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From: "Jon Kelly" <jon@puck.news>
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Subject: =?utf-8?Q?An_Ellison_$4.3B_Faux_Pas=2C_Xi=E2=80=99s_?=
	=?utf-8?Q?A.I._Master_Plan_&_The_Mini_Mamd?=
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Date: Sat, 27 Dec 2025 14:04:29 -0000
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Good morning, I hope you’re having a great holiday season. Thanks, as 
always, for reading The Backstory, your weekend review of the best new work 
from Puck. It was another incredible week: Matt Belloni argued the case for 
how Sam Altman became Hollywood’s villain of the year; Bill Cohan found the 
$4.3 billion flaw in the Ellisons’ WBD proposal; Dylan Byers captured the 
latest Bari Weiss office gossip; Ian Krietzberg got to the bottom of Xi’s 
real plan for A.I. domination; Lauren Sherman uncovered the insidious 
culprit in the luxury fashion recession; John Ourand determined the secret 
of Netflix’s live sports strategy; Marion Maneker caught up with Sotheby’s 
C.E.O. Charlie Stewart; Peter Hamby checked in with L.A.’s top cop about 
Trump’s ICE age...  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ 
͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ 
͏  ͏  ͏  ͏ 
 ͏                                      
             





Dec 27, 2025








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OUR NEW YEAR GIFT TO YOU


New year, new insights. Take 30% off an annual Puck subscription.






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Jon Kelly


Good morning,

I hope you’re having a great holiday season. Thanks, as always, for reading 
The Backstory, your weekend review of the best new work from Puck.

It was another incredible week: Matt Belloni argued the case for how Sam 
Altman became Hollywood’s villain of the year; Bill Cohan found the $4.3 
billion flaw in the Ellisons’ WBD proposal; Dylan Byers captured the latest 
Bari Weiss office gossip; Ian Krietzberg got to the bottom of Xi’s real plan 
for A.I. domination; Lauren Sherman uncovered the insidious culprit in the 
luxury fashion recession; John Ourand determined the secret of Netflix’s 
live sports strategy; Marion Maneker caught up with Sotheby’s C.E.O. Charlie 
Stewart; Peter Hamby checked in with L.A.’s top cop about Trump’s ICE age; 
Leigh Ann Caldwell explained Hakeem Jeffries’s watershed moment; and Abby 
Livingston shared the left’s anxiety about a scourge of mini-Mamdanis.

Check out these stories, and others, via the links below. And stick around 
for the backstory on how it all came together.










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FASHION


Lauren Sherman details the latent challenge foiling the luxury industry, 
catalogues some Vogue personnel changes, and heralds the Uniqlo age.






  <https://userimg-assets.customeriomail.com/images/client-env-107382/1729520868285_tbs-icon-art_01JAQQM732KCZHXS8XJBMTGS8Y.png> 
ART MARKET


Marion Maneker chats up Sotheby’s C.E.O. Charles Stewart and runs the final 
numbers on the auction market’s $14 billion year.






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HOLLYWOOD


Matt Belloni explains how Sam Altman, on the precipice of his own Social 
Network–style treatment, got Disney to play his game.






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A.I.


Ian Krietzberg investigates China’s real A.I. intentions.







AIR MAIL



Ash Carter remembers the good old days of book publishing.
and…
Patricia Zohn plans the best house tour in Mexico City.






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MEDIA


Dylan Byers captures the latest Bari–60 Minutes beef.






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SPORTS


John Ourand reveals why the actual games come second in Netflix’s live 
sports strategy.






  <https://userimg-assets.customeriomail.com/images/client-env-107382/1729520870551_tbs-icon-wall-street_01JAQQM95KYVHSVTE1SADVAXTS.png> 
WALL STREET


Bill Cohan does his diligence on the Ellisons’ latest offer for WBD.






  <https://userimg-assets.customeriomail.com/images/client-env-107382/1729520870794_tbs-icon-washington_01JAQQM9D691XMPJRQ226EDXSM.png> 
WASHINGTON


Leigh Ann Caldwell crystallizes the vibe shift on the Hill and Hakeem 
Jeffries’s major step forward.
and…
Peter Hamby penetrates L.A.’s National Guard politics.
and…
Abby Livingston examines whether Democrats will face their own Mamdani-fied 
Tea Party primary.






  <https://userimg-assets.customeriomail.com/images/client-env-107382/1729520869698_tbs-icon-podcasts_01JAQQM8AY9NH956YXMPQWX3NY.png> 
PODCASTS


Katie Couric shares the many lessons from her brilliant career with Dylan on 
The Grill Room.
and…
Ourand and NBC Sports’s Nicole Auerbach predict the next twists in the CFP’s 
structure on The Varsity.
and…
Lauren and superstylist Jamie Mizrahi share their favorite looks on Fashion 
People.
and…
John Heilemann and the Pod Save guys review the year’s biggest political 
storylines on Impolitic.
and…
Matt hands out his prestigious annual awards, The Townies, on The Town.
and…
Peter and I explored Bari Weiss’s actual content strategy 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.





Xi’s Gotta Have It



At a Christmas party on Thursday evening, I found myself ensconced in a 
corner of my brother-in-law’s place catching up with an old 
acquaintance—someone I hadn’t seen in the better part of a decade but had 
loosely kept tabs on through family members and social media. After some 
polite chitchat about our kids and shared laments over the atrocities of 
travel sports schedules, the conversation turned to professional goings-on. 
She was curious how Puck had started in the early winter of 2021 and grown 
to become a company approaching 100 employees.

I shared some of the memories, now remarkably five years old, that I’ve 
occasionally dropped into this channel: After being laptop-bound for 
fundraising and recruiting Zooms for the better part of 2020 (starting, 
somewhat unbelievably, on the very day that Tom Hanks tested positive for 
Covid in Australia), I spent many of the early months of 2021 pacing around 
the tennis courts in our old neighborhood while rolling calls with partners, 
investors, attorneys, accountants, etcetera. I’m a kinetic person by nature, 
and the final days of getting Puck into the world, at least as a legal 
entity, needed to be effectuated in motion. As I mentioned to my 
conversation partner, I found exquisite delight, one early January day, in 
filing the articles of incorporation in Delaware during one of the coldest 
spells in recent memory. When I came home to update my wife, she was 
legitimately worried that I’d contracted frostbite.

The entrepreneur’s journey is inevitably guided by enormous strokes of good 
luck. Some of them occur in plain sight—like when our earliest partners 
joined the company, when Sarah Personette arrived after our Series B to help 
us mount new heights, or when our original Finnish design firm delivered a 
note-perfect graphics package with a logo that defines our company to this 
day. (Thankfully, they’d vetoed one of my requests… though I’ll never tell 
you what it was.)

Other examples of kismet are unapparent in real time, and only reveal 
themselves years later. As I mentioned to my old pal on Christmas Eve, I was 
unaware back then that the startup funding ecosystem was beginning a slow 
and inexorable lurch toward a then-somewhat nebulous technology: artificial 
intelligence. In 2021, according to data from Crunchbase, about 13 percent 
of private startup funding was invested in A.I. firms. As the books close on 
2025, it’s about 50 percent. We were in the right place at the right time.

Of course, the A.I. funding ecosystem is both mind-boggling and byzantine. 
More than $200 billion was invested in A.I.-related startups this year, and 
the hyperscalers—the nifty term affixed to Microsoft, Amazon, Meta, and 
Google—are on target to spend nearly $400 billion in 2025. It’s a 
staggering, bewildering sum of money, and its magnitude has been partly 
justified by the technology’s ascent into the national security discourse. 
As any culturally fluent person knows well, A.I. is now at the center of the 
political agenda—a core tenet of Trump’s economic and geopolitical 
orientation and, perhaps, the terra firma of a burgeoning cold war with 
China to control the operating system for the next age.

The A.I.-China conversation, naturally, is prone to all kinds of 
manipulation based on personal politics and persuasions, and yet it’s 
impossible to dismiss. Perhaps it’s less overtly menacing than the more 
literal arms race that defined the real Cold War, but the soft power 
proffered by superhuman intelligence supremacy will undeniably reshape the 
economic and political accords of our future.

Frustratingly, however, this conversation is almost always myopically 
focused on our own regulatory policies, the latest micro-advancements among 
our L.L.M.s, and data storage facility measuring contests. Rarely do A.I. 
evangelists of any stripe pause to consider what our counterparts in China 
are actually doing. In He Said, Xi Said, my partner Ian Krietzberg offers a 
far more illuminating and nuanced perspective on China’s A.I. rollout—the 
country’s third cultural revolution in the past half-century.

Yes, Beijing’s state-supported ersatz capitalist infrastructure offers 
plenty of industrializing shortcuts, but there are still headwinds aplenty, 
ranging from secular challenges (the impact of national G.D.P. on the 
investment ecosystem) to the nitty-gritty (it’s harder for Chinese A.I. 
firms to monetize their products in a business environment less reliant on 
subscription enterprise software). And that’s before even contemplating the 
fact that the vast majority of startups and hyperscalers charting the future 
are based here.

As you throw another log on the fire, I behoove you to curl up with Ian’s 
piece. I can’t guarantee that it will put your mind at ease about the brave 
new world we’re entering, but it will add layers and dimensions to your 
understanding. I say this every week, but in this instance it’s really true: 
The A.I. industrial complex is the story of our age, and precisely what you 
can expect to read about in Puck.





Happy new year,
Jon








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style=3D"vertical-align:middle;color:#000000;font-family:&#39;Inter&#39;,=
&#39;Arial&#39;;font-size:17px;font-weight:700;padding-bottom:8px;text-al=
ign:center;">
<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"Present" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1756498328889_present-icon_01K3VQAZBCN5TEVA3189TP2A44.png" =
height=3D"auto" width=3D"32" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td =
style=3D"font-family:&#39;Inter&#39;,&#39;Arial&#39;;font-size:17px;font-=
weight:700;color:#000000;vertical-align:middle;letter-spacing:normal;text=
-align:center;line-height:normal;">OUR NEW YEAR GIFT TO YOU
</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><div =
style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Ari=
al&#39;;font-size:14px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:center;mso-line-height-alt:21px;"><p style=3D"margin:0;">New =
year, new insights. <strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam=
9pbi8_c3Vic2NyaWJlX19jb3Vwb249UklOR0lOMjAyNlx1MDAyNnV0bV9jYW1wYWlnbj1UaGU=
rQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9=
VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjclMkYyNSUyOVx1MDAyNnV0bV9tZWRpd=
W09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZX=
JtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQ=
yOCIsImxpbmtfaWQiOjI0ODk4MzR9/6357dd8c77e0941958b29a9d3a2c1acbd5b323cb37e=
1dba219f3f811407e5c0e" target=3D"_self" style=3D"text-decoration:
underline;color:#d40000;">Take 30% off an annual Puck =
subscription</a></strong>.</p></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-top:24px;"><div 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:&#39;PuckSerifDi=
splay&#39;,&#39;Georgia&#39;;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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-spacin=
g:normal;text-align:left;line-height:normal;">Jon Kelly
</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:17px;"><div =
style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Ari=
al&#39;;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;">Good =
morning,<br/><br/>I hope you=E2=80=99re having a great holiday season. =
Thanks, as always, for reading The
Backstory, your weekend review of the best new work from =
Puck.<br/><br/>It was another incredible week: <strong>Matt Belloni =
</strong>argued the case for how <strong>Sam Altman </strong>became =
Hollywood=E2=80=99s villain of the year; <strong>Bill Cohan =
</strong>found the $4.3 billion flaw in the =
<strong>Ellisons</strong>=E2=80=99 WBD proposal; <strong>Dylan Byers =
</strong>captured the latest <strong>Bari Weiss </strong>office gossip; =
<strong>Ian Krietzberg </strong>got to the bottom of
<strong>Xi</strong>=E2=80=99s real plan for A.I. domination; =
<strong>Lauren Sherman </strong>uncovered the insidious culprit in the =
luxury fashion recession; <strong>John Ourand </strong>determined the =
secret of Netflix=E2=80=99s live sports strategy; <strong>Marion Maneker =
</strong>caught up with Sotheby=E2=80=99s C.E.O. <strong>Charlie =
Stewart</strong>; <strong>Peter Hamby </strong>checked in with =
L.A.=E2=80=99s top cop about <strong>Trump</strong>=E2=80=99s ICE age; =
<strong>Leigh Ann Caldwell </strong>explained
<strong>Hakeem Jeffries</strong>=E2=80=99s watershed moment; and =
<strong>Abby Livingston </strong>shared the left=E2=80=99s anxiety about =
a scourge of mini-<strong>Mamdanis</strong>.<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></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-bottom:32px;padding-left:24px;padding-right:24px;paddin=
g-top:32px;vertical-align:top;">
<table class=3D"j" 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"width:100%;"><div align=3D"center"><div =
style=3D"max-width:552px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam=
9pbi8_c3Vic2NyaWJlX19jb3Vwb249UklOR0lOMjAyNlx1MDAyNnV0bV9jYW1wYWlnbj1UaGU=
rQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9=
VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjclMkYyNSUyOVx1MDAyNnV0bV9tZWRpd=
W09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZX=
JtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQ=
yOCIsImxpbmtfaWQiOjI0ODk4MzR9/6357dd8c77e0941958b29a9d3a2c1acbd5b323cb37e=
1dba219f3f811407e5c0e" target=3D"_blank"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1766774030551_600x400%20NYE_01KDDZ0G83DJYRDW0DP8BZRZF7.jpg" =
style=3D"display:block;height:auto;border:0;width:100%;" width=3D"552" =
alt=3D"Celebrate the holiday season with 30% off a subscription" =
title=3D"Celebrate the holiday season with 30% off a subscription" =
height=3D"auto"/></a></div></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 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 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:&#39;PuckSerifDispl=
ay&#39;,&#39;Georgia&#39;;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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZm=
FzaGlvbnMtdmlsbGFpbi1vZi10aGUteWVhci1pcy8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3R=
vcnkrLStMRUFEUyslMjgxMiUyRjI3JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFj=
a3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpb=
F9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNj=
A2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGl=
ua19pZCI6MjQ4Njk5MX0/0c345d448d5bcf127b2e61377def9c5a60da87ca920b62e33ca7=
5b7d6029b993" =
style=3D"text-decoration:underline;color:#d40000;">details</a> the =
latent challenge foiling the luxury industry, <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvdm=
9ndWUtZXhpdHMtb3NjYXItZGUtbGEtcmVudGFzLTYwdGgtYW5uaXZlcnNhcnktc2hvdy8_dXR=
tX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjI3JTJGMjUlMjlcdTAw=
MjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5X=
HUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLm=
lvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzY=
wNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ5MDQwN30/f37318e731d93fc449404d39=
87219c3dcdb38dd1f480817c8f73bab8f30d6acb" =
style=3D"text-decoration:underline;color:#d40000;">catalogues</a> some =
<em>Vogue </em>personnel changes, and <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG=
93LXVuaXFsby1pcy1jb25xdWVyaW5nLXRoZS13b3JsZC8_dXRtX2NhbXBhaWduPVRoZStCYWN=
rc3RvcnkrLStMRUFEUyslMjgxMiUyRjI3JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUr=
QmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lb=
WFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09Zj=
ZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiw=
ibGlua19pZCI6MjQ4ODI5OX0/140b9787ba281bd1128ee36c2c64314ffc034cdf5efa8023=
48e2a0dc0399ad8f" =
style=3D"text-decoration:underline;color:#d40000;">heralds</a> the
Uniqlo age.</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 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 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:&#39;PuckSerifDispl=
ay&#39;,&#39;Georgia&#39;;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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvc2=
90aGVieXMtY2VvLTFiLWd1bGYtaW52ZXN0bWVudC1hbi1haS1hcnQtd2FybmluZy8_dXRtX2N=
hbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjI3JTJGMjUlMjlcdTAwMjZ1=
dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5XHUwM=
DI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXH=
UwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE=
1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ4Nzk0MH0/a414014e8698355c932cc685078f=
617d19fe1eb84427b5b711ada5319ca5228e" =
style=3D"text-decoration:underline;color:#d40000;">chats up</a> =
Sotheby=E2=80=99s C.E.O. <strong>Charles Stewart </strong>and <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdG=
hlLWFydC1tYXJrZXRzLTE0Yi1yZXR1cm4tdG8tZm9ybS8_dXRtX2NhbXBhaWduPVRoZStCYWN=
rc3RvcnkrLStMRUFEUyslMjgxMiUyRjI3JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUr=
QmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lb=
WFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09Zj=
ZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiw=
ibGlua19pZCI6MjQ4NTk4OH0/6c7ff59a89f90bf4af4e476b3a738423e88ec7fd8f3dacb8=
4778c972145f73b0" =
style=3D"text-decoration:underline;color:#d40000;">runs</a> the final =
numbers on the auction market=E2=80=99s $14 billion year.</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 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 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:&#39;PuckSerifDispl=
ay&#39;,&#39;Georgia&#39;;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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvc2=
FtLWFsdG1hbi1pcy1ob2xseXdvb2RzLXZpbGxhaW4tb2YtdGhlLXllYXIvP3V0bV9jYW1wYWl=
nbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5XHUwMDI2dXRtX2Nv=
bnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjclMkYyNSUyOVx1MDAyNnV0b=
V9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNn=
V0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDM=
wMWQ0OGQyOCIsImxpbmtfaWQiOjI0ODczODB9/723ffd855f500effaf75b1f32a3dd2740ca=
5120e7945d9e1d4a9a5db2417b1fc" =
style=3D"text-decoration:underline;color:#d40000;">explains</a> how =
<strong>Sam Altman</strong>, on the precipice of his own <em>Social =
Network</em>=E2=80=93style treatment, got Disney to play his =
game.</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 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 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:&#39;PuckSerifDispl=
ay&#39;,&#39;Georgia&#39;;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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvY2=
hpbmFzLWNvbGQtd2FyLXBsYXlib29rLWluc2lkZS1iZWlqaW5ncy1haS1zdHJhdGVneS8_dXR=
tX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjI3JTJGMjUlMjlcdTAw=
MjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5X=
HUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLm=
lvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzY=
wNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ4ODA3Mn0/4d3563f25f3739bc5035c15e=
f5f646f1570fe38f166ba12e7dd89297c7578739" =
style=3D"text-decoration:underline;color:#d40000;">investigates</a> =
China=E2=80=99s real A.I. intentions.</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 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 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:14px;padding-top:8px;text-align:center;width:100%=
;"><h3 =
style=3D"margin:0;color:#000000;direction:ltr;font-family:&#39;PuckSerifD=
isplay&#39;,&#39;Georgia&#39;;font-size:20px;font-weight:700;letter-spaci=
ng:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;ms=
o-line-height-alt:24px;"><strong>AIR MAIL</strong></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:16px;padding-top:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Ari=
al&#39;;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>Ash Carter
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9haXJtYWlsLm5ld3=
MvaXNzdWVzLzIwMjUtMTItMTMvcmFpZGVycy1vZi10aGUtbG9zdC1hcmNhZGU_dXRtX2NhbXB=
haWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjI3JTJGMjUlMjlcdTAwMjZ1dG1f=
Y29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5XHUwMDI2d=
XRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMD=
I2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTN=
kMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ5MDQwOH0/5c68557e1adbe9ad9b9d2626d76860b1=
ebe09475abdaaec7d5090dde858a07f7" =
style=3D"text-decoration:underline;color:#d40000;">remembers</a> the =
good old days of book publishing. =
<br/><em>and=E2=80=A6</em><br/><strong>Patricia Zohn</strong> <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9haXJtYWlsLm5ld3=
MvaXNzdWVzLzIwMjUtMTItMjAvdGhlLWFydC1vZi1saXZpbmc_dXRtX2NhbXBhaWduPVRoZSt=
CYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjI3JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1U=
aGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5XHUwMDI2dXRtX21lZGl1b=
T1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm=
09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI=
4IiwibGlua19pZCI6MjQ5MDQwOX0/82c999e4fb0e7dd5cbad1843a46507fef836b8643d2f=
9d55e96e6c4c1ecf050b" =
style=3D"text-decoration:underline;color:#d40000;">plans</a> the best =
house tour in Mexico City.</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 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 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:&#39;PuckSerifDispl=
ay&#39;,&#39;Georgia&#39;;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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
5zaWRlLXRoZS1iYXJpLXdlaXNzLTYwLW1pbnV0ZXMtYmxvdy11cC8_dXRtX2NhbXBhaWduPVR=
oZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjI3JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVu=
dD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5XHUwMDI2dXRtX21lZ=
Gl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3=
Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ=
4ZDI4IiwibGlua19pZCI6MjQ5MDI2MX0/0eb590f9d350924a6f6848ecb3e7dc069946703d=
dbe3980b725dcbe73e5911d2" target=3D"_blank" =
style=3D"text-decoration:underline;color:#d40000;" =
data-mce-attribute-name-1=3D"" data-mce-attribute-value-1=3D"" =
rel=3D"noopener">captures</a> the latest =
<strong>Bari</strong>=E2=80=93<em>60 Minutes </em>beef.</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 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 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:&#39;PuckSerifDispl=
ay&#39;,&#39;Georgia&#39;;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"SPORTS" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1729520870311_tbs-icon-sports_01JAQQM8Y3NF00D05WEX5CR80E.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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;text-align:left;line-height:normal;">SPORTS
</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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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>John Ourand
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
h5LW5ldGZsaXgtY2hvc2UtYm94aW5nLW92ZXItYmFzZWJhbGwvP3V0bV9jYW1wYWlnbj1UaGU=
rQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9=
VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjclMkYyNSUyOVx1MDAyNnV0bV9tZWRpd=
W09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZX=
JtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQ=
yOCIsImxpbmtfaWQiOjI0ODcwMzZ9/78e8852b52124fdf1396ee33b8d79d74787faace580=
9b781002ce45f34c7b2d5" =
style=3D"text-decoration:underline;color:#d40000;">reveals</a> why the =
actual <em>games </em>come second in Netflix=E2=80=99s live sports =
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 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 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:&#39;PuckSerifDispl=
ay&#39;,&#39;Georgia&#39;;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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2=
h5LXdiZC1oYXMtZG91YnRzLWFib3V0LXBhcmFtb3VudHMtbW9zdC1yZWNlbnQtYmlkLz91dG1=
fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjclMkYyNSUyOVx1MDAy=
NnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjI3JTJGMjUlMjlcd=
TAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW=
9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA=
2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDg2NDI1fQ/2d7ec8a22c32669aa942444fa=
42442db268e7ddb29d42bc0526b0fbe15e816df" =
style=3D"text-decoration:underline;color:#d40000;">does his =
diligence</a> on the <strong>Ellisons</strong>=E2=80=99 latest offer for =
WBD.</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 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 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:&#39;PuckSerifDispl=
ay&#39;,&#39;Georgia&#39;;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:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:700;color:#000;vertical-align:middle;letter-spacing:n=
ormal;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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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>Leigh Ann Caldwell</strong>
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG=
FrZWVtLWplZmZyaWVzLXRyaXVtcGgtZWxpc2Utc3RlZmFuaWtzLWhvbGlkYXktYmx1ZXMvP3V=
0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjclMkYyNSUyO=
Vx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci=
5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM=
2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI0OTA0MTB9/d33f5a815a77711aedba25e=
9168a2896ed8d4131354d8db994c6dc041029b352" =
style=3D"text-decoration:underline;color:#d40000;">crystallizes</a> the =
vibe shift on the Hill and<strong> Hakeem Jeffries</strong>=E2=80=99s =
major step forward.<br/><em>and=E2=80=A6</em><br/><strong>Peter Hamby =
</strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvbG=
EtdnMtZm94LW5ld3MtbGFwZC1jaGllZi1maWdodHMtdHJ1bXAtY3JpbWUtbmFycmF0aXZlLz9=
1dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjclMkYyNSUyOVx1=
MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjI3JTJGMjUlM=
jlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZX=
IuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZ=
jNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDg4NzkyfQ/57f4d3eaed06448f9e49f=
62334f58e8f80d6d4cfbd22209db1271f28a033bf5f" =
style=3D"text-decoration:underline;color:#d40000;">penetrates</a> =
L.A.=E2=80=99s National Guard =
politics.<br/><em>and=E2=80=A6</em><br/><strong>Abby
Livingston </strong><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZG=
FuLWdvbGRtYW4tcHJpbWFyeS1jaGFsbGVuZ2Utc2lnbmFscy1icm9hZC1kZW1vY3JhdGljLXV=
waGVhdmVsLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjcl=
MkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyR=
jI3JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2=
U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGV=
ybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDg3MDE4fQ/2676686bb=
71f1da63a9e845f7c7d542c03a0a4eb0a5aee81b153b13fdb5b76ad" =
style=3D"text-decoration:underline;color:#d40000;">examines</a> whether =
Democrats will face their own <strong>Mamdani</strong>-fied Tea Party =
primary.</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" =
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<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
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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-bottom:16px;padding-left:24px;padding-right:24px;paddin=
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<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
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style=3D"padding-bottom:16px;"><div align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
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style=3D"font-size:1px;line-height:1px;border-top:1px solid #000;"><span =
style=3D"word-break:break-word;">=E2=80=8A</span>
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<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
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ay&#39;,&#39;Georgia&#39;;font-size:20px;font-weight:700;text-align:left;=
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bottom:0px;padding-left:0px;padding-right:12px;"><img alt=3D"PODCASTS" =
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ormal;text-align:left;line-height:normal;">PODCASTS
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<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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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>Katie Couric </strong>shares the many =
lessons from her brilliant career with Dylan
on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL2thdGllLWNvdXJpYy1nb2VzLWRpcmVjdC8_dXRtX2NhbXBhaWduPVR=
oZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjI3JTJGMjUlMjlcdTAwMjZ1dG1fY29udGVu=
dD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5XHUwMDI2dXRtX21lZ=
Gl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3=
Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ=
4ZDI4IiwibGlua19pZCI6MjQ4NzQ0MH0/ff268c0b351fac0197156e7f17ee1aa62e85bec3=
7390ad8c1af71333d9dfd0ca" =
style=3D"text-decoration:underline;color:#d40000;"><em>The Grill =
Room</em></a>.<br/><em>and=E2=80=A6</em><br/>Ourand and NBC =
Sports=E2=80=99s <strong>Nicole Auerbach </strong>predict the next =
twists in the CFP=E2=80=99s structure on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL3RoZS1jZnAtZXhwYW5zaW9uLXRoYXQtd2FzbnQvP3V0bV9jYW1wYWl=
nbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5XHUwMDI2dXRtX2Nv=
bnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjclMkYyNSUyOVx1MDAyNnV0b=
V9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNn=
V0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDM=
wMWQ0OGQyOCIsImxpbmtfaWQiOjI0ODk5MjV9/b1af60d8cc7c83fb94d82e898d37b10717e=
1133b4050ac5d02c0d4294225e921" =
style=3D"text-decoration:underline;color:#d40000;"><em>The =
Varsity</em></a>.<br/><em>and=E2=80=A6</em><br/>Lauren and superstylist =
<strong>Jamie Mizrahi
</strong>share their favorite looks on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL3JvY2thYnllLXN3ZWV0LWJhYnktamFtaWUvP3V0bV9jYW1wYWlnbj1=
UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRl=
bnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJGMjclMkYyNSUyOVx1MDAyNnV0bV9tZ=
WRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV=
90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ=
0OGQyOCIsImxpbmtfaWQiOjI0ODc0NDJ9/d6359971ed72aef199ad35bf33352000b6454b3=
3cd99576809b7e4968d3d8cff" =
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 the <em>Pod Save </em>guys review the =
year=E2=80=99s biggest political storylines on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL2pvbi1mYXZyZWF1LWpvbi1sb3ZldHQtdGhlLXllYXItaW4tcG9saXR=
pY3MtcGFydC1pLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJG=
MjclMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxM=
iUyRjI3JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3=
VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsIml=
udGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDg5OTI2fQ/8eba3=
743f17ba84fb7739719f8b5dd7bce9cde72a23873e947cf75d77920cc10" =
style=3D"text-decoration:underline;color:#d40000;"><em>Impolitic</em></a>=
.<br/><em>and=E2=80=A6</em><br/>Matt
hands out his prestigious annual awards, The Townies, on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL3RoZS10b3duaWVzLWhvbGx5d29vZHMtYmVzdC1hbmQtd29yc3Qtb2Y=
tMjAyNS8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjI3JTJG=
MjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyN=
yUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPW=
N1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5=
hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ4Njg1NX0/eaaedd54d4ec=
dcb336ce0c812c89fca499f2d3a31920101b7ae2b888002f576a" =
style=3D"text-decoration:underline;color:#d40000;"><em>The =
Town</em></a>.<br/><em>and=E2=80=A6</em><br/>Peter and I explored Bari =
Weiss=E2=80=99s actual content strategy on <a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL21lZGlhLW1vbmRheS1iYXJpcy1zZWNyZXQtdmlzaW9uLXNlbWFmb3I=
tb2YtYXJhYmlhLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEyJTJG=
MjclMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxM=
iUyRjI3JTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3=
VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsIml=
udGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyNDg2ODU3fQ/b1100=
7695c90b279bea75188f5eb24a6eff8444a1db7b21ca3173096664b989a" =
style=3D"text-decoration:underline;color:#d40000;"><em>The Powers That =
Be</em></a>.<br/><br/><em>As a
reminder, you can update your profile at any time to get more stories =
like these directly in your inbox. </em><a =
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V3c2xldHRlcnMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkY=
yNyUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODEy=
JTJGMjclMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3Nvd=
XJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW=
50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjE1Nn0/3a8f4bb8e5f=
58cf78170bf83ad30b019df59ffc444639059231f0d25531ee91d" =
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<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
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style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:32px;"><div 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:&#39;PuckSerifD=
isplay&#39;,&#39;Georgia&#39;;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;">Xi=E2=80=99s Gotta Have It</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:&#39;Inter&#39;,&#39;Ari=
al&#39;;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;">At a =
Christmas party on Thursday evening, I found myself ensconced in a =
corner of my brother-in-law=E2=80=99s place
catching up with an old acquaintance=E2=80=94someone I hadn=E2=80=99t =
seen in the better part of a decade but had loosely kept tabs on through =
family members and social media. After some polite chitchat about our =
kids and shared laments over the atrocities of travel sports schedules, =
the conversation turned to professional goings-on. She was curious how =
Puck had started in the early winter of 2021 and grown to become a =
company approaching 100 employees.<br/><br/>I shared some of the =
memories, now remarkably five
years old, that I=E2=80=99ve occasionally dropped into this channel: =
After being laptop-bound for fundraising and recruiting Zooms for the =
better part of 2020 (starting, somewhat unbelievably, on the very day =
that <strong>Tom Hanks </strong>tested positive for Covid in Australia), =
I spent many of the early months of 2021 pacing around the tennis courts =
in our old neighborhood while rolling calls with partners, investors, =
attorneys, accountants, etcetera. I=E2=80=99m a kinetic person by =
nature, and the final
days of getting Puck into the world, at least as a legal entity, needed =
to be effectuated in motion. As I mentioned to my conversation partner, =
I found exquisite delight, one early January day, in filing the articles =
of incorporation in Delaware during one of the coldest spells in recent =
memory. When I came home to update my wife, she was legitimately worried =
that I=E2=80=99d contracted frostbite.<br/><br/>The =
entrepreneur=E2=80=99s journey is inevitably guided by enormous strokes =
of good luck. Some of them occur in plain
sight=E2=80=94like when our earliest partners joined the company, when =
<strong>Sarah Personette </strong>arrived after our Series B to help us =
mount new heights, or when our original Finnish design firm delivered a =
note-perfect graphics package with a logo that defines our company to =
this day. (Thankfully, they=E2=80=99d vetoed one of my requests=E2=80=A6 =
though I=E2=80=99ll never tell you what it was.)<br/><br/>Other examples =
of kismet are unapparent in real time, and only reveal themselves years =
later. As I mentioned to my old
pal on Christmas Eve, I was unaware back then that the startup funding =
ecosystem was beginning a slow and inexorable lurch toward a =
then-somewhat nebulous technology: artificial intelligence. In 2021, =
according to data from Crunchbase, about 13 percent of private startup =
funding was invested in A.I. firms. As the books close on 2025, =
it=E2=80=99s about 50 percent. We were in the right place at the right =
time.<br/><br/>Of course, the A.I. funding ecosystem is both =
mind-boggling and byzantine. More than
$200 billion was invested in A.I.-related startups this year, and the =
hyperscalers=E2=80=94the nifty term affixed to Microsoft, Amazon, Meta, =
and Google=E2=80=94are on target to spend nearly<em> $400 billion =
</em>in 2025. It=E2=80=99s a staggering, bewildering sum of money, and =
its magnitude has been partly justified by the technology=E2=80=99s =
ascent into the national security discourse. As any culturally fluent =
person knows well, A.I. is now at the center of the political =
agenda=E2=80=94a core tenet of <strong>Trump</strong>=E2=80=99s
economic and geopolitical orientation and, perhaps, the <em>terra =
firma</em> of a burgeoning cold war with China to control the operating =
system for the next age.<br/><br/>The A.I.-China conversation, =
naturally, is prone to all kinds of manipulation based on personal =
politics and persuasions, and yet it=E2=80=99s impossible to dismiss. =
Perhaps it=E2=80=99s less overtly menacing than the more =
<em>literal</em> arms race that defined the real Cold War, but the soft =
power proffered by superhuman intelligence
supremacy will undeniably reshape the economic and political accords of =
our future.<br/><br/>Frustratingly, however, this conversation is almost =
always myopically focused on our own regulatory policies, the latest =
micro-advancements among our L.L.M.s, and data storage facility =
measuring contests. Rarely do A.I. evangelists of any stripe pause to =
consider what our counterparts in China are actually <em>doing</em>. In =
<a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdiWUJ4YUlxdEV6RVUxYUZkZ1FQWT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvY2=
hpbmFzLWNvbGQtd2FyLXBsYXlib29rLWluc2lkZS1iZWlqaW5ncy1haS1zdHJhdGVneS8_dXR=
tX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjgxMiUyRjI3JTJGMjUlMjlcdTAw=
MjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4MTIlMkYyNyUyRjI1JTI5X=
HUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLm=
lvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzY=
wNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQ4ODA3Mn0/4d3563f25f3739bc5035c15e=
f5f646f1570fe38f166ba12e7dd89297c7578739" =
style=3D"text-decoration:underline;color:#d40000;"><em>He Said, Xi =
Said</em></a>, my partner <strong>Ian Krietzberg </strong>offers a far =
more illuminating and nuanced perspective on China=E2=80=99s A.I. =
rollout=E2=80=94the country=E2=80=99s third cultural revolution in the =
past half-century.<br/><br/>Yes, Beijing=E2=80=99s state-supported =
ersatz capitalist infrastructure offers plenty of industrializing =
shortcuts, but there are still headwinds aplenty, ranging from secular =
challenges (the impact of national G.D.P. on the
investment ecosystem) to the nitty-gritty (it=E2=80=99s harder for =
Chinese A.I. firms to monetize their products in a business environment =
less reliant on subscription enterprise software). And that=E2=80=99s =
before even contemplating the fact that the vast majority of startups =
and hyperscalers charting the future are based here.<br/><br/>As you =
throw another log on the fire, I behoove you to curl up with =
Ian=E2=80=99s piece. I can=E2=80=99t guarantee that it will put your =
mind at ease about the brave new world we=E2=80=99re entering,
but it will add layers and dimensions to your understanding. I say this =
every week, but in this instance it=E2=80=99s <em>really </em>true: The =
A.I. industrial complex is the story of our age, and precisely what you =
can expect to read about in Puck.</p></div>
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