS1ieS1vdmVydmFsdWluZy1pdHMtYWktY2h=
pcHMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUy=
OVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1J=
TI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbW=
VyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY=
2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjMxMDA4N30/1d3cdd90bf4fac616311=
ca176359f92ff445c301ee535699428700caa7f8346c" =
style=3D"text-decoration:underline;color:#d40000;">chats about</a> =
Meta=E2=80=99s earnings with the legendary short seller <strong>Jim =
Chanos</strong>.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"y o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-=
align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;"><div class=3D"r" align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"WASHINGTON" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520870794_tbs-icon-washington_01JAQQM9D691XMPJRQ226EDXSM.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:u=
ndefined;text-align:left;line-height:normal;">WASHINGTON
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;margin-bottom:16px;"><strong>Leigh Ann =
Caldwell</strong>
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvbW=
Fyam9yaWUtdGF5bG9yLWdyZWVuZS1nb2VzLXJvZ3VlLz91dG1fY2FtcGFpZ249VGhlK0JhY2t=
zdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFj=
a3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfY=
WN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNj=
E1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmt=
faWQiOjIzMTAzMzV9/b0dae5495197b8c3914745cf59c072919616e861bebe4651c1bf59e=
e70b686cc" =
style=3D"text-decoration:underline;color:#d40000;">chronicles</a> =
M.T.G.=E2=80=99s political =
migration.<br/><em>and=E2=80=A6</em><br/><strong>Abby Livingston =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hlLXRleGFzLXJlZGlzdHJpY3RpbmctY2hhaW4tcmVhY3Rpb24vP3V0bV9jYW1wYWlnbj1UaGU=
rQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRo=
ZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lb=
WFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09Zj=
ZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiw=
ibGlua19pZCI6MjMwMjYxOH0/0a64bd15d46eff1f296688f0f63debcef28929f527ca56d4=
79a66f137ddd6659" =
style=3D"text-decoration:underline;color:#d40000;">uncovers</a> how the =
Texas redistricting mess threatens to engulf the =
midterms.<br/><em>and=E2=80=A6</em><br/><strong>Julia Ioffe
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
5zaWRlLW1hZ2FzLWdyb3dpbmctcmlmdC1vdmVyLXVzLXN1cHBvcnQtZm9yLWlzcmFlbC8_dXR=
tX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUwMDI2=
dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwM=
jZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdT=
AwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTV=
lM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMzExNjI3fQ/e1d1e55ec563ff805ae532424ffad=
4c1dc4c2eef7006aa37c1ee4ef19d13e305" =
style=3D"text-decoration:underline;color:#d40000;">investigates</a> the =
right=E2=80=99s Israel civil war.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"y o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-=
align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;"><div class=3D"r" align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-align:left;line-h=
eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#000;font-family:'PuckSerifDispl=
ay','Georgia';font-size:20px;font-weight:700;text-align:left;=
">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"PODCASTS" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520869698_tbs-icon-podcasts_01JAQQM8AY9NH956YXMPQWX3NY.png" =
height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:u=
ndefined;text-align:left;line-height:normal;">PODCASTS
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:0px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">Dylan =
and <em>Wired </em>editorial director <strong>Katie Drummond =
</strong>discuss media
brand reinvention on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL2thdGllLWRydW1tb25kcy1uZXctd2lyZWQtb3JkZXIvP3V0bV9jYW1=
wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUyOVx1MDAyNnV0bV9j=
b250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUwMDI2dXRtX=
21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dX=
RtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzA=
xZDQ4ZDI4IiwibGlua19pZCI6MjMwMzY1Nn0/76386e9945ce0534c17855f70a2ced682e58=
7151f37dd8af52bd911ceac2a73e" =
style=3D"text-decoration:underline;color:#d40000;"><em>The Grill =
Room</em></a>.<br/><em>and=E2=80=A6</em><br/>WWE president <strong>Nick =
Khan</strong> tells Ourand about his new ESPN deal on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL25pY2sta2hhbi1vbi10aGUtd3dlLWVzcG4tZGVhbC8_dXRtX2NhbXB=
haWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUwMDI2dXRtX2Nv=
bnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwMjZ1dG1fb=
WVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG=
1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDF=
kNDhkMjgiLCJsaW5rX2lkIjoyMzA5MjgyfQ/ada0a58fd2001588feff075b5ffe5668f026e=
d266fd2edbe596ea7cdba0621c3" =
style=3D"text-decoration:underline;color:#d40000;"><em>The =
Varsity</em></a>.<br/><em>and=E2=80=A6</em><br/>Lauren welcomes the =
serial founder <strong>Yael
Aflalo </strong>onto <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9vcGVuLnNwb3RpZn=
kuY29tL2VwaXNvZGUvMGZlNlQ0REp4S3d3aG9xVnQ1WlFIVz91dG1fY2FtcGFpZ249VGhlK0J=
hY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUr=
QmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1ha=
WxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2Yz=
YwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImx=
pbmtfaWQiOjIzMTM1MjF9/e0cb986d2b07608ec41632c625051cc9d285829baf5ff3f9811=
f2f8ebd46a6a6" =
style=3D"text-decoration:underline;color:#d40000;"><em>Fashion =
People</em></a>.<br/><em>and=E2=80=A6</em><br/><strong>John =
Heilemann</strong> and political entrepreneurs <strong>Dan Squadron =
</strong>and <strong>Adam Pritzker</strong> discuss their plan to revive =
the left on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL2FkYW0tcHJpdHprZXItZGFuaWVsLXNxdWFkcm9uLWRldG94aWZ5aW5=
nLXRoZS1kZW1vY3JhdGljLWJyYW5kLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xF=
QURTKyUyODglMkY5JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rT=
EVBRFMrJTI4OCUyRjklMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMD=
I2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ=
4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIzMDI0=
NDN9/cc33a6852c82e9cc3be674c193fdba56829d73bbc9c7534ed40e9f6c36ae0022" =
style=3D"text-decoration:underline;color:
#d40000;"><em>Impolitic</em></a>.<br/><em>and=E2=80=A6</em><br/>Matt and =
Monday guy <strong>Lucas Shaw </strong>contemplate the new Paramount top =
team on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL3BhcmFtb3VudHMtbmV3LXRlYW0tZmFudGFzdGljLWZvdXJzLW5vc2V=
kaXZlLXlvdXR1YmVycy1pbi10aGVhdGVycy1hbmQtcGVhY29ja3MtZnV0dXJlLz91dG1fY2Ft=
cGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwMjZ1dG1fY=
29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUyOVx1MDAyNnV0bV=
9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV=
0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMw=
MWQ0OGQyOCIsImxpbmtfaWQiOjIzMDM2NTV9/373344a79224b9833937f26d3df4d1a315c6=
3f737e5422baab38ae260284edc6" =
style=3D"text-decoration:underline;color:#d40000;"><em>The =
Town</em></a>. <br/><em>and=E2=80=A6</em><br/>Kim and <strong>Peter =
Hamby</strong> plot out David Ellison=E2=80=99s plans for world =
domination on
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9vcGVuLnNwb3RpZn=
kuY29tL2VwaXNvZGUvM29uRTRhMkd5UDJudFhVUVQ5V0FsQz91dG1fY2FtcGFpZ249VGhlK0J=
hY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUr=
QmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1ha=
WxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2Yz=
YwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImx=
pbmtfaWQiOjIzMTI0NTR9/28cd83eef3a5fdf8bac079962af96b0f9f78d6d81ea2c078aaa=
d20d807689e8b" =
style=3D"text-decoration:underline;color:#d40000;"><em>The Powers That =
Be</em></a>.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;border-radius:0;color:#000000;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"y o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-=
align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;"><em>As a reminder, you can update your profile at =
any time to get more stories like these directly in your
inbox. <strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
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V3c2xldHRlcnMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjk=
lMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJG=
OSUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlP=
WN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm=
5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MTU2fQ/987a92f21be18aea=
b2fa6ee8ff609e4f03947e66cb77248d446a9d85d7c71ed5" target=3D"_blank" =
rel=3D"noopener" =
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here</a></strong> to customize your email settings.</em></p></div>
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<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:32px;"><div class=3D"r" align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"30%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:2px solid =
#d40000;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:32px;padding-left:24px;padding-right:24px;text-al=
ign:center;width:100%;"><h3 =
style=3D"margin:0;color:#000000;direction:ltr;font-family:'PuckSerifD=
isplay','Georgia';font-size:24px;font-weight:400;letter-spaci=
ng:normal;line-height:1.2;text-align:center;margin-top:0;margin-bottom:0;=
mso-line-height-alt:29px;">Bubble Trouble</h3>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;margin-bottom:0px;">I=E2=80=99ve lived through a =
number of hypercharged investing sprees in my day, some of which have
proved prescient, and others decidedly less so=E2=80=94the first =
internet surge, the rise of the alts, fracking, the most recent =
mobile-fueled Silicon Valley venture bubble, and the streaming wars, to =
name just a handful. But I=E2=80=99ve never seen <em>anything </em>like =
the unprecedented capex emanating from our economy=E2=80=99s so-called =
<em>hyperscalers</em>=E2=80=94Meta, Google, Amazon, and Microsoft, =
etcetera=E2=80=94in pursuit of artificial intelligence hegemony.</p><p =
style=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p =
style=3D"margin:0;margin-bottom:0px;">The Four, which earn between $50 =
billion (Meta) and<em> $175 billion</em> (Amazon) per quarter, are on =
pace to spend a staggering $360 billion on A.I. infrastructure this year =
as they buy G.P.U.s, build out extensive data centers, and manage the =
costs and hazards of operating these extraordinary cloud computing mini =
cities. Their logic is simple, if somewhat imprecise: A.I. and =
superintelligence will become the transformative technology of our time, =
of course,
and while its impact will be vast and ubiquitous, the platform shift =
won=E2=80=99t confer a rose to every suitor.=C2=A0</p><p =
style=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p =
style=3D"margin:0;margin-bottom:0px;">The Four, along with Apple, have =
been the most prosperous companies of the internet age=E2=80=94and, you =
could argue, of all time=E2=80=94with attendant fortress balance sheets. =
They may have created their fortunes in software, products, and =
logistics, but they aren=E2=80=99t going to cede their advantages to =
upstarts
like OpenAI and Anthropic=E2=80=94both of which are spending like mad, =
too. Meanwhile, equity analysts are rewarding these companies for using =
their billions to moat their traditional businesses while investing in =
their futures; Morgan Stanley analysts predicted in a recent note that =
an additional $3 trillion could be invested in data centers through =
2028. Also, none of their A.I. businesses are yet profitable. Heavy =
cake.</p><p style=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p =
style=3D"margin:0;
margin-bottom:0px;">In a pair of extraordinary pieces this week, my =
newest partner, <strong>Ian Krietzberg</strong>, assessed the less =
appreciated economic underbelly of the A.I. revolution: We=E2=80=99ve =
gone full throttle into a Wild West=E2=80=94a true gold rush. In <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hlLWFpLWJ1YmJsZS1jb250aW51ZXMtdG8taW5mbGF0ZS13aGF0LWlmLWl0LXBvcHMvP3V0bV9=
jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUyOVx1MDAyNnV0=
bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUwMDI2d=
XRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMD=
I2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTN=
kMzAxZDQ4ZDI4IiwibGlua19pZCI6MjMwMzc2OH0/3888399f9258f2d6501e3b1735c0c388=
62dcc1edd95f5adaaf1ccbf48a2d8dbe" =
style=3D"text-decoration:underline;color:#d40000;"><em>A.I. Bubble Bust =
Theories</em></a>, Ian looks for clues regarding whether these =
extraordinary
investments are actually trickling down into their operating plans, and =
what a correction might look like=E2=80=94and which companies and =
sectors it could impact. And in a subsequent piece, <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZ3=
B0NXMtdW5kZXJ3aGVsbWluZy1sYXVuY2gtYW5kLXRoZS1saW1pdHMtb2YtYWktaHlwZS8_dXR=
tX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1JTI5XHUwMDI2=
dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODglMkY5JTJGMjUlMjlcdTAwM=
jZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdT=
AwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTV=
lM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMzExMjExfQ/a502fb98d41e0f18930083c7c307b=
8a494e7e48844adc22fafde5d6ae41c19a6" =
style=3D"text-decoration:underline;color:#d40000;"><em>Slaughterhouse =
GPT-5</em></a>, he offered an acute look at the industry=E2=80=99s most =
famous insurgent=E2=80=94and how it=E2=80=99s managing the comedown from =
its latest hype cycle.</p><p style=3D"margin:0;"><br/>But
if you only have time to read one piece this weekend, I=E2=80=99d turn =
your attention to my partner <strong>Bill Cohan</strong>=E2=80=99s =
latest masterstroke, <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdZanVzVWdnZ05Zc25LQThqRjFiND0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaX=
MtbWV0YS1ib29zdGluZy1pdHMtbmV0LWluY29tZS1ieS1vdmVydmFsdWluZy1pdHMtYWktY2h=
pcHMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4OCUyRjklMkYyNSUy=
OVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg4JTJGOSUyRjI1J=
TI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbW=
VyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY=
2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjMxMDA4N30/1d3cdd90bf4fac616311=
ca176359f92ff445c301ee535699428700caa7f8346c" =
style=3D"text-decoration:underline;color:#d40000;"><em>Jim Chanos in the =
Metaverse</em></a>. Bill phoned up the legendary short seller on a late =
summer pleasure cruise and engaged him and his newest fixation: =
Meta=E2=80=99s depreciation schedule for, you guessed it, the
company=E2=80=99s massive program of capital spending. Chanos=E2=80=99s =
insights are provocative and compelling, and merely the latest =
indication that we=E2=80=99re in the prehistory of this extraordinary =
saga=E2=80=94one of the true stories of our time, and especially what =
you should expect to read about voraciously at Puck.</p></div>
</td></tr></tbody></table>
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style=3D"padding-bottom:32px;"><div class=3D"r" align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" width=3D"30%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"font-size:1px;line-height:1px;border-top:2px solid =
#d40000;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
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style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;margin-bottom:0px;">Have a great weekend,</p><p =
style=3D"margin:0;">Jon</p></div>
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