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U.S. Debt Is Now Bigger Than the Economy. That’s Not the Real Problem.

Washington quickly brushed off a startling milestone in a mounting problem.

What Trump Gained, and Didn’t, From China

President Trump is returning home from Beijing after a two-day summit that achieved a few deals but left investors and analysts underwhelmed.

Dan Loeb, Bobby Kotick and Other Business Leaders Backing Spencer Pratt

The former reality-TV star has shaken up the Los Angeles mayoral race, gaining support from deep-pocketed donors like the financier Daniel S. Loeb.

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Oil Prices Rise as Trump-Xi Summit Yields No Clear Breakthroughs on Iran War

Hopes for an end to the war in Iran faded after President Trump failed to secure a commitment from China to help persuade Iran to reopen the Strait of Hormuz.

Cerebras, A.I. Chip Maker, Rises 89% in Market Debut as Tech IPOs Ramp Up

Cerebras, a Silicon Valley maker of artificial intelligence chips, began trading on the stock market on Thursday, as SpaceX, OpenAI and Anthropic also take steps to go public.

Oil Prices Waver as Trump Meets China’s Xi to Discuss Strait of Hormuz

The president is expected to urge the Chinese leader to help ease tensions in the Middle East by helping to persuade Iran to end the war.

Crypto Industry Pushes a Bill to Tilt Regulation in Its Favor

After a series of political victories under President Trump, firms are lobbying Congress for a sweeping framework they helped shape.

A Start-Up Aiming to Make Geothermal Energy Mainstream Goes Public

Fervo Energy, which uses drilling techniques from the oil and gas industry to produce power from the earth’s heat, raised $1.9 billion in an initial public offering.

Dozens of Polymarket Bets Show Signs of Insider Trading, The Times Finds

Dozens of long-shot bets on Polymarket, from the war with Iran to the cryptocurrency market, have defied the odds, according to a New York Times examination.

Why a Warsh-Led Fed May Keep Interest Rates Higher for Longer

Kevin Warsh, President Trump’s pick to run the Federal Reserve, would face a growing inflation challenge if he’s confirmed.

Silicon Valley’s A.I. Lobbying Blitz Reaches a Fever Pitch

OpenAI and Anthropic are opening offices in Washington, hiring lobbyists and spending more than ever to win over federal lawmakers.

Anduril Raises $5 Billion in Funding and Is Valued at $61 Billion

The start-up, which makes A.I.-backed weapons, was valued at $61 billion in the financing round, double what it was a year ago.

How Much Power Did Microsoft Have Over OpenAI?

The technology giant’s chief executive faced a grilling in court over whether it exerted too much control over what was meant to be an A.I. nonprofit.

EBay Rejects GameStop’s $55 Billion Takeover Bid

The online marketplace called the cash-and-stock proposal “neither credible nor attractive.”

Inflation Jumps as War-Driven Energy Costs Drive Up Prices

President Trump has declared the cease-fire on “life support,” and investors are taking a cautious approach as the economic effects of the war become more apparent.

Private Equity Lashes Out at New Research on Carried Interest

Estimates by researchers at Yale found that closing the carried interest loophole could lead to billions more in tax revenues than previously estimated.

Why Some People Are Allergic to ‘Peanut Butter Raises’

The beloved spread has become a metaphor for things that are less than delicious.

All Those A.I. Note Takers? They’re Making Lawyers Very Nervous.

A trendy productivity hack, A.I. note takers are capturing every joke and offhand comment in many meetings. They could also potentially waive attorney-client privilege.

Meta’s Embrace of A.I. Is Making Its Employees Miserable

As it adapts to the artificial intelligence era, the company is pushing many of its 78,000 workers to use the technology, and preparing to lay some of them off.