Good morning. Andrew here. Today is the day: The DealBook Summit begins in a couple of hours. We have an exciting lineup of newsmakers who will discuss the most critical issues of the moment. Please follow along. More below. (Was this newsletter forwarded to you? Sign up here.)
The lineup for DealBook Summit 2025Today, DealBook will be live at our annual summit in New York. Andrew will kick things off around 9 a.m. Eastern, and the first conversation will get underway shortly after. The DealBook team and reporters from The Times will be reporting live from the conference. Even if you are not with us, you can follow along on the New York Times home page beginning around 8:30 a.m. Eastern. Here are the speakers in order of appearance (the conversations that will be streamed live on NYTimes.com are noted in parentheses):
What to watch: The buzz, fears and questions around artificial intelligence and the gargantuan investments being made to commercialize it; the future of the Fed and central bank independence; how President Trump’s tariffs are affecting business, inflation and global trade; America’s affordability crunch and its impact on politics; the future of electric vehicles in Trump’s America; social media’s effect on society; the future of philanthropy; trade wars; the West’s relationship with China, and China’s relationship with its neighbors — these topics and more will be covered by Andrew as he interviews some of the biggest newsmakers in business, politics and culture. There will be plenty of questions about an uncertain future. Does the blockbuster A.I. stock rally have more room to run? Or do the sky-high valuations of A.I. companies portend a bubble in the making? The Trump administration has been actively cutting deals with chief executives, in some cases taking stakes in companies. Does this signal a new era of American capitalism in which the state — and not the market — helps pick the winners and losers? Speaking of which, is free-market capitalism on life support? Looking elsewhere, as we head into the midterm elections, how are the Republican and Democratic parties changing? Will new waves of populism transform American politics? (More on what to expect below.)
President Trump seems closer to a Fed chair decision. The White House reportedly canceled interviews for candidates thought to be finalists for the chair of the central bank, according to The Wall Street Journal, and the president said his search had narrowed “down to one.” Fed watchers and bettors on prediction markets have focused on Kevin Hassett, a top White House economic adviser, as the front-runner. Could Anthropic beat OpenAI to the I.P.O. market? Anthropic has chosen the law firm Wilson Sonsini to start work on what could be one of the largest I.P.O.s ever, and the I.P.O. move could come as soon as next year, The Financial Times reports. The artificial intelligence start-up has also reportedly discussed a potential listing with major investment banks. Focus on public offerings from the two loss-making leaders in the A.I. boom has intensified since OpenAI restructured in October to become a for-profit business. Harvard and the Trump family are hit by a crypto “winter.” During the third quarter, Harvard raised its investment in a Bitcoin-focused exchange-traded fund, effectively amassing a nearly half-billion-dollar bet on the digital asset, according to The Journal. The cryptocurrency’s price has tumbled more than 20 percent since its October peak. And yesterday the shares of American Bitcoin, a Bitcoin mining company backed by Donald Trump Jr. and Eric Trump, plunged by almost 40 percent. The sell-off, which began in the fall, has erased more than $1 billion of the Trump family’s wealth, according to Bloomberg. Elon Musk’s charitable organization has become much bigger. The Musk Foundation has grown to more than $14 billion, as of its 2024 tax filings, making it one of the largest philanthropies in the U.S. But it failed to give away the minimum amount required by law for the fourth year in a row, The Times reports. A majority of the donations it did make went to a nonprofit group in Texas led by the billionaire’s top aide. Some things we’d like to cover with the speakersDARIO AMODEI, CO-FOUNDER AND C.E.O. OF ANTHROPIC
BRIAN ARMSTRONG, C.E.O. OF COINBASE
LARRY FINK, CHAIRMAN AND C.E.O. OF BLACKROCK
MARY BARRA, CHAIR AND C.E.O. OF GENERAL MOTORS
SCOTT BESSENT, U.S. TREASURY SECRETARY
LAI CHING-TE, PRESIDENT OF TAIWAN
JIMMY DONALDSON, A.K.A. MrBeast, CREATOR, ENTREPRENEUR AND PHILANTHROPIST; and JEFF HOUSENBOLD, C.E.O. OF BEAST INDUSTRIES
ALEX KARP, CO-FOUNDER AND C.E.O. OF PALANTIR
GAVIN NEWSOM, GOVERNOR OF CALIFORNIA
ERIKA KIRK, C.E.O. AND BOARD CHAIR OF TURNING POINT USA
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