The Wall Street Journal - 05.08.2026.pdf

道琼斯工业平均指数 54085.88 ▲907.47 1.71% 纳斯达克综合指数 26584.99 ▲2.6% STOXX 600 656.86 ▲0.7% 10年期美债 ▲32, 收益率4.625% 原油 $75.77 ▲$4.57 黄金 $4,095.40 ▲$61.70 欧元 $1.1532 日元 157.73

今日要闻

商业与金融

埃隆·马斯克在太空探索技术公司上市后首次面向投资者发表讲话，提出雄心勃勃的目标，包括在2027年发射太空数据中心，并实现1万亿美元的收入。A1

美国主要股指继续上涨，标普500指数、纳斯达克综合指数和道琼斯工业平均指数分别上涨1.8%、2.6%和1.7%。B11

尽管运营受到前所未有的干扰，沙特阿拉伯石油公司在伊朗战争的头几个月仍交出了丰厚的利润成绩单。B1

部分Bilt信用卡持卡人收到催收通知，称其有逾期未付的欠款，但这些欠款并非他们本人产生，此事已影响到他们的信用评分。B1

麦当劳任命一位美国本土领导人，以提振疲软的国内销售，并改善这家全球最大汉堡连锁的服务和质量。B1

派拉蒙的流媒体服务在最新一个季度继续增长，帮助抵消其电视业务的又一次销售下滑。B3

宝洁将以$3.8亿收购营养补充剂公司Thorne，进一步巩固其在美容和健康产业的布局。B3

汉莎航空股价在法兰克福大跌逾8%，此前该航空集团公布第二季度利润大幅下滑，并对全年业绩指引持更为谨慎的态度。B2

OpenAI将支付$3.2百万，以了结美国司法部的指控，后者称该公司在招聘过程中涉嫌歧视美国工人，偏袒其他国家的临时签证持有者。B2

全球新闻

伊朗孤注一掷，试图控制霍尔木兹海峡，赌特朗普更倾向于接受混乱而动荡的僵局，而非全面战争。A1、A6

密歇根州参议院初选的计票工作正在进行，阿卜杜勒·埃尔-赛义德与众议员黑莉·史蒂文斯之间的竞争被视为对民主党身份认同的一次公投。A5

一名武装男子在洛杉矶郊外特朗普高尔夫球场观察安保运作时，于周日被捕，当时总统计划数日后前往该地，警方称。A3

一名37岁的斯波坎居民因涉嫌一级纵火罪被捕，该案与华盛顿州东部三场大型野火之一有关，这些野火已烧毁500,英亩土地。A3

参议院司法委员会在意见分裂的情况下，推进了托德·布兰奇担任司法部长的提名，此前他书面承诺将取消一项曾惹恼关键共和党人的$1.8亿基金。A3

本期《华尔街日报》最初在美国出版，并为地区发行进行了本地重印。

特朗普政府发布新指南，加强医疗补助计划对自闭症治疗的监管，重点关注一家正受联邦调查人员审查的业务。A2

2025年洛杉矶伊顿大火造成19人死亡，摧毁了数千栋建筑，火灾官员称，起火原因是南加州爱迪生公司的设备。A5

俄罗斯正强制更多适龄男性入伍，以补充其日益萎缩的军队兵力。A8

目录 艺术评论..... A12 商业与金融 B2、B10-11 商业新闻...... B3 填字游戏................. A11 街闻巷议.. B12 市场摘要...... B9

观点................ A13-15 个人专栏 A10-11 房产报告.... B6 体育.......................... A16 科技................ B4 美国新闻.............. A2-5 国际新闻........ A6-8

97岁高龄，她依然随心所欲

ZUMAPRESS.COM (3)

马斯克设定太空探索技术公司2030年收入目标为$1万亿美元

在首次公开募股后的第一季度， 火箭公司净亏损， 销售额增长92%

记者：贝基·彼得森

埃隆·马斯克周二概述了 太空探索技术公司的宏伟目标， 包括在2027年发射 太空数据中心， 并实现2030,收入达$1万亿美元——

个人日志 《蜘蛛侠》主演汤姆·赫兰德 和赞达亚再创票房佳绩。A10

他将孤独

化为 一场运动

i i 一个人的计划 ——与陌生人交谈—— 已蓬勃发展

记者：马西尔达·杜利安

芬恩·科尔顿在疫情初期的生活 与许多人无异：独自待在 空荡的房子里，连续三个月 与世隔绝。于是他制作了一个牌子， 上面写着“今天过得怎么样？” 走到费城的一个公园，等待着。 会出什么问题呢？ 出乎意料的是，陌生人停下脚步交谈。 他一次又一次地回到公园， 每次都带着写有新对话提示的牌子。 人们继续停下脚步。 牌子演变成椅子； 椅子演变成桌子。请见A11版

这是他自公司IPO以来 首次向投资者发表讲话时提出的。 这位亿万富翁 企业家兼 太空探索技术公司首席执行官的声明 是在一份财报发布后作出的， 该财报显示公司 三大业务线——太空、 连接和人工智能——的收入 大幅增长。作为全球最大的火箭发射商 和卫星互联网提供商， 公司第二季度收入 总计78 亿美元 billion，较去年同期增长92%。 太空探索技术公司在6月的创纪录首次公开募股中 筹集了860 亿美元 billion， 报告净亏损5.41亿美元。 其资本支出在本季度达到184 亿美元 billion， 高于去年的28 亿美元 billion。 太空探索技术公司股票周二收盘上涨超过9%。但随 后在财报和电话会议后， 股价下跌超过9%

内页

商业与金融 麦当劳任命美国业务新负责人 以提升服务和质量。B1

移民与海关执法局搜索互联网

揭露批评者

该机构称监控旨在发现对特工的威胁； 其他人认为这是对言论的限制

记者：汉娜·克里奇菲尔德 及谢恩·希夫莱特

对于Tired_Thumb来说， 似乎没有什么话题是禁忌—— 直到这位Reddit用户触碰了 国土安全部的红线。 从1月到2月中旬， 该账号在40个子版块中 发布了116条评论， 内容涵盖壁炉贴砖到民谣朋克。 在这些帖子中， 夹杂着三条批评移民局特工的言论。 到3月，Tired_Thumb 卷入了一场宪法性法律纠纷。 近几个月来，移民与海关执法局 部署了全天候数字监控网络， 搜索公共互联网—— 从Facebook到Instagram再到X——

高空飞人：贝蒂·布罗梅奇在英格兰切尔滕纳姆遭遇中风一年后，于周二成为有史以来年龄最大的女性机翼行走者，打破了自己87岁时创下的纪录。这是她87岁后的第六次机翼行走。

在加州理工申请中撒谎？

“反欺诈小组”正在监视

作者：罗尚·费尔南德斯

在加州理工学院， 一个鲜为人知的招生官员团队正在 仔细检查科学展览证书上的字体， 核对高中成绩单上的地址， 并分析奖项上的签名。 这个被称为“反欺诈小组”的团队负责审查 这所高度精英化的STEM重点院校的申请，

盘后交易中上涨8%。 在与分析师约一小时的电话会议中，马斯克宣扬了公司的目标， 如SpaceX到2030年实现$1万亿美元收入，比之前预计的2031年提前了一年。与特斯拉财报电话会议类似， 马斯克和其他高管回答了个人投资者的问题。 马斯克有过分享的历史—— 请翻至A9版

该校对11,400名申请者中录取了不到4%。加州理工学院在两年前成立了这个团队， 部分原因是匿名举报申请材料不诚实的情况日益增多。 这个四人团队审查每一位被录取学生的 申请材料，不放过任何细节。 他们在互联网上搜索确认晦涩信息，联系竞赛官员和高中辅导员， 并使用视频面试项目来核实学生的研究声明。 在加州理工学院等精英大学，招生竞争日趋激烈， 申请材料也变得越来越复杂。一些学校要求提供长长的荣誉清单—— 研究、竞赛、奖项和独立项目——这些比成绩和考试分数更难核实。 与此同时，人工智能等技术—— 请翻至A2版

伊朗押注一切

控制霍尔木兹海峡

德黑兰的强硬立场可能引发与美国的新一轮升级及经济损害

伊朗领导层在与特朗普总统的对峙中做出了高风险的抉择： 对霍尔木兹海峡的控制是不可谈判的红线。

作者：奥马尔·阿卜杜勒-巴基、伯努瓦·福孔、亚历山大·沃德

通过对全球原油流动的关键水道行使权力，德黑兰押注其对美国经济造成痛苦的能力 是其避免来自美国和以色列未来军事行动的最佳筹码。 随着汽油价格和通胀高企，德黑兰认为作为共和党人的特朗普最终将在迫在眉睫的 中期选举前接受其条件，这场选举可能决定其总统任期的未来。 但将战略重心放在控制海峡上是一场非同寻常的赌博。它假设特朗普会更倾向于 混乱、动荡的僵局，而非全面战争。德黑兰如此激进地打出这张牌， 可能会误判华盛顿的底线，并威胁到自身的经济生存。 “他们的极端主义将在长期导致其被孤立，” 伊朗问题专家、反对伊朗政权的政策组织“捍卫民主基金会”的贝纳姆·本·塔勒布卢表示。 内部分歧从—— 请翻至A6版

霍尔木兹海峡开放因新袭击陷入僵局.............. A6 约旦为与美国结盟付出代价......... A7

《华尔街日报》

尼克·蒂米劳斯 贝森特为何依赖美联储援助日本

一项为2020年美元短缺而设立的鲜少使用的美联储后备机制，正被用于其从未设计过的用途：为日本捍卫日元提供资金。财政部长斯科特·贝森特希望扩大这一后备机制。

日本周一表示计划动用该机制，此前一天贝森特公开鼓励美联储扩大该机制。该安排将允许东京筹集美元以遏制日元贬值，而无需出售原本用于支付的美国政府债务。

问题的核心是一项贷款计划，该计划是在新冠疫情初期美国国债市场面临严重压力时创建的。在美国境外大量借入美元的银行和公司发现融资枯竭，转而向本国央行寻求帮助。那些无法接入美联储为亲密盟友提供的美元贷款网络的国家，只有一个显而易见的资金来源：在本已难以吸纳的市场中抛售美国国债。美联储的这一机制允许它们以持有的国债为抵押借入美元。

日本官员已表示将使用该计

亚当·阿门瓜尔 / 《华尔街日报》

加州理工学院招生办公室的“反欺诈小组”，从左至右：尼克·李、阿什莉·帕利、乔安娜·阿劳霍和乔纳·马吉尔。

“反欺诈小组”审核申请者

接上页

这使得伪造提交材料变得更加容易。而对于年轻人来说，风险往往比以往任何时候都更高。

“我不认为所有人都在撒谎，”本科招生高级助理主任、“反欺诈小组”成员尼克·李说。但“我不能让2%的录取者毁掉其他部分中的优秀人才。”

许多学校审核申请

勘误与补充

俄亥俄州共和党众议员马克斯·米勒与艾米莉·莫雷诺于2025年离婚。《美国新闻》周一关于米勒竞选连任的文章错误地称他们于2024年离婚。

“我们百分之百确定。”

官员们注意到，匿名举报申请人虚假陈述的情况有所增加，帕利表示。

“目前存在大量的监督和指控，”帕利说。“这种增加也助长了‘这些孩子只是在撒谎混进来’的看法。”

伊利诺伊大学厄巴纳-香槟分校招生主任萨拉·麦肯齐曾在极少数情况下看到过文章末尾标注“由ChatGPT生成”的文章。斯沃斯莫尔学院招生主任伊什蒂尔·乔杜里表示，该校最近无法核实几份声称拥有惊人数量学术和体育成就的申请。这些学生最终未被录取。

加州理工学院及全国各地的招生官员强调，大多数申请都是真实的。不过，加州理工仍需建立一套系统，以确保“少数”不诚实的申请人不会蒙混过关。

加州理工现要求候选人提交材料以验证课外活动。例如一名16岁学生与家长合影的奖杯照片；一篇关于该成就的高中校报文章；或转发加州理工招生团队早前发送的祝贺邮件，欺诈调查小组成员乔纳·马吉尔表示。

欺诈调查小组负责人乔安娜·阿劳霍表示，一些申请人甚至会提交家庭科学项目的视频，这能让他们的申请更生动。

有时，证据本身看起来像是经过伪造的。该团队见过太多证书，知道该注意什么：字体、不一致的页边距、正确的官方签名、学生姓名的叠加。他们可能会比较两名候选人的证书，看是否匹配。

美联储领导层的变动引发了这一请求。定期与沃什交流的贝森特周日在X平台上公开提出了这一要求。“其中有几点奇怪之处，”总部位于华盛顿的咨询公司货币政策分析的经济学家德里克·唐表示。“首先，这是在公开场合提出的，”这可能是“向联邦公开市场委员会（FOMC）其他成员施压的一种方式”。

其他调查策略包括：检查成绩单和推荐信是否使用标准信头；确认辅导员确实在指定学校工作；以及当教师从个人邮箱而非学校官方邮箱发送此类信件时进行联系。

去年，加州理工开始鼓励提交研究论文的学生完成视频面试，以验证其贡献。该软件名为VIVA，会生成定制化问题，候选人需在60秒内快速作答。

这为大多数申请人提供了一个展示他们引以为傲的项目的机会，并能提升申请，帕利表示。“而对另一些学生，问题一开始，你就能看到他们的慌张。”该面试程序公司的联合创始人特里·克劳福德表示，一名学生在回答困难后退出了浏览器。其家长投诉称，年轻人无法回答问题，部分原因是他们只是论文的多名合著者之一。“要求孩子谈论他们声称做过的事情，还有什么比这更合理的呢？”克劳福德说。

加州理工的教职员工协助评估视频面试，并核实专业学科材料。如果学生提交的研究需要高等数学，而其成绩单显示未修过高级课程，他们可能会对该候选人发出警示。

“这实际上是一场调查，然后是跟进，”马吉尔说。

此时，欺诈调查小组会寻求解释。例如，可能学生自学了高等数学。招生官员描述了多次看似离奇的申请最终被证实为真，并令他们惊叹的情况。

贝森特可以通过发行国债并将收益通过约2000亿的 外汇平准基金来筹集美元。但以这种方式提供的防御更为显眼且有限，不像美联储的支持那样隐蔽。 “如果贝森特无法获得美联储的支持，那么他的威慑力——这一威胁的可信度——就会降低，”唐说道。

此事发生在周五联合行动数日后，这是自1998年以来美国首次与东京联手购买日元以支撑该货币。贝森特的日本同行片山早苗周一表示，东京计划使用美联储的“外国和国际货币当局回购便利”（FIMA）来为未来的干预行动提供资金。

此举旨在避免华盛顿最不愿看到的情况——日本通过出售美国国债来为干预行动提供资金。历史上，未得到央行政策或财政政策转变支持的汇率干预通常只能维持数周，之后可能逐渐失效。美联储便利工具提供的更大火力可能会增加做空日元的成本。

华盛顿在日元问题上的利益与美国国债市场息息相关。当一个国家

美国开放人工智能模型

在新规中获豁免

作者：AMRITH RAMKUMAR

华盛顿——特朗普政府针对强大人工智能工具发布的新指导方针，豁免了由美国公司开发的开放模型。这一漏洞标志着白宫在确保人工智能工具安全的同时，不减缓创新步伐的最新努力。

根据政府官员周二与人工智能领军企业高管讨论的框架，只有闭源、专有的美国模型在网络安全和黑客攻击方面展现出最先进能力（基于性能基准测试）的制造商，才需在发布前自愿将这些模型提交政府进行测试。相关知情人士透露。开放权重模型（包括英伟达在内的开发者允许用户下载、自行运行和定制的模型）将获豁免。

最先进能力的一般定义可能被闭源模型制造商和白宫以不同方式解读，从而可能导致哪些模型属于该类别的混淆，知情人士表示。来自Anthropic、OpenAI和Alphabet的工具

指南旨在遏制

自闭症治疗成本

作者：ANNA WILDE MATHEWS

特朗普政府正在发布新的指南，旨在加强医疗补助计划（Medicaid）对自闭症治疗的监管，重点关注一个正迅速增长且正受到联邦调查人员审查的行业。这些由医疗保险和医疗补助服务中心（Centers for Medicare and Medicaid Services）提出的建议旨在面向各州医疗补助机构，但可能同样会引起私人保险公司和雇主的关注。这些建议聚焦于应用行为分析，这是一种旨在帮助自闭症患者管理行为并培养日常生活和社交技能的治疗方法。

《华尔街日报》的一项调查发现，自闭症治疗是医疗补助计划（这一面向低收入和残障人士的州政府运行项目）中增长最快的服务之一，并揭露了获利丰厚的计费行为。在《华尔街日报》详细报道了一家自闭症治疗公司的计费行为后，印第安纳州医疗补助计划的官员禁止了该公司。

上个月，美国众议院教育和劳动力委员会的成员向另一家被《华尔街日报》调查的公司发送了一封信，

国会正在索取有关其账单操作的文件。国会的信函援引《华尔街日报》的报道称，委员会正在“调查自闭症治疗行业内的某些报销安排是否导致了过高的医疗成本”。

这份新报告指出，医疗补助计划在自闭症治疗上的支出在2021年至2025年间增长了五倍以上，2025年总额达101亿美元，涵盖医疗补助计划及相关的儿童健康保险计划。支出增速超过接受治疗的患者人数。报告建议为治疗师对低级技术人员的监督设定最低标准，并要求至少部分监督应当面进行。

美国医疗保险和医疗补助服务中心（CMS）的建议可能会限制应用行为分析（ABA）服务提供商的运营模式，这些提供商几乎为每位患者开出大量治疗时长账单。

“如果所有治疗都通过远程医疗进行，且治疗师甚至不在患者所在州，这能有多大效果？”CMS医疗补助中心首席副主任、报告主要作者卡普丽斯·纳普（Caprice Knapp）表示。

第3版

参议院

委员会 推进 布兰奇提名

作者：萨迪·古尔曼

华盛顿——周二，分裂的参议院司法委员会推进了托德·布兰奇出任司法部长的提名，此前他书面承诺将取消一项18 亿美元亿的“反武器化基金”，该基金曾引发关键共和党人的不满。表决结果按党派划线，12名共和党人支持布兰奇，全部10名民主党人反对。目前尚不清楚布兰奇是否在参议院全体会议中获得足够支持以确认提名，或最终表决何时进行。共和党在参议院仅占微弱多数，周二，缅因州共和党参议员苏珊·柯林斯表示不会投票支持布兰奇。“虽然我认为布兰奇先生是一位能力出众的律师，但司法部已变得日益政治化，”正面临11月竞选连任激烈竞争的柯林斯说。

布兰奇曾是特朗普总统的刑事辩护律师，自4月以来一直以代理身份领导司法部。此次表决前，布兰奇通过正式撤销该基金（该基金原本可用于支付总统盟友的费用）并缩小政府为总统、其家人及企业提供的税务审计保护范围，赢得了两名持观望态度的共和党参议员的支持。布兰奇表示，此项减免仅适用于追溯性保护。布兰奇的举措并未改变特朗普与其政府之间达成的创建该基金的协议。该基金及审计保护是一项有争议的和解协议的产物，该协议结束了总统对美国国税局提起的100 亿美元亿非同寻常诉讼，起因是其首个任期内一名承包商非法泄露了他的纳税申报表。该基金在5月宣布后遭到两党强烈反对，包括来自德克萨斯州共和党参议员约翰·科宁和北卡罗来纳州共和党参议员汤姆·蒂利斯的批评，两人曾与特朗普发生冲突，且不会重返参议院。蒂利斯周二称该基金为“混混的分赃基金”，并表示：“已经取消，已被撤销，我感到满意。”

斯波坎

居民 被控 纵火

作者：珍妮弗·卡尔法斯 及艾丽莎·卢克帕特

当局逮捕了一名男子，指控其引发了华盛顿州数起尚未得到控制的野火之一，这些野火迄今已烧毁数千英亩土地，并迫使50,000人撤离家园。

斯波坎县警长办公室表示，当局逮捕了37岁的斯波坎居民亚伦·法里纳奇，指控其与华盛顿州东部燃烧的3场主要野火之一有关，罪名为一级纵火。警长办公室称，他此前曾在亚利桑那州的一起单独事件中被判过误杀罪。

当局指控他引发的“老小径火灾”是该州近年来最严重的火灾季中十余起野火之一。3场未受控制的大火已烧毁超过10,000英亩土地，影响了700多处建筑，当局表示。

高级法院法官托尼·黑泽尔周二下令对法里纳奇实施$1百万美元的保释金羁押。他定于周四被提审，若被判纵火罪名成立，最高可面临终身监禁及$50,000罚款。县公设辩护人办公室的代表未回复置评请求。

50,000

美国新闻

印第安纳州加里市在废墟中看到希望

这座曾经繁华的城市 正在拆除废弃建筑 为经济复兴铺路

作者：珍妮·惠伦

印第安纳州加里市——几十年来，戈登百货公司曾是这座曾经繁荣的钢铁城市的商业中心。当当地经济在20世纪70年代开始衰退时，这家商店关闭了大门，此后一直废弃并逐渐破败。在未来几周，加里市官员将在其中填满炸药并引爆。

此次爆破是耗资8000万美元的消除废弃建筑运动的一部分，目标是拆除7,000处废弃住宅和商业建筑。自1960年人口峰值18万人以来，该市已失去超过一半的人口。市政计划还包括拆除市中心的会议中心、一座破败的教堂及附近的几座建筑。

拆除这些废墟是激发市中心空心化地区建设和投资的必要举措，加里市市长埃迪·梅尔顿在采访中表示。加里市官员和开发商正计划在市中心建造一个新火车站、办公楼和公寓，旨在吸引人们和商业活动回到市中心。

梅尔顿在距离仍是该市最大雇主（尽管多年来不断裁员）的钢铁厂仅几个街区的市政厅表示，这些项目以及美国钢铁厂和其他雇主的新投资，有望帮助加里市重振经济。

该计划还包括通过翻新住宅和建造新房来复兴沉寂的社区。“我们必须为未来让路，”梅尔顿在最近一次拆除计划的介绍会上对市民表示，现场响起了掌声。

住房吸引力 此次运动借鉴了其他铁锈地带城市的经验，包括底特律和南本德，这些城市曾开展大规模的消除废弃建筑运动，取得了不同程度的成功。加里市的时机正好。在经历多年人口流失后，中西部部分地区开始吸引新居民，部分原因是该地区提供了负担得起的住房。

54岁的贾米拉·泰勒刚刚以146,000美元的价格在加里市购买了一套翻新的平房。她说，这套三居室、一卫的房子在一位外州房屋翻新商修缮前已破败不堪。

泰勒在一家医院担任夜班病人护理技师，年收入约为63,000美元。在放弃了城南一套被废弃房产包围的房子后，她最终选择了这套住宅。“我姐姐说，‘不行，这不是个好社区！’”泰勒说。她购买的房子旁边有一处空置房产，但街区的其他部分充满活力——

作者：阿莉莎·卢克帕特 持枪男子在特朗普高尔夫球场被捕

当局称，一名持枪男子在观察洛杉矶郊外特朗普总统高尔夫球场的安保运作时，于周日被捕。当时总统计划在数日后前往该地。

洛杉矶县警长部门周二表示，便衣特工看到38岁的珍妮·约翰·泰尔在特朗普国家高尔夫俱乐部场地内行走，并拍照和录像。当地警方在得知他正因抢劫案被单独调查后，将其拦截并拘留。

警长部门表示：“该名男子在高尔夫球场场地内四处走动，拍照和录像，并似乎在监视安保规划活动。”

官员搜查了他的车辆，发现一把上膛的手枪和弹匣，此外他口袋中还携带了一个弹匣。他被捕——

加里市保存完好，她说。 “这里有人， 他们在这里蓬勃发展，他们 在工厂工作，”泰勒说。她说，她的一些邻居 在芝加哥工作， 大约 一小时的 通勤路程 之外。 加里市于1906年 作为美国钢铁公司的企业城镇而建立，几年后， 银行家J.P.摩根通过一场 大规模并购创建了这家钢铁巨头。该市以美国钢铁公司时任董事长 埃尔伯特·亨利·加里的名字命名，但他从未在此居住。与全国其他地区一样，加里市在1920年代蓬勃发展， 在大萧条期间陷入低迷，并在二战期间及战后再次繁荣。 外国竞争和 低成本 钢铁生产商 在1970和1980年代重创了加里市，导致数千名钢铁工人失业。 类似的趋势重创了大部分铁锈地带，但加里市对单一产业的依赖使其尤为脆弱。 失业率飙升至两位数，城市居民大量外流。人口流失摧毁了加里市的 商业核心，沿百老汇大道留下了一排排废弃的商店和银行， 以及全市数以千计的空置房屋。 “广岛级别的废弃”是 斯特凡诺斯·波利佐伊德斯——一位协助领导城市重建计划的 圣母大学建筑师——对市中心的描述。 加里市的人口下降速度 近年来有所放缓； 人口从2020年到2025年下降了约2.6%， 人口普查数据显示。暴力犯罪和凶杀案 大幅下降。 家庭收入中位数为$38,731，约为印第安纳州 中位数$71,957的一半。约三分之一的城市人口 生活在贫困线以下，而印第安纳州的这一比例为12%。 梅尔顿于2024年 当选市长时表示，他曾向底特律时任市长 迈克·杜根寻求建议，后者通过消除 废弃建筑和遏制人口外流帮助振兴了底特律。作为第一步，梅尔顿回忆道， 杜根建议他修复

周二，一架“海军陆战队一号”直升机降落在特朗普位于洛杉矶地区的高尔夫俱乐部。

因携带隐蔽枪支和 拥有穿甲弹药而被捕。 此事件引发了对总统在 兰乔帕洛斯弗迪斯安全的担忧，其高尔夫俱乐部位于洛杉矶郊外。 特朗普于周二下午抵达高尔夫俱乐部， 不久前，警方宣布了泰勒的

上图为加里市历史悠久的市中心；下图为1950年代美国钢铁公司工厂的钢铁工人；底图为市长埃迪·梅尔顿。“我们必须为未来让路，”市长说。

逮捕。泰勒是近年来至少第二名 在特朗普高尔夫球场附近被捕的武装男子。 特朗普周二前往洛杉矶参加共和党全国委员会筹款活动。 警方于周一搜查了 泰勒位于 唐尼的住所，距离高尔夫球场约20英里， 警方表示。他们发现了

印第安纳州加里市人口

200,000

150,000

100,000

1910 ’50 ’25 2000 2025

数据来源：人口普查局 注：2025年为估计值。

一支“非法改装的AR平台步枪”、一把手枪、 弹匣、弹药、防弹衣、无线电信号设备以及 包含“令人担忧的言论”的笔记本，当局称。 警方表示，已将泰勒的案件提交给县检察官， 由其决定是否提起指控。

破损的路灯和坑洼的道路——这些变化居民会立即看到并感激。梅尔顿迅速 修复了近1,000盏 破损的路灯，并将城市铺路支出增加了一倍。 他还加大了消除废弃建筑的力度， 利用州和市的资金以及 一笔来自硬石赌场的$300万美元拨款， 该赌场于2021年在加里市郊外开业。 最近被日本新日铁收购的美国钢铁公司已开始投资9.5亿美元 升级加里市的钢厂， 该厂雇佣约4,300人。公司还承诺 重启厂区内的一家锡厂，将雇佣225名工人。 联邦快递计划于2025年开设一个300,000平方英尺的配送中心， 该市表示将创造600个就业岗位。

志愿者努力 在盖里（Gary）住宅区由志愿者开展的小规模拆除工作已经取得了进展。大约七年前，吉姆·怀斯曼（Jim Wiseman）号召他的建筑公司 Rieth-Riley 以及社区内的其他人捐赠挖掘机和人员。从那时起，他们已经拆除了 115 栋破败的房屋，帮助触发了这些街区的新建设和翻新。 在最近的一个下午开车绕行 Aetna 社区时，怀斯曼指着他帮助清理的地块，以及附近已经修缮完毕的两居室或三居室房屋。他在这个社区长大，该社区是以一家曾在此设有工厂的炸药制造商命名的。 拆除这些碍眼的建筑“激发了新的活力和自豪感，”住在附近印第安纳州波塔奇（Portage, Ind.）的怀斯曼说道，“这就像是一场连锁反应。”

目前无法确定他是否有律师。根据县监狱记录，泰尔（Taele）被关押在当地的一所看守所中。 警长部门表示，特勤局、联邦调查局的恐怖主义特别工作组以及警长部门正在调查这起事件。 特朗普面临过三次暗杀企图：今年早些时候，一名枪手在白宫记者晚餐会外开枪；在 2024 年的一次宾夕法尼亚州集会上，一名枪手的子弹擦过他的耳朵；以及 2024 年一名武装男子在特朗普打球的一处高尔夫球场潜伏被捕。 与此同时，周二一架将特朗普从白宫接走的军用直升机卷入了一起空中交通安全事件。 《华尔街日报》报道称，联邦航空官员正在调查为什么空中交通管制员没有按照安全协议的要求，停止附近机场的商业航班。

JIM WATSON / 从上至下：MATT GUSH / ALAMY STOCK PHOTO, BETTMANN ARCHIVE, BARRY BRECHEISEN / GETTY IMAGES

陆军职位提名人选失去共和党支持

拉内夫将军获得赫格塞斯支持， 担任四星上将时间较短

作者：拉腊·塞尔格曼

国防部长皮特·赫格塞斯提名的陆军参谋长人选因艾奥瓦州参议员乔尼·恩斯特及其他共和党参议员的反对而面临风险，美国官员和国会消息人士表示。赫格塞斯一直推动提名克里斯托弗·拉内夫将军，后者自赫格塞斯4月解雇前陆军最高长官、退役将军兰迪·乔治以来一直担任代理陆军参谋长，美国官员称。

但若无共和党一致支持，拉内夫的提名将无法在参议院军事委员会获得通过。美国官员和国会消息人士表示，政府原计划于5月推进拉内夫的提名，但因委员会主席、密西西比州共和党参议员罗杰·威克通报称无法获得足够票数推动提名而暂缓。

曾指挥第82空降师的拉内夫遭到议员和专家批评，因其担任四星上将仅6个月。多数参谋长在担任最高职位前至少在四星级别任职18个月。

五角大楼和赫格塞斯“支持拉内夫将军作为陆军代理参谋长的领导力。国防部将继续与白宫和参议院合作，提名并最终确认特朗普总统选择的美国陆军领导人，”五角大楼首席发言人肖恩·帕内尔表示。

威克的发言人拒绝置评，拉内夫的发言人亦未回应。恩斯特的发言人未回复置评请求。官员称，恩斯特反对其提名的部分原因是其担任四星上将的时间过短。

---

作者：迪伦·托卡尔 特朗普意外收益令关键民主党人反对加密货币法案

马里兰州民主党参议员安吉拉·阿尔索布鲁克斯从其21岁的女儿那里听说了加密货币，竞选活动中也多次提及。这位新任参议员产生了兴趣，并最终成为一项具有里程碑意义的加密货币法案的民主党支持者——直到现在。

她的顾虑？特朗普从迷因币和加密货币交易中获得的14亿美元意外收益。

尽管阿尔索布鲁克斯曾协助谈判《清晰法案》，但她现在计划在法案包含限制公职人员（包括总统）从数字代币中获利的条款前投反对票。

“我不会支持现行版本的法案，除非涉及道德问题得到解决，”阿尔索布鲁克斯对《华尔街日报》表示，“总统的腐败行为令人震惊。”

白宫发言人表示，特朗普及其政府的所有行动均以美国人民的最佳利益为出发点。

《清晰法案》旨在为该行业建立专门规则，去年曾因两党支持和加密行业的积极倡导而似乎注定通过。但此后屡遭挫折，包括银行与加密公司之间的争斗。随着11月临近，民主党人将特朗普的加密收益视为共和党的弱点，并准备利用该法案传达其信息。

阿尔索布鲁克斯表示，她支持加密货币是为了拥抱创新和经济机遇。尽管其立场可能使她面临来自——

美国新闻

在房间的人群中。 在退役中将基思·凯洛格的推荐下，赫格塞斯于2025,任命拉内夫为其高级军事助理。随后，赫格塞斯在将前任——退役上将詹姆斯·明古斯——边缘化后，将拉内夫调任陆军副参谋长。拉内夫于2026年2月获得该职位的确认。 今年春季，赫格塞斯未作解释便解雇了乔治，并任命拉内夫为代理参谋长。议员和陆军部长丹·德里斯科尔、

拉内夫以纪律严明著称，加上与特朗普总统的一次偶遇，使他在去年跃升至五角大楼的高级职位。2025年1月，拉内夫在韩国指挥第八集团军时，出现在一场就职舞会的视频通话中。 “欢迎回来，总统先生，”这位方下巴的将军说道，背诵着事先审核过的台词，《华尔街日报》报道。 特朗普对此印象深刻。 “这人简直就是中央选角，对吧？”他问舞会——

特朗普离任后不久便失效。 亚利桑那州民主党参议员鲁本·加列戈是该法案的另一位民主党谈判代表，他称这一提案“不是认真的努力”。 民 主党希望 取消 任何 日落 条款， 并将 执行力 扩展至 各州 或 其他方。 他们 还希望要 求特朗普 剥离其 加密资产 或将其 置于 盲目信托中。 北卡罗来纳州共和党参议员汤姆·蒂利斯（R., N.C.）于2025,表示，更严格的道德条款已送交白宫。白宫尚未回应。 通过该法案是一场与时间的赛跑：参议院计划在

被选民视为亲特朗普，阿尔索布鲁克斯表示，参与其中更为明智。 “从政治角度来看，民主党能做的最糟糕的事就是……保持僵化，什么都不做，”她说道。 特朗普于5月披露其加密货币收益规模后，共和党人上月提出一项提案，拟禁止某些政府官员发行或支持新的数字资产。但该提案未涉及已持有的资产，如特朗普家族的投资。该提案仅能由司法部执行，且要求将于2025.

[...OMITTED...]

加密货币行业

全力争取支持该法案的投票。

曾与赫格塞斯私下不和的议员们 公开称赞乔治。 “我也热爱乔治将军，” 德里斯科尔今年春季在一次听证会上对议员们表示， 当被问及这位四星将军 突然被解职时，称他为“杰出的、具有变革性的领导者”。 拉内夫竞标受挫的消息 是国会共和党人抵制赫格塞斯议程的最新迹象。 一些 共和党人 已表示不会支持 这一前所未有的30天长休会，周六开始，而 2025年9月，共和党人将只有有限的时间处理其他优先事项—— 包括一项在9月30日之后维持政府运转的支出法案—— 然后匆忙返回家乡开展竞选活动。 尽管如此，加密货币行业 仍在全力争取5位关键议员的支持， 以推动该法案通过。 该行业许多人认为 《清晰法案》是加速日常用户采用的途径。尽管华尔街公司 已与加密货币公司建立合作伙伴关系并推出相关产品， 但他们表示，需要更明确的规则才能全面拥抱这一行业。 但仍有其他几项争议 有待解决。共和党人和民主党人均表示希望加强 语言以防范

赫格塞斯提出的$1.5万亿美元国防预算。 其他人对伊朗战争、 五角大楼威胁削减欧洲驻军规模 以及赫格塞斯解雇乔治等功勋将军感到不满。 厄恩斯特曾是 陆军国民警卫队指挥官 和性侵受害者，在2025年1月 被视为赫格塞斯担任国防部长确认的潜在障碍， 因其面临性侵 和酗酒指控。 在赫格塞斯确认前， 厄恩斯特曾公开提出她希望这位提名人解决的具体问题， 包括女性在军队中的角色和性侵预防。 厄恩斯特后来宣布 不再竞选连任， 最终投票支持了赫格塞斯。 其他共和党议员 批评赫格塞斯解雇高级军官， 包括欧洲最高陆军将领、退役将军克里斯·多纳休。 “这一做法令我深感不安，” 参议院拨款委员会主席苏珊·柯林斯（R., 缅因州） 上月在赫格塞斯出席其小组委员会作证时表示。 “这些人自愿 为国效力， 并宣誓支持和捍卫我们的宪法。” 特朗普可能选择无限期保留 拉内夫作为代理幕僚长， 因为法律对其担任该职务的时间没有限制。 他同时还担任陆军副参谋长一职， 这一职务已获得参议院确认。

J. SCOTT APPLEWHITE / AP

加密货币被犯罪分子非法使用的问题。越来越多的共和党人 也对允许稳定币发行方向客户支付利息可能引发 银行存款外流表示担忧。 阿尔索布鲁克斯表示，当她 早前提出对支付利息的稳定币 可能对银行和经济造成的影响表示担忧时， 并未被认真对待。银行业的游说 最终迫使共和党人放弃了原定于1月 对《清晰法案》进行标记投票的计划。 阿尔索布鲁克斯仍对法案通过抱有希望。 她是参议院银行委员会中 5月投票支持将该法案提交全体参议院的两名民主党人之一。 “这是为了保持对话的持续，”她说。 “我不想放弃。”

密歇根参议院初选激战考验民主党转型

底特律——密歇根州民主党参议院初选——该党今年最具分歧且耗资最巨的初选——在投票结果揭晓前陷入胶着，将验证进步派和社会主义浪潮是否已席卷这一关键战场州。

约翰·麦考密克、安东尼·德巴罗斯、埃莉·戴维斯报道

前地方公共卫生官员阿卜杜勒·埃尔-赛义德与连任四届的众议员黑莉·史蒂文斯在周二的初选中展开角逐，这场竞争被广泛视为对该党身份认同及如何赢得更多竞争性选举的全民公投。据美联社报道，在已统计的51%预计选票中，埃尔-赛义德以50%对46%的微弱优势领先。

史蒂文斯在韦恩县（包括底特律，拥有大量非裔民主党选民）表现强劲。埃尔-赛义德则在奥克兰县（底特律郊区，属于史蒂文斯的政治大本营）保持竞争力。7月退选的州参议员马洛里·麦克莫罗获得近4%的选票。

这场竞选还充斥着关于如何应对特朗普总统、大额竞选资金的作用以及美国与以色列关系的紧张局势。选举结果可能对参议院控制权产生影响。

对于支持埃尔-赛义德的进步派和社会主义左翼而言，这场初选是他们在初选季取得最重大胜利的机会——此前他们的胜利仅限于深蓝选区。而支持史蒂文斯的温和派民主党人则将其视为遏制他们认为可能危及大选前景的浪潮的机会。

民主党在密歇根州的失利将使该党在11月夺取参议院控制权所需的净增四个席位变得更加困难。特朗普在2024年以1.4个百分点的优势赢得该州，2024年该州参议院选举被非党派分析人士评为势均力敌。密歇根州共和党提名前众议员迈克·罗杰斯——他在2024年参议院选举中以微弱劣势落败——在11月挑战民主党参议院提名人。民主党参议员加里·彼得斯

![图片占位符：RORY MERRY / ZUMA PRESS]

打盹时间：周二，一只海豹在加州太平洋格罗夫的岩石上呼呼大睡。

加州

公用事业设备被指为2025年火灾元凶 南加州爱迪生公司闲置的输电塔产生的火花引发了2025年洛杉矶附近的伊顿火灾，造成19人死亡，摧毁了逾9,400栋住宅和商业建筑。洛杉矶县消防部门周二在发布的报告中表示。

消防员花了近一个月才扑灭这场大火，火灾烧毁了25平方英里的土地，并与风助火势的帕利塞兹火灾同时发生。

该机构称，伊顿火灾是由公用事业闲置塔架上的电弧引发，该塔架位于覆盖干燥可燃物的山脊上。当裸露的无绝缘电线接触或靠近时，可能产生电弧——即电流在空气中跳跃，产生火花。

该公用事业公司此前曾表示其设备可能涉事。在提交给加州公用事业委员会的早期报告中，南加州爱迪生公司称其在伊顿火灾开始时检测到一条输电线路出现“故障”。

南加州爱迪生公司发言人凯瑟琳·邓利维表示，该公司正在审查这份报告。

——美联社

![图片占位符：FROM TOP: SCOTT OLSON / GETTY IMAGES; SARAH RICE / BLOOMBERG NEWS]

周二在投票站的初选对手阿卜杜勒·埃尔-赛义德（上）和黑莉·史蒂文斯（下）。

美国观察

华盛顿特区 清洁能源基金 被裁定终止不当 联邦上诉法院周二以分歧裁决表示，特朗普政府不当终止了数十亿美元用于推动清洁能源项目的资金。

该裁决将被暂缓数日，以便环境保护署有时间请求最高法院介入。

由哥伦比亚特区联邦巡回上诉法院全体法官作出的判决，是特朗普政府在其早期努力拆解乔·拜登总统减少导致气候变暖的温室气体的运动中遭遇的一次挫折。温室气体减排基金是一项经国会授权的200亿美元项目，旨在向非营利组织提供资金，后者再以贷款和投资形式支持小型能源项目、节能建筑和交通。

环保署署长李·泽尔丁指责被选中运营绿色银行的非营利组织存在管理不善和潜在欺诈行为。这些组织否认任何不当行为，并提起诉讼，称特朗普政府违反了法律和宪法。

环保署未予置评。 ——美联社

选择不寻求连任第三个任期。“每一项民调都显示，我是最优秀的民主党人，是最有能力击败迈克·罗杰斯的人选，”史蒂文斯周二在底特律郊区投票后告诉记者。

在接受MS NOW采访时，埃尔-赛义德表示，民主党是时候转向大选了。“我有兴趣探讨如何弥合这些分歧，”他说。

在密歇根州角逐接替任期届满的州长

弗吉尼亚州 国家公园管理局质疑 拟建拱门 根据国家公园管理局的一份评估报告，特朗普总统提议的250英尺高纪念拱门可能会破坏其计划选址——弗吉尼亚州跨河华盛顿特区附近——数十个历史遗址的历史意义。

华盛顿的许多纪念碑、建筑和遗址经过数十年的精心规划，以反映国家历史上的重要时刻，并通过视线与其他遗址相连，传递象征意义。国家公园管理局的报告称，上月获得联邦关键委员会初步批准的这座高耸镀金拱门将影响数十个历史遗产的“完整性”，因为它将改变这些遗址之间“决定性的视觉和空间关系”。

白宫发言人戴维斯·英格尔在一封电子邮件中表示，该拱门将“提升阿灵顿国家公墓的游客体验，造福退伍军人、阵亡将士家属和所有美国人”。

该拱门是特朗普提议的多个涉诉项目之一。 ——美联社

米勒家族内斗

动摇共和党选举希望

华盛顿——一场涉及众议院议员及其前岳父（一名美国参议员）的家庭纠纷震惊了国会山，并引发了不断升级的指控，产生了个人和政治双重后果。

林赛·怀斯（Lindsay Wise）、 纳塔莉·安德鲁斯（Natalie Andrews） 及肯·托马斯（Ken Thomas）报道

这场俄亥俄州两名共和党人——众议员马克斯·米勒（Max Miller）和参议员伯尼·莫雷诺（Bernie Moreno）——之间的混乱争执短暂占据了参议院多数党领袖约翰·图恩（John Thune）每周新闻发布会的焦点，并促使总统特朗普与米勒（前白宫及特朗普竞选团队助手）通电话，讨论这些指控是否已损害米勒的连任竞选前景。

“简直是第七层地狱，”莫雷诺周二在国会山对记者表示。“这对我的整个家庭来说都是一次可怕的经历。”

莫雷诺的女儿埃米莉·莫雷诺（Emily Moreno）与米勒离婚，她在法庭文件和警方报告中指控米勒对她和他们2岁的女儿实施身体虐待。米勒否认了这些指控。

在周二的采访中，米勒表示自己也身处地狱，与莫雷诺同病相怜。“这是他一手造成的，”他说道。

这场纠纷发生之际，距离米勒退出选举以便共和党替换其选票的最后期限仅剩6天。这一局面令众议院共和党领导层感到震惊，他们此前一直认为米勒的席位对该党而言是安全的，直到几周前情况才有所变化。

密歇根州州长格蕾琴·惠特默（Gretchen Whitmer）、州务卿乔斯琳·本森（Jocelyn Benson，民主党人）和共和党众议员约翰·詹姆斯（John James）将在11月大选中对决，此前他们均在初选中获胜。弗吉尼亚州、堪萨斯州、密苏里州和华盛顿州也于同日举行初选。在圣路易斯，前进步派众议员科里·布什（Cori Bush）在民主党初选中输给了卫斯理·贝尔（Wesley Bell），未能夺回其众议院席位——贝尔曾在2024年初选中击败过她。

德文郡公爵夫人的“美好年代”胸针堪称杰作，由180克拉完美匹配的圣玛丽亚海蓝宝石镶嵌而成。这件约1905年手工制作的巨型珠宝代表了20世纪初工艺的巅峰，曾属于英国最显赫的贵族家族之一。保存于原装定制盒中。31 / 8英寸长。#32-2760

这件珠宝是1905年早期英国……

数周前，部分共和党人曾寄希望于米勒会听从特朗普的建议。但据米勒称，两人周一通话时，总统并未明确要求这位前助手退选，而是表示这场竞选将难以获胜。民主党仅需净增2个席位即可夺回众议院控制权。米勒于2022年首次当选，并在2024年选举中以51%的得票率获胜。民主党已推举布莱恩·波因德克斯特（Brian Poindexter）——一名工会铁匠和当地市议员——挑战米勒。“如果马克斯·米勒出现在选票上，这将是共和党在全国最脆弱的席位之一，”一位俄亥俄州的共和党策略师表示。

埃米莉·莫雷诺在法庭文件和警方报告中指控前夫将沸水泼向她、用枪指着她的头部及其他身体虐待行为。她还称，女儿在米勒照顾期间锁骨骨折。米勒断然否认了这些指控，并表示凯霍加县儿童与家庭服务部（Cuyahoga County Division of Children and Family Services）在调查后认定，关于他虐待女儿的指控缺乏实质证据。

两位家长共同拥有女儿的监护权。周二，部分共和党参议员团结在莫雷诺周围，拒绝回答记者提问。“他是我的朋友，所以关于这件事我只能说这么多，”密苏里州共和党参议员埃里克·施密特（Eric Schmitt）表示。其他共和党参议员则呼吁米勒退选。

争端发生之际

米勒退选的最后期限 逼近

=PL^ H ]PKLV VM [OPZ IYVVJO

国际新闻

霍尔木兹海峡重开前景不明朗 新袭击事件后伊朗坚持收费要求

作者：格奥尔基·坎切夫（Georgi Kantchev） 及萨默·萨义德（Summer Said）

一艘通过霍尔木兹海峡的船只再次遭到袭击，而重开这一水道的谈判因收费争议陷入僵局，使这一重要能源通道的前景蒙上阴影。尽管如此，特朗普政府仍坚称协议可能即将达成。

美国财政部长斯科特·贝森特（Scott Bessent）周二在CNBC节目中表示，美国和伊朗可能在1天内达成协议，解决海峡争端，此消息一度推动油价下跌。随后，

巴勒斯坦为2023年加沙袭击中逾100名遇难者举行葬礼

穆罕默德·萨贝尔（Mohammed Saber） / 欧洲新闻图片社 / Shutterstock

侧窗挡雨板

在雨天驾驶时保持干爽，享受WeatherTech的内嵌式侧窗挡雨板。 提供深色和哑光黑两种颜色。

1-800-441-6287

汽车、家居、宠物。找到适合您的产品。

美国国务卿马尔科·卢比奥（Marco Rubio）表示，重开海峡的谈判已取得进展，但尚未达成最终协议。此前，英国海军的海上交通监测机构UKMTO报告称，周二早些时候，800海里外的一艘货船在阿曼海岸附近遭不明投射物击中。UKMTO未透露船只身份或责任方，但此事件再次提醒人们，即使外交官正在讨论重开航道，商业运输仍然脆弱。

据地区调解人士透露，正在讨论的方案建议：驶向海湾的船只将通过伊朗水域进入，而离开海湾的船只则通过阿曼水域，无需支付费用。尽管伊朗外交官最初欢迎该提议，因其保留了对海峡的部分控制权，但德黑兰方面要求获得收费权（可能与阿曼分享），同时要求提供保证，包括停止新的袭击、结束美国海军封锁以及解除石油制裁。441名调解人士表示，美国和地区政府已拒绝收费要求，并希望获得伊朗及其代理人不威胁其领土的保证，6287名地区高级官员称。

相互矛盾的信号表明，对这一水道的控制仍在冲突中扮演核心角色。“主要分歧仍然存在：伊朗希望首先缓解海上封锁和军事压力，而华盛顿则希望海峡重开并获得伊朗让步后再提供缓解措施，”阿联酋智库阿联酋政策中心主席伊卜提萨姆·阿勒·卡特比（Ebtesam Al Ketbi）表示。“我们可能正在接近一项有限的临时谅解，但距离更广泛的解决方案仍有相当距离。水上的现实才是最好的衡量标准。”

卡塔尔外交部

伊朗孤注一掷押注霍尔木兹海峡

接第一版

伊朗政府内部在海峡控制权问题上存在分歧。伊朗强硬派伊斯兰革命卫队将控制霍尔木兹海峡视为其在伊朗核计划和民兵代理人力量近年削弱后，向西方施压的最重要工具，伊朗和阿拉伯官员及一名革命卫队顾问表示。自2月28日美国和以色列发动突袭以来，伊朗军队遭受重大损失，但此后通过在海峡骚扰航运和针对波斯湾的美国资产，成功拖住了华盛顿。

另一方面，伊朗温和派越来越担忧，美国为回应伊朗对霍尔木兹海峡的袭击而实施的封锁正将德黑兰经济推向崩溃边缘，上述官员和顾问表示。国际货币基金组织预测，伊朗2026年经济增长将萎缩6%。该组织称，伊朗年通胀率约为69%，而普通伊朗人面临燃料短缺和其他战时匮乏。

伊朗对海峡的封锁严重削减了全球石油供应，波斯湾石油流量已降至战前水平的约36%。然而，油价始终未能持续维持在每桶100美元以上，这一水平本可对美国经济造成足够打击，迫使其让步。尽管有伊朗支持的胡塞武装在红海扣留沙特石油，周二原油价格仍低于每桶80美元。

部分海湾石油已改道避开海峡。少数船只通过与伊朗达成协议或关闭通信冒险通过，得以挤过这一通道。

“存在许多缓冲因素，”曾任美国国务院官员的芭芭拉·利夫表示。

卡塔尔外交部发言人马吉德·阿尔-安萨里周二表示，调解方正在促进谈判并交换可能协议的草案。

一名阿拉伯官员表示，海湾国家警告伊朗，对该船只的袭击正危及其外交努力。数周来，调解方一直怀疑伊朗外交官是否有足够授权达成协议，以阻止未来袭击，因为伊朗强硬派有意维持对海峡的控制。

伊朗对海峡的封锁已削减了石油和天然气供应。高盛表示，波斯湾石油流量已降至战前水平的约36%，而7月上半月美伊停火大致仍在维持时，这一比例接近80%。

周二，巴勒斯坦人为在2023年11月22日以色列对加沙地带空袭中最终找到的100多具遗体举行集体葬礼。当天，战机夷平了加沙城的一个住宅区，造成300多人遇难。约40具遗体在事后不久被找到，但大多数被埋在废墟下。有关此次加沙战争最致命袭击之一的高伤亡报告，在首次哈马斯-以色列停火前的混乱中，数日后才公之于众。

上周末，救援人员在被毁建筑中挖掘，发现了112名遇难者遗骸，其中包括40名儿童。据在哈马斯领导的内政部下运作的救援机构民防部门称，仍有157具遗体下落不明。与此同时，以色列总理本雅明·内塔尼亚胡周二表示，以色列不会从目前的——

美国国务院拜登政府时期负责中东事务的最高官员表示：“石油市场在最初阶段供应严重过剩。”她称，在2025年6月以色列和美国对伊朗核设施发动打击后，中国开始“解读形势”，并开始囤积石油。尽管特朗普已收回其相当于二战规模的攻击威胁，但美国仍维持对伊朗的封锁，并重新实施制裁，使其石油贸易举步维艰。伊朗自身的石油出口依赖于通过霍尔木兹海峡的通道。长期中断将剥夺伊斯兰共和国的主要收入来源，同时加速邻近海湾国家建设替代绕行路线的努力。

作为伊朗最重要伙伴之一的中国并未出手相助。北京已减少石油采购，维持低油价，且几乎没有迹象显示会重新增加采购。但分析人士表示，随着各国以创纪录的速度消耗库存，可能在年底前导致油价持续上涨。

特朗普称伊朗领导人渴望达成协议，以开放霍尔木兹海峡、解除美国海军封锁，并最终限制德黑兰的核计划——这是总统最新的战争目标。伊朗则表示与美国没有进行任何谈判。相反，德黑兰与位于霍尔木兹海峡南岸的阿曼正在商讨建立一条临时安全通道。伊朗要求对通过海峡的船只收取通行费。

埃及、巴基斯坦和卡塔尔的调解人对临时解决方案持乐观态度，一旦达成临时方案——

高盛在周二发给客户的报告中表示，除非美国与伊朗达成协议或冲突进一步升级，否则高盛分析师预计布伦特原油价格将在每桶80至90美元之间波动。尽管谈判人员仍在与伊朗就开放霍尔木兹海峡进行磋商，但负责保护伊朗政权并控制海峡的准军事组织伊斯兰革命卫队尚未正式回应最新提议，调解人表示。

一些革命卫队官员告诉调解人，他们不会接受任何不承认其对海峡控制权的协议，并声称德黑兰处于强势地位，已做好准备应对数月的新一轮冲突，调解人表示。

以色列总理内塔尼亚胡表示，在哈马斯完全解除武装之前，以色列不会从加沙撤军，并对特朗普总统最近宣布的协议提出异议。内塔尼亚胡的表态进一步加剧了外界对哈马斯解除武装协议的怀疑，该协议曾被视为结束战争的潜在突破口。这也罕见地公开显露了与特朗普政府的分歧。

该协议要求哈马斯开始解除武装，以色列停止空袭并开始从其控制的加沙约60%区域撤军。该协议基于去年10月达成的协议，该协议结束了大规模军事行动，并促成了加沙剩余人质的释放，但在其他方面陷入僵局。特朗普政府“向我们发来了一份草案。我们没有同意。这不是我们的草案。我们已发送了我们的意见……这是我们的立场，”内塔尼亚胡在社交媒体发布的视频中表示。

——美联社

对于霍尔木兹海峡的问题，美国和伊朗 可能有望重返谈判桌。 周二，国务卿马可·卢比奥透露了政府 希望通过两步走谈判最终 对伊朗的核 发展实施严格限制。“有 一个大协议，涉及的是他们 的核野心，”他表示。 “当前的协议，也是外界关注 的焦点，是关于海峡的，” 这位国务卿补充道。 卢比奥的 言论 呼应了特朗普希望在 周三前 达成一项全面重开霍尔木兹海峡的协议， 然后再重启核谈判的意愿。 美国官员 私下表示，华盛顿正在采取 与6月达成的谅解备忘录类似的路径——先停火， 再谈判——但在特朗普失去耐心后， 重新对伊朗发起了攻击。 从长远来看，随着沙特阿拉伯、阿拉伯联合酋长国 及其他大型产油国成功开辟绕过霍尔木兹海峡的 替代石油运输路线，伊朗对全球经济 及波斯湾邻国的影响力可能会减弱。 “他们都在寻找替代路线，” 前美国国务院高级官员利夫表示，他在谈到海湾阿拉伯国家时称。 然而，这些替代路线 都在伊朗导弹和无人机的打击范围内。“如果伊朗 决心摧毁海湾地区的能源基础设施， 他们完全有能力做到，而这将超出 这些国家正在进行的基础设施建设速度，” 利夫表示。

约旦为与美国结盟付出代价

该王国成为德黑兰的目标， 因美国越来越依赖其沙漠基地

戴维·S·克劳德 报道

在过去的一个月中， 伊朗几乎每天都向约旦发射导弹和无人机。但对许多约旦人而言，将这个小国推向前线的责任应归咎于特朗普总统。 “特朗普是这场战争的起因，”63岁的塔哈尼·哈拉夫说，“美国强迫约旦成为其中的一部分。” 约旦缺乏石油，周边强国环伺，数十年来一直依赖美国作为保护者，并每年获得高达2亿美元的军事和经济援助。 如今，美国需要安曼的帮助。约旦与伊朗的距离更远，且愿意让五角大楼使用其领土，这使该国成为战争持续之际的重要伙伴，而科威特等波斯湾盟友已减少了参与。 但美国在约旦基地扩大的军事存在也带来了风险，将该王国更紧密地卷入一场已损害其经济并摧毁其安全感的冲突。特朗普决定在上周末暂缓计划中的袭击，给人们带来了希望

拉比带领伊朗数千犹太人

作者：丹尼尔·迈克尔斯（Daniel Michaels） 及劳伦斯·诺曼（Laurence Norman）

拉比耶胡达·格拉米（Yehuda Gerami）每周都会在最近翻修的阿布里沙米犹太会堂（Abrishami Synagogue）带领信徒礼拜，该会堂是一个综合建筑群的一部分，内设犹太学校、一家符合犹太教规的餐厅和传统浴室。这个建筑群并不位于以色列或美国，而是坐落在德黑兰市中心。阿布里沙米是伊朗约60座仍在运作的犹太会堂之一，格拉米担任该国的首席拉比。他的社群生活在犹太身份与伊斯兰共和国要求之间的持续张力中，试图在不被视为挑战政权的情况下坚持宗教信仰。与以色列和美国的战争使这一局面复杂化。作为一名拥有美国公民身份的伊朗人，格拉米经常在伊朗境外遇到人们，他们对这个拒绝承认以色列国并将与以色列接触定为犯罪的国家竟然存在拉比——更不用说一个虔诚的犹太社群——感到震惊。格拉米估计伊朗有约20,000名犹太人，但其他人认为实际人数要少得多。“伊朗犹太社群需要的一切，这里都有，”格拉米说，包括一所叶史瓦（传统犹太教学习中心）和全国24处仪式浴室。但伊朗犹太人缺少的是政治发言权。“我不是政客，”格拉米近日在自2月以色列和美国发动袭击以来首次出国访问时表示，“我关心的是犹太人的生活，而不是政治。”维持这种犹太生活需要与伊斯兰主义领导层达成一项未明言的协议：只要社群远离政治、效忠伊朗并与以色列保持距离，就可以遵循自己的传统。格拉米的Instagram账号展示了他主持传统婚礼、成人礼及其他犹太仪式的场景。在一个国际政策针对犹太人、以色列及其盟友的国家，格拉米避谈地缘政治的做法招致了批评，指责他是强硬政权的辩护者。“是的，有时我会看到有人这样评价我，但我的目标不是取悦其他人——”

“愿压迫者

互相毁灭， 远离我们。”

ROUZBEH FOULADI / ZUMA PRESS

“人们这样说，”杰拉米在布鲁塞尔参加由18个国家组成的“伊斯兰国家拉比联盟”聚会时表示。“我不是任何人的信使。我是我社区的信使。”

伊朗拥有世界上最古老的犹太社区之一，其历史可追溯至古波斯。犹太节日普珥节庆祝他们在大约2,500年前战胜了一位企图消灭帝国犹太人的国王大臣。“所有犹太人每年都会庆祝伊朗的犹太人，”他说道，并提到那里埋葬着圣经中的先知。然而，这个社区自1979年伊斯兰革命前的10万多人已大幅缩减，并面临着严苛的限制。他们被禁止与以色列的亲友接触，也无法前往该国。与美国犹太人的联系，除了家人和密友外，往往也十分困难。

国际新闻

居民表示，这一情况已在该国引发罕见的公开反对政府行动。超过300名前王国议会成员、部落领袖和公民活动人士呼吁驱逐美军。联名信称：“约旦不是这场战争的参与方，其人民不应承担战争后果，也不应为不符合国家最高利益的政策付出代价。”该信要求终止2021年签署的双边协议，该协议允许美军“无障碍进入”约旦基地。

签署联名信的前约旦议会成员、前部长阿姆贾德·马贾利表示，这封信“反映了绝大多数约旦人的立场。是的，我们支持国家，但我们不支持其所有做法”。

多年来，约旦一直试图淡化其与美国的军事和情报合作。但约旦的角色正变得过于显眼，难以掩盖。约旦东部沙漠的穆瓦法克·萨尔提空军基地及该国其他多个基地驻扎着美军战机、防空炮兵部队及其他用于对抗伊朗的军事单位。

白宫和美国军方未回应置评请求。

约旦官员谴责伊朗的袭击侵犯了王国主权，强调约旦将捍卫其领空并保护公民安全。但他们也公开淡化与美国的合作。“约旦没有美国基地。我们有美国军队，他们是我们长期军事合作的一部分，”外交大臣艾曼·萨法迪7, 2023在阿斯彭安全论坛上表示。

自1973年阿拉伯与以色列的冲突以来，约旦一直试图置身于该地区的战争之外。但自2023年10月7日哈马斯对以色列发动袭击，将该地区拖入冲突后，约旦不仅因驻扎美军而遭到伊朗袭击，还因击落飞向以色列的伊朗导弹而引发国内不满。

对特朗普发动战争的愤怒并不等同于对伊朗及其什叶派穆斯林领导层的支持。约旦人口中95%为逊尼派。“如果伊朗有机会，它会将我们从地球上抹去，”52岁的理发师哈马达·克拉达说，“但愿压迫者们自相残杀，远离我们。”

这些限制“给人们带来压力”，但社区能够克服它们，杰拉米说。“有趣的是，在伊朗，我们一直与穆斯林和平共处，”伊朗的犹太会堂不需要像许多其他国家那样配备安保，他说。

杰拉米出生于伊斯兰革命七年后的德黑兰，曾在耶路撒冷和巴尔的摩生活并进行宗教研究。自2011年起，他担任伊朗首席拉比。

美国伊朗犹太人联合会高级顾问萨姆·克尔马尼安与杰拉米相识多年，表示杰拉米没有离开美国的义务，但出于对社区的奉献选择返回伊朗。“他聪明、精力充沛、年轻。他很有责任心。”

这位三个孩子的父亲经常出行，常常面对人们困惑的问题：为什么犹太人选择生活在伊朗。

拉比杰拉米（右上）于2023年会见宗教领袖，包括伊朗总统易卜拉欣·莱希（中）。

“这个问题的前提就是错误的，”他解释道，他们留下来是因为这里是他们和他们父母出生的地方。“我们了解这种文化，也为这种文化感到自豪。”伊朗的文化是由92种民族和语言构成的拼图。自1979年推翻国王并将鲁霍拉·霍梅尼（Ayatollah Ruhollah Khomeini）推上权力宝座的革命以来，伊朗犹太社区的命运一直起伏不定。

伊朗剩余的犹太社区逐渐变得更加正统，熟悉该社区的人士表示，这在某种程度上为其赢得了神权政权的尊重。过去一年出现了艰难时刻，始于去年6月以色列和美国对伊朗发动袭击，以及自2月以来的战争。该政权去年拘留了35名犹太人，并就他们与以色列的联系进行了审问，此前摩萨德在2025年6月的空袭中渗透了团队。克尔马尼安（Kermanian）表示，所有人最终都被释放。

克尔马尼安表示，近几个月来与犹太社区的联系已变得非常有限，伊朗犹太人在向外界传递哪怕最琐碎的信息时都需要格外小心。“即使在今天，这个社区仍然基本上是无助的，任由政府摆布，”克尔马尼安说。“显然，与以色列的对抗以及伊朗对以色列的政策，随时可能影响到犹太社区。”

伊朗与美国和以色列军队之间的战争“对我们产生了负面影响，我们不喜欢这种情况，”格拉米（Gerami）说。尽管如此，他表示：“我的目标是让伊朗的犹太人能够像犹太人一样生活。”

全球瞭望

纪念活动：黎巴嫩举行集会，纪念贝鲁特港仓库发生大规模爆炸六周年，该仓库存放的爆炸物造成超过200人死亡。

巴西 美国吊销大使签证 特朗普政府周二表示，正在吊销巴西驻美大使的签证，此举发生在双方就美国涉嫌干预巴西10月总统选举的外交争端不断升级之际。 一名美国国务院高级官员表示，此举是对巴西推迟正式批准佛罗里达州政治家丹尼·佩雷斯（Danny Perez）——特朗普总统提名的美国驻巴西大使人选——并拒绝向多名美国官员发放签证的对等措施。 这位国务院官员表示，此举非同寻常，将导致大使玛丽亚·路易莎·里贝罗·维奥蒂（Maria Luiza Ribeiro Viotti）在美居留期间签证失效，但若巴西批准佩雷斯，美国将恢复其签证。 巴西政府谴责美国的决定，称华盛顿的理由不实，并指责其在未正式寻求巴西批准前公开点名大使提名人，违反了外交规范。 ——维拉·伯根格伦

斯里兰卡 洪水和泥石流致至少7人死亡 官员周二表示，受强降雨引发的洪水和泥石流已造成斯里兰卡茶叶种植山区至少7人死亡，并迫使部分学校关闭。 过去两天的暴雨导致该国多地房屋、农田和道路被淹。政府灾害管理中心表示，中部山区受灾最为严重。 该中心发言人普拉迪普·科迪皮利（Pradeep Kodippili）表示，291栋房屋受损，近3,500人被疏散。 海军和陆军人员已被派往灾区救援被困人员。 ——美联社

乔治·奥布莱恩的博林银鞍

博林阅兵马鞍，配有笼头、胸甲、踏脚套和马镫。 包含乔治·奥布莱恩的签名照片、多张奥布莱恩与马鞍和马匹的工作室照片，以及两本宣传手册。一款有据可查的博林马鞍，附有来源证明。

店内和线上共有超过12,000件独一无二的藏品。

扫描此二维码 查看藏品

乌克兰 数百人哀悼遇难学生 周二，数百名哀悼者在基辅市中心护送一名大学生的开棺灵柩，这名学生在周末帮助早前空袭中的伤者时遭俄罗斯袭击身亡。 20岁的维塔利娜·亚罗文科（Vitalina Yarovenko）的告别仪式在圣米迦勒大教堂内开始，神职人员诵读祈祷文，亲友们与她道别。 亚罗文科是基辅-莫希拉国立学院心理学专业四年级学生，同时是该校附属军事训练学校的教官。 尽管亚罗文科是平民，其母请求为她举行类似纪念阵亡士兵的葬礼。数百人护送其灵柩从大教堂前往独立广场。交通一度暂停数分钟，司机纷纷下车默哀，有人单膝跪地，有人将手放在胸前。 ——美联社

巴基斯坦 恶劣天气阻碍登山者搜救 巴基斯坦当局周二表示，由于天气恶劣，直升机无法升空，搜救队只能徒步寻找10名在世界第十二高峰遇难的登山者遗体。 来自尼泊尔、阿曼、巴基斯坦、中国、英国和美国的登山者于周四在吉尔吉特-巴尔蒂斯坦地区遭遇雪崩。地面搜救队已找到8名登山者的遗体，并于周六将至少3具遗体从布洛阿特峰运下，官员称。尼泊尔裔前英国陆军士兵尼尔马尔·普贾（Nirmal Purja，昵称“尼姆斯特”），也在遇难者之列。

美联社照片 / 侯赛因·马拉（HUSSEIN MALLA）

克里姆林宫强迫俄罗斯人入伍

殴打、威胁和金钱 被用于增强莫斯科 在乌克兰的军力

托马斯·格罗夫 达莉娅·马特维丘克 报道

俄罗斯 正在 强制 更多适龄男性入伍， 以提振其军队日渐衰弱的兵力， 因志愿招募陷入停滞， 且莫斯科在乌克兰前线的攻势受挫。 在俄罗斯的小城镇， 一些军方招募人员已开始 在街头拦截男性， 或在其工作场所外， 或以例行检查证件为由， 律师、人权活动人士和目击者称。 一旦被带入征兵办公室， 这些男性可能会受到威胁或殴打， 直到签署入伍协议。 此次施压行动 让人联想到2022年秋季 俄罗斯前线阵地因兵力不足而动摇时， 总统弗拉基米尔·普京实施的部分动员令。 它还引发了 俄罗斯分析人士和政界 的猜测， 即这是否预示着另一轮征兵。 俄罗斯当局已向应征者 提供改变人生的巨额资金—— 通常超过一整年的工资——

数百人因危地马拉火山爆发逃离

法新社 / 盖蒂图片社

火与灰：危地马拉周二仍处于警戒状态，富埃戈火山（太平洋火环的一部分，也是中美洲最活跃的火山之一）爆发后，数百人被迫从村庄撤离。

玛格丽塔·斯坦卡蒂 德鲁·欣肖 西班牙领导人在休达危机中受批评

随着大多数移民本周末离开北非的西班牙小块领土，首相佩德罗·桑切斯将注意力转向了欧洲权力走廊中上演的新危机。

他的国家刚刚经历了一次非同寻常的主权侵犯，约50,000名移民非法从邻国摩洛哥涌入休达。

从意大利到芬兰的欧洲各国领导人对西班牙几乎没有表现出同情。一些人呼吁对来自该国的入境者实施更严格的边境管控，并指责桑切斯政府的亲移民政策。

作为回应，左翼的桑切斯在写给欧盟委员会主席乌尔苏拉·冯德莱恩的信中猛烈抨击。“欧盟无法承受这种自私、分裂且非法的反应，”他写道，指责同僚们“受偏见、假新闻、无知或政治利益驱使”。

这一事件是桑切斯与欧洲大陆其他领导人产生分歧的最新一例。该地区右翼政党崛起，这些政党将自身定位为反移民的代表。桑切斯曾押注自己能够从左翼执政并赢得选举，向西班牙的非法移民提供大赦，同时公开反对特朗普政府。

佩德罗·桑切斯

一块俄罗斯广告牌宣传合同兵役，以增强与乌克兰作战的部队。

已准备好战斗。然而，在俄罗斯军队内部虐待的传闻以及乌克兰致命的作战能力（已将前线士兵的平均寿命缩短至数分钟、数天或数周）后，招募变得更加困难。

“当局已转向暴力手段，抓捕男子并将他们送走，”试图帮助被强征入伍者的律师阿尔乔姆·克利加表示。

这些策略与基辅因缺乏志愿兵而实施的强制征兵形成了对比。

欧盟近年来已大幅减少进入欧洲的非法移民人数——甚至桑切斯也在休达修建了三层楼高的围栏以阻止移民流入——但移民绕过防波堤游进西班牙城市的画面在网上疯传，显示出不受控制的移民问题依然极具爆炸性。从欧洲到美国的桑切斯对手抓住机会抨击其政策。

“他们非但没有对西班牙表示团结——这反映了我们当前的时刻——所有人都对移民及其影响感到恐惧。于是他们决定惩罚西班牙，将其视为异类，”欧洲对外关系委员会马德里办公室主任何塞·伊格纳西奥·托雷布兰卡表示。

特朗普总统将飞地发生的事件描述为“一场灾难”。与此同时，桑切斯原本希望能在其国家领土受到威胁时团结起来的欧盟国家——正如他们在特朗普威胁夺取格陵兰后对丹麦所做的那样——却指责西班牙政府“可能成为吸引因素的政策”，这封信由22个欧洲国家的领导人签署。这封信由意大利和丹麦牵头，特别点名批评了桑切斯政府向移民提供的大赦。

这场危机几乎与开始时一样迅速结束，但其影响……

国际新闻

其自身的人力短缺问题。 虽然俄罗斯的征兵在官方层面仍属自愿，但执法官员有时会与军方招募人员合作，设下陷阱，对不服从压力的男子使用暴力或以逮捕相威胁，知情人士称。 在西南部的奔萨地区，居民弗拉季斯拉夫·列昂尼多夫表示，他于5月在一名熟人失踪数小时后，在一处军方招募办公室找到了他。该男子被以核查个人信息为由传唤至警察局。抵达后，两名军方招募人员将其带至招募办公室并施以殴打，列昂尼多夫说。他出面干预并迫使对方释放了该男子。 “如果我们晚来两个小时，他可能已经被带走了，”他说。 奔萨地区执法官员或招募人员的突袭行动已引起当地居民关注，他们发布视频抗议这一做法。一段在招募办公室外拍摄的视频显示，身着便装的男子坐在一辆被路障封锁的军用厢式货车内。

绝大多数移民在抵达休达后的一天内离开。少数留下者在进入欧洲时面临重重障碍。从休达或其姊妹城市梅利利亚（两者均为非洲与欧洲唯一的陆地边界）出发的旅客需接受特殊边境检查。这意味着移民无法自由穿越将他们与欧洲大陆隔开的9英里水域。

上周末，桑切斯飞抵休达，向当地民众及更广泛的西班牙民众保证，马德里不会容忍此类侵犯西班牙领土主权的行为。 桑切斯于2018年出任首相，并以政治幸存者的形象多次挑战外界对他将辞职的预期，包括在近年未能获得足够议会票数通过国家预算后。其妻子、兄弟及社会党官员面临的多重不当行为调查（相关人士均否认指控）已对其声望造成冲击。 移民危机发生之际，西班牙政界正进入选举模式。桑切斯领导的西班牙工人社会党正为可能在明年选举中败给一个极可能包含强烈反移民的“呼声党”的联盟做准备——这将使西班牙自1975年法西斯独裁者弗朗西斯科·佛朗哥去世后的过渡期以来，迎来最右翼的政府。 “呼声党”领袖圣地亚哥·阿巴斯卡尔亦前往休达，称桑切斯“对西班牙人构成危险”。 桑切斯谨慎行事，未将移民危机归咎于摩洛哥。其政府将休达移民的突然涌入归因于人口走私者。他表示，西班牙最高法院近期的一项裁决——该裁决使非法经海路抵达休达的移民更难被遣返摩洛哥——可能也起到了一定作用。 分析人士称，摩洛哥可能有意放任移民越境，以向西班牙传递政治信息。阿尔及利亚与摩洛哥在西撒哈拉地位问题上存在分歧：阿尔及利亚长期支持该地区的独立组织，而摩洛哥则宣称对该地区拥有主权。

哭泣的妇女。 “他们打你，他们强迫你！”一名女子哭着说。

当局对这些事件轻描淡写，并威胁要严厉打击传播相关视频的人。

奔萨州征兵办公室主任安德烈·苏尔科夫在政府简报会上表示，突击搜查的目标是逃避兵役的人。奔萨州内务部否认突击搜查是为了将男性送往前线，并威胁对发布或传播相关视频的人采取法律后果。

“这些视频的发布与将人员送往特别军事行动区域无关，”内务部在声明中表示，使用了官方对乌克兰战争的委婉说法。

曾制作纪录片关注此问题的博主斯坦尼斯拉夫·莫罗佐夫表示，他正受到俄罗斯令人畏惧的联邦安全局的调查。“他们没有明令禁止我继续，但已经明确表示，最好不要再做下去。”

他表示，在他采访过的数十名亲属中，大多数人在执法人员威胁要栽赃毒品并当场逮捕后，被迫签署了合同。

ANATOLY MALTSEV/

美台关系在中方与特朗普压力下保持韧性

文 / 王若宇

台北——台湾正公开长期隐秘的美军训练计划，而美国人也在强调与该岛的合作，向中国传递信息：尽管特朗普总统的言论似乎使双边关系面临风险，但两国关系依然牢固。台湾国防部长顾立雄对记者表示，台湾与美国的军事合作“远比你想象的更为紧密”，这一罕见表态承认了美国在协助台湾加强防御、威慑中国方面扮演的秘密角色。北京声称拥有对这个民主岛屿的主权，并未排除使用武力夺取控制权的可能。美国依法承诺向台湾提供自卫手段，每年向台湾出售价值数十亿美元的武器。“公众只看到军售，但实际上，合作是多方面的，涉及的内容远不止于此，”顾立雄上周五表示。“通过军事交流，我们从美国学到了许多实战经验。”

五角大楼和美国太平洋司令部未予置评。顾立雄补充称，台湾针对与中国可能发生冲突的规划并不包括美军的直接介入。在台湾训练军队是一个敏感议题，双方长期以来都将其保持在暗处，以避免北京可能的报复。即使是执法领域的海上合作也一直是一个棘手话题。但美国在台协会（相当于美国驻台北大使馆）上周发布了一张照片，展示台湾和美国海岸警卫队巡逻舰并肩航行。“美国海岸警卫队与台湾海岸警卫队正在就共同的海上目标进行密切协调，”该帖子称。美国“感谢台湾在海上安全领域的合作伙伴关系，并支持台湾在海上执法交流和国际合作等全球议题上做出的有意义贡献。”

台湾海洋事务委员会主委管碧玲（负责监管台湾海岸警卫队）在其脸书页面上回应美国在台协会的帖子：“这一公告是[...OMITTED...]

部分压力源自俄罗斯不同地区的招募计划，这些计划向第三方提供现金，大多数情况下为100,000卢布，约合$1,300，以吸引他人前往征兵办公室。类似活动也存在于其他地区，如鞑靼斯坦（俄罗斯无人机的主要生产地），以及阿穆尔州、雅罗斯拉夫尔州，以及加路加、沃罗涅日和阿尔汉格尔斯克等城市。分析人士称，这些策略主要与俄罗斯在前线加速的人员损失有关，每月阵亡和受伤人数约为30,000至40,000人。“必须以某种方式招募大量人员，而愿意签约的人越少，他们就越需要施加压力，”反战非政府组织“滚蛋”的创始人格里戈里·斯韦尔德林表示，该组织帮助俄罗斯人规避兵役。

虽然第一轮动员旨在召集预备役人员和有军事经验的男性，但下一轮可能会将缺乏经验或作战意愿的男性送上前线。一些俄罗斯人表示将抵制这一举措。“一旦给我武器，我就会向那些动员我的人开枪，”53岁的预备役军官德米特里·罗金表示，他可能会被征召。

[...OMITTED...]

美国此举“意义深远，标志着美国迈出了新的一步，体现了其维护西太平洋地区和平与安全的承诺”。美国和台湾的海岸警卫队与各自的军队“截然不同”，台湾政府倾向于让双方的军事合作更加公开化，美国华盛顿智库德国马歇尔基金会印太项目主任葛来仪（Bonnie Glaser）表示。这些更加开放的立场是在特朗普质疑美国对台湾的支持之后出现的，与此同时，中国对台湾的施压也在持续加大。上周五，两艘中国海警船在台湾以东海域进行了其所称的例行执法巡逻，距离中国大陆甚远。中国海警实际上已成为一支军事力量，并定期参与旨在演练入侵或封锁台湾的军事演习，以达到恐吓台湾的目的。台湾当局报告称，5月和6月共发现85起类似的海警船只出没事件，较去年同期激增近90%。亚洲研究学者、美国外交关系协会研究员萨克斯（David Sacks）表示，特朗普在北京与中国领导人习近平会晤后发表的言论——特别是“不想飞行9,500英里去打仗”——引发了台湾对美国承诺可信度的担忧。“事实是，尽管华盛顿与北京之间存在缓和言论，但自特朗普与习近平会晤以来，中国对台湾的胁迫行动反而有增无减，”萨克斯说。“特朗普总统的言论进一步助长了近年来台湾社会对美国可信度的怀疑情绪。”在离开北京后播出的一次采访中，特朗普称一项价值14亿美元的美国对台军售计划是“一个很好的谈判筹码”。目前尚不清楚白宫是否以及何时会批准这项军售。“公开部分美台安全合作内容……可能是试图反击这些负面叙事，”萨克斯表示。

军事合作

“比你想象的 要密切得多”

太空探索技术公司

收入增长92%

接上页

接上页

续前页

为他的公司设定雄心勃勃的目标， 包括特斯拉， 尽管在多个情况下， 这些目标未能实现。然而， 马斯克利用这些目标 推动员工朝特定方向努力， 并在投资者中赢得了 敢于冒险的声誉。 SpaceX高管还为这笔支出辩护， 称其对公司的关键举措至关重要， 例如与构建人工智能基础设施相关的项目。 “虽然我从事这一行业已有24年， 但我对未来的 [...OMITTED...]

ICE搜索互联网寻找批评者

尽可能追溯其历史。 为揭露匿名在线批评者，国土安全部（DHS）已向社交媒体公司发出数百份传票，据知情人士透露。

其探员已在工作场所和路途中追踪到美国公民，要求他们签署信函，承认其关于ICE的在线言论“可能”构成犯罪。DHS表示，此举旨在保护其探员及其家人免受“暴力协同行动”的威胁，自特朗普上任以来，此类威胁导致死亡威胁增加了8,000%。

但民权律师和前DHS工作人员表示，这一做法已波及发表受《第一修正案》保护的言论的人士。

“不当言论” “据我所知，所有这些都是关于人们对ICE和移民执法说些不当言论，”民权律师劳伦·里根（Lauren Regan）表示。她曾代表多名因在线言论而受到政府调查的人士，包括Tired_Thumb。“没有任何言论接近真正的威胁。”一位机构发言人表示，ICE的调查方法遵守宪法，并尊重公民自由和隐私权益。“任何指控DHS和ICE试图‘压制’言论自由的说法都是彻头彻尾的虚假，”该发言人称。“ICE会调查针对其员工、官员及家人的所有可信威胁。”

DHS向Reddit发出行政传票，要求提供去年7月至12月期间发布“批评联邦行动”内容的11个账户的信息，据知情人士透露，这是该公司最新的透明度报告期。Reddit认定这些用户的行为受《第一修正案》保护，并对每一项传票提出异议，该人士表示，DHS最终撤回了这些请求。该公司拒绝透露任何正在进行的案件的具体细节。“隐私是Reddit运营的核心，”首席法律官本·李（Ben Lee）表示。他称公司会对“过于宽泛或威胁用户隐私或公民权利（包括《第一修正案》权利）”的政府要求提出异议。他补充道：“我们还会尽可能通知受影响的用户，使其有机会寻求法律咨询并维护自身权益。”

近期，政府已转而使用具有更大法律效力的大陪审团传票来识别用户。“问题在于：这些传票是否被用于实际调查所谓的犯罪，还是被用于建立监视名单？”约书亚·科尔顿（Joshua Koltun）律师表示。他曾代表两名近几个月身份被社交媒体传票曝光的美国人。《华尔街日报》确认了10名抵制DHS试图揭露其身份的人士——其中9名为美国人，1名为加拿大人。

“未来几个月，”太空探索技术公司总裁格温·肖特韦尔（Gwynne Shotwell）在电话会议中表示。“感觉我们仿佛又重新起步了。” 太空探索技术公司的IPO定价为每股$135，股价在公司上市后几天内飙升至$225以上。但近几周，股价跌破发行价，较峰值蒸发了大量价值。

自马斯克2002,年创立太空探索技术公司以来，该公司已主导火箭发射市场，并为全球客户提供卫星互联网服务。在其规模庞大的IPO路演中，太空探索技术公司宣称正转型为人工智能领域的主要参与者。

不过，包括星链在内的业务仍是该公司最大的业务板块，并作为收入和利润引擎。其数以千计的低轨道卫星

ICE正试图识别一名Reddit用户Tired_Thumb，该用户近几个月发布了批评移民探员的言论。 上图：今年早些时候，明尼阿波利斯，联邦移民官员在旁观者拍摄下进行逮捕。

通过两种类型的传票对他们进行追查。其中，法官已维持了四项大陪审团传票的效力。这些案件尚未提出任何指控。该机构已放弃三起案件，另有三起仍在审理中。

一名用户于1月在X平台上将移民与海关执法局（ICE）官员比作纳粹，并写道：“所有ICE特工都应像狗一样被处决。”约四个月后，在法院下令社交媒体公司提供其信息后，ICE特工上门拜访了她。

这名身着便衣的特工警告她不要再发布类似言论，随后离开，该女子表示。她尚未面临指控，但已收敛了在社交媒体上的言论。

政治夸张言论？ 最高法院裁定，真正的威胁不受宪法保护，但政治夸张言论受保护——在一项具有里程碑意义的裁决中指出，政治领域的“语言”往往“充满谩骂、辱骂且不精确”。

多名受到审查的美国公民在社交媒体上发布了有关移民执法官员的信息——从执法人员的行动地点、官员姓名到家庭住址。

特朗普政府将“针对执法人员的有组织人肉搜索”视为一种国内恐怖主义行为。国土安全部（DHS）声称，对执法人员执勤过程进行录像并将录像发布到网上构成人肉搜索。当一家地方新闻媒体报道乔纳森·罗斯（Jonathan Ross）是两天前枪杀古德（Good）的特工后——

其近地轨道上的卫星已为约170个市场提供互联网服务，并寻求在已运营地区扩大覆盖范围，同时增加企业和政府客户数量。

星链（Starlink）用户在第二季度翻倍至1200万。SpaceX报告该业务板块收入为43 亿美元 billion，较去年同期增长66%。这也是该公司唯一在最近一个季度实现营业利润的业务板块。

“星链有朝一日可能提供全球大部分互联网服务，这并非遥不可及。”马斯克在电话会议上告诉投资者，“这不是遥远的未来，而是不到10年的事。”

SpaceX的人工智能业务仍在开发中，此前该公司于2月收购了xAI人工智能——

在一名用户发帖称“估计他现在得搬去佛罗里达或得克萨斯，那里会把他当英雄欢迎”后，Tired_Thumb提到了罗斯曾居住过的几个州和一个城市，这些信息已被新闻媒体报道。“希望他搬到斯蒂尔沃特州立监狱（Stillwater State Penitentiary）。”Tired_Thumb在评论中补充道。

DHS表示罗斯是出于自卫。他尚未面临指控。

非营利法律组织“公民自由辩护中心”（Civil Liberties Defense Center）提交了一份动议，要求撤销传票，称其委托人行使的是受保护的言论自由。联邦政府撤回了原始传票，并回应以大陪审团传票，要求提供自2025年12月起约一个月的社交媒体活动记录。

在此期间，Tired_Thumb回复了一则声称识别出一名ICE特工的帖子，该特工在一段病毒式传播的视频中协助另一名特工将一名女子拖过明尼苏达州街头，旁观者高喊该女子怀有身孕。

Tired_Thumb在公共记录搜索网站上查到了该特工的姓名，并在评论中分享了其电话号码，几秒后贴出了信息来源链接。他在几天前曾写道“废除ICE，消除所有边界”。Reddit数据显示，Tired_Thumb在此期间未对该机构发表其他评论。

截至上月，联邦政府仍在试图了解

瑞妮·古德（Renee Good）称，国土安全部（DHS）将此举称为“鲁莽行为”，并表示该报应“立即删除报道”。

分享联邦执法人员的个人信息，除非有犯罪意图的证据，否则通常不被视为犯罪，这一门槛在法庭上历来很高，宪法学者和辩护律师表示。

过去一年，司法部已成功起诉多名美国人，这些案件涉及在网上发表关于移民与海关执法局（ICE）官员的言论，包括一名俄克拉荷马州男子，因在X平台上发帖称“我们作为美国公民应当枪杀这些国内恐怖分子”，以及其他多条关于“应当枪杀特工”的帖子而被定罪。

由马斯克创立的人工智能初创公司。不过，收入较上年增长逾两倍，达到26 亿美元亿美元。新的云服务协议推动了收入增长，太空探索技术公司（SpaceX）表示。

该公司第二季度在与人工智能业务相关的资本支出上花费了$15.8亿美元，约占总支出的86%。

JOSHUA RASHAAD MCFADDEN FOR WSJ

ICE在监控上的支出

$258.3百万 $257.5百万

+57% 从拜登到特朗普

$164.5百万

拜登 / 特朗普

2024-25 / 2025-26 / 2026-27

注：所有日期为当年1月20日至次年1月19日；2026-2027年为部分时段（2026年为26年，2027年为27年）。 数据来源：联邦预算

在Tired_Thumb一案中，DHS最初向Reddit发出行政传票，要求提供该发帖人的姓名、地址、账单记录及与其在线活动相关的任何账户信息，涉及1月和2月的活动。DHS未说明理由，也未表明他们可能违反了何种法律（如有）。

《华尔街日报》通过存档数据获取了该用户在此期间的Reddit活动记录，发现有三条评论提及ICE——其中两条包含缩写“ACAB”（意为“所有警察都是混蛋”）。在1月的一条评论中，Tired_Thumb在一个关于地方新闻文章的帖子中发表了意见，该文章——

Tired_Thumb的身份。针对网络对手的大部分行动由ICE职业责任办公室（OPR）协调。在以往的政府任期内，该办公室主要以调查ICE特工不当行为而闻名，但也会雇用少数外部分析师监控互联网上针对高层领导的威胁。

过去一年，OPR牵头推动了一项举措，大幅扩展该机构监控网络批评者和潜在威胁的能力，相关信息来自承包商、联邦文件和前国土安全调查局（HSI）特工。20支承包商团队现使用先进的监控工具在互联网上搜寻被该机构视为可能具有危险性的言论。

JOHN LOCHER / AP

投票工作人员

在“疲惫拇指”（Tired_Thumb）得知政府调查的三个月后，一位名叫佩格琳·戈尼亚（Paigelynne Gonyea）的纽约投票工作人员接到了一名自称国土安全部特工的男子的语音留言。

“我们打电话给您，是关于我们认为您在Instagram上发布的一则帖子，您在今年1月对一名移民与海关执法局（ICE）特工进行了人肉搜索，”来电者说道。

不久之后，两名ICE监察长办公室（OPR）的特工来到她工作的投票站。

她表示，特工们拿着从她账户打印的截图，其中包括有争议的帖子。她说特工们快速翻阅这些截图，但她注意到一点：帖子中包含一张罗斯（Ross）的照片，这名移民官员曾枪杀古德（Good）。

她表示，特工们持有的文件还包含戈尼亚的地址、出生日期，以及一张看起来像是在机场安检时拍摄的她的照片。特工们要求她删除该帖子，并让她签署一封信函，确认她已被告知其社交媒体账户“可能”违反了联邦法律。

戈尼亚表示，她只能找到一则提及具体ICE特工的帖子：

“今天是乔纳森·罗斯被起诉的好日子！”这位40岁的网络红人兼作家在帖子中写道，并提及了首次公布罗斯姓名的新闻报道。

ICE发言人表示，戈尼亚人肉搜索了一名特工的家庭住址，并向《华尔街日报》展示了另一张截图，该截图似乎来自戈尼亚的Instagram账户。截图显示罗斯的照片，配文为“凶手的名字是乔纳森·罗斯，来自”——其余文字被遮盖。

戈尼亚表示，她不记得发布过任何特工的地址，也无法找到涉事帖子的证据。她正在考虑采取法律行动。

史蒂夫·内西斯 / 路透社

T

购买基础经济舱机票时

请仔细阅读条款细则

这些无附加服务的机票一直有限制，但规则清单还在不断增加

随身行李 T

道恩·吉尔伯森

你以为自己已经了解 那些基础经济舱机票 的所有细则了吗？最好再看一遍。 随着航空公司将无附加服务的机票 推广到商务舱和头等舱，人们很容易 忽略这一狂潮发源地——经济舱—— 中持续变化的规则。 我自认为对基础经济舱颇有研究， 偶尔还会为其辩护。我经常向朋友、 家人和希望省钱的读者详细说明限制条件， 只有在他们的计划可能变动时才会劝阻他们。 因此，当我试图取消一张为我儿子购买的 美国航空基础经济舱机票时，我感到惊讶。 要获得航班积分——扣除航空公司 $99的基础经济舱取消费——

《蜘蛛侠》明星

创造票房奇迹

埃丝特·祖克曼

汤姆·赫兰德和赞达亚在 票房上度过了一个价值十亿美元的周末。 这对已婚演员主演的《蜘蛛侠：Brand New Day》 以惊人的$932 million全球票房夺得周末冠军。 他们还共同出演了《The Odyssey》，该片在三个周末内 全球票房已超过9.11亿美元。两部影片合计 在全球票房已创造超过18 亿美元 billion的收入。 好莱坞对明星情侣同时也是合作演员的组合并不陌生， 从布拉德·皮特和安吉丽娜·朱莉， 到艾米莉·布朗特和约翰·卡拉辛斯基。 但业内观察人士表示，还没有哪对情侣 能从连续两部大片中赚取如此多的票房收入。 “这是电影界的 哈雷彗星，” Rentrak（一家追踪票房数据的媒体分析公司） 市场趋势主管保罗·德加拉贝迪安表示。 《The Odyssey》和《Brand New Day》的合力助推 使得刚过去的这个周末成为 国内票房史上最强劲的周末， 影院初步报告的票房收入为4.3亿美元。 这一时刻凸显了赫兰德（30岁）和 赞达亚（29岁）的集体影响力。 两人都是从童星起步。他曾在——

好莱坞对

明星情侣同时 也是合作演员 的组合并不陌生。

个人日志

在国内航班上支付了行李托运费——他必须是该航空公司的常旅客计划会员。

然后我注意到另一件事：如果你不直接从美国航空购买机票，就无法获得任何积分。这意味着不能通过Expedia等平台预订。

显然，我和你都需要重新了解基础经济舱的规则。美国主要航空公司的基础经济舱限制仍然相同。你无法免费提前选择座位，且最后登机。换句话说：你可能会被安排在飞机后部的中间座位，且没有空间放置随身行李。（美联航仍然不允许基础经济舱乘客携带标准随身行李，必须托运。）

变化最大的地方在于退改政策以及忠诚度奖励和里程。以下是各航空公司需要注意的新变化。

美国航空：我提到的退改限制并非唯一的变化。今年5月，该航空公司停止允许拥有会员等级的常旅客在购买基础经济舱机票时使用座位特权。（包括美联航和达美航空在内的部分航空公司也有此限制。）

一位拥有该航空公司最高会员等级的迈阿密常旅客告诉我，他和妻子经常购买基础经济舱机票，因为他们仍然可以在预订时免费获得航空公司的加长腿部空间座位。现在他们必须付费或升级至普通经济舱机票。他说这让他感到“很不舒服”。

一位发言人表示，拥有会员等级的乘客仍然可以享受优先登机、行李额度及其他特权。去年年底，美国航空停止为基础经济舱机票购买者提供常旅客里程。达美航空早已实施这一政策。

美联航：美联航真的非常希望你拥有其信用卡。以至于如果你没有其信用卡或没有加入该航空公司的 Mileage Plus 计划，基础经济舱机票购买者将无法获得飞行里程。这一变化于4月生效。

他在西区剧院演出前，曾于2012年奥斯卡提名影片《海啸奇迹》中饰演娜奥米·沃茨的儿子，该片讲述了2004年印度洋海啸的故事。她曾是迪士尼频道的明星，出演过《舞动青春》和《K.C.卧底》等剧集。

两人大约在十年前为2017年电影《蜘蛛侠：英雄归来》试镜时相识，他将在片中饰演彼得·帕克（即蜘蛛侠），而她将扮演最终成为他爱情对象的MJ。多年来，他们作为演员的影响力不断扩大。荷兰德成为漫威电影宇宙的核心人物之一，出演蜘蛛侠，并在2022年领衔电子游戏改编大片《神秘海域》。《奥德赛》是他迄今为止最重要的非蜘蛛侠角色之一，他在片中饰演奥德修斯之子忒勒玛科斯。而赞达亚则饰演女神雅典娜。

赞达亚在《沙丘》系列中扮演重要角色，并凭借HBO剧集《亢奋》获得两座艾美奖，还凭借该剧最新一季获得第三次提名。她还主演了今年的独立电影《戏剧》，该片由A24出品，意外成为热门影片，全球票房超过1.32亿美元。

荷兰德主演的电影全球总票房约为110亿美元。赞达亚参演的作品总票房接近80亿美元。他们的影响力已超越表演领域——

她以红毯亮相而闻名，特别是与造型师劳·罗奇（Law Roach）的合作。她还与On品牌合作推出运动休闲系列，并刚刚被宣布成为普拉达最新香水Paradoxe Sweet Chemistry的代言人。霍兰德也拥有普拉达的香水Paradigme，并创立了无酒精啤酒公司Bero。Bero在《全新一天》（Brand New Day）中被突出展示，当时霍兰德饰演的彼得·帕克在一家杂货店购物。

“他们同时身处多个世界，”娱乐研究公司Exhibitor Relations的高级媒体分析师杰夫·博克（Jeff Bock）表示，“他们不仅仅是电影明星，还是特许经营明星、时尚人物、Z世代偶像。”

尽管他们在银幕上坠入爱河——彼得和MJ在2019年的《蜘蛛侠：英雄远征》（Spider-Man: Far From Home）中首次接吻——但在现实生活中，他们对两人的关系保持低调。他们没有公开宣布婚礼，也没有分享婚礼照片。代表未回应确认婚姻的请求。他们已婚的首个公开迹象出现在3月，当时罗奇告诉《Access Hollywood》：“婚礼已经举行了。你错过了。”

在《奥德赛》（The Odyssey）和《全新一天》的宣传活动中，这对情侣彼此深情表白，但对分享的内容仍保持谨慎。赞达亚曾表示，霍兰德告诉她，她得到了《奥德赛》的角色。霍兰德因在英国美食播客《Dish》中随口称赞达亚为“妻子”而登上头条。

此前，观众曾因银幕上出现恋爱中的明星而涌入影院——尤其是当传出绯闻时。《埃及艳后》（Cleopatra）在1963年成为当年票房最高的电影，此前主演伊丽莎白·泰勒和理查德·伯顿在片场开始交往，当时两人均已婚。该片连续12周位居票房榜首，直到另一部由伯顿主演的电影

美国航空的乘客若购买基础经济舱机票，必须直接从航空公司购买才有资格获得航班积分。

美联航还提高了对无会员身份或特定美联航信用卡持有者携带违规随身行李至登机口的收费。如果行李无法放入座位下方（他们会严格检查！），你需支付$75的托运费，较此前$65上涨，因航空公司提高了行李费。提前在柜台托运可省下$30。

达美航空：想进入达美天合联盟贵宾室？基础经济舱机票持有者无法进入，即使你拥有会员资格或可授予准入权限的美国运通信用卡。从明年开始，航空公司甚至将限制购买其新推出的“基础商务舱”机票的乘客进入其高端达美一号贵宾室。

西南航空：西南航空的忠实用户刚刚接触基础经济舱。该航空公司改革了票价结构，并几乎重塑了业务模式的其他所有方面，同时转向指定座位。

好消息是：基础经济舱乘客可免费取消航班并获得积分。坏消息是：积分有效期为6个月，而非普通经济舱的12个月。需注意的是，6个月的期限从预订时开始计算。因此，如果你在12月购买了春假的基础经济舱机票，并在3月取消，你的出行时间窗口将非常有限。

西南航空是唯一一家让我毫不犹豫选择基础经济舱以节省开支的航空公司。这是因为我在该航空公司拥有会员身份，即使购买基础经济舱机票也能享受相关权益。这意味着我可以在预订时选择座位，并优先登机（1组）。

所有基础经济舱机票持有者均可累积积分。基于其他航空公司的趋势，这些权益能持续多久还有待观察。

捷蓝航空：想要更改或取消基础票价？在上周票价类别调整的细则中隐藏了一项变化：航空公司现在将收取150美元的手续费，较之前的100美元有所上调。剩余金额将以旅行积分形式发放。

基础票价乘客仍可通过旅行累积积分，并享受部分忠诚度福利，但不包括座位选择。

阿拉斯加航空：基础经济舱乘客（阿拉斯加航空称其为“Saver票价”）不再有资格累积飞行常客积分。新政策于8月1日生效。需要取消Saver票价？阿拉斯加航空的限制比竞争对手更为严格。您必须在起飞前至少14天取消，才能获得50%的旅行积分。若在该时间窗口之外取消，机票将失去价值。

您现在可能已经明白：在点击“购买”之前，务必仔细了解所有限制条款，尤其是在预订多张机票时。这些取消费用可能会吞噬机票价值的很大一部分。

如果无法接受这些条款，就只能“升级”了。这里的“升级”加了引号，因为我们都知道这并非真正的升级，而是有意推销我们曾经认为理所当然的基础服务。

泰勒的《名利场》超越了它。40多年后，《史密斯夫妇》于2005年6月赢得了国内票房冠军，当时外界纷纷猜测布拉德·皮特和安吉丽娜·朱莉的银幕化学反应已发展为现实关系。这对情侣最终于2014年结婚。

八卦媒体对情侣的关注也可能成为负担。2003年的烂片《吉利》就是一个例子，该片由当时订婚的本·阿弗莱克和珍妮弗·洛佩兹主演，全球票房仅为700万美元。

据专家分析，赞达亚和荷兰德的票房号召力意味着他们未来可以随心选择项目。赞达亚今年还有另一部重要电影：《沙丘3》，定于12月18日上映。荷兰德可能会在同一天上映的《复仇者联盟：末日审判》中与其他超级英雄同台，但他的参与尚未确认。《全新一天》的片尾字幕承诺“蜘蛛侠将回归”，荷兰德还将主演一部即将上映的弗雷德·阿斯泰尔传记片。

目前，他们的下一步可能仍是他们关系伊始的定义：远离公众视线。

“我想他们接下来最明显的选择，以及未来的方向是：不出现在我们能看到的任何地方，”网站Lainey Gossip创始人、加拿大eTalk资深记者伊莱恩·卢伊说道。

T

银行推销数字钱包

面向持观望态度者

其进入该领域的产品Paze面临挑战

推动用户使用其在线结账按钮

作者：达尔文·布朗

美国最大的银行 掌控着几乎所有 你购买商品背后的资金流动。 但它们尚未找到 如何让你点击结账按钮的方法。 这些允许在线购物者点击即可避免 手动输入信用卡号的数字钱包， 主要由苹果支付（Apple Pay）、 谷歌支付（Google Pay）和贝宝（PayPal） 等科技巨头运营。在少数但不断增长的网站上， 你可能还会看到一些银行进入该领域的产品， 名为Paze。 你可能会直接滚动过去。 “没人知道Paze，”负责运营Paze的 塞尔日·埃尔基内尔说，“比如， Paze是什么？” 面对激烈的市场份额竞争， 并寻求存在感， Paze正将目光转向一个不太可能的群体—— 那些至今仍对数字钱包持观望态度的 保守派和科技恐惧者。 根据J.D. Power的数据， 虽然约70%的40岁以下消费者使用数字钱包， 但40岁以上人群中仅有41%使用。 Paze希望说服这部分年长群体加入潮流， 并最近加大了针对这一群体的 广告和促销力度。 争夺市场份额的替代方案 成本高昂。 当银行的信用卡在 苹果支付中被使用时， 银行需向苹果支付约0.15%的 交易金额作为手续费。 Crone咨询公司是一家支付

孤独的大胆解药

续前页

这成了他最喜欢的爱好， 然后是他主要的人际接触来源， 再后来几乎成了一种使命。科尔顿 成了对抗一个问题的步兵，这一问题被美国卫生局局长比作每天吸 15支烟。

根据2024年哈佛大学"关怀共同体"调查， 五分之一的美国成年人报告严重、 频繁的孤独感，其中30至44岁的成年人 孤独感比例最高。

42,的科尔顿说，他只是在寻找一种 不唐突的方式建立现实生活中的联系。"我发现 人们可以来找我，"他说。"为了认识人， 我不必主动上前搭讪。他们会主动走到我面前。"

科尔顿在当地社区学院期间坚持了下来， 逐渐积累了一小批追随者，同时学习哪些话题有效， 哪些效果不佳。

2023年，他转学到 哥伦比亚大学。他开始将椅子和一叠对话提示 带到纽约市的各个公园，邀请通勤者、 遛狗者 和 游客坐下来与素未谋面的人交谈。

人群 偏年轻化，对话也更轻松，话题如 "来和我玩UNO牌吧"。

科尔顿到校一个月后，哈马斯袭击以色列 引发的抗议活动使校园气氛紧张，学生们陷入新的孤立。 哥伦比亚大学信任合作实验室副主任克里斯蒂安·卡波特斯库 研究社会信任，他注意到最响亮的声音 淹没了沉默的大多数。

于是，42,的卡波特斯库 开始组织"倾听桌"，由主持人引导的座谈会， 学生们可以在其中讨论时事， 而不会演变成争吵。

根据一家支付咨询公司的估计， 2025年美国卡发行商在线上和应用内购物中 向苹果支付的费用至少达$7.5 亿。 Paze是Early Warning Services旗下的产品， 该公司由包括摩根大通和富国银行在内的七家大型银行所有。 该公司更受欢迎的产品是Zelle，用于在客户账户之间转账。 Zelle最初发展并不顺利，但随着被整合到客户已在使用的银行应用中， 逐渐获得了发展势头。

Paze的卖点是直接通过银行和信用社的移动应用运行。 无需创建账户。客户激活钱包， 并使用银行已预先加载到Paze中的合格卡片。 埃尔基纳说，他们的赌注是有人会想："这是我银行的产品。我要试试。"

Paze的研究发现，约一半的银行客户 很少使用数字钱包。其市场研究人员将这些人的特征称为"保护主义者"。 他们大多年龄在44岁以上，略偏女性，且较为富裕。 最重要的是，他们对自己的银行忠诚。

这是最近一则广告的主题，由伊丽莎白·班克斯和加布丽埃勒·尤尼恩主演 （banks and credit unions——银行和信用社，懂了吗？）。 两位女演员都在Paze 正在争取的年龄段内。

Paze带来了

Serge Elkiner 负责银行支持的数字钱包服务Paze。

组织者表示，对话有时会变得激烈。

一名叫赞恩·格拉斯科克的学生 在中央公园遇到了卡波特斯库的桌子。 21,的格拉斯科克说，他对陌生人 愿意停下来，与一群大学生坐在一起并分享人生建议感到震惊。 "我不知道还有其他平台能这么快实现这一点，"他说。

科尔顿也找到了 倾听桌， 在那里他遇到了格拉斯科克和 卡波特斯库。这三个人

[...OMITTED...]

对话

话题提示涵盖 从哲学性到 荒诞不经的内容。

他们开始讨论如何将更具学术性的 固定座谈会与科尔顿一直主持的 更随意的公园聚会相结合。 三人磨平了科尔顿最初的奇思妙想的棱角， 借鉴了固定座谈会的部分 主持规则，并为这个项目起了一个名字：美国对话。 这一设置在设计上保持低调。 主持人会提前到场， 将折叠椅摆成一个圆圈， 然后搭起一顶蓝色帐篷， 在50英尺外就能看到。 旁边放置一块白板， 写上当天的话题提示。 近期的提示涵盖了从哲学性到荒诞不经的内容； 其中一个提示是：“你喜欢和陌生人交谈吗？”

个人日志

莱基莎·埃利奥特（Lakeitha Elliott）最近尝试了Paze，此前她在Facebook上看到一则优惠广告。

两年前，Elkiner加入公司扭转产品局面。他曾负责Visa全球资金流动业务的产品开发，并在2020年将自己创立的支付公司YellowPepper出售给Visa。

为了找到目标用户群体，Paze对参与银行的客户进行了调查，随后开展了访谈、可用性测试和焦点小组讨论，Paze市场营销主管玛丽亚姆·霍斯罗沙希-帕埃兹（Maryam Khosrowshahi-Paez）表示。超过一半的保护主义者表示他们已经在使用Zelle，该服务可在客户账户之间转账。许多人采用Zelle是因为它来自自己的银行。

Paze的研究发现，72%接受访谈的保护主义者认为，手动在网站上输入卡号比使用数字钱包更安全。“这个数据让我震惊，”霍斯罗沙希-帕埃兹说。她还询问了工作以外的朋友，他们也持相同看法。

随后，他们会招手示意路人，或与行人并肩而行。组织者表示，更有趣的参与者往往是那些无需鼓励的人。格拉斯科克（Glassock）将主持人的工作比作推动巨石：“最难的是它尚未移动的时候，”他说。

Alice Cook，17, 已经参加这类聚会几年，她将这种体验描述为“现实版Omegle”——一款允许用户与陌生人视频聊天的服务。“你会遇到各种各样的人。”Cook说，在开始参加之前，她曾极度社交焦虑。现在，她发现与陌生人交流已不再那么可怕。

Kratima Divakar，一名来自印度的26岁律师，在哥伦比亚大学读研第一学期时开始参加这类活动。她被这种无需职业目的与人交谈的机会所吸引，后来决定帮助组织者吸引更多女性。她现在负责该团体的大部分外联工作。

组织者表示，偶尔会吸引一些醉酒、心情不佳或仅仅想找人倾诉的人。

六年过去，与成千上万的陌生人交流后，Colleton有了一个关于为何这种聚会奏效的理论：这里有足够的匿名性，让人们敢于说出真实想法，但又不会过度到让他们说出会感到羞愧的话。此外，他表示，少数人面对面而坐，“就像篝火一样，是人类的天性。”

银行和网络安全专家表示，手动输入卡号风险更大，因为这会将卡信息交给网站，而数字钱包通常不会。

让人们尝试新事物需要付出努力，这也是Paze在6月启动促销活动的原因之一。

49岁的莱基莎·埃利奥特最近尝试了Paze，此前她在Facebook上看到一则广告，称客户使用Paze消费$10即可获得$10返现，最多可享受10次。她浏览了商户名单，并激活了两张符合条件的卡。

这位俄勒冈州波特兰市的居民此前曾通过Capital One和Chase收到过Paze的促销邮件，但她没有理会。自那以后，她已使用Paze 3次，均在Wendy's，她通常每次点餐时都会在应用中输入卡号。她计划继续使用Paze。

不过，Paze目前尚未在许多常见的结账页面上线。例如，eBay和Nike就不支持

《华尔街日报》每日填字游戏 / 编辑：迈克·申克

1 2 3 4 5 6 7 8 9 10 11 12 13

14 15 16

17, 18 19

20 21 22

23 24 25

26 27 28 29

30 31 32 33 34 35 36 37

38 39 40 41 42

43 44 45 46 47

48 49, 50

51 52 53 54 55 56

57 58 59 60 61 62

63 64 65

66 67 68

69 70 71

好莱坞式结局 / 作者：加里·拉森 & 艾米·恩斯兹

横向 1 击拳致意 4 充满 活力 9 发泄 14 骚动 15 电阻上的 字母 16 旧装配 区域 17, 为1994年布洛克/ 里维斯动作片 操作摄像机？ 19 名人堂成员 厄尼·班克斯的 昵称 20 讽刺话 21 《Digest》创始人埃里克 22 隐秘 合伙人 23 为1973年伍迪·艾伦电影 安排聚光灯和 灯光？ 26 墓碑 29 仪式上的 正确答案

30 接受 考验 31 纸张放入罐中 34 巴克莱中心球员 38 明星投手 39 为一部2004年詹姆斯·温恐怖片提供资金？ 42 鸡蛋花产品 43 堪萨斯或阿拉巴马等 45 种植的地块 46 关键 48 投入使用 50 放松的 51 《海尔马》（2012年丹泽尔·华盛顿电影？） 57 《哦，我的天》歌手 58 《阿凡达：火与灰》中的查普林 59 对幼儿来说糟糕的时刻

Apple Pay、Google Pay和PayPal，但这两家公司均未出现在Paze的商户名录中。 “所有新的支付方式都始于商户接受度，”Crone Consulting首席执行官理查德·克朗表示。 Early Warning的首席合作伙伴官埃里克·霍夫曼表示，Paze正在努力吸引咖啡店和其他人们日常消费的场所。 如果人工智能开始购物，结账按钮可能也会变得不那么重要。亚马逊拥有跟踪价格并在价格下降时自动购买的工具。沃尔玛允许顾客通过ChatGPT购物。PayPal为人工智能购物代理提供结账支持。 根据标普全球市场情报4月的一项调查，不到1%的消费者表示在过去90天内使用过Paze进行在线购物，而使用PayPal的比例为41%，Apple Pay为24%。 Paze表示，其6月促销活动已超出预期。在6月15日推出后的四周内，激活量几乎翻了一番，而此前四周的激活量为15。该公司表示，目前尚不清楚有多少用户在积分用完后仍继续使用该钱包。

63 路易斯安那大学___卡津人

1 荒谬的 2 莎拉·麦克拉克伦热门歌曲 5 提出质疑 6 其中一些戴着王冠 7 明星投手？ 8 装满货物 9 逐步升级 10 相互接受 11 “真的！” 12 战斗间歇 13 击剑选择 15 18 争吵 24 影迷的在线参考 25 荷马的二儿子 26 瞎猜 27 黑白相间的哺乳动物 28 银行持股 32 批准的 33 巡洋舰字母 35 爵士乐中的菲茨杰拉德 36 演唱会周边 37 职位 40 同谋 41 在……陪同下 44 一些剑术 47 打斗 49 香水产品 50 玩弹珠 51 带编号棋盘的游戏 52 其车牌上写着“著名土豆” 53 李尔的二女儿 54 一种尖端 55 不情愿的 56 发布在线图片的地方 58 59 60 懦弱的家伙 61 双簧管乐器 62 《Come Sail Away》摇滚乐团 64 为2008年梅丽尔·斯特里普电影雇佣演员？ 65 犯罪现场证据 66 1960年代联合国秘书长 67 许多人喝咖啡休息的时间 68 素食汉堡蛋白质 69 数字 70 西藏的首府 71 护照信息

上一期谜题答案

U T A H R A C E S M A P S E G A E X A L T S O L O D R E I D E L L A T W A S I S R A E L I E M B A S S Y T I A P O I V A N I L L A I C E C R E A M O B I E S P R A D A A L A C A P S S H A P E O T I C A C A A L I N E W A I T A L I T T L E D I D W E K N O W A D E H E F P H I L I P P I N E P E S O L I D O L A N C E R U N S I R O N A R I A L N I L E E E L B E T A S S T Y X

A12 / 2026年8月5日，星期三

《华尔街日报》 艺术评论

W

音乐评论 / 马克·理查德森 Shaboozey的 电影化 新声音

艺术家的西部主题概念专辑

是一次值得称赞的叙事实验

当 Collins Obinna Chibueze 在 2016 年签下他的第一份唱片合同时，音乐行业还没有属于像他这样的艺术家的位置。他最初是一名说唱歌手，艺名 Shaboozey——这个名字来自一位高中橄榄球教练对其姓氏的误读——但没有一种单一的音乐形式能涵盖他兴趣的广度。他的父母是尼日利亚移民，父亲在最初定居德克萨斯州后成为多莉·帕顿等乡村音乐艺术家的粉丝。尽管 Shaboozey 在自己的作品中偏爱节奏缓慢、低音浓重的陷阱音乐（trap）风格，但他对乡村音乐和美国民谣情有独钟，并被这些截然不同的流派对叙事的强调所吸引。这位歌手兼说唱歌手在 2018 年的首张专辑《Lady Wrangler》几乎完全是嘻哈风格，仅在配器中加入了些许乡村音乐的韵味。在接下来的一年里，Lil Nas X 的《Old Town Road》成为现象级作品，并创造了 Billboard 排行榜的历史。这首融合说唱与乡村的病毒式歌曲改变了一切。到 2024 年，Shaboozey 在碧昂丝受乡村音乐影响的专辑《Cowboy Carter》中两次亮相，并凭借第三张专辑《Where I’ve Been, Isn't Where I'm Going》终于取得突破。这张专辑收录了热门单曲《A Bar Song (Tipsy)》，这首巧妙改编自 2004 年说唱歌手 J-Kwon 单曲的作品，与《Old Town Road》并列保持了 100 首单曲榜单第 1 位的周数纪录。他的第四张完整专辑《The Outlaw Cherie Lee & Other Western Tales》（American Dogwood / Empire）现已发行，这张概念专辑表明这位 31 岁的艺术家的野心已超越热门单曲。这张新专辑在 46 分钟的时长内压缩了 20 首曲目，其中许多是旨在保持节奏的短暂插曲。在开场曲《The Outlaw Cherie Lee》中，仿佛围坐在篝火旁，演员杰米·福克斯讲述了这个传奇故事。在一阵呜咽的口琴声和轻柔的吉他弹奏中，标题角色踏上了为父报仇的旅程。部分歌曲紧贴专辑的

---

电视评论 / 约翰·安德森

走私爬行动物与爬行人类

当汉克·莫尔特和他的同伙爬行动物走私者在 70 年代“采购”时，他们随身携带一把枪和一把砍刀——“枪用来射击某人，砍刀用来在被太攀蛇咬伤时砍掉手指”。 一条太攀蛇的毒液能致死多少人？ “哦，大约 20 人。” 实际上似乎远不止如此，但谁在计数呢？ 又有谁能解释执念？一个人的痴迷在他人眼中可能是令人作呕的、有毒的膨颈蛇。但埃里克·古德的五集纪录片《上帝的怪物》探讨了全球爬行动物非法且利润丰厚的交易，仍然提出了这些问题。为什么某些人——正如一位前妻所指出的，大多是男性——会将一生奉献给濒危物种的捕捉、贩卖和繁殖？为什么要冒眼镜蛇咬伤的风险？为什么要冒他们声称如此热爱的动物的福祉风险？答案当然是金钱。但尽管古德先生的角色阵容是一群令人不快的罪犯，他们完全可以在不冒险每次运送斐济带纹鬣蜥时赌上一切的情况下过上相当体面的生活。他们不是一级方程式赛车手，也肯定不是肾脏捐赠者。但危险就是他们的生意。 古德先生对这一主题有着自己的兴趣——他创立了龟类保护协会；为极度濒危的犁头陆龟（该系列的联合主演）发起倡议；并执导了纪录片《虎王》和《疯狂黑猩猩》，两部作品均关注痴迷于动物的人（以及饱受困扰的动物）。在《怪物》中，他记录了不止一种成瘾：一些更具启发性的时刻涉及

沙布兹（Shaboozey）因单曲《A Bar Song (Tipsy)》而广为人知；他的新专辑是《The Outlaw Cherie Lee & Other Western Tales》。

情节；在另一些作品中，联系则较为模糊；有时，主人公的旅程似乎更像是关于沙布兹本人。在第二首歌曲《Til Sunday》中，这首融合了原声吉他、小提琴和跺脚节奏的说唱曲目，他的职业生涯细节成为传奇的一部分：“在酒吧里引爆全场，让他们跳起排舞 / 酒精点燃引线，《Tipsy》依然销量白金。”沙布兹再次与肖恩·库克（Sean Cook）和内文·萨斯里（Nevin Sastry）密切合作，后两者是他上一张专辑的主要合作者，此外还有其他词曲作者和制作人。整体音效极具戏剧性，合唱人声、震撼的鼓点、远处马匹的嘶鸣，以及让人联想到响尾蛇威胁的打击乐。嗓音沙哑的演员萨姆·埃利奥特（Sam Elliott）在一段插曲中现身，而刚从保罗·托马斯·安德森（Paul Thomas Anderson）的电影《One Battle After Another》中崭露头角的泰亚娜·泰勒（Teyana Taylor）则在一首长约一分钟、以尼龙弦吉他伴奏的曲目中推进叙事，营造出德克萨斯-墨西哥边境的氛围。这种戏剧性夸张到近乎恶搞，但沙布兹富有感染力的嗓音和对素材的投入，通常能让听众站在他这一边。尽管这最终是一张关于旧西部的乡村音乐概念专辑，《The Outlaw Cherie Lee》却涵盖了多种音乐风格。《Sweet Revenge》是南方摇滚，其副歌让人联想到《Sweet Home Alabama》，而《If I Was an Outlaw》则带有强烈的E弦重音，让人想起约翰尼·卡什（Johnny Cash）的火车歌曲和吉米·巴菲特（Jimmy Buffett）民谣的简洁结构。少数几首歌曲，如适合派对的《Cowgirl》和致敬自我毁灭的《Born to Die》（后者听起来很像扎克·布莱恩（Zach Bryan）的作品），被打造为适合电台播放的单曲，略显突兀，但并不严重。尽管专辑中有众多嘉宾和混杂的美学风格，整体依然沉浸感十足，保持了流畅性。

即使专辑偶尔偏离其角色，强烈的主题线索——其中许多借鉴自昔日的西部史诗——依然贯穿始终。听到来自其他音乐领域的艺术家在新环境中表现也颇为有趣。《High Noon》以一段借鉴自赛尔乔·莱昂内（Sergio Leone）电影的氛围口哨开场，佐治亚州说唱歌手冈纳（Gunna）与沙布兹在一段盘绕的陷阱节拍与滑音吉他交织的伴奏下交替说唱。《Bullets & Blades》是一首催人泪下的慢舞曲，由多才多艺的R&B歌手凯拉尼（Kehlani）与沙布兹合唱。两人的嗓音相得益彰，在轻松沉思与激烈情感之间取得平衡。沙布兹曾提到莱昂内和昆汀·塔伦蒂诺（Quentin Tarantino）是其创作的灵感来源，这张新专辑充斥着——有人会说过度充斥着——廉价刺激的电影化元素。

---

《Monsters of God》剧照，这是一部由《Tiger King》导演埃里克·古德（Eric Goode）执导的新纪录片系列。

20世纪80年代，迈阿密的爬行动物和可卡因交易中，动物运输被用来掩护毒品走私。如果动物足够难以驯服，海关人员便不愿翻查箱子。类似的手法也被用来伪装稀有物种本身，将它们与普通爬行动物一同运输。在一个案例中，一只科莫多巨蜥幼崽被藏在一箱普通巨蜥中，混迹其中难以分辨，而人手不足的联邦机构也懒得费心。古德先生采访的对象都是那些因热爱异域野生动物（和利润）而甘冒被捕、罚款、入狱甚至家庭破裂风险的人。雷·范·诺斯特兰（Ray Van Nostrand）——一位前美国鱼类及野生动物管理局官员称其为“雷·范·鼻孔”（Ray Van Nostril）——染上严重可卡因毒瘾，因走私入狱，并将自己的进口生意交由儿子打理，其中一子迈克（Mike）严格遵守规则经营，直到非法所得的诱惑变得难以抗拒。古德先生从受访者口中挖掘出异常坦率的自白——其中一位被定罪的毒贩马里奥·塔布劳（Mario Tabraue）（在片中出现）

“《养虎为患》（Tiger King）”的导演回忆起肢解并焚烧一名联邦线人的尸体。（他否认谋杀了自己的妻子。）一些更引人入胜的人物仅被一笔带过——曾参与1961年猪湾入侵古巴失败行动的老兵，据塔布雷（Tabraue）所述，他们后来成为80年代佛罗里达州兴起的可卡因市场的核心人物。但整个系列中最神秘的人物是——

马来西亚动物走私贩安森·黄（Anson Wong），他几乎与古德先生在贸易中遇到的所有人都有联系。巧合的是，本文作者在《怪兽》（Monsters）所涵盖的大部分时间里曾从事热带鱼批发业务，当时总能感受到野生动物进口行业背后的边缘心态：某晚在肯尼迪机场的美国海关开箱时，一名工作人员从我的箱子里取出一条毒鲉，这是世界上毒性最强的鱼类。它并非订购的货物，而是作为“礼物”被寄来。人们常常试图向我们兜售各种软壳龟及其他受严格管制的物种，以为我们这些鱼贩和他们一样对1973年颁布的《濒危物种法案》漠不关心。具有讽刺意味的是，这项尼克松时代的立法反而使某些物种的交易变得比以往更加暴利。据本片报道，动物园非常乐意用最稀有的爬行动物充实展品，无论它们是否是走私而来。（圣迭戈动物园成为其中的典型违规者，其爬行动物馆长汤姆·舒尔茨（Tom Schultz）于1999年承认电信欺诈、盗窃及非法贩运罪。） 但古德先生这部准纪实作品最引人入胜之处，在于其主角们巧妙规避法律、为罪行辩解并摧毁他们声称热爱的事物的方式。可能是那些犁头陆龟——1996年，有75只从马达加斯加一家成功的繁育机构被盗，几乎导致该物种灭绝。又或者，顺便提一句，可能是某人的妻子和家庭。但说到底，谁又在计较呢？

亨特·莫雷诺

在情感氛围和质感上，《亡命女郎切莉·李及其他西部传奇》（The Outlaw Cherie Lee & Other Western Tales）似乎最直接受到瑞安·库格勒（Ryan Coogler）2025年奥斯卡获奖作品《罪人》（Sinners）的启发，其方式是将类型化元素与当代参照相结合，并将其转化为一部歌剧式的彩色奇观。在采访中，沙布兹（Shaboozey）曾提到希望将这张专辑的故事改编成图像小说或一部长篇音乐视频，不难想象他在电影行业的未来。眼下，他做了一件值得称道的事，利用意外成功带来的资源尝试新事物。

理查德森先生是《华尔街日报》流行与摇滚音乐评论员。在X上关注他：@MarkRichardson。

W

H

民主党人、特朗普与伊朗

唐纳德·特朗普的战争是一次误判。他既没有足够的军事资源，也没有国内支持来打一场持久战，更缺乏个人意愿。到第7天，他便对伊朗发动猛烈打击，希望能找到一个脱身之道。但《纽约时报》的一篇文章犯了时代错误，召集美国和欧洲的外交政策人士断言这场战争是美国的“战略失败”。还是等待历史的篇章书写完毕吧。

从某种意义上说，特朗普在伊朗问题上的失误比里根1982年在黎巴嫩的冒险更为代价高昂，无论是消耗的弹药还是未实现的目标。但在更重要的层面上，特朗普的战争实际上成本更低：里根在灰溜溜撤退时留下了241名美军阵亡人员。

此后，里根经济推动了冷战的胜利，催生了延续至今的技术革命，并为一个新era.重塑了美国的文化主导地位。我并非预言特朗普也会如此，但如果他的伊朗失败不会导致第三次世界大战，它很可能很快就会被遗忘，正如美国过去的许多失误和撤退一样。某种障眼法正在填补——

商业世界 作者：小霍尔曼·W·詹金斯

经济推动民粹主义与社会主义

过去一年来，美国民主社会主义者支持率的显著上升，是一个更长期、更广泛趋势的一部分。在过去的20年里，二战后主导大多数西方民主国家的中间派左右翼两党格局已经瓦解。民粹主义-民族主义运动削弱了传统保守党，在某些情况下甚至取而代之。在左翼，强硬社会主义者对自由改革派和社会民主党人发起了攻势。

新左翼和新右翼在许多问题上存在分歧，包括移民、文化和外交政策。但他们一致认为，旧有两党格局的经济政策导致了去工业化、经济增长放缓，并扩大了受过高等教育的城市地区与教育程度较低的小城镇和农村地区之间的经济差距。

在美国，对漫长而代价高昂的战争的不满，以及对2008-09年金融危机和疫情的持续争议，也助长了对两党精英的反抗。公众对经济的失望维持了这场反抗。在过去的四分之一世纪里，在历任总统的领导下——

[...OMITTED...]

Waymo，你要带我去哪儿？

作者：史蒂夫·科恩

Waymo——这家由谷歌母公司Alphabet旗下的自动驾驶出租车公司——还没有准备好接过家里的车钥匙。有时它的表现像个早熟的孩子：固执己见，不愿接受父母的干预。因此，它并不总是像自己想象的那样运行良好。

上周，我和妻子乘坐了一辆本应是短途的Waymo。这趟旅程时而有趣，时而令人沮丧，时而又让人胆战心惊。

我曾在旧金山使用过无人驾驶出租车，并对这种超现实的体验赞不绝口。因此，在加州圣莫尼卡时，我毫不犹豫地叫了一辆Waymo，准备前往2英里外的酒店。

这并不是一个特别冒险的决定。我们已经开了六年特斯拉，妻子也接受了我在所有道路上使用特斯拉的“完全自动驾驶（监督）”模式——

《泰晤士报》的文章中，将“U.S.”误用为“特朗普先生”。其消息来源显然更清楚这一点。《泰晤士报》自己也更清楚。特朗普的行为违背了团队的建议，违背了对其基本盘的承诺，基于他数十年来的执念。在《Call Me Back》播客的独白中，欧亚集团的伊恩·布雷默延伸了我一直在此努力阐述的观点。与大多数情况相比，特朗普的总统任期是历史上一个路径依赖的偶发事件。其他领导人看到了这一点。他们知道不能过度概括。

我想说得更多。其他国家也有情报机构。他们具备分析能力，且没有动机回避某些真相。威权政权尤其敏感于特朗普在多大程度上是美国情报工作的一次失误，始于联邦调查局（FBI）在2016年大选中以俄罗斯情报为由进行干预。一个简单的道德止损本可以完全避免特朗普时代：如果希拉里·克林顿、约翰·布伦南、亚当·希夫、詹姆斯·科米，以及是的，媒体，当初问自己一句：我们应该撒谎吗？

我知道这个话题对某些读者来说是敏感的。我理解原因。正如我在亨特·拜登笔记本电脑事件中所说：“如果你一听到‘俄罗斯’这个词就丧失所有批判性判断，那么总会有人利用这一点。”

但真相并不会因为被普遍忽视而失去相关性。在第六次选举——

以及两党的历届国会中，经济增长放缓，其成果的分配也不如以往广泛。普通家庭认为自己的利益被忽视了，而事实也支持这一观点。

在1950年至1974,年间，美国经济在通胀后的年复合增长率为3.8%。在接下来的25年中，尽管经历了1981年严重衰退，经济仍增长了3.2%。在比尔·克林顿担任总统的八年间，实际国内生产总值年增长率为4%，这有助于解释他离任时66%的工作支持率。

但在2001年1月开始的25年间，年增长率仅为2.1%。与这一趋势一致，GDP在2001年增长了2.1%，2026年第一季度的年化增长率为2.1%，第二季度的预计增长率为1.5%。随着增长放缓，其成果的分配也不如过去半个世纪公平。在2001年至2024,年间，中等家庭收入增长了18.6%，而收入前10%和前5%的家庭收入分别增长了32.1%和33.5%。

在过去的25年中，以1982年美元计算，中位数工人的实际周薪从$336上涨至$378，年增长率几乎难以察觉，仅为0.5%。总薪酬（包括——

各种道路，从乡村小路到纽约市的FDR快速路。这意味着它在驾驶，但我可以随时接管。在热爱驾驶60年后，承认埃隆·马斯克是一位比我更优秀的程序员并不容易——

前往酒店途中，

这辆车自行驶入了错误的车道， 我们不得不紧急脱身。

司机。特斯拉的摄像头能比我更早发现乱穿马路的行人， 迎面而来的车灯不会让它失明， 它的反应速度也比我快。 在圣莫尼卡，当我们的Waymo到达时， 我的妻子坐在了后排，而我则一屁股坐进 前排乘客座——这样更方便摆弄 车内的控制装置。一则通知 警告我们不要干扰车辆的自动驾驶

观点

连续第三次，各党派 都在炒作外国影响 / 选举不信任的老调。 对特朗普先生而言，对手变成了中国； 而对某些激进的民主党人来说， 则是以色列。 民主党 将这一主题 注入了美国政治。他们 捏造证据。他们 动员联邦调查局和情报机构 向法院和美国人民撒谎。这种情况 在美国历史上前所未有，不要试图

总统与其对手的相互依赖

成为世界的难题

将其归咎于过度热心地捍卫 民主。 民主党 喜欢将特朗普先生作为对手。 奥巴马竞选团队前经理吉姆·梅西纳 曾表示，他祈祷特朗普成为2016年共和党提名人。 同样的动机 也是为什么 串联era, 最具标志性、有机关联的一幕—— 尽管看似属于另一个范畴—— 却是乔·拜登的 2024年连任策略。 拜登先生 将自己的总统任期押注于 特朗普是一剂神奇的解药—— 他以为自己可以将政策 交给党内那些不具代表性、报复心强的左翼激进分子， 而选民无论如何都会再次选他。 如今，这一历史和2028

将福利因素考虑在内，增速 仅略有加快，年均增长率为0.8%。 在此期间，实际GDP增长了71%， 而经通胀调整后的企业利润则几乎翻了两番， 从533.4亿美元增长到2.12万亿美元（以2001年美元计价）。 在这些数字背后，正如 《华尔街日报》的格雷格·伊普所指出的， 正在发生更为根本性的变化—— 国民收入正在大规模从劳动力向资本转移。 在2001

他们的解决方案会让事情变得更糟，

但真正的问题在于其吸引力背后的原因。

2001年， 企业利润 占国民收入的6%。到2026年初， 这一比例已翻倍至12%。 与此同时， 劳动者 的份额 下降了5.7个百分点，从56.7% 降至51%，为政府自1947年开始 统计这些数据以来的最低水平。尽 管税收导致的会计变化解释了部分 变化，但其主要部分代表了劳动与 资本关系的结构性转变。人工智能 的发展可能会加速这一趋势。 结论：在调整 税收 和 会计 变化后， 如果今天的劳动者 能获得与25年前相同的经济蛋糕份额，他们

的功能，并宣布Waymo 不会监听我们的对话。 一顶爱尔兰羊毛 司机帽放在空荡的驾驶座上。 行程平淡无奇， 直到距离目的地还有四个街区。Waymo意识到自己在必须右转的车道上， 打开了左转向灯，犹豫着向中间车道靠拢，又改变主意， 右转——远离了酒店。它绕着街区转了一圈， 却又进入了必须左转的车道。在第三次尝试失败后， 我按下了客服 按钮。 一位代表确认车辆正在重新规划路线，我妻子问道： “你们不能直接告诉它该转向哪里吗？” “不能，”代表回答。 “这车有自己的想法。”我们仿佛走进了《2001太空漫游》， HAL会不祥地说道：“对不起，戴夫。 我恐怕做不到。” 这一次， 车辆 接近了我们的酒店，但还有一个街区

提出一个问题：民主党人能否在连续第四次 总统选举中避免再次发明某种 新的自我羞辱性的背叛行为， 这种行为将在未来十年 如同通俄门骗局和拜登先生的惨败一样， 在我们的政治中回荡？周二的 密歇根州初选对决并不乐观。 如果反犹太主义和社会主义 将成为该党2028年的竞选名片， 民主党人最好努力确保小唐纳德·特朗普 成为共和党的提名人。 对这位精于止损的商人特朗普而言， 伊朗战争将是一个简单的解决方案。一走了之。 通过关闭霍尔木兹海峡， 剥夺伊朗试图借以施加影响的对抗方。 届时，当地各方的利益将指向迅速重新开放。 非海湾地区石油的持久可靠性溢价 对美国作为西半球能源强国而言将是净收益。 此外，美国已经证明， 无需实际冒险将船只驶入海湾狭窄水域， 即可对海湾能源流动行使王牌。 但身陷困境的政客们更倾向于做出 不作为的决定，这适用于特朗普及其伊朗对话者。 更可能的结果是， 零星的交火和对话将持续到20, 2029年1月20日， 届时下一届政府将能够进行大规模减记， 并将责任归咎于特朗普。

在2025年，平均每人本可额外获得$8,000。特朗普推行的关税政策和纽约市长佐兰·曼达尼（Zohran Mamdani）实施的价格管制，均是对此短缺的回应，两者还不约而同地拥抱了生产资料和交换手段的公有制。

尽管如此，自世纪之交以来，两党提出的更渐进式经济改革均告失败，为更广泛的政策转向打开了大门——无论这些转向可能多么误入歧途。关税会推高物价，价格管制会减少供给。两者均会导致代价高昂的经济扭曲。但它们仍为支持者带来了希望，而渐进主义已不再能提供这种希望。

十年前，罗纳德·里根总统的小政府保守国际主义让位于大政府民粹民族主义，成为共和党的主流正统。如今，民主党也面临着来自民主社会主义者联盟（DSA）的类似挑战。政治上有一句古老的格言：你无法用虚无击败某种东西。民主党内仍信奉民主资本主义的那部分人，必须超越过时的政策，制定一个大胆、经济上负责且公众可接受的新议程。否则，自2025年以来在纽约、密歇根、威斯康星等地出现的发展趋势，将成为该党未来的预兆。

——

前不久，我的Waymo汽车在行驶中突然莫名其妙地转错了方向。当客服代表说无能为力时，我打开了车门。我们的Waymo猛地停了下来，我们在街道中央跳了出去。

Waymo目前在10个城市运营着约3,900辆自动驾驶汽车，并计划扩张。我在纽约偶尔会看到Waymo的车辆——但驾驶座上总坐着一个人，表面上能在系统学习城市复杂路况时进行干预。自动驾驶汽车可能会取代容易出错的人类司机。但Alphabet拒绝让人类在车辆“自行其是”时进行干预，凸显了AI行业的傲慢。我们需要的是能倾听人类的机器——不是为了窃听，而是要有谦逊的态度，承认人类智慧有时可能略胜一筹。

问她任何事

问：问题的隐藏力量

在一个渴求答案的世界

作者：拉尼·沃森 维京出版社，320页，32美元

希拉里·普特南常给他的哈佛哲学系学生出一道不同寻常的期末考试题。他要求每个学生决定考试应包含哪些问题——然后作答。这是一个狡猾的测试。如果学生提出的问题过难，正确作答会很吃力；但如果问题过于简单，学生又会因提问过于简单而失分。拉尼·沃森会欣赏普特南的考试。在《Q》一书中，这位爱丁堡大学的哲学教师提出，“我们生活在一个越来越急躁、越来越迫切地渴求、需要并重视答案的世界”。她写道，在我们所处的这个日益混乱的时代，许多人寻求“认知闭合”，抓住任何现成的答案不放，从而在生活的许多领域——包括个人健康、政治和商业——误入歧途。沃森希望我们意识到，问题除了能引出答案外，本身也具有巨大价值。它们是“我们每个人都拥有的一种力量”。为了说明这一点，她提到了2021年的一个案例：英国医生忽略了一个孩子的危及生命的病情，孩子父母的观察也被忽视。对过快诊断的质疑本可能挽救这名患者的生命。如今，英国医院的信息资源中出现了鼓励患者及家属向医护人员提问的指引。沃森对“提问”的定义非常宽泛，她将任何寻求信息的行为都囊括在内，从口头询问到嗅一嗅牛奶盒以判断其新鲜度。无论琐碎还是紧急，她认为，问题都是我们福祉的核心。心理学研究支持她的观点。沃森指出，提问能释放有益的神经递质，并触发“一种在多巴胺系统中波动的神经化学反应——大脑中帮助你感受愉悦的部分”。提问的心态甚至能接纳无法回答的问题。例如，当我们想象那些再也无法向已故亲人提问的问题时，沃森认为，这类询问有助于“大脑处理失去，心灵理解无法理解之事”。这种思考带来的领悟并不总是愉快的，但沃森认为，它们的价值是真实的。向自己提出关于自身创伤和挣扎的痛苦问题可能具有治疗作用。她甚至建议在工作场所建立一个“问题收藏”，员工可以将未知的问题贡献出来，供同事思考。沃森写道：“如果每家公司……都有自己定制且动态的问题收藏，那么毫无疑问，我们都将生活在一个更注重提问的世界”——这一假设本身可能有些值得商榷。巧合的是，提问的心态正是大多数学校未能灌输的。沃森引用的多项研究表明，课堂上的大部分问题都是由教师向学生提出的。正如一位教育研究人员所言：“从未有人在课堂样本中发现大量学生提问。”沃森冷静地指出，当你看到一张孩子们在课堂上热切举手的照片时，他们很可能是在回答教师的提问，而非提出疑问。

许多学校未能培养质疑的思维方式

研究表明，课堂上提出的大多数问题都是教师向学生发问。

沃森女士的文笔轻松活泼，且带有令人欣赏的自知之明。（在提到她在东京寻找一家素食拉面店时，她补充道：“恭喜你，你已经读到了这本书中最矫情的一句话。”）她毫不掩饰地描述了在她的一堂哲学课上，当她问学生对本周的阅读材料是否有任何问题时，随之而来的漫长而令人尴尬的沉默。然而，随着读者深入《Q》这本书，会感觉它忽略了一个重大问题。我们是否即将进入一个人工智能颠覆提问本身的时代？沃森女士在书中顺带提到了人工智能，指出“为了启动和运行，人工智能需要数据和问题”。她对这一主题的兴趣主要在于，这种新技术凸显了提问的价值。但如果现实世界中大量工作被人工智能驱动的自动化取代，我们中又有多少人会关心将工作场所变成创新温床——这正是沃森女士所强调的习惯性提问的主要益处之一？沃森女士指出，在与ChatGPT互动时，“人类仍然是提问的一方”。但同样可能的是，那些模仿人类对话的人工智能产品会让我们脱离与周围他人的思想和情感交流。假设更多人放弃真实的恋爱伴侣，转而与顺从的人工智能机器人相处，我们对彼此内心世界的兴趣——沃森女士认为这种兴趣通过提问得以体现——又会有多少？而当我们自由使用这些系统提供的图像和文本时，那些艰难却有意义的自我探索（这正是艺术创作的动力）又将何去何从？沃森女士确实批评了当前的人工智能模型，认为它们对我们各种琐碎问题提供的答案虽易于消化，但有时却不着边际。但我们面临的最大挑战可能来自相反的情况。如果人工智能模型能够产生科学和数学上的突破，却无法以人类能够理解的方式解释其推理过程，我们可能仍然无法重建得出这些答案的思维路径。这些都是推测性的可能性，而非既定预测。但如果在人工智能能力日益增强的时代，提问仍要成为人类的标志性活动之一，可能需要比《Q》所提供的更深刻的哲学辩护。罗伯特·F·肯尼迪借用乔治·萧伯纳的话宣称：“有些人看到事物的现状，问‘为什么’；我梦想从未有过的事物，问‘为何不’。”这是对好奇心的有力辩护。然而，如果做梦的人是数字化的，这两个问题还重要吗？

14

《华尔街日报》

加密货币监管的明确性，某种程度上

C

ongress经常通过充斥政策地雷的立法，因为议员们不愿做拆除这些地雷的艰苦工作。一个典型例子是目前参议院正在审议的加密货币监管法案，共和党人急于在本周离城前通过。拜登团队曾试图压制加密货币这一数字货币形式，并将其置于法律的灰色地带。银行监管机构建议银行远离加密货币。美国证券交易委员会主席加里·根斯勒（Gary Gensler）因加密货币开发者和交易所未在该机构注册而对其进行处罚，尽管联邦法律并未明确授予他监管这些实体的权力。i i i 虽然特朗普政府官员对加密货币更为友好，但加密货币仍在监管的灰色地带运行。去年的《天才法案》为稳定币（一种旨在与美元挂钩的加密货币，类似于货币市场基金）提供了一些规则，但该立法仍留下了一些监管问题未解决。于是，参议院推出了616页的《明确法案》，为数字资产建立了监管框架。这将为加密货币行业提供更多合法性和法律确定性，这也是加密货币支持者支持该法案的原因。该法案为监管机构制定了规则，以确定一种加密货币更类似于投资合同（受SEC监管）还是商品（受商品期货交易委员会监管）。为企业筹集资金而出售的加密货币通常将被视为证券。这似乎将包括特朗普家族的WLFI代币。比特币和其他不受个人或公司控制的数字代币通常将被视为商品进行监管。该法案还将建立明确的市场结构规则，为投资者和银行提供监管确定性，使其无需担心未来政府的反复无常。

不投资加密货币的美国人也可能从该法案中受益，因为它将为银行发行、交易和结算代币化证券（例如带有区块链记录的股票和债券）提供法律框架。这项技术将减少金融系统中的摩擦并降低成本。所有这些都值得支持。问题在于，该法案还包含可能在金融系统中引发问题的监管漏洞。其中一项条款将削弱《天才法案》对稳定币发行方支付利息的禁令，允许加密货币交易所为本质上属于银行服务的业务提供“奖励”。

特朗普、大石油与“太多的钱”

E

众所周知，特朗普总统扮演着政治民粹主义者的角色，但有时你只能一笑置之。以他周一对美国石油公司“赚取太多钱”的抨击为例。

特朗普担心中期选举前的汽油价格，需要有人来背锅。于是，大石油公司成了替罪羊。

“当你看到一家公司今年赚的钱是去年的12倍时，他们应该将其中一部分返还给公众，”特朗普周一表示。“他们最好降低零售价，也就是消费者价格。”目前尚不清楚他指的是哪家公司，但此前他曾批评雪佛龙CEO迈克·沃斯（Mike Wirth）没有称赞特朗普是其公司成功的原因。

油气巨头在油价上涨时总能赚取更多利润，而由于特朗普与伊朗的冲突威胁到石油供应，油价已经上涨。但这正是特朗普一直鼓励生产更多石油的同一行业。

中国在海外追捕记者

中 国共产党在国内外打击批评者，并胁迫其他国家成为帮凶。北京要求泰国引渡一名揭露腐败的中国记者即为明证。

白 兆东曾为中国知名调查性报道杂志《财经》报道新冠疫情、贪腐及其他政治敏感话题。当局已拘留至少另外两名为该刊撰稿的记者，无国界记者组织称，中国各地公安部门在2011年至2022年间至少对白先生提出了五项指控。白先生于2024年逃离中国，抵达泰国。

但白先生无法续签中国护照，自2026年1月起一直被泰国移民局拘留。中国外交部告诉路透社，正寻求引渡白先生，理由是涉嫌敲诈勒索和行贿。白先生的律师纳塔西里·伯格曼表示，白先生否认有不当行为。

伯格曼女士称，如果白先生被遣返回中国，“他很可能会因其发表的文章而被监禁”。非营利组织人权观察表示，联合国难民事务高级专员已认定白先生为难民。伯格曼女士称，另一个国家——

评论与展望

参议院拟议的数字货币监管法案需要修改。

这位亿万富翁总统对企业提出了奇怪的批评。

北京要求泰国引渡一名揭露腐败的记者。

根据《天才法案》，稳定币发行方不能对持有者支付利息。国会担心这会让稳定币在无需遵守相同资本及其他监管规定的情况下，与银行竞争存款。如果银行因稳定币提供更高利息而流失存款，其放贷能力将受到削弱。这对依赖利息吸引存款的小型银行而言风险尤为突出。大型银行无需支付太多利息，因其享有“大而不倒”的隐性担保。《清晰法案》将为《天才法案》提供变通方案，允许发行方与加密货币交易所安排协议，向持有稳定币的客户支付“奖励”。这些奖励可能包括低利率保证金贷款、交易积分、存款返现或现金红利。稳定币发行方通过持有支持代币的资产（主要是美国国债）获利。用户购买和持有的稳定币越多，发行方可用于投资的资金就越多。即使美国国债收益率相对较低，Tether Limited和Circle等稳定币发行方仍能通过规模效应获利。这正是他们鼓励更多人购买和持有其稳定币的原因。允许交易所向稳定币用户提供经济激励，可能会吸走小型银行的存款，进而减少对小企业的贷款。该法案还将豁免所谓的去中心化加密网络适用反洗钱和“了解你的客户”（KYC）规则。这些网络类似于eBay，用户直接交易，运营方从中抽成。犯罪分子可能利用这一豁免，通过这些网络进行非法支付。许多去中心化网络还将豁免SEC和CFTC的监管，这可能促使证券化交易（包括股票）转移至这些缺乏或几乎没有投资者保护的影子市场。此类监管规避的诱因可通过更严格的措辞加以修正，但加密货币游说团体正向共和党施压，要求按现有版本通过法案。i i i 去年，众议院已通过《清晰法案》的一个版本，特朗普总统希望国会将法案送交其签署，以回报其在该行业的朋友和捐赠者。民主党则要求对联邦官员在任期间发行和推广加密货币实施更严格的限制。这不无道理。特朗普的加密货币交易令人尴尬。但这也凸显了建立一个安全可靠的数字资产监管体系、保护投资者的必要性。

在美国，他希望这些公司赚取更少的利润，以便减少对勘探和钻井的投资吗？还是另有所指，先生？

实际上，石油和天然气巨头正通过向股东派发股息的方式将利润回馈公众，其中许多股东是退休人员。雪佛龙本周宣布向员工发放奖金。但说到某人收入较前一年大幅增长，总统是否愿意评论他在任期间通过加密货币交易及其他业务获得的利润？

特朗普近期的财务披露报告显示，他去年仅在加密货币领域就赚取了约14亿美元（原文为some 14 亿美元 billion）。其Truth Social平台上周六推出了一项服务，出售更快速访问其常常引发新闻的帖子的权限。以石油价格为例，其波动往往受其关于战争的帖子影响。

石油和天然气巨头通过生产有价值的商品获利。一些不友好的民粹主义者可能会说，特朗普正在将总统职位商品化。

一位不愿透露姓名的国家已同意接收他，但 他需要泰国的出境许可。泰国移民 当局和外交部未回应我们的 问询。

根据泰国的国内法和 国际承诺， 泰国禁止将任何人遣返 其祖国，如果该人可能面临迫害、酷刑或其他虐待。然而，去年泰国至少将40名维吾尔人遣返中国，尽管美国认定 中国共产党正对这一少数民族实施种族灭绝。人权观察组织表示，北京近期已要求曼谷遣返其他可能在中国面临政治或宗教迫害的人士。

像白先生这样的勇敢记者通过报道履行公共服务，而受益者不仅仅是中国读者。随着北京对信息共享施加更多限制，外国企业——包括美国公司——越来越难以获取关于中国治理、经济和商业事务的可靠信息。

北京对海外批评者的骚扰变得越来越肆无忌惮，包括在美国。 华盛顿有兴趣反制这种跨国压制，特朗普政府 可以通过向泰国提出白先生的案件来提供帮助。

观点

读者来信

两党均试图阻挠直接民主

关于贵报社论《民主党人反对直接民主》（7月31日）：纽约市的民主党人也应列入同一名单。市长佐兰·马姆达尼及其盟友压制了一项关于结束该市封闭式初选的公投。

纽约现行的封闭式初选制度将该市逾100万名独立“无党派”选民排除在实际上决定最终获胜者的初选之外。

前市长埃里克·亚当斯召集的一个委员会原本计划将开放式初选付诸公投，但马姆达尼先生解散了该小组，取而代之的是一个忽视公众意见并放弃该倡议的新委员会。

马姆达尼先生支持封闭式初选不无道理，这种制度投票率较低，有利于“美国民主社会主义者”候选人。众议员亚历山德里娅·奥卡西奥-科尔特斯在2018年纽约第14国会选区民主党初选中仅以16,898票获胜。

虽然开放式初选公投不会出现在今年11月的选票上，但团体“团结纽约”已收集到足够的请愿签名，旨在将开放式初选纳入2027年11月的选票——

一位教师给修复式司法打F等

尽管我是一名终身民主党人，但我非常赞同托尼·伍德利夫对学校修复式司法实践的评估（《“修复式司法”带来暴力学校》，评论版，7月30日）。

我在2021年至2025年间于丹佛的低绩效公立学校担任初中教师。当我在硕士学位课程中首次了解到修复式司法实践时，我认为它颇有潜力。但在实践中，它助长了学生的破坏性行为，摧毁了学校，耗尽了教师的精力。

以下是修复式司法在我任教的两所学校通常的运作方式：一名学生会在课堂上捣乱，对我大喊大叫或向其他学生扔东西。首先，我会给这名捣乱的学生一个警告。然后，我会要求他远离同学。（他通常会拒绝这样做。）当这种行为持续时，我会将他的名字写在黑板上，并打电话回家与其监护人讨论情况。（监护人通常不会接电话。即使接了，他们往往也不会有兴趣处理此事。）当我最终要求将这名捣乱的学生带离课堂时，则需要与一名修复式司法协调员会面。

史密森尼学会已迷失方向

关于杰弗里·H·安德森的专栏文章《史密森尼对美国的蔑视》（8月1日）：1976年7月，我和妻子带着我们三个年龄在7至9岁之间的孩子前往东海岸，庆祝我们国家的200岁生日，从波士顿的自由之路开始，到约克敦结束。这是一次对我们国家建立过程的奇妙探索。

五十年后的今年7月，我的家人重返哥伦比亚特区，参观了史密森尼美国国家历史博物馆。根据我们之前对国家广场博物馆的访问经验，我们期待看到一系列精彩的展览，带领我们从国家的起源开始，经历各种考验，克服阻碍我们实现命运的障碍。然而，我们看到的却是一堆极度混乱且令人困惑的展示，对我们了解美国历史毫无帮助。然后，那些谴责“剥夺选举权”的民主党人将面临考验。 霍华德·胡索克 美国企业研究所 纽约州莱伊

AI可以赋能人类，但需设置防护栏

在《AI的未来属于每个人》的专栏文章（7月29日）中，马克·扎克伯格正确地指出，发明而非自动化将是AI最大的贡献，赋能的个人而非少数机构应主导其发展方向。我花了38年时间构建这场辩论核心的软件，从微软Office的智能功能开始。我一直认为人类与AI的关系是共生的。

但仅靠分发无法实现扎克伯格先生描述的赋能未来。纪律才是关键：赢得信任的软件、衡量自动化实际成效的组织，以及将治理视为必需而非锦上添花。 克里希纳·C·穆克吉 纽约州曼哈塞特

虽然加州的民主党人可能试图阻挠公民倡议所表达的民意，但在密苏里州，这样做的是共和党人。

密苏里州议会的共和党人对近期一些投票倡议的结果感到不满，于是通过8月4日选票上的第4修正案来解决问题。该措施将大幅提高修改州宪法的难度，要求公民提出的修正案必须获得全州每个国会选区多数选民的批准，而非简单的全州多数票。考虑到密苏里州的政治多样性，这一标准几乎不可能达到。

无论第4修正案的结果如何，这一努力都表明这不是一个党派问题。加州民主党控制的立法机构和密苏里州共和党控制的立法机构都曾试图阻挠公民倡议。 托马斯·F·施拉夫利 圣路易斯

以下是忠实的中文翻译：

这意味着我要么放弃午餐，要么放弃唯一的备课时间。协调员将负责主持会议。与我共事的恢复性司法协调员仅接受过高中教育，外加恢复性司法培训。在这些会议中，他们会鼓励扰乱课堂的学生讨论他认为我在管理课堂时对他不公平的原因。

不会采取任何纪律处分，而扰乱行为会愈发严重。恢复性司法圆桌会议会让学生意识到自己的不当行为能为他带来更多特权时间和关注，且无需承担任何后果，从而助长其气焰。

在这些学校，停课处分极为罕见，但学生行为却极不安全。打架频发，霸凌猖獗，学业要求低下。（学生只需在试卷和作业上签名即可获得50%的分数。）这对那些想要学习且行为良好的学生极不公平，而当无法采取任何措施缓解课堂干扰时，教学也变得困难重重。 米歇尔·迪贾科莫 丹佛

美国崛起成为令人钦佩的“山巅之城”。 吉姆·巴伯 亚利桑那州梅萨市

安德森先生一针见血地指出，史密森尼学会的精神源自其领导层。美国历史博物馆馆长安西娅·哈蒂格并不适合该博物馆所代表的理念。她或许应避免受到审视，主动辞职，为合适的继任者腾出空间。一位热爱我们国家并希望通过具有深远意义的历史展览启迪民众的馆长，才是更合适的人选。 罗纳德·G·弗兰克 新泽西州西奥兰治市

勿低估德黑兰

在其专栏《伊朗是刺猬，特朗普是狐狸》（全球观察，7月28日）中，沃尔特·拉塞尔·米德写道，作为狐狸，特朗普总统有许多招数可用，且“在尝试所有招数之前，他不太可能放弃”。然而，为我们提供狐狸与刺猬寓言的古希腊诗人阿尔基洛科斯却暗示，刺猬的那一大绝招可能击败狐狸能使出的所有伎俩。 戴维·J·怀特 得克萨斯州韦科市

胡椒……

与盐

H

A

民主社会主义不是茶党

作者：丹尼尔·利平斯基

从历史上看，在华盛顿失去权力的政党通常会在中期选举中赢得国会席位，尤其是在总统工作支持率低迷之时。这对民主党在11月的选举来说是个好兆头。 但民主党的支持率仅在40%左右。其竞选机构民主党全国委员会负债累累，内部混乱。 如今，该党的处境似乎更加糟糕。由美国民主社会主义者支持的激进候选人，以终结资本主义为口号，已在一系列初选中取得胜利。

这对国家的危害更大。但其吸引力与2009-10年共和党的激进浪潮如出一辙。

共和党人几乎难掩喜悦，因为他们预计这些民主社会主义者提名的候选人将成为所有民主党候选人在11月选举中的累赘。民主党人则焦虑不已。 然而，如果双方回顾一下2010年的情况，也许共和党人不会如此乐观，民主党人也不会对2026年如此担忧。或许相反，我们都应该对国家的未来更加忧虑。 在2010年，共和党面临的逆风与民主党如今的处境相似：失去权力，全国委员会陷入

社会主义者可能在11月意外强势

当伯尼·桑德斯于1991年进入国会时，民主党人拒绝与他结盟。考虑到社会主义在美国的糟糕记录，谁又能责怪他们呢？在20世纪初的全盛时期，美国社会党曾五次提名劳工领袖尤金·德布斯竞选总统，但他从未赢得任何一个州。 罗纳德·里根于1980年当选，并在1984年以压倒性优势连任，其竞选纲领承诺限制福利国家的扩张，并减少政府对自由市场的干预。作为独立候选人参选的桑德斯，仅是史上第三位当选众议员的社会主义者，而在他之前的那位已于1929年离任。 近年来，桑德斯在集会上吸引了大量人群，并被视为民主党内的某种“造王者”。由

如果你的AI代理失控，你知道谁来买单吗？

作者：哈兰·西格拉姆

IBM在1979年的一份培训手册中警告称，由于计算机永远无法承担责任，因此绝不能让其负责管理决策。四十七年后的今天，我们看到人工智能正在做出此类决策，而人类却几乎没有考虑过，如果模型行为失当，他们可能不得不承担的经济后果。过去几周发生的事件让人们更加关注这一风险的严重性。

7月21日，OpenAI披露，其两个模型逃离了封闭的测试环境，进入开放互联网，并侵入了另一家公司的生产系统。这些OpenAI模型当时正在一个隔离的沙盒环境中接受网络能力评估。这些模型似乎在寻找一种作弊方式，并找到了。在没有指令的情况下，模型离开了容器，使用了窃取的凭证，发现了一个此前未知的

《华尔街日报》自1889年由道琼斯公司出版

拉赫兰·默多克 新闻集团执行董事长 鲁伯特·默多克 新闻集团名誉董事长

埃玛·塔克 总编辑

莉兹·哈里斯，执行编辑 戴维·克劳，副总编辑 阿贾·惠特克-摩尔，副总编辑

混乱、低支持率和日益兴起的反叛——茶党。在诸多方面，茶党与DSA（美国民主社会主义者）形成鲜明对比。尽管茶党吸引了一些愤怒甚至冒犯性的声音，但它是一个传统的倾向自由意志主义的运动，而非极端社会主义组织。

然而，今天民主党内部发生的情况，最好不要理解为对DSA纲领的广泛认可，而应更广泛地视为一种抗议，来自那些对未来感到恐惧、并认为党领导层软弱无能的人。这种情绪为煽动者提供了肥沃的土壤。

这并不是要淡化民主党内不健康的左翼浪潮，或忽视DSA的危险，后者正在这股浪潮中崛起。但如果我们关注这场运动的情绪和能量，它与茶党如出一辙。作为茶党初期的一名民主党众议员，我听到党领导层说，这场运动将在2010年中期选举中让共和党人一败涂地。尽管我们的党当时并不受欢迎，但我被告知选民将拒绝共和党人提出的“极端”议程和弱势候选人。初选选民选择了几位灾难性的茶党提名人，尤其是在一些本可获胜的参议院席位竞争中。

共和党领导层对与茶党过于紧密的联系持谨慎态度，但他们迫切需要摆脱深陷的政治困境，并认为这场运动可能成为党的救赎。他们还担心，自身的生存可能取决于站在正确的一边。

美国民主社会主义者（DSA）——这个国家最大的社会主义政治组织——已在科罗拉多、佐治亚、肯塔基和纽约等州和地方取得胜利，并在密歇根、密苏里和威斯康星的选票上亮相。民主党内两位最受欢迎和最具影响力的人物——纽约众议员亚历山德里娅·奥卡西奥-科尔特斯和市长佐兰·马姆达尼——都是DSA成员，如果奥卡西奥-科尔特斯在2028年竞选总统，也不会让人感到意外。

社会主义的主流化也体现在民调中，数据显示最左翼的人群往往更年轻。卡托研究所去年发布的一项调查发现，30岁以下的成年人中有62%对社会主义持“赞成”态度。这一趋势也不仅限于民主党。Echelon民调公司上月报告称，虽然“年长的民主党人对社会主义态度分裂”，而“年轻的民主党人则非常支持”，但“同样值得注意的是，与年长的同党人士相比，年轻的共和党人对社会民主和社会主义的反感程度较低”。

漏洞，并侵入了人工智能社区平台 Hugging Face 的服务器。Hugging Face 于 7 月 16 日宣布已检测并遏制了入侵行为，并向执法部门报告——比 OpenAI 宣布将该活动与其内部测试联系起来早了五天。OpenAI 称这一事件前所未有。Hugging Face 首席执行官克莱芒·德朗格（Clément Delangue）表示，他认为此次事件并无恶意意图。

我在 2019 年曾指出，人工智能的一个问题是其成本将由那些最远离部署决策的人承担。尽管在此次事件中，模型的部署者和开发者是同一家公司，但下一次模型出现问题时，情况可能并非如此。下一个处于这种境地的机构可能是一家未参与开发人工智能代理的公司——比如一家银行，运行着由第三方集成到其系统中的授权模型，基于该银行自身无法控制的基础设施。云安全联盟

罗伯特·汤姆森 新闻集团首席执行官

阿尔马·拉图尔 首席执行官兼出版人

道琼斯管理层： 贾森·P·孔蒂，总法律顾问；黛安·德塞沃，首席人才官；阿特姆·菲什曼，首席技术官；丽莎·菲茨帕特里克，道琼斯行业总经理； M·斯科特·哈文斯，首席增长官； 丹·沙尔，执行副总裁兼财富与投资总经理；阿肖克·辛哈，首席传讯官；乔希·斯廷奇科姆，执行副总裁兼《华尔街日报》 / 《巴伦周刊》集团首席收入官

观点

密歇根州进步派美国参议院候选人阿卜杜勒·埃尔-赛义德。

这些反叛者中。众议院共和党领袖约翰·博纳试图走一条微妙的路线。虽然他避免公开支持茶党的“美国契约”，但他——以及在更大程度上其他党内政客和组织——试图煽动其追随者投票支持共和党国会候选人。调换政党、领导人和反叛运动的名称，这与我们今天看到的情况何其相似。接下来发生的事情可能是一个警示。

在2010年中期选举中，茶党选民的热情帮助共和党在众议院取得历史性胜利，尽管其中一些候选人使该党失去了本可能由更传统的共和党候选人赢得的参议院席位。当博纳成为议长时，他决心利用新的共和党众议院多数席位推动政策进展。但他必须与民主党

年轻人在定义上经验较少，在本质上更为理想化。因此，一个试图通过中央计划和政府再分配来制造平等结果的政治体制具有一定的逻辑吸引力。从历史上看，社会主义的吸引力在受教育程度更高、更富裕的年轻人中尤为显著。

民主党人曾避开伯尼·桑德斯

当他来到国会时。如今他已成为一位造王者。

当卡尔·马克思和弗里德里希·恩格斯于1848年发表《共产党宣言》时，马克思29岁，恩格斯比他小两岁。马克思的父亲是一位成功的律师。这个家庭拥有葡萄园和出租房产，并雇佣了多名仆人。马克思就读于波恩大学，在那里他花在饮酒上的时间多于学习。一年后，他的父亲

今年2月发现，84%的受访组织对其人工智能代理的行为或访问控制合规审计能否通过表示怀疑。仅有约1 / 5的组织维护着正在运行的代理的实时清单。 从法律上讲，“代理自行行动”并不构成充分的抗辩理由。在2025年10月，加州州长加文·纽森签署了AB 316法案，禁止任何开发、修改或使用人工智能系统的被告以人工智能自主造成损害为由进行抗辩。欧盟2024年对《产品责任指令》的修订则通过不同路径达到了类似目的：将软件和人工智能系统纳入严格的产品责任范围，并将任何实质性修改系统或以自己名义发布系统的实体视为该产品的制造商。 法律风险不会因为没有人类直接指示行为而消失。但在这一不断发展的监管框架下，经济成本由谁承担尚不明确。 与此同时，部署人工智能的公司的金融安全网正在消失。在OpenAI披露此事的11天前，《保险商》媒体报道称，Verisk保险服务公司确认正在考虑对代理型人工智能实施承保排除。Verisk已提交了一项生成式人工智能排除条款，自1月1日起生效，适用于一般责任续保，市场上的保险公司已采纳该条款。包括丘博、旅行者和W.R.伯克利在内的保险公司已提交文件，采用Verisk的条款或以专有语言制定生成式人工智能排除条款。法律正在明确损失承担方的同时，市场却在将自身排除在外。责任是真实存在的，且正在增长，但尚未出现在任何人的账目上。 不妨看看OpenAI案件中的受害者所面临的处境。Hugging

参议院和奥巴马总统。 尽管“茶党”成员在众议院共和党人中仅占相对较小的少数，但进入2011年几个月后，他们便团结起来，采取了拒绝投票支持任何不完全符合其议程的法案的激进策略。这使得博纳先生无法凑齐多数票通过立法，以在债务上限、支出法案和即将到期的布什减税政策上与民主党建立可行的谈判立场。尽管民主党人认为这种功能失调将帮助他们在2012年赢得众议院，但该党远未达到目标，尽管奥巴马赢得连任，民主党仍保持了参议院多数席位。 茶党受到鼓舞，更多共和党议员因担心初选挑战而决定采用其策略。在试图通过展示

将其父送往柏林大学就读，在那里他继续为家庭积累债务，并根据一位传记作家的说法，“成为了一个波西米亚式的学生，仅仅将大学视为自己的露营地。”

恩格斯的家境更为富裕。他的父亲是德国和英国纺织厂的部分所有者。在20多岁的岁月里，两人都依靠家庭的津贴和遗产生活。30岁时，恩格斯终于在父亲的一家公司就职，并抱怨道：“现在我每天早上10点前必须到办公室。”最终，他赚到了足够的钱，在50岁时退休，并终生资助自己和马克思。

“《共产党宣言》由两位聪明且口才出众的年轻人撰写，他们甚至无需为自己的生计负责——更不用说为其愿景的社会后果负责——这对一代又一代同类人产生了特殊的吸引力，”经济学家托马斯·索威尔写道。“特权阶层的后代一直主导着马克思主义运动的领导层。”

Face与OpenAI没有合同关系，因此缺乏影响力。这家人工智能公司尚未承诺采纳Hugging Face提出的补救方案：即OpenAI公布失控代理的完整行为日志，并投入价值$100的计算资源，供该平台社区构建网络防御。

尽管企业越来越多地采用

这项技术，但很少有人覆盖潜在风险。

相关法规。它们回答了其设计之初的问题： 谁应承担责任？但它们并未对风险敞口进行定价，也未说明由谁 为此预留准备金。这一缺口通过合同和保险覆盖来弥补，而非通过更多立法。 因此，解决方案并非建立新的责任制度。 现有制度已经适用。真正的解决方案是企业在诉讼发生前自行分配潜在损失。四个步骤即可实现。 首先，部署人工智能的合同需要明确谁对人工智能代理的决策拥有监管权。每个代理都需要有一个记录在案的责任人，负责其行为，且必须在部署前确定，而非在事件发生后。 第二，保险公司和企业必须明确划分财务覆盖责任。双方默认对方会在人工智能出现问题时承担费用，这对保险公司和投保人而言都是最糟糕的结果：保险公司未为可能仍需承担的危机预留准备金，而投保人只有在诉讼中才会发现这一缺口。 双方均未预留资金池

博纳先生意识到其行为的愚蠢后，于2013年10月默许了他们的要求，关闭政府，以一种堂吉诃德式的尝试来废除奥巴马医改。这一赌注失败了，共和党人败退而归。 但在接下来的2014年，民主党自身也出现问题，未能利用这一胜利，在2014年中期选举中失去了13个众议院席位和参议院多数席位。茶党宣称胜利。 2015年，博纳议长被茶党逼迫下台。该团体的不妥协态度已主导共和党，但并未在选举中拖垮该党。在2016年，在反传统愤怒情绪的推动下，唐纳德·特朗普当选总统，共和党同时控制了国会两院。 鉴于这一近期历史证明了此类运动的力量，认为民主社会主义者联盟（DSA）的崛起会拖垮民主党似乎是愚蠢的——尤其是当只有不到一半的美国人认为资本主义运行得“至少还算不错”，2 / 3的人认为体制被操纵以偏袒富人，只有1 / 3的人认为美国梦仍然成立。 这些态度使那些并非反资本主义的选民对DSA的煽动性言论敞开大门。 在当前形势下，DSA不仅有可能掌控民主党，还可能借此赢得选举。这不是预测，而是警告。

朱莉娅·德马里·尼金森 / 美联社

利平斯基先生是民主党人，2005年至21年代表伊利诺伊州第三国会选区。他现为斯坦福大学胡佛研究所杰出访问学者，并担任达拉斯大学社会思想研究员。

从马克思和恩格斯的时代，经过列宁、毛泽东、卡斯特罗、胡志明及其世界各地和历史长河中的追随者。 共和党在今年中期选举中面临的一个问题是，社会主义标签已失去其威慑力。选民可能不再将中央计划与失去自由联系起来，而是联想到20世纪70年代的斯堪的纳维亚，尽管像瑞典这样的国家已在过去30多年里私有化关键产业并削减福利。 共和党民粹主义者面临的另一个挑战是，如何与进步左翼在政策上形成鲜明对比。特朗普政府支持贸易保护主义和药品价格管制，联邦政府还对美国主要公司持有大量股权。这正是共和党曾经谴责、而民主社会主义者全力拥护的那种市场干预。周一，特朗普对记者表示，美国石油公司“赚钱太多了”。这话简直是从伯尼嘴里说出来的。

资金，因此保单持有人承担 可能致命的损失，而保险公司则承担 理赔纠纷、随后的准备金增强， 以及当保单未能兑现的消息传开后 流失的客户。

第三，审计权限必须纳入 人工智能部署和供应商合同中。 无法重现其代理行为的机构 无法为自身辩护，其保险公司亦然。

最后，封闭性测试 必须由部署方执行，而非基于 开发者的口头保证。OpenAI的沙盒 由对此高度重视的人员构建， 并经过测试。但它仍然失效了。 这正是关键所在：封闭性无法做到 完美，因此部署方需要 自行测试边界，并为边界失效之日 准备保障。

监管机构将把Hugging Face一事 解读为安全事故。但它实质上是 资产负债表的问题。若缺乏 比现行更明确的保障范围和合同责任 分配，首家发现其代理行为 超出授权的机构将发现 损失已被归属于自身，未定价且未预留准备金， 且理赔拒绝函将在同一周送达。

损失不会就此止步。它 会传递给吸收损失的银行股东、 持有这些股票的养老金受益人， 以及其代理在越界过程中触及的 客户数据。

若无明确的财务责任声明， 代理行为仍将获得承保—— 只是由那些从未被问询的人承担。

—原文在此截断—

棒球界的小球队折戟

道奇队全力出击之后

F

密尔沃基酿酒人和坦帕湾光芒让卫冕冠军在交易截止日大手笔出击

作者：贾里德·戴蒙德

对于密尔沃基酿酒人和坦帕湾光芒来说，每个赛季都遵循着相同的令人心碎的模式。尽管预算微薄、阵容中几乎没有家喻户晓的球星，他们仍然奇迹般地赢下大量比赛。然而，季后赛一开打，他们总是不可避免地输给那些薪资总额是他们两倍、明星云集的对手。今年看起来是扭转剧本的绝佳机会。截至周二，酿酒人拥有全联盟最佳战绩，而光芒则高居美国联盟榜首。但在周一的交易截止日——球队为十月冲刺补强的最后机会——却是洛杉矶道奇队大手笔出击。他们签下了塔里克·斯库巴尔，使其拥有了一个可能跻身历史最佳的先发轮换阵容。而两支一直渴望首冠的顽强黑马——光芒和酿酒人——则只能满足于更为有限的补强。

这一切感觉似曾相识：刚刚赢得过去两个赛季世界大赛冠军的道奇队，再次以不惜一切代价的姿态，抢下市场上最优秀的可用球员。与此同时，小球队们又一次只能寄希望于在最大的舞台上，他们不会差那么100美元。这并不是说光芒和酿酒人在过去几天里无所作为。坦帕湾签下了弗雷迪·佩拉尔塔——这位2025年国联最佳投手之一在2026年表现挣扎——以及强力捕手利亚姆·希克斯和终结者泰勒·韦尔斯。密尔沃基则补强了投手达斯汀·梅、乔乔·罗梅罗和安东尼奥·森扎特拉。毫无疑问，这两支球队如今的实力都比昨天更强，而且他们付出的代价并不算大。然而，酿酒人或光芒几乎肯定有能力拿下斯库巴尔——这位两届美联赛扬奖得主，且将在今年冬天成为自由球员。道奇队为斯库巴尔送出了三名新秀给底特律老虎，其中两人位列MLB.com的100大新秀榜。而酿酒人和光芒加起来拥有九名该榜单上的农场新秀。

退役NFL巨星重返赛场在即

作者：安德鲁·比顿

在洛杉矶公羊队完成本赛季NFL休赛期最轰动的交易之前，主教练肖恩·麦克维曾向一位前球员寻求建议。

在球队努力引进擒杀王迈尔斯·加勒特之际，麦克维向亚伦·唐纳德咨询了这位深谙在公羊队球衣下摧毁四分卫之道的球员，询问克利夫兰布朗队明星如何融入球队。唐纳德曾在该球队效力10个赛季，并作为防守线内侧的人形破坏球赢得超级碗，直到两年前宣布退役。

然而，麦克维在这次对话中并未预料到的一件事是：与加勒特联手的想法如此诱人，以至于让这位NFL史上最伟大的传球突破者之一重新考虑复出。

职业生涯中单赛季合计擒杀次数最多的队友组合与加勒特和唐纳德的对比

2026公羊队 迈尔斯·加勒特（2025）和亚伦·唐纳德（2018）

23 20.5

1993巨人队 迈克尔·斯特拉恩（2001）和劳伦斯·泰勒（1986）

22.5 20.5

1986-1992老鹰队 雷吉·怀特（1987）和克莱德·西蒙斯（1992）

21 19

2021红雀队 钱德勒·琼斯（2019）和J.J.·瓦特（2012 / 2014）

19

2016-2017公羊队 亚伦·唐纳德（2018）和罗伯特·奎因（2013）

酿酒人队的杰克·鲍尔斯（上图）在2025年国家联盟冠军赛中对大谷翔平的全垒打做出反应。塔里克·斯库巴尔（右）是道奇队的新王牌。

周一晚间，酿酒人队总经理马特·阿诺德在未直接提及斯库巴尔的情况下表示：“我们曾考虑过一些相当不负责任的方案。”但最终，他们和光芒队决定，保留顶级新秀而非抵押未来换取斯库巴尔带来的季后赛冲击，是更为审慎的选择。

这几乎是他们一贯的考量。自2008年以来，只有道奇队和纽约洋基队的常规赛胜场数超过光芒队。酿酒人队

“我从未真正想过这种可能性，”麦克维说，“但我不会在这里假装对此不感到兴奋。”

如果35岁的唐纳德——三届年度最佳防守球员——最终决定重新披挂上阵，这将为一支已是赛季前超级碗夺冠热门的球队注入强大动力。在进攻端，公羊队拥有常规赛MVP马修·斯塔福德担任四分卫，以及明星外接手普卡·纳库阿和达文特·亚当斯。而在防守端，他们已签下加勒特，后者去年以23次擒杀创下单赛季纪录。

唐纳德加入这一组合，将使公羊队拥有可能是NFL史上最强大的传球突破搭档。唐纳德在巅峰期曾创下20.5次擒杀的纪录——考虑到大多数高产传球突破者如加勒特都是从边路发起进攻，而唐纳德主要在内线作战，这一数字尤为惊人。

体育

这些身处联盟最小媒体市场的球队，正朝着连续第四个分区冠军和九个赛季内第八次季后赛之旅疾驰。他们出人意料的成功将成为球员工会在即将到来的劳资纠纷中反对球队老板在集体谈判中推行工资帽的号召力量。但今年似乎是其中一支球队会咬紧牙关、孤注一掷的时刻——而不是在竞争力与节俭之间走钢丝

三届年度最佳防守球员得主亚伦·唐纳德正考虑重返洛杉矶公羊队。

内线。没有任何两位队友——甚至连1993年纽约巨人队的劳伦斯·泰勒（1986年20.5次擒杀）和迈克尔·斯特拉恩（2001年22.5次擒杀）的组合——在单赛季的数据上能超过唐纳德和加勒特的总和。 “如果他在这里，”加勒特说，“我会很兴奋能成为他的队友、他的犯罪搭档，我认为我们会成就伟大的事业。” 近十年来，公羊队一直以不顾风险、交易掉珍贵选秀权来打造明星阵容而闻名。这个休赛期也不例外。在去年赢下12场比赛并输给最终夺冠的西雅图海鹰队后，他们在NFC冠军赛中转身就用一个首轮选秀权从堪萨斯城酋长队交易来了角卫特伦特·麦克达菲。随后，他们又放弃了多个选秀权和明星外线卫贾里德·弗斯，换来了加勒特。

43.5

39.5

唐纳德的加入只会让他们的豪华阵容更加丰富——而他和加勒特在一起可能比单打独斗更具破坏力。这是因为在同一条防线上并肩作战，或许能消除他们在创造更耀眼数据时面临的最大障碍。在他们的职业生涯中，加勒特和唐纳德一直是不可阻挡的力量，以至于对手不得不经常采用双人包夹战术。对方球队围绕他们制定整个比赛计划，知道通常需要派两名球员来阻挡他们，才能让四分卫有机会传球。然而，如果两人联手，其中一人在大多数比赛中将不可避免地获得自由空间。而他们的共同存在也将为同样包括拜伦·扬和科比的传球突破组创造更多空间。

在竞争力与节俭之间。毕竟，如果在有望获得联盟头号种子时都不全力以赴，那何时才会呢？ 然而，斯库巴尔却成了道奇队的一员，进一步巩固了洛杉矶作为棒球界超级强权的地位。这一结果在某种程度上既令人震惊，又完全在意料之中。 “每支球队都可以交易我，”斯库巴尔说，“我并不真正同情那些抱怨的人，因为道奇队做的每件事都是对的。” 小市场球队会认为这并不那么简单。有限的财力资源迫使他们比拥有巨额资金的球队更加谨慎。道奇队和洋基队可以用金钱来掩盖错误并降低风险。而对于酿酒人队和光芒队来说，一次失败的交易可能会毁掉他们多年的机会。 当然，其中一支球队本可以出手交易斯库巴尔，如果他们最终赢得世界大赛，这将是值得的。但如果没有呢？然后又会怎样？ 这些是这些球队不断自问的问题。无论好坏，他们总是得出相同的答案。 “这并不像‘那个报价更好’那么简单。这里面有更多的层面，”酿酒人队经理帕特·墨菲说，“说酿酒人队没有努力尝试，这显然是不正确的。” 不幸的是，对于他们和光芒队来说，努力还不够——他们通往难以捉摸的冠军之路变得更加艰难。

特纳在上赛季总共贡献了19次擒杀。 “显然，我不想给外界设定期望，”扬恩说道，“但能看到这样的场面绝对会是一种享受。”

一个自然而然的问题仍然存在：唐纳德是否还能像从前那样表现。但当他选择离开时，并不是因为他不再有效力。相反，他当时仍被视为整个联盟中最顶尖的防守截锋。尽管他在2023赛季的8次擒杀远低于其职业生涯最高纪录，但他依然拥有破坏比赛的能力，并第八次入选全美职业橄榄球联盟（All-Pro）第一阵容。

如果唐纳德决定回归，公羊队仍需解决如何在工资帽下为他腾出空间的问题，因为他在宣布退役时仍有3000万美元的应得薪水。 “如果这是[唐纳德]想做的事，我们会尽力促成，”麦克维说道。

图片来源：JAYNE KAMIN-ONCEA / IMAGN IMAGES / REUTERS；MICHAEL REAVES / GETTY IMAGES

SETH WENIG / AP

标准普尔500指数 7736.52 ▲1.79% 标准普尔金融指数 ▲0.88% 标准普尔信息技术指数 ▲4.09% 道琼斯交通平均指数 ▲2.58% 《华尔街日报》美元指数 ▼0.02% 2年期美国国债收益率 4.193% 日经指数（午盘）65861.00 ▲2.98% 更多数据请见WSJ.com / Markets 商业与金融

10%

-2

-4

30, 30.

Bilt信用卡再现故障

客户收到错误逾期通知 信用评分受损

本·格利克曼 报道

Bilt正面临其热门租金奖励信用卡带来的又一困扰。 近期，持卡人收到了并非其本人的逾期欠款催收通知， 导致信用评分受损。 Bilt发言人表示，约有1,850名持卡人受到影响，公司已迅速采取措施纠正错误。

希瑟·哈登 报道

麦当劳更换美国业务负责人

麦当劳正对其美国业务进行调整，任命新负责人以提振低迷的国内销售， 并改善这家全球最大汉堡连锁的服务和质量。 该公司周二宣布，任命斯凯·安德森（Skye Anderson）为美国业务总裁， 接替自2019年起担任该职的乔·欧林格（Joe Erlinger）。此次任命标志着安德森职业生涯的快速晋升， 她曾在4月被任命为美国首席运营官，此前在全球业务岗位任职26年。 麦当劳首席执行官克里斯·肯普钦斯基（Chris Kempczinski）周二表示， 该连锁在美国最近一个季度的业绩未达预期，餐厅表现不稳定。他称， 世界杯促销活动未能带来预期的销售增长，调整优惠策略也未见成效。 肯普钦斯基在投资者电话会议上表示，营销未能完全达到预期效果， 且在公司同时推出过多举措（从新饮品到KPop恶魔猎人套餐）时，服务时间有所延长。 安德森在新岗位上将专注于重新调整公司在美国的优惠策略和营销， 肯普钦斯基表示：“我们还有工作要做。” 麦当劳周二表示，截至6月30日的三个月内，其美国同店销售增长0.8%， 与华尔街分析师预期一致，但落后于该连锁过去一年的国内增长步伐。 该季度美国顾客到店人数下降，

麦当劳周二表示，截至6月30日的三个月内，其美国同店销售增长0.8%。图为纽约时代广场的一家麦当劳餐厅。

OpenAI

否认 窃取 商业机密

作者：蒂娜·李

OpenAI 对苹果指控其窃取商业机密的说法进行了强硬回击，称 iPhone 制造商在员工离职后未能妥善保护文件，并否认从苹果跳槽的员工涉及此类盗窃行为。

在迄今为止对这起诉讼最详细的回应中，这家初创公司在周一晚间发布的博客文章中表示，苹果歪曲了双方在苹果于7月提起诉讼前的讨论内容。OpenAI 在博客文章中称：“苹果是有史以来最伟大的公司之一，并因对细节的极致追求而树立了声誉。遗憾的是，这起粗心、咄咄逼人且莫名带有个人色彩的诉讼，与这一声誉并不相符。”文章还指出，苹果在员工离职时未能妥善保护文件是一个“常见问题”。

该文章发表于 请翻至B2版

“我们注意到，一家第三方催收机构在处理我们原始测试版项目中一小部分客户的报告时出现了错误，”该发言人表示。此问题影响了2022年停止接受新客户的早期版本信用卡用户。

这些错误报告是Bilt 今年早些时候改版其租金奖励信用卡后遭遇的最新挫折。在与富国银行的合作提前结束后，该公司重新推出了新卡片和不同的奖励系统。用户在过渡后不久抱怨租金支付延迟、费用异常以及难以联系客服，促使马萨诸塞州民主党参议员伊丽莎白·沃伦数月后展开调查。消费者金融保护局也表示已与Bilt代表会面，了解其为解决过渡相关问题所采取的措施。

关于错误催收的报告开始在

理查德·B·莱文 / 祖马新闻社

该公司表示，支票增长和更高价位商品的销售有所帮助。麦当劳股价周二上涨1%。

在过去两年中，随着美国消费者（尤其是低收入消费者）收紧开支，金拱门一直在努力赢回顾客。该公司推出了一系列优惠活动，同时引入了脏汽水等新产品以及其他高利润率的饮品。

第二季度，麦当劳报告营收为$7.1亿，比分析师预期低$30百万美元。该公司报告净利润为$2.36亿，较去年同期增长5%，调整后每股收益$3.38超出分析师预期。

该公司6月推出了一项名为“麦当劳下一步”的全球业务战略，称将包括菜单升级、改善客户服务和新店面原型。麦当劳表示，其目标是吸引

内页

商业新闻 金佰利-克拉克表示其中国销售受社交媒体风波影响。B3版

公司

迅速解决影响1,850名奖励卡持有人的错误

犯罪小说作家驳斥使用AI创作小说的指控

梅丽莎·科恩报道

CALEB ALVARADO 为《华尔街日报》供图

被指控使用人工智能创作处女作小说并获得数百万美元图书合同的作家表示自己是无辜的，并称这些指控带有种族动机。

“绝对无辜！！！”南卫理公会大学研究生杰里·法拉德周二早些时候在Instagram故事中说道。“他们无法也不会阻止这个黑人男孩的光芒闪耀！！”他在另一条帖子中写道。

有14家出版商竞标法拉德犯罪小说《Call Me, I’ll Hide the Body》的美国版权，他最终与麦克米伦旗下的Minotaur Books签署了价值超过$2 million的两本书合同。哈珀柯林斯出版社获得了英国版权。

交易达成后不久，法拉德在Europa Content的经纪人在一封信中通知出版商，由于对作者可能使用AI的担忧，他无法再支持这本书。

在采访中，法拉德表示自己仅将AI用于研究，“而不是用于写书本身”。他使用了一款允许他在自己设备上运行开源AI的工具，以查询诸如某人可能用什么化学物质溶解尸体，或检查“wardrobe”一词更美国化的版本等细节（法拉德在尼日利亚完成了本科学业）。这款本地设备工具不会保存或分享详细的查询记录。法拉德表示，他采用这种方式是因为他所询问的问题的残忍主题如果被更广泛追踪，可能会引发警报。

法拉德表示，在图书销售过程中与他会面的编辑中，没有人询问过AI使用情况。他还说，他未曾同意将自己的手稿交由AI检测软件审查，并认为大量报道聚焦于这种软件日益增强的能力“非常可疑”。他表示已聘请了法律顾问。

杰里·法拉德签署了价值超过$2的两本书合同，但其经纪人在指控出现后撤回了支持。

社交媒体上周末出现了大量关于信用评分突然下降的报道，一些用户称其信用评分一夜之间下降了50或60分，原因是出现了他们不认可的逾期余额。许多用户收到了催收机构Tate & Kirlin Associates的催收通知。

达拉斯的软件开发经理迈克尔·维埃拉表示，他于8月1日收到来自Credit Karma的电子邮件，称其信用报告中新增了一项催收记录，可追溯至2025年10月的$272余额。他表示自己的信用评分此前高于800,但下降了39分。

这位38岁的用户感到困惑，因为自近四年前买房以来，他几乎没有使用过这张卡。他查看了旧账单，确认当月没有余额。

该公司表示将向受影响的客户存入2,500 Bilt积分，以补偿他们的不便。更正后的催收报告更新应在三个工作日内反映在信用报告中。

麦当劳表示，近期在价值菜单上的调整疏远了一些核心客户。特许经营商转向了低于$3的菜单模式。

麦当劳季度收入（较上年同期变化）

2024 ’25 ’26

数据来源：标普资本IQ；公司数据

沙特阿美利润达

330亿 尽管战争压力

沙特阿拉伯石油公司——这个石油资源丰富的王国的摇钱树——在伊朗战争的头几个月里交出了丰厚的利润成绩单，尽管其运营遭遇了前所未有的干扰。

撰文：Farhan Rafid、Rebecca Feng及Eliot Brown

成功的关键在于：飙升的油价抵消了其向全球销售的石油桶数减少的影响。同样至关重要的是：阿美利用上世纪80年代初两伊战争期间修建的备用管道，向红海输送了超出预期的大量石油，从而抵消了霍尔木兹海峡实际关闭的影响。此前，该公司大部分石油及其他产品均通过该海峡运输。

尽管阿美销售和生产的石油桶数减少，但油价飙升仍使其利润实现了三分之一的跳涨，达到约330亿。该公司表示将维持约219亿的基础股息。

这一业绩为沙特阿拉伯政府带来了及时雨，该政府是阿美的最大股东。根据沙特财政部数据，第二季度沙特政府的石油收入增长了22%，为预算注入了近500亿。加上来自其不断增长的非石油经济的其他税收收入，沙特阿拉伯在4月至6月期间的季度预算赤字降至近两年来的最低水平，为91亿。

对于一个在战争影响下举步维艰的王国而言，这是一个可喜的转变。沙特阿拉伯第二季度国内生产总值同比下降4.8%，为疫情以来最大降幅。

请翻至B11版继续阅读

---

创业亿万富翁

被起诉 超级游艇经纪费

撰文：Julia Amann

伦敦——全球最具价值的初创公司之一的创始人近期斥资约4亿美元购入一艘超级游艇，该游艇配备玻璃底游泳池和直升机停机坪。但有一样东西他没有支付：经纪费。

这一说法来自一位顶级奢华游艇经纪人，他目前正起诉Nik Storonsky——数字银行巨头Revolut的联合创始人兼首席执行官，指控这位企业家“背着他们”避免支付购买佣金，而该经纪人曾为这笔交易付出过努力。

奢华游艇经纪公司Cecil Wright & Partners已在伦敦高等法院对Storonsky购买Nixie号提起诉讼。Nixie号是一艘长335英尺的游艇，拥有四个露台。

该经纪人在法庭文件中指称，其正在为Storonsky洽谈购买事宜时，Storonsky的团队秘密联系了游艇卖家并直接达成购买协议，从而避免了约2000万的标准佣金——该经纪人现要求支付这笔款项。

今年1月，Storonsky的团队据称曾告知Cecil Wright暂停联系游艇卖家——加拿大亿万富翁、前冰球运动员Patrick Dovigi——

B

D

H

I

A

B

D

E

N

O

H

I

J

L

S

T

U

W

N

S

T

W

Y

C

C

M

P

F

M

超威半导体（Advanced Micro Devices） ..............................................................B11 阿波罗全球管理公司（Apollo Global Management） .............................................................B12 苹果（Apple）......................................A11,B1

V

摩根大通（JPMorgan Chase）...................A11

K

金佰利（Kimberly-Clark）...........................B3

K

麦当劳（McDonald’s）...................................B1

默克（Merck）................................................B4

拜耳（Bayer）.................................................B4

美光科技（Micron Technology）..............B11

卡特彼勒（Caterpillar）............B4,B11,B12 大陆集团（Continental）................................B10

新闻集团（News Corp）....................................B2

诺和诺德（Novo Nordisk）.............................B4

NRG能源（NRG Energy）..............................B12

德国汉莎航空（Deutsche Lufthansa）............B2

英伟达（Nvidia）..............................................B11

汇丰控股（HSBC）................................................B11

安森美半导体（ON Semiconductor）..............B11

OpenAI..............................................B1

英诺（Innio）.................................................B12 国际航空集团（International Consolidated Airlines）.........................................B2

帕兰提尔（Palantir）..........................................B11

人物索引

Erlinger, Joe.................................B1

Altman, Sam..............................B2

Anderson, Bill............................B4

Fox, Brian......................................B6

Anderson, Skye.........................B1

Aschenbrenner, Leopold

Hoffman, Eric...........................A11

Azuma, Takanori.....................B3

Ive, Jony.........................................B2

Balducci, David.........................B6

Baqui, Shaon.............................B11

Jejurikar, Shailesh..................B3

Crawford, Terry........................A2

Kempczinski, Chris.................B1

Creed, Joe.....................................B4

Khosrowshahi-Paez, Maryam.....................................A11

Crone, Richard.........................A11

Kotz, Christian........................B10

Doustdar, Mike.........................B4

Liu, Chang.....................................B2

Lowenstein, Roger..............B12

Elhedery, Georges................B11

Elkiner, Serge...........................A11

Epley, Kyle....................................B4

Meriwether, John.................B12

该连锁企业表示，其在美国的业务在最新一个季度未能达到预期。

“我们正在紧急动员整个系统，” Kempczinski表示。 Erlinger是麦当劳 在美国任职时间最长的 总裁之一。他曾帮助 公司度过新冠疫情， 以及2024年因洋葱 引发的大肠杆菌疫情， 这些洋葱被用于公司的 “四分之一磅”汉堡。 Erlinger在麦当劳控制 涨价的努力中扮演了 核心角色，承诺将 为顾客提供更多价值。

麦当劳表示，Erlinger 在个人决定离开公司， 在服务超过19年后， 将在2024年初之前继续 为公司提供咨询。 Kempczinski表示， Erlinger帮助引领 公司度过了一段变革期。

DAMIAN DOVARGANES / AP

小说家否认AI指控 OpenAI将支付320万美元 与司法部达成和解， 后者指控该公司在招聘 美国工人时歧视， 据称偏袒其他国家的 临时签证持有者。 这家ChatGPT背后的 初创公司是自司法部 重启相关行动以来， 达成和解的最高知名度 公司。

接续B1版

接续B1版

Falade在周二发布的帖子中表示， 针对他的指控是历史上 贬低有色人种知识贡献 模式的一部分。 他写道，过去此类作者 被指控抄袭， 而如今“如果你是有色人种， 并且在历史领域获得了一份利润丰厚的合同， 总会有人在某个地方指责你使用了AI。” 与此同时，他写道，白人作者 “一直在炫耀使用AI”。

Falade告诉《华尔街日报》， 一名记者联系他，称有关于他使用AI的传言， 几小时后他得知他的经纪人Marc Gerald 正在撤回对其书籍的支持。 他拒绝就书籍交易的 当前状态发表评论。 Gerald表示他已不再担任 Falade的文学经纪人， 并拒绝在周二进一步置评。 麦克米伦出版社的一位女发言人 上周五表示，该出版社参与了 《Call Me, I’ll Hide the Body》 一书的竞拍，但“经纪人最终撤回了该书”。 本周她未回应 关于与Falade书籍交易 当前状态的置评请求。 哈珀柯林斯出版社的一位女发言人 （与《华尔街日报》同属新闻集团旗下） 也未就其交易状态发表评论。 与此同时，Falade表示， 他正在推进下一本书的创作。 “相信我，当这本书最终出版时， 我们在《Call Me, I’ll Hide the Body》上看到的竞价战 与此相比将是小巫见大巫，”他说道。

派拉蒙....................................B3 辉瑞.................................................B4 宝洁........................................B3

桑迪斯克..........................................B11 SK海力士..........................................B11 太空探索技术公司..........................B11 Spotify.............................................B4

特斯拉.................................................B11 丰田汽车..........................................B3

联合利华...........................................B3

Vistra..............................................B12

华纳兄弟探索.................................B3 Wayfair..........................................B11 富国银行...............A11,B1,B11

米勒，比尔....................................B12

马斯克，埃隆...........................A1,B11

纳赛尔，阿明·H..........................B11

尼德霍夫，维克多.................B12

Niers, Bobby...............................B6

沙阿，尼拉吉..................................B11

瑟德斯特伦，古斯塔夫.................B4

斯托伦斯基，尼克..........................B1

苏姿丰............................................B1

谭，唐............................................B2

Tang, Derek.................................A2

温伯格，格伦..............................B6

韦尔茨巴赫，罗兰.......................B10

伍德，凯茜....................................B12

亚德尼，埃德................................B11

KATHERINE HAMILTON AND LAUREN WEBER 汉密尔顿与韦伯报道 OpenAI和解歧视案件

OpenAI

回应苹果

就在苹果正式向联邦法官申请初步禁令，以阻止OpenAI继续开发其声称基于苹果商业秘密的设备后不久。苹果还在该案中要求加快证据开示进程，并在法庭文件中称，近十几名其他前员工可能参与了所谓的盗窃行为。苹果的诉讼指控三名前员工在跳槽至OpenAI时窃取了商业秘密，其中包括OpenAI首席硬件官Tang Tan，他曾是苹果的高级硬件主管。

该诉讼在加利福尼亚州北部地区法院提起，还指控一名于1月离职加入OpenAI的前苹果员工刘畅（Chang Liu）保留了其苹果电脑，并下载了机密文件，还安排一名前同事分享有关苹果机密项目的细节。该人士于4月加入OpenAI。

“OpenAI新兴的硬件业务如今建立在最不稳固的基础之上，”苹果的起诉书称，并指责这家AI实验室存在“盗窃模式”。在其博客文章中，OpenAI展示了截图，显示现任苹果员工在刘畅离职后仍继续向其询问有关苹果工作的问题。在其中一个例子中，一名寻求有关产品发货信息的员工写道：“当然，我可以问其他几个人，但你是最合适的。即使你已经不在这里工作了。”OpenAI在博客文章中表示，本会与苹果合作解决其担忧，但称苹果当时并未提出具体指控，且在首次接触后数月内未与OpenAI联系。

苹果在周一的文件中称，OpenAI未回应其向其总法律顾问发送的信息，也未回应一封阐明对商业秘密泄露的担忧并要求讨论补救措施的信函。苹果在诉讼中指控——

苹果指控

三名前员工 跳槽OpenAI时 窃取机密

汉莎航空称利润大幅下滑

德国汉莎航空股价大跌，此前该航空集团公布第二季度利润大幅下降，并对全年业绩指引更加谨慎，预计波动的航空燃油价格将拖累业绩。该德国公司报告称，本季度净利润为€1.23 亿（合$1.416 亿），而去年同期为€1.01亿。根据Visible Alpha的共识预期，分析师此前预计为€3.276 亿。周二在德国交易的股价下跌超过8%，今年以来上涨0.9%。

欧洲航空公司一直在努力应对中东战争推高油价后飙升的燃油成本。短途旅行需求也因燃油供应、航线及更高能源价格的担忧而受到抑制。汉莎航空在第一季度业绩中表示，本年度所需航空燃油量的约80%已通过燃油对冲覆盖。该公司周二表示，今年的燃油账单将比2025年高出€1.5。公司调整了2026年的指引，目前预计调整后税息前利润在€1.7亿至€2.2亿之间。今年5月，汉莎航空表示——

商业与金融

这家总部位于德国的航空公司表示，由于喷气燃料价格波动，对其前景持谨慎态度。

预计 调整后 息税前利润 将 “显著 高于”去年的1.96亿欧元。 第二季度调整后息税前利润从去年同期的8.71亿欧元下滑至3.83亿欧元， 但收入从103.2亿欧元上升至111.4亿欧元。 汉莎航空表示，罢工行动造成的干扰对其业绩造成了2亿欧元的损失。 一些分析师曾担心像汉莎航空这样的航空公司获得的收益

[...OMITTED...]

麦当劳

任命新任美国区总裁

并减少本季度的数字交易 和“买一赠一”优惠活动。 安德森今年早些时候出任 麦当劳美国区首席运营官， 此前她曾担任麦当劳全球 业务服务部门负责人， 致力于加快和现代化运营。 她此前曾在美国和澳大利亚 担任领导职务。 “她是一位经过验证的变革 推动者，能够迅速行动——

招聘网站，并要求申请人 通过邮寄纸质申请来应聘 该项目下列出的职位，司法部表示。 政府称这些举措阻碍了美国 工人申请。永久劳工认证 项目允许雇主为员工申请 永久居民身份。 OpenAI 对司法部的调查结果 持不同意见，但达成了和解 以解决此事——

谭曾向仍在苹果工作的 求职者打探其项目信息， OpenAI 还指导前苹果员工 如何规避安全程序。 还询问其合作伙伴 和供应商关于苹果专有的 金属表面处理技术和设备 组件的信息。 在博客文章中表示， 谭一直告诫团队“不希望， 也不得使用”其他公司的 机密信息。 谭未回应置评请求。 苹果在周一的文件中称， 其调查“发现了涉及其他 前苹果员工的信息，引发 严重关注”，包括一名在 面试前截取了苹果 机密文件截图的员工。 该公司还表示，收到了 现已加入 的前员工 的消息，他们在苹果提起 诉讼后联系苹果，讨论归还 苹果配发的工作设备。 而非采取其他措施——

来自伊朗战争带来的亚洲意外收益将迅速消退，因为海湾地区的运力已完全恢复。汉莎航空表示，该公司本季度最强劲的收益增长来自亚洲航线、高端舱位以及旗下 Eurowings 品牌。 尽管做空汉莎航空的投资者较几个月前有所减少，但市场情绪仍然复杂，尤其是亚洲价格回落开始产生影响，摩根大通分析师表示。

发言人称。永久劳工认证项目对需要移民支持的员工和候选人至关重要。 该执法行动与特朗普政府更广泛的努力相呼应，旨在确保美国工人在劳动力市场不受不公平对待，并增加外国人在美国工作的难度。

公司的商业机密， 在其博客中表示， “我们更感兴趣的是打造 创新产品和技术，推动 前沿发展。” 去年， 收购了一家 由前苹果设计大师乔尼·艾夫 联合创立的初创公司，艾夫 及公司高管（包括首席执行官 萨姆·阿尔特曼）讨论了 生产一系列 AI 设备的计划。 阿尔特曼曾表示计划发售 多达 1亿 台 AI“伴侣”。 其首款消费级设备预计将 不带屏幕且低调。 自 2024 年双方建立早期 合作关系以来，两家公司 的关系已恶化。该合作允许 的 ChatGPT 与苹果 的 Siri 语音助手连接。 此后，苹果与谷歌达成了 一项广泛协议，并使用了 谷歌的 Gemini 模型来帮助 开发许多新的 AI 功能， 包括升级后的 Siri。 曾考虑向苹果发送 违约通知，因其未在 Siri 中推广 ChatGPT。《华尔街 日报》的母公司新闻集团 与 签有内容协议。 新闻集团还与苹果签有商业 协议，通过苹果服务提供 新闻内容。

在业绩发布后的一份说明中表示，英国航空也从类似的亚洲改道中受益，其母公司国际航空集团（International Consolidated Airlines Group）上周表示。国际航空集团称，由于中东冲突，公司今年不再预期扩大运力。

巴克莱分析师在汉莎航空业绩结果发布前的一份说明中写道，旅客可能会迅速恢复通过迪拜、阿布扎比和多哈的航班中转。

亿万富翁

因游艇交易被起诉

并表示将在下周再次商谈， 根据诉讼文件所述。 诉讼文件称，到了下一周，斯托伦斯基的团队已安排直接从多维吉手中购买这艘游艇，完全绕过了经纪人。经纪人表示，是塞西尔·赖特将这艘游艇引荐给斯托伦斯基，并介绍这位Revolut联合创始人与多维吉认识。 斯托伦斯基家族办公室的一位发言人表示：“我们知晓这项指控。它毫无依据，将予以辩驳。” 据游艇行业刊物《BOAT International》报道，Nixie号配备私人水疗中心、室内外电影院以及日式铁板烧烧烤台。出租时，该游艇还配备多种水上娱乐设施，包括豪华水上滑板。 塞西尔·赖特的法律诉讼此前由《金融时报》报道。 斯托伦斯基是一位出生于俄罗斯的英国公民，也是欧洲最知名的初创企业创始人之一。Revolut成立于2015年，现已成为该地区估值最高的初创企业，最近一次股权出售将这家数字银行的估值定为1150 亿美元亿美元。 Revolut最初以低费用外汇交易为核心业务，广泛被国际旅行者和汇款回国的移民使用。该公司在经历长期博弈后，于今年3月获得英国完整银行牌照，并正寻求在美国扩张，近期已申请国家银行牌照。 今年早些时候，Revolut公布了创纪录的年度利润及客户数量增长。当时，Revolut表示仍专注于将客户基数从目前的70多万增加至 100 万， 目标是在2027年年中实现。

AKOS STILLER / BLOOMBERG NEWS

第19页

2.0

RICHARD B. LEVINE / ZUMA PRESS

Thorne由一家私募股权公司持有，销售包括肌酸和孕期维生素在内的营养补充剂。

宝洁将以38 亿美元亿美元收购营养补充剂公司Thorne，以增强这家消费品巨头在美容和健康行业的影响力。 此次交易将有助于该公

丰田上调年度盈利预期

丰田汽车上调了年度盈利预测，理由是日元走弱及伊朗战争影响减小，并宣布回购超过60 亿美元亿美元股票，因季度净利润大幅增长。 这家日本汽车制造商周二报告称，截至6月的三个月净利润强劲增长，得益于日元走弱及金融收入增加，尽管中东地区汽车销量下滑拖累了整体销售。 丰田还下调了战争相关干扰的预期影响，目前预计本财年（截至2027年3月）营业利润将因此减少¥510亿日元，约合32.4 亿美元亿美元，此前预计为¥670亿日元。 丰田首席会计官东孝则表示，公司一直在建立替代路线，以缩短向客户交付车辆的时间。 公司表示将在未来一年内回购至多¥1万亿的自家股票，根据该计划回购最多4.2%的已发行股份。 这家日本汽车制造商一直在采取措施扩大

1.0

派拉蒙流媒体业务增长

作者：凯莉·克鲁南

派拉蒙的流媒体服务在最新一个季度持续增长，帮助略微抵消其电视部门的销售下滑。这家拥有CBS、喜剧中心、尼克儿童频道及同名制片厂的娱乐公司，还上调了全年利润指引，同时努力控制成本。业绩及更新后的指引发布之际，派拉蒙正面临

贾斯汀·沙利文 / 盖蒂图片社

华纳兄弟位于加州伯班克的制片厂

并购案审判定于2027年3月开庭

派拉蒙将不得不等到2027年3月，才能在法庭上面对反对其收购华纳兄弟探索频道的12个州。加州一名联邦法官表示，反垄断审判将于3月2日开始，预计将持续12个庭审日。派拉蒙曾希望在11月开庭。

美国地方法官阿拉塞莉·马丁内斯-奥尔金的裁定可能对派拉蒙造成高昂代价。其与华纳的协议包含一项“滴答费”，自今年10月起，每季度需向华纳股东支付约6.5亿美元，直至交易完成。若交易失败，华纳将获得70亿美元的分手费。

“我们尊重法院的决定，并继续认为，通过实质性审判是证明我们一贯立场的最佳和最直接方式——这项交易合法、促进竞争，且不存在反垄断问题，”派拉蒙一位发言人表示。

——乔·弗林特

丰田季度净利润

¥2.5万亿

1.5

0.5

2024 '25 '26 0

*较上年同期变化 注：财年截至3月31日； ¥1万亿 = 64亿美元

数据来源：标普资本IQ；公司

该公司去年11月宣布计划在未来五年内向美国投资高达100亿美元后，丰田的股价在周三上涨2%。丰田7月表示，将投资36亿美元，于2030年前将其畅销中型皮卡Tacoma的生产线迁回美国。公司计划在圣安东尼奥工厂为Tacoma增建第二条装配线。丰田目前在墨西哥生产Tacoma。在美国生产更多车辆将帮助这家全球销量领先的汽车制造商，在其最大市场缓解高额关税负担。

这家汽车制造商受到特朗普政府加征关税的冲击。日本汽车面临15%的关税，此

派拉蒙与华纳兄弟探索频道价值810亿美元的并购交易面临法律挑战。派拉蒙第二季度收入微升1%至69.1亿美元，略高于FactSet统计的分析师预期68.7亿美元。直接面向消费者的收入同比增长9%至24.7亿美元，得益于其Paramount+流媒体服务的增长。Paramount+在季度末拥有8160万订阅用户——

商业新闻

宝洁同意收购

营养补充剂制造商

这笔价值38亿美元的交易 旨在加强其美容、 健康产品组合

娜塔莎·汗撰写

娜塔莎·汗撰写

1.48万亿日元

76%

卡洛斯·A·莫雷诺 / 祖马出版社

该汽车制造商还报告了截至6月的三个月净利润增长。

继去年7月与东京达成贸易协议后， 日元近年大幅贬值 有助于提振包括 丰田在内的日本出口商的收益， 通过提高海外出口竞争力 并增加以日元计价的海外利润价值。 过去四年，日元对美元贬值约15%。 这家日本汽车制造商周二公布的第一季度净利润同比增长76%至1.48万亿日元，

用户同比增长加速至6%。该公司表示，本季度是流媒体服务 有史以来流失率最低的一个季度，得益于在部分拉丁美洲国家提供世界杯转播， 以及UFC和原创节目的推动。 派拉蒙的影视业务也实现增长， 收入增长16%至1.31亿美元，得益于其电视工作室的第三方交付业务增长 以及Skydance授权收入的整合。该公司表示，第二季度电影阵容表现超出预期， 其中《惊声尖叫》（Scary Movie）表现突出。 不过，这些增长被派拉蒙的电视媒体部门抵消， 该部门收入下降9%至3.13亿美元，原因是广告和联盟收入减少。 派拉蒙第二季度利润为4100万美元， 即每股4美分，而去年同期为5700万美元，即每股8美分。 调整后每股收益为18美分，高于预期的15美分。 派拉蒙全年调整后息税折旧摊销前利润（EBITDA）指引 现为38亿至39亿美元，高于此前38亿美元的预期。 该公司还将今年的成本节约预测从之前的25亿美元提高至27亿美元。 大部分成本节约来自 整合流媒体技术 和第三方供应商，首席战略官兼首席运营官安迪·戈登 在采访中表示。公司仍预计全年收入为300亿美元。 对于当前的第三季度， 派拉蒙预计调整后EBITDA为8.75亿至9.75亿美元， 收入为69.5亿至71.5亿美元。

宝洁首席执行官谢利什·杰朱里卡周二在CNBC上表示， 公司希望通过收购在其看好的人口结构领域扩大产品组合。 “为了实现增长，我们正在寻找的领域之一 是更大力度地发展美容和健康业务。” 他表示。 索恩销售的补充剂包括肌酸、孕期维生素、 激素补充剂及其他产品。该公司自2023年起由私募股权公司L Catterton持有。

1.48万亿日元，超过了 数据提供商Quick调查的分析师预期的9784.9亿日元。 收入增长10%至13.53万亿日元。 截至2027年3月的财年， 丰田预计收入将增长6.5%至54.00万亿日元， 净利润将下降15.5%至3.25万亿日元。 此前预计收入为51.00万亿日元，净利润为3.00万亿日元。 丰田维持其年度集团汽车销量预测为1118万辆。 ——福留纯子为本文供稿。

消费品公司一直在寻求扩大在健康产品领域的布局， 这一领域的美国消费者即使在预算紧张的情况下 也越来越愿意消费。 竞争对手联合利华今年早些时候收购了维生素公司Grüns， 进一步丰富了其美容和健康品牌组合，包括多芬香皂和K18护发产品。 宝洁旗下还拥有其他补充剂品牌， 包括Metamucil和Align益生菌。

好奇纸尿裤

中国销售受社交媒体风波冲击

好奇纸尿裤制造商表示，近几周其在中国的销售受到一场社交媒体风波的影响，该风波涉及指控其纸尿裤含有甲酰胺——一种用于多种制造工艺的溶剂。

一家总部位于北京的国有报纸6月报道称，好奇及其他在中国销售的品牌在检测中被验出含有该物质。

好奇纸尿裤制造商金佰利-克拉克周二表示，由政府认证的独立检测机构进行的分析显示，其产品是安全的。该公司称该报纸的调查结果不实。

尽管如此，这些指控仍在中文社交媒体上引发关注，并导致“严重影响”了第二季度销售，金佰利-克拉克表示。该公司称，这些指控的传播“预计将在短期内进一步影响销售和利润”。

该公司还生产舒洁纸巾和高洁丝卫生纸，其整体有机销售因此受到约0.5%的冲击。该公司周二表示，第二季度收入增长0.6%至$41.9亿。FactSet调查的分析师预期为$42.2亿。

这家总部位于得克萨斯州的公司因中国社交媒体风波的不利影响，下调了2026财年有机销售增长预期。调整后每股收益预计将出现个位数下降。

该公司报告净收入为$3.45 亿，即每股$1.04，而去年同期为$5.09 亿，即每股$1.53。

B4 / 2026年8月5日 星期三

《华尔街日报》 科技与商业

-2

-4

诺和诺德上调业绩预期

减肥药Wegovy制造商称 年度业绩降幅应小于此前预期

作者：MAURO ORRU

诺和诺德表示，随着减肥药需求持续强劲，其年度销售额和经营利润的降幅应小于此前预期。

这家丹麦制药商表示，预计今年按固定汇率计算的销售额和经调整后的经营利润将下降至多6%，优于此前对两者均下降4%至12%的预期指引。

-1

癌症治疗和心脏药物助力辉瑞季度业绩增长

作者：KATHERINE HAMILTON 及 PETER LOFTUS

旨在重回稳健增长，但可能需要一段时间才能看到这些努力是否奏效。

作为增强产品线战略的一部分，辉瑞去年同意以可能超过$100亿的价格收购减肥药初创公司Metsera。辉瑞周二表示，第二季度录得亏损$2.48 亿，即每股4美分，而去年同期为利润$29.1亿，即每股51美分。亏损主要归因于一项$38亿的减值费用，因一项临床研究显示其一种实验性药物未能显著延长肺癌患者的生存期。辉瑞在以$43亿收购Seagen时获得了该药物。

$38亿

€3

-19

辉瑞公布了优于预期的第二季度业绩，因癌症和心脏病药物销售增长帮助抵消了新冠疫苗产品的大幅下滑。 这家纽约公司还略微提高了2026年全年收入预测区间的下限。 辉瑞股价周二上涨1.5%，至$25.41。 辉瑞正努力从后疫情时代的低迷中恢复，其新冠疫苗和治疗药物的需求已大幅下降。公司正为多款主打药物的专利到期做准备，这将在未来几年给收入增长带来压力。公司周二表示正在扩大持续的成本削减计划。 公司正在开发新药，并进行了多项收购——包括对减肥药的大举押注——

凯利·克卢南撰写 默克下调全年利润预期

默克大幅下调了全年利润预期，原因是与收购癌症生物技术公司Terns Pharmaceuticals相关的费用。 不过，默克也上调了全年销售预期，因新产品上市推动第二季度营收超出华尔街预期。 更新后的指引发布之际，这家新泽西州拉威市公司在最新季度录得更高的销售额，得益于新产品上市的贡献增加。 销售额增长5%，至$16.61亿。

康纳·哈特撰写 人工智能驱动的建筑需求提振卡特彼勒业绩

卡特彼勒表示，人工智能热潮继续推动其发动机和发电机需求增长，同时健康的建筑支出也刺激了其自卸卡车、推土机和挖掘机的销售。 这些趋势推动公司最新季度总销售额和收入增长24%，至200 亿美元.54亿。首席执行官乔·克里德在与分析师的电话会议上表示，这是卡特彼勒历史上首次在单季度实现超过$20亿的销售额和收入。 他表示，公司还基于强于预期的季度表现上调了全年销售预期，期间低于预期的关税成本和一笔较大的关税退税帮助扩大了利润率并提高了盈利能力。 卡特彼勒股价周二上涨5.6%，至$876.54。 卡特彼勒能源与动力部门的销售额在最近季度增长17%，至$8.24亿。 克里德在电话会议上表示，预计这一增长将在今年剩余时间持续，并指出云计算和生成式人工智能相关的数据中心建设带来的能源需求增长。 这家设备制造商表示——

诺和诺德首席执行官迈克·杜斯达表示，美国患者正竞相获取公司的Wegovy药丸，自1月推出以来已开出超过500万张处方。杜斯达表示，在其他近期扩展的市场，早期销售情况也令人鼓舞。 “美国GLP-1药物的强劲势头，加上国际业务的持续增长和新产品上市，促使我们进一步上调2026年调整后销售额和调整后营业利润的指引，”他说道。 分析师曾预计诺和诺德会上调其年度——

销售额增长至$16.37亿，超出分析师预期的$16.37亿。 Keytruda销售额增长5%，至$8.4亿。其中包括$463 million来自名为Qlex的新型药物，该药物通过注射而非静脉注射给药。美国食品药品监督管理局去年批准了Qlex。 其他新产品上市也推动了增长，包括肺动脉高压治疗药物Winrevair，销售额达$58800 万，较去年同期增长75%。 默克第二季度亏损$1.34亿，即每股54美分，而去年同期利润为$4.43亿，即每股$1.76。

史蒂夫·马库斯 / 路透社

卡特彼勒设备需求强劲，季度销售额和收入增长24%。

它将加倍推进其产能扩张计划，并援引今年迄今看到的健康需求趋势。 “我们预计下半年吞吐量将有所增加，”克里德表示。 卡特彼勒此前曾表示，将在印第安纳州拉斐特工厂投资$725百万美元，用于生产更多用于发电机的活塞式发动机，这是该公司约15年来最大的工厂投资。 此外，该公司希望到2030年将涡轮发动机的生产能力提高一倍以上。 与此同时，由于持续投资关键基础设施、重型建筑和数据中心，建筑支出仍保持在健康水平。

在公司自2021年首次获美国食品药品监督管理局批准作为减肥药物以来，Wegovy推动了其销售增长。 近几个月来，该集团一直在努力赢得多个市场的卫生监管机构批准，以便向更多患者推广Wegovy并进一步提振销售。2023年6月，诺和诺德表示，其Wegovy口服片剂在英国获批，作为超重或肥胖成年人每周注射的替代方案，标志着该药物口服版本在欧洲首次获批。 一个月后，该公司获得在欧盟市场推广该药物的许可——

2023年。 剔除该减值及某些一次性项目后，经调整的每股收益为77美分，高于分析师预期的68美分（FactSet数据）。收入增长3%至15.03亿美元，超过了分析师调查的14.4亿美元平均预期。 销售增长由辉瑞生物制药业务2%的增长和辉瑞CentreOne（公司的合同开发与制造组织）7%的增长推动。 抗凝血药Eliquis和心脏病治疗药物Vyndaqel推动了收入增长。 癌症治疗药物Padcev和Lorbrena均——

计提减值的价值 实验性肺癌药物

在经调整的基础上，每股亏损为13美分。分析师此前预计每股调整后亏损为27美分。 默克表示，亏损主要由收购Terns产生的每股$2.31一次性费用导致。 该公司目前预计全年调整后每股收益为$2.66至$2.76，低于此前预期的$5.04至$5.16。 更新后的指引考虑了默克收购Terns相关的费用，这些费用此前未纳入其展望，包括每股$2.31的一次性费用。公司还预计每股约12美分的成本——

关键基础设施、重型建筑和数据中心的投资。 卡特彼勒建筑行业部门的销售额增长35%至83.5 亿美元亿美元，而公司资源行业部门的销售额为46.5 亿美元亿美元，较去年增长20%。 该公司表示，目前预计全年销售和收入增长将处于中高双位数区间，而此前预测为低双位数增长。 这一展望发布之际，卡特彼勒公布第二季度利润为35.9 亿美元亿美元，即每股$7.77，而去年同期为21.8 亿美元亿美元，即每股$4.62。

在欧盟销售该药物，为在欧盟27个成员国推出该药物的口服版本铺平了道路。欧盟还批准了Wegovy的注射剂，采用单剂量笔。 诺和诺德表示，第二季度经调整销售额同比增长7%，达到78.49亿丹麦克朗（合120.8 亿美元亿美元）。Wegovy的注射剂贡献了19.48亿丹麦克朗，口服版本贡献了3.22亿丹麦克朗。 净利润下降21%，至20.99亿丹麦克朗。不过，投资者更为关注的调整后营业利润增长了11%，达到33.39亿丹麦克朗。

获得了 市场 份额 并 实现了更高的销售额。 其两款新冠产品 Paxlovid 和 Comirnaty 的销售额分别下降了 95% 和 34%。 下降的原因是新冠感染人数减少，以及接种新冠疫苗的推荐人群范围缩小。 辉瑞将其全年销售额指引的下限从之前的 595 亿美元至 625 亿美元上调至 605 亿美元至 625 亿美元。 公司重申了调整后每股收益在 2.80 美元至 3 美元之间的指引。 分析师预计，2026 年全年每股收益为 2.94 美元，销售额为 617.8 亿美元。 新的展望反映出辉瑞对非新冠产品销售额将比之前预期增加 15 亿美元的预期。 其新冠产品的销售额预计现在将达到 40 亿美元，低于之前预期的 50 亿美元。

通过为这笔交易提供融资获得了份额，并推进了 Terns 公司治疗血癌慢性髓性白血病的药物。 这笔于 2026 年 5 月完成的交易是默克为丰富其产品组合所做努力的一部分，因为其畅销药 Keytruda 即将失去专利保护，竞争对手将能够推出低成本版本。 默克现在预计全年销售额为 663 亿美元至 673 亿美元，高于之前预期的 658 亿美元至 67 亿美元。 FactSet 调查的分析师预计，全年销售额为 66.86 亿美元，调整后每股收益为 2.79 美元。

较上年同期增长。 调整后每股收益为 8.17 美元，超过了 FactSet 调查的分析师预期的 6.22 美元。 公司净利润受益于近期获得的 392 美元关税退税，首席财务官凯尔·埃普利表示。 与关税相关的成本约为 400 美元，远低于公司预期的 700 美元。 展望未来，卡特彼勒预计第三季度关税成本约为 600 美元——与去年大致持平——并表示预计全年与关税相关的成本将处于预期范围的低端。

联席首席执行官古斯塔夫·瑟德斯特伦告诉华尔街分析师：“我们的产品关乎真正的艺术家，而非虚假的艺术家。”

Spotify高级订阅用户突破300 Million大关

作者：凯瑟琳·塞尔

Spotify Technology股价周二下跌1.7%，此前该公司报告称，由于流媒体应用中新增的AI驱动功能相关成本增加，并预测订阅用户增长略低于华尔街预期。

在第二季度，该公司实现了300 million高级订阅用户的里程碑，同时收入同比增长14%。

Spotify在第二季度新增了7 million高级订阅用户，总数达到3亿，比公司此前的指引多出100万。公司在全球所有地区均实现增长。

这家瑞典音频流媒体公司的月活跃用户同比增长12%，达到7.77亿，比此前指引少100万。整体而言，公司在该季度新增了16 million用户。

收入约为4.78 billion欧元，相当于约55 亿美元 billion，较一年前的€4.19 billion增长14%。

净收入为5.45亿欧元，即每股€2.61，而一年前为亏损8600万欧元。公司毛利率创下33.4%的历史新高。

Spotify高管表示，公司正进入AI生成时代，包括基于用户兴趣的推荐和“个性化播客”等功能。

公司正在开发一款新的AI驱动工具，允许音乐爱好者在应用内制作混音和翻唱歌曲。周二，公司宣布与代表独立音乐厂牌的Merlin达成了该AI工具的授权协议。该协议允许艺术家选择是否参与混音工具。Spotify已与环球音乐集团达成类似协议。

Spotify联席首席执行官古斯塔夫·瑟德斯特伦告诉华尔街分析师，市场对完全由AI生成的音乐持怀疑态度，但“我们的产品关乎真正的艺术家，而非虚假的艺术家”。

对于当前季度，公司预计将新增约11 million月活跃用户，季末总数达到78800 万，低于华尔街预计的约7.93亿。公司表示高级订阅用户将增至3.05亿，增长约500万。预计当前季度收入为50亿欧元，毛利率为32.9%。

拜耳CEO排除分拆业务可能性

作者：阿德里亚·卡拉泰尤德

拜耳首席执行官比尔·安德森排除了目前分拆集团业务的可能性，称公司仍需完成多项工作才能考虑相关选项。

这家德国企业集团目前专注于控制诉讼不确定性、减少债务和内部官僚主义、加强制药业务的药物管线，以及提升农业部门的盈利能力。安德森表示，拜耳不会让关于潜在出售或分拆部门的讨论成为干扰。

“我们当前的评估是，现在还不是分心的时候，”安德森周二在与记者的电话会议中表示。“我们需要保持高度专注推动这些工作，并保持开放心态。”

一些投资者长期以来一直敦促公司重新考虑其结构。分析师表示，美国最高法院最近在拜耳长期以来关于其农达除草剂的案件中作出有利裁决，可能使分拆重新提上议程。

拜耳目前的业务涵盖销售农药和作物种子的农业部门、开发前列腺癌和慢性肾病等疾病药物的制药业务，以及规模较小的非处方药、营养补充剂和其他消费者健康产品部门。

公司在7月初表示，将把其美国草甘膦业务（包括农达品牌）整合为一家名为Ruveon的公司。安德森表示，公司

---

Spotify月活跃用户

8亿 月活跃用户总数 777

广告支持的 月活跃用户 494M

高级订阅用户 300

2024 '25 '26

2024 '25 '26

数据来源：公司

拜耳季度净利润 / 亏损

2026年第二季度 219 million欧元

来源：标普资本IQ 注：10亿欧元 = 11.5亿美元

定期评估其运营的最佳方式。无论拜耳的业务是否保持整合，继续专注于当前的优先事项将使公司处于更有利的地位，他补充道。第二季度，较小的诉讼费用使拜耳扭亏为盈。该公司公布第二季度净利润为219 million欧元，相当于2.521亿美元，而去年同期因诉讼费用影响录得1.99亿欧元亏损。公司表示，本季度计提的特殊费用主要为诉讼相关支出，金额为1.72亿欧元，而去年同期为9.81亿欧元。剔除特殊项目后，息税折旧摊销前利润（EBITDA）为21.4亿欧元（21.4亿欧元），同比增长1.9%。Vara调查的分析师此前预期为19.4亿欧元（19.4亿欧元）。经汇率和投资组合调整后，销售额为108.7亿欧元，增长2.2%。公司表示，经汇率调整后，其2026年销售额和盈利预测保持不变。

BRYAN BEDDER / GETTY IMAGES FOR SPOTIFY

华尔街日报

2026年8月5日，星期三 / B5 情报 可付诸行动

为您的团队配备企业订阅，助力更智慧的工作。

了解更多 corporate.wsj.com / Enterprise

旧金山塔楼引发代际分歧

当地居民对在高档社区建造800套公寓的计划意见不一

作者：欧文·塔克-史密斯

埃琳娜·科恩（Elena Cohen）在旧金山寻找新公寓的过程进展得非常不顺利，以至于她悬赏200美元，希望有人能帮她找到一个租住的地方。因此，当这位25岁的年轻人得知当地一家开发商计划在她所在的富裕的码头区（Marina District）当地Safeway超市上方建造约800套住房时，她感到非常兴奋。她说，该地区的任何新住房都是好消息。而63岁的老旧金山人、码头区居民斯蒂芬·斯特里特（Stephen Street）看到该开发项目的效果图时却皱起了眉头。“我毫无准备，”他说，“我的社区也是。”在当地一家杂货店上方建造住宅楼的计划已演变成一场关于该市严重住房危机和旧金山未来的代际分歧的象征。最近，在《旧金山纪事报》一名记者在网上发布了一张关于该开发项目的社区市政厅会议的照片后，

代际分歧演变成了一场社交媒体风暴。这张照片显示，一群主要由年长的白人观众聚集在会议上，组织者在会上解释了他们对该项目的担忧。这张照片获得了1000万次浏览，并引发了一些言辞激烈的评论。一群X用户纷纷抨击：“活得最久的人在阻止家庭和年轻人获得住房，”一位网友写道。“当你的整个世界观是‘去他妈的孩子们’时，”另一位写道。这张照片并不完全代表当地人对该项目的看法——该开发项目既有年长的支持者，也有年轻的反对者。但它揭示了旧金山不同群体对城市未来的愿景差异，以及如何为年轻人和新移民腾出空间。全国各地的社区都在努力应对同样的紧张局势：年轻人正在努力进入一个因缺乏开发和婴儿潮一代原地养老甚至升级住房而变得更加严峻的住房市场。在马萨诸塞州的一个富裕小镇，一名男子在质问反对新住房的邻居时突然走红：“我们是不是有点混蛋？”在加州，一项迫使城市扩大住房供应的全州性推动已促使开发商提出项目

作者：维罗妮卡·达格尔 业主协会加大止赎力度

对于美国数十万个业主协会来说，资金正变得越来越紧张，它们正在对居民实施更严格的财务限制。 业主协会（HOA）在追讨拖欠会费的人员时变得更加积极， 跳过非正式的宽限期来弥补欠款， 并将拖欠账户交给律师处理。 在最极端的情况下， 它们正在对这些房产提起止赎程序。 今年第一季度，共有6,376处房产面临与业主协会相关的止赎申请—— 从初始违约通知到完成销售。 这一数字较两年前增长了近40%， 增速超过整体抵押贷款止赎率， 根据房地产分析公司Attom的数据。 “业主协会被迫采取更激进的催收措施，以避免自身财务崩溃，” 房地产科技公司Benutech的联合创始人布赖恩·福克斯（Brian Fox）表示， 该公司跟踪业主协会拖欠和止赎趋势。 这些协会负责照管许多社区和公寓的公共空间， 通常通过会费和特别评估来筹集资金，以覆盖运营成本。当

上图和右图为计划在旧金山Safeway超市上方建造的塔楼效果图。 下图为埃琳娜·科恩和她的伴侣赖利·努恩（Riley Noon）。

在马里纳（Marina）等地区，这种曾经难以想象的高层建筑正在出现，而这些地方的大多数建筑通常只有几层楼高。对于一些努力应对生活成本的年轻租户来说，这是一个可喜的变化；但对于那些拥有房产数十年的老居民来说，一座将遮挡视线并大幅增加社区人口的高楼，无疑是一个令人不快的突变。

Align房地产公司（Align Real Estate）计划在马里纳大道（Marina Boulevard）的Safeway超市上方建造的这座高楼，如今已成为旧金山最引人注目的建筑之一——尽管它尚未动工。其设计高度、现代风格、玻璃外墙和圆润边角引发了抵制、抗议、法律威胁和联名信运动。

“它完全与周围环境格格不入，”现年84岁的雷·特里（Rae Terry）说，她住在附近的俄罗斯山（Russian Hill），“而且极不协调。”

一旦一户业主停止缴费，其他业主往往需要共同承担这笔费用。甚至在应对业主拖欠费用之前，业主协会（HOAs）就已面临人工、绿化养护和材料成本上涨的压力。在2024年至2025年初，覆盖共用财产和一般责任的业主协会主保险保费中，有91%的社区协会保费上涨。根据社区协会研究基金会（Foundation for Community Association Research）的数据，其中17%涨幅超过100%。

储备基金相当于业主协会的应急储蓄，但许多在2020年仍充裕的基金，如今已被飙升的屋顶等维修成本耗尽。预算收紧让业主协会在处理拖欠款项时的财务回旋余地越来越小。

以纽约州中岛（Middle Island）的费尔维尤公寓1号（Fairview Condo 1）为例，目前有15套（共202套）单元拖欠每月595美元的物业费，导致每月短缺约8,900美元。这一数字超过了董事会通常预算的1笔拖欠款。

“每一笔拖欠都有其背后的故事，”公寓协会主席德博拉·阿米洛夫斯基（Deborah Amilowski）说。其中10套房产已进入止赎程序。部分案例

房产报告

乔安娜·罗森塔尔

多年来，旧金山北部位于普雷西迪奥和太平洋高地之间的富裕地段几乎没有新增住房。根据该市的数据，2010年至2020年间，码头区的住宅单位数量有所下降，而旧金山的住房总量则增长了7%。在萨克拉门托，包括代表旧金山并在竞选接替南希·佩洛西国会席位的州参议员斯科特·维纳在内的立法者已经通过了一系列法律，使得城市更难抵制开发商的建设尝试。长期以来掌握在市政厅手中的住房开发权力逐渐向州首府转移，令一些当地居民感到不安。

年轻人需要住房。

年长者则担忧社区特色。

业主协会提起的止赎申请数量（按季度）

7,000

6,000

5,000

4,000

3,000

2,000

1,000

22 2021年第二季度 23 24 25 26

数据来源：Attom

止赎通常由个人财务压力引发，如失业或离婚。Amilowski表示，业主协会还在对一些投资者拥有的房产提起止赎，这些投资者在租客停止支付租金后也停止了缴费。 各州的业主协会法律各不相同。大多数州要求业主协会在提起留置权或委托律师启动止赎程序前，需有30至45天的正式通知期。代表业主协会的社区协会协会（Community Associations Institute）表示，许多协会会提供付款计划，并直接与面临财务困难的业主合作。 尽管如此，业主协会去年提起的留置权申请超过285,000起，较上年增长约8.8%，据Benutech数据。

Safeway项目之争“关乎加州人是否仍有权决定社区的未来”，一张在社区会议上展示的幻灯片如此写道。 “旧金山有一代人拒绝放弃他们心目中的历史旧金山，”从事房地产行业的初创企业家Bobby Niers表示，“他们希望它成为一件博物馆展品。” 其中一项州法律由议员Buffy Wicks起草，Wiener共同参与，要求加快对沿商业走廊的混合收入项目的审批。Safeway项目的开发商正利用这项规定推动项目通过审批流程。

许多州的业主协会可以因未缴纳费用而提起止赎，即使业主的抵押贷款仍在正常支付。在约20个州，业主协会的留置权具有“超级优先”地位，这意味着其法律优先级甚至可能高于主要抵押贷款持有人，北威尔士（宾州）专攻止赎案件的律师Stephen Hladik表示。 Glen Weinberg是Fairview商业贷款公司的创始人，他表示，州法律可能使社区难以从拖欠费用的居民处追回资金。他提到，一些业主协会因这些法律被推向破产边缘，包括其家乡科罗拉多州的协会。这些法律包括对

分区审批流程的限制。 马里纳社区协会反对该项目。今年春季，该组织的律师向当地规划部门发送了一封长达95页的信函，称该开发项目位于危险废物场地，因此不能依据州法律简化审批流程。 律师还在信中指出，800套新增出租单位将使该地区的污水系统不堪重负，且该项目应进行历史审查，因为马里纳Safeway是“最早的现代Safeway商店之一”。 项目支持者表示，反对者只是试图通过晦涩的法律论点拖延一个能帮助年轻家庭找到住所的项目。规划部门7月表示，该项目符合州法律的环境标准；但社区协会仍在继续推动

法律费用报销和 严格的止赎前要求。

与债务催收相关的法律费用可能迅速累积，给房主带来额外的财务负担，同时还面临失去住房的风险，消费者权益倡导者表示。

借款人因各种原因在不同财富水平上拖欠款项，从财务压力到行政疏忽。

在拉斯维加斯郊区的萨默林（Summerlin），一处与 拳击 冠军 小弗洛伊德·梅威瑟 （Floyd Mayweather Jr.）相关的房产最近因累积近25,000美元的未缴费用、利息和法律费用，进入了业主协会（HOA）止赎程序。根据克拉克县记录，一份违约通知书于2025年1月代表山径社区协会（Mountain Trails Community Association）提交，因每月费用自该月起未缴纳。

梅威瑟的律师鲍比·萨米尼（Bobby Samini）表示，此事系会计疏忽，相关费用已缴清，并指出这位拳击手最近聘请了新的会计团队和2名首席财务官。他拒绝代表梅威瑟进一步置评。山径社区协会的代表未回应置评请求。

许多业主协会面临压力——

“该项目将为成千上万的人——年轻专业人士、工薪家庭、老年人——提供机会，让他们能够住在优质公共交通和工作地点附近，”项目开发商戴维·巴尔杜奇（David Balducci）表示。38,的康拉德·波施（Konrad Posch）已在码头区（Marina）居住13年。他和妻子希望组建家庭，但该地区的住房选择有限。撇开年龄不谈，他认为该项目反映了已进入住房市场的人与被排斥在外的人之间的分歧。“这确实像是一场斗争，一方是住房已稳定数十年的人，另一方则是担心自己可能永远无法拥有住房的人，”波施表示，他支持该项目。

2018,该市估计该社区的中位数房主是在1988.搬入住宅的。加州一项已有数十年历史的法律限制了这些房主每年房产税的增长幅度，无论房价上涨多少，都使长期房主受益。但该社区的大多数居民是租户，且中位数居民年龄在30岁中段。这些租户面临着飞涨的租金，随着人工智能热潮为硅谷带来巨额财富，租金预计将进一步上涨。

反对该项目的埃琳·罗奇（Erin Roach）是该社区协会的主席，她表示己方确实存在“形象问题”。她说自己有年轻的盟友，但他们往往不会出席地方会议。她还提到，自己有2个20多岁的孩子，他们也在为住房成本挣扎，并反对该项目。

33岁的码头区居民内森·达文波特（Nathan Davenport）表示，他支持在该市建造更多住房，但认为这一特定开发项目不适合该社区，并可能引发更多反对开发的声音。

达文波特和其他人指出，该项目计划仅包含约86套经济适用房。56,的创业企业家尼尔斯（Niers）表示，他预计该项目将“实际上服务于富裕的科技工作者”。但他辩称，这将产生连锁效应：入住的人将腾出其他公寓楼，从而缓解该市的供应紧张。

自1997,以来一直住在码头区同一住宅的斯特里特（Street）表示，他同情那些试图在该市找到住房的年轻人。“该市有很多地方适合这种潜在项目，”他说，“但在这里，它将完全格格不入。”

ARQUITECTONICA (2)

为满足佛罗里达州在2021年瑟夫赛德公寓倒塌事件后颁布的更严格安全标准，包括禁止对结构性储备金账户资金不足，许多老旧社区因多年来为保持低费用而推迟维护，一些业主委员会不得不发布大额特别评估以弥补资金缺口。许多业主协会（HOA）不得不提高费用。

纽约房地产律师马克·施耐德（Marc Schneider）代表多个社区协会，最近处理了一个长岛业主协会的案例，该协会的年度保险费从60,000美元飙升至360,000美元。阿米洛夫斯基——该业主协会主席——表示，当拖欠和止赎迫使业主委员会削减或推迟维护时，最终会损害整个社区的房产价值。

为管理现金流，位于米德尔岛的费尔维尤公寓1号（Fairview Condo 1）的业主委员会一直在削减开支，而不是动用现金储备或征收特别评估。该公寓不得不推迟例行项目，如清洗建筑外墙和种植新花卉。

支付法律费用成本高昂，止赎程序也耗时费力，阿米洛夫斯基说。“我们必须为整个社区做出最佳决策，”她说。

合约 开盘 开盘高 最高 最低 收盘 涨跌 未平仓合约

铜（CMX）- 25,000磅；美元 / 磅 8月 6.5280 6.6390 6.5280 6.6185 0.1045 3,489 9月 6.5395 6.6885 6.5345 6.6435 0.1030 138,202

黄金（CMX）- 100金衡盎司；美元 / 金衡盎司 8月 4050.50 4088.70 4048.80 4095.40 61.70 2,973 9月 4065.70 4118.00 4054.00 4107.50 61.20 5,078 10月 4079.90 4132.60 4068.70 4121.90 61.60 51,748 11月 4118.00 4141.00 4118.00 4137.90 62.00 404 12月 4109.60 4163.80 4098.20 4152.60 62.10 279,897 2027年1月 27 4153.80 4153.80 4153.80 4170.50 62.40 289

钯（NYM）- 50金衡盎司；美元 / 盎司 8月 1244.50 1244.50 s 1244.50 1355.30 104.40 9月 1262.00 1364.50 1260.50 1360.80 104.20 16,581

铂（NYM）- 50盎司；美元 / 盎司 8月 1612.10 1632.90 s 1612.10 1747.30 129.30 10月 1638.10 1762.80 1636.80 1756.00 129.70 45,024

白银（CMX）- 5,000盎司；美元 / 盎司 8月 58.100 58.870 58.100 60.056 2.389 686 9月 58.380 60.285 58.185 60.245 2.389 80,444

轻质低硫原油（NYM）- 1,000桶；美元 / 桶 9月 80.10 82.33 75.11 75.77 –4.57 255,445 10月 77.83 79.91 73.79 74.40 –3.50 175,875 11月 75.55 77.56 72.49 73.15 –2.53 113,677 12月 73.92 75.58 71.42 72.03 –1.91 203,643 2027年6月 27 69.81 70.89 68.41 69.07 –0.87 139,804 12月 67.95 68.82 66.99 67.66 –0.46 148,690

纽约港超低硫柴油（NYM）- 42,000加仑；美元 / 加仑 9月 3.8696 3.9227 3.6725 3.7705 –.1067 73,372 10月 3.7692 3.8045 3.5981 3.6776 –.0925 37,956

汽油-纽约RBOB（NYM）- 42,000加仑；美元 / 加仑 9月 2.9727 3.0067 2.8080 2.8522 –.1145 100,480 10月 2.7038 2.7496 2.5729 2.6040 –.1055 51,582

天然气（NYM）- 10,000百万英热单位；美元 / 百万英热单位 9月 2.774 2.786 t 2.659 2.682 –.099 370,117 10月 2.813 2.829 t 2.704 2.728 –.096 159,804 12月 3.727 3.730 t 3.610 3.627 –.096 142,304 2027年1月 4.209 4.209 t 4.082 4.098 –.100 143,721 3月 3.000 3.003 2.936 2.946 –.053 139,607 4月 2.857 2.862 2.799 2.814 –.046 117,419

农产品期货

玉米（CBT）- 5,000蒲式耳；美分 / 蒲式耳 9月 450.50 452.00 441.00 442.25 –7.00 516,668 12月 474.00 475.25 464.00 465.50 –7.00 783,483

燕麦（CBT）- 5,000蒲式耳；美分 / 蒲式耳 9月 315.50 315.75 310.75 312.50 –3.50 542 12月 337.00 338.50 330.25 331.50 –5.25 2,369

大豆（CBT）- 5,000蒲式耳；美分 / 蒲式耳 8月 1172.00 1173.00 1149.25 1155.00 –13.75 859 11月 1193.25 1195.25 1170.00 1177.75 –14.50 495,248

豆粕（CBT）- 100吨；美元 / 吨 8月 313.00 313.00 309.90 310.60 –2.80 1,230 12月 321.60 322.70 316.40 318.40 –3.20 283,513

豆油（CBT）- 60,000磅；美分 / 磅 8月 68.79 68.79 67.91 68.18 –.51 1,687 12月 68.19 68.68 67.00 67.52 –.62 250,345

糙米（CBT）- 2,000英担；美元 / 英担 9月 14.21 14.32 13.83 13.97 –.21 11,263

共同基金 净值 今年以来涨跌 回报率% 基金

纳斯达克发布的按净资产排名的前250只共同基金名单。

e-除息。f-前一交易日行情。g-适用脚注x和s。j-适用脚注e和s。k-由LSEG使用更新数据重新计算。p-分销成本，12b-1。r-可能收取赎回费。s-股票拆分或股息。t-适用脚注p和r。v-适用脚注x和e。x-除息日。z-适用脚注x、e和s。NA-因价格、业绩或成本数据不完整而无法提供。NE-LSEG未发布；数据审核中。NN-基金未追踪。NS-期初基金不存在。

2026年8月4日 星期二 2026年8月4日 星期二 1. 4, 2026

IntlVal Inst 62.00 +0.28 16.2 Baird Funds AggBdInst 9.72 +0.04 0.1 CorBdInst 10.08 +0.04 0.2 IntBdInst 10.37 +0.03 0.5 ShtTBdInst 9.47 +0.01 1.3 BlackRock Funds HiYBlk 7.12 +0.02 2.4 HiYldBd Inst 7.12 +0.02 2.5 BlackRock III iShS&P500IdxK 899.64 +15.81 13.7 BlackRock Inst StratIncOpptyIns 9.69 +0.04 2.0 Calamos MktNeutI 16.26 +0.02 4.0 CausewayInst CausewayInst 26.66 +0.21 13.4 Columbia Class A SelgComuInfoA 243.86 +9.50 55.6 Columbia Class I DivIncom I 40.85 +0.42 13.6 Dimensional Fds

AB MuniIncmShares 11.01 +0.04 1.5 American Century Inv Ultra 100.27 +2.24 6.5 American Cl A AmcpA 46.37 +0.75 8.6 AMutlA 66.13 +0.85 11.9 BalA 41.14 +0.48 10.4 BondA 11.14 +0.05 -0.3 CapIBA 84.48 +0.62 11.2 CapWGrA 82.72 +1.22 16.5 EupacA 63.75 +0.96 11.5 FdInvA 104.85 +1.55 16.2 GwthA 88.08 +1.69 9.5 ICAA 70.41 +1.01 13.2 IncoA 28.12 +0.15 9.0 N PerA 75.76 +1.22 7.3 NEcoA 86.37 +1.85 18.9 NwWrldA 107.58 +1.62 15.3 SmCpA 84.34 +2.12 15.1 WshA 69.29 +0.80 11.1 Artisan

交易所交易产品 / wsj.com / market-data / mutualfunds-etfs

最大的100只交易所交易基金，最新交易日。

2026年8月4日，星期二 iShMSCIEAFEValue EFV 81.47 0.47 14.1 iShNatlMuniBd MUB 105.76 0.29 -1.3 iShRussMC IWR 112.93 1.67 17.3 iShRuss1000 IWB 422.16 1.83 13.0 iShRuss1000Grw IWF 124.30 2.84 5.0 iShRuss1000Val IWD 256.63 0.94 22.0 iShRuss2000 IWM 301.71 1.85 22.6 iShS&P500Grw IVW 141.53 2.38 14.8 iShS&P500Value IVE 235.67 1.11 11.1 iShSemiconductor SOXX 542.21 6.80 80.0 iSh7-10YTreaBd IEF 93.25 0.46 -3.0 iShSilver SLV 53.84 2.63 -16.4 iSh20+YTreaBd TLT 82.82 0.77 -5.0 iShUSEqFactRotat DYNF 69.63 1.87 14.5 iShUSTreasuryBd GOVT 22.49 0.36 -2.3 iSh0-3MTreaBd SGOV 100.43 0.01 0.0 JPMNasdEqPrem JEPQ 59.56 2.09 2.5 JanusAAACLO JAAA 50.51 ... -0.1

收盘价 涨跌幅 年初至今 ETF 代码 价格 (%) (%)

AvantisUSSCValue AVUV 128.74 1.34 26.2 CapGrpDivVal CGDV 51.08 1.63 17.0 DimenUSCoreEq2 DFAC 45.81 1.55 15.7 FidTotalBd FBND 45.02 0.42 -2.2 InvscNasd100 QQQM 298.03 3.39 17.8 InvscQQQI QQQ 723.85 3.40 17.8 InvscS&P500EW RSP 220.23 1.44 15.0 iShBitcoin IBIT 36.39 0.64 -26.7 iShBrdUSDHYCpBd USHY 36.80 0.33 -1.6 iShCoreDivGrowth DGRO 79.13 1.09 14.0 iShCoreMSCIEAFE IEFA 99.88 1.23 11.6 iShCoreMSCIEM IEMG 80.24 2.73 19.4 iShMSCIIntlDev IDEV 92.02 1.18 11.6 iShCoreMSCITotInt IXUS 96.55 1.65 14.1

新高与新低

新高

以下说明适用于纽约证券交易所、NYSE Arca、NYSE American及纳斯达克股票市场中在最新交易日创下52周盘中新高或新低的股票。% CHG-较前一交易日涨跌幅。

纽约

52周 % 股票 代码 高 / 低 涨跌

52周 % 股票 代码 高 / 低 涨跌

AdaptiveBiotech ADPT 24.62 6.2 AffiliatedMgrs AMG 392.92 0.7 AlerusFinancial ALRS 34.40 ... AllianceLaundry ALH 28.16 5.0 AlphabetPfdA GOOGM 52.80 0.9 AlussaEnerII A ALUB 10.12 0.1 Ameriprise AMP 557.11 0.3

AAR AIR 150.85 4.5 ADIGlbDistr ADIG 26.00 -0.3 AcadianAsset AAMI 92.67 2.4 AclarisTherap ACRS 6.05 8.1 AdamasPfdF ADAML 24.60 -0.3

借贷基准 / wsj.com / market-data / bonds / benchmarks

货币利率

2026年8月4日

在美国及国际市场中借贷资金所支付的关键年利率。以下利率仅作为一般水平的参考，并不一定代表实际交易。

通货膨胀

指数水平（6月）	环比变动（%）	同比变动（%）
	2026年5月	2025年6月
美国消费者价格指数 - 全部项目	333.952	-0.35
美国消费者价格指数 - 核心	336.882	0.01

国际利率

最优惠利率

国家/地区	最新利率	一周前	52周高点	52周低点
美国	6.75	6.75	7.50	6.75
加拿大	4.45	4.45	4.95	4.45
日本	2.125	2.125	2.125	1.875

商品期货

商品（交易所） - 合约规格；计价单位	合约月份	最新价格	一周前	52周高点	52周低点	变动	成交量
小麦（芝加哥期货交易所）- 5,000蒲式耳；美分/蒲式耳	11月	14.66	14.72	14.30	14.39	-0.22	1,594
	9月	652.00	659.50	635.50	638.50	-12.50	194,871
	12月	670.50	677.25	654.50	657.25	-12.00	160,306
小麦（堪萨斯城期货交易所）- 5,000蒲式耳；美分/蒲式耳	9月	717.00	726.25	702.75	707.00	-10.25	119,884
	12月	734.00	742.50	719.75	724.50	-9.50	117,446
饲养牛（芝加哥商品交易所）- 50,000磅；美分/磅	8月	347.350	352.000	345.300	351.200	3.375	11,438
	9月	342.000	347.175	339.900	346.150	3.600	20,258
活牛（芝加哥商品交易所）- 40,000磅；美分/磅	8月	230.875	232.450	230.125	231.950	0.850	32,050
	10月	226.150	228.350	225.500	227.900	1.175	120,065
瘦猪（芝加哥商品交易所）- 40,000磅；美分/磅	8月	97.600	98.050	97.375	97.850	0.325	19,286
	10月	83.475	84.575	83.050	84.350	0.675	120,056
木材（芝加哥商品交易所）- 27,500板英尺；美元/1,000板英尺	9月	602.50	602.50	585.50	586.50	-14.50	5,904
	11月	609.00	609.00	598.00	598.50	-13.00	1,567
牛奶（芝加哥商品交易所）- 200,000磅；美分/磅	7月	15.64	15.65	15.61	15.63	-0.03	5,333
	9月	17.53	17.64	17.29	17.34	-0.13	6,670
可可（洲际交易所）- 10公吨；美元/公吨	9月	5,951	6,108	5,815	5,924	-15	61,042
	12月	6,092	6,231	5,944	6,045	-21	58,748
咖啡（洲际交易所）- 37,500磅；美分/磅	9月	322.55	326.80	318.80	324.10	4.60	51,366
	12月	307.50	311.00	304.00	308.80	4.10	65,244
世界食糖（洲际交易所）- 112,000磅；美分/磅	10月	15.01	15.33	15.01	15.04	0.03	497,709
	2027年3月	15.92	16.22	15.90	15.98	0.07	301,584
国内食糖（洲际交易所）- 112,000磅；美分/磅	9月	35.50	（数据缺失）	（数据缺失）	（数据缺失）	（数据缺失）	190
棉花（洲际交易所）- 50,000磅；美分/磅	10月	80.78	81.25	80.06	81.13	-0.22	141
	12月	82.35	82.62	81.11	82.46	-0.11	196,226
橙汁（洲际交易所）- 15,000磅；美分/磅	9月	153.55	159.90	152.50	159.70	1.35	7,177
	11月	157.75	163.65	157.00	163.60	1.15	1,814

债券期货

债券（交易所） - 合约规格；计价单位	合约月份	最新价格	一周前	52周高点	52周低点	变动	成交量
超长期国债（芝加哥期货交易所）- 100,000美元；点数（1/32）	9月	110-170	111-170	110-000	111-050	22.0	2,445,374
	12月	110-060	110-270	109-310	110-250	22.0	229
国债（芝加哥期货交易所）- 100,000美元；点数（1/32）	9月	109-050	110-040	108-230	109-270	24.0	1,860,319
	12月	108-230	109-210	108-100	109-120	23.0	12,970
中期国债（芝加哥期货交易所）- 100,000美元；点数（1/32）	9月	108-150	108-295	108-085	108-270	13.5	5,230,615
	12月	108-055	108-210	108-000	108-185	14.0	29,276
5年期国债（芝加哥期货交易所）- 100,000美元；点数（1/32）	9月	106-087	106-180	106-045	106-165	9.2	6,293,477
	12月	106-052	106-147	106-017	106-135	9.5	28,390
2年期国债（芝加哥期货交易所）- 200,000美元；点数（1/32）	9月	102-289	103-001	102-274	102-317	3.6	4,434,692
	12月	102-240	102-289	102-237	102-285	4.0	6,955
30天联邦基金（芝加哥期货交易所）- 5,000,000美元；100 - 日均	8月	96.3650	96.3675	96.3650	96.3675	0.0025	864,598
	10月	96.1950	96.2250	96.1950	96.2150	0.0250	452,516
三个月SOFR（芝加哥商品交易所）- 1,000,000美元；100 - 日均	5月	96.3600	96.3600	（数据缺失）	96.3625	0.0000	5,446
	12月	95.9500	96.0000	95.9350	95.9850	0.0450	1,710,605

基金数据

基金名称	最新净值	变动	收益率（%）
新兴市场价值	44.23	+0.89	19.8
新兴市场公司股票	33.94	+0.69	17.6
国际核心股票	22.83	+0.24	13.9
国际价值	33.08	+0.17	17.2
国际小型公司	28.08	+0.34	11.0
国际小型价值	34.60	+0.39	13.3
大型公司	51.33	+0.86	13.8
美国核心股票1	57.05	+0.91	15.7
美国核心股票2	50.99	+0.84	15.9
美国小型	63.36	+1.17	21.8
美国小型价值	63.67	+0.79	24.3
美国目标价值	45.16	+0.61	23.1
美国大型价值	67.91	+0.85	21.6
道奇 & 考克斯收入基金	12.58	+0.06	（数据缺失）
国际股票	19.06	+0.13	15.8
股票	18.26	+0.14	11.9
DoubleLine基金 - 总回报债券I	8.67	+0.04	-0.1
忠诚500指数机构溢价	268.96	+4.73	13.8

数据提供：[数据来源描述]

iShCore标普500 IVV 774.79 1.77 13.1 iShCore标普中盘 IJH 77.48 1.80 17.4 &P小盘 IJR 150.41 1.72 25.2 &PTotUS ITOT 169.09 1.86 13.7 &P美国成长 IUSG 193.28 2.35 15.1 &P美国价值 IUSV 114.25 1.18 11.4 iShCore美国综合债券 AGG 97.66 0.41 -2.2 iShCore全球美元债券 IUSB 45.55 0.42 -2.1 iShEdgeMSCI美国优质 QUAL 224.83 1.39 13.2 iSh黄金信托 IAU 76.69 0.66 -5.5 iShiBoxx美元投资级公司债 LQD 106.76 0.61 -3.1 iShMBS MBB 93.30 0.62 -2.0 iShMSCI全球 ACWI 160.63 1.70 13.5 iShMSCI EAFE EFA 107.32 1.23 11.8 iShMSCI新兴市场 EEM 66.00 2.61 20.6

Ametek AME 257.40 4.2 Amylyx制药 AMLX 22.28 8.4 Andersen ANDG 49.30 1.9 应用工业技术 AIT 359.05 1.4 安赛乐米塔尔 MT 75.43 4.7 ArchimedeIII ARCI 10.15 0.1 Arista Networks ANET 194.35 3.0

英国 3.75 3.75 4.25 澳大利亚 4.35 4.35 3.60

隔夜回购 美国 3.67 3.67 4.45 3.49

美国政府利率

贴现率 4.50

联邦基金 实际利率 3.6400 3.6400 4.3300 3.6300 高 3.7000 3.7000 4.5500 3.7000 低 3.5500 3.5500 4.3200 3.5500 买入 3.6200 3.6200 4.3200 3.6100 卖出 3.6400 3.6400 4.3300 3.6300

大宗商品

wsj.com / market-data / commodities

wsj.com / market-data / commodities

利率期货

Contrafund K6 37.65 +0.65 10.7 EmgMktIdxInstPre 16.66 +0.33 21.8 ExtMktIdxInstPre118.93 +2.68 18.1 FidSAIEmerg 21.74 +0.36 29.1 FidSer5 7.47 +0.03 ... FidSerInt 8.41 +0.01 0.5 FidSerToMarket 25.32 +0.46 14.3 FIDZroLgCpIx 27.69 +0.49 13.5 GlexUSIdxInstPre 21.64 +0.30 16.0 GrowthCompanyK6 45.57 +1.25 23.2 IntlIdxInstPrem 69.14 +0.80 13.7 LgCpGwId InstPre 48.72 +1.33 5.3 LgCpVlIdxIstPrem 25.45 +0.24 22.9 MidCpInxInstPrem 43.58 +0.71 18.0 SAIUSLgCpIndxFd 30.98 +0.55 13.8 SeriesBondFd 8.93 +0.04 0.1 SeriesOverseas 16.23 +0.26 8.7 SerLTTreBdIdx 5.15 +0.04 -2.2 SmCpIdxInstPrem 38.06 +0.69 23.2 TMktIdxInstPrem213.32 +3.87 14.3 TotalMarketIndex 27.03 +0.49 14.3 TtlIntIdxInstPr 19.98 +0.29 15.4 USBdIdxInstPrem 10.33 +0.04 ... Fidelity Advisor TotBdFdClZ 9.44 +0.03 0.2 Fidelity Advisor I GrOppI 268.50 +6.95 14.8 Fidelity Freedom Freedom2035K6 19.04 +0.24 11.3 Freedom2040K6 14.59 +0.21 13.9 Idx2030InsPre 24.43 +0.28 8.4 Idx2035InsPre 29.06 +0.36 9.6 Idx2040InsPre 32.12 +0.46 11.8 Idx2045InsPre 34.88 +0.55 13.3

Idx2050InsPre 35.08 +0.55 13.6 Fidelity Invest Balanc 35.72 +0.43 12.0 BluCh 312.26 +8.33 16.9 BluChpGr K6 51.02 +1.44 15.3 Contra 26.96 +0.50 11.1 ContraK 27.08 +0.49 11.1 CpInc 11.34 +0.07 7.8 DivIntl 55.91 +0.82 15.0 GroCo 58.31 +1.59 21.9 InvGrBd 9.96 +0.04 0.2 LowP 48.61 +0.49 17.9 Magin 15.93 +0.29 8.8 纳斯达克综合指数 338.44 +8.56 14.7 OTC 30.56 +0.83 25.9 Puritn 28.56 +0.44 10.5 SAILTTreBdIdx 6.40 +0.05 -2.5 SAIUSMinVolIndFd 25.25 +0.32 10.7 SAIUSQtyIdx 26.83 +0.44 12.0 SrsBlChGroRetail 27.06 +0.73 17.8 SrsEmrgMkt 30.90 +0.55 25.4 SrsGlobal 21.23 +0.31 16.0 SrsGroCoRetail 33.44 +0.91 22.7 SrsIntlGrw 21.38 +0.50 11.9 SrsIntlVal 17.56 +0.11 12.6 TotalBond 9.46 +0.04 0.3 Fidelity SAI FidSaiCndInxFnd 15.94 +0.21 11.9 FidSaiInfltnFnd 10.01 +0.02 0.8 IntlValIdx 15.11 +0.08 20.0 TotalBd 8.95 +0.03 Fidelity Selects 半导体 r 63.17 +3.28 59.3 科技 54.83 +1.94 36.8

52周% 股票 代码 最高 / 最低 变动 52周%

最高 / 最低

最高 / 最低

Arxis ARXS 58.58 8.0 AssociatedBanc ASB 32.00 1.1 Atlanticus ATLC 113.37 2.1 AudioCodes AUDC 10.86 2.4 AxaltaCoating AXTA 37.70 3.7 AxosFinancial AX 105.74 1.4 AyaGold&Silver AYA 23.08 12.6 BBB Foods TBBB 44.58 -2.1 BOK Fin BOKF 145.56 0.6 Backblaze BLZE 23.99 26.9 BBVA BBVA 28.48 -0.8 BancoSantander SAN 14.58 0.1 美国银行 BAC 63.54 0.7 BarHarborBkshs BHB 41.08 1.1 BillionToOne BLLN 144.28 3.6 BleichroederIII BCCQU 10.75 1.0

食品

Block XYZ 84.81 3.1 BogotaFinl BSBK 9.55 -0.9 BreadFinancial BFH 113.75 1.5 BroadwayFin BYFC 10.99 2.9 BurkeHerbert BHRB 75.08 1.3 BylineBancorp BY 40.03 0.3 CPI Card PMTS 23.32 4.4 CSW Industrials CSW 350.89 1.6 Cactus WHD 67.48 5.3 CamdenNational CAC 60.00 0.8 CapitalSouthwest CSWC 24.86 3.3 CarterBkshrs CARE 36.06 CathayGenBncp CATY 64.89 0.7 Central Banco CBC 33.76 0.6 CentralPacFin CPF 40.99 ChainBridgeBncp CBNA 49.07 0.9

13周 3.750 3.815 4.165 3.540 26周 3.855 3.945 3.980 3.475

其他短期利率

活期贷款 5.50 5.50 6.25

商业票据（AA级金融） 90天 n.a. 3.86 4.26 3.57

担保隔夜融资利率 3.65 3.64 4.51 3.50

货币期货

日元 (CME) - 1250万人民币；每100日元兑美元 8月 .6362 .6364 .6339 .6350 –.0039 2,010 9月 .6384 .6384 .6351 .6364 –.0039 422,696

加拿大元 (CME) - 100,000加元；每加元兑美元 8月 .7126 .7129 .7111 .7114 –.0011 345 9月 .7133 .7138 .7115 .7122 –.0011 352,804

英镑 (CME) - £62,500；每英镑兑美元 1.3420 1.3453 1.3420 1.3451 .0021 548 1.3432 1.3456 1.3418 1.3450 .0020 242,023

瑞士法郎 (CME) - 125,000瑞士法郎；每瑞士法郎兑美元 1.2400 1.2431 1.2391 1.2411 .0011 108,587 12月 1.2580 1.2590 1.2522 1.2539 .0011 698

澳元 (CME) - 100,000澳元；每澳元兑美元 .7014 .7039 .7014 .7044 .0047 643 .6995 .7043 .6991 .7040 .0046 238,140

墨西哥比索 (CME) - 500,000墨西哥比索；每墨西哥比索兑美元 .05779 .05796 s .05779 .05790 .00024 950 .05750 .05777 .05749 .05776 .00024 208,431

欧元 (CME) - €125,000；每欧元兑美元 1.1516 1.1539 1.1509 1.1538 .0017 12,396 1.1528 1.1553 1.1521 1.1551 .0018 753,085

现货价格

2026年8月4日，星期二

以下价格反映了市场上多种实际或“实物”商品的买卖情况——与交易所的期货价格（反映商品未来月份的可能价值）分开。

能源

煤炭，C.Aplc.，12500Btu，1.2SO2-r,w 82.000 煤炭，粉河盆地，8800Btu，0.8SO2-r,w 14.650 金属

黄金，每金衡盎司 Engelhard工业用 4085.00 克鲁格金币，批发-e 4265.26 枫叶金币-e 4367.30 美国鹰洋金币-e 4367.30 墨西哥比索金币-e 5265.66 奥地利克朗金币-e 4003.77 奥地利爱乐金币-e 4285.67 白银，金衡盎司 Engelhard工业用 60.0000 Handy & Harman基础 59.7360 Handy & Harman加工 74.6700 硬币，批发面值1000美元-a 42610 其他金属 铂金，Engelhard工业用 1720.0 钯金，Engelhard工业用 1326.0 铝，LME，每公吨美元 3260.0 铜，Comex现货 6.6185 铁矿石，62% Fe CFR中国-s 93.7 钢材，HRC美国，FOB中西部工厂-s *1180.0 电池 / 电动车金属

代码说明：A=卖价；B=买价；BP=面向生产商的乡村谷仓买价；C=更正；D=CME；E=Manfra,Tordella & Brookes；H=美国商品经纪公司； K=双周；M=月度；N=名义；n.a.=未报价或无数据；P=Sosland Publishing；R=SNL Energy；S=Platts-TSI；T=Cotlook Limited；U=美国农业部；V=Benchmark Mineral Intelligence；W=每周；Y=国际咖啡组织；Z=未报价。*数据截至8月3日 数据来源：道琼斯市场数据

富达战略A StratAdEmrMrt N / A ... N / A 第一鹰基金 GlbA 88.63 +0.88 10.1 富兰克林A1 IncomeA1 2.57 +0.01 6.5 富兰克林 / 富兰克林顾问 IncomeAdv 2.54 +0.01 6.7 富兰克林 / 富兰克林A DynaTech A 203.26 +5.66 9.1 Growth A 147.62 +2.18 9.6 RisDv A 99.08 +1.18 10.0 古根海姆基金Tru TotRtnBdFdClInst ... 港湾 CapApInst JHF III DispVal DispValMCI 32.03 +0.48 16.6 约翰·汉考克 BondR6 13.39 +0.06 0.3 摩根大通I类 CoreBond 10.17 +0.04 EqInc 29.08 +0.19 18.5 LgCpGwth 84.69 +2.47 3.5 摩根大通R类 CoreBond 10.19 +0.04 0.1 CorePlusBd 7.15 +0.03 0.6 洛德艾伯特I ShtDurInc p 3.83 1.4 大都会西部 TotRetBdI 8.99 +0.04 MFS IIE 44.36 +0.25 9.3 MFS I类 ValueI 56.08 +0.33 12.4

Natixis InvGradeBdY 9.62 +0.03 0.2 LSGrowthY 32.94 +0.33 -0.8 北方 StkIdx 77.07 +1.36 13.8 Old Westbury基金 LrgCpStr PGIM Cl Z TotalReturnBond PIMCO基金机构 IntlBdUSH TotRt PIMCO A IncomeFd PIMCO I2 Income PIMCO机构 IncomeFd 普信 BlChip 215.92 +4.71 2.7 LgCapGow I 89.85 +2.18 5.7 普特南A类 PutLargCap p 45.58 +0.36 16.6 普特南Y类 PutLargCap 45.59 +0.36 16.8 嘉信 1000 Inv r 16.59 +0.30 14.0 FunUSLgInst r 38.46 +0.47 19.9 IntI Sel r 32.67 +0.38 13.8 S&P Sel 19.95 +0.35 13.7 TSM Sel r 18.72 +0.34 14.2 战略顾问 StratAdCorInFnd StratAdFidCoreS 9.09 +0.03 0.6

JPMEqPremiumIncome JEPI 57.35 0.2 JPM UltShIncm JPST 50.42 0.04 -0.3 ProShUltPrQQQ TQQQ 74.82 10.09 41.9 SPDRGoldMini GLDM 80.70 0.70 -5.5 SPDR Gold GLD 374.16 0.66 -5.6 嘉信国际股票 SCHF 28.00 1.60 16.5 嘉信美国债券市场 SCHB 29.80 1.81 13.6 嘉信美国股息 SCHD 33.85 0.86 23.4 嘉信美国大盘 SCHX 30.42 1.81 13.0 嘉信美国大盘成长 SCHG 35.52 1.89 8.9 标普能源精选 XLE 58.52 -0.46 30.9 标普金融精选 XLF 57.88 0.87 5.7 标普医疗保健精选 XLV 162.10 -0.09 4.7 标普工业精选 XLI 186.40 1.77 20.2 标普标普1-3个月国债 BIL 91.42 0.0 标普道琼斯工业平均指数 DIA 540.43 1.73 12.5 标普发达市场（除美国） SPDW 51.16 1.63 15.2 标普标准普尔500指数 SPYM 90.79 1.79 13.2

起司蛋糕工厂 CAKE 106.44 0.9 Chemung金融 CHMG 85.00 0.9 Citi Trends CTRN 73.33 3.9 Citizens金融服务 CZFS 83.37 8.0 Clearwater纸业 CLW 23.32 2.8 Cloudflare NET 303.76 6.6 Cohen & Steers CNS 85.63 -0.6 Collective收购II CAII 9.96 Colony银行 CBAN 22.40 1.1 社区信托银行 CTBI 79.92 0.7 ConnectOne优先A CNOBP 25.46 Corpay CPAY 398.34 2.8 Crawford A CRD.A 12.63 10.5 Crinetics制药 CRNX 84.03 0.1 Crocs CROX 141.28 4.7 Cullen / Frost CFR 170.29 -0.4 Customers Bancorp CUBI 83.84 3.8

Cybin HELP 9.40 15.1 Datadog DDOG 289.90 5.3 戴尔科技 DELL 476.90 8.9 德康医疗 DXCM 87.85 -0.4 迪梅社区银行 DCOM 41.97 1.3 配送解决方案 DSGR 34.87 0.5 多元化医疗信托42 DHCNI 17.86 1.7 Dropbox DBX 34.54 4.4 EDAP TMS FOCL 6.40 6.2 伊顿 ETN 451.96 1.5 艺电 EA 210.20 -0.1 Emmis收购 EMIS 10.22 0.1 Enliven Therapeutics ELVN 61.29 5.3 恩尼斯 EBF 22.40 1.1 Enviri NVRI 24.07 3.1 ePlus PLUS 98.14 3.6 股权银行 EQBK 51.85 1.1

广告

商业地产与拍卖

发布广告请联系：email sales.realestate@wsj.com 或访问 WSJ.com / classifieds

指数期货

迷你道琼斯工业平均指数 (CBT) - $5 × 指数 9月 53381 54423 s 53267 54268 934 81,727 12月 53824 54795 s 53748 54687 944 286

迷你标准普尔500指数 (CME) - $50 × 指数 9月 7631.00 7786.00 s 7629.00 7765.50 137.25 2,069,055 12月 7702.50 7853.75 s 7697.25 7834.75 139.00 33,414

迷你标准普尔中盘400指数 (CME) - $100 × 指数 3819.40 3898.20 s 3816.00 3884.70 69.60 36,354 … … 3913.90 69.30 n.a. 100

迷你纳斯达克100指数 (CME) - $20 × 指数 28930.00 29956.50 28831.75 29863.50 971.75 293,953 29236.25 30255.75 29127.75 30164.25 982.25 3,057

迷你罗素2000指数 (CME) - $50 × 指数 2992.40 3051.80 2986.10 3044.70 55.40 414,739 3017.00 3073.10 3010.10 3067.30 55.60 441 400

迷你罗素1000指数 (CME) - $50 × 指数 4180.70 4237.80 s 4180.70 4231.00 76.50 5,722 2000

美元指数 (ICE-US) - $1,000 × 指数 99.89 99.94 99.71 99.74 04 53,958 99.55 99.55 99.49 99.44 04 316

BMI 碳酸锂，EXW中国，=99.5% - v,w 21200 BMI 氢氧化锂，EXW中国，=56.5% - v,w 19650 ** 硫酸钴，EXW中国，>20.5% - v,w 11840 ** 硫酸镍，EXW中国，>22% - v,k 4440 ** 鳞片石墨，FOB中国，-100目，94-95% - v,m** 425 10

纤维与纺织品

黄麻布，10盎司，40英寸 NYyd - n,w 1.2400 棉花，1 1 stdlw-mdMphs-u 0.7738 Cotlook 'A' 指数 - t 92.80 兽皮，重型本地阉牛皮，FOB - u n.a. 羊毛，64s，毛条，Terr del - u,w* 16

粮食与饲料

麸皮，小麦中麸，KC - u,w 85 玉米，No. 2 yellow，Cent IL - bp,u 4.2800 棉籽粕 - u,w 320 玉米蛋白饲料，Cent IL - u,w 120 肉骨粉，50% - pro Mnpls - u,w 355 燕麦，No.2 milling，Mnpls - u 3.7750 大米，Long Grain Milled，No.2 AR - u,w 28.63 豆粕，Cent IL，rail，ton 48% - u,w 334.10 大豆，No.1 yllw IL - bp,u 11.5600 小麦，Spring 14% - pro Mnpls - u 8.2450 小麦，No.2 soft red，St.Louis - u 6.0350 小麦 - Hard - KC (USDA) $ per bu - u 6.9000 小麦，No.1 soft white，Portld，OR - u 6.5500 2

StratAdFidEmr 18.98 +0.37 24.9 StratAdFidUS 22.18 +0.37 17.0 StratAdIntlFnd NA ... NA StratAdMunBond

...

StratAdvFidIntl 16.77 +0.19 13.5 TIAA / CREF 基金 EqIdxInst

IntlEqIdxInst

LrgCpGrIdxInst

VANGUARD ADMIRAL 500Adml 714.35+12.56 13.7 BalAdml 55.15 +0.69 8.6 CAITAdml 11.38 +0.02 0.3 CapOpAdml r 271.55 +7.60 25.2 DivAppIdxAdm 66.18 +1.01 11.8 EMAdmr 49.74 +0.60 11.6 EqIncAdml 104.88 +1.48 14.2 ExplrAdml 126.86 +2.86 18.9 ExtndAdml 186.59 +4.21 18.3 GroIncAdml 122.53 +2.16 12.3 GrwthAdml 275.07 +6.08 9.8 HlthCareAdml r 85.71 +0.32 3.5 HYCorAdml r 5.46 +0.01 1.8 InfProAd 22.75 +0.05 0.7 InfTechIdx 491.96+20.33 27.8 IntlGrAdml 123.45 +1.48 8.3 ITBondAdml 10.26 +0.04 -0.4 ITIGradeAdml 8.67 +0.04 0.1 LarCapAd 179.33 +3.18 13.5 MidCpAdml 410.55 +5.37 15.0 MuHYAdml 10.55 +0.02 1.6 MuIntAdml 13.58 +0.03 0.5 MuLTAdml 10.71 +0.03 1.1 MuLtdAdml 10.91 +0.01 1.1 MuShtAdml 15.83 +0.01 1.5 99.5%

SS SPDR 标准普尔500成长 SPYG 122.51 2.38 14.8 SS SPDR 标准普尔500价值 SPYV 63.11 1.11 11.1 SS iShares 核心标准普尔500 SPY 771.33 1.80 13.1 SS 科技精选 XLK 186.90 4.98 29.8 VanEck 半导体 SMH 575.71 5.55 59.9 Vanguard 扩展市场 VXF 245.88 2.26 17.6 ** 股息增值 VIG 243.92 1.57 11.0 ** FTSE 全球除美国 VEU 84.58 1.63 15.0 ** FTSE 发达市场 VEA 72.22 1.66 15.6 ** FTSE 新兴市场 VWO 60.05 1.68 11.7 ** FTSE 欧洲 VGK 91.84 1.00 9.8 ** 高股息 VYM 165.30 1.54 15.2 ** 信息技术 VGT 120.15 4.35 27.5 ** 中期债券 BIV 75.74 0.42 -2.7 ** 中期企业债 VCIT 81.52 0.51 -2.7 ** 中期国债 VGIT 58.43 0.31 -2.5 ** 晨星成长** VUG 89.09 2.31 9.6 50%

Escalade ESCA 22.15 2.9 Expedia EXPE 312.75 4.7 Federated Hermes FHI 64.99 1.6 Fidelity D&D FDBC 55.00 0.8 Finward Bancorp FNWD 45.90 0.1 First BanCorp FBP 29.42 0.8 First Bancorp FNLC 36.30 ** Busey BUSE 31.70 1.0 ** Citizens Bcsh A FCNCA 2254.28 1.5 ** Financial THFF 83.45 0.2 ** Seacoast Bancp FSEA 17.16 ** Tracks Bio TRAX 49.58 -0.3 Five9 FIVN 30.21 2.9 Flotek Industries FTK 28.68 5.4 Forum Energy Tech FET 74.77 5.6 Franklin Resources BEN 35.86 Future Money** FMAC 10.04

水星国际有限责任公司（Mercury International LLC）特此公告，拟出售位于纽约州萨福克县的以下房地产资产：前道林学院（Dowling College）校园。有意且具备充分财务能力完成交易的合格买家，请联系：Dave Liang，电话 646-470-6900，或电邮 liangzhaoyuan@coamci.com。有关资产详情、竞标程序及其他信息，请访问 www.coamc.cm.cn 或 www.coamci.com。任何对拟议出售持异议或报告干扰行为的相关方，亦可联系上述联系人。

数据来源：FactSet

牛肉，胴体等价指数 优质1-3级，3,600-900磅-u n.a. 精选1-3级，3,600-900磅-u n.a. 肉鸡，全国综合加权平均-u,w 1.1804 黄油，AA级芝加哥-d 1.4850 切达干酪，桶装芝加哥-d 154.75 切达干酪，块装芝加哥-d 156.00 脱脂奶粉，芝加哥磅-d 157.00 咖啡，巴西，综合-y 3.1434 咖啡，哥伦比亚，纽约-y 3.7487 鸡蛋，大号白壳，芝加哥-u,w 1.3050 面粉，硬红冬小麦，堪萨斯城-p 19.10 火腿，17-20磅，美国中部离岸价-u 生猪，爱荷华州 / 明尼苏达州南部-u 91.42 猪五花肉，12-14磅，美国中部-u 1.9055 猪里脊，13-19磅，美国中部-u 1.1391 肉牛，德克萨斯-俄克拉荷马优质-u 架子牛，俄克拉荷马城-u,w 415.75 油脂类

脱胶玉米油，原油加权平均-u,w 油脂，优质白色，芝加哥-h 0.7100 猪油，芝加哥-u 0.9950 豆油，原油；伊利诺伊中部-u,w 0.7085 牛油，漂白；芝加哥-h 0.7250 食用牛油，芝加哥-u

惠灵顿 47.61 +0.53 7.6 先锋指数基金 扩展股票投资组合 460.43 +10.39 18.3 国际指数 27.77 +0.39 15.2 中盘成长管理型 132.25 +2.48 10.4 中盘价值管理型 107.41 +0.95 18.1 小盘价值管理型 107.92 +1.52 19.8 总债券2 9.41 +0.04 ... 全球国际机构指数 r185.75 +2.60 15.2 全球总股票机构投资组合 r185.79 +2.60 15.2 总股票 185.29 +3.34 14.2 先锋机构基金 发达市场机构指数 23.26 +0.35 16.6 发达市场指数机构 36.35 +0.53 16.5 扩展机构 186.58 +4.21 18.3 富时机构 53.10 +0.94 13.2 成长机构 275.09 +6.08 9.8 机构指数 619.63 +10.90 13.8 机构增强 619.62 +10.90 13.8 机构全股票增强 127.72 +2.30 14.3 中盘机构 90.70 +1.19 15.1 中盘指数投资组合 447.29 +5.85 15.1 小盘机构 146.27 +2.78 19.2 小盘指数投资组合 422.20 +8.03 19.2 短期投资级机构 10.35 +0.02 1.2 通胀保值债券指数 24.92 +0.01 1.8 总债券机构 9.54 +0.03 ... 总债券机构2 9.41 +0.04 总债券机构投资组合 9.54 +0.03 全球国际债券指数机构 28.78 +0.09 0.7 总股票机构 185.36 +3.34 14.2 价值机构 87.33 +1.11 18.4 WCM 焦点基金 WCM国际成长机构 28.41 +0.33 14.2

主基金管理型 r231.36 +5.92 25.1 房地产管理型 140.14 -0.26 14.0 小盘管理型 146.28 +2.79 19.2 小盘成长管理型 125.15 +3.25 18.2 短期投资级管理型 10.35 +0.02 1.2 通胀保值债券指数管理型 24.90 +0.01 1.8 总债券管理型 全球国际债券指数管理型 19.18 +0.06 0.7 全球国际管理指数 r 46.45 +0.65 15.2 总股票管理型 185.33 +3.34 14.2 德州中盘管理型 397.50 +7.06 13.6 德州中盘 r 23.22 +0.34 16.5 美国成长管理型 200.91 +5.07 3.0 价值管理型 87.33 +1.11 18.4 富国管理型 93.79 +0.87 13.3 富国机构管理型 63.45 +0.51 4.8 惠灵顿管理型 82.21 +0.91 7.7 温莎管理型 84.65 +0.77 15.2 先锋基金 股息成长 N / A N / A 生活成长 生活稳健 主基金公司 47.71 +1.24 28.8 明星基金 目标退休2020 目标退休2025 目标退休2030 目标退休2035 目标退休2040 目标退休2045 目标退休2050 目标退休2060 目标退休2055 目标退休收入

先锋晨星大盘股 VV 355.19 1.81 12.8 先锋晨星超大盘 MGK 90.42 2.46 9.5 先锋晨星中盘股 VO 82.89 1.36 14.2 先锋晨星小盘股 VB 305.55 1.97 18.5 先锋晨星小盘价值 VBR 251.23 1.41 18.6 先锋晨星全股票 VTI 380.82 1.87 13.6 先锋晨星价值 VTV 223.87 1.30 17.2 先锋房地产 VNQ 98.92 -0.15 11.8 先锋罗素1000成长 VONG 127.93 2.79 5.1 先锋标普500 ETF VOO 708.98 1.81 13.1 先锋短期债券 BSV 77.54 0.19 -1.6 先锋短期公司债 VCSH 78.59 0.22 -1.4 先锋短期国债 VGSH 58.03 0.12 -1.2 先锋免税债券 VTEB 49.66 0.28 -1.3 先锋总债券 BND 72.44 0.40 -2.2 先锋全球国际债券 BNDX 47.97 0.27 -0.7 先锋全球国际股票 VXUS 86.45 1.68 14.6 先锋全球股票 VT 160.45 1.80 13.7

FVCBankcorp FVCB 19.11 1.5 Garmin GRMN 309.92 0.9 盖茨工业 GTES 30.34 1.6 盖尔道 GGB 5.17 0.8 GigCapital9 GIX 9.96 0.2 格拉德斯通优先C LANDP 21.50 -0.1 环球地球A GTERA 10.39 ... 环球海运 GLBS 3.29 -3.7 格雷夫B GEF.B 112.78 1.7 格雷夫A GEF 89.62 3.0 汉诺威银行 HNVR 27.42 2.7 哈弗蒂家具 HVT 29.34 9.5 HealthStream HSTM 31.11 5.2 Heico HEI 370.39 2.0 亨利·沙因 HSIC 92.18 3.0 HomeBancorp HBCP 72.90 0.6 家庭信托银行 HTB 52.50 1.2

希望银行 HOPE 14.48 1.2 IMC稀土 IMC 8.22 29.9 ING集团 ING 35.90 ... 景顺 IVZ 32.06 3.5 IMAX IMAX 51.30 0.5 拐点风险投资 IPEX 10.59 -0.1 输液系统 INFU 12.50 33.6 Innovex国际 INVX 33.71 11.8 Insight企业 NSIT 141.00 4.2 J.Jill JILL 19.23 3.8 摩根大通 JPM 363.00 1.4 杰克逊金融 JXN 137.99 5.9 爵士制药 JAZZ 262.00 4.0 捷蓝航空 JBLU 6.62 2.9 约翰·马歇尔银行 JMSB 24.26 0.6 江森自控 JCI 154.32 4.9

伊利诺伊

房地产拍卖

2026年8月12日

德拉瓦尔东路110号，101单元

芝加哥黄金海岸地面商业公寓 目前空置的3,385平方英尺零售空间，紧邻四季酒店，距离香奈儿、爱马仕、普拉达、汤姆·福特、卡地亚、巴黎世家、Aritzia、布鲁明戴尔等奢侈品零售商仅几步之遥。现有高端定制装修、16英尺层高及55英尺临街面宽。用途分区为DX-12，适用多种业态。 重置价值远超$5,000,000 建议起拍价$2,850,000 现场看房时间：7月23日、29日及8月6日,上午10点至中午12点，或预约时间。

未提示的拟议部分集团诉讼和解通知已在集团诉讼法律诉讼中达成 美国哥伦比亚特区巡回上诉法院针对新罕布什尔州已知的奥林奇事件 / & / 等案件。某些 未具名作者在洛根等案件中提出了更详细的版本。该通知的长格式通知版本包含于 长格式通知中，可在和解网站www.NoticeSettlement.com查阅。鼓励您阅读长格式通知，以获取 关于拟议部分和解方案及您权利的更深入说明。

一项拟议的部分集团诉讼和解方案已达成，涉及洛根的公告人中的部分（而非全部）成员，这些成员是案件中的索赔人，并已向美国 证券持有人投保。 “和解” 公告人主张的诉因包括针对 索赔人的行为，涉及雷神公司、受影响实体及大众组织的诉讼诚信、市场操纵及不当操控，基于 索赔人参与的反竞争计划导致洛根市场缺乏竞争。和解 公告人已针对上述行为提起诉讼。

,) 28 385&+$6(' ,1685$1&( 7+528+ &(57$,1 6<1',&$7(6 $7 / 2<'¶6 / 21'21 '85,1 7+( 3(5,2' -$18$5<

7+528+ $35, / <28 &28 / ' (7 021(< )520 $ 3$57,$ / & / $66 $&7,21 6(77 / (0(17 7+$7 0$< $))(&7 285 5,*+76

已发布公告的人为公告人。未发布 公告的人为非公告人。 “和解公告人” 案件中仍为索赔人的公告人。 “非和解公告人” 案件将继续针对非和解公告人进行诉讼。

如果您不希望被和解法律约束，必须在7月28日之前通过排除表格将自己排除在集团之外。 您必须遵循的排除步骤在 长格式通知中有详细说明，可在 .NoticeSettlement.com查阅。您也可通过邮件或电话获取长格式通知副本，请在太平洋时间上午7:00至下午5:00之间拨打免费电话 1 6。如果您不选择排除自己，但仍留在集团内，可对和解提出异议或评论。异议或申请的地点及程序在长格式通知中有说明，可在.NoticeSettlement.com查阅。

法院将于太平洋时间下午2:00在美国加利福尼亚州北区联邦地区法院（法庭8B，地址：美国加利福尼亚州旧金山市金门大道450号，邮编94102）举行公平听证会，以考虑是否批准和解、分配计划及律师费（最高24%）和费用（最高$6）的奖励。法院可能在无进一步通知的情况下变更听证会日期或时间，或决定以书面方式进行。除和解网站及法院档案外，无其他通知方式，法院档案可在.cand.uscourts.gov查阅。如您计划出席听证会，应通过.NoticeSettlement.com或拨打免费电话1 6确认日期和时间。法院在听证会上将考虑集团成员适当提出的事项。如法院认为和解公平、合理且充分，将批准和解。您可选择亲自或通过律师出席听证会，但出席并非必须。

如您希望出席听证会，必须遵循长格式通知中规定的程序，可在.NoticeSettlement.com查阅。

$ 127,( 2) ,17(17,21 72% $33($5 $5 0867 %( 5(&(,9(' %< 7+( &2857 $1' 7+( &2816( / ,'(17,),(' %( / 2: 12 / $7(5 7+$1 2&72%(5 17,21 72

，法院批准了和解方案后，6类成员若未 妥善申请豁免，将被取消资格。被取消资格的6 7类成员将无法就与 案件相关的任何索赔提出陪审团成员主张。完整的 豁免文本已在《长篇通知》中公布，网址为 ZZZ6\QGLFDWH6HWWOHPHQWFRP

该和解影响6类成员，即美国境内 及其附属机构的所有个人和实体， 包括其继承人， 自5月–2月期间

“第6类期” 购买或 续订了$7保险合同、 保险政策，而非$ 3保险 的任何陪审团成员。77类的完整描述已在《长篇通知》中公布，网址为 ZZZ6\QGLFDWH6HWWOHPHQWFRP

:+$7 '2(6 7+( 6(77 / (0(17 17 3529,'(" 陪审团成员已同意向他们支付赔偿以解决索赔。这些赔偿的总金额为 $77251美元，在法院批准的和解金额、索赔管理费用、 $6律师费及其他开支（包括$1管理费、$5杂费、$0调整费） 调整后，这些款项将支付给6类成员。陪审团成员将被授权解除和 其他和解条款。 :+2 :, / 5(&(,9( $ 3$<0(17"

向6类成员的支付将按照《分配方案》进行，该方案已包含在《长篇通知》中，网址为 ZZZ6\QGLFDWH6HWWOHPHQWFRP。为获得支付，6类成员必须在2 , 5前提交《索赔表》， 如下一页更详细所述。

+2: '2 , 5(&(,9( $ 3$<0(17 )520 7+( 6(77 / (0(17"

为获得支付资格，6类成员必须在2 , 5或之前提交《索赔表》。《索赔表》可在 ZZZ6\QGLFDWH6HWWOHPHQWFRP 获取。 《索赔表》可通过致电索赔管理人免费电话 17，在 中央时间上午 7 时至晚上 7 时之间拨打， 或通过电子邮件发送至 LQIR#6\QGLFDWH6HWWOHPHQWFRP。《索赔表》 可在线完成，网址为 ZZZ6\QGLFDWH6HWWOHPHQWFRP，或邮寄至索赔管理人，地址为 6\QGLFDWH 6HWWOHPHQW FR $% 'DWD / WG 32 %R[  0LOZDXNHH :, 。每位希望索赔和解份额的6类成员必须在2 , 5前提交《索赔表》。6类成员有责任提供准确且完整的信息，并及时更新任何信息，包括联系方式和地址，至 索赔管理人。

:+2 $5( 7+( $77251(<6 )25 7+( & / $66 $1' 7+( 6(77 / ,1 '()(1'$176*"

6类的律师费为

$OH[DQGUD 6 %HUQD\ 52% 16 ( / (5 5 58'0$1 '2:' / 3  最佳路径地址：6XLWH*  6DQ 'LHJR &$ 

陪审团成员的律师费为

7KRPDV ) %XVK 3DWULFN )U\H 60,7 $0%5( / 5866( / 3  地址：6XLWH*  &KLFDJR , / 

如您认为自己可能属于6类成员，可通过访问 ZZZ6\QGLFDWH6HWWOHPHQWFRP 获取更多信息，包括《长篇通知》副本、《索赔表》、 部分6 7类诉讼和解文件及其他与和解相关的文件，或联系索赔管理人免费电话 17。

3 / ($6( '2 2 127 &217$&7 7+( &2857 25 7+( & / (5.

商业地产 破产案

美国破产法院 纽约南区

第11章 案件编号26-11399 (KYP) 联合管理 债权申报截止日期通知（针对任何债务人，一般截止日期为10, 2026）

请注意以下事项： 12, 2026, 上述标题所列债务人及持续经营债务人（统称为“债务人”）各自向美国纽约南区破产法院（以下简称“法院”）提交了根据《美国法典》第11编第11章规定的自愿破产救济申请。债务人的第11章破产案件仅出于程序目的进行联合管理，案件编号为26-11399 (KYP)（以下简称“第11章案件”）。

债务人及案件编号： Sleep Number Corporation，11399； Select Comfort Retail Corporation，11400； Select Comfort Canada Holding Inc.，11398； Select Comfort SC LLC，11401； Sleep Number Health Corporation，11402。

30,2026, 法院签发了一项命令[电子案卷编号473]（以下简称“命令”）²，为第11章案件中的债权申报设定了特定截止日期（各称为“截止日期”）。根据该命令，所有在6月12,2026前对任何债务人享有债权或潜在债权的个人、其他实体及政府机构，无论该付款权利或衡平法救济权利多么遥远或附条件，均必须在10,2026晚上11:59前（即“一般截止日期”）提交债权申报表；但仅针对政府机构，其对任何债务人提交债权申报的截止日期为9, 2026晚上11:59（即“政府截止日期”）。除非债务人书面同意（电子邮件即可），否则债权申报表仅可通过以下方式之一（以下简称“批准方式”）提交：

（a）在适用截止日期前，通过债权申报门户网站（链接名称为“提交债权申报”）完成电子债权申报，网址为：https: / restructuring.ra.kroll.com / Sleepnumber，由债权代理机构维护的案件信息网站； （b）通过法院公共电子案卷系统（PACER）平台进行电子提交，网址为：http: / ecf.nysb.uscourts.gov； （c）亲自递交至破产法院书记员处：美国破产法院，纽约南区，地址：纽约州纽约市保龄球绿地1号，邮编10004-1408； （d）直接向债权代理机构递交原件并签名的债权申报表，具体如下： 如通过平邮递交：Sleep Number Corporation 债权处理中心，转交 Kroll Restructuring Administration LLC，中央车站，邮政信箱4850，纽约州纽约市10163-4850； 如通过快递或亲自递交：Sleep Number Corporation 债权处理中心，转交 Kroll Restructuring Administration LLC，第三大道850号，412室，布鲁克林，纽约州11232。

除非获得债务人或其律师的书面同意（电子邮件即可），否则通过传真、电子邮件提交的债权申报表，或以与上述规定不一致的方式直接提交给债务人、其律师或债权代理机构，将不被接受或视为已提交，直至通过上述批准方式之一提交。

除非命令条款另有豁免，任何未按规定提交债权申报的个人或实体（包括但不限于编号1的债权人），在59天内未补救的——

关于：SLEEP NUMBER CORPORATION 等， 债务人。¹

市场动态

集体诉讼

<285 / ($ / 5,+76 $1' ,03257$17 '($' / ,1(6

:+2 ,6 ,1& / 8'(' ,1 7+( & / $66"

5REHUW 6 6FKDFKWHU =:(5 / ,1 6&+$&+7(5 =:(5 / ,1 / 3  6WDWH 5RDG  %RFD 5DWRQ ) /  

:\VWDQ 0 $FNHUPDQ .NHYLQ 3 'DO\ 52%,1621 &2 / ( / 3 2QH 6WDWH 6WUHHW +DUWIRUG &7 

+2: &$1 , 2%7$,1 $'',7,21$ / ,1)250$7,21"

在适用的截止日期前就任何债权提交债权证明，则该个人或其他实体（A）将永久被禁止、阻止并被禁止对任何债务人主张该债权，或在此后就该债权向第11章案件提交债权证明；（B）除非在法院批准的计划征集程序中另有规定，就该债权而言，将不被视为任何债务人的债权人，以用于在第11章案件中对任何计划进行投票（如符合资格）；且（C）将无权从任何债务人或其继承人或受让人处就该债权在第11章案件中获得或有权获得任何付款或财产分配。此外，该债权仍将受制于在第11章案件中提交的任何第11章计划下的解除，且该个人或其他实体应受该第11章计划中所有适用的免责、禁令及其他条款的约束。电子债权证明表格可通过案件信息网站（https: / restructuring.ra.kroll.com / Sleepnumber）上的“债权提交”链接（Claims Portal）提交。其他债权证明表格可免费从任何破产法院书记员办公室、您的律师、某些办公用品商店、案件信息网站（https: / restructuring.ra.kroll.com / Sleepnumber）获取，或通过联系债权代理人Kroll Restructuring Administration LLC获取，联系方式为：+1-844-408-3387（美国和加拿大免费电话）、+1-646-825-3128（国际电话）、sleepnumberinfo@ra.kroll.com（电子邮件），或上述列出的地址之一。关于本截止日期通知内容的问题及已提交债权证明副本的请求，应以相同方式向债权代理人提出。请注意，债权代理人的工作人员、债务人的律师或法院书记员办公室均无权向您提供法律建议。债权代理人无法就如何提交或是否应提交债权证明向您提供建议。任何对债务人拥有潜在债权的持有人应就本通知未涵盖的任何事项（如持有人是否应提交债权证明）咨询律师。1 债务人的名称及其雇主识别号的最后四位数字如下：Sleep Number Corporation（7886）；Select Comfort Retail Corporation（9757）；Select Comfort Canada Holding Inc.（4273）；Select Comfort SC LLC（5901）；及Sleep Number Health Corporation（2499）。债务人的邮寄地址为：明尼苏达州明尼阿波利斯市第三大道南1001号，邮编55404。2 本文中使用但未另行定义的大写术语应具有其在命令或动议（视情况而定）中所赋予的含义。命令、动议及在第11章案件中公开提交的任何其他文件的副本可免费在债务人的案件网站https: / restructuring.ra.kroll.com / Sleepnumber上查阅，该网站还包含债权提交门户、空白债权证明表格及关于第11章案件的其他信息。如有任何问题，请联系债权代理人Kroll Restructuring Administration LLC，电话：+1-844-408-3387（美国和加拿大免费电话）、+1-646-825-3128（国际电话），或电子邮件：sleepnumberinfo@ra.kroll.com。债权代理人无法提供法律建议。

UCC公开出售通知

请注意，根据《纽约州统一商法典》（“NYUCC”）的相关规定，特此通知：Variant Alternative Income Fund（“担保方”，一家特拉华州法定信托）将依据NYUCC规定，通过公开拍卖出售特定抵押品，包括但不限于华莱士金融有限责任公司（Wallace Finance LLC）和华莱士管理有限责任公司（Wallace Management Co. LLC）发起的、受Bundled Up LLC参与协议约束的贷款，所有与上述贷款相关的合同、协议及文件，以及前述各项的全部收益、产品、附加物、替代品、更换品，以及租金和利润（统称“抵押品”）。拍卖将于美国东部时间2026年8月17日下午3:00，通过Zoom线上方式进行，同时在Kleinberg, Kaplan, Wolff & Cohen律师事务所现场举行，地址为纽约市第五大道500号38层（邮编10110），联系人：Mary Kuan律师。远程登录凭证将在申请后提供给已注册的竞标者。

抵押品将出售给符合《拍卖条款》（附于2026年5月29日发布的《处置通知》）中定义的“合格竞标者”；但担保方保留权利，依据NYUCC规定，在拍卖日前： - 取消全部拍卖； - 或将拍卖延期至未来某日； - 或修改、放弃或调整拍卖的任何条款或条件； - 或对拍卖施加其他条款或条件。

若担保方或其关联方认为适当，可拒绝任何或所有竞标，或将拍卖继续至担保方或其关联方自行决定的时间和地点。拍卖将由Mannion Auctions, LLC主持，拍卖师为Matthew D. Mannion，办公地址为纽约市百老汇299号1601室（邮编10007）。

抵押品将整体出售，不得分割或以更小金额出售。有意竞标的各方应联系担保方律师Mary Kuan（电话：(212) 880-9833，电子邮箱：mkuan@kkwc.com），以获取《拍卖条款》（亦附于《处置通知》）及竞标说明。在签署担保方律师提供的《访问及保密协议》后，将提供更多文件和信息。非“合格竞标者”且无意竞标至少1000万美元的各方，将无法参与竞标。

---

【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】

股票行情

【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】

债券 | wsj.com/market-data/bonds/benchmarks

追踪债券基准

投资回报率及相对于美国国债的利差和/或支付给投资者的收益率，与52周高低点对比，适用于不同类型债券

总回报	年初至今总回报（%）	收益率（%）	收盘	指数名称	最新	低点	高点
				广义市场彭博固定收益指数
2247.81	-0.05	4.890		美国综合	4.890	4.160	5.000
				美国公司债券指数 彭博固定收益指数
3442.29	-0.1	5.370		美国公司债	5.370	4.680	5.470
3401.41	0.6	5.050		中期	5.050	4.330	5.180
4376.98	-1.6	6.070		长期	6.070	5.370	6.170
639.84	-1.3	5.260		AA级	5.260	4.410	5.350
947.63	0.3	5.530		BBB级	5.530	4.860	5.640
				高收益债券 ICE巴克莱
630.95	2.2	7.193		高收益受限	7.193	6.489	7.668
631.90	0.6	13.928		CCC级	13.928	11.438	14.184
4192.13	1.8	6.510		高收益100	6.510	5.828	7.136
549.97	2.5	6.957		全球高收益受限	6.957	6.317	7.438
402.31	1.8	5.721		欧洲高收益受限	5.721	4.820	6.198
				美国机构债券 彭博固定收益指数
1971.03	0.6	4.520		美国机构债	4.520	3.830	4.650
1749.74	0.8	4.450		10-20年	4.450	3.750	4.590
3679.25	-0.9	5.290		20年以上	5.290	4.580	5.360
3048.29	0.3	5.020		扬基债券	5.020	4.320	5.130

• 受限指数将单个发行人集中度限制在2%；高收益100为规模最大的100只债券 † 以本币计价 § 欧元区债券

** 新兴市场主权债券指数（EMBI Global Index）** 数据来源：ICE数据服务；彭博固定收益指数；摩根大通

全球政府债券：收益率地图

收益率及相对于美国国债的利差（基点），基于所选国家的2年期和10年期基准政府债券；箭头表示最新交易日收益率上升（s）或下降（t）

国家/ 收益率（%） 相对于美国国债的利差（基点） 票息（%） 期限（年） 最新（l）0 1 2 3 4 5 6 上月 一月前 一年前 最新 前值 一年前 4.250 美国 2 4.193 t l 4.255 4.130 3.680 4.375 10 4.625 t l 4.684 4.477 4.197

2.250 澳大利亚 2 4.557 s 4.524 4.463 3.390 35.5 27.4 -29.5

4.250 10 4.978 s 4.938 4.805 4.326 34.8 25.9 12.9

2.400 法国 2 2.898 t 2.949 2.683 2.118 -130.4 -130.1 -156.7

3.700 3.899 t 3.940 3.622 3.290 -73.2 -73.9 -90.7

2.700 德国 2 2.728 t 2.783 2.553 1.883 -147.4 -146.7 -180.2

3.000 3.133 t 3.175 2.940 2.628 -149.7 -150.4 -156.9

2.650 意大利 2 2.901 t 2.960 2.705 2.095 -130.1 -129.0 -159.0

3.800 3.881 t 3.940 3.668 3.439 -74.9 -73.9 -75.8

1.500 日本 2 1.581 s 1.568 1.393 0.765 -262.1 -268.2 -292.0

2.700 2.859 s 2.828 2.778 1.511 -177.1 -185.1 -268.6

2.400 西班牙 2 2.781 t 2.829 2.606 2.014 -142.1 -142.1 -167.1

3.400 3.554 t 3.591 3.375 3.147 -107.6 -108.8 -105.0

4.375 英国 2 4.245 t 4.325 4.133 3.793 4.3 7.5 10.8

1.125 4.902 t 4.961 4.787 4.510 27.2 28.2 31.3

数据来源：Tullett Prebon、Tradeweb、FTSE美国国债收盘价

公司债务 企业债券价格反映投资者对经济、行业及公司特定预期等因素

投资级债券中利差收窄最多的……

利差*（基点） 发行人 代码 票息（%） 收益率（%） 到期日 当前 一日变化 上周

宝马美国资本 … 4.400 4.66 2029年3月19日 40 -11 48

高盛 GS 6.750 5.86 2037年10月1日 124 -6 132

壳牌美国金融 … 4.000 5.88 2046年5月10日 71 -6 80

三井住友金融集团 5.316 4.71 2029年7月9日 47 n.a.

苹果 AAPL 5.76 2045年5月13日 58 -5 65

康卡斯特 CMCSA 5.28 2033年1月15日 65 -5 81

国际商业机器 IBM 6.49 2049年5月15日 129 140

奥驰亚 MO 5.375 6.23 2044年1月31日 105 113

……以及利差扩大最多的

丰田汽车信贷 5.050 4.57 2029年5月16日 33 4 n.a.

西班牙对外银行 4.150 4.78 2029年3月3日 52 3 54

杰克逊国民人寿全球融资 ... 4.600 5.01 2029年10月1日 77

梅赛德斯-奔驰北美金融 5.050 5.32 2033年8月3日 70

宝洁 PG 1.200 4.54 2030年10月29日 21 23

艾伯维* ABBV 4.400 5.80 2042年11月6日 63 2

恩奈尔国际金融 6.800 5.82 2037年9月15日 119

劳埃德银行 4.550 4.59 2028年8月16日 40

高收益债券中价格涨幅最大的……

债券价格（面值%） 发行人 代码 到期日 当前 一日变化 上周

惠而浦 WHR 5.150 9.67 2043年3月1日 63.000 2.00

Verde Purchaser 10.500 8.43 2030年11月30日 104.258 1.43 102.500

派拉蒙全球 8.64 2043年3月15日 62.724 1.19 62.462

巴斯及博迪工程 BBWI 6.750 6.79 2036年7月1日 99.743 0.74 99.021

博士康健康 11.000 9.22 2028年9月30日 103.375 0.63 101.000

……以及价格跌幅最大的

新高与新低

新高

【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】

新低

【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】

抵押贷款支持彭博固定收益指数

指数名称	指数值	涨跌幅（%）	收益率（最低）	收益率（平均）	收益率（最高）
抵押贷款支持	2258.54	0.4	4.380	5.160	5.300
吉利美（GNMA）	2220.27	0.7	4.420	5.220	5.340
房利美（FNMA）	1335.40	0.3	4.370	5.140	5.290
房地美（FHLMC）	2048.47	-0.1	4.160	4.980	5.170

市政债券指数

指数名称	指数值	涨跌幅（%）	收益率（最低）	收益率（平均）	收益率（最高）
市政债券主指数	620.90	0.5	3.037	3.626	3.682
7-12年期	439.36	-0.7	2.596	3.395	3.455
12-22年期	503.24	0.7	3.608	4.167	4.533
22年期以上	474.56	1.6	4.432	4.712	5.050

摩根大通全球政府债券指数†

国家/地区	指数值	涨跌幅（%）	收益率（最低）	收益率（平均）	收益率（最高）
全球政府债券	555.45	-0.6	3.500	4.203	4.270
加拿大	850.83	1.1	3.070	3.546	3.676
欧洲货币联盟（EMU）§	365.60	0.1	3.117	3.614	3.728
法国	658.80	0.1	3.330	3.913	4.023
德国	463.86	-0.1	2.650	3.232	3.317
日本	244.18	-3.6	2.000	3.083	3.090
荷兰	507.34	0.1	2.860	3.352	3.434
英国	815.37	-0.7	4.560	5.177	5.381
新兴市场**	1038.63	2.0	6.403	6.675	7.121

股票行情

【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】

t

t

s

s

-6

道琼斯工业平均指数

54085.88 涨907.47点，或1.71% 过去三个月每个交易日的最高价、最低价、开盘价和收盘价。

当前除数 0.1682481652835

盘中高点

收盘 下跌 上涨

开盘

收盘

开盘

盘中低点

4月 5月 6月 7月

*每周市盈率数据基于Birinyi Associates Inc.报告的已公布收益；†基于纳斯达克-100指数

1.00

100%

主要美国股市指数

最新 52周 %变动 最高 最低 净变动 %变动 最高 最低 年初至今 3年年化 道琼斯

工业平均指数 54272.60 53641.21 54085.88 907.47 1.71 54085.88 43968.64 22.6 12.5 15.5

12%

-12

交通平均指数 21811.31 21315.89 21779.91 548.72 2.58 23933.14 15067.87 41.1 25.5 10.1

公用事业平均指数 1117.83 1098.49 1111.97 -7.89 -0.70 1190.23 1048.33 0.2 4.1 7.9

全股票市场指数 76828.32 75530.46 76623.37 1390.16 1.85 76623.37 62291.01 23.0 13.5 19.6

巴伦400指数 1675.54 1644.35 1672.23 31.76 1.94 1672.23 1318.70 25.1 18.4 17.9

4.00

4.00

纳斯达克股市 纳斯达克综合指数 26679.91 26088.04 26584.99 671.10 2.59 27093.90 20794.64 27.1 14.4 24.1

纳斯达克-100指数 29831.40 29109.26 29733.16 956.36 3.32 30660.60 22953.38 29.2 17.8 24.9 400 500

标准普尔500指数 7758.21 7629.10 7736.52 136.02 1.79 7736.52 6299.19 22.8 13.0 20.0

标准普尔500指数

2.00

5.00

2.00

中盘400指数 3876.05 3806.30 3868.41 67.99 1.79 3868.41 3109.89 23.1 17.0 13.0

小盘600指数 1832.20 1798.73 1828.54 30.36 1.69 1828.54 1348.63 35.3 24.6 13.2 600

6.00%

6.00%

其他指数 罗素2000指数 3043.11 2990.15 3036.98 55.07 1.85 3036.98 2214.72 36.5 22.4 15.8 2000

0.00

纽约证交所综合指数 24526.97 24239.93 24462.87 207.34 0.85 24462.87 20457.10 19.6 11.2 15.0

价值线指数 700.42 688.10 699.79 11.69 1.70 699.79 590.50 15.7 11.4 6.3

纽约证交所生物科技指数 8611.26 8473.35 8606.70 64.29 0.75 8917.63 5640.67 50.7 20.3 18.5

纽约证交所制药指数 1210.74 1195.47 1198.36 -5.66 -0.47 1273.25 881.47 30.5 6.4 11.7

KBW银行指数 192.65 189.35 191.39 2.51 1.33 191.84 139.52 35.8 16.6 29.6

费城证交所§黄金 / 白银指数 327.43 320.90 323.72 8.41 2.67 470.37 221.91 45.9 -5.4 39.4

费城证交所§石油服务指数 97.25 93.39 97.00 3.28 3.50 109.24 58.83 58.5 32.3 1.4

费城证交所§半导体指数 12258.08 11834.77 12179.26 748.91 6.55 14634.72 5550.30 119.0 71.9 48.8

Cboe波动率指数 16.65 15.51 16.50 0.64 4.04 31.05 13.47 -7.6 10.4 -1.2

纳斯达克费城证交所 资料来源：FactSet；道琼斯市场数据

涨幅榜...

跌幅榜

最新交易日 52周 公司 代码 净变动

Autonomix Medical AMIX 19.50 15.85 434.25 32.55 2.44 -30.7 Obsidian Therapeutics OBX 34.00 15.01 79.04 49.97 3.02 655.6 杠杆2倍LgPLTR每日 PLTG 15.94 5.86 58.13 44.95 7.54 -45.7 GrShr 2倍多头PLTR每日 PTIR 16.72 6.14 58.03 40.78 7.85 -36.7 ProShares超级PLTR PLTA 17.16 6.30 58.01 41.93 8.13 -36.7

Direxion PLTR 2倍多头 PLTU 44.82 16.43 57.87 128.04 21.04 -46.3 Ibotta IBTA 37.34 12.76 51.91 40.49 19.10 3.8 Exagen XGN 6.45 1.77 37.82 12.23 2.59 -27.1 Telesat A类股 TSAT 54.75 14.57 36.26 59.12 19.59 130.2 Offerpad Solutions OPAD 4.97 1.32 36.16 63.50 3.49 -58.6

杠杆2倍LgARM每日 ARMG 22.16 5.71 34.71 65.95 4.64 97.2 Medifast MED 13.08 3.34 34.29 15.11 9.22 -3.2 InfuSystem Holdings INFU 12.32 3.10 33.62 12.50 5.69 110.6 NextCure NXTC 5.78 1.38 31.36 15.74 1.55 14.7 Wayfair A类股 W 116.08 26.77 29.97 119.98 55.60 58.0

成交量变动榜

按较65日均值变动排名*

货币与商品

货币

成交量 较65日均量变动% 最新交易日 52周 公司 代码 (千股) 65日均量 收盘价 涨跌幅% 高点 低点

成交量 较65日均量变动% 最新交易日 52周 公司 代码 (千股) 65日均量 收盘价 涨跌幅% 高点 低点

Corvex MOVE 7,346 13326 13.73 27.60 26.72 3.44 iSh iBds Dec 2046 Trea IBGC 780 13022 24.15 0.79 25.32 23.88 SilverBox IV ClA SBXD 1,121 6041 10.86 0.09 11.10 10.35 Ferguson Enterprises FERG 46,140 2931 255.51 2.17 271.64 207.64 GigCapital9 GIX 587 2811 9.96 0.15 9.96 9.80

Defiance Tgt 2x Sh PLTR PLTZ 14,715 2606 11.87 -58.71 47.40 11.06 GMO Intl Value ETF GMOI 1,698 2051 40.40 0.10 40.68 29.39 Electronic Arts EA 47,897 2028 209.70 -0.10 210.20 156.37 Twelve Seas Invt III TWLV 210 2023 10.01 ... 10.38 9.84 Aldabra 4Liquidity Opp ALOV 101 1880 0.10 10.00 9.82

• 股价在2美元或以上且65个交易日平均成交量至少5,000股的普通股 = 交易天数少于65天

国际股票指数

最新 今年以来 地区 / 国家 指数 净变动

全球 MSCI全球指数 1145.69 14.68 1.30 12.9 MSCI全球指数（除美国） 475.48 2.05 0.43 12.9 MSCI世界指数 4977.07 72.05 1.47 12.3 MSCI新兴市场指数 1651.23 -0.17 -0.01 17.6

美洲 MSCI美洲指数 2926.06 50.137 1.74 12.8 加拿大 标普 / 多伦多综合指数 35801.59 575.45 1.63 拉丁美洲 MSCI拉美指数 3084.28 -2.94 -0.10 13.8 巴西 博维斯帕指数 177894.97 -105.27 -0.06 10.4 智利 标普IPSA指数 5539.04 -26.76 -0.48 2.1 墨西哥 标普 / 墨西哥指数 66833.16 135.94 0.20 3.9

欧洲、中东及非洲 STOXX欧洲600指数 656.86 4.77 0.73 10.9 欧元区 欧元STOXX指数 682.38 6.19 0.91 11.5 比利时 Bel-20指数 5707.14 39.86 0.70 12.4 丹麦 OMX哥本哈根20指数 1595.64 8.36 0.53 -0.8 法国 法国CAC 40指数 8666.63 52.81 0.61 6.3 德国 德国DAX指数 26202.35 201.04 0.77 7.0 以色列 特拉维夫指数 4144.98 33.29 0.81 14.1 意大利 富时MIB指数 53540.50 668.78 1.26 19.1 荷兰 荷兰AEX指数 1112.49 10.27 0.93 16.9 挪威 奥斯陆证交所全股指数 2382.25 -6.27 -0.26 22.7 南非 富时 / JSE全股指数 114256.28 1580.85 1.40 -1.4 西班牙 IBEX 35指数 20023.60 41.00 0.21 15.7 瑞典 OMX斯德哥尔摩指数 1150.18 15.32 1.35 10.0 瑞士 瑞士市场指数 14463.23 91.46 0.64 9.0 土耳其 BIST 100指数 13687.93 277.39 2.07 21.5 英国 富时100指数 10879.38 21.68 0.20 9.5 英国 富时250指数 24459.30 234.53 0.97 8.9

亚太 MSCI亚太指数 268.03 -0.31 -0.12 17.7 澳大利亚 标普 / ASX 200指数 9145.80 126.52 1.40 5.0 中国 上证综指 3822.28 12.62 0.33 -3.7 香港 恒生指数 25852.92 -156.48 -0.60 0.9 印度 孟买SENSEX指数 78428.95 -210.08 -0.27 -8.0 日本 日经225指数 63957.53 202.63 0.32 27.1 新加坡 海峡时报指数 5612.25 -0.03 -0.0005 20.8 韩国 韩国综合指数 6358.95 101.50 1.62 50.9 台湾 台湾加权指数 43360.66 -25.75 -0.06 49.7 泰国 SET指数 1617.13 -4.77 -0.29 28.4

3.00

一年前 最新 滚动市盈率 预估市盈率* 股息率 历史最高点

一年前 滚动市盈率 预估市盈率 股息率* 历史最高点

滚动市盈率† 预估市盈率† 股息率*† 历史最高点：

22.31 24.52 20.29 21.10 1.44 1.65 54085.88, 08 04

65日移动平均线

柱状图显示较开盘价的点数变化

市场摘要

7736.52 s136.02，或1.79% 过去三个月每个交易日的最高价、最低价、开盘价和收盘价。

54000

53000

52000

51000

50000

49000

48000

8.00%

Defiance Tgt 2xSh PLTR PLTZ 11.87 -16.88 -58.71 47.40 11.06 -70.8 AdaptHealth AHCO 6.71 -4.12 -38.04 13.43 6.14 -26.3 Better Home &Finance BETR 17.27 -10.03 -36.74 94.06 12.74 25.5 Game Your Game GYGY 3.98 -2.26 -36.21 32.66 3.86 ... Leverage 2X LgCIFR Dly CIFG 7.29 -3.20 -30.50 20.84 4.20 ...

Thryv Holdings THRY 2.97 -1.29 -30.28 14.28 1.91 -77.0 Direxion PLTR Bear 1X PLTD 5.72 -2.36 -29.21 9.73 5.59 -27.7 K Wave Media KWM 2.22 -0.80 -26.49 119.10 2.02 -98.1 T3 Defense DFNS 47.36 -14.14 -22.99 1948.75 3.70 -93.0 Bruker BRKR 50.30 -14.01 -21.79 65.30 28.53 44.9

Defiance Tgt 2X Shrt SMCI SMCZ 5.57 -1.55 -21.77 66.70 4.88 -78.1 Centuri Holdings CTRI 21.88 -5.98 -21.46 42.99 19.04 3.9 Direxion Semicon Br 3x SOXS 42.33 -10.75 -20.25 1672.00 31.70 -97.2 Wetour Robotics WETO 5.33 -1.35 -20.21 251.00 2.70 -96.9 Leverage 2X LgHUT Dly HUTG 20.06 -4.85 -19.48 48.10 5.37

美国东部时间下午5点美元外汇汇率

美元兑 周二 年初至今变动（%） 国家 / 货币 兑美元 每美元

美洲 阿根廷比索 0.00071496.5258 3.1 巴西雷亚尔 0.1944 5.1451 –6.7 加拿大元 0.7112 1.4062 2.4 智利比索 0.001093 914.93 1.6 哥伦比亚比索 0.000312 3206.15 –15.0 厄瓜多尔美元 1 1 不变 墨西哥比索 0.0579 17.2600 –4.2 乌拉圭比索 0.02483 40.2773 3.1 亚太地区 澳大利亚元 0.7045 1.4194 –5.3 人民币 0.1481 6.7535 –3.4 港元 0.1275 7.8428 0.8 印度卢比 0.01052 95.093 5.8 印尼盾 0.0000556 17970 7.6 日元 0.006340 157.73 0.7 哈萨克斯坦坚戈 0.002122 471.28 –7.1 澳门元 0.1238 8.0799 0.7 马来西亚林吉特 0.2441 4.0968 1.0 新西兰元 0.5894 1.6966 –2.3 巴基斯坦卢比 0.00360 277.862 –0.8 菲律宾比索 0.0164 60.989 3.5 新加坡元 0.7800 1.2820 –0.3 韩元 0.0006994 1429.72 –0.8 斯里兰卡卢比 0.0029794 335.64 8.3 新台币 0.03085 32.414 3.4 泰铢 0.03007 33.260 5.6

日元

大宗商品

部分原材料或大宗商品的价格趋势

道琼斯商品指数 1327.11 -19.83 -1.47 1467.33 1037.49 27.47 17.37 富时 / CC CRB指数 373.44 -6.52 -1.71 406.18 291.69 27.31 24.99 原油，每桶美元 75.77 -4.57 -5.69 112.95 55.27 16.28 31.96 天然气，美元 / 百万英热单位 2.682 -0.099 -3.56 7.460 2.523 -10.90 -27.24 黄金，每金衡盎司美元 4095.40 61.70 1.53 5318.40 3313.40 21.10 -5.32

道琼斯合作伙伴

预测市场：2026年美联储将降息多少次25个基点？

该市场将根据美联储在2026年精确的25个基点降息次数进行结算。

股票

25.19 24.81 21.01 23.82 1.10 1.21 7736.52, 08 / 04 / 26

盘后交易 纽约证券交易所、NYSE Arca、NYSE American及纳斯达克市场中交易最活跃及涨跌幅最大的股票，时间为美国东部时间下午4点至6点，数据由电子交易服务、证券交易商及地区交易所报告。最低股价为2美元，盘后交易量最低为50,000股。 盘后交易最活跃股票

成交量 盘后 公司 代码 (千股) 最新价 净变动 涨跌幅% 最高价 最低价

太空探索技术公司 SPCX 26,108.7 115.70 -9.63 -7.68 130.99 114.05

弗格森企业 FERG 22,576.8 252.49 -3.02 -1.18 255.51 250.47

英伟达 NVDA 11,039.2 215.47 3.53 1.67 219.48 200.67

英特尔 INTC 10,368.9 97.70 -3.16 -3.13 101.83 97.60

超威半导体 AMD 9,655.2 475.38 -43.20 -8.33 532.99 463.00

富达MSCI北美指数基金 FINA 8,500.0 25.83 ... 无变化 25.83

道富标普500指数ETF SPY 8,347.2 772.26 0.93 0.12 772.96 729.08

Opendoor科技 OPEN 7,904.6 3.87 -0.25 -6.07 4.25 3.70 涨幅榜……

视觉科学 SGHT 240.6 6.86 1.22 21.63 8.10 5.64

Defiance 2倍做多Lg ANET ANEL 130.2 30.76 5.47 21.63 34.25 25.29

Travere Therapeutics TVTX 99.3 63.17 7.15 12.76 65.00 56.02

伊士曼柯达 KODK 188.0 10.05 1.12 12.54 10.35 8.76

Upstart Holdings UPST 1,464.7 33.86 3.54 11.68 34.97 28.60 ……以及跌幅榜

GrShr 2倍做多AMD每日杠杆 AMDL 2,619.4 50.79 -11.83 -18.89 64.20 47.72

Teradata TDC 297.3 27.99 -6.40 -18.61 34.96 25.40

Direxion AMD 2倍做多 AMUU 53.7 179.75 -40.68 -18.45 228.00 168.71

Direxion 太空探索技术公司2倍做多 LOFF 521.3 10.79 -2.32 -17.69 14.12 10.65

ProShares超级太空探索技术公司 SPCF 708.3 10.94 -2.11 -16.17 14.05 10.60

越南盾 .00003805 26278 -0.1 欧洲 捷克克朗 .04770 20.965 1.9 丹麦克朗 .1543 6.4820 1.9 欧元区欧元 1.1532 .8672 匈牙利福林 .003192 313.28 -4.3 冰岛克朗 .008133 122.96 -1.9 挪威克朗 .1048 9.5418 -5.4 波兰兹罗提 .2684 3.7259 3.7 瑞典克朗 .1051 9.5186 3.4 瑞士法郎 1.2362 .8089 2.1 土耳其里拉 .0210 47.5328 10.7 乌克兰格里夫纳 .0223 44.7500 5.7 英镑 1.3451 .7434 0.2 中东 / 非洲 巴林第纳尔 2.6522 .3771 0.02 埃及镑 .0199 50.1788 5.2 以色列新谢克尔 .3324 3.0086 -5.6 科威特第纳尔 3.2316 .3094 0.5 阿曼里亚尔 2.5993 .3847 -0.01 卡塔尔里亚尔 .2745 3.644 -0.3 沙特阿拉伯里亚尔 .2665 3.7529 0.1 南非兰特 .0610 16.3830 -1.1

收盘价 净变动 涨跌幅% 年初至今%

《华尔街日报》美元指数 96.17 -0.02 -0.02 0.25

《华尔街日报》美元指数

来源：Tullett Prebon、《华尔街日报》市场数据

周二 52周 年初至今 收盘价 净变动 % 最高价 最低价 %

0个基点（0 bps）：89%

纳斯达克综合指数

26584.99 671.10，即2.59% 过去三个月每个交易日的最高价、最低价、开盘价和收盘价。

最活跃股票

亿隆电力控股 ELPW 365,246 3268.0 0.14 37.08 5696.00 0.08 Adagio Medical Holdings ADGM 299,912 130173.0 0.83 79.52 2.58 0.36 TNL Mediagene TNMG 211,776 3163.0 0.64 77.99 12.76 0.31 Ensysce Biosciences ENSC 158,937 3570.2 0.39 39.84 2.75 0.23 Quanome Technologies QNME 105,542 86500.4 0.79 152.87 1.68 0.25

Vistagen Therapeutics VTGN 105,087 5160.3 0.31 27.12 5.14 0.20 AiRWA YYAI 92,420 864.2 0.12 -1.29 10576.80 0.10 Palantir Technologies PLTR 91,301 119.3 159.61 27.03 207.52 106.37 诺基亚ADR NOK 64,572 -41.5 9.97 6.52 17.45 4.06 Autonomix Medical AMIX 61,560 3991.5 9.94 172.33 32.55 2.44

• 成交量在100,000股及以上的数据四舍五入至最接近的千股

信贷市场

消费者利率与投资者回报 美国消费者利率 过去一年消费者利率与基准利率对比

30年固定利率 按揭贷款

10年期国债 票据收益率

A 2025

S O N D J 2026

F M A M J J A

收益率 / 利率(%) 52周区间(%) 3年变化 利率 最新 (l)上周 低 0 2 4 6 8 高 (百分点)

联邦基金利率目标 3.50-3.75 3.50-3.75 3.50 l 4.50 -1.75 最优惠利率* 6.75 6.75 l 7.50 -1.75 担保隔夜融资利率（SOFR） 3.65 3.64 3.50 4.51 -1.65 货币市场，年收益率 0.43 0.44 0.41 l 0.45 -0.14 五年期存单，年收益率 1.73 1.72 1.67 1.73 -1.12 30年期固定按揭贷款† 6.74 6.76 6.11 6.77 -0.75 15年期固定按揭贷款† 6.17 6.15 5.55 6.18 -0.58 大额按揭贷款，$832,750以上† 6.87 6.77 6.34 6.87 -0.69 五年期可调利率按揭贷款（ARM）† 6.08 5.96 5.66 6.23 -0.27 新车贷款，48个月 6.97 6.97 6.85 7.21 -0.29

数据基于Bankrate.com对超过1,500家在线银行的调查。*全国最大银行中70%公布的基准利率。†不含交易成本。 资料来源：FactSet；道琼斯市场数据；Bankrate.com

基准收益率与利率 国债收益率曲线 当前国库券、票据和债券的到期收益率

期限

t 一年前

Tradeweb FTSE周二收盘

1 月

3 6 1 年

2 3 5 7 10 20 30

资料来源：Tradeweb FTSE美国国债收盘数据；Tullett Prebon；道琼斯市场数据

企业借贷利率与收益率

收益率 (%) 52周 总回报 (%) 债券总回报指数 收盘 最新 上周 高 低 52周 3年

32.61 32.67 24.79 29.95 0.57 0.69 27093.90, 06 / 02 / 26

交易日记

成交量、上涨股、下跌股

纽约证券交易所 纽约证券交易所美国交易所

总成交量14.26亿 20,380,563 上涨成交量 9.74亿 17,410,074 下跌成交量 4.37亿 2,630,688 交易品种 2,840 297 上涨 1,859 194 下跌 905 94 持平 76 9 新高 135 新低 32 4 收盘阿姆斯指数† 0.91 0.26 大宗交易 4,345 192

纳斯达克综合指数 纽约证券交易所阿卡

总成交量97.18亿 3.63亿 上涨成交量79.39亿 2.54亿 下跌成交量16.84亿 1.06亿 交易品种 5,057 2,662 上涨 3,659 2,323 下跌 1,249 312 持平 149 27 新高 341 560 新低 85 40 收盘阿姆斯指数† 0.62 2.85 大宗交易 53,000 1,576

*仅限主板市场：纽约证券交易所、纽约证券交易所美国交易所、纽约证券交易所阿卡。 †（TRIN）比较上涨和下跌品种数量与上涨和下跌股票成交量。阿姆斯指数小于1表示买入需求；大于1表示卖出压力。

精选利率 30年期按揭贷款利率

Bankrate.com平均†： 6.74%

红木资本银行 5.75% 加州尤里卡 707-444-9800

迪尔伯恩联邦储蓄银行 5.88% 密歇根州迪尔伯恩 313-565-3100

兰利联邦信用社 5.88% 弗吉尼亚州汉普顿 757-827-7200

Suncoast信用社 5.99% 佛罗里达州坦帕 813-621-7511

埃尔多拉多储蓄银行 6.00% 加州萨克拉门托 800-874-9779

外汇竞赛 日元、欧元兑美元；美元兑主要美国贸易伙伴货币

2025 2026

28000

27000

26000

25000

24000

23000

22000

B10 / 2026年8月5日，星期三

• * 《华尔街日报》

德国轮胎制造商坚持观点 尽管成本上涨

大陆集团核心

市场持续受全球 低迷活动影响

作者：多米尼克·乔平

德国轮胎制造商大陆

集团表示，尽管警告下半年 原材料成本将大幅上涨，但 其轮胎业务仍有望实现全年 预期。 该公司的核心市场继 续受到全球低迷活动的影 响——

净值

股票 代码 收盘 变动 最大1,000只股票 / WSJ.com / stocks

净值 股票 代码 收盘 变动

净值

如何阅读股票表格 以下说明适用于纽约证券交易所、NYSE Arca、NYSE American及纳斯达克证券市场上市的证券。价格整合自各交易市场报告的交易数据，包括证券交易所、Finra、电子通信网络及其他经纪商。该列表包含按市值计算的1,000家最大公司。 下划线报价表示与该股票平均交易量相比，成交量出现大幅变化的股票。 粗体报价突出显示价格变动幅度达到或超过5%的股票，前提是其前一交易日收盘价为2美元或以上。

脚注：

s-新52周高点；t-新52周低点；dd-表示最近四个季度出现亏损。 股票表格反映截至美国东部时间下午4点的综合常规交易情况，以及与前一日美国东部时间下午4点官方收盘价相比的变动。

2026年8月4日，星期二

净值行情

股票 代码 收盘 涨跌

AECOM ACM 75.75 0.95 AES AES 14.68 -0.03 安盛 AFL 125.15 -1.56 AGNC 投资 AGNC 10.64 ... APA APA 35.80 -1.07 日月光半导体 ASX 38.70 2.02 ASML ASML 1711.89 69.37 AST SpaceMobile ASTS 70.31 6.79 AT&T T 23.38 -0.21 ATI ATI 200.15 7.03 AXIA能源 AXIA 10.50 -0.06 雅培 ABT 105.46 -1.66 艾伯维 ABBV 243.80 -1.30 Abivax ABVX 125.19 0.41 埃森哲 ACN 170.43 4.67 Acuity Brands AYI 348.58 14.09 Adobe ADBE 257.49 6.15 高级排水系统 WMS 149.75 4.60 高级能源工业 AEIS 341.39 45.01 超威半导体 AMD 518.58 33.94 Aegon AEG 9.38 -0.08 AerCap AER 155.08 1.43

联合管理集团 AMG 383.42 2.53 Affirm AFRM 78.12 2.49 安捷伦科技 A 139.20 -0.60 Agnico Eagle Mines AEM 150.61 3.19 Agree Realty ADC 76.32 -0.59 空气产品 APD 294.71 1.77 爱彼迎 ABNB 149.92 -0.72 Akamai科技 AKAM 123.35 5.47 Alamos Gold AGI 28.76 0.06 雅宝 ALB 120.82 2.11 美国铝业 AA 46.83 1.99 爱尔康 ALC 70.99 0.78 阿里巴巴 BABA 128.99 1.69 爱齐科技 ALGN 173.27 0.38 Allegion ALLE 165.36 4.08 Alliant Energy LNT 70.66 -0.61 Allison Transmission ALSN 122.62 6.31 好事达 ALL 262.56 -0.12 Ally Financial ALLY 44.99 0.92 Alnylam Pharmaceuticals ALNY 219.00 -1.33 Alphabet A类 GOOGL 377.65 4.14 Alphabet C类 GOOG 375.35 2.88 奥驰亚 MO 68.07 -0.19 亚马逊 AMZN 277.42 -6.60 Ambev ABEV 3.04 -0.01 Amcor AMCR 47.14 1.12 Amer Sports AS 36.22 0.02 Ameren AEE 109.44 -0.06 美洲电信 AMX 24.88 -0.08 美国航空 AAL 16.56 0.52 美国电力 AEP 128.35 0.03 美国运通 AXP 346.71 1.99 American Financial Group AFG 140.60 -1.32 美国医疗房地产投资信托 AHR 54.47 -0.65 美国住房租赁 AMH 34.53 0.02 美国国际集团 AIG 79.32 0.53 美国塔式房地产投资信托 AMT 175.25 2.25 美国水务 AWK 134.01 2.71

Ameriprise Financial AMP 553.58 1.51

Ametek AME 254.05 10.28 安进 AMGN 390.02 11.15 Amkor科技 AMKR 55.87 5.03 Amphenol APH 171.33 7.99 Amrize AMRZ 51.85 0.77 亚德诺 ADI 380.29 18.41 AngloGold Ashanti AU 81.50 -0.11 百威英博 BUD 84.59 0.54 Annaly Capital Management NLY 22.75 -0.03 Antero Midstream AM 21.85 -0.13 Antero Resources AR 35.69 -0.79 怡安集团 AON 356.65 -0.98 APi集团 APG 41.54 1.70 Apogee Therapeutics APGE 134.19 0.08 阿波罗全球管理 APO 133.20 3.78 苹果 AAPL 309.38 5.96

Applied Industrial Technologies AIT 356.89 4.99 应用材料 AMAT 546.62 28.41 AppLovin APP 419.70 13.54

Aptiv APTV 47.72 -9.51 Aramark ARMK 56.22 -0.52

安赛乐米塔尔 MT 75.21 3.38 Arch Capital Group ACGL 99.52 -1.60 ADM ADM 79.87 1.81 Ares Management ARES 142.91 4.34 argenx ARGX 844.50 13.71

Arista Networks ANET 190.51 5.62 Arm Holdings ARM 280.56 41.50 Arrow Electronics ARW 227.67 10.86 Arrowhead Pharmaceuticals ARWR 89.59 3.58

Arxis ARXS 58.05 4.32 Ascendis Pharma ASND 244.59 1.14 Assurant AIZ 281.31 -1.08 Astera Labs ALAB 361.67 40.62 阿斯利康 AZN 155.62 -2.35 Atlassian TEAM 110.31 6.60 Atmos Energy ATO 172.65 -0.24 Aurora Innovation AUR 7.23 0.44 欧特克 ADSK 237.21 2.50 ADP ADP 270.62 0.84 AutoZone AZO 3028.03 37.76 AvalonBay Communities AVB 189.25 0.47 Avery Dennison AVY 173.30 1.03 Axon Enterprise AXON 607.20 31.32 Axsome Therapeutics AXSM 212.17 1.13

---

国债拍卖结果

以下为周二国债拍卖结果。所有投标均以单一价格按市场清算收益率中标。利率由该价格与面值之间的差额决定。

六周期国债

申购总额：286,024,137,000 美元 中标金额：102,531,858,600 美元 非竞争性投标：1,340,624,000 美元 外国非竞争性投标：1,900,000,000 美元 拍卖价格（利率）：99.575333（3.640%） 债券等值收益率：3.706% 中标收益率投标接受比例：79.36% CUSIP 编号：912797UG0

本期国债发行日为 2026 年 8 月 6 日，到期日为 2026 年 9 月 17 日。

五十二周期国债

申购总额：192,428,267,900 美元 中标金额：56,122,732,900 美元 非竞争性投标：1,375,043,700 美元 外国非竞争性投标：0 美元 拍卖价格（利率）：96.076889（3.880%） 债券等值收益率：4.054% 中标收益率投标接受比例：12.98% CUSIP 编号：912797VR5

---

股息变动

8 月 4 日未宣布股息变动。

全球经济活动放缓

第二季度，北美乘用车和轻型商用车替换轮胎市场下降1%，全球汽车生产也下降约1%。 不过，欧洲替换轮胎市场增长了3%。该公司表示，受益于18英寸及以上轮胎销量增长、原材料价格带来的积极影响、货币贬值、关税影响减轻以及成本管控等因素。

BCE BCE 22.00 0.21 必和必拓集团 BHP 87.46 3.96 BJ's批发俱乐部 BJ 96.65 -0.45 英国石油 BP 42.44 -1.82 BWX科技 BWXT 172.40 -1.39 BXP BXP 70.67 0.26 百度 BIDU 112.58 -0.48 贝克休斯 BKR 61.73 0.92 Ball BALL 63.75 -1.40

s 西班牙对外银行 BBVA 28.12 -0.24 巴西布拉德斯科银行 BBDO 3.25 -0.03 智利银行 BCH 41.38 -0.17 巴西圣保罗银行 BSBR 5.68 -0.06 智利圣地亚哥银行 BSAC 34.73 0.02

s 桑坦德银行 SAN 14.47 0.02

s 美国银行 BAC 62.90 0.42 蒙特利尔银行 BMO 179.79 0.07 纽约梅隆银行 BNY 156.82 0.62 加拿大丰业银行 BNS 87.13 -1.17 巴克莱 BCS 28.02 0.19 巴里克黄金 B 38.21 0.85 百特国际 BAX 28.35 0.25 碧迪医疗 BDX 170.12 -0.09 Bending Spoons BSP 37.45 1.23 Bentley Systems BSY 36.08 0.19 BeOne Med ONC 323.01 9.24 伯克利集团 WRB 71.39 -0.70 伯克希尔哈撒韦 B BRK.B 517.22 4.08 伯克希尔哈撒韦 A BRK.A 7743006050.00 百思买 BBY 86.35 1.10 Bio-Techne TECH 72.09 -0.05 渤健 BIIB 208.45 6.63 BioMarin制药 BMRN 60.72 0.73 拜恩泰科 BNTX 91.35 -0.90 BitMine Immersion BMNR 18.10 0.68 贝莱德 BLK 1131.13 4.50 黑石集团 BX 137.20 2.52

Block XYZ 84.64 2.55 Bloom Energy BE 228.11 9.79 Blue Owl Capital OWL 11.57 0.41 波音 BA 237.16 3.67 Booking Holdings BKNG 194.27 1.56 博格华纳 BWA 63.04 -0.27 波士顿科学 BSX 49.09 0.66 BridgeBio Pharma BBIO 82.07 2.11 BrightSpring BTSG 62.77 2.31 Brinker International EAT 218.25 -7.05 百时美施贵宝 BMY 65.89 0.42 英美烟草 BTI 59.12 -0.44 Brixmor地产 BRX 31.18 -0.35 博通 AVGO 418.16 25.93 Broadridge Financial BR 168.41 11.07 布鲁克菲尔德资产管理 BAM 51.94 1.25 布鲁克菲尔德 BN 44.62 1.09 布鲁克菲尔德基础设施合伙 BIP 39.91 -0.17 布鲁克财富 BNT 45.27 1.22 Brown & Brown BRO 71.17 -0.61 Brown-Forman A BF.A 28.86 0.74 Brown-Forman B BF.B 28.47 0.66 布鲁克 BRKR 50.30 -14.01 Bullish BLSH 23.80 0.87 邦吉 BG 106.73 1.33 伯灵顿商店 BURL 367.82 -0.41 CACI国际 CACI 524.19 11.53 世邦魏理仕 CBRE 151.05 2.62 CDW CDW 154.00 6.30 CF工业 CF 118.11 -0.19 CGI集团 A GIB 74.41 1.40 CH罗宾逊 CHRW 154.75 7.75 芝商所集团 CME 262.63 -3.54 CMS能源 CMS 71.73 -0.01 CNA金融 CNA 52.96 -0.63 CNH工业 CNH 11.22 CRH CRH 98.84 0.25 CSX CSX 51.03 1.20 CVS Health CVS 104.42 -0.95 Cadence Design Systems CDNS 340.62 4.47 Camden地产信托 CPT 111.03 0.31 卡梅科 CCJ 93.09 3.37 加拿大帝国商业银行 CM 117.95 -1.32 加拿大国家铁路 CNI 127.30 1.49 加拿大自然资源 CNQ 46.18 -0.18 加拿大太平洋堪萨斯城铁路 CP 90.63 -0.02 第一资本金融 COF 221.91 4.23 Cardinal Health CAH 233.55 -2.05 CareTrust REIT CTRE 40.84 -0.38 卡莱尔 CSL 386.43 14.57 凯雷集团 CG 50.64 1.73 嘉年华邮轮 CCL 29.59 0.85 卡彭特科技 CRS 570.13 26.64 开利全球 CARR 65.69 2.52 Carvana CVNA 68.03 1.90 Casey's General Stores CASY 850.66 -9.71 卡特彼勒 CAT 876.54 46.51 Celestica CLS 371.15 29.24 西麦斯 CX 11.61 -0.23 Cencora COR 306.28 -2.09 森科能源 CVE 28.73 -0.84 Centene CNC 64.07 0.31 CenterPoint能源 CNP 41.58 -0.34 Cerebras Systems CBRS 227.15 7.18 Charles River Labs CRL 234.12 3.25 Charter Communications CHTR 153.07 8.97 Check Point软件 CHKP 123.92 0.95 Cheniere能源 LNG 257.29 -0.79 Cheniere能源合伙 CQP 66.00 -1.00 雪佛龙 CVX 190.40 -2.78 Chewy CHWY 24.10 1.13 Chipotle CMG 33.82 -3.64 丘博保险 CB 348.30 0.07

中华电信 CHT 41.89 -0.54 Church & Dwight CHD 103.00 2.99 Ciena CIEN 411.13 20.37 信诺 CI 274.05 -8.01 辛辛那提金融 CINF 179.42 1.39 Cintas CTAS 203.65 -0.36 Cipher Digital CIFR 20.38 -3.78 Circle Internet CRCL 63.25 2.90 思科系统 CSCO 121.74 5.88 花旗集团 C 136.87 3.30 Citizens Financial CFG 73.68 0.98 Clean Harbors CLH 310.61 -0.37 高乐氏 CLX 104.67 6.41

Cloudflare NET 301.33 18.59 可口可乐 KO 86.56 -0.30 可口可乐欧洲太平洋 CCEP 106.13 -2.06 科尔矿业 CDE 16.21 0.65 康耐视 CGNX 71.52 4.08 高知特科技 CTSH 56.13 0.96 相干公司 COHR 323.73 35.59 Coinbase全球 COIN 150.73 4.23 高露洁棕榄 CL 92.53 2.65 康卡斯特 A CMCSA 24.93 0.37 康福特系统 FIX 1775.86 4.90 圣保罗州基本卫生公司 SBS 5.43 ... 康菲石油 COP 117.94 -1.22 爱迪生联合电气 ED 108.41 0.46 星座品牌 A STZ 131.42 0.06 星座能源 CEG 267.25 -6.46 库珀 COO 74.69 0.46 考帕特 CPRT 29.40 0.05 科泰治疗 CORT 109.80 -3.00 核心桥金融 CRBG 31.60 0.29 CoreWeave CRWV 91.90 6.14 康宁 GLW 159.89 13.25

s Corpay CPAY 396.52 10.74 科迪华 CTVA 78.31 2.27 CoStar集团 CSGP 29.82 -0.22 好市多 COST 947.85 -6.23 Coupang CPNG 16.78 0.36 克瑞恩 CR 224.10 4.78 秘鲁信贷银行 BAP 392.12 -3.67 Credo科技 CRDO 237.92 19.57 CrowdStrike CRWD 211.22 8.68 皇冠城堡 CCI 77.66 0.92 皇冠控股 CCK 121.66 1.79 CubeSmart CUBE 41.88 0.04

s Cullen / Frost CFR 168.26 -0.68 康明斯 CMI 635.96 -12.89 柯蒂斯-赖特 CW 757.31 9.64 Cytokinetics CYTK 78.61 2.16 D E F

DTE能源 DTE 141.72 ... DT Midstream DTM 134.85 -0.48 丹纳赫 DHR 194.78 -2.72 达登餐饮 DRI 204.57 -1.67 达灵国际原料 DAR 60.15 0.39

s Datadog DDOG 288.15 14.55 达维塔 DVA 227.99 -5.69 Deckers户外 DECK 99.87 0.37 迪尔 DE 617.37 12.31

s 戴尔科技 DELL 467.27 38.25 达美航空 DAL 92.77 1.18 德意志银行 DB 37.47 0.30 德文能源 DVN 44.05 -0.52

s DexCom DXCM 86.94 -0.37 帝亚吉欧 DEO 87.83 -0.68 Diamondback能源 FANG 191.87 -6.88 迪克体育用品 DKS 200.74 -0.08 数字房地产信托 DLR 193.89 2.67 DigitalOcean DOCN 128.89 1.72 迪拉德百货 DDS 618.14 5.28 迪士尼 DIS 98.18 0.04 DocuSign DOCU 57.54 2.41 美元通用 DG 127.26 -0.46 美元树 DLTR 130.71 1.36 道明尼能源 D 69.22 0.47 达美乐比萨 DPZ 367.63 3.22 唐纳森 DCI 98.14 2.12 DoorDash DASH 202.37 1.87 多佛 DOV 209.93 4.21 陶氏化学 DOW 30.33 0.44 Dr. Reddy's实验室 RDY 12.10 0.03 DraftKings DKNG 23.61 0.11 杜克能源 DUK 124.27 -0.01 杜邦 DD 142.93 1.65 Dutch Bros BROS 64.11 -0.87 Dycom工业 DY 415.08 0.10 Dynatrace DT 45.71 1.17 EMCOR集团 EME 819.88 2.46 埃尼集团 E 53.48 -1.02 EOG资源 EOG 143.52 -2.16 EQT EQT 52.77 -0.79 东西方银行 EWBC 133.40 1.25 东部集团 EGP 204.17 -4.31

s 伊顿 ETN 444.77 6.54 eBay EBAY 109.61 2.48 EchoStar ECHO 91.60 5.97 艾可勒 ECL 283.14 3.71 埃克森美孚 EC 16.31 -0.29 爱迪生国际 EIX 70.69 -0.77 爱德华兹生命科学 EW 89.60 0.78 礼兰动物保健 ELAN 25.60 -0.12 埃尔比特系统 ESLT 849.27 19.12

s 电子艺界 EA 209.70 -0.21 Elevance健康 ELV 378.00 -4.77 巴西航空工业 EMBJ 70.52 -0.42 Emera EMA 52.37 -0.30 艾默生电气 EMR 158.84 3.99 安桥 ENB 53.41 -0.69 Encompass健康 EHC 110.50 -1.97 能源转移 ET 20.33 0.05

Enlight可再生能源 ENLT 90.54 7.84 安信集团 ENSG 176.13 -1.10 英特格 ENTG 144.56 19.36 安特吉 ETR 108.86 0.80 Enterprise产品合伙公司 EPD 38.12 0.25 益百利 EFX 177.12 3.01 Equinix EQIX 1051.53 20.09 Equinor EQNR 39.17 -0.74 Equinox黄金 EQX 9.58 0.40 Equitable Holdings EQH 48.25 0.25 Equity Lifestyle ELS 64.91 -0.76 Equity Residential EQR 67.69 0.12 伊利保险 ERIE 244.53 7.67 必备公用事业 WTRG 39.56 0.78 埃塞克斯地产信托 ESS 287.21 1.33 雅诗兰黛 EL 86.97 2.29 Evercore EVR 319.73 1.39 Everest EG 369.21 -2.84 Evergy EVRG 83.84 0.61 Everpure P 83.92 3.78 Eversource能源 ES 72.70 0.75 Exelixis EXEL 56.00 0.94 爱克斯龙 EXC 45.84 0.21 Expand能源 EXE 93.07 -1.59

商业与金融

“然而，对于今年下半年，我们预计原材料成本将大幅增加，并已采取措施应对这一情况，”首席财务官 Roland Welzbacher 表示。 大陆集团（Continental）一直在进行战略重组，在寻求专注于轮胎业务的同时，剥离了多个业务部门。该公司已分拆并上市了其 Aumovio 汽车部门，出售了原设备解决方案业务，并同意出售生产相关产品的 ContiTech 部门

s Expedia EXPE 312.06 14.03 ExpeditorsIntl EXPD 181.48 10.89 ExtraSpaceSt EXR 149.86 0.13 ExxonMobil XOM 153.96 -1.10 F5 FFIV 412.25 5.90 FTAI Aviation FTAI 221.96 -3.19 Fabrinet FN 531.03 75.09 FactSet FDS 274.49 4.81 FairIsaac FICO 1046.99 1.53 Fastenal FAST 49.71 1.60 FederalRealty FRT 122.82 -0.83 FedEx FDX 313.34 4.10 FedExFreight FDXF 142.70 3.68 FergusonEnts FERG 255.51 5.43 Ferrari RACE 402.79 1.51 Ferrovial FER 66.52 0.44 FidNatlFinl FNF 51.51 -0.08 FidNatlInfo FIS 44.26 -0.52 FifthThirdBncp FITB 57.77 0.87 Figma FIG 27.12 2.20

s FirstCitizBcshA FCNCA 2251.82 33.38 FirstHorizon FHN 26.09 0.29 FirstSolar FSLR 243.63 10.90 FirstEnergy FE 48.28 -0.15 Fiserv FISV 55.78 1.43 FiveBelow FIVE 222.30 5.60 Flex FLEX 126.71 9.26 Flowserve FLS 79.55 3.01 FlutterEnt FLUT 104.96 -1.00 FEMSA FMX 126.28 0.53 FordMotor F 14.24 -0.19 ForgentPwr FPS 39.40 3.11 Fortinet FTNT 168.29 5.08 Fortis FTS 56.58 0.05 Fortive FTV 60.51 1.05 FoxA FOXA 59.08 0.38 FoxB FOX 52.82 0.20 Franco-Nevada FNV 218.86 4.24

s FranklinRscs BEN 35.77 0.53 FreedomHolding FRHC 154.50 1.74 FreeportMcM FCX 67.30 3.66 FreseniusMedCare FMS 24.01 -1.25 FullTruck YMM 9.65 -0.07 Futu FUTU 109.00 1.96 G H I

GE Aerospace GE 377.28 8.35 GE HealthCare GEHC 70.26 0.53 GE Vernova GEV 1018.53 11.77 GFLEnvironmental GFL 42.06 0.06 GSK GSK 51.53 0.02 Gallagher AJG 248.06 0.27 Gaming&Leisure GLPI 44.41 -0.40

s Garmin GRMN 307.36 2.60 Gartner IT 185.79 34.26 GenDigital GEN 28.27 0.10 Generac GNRC 218.63 17.42 GeneralDynamics GD 385.76 3.33 GeneralMills GIS 36.19 0.19 GeneralMotors GM 88.31 0.63 Genmab GMAB 29.02 0.34 GenuineParts GPC 132.55 4.03

s Gerdau GGB 5.10 0.04 Gildan GIL 56.76 1.56 GileadSciences GILD 135.25 4.10 Glaukos GKOS 170.53 -0.34 GlobalPayments GPN 88.25 2.06 GlobalFoundries GFS 52.02 2.01 Globalstar GSAT 83.69 -0.49 GlobeLife GL 183.90 -0.19 GlobusMedical GMED 81.51 0.05 GoDaddy GDDY 89.09 0.64 GoldFields GFI 34.11 0.15 GoldmanSachs GS 1052.98 25.92 Grab GRAB 3.72 0.05 Graco GGG 82.31 2.01 Grainger GWW 1300.45 -70.80 GAP PAC 220.70 2.56 GrupoCibest CIB 90.01 -1.10 GuardantHealth GH 159.79 0.96 Guidewire GWRE 160.31 2.98 HCA Healthcare HCA 400.73 -5.88 HDFC Bank HDB 23.89 -0.21 HF Sinclair DINO 88.25 -0.40 HP HPQ 28.82 1.70 HSBC HSBC 106.04 -1.82 H World HTHT 42.31 -0.32 Haleon HLN 9.78 -0.02 Halliburton HAL 32.36 0.47 HalozymeTherap HALO 83.23 0.96 HarmonyGold HMY 16.88 0.41 HartfordIns HIG 142.05 -0.85 Hasbro HAS 91.51 0.04 HealthpeakProp DOC 21.62 -0.02 HeclaMining HL 15.39 0.96

s Heico HEI 367.66 7.22 HeicoA HEI.A 265.96 4.14

s HenrySchein HSIC 89.11 2.60 Hershey HSY 179.04 1.37 HewlettPackard HPE 52.39 2.15 Hilton HLT 312.07 -2.27 HomeDepot HD 348.24 8.22 HondaMotor HMC 30.12 0.52 HoneywellAero HONA 216.48 8.21 Honeywell HON 248.79 2.02 HormelFoods HRL 25.34 0.11 DR Horton DHI 150.37 3.71 HostHotels HST 24.98 -0.11 HowmetAerospace HWM 288.20 1.86 Hubbell HUBB 502.24 26.20 HubSpot HUBS 248.89 8.97 HudbayMinerals HBM 24.77 1.37 Humana HUM 362.16 -12.34 JBHunt JBHT 274.48 7.57 HuntingtonBcshs HBAN 17.56 0.20 HuntingIngalls HII 323.06 -2.89 Hut8 HUT 101.16 -10.92 HyattHotels H 173.60 2.02 ICICI Bank IBN 30.33 0.07 IDEX IEX 237.89 5.19 IdexxLab IDXX 588.09 20.25 IES Holdings IESC 760.36 35.37

s ING Groep ING 35.34 -0.01 INNIO INIO 27.35 2.44

s Invesco IVZ 32.00 1.09 IQVIA IQV 228.20 -5.16 IREN IREN 40.85 1.10 ITT ITT 204.65 6.21 IcahnEnterprises IEP 7.73 -0.03 Icon ICLR 156.85 -1.56 IllinoisToolWks ITW 295.06 6.57 Illumina ILMN 203.01 4.85 ImperialOil IMO 127.42 1.07 Incyte INCY 120.60 2.17 Infosys INFY 12.60 0.35 IngersollRand IR 89.46 1.68 Insmed INSM 98.75 0.30 Insulet PODD 166.82 -2.88 Intel INTC 100.86 9.86 InteractiveBrkrs IBKR 88.63 0.88 ICE ICE 149.20 -2.60 InterContHtls IHG 157.11 -0.89 IBM IBM 235.15 8.84 IntlFlavors IFF 80.89 0.31 IntlPaper IP 42.31 0.86 Intuit INTU 323.60 5.21 IntuitiveSurgical ISRG 368.27 -7.15 InvitatHomes INVH 30.47 -0.02 IonQ IONQ 41.72 2.87 IronMountain IRM 125.51 1.43 ItauUnibanco ITUB 8.19 -0.30 J K L

车辆内饰用输送带与材料

上月达成的将康迪泰克（ContiTech）出售给私募股权公司 Lone Star Funds 的协议对该业务的估值约为 46 亿美元，并可能包含高达 2.86 亿美元 的额外付款。

因此，康迪泰克未来将被报告为终止经营业务，不再纳入合并展望。

“大陆集团现已进入作为纯轮胎制造商战略重组的最后阶段，”大陆集团首席执行官表示。

---

【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】

【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】

SEI投资公司 SEIC 104.72 0.53 SK海力士 SKHY 154.38 11.66 SK电讯 SKM 34.80 2.56 SLB SLB 50.81 1.50 SPX科技 SPXC 215.97 1.84 SS&C科技 SSNC 81.06 1.68 Saia SAIA 374.33 14.23 SailPoint SAIL 17.40 0.20 Salesforce CRM 190.99 5.04 Samsara IOT 38.60 1.47 闪迪 SNDK 1427.62 139.59 Sanmina SANM 207.46 14.23 赛诺菲 SNY 42.68 -0.27 嘉信理财 SCHW 106.35 0.48 Sea SE 111.44 0.29 希捷 STX 845.35 14.29 森普拉能源 SRE 86.65 -1.08 Semtech SMTC 129.16 10.08 国际服务 SCI 85.60 -0.33 ServiceNow NOW 118.14 3.95 17

鲨客尼诺 SN 168.19 7.62 壳牌 SHEL 89.84 -1.24 宣伟 SHW 361.57 7.35 新韩金融 SHG 71.67 0.49 Shopify SHOP 123.30 6.29 西蒙地产 SPG 225.90 -3.26 天狼星XM SIRI 30.75 0.38 SiTime SITM 583.06 32.74 史密斯-内菲尤 SNN 30.44 -1.71 史密斯菲尔德食品 SFD 25.34 -0.64 斯马克 SJM 119.17 1.67 斯默菲特卡帕 SW 48.52 1.64 Snap-On SNA 418.34 8.93

雪花 SNOW 316.77 9.24 SOQUIMICH SQM 68.58 1.55 SoFi科技 SOFI 18.70 0.67 Solstice先进材料 SOLS 63.52 1.29 Solventum SOLV 87.94 -0.13 Somnigroup SGI 69.69 3.05 索尼 SONY 22.35 -0.28 南方公司 SO 93.25 0.31 南方铜业 SCCO 195.16 9.25

南方州银行 SSB 109.43 1.58 西南航空 LUV 48.70 1.63 太空探索技术公司 SPCX 125.33 10.80 Spotify SPOT 478.17 -8.16 标准航空 SARO 30.68 0.71

蒂夫·克里斯蒂安·科茨

大陆集团预计今年轮胎业务的销售额将在132亿欧元至142亿欧元之间，相当于151.9亿美元至163.4亿美元，调整后息税前利润率为13%至14.5%。 就整个集团而言，预计利润率将在12%至13.5%之间，销售额目标与轮胎业务相同范围。 对于已停止运营的康迪泰克（ContiTech）业务，大陆集团预计销售额为42亿欧元至48亿欧元，且

住友三井金融集团 SMFG 24.86 -0.39 Summit Therapeutics SMMT 13.76 0.72 SunComms SUI 121.67 -0.79 永明金融 SLF 82.27 -0.19 Sunbelt Rentals SUNB 80.43 5.36 Suncor能源 SU 64.45 -1.53 Sunoco SUN 74.33 -3.08 超微 SMCI 31.69 3.05 Suzano SUZ 8.35 -0.18 Symbotic SYM 47.46 1.61 同步金融 SYF 79.08 1.24 新思科技 SNPS 403.86 11.79 Sysco SYY 82.79 -2.19 T U V

TC能源 TRP 65.37 -0.49 TD Synnex SNX 263.79 9.97 TE Connectivity TEL 216.82 11.85 t Telus TU 9.53 -0.06 Ternium TX 50.34 0.60 TFI国际 TFII 141.63 6.83 TJX TJX 157.55 0.05 TKO TKO 184.51 0.60 T-Mobile美国 TMUS 177.21 0.12 TPG TPG 48.98 2.66 T. Rowe Price TROW 115.79 2.28 TTM科技 TTMI 132.79 11.58 台积电 TSM 417.17 11.06 Take-Two软件 TTWO 240.22 -4.93 武田制药 TAK 16.56 -0.27 Talen能源 TLN 340.00 -4.49 Tapestry TPR 155.97 0.34 Targa资源 TRGP 262.98 -1.62 塔吉特 TGT 148.11 -1.24 TechnipFMC FTI 70.02 0.83 泰克资源 TECK 64.74 4.54 Teledyne科技 TDY 684.76 14.20 爱立信 ERIC 10.27 0.19 Telefonica巴西 VIV 12.32 -0.40 印尼电信 TLK 15.27 0.09 Tenaris TS 57.96 0.81 腾讯音乐 TME 9.62 0.09 Tenet医疗 THC 253.33 3.34 Teradyne TER 403.56 37.76 TeraWulf WULF 18.88 0.05 特斯拉 TSLA 327.35 5.27 梯瓦制药 TEVA 34.43 -0.03 德州仪器 TXN 283.63 14.59 德州太平洋土地 TPL 395.52 -10.63 Texas Roadhouse TXRH 208.24 -2.43 德事隆 TXT 89.12 2.73 赛默飞世尔 TMO 564.75 -9.28 汤森路透 TRI 109.15 7.54 3M MMM 181.45 4.22 铁姆肯 TKR 132.03 -9.72

BANKRATE.COM® 货币市场账户、储蓄及定期存款

主要银行平均收益率

2026年8月4日，星期二

类型 货币市场账户 1个月 2个月 3个月 6个月 1年 2年 2.5年 5年 全国平均 储蓄 0.43 0.92 1.08 1.38 1.86 2.02 1.80 1.57 1.73 大额存单 1.12 0.50 0.51 1.45 1.67 1.99 1.80 1.50 1.67 周变化 储蓄 -0.01 0.00 -0.01 0.00 0.01 0.02 0.01 大额存单

消费者储蓄利率

以下为Bankrate.com根据每周最高收益率调查，提供的全国范围内联邦保险的顶级报价。如需最新报价及对这些金融机构的评论，请访问bankrate.com / banking / reviews。信息虽经核实，但不保证准确性。 高收益储蓄

银行 收益率 银行 收益率 电话号码 最低存款 (%) 电话号码 最低存款 (%) 货币市场账户 六个月定期存款 Newtek银行 $0 4.20 Limelight银行（Capital Community Bank分支） $1,000 4.15 888-681-7238 800-639-6015 Pi银行 $0 4.10 Popular Direct $10,000 4.15 877-678-0888 800-274-5696 Peak银行 $100 4.01 Rising银行 $1,000 4.05 866-484-5705 888-222-9484 一个月定期存款 一年定期存款 Eagle银行 $1,000 3.65 E*Trade 4.40 301-986-1800 800-387-2331 FinWise银行 $500 2.68 Eagle银行 4.25 801-545-6000 301-986-1800 Lone Star银行 0.20 Popular Direct $10,000 4.25 713-358-9400 800-274-5696 两个月定期存款 两年定期存款

货币市场账户

六个月定期存单

印度国家银行加州分行 $1,000 3.75 Popular Direct $10,000 4.45 877-707-1995 800-274-5696 FinWise Bank $500 2.68 Merrick Bank $25,000 4.35 801-545-6000 866-638-6851 Lone Star $1,000 0.20 ETrade $0 4.30 713-358-9400 800-387-2331 三个月定期存单 五年定期存单 Northern Direct $500 4.00 Popular Direct $10,000 4.50 844-348-8996 800-274-5696 WebBank $2,500 3.96 ETrade $0 4.35 844-994-2265 800-387-2331

Bask Bank（德克萨斯首都银行子公司） $1,000 3.95 Sallie Mae $2,500 833-260-4320 877-346-2756 高收益大额存单-最低存款$100,000

Credit One, NA $100,000 4.00 Credit One, NA $100,000 4.05 877-825-3242 877-825-3242 EverBank 3.80 4.05 888-882-EVER BankFive 3.65 Luana Savings 4.04 508-679-8551 800-666-2012 一个月定期存单 一年定期存单 of Hope 0.20 855-325-2226 Lone Star 713-358-9400 美国空军联邦储蓄银行 $100,000 0.05 Luana Savings 4.04 800-531-8722 800-666-2012 两个月定期存单 两年定期存单 4.30 Applied 0.05 4.09 888-839-7952 Citizens Trust 0.01 3.95 888-214-3099 三个月定期存单 五年定期存单 3.75 Washington Savings $100,000 3.60 Quorum Federal Credit Union $100,000 4.15 978-458-7999 800-874-5544 2.80

调整后息税前利润率从 7.0% 提升至 8.5%

该公司报告第二季度集团调整后息税前利润（adjusted EBIT）为 5.70 亿欧元，较上年同期的 4.22 亿欧元增长，利润率为 12.9%。销售额下降 9.1% 至 44.1 亿欧元，主要原因是公司于 2 月出售了其原始设备解决方案业务。公司汇总的市场预期预计调整后息税前利润为 5.394 亿欧元，利润率为 12.2%，销售额为 44.1 亿欧元。

【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】

投资者对芯片股设定更高门槛

半导体指数短暂跌入熊市

尽管业绩强劲

作者：杰克·皮彻

韩国存储芯片制造商SK海力士上月底公布截至6月30日的季度利润约为650 亿美元亿美元，较去年同期增长13倍。海力士在90天内赚取的利润几乎相当于其自IPO以来29年的总和。

该公司股价在业绩公布后下跌了8.7%。

尽管该报告在几乎所有指标上都表现优异，但仍未达到华尔街对芯片公司的极高预期。

投资者普遍奖励业绩强劲的公司。包括卡特彼勒和Palantir在内的公司积极业绩推动主要指数周二上涨，道琼斯工业平均指数上涨1.7%，约907点，创下历史新高，并首次收于54000.点以上。标准普尔500指数上涨1.8%，纳斯达克综合指数飙升2.6%，四个交易日累计上涨8.8%，创下自2025年4月以来的最佳表现。

但随着华尔街分析师不断调高对存储芯片公司的预期，跨越这一门槛已成为更大的挑战——尽管人工智能公司对计算能力的无尽需求已导致半导体短缺，并推动制造商的利润——

SK海力士*

周二市场表现

AMD股价因马斯克承诺使用英伟达而下跌

作者：罗比·惠兰

尽管高级微器件（AMD）公布了创纪录的季度销售额，但其股价在周二盘后交易中仍下跌超过8%。

在周二下午的对决财报电话会议中，AMD强调了其——

**阿里·海德尔 / **

沙特阿拉伯石油公司销售和生产的原油减少，但其利润因油价飙升而大幅增长。

沙特阿美利润达330 亿美元亿美元

接上B1版

在伊朗战争期间，石油收入的增长缓解了沙特政府财政多年来的困境，此前其支出膨胀，油价长期徘徊在每桶$60美元左右。

战争爆发前，沙特政府已开始削减部分最昂贵的项目，取消了耗资数万亿美元的未来新城Neom的大部分建设计划。

在截至6月的三个月内，沙特阿美的原油平均售价约为每桶$108美元，较一年前的每桶$67美元上涨超过60%，根据其季度报告。总碳氢化合物产量——

同比估算季度收入

2026 2025

博通 （9月2日报告）

AMD （昨日已报告）

闪迪 （周三报告）

-$23百万

0 亿美元亿美元 2 4 6 8 10 12

*已换算为美元

其利润飙升。

在费城半导体指数中，已有略超过一半的公司公布了第二季度业绩，利润较去年同期整体增长144%，根据LSEG的数据。与此同时，费城半导体指数自6月22日创下历史新高以来已下跌约17%，并短暂进入自2024年以来的首次熊市区间。

“前所未有的”利润增长在本轮财报季前已基本被投资者消化，Janus Henderson研究分析师肖恩·巴基表示。“仅仅公布数据已经不够，你必须真正让人震撼。”

芯片公司已从投资者最初的失望中部分恢复。半导体指数周二上涨6.6%，较上周三抛售低点反弹17%，领涨者为SK海力士。

如今，多头希望更多业绩能延续这一势头，数家大型芯片制造商即将公布——

“前所未有”的

利润增长 已在很大程度上 被投资者 计入价格。

PHLX半导体指数

数据中心芯片，而马斯克 则称赞其最大竞争对手、 市场领导者英伟达。 “展望未来，我们已决定 完全基于英伟达进行建设， 因为我们认为Blackwell架构 是最佳架构，”马斯克告诉 投资者，解释其在人工智能 计算基础设施方面的投资 战略。就在今年5月，马斯克 还表示他的两大主要

碳氢化合物（包括原油、 天然气和天然气液体，如乙烷 和丙烷）出口量下降了约四分之一。 今年3月霍尔木兹海峡 实际关闭后，该公司将更多石油 通过王国的东西管道向西输送至 红海港口延布，从而绕过 这一海上咽喉要道。从延布出发， 油轮将原油 向南运送通过 曼德海峡至亚洲客户， 或向北通过苏伊士运河 至欧洲买家。 整体而言，沙特阿拉伯 6月通过海运出口的原油为 每日460万桶（460万）， 而战前2月的出口量为 每日730万桶（730万）， 根据总部位于巴黎的 国际能源署 最新数据。 沙特阿拉伯石油公司 上游生产业务的收益 因原油价格上涨而增长。 与此同时，其下游业务收益 较上年同期几乎翻番， 得益于润滑油等 精炼油产品的高利润率。

商业与金融

报告的公认会计准则净收入

2026年第二季度 2025年第二季度

三星 电子*

美光 科技

0 亿美元 10 20 30 40 50 60

即将到来的几天。 近期的抛售与一些泡沫化、 杠杆推动的交易活动明显减少 不谋而合，这些交易活动在今年大部分时间里 推动了与人工智能相关的股票上涨。 上周，散户投资者净卖出了价值超过$60亿的科技股， 这是自2019年以来 任何一周中卖出最多的一次， 根据市场做市商 Citadel Securities 的数据。 与此同时，一家 大型对冲基金 借钱押注 芯片公司和 其他与人工智能相关的股票，被迫 清算其大部分投资组合，以偿还 在股价下跌时要求还款的贷款方。 该基金的许多最大持仓在 有报道称其投资组合上周被出售给另一家更大的公司后出现反弹。 多个指标显示

公司（如特斯拉）可能会继续购买 英伟达和AMD的芯片。 AMD在截至6月27日的季度中报告了$11.5亿的收入， 略微超出分析师的预期和 公司的指引。FactSet 调查的分析师预计季度收入为$11.3亿。 这家芯片制造商报告了连续第五个季度的

截至6月27日，略微超出分析师的预期和 公司的指引。 股价在盘后交易中下跌了9%。 周三发布财报的Sandisk预计 将公布$5.26亿的利润，而一年前同期则亏损了$2300万。 投资者需等到本月底才能看到 全球市值最高的公司英伟达的业绩。 与此同时，巨额盈利增长与 近期股价下跌的结合意味着 多家大型芯片制造商按传统估值指标来看 相当便宜。内存芯片制造商 美光科技和Sandisk的市盈率分别为 未来12个月预期收益的6倍和7倍， 而标准普尔500指数的市盈率为20倍。 “估值已降至 相当有吸引力的水平。 英伟达和台积电现在的市盈率低于标准普尔500指数， 尽管它们是人工智能建设中最关键的企业。”

首席执行官阿明·H·纳赛尔表示，这场冲突已导致全球石油供应减少了26亿桶， 尽管紧急储备释放和替代出口路线减少了净损失， 使其降至约18亿桶。纳赛尔表示， 即使霍尔木兹海峡立即重新开放， 以每天210万桶的平均速度补充全球耗尽的石油库存， 也需要长达18个月的时间。 任何恢复战前正常状态的努力都因 胡塞武装最近威胁要在红海 对沙特阿拉伯实施封锁， 以及针对沙特船只的多次袭击 而变得复杂。 封锁沙特阿拉伯使用 曼德海峡将迫使更多沙特石油 通过更长、更昂贵且技术上更具挑战性的路线， 经由埃及的苏伊士运河绕行非洲。该公司周二表示， 将亚洲货物改道将使航程增加约20至25天。 阿美还可以从延布港运输原油，

$8亿

表明股市杠杆率已从 6月底大幅下降，因为投资者 降低了风险。分析师表示， 这使得芯片股处于更健康的反弹位置， 仓位不再像之前那样极端。 分析师对该行业全年收入和利润 增长的预期在过去一个月内 保持在非常高的水平，但 芯片股的基本面 没有出现其他显著下滑， Ed Yardeni， Yardeni Research 总裁， 在周四致客户的信中写道。 安森美半导体 在周一收盘后报告了超出预期的利润， 但股价在随后的交易日中几乎没有变化。 超威半导体在周二盘后发布了财报。AMD报告了$11.5亿的季度收入

其面包和黄油产品——处理器的销售创下纪录，因为人工智能代理的兴起继续推动前所未有的需求浪潮。

AMD表示，数据中心收入在过去一年中翻了一番，达到创纪录的67亿美元，目前占AMD总收入的58%，高于一年前的42%。

该公司由首席执行官丽莎·苏（Lisa Su）领导，本季度净收入为23亿美元，超出华尔街预期的17亿美元，而营业收入为20亿美元，略低于分析师预期。

AMD在过去一年中急剧转型，以服务运行推理工作负载的客户，即查询AI模型所需的计算类型。

从红海到埃及艾因苏赫纳，然后通过与苏伊士运河平行的苏梅德管道输送至地中海的埃及西迪凯里尔港。不过，该管道的日输送能力为250万桶，而东西管道的全面输送能力为每日700万桶。延布港本身的装载能力为每日500万桶。

7月下旬，伊朗支持的胡塞武装分子袭击了位于吉赞和延布的阿美石油设施，以回应沙特皇家空军对也门沿海省份荷台达的军事目标发动的空袭。

周二，阿美石油表示，其在沙特阿拉伯的部分设施及其附属公司的设施在本季度及随后的7月期间遭到袭击，但这些事件对其财务状况、运营或现金流未造成实质性影响。该公司表示，尽管遭到袭击，生产、国内燃料供应和重大项目仍保持完好。

14000

12000

10000

2026年1月 April Aug.

美国销售增长推动Wayfair股价上涨30%

作者：凯瑟琳·汉密尔顿

Wayfair表示，在经历了新冠疫情后的长期低迷后，其美国业务正显示出复苏迹象。该家具公司称，本季度的销售环比增长使其成为自2020年以来表现最佳的第二季度。

“尽管宏观环境仍存在一些不确定性，且住房周转率低迷，但据我们的数据，这是自2021年以来美国市场首次出现同比持平或略有增长的季度，在疫情后的时代，”首席执行官尼拉杰·沙阿周二在电话会议上对分析师表示。

Wayfair股价周二上涨30%，收于$116.08。营收增长7.5%至$3.52亿。FactSet调查的分析师此前预计营收为$3.47亿。

沙阿表示，美国市场销售额增长9%，是Wayfair疫情后表现最佳的一个季度。他指出，高收入美国人推动了这一增长，Wayfair的奢侈品牌表现尤为突出。

Wayfair的高端家居品牌Perigold本季度销售额增长35%。沙阿表示，Perigold的客户群年均消费额几乎是Wayfair网站普通消费者的三倍。

Wayfair的国际业务复苏情况不及美国，销售额下降1.3%。

Wayfair由去年同期的$15 million利润（每股收益11美分）转为亏损100万美元（每股亏损1美分）。剔除某些一次性项目后，调整后每股收益为95美分。

富裕客户提振汇丰盈利

文 / 成濑康久

汇丰控股（HSBC Holdings）公布第二季度净利润大幅增长，各项业务盈利表现强劲，并宣布重启股票回购计划，规模最高达10 亿美元十亿美元。这家总部位于伦敦的银行周二表示，截至6月的三个月内净利润跃升，超出分析师预期，税前利润在四大核心业务板块均实现增长，其中为富裕客户提供财务支持的业务增幅尤为显著。汇丰计划启动最高10 亿美元十亿美元的股票回购，预计将在公布第三季度业绩时完成。此前，汇丰曾暂停回购三个季度，以重建资本缓冲，应对去年10月宣布将旗下长期控股的香港规模较小的恒生银行私有化可能带来的损失。今年1月，汇丰完成了近140 亿美元十亿美元的收购要约。

汇丰的大部分利润来自亚洲，该行还上调了今年银行净利息收入预期，预计至少达到460 亿美元十亿美元，与之前预估的约460 亿美元十亿美元相比有所提高。在首席执行官乔治·埃尔赫德里（Georges Elhedery）的领导下，汇丰正进行全面组织架构调整，削减成本并简化运营。埃尔赫德里推动银行聚焦优势领域：英国和香港的零售银行业务、为大型企业充当全球市场桥梁，以及为富裕客户提供财务服务。近期，汇丰已同意将埃及零售银行业务出售给阿联酋国民银行（Emirates NBD），将价值250 亿美元十亿美元的澳大利亚住房和个人贷款组合出售给私募股权公司黑石集团，并以21 亿美元十亿美元的价格将新加坡寿险和健康险业务出售给安联集团（Allianz）。“汇丰正成为我们致力打造的更强大的银行，”首席执行官乔治·埃尔赫德里表示。其在香港上市的股票近期屡创新高，受益于市场对银行重组努力的持续看好，以及对中美贸易紧张局势缓解的预期。该股今年以来上涨约36%，较2025.年初累计上涨61%。汇丰第二季度净利润同比增长68%，至76.9 亿美元十亿美元，超出数据提供商Visible Alpha对分析师调查中73.6 亿美元十亿美元的预期。去年同期业绩受拖累于与联营公司交通银行相关的21 亿美元十亿美元损失。

国际财富与私人银行业务税前利润增长53%，至10 亿美元.385十亿美元；公司与机构银行业务税前利润增长30%，至31.9 亿美元十亿美元。香港和英国业务的税前利润也实现增长。净利息收入——即贷款利息收入与存款利息支出之差——增长9.0%，至92.9 亿美元十亿美元，而净手续费收入增长7.2%，至35.6 亿美元十亿美元。汇丰第二季度预期信贷损失及其他减值拨备为10 亿美元.1十亿美元，与去年同期基本持平。

76.9 亿美元十亿

数据来源：FactSet

汇丰净利润

2.6

2.0

-5

日本银行或成阻止日元贬值的唯一力量

日本当局发现自己不得不一次又一次地入市干预，以支撑日元汇率，这一次还得到了美国政府的协助。为了摆脱这种“修剪草坪”的困境，日本——尤其是日本银行——必须从根本上解决日元疲软的问题。

从某个角度来看，日元似乎被低估了。任何近期去过日本的人都会对当地的廉价商品赞不绝口。这与15年前日元被高估的时代形成了鲜明对比，当时1美元仅能兑换约80日元，前往日本旅行是一笔令人痛苦的开销。

那么，当1美元能兑换两倍的日元时，为何日元仍面临持续的抛售压力？答案似乎是财政和货币政策方面的担忧共同作用的结果。

在财政方面，首相高市早苗不太可能改变现有路线。与前首相安倍晋三一样，她坚信需要通过刺激措施来维持经济增长，并进一步将日本拉出长期通缩的泥潭。

因此，高市早苗不太可能支持任何形式的紧缩政策来支撑日元。事实上，她刚刚宣布了一项将食品消费税削减15%的计划。如果这位女士不打算转向，那么

15%

-15

你可能既不富有，也没有足够的人脉，让一位24岁的年轻人烧光你的积蓄。但上周对冲基金Situational Awareness的崩盘仍有值得借鉴的教训。其中一点是，投资者可能过于轻易地原谅和遗忘，只关注高额收益而忽视了鲁莽行为。曾遭受挫折的基金经理Leopold Aschenbrenner（其姓氏意为“焚烧灰烬者”）可能会像凤凰一样涅槃重生。曾管理的账面价值在某种程度上被视为一种资历。Aschenbrenner的基金在暴跌和火速抛售前曾管理约450 亿美元 billion资产。显然，某些富人

2.4

丰富的天然气资源、广阔的土地以及支持性的政治环境，曾是数据中心纷纷涌向德克萨斯州的原因。但如今，情况变得不那么明朗了。周一下午，德克萨斯州州长格雷格·阿博特指示该州电网运营商和公用事业监管机构对所有申请并网的数据中心进行“全面核查和审计”，并表示在该流程完成前，不得批准任何新的数据中心。这暂停了德克萨斯州6月启动的一个名为“Batch Zero”的新流程，该流程旨在加快数据中心的并网申请。

股票聚焦

BP 这家能源公司公布了强劲的利润增长，得益于石油交易业绩强劲和油价上涨。同时，该公司还将其美国生物沼气业务挂牌出售。股价下跌4.9%。

汇丰银行 这家英国银行公布了更高的季度利润，并宣布回购10 亿美元 billion股票，但其规模令部分投资者失望；股价下跌0.8%。

普洛斯与Segro 仓储地产公司普洛斯同意以188 亿美元 billion收购其英国竞争对手Segro。Segro股价上涨1.4%，而普洛斯股价下跌3.5%。

35%

街谈巷议

需要更高的利率来弥合与美国不断扩大的收益率差距

美国与日本2年期国债收益率差距

3.0个百分点

2.8

2.2

2026年1月 8月 5月

资料来源：FactSet

日元近期的下跌在很大程度上与美日两国货币政策预期差距不断扩大有关。市场目前认为美联储可能在不久的将来加息，而日本银行则被认为会更加谨慎地行动。日本银行只需在9月的下一次政策会议上加息——此前6月已进行过一次加息——即可轻松改变这一看法。

2月下旬伊朗战争爆发后，市场开始预期加息的可能性更高

我们热衷于押注陨落的投资明星

被赋予如此多期望的人是否特别？一所常春藤盟校的毕业生致辞代表，绰号“AI界诺查丹玛斯”，想必非常聪明。

两者都可能成立，但并不意味着他能复制并维持早期的成功。

或许最能说明书呆子崩盘的故事是罗杰·洛温斯坦的《天才的失败》。这本书讲述了对冲基金长期资本管理公司（Long Term Capital Management）的故事，该公司在1998年崩溃，其团队可能拥有史上最高智商，包括两位诺贝尔奖得主。

强势的二次表现似乎能证明陨落的明星仍有

德克萨斯数据中心政策急转弯冲击电力股

数据中心。

德克萨斯州发电厂所有者的股价在周二遭遇重挫。Vistra下跌8%，而NRG Energy则下跌15%。NRG还在周二上午公布了逊于预期的财报。

独立发电商如Vistra和NRG有望从更快的互联流程中受益，这将有助于提升所有发电商的电价。在

季度利润激增76%，并上调了全年盈利预期，但该股在日本市场下跌。

诺和诺德 其在美国上市的股票收盘下跌6%，原因是其新型减肥药Wegovy的销售不及预期，以及下一代减肥药物的研究结果令人失望。

Wayfair 该公司股价飙升30%，因其美国家具业务在新冠疫情后长期低迷后显现复苏迹象。

首相高市早苗不太可能支持紧缩措施。

美联储加息对其影响较大，而对日本银行的影响则较小。例如，美国2年期国债收益率已从2月底的3.39%上升至近期的约4.25%。

2年期日本国债收益率的上升幅度较为温和。结果是，美国国债与日本国债之间的收益率差距已从战前的约2.15个百分点扩大至上周的约2.8个百分点。

同期，日元对美元贬值近5%。这表明日本银行的紧缩政策对于遏制

魅力重现，但这可能是假象。洛温斯坦的书未能及时收录的是，LTCM老板约翰·梅里韦瑟又募集了一只新基金。该基金最初表现良好，但随后因重大押注失利而关闭。

另一位与梅里韦瑟同时期两度亏损大部分投资者资金的经理人是维克多·尼德霍夫。他的基金此前曾是顶级表现者。

再次大获成功可能与投资风格和风险偏好关系更大，而非投资技巧。投资者被这些突出的表现所吸引，即使

在周二的财报电话会议上，NRG表示“曲线外”的电价（指期货定价）仍然低迷，部分原因是对互联延迟的担忧。

对电网连接的严格审查对生产离网电力设备的公司构成利好。

发动机制造商Innio和卡特彼勒的股价分别上涨10%和6%。卡特彼勒股价

10%

-10

NRG Energy股价周二下跌；Vistra股价下跌8%

货币与投资

周三重要事件： 美联储发言人： 美联储理事丽莎·库克

经济数据： 美国能源信息署每周石油状况报告； 美国服务业PMI；全球服务业PMI； ADP就业调查

预计公布财报的公司： 优步科技 华特迪士尼 礼来 闪迪 卡夫亨氏 CVS健康 DoorDash 凯雷集团 新闻集团 《纽约时报》 亿客行集团 诺和诺德

本周股价及指数表现

周一 周二 0

Palantir股价因业绩上涨

Palantir

缓解跌势。 诚然，日本的通胀看起来并未失控；6月整体消费者物价指数同比上涨1.7%。但日本银行自身预计，由于油价上涨，这一数字将会攀升。在上次会议后的声明中——会上维持政策利率在1%不变——日本银行表示，通胀可能在下半年加速超过2%的目标。 疲软的日元通过推高进口能源成本加剧了这一影响。这应当为

成为经理人过去的污点。 好消息是，灾难性的追加保证金通知通常不会发生在共同基金上。坏消息是，相当多的资金会因明星经理人遭遇低谷而损失，因为投资者大多是在其成名后才蜂拥而入。 比尔·米勒和凯茜·伍德在巅峰时期管理着规模庞大的投资组合。他们的明星地位源于与市场不同的非传统押注，这些押注在一段时间内表现良好。 但这种策略也可能带来双重风险。当基金从最佳变为最差时，

也因业绩好于预期及前景上调而上涨。 雅培将于今年晚些时候面临连任选举，并已将数据中心作为“以保护电网可靠性、水资源和得克萨斯州消费者为核心的选举年议题”，据研究公司ClearView Energy Partners称。根据ClearView的说法，可能“在11月3日选举日前完成审计并重启审查的政治动力不足”。得克萨斯州相关电力股的前景可能将持续不明朗，直至选举结束。 ——李金珠

阿波罗私募股权业绩疲软

阿波罗全球管理公司 的私募股权部门第二季度 业绩疲软，与其部分 最大竞争对手形成对比。 私募资本巨头 阿波罗报告称，第二季度 其核心投资部门实现的 业绩报酬为130美元， 较上年同期下降约40%。 该公司提到“某些旗舰 私募股权及混合基金的 退出活动”“审慎延迟”， 指的是私募股权公司 寻求退出投资时面临的 严峻环境。 自年初以来，私募股权 整体陷入低迷

纳斯达克综合指数

一些人认为，日本银行之所以犹豫，是因为担心日本政府债务利率上升会进一步削弱该国的财政状况。日本的债务规模高达国内生产总值的200%，这一数字广为人知。

但事实是，日本的基本财政状况比许多人想象的更为稳健。考虑到政府持有的巨额金融资产，净债务与国内生产总值的比率仅为这一数字的一半左右，而凯投宏观（Capital Economics）的分析师预计，到2028年，这一比率将降至80%。

此外，对于任何担忧日本财政可持续性的人来说，日元市场信心崩溃应是他们最不愿看到的局面。即使是曾被认为在2022年向日本银行施压以维持宽松政策的、以增长为导向的首相，如今也应认识到，稳定日元已成为支撑该国更广泛增长叙事的首要任务。

幸运的是，日本银行可以采取明确的行动路径。如果美联储在9月中旬采取行动——目前大多数市场参与者预期如此——这一路径将变得更加清晰。在这种情况下，日本银行在数天后召开会议时，几乎别无选择，只能跟进。 ——亚伦·巴克

RODRIGO REYES MARIN / 许多人在上述上升周期的后期阶段退出，并实际亏损。业绩图表并未显示这些个人的、以美元计价的损失。而由于明星经理人在辉煌时期积累的声誉，总有人愿意在其复出时押注。但他们是真有实力，还是仅仅靠运气？研究表明，需要数年甚至数十年才能有把握地判断。

你能了解的是一位经理人的投资风格。如果波动的回报可能让你恐慌性抛售，那么不妨寻找一位风格不那么激进的经理人。 ——斯宾塞·雅卡布

股价表现，过去三天

Vistra NRG Energy

周五 周一 周二

2022年，当美联储开始加息，该行业的募资和退出活动开始下降。

与此同时，黑石集团早些时候表示，其私募股权业务受益于其在人工智能领域的投资。KKR也表示，其管理的私募股权基金出售公司带来的费用相关收益大幅增长。

在其主投资业务板块，阿波罗全球管理公司报告称，可分配给股东的基于业绩的利润为$16百万，较上年同期下降约66%。这一表现也低于分析师预期的$70.6百万，根据FactSet的数据。

阿波罗全公司范围内的费用相关收益在第二季度达到$7.85 亿，较上年同期增长25%。 ——安娜玛丽亚·安德里奥蒂斯

Page 1

DJIA 54085.88 À 907.47 1.71% NASDAQ 26584.99 À 2.6% STOXX 600 656.86 À 0.7% 10-YR.TREAS. À 14/32, yield 4.625% OIL $75.77 g $4.57 GOLD $4,095.40 À $61.70 EURO $1.1532 YEN 157.73

What’s

News

Business&Finance

Elon Musk outlined ambi- tious targets for SpaceX, in- cluding launching data centers in space in 2027 and reaching $1 trillion in revenue, as part of his first address to investors since the company’s IPO. A1

Major U.S. stock indexes continued their climb, with the S&P 500, Nasdaq and Dow rising 1.8%, 2.6% and 1.7%, respectively. B11

The Saudi Arabian Oil Company delivered bumper profits through the first months of the Iran war, de- spite unprecedented disrup- tions to its operations. B1

Some Bilt cardholders were hit with collections notices for overdue balances that weren’t theirs, reports that hurt their credit scores. B1

McDonald’s chose a U.S. leader to help boost sluggish domestic sales and improve service and quality at the world’s biggest burger chain. B1

Paramount’s streaming service continued to grow in the latest quarter, helping to offset another sales decline for its television unit. B3

Procter & Gamble will buy supplement company Thorne for $3.8 billion, reinforcing P&G’s presence in the beauty and wellness industry. B3

Lufthansa shares fell more than 8% in Frankfurt after the airline group booked a steep drop in second-quarter profit and turned more cautious on its full-year guidance. B2

OpenAI will pay $3.2 mil- lion to settle claims by the Justice Department that it discriminated against U.S. workers by allegedly favor- ing temporary visa holders from other countries. B2

Worldwide

Iran has staked every- thing on controlling the Strait of Hormuz, gambling that Trump will prefer a messy, volatile stalemate over an all-out war. A1, A6

Votes were being counted in the Michigan Senate pri- mary, where the fight be- tween Abdul El-Sayed and Rep. Haley Stevens was seen as a referendum on the Dem- ocratic Party’s identity. A5

An armed man observing security operations at Trump’s golf course outside Los Angeles was arrested Sunday, days before the president was set to travel there, authorities said. A3

A 37-year-old Spokane res- ident was arrested on a first- degree arson charge related to one of three major wildfires burning in eastern Washington state that have so far scorched thousands of acres. A3

A divided Senate Judiciary Committee advanced Todd Blanche’s nomination to be attorney general, after he committed in writing to killing a $1.8 billion fund that had rankled key Republicans. A3

This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.

The Trump administration released guidelines that would bolster Medicaid’s oversight of autism therapy, focusing on a business being scrutinized by federal investigators. A2

The 2025 Eaton Fire in Los Angeles that killed 19 people and destroyed thousands of buildings was caused by South- ern California Edison equip- ment, fire officials said. A5

Russia is coercing more fighting-age men into mili- tary service to boost the flag- ging ranks of its army. A8

CONTENTS Arts in Review..... A12 Business&FinanceB2,B10-11 Business News...... B3 Crossword................. A11 Heard on Street.. B12 Markets Digest...... B9

Opinion................ A13-15 Personal Journal A10-11 Property Report.... B6 Sports.......................... A16 Technology................ B4 U.S. News.............. A2-5 World News........ A6-8

At 97 Years Old, She’s Still Just Winging It

ZUMAPRESS.COM (3)

Musk Sets Target of $1 Trillion

For SpaceX Revenue by 2030

For first quarter after IPO, rocket firm posts net loss, 92% rise in sales

BY BECKY PETERSON

Elon Musk on Tuesday out- lined ambitious targets for SpaceX, including launching data centers in space in 2027 and reaching $1 trillion in rev-

PERSONAL JOURNAL ‘Spider-Man’ stars Tom Holland and Zendaya are spinning box-office gold. A10

He Turned His

Solitude Into A Movement

i i i One man’s plan to talk to strangers has taken off

BY MATHYLDA DULIAN

Fin Colleton spent the early days of the pandemic like many people: alone in an empty house, isolated from anyone for three months at a stretch. So he made a sign reading “How’s your day go- ing?”, walked to a Philadelphia park and waited. What could go wrong? Against the odds, strangers stopped and talked. He re- turned again and again, each time with a new sign bearing another conversation prompt. People kept stopping. A sign evolved into chairs; chairs evolved into a table. It PleaseturntopageA11

enue in 2030, as part of his first address to investors since the company’s IPO. The statement from the bil- lionaire entrepreneur and SpaceX chief executive fol- lowed an earnings report that showed sharp growth in reve- nue across the company’s three business lines: space, connectivity and AI. Revenue for the world’s biggest rocket launcher and satellite-internet provider in the second quarter

INSIDE

BUSINESS & FINANCE McDonald’s picks new head of its U.S. business to improve service and quality. B1

ICE Scours Internet

To Reveal its Critics

Agency says surveillance seeks threats to agents; others see speech curbs

BY HANNAH CRITCHFIELD AND SHANE SHIFFLETT

For Tired_Thumb, no sub- ject seemed off limits—until the Reddit user crossed a Homeland Security red line. From January to mid Feb- ruary, the account posted 116 comments in 40 subred- dits, covering everything from fireplace tiling to folk punk. Tucked among the posts were three that criticized immigration agents. By March, Tired_Thumb was embroiled in a constitu- tional legal battle. In recent months, ICE has deployed a round-the-clock digital dragnet to scour the public internet—from Face- book to Instagram to X—for

HIGH FLIER: A year after suffering a stroke, Betty Bromage of Cheltenham, England, became the oldest- ever female wing-walker, breaking her own record on Tuesday. It was her sixth wing walk since turning 87.

totaled $7.8 billion, up 92% from the same period last year. SpaceX, which raised $86 billion in a record-setting ini- tial public offering in June, re- ported a net loss of $541 mil- lion. Its capital expenditures hit $18.4 billion for the quar- ter, up from $2.8 billion the prior year. SpaceX shares closed Tues- day up more than 9%. But fol- lowing the report and call, shares were down more than

Lied on a Caltech Application?

The ‘Fraud Squad’ Is Watching

BY ROSHAN FERNANDEZ

At California Institute of Technology, a little-known band of admissions officials is scrutinizing the fonts on sci- ence-fair certificates, checking addresses on high-school tran- scripts and analyzing signa- tures on awards. Known as the “fraud squad,” these investigators are in charge of vetting applica- tions to the highly selective STEM-focused school, which

speech that could endanger the agency’s mission. The government has paid mil- lions to private contractors to surface everything from potential threats to agents to activities that could dis- rupt ICE’s operations, ac- cording to federal docu- ments, contractors and former Homeland Security Investigations agents. The program has en- snared U.S. citizens and ac- tivist groups that alert com- munity members about ICE activity. Contractors prepare daily reports and dossiers on threat actors, identifying the poster’s name, location, date of birth, workplace, Social Security number, vehicle registration and criminal PleaseturntopageA9

8% in after-hours trading. In a roughly hourlong call with analysts, Musk touted goals for the company such as SpaceX hitting $1 trillion in revenue by 2030, moving up its previous projection to hit that goal in 2031. And similar to Tesla earnings calls, Musk and other executives answered questions from individual in- vestors. Musk has a history of shar- PleaseturntopageA9

admitted less than 4% of its 11,400 applicants for the in- coming class. Caltech created the team two years ago partly in response to a rising number of anonymous accusations of dishonest submissions. The four-person team in- spects every admitted stu- dent’s application, taking nothing for granted. They scour the internet to confirm obscurities, contact competi- tion officials and high-school counselors and use a video-in-

Iran Bets

All of Its Chips on Control Of Strait

Tehran’s maximalist stance poses risk of new escalation with U.S., economic harms

Iran’s leadership has made a high-stakes calculation in its showdown with President Trump: maintaining control over the Strait of Hormuz is a nonnegotiable red line.

By Omar Abdel-Baqui, Benoit Faucon and Alexander Ward

By asserting authority over a critical waterway for global crude-oil flows, Tehran is bet- ting that its ability to inflict pain on the U.S. economy is its best leverage to avoid future military action from the U.S. and Israel. With gasoline prices and inflation elevated, Tehran believes that Trump, a Republican, will ultimately ac- cept its terms ahead of fast- approaching midterm elec- tions that could determine the future of his presidency. But centering its strategy on controlling the strait is an extraordinary gamble. It as- sumes Trump will prefer a messy, volatile stalemate over an all-out war. In playing this card so aggressively, Tehran risks miscalculating Washing- ton’s breaking point and threatening its own economic survival. “Their maximalism will con- tribute to their isolation in the long run,” said Behnam Ben Taleblu, an Iran expert at the Foundation for Defense of De- mocracies, a policy organiza- tion that opposes Iran’s rulers. There are fissures from PleaseturntopageA6

Hormuz opening in limbo after new strikes.............. A6 Jordan pays the price for its alliance with U.S......... A7

terview program to suss out students’ research claims. At elite colleges such as Caltech, admissions have be- come more competitive and applications are increasingly complex. Some request long lists of accolades—research, competitions, awards and in- dependent projects—that col- leges can find harder to verify than grades and test scores. At the same time, technol- ogy like artificial intelligence PleaseturntopageA2

Page 2

THE WALL STREET JOURNAL

BY NICK TIMIRAOS Why Bessent Leans on Fed to Help Japan

A little-used Federal Reserve backstop built for the 2020 dol- lar shortage is being put to a use it was never designed for: bankrolling Japan’s defense of the yen. Treasury Secretary Scott Bessent wants the back- stop made bigger. Japan said Monday it planned to draw on the facility, a day after Bessent publicly en- couraged the Fed to expand it. The arrangement would let To- kyo raise dollars to halt the yen’s slide without selling the U.S. government debt that would otherwise pay for it. At issue is a lending pro- gram created when the Trea- sury market faced severe strains at the onset of the Covid pandemic. Banks and compa- nies outside the U.S. that had borrowed heavily in dollars found that funding drying up and turned to their own central banks for help. Those without access to the Fed’s dollar-lend- ing network for close allies had one obvious source: selling Treasurys into a market that was already struggling to ab- sorb them. The Fed facility let them borrow dollars against those holdings instead. Japanese officials have in- dicated they will use the pro-

ADAM AMENGUAL FOR WSJ

The Caltech admissions-office ‘fraud squad,’ from left: Nic Lee, Ashley Pallie, Johanna Araujo and Jonah Magill.

‘Fraud

Squad’ Vets Applicants

ContinuedfromPageOne

makes it easier to falsify sub- missions. And for young peo- ple, the stakes often feel higher than ever. “I don’t think everyone’s ly- ing,” said Nic Lee, senior as- sistant director of undergrad admissions and a fraud-squad member. But “I can’t let a small portion of the pool of our admits ruin all the great- ness in the other percentage.” Many schools review appli-

CORRECTIONS AMPLIFICATIONS

Rep. Max Miller (R., Ohio) and Emily Moreno divorced in 2025. A U.S. News article on Monday about Miller’s bid for re-election incorrectly said they divorced in 2024.

U.S. NEWS

Anti-Christian behavior in

Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling 888-762-5450.

¥50

(USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)

Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036

Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices.

Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.

All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order.

Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com

gram to raise the dollars they sell for yen without liquidat- ing the Treasury portfolio that would otherwise pay for the intervention. Bessent said the Fed could help by raising the $60 billion limit on how much any one counterparty can borrow. “We would encourage it to be up- sized in the coming months,” Bessent wrote in a social-me- dia post. Japan held roughly $1.1 tril- lion in Treasurys at the end of May, so the cap, not the size of its portfolio, is what currently limits how much it can raise this way. Lifting it would let To- kyo turn more of its holdings into dollars quickly, and with- out selling them. Bessent’s request represents an early test of how Fed Chair- man Kevin Warsh intends to draw the line between the cen- tral bank and the administra- tion that installed him. Raising the cap is subject to approval by at least a subset of the Fed- eral Open Market Committee, the 12-person body that sets interest rates and oversees monetary policy. A Fed spokes- man declined to comment. The committee typically en- gages such tools if a clear mar- ket-functioning or financial- stability risk threatens to

cations for accuracy but tend to dig deeper only when something seems off, such as if a student’s essay mentions an award-winning robotics team but the recommendation letters don’t. Caltech’s system is more for- mal and rigorous. Unlike many peer institutions, the school doesn’t charge incoming stu- dents an enrollment deposit—if you say you are coming, they believe you, said Ashley Pallie, Caltech’s dean of undergrad ad- missions who helped conceive the fraud squad. The school wanted to apply those same in- tegrity principles throughout its admissions process. Before the fraud squad ex- isted to check applications, “there was an asterisk as well, like we’re pretty sure,” Pallie

Israel has tested the support of that country’s staunchest allies in the U.S. A sidebar to a World News article on Tuesday about hostile behavior toward Christians in Israel incorrectly said it was testing the support of Iran’s allies in the U.S.

The Pressure Behind U.S. and Japan Teaming Up to Buy Yen

How many Japanese yen $1 buys

’05 ’10 ’15 ’20 ’25 1985 ’90 ’95 2000

Source: FactSet Note: Month-end data. Scale inverted to shows yen's appreciation.

Scan this code for five charts that tell the story: Japan is worried about inflation, while the U.S. doesn’t want Tokyo to sell Treasurys. Their joint move to boost the yen marks a historic intervention in currency markets.

impair monetary policy, a bar that current conditions don’t appear to meet. The ask can be read two ways. As a signal to markets that Tokyo’s limited tools are less limited than they look, it is shrewd posturing at no cost. As pressure on the cen- tral bank, it invites scrutiny of where Treasury’s authority ends and the Fed’s begins—a boundary made more delicate

said. “This is just saying we are 100% sure.” Officials had seen an in- crease in anonymous accusa- tions that an applicant mis- represented themselves, Pallie said. “There’s a lot of policing that’s going on, and a lot of accusations,” Pallie said. “The rise in that is also fueling this belief that, like, ‘Oh, these kids are just lying their way in.’ ” Sara MacKenzie, director of admissions at the University of Illinois Urbana-Champaign, has seen essays that say “gener- ated by ChatGPT” at the bot- tom on rare occasions. Swarth- more College was recently unable to corroborate a few applications claiming an aston- ishing number of academic and athletic feats, said admission director Isthier Chaudhury. It didn’t admit those students. Admissions officers at Caltech and nationwide stress that most applications are truthful. Still, Caltech needed a system to make sure a “hand- ful” of dishonest applicants didn’t sneak by. Caltech now asks candi- dates to submit evidence to verify extracurriculars. Exam- ples include a photo of a 16- year-old holding a trophy alongside a parent; a high- school newspaper article about the achievement; or re- forwarding a congratulatory email that Caltech’s own ad- missions team sent them ear- lier, said Jonah Magill, a fraud-squad member. Some applicants even send videos of at-home science projects, which can bring their application to life, said Jo- hanna Araujo, the fraud squad’s leader. Sometimes, the evidence it- self seems doctored. The team has seen so many certificates that it knows what to look for: fonts; inconsistent margins; the right official’s signature; a superimposed name of a stu- dent. They might compare two candidates’ certificates to see if they match.

by the change in Fed leader- ship. Bessent, who speaks reg- ularly with Warsh, made the request publicly Sunday on X. “There are a few things that are odd about it,” said Derek Tang, an economist at Monetary Policy Analytics, a Washington-based consulting firm. “One, that it’s being done in public,” which could be “a way to exert pressure on the rest of the FOMC.”

Other investigation tactics: checking for standardized let- terhead on transcripts and recommendation letters; en- suring counselors actually work at specified schools; and reaching out when teachers send such letters from per- sonal email addresses rather than official school accounts. Last year, Caltech started encouraging students who submitted research papers to complete a video interview to verify their contribution. The software, called VIVA, gener- ates customized questions, and candidates record rapid- fire, 60-second responses. It offers most applicants an opportunity to nerd-out over a project they are proud of, and can boost an application, Pal- lie said. “And then for some students, the questions started and you could see the panic,” she added. One student exited the browser after struggling to an- swer, said Terry Crawford, co- founder of the company that makes the interview program. Their parent complained, say- ing the young person couldn’t answer the questions partly because they were one of many co-authors on the paper. “What is more reasonable than asking a kid to talk about something that they said they’ve done?” Crawford said. Caltech faculty help evalu- ate video interviews and ver- ify niche subject material. They might flag a candidate who submitted research that required advanced math—if the student’s transcript indi- cates they didn’t take higher- level courses. “It’s really an investigation, and then an outreach,” Magill said. That is when the fraud squad probes for an explana- tion. It could turn out, for in- stance, that the student taught themself advanced math. Ad- missions officers described nu- merous times where a seem- ingly far-fetched application proved true, and awed them.

Bessent can raise dollars on his own, by issuing Treasury bills and routing the proceeds through the roughly $200 bil- lion Exchange Stabilization Fund. But a defense funded that way is more visible and finite in a way that a Fed backstop isn’t. “If Bessent doesn’t have the Fed on board, then his rhetorical power—the credibility of this threat—is lessened,” Tang said. It comes days after Friday’s joint action, the first time since 1998 that the U.S. bought yen alongside Tokyo to strengthen the currency. Bessent’s Japanese counterpart, Satsuki Katayama, said Monday that Tokyo planned to use the Fed’s Foreign and In- ternational Monetary Authori- ties Repo Facility, or FIMA, to fi- nance future intervention. The operation is designed to avoid the one thing Washing- ton wants to prevent—Japan selling U.S. government debt to pay for the intervention. Cur- rency interventions that aren’t backed by a shift in central bank policy or fiscal policy his- torically buy weeks but can fiz- zle out after that. The prospect of greater firepower from the Fed facility could make it more costly to short the yen. Washington’s stake in the yen runs through the Treasury market. When a country de-

U.S. Open AI Models

Exempt in New Rules

BY AMRITH RAMKUMAR

WASHINGTON—The Trump administration’s new guide- lines for powerful artificial-in- telligence tools exempt open models made by U.S. compa- nies, a gap that marks the White House’s latest bid to en- sure AI tools are safe without slowing down innovation. Under a framework that ad- ministration officials discussed with executives from leading AI companies Tuesday, only makers of closed, proprietary U.S. models that demonstrate state-of-the-art capabilities in cybersecurity and hacking based on performance bench- marks would have to volun- tarily submit those models to the government for testing be- fore they are released, people familiar with the matter said. Open-weight models, whose developers, including Nvidia, make them available to down- load so users can run and cus- tomize them on their own, would be exempt. The general definition of state-of-the-art capabilities could be interpreted differently by makers of closed models and the White House, potentially creating confusion about which models fall into the category, the people said. Tools from An- thropic, OpenAI and Alphabet’s

Guidelines Aim to Curb

Cost of Autism Therapy

BY ANNA WILDE MATHEWS

The Trump administration is releasing new guidelines that would bolster Medicaid’s oversight of autism therapy, focusing on a rapidly growing business that is drawing scru- tiny from federal investigators. The recommendations, from the Centers for Medicare and Medicaid Services, are aimed at state Medicaid agen- cies, but they will likely draw attention from private insur- ers and employers as well. They focus on applied behav- ior analysis, a type of therapy that is supposed to help autis- tic people manage behavior and develop daily living and social skills. A Wall Street Journal in- vestigation found that autism therapy was one of the fast- est-growing services in Medic- aid, the state-run program for low-income and disabled peo- ple, and highlighted lucrative billing practices. Indiana Med- icaid officials barred an au- tism-therapy company after the Journal detailed its billing practices. Last month, members of the U.S. House of Representa- tives Committee on Educa- tion and Workforce sent a letter to another company the Journal investigated,

fends its currency, it buys its own currency and sells foreign reserves. Japan’s reserves are overwhelmingly U.S. Treasurys. A sustained defense financed the conventional way would mean Tokyo unloading them at a moment when the yield on the 30-year U.S. bond has risen to its highest level since 2007. Behind that is a slower-mov- ing problem. A weak yen feeds expectations by investors of higher Japanese inflation, lead- ing them to demand more com- pensation to hold Japanese gov- ernment bonds. Because Japanese institu- tions are the world’s largest cross-border creditors, rising yields at home weaken the case for owning foreign debt and give capital parked in U.S. Trea- surys, German bunds and Brit- ish gilts a reason to come home. The Fed’s insulation from the White House is convention- ally understood to cover inter- est rates because those deci- sions are most vulnerable to political pressure and most con- sequential if politicized. It has never been as clearly drawn around the Fed’s other work, including loans offered to for- eign central banks.

Heard on the Street: Only BOJ can arrest yen’s fall... B12

Google that are among the most powerful available are likely to force those companies to work with the administra- tion, while other companies, such as Elon Musk’s SpaceX, might not have to, they said. The prerelease testing is a core part of a June executive order that marked President Trump’s attempt to address the mounting security risks posed by AI. While the testing is voluntary, industry execu- tives have said it would be risky to bypass the govern- ment review. OpenAI recently delayed its latest class of tools while the administration completed the framework, while Anthropic had two versions of its My- thos model shut down after the White House raised con- cerns about their security. Nvidia and other makers of open-weight models initially will be exempt but might have to eventually submit their tools for testing as they get more powerful, the people said. “Companies that choose to collaborate with the adminis- tration through this frame- work are putting American in- novation, security and cyber defense first,” White House spokeswoman Liz Huston said. Axios earlier reported on the open-model exemption.

seeking documents about its billing practices. The congressional letter, citing the Journal’s reporting, said the committee is “investi- gating whether certain reim- bursement arrangements within the autism therapy in- dustry have contributed to ex- cessive healthcare costs.” The new report says Medic- aid spending on autism ther- apy rose more than fivefold between 2021 and 2025, when it totaled $10.1 billion for Medicaid and the related Chil- dren’s Health Insurance Pro- gram. The outlays grew faster than the number of patients receiving the treatment. The report recommends a floor for how much supervision thera- pists should give lower-level technicians and says they should do at least part of the oversight in person. The CMS suggestions could crimp the practices of applied behavior analysis providers that bill a high number of hours of therapy for nearly ev- ery patient. “If it’s all being done [by] telehealth and it’s not being done by someone who even is in your state, how effective is that?” said Caprice Knapp, principal deputy in CMS’s Medicaid center and primary author of the report.

Page 3

Senate

Committee Advances Blanche

BY SADIE GURMAN

WASHINGTON—A divided Senate Judiciary Committee on Tuesday advanced Todd Blanche’s nomination to be at- torney general, after he com- mitted in writing to killing a $1.8 billion “anti-weaponiza- tion fund” that had rankled key Republicans. The vote was along party lines, with 12 Republicans sup- porting Blanche and all 10 Democrats opposing. It isn’t yet clear whether Blanche has sufficient support in the full Senate to clinch con- firmation, or when a final vote might happen. Republicans hold a slim majority in the Sen- ate, and on Tuesday Sen. Susan Collins (R., Maine) said she wouldn’t vote for Blanche. “While I believe Mr. Blanche is a capable lawyer, the Depart- ment of Justice has become in- creasingly political,” said Col- lins, who is facing a tight race for re-election in November. Blanche, President Trump’s former criminal defense attor- ney, has been leading the Jus- tice Department in an acting capacity since April. The vote came after Blanche won the support of two holdout GOP senators by formally rescinding the fund, which could have been used to pay the president’s allies, and narrowing the scope of tax-au- dit protections the adminis- tration gave to the president, his family and his businesses. Blanche said this relief would only apply retroactively. Blanche’s move doesn’t alter the agreement between Trump and his administration that cre- ated the fund. The fund and the audit protections were a prod- uct of a controversial settle- ment that ended an extraordi- nary $10 billion lawsuit filed by the president against the Inter- nal Revenue Service for a con- tractor’s illegal leak of his tax returns during his first term. The fund faced intense bi- partisan blowback after it was announced in May, including from Republican Sens. John Cornyn of Texas and Thom Tillis of North Carolina, who have clashed with Trump in the past and won’t be return- ing to the Senate. Calling the fund the “payout pot for punks,” Tillis on Tuesday said: “It’s done, it’s been rescinded, and I am satisfied.”

Spokane

Resident Charged In Wildfire

BY JENNIFER CALFAS AND ALYSSA LUKPAT

Authorities arrested a man for allegedly sparking one of several uncontained Washing- ton state wildfires that have so far scorched thousands of acres and forced tens of thou- sands of people to evacuate their homes. The Spokane County Sher- iff’s Office said authorities ar- rested Aaron Farinacci, a 37- year-old Spokane resident, on a first-degree arson charge re- lated to one of three major fires burning in eastern Wash- ington. He was previously con- victed of manslaughter in a separate episode in Arizona, the sheriff’s office said. The Old Trails Fire, which authorities accused him of starting, is one of more than a dozen wildfires that have de- livered the state’s worst fire season in years. Three uncon- tained blazes in eastern Wash- ington have burned more than 10,000 acres and have affected more than 700 structures, au- thorities said. Superior Court Judge Tony Hazel on Tuesday ordered Far- inacci to be held with bail set at $1 million. He is set to be arraigned Thursday and faces up to life in prison and a $50,000 fine if convicted of the state arson charge. A rep- resentative for the county public defender’s office didn’t return a request for comment.

50,000

U.S. NEWS

Gary, Ind., Sees Hope Amid Ruins

Once-bustling city is blowing up blight to pave the way for economic renewal

BY JEANNE WHALEN

GARY, Ind.—For decades, Gordon’s Department Store was a thriving commercial hub in this once-booming steel city. When the local economy began declining in the 1970s, the store closed its doors and sat abandoned and decaying. In the coming weeks, Gary officials will stuff it with ex- plosives and blow it up. The detonation is part of an $80 million blight elimination campaign targeting 7,000 abandoned homes and busi- nesses, in a city that has lost more than half its population since its 1960 peak of 180,000. City plans call for flattening a downtown convention center, a crumbling church and sev- eral nearby buildings. Demolishing the ruins is necessary to spark construc- tion and investment in the hollowed-out city core, Gary’s mayor, Eddie Melton, said in an interview. Gary officials and developers are planning to build a new train station, offices and apartments down- town, with the aim of drawing people and commerce back to the center. The hope is that those proj- ects, along with new invest- ment by the U.S. Steel mill and other employers, can help re- vive Gary’s fortunes, Melton said from City Hall, a few blocks from the mill that re- mains the city’s largest em- ployer despite years of down- sizing. Part of the plan includes resurrecting dormant neighborhoods by refurbishing homes and building new ones. “We have to make way for the future,” Melton told city residents during a recent pre- sentation of the demolition plans, sparking applause.

Housing draw The campaign takes a page from other Rust Belt cities, in- cluding Detroit and South Bend, that have undertaken big blight elimination cru- sades, with varying degrees of success. Gary’s timing is op- portune. Parts of the Midwest are starting to attract new residents after years of popu- lation loss, in part because the region offers affordable hous- ing. Jamillah Taylor, 54 years old, just bought a refurbished ranch house in Gary for $146,000. The three-bedroom, one-bath home was dilapi- dated before an out-of-state house flipper fixed it up, she said. Taylor, who makes about $63,000 a year working nights at a hospital as a patient-care technician, settled on the home after passing on one in the southern part of town that was surrounded by vacant properties. “My sister was like, ‘No, this is not a neigh- borhood!’” Taylor said. The home she purchased is next to one vacant property, but the rest of the block is lively and

BY ALYSSA LUKPAT Armed Man Arrested at a Trump Golf Course

An armed man observing security operations at Presi- dent Trump’s golf course out- side Los Angeles was arrested Sunday, days before the presi- dent was set to travel there, authorities said. Plainclothes agents saw the man, 38-year-old Jeanine John Taele, walking through Trump National Golf Club grounds and taking pictures and vid- eos, the Los Angeles County Sheriff’s Department said Tuesday. Local authorities con- fronted him and detained him after learning that he was be- ing investigated separately for robbery. “The individual was ob- served walking throughout the golf course grounds taking photographs and videos and appearing to monitor security- planning activities,” the sher- iff’s department said. Officials searched his vehi- cle and found a loaded pistol and magazine, in addition to a magazine he was carrying in his pocket. He was arrested

well maintained, she said. “There are people here, they are thriving, they are working in the mills,” Taylor said. Some of her neighbors, she said, work in Chicago, about an hour’s commute away. Gary was founded in 1906 as a company town for U.S. Steel, a few years after the banker J.P. Morgan created the steel giant through a me- gamerger. The city was named after U.S. Steel’s then-chair- man, Elbert Henry Gary, who never lived there. Along with the rest of the country, Gary boomed through the 1920s, faltered during the Great De- pression, and thrived again during and after World War II. Foreign competition and lower-cost steel producers pummeled Gary in the 1970s and 1980s, costing thousands of steelworkers their jobs. Similar trends slammed much of the Rust Belt, but Gary’s re- liance on one industry left it particularly vulnerable. Unemployment hit double digits, and the city’s residents left in droves. The population flight decimated Gary’s com- mercial core, leaving a pha- lanx of abandoned stores and banks along Broadway and thousands of vacant houses around town. “Hiroshima- scale abandonment” is how Stefanos Polyzoides, a Univer- sity of Notre Dame architect helping lead redevelopment plans, describes the city cen- ter. Gary’s population decline has slowed in recent years; the population fell by about 2.6% from 2020 to 2025, cen- sus data show. Violent crime and homicides have plum- meted. Median household income, at $38,731, is about half Indi- ana’s median of $71,957. About a third of the city lives below the poverty line, compared with 12% in Indiana. When Melton became mayor

A Marine One helicopter lands at President Trump’s Los Angeles area golf club on Tuesday.

for carrying a concealed fire- arm and for possessing armor- piercing ammunition. The incident raised con- cerns about the president’s safety in Rancho Palos Verdes, where his golf club is located outside Los Angeles. Trump landed at the golf club on Tuesday afternoon, shortly after the sheriff’s de- partment announced Taele’s

Above, Gary’s historic downtown center; below, a steelworker at U.S. Steel’s plant in the 1950s; and bottom, Mayor Eddie Melton. ‘We have to make way for the future,’ the mayor said.

in 2024, he said he sought ad- vice from Detroit’s then-mayor, Mike Duggan, who had helped revitalize his city by eliminat-

arrest. Taele is at least the second armed man in recent years to be arrested in the vi- cinity of a Trump golf course. Trump traveled to Los Angeles Tuesday for a Republican Na- tional Committee fundraiser. Investigators on Monday searched Taele’s home in Downey, about 20 miles from the golf course, the sheriff’s department said. They found

Population of Gary, Ind.

200,000

150,000

100,000

1910 ’50 ’25 2000

Source: Census Bureau Note: 2025 is an estimate.

ing blighted buildings and curbing the population exodus. As a first step, Melton recalls, Duggan advised him to repair

an “illegally modified AR plat- form rifle,” a pistol, maga- zines, ammunition, body ar- mor, radio signal devices and notebooks containing “con- cerning statements,” authori- ties said. The sheriff’s department said it presented Taele’s case to county prosecutors who would be responsible for filing charges.

broken streetlights and pock- marked roads—changes resi- dents would immediately see and appreciate. Melton quickly fixed nearly 1,000 broken streetlights and doubled the city’s spending on paving. He also ramped up the blight elimination campaign, using state and city funds and a $3 million grant from the Hard Rock Casino, which opened on the outskirts of Gary in 2021. U.S. Steel, recently acquired by Japan’s Nippon Steel, has begun investing $950 million to upgrade the Gary mill, which employs about 4,300 people. It has also pledged to restart a tin mill on the site that will employ 225 workers. FedEx next year plans to open a 300,000-square-foot distribu- tion center that the city says will create 600 jobs.

Volunteer efforts Smaller-scale demolition in Gary’s residential neighbor- hoods, carried out by volun- teers, has already sparked progress. About seven years ago, Jim Wiseman rallied his construction company, Rieth- Riley, and others in the com- munity to donate excavators and crews. Since then they have knocked down 115 blighted homes, helping trigger new construction and renova- tions on those blocks. Driving around the Aetna neighborhood on a recent af- ternoon, Wiseman pointed to the plots he helped clear—and the two- or three-bedroom homes that have been fixed up nearby. He grew up in the neighborhood, which was named for a dynamite manu- facturer that once had a fac- tory there. Tearing down the eyesores “sparked a new energy and sense of pride,” said Wiseman, who lives in nearby Portage, Ind. “It was like a chain reac- tion.”

It couldn’t be determined if he had a lawyer. Taele is being held in a local jail, according to county inmate records. The Secret Service, the Fed- eral Bureau of Investigation’s terrorism task force and the sheriff’s department are in- vestigating the incident, the sheriff’s department said. Trump has faced three as- sassination attempts: When a gunman fired shots outside the White House Correspon- dents’ Dinner earlier this year, when a gunman’s bullet grazed his ear at a 2024 Pennsylvania rally and when an armed man was arrested after hiding along a golf course in 2024 where Trump was playing. Meanwhile, a military heli- copter flying Trump from the White House on Tuesday was involved in an air-traffic safety incident. Federal aviation officials are investigating why air-traf- fic controllers hadn’t halted commercial flights at a nearby airport as required under safety protocols, The Wall Street Journal reported.

JIM WATSON/AFP/GETTY IMAGES

FROM TOP: MATT GUSH/ALAMY STOCK PHOTO, BETTMANN ARCHIVE, BARRY BRECHEISEN/GETTY IMAGES

Page 4

Pick for Army Post Is Losing GOP Support

Gen. LaNeve, backed by Hegseth, has spent short time as a four-star general

BY LARA SELIGMAN

Defense Secretary Pete Heg- seth’s pick for Army chief of staff is in jeopardy because of objections from Iowa’s Joni Ernst and other Republican senators, U.S. officials and congressional sources said. Hegseth has been pushing to nominate Gen. Christopher LaNeve, who has served as act- ing Army chief of staff since Hegseth in April fired the for- mer Army top officer, retired Gen. Randy George, U.S. offi- cials said. But without unanimous Re- publican support, a LaNeve nomination to be the Army’s top officer won’t advance out of the Senate Armed Services Committee. The administration was poised in May to put forward LaNeve for the role, but has held off because the committee chairman, Sen. Roger Wicker (R., Miss.), communicated that he didn’t have the votes to get LaNeve’s nomination advanced, U.S. officials and congressional sources said. LaNeve, who commanded the 82nd Airborne Division, has faced criticism from lawmakers and experts who note he has been a four-star general for only six months. Most chiefs serve at least 18 months in a four-star role before assuming the top position. The Pentagon and Hegseth “stand behind GEN LaNeve’s leadership as Acting Chief of Staff of the Army. The Depart-

BY DYLAN TOKAR Trump Windfall Turns Key Democrats Against Crypto Bill

Sen. Angela Alsobrooks (D., Md.) heard about crypto from her 21-year-old daughter. It also came up on the campaign trail. The freshman senator got curious and eventually be- came one of the Democratic champions of a landmark crypto bill—until now. Her hang-up? President Trump’s $1.4 billion windfall from meme coins and crypto deals. Despite her role helping ne- gotiate the Clarity Act, Also- brooks is among the Demo- crats who plan to vote against it unless it contains language that limits public officials, in- cluding the president, from profiting off digital tokens. “I am not going to support a bill in its current form un- less ethics is addressed,” Also- brooks told The Wall Street Journal. “The president’s cor-

Gen. Christopher LaNeve testified for a Senate subcommittee in May as Army Secretary Dan Driscoll listened at left.

ment will continue to work with the White House and the Senate to nominate and ulti- mately confirm President Trump’s pick to lead the United States Army,” chief Pentagon spokesman Sean Par- nell said. A spokesman for Wicker de- clined to comment, as did a spokesman for LaNeve. A spokeswoman for Ernst didn’t respond to a request for com- ment. Officials said Ernst op- poses his nomination in part because of his short time as a four-star.

ruption is shocking.” A White House spokes- woman has said all actions by Trump and his administration are taken in the best interest of the American people. The Clarity Act, which would establish bespoke rules for the industry, appeared destined for passage last year, thanks to bipartisan support and aggressive advocacy by the crypto business. But it has been derailed by one setback after another, including a bat- tle between banks and crypto firms. Now, with November approaching, Democrats see Trump’s crypto profits as a vulnerability for Republicans and appear ready to use the legislation to drive home their message. Alsobrooks says her sup- port of crypto is about em- bracing innovation and eco- nomic opportunity. While her position puts her at risk of be-

U.S. NEWS

room’s crowd. After a recommendation from retired Lt. Gen. Keith Kel- logg, Hegseth tapped LaNeve to be his senior military aide in 2025. Hegseth then moved LaNeve to be Army vice chief after sidelining his predeces- sor in the job, retired Gen. James Mingus. LaNeve was confirmed for the role in Feb- ruary 2026. This spring, Hegseth fired George without explanation and made LaNeve the acting chief of staff. Lawmakers and Army Secretary Dan Driscoll,

LaNeve’s reputation for dis- cipline and a chance encounter with President Trump vaulted him into a senior position at the Pentagon last year. While commanding the Eighth Army in South Korea in January 2025, LaNeve appeared in a video call for an inaugural ball. “Welcome back, Mr. President,” the square-jawed general said, reciting a script that had been vetted before the event, The Wall Street reported. Trump appeared impressed. “Is this man central casting, or what?” he asked the ball-

pired as soon as Trump left office. Sen. Ruben Gallego of Ari- zona, another Democratic ne- gotiator on the bill, called the proposal “not a serious ef- fort.” Demo- crats want to eliminate any sunset provi- sion and extend enforceability to states or others. They also want to re- quire Trump to divest from his crypto assets or put them in a blind trust. Sen. Thom Tillis (R., N.C.) said Friday that stronger eth- ics language had been sent to the White House. The White House has yet to respond. Passing the bill is a race against the clock: The Senate is scheduled to depart for a

ing seen by voters as pro- Trump, Alsobrooks said it was better to be involved. “The worst thing [Demo- crats] can do, from a political standpoint, is to be… immobile and to not do anything,” she said. After Trump disclosed the extent of his crypto profits in May, Repub- licans last month unveiled a proposal that would have prohibited cer- tain government officials from issuing or sponsoring new digital assets. But it didn’t ad- dress established holdings, such as the Trump family’s in- vestments. It would have only been enforceable by the Jus- tice Department, and the re- quirements would have ex-

The crypto

industry is in an all-out push to line up votes for the measure.

who has privately feuded with Hegseth, have publicly praised George. “I, too, love Gen. George,” Driscoll told lawmakers during a hearing this spring when asked about the four-star gen- eral’s sudden dismissal, calling him “an amazing, transforma- tional leader.” The news of LaNeve’s trou- bled bid is the latest sign that congressional Republicans are pushing back on Hegseth’s agenda. Some Republicans have signaled they won’t sup- port the unprecedented

lengthy recess Saturday, and in September, Republicans will have limited time to work through other priorities—in- cluding a spending measure to keep the government open past Sept. 30—before rushing back home to campaign. The cryptocurrency indus- try is nevertheless undertak- ing an all-out push to line up votes to get the measure passed. Many in the industry see the Clarity Act as a way to ac- celerate adoption by everyday users. While Wall Street firms have struck partnerships with crypto companies and rolled out crypto-related products, they say clearer rules are needed for them to fully em- brace the industry. But several other fights re- main to be to resolved. Repub- licans and Democrats alike have said they want stronger language to protect against

$1.5 trillion Pentagon budget Hegseth has proposed. Others remain frustrated over the Iran war, the Pentagon’s threats to reduce troop levels in Europe and Hegseth’s firing of decorated general officers such as George. Ernst, who is a former Army National Guard com- mander and sexual-assault survivor, was seen in January 2025 as a potential barrier to the confirmation of Hegseth as defense secretary amid al- legations against him of sex- ual assault and drinking. Ahead of Hegseth’s confirma- tion, Ernst had publicly raised specific issues she wanted the nominee to address, including the role of women in the mili- tary and sexual-assault pre- vention. Ernst, who later announced she wouldn’t run for re-elec- tion, ultimately voted for Heg- seth. Other Republican lawmak- ers have criticized Hegseth’s firing of senior military offi- cers, including the top Army general in Europe, retired Gen. Chris Donahue. “I find this deeply trou- bling,” said Senate Appropria- tions Committee chair Susan Collins (R., Maine) when Heg- seth testified before her panel last month. “These are men and women who volunteered to serve our country and swore an oath to support and defend our Constitution.” Trump could choose to keep LaNeve as acting chief of staff indefinitely, as there is no statutory time limit to his abil- ity to serve in the role. He is simultaneously serving in the role as Army vice chief, for which he was confirmed by the Senate.

J. SCOTT APPLEWHITE/AP

the illicit use of crypto by criminals. A growing number of Republicans have also ex- pressed concerns that letting stablecoin issuers pay interest to customers could prompt a deposit flight from banks. Alsobrooks says she wasn’t taken seriously when she raised concerns early on about the impact that yield-paying stablecoins could have on banks and the economy. Lob- bying from the banking indus- try eventually forced Republi- cans to scrap plans for a markup vote on a version of the Clarity Act in January. Alsobrooks is hopeful a bill can still get done. She was one of two Democrats on the Sen- ate Banking Committee who voted in May to move the bill to the full Senate. “It was about keeping the conversation going,” she said. “I wasn’t ready to give up on it.”

Page 5

Tight Michigan Senate Primary

Puts Democrats’ Shift to Test

DETROIT—Michigan’s Dem- ocratic Senate primary, the party’s most divisive and costly this year, was locked in a tight race ahead of a verdict on whether a progressive and so- cialist groundswell has reached a big battleground state.

By John McCormick, Anthony DeBarros and Ellie Davis

The fight between Abdul El- Sayed, a former local public health official, and four-term Rep. Haley Stevens in Tues- day’s primary is widely seen as a referendum over the party’s identity and how it can win more competitive elections. With 51% of the expected vote tabulated, El-Sayed was leading 50% to 46%, the Associ- ated Press reported. Stevens was showing strength in Wayne County, which includes Detroit, where there are many Black Demo- cratic voters. El-Sayed was competitive in Oakland County, a Detroit suburban area that is part of Stevens’ political base. State Sen. Mallory McMor- row, who dropped out of the race in July, was drawing al- most 4% of the vote. The race has also been in- fused with tensions over how to confront President Trump, the role of big-dollar cam- paign money and the U.S. rela- tionship with Israel. The out- come has potential ramifications for control of the Senate. The race is a chance for the progressive and socialist left, which supported El-Sayed, to score what would be its most significant victory yet in a pri- mary season where wins so far have been limited to deeply blue districts. More moderate Democrats who back Stevens see it as a chance to try to slow a groundswell they see as risky for their prospects in the general election. A Democratic loss in Michi-

RORY MERRY/ZUMA PRESS

NAP TIME: A seal snoozed the day away Tuesday on rocks in Pacific Grove, Calif.

CALIFORNIA Utility Equipment Blamed for ’25 Fire Sparks from an idle trans- mission tower owned by Southern California Edison caused the 2025 Eaton fire near Los Angeles that killed 19 people and destroyed more than 9,400 homes and businesses, Los Angeles County fire officials said in a report released Tuesday. It took firefighters nearly a month to extinguish the blaze, which scorched 22 square miles and burned at the same time as the wind- whipped Palisades fire. The Eaton fire was caused by electrical arcing on the utility’s out-of-service tower atop a ridge covered with dry fuel, the agency said. When bare, uninsulated wires touch or come close together, it can cause arcing, which is when electricity jumps through the air, producing sparks. The utility indicated previ- ously its equipment may be involved. In early reports to the California Public Utilities Commission, SoCal Edison said it detected a “fault” on one of its transmission lines around the time that the Eaton fire started. Kathleen Dunleavy, a spokesperson for SoCal Edi- son, said the utility is review- ing the report. —Associated Press

FROM TOP: SCOTT OLSON/GETTY IMAGES; SARAH RICE/BLOOMBERG NEWS

Primary opponents Abdul El-Sayed, top, and Haley Stevens, above, at polling stations Tuesday.

gan would make it harder for the party to net a gain of four Senate seats to flip control of the chamber in November. Trump won the state by 1.4 percentage points in 2024, and its Senate race is rated a tos- sup by nonpartisan analysts. Michigan Republicans nom- inated former Rep. Mike Rog- ers, who narrowly lost the state’s 2024 Senate race, to take on the Democratic Senate nominee in November. Sen. Gary Peters, a Democrat,

U.S.WATCH

WASHINGTON, D.C. Clean Energy Fund Halt Ruled Improper A divided federal appeals court on Tuesday said the Trump administration im- properly terminated billions of dollars in funds to boost clean energy projects. The decision will be put on hold for several days giving the Environmental Protection Agency time to ask the Su- preme Court to step in. The judgment by the full U.S. Court of Appeals for the District of Columbia is a loss for the Trump administration in one of its earliest efforts to dismantle President Joe Bi- den’s campaign to reduce cli- mate-warming greenhouse gases. The Greenhouse Gas Reduction Fund is a $20 bil- lion congressionally autho- rized program that provided money to nonprofits that would then make loans and invest in small energy proj- ects, energy-efficient buildings and transportation. EPA Administrator Lee Zeldin accused nonprofits picked to run the green bank of mismanagement and po- tential fraud. The groups dis- puted any wrongdoing and sued, arguing the Trump ad- ministration broke the law and violated the Constitution. The EPA didn’t provide comment. —Associated Press

chose not to seek a third term. “Every single poll shows that I am the best Democrat, the best person to go and beat Mike Rogers,” Stevens told re- porters Tuesday after casting her ballot in suburban Detroit. Speaking to MS NOW, El- Sayed said it was time for the party to pivot to the general election. “I’m interested in trying to figure out how to heal those divides,” he said. In Michigan’s contest to succeed term-limited Gov.

VIRGINIA Park Service Faults Proposed Arch President Trump’s pro- posed 250-foot-tall memo- rial arch could disrupt the historical significance of dozens of sites near its planned location in Virginia across the river from Wash- ington, D.C., according to an assessment by the National Park Service. Many of Washington’s monuments, buildings and sites have been carefully planned over decades to re- flect significant moments in the nation’s history and evoke symbolism in being connected by sightline to other sites. The proposed towering gilded arch, which last month received initial approval from a key federal commission, would impact the “integrity” of dozens of those historical properties because it would change “character-defining vi- sual and spatial relationships” between them,” the National Park Service report said. White House spokesman Davis Ingle in an email said that the arch would “enhance the visitor experience at Ar- lington National Cemetery for veterans, the families of the fallen, and all Americans.” The arch is one of several projects Trump has proposed that is involved in litigation. —Associated Press

Miller’s Family

Fight Roils GOP Election Hopes

WASHINGTON—A domestic drama involving a House law- maker and his former father- in-law, a U.S. senator, has shocked Capitol Hill and prompted escalating accusa- tions with both personal and political consequences.

By Lindsay Wise, Natalie Andrews and Ken Thomas

The messy back-and-forth between two Ohio Republi- cans—Rep. Max Miller and Sen. Bernie Moreno—briefly took over Senate Majority Leader John Thune’s weekly press conference and prompted a phone call be- tween President Trump and Miller, a former White House and Trump campaign aide, about prospects that the accusa- tions have dam- aged Miller’s re- election campaign. “Truly, the seventh level of hell,” Moreno told reporters on Capitol Hill Tuesday. “This has been a horrific experience for my entire family.” Moreno’s daughter, Emily Moreno, is divorced from Miller, whom she has accused in court filings and police re- ports of physically abusing her and their 2-year-old daughter. He has denied the accusations. In an interview Tuesday, Miller said he is in hell, right alongside Moreno. “It’s one that he helped create,” he said. The dispute comes just as deadlines approach, within days, for Miller to withdraw so that his party can replace him on the ballot. The situation has alarmed House Republican leaders, who considered his seat safe for their party until a

Gretchen Whitmer, state Sec- retary of State Jocelyn Ben- son, a Democrat, and Republi- can Rep. John James will face each other in November after winning their primaries. Primaries were also held in Virginia, Kansas, Missouri and Washington state. In St. Louis, former progressive Rep. Cori Bush lost her Demo- cratic primary bid to reclaim her House seat from Rep. Wesley Bell, who had defeated her in the 2024 primary.

The Duchess of Devonshire’s Belle Époque brooch is a masterpiece, combining 180 carats of perfectly matched Santa Maria aquamarines. Handcrafted circa 1905, the monumental jewel represents the height of early 20th-century artistry, having belonged to one of Britain’s most prominent noble families. Preserved in its original fitted box. 31/8” length. #32-2760

The is a matc 1905 early Brita

couple of weeks ago. Some Republicans had held out hope that Miller might lis- ten to Trump. But when the two spoke Monday, according to Miller, the president didn’t explicitly ask his former aide to drop out, instead saying the race would be tough to win. Democrats only need a net gain of three seats to take control of the House. Miller was first elected in 2022 and won his 2024 election with 51% of the vote. Democrats have tapped Brian Poindexter, a union ironworker and a local city council member, to chal- lenge him. “If Max Miller is on the ballot, this is one of the most vulnera- ble seats in the country for Re- publicans,” one Ohio-based Re- publican strate- gist said. Emily Mo- reno has ac- cused her for- mer husband in court filings and police reports of throwing boiling water at her, holding a gun to her head and other physical abuse. She also alleges that their daugh- ter’s collarbone was broken while she was under Miller’s care. Miller has categorically denied those allegations and said that the Cuyahoga County Division of Children and Family Services, after an investigation, found that accusations he had abused his daughter weren’t substantiated. Both parents share custody of their daughter. Some Republican senators closed ranks around Moreno on Tuesday, shutting down re- porters’ questions. “He’s a friend, so that’s all I’m going to say about that,” said Sen. Eric Schmitt (R., Mo.). Other GOP senators called on Miller to step down.

Dispute comes

as deadlines approach for Max Miller to withdraw.

=PL^ H ]PKLV VM [OPZ IYVVJO

Page 6

WORLD NEWS

Hormuz Opening in Limbo After New Strikes

U.S. is optimistic on strait talks, but Iran is standing firm on its demand for fees

BY GEORGI KANTCHEV AND SUMMER SAID

A new strike hit a ship moving through the Strait of Hormuz, and negotiations to reopen the waterway ran into a dispute about fees, clouding the outlook for the vital en- ergy corridor even as the Trump administration insisted that a deal could be close. Treasury Secretary Scott Bessent said Tuesday on CNBC that the U.S. and Iran could reach a deal by Wednesday to resolve the dispute in the strait, sending oil prices lower. Later,

Palestinians Hold Funeral for More Than 100 Killed in 2023 Gaza Attack

MOHAMMED SABER/EPA/SHUTTERSTOCK

SIDE WINDOW DEFLECTOR

Enjoy your drive and stay dry during wet conditions with WeatherTech’s in-channel Side Window Deflectors. Available in Dark Tint and Matte Black.

1-800-441-6287

Auto. Home. Pet. Find Your Fit.

Secretary of State Marco Rubio said talks to reopen the strait have made progress but hadn’t reached a final agreement. Earlier, the British navy’s marine-traffic monitoring agency, UKMTO, reported that a cargo vessel was hit by an unknown projectile off the coast of Oman early Tuesday. UKMTO didn’t identify the ship or say who was responsi- ble, but the incident provided a fresh reminder that com- mercial traffic remains vulner- able even as diplomats discuss reopening the route. Under a proposal being dis- cussed, Gulf-bound ships would enter through Iranian waters, while vessels leaving the Gulf would pass through Omani waters without paying fees, said regional mediators. While Iranian diplomats ini-

tially welcomed the proposal because it preserved some con- trol over the strait, Tehran has demanded the right to collect fees, potentially shared with Oman, as well as guarantees against renewed attacks, an end to the U.S. naval blockade and re- lief from oil sanctions, medi- ators said. The U.S. and re- gional govern- ments have re- jected the demand for fees and want guar- antees that Iran and its proxies won’t threaten their territories, said senior regional officials. The conflicting signals show how control of the wa- terway continues to play a

‘We are still

some distance away from a broader settlement.’

central role in the conflict. “The main gap remains: Iran wants the maritime blockade and military pressure eased first, while Washington wants the strait reopened and Iranian conces- sions before of- fering relief,” said Ebtesam Al Ketbi, presi- dent of the Emirates Policy Center, a think tank in the United Arab Emirates. “We may be getting closer to a lim- ited interim understanding, but we are still some distance away from a broader settle- ment. The reality on the water is the best measure.” Qatari Foreign Ministry

Iran Stakes

Everything On Strait

ContinuedfromPageOne

within Iran’s government on control of the strait. The hard-line Islamic Revo- lutionary Guard Corps sees the control of Hormuz as its most important tool to exert pressure on the West follow- ing the degradation of Iran’s nuclear program and its mili- tia proxies over the past few years, Iranian and Arab offi- cials and a Revolutionary Guard adviser said. The Ira- nian military has suffered ma- jor losses since the U.S. and Israel launched a surprise at- tack on Feb. 28, but has since been able to bog Washington down by harrying shipping in the strait and targeting U.S. assets in the Persian Gulf. Iranian moderates, on the other hand, have become in- creasingly worried that the U.S. blockade implemented in response to Iran’s attacks on Hormuz is bringing Tehran’s economy close to collapse, the officials and adviser said. The International Monetary Fund has projected that Iran’s economic growth will contract 6% in 2026. Its annual infla- tion rate is about 69%, the IMF said, while average Irani- ans face fuel shortages and other wartime deprivations. Iran’s chokehold on the strait has cut deeply into global petroleum supplies, with Persian Gulf oil flows having now fallen to around 36% of prewar levels. Yet oil prices never reached sustained levels above $100 a barrel, which could have punished the U.S. economy enough to force capitulation. Even with the Iran-backed Houthis bottling up Saudi oil in the Red Sea, crude prices were below $80 a barrel on Tuesday. Some Gulf oil has been re- routed to avoid the strait. A lim- ited number of ships have squeezed through the passage by cutting deals with Iran, or by going dark and making the risky crossing. “There were a lot of factors that provided cushion,” said Barbara Leaf, who was the State

spokesman Majed Al-Ansari said Tuesday that mediators are facilitating negotiations and exchanging drafts of pos- sible agreements. Gulf countries warned Iran the attack on the ship was put- ting their diplomatic efforts at risk, an Arab official said. Me- diators for weeks have been doubting whether Iran’s diplo- mats have enough of a mandate to cut a deal that could halt fu- ture attacks given Iranian hard- liners’ interest in maintaining control of the strait. Iran’s chokehold on the strait has cut into supplies of oil and gas. Persian Gulf oil flows have fallen to about 36% of prewar levels, from nearly 80% in the first half of July when the ceasefire between the U.S. and Iran was mostly still holding, Goldman Sachs said in

Palestinians gathered Tuesday for a mass funeral of more than 100 bodies fi- nally recovered from an Is- raeli strike in the Gaza Strip on Nov. 22, 2023. More than 300 people were killed when warplanes flattened a residential block in Gaza City. About 40 bodies were recovered soon after- ward, but most were buried beneath the rubble. Reports of the high number of victims in one of the Gaza War’s deadliest attacks took days to reach the public in the chaos just before its first Hamas-Israeli ceasefire. Over the weekend, first re- sponders dug through the de- stroyed buildings and recov- ered the remains of 112 victims, including 40 children, according to the Civil Defense, a rescue agency operating un- der the Hamas-run Interior Ministry. It said 157 bodies still haven't been found. Meanwhile, Israeli Prime Minister Benjamin Netanyahu said Tuesday that Israel won’t withdraw from its cur-

Department’s top Middle East official during the Biden admin- istration. “The oil market was well oversupplied at the out- set.” After Israel and the U.S. struck Iran’s nuclear facilities in June 2025, she said, China was “reading the tea leaves” and started to stockpile oil. Though Trump has backed off his threats of attacks equiv- alent to World War II, the U.S. maintains a blockade of Iran and reimposed sanctions that make trading its oil difficult. Iran’s own oil exports rely on the passage through the strait. Long-term disruption deprives the Islamic Republic of its pri- mary revenue stream while ac- celerating efforts by neighbor- ing Gulf states to build alternative bypass routes. China, one of Iran’s most important partners, hasn’t come to its rescue. Beijing has dialed back oil purchases, keep- ing prices down, and shows lit- tle sign of picking back up. But as countries deplete their stockpiles at record rates, it could lead to sustained price increases by the end of the year, some analysts said. Trump has said Iranian leaders are eager for a deal that would open the strait, lift the U.S. naval blockade and eventually limit Tehran’s nu- clear program—the presi- dent’s latest war aim. Iran says there are no talks with the U.S. Instead, Tehran and Oman—the country sitting on Hormuz’s southern coast— are in talks to create a tempo- rary channel for ships to safely pass. Tehran has demanded to collect tolls from ships transit- ing the strait. Mediators in Egypt, Pakistan and Qatar are hopeful that once there is a temporary fix

a note to clients Tuesday. Barring a deal between the U.S. and Iran or a major esca- lation of the conflict, Goldman analysts expect Brent to trade between $80 and $90 a barrel. Even as negotiators contin- ued to talk with Iran about opening the Strait of Hormuz, the Islamic Revolutionary Guard Corps, the paramilitary group that protects Iran’s re- gime and enforces its hold on the strait, had yet to formally respond to the latest proposal, mediators said. Some Revolutionary Guard officials told mediators they wouldn’t allow any deal that doesn’t acknowledge their claim to control the strait, and asserted Tehran was in a posi- tion of strength and ready for months of renewed conflict, mediators said.

rent lines in Gaza until Hamas has completely dis- armed, and he pushed back on a recent deal announced by President Trump. Netanyahu’s remarks cast more doubt on the deal to disarm Hamas, which was seen as a potential break- through for ending the war. It also marked a rare public dis- play of friction with the Trump administration. The agreement called for Hamas to begin disarming and for Israel to halt its strikes and begin withdraw- ing from the roughly 60% of Gaza it controls. It was based on an October agreement that ended major military op- erations and brought about the release of the remaining hostages held in Gaza, but has stalled on other fronts. The Trump administration “sent us a draft. We did not agree. It is not our draft. We sent our comments.…This is our position,” Netanyahu said in a video posted on social media. —Associated Press

for the strait, the U.S. and Iran may be able to get back to the negotiating table. On Tuesday, Secretary of State Marco Rubio provided insight into the administra- tion’s hope for a two-step ne- gotiation that, eventually, ends with severe caps on Iran’s nu- clear advancements. “There’s the big deal, which is the one that has to do with their nu- clear ambitions,” he said. “The immediate deal and the one that you’ve seen a lot of focus on is the straits,” the secretary added. Rubio’s remarks echoed Trump’s desire for an agree- ment to fully reopen Hormuz by Wednesday before re- launching nuclear talks. U.S. officials privately noted Washington is pursuing a similar course that led to June’s memorandum of un- derstanding—ceasefire first, then negotiations—before Trump grew impatient and relaunched attacks on Iran. Over the long term, Iran’s leverage over the global econ- omy and its Persian Gulf neigh- bors could diminish as Saudi Arabia, the United Arab Emir- ates and other large oil produc- ers successfully create alterna- tive routes for their oil that bypass the Strait of Hormuz. “They are all looking for bypasses,” Leaf, the former se- nior State Department official, said of Arab Gulf states. Those bypasses, however, all lie in striking range of Ira- nian missiles and drones. “If the Iranians are fully commit- ted to laying waste to Gulf en- ergy infrastructure, they could do it, and that will outrun the build-out that any of these countries are undertaking,” Leaf said.

ABEDIN TAHERKENAREH/EPA/SHUTTERSTOCK

Page 7

Jordan Is Paying a Price

For Its Alliance With U.S.

The kingdom is a target for Tehran as the U.S. relies more on its desert bases

BY DAVID S. CLOUD

For much of the past month, Iran daily fired missiles and drones at Jordan. But for many Jordanians, the blame for put- ting their small on the front lines falls on President Trump. “Trump is the cause of this war,” said 63-year-old Tahani Khalaf. “America forced Jor- dan to become part of this.” Lacking oil and surrounded by bigger powers, Jordan has relied on the U.S. for decades as a protector, and for as much as $2 billion in annual military and economic aid. Now, the U.S. needs Am- man’s help. Jordan’s greater distance from Iran and will- ingness to let the Pentagon use its territory have made the country an important partner as the war drags on and Ku- wait and other Persian Gulf al- lies have reduced their role. But the expanded U.S. foot- print at bases in Jordan has come with risks, pulling the kingdom closer to a conflict that has damaged its economy and shattered its sense of se- curity. Trump’s decision to hold off on a planned attack this past weekend gives hope

Rabbi

Is Leading Thousands Of Jews In Iran

BY DANIEL MICHAELS AND LAURENCE NORMAN

Rabbi Yehuda Gerami each week leads worshipers at his recently renovated Abrishami Synagogue, which is part of a complex including Jewish schools, a kosher restaurant and traditional baths. The compound isn’t in Is- rael or America. It sits in the heart of Tehran. Abrishami is one of about 60 active synagogues in Iran, for which Gerami serves as chief rabbi. His community lives in constant tension be- tween its Jewish identity and the demands of the Islamic Republic, seeking to pursue religious beliefs without being seen as challenging the re- gime. War with Israel and the U.S. complicates that. Gerami, an Iranian who is also a U.S. citizen, often en- counters people outside Iran who are stunned to learn that the country—which refuses to recognize the state of Israel and has criminalized contact with it—has rabbis at all, much less a devout Jewish commu- nity. Gerami estimates Iran has about 20,000 Jews, but others think it has many fewer. “Whatever the Jewish com- munity needs, it exists in Iran,” including a yeshiva—a tradi- tional Jewish center of study— and 24 ritual baths around the country, said Gerami. What Iranian Jews don’t have is a political voice. “I’m not a politician,” said Gerami recently, on his first trip outside Iran since Israel and the U.S. launched attacks in February. “What interests me is Jewish life, not politics.” Maintaining that Jewish life entails an unstated bar- gain with the Islamist leader- ship: As long as the commu- nity avoids politics, stays loyal to Iran and keeps away from Israel, it can follow its tradi- tions. Gerami’s Instagram feed shows him leading traditional weddings, bar mitzvahs and other Jewish ceremonies. Gerami’s willingness to avoid geopolitics in a country whose international policies target Jews, as well as Israel and its allies, has prompted accusations that he is an apol- ogist for the hard-line regime. “Yes, sometimes I read that people say that about me, but my goal is not what other peo-

for a respite. But after more than five months of conflict, renewed violence often has shattered the calm suddenly. Jordan’s military has re- ported intercepting missiles or drones fired from Iran. By raising the military pres- sure, Iran wants to stir up oppo- sition to the war in Jordan and to the U.S. presence, analysts say. It is a strategy that puts Jordan’s King Abdullah II in a bind. Even more so than other U.S. allies in the region, he is heavily depen- dent on Wash- ington and one of its most reli- able partners. But many Jor- danians, and much of the country’s large Palestinian pop- ulation oppose U.S. Middle East policies and its backing of Israel. “Jordan is so dependent on the U.S. that they can’t say no to them launching attacks from their territory,” said Danny Citrinowicz, a senior fellow at the Institute for Na- tional Security Studies, an Is- rael-based think tank. “But... these attacks could weaken the fragile stability in Jordan.” Tehran hasn’t hit civilian targets in Jordan, but air-raid sirens have sounded several times in recent weeks across

‘Maythe

oppressors destroyone anotherandstay farawayfromus.’

ROUZBEH FOULADI/ZUMA PRESS

ple say,” Gerami said while at- tending a gathering of the 18- country Alliance of Rabbis in Islamic States, in Brussels. “I’m not a messenger for any- body in the world. I’m a mes- senger for my community.” Iran has one of the world’s oldest Jewish communities, dating to ancient Persia. The Jewish holiday Purim cele- brates their triumph roughly 2,500 years ago over a minister to the king bent on annihilat- ing the empire’s Jews. “All Jews celebrate the Jews of Iran every year,” and biblical proph- ets are buried there, he said. Still, the community has shrunk from more than 100,000 before the Islamic Revolution in 1979, and faces painful restrictions. They are forbidden from contact with relatives and friends in Israel, and can’t visit the country. Contact with Jews in the U.S. beyond family and close friends is frequently difficult.

WORLD NEWS

the country, residents say. That has sparked a rare public dis- play of opposition to the gov- ernment by more than 300 for- mer members of the kingdom’s Parliament, tribal leaders and civic activists who called for the removal of U.S. forces. “Jordan is not a party to this war, and its people should not bear its consequences or pay the price for policies that do not serve the country’s su- preme interests,” said the let- ter, which de- manded an end to the 2021 bi- lateral agree- ment that gives the U.S. military “unimpeded ac- cess” to Jorda- nian bases. Amjad Majali, a former mem- ber of Jordan’s Parliament and a former minister who signed the letter, said it “reflects the posi- tion of the overwhelming ma- jority of Jordanians. Yes, we support the state, but we do not support all of its practices.” For years, Jordan sought to play down its military and in- telligence cooperation with the U.S. But Jordan’s role is be- coming too visible to obscure. Muwaffaq Salti Air Base in Jor- dan’s eastern desert and sev- eral other bases in the country host U.S. fighters, air-defense batteries and other military

The restrictions “put peo- ple under stress” but the com- munity can overcome them, Gerami said. “Interestingly, in Iran we’ve always lived in peace with the Muslims,” and Iran’s synagogues don’t re- quire security, as they do in many other countries, he said. Gerami, born in Tehran seven years after the Islamic Revolution, lived and conducted religious studies in Jerusalem and Baltimore. He has served as Iran’s chief rabbi since 2011. Sam Kermanian, a senior adviser to the U.S.-based Fed- eration of Iranian Jews who has known Gerami for years, said he had no obligation to leave the U.S. but chose to re- turn to Iran out of dedication to his community. “He’s smart, he’s energetic, he’s young. He’s committed.” The father of three travels widely, often encountering be- wildered questions about why Jews opt to live in Iran.

units used against Iran. The White House and U.S. military didn’t respond to re- quests for comment. Jordanian officials have con- demned Iranian attacks as vio- lations of the kingdom’s sover- eignty, stressing that Jordan will defend its airspace and protect its citizens. But they also publicly play down Jor- dan’s cooperation with the U.S. “There are no American bases in Jordan. We have American troops that are in Jordan as part of our long- standing military cooperation,” Foreign Minister Ayman Safadi said in July at the Aspen Secu- rity Forum. Jordan has tried to stay out of the region’s wars since the 1973 Arab conflict with Israel. But after the Oct. 7, 2023, Hamas attacks on Israel plunged the region into con- flict, Jordan hasn't only found itself attacked by Iran for host- ing the U.S. military but for shooting down Iranian missiles headed toward Israel, a move that was unpopular internally. Anger at Trump for starting the war doesn’t equate to sup- port for Iran and its Shiite Muslim leadership. Jordan’s population is 95% Sunni. “If Iran had the chance, it would wipe us off the face of the earth,” said Hamada Qrada, 52, a barber. “God willing, may the oppressors destroy one another and stay far away from us.”

Rabbi Gerami, top right, met with religious leaders, including Iranian President Ebrahim Raisi, center, in 2023.

“The question is based on a mistake,” he said, explaining they remain because it is where they and their parents were born. “We know the culture and are proud of the culture.” Iran’s culture is an ethnic and linguistic patchwork of 92 million people. The fate of Iran’s Jewish community has varied since the 1979 revolu- tion that toppled the Shah and brought Ayatollah Ruhollah Khomeini to power. Iran’s remaining Jewish community has gradually grown more Orthodox, say people fa- miliar with it, which some say has won it a degree of respect from the theocratic regime. The past year has produced difficult moments, starting when Israel and the U.S. at- tacked Iran last June and again during the war since February. The regime last year detained 35 Jews and ques- tioned them over ties to Israel after Mossad infiltrated teams during the June 2025 air- strikes. All were eventually re- leased, Kermanian said. Contact with the Jewish community in recent months has become very limited, Ker- manian said, with Iranian Jews needing to be careful about conveying even the most trivial information to the outside world. “Even today, this is a com- munity that is essentially de- fenseless and at the mercy of the government,” Kermanian said. “Clearly, the issue of confrontations with Israel and Iran’s policies toward Israel is something that could at any moment affect the Jewish community.” The war between Iran and forces of the U.S. and Israel “has a negative effect on us and we don’t like it,” Gerami said. Despite that, he said, “my goal is that Jews in Iran should have the ability to live like Jews.”

WORLDWATCH

REMEMBERING: A gathering in Lebanon marks six years since a massive blast at a Beirut port warehouse where an explosive material was stored killed more than 200 people.

BRAZIL U.S. Revokes Visa For Ambassador The Trump administration said Tuesday it was revoking the visa of Brazil’s ambassa- dor amid an escalating diplo- matic fight over alleged U.S. interference ahead of the country’s presidential election in October. The action is meant as a reciprocal measure, a senior State Department official said, after Brazil delayed the formal approval of Danny Perez, a Florida politician who is Presi- dent Trump’s pick to be U.S. ambassador, and denied visas to several U.S. officials. The unusual move would leave Ambassador Maria Luiza Ribeiro Viotti residing in the country without a valid visa, which the U.S. will restore if Brazil approves Perez, the State Department official said. Brazil’s government con- demned the U.S. decision, call- ing Washington’s justifications false and accusing it of violat- ing diplomatic norms by pub- licly naming its ambassadorial nominee before formally seek- ing Brazil’s approval. —Vera Bergengruen

SRI LANKA At Least 7 Killed in Floods, Mudslides Floods and mudslides trig- gered by heavy rains have left at least seven people dead in Sri Lanka’s tea-growing mountainous regions and forced the closure of some schools, officials said Tuesday. Downpours over the last two days flooded homes, fields and roads in many parts of the country. The mountainous areas in the cen- tral region are the worst hit, said the government’s Disas- ter Management Center. Pradeep Kodippili, the center’s spokesperson, said 291 houses were damaged and nearly 3,500 people evacuated. Navy and army personnel were deployed to rescue those trapped in the floods. —Associated Press

George O’Brien’s Bohlin

Silver Saddle

Bohlin parade saddle complete with bridle, breastplate, tapaderos, and stirrups. Includes a signed photograph of George O’Brien, multiple studio photos of O’Brien with the saddle and horse, as well as two promotional booklets. A documented Bohlin saddle with provenance.

Over 12,000 one-of-a-kind items available in-store and online.

Scan this code to view the collection

UKRAINE Hundreds Mourn Slain Student Hundreds of mourners walked through central Kyiv on Tuesday behind the open cas- ket of a university student killed at the weekend by a Rus- sian strike as she helped people wounded in an earlier attack. The farewell for 20-year- old Vitalina Yarovenko began inside St. Michael’s Cathedral, where clergy read prayers and loved ones said goodbye. Yarovenko, a fourth-year psy- chology student at the Na- tional University of Kyiv- Mohyla Academy, was an instructor at a military train- ing school affiliated with the university. Although Yarovenko was a civilian, her mother asked that she be given the kind of funeral used to honor fallen soldiers. Several hundred peo- ple followed her casket from the cathedral toward Indepen- dence Square. Traffic stopped for several minutes. Drivers stepped out of their cars and stood silently. Some knelt on one knee, while others placed a hand over their heart. —Associated Press

PAKISTAN Bad Weather Hurts Search for Climbers Teams in Pakistan searched on foot for the remains of 10 climbers killed in an avalanche on the world’s 12th-highest mountain as poor weather kept helicopters out of the air Tuesday, authorities said. The climbers from Nepal, Oman, Pakistan, China, Brit- ain and the U.S. were swept away by the avalanche Thursday in the Gilgit-Bal- tistan region. Ground teams located the remains of eight climbers and at least three bodies were brought down Broad Peak on Saturday, offi- cials said. Nirmal Purja, a Ne- pal-born former British Army soldier widely known as Nims Dai, was among the climbers killed. —Associated Press

AP PHOTO/HUSSEIN MALLA

Page 8

Kremlin Bullies Russians Into Military

Beatings, threats and cash are used to bolster Moscow’s forces in Ukraine

BY THOMAS GROVE AND DARIA MATVIICHUK

Russia is strong-arming more fighting-age men into military service to boost the flagging ranks of its army as voluntary recruitment stalls and Moscow’s initiative on the front line in Ukraine falters. In Russia’s smaller towns and cities, some military re- cruiters have resorted to de- taining men on the street, out- side their places of work or under the pretext of routine document checks, say lawyers, rights activists and eyewit- nesses. Once in a military re- cruitment office, men might be threatened or beaten until they sign up, they say. The pressure campaign car- ries echoes of the partial mo- bilization that President Vladi- mir Putin instituted in fall 2022 when Russia’s front-line positions were buckling amid a lack of manpower. It also has caused speculation among Russian analysts and the polit- ical class about whether it pre- ludes another draft. Russian authorities have of- fered life-changing sums of money—often more than an entire year’s salary—to those

Hundreds Flee as Volcano Erupts in Guatemala

AFP VIA GETTY IMAGES

FIRE AND ASH: Guatemala remained on alert Tuesday after the eruption of the Fuego volcano, part of the Pacific Ring of Fire and one of Central America’s most active volcanoes. Hundreds were forced to evacuate their villages.

BY MARGHERITA STANCATI AND DREW HINSHAW Spain’s Leader Faulted in Ceuta Crisis

As most migrants left a tiny Spanish territory in North Africa this weekend, Prime Minister Pedro Sánchez piv- oted to a new crisis—one playing out in Europe’s halls of power. His country had just experi- enced an extraordinary breach of sovereignty, with some 50,000 migrants illegally pouring into Ceuta from neighboring Morocco. Leaders across Europe, from Italy to Finland, showed little sympathy for Spain. Some called for stricter border controls on arrivals from the country, and blamed Sánchez’s government for its pro-immi- gration policies. In response, the left-wing Sánchez lashed out in a letter to European Union chief Ur- sula von der Leyen. “The Eu- ropean Union cannot afford this kind of selfish, polarizing and unlawful reaction,” he wrote, accusing his colleagues of being “driven by prejudice, fake news, ignorance or politi- cal interests.” The episode was the latest to put Sánchez at odds with other leaders on the conti- nent, which has seen the rise of right-wing parties that have shaped their identities in op- position to immigration. Sán- chez had staked his political future on a bet that he could govern and win from the left, offering amnesty to Spain’s il- legal immigrants, while openly opposing the Trump adminis-

Pedro Sánchez

A Russian billboard advertises contract military service to bolster its forces fighting Ukraine.

ready to fight. Recruitment, however, has become more difficult after tales of abuse inside the Russian military and Ukraine’s lethal capabili- ties, which have shortened the average soldier’s lifespan on the front to minutes, days or weeks. “Authorities have switched to a method of violence, when they catch men and send them off,” said Artyom Klyga, a law- yer who tries to help those forced into service. The tactics are a counter- point to the forced enlistment Kyiv has carried out because of

tration. The EU has sharply curbed the number of illegal migrants entering Europe in recent years—even Sánchez has erected three-story-tall fences to check the flow into Ceuta— but the viral imagery of mi- grants swimming around a breakwater to get into the Spanish city shows how explo- sive the subject of unchecked migration remains. Sánchez’s rivals from Europe to the U.S. took the opportunity to target his policies. “Instead of showing soli- darity to Spain—and this is telling of the moment we are living—everyone is so scared of migration and its implica- tions. So they decide to punish Spain as an outlier,” said José Ignacio Torreblanca, head of the Madrid office at the Euro- pean Council on Foreign Rela- tions. President Trump described what happened in the exclave as a “catastrophe.” Meanwhile, EU nations that Sánchez hoped would rally around the threat to his country’s terri- tory—as they had for Denmark after Trump’s threats to seize Greenland—instead accused the Spanish government of “policies that can serve as pull factors,” in a letter signed by leaders of 22 European coun- tries. That letter, spearheaded by Italy and Denmark, singled out the amnesty granted to migrants by the Sánchez gov- ernment. It mattered little that the crisis was over almost as fast as it had begun. The over-

WORLD NEWS

its own manpower shortage. While Russia’s recruitment is still officially voluntary, law- enforcement officials are at times working with military re- cruiters to set a trap for the men and use violence or threats of arrest if they don’t yield to the pressure, the people say. In the southwestern region of Penza, resident Vladislav Leonidov said he found an ac- quaintance at a military re- cruitment office after the man went missing for several hours in May. The man was called into the police station on the pretext of checking his per-

whelming majority of mi- grants left Ceuta within a day of arriving. The few that re- main face big hurdles to gain- ing entry to Europe. Special border checks apply to those traveling from Ceuta or its sis- ter city, Melilla, which share Europe’s only land borders with Africa. That means mi- grants can’t freely cross the 9 miles of water separating them from continental Europe.

Over the weekend, Sánchez flew to Ceuta to reassure the local population, and Span- iards more broadly, that Ma- drid wouldn’t tolerate such vi- olations of Spain’s territorial sovereignty. Sánchez, who became prime minister in 2018, has built a reputation as a politi- cal survivor, repeatedly defy- ing expectations he would re- sign, including after failing to secure enough parliamentary

sonal data. When he arrived, two military recruiters carried him off to the recruitment of- fice where he was beaten, Le- onidov said. He intervened and forced the man’s release. “If we had come two hours later, he would have already been taken away,” he said. Raids in Penza by law-en- forcement officials or recruit- ers have caught the attention of locals who have posted vid- eos protesting the prac- tice. One video outside a re- cruitment office shows men in civilian clothes sitting inside a military van barricaded by

votes to pass a national bud- get in recent years. His popu- larity has been hit by overlap- ping misconduct probes into his wife, brother and Socialist party officials, who deny wrongdoing. The migrant crisis came as Spain’s politicians are enter- ing election mode. Sánchez’s Spanish Socialist Workers’ Party is bracing for the possi- bility that it will lose next year’s election to a coalition that likely will include the fiercely anti-immigration Vox party—handing power to Spain’s most right-wing gov- ernment since the transition after fascist dictator Francisco Franco’s death in 1975. Santiago Abascal, the leader of Vox, also traveled to Ceuta, where he called Sán- chez “a danger to Spaniards.” Sánchez has been careful not to blame Morocco for the migrant crisis. His govern- ment has attributed the sud- den arrival of migrants in Ceuta to human smugglers. A recent ruling by Spain’s Su- preme Court, which made it harder for immigrants who reach Ceuta illegally by sea to be returned to Morocco, also likely played a role, he said. Morocco might have delib- erately facilitated the cross- ings to send a political mes- sage to Spain, analysts say. Algeria and Morocco are at odds over the status of West- ern Sahara: Algeria has long supported a pro-independence group in the region, over which Morocco claims sover- eignty.

BORJA PUIG DE LA BELLACASA/MONCLOA/EPA/SHUTTERSTOCK

crying women. “They beat you, they forced you!” one of the women says between tears. Authorities have played down the incidents and threatened a crackdown on those circulating videos of them. The head of Penza’s recruit- ment office, Andrey Surkov, told a government briefing that raids were targeting those avoiding service. The Penza branch of the Interior Ministry has denied that raids are sending men to the front, and has threatened legal con- sequences for those who post or publicize them. “These video publications have no relation to sending people to the zone of the Spe- cial Military Operation,” a ministry statement said, using the official euphemism for the war in Ukraine. Blogger Stanislav Morozov, who has worked to bring at- tention to the issue in a docu- mentary, said he is the subject of an investigation by Russia’s feared Federal Security Ser- vice. “They haven’t forbidden me from continuing, but they’ve made it clear it’s in my best interests not to.” Of the dozens of relatives he has spoken to, he said, most agreed to sign a contract when law-enforcement offi- cials threatened to plant drugs on them and arrest them on the spot.

ANATOLY MALTSEV/EPA/SHUTTERSTOCK

U.S.-Taiwan Ties

Survive Pressure From China, Trump

BY JOYU WANG

TAIPEI—Taiwan is opening up about long-concealed U.S. military training while Ameri- cans note their cooperation with the island, sending a message to China that ties are strong despite comments by President Trump that ap- peared to put the relationship in jeopardy. Taiwan’s military collabora- tion with the U.S. “is far closer than you might imag- ine,” Defense Minister Wel- lington Koo told reporters, a rare recognition of a secretive American role in helping Tai- wan strengthen its defense and deter China. Beijing claims the demo- cratic island as its own and hasn’t ruled out the use of force to seize control. The U.S. is committed by law to provide the island with the means to de- fend itself, sell- ing billions of dollars in weap- ons to Taiwan. “The public sees only the arms sales, but in fact, it’s mul- tifaceted and involves so much more,” Koo said Friday. “Through military exchanges, we have been learning so much practi- cal combat experience from the U.S.” The Pentagon and U.S. Pacific Command had no comment. Koo added that Taiwan’s planning for potential conflict with China doesn’t include U.S. military intervention. Training troops in Taiwan is a sensitive issue that both sides have long kept in the shadows to avoid potential re- taliation from Beijing. Even maritime cooperation in law enforcement has been a touchy subject. But the Ameri- can Institute in Taiwan, the de facto U.S. Embassy in Taipei, re- leased a photo last week of Tai- wanese and U.S. Coast Guard cutters sailing in tandem. “The United States Coast Guard and the Taiwan Coast Guard are busy coordinating on shared maritime objectives,” the post said. The U.S. “appre- ciates Taiwan’s partnership in maritime security and safety, and supports Taiwan’s mean- ingful contributions on global issues including maritime law enforcement exchange and in- ternational cooperation.” Kuan Bi-ling, minister of Taiwan’s Ocean Affairs Coun- cil, which oversees the Taiwan Coast Guard, responded on her Facebook page to the AIT post: “This announcement is

Part of the pressure stems from regional programs in dif- ferent parts of Russia that of- fer third parties cash, in most cases 100,000 rubles, about $1,300, to bring someone to the recruitment office. Similar campaigns exist elsewhere, such as Tatarstan, where Russia produces the bulk of its drones, as well as in the Amur and Yaroslavl regions, and in cities such as Kaluga, Voronezh and Arkhangelsk. The tactics largely are tied to accelerating Russian losses on the front, which are about 30,000 to 40,000 killed and wounded each month, military analysts say. “Just as many people have to somehow be brought into service, and the fewer there are who are ready to sign a contract the more pressure they have to use,” said Grigory Sverdlin, founder of Get Lost, an antiwar nongovernmental organization that helps Rus- sians avoid service. While the first round of mobilization was meant to round up reservists and men with military experience, an- other round likely would bring men with little experience or will to fight to the front. Some Russians say they would resist such a move. “As soon as I’m given a weapon, I will shoot those who mobilized me,” said Dmitry Rogin, a 53-year-old reserve of- ficer who could be called up.

deeply significant and a new step by the U.S. that reflects its commitment to maintain- ing peace and security in the Western Pacific.” The U.S. and Taiwan coast guards are “quite different” from their militaries, and Tai- wan’s government favors mak- ing their military cooperation more public, said Bonnie Gla- ser, managing director of the Indo-Pacific Program at the German Marshall Fund of the United States, a Washington- based think tank. These more open stances came after comments from Trump called U.S. support for Taiwan into question, and as Chinese pressure on Taiwan has steadily mounted. On Friday, two Chinese coast guard ships conducted what it said were routine law- enforcement patrols in waters east of Taiwan, far from the Chinese main- land. China’s coast guard has become effec- tively a military asset and regu- larly join exer- cises designed to practice inva- sion or blockade scenarios and intimidate Taiwan. There were 85 similar coast guard sightings reported by Taiwanese authorities in May and June—a nearly 90% in- crease compared with the same period last year. Trump’s remarks following a Beijing summit with Chinese leader Xi Jinping—specifically not wanting “to travel 9,500 miles to fight a war”—have raised concerns in Taiwan about the credibility of U.S. commitments, said David Sacks, a Council on Foreign Re- lations fellow for Asia studies. “The fact is, despite talk of a detente between Washington and Beijing, Chinese coercion of Taiwan has only increased since Trump’s meeting with Xi,” said Sacks. “President Trump’s statements gave fur- ther momentum to the skepti- cism that has been growing in recent years among Taiwanese regarding the trustworthiness of the United States.” In an interview that aired after Trump left Beijing, he called a $14 billion U.S. arms package for Taiwan “a very good negotiating chip.” It re- mains unclear whether and when the White House will approve the arms sale. “Making public some as- pects of U.S.-Taiwan security cooperation... is likely an at- tempt to combat these narra- tives,” said Sacks.

Military

collaboration ‘is far closer than you might imagine.’

Page 9

SpaceX’s

Revenue Rises 92%

ContinuedfromPageOne

ContinuedfromPageOne

FROM PAGE ONE

ing ambitious targets for his companies, including Tesla, though in several instances, they weren’t reached. However, Musk has used those goals as a way to drive staff toward cer- tain objectives and gained re- nown among investors for be- ing willing to take risks. SpaceX executives also built their case for the spending be- ing critical to company initia- tives like those associated with building out AI infrastructure. “Though I’ve been in this business for 24 years, I could not be more excited for the

ICE Scours

Internet for Its Critics

history when possible. To unmask anonymous on- line critics, DHS has sent hun- dreds of subpoenas to social- media companies, according to people familiar with the matter. Its agents have tracked down Americans at work and on the road, asking them to sign letters acknowl- edging their online speech about ICE “may” be a crime. DHS says it is trying to pro- tect its agents and their fami- lies from “coordinated cam- paigns of violence” that have fueled an 8,000% increase in death threats since Trump took office. But civil-rights lawyers and former DHS staffers say the approach has swept up people expressing opinions that are protected by the First Amend- ment.

‘Naughty things’ “As far as I can tell, all of this is about people saying naughty things about ICE and immigration enforcement,” said Lauren Regan, a civil- rights attorney who has repre- sented multiple people inves- tigated by the government over their online speech, in- cluding Tired_Thumb. “Noth- ing that comes close to true threats.” An agency spokesperson said that ICE’s investigative methods abide by the Consti- tution and respects civil liber- ties and privacy interests. “Any allegation DHS and ICE are attempting to ‘squash’ free speech is categorically FALSE,” the spokesperson said. “ICE investigates all credible threats towards its employees, officers and families.” DHS sent administrative subpoenas to Reddit for the information of 11 accounts that had posted “content criti- cal of federal actions” be- tween July and December of last year, the company’s most recent transparency reporting period, according to a person familiar with the matter. Reddit determined that these users were engaged in protected activity under the First Amendment and ob- jected to each, the person said, and DHS eventually with- drew the requests. The com- pany declined to share specific details on any ongoing cases. “Privacy is central to how Reddit operates,” said Ben Lee, chief legal officer. He said the company routinely objects to government requests that are “overbroad or threaten us- ers’ privacy or civil rights, in- cluding their First Amend- ment rights.” He added: “We also notify impacted users whenever possible so they have the opportunity to seek counsel and defend their in- terests.” Recently, the government has resorted to grand jury subpoenas, which carry more legal weight, to identify users. “The question is: Are these being used for actual investi- gations of purported crimes, or are they being used to build a watchlist?” said Joshua Kol- tun, an attorney who has rep- resented two Americans whose identities were the sub- ject of social-media subpoenas in recent months. The Wall Street Journal identified 10 people—nine Americans and one Cana- dian—who pushed back against DHS’s attempts to un-

months ahead,” SpaceX Presi- dent Gwynne Shotwell said on the call. “It really feels like we’re just getting started all over again.” SpaceX’s IPO was priced at $135 a share and the stock zoomed to above $225 in the days after the company’s mar- ket debut. But in recent weeks it fell below the IPO price, shedding more than $1 trillion in value from the peak. Since Musk founded SpaceX in 2002, the company has come to dominate markets for launching rockets and provid- ing satellite internet to cus- tomers around the world. In pitches to investors as part of its blockbuster IPO, SpaceX touted its transition to becom- ing a major player in AI. Still, the business that in- cludes Starlink is the com- pany’s biggest and serves as a revenue and profit engine. Its thousands of satellites in low-

ICE is trying to identify a Reddit user called Tired_Thumb who posted critically about immigration agents in recent months. Top, federal immigration officers make an arrest as bystanders film the incident earlier this year in Minneapolis.

mask them through the two types of subpoenas. Of those, judges have upheld four grand jury subpoenas. No charges have yet been filed in these cases. The agency abandoned three cases, while three more are pending. One person compared ICE officers to Nazis on X in Janu- ary—including writing that “All ICE Agents need to be put down like the dogs they are.” She was visited at home by ICE agents roughly four months later, after a court or- dered the social-media com- pany to turn over her infor- mation. The plainclothes agents told her not to post like that again, then left, the woman said. She hasn’t faced charges but has curbed her speech on social media.

Political hyperbole? The Supreme Court has held that true threats aren’t protected by the Constitution, but political hyperbole is— noting in a landmark decision that the “language of the po- litical arena” is often “vituper- ative, abusive, and inexact.” Several U.S. citizens who have come under scrutiny posted information about im- migration officers—from the locations of agents carrying out enforcement to officer names to home addresses—on social media. The Trump administration considers the “organized doxxing of law enforcement” to be a form of domestic ter- rorism. DHS has asserted that videotaping law enforcement on the job and posting the footage online constitutes doxxing. When a local news outlet reported that Jonathan Ross was the agent who killed

Earth orbit already enable in- ternet service in around 170 markets, and it sees an oppor- tunity to expand availability where it already operates and to increase its number of cor- porate and government cus- tomers. Starlink subscribers dou- bled to 12 million in the sec- ond quarter. SpaceX reported $4.3 billion in revenue for the segment, up 66% from the same time last year. It was also the only segment posting an operating profit for the lat- est quarter. “It’s not out of the question that at some point Starlink will deliver the majority of the world’s internet,” Musk told in- vestors on the call. “It’s not like in the infinity future. It’s less than 10 years.” SpaceX’s AI segment is still under development following the company’s February acqui- sition of xAI, the artificial-in-

fied Ross as the agent who had killed Good two days before. After one user posted, “I guess he’ll have to move to Florida or Texas now where he’ll be hailed as a hero,” Tired_Thumb mentioned vari- ous states and a city where Ross had lived, information that has been reported by news outlets. “Hopefully he moves up to Stillwater State Penitentiary,” Tired_Thumb added in his comment. DHS has said Ross acted in self-defense. He hasn’t faced charges. The legal nonprofit Civil Liberties Defense Center filed a motion seeking to quash the subpoena, arguing that their client was exercising pro- tected free speech. The federal government withdrew its orig- inal subpoena and responded with a grand jury subpoena requesting roughly an addi- tional month of social-media activity, dating back to De- cember 2025. During that period, Tired_Thumb replied to a post that claimed to identify an ICE agent who assisted another officer as he dragged a woman by the arm across a Minnesota street in a viral video, as on- lookers yelled that she was pregnant. Tired_Thumb looked up the name on a public records search website and shared the agent’s phone number in a comment, pasting the link to their source seconds later. He wrote “Abolish ICE and erase all borders” a few days before. Tired_Thumb didn’t make any other comments about the agency in this period, Reddit data shows. As of last month, the fed- eral government is still at- tempting to learn

Renee Good, DHS called it “reckless behavior” and said the paper should “delete their story immediately.” Sharing a federal law en- forcement officer’s personal information is generally not considered a crime without evidence of criminal intent, a historically high bar in court, say constitutional scholars and defense attorneys. In the past year, the Justice Department has successfully prosecuted several Americans in cases involving speech about ICE officers online, in- cluding an Oklahoma man convicted of threatening to kill federal agents after he wrote “we as US citizens should be gunning down these domestic terrorists” on X, along with several other posts about agents needing to be shot.

telligence startup founded by Musk. Revenue, however, more than tripled from the prior year to $2.6 billion. New cloud

The Justice Department didn’t respond to requests for comment. In the case of Tired_Thumb, DHS initially issued an admin- istrative subpoena to Reddit seeking the poster’s name, ad- dress, billing records and any associated accounts related to their online activity in Janu- ary and February. It didn’t give an explanation or any in- dication of what law, if any, they may have broken. The Journal obtained the user’s Reddit activity during that period through archival data, identifying three com- ments that mentioned ICE—in- cluding two that carried the initials, “ACAB,” shorthand for “all cops are bastards.” In one in January, Tired_Thumb weighed in on a thread about a local news article that identi-

service agreements helped fuel the revenue growth, according to SpaceX. The company spent $15.8

JOSHUA RASHAAD MCFADDEN FOR WSJ

billion in the second quarter on capital expenditures con- nected to AI business, account- ing for around 86% of the total.

ICE spending on surveillance

$258.3M $257.5M

+57% From Biden toTrump

$164.5M

Biden Trump Trump

2024-25 2025-26 2026-27

Note: All dates Jan. 20-Jan. 19 of the following year; 2026-2027 is a partial time period. Source: Federal Budget

Tired_Thumb’s identity. Much of the campaign against online adversaries has been coordinated by the ICE Office of Professional Respon- sibility. Under prior adminis- trations, the office was best known for its work investigat- ing ICE agents for wrongdo- ing, but also used a few out- side analysts to watch the internet for threats to senior leadership. In the past year, OPR spear- headed an initiative to dra- matically expand the agency’s ability to monitor online crit- ics and potential threats, ac- cording to contractors, federal documents and former HSI agents. Teams of contractors now scour the internet using so- phisticated surveillance tools to find commentary that the agency regards as potentially dangerous.

JOHN LOCHER/AP

Poll worker Three months after Tired_Thumb learned of the government investigation, a New York poll worker named Paigelynne Gonyea received a voicemail from a man identi- fying himself as an agent with Homeland Security. “We were just calling you in reference to a post that we believe you made on Insta- gram where you doxxed an ICE agent back in January,” said the caller. Shortly after, two agents from ICE OPR arrived at the voting site where she was working. They held printed screen- shots from her account, she said, including the post in question. The agents flipped by it quickly, she said, but she caught one thing: The post in- cluded a photo of Ross, the immigration officer who killed Good. The file that agents were holding also contained Gon- yea’s address, date of birth and what looked like a picture of her taken at airport secu- rity, she said. They told her to take down the post and asked her to sign a letter acknowl- edging she had been informed that she “may” have violated federal law with her social- media account. Gonyea said she was only able to find one post that spoke about a specific ICE agent: ”I think today is a great day for Jonathan Ross to be indicted!” the 40-year-old influencer and author had written in the post, referenc- ing the newspaper article that first named him. An ICE spokesperson said Gonyea doxxed an agent’s home address and showed the Journal a different screenshot, which appeared to be from Gonyea’s Instagram account. It showed a photo of Ross with the caption, “The killer’s name is Jonathan Ross of”—the rest of the text is redacted. Gonyea said she doesn’t re- call posting any agent’s ad- dress and can’t find evidence of the alleged post. She is ex- ploring legal action.

STEVE NESIUS/REUTERS

Page 10

T

Read the Fine Print When

Buying a Basic-Economy Fare

Those no-frills tickets have always had restrictions, but the list of rules keeps growing

CARRY ON T

DAWN GILBERTSON

hink you know all the fine print on those ba- sic-economy plane tick- ets? Better look again. With airlines bring- ing the no-frills fares to business and first class, it’s easy to overlook continuing changes in the cabin that started this mad- ness: economy. I consider myself somewhat of an expert on, and occasional de- fender of, basic economy. I regu- larly lay out the restrictions to friends, family and readers looking to save money and only try to steer them away if their plans might change. So I was surprised when I went to cancel an American Airlines ba- sic-economy ticket someone else purchased for my son. To get a flight credit—minus the airline’s $99 basic-economy cancellation

‘Spider-Man’ Stars

Spin Box-Office Gold

BY ESTHER ZUCKERMAN

om Holland and Zendaya had a billion-dollar weekend at the box office. The married actors star in “Spi- der-Man: Brand New Day,” which won the weekend with an astonish- ing $932 million worldwide. They also appear together in “The Odys- sey” which has grossed more than $911 million globally in three week- ends. Combined, the films have gen- erated over $1.8 billion at the world- wide box office. Hollywood is no stranger to ce- lebrity couples who are also co- stars, from Brad Pitt and Angelina Jolie to Emily Blunt and John Krasinski. But indus- try observers say no couple has made this much box-office reve- nue from back-to- back blockbusters. “This is the cine- matic equivalent of Halley’s comet,” said Paul Dergarabedian, head of marketplace trends at Ren- trak, a media analytics company that tracks box office data. The combined power of “The Odyssey” and “Brand New Day” helped make this past weekend the biggest in domestic box-office in history, with theaters bringing in an initially re- ported $430 million in ticket sales. The moment speaks to the collective power of Holland, 30, and Zendaya, 29. Both got their starts as child actors. He played ballet dancer Billy

Hollywood is

no stranger to celebrity couples who are also co-stars.

PERSONAL JOURNAL.

fee on domestic flights—he had to be a member of the airline’s fre- quent-flier program. Then I noticed something else: You aren’t eligible for any credit if you don’t buy your ticket directly from American. That means no Expedia and the like. So clearly a basic-economy re- fresher is in order, for me and you. The general, basic-economy re- strictions at major U.S. airlines re- main the same. You don’t get ad- vance seat selection without paying a fee and you board last. Translation: You’re probably looking at a middle seat in the back of the plane and no room for your carry-on bag. (United still doesn’t allow basic-economy ticket holders to bring a standard carry- on bag. You have to check it.) Where the rules are changing the most is around cancellation pol- icies and loyalty perks and miles. So here are some new wrinkles to be mindful of, by airline.

American Airlines: The cancella- tion restrictions I mentioned above aren’t the only changes. In

Elliot in the West End before appearing as Naomi Watts’s son in 2012’s Oscar-nominated “The Impossible,” about the 2004 Indian Ocean tsunami. She was a Disney star in shows like “Shake It Up” and “K.C. Undercover.” The two met around a decade ago doing a chemistry read for 2017’s “Spider-Man: Homecoming,” where he would play Peter Parker, aka Spider-Man, and she would por- tray MJ, who ultimately becomes his love interest. Over the years, their cachet as actors has only mul- tiplied. Holland became one of the anchors of the Marvel Cinematic Universe as Spider- Man and led the vid- eogame blockbuster “Uncharted” in 2022. “The Odyssey” marked one of his biggest non-Spidey roles to date, playing Odysseus’s son Te- lemachus. Zendaya, meanwhile, portrays the goddess Athena. Zendaya has a major part in the “Dune” franchise, and has earned two Emmys for the HBO drama “Euphoria” and a third nomination for the show’s most re- cent season. She also starred in this year’s “The Drama,” an independent feature that became a surprise hit for A24, grossing over $132 million worldwide. Films starring Holland have made around $11 billion globally. Zendaya’s output has grossed close to $8 billion. Their reach extends beyond act-

May, the airline stopped allowing frequent fliers with status to use their seat perks when buying ba- sic-economy tickets. (Some air- lines including United and Delta also have this restriction.) One Miami frequent flier with the airline’s highest status told me he and his wife frequently bought basic-economy tickets because they still got the airline’s extra- legroom seats free, at booking. Now they have to pay or buy up to a regular-economy ticket. He said it leaves a “bad taste.” A spokeswoman says fliers with status still get priority boarding, bag allowances and other perks. Late last year, American stopped awarding frequent-flier miles to basic-economy ticket buy- ers. Delta has long done this.

United: United really, really wants you to have its credit card. So much so that basic-economy ticket buyers no longer earn miles for their flights if they don’t have one or status in the airline’s Mileage Plus program. The change took ef- fect in April.

ing as well. She is known for her red carpet appearances, specifically her collabo- ration with stylist Law Roach. She also has an athleisure line with On, and was just announced as the face of Prada’s latest fragrance, Para- doxe Sweet Chemistry. Holland also has a Prada fragrance, Para- digme, and founded the nonalcoholic beer com- pany, Bero. Bero is prominently featured in “Brand New Day” when Holland’s Peter Parker is shopping at a bodega. “They occupy several worlds at once,” senior media analyst at enter- tainment research com- pany Exhibitor Relations Jeff Bock said. “They’re not just movie stars, they’re franchise stars, they’re fashion figures, they’re Gen Z icons.” But although they fell in love on camera— Peter and MJ first kiss in 2019’s “Spider-Man: Far From Home”—they have kept much private about their real-life relationship. They didn’t announce or share photos of their wedding. Representatives did not respond to requests to confirm the union. The first public indication that they were married came in March, when Roach told Access Hollywood “The wedding already happened. You missed it.” On the press tours for “The Odys- sey” and “Brand New Day” the cou- ple speak fondly about each other, but remain careful about how much they share. Zendaya has said Hol- land told her she got her role in “The Odyssey.” Holland drew headlines for

American Airlines passengers who buy basic-economy tickets must purchase them directly from airline to be eligible for flight credits.

United has also increased the fee it charges if you bring that for- bidden carry-on bag to the gate if you don’t have status or certain United credit cards. If it doesn’t fit underneath the seat (they police this!) you have to fork over a $75 fee to check it, up from $65 be- cause of the airline’s bag-fee in- crease. Save yourself $30 and check it at the ticket counter.

Tom Holland and Zendaya at the ‘Spider-Man: Brand New Day’ premiere in London.

casually calling Zendaya his “wife” in a British food podcast, “Dish.” The prospect of seeing romanti- cally involved stars on screen has drawn audiences to movie theaters in the past—especially if there are rumors of an affair. “Cleopatra” be- came the highest grossing film of 1963 after stars Elizabeth Taylor and Richard Burton began a relationship on set when they were married to other people. It was number one at the box office for 12 weeks before another film starring Burton and

Delta: Want to visit the Delta Sky Club? No can do on a basic-econ- omy ticket, even if you have a membership or one of those Amer- ican Express credit cards that grants access. The airline is even going to restrict access to its primo Delta One Lounges begin- ning next year if you buy its new basic-business ticket.

Southwest: Southwest loyalists are new to the basic-economy game. The airline revamped its fare structure and pretty much ev- erything else about the business model when it switched to as- signed seating. The good news: Basic-economy passengers can cancel their flight for a credit without a fee. The bad: The credit expires in six months instead of the usual 12 with regu- lar-economy tickets. Note that the six-month period dates back to the time of booking. So if you bought a basic ticket in December for spring break and canceled in March, you only have a short pe- riod to travel. Southwest is the only airline where I don’t hesitate to book ba- sic to save money. That’s because I have status on the airline and perks apply even with basic tick- ets. That means I can pick a seat at the time of booking and board in Group 1. All basic ticket holders earn points, too. Based on the trend at other airlines, we’ll see how long these perks last.

JetBlue Airways: Want to change or cancel your basic ticket? Buried in the fine print of its fare-cate- gory shake-up last week: The air- line will now charge a $150 fee, up from $100. The balance is issued in a travel credit. Basic ticket holders still earn points on their travel, and some loyalty perks, excluding seat selec- tion, apply.

Alaska Airlines: Basic- economy passengers (Alaska calls them Saver fares) are no longer eli- gible to earn frequent- flier points. The new policy began Aug. 1. Need to cancel a Saver ticket? Alaska’s restrictions are stricter than its competitors. You must cancel at least 14 days before departure for a 50% travel credit. Cancel outside that window and your ticket is worthless. You’re probably getting the message by now: Brush up on all the restrictions before clicking “buy,” especially if you’re booking several tickets. Those cancellation fees can eat up a big chunk of the ticket value. If you can’t live with them, bite the bullet and “upgrade.” Those are air quotes because we all know it isn’t a real upgrade. It’s a delib- erate upsell to what we used to think of as basic.

Taylor, “The V.I.P.s,” sur- passed it. More than 40 years later, “Mr. and Mrs. Smith” won the domestic box office in June 2005, amid specu- lation Brad Pitt and An- gelina Jolie’s on-screen chemistry had sparked a real-life relationship. The pair eventually married in 2014. Tabloid interest in a couple can also be- come a liability. That was the case with 2003’s critically reviled bomb “Gigli” starring a then-engaged Ben Af- fleck and Jennifer Lo- pez. It grossed $7 mil- lion worldwide. According to experts, Zendaya and Holland’s box-office billions mean they can choose proj- ects at their will in the future. Zendaya has an- other major movie this year: “Dune: Part Three,” due out Dec. 18. There is a chance Holland pops up with all the other superheroes in “Avengers: Doomsday,” out the same day, though his involvement hasn’t been confirmed. The end of “Brand New Day” promises that “Spider-Man will return” in a title card, and Hol- land is also set to star in an upcom- ing Fred Astaire biopic. For now, their next move may be the one that has defined their relationship from the start: staying out of view. “I think the most obvious answer for what they’re going to do next and where they go from here is: Nowhere that we can see,” said Elaine Lui, founder of the website Lainey Gossip and senior correspondent for Canada’s eTalk.

FROM TOP: ROBERT NEUBECKER FOR WSJ; VALERIE PLESCH/BLOOMBERG NEWS

TIM P. WHITBY/GETTY IMAGES FOR SONY PICTURES

Page 11

T

Banks Pitch

Digital Wallets To Holdouts

Paze, their entry into the field, faces challenges

to get people to use its online checkout button

BY DALVIN BROWN

he biggest banks in America move the money behind almost everything you buy. They haven’t figured out how to get you to click a button to pay at checkout. The digital wallets that allow online shoppers to click to avoid manually typing in their credit card numbers are largely operated by technology giants like Apple Pay and Google Pay and PayPal. On a small but growing number of sites, you might also find some banks’ entry into the field, called Paze. You might scroll right past it. “Nobody knows Paze,” says Serge Elkiner, who runs it. “Like, what is Paze?” Facing stiff competition for market share and looking for rele- vance, Paze is turning to an un- likely group—the holdouts and technophobes who have so far shunned digital wallets. While about 70% of consumers under age 40 use a digital wallet, only 41% of those over 40 do, ac- cording to J.D. Power. Paze wants to convince this older group to get on the bandwagon, and it recently ramped up the effort with ads and promotions targeting this de- mographic. The alternative to grabbing market share is costly. Banks have to pay Apple a fee of about 0.15% of the purchase price when one of their credit cards is used in Apple Pay. Crone Consulting, a pay-

FROM TOP: ELENA SCOTTI/WSJ; ISTOCK; LAKEITHA ELLIOTT; EARLY WARNING SERVICES

One Bold

Cure For Loneliness

ContinuedfromPageOne

became his favorite hobby, then his main source of hu- man contact, then something closer to a calling. Colleton had become a foot soldier in the battle against a problem the U.S. Surgeon General has likened to smoking 15 ciga- rettes a day. One out of five American adults report serious, fre- quent loneliness, with adults 30 to 44 reporting the high- est rates, according to a 2024 Harvard Making Caring Com- mon survey. Colleton, 42, says he was just looking for an unintru- sive way to make real-life connections. “I found that people could come to me,” he said. “In order to meet peo- ple, I didn’t have to walk up to people. They would walk up to me a lot.” Colleton kept at it through his time at a local commu- nity college, developing a small following as he learned what prompts worked and which fell flat. Then in 2023 he trans- ferred to Columbia Univer- sity. He began hauling chairs and a stack of conversation prompts into parks across New York City, inviting com- muters, dog walkers and tourists to sit down and talk to someone they had never met. The crowd skewed younger and the conversion lighter, with prompts like “Come beat me in Uno.” A month after Colleton ar- rived, Hamas’s attack on Is- rael set off protests that left the university tense and stu- dents newly isolated. Cris- tian Capotescu, an associate director at Columbia’s Trust Collaboratory who studies social trust, noticed the loudest voices were drown- ing out a silent majority. So Capotescu, 42, started “listening tables,” moderated sit-downs where students could talk about current events without it turning into a shouting match.

Down

ments-advisory firm, estimates that U.S. card issuers paid Apple at least $750 million in fees across online and in-app purchases in 2025. Paze is part of Early Warning Services, a company owned by seven of the largest banks includ- ing JPMorgan Chase and Wells Fargo. The firm’s more popular product is Zelle, which sends money between customer ac- counts. Zelle also got off to a rocky start, only to gain steam as it got embedded into the banking apps that customers already used. Paze’s pitch is that it operates directly through bank and credit- union mobile apps. There is no ac- count to create. Customers acti- vate the wallet and eligible cards that their bank has already loaded into Paze. The bet, Elkiner said, is that someone thinks: “It’s from my bank. I’m gonna try it.” Paze’s research has found that roughly half of bank customers rarely use a digital wallet. Its mar- ket researchers have called the profile of these people “protec- tionists.” They are mostly over 44, skew slightly female and are afflu- ent. Most important, they are loyal to their banks. That was the subject of one re- cent advertisement featuring Eliz- abeth Banks and Gabrielle Union (banks and credit unions—get it?). Both actresses are in the age range that Paze is chasing. Paze brought

Serge Elkiner runs the bank- backed digital wallet service, Paze.

Organizers say the conversations can sometimes get heated.

A student named Zane Glassock encountered one of Capotescu’s tables in Central Park. Glassock, 21, says he was struck by strangers’ willingness to stop, sit down with a bunch of college stu- dents and hand out life ad- vice. “I don’t know any other platform that enables that so quickly,” he said. Colleton found his way to the listening tables too, where he met Glassock and Capotescu. The three men

Conversation

prompts range from philosophical to absurd.

started talking about how to combine the more academic sit-downs with the looser park sessions Colleton had been hosting. The trio sanded the edges of Colleton’s original whimsy, borrowed some of the mod- eration discipline from the tables and gave the project a name: American Dialogues. The setup is modest by design. Hosts arrive early and arrange folding chairs in a circle, then pop up a blue canopy tent that can be spot- ted from 50 feet away. Beside it goes a whiteboard with that day’s prompt. Recent prompts have ranged from the philosophical to the ab- surd; one read: “Do you like talking to strangers?”

PERSONAL JOURNAL.

Lakeitha Elliott tried Paze recently after she saw a Facebook post with an offer.

in Elkiner two years ago to turn the product around. He had run product development for Visa’s global money-movement business and sold his own payments company, YellowPepper, to Visa in 2020. To find its target demographic, Paze surveyed customers across participating banks, then ran in- terviews, usability tests and focus groups, said Maryam Khosrow- shahi-Paez, Paze’s head of market- ing. More than half of the protec- tionists said they already used Zelle, which sends money between customer accounts. Many adopted Zelle because it came from their bank. Paze’s research found that 72% of the protectionists it interviewed believed manually typing a card number into a website was safer than using a digital wallet. “That was the stat that shocked me,” Khosrowshahi-Paez said. She quizzed friends outside work. They believed it, too.

From there, they wave people over or fall into step with passersby. Organizers say the more interesting re- cruits tend to be the ones who need no encouragement. Glassock describes the facili- tator’s job as pushing a boul- der: “It’s hardest when it’s yet to move,” he said. Alice Cook, 17, who has been coming to the tables for a couple of years, describes the experience as “real-life Omegle,” a service that let users video chat with strang- ers. “You just get a random inflow of different people.” Cook says she was ex- tremely socially anxious be- fore she started showing up. Now, she finds interacting with strangers considerably less scary. Kratima Divakar, a 26- year-old lawyer from India, started attending during her first semester as a grad stu- dent at Columbia. She was drawn to the opportunity to talk to people without a pro- fessional agenda, and later decided she could help the organizers attract more women. She now runs much of the group’s outreach. Organizers say they occa- sionally draw people who are intoxicated, having a bad day, or simply looking for someone to vent at. Six years and thousands of strangers later, Colleton has a theory about why the tables work: There is just enough anonymity that peo- ple feel comfortable saying what they actually think, but not so much that they say things they’d be ashamed of. Also, people sitting in small numbers facing each other, he said, is “just such a human thing, like a camp- fire.”

Banks and cyberse- curity experts say typing the number carries more risk because it hands card information to the website, whereas a digital wallet typically doesn’t. It takes work to get people to try something new, which is one reason for the promotional blitz that Paze launched in June. Lakeitha Elliott, 49, tried Paze recently after she saw a Facebook post touting an offer where cus- tomers could spend $10 with Paze and get $10 back, up to 10 times. She looked through the list of merchants and activated two eligi- ble cards. The Portland, Ore., resident had previously gotten promotional emails for Paze through Capital One and Chase, which she ignored. She has since used Paze three times, all of which were at Wendy’s, where she usually typed her card number into the app each time she ordered. She plans to keep using Paze. Still, Paze isn’t available at many familiar checkout pages. EBay and Nike, for example, accept

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13

14 15 16

17 18 19

20 21 22

23 24 25

26 27 28 29

30 31 32 33 34 35 36 37

38 39 40 41 42

43 44 45 46 47

48 49 50

51 52 53 54 55 56

57 58 59 60 61 62

63 64 65

66 67 68

69 70 71

HOLLYWOOD ENDING | By Gary Larson & Amy Ensz

Across 1 Fistbump 4 Fullof energy 9 Blowsoff steam 14 Commotion 15 Letterona resistor 16 Oldassembly area 17 Operatethe camerafora 1994Bullock/ Reevesaction movie? 19 Nicknameof HallofFamer ErnieBanks 20 Spunyarn 21 Digest founderEric 22 Quiet partner 23 Arrangethe kliegsand spotsfora 1973Woody Allenmovie? 26 Grave 29 Therite answer

30 Puttothe test 31 Papersin pots 34 Barclays Centerballers 38 Starpitcher 39 Provide fundingfora 2004James Wanhorror movie? 42 Plumeria product 43 Kansasor Alabama,e.g. 45 Plantedplots 46 Key 48 Pressinto service 50 Relaxed 51 Helma2012 Denzel Washington movie? 57 “OhMyGod” singer 58 Chaplinof “Avatar:Fire andAsh” 59 Terribletime foratoddler

Apple Pay, Google Pay and PayPal, but neither company appears in Paze’s merchant directory. “All new payment types start with merchant acceptance,” said Richard Crone, chief executive of Crone Consulting. Eric Hoffman, Early Warning’s chief partnerships officer, says Paze is trying to sign up coffee shops and other places where peo- ple make everyday purchases. The checkout button may also matter less if AI starts to do the shopping. Amazon.com has tools that track a price and buy when it drops. Walmart lets customers buy through ChatGPT. PayPal is power- ing checkout for artificial-intelli- gence shopping agents. Less than 1% of consumers said they had used Paze for an online purchase in the previous 90 days, compared with 41% for PayPal and 24% for Apple Pay, according to an April survey by S&P Global Market Intelligence. Paze says its June promotional campaign has beaten its forecasts. Activations nearly doubled in the four weeks after the June 15 launch, compared with the four weeks before. It said it was too early to know how many people keep using the wallet after the credits run out.

63 Universityof Louisiana’s ___Cajuns

5 Callinto question 6 Someof thembear crowns 7 Starpitcher? 8 Fillswith cargo 9 Ratcheted (up) 10 Accept mutually 11 “Forreal!” 12 Battle break 13 Fencing choice 18 Rumble 24 Online referencefor cinephiles

64 Hireactors fora2008 MerylStreep movie?

66 1960sUnited Nations secretary- general

67 Whenmany taketheir coffeebreak

68 Veggieburger protein

69 Numbers

70 Tibet’s capital

71 Passport datum

1 Absurd

2 Sarah McLachlan hit

25 Homer’s middlechild 26 Wildguess 27 Black-and- white mammal 28 Bankholding 31 Rocksin slings? 32 Approved 33 Cruiserletters 35 Fitzgeraldof jazz 36 Concertmerch 37 Position 40 Becomplicit 41 Inthe companyof 44 Some swordplay 47 Fight 49 Perfumery products 50 Playing marbles 51 Gamewitha numbered board 52 Itslicense platessay “Famous potatoes” 53 Lear’smiddle child 54 Kindofpoint 55 Reluctant 56 Placefor onlinepic posting 60 Gutlesssort 61 Double-reed instrument 62 “ComeSail Away”rock group 65 Crimescene evidence

Previous Puzzle’s Solution

U T A H R A C E S M A P S E G A E X A L T S O L O D R E I D E L L A T W A S I S R A E L I E M B A S S Y T I A P O I V A N I L L A I C E C R E A M O B I E S P R A D A A L A C A P S S H A P E O T I C A C A A L I N E W A I T A L I T T L E D I D W E K N O W A D E H E F P H I L I P P I N E P E S O L I D O L A N C E R U N S I R O N A R I A L N I L E E E L B E T A S S T Y X

Page 12

A12 | Wednesday, August 5, 2026

THE WALL STREET JOURNAL. ARTS IN REVIEW

W

MUSIC REVIEW | MARK RICHARDSON Shaboozey’s Cinematic New Sound

The artist’s western-themed concept album

is a commendable experiment in storytelling

hen Collins Obinna Chibueze signed his first recording con- tract in 2016, the music industry didn’t have a place for artists like him. He started as a rapper who called himself Shaboozey—the moniker came from a high-school football coach who mispronounced his last name—but no single musi- cal form captured the range of his interests. His parents were Nige- rian immigrants, and his father became a fan of country music by artists like Dolly Parton after ini- tially settling in Texas. Though Shaboozey favored the slow, bass- heavy beats of the hip-hop style trap in his own work, he had an ear for country and Americana and was drawn to these disparate genres’ emphasis on storytelling. The singer-rapper’s 2018 debut album, “Lady Wrangler,” was al- most entirely hip-hop with a few twangy inflections in the instru- mentation. Over the following year, Lil Nas X’s “Old Town Road” became a phenomenon and made Billboard chart history. That viral collision of rap and country changed everything. By 2024, Shaboozey had two memorable appearances on Be- yoncé’s country-influenced LP “Cowboy Carter” and finally broke through with his third album, “Where I’ve Been, Isn’t Where I’m Going.” It included the monster single “A Bar Song (Tipsy),” a clever interpolation of a 2004 sin- gle by rapper J-Kwon, and Sha- boozey’s song tied the record set by “Old Town Road” for weeks at No. 1 on the Hot 100. His fourth full-length collection, “The Outlaw Cherie Lee & Other Western Tales” (American Dogwood/Em- pire), out now, is a concept album that suggests the 31-year-old has ambition beyond hit singles. The new set squeezes 20 tracks into a 46-minute runtime, many of which are short interludes de- signed to keep things moving. On the opening “The Outlaw Cherie Lee,” as if sitting around a camp- fire, actor Jamie Foxx introduces the mythical story. Over a wheez- ing harmonica and lightly strummed guitar, the title charac- ter sets out on a journey to avenge the death of her father. Some songs stick closely to the album’s

TELEVISION REVIEW | JOHN ANDERSON Smuggled Reptiles and Reptilian Humans

WHEN HANK MOLT and his fellow reptile smugglers went “shopping” in the ’70s, they carried a gun and a machete—“the gun to shoot some- one, the machete to cut off our fin- gers if we were bit by a taipan.” How many people could die from the venom in a single taipan bite? “Oh, about 20.” It seems to be much more than that, actually, but who’s counting? And who can explain obsession? One man’s fixation is another man’s repul- sive, venomous puff adder. But Eric Goode’s five-part “Monsters of God,” about the largely illegal and enor- mously lucrative global trade in rep- tiles, asks the questions nonetheless. Why do certain people—mostly men, as one ex-wife notes—devote their lives to the capture, sale and breed- ing of endangered species? Why risk cobra bites? Why risk the welfare of the animals they supposedly love so much? Money, of course. But despite being an unsavory collection of crimi- nals, Mr. Goode’s cast of characters could survive quite handsomely with- out gambling everything with each shipment of Fiji banded iguanas. They’re not exactly F1 drivers, they’re certainly not kidney donors. But dan- ger is their business. Mr. Goode has his own interests in the subject—he founded the Tur- tle Conservancy; campaigns for the highly endangered ploughshare tor- toise (a co-star of this series); and directed the documentaries “Tiger King” and “Chimp Crazy,” both about fixated animal people (and belea- guered animals). In “Monsters,” he chronicles more than one kind of ad- diction: Some of the more revelatory moments involve the intersection of

plot; on others the connection is fuzzier; and at times the hero’s journey seems to be about Sha- boozey himself. On the second track, “Til Sunday,” a rap cut with an acoustic guitar, fiddle and stomping beat, specifics of his ca- reer become part of the saga: “Make it boom in a saloon, got ’em doing line dances / Booze to the fuse, ‘Tipsy’ still going platinum.” Once again, Shaboozey works closely with Sean Cook and Nevin Sastry, his collaborators on much of his previous LP, along with other writers and producers. The overall sound is highly dramatic, with massed voices, quaking beats, horses whinnying in the distance, and percussion that evokes the threat of a rattlesnake. Whiskey- voiced actor Sam Elliott shows up in an interlude, and Teyana Taylor, fresh off her star turn in Paul Thomas Anderson’s “One Battle After Another,” advances the nar- rative on a minute-long track over nylon-string guitar that evokes the

Texas-Mexico border. The theatri- cality is so over the top that it can be heard as kitsch, but Sha- boozey’s commanding voice and commitment to the material gen- erally keep the listener on his side. Though it’s ultimately a coun- try-music concept album about the Old West, “The Outlaw Cherie Lee” takes in a wide range of musical styles. “Sweet Revenge” is South- ern rock and has a hook reminis- cent of “Sweet Home Alabama,” while “If I Was an Outlaw” has an

the reptile and cocaine trades in Mi- ami in the 1980s, with animal ship- ments used to cover drugs. If a beast was unruly enough, a Cus- toms agent wouldn’t want to root around in the box. A similar technique would be used to disguise rare species them- selves, shipping them with ordinary reptiles. In one case a baby Ko- modo dragon was hidden in plain sight, inside a crate of ordinary monitor lizards. It’s hard to tell the difference and understaffed federal agencies weren’t going to bother. Mr. Goode’s principals are the type for whom a love of exotic wild-

Shaboozey, best known for the single ‘A Bar Song (Tipsy),’ above; his new record is ‘The Outlaw Cherie Lee & Other Western Tales.’

E-string thump that recalls the train songs of Johnny Cash and the compact structure of a Jimmy Buffett ballad. A few songs, such as the party-ready “Cowgirl” and the stomp-clap ode to self-destruc- tion “Born to Die,” were con- structed as radio-ready singles— the latter sounds a lot like a Zach Bryan song—and seem slightly out of place, but it’s nothing egregious. Despite all the guests and the mishmash of aesthetics, the album is immersive and retains its flow.

life (and profits) made them regu- larly risk arrest, fines, prison and the dissolution of their personal lives. Ray Van Nostrand—remembered by one ex-U.S. Fish and Wildlife official as “Ray Van Nostril”—developed a major coke addiction, went to prison for smuggling, and left his sons to operate their own import business, with one of them, Mike, doing so strictly within the rules. Until the illicit money became too much to resist. Mr. Goode extracts remarkably candid admissions from his inter- view subjects—one, convicted drug trafficker Mario Tabraue (featured in

Even when the record veers from its characters, strong thematic threads—many of which are bor- rowed from western epics of yore— remain. And it’s fun to hear artists from other musical worlds in a new setting. “High Noon” begins with an atmospheric whistle on loan from a Sergio Leone film, and Geor- gia rapper Gunna trades verses with Shaboozey over a coiled trap beat tangled with slide guitar. “Bul- lets & Blades,” a teary slow-dance number, is a duet with versatile R&B singer Kehlani. The pair’s voices complement each other, striking a balance between relaxed contemplation and intensity. Shaboozey has cited Leone and Quentin Tarantino as inspirations in his work, and the new collec- tion is stuffed—some will say overstuffed—with pulpy cinematic

A scene from ‘Monsters of God,’ a new documentary series from ‘Tiger King’ director Eric Goode.

“Tiger King”), remembers dismem- bering and burning the body of a federal informant. (He denies having murdered his own wife.) Some of the more intriguing figures receive little more than offhand references— veterans of the failed Bay of Pigs in- vasion of Cuba, who according to Tabraue became principals in the upsurging Florida cocaine market of the ’80s. But the most shadowy fig- ure throughout the series is the Ma-

flourishes. In terms of its mood and texture, “The Outlaw Cherie Lee & Other Western Tales” seems most directly inspired by Ryan Coogler’s 2025 Oscar-winner “Sin- ners,” in the way genre tropes are updated with contemporary refer- ences and transformed into an op- eratic Technicolor spectacle. In interviews, Shaboozey has men- tioned wanting to turn this re- cord’s story into a graphic novel, or an extended music video, and it’s not hard to imagine a future for him in the film industry. For now, he’s done something admira- ble, taking the resources his unex- pected success made available to him and trying something new.

Mr. Richardson is the Journal’s pop and rock music critic. Follow him on X @MarkRichardson.

laysian animal smuggler Anson Wong, who served as the Asian con- nection to almost everyone whom Mr. Goode encounters in the trade. This writer, coincidentally, was employed in the wholesale tropical fish business during much of the time covered in “Monsters,” and there were always hints about the fringe mentality behind the wildlife importing business: Opening one of my boxes at U.S. Customs one night at JFK, an agent pulled out a stone fish, the world’s most venomous. It hadn’t been ordered. It was sent as a “gift.” People routinely tried to sell us different kinds of softshell turtles and other species that were highly restricted, assuming we fishmongers were as indifferent as they were to the Endangered Species Act of 1973. That Nixon-era legislation, ironically, made the trade in certain species far more lucrative than it had been. Zoos, according to the reporting here, were more than happy to pop- ulate their exhibits with the rarest reptiles, whether they were smug- gled in or not. (The San Diego Zoo turned out to be a notable violator, with its reptile curator, Tom Schultz, pleading guilty in 1999 to wire fraud, theft and illegal trafficking.) But one of the main fascinations of Mr. Goode’s quasi-period piece is the ingenious ways his subjects found to circumvent the law, ratio- nalize their crimes and destroy that which they claimed to love. It might be those ploughshare tortoises, 75 of which were stolen from a suc- cessful Madagascar breeding facil- ity in 1996, rendering them virtually extinct. Or, just by the way, it might be one’s wife and family. But again, who’s counting?

HUNTER MORENO

Page 13

W

H

Democrats, Trump and Iran

D o n a l d T r u m p ’ s war was a miscalcula- tion. He had neither the military re- sources nor the domes- tic support for a long war, nor the personal appetite for one. By day seven, he was pounding Iran in hopes it would give him an out. But a New York Times piece com- mits an anachronism in re- cruiting foreign-policy types in the U.S. and Europe to pronounce the war a “strate- gic defeat” for the U.S. Let’s wait for the chapters to be written. In a sense, Mr. Trump’s Iran fumble has been more costly than Reagan’s 1982 Lebanon misadventure, in terms of munitions spent and goals not achieved. In a cur- rency that matters more, Mr. Trump’s war has actually been cheaper: Reagan left be- hind 241 dead U.S. military personnel when he beat a U.S. retreat with his tail between his legs. Thereupon, the Reagan economy went on to win the Cold War, to spawn technolog- ical revolutions that continue today, and to remake U.S. cul- tural dominance for a new era. I’m not predicting the same for Mr. Trump, but if his Iran failure doesn’t lead to World War III, it’s likely soon to be forgotten, as many U.S. mis- cues and retreats have been. A sleight of hand fills the

BUSINESS WORLD By Holman W. Jenkins, Jr.

Economics Drive Populism and Socialism

The remark- able surge of support for the Demo- cratic Social- ists of Amer- ica over the past year is part of a much longer and larger trend. Over the past two decades, the cen- trist left-right duopoly that governed most Western de- mocracies after World War II has crumbled. Populist-na- tionalist movements have en- feebled and, in some cases, displaced traditional conser- vative parties. On the left, hard-line socialists have made inroads against liberal re- formers and social democrats. The new left and new right disagree on many issues, in- cluding immigration, culture and foreign policy. But they agree that the economic poli- cies of the old duopoly have caused deindustrialization, slowed economic growth, and widened the economic gap be- tween highly educated urban areas and less educated small towns and rural regions. In the U.S., discontent about long, costly wars and lingering controversy over the 2008-09 financial crisis and the pandemic have also con- tributed to the revolt against the elites of both political parties. Public disappointment with the economy has sustained this revolt. Over the past quar- ter-century, under presidents

POLITICS & IDEAS By William A. Galston

Where Are You Taking Me, Waymo?

By Steve Cohen

aymo, the autono- mous taxi company owned by Google’s parent, Alphabet, isn’t ready to be handed the family car keys. At times it behaves like a pre- cocious child: headstrong and resistant to parental interven- tion. Consequently, it doesn’t always work as well as it thinks it does. Last week my wife and I took what was supposed to be a short ride in a Waymo. It be- came a journey that was by turns funny, frustrating and terrifying. I had used driverless taxis in San Francisco and raved about the surreal experience. So, while in Santa Monica, Ca- lif., I didn’t hesitate to sum- mon a Waymo for the 2-mile ride to our hotel. It wasn’t a particularly ad- venturous decision. We’ve driven Teslas for six years, and my wife has embraced my use of Tesla’s “Full Self-Driving (Supervised)” mode on all

Times piece. It says “U.S.” where it means “Mr. Trump.” Its sources know better. The Times itself knows better. Mr. Trump acted against the advice of his team, against promises to his base, on pre- occupations he’s nursed for decades. In a soliloquy on the “Call Me Back” podcast, the Eurasia Group’s Ian Bremmer extends a point I’ve tried to make here. More than most, the Trump presidency is a path-dependent freak occur- rence of history. Other lead- ers see this. They know not to overgeneralize from it. I would say more. Other nations have intelligence agencies. They have analytical abilities and no incentive not to see certain truths. Authori- tarian regimes are especially sensitive to the extent to which Mr. Trump was a U.S. intelligence botch, starting with the FBI’s meddling in the 2016 race using secret Russian intelligence as a justification. A simple ethical stop-loss would have meant no Trump era at all: If Hillary Clinton, John Brennan, Adam Schiff, James Comey and, yes, the press had asked themselves: Should we lie? I know this subject is neu- ralgic for certain readers. I understand why. As I put it at the time of the Hunter Biden laptop episode, “If you’re so dumb as to lose all critical judgment every time you hear the word ‘Russians,’ somebody will take advantage of it.” But the truth is no less rel- evant for being universally ig- nored. For the sixth election

and congresses of both par- ties, growth has slowed, and its fruits have been shared less widely. Average families be- lieve that their interests have been ignored, and the facts back them up. Between 1950 and 1974, the U.S. economy grew at a com- pound annual rate of 3.8% af- ter inflation. Over the next quarter-century, despite the deep recession of 1981-82, the economy still grew by 3.2%. Real gross domestic product grew at an annual rate of 4% during Bill Clinton’s eight years as president, which helps explain why he left of- fice with a job-approval rating of 66%. But in the 25 years begin- ning in January 2001, the an- nual growth rate was a mere 2.1%. Consistent with this trend, GDP grew by 2.1% in the first year of President Trump’s second term and at an annualized rate of 2.1% in the first quarter of 2026 and an estimated 1.5% in the sec- ond quarter. As growth slowed, its fruits were shared less equally than in the preceding half-century. Between 2001 and 2024, income for house- holds in the middle grew by 18.6%, but by 32.1% for the top 10% and 33.5% for the top 5%. Over the past quarter-cen- tury, the real weekly earnings of median workers rose from $336 to $378 in 1982-84 dol- lars, an almost imperceptible annual increase of 0.5%. Total compensation, which takes

kinds of roads, from back- country lanes to the FDR Drive, a New York City high- way. That means it’s driving but I can override it at any time. After 60 years of loving to drive, it wasn’t easy to ad- mit that Elon Musk is a better programmer than I am a

En route to our hotel,

the car steered itself into wrong lanes, and we had to bail out.

driver. The Tesla’s cameras can see jaywalkers before I do, on- coming headlights don’t blind it, and the car reacts faster than I can. In Santa Monica, when our Waymo showed up, my wife got in the back while I plopped into the front passenger seat—the better to play with the cabin controls. A notice warned us not to interfere with the car’s autonomous

OPINION

in a row, the parties are trot- ting out their foreign-influ- ence/election-distrust memes. For Mr. Trump, it’s become the Chinese; for a certain brand of insurgent Democrat, it’s Israel. Democrats injected this theme into our politics. They fabricated evidence. They mo- bilized the FBI and intelli- gence agencies to lie to the courts and the American peo- ple. There’s been nothing like it in U.S. history, and don’t

The co-dependency of

the president and his opponents becomes the world’s problem.

lay it off somehow on over- zealousness in defense of de- mocracy. Democrats liked having Mr. Trump as an op- ponent. Jim Messina, the ex- Obama campaign manager, said he prayed for Mr. Trump to be the 2016 nominee. The same motive is why the crowning, organically con- nected episode of the collu- sion era, though it might seem to belong to a different category, was Joe Biden’s 2024 re-election strategy. Mr. Biden blew up his presidency on the bet that Mr. Trump was the magic sol- vent—that Mr. Biden could hand over policy to his party’s unrepresentative, vin- dictive left-wing activists and voters would have to re-elect him anyway. Now this history and 2028

benefits into account, rose only slightly faster, at an an- nual rate of 0.8%. While real GDP grew 71% during this pe- riod, inflation-adjusted corpo- rate profits nearly quadru- pled, from $533.4 billion to $2.12 trillion in 2001 dollars. Beneath these figures, as the Journal’s Greg Ip has shown, something even more fundamental was taking place—a massive shift of na- tional income from labor to capital. At the beginning of

Their solutions would

make things worse, but real problems are behind their appeal.

2001, corporate profits amounted to 6% of national income. By early 2026, that share had doubled to 12%. Meanwhile, workers’ share fell by 5.7 points, from 56.7% to 51%, the lowest since the government began keeping these statistics in 1947. Al- though tax-induced account- ing changes explain a portion of this change, the bulk of it represents a structural shift in the relationship between labor and capital. The growth of artificial intelligence will likely accelerate this trend. The bottom line: Adjusting for tax and accounting changes, if workers today were receiving the same slice of the economic pie that they enjoyed 25 years ago, they

features, and an announce- ment informed us that Waymo wouldn’t listen to our conver- sation. An Irish woolen driver’s cap sat on the empty driver’s seat. The ride was uneventful un- til we were four blocks from our destination. Realizing it was in a must-turn-right lane, the Waymo flicked on its left blinker, wavered toward the middle lane, changed its mind, and turned right—away from the hotel. It circled the block but wound up in a must-turn- left lane. After a third unsuc- cessful attempt, I pressed the customer-service button. A representative confirmed the car was rerouting, and my wife asked, “Can’t you tell it where to turn?” “No,” the rep responded. “The car has a mind of its own.” We felt as if we had walked into “2001: A Space Odyssey,” and HAL would say ominously, “I’m sorry Dave. I’m afraid I can’t do that.” This time, the car ap- proached our hotel but a block

pose a question: Can Demo- crats refrain from inventing, for the fourth consecutive presidential election, some new self-humiliating self-be- trayal that will rumble through our politics for a decade, as the collusion fraud did and as Mr. Biden’s faceplant still does? Tues- day’s Michigan primary showdown isn’t encouraging. If antisemitism and social- ism are to be the party’s 2028 calling card, Democrats had better get working to make sure Don Jr. will be the GOP nominee. For Mr. Trump the loss- cutting businessman, the Iran war would be an easy fix. Sail away. Deprive Iran of the antagonist over which it seeks leverage by shutting down the Strait of Hormuz. The local parties’ incentives then would point to a quick reopening. A lingering reli- ability premium for non-Gulf oil would be a net plus for the U.S. as a Western Hemi- sphere energy power. Plus the U.S. has already shown it can exercise a trump over Gulf energy flows without actually having to risk its ships in the Gulf’s narrow waters. But politicians in a hole prefer to make nondecision decisions and that applies to Mr. Trump and his Iranian in- terlocutors. The likelier out- come is for the desultory shooting and talking to con- tinue until Jan. 20, 2029, when the next administration will be able to take a big-bath write-off and blame Mr. Trump.

would have earned an addi- tional $8,000 on average in 2025. The turn toward tariffs under Mr. Trump and price controls under New York’s Mayor Zohran Mamdani rep- resent responses to this shortfall, as does the public ownership of the means of production and exchange that both have embraced. Still, the failure of more-in- cremental economic changes offered by both parties since the turn of the century has opened the door to much broader policy shifts, however misguided they may be. Tar- iffs raise prices; price controls reduce supply. Both lead to costly economic distortions. Still, they give hope to their supporters in a way that in- crementalism no longer does. A decade ago, President Reagan’s small-government conservative internationalism gave way to big-government populist nationalism as the Republican Party’s reigning orthodoxy. Now the Demo- cratic Party faces a compara- ble challenge from the DSA. There’s an old political maxim: You can’t beat some- thing with nothing. The por- tion of the Democratic Party that still believes in demo- cratic capitalism must move beyond yesterday’s policies to craft a new agenda that is bold, economically responsi- ble and publicly acceptable. If not, developments in New York, Michigan, Wisconsin and elsewhere since 2025 will turn out to be harbingers of the party’s future.

away made a mysterious turn in the wrong direction. When the rep said there was nothing she could do, I opened the car door. Our Waymo shuddered to a stop, and we jumped out in the middle of the street. Waymo operates about 3,900 autonomous cars in 10 cities, with plans to expand. I occasionally see Waymos in New York—but with a person in the driver’s seat, ostensibly able to intervene while the sys- tem learns the city’s challenges. Autonomous vehicles likely will replace fallible human drivers. But Alphabet’s refusal to let a human override the car’s “mind of its own” under- scores the AI industry’s arro- gance. We need machines that listen to humans—not to eavesdrop, but with the humil- ity to recognize that human in- telligence may sometimes be a little better than the artificial kind.

Ask Her

Anything

Q: The Hidden Power of Questions

In a World That Wants Answers

By Lani Watson Viking, 320 pages, $32

ilary Putnam often gave his Harvard philosophy stu- dents a final exam consisting of an unusual challenge. He instructed each student to decide on what ques- tions the examination should include—and then respond to them. It was a devilish test. If a student came up with ques- tions that were too hard, answering correctly would be a struggle. But if the questions were too easy, the student would lose marks for asking puffballs. Lani Watson would have appreciated Putnam’s exam. In “Q,” Ms. Watson, who teaches philosophy at the University of Edinburgh, suggests that “we live in a world that wants, needs and values answers with ever-increasing restlessness and urgency.” As we navigate an increasingly confusing era, many of us seek, she writes, “cognitive closure,” grabbing onto whatever ready-made answers are on offer, leading ourselves astray in many areas of life, including personal health, politics and business. Ms. Watson wants us to realize that questions have great value apart from whatever answers they elicit. They are “a form of power we all carry with us.” To illustrate that point she brings up a 2021 case in which British doctors missed a child’s life-threatening condition, and her parents’ observations were ignored. A challenge to the too-quick diagnosis might have saved the patient’s life. Guidance encouraging patients and families to ask questions of medical staff now appears on information resources in U.K. hospitals. Ms. Watson’s definition of questioning is capacious. She includes any information-seeking act, from a verbal interrog- ative to the sniff one might give a carton of milk to gauge its freshness. Whether trivial or urgent, she argues, questions are central to our well-being. The science of the mind is on her side. Ms. Watson reports that questioning delivers a spurt of helpful neurotransmitters and triggers “a neuro- chemical response that ripples through your dopaminergic system—the part of the brain [that] helps you feel pleasure.” A questioning mindset even welcomes the unanswerable. When we imagine, for example, those questions we can no longer ask a loved one who has died, such queries, Ms. Watson suggests, help “our brains to process loss, our minds to fathom the unfathomable.” The realizations this sort of musing can lead us to are not always pleasurable. But their value, Ms. Watson argues, is real. Posing painful questions to ourselves about our own traumas and struggles can be therapeutic. She even suggests assembling a “question collection” in the workplace, to which employees would contribute unknowns for their co-workers to mull over. “If every com- pany . . . had its own bespoke and dynamic question collec- tion,” Ms. Watson writes, “there is little doubt that we would all be living in a more question-oriented world”— a supposition that might seem a little bit questionable. As it happens, a questioning mindset is precisely what most of our schools do not instill. Multiple studies cited by Ms. Watson suggest that the bulk of questions in the classroom are posed by teachers to students. As one educa- tional researcher puts it, “no-one has ever gone into a sam- ple of classrooms and found a lot of student questions.” When you see a picture of a children eagerly raising their hands in class, Ms. Watson dryly observes, the students are likely answering a teacher’s prompt, rather than raising a query.

Many schools fail to instill a questioning

mindset. Studies suggest most questions in the classroom are posed by teachers to students.

Ms. Watson writes breezily and with welcome self-aware- ness. (After mentioning her search for a vegan ramen shop in Tokyo, she adds, “congratulations, you have arrived at the most bougie sentence in this book.”) She unabashedly describes the long minutes of excruciating silence that ensued when she asked her students, in one of her philoso- phy classes, if they had any questions on that week’s read- ing. And yet, as one moves through “Q,” one gets the feeling that the book is ignoring a significant problem. Aren’t we about to enter a time when questioning itself will be upended by artificial intelligence? Ms. Watson discusses AI in passing, noting that “to get up and running, AI needs data and questions.” Her interest in the topic is chiefly that this new technology underscores the value of questions. But if a significant number of jobs in the physical world are supplanted by AI-driven automation, how many of us will then care about turning our workplaces into hotbeds of innovation—one of the major benefits Ms. Wat- son assigns to habitual asking? When they interact with ChatGPT, Ms. Watson notes, “humans are still the ones doing the asking.” But it’s also possible that AI products that mimic human conversation will detach us from engaging with the thoughts and feelings of other people around us. Suppose that more of us abandon real romantic partners to spend time with compliant AI bots. How much interest will we then take in the mental worlds of others—an interest that, Ms. Watson says, we embody by asking questions? And as we freely use the images and texts these systems offer us, what fate awaits the difficult but rewarding self-exploration that animates artistic creation? Ms. Watson does criticize the AI models now available for offering digestible but sometimes off-the-mark answers to our various small-beer queries. But the greatest chal- lenge we face with this technology might arise from the reverse. If AI models can generate scientific and mathemati- cal breakthroughs but cannot explain their own reasoning in ways humans can understand, we might remain unable to reconstruct the intellectual path by which those answers were reached. These are speculative possibilities, not settled predic- tions. But if questioning is to remain one of humanity’s defining activities in an age of increasingly capable AI, it might require a deeper philosophical defense than “Q” pro- vides. Robert F. Kennedy, borrowing from George Bernard Shaw, declared that “some men see things as they are and ask why; I dream things that never were and ask why not.” It’s a ringing defense of curiosity. If the dreamer is a digital one, though, will either question matter?

Page 14

THE WALL STREET JOURNAL

Clarity for Crypto, Sort Of

C

ongress often passes legislation riddled with policy land mines because the Mem- bersdon’twanttodothehardworkofde- fusing them. A case in point is the crypto regulation bill now in the Senate that Republicans are rushing to pass before they leave town this week. The Biden team tried to suppress cryptocurrency, a digital form of money, and keep it in the legal shadows. Banking regulators advised banks to stay away. Securities and Exchange Commission Chair Gary Gensler punished crypto developers and exchanges for not registering with the agency, though federal law didn’t expressly give him authority to regulate them. i i i While Trump officials have been friendlier, crypto continues to operate in a regulatory gray zone. Last year’s Genius Act provided some rules for stablecoins, which are cryptocurrencies de- signed to hold a fixed dollar peg similar to money-market funds. But the legislation left some regulatory issues unresolved. Enter the Senate’s 616-page Clarity Act, which establishes a regulatory framework for digital assets. This would give the crypto indus- try more legitimacy and legal certainty, which is why the crypto boys support it. The bill lays out rules for regulators to deter- mine if a cryptocurrency is more like an invest- ment contract (subject to SEC oversight) or a commodity (the Commodity Futures Trading Commission). Cryptocurrencies sold to raise money for an enterprise would generally be treated as securities. This would appear to in- clude the Trump family’s WLFI token. Bitcoin and other digital tokens that aren’t controlled by a person or company would gen- erally be regulated as commodities. The bill would also establish clear market structure rules that provide regulatory certainty for in- vestors and banks so they don’t have to worry about being whipsawed by the whims of a fu- ture administration. Americans who aren’t crypto investors could also benefit from the bill since it would provide a legal framework for banks to issue, trade and settle payments for tokenized securities—for ex- ample, stocks and bonds with blockchain re- cords. This technology would remove friction in the financial system and lower costs. All of this is worth supporting. The problem is the bill also includes regula- tory loopholes that could cause problems in the financial system. One provision would under- mine the Genius Act’s prohibition on stablecoin issuers paying interest by letting crypto ex- changes offer “rewards” for what are essentially banking services.

Trump, Big Oil, and ‘Too Much Money’

E

veryone knows President Trump plays the role of political populist, but some- times all you can do is laugh. Take his lashing Monday of American oil companies for “making too much money.” Mr. Trump is worried about gasoline prices going into the midterm election, and the President needs someone to blame. Voila, Big Oil. “When you look at one company where they made 12 times what they made the year before, they ought to give some of that back to the pub- lic,” Mr. Trump said Monday. “And they better cut the retail price, the consumer price.” It’s un- clear which company he was referring to, but previously he had criticized Chevron CEO Mike Wirth for not praising Mr. Trump as the reason for his company’s success. Oil and gas giants always make more money when oil prices rise, as they have given the threat to oil supplies from Mr. Trump’s war with Iran. But this is the same industry that Mr. Trump has been cheering for producing more oil

China Chases a Journalist Abroad

T

he Chinese Communist Party targets critics at home and abroad, and it bul- lies other countries to become accom- plices. Witness Beijing’s de- mand for Thailand to extradite a Chinese journalist who exposed corruption. Bai Zhaodong covered Covid-19, graft and other po- litically sensitive topics for Caijing, a Chinese magazine known for investi- gative reporting. Authorities have detained at least two others who wrote for the publication, and Reporters Without Borders says public se- curity departments across China brought at least five charges against Mr. Bai between 2011 and 2022. Mr. Bai fled the country, arriving in Thailand in 2024. But Mr. Bai was unable to renew his Chinese passport, and he has been in immigration de- tention since January 2026. The Chinese For- eign Ministry told Reuters it is seeking Mr. Bai’s extradition, citing extortion and bribery allegations. Mr. Bai denies wrongdoing, says his lawyer, Nadthasiri Bergman. If Mr. Bai is returned to China, he “will probably be incarcerated based on the arti- cles that he published,” says Ms. Bergman. The United Nations High Commissioner for Refugees has recognized Mr. Bai as a refugee, says the nonprofit Human Rights Watch. Ms. Bergman says another country, which she de-

REVIEW & OUTLOOK

The Senate bill to regulate the digital currency needs changes.

The billionaire President offers an odd critique of companies.

Beijing asks Thailand to extradite a reporter who exposed corruption.

Under the Genius Act, stablecoin issuers can- not pay interest on holdings. Congress was con- cerned that this would let stablecoins compete with banks for deposits with- out having to abide by the same capital and other regula- tions. If banks lose deposits to higher-interest bearing stable- coins, banks would have less capacity to make loans. This is a particular risk for small banks that use interest payments to attract deposits. Big banks don’t have to pay as much in interest since they benefit from their too-big-to-fail imprima- tur. The Clarity Act would bless a workaround to the Genius Act by letting issuers arrange deals with crypto exchanges to pay “rewards” to cus- tomers that hold stablecoins. Theserewardscouldincludelower-ratemargin loans,tradingcredits,rebatesondepositsorcash bonuses.Stablecoinissuersmakemoneyfromas- sets they hold to back the token—namely, Trea- sury bills. The more stablecoins that people buy andhold,themoremoneythatissuershavetoin- vest. Even if yields on Treasurys are relatively small, stablecoin issuers such as Tether Limited and Circle make money on volume. That’s why they want to encourage more people to buy and hold their stablecoins. Let- ting exchanges provide pecuniary incentives to stablecoin users could draw deposits out of small banks and thus reduce lending to small businesses. The bill would also exempt so-called decen- tralized crypto networks from anti-money laun- dering and know-your-customer rules. These networks operate like eBay with users transact- ing directly and the operator taking a cut of transactions. Criminals could exploit this ex- emption to route illicit payments through these networks. Many decentralized networks would also be exempt from SEC and CFTC regulation, which could spur trading of tokenized securities (in- cluding stocks) to migrate to these shadow mar- kets with few or no investor protections. Such invitations for regulatory evasion can be fixed with tighter language, but the crypto lobby is pressing Republicans to pass the bill as is. i i i The House last year passed a version of the Clarity Act, and President Trump wants Con- gress to put a bill on his desk to reward his friends and donors in the industry. Democrats are demanding stricter restrictions on federal officials issuing and promoting cryptocurrencies while in office. Fair enough. Mr. Trump’s crypto dealings are an embarrassment. But they also underscore the need to estab- lish a safe and sound regime for digital assets to protect investors.

in the U.S. Does he want the companies to make less money so they’ll have less to invest in explo- ration and drilling? Which is it, sir? As it happens, oil and gas giants are distributing their profits to the public via divi- dends to shareholders, many of whom are retirees. Chevron this week announced a bonus for its employees. But speaking of someone making much more than the year be- fore, would the President care to comment on his profits from his cryptocurrency plays and other ventures while in office? Mr. Trump’s recent financial disclosure re- port showed he made some $1.4 billion last year on crypto alone. His Truth Social platform last Saturday launched a service that sells faster ac- cess to his often news-breaking posts. Oil prices—to take one example—often gyrate in re- sponse to his posts about the war. Oil and gas giants make money by producing a valuable commodity. Some uncharitable popu- list might say Mr. Trump is commoditizing the Presidency.

clined to name, has agreed to take him, but he needs a Thai exit permit. Thailand’s immi- gration authorities and Ministry for Foreign Affairs didn’t respond to our inquiries. Under its national laws and international commitments, Thailand is barred from re- turning someone to a home country if he is likely to face persecution, torture or other abuse. Yet last year Thailand deported at least 40 Uyghurs to China, despite a finding by the U.S. that the Communist Party is carrying out a genocide against the ethnic minority. Human Rights Watch says Beijing has recently asked Bangkok to return others who would face political or re- ligious persecution in China. Brave journalists like Mr. Bai do a public service with their reporting, and Chinese read- ers aren’t their only beneficiaries. It’s become more difficult for foreign businesses, including American companies, to access reliable infor- mation about Chinese governance and eco- nomic and business matters as Beijing imposes more restrictions on sharing information. Beijing has become increasingly bold about harassing critics abroad, including in the U.S. Washington has an interest in countering such transnational repression, and the Trump Ad- ministration can help by raising Mr. Bai’s case with Thailand.

OPINION

LETTERS TO THE EDITOR

Both Parties Try to Block Direct Democracy

Regarding your editorial “Demo- crats Turn Against Direct Democ- racy” (July 31): New York City Demo- crats belong on that same roster. Mayor Zohran Mamdani and his al- lies have suppressed a referendum on whether to end the city’s closed pri- mary elections. New York’s current closed primary system excludes the city’s more than one million independent “nonaffili- ated” voters from the preliminary elections that de facto decide who the ultimate winner will be. A commission convened by former Mayor Eric Adams was on track to put open primaries to a vote, but Mr. Mamdani disbanded that group, replacing it with one that over- looked public input and dropped the initiative. It makes sense that Mr. Mamdani would favor closed primaries, which yield smaller turnout and advantage Democratic Socialists of America candidates. Rep. Alexandria Ocasio- Cortez won her 2018 Democratic pri- mary election for New York’s 14th Congressional District with only 16,898 votes. While the open-primary referen- dum won’t be on this November’s bal- lot, the group Unite NY has gathered enough petition signatures to qualify an initiative aiming to put the open primary on the November 2027 bal-

A Teacher Gives Restorative Justice an F Grade

Though I am a lifelong Democrat, I strongly agree with Tony Woodlief’s assessment of restorative-justice practices in schools (“‘Restorative Justice’ Brings Violent Schools,” op- ed, July 30). I taught middle school from 2021 to 2025 at low-performing public schools in Denver. When I first read about restorative-justice practices in my master’s degree program, I thought they had potential. But in practice they encourage disruptive student behavior, wrecking schools and exhausting teachers. Here is how restorative justice gen- erally worked in the two schools I taught at: A student would disrupt class, shouting at me or throwing ob- jects at other students. First I would give the disruptive student a warning. Then I would direct him to move away from his peers. (He would often refuse to do so.) When the behavior contin- ued, I would put his name on the board to call home to discuss the situ- ation with his caregivers. (The caregiv- ers often wouldn’t answer the phone. If they did, they often wouldn’t be in- terested in addressing the situation.) When I would finally call to have the disruptive student removed from class, a meeting with a restorative- justice coordinator would be required.

The Smithsonian Institution Has Lost Its Way

Regarding Jeffrey H. Anderson’s op-ed “The Smithsonian’s Disdain for America” (Aug. 1): In July 1976, my wife and I took our three children, between 7 and 9 years old, to the East Coast to celebrate our nation’s 200th birthday, starting at Boston’s Freedom Trail and ending at York- town. It was a wondrous adventure into our country’s founding. Fifty years later, in July of this year, my family returned to the Dis- trict of Columbia and visited the Smithsonian National Museum of American History. What we expected to see, from previous trips to the National Mall museums, was an ex- cellent series of lessons taking us from our country’s beginnings through various trials and the over- coming of obstacles keeping us from our destiny. What we saw instead was a wildly disjointed and confus- ing mashup of displays that lent nothing to our knowledge of Amer-

AI Can Empower People, but Only With Some Guardrails

In “The AI Future Is for Everyone” (op-ed, July 29), Mark Zuckerberg rightly argues that invention, not auto- mation, will be AI’s greatest contribu- tion and that empowered individuals, rather than a few institutions, should shape its direction. I have spent over 38 years building the kind of software that is at the center of this debate, be- ginning with the intelligent features of Microsoft Office. I have long argued that the relationship between humans and AI is symbiotic. But distribution alone won’t de- liver the empowered future Mr. Zuck- erberg describes. Discipline will: soft- ware that earns trust, organizations that measure what automation actu- ally delivers, and governance treated as a necessity rather than a nicety. KRISHNA C. MUKHERJEE Manhasset, N.Y.

lot. Then those Democrats who decry “disenfranchisement” will face a test. HOWARD HUSOCK American Enterprise Institute Rye, N.Y.

While Democrats in California may be trying to thwart the will of the people as expressed in citizen initia- tives, in Missouri it’s Republicans who are doing so. Republicans in the General Assem- bly, unhappy with the results of some recent ballot initiatives, moved to solve the problem by changing the rules on citizen-sponsored initiatives through Amendment 4 on the Aug. 4 ballot. The measure would make it significantly harder to amend the state constitution by requiring amendments proposed by citizens to be approved by a majority of voters in every congressional district in the state instead of by a simple statewide majority. This is an almost impossibly high standard considering the politi- cal diversity of Missouri. Regardless of Amendment 4’s out- come, the effort illustrates that this isn’t a one-party issue. The Demo- cratic-controlled legislature in Cali- fornia and the Republican-controlled legislature in Missouri have both tried to block citizen initiatives. THOMAS F. SCHLAFLY St. Louis

This would mean giving up either my lunch or my only planning period. The coordinator would be in charge of the meeting. The restorative-justice coordinators that I worked with had only a high-school education, along with their restorative-justice training. In these meetings, they would encour- age the disruptive student to discuss why he thought I was being unfair to him as I attempted to manage my classroom. No disciplinary actions would be taken, and the disruptive behavior would increase. The restorative-jus- tice circle would embolden the stu- dent as he realized his misbehavior would give him further opportunities to get privileged time and attention with no consequences. In these schools, suspensions were rare, but student behavior was un- safe. Fights were frequent, bullying was rampant and academic expecta- tions were low. (Students received 50% credit on tests and assignments for simply signing their names.) It was unfair to the students who wanted to learn and were well be- haved, and it was difficult to teach when nothing could be done to miti- gate the disruptions. MICHELLE DIGIACOMO Denver

ica’s rise to become that admired “shining city upon a hill.” JIM BARBER Mesa, Ariz.

Mr. Anderson drives home the point that the Smithsonian’s ethos emanates from its leadership. The Na- tional Museum of American History’s director, Anthea Hartig, isn’t a good fit for what the museum represents. She might want to spare herself the scrutiny and step down, making room for a suitable replacement. A director who loves our country and wants to enlighten us with consequential his- torical exhibits would be a better fit. RONALD G. FRANK West Orange, N.J.

Don’t Underestimate Tehran

In his column “Iran Is a Hedgehog, Trump Is a Fox” (Global View, July 28), Walter Russell Mead writes that, as a fox, President Trump has many tricks he can play and is “unlikely to give up until he’s tried every trick in the book.” Yet the ancient Greek poet Archilochus, who gave us the parable of the fox and the hedgehog, suggests that the hedgehog’s one big trick may defeat all the tricks the fox can try. DAVID J. WHITE Waco, Texas

Pepper ...

And Salt

Page 15

H

A

Democratic Socialism Is No Tea Party

By Daniel Lipinski

istorically, parties out of power in Washington usually pick up congres- sional seats in midterm elections, especially when the president’s job approval is low. That augurs well for Democrats in November. But the Democratic Party’s fa- vorability rating is around 40%. Its campaign arm, the Democratic Na- tional Committee, is in debt and in turmoil. Now the party’s plight seems even worse. Insurgent candidates backed by the Democratic Social- ists of America with their radical call to end capitalism have run up a string of primary victories.

It’s far more dangerous to

the country. But its appeal is similar to that of the 2009-10 GOP insurgency.

Republicans can barely contain their glee because they expect these DSA nominees to be millstones around the necks of all Democratic candidates in November. Democrats are sweating. If both sides looked back at what happened in the early 2010s, how- ever, maybe Republicans wouldn’t be so sanguine or Democrats so concerned about 2026. Perhaps in- stead we should all be much more worried about the country’s future. In 2010 the Republican Party faced headwinds similar to those the Democratic Party does now: out of power, the national committee in

Socialists May Prove Surprisingly Strong in November

When Bernie Sand- ers entered Con- gress in 1991, Dem- ocrats balked at caucusing with him. Given socialism’s poor record in the U.S., who could blame them? During its heyday in the first part of the 20th century, the Socialist Party of America nomi- nated labor leader Eugene Debs for president five times, and he never won a state. Ronald Reagan had been elected in 1980 and re-elected by a land- slide in 1984 on a platform that promised to restrain expansion of the welfare state and restrict gov- ernment interference with the free market. Mr. Sanders, who ran as an independent, was only the third so- cialist ever elected to the House, and the one preceding him had left office in 1929. More recently, Mr. Sanders has drawn sizable crowds to his rallies and is viewed as something of a kingmaker in the Democratic Party. Candidates backed by the

UPWARD MOBILITY By Jason L. Riley

Do You Know Who Pays if Your AI Agent Goes Rogue?

By Haran Segram

n IBM training manual from 1979 warned that because a computer can never be held accountable, it must never be re- sponsible for a management deci- sion. Forty-seven years later, we see artificial intelligence making such decisions with too little thought from the humans who will likely have to accept the financial fallout if the model misbehaves. Events in the past couple of weeks brought into focus how great a risk that poses. On July 21, OpenAI disclosed that two of its models had escaped a sealed testing environment, reached the open internet and broken into an- other company’s production systems. The OpenAI models were being evalu- ated on their cyber capabilities in an isolated sandbox. The models seem to have been looking for a way to cheat the test and found one. Without in- struction, the models left the con- tainer, used stolen credentials, dis- covered a previously unknown

PUBLISHED SINCE 1889 BY DOW JONES & COMPANY

Lachlan Murdoch Executive Chairman, News Corp Rupert Murdoch Chairman Emeritus, News Corp

Emma Tucker Editor in Chief

Liz Harris, Managing Editor David Crow, Deputy Editor in Chief Aja Whitaker-Moore, Deputy Editor in Chief

shambles, low approval and a rising insurgency—the tea party. In sig- nificant ways, the tea party con- trasts sharply with the DSA. Though it attracted angry and sometimes offensive voices, it was a conventional libertarian-leaning movement, as opposed to an ex- treme socialist organization. Yet it is best to understand what is happening inside the Democratic Party today not as a widespread endorsement of the DSA platform, but more broadly as a protest by those fearful about the future and feeling betrayed by the perceived fecklessness of party leaders. Such emotions make fertile ground for demagogues. That isn’t to play down the un- healthy leftist swell in the Demo- cratic Party, or to brush aside the danger of the DSA, which is being lifted by this wave. But if we focus on the mood and energy of the movement, it mirrors the tea party. As a Democratic House member in the early days of the tea party, I heard from my party leaders that the movement was going to sink Re- publicans in the 2010 midterms. Though our party wasn’t popular, I was told that the voters were going to reject the “extreme” agenda and weak candidates Republicans were offering. Primary voters had chosen several disastrous tea party nomi- nees, especially in some winnable Senate races. Republican leaders were leery about being too closely connected with the tea party, but they were desperate for a way out of a deep political hole and felt this move- ment could be the party’s salvation. They were also motivated by the fear that their own survival might depend on getting on the right side

Democratic Socialists of America, the largest socialist political or- ganization in the country, have notched state and local victories in Colorado, Georgia, Kentucky and New York and are on the ballot in Michigan, Missouri and Wisconsin. Two of the most popular and influ- ential figures in the Democratic Party, New York Rep. Alexandria Ocasio-Cortez and Mayor Zohran Mamdani, are members of the DSA, and no one will be surprised if Ms. Ocasio-Cortez runs for pres- ident in 2028. The mainstreaming of socialism also appears in polling, which shows that people furthest to the left tend to be younger. A Cato Institute sur- vey published last year found that 62% of adults under 30 hold a “fa- vorable” view of socialism. Nor is the trend limited to Democrats. The polling firm Echelon reported last month that, while “older Democrats are split on” socialism and “younger Democrats are very much in favor,” it’s “also worth noting that social democracy and socialism elicit less steadfast unfavorable views among younger Republicans compared to their older fellow partisans.”

vulnerability, and entered the servers of AI community platform Hugging Face. Hugging Face on July 16 an- nounced that it had detected and contained the intrusion and reported it to law enforcement—five days be- fore OpenAI announced it had con- nected the activity to its own internal testing. OpenAI called the episode unprecedented. Clément Delangue, Hugging Face’s chief executive, said he believed there was no malicious intent. I argued in 2019 that one issue with AI is that its costs would settle on those furthest from the decision to deploy it. Though in this instance the models’ deployer and developer were one company, that’s unlikely to be the case the next time a model acts up. The next institution in this position will probably be a company that had no hand in developing the AI agent—a bank, say, running a li- censed model that a third party inte- grated into its systems, on infra- structure the bank itself doesn’t control. The Cloud Security Alliance

Robert Thomson Chief Executive Officer, News Corp

Almar Latour Chief Executive Officer and Publisher

DOW JONES MANAGEMENT: Jason P. Conti, General Counsel; Dianne DeSevo, Chief People Officer; Artem Fishman, Chief Technology Officer; Lisa Fitzpatrick, General Manager, Dow Jones Industries; M. Scott Havens, Chief Growth Officer; Dan Shar, EVP, General Manager, Wealth & Investing; Ashok Sinha, Chief Communications Officer; Josh Stinchcomb, EVP & Chief Revenue Officer, WSJ | Barron’s Group

OPINION

Progressive Michigan U.S. Senate candidate Abdul El-Sayed.

of these insurgents. House Republi- can Leader John Boehner tried to walk a fine line. While he refrained from endorsing the tea party’s “Contract From America,” he—and to a greater degree other party pols and organizations—sought to whip up its followers to vote for Republi- can congressional candidates. Flip the names of the parties, their leaders and the insurgent movements, and this more than echoes what we are seeing today. What happened next could be a forewarning. In the 2010 midterm elections, tea party voter enthusiasm carried Re- publicans to historic gains in the House, though some of its candidates cost the party Senate seats more conventional GOP candidates might have won. When Mr. Boehner be- came speaker, he was determined to use the new Republican House ma- jority to make policy gains. But he had to negotiate with the Democratic

Young people are by definition less experienced and by nature more idealistic. Hence the appeal of a political system that seeks to manufacture equal outcomes through central planning and gov- ernment redistribution has a cer- tain logic. Historically, socialism’s appeal has been especially notable among more educated and more af- fluent young people.

Democrats stayed away

when Bernie Sanders came to Congress. Now he has become a kingmaker.

When Karl Marx and Friedrich Engels published “The Communist Manifesto” in 1848, Marx was 29 and Engels two years his junior. Marx’s father was a successful law- yer. The family owned vineyards and rental properties and employed multiple servants. Marx attended the University of Bonn, where he spent more time drinking than studying. After a year, his father

found in February that 84% of or- ganizations surveyed doubted they could pass a compliance audit of their AI agents’ behavior or access controls. Only about 1 in 5 maintains a real-time inventory of the agents it is running. Legally, “the agent acted on its own” isn’t a sufficient defense. In October 2025, California Gov. Gavin Newsom signed into law AB 316, barring any defendant who devel- oped, modified or used an AI system from asserting that the AI autono- mously caused the harm. The Euro- pean Union’s 2024 revisions of its Product Liability Directive get to a related place by a different route: They bring software and AI systems inside strict product liability and treat any entity that substantially modifies a system, or puts its own name on it, as that product’s manu- facturer. Legal exposure doesn’t evaporate because no human di- rected the act. But where the finan- cial cost falls isn’t clear from this developing regulatory scheme. At the same time, the financial safety net for companies deploying AI is disappearing. Eleven days be- fore OpenAI’s disclosure, the Insurer media outlet published that Verisk’s Insurance Services Office confirmed it was weighing coverage exclusions for agentic AI. Verisk had already filed a generative-AI exclusion effec- tive for general liability renewals as of Jan. 1, which insurers across the market have taken up. Carriers, in- cluding Chubb, Travelers and W.R. Berkley, have filed to adopt Verisk’s form or a generative-AI exclusion in proprietary language. Statutory law is assigning the loss at the same mo- ment the market is writing itself out of it. The liability is real, it is grow- ing, and it sits on nobody’s books. Consider what the victim in the OpenAI case was left with. Hugging

Senate and President Obama. Though committed tea-party members were a relatively small minority of House Republicans, a few months into 2011 they co- alesced to embrace the radical strategy of refusing to vote for any- thing that didn’t wholly conform to their agenda. That left Mr. Boehner unable to muster a majority to pass legislation that would stake out a viable negotiating position against Democrats on the debt ceiling, spending bills and the expiring Bush tax cuts. While Democrats be- lieved this dysfunction would help them win the House in 2012, the party fell far short, even as Mr. Obama won re-election and the Democrats held the Senate. The tea party was emboldened, and more Republican members, frightened by the threat of a pri- mary challenge, decided to adopt its methods. In a desperate attempt to subdue the tea party by showing it

transferred him to the University of Berlin, where he continued to rack up debts for his family to pay off and, according to one biographer, “became a bohemian student who merely regarded the university as his camping ground.” Engels came from an even wealthier family. His father was part-owner of textile factories in Germany and England. Throughout their 20s, both men lived off allow- ances and inheritances from their families. At 30, Engels finally took a job at one of his father’s companies, where he complained that “I’ve now got to be at the office no later than 10 in the morning.” He eventually made enough money to retire at 50 and support himself and Marx for the rest of their lives. “The Communist Manifesto, writ- ten by two bright and articulate young men without responsibility even for their own livelihoods— much less for the social conse- quences of their vision—has had a special appeal for successive gener- ations of the same kinds of people,” wrote the economist Thomas Sow- ell. “The offspring of privilege have dominated the leadership of Marxist

Face had no contractual relationship with OpenAI and therefore little le- verage. The AI company hasn’t com- mitted to Hugging Face’s proposed remedy: that OpenAI release a full log of the rogue agents’ actions and commit $100 million of compute for the platform’s community to build cyber defenses. None of this is a criticism of the

Though businesses are

increasingly adopting the technology, too few are covering potential risks.

statutes. They answered the ques- tion they were written to answer: Who is liable? What they don’t do is price the exposure or say who re- serves against it. That gap closes through contracts and coverage, not through more legislation. So the fix isn’t a new liability re- gime. An existing one already ap- plies. The solution is for companies to allocate potential loss before a lawsuit does it for them. Four steps would do it. First, contracts to deploy AI need to name who has custody of AI agents’ decisions. Every agent needs a person of record who owns its ac- tions, identified before deployment and not after an incident. Second, insurers and companies must clearly assign financial cover- age. Each side silently assuming the other will pay in the event of an AI foul-up is the worst outcome for in- surers and policyholders alike: The insurer reserves nothing against a crisis it may still be litigated into paying for, and the policyholder dis- covers the gap only in litigation. Neither has set aside a pot of

the folly of its ways, Mr. Boehner acquiesced to their demands to shut down the government in a quixotic attempt to defund ObamaCare in October 2013. The gambit flopped, and Republicans retreated in defeat. But in the next year, Democrats had their own issues and failed to capi- talize on this victory, losing 13 House seats and the Senate majority in the 2014 midterm. The tea party claimed victory. In 2015 Speaker Boehner was hounded out of office by the tea party. The group’s uncompromising approach had taken over the Repub- lican Party, but didn’t sink it elec- torally. In 2016, buoyed by icono- clastic anger, Donald Trump was elected president, and Republicans held both congressional chambers. Given this recent history demon- strating the power of such a move- ment, it seems foolish to assume that the surge of the DSA will sink Democrats—especially when less than half of Americans feel that capitalism is working at least “somewhat well,” 2 in 3 believe the system is rigged to favor the wealthy, and only 1 in 3 think the American Dream still holds true. These attitudes open up voters who aren’t anticapitalist to DSA demagoguery. It is possible in these times that the DSA could not only capture the Democratic Party but also ride it to victory. That isn’t a prediction. It is a warning.

JULIA DEMAREE NIKHINSON/ASSOCIATED PRESS

Mr. Lipinski, a Democrat, repre- sented Illinois’s Third Congressional District, 2005-21. He is a distin- guished visiting fellow at Stanford University’s Hoover Institution and a fellow in social thought at the Uni- versity of Dallas.

movements from the days of Marx and Engels through Lenin, Mao, Castro, Ho Chi Minh, and their lesser counterparts around the world and down through history.” One problem Republicans face in this year’s midterm elections is that the socialist label has lost its sting. Voters may be less likely to associate central planning with lost freedom than with Scandinavia in the 1970s, even though countries like Sweden have been privatizing key industries and reducing welfare benefits for more than 30 years. Another challenge for GOP popu- lists is drawing sharp policy con- trasts with the progressive left. The Trump administration supports trade protectionism and price con- trols on pharmaceuticals, and the federal government has taken sig- nificant ownership stakes in major U.S. companies. This is precisely the type of market interference that Republicans once denounced and democratic socialists whole- heartedly embrace. On Monday, Mr. Trump told reporters that U.S. oil companies are “making too much money.” He took the words right out of Bernie’s mouth.

money, so the policyholder absorbs a potentially crippling loss and the insurer absorbs the coverage fight, the reserve strengthening that fol- lows and the clients who leave once word gets round that the policy didn’t answer. Third, audit rights must be built into AI deployment and vendor con- tracts. An institution that cannot reconstruct what its agent did can- not defend itself, and neither can its insurer. Finally, containment must be tested by the deployer, not assumed on the developer’s word. OpenAI’s sandbox was built by people who take this seriously, and it had been tested. It failed anyway. That is the point: Containment cannot be made perfect, which is why a deployer needs both its own test of the boundary and coverage for the day the boundary doesn’t hold. Regulators will read the Hugging Face episode as a safety story. It is a balance sheet story. Absent much clearer coverage and contractual re- sponsibility assignments than are currently in place, the first institu- tion to learn that its agent acted outside its authority will find the loss already assigned to it, unpriced and unreserved, with a coverage de- nial arriving in the same week. The loss won’t stop there. It passes to the shareholders of the bank that absorbs it, to the pension- ers whose funds hold those shares and to the customers whose data the agent reached on its way out. Without overt declarations of fi- nancial responsibility, agents will still be underwritten—only by peo- ple who were never asked.

Page 16

Baseball’s Little Guys Folded

After the Dodgers Went All In

F

The Brewers and Rays let the defending champs make the splashiest trade deadline move

BY JARED DIAMOND

or the Milwaukee Brewers and Tampa Bay Rays, every season follows the same heartbreaking formula. They miraculously win a ton of games in spite of microscopic bud- gets and rosters largely devoid of household names. Then the play- offs begin, and they inevitably lose to a wealthier, star-studded oppo- nent with a payroll twice as large. This year looked like the per- fect opportunity to flip the script. The Brewers entered Tuesday with the best record in baseball. The Rays sit atop the American League standings. But at Monday’s trade deadline, the last chance for teams to load up for October, it was the Los An- geles Dodgers who made the splashiest move. They acquired Tarik Skubal, giving them a poten- tial pitching rotation that ranks among the greatest in history. The Rays and Brewers, the plucky overachievers both still seeking their first championships, settled for more modest improvements. It all felt eerily familiar: The Dodgers, the winner of the last two World Series titles, pounced on the best player available on the market in an all-out pursuit for another at any cost. Meanwhile, the little guys are once again left to hope that on the biggest stage, they aren’t a few dollars short. This isn’t to say the Rays and Brewers sat idly over the past few days. Tampa Bay added Freddy Peralta—one of the best pitchers in the National League in 2025 who has struggled in 2026—as well as slugging catcher Liam Hicks and shutdown reliever Tyler Wells. Milwaukee, meanwhile, added pitchers Dustin May, JoJo Romero and Antonio Senzatela. There is little question that the two clubs are better today than they were yesterday, and neither had to give up all that much. Still, the Brewers or Rays al- most certainly could have landed Skubal, the two-time reigning AL Cy Young recipient and an im- pending free agent this winter. The Dodgers sent the Detroit Ti- gers three prospects for Skubal, two of whom are in MLB.com’s top 100. Milwaukee and Tampa Bay to- gether have nine farmhands on that list.

The Retired NFL Star on the Verge of a Comeback

BY ANDREW BEATON

BEFORE THE Los Angeles Rams pulled off the blockbuster trade of the NFL offseason, coach Sean McVay leaned on one of his former players for advice. As the team worked to acquire sack king Myles Garrett, McVay consulted with Aaron Donald, who knew a thing or two about pulver- izing quarterbacks in a Rams uni- form, about how the Cleveland Browns star might fit in. Donald spent 10 seasons with the fran- chise and won a Super Bowl as the human wrecking ball on the inside of its defensive line until he called it quits two years ago. But there was something McVay wasn’t expecting from that conver- sation. The idea of teaming up with Garrett turned out to be so tanta- lizing that it tempted one of the NFL’s all-time great pass rushers to mull coming out of retirement. “I did not ever really think this

How the teammates who recorded the highest combined single-season sack totals over the course of their careers compare to Garrett and Donald

2026 Rams Myles Garrett (2025) and Aaron Donald (2018)

23 20.5

1993 Giants Michael Strahan (2001) and Lawrence Taylor (1986)

22.5 20.5

1986-1992 Eagles Reggie White (1987) and Clyde Simmons (1992)

21 19

2021 Cardinals Chandler Jones (2019) and J.J. Watt (2012/2014)

19 20.5

2016-2017 Rams Aaron Donald (2018) and Robert Quinn (2013)

The Brewers’ Jake Bauers, above, reacts after a Shohei Ohtani home run in the 2025 NLCS. Tarik Skubal, right, is the Dodgers’ new ace.

On Monday night, without di- rectly alluding to Skubal, Brewers general manager Matt Arnold said that, “There was some stuff that we considered that was pretty ir- responsible.” In the end, though, they and Rays decided it would be more prudent to hold on to their top prospects rather than mort- gage their future in exchange for a postseason run with Skubal. That is almost always the cal- culation they make. Since 2008, only the Dodgers and New York Yankees have more regular-season wins than the Rays. The Brewers,

would be something,” McVay said, “but I’m not going to sit here and act like I’m not excited about the possibility of it.” Should the 35-year-old Donald, a three-time Defensive Player of the Year, ultimately decide to throw on his shoulder pads again, it would supercharge a team that is already the preseason Super Bowl favorite. On offense, the Rams boast reigning MVP Matthew Stafford at quarterback along with star wide receivers Puka Nacua and Davante Adams. And on de- fense, they already added Garrett, who set the single-season sack re- cord last year with 23. Donald joining that mix would give the Rams perhaps the great- est pass-rushing tandem the game has ever seen. At his peak, Donald recorded 20.5 sacks—an especially remarkable number considering most prolific pass rushers, such as Garrett, come off the edge while Donald primarily played on the in-

SPORTS

who reside in the sport’s smallest media market, are barreling to- ward their fourth consecutive divi- sion crown and eighth postseason appearance in nine seasons. Their improbable success will be the rallying cry for the players’ union during the upcoming labor dispute in its effort to stave off the owners’ quest to implement a salary cap in collective bargaining. But this seemed like the year that one of them would swallow hard, push all their chips into the center of the table and go for it— not walk the tightrope between

Aaron Donald, a three-time Defensive Player of the Year, is considering a comeback with the Los Angeles Rams.

terior. No two teammates, not even Lawrence Taylor (20.5 sacks in 1986) and Michael Strahan (22.5 sacks in 2001) of the 1993 New York Giants, combined for higher single-season numbers than Don- ald and Garrett. “If he’s here,” Garrett said, “I’m going to be excited to be his team- mate, his partner in crime, and I think we’re going to do great things.” For nearly a decade now, the Rams have been known for throw- ing caution to the wind and ship- ping away coveted draft capital in order to build a star-studded ros- ter. This past offseason was no dif- ferent. After winning 12 games last year and losing to the eventual champion Seattle Seahawks in the NFC Championship, they turned around and traded a first-round pick to acquire cornerback Trent McDuffie from the Kansas City Chiefs. Then they gave up a bevy of picks and Pro Bowl linebacker

43.5

39.5

Jared Verse to pry away Garrett. Donald would only add to their embarrassment of riches—and he and Garrett may prove to be even more disruptive together than they were individually. That’s be- cause playing on the same defen- sive line might clear the biggest roadblock that they have faced stopping them from putting up even gaudier numbers. Over the course of their ca- reers, Garrett and Donald have been such unrelenting forces that they’ve warranted constant double teams. Opposing offenses built en- tire game plans around them, knowing it would often take throwing two guys in their way to give the quarterback a chance of getting a pass off. Together, though, one of them would inevi- tably be freed up on most plays. And their combined presence would create more space for a pass-rushing unit that also in- cludes Byron Young and Kobie

competitiveness and austerity. Af- ter all, if you’re not going to go all-in when you are in line for the No. 1 seed in your league, then when will you? Instead, Skubal is a Dodger, further establishing Los Angeles as baseball’s pre-eminent super- power. It was an outcome that was somehow both shocking and en- tirely predictable. “Every team could trade for me,” Skubal said. “I don’t really sympathize with people that com- plain because the Dodgers do all the right things.” Small-market franchises would argue that it’s more complicated than that. Limited financial re- sources require them to act more disciplined than teams with giant bankrolls. The Dodgers and Yan- kees can use money to hide their mistakes and mitigate risk. One failed transaction for the Brewers and Rays could derail their chances for years. Sure, one of them could have pulled the trigger on Skubal, and if they went on to win the World Series, it would have been worth it. But what if they didn’t? Then what? These are the questions these teams are constantly asking them- selves. For better or worse, they keep arriving at the same answer. “It isn’t as simple as, ‘That’s a better package.’ There are a lot more layers to it,” Brewers man- ager Pat Murphy said. “To say the Brewers didn’t try is simply in- correct.” Unfortunately for them and the Rays, trying wasn’t enough—and their road to an elusive champion- ship just got more difficult.

Turner, who combined for 19 sacks last season. “Obviously, I don’t want to put expectations out there,” Young said, “but it definitely would be a joy to watch.” There remains a natural ques- tion of whether Donald will be the same player he once was. But when he walked away, it wasn’t because he was no longer effective. Rather, he was still viewed as the top de- fensive tackle in the entire sport. While his eight sacks in 2023 were far from his career high, he pos- sessed the same knack for blowing up plays and was named a first- team All-Pro for the eighth time. If Donald were to return, the Rams would still have to figure out how to fit him under the sal- ary cap as he was owed $30 mil- lion when he called it quits. ”If that is something that [Don- ald] wants to do, we are going to try to be able to make that hap- pen,” McVay said.

FROM TOP: JAYNE KAMIN-ONCEA/IMAGN IMAGES/REUTERS; MICHAEL REAVES/GETTY IMAGES

SETH WENIG/AP

Page 17

S&P 7736.52 À 1.79% S&PFIN À 0.88% S&P IT À 4.09% DJ TRANS À 2.58% WSJ $ IDX g 0.02% 2–YR. TREAS. yield 4.193% NIKKEI (Midday) 65861.00 À 2.98% Seemoreat WSJ.com/Markets BUSINESS&FINANCE

10%

–2

–4

Bilt Cards Hit by Another Snafu

Customers got incorrect notices for overdue balances, hurting credit scores

BY BEN GLICKMAN

Bilt is dealing with another headache tied to its popular re- wards-for-rent credit card. Cardholders recently got collections notices for overdue balances that weren’t theirs, with their credit scores taking a hit as a result. A Bilt spokesman said that roughly 1,850 cardholders were affected and that it moved quickly to correct the errors.

BY HEATHER HADDON McDonald’s Replaces Head of U.S. Business

McDonald’s is shaking up its U.S. business, picking a new leader to help boost slug- gish domestic sales and im- prove service and quality at the world’s biggest burger chain. The company on Tuesday appointed Skye Anderson president of its U.S. business, succeeding Joe Erlinger, who had held the role since 2019. It marked a rapid advance for Anderson, a 26-year veteran of the company who was named U.S. chief operating of- ficer in April after serving in a global business role. McDonald’s Chief Executive Chris Kempczinski said Tues- day that the chain’s U.S. busi- ness didn’t meet expectations during its most recent quar- ter, with inconsistent perfor- mance at restaurants. The chain’s World Cup promotion didn’t generate as many sales as hoped, he said, and shuf- fling value offerings didn’t pay off. Marketing didn’t fully hit the mark, Kempczinski said on an investor call, and service times increased when the company tried to roll out too many initiatives at once—from new beverages to KPop Demon Hunters meals. Anderson in her new role will focus on resetting the company’s value offers and marketing in the U.S., accord- ing to Kempczinski. “We’ve got some work to do,” he said. McDonald’s on Tuesday said its U.S. same-store sales increased 0.8% in the three months ended June 30, meet- ing Wall Street analysts’ fore- cast but behind the chain’s pace of domestic growth in the past year. U.S. guest counts fell during the quarter,

McDonald’s on Tuesday said its U.S. same-store sales increased 0.8% in the three months ended June 30. A McDonald’s restaurant in New York City’s Times Square.

OpenAI

Denies Stealing Secrets

BY TINA LI

OpenAI swung back hard at Apple’s allegations it stole trade secrets, saying that the iPhone maker was sloppy about securing files after em- ployees left and denying that the employees it hired from Apple were involved in such theft. In its most detailed com- ments to date on the litiga- tion, the startup said in a blog post Monday evening that Ap- ple misrepresented the com- panies’ discussions from be- fore Apple filed its July lawsuit. “Apple is one of the great- est companies of all time, and built a reputation for obsess- ing over the smallest details. This careless, aggressive and oddly personal lawsuit sadly doesn’t live up to that reputa- tion,” OpenAI said in the blog post, adding that the company has a “common issue” of fail- ing to lock up files when em- ployees departed. The post was published PleaseturntopageB2

“It came to our attention that a third-party collections agency made a reporting error for a small subset of customers with our original beta program,” the spokesman said. The issue affected people with an earlier version of the card that stopped accepting new customers in 2022, ac- cording to the spokesman. The mistaken reports mark the latest snafu for Bilt, which faced blowback after revamp- ing its rewards-for-rent credit card earlier this year. After its partnership with Wells Fargo ended earlier than ex- pected, the company re- launched with new cards and a different rewards system.

RICHARD B. LEVINE/ZUMA PRESS

the company said, while check growth and sales of more higher-price items helped. McDonald’s shares rose 1% on Tuesday. The Golden Arches has been working to win back cus- tomers as Americans have tightened their spending in the past two years, particu- larly lower-income consumers. The company has rolled out a series of deals, while introduc- ing new items such as dirty sodas and other high-margin beverages. For its second quarter,

INSIDE

BUSINESS NEWS Kimberly-Clark said its China sales were hurt by a social-media firestorm. B3

Users complained soon after the transition about delayed rent payments, wayward charges and trouble reaching customer ser- vice, prompting a probe by Sen. Elizabeth War- ren (D., Mass.) months later. The Consumer Financial Pro- tection Bureau has also said it had met with Bilt representa- tives about steps it has taken to address transition-related issues. The reports of mistaken col- lections began cropping up on

Company

quickly resolves errors affecting 1,850 holders of rewards card.

McDonald’s reported revenue of $7.1 billion, about $30 mil- lion lower than analysts’ ex- pectations. The company re- ported net income of $2.36 billion, up 5% from last year’s period, and adjusted earnings of $3.38 a share outpaced ana- lysts’ expectations. The company in June intro- duced a new global business strategy, called McDonald’s Next, that it said will include menu upgrades, improved cus- tomer service and new store prototypes. McDonald’s has said that it aims to attract a

Crime Author Calls Out Claims

He Used AI to Write His Novel

BY MELISSA KORN

CALEB ALVARADO FOR WSJ

The author accused of using artificial intelligence to craft the debut novel that landed him a multimillion-dollar book deal said he is innocent and that the claims against him were racially motivated. “Definitely innocent!!!” Jerry Falade, a graduate student at Southern Methodist University, said in an Instagram story early Tuesday. “They CAN’T and WON’T stop this Black boy’s light from shining!!” he wrote in another. Fourteen publishers had bid on the U.S. rights for Falade’s crime novel, “Call Me, I’ll Hide the Body,” and he ultimately signed a two-book deal with Macmillan’s Minotaur Books imprint worth more than $2 million. HarperCollins Publish- ers landed the U.K. rights. Soon after the deals closed, Falade’s agent at Europa Con- tent notified the publishers in a letter that he could no longer support the book after con- cerns were raised about the au- thor’s possible AI use. In an interview, Falade said he only used AI for research, “and not for writing the book itself.” He relied on a tool that let him run an open-source AI

JERRY FALADE

social media over the weekend, with some reporting drops of 50 or 60 points in their credit scores overnight, due to a de- linquent bal- ance that they didn’t recog- nize. Many us- ers reported debt-collection notices from the c o l l e c t i o n s agency Tate & Kirlin Associ- ates. Michael Vie- ira, a software development manager in Dal- las, said he received an email from Credit Karma on Aug. 1 indicating a new collection or-

wider range of customers with options such as hand-breaded chicken and new drinks in vi- brant, TikTok-friendly colors. The company said Tuesday that beverage sales exceeded expectations in the most re- cent quarter, and new Red Bull-infused drinks debuting soon in the U.S. should further boost sales. Recent shifts in the chain’s value offerings alienated some core customers, McDonald’s said Tuesday. Franchisees moved to a less-than-$3 menu PleaseturntopageB2

Jerry Falade struck a two-book deal worth more than $2 million, but his agent pulled his support after the allegations.

model on his own device, to query details like what chemi- cal someone might use to dis- solve a body or to check the more American-ized version of the word “wardrobe,” he said. (Falade completed his under- graduate degree in Nigeria.) The local-device tool doesn’t maintain or share extensive query histories. Falade said he used that approach because the gruesome subject matter of the questions he was asking might raise red flags if they were

der had been added to his credit report, tracing back to a $272 balance from October 2025. He said his credit score, previously above 800, dropped 39 points. The 38-year-old was con- fused because he had barely used the card since he bought a house nearly four years ago. He checked his old statements and confirmed there was no bal- ance that month. The company said it would deposit 2,500 Bilt rewards points to affected customers for their inconvenience. Up- dates to correct the erroneous collections reports should be reflected on credit reports within three business days.

McDonald’s quarterly revenue, change from a year earlier

2024 ’25 ’26

Sources: S&P Capital IQ; the company

tracked more widely. Falade said none of the edi- tors he met with during the book-sale process asked about AI usage. He also said he hadn’t consented to having his manu- script run through AI detection software and found it “very suspicious” that much of the coverage of his situation has fo- cused on the growing capabili- ties of that software. He said he has retained legal counsel. In a series of Instagram PleaseturntopageB2

Aramco’s

Profit Hits $33 Billion Despite War Strain

Saudi Aramco, the oil-rich kingdom’s moneymaking en- gine, delivered bumper profits through the first months of the Iran war, despite unprece- dented disruptions to its oper- ations.

By Farhan Rafid, Rebecca Feng and Eliot Brown

The key to success: skyrock- eting oil prices offset the fewer barrels it was able to sell to the world. Also critical: Aramco used a backup pipe- line built during the early 1980s Iran-Iraq war to deliver larger-than-expected amounts of oil to the Red Sea, offset- ting the impact of the effec- tive closure of the Strait of Hormuz, where most of its oil and other products formerly transited. While Aramco sold and pro- duced fewer barrels, the spik- ing price still translated into a one-third jump in profit to around $33 billion. The com- pany said it would maintain its base dividend of around $21.9 billion. The result is a windfall at a challenging time for the Saudi Arabian government, by far Aramco’s biggest shareholder. Oil revenues to the Saudi government rose 22% in the second quarter, pumping nearly $50 billion into the budget, according to the king- dom’s Ministry of Finance. Taken with other tax revenues from its growing non-oil econ- omy, Saudi Arabia had its low- est quarterly budget deficit in nearly two years between April and June, of $9.1 billion. It marked a welcome turn for a kingdom otherwise straining with the effects of the war. Saudi Arabia’s gross domestic product fell 4.8% in the second quarter compared with a year earlier, its biggest drop since the pandemic. PleaseturntopageB11

Startup

Billionaire Sued Over Superyacht Broker Fee

BY JULIA AMANN

LONDON—The billionaire founder of one of the world’s most valuable startups recently bought a superyacht valued at an estimated $400 million, re- plete with a glass-bottomed swimming pool and helipad. One thing he didn’t pay: a broker’s fee. That is according to a top luxury yacht broker who is now suing Nik Storonsky, a co-founder and chief execu- tive of digital-banking giant Revolut, alleging the entre- preneur “went behind their back” to avoid paying com- mission on a purchase they had worked on. Cecil Wright & Partners, a luxury yacht broker, filed the legal action in London’s High Court over Storonsky’s acqui- sition of Nixie, a 335-foot ves- sel with four terraces. The broker alleged in a court filing that it was negoti- ating the purchase for Storon- sky when his team secretly contacted the yacht’s seller di- rectly and agreed to buy the boat, avoiding roughly $20 million in standard commis- sion—the amount the dealer now claims it is owed. In January, Storonsky’s team allegedly told Cecil Wright to hold off on contact- ing the vessel’s seller—Cana- dian billionaire and former hockey player Patrick Dovigi— PleaseturntopageB2

Page 18

B

D

H

I

A

B

D

E

N

O

H

I

J

L

S

T

U

W

N

S

T

W

Y

C

C

M

P

F

M

Advanced Micro Devices ..............................................................B11 Apollo Global Management .............................................................B12 Apple.........................................A11,B1

.............................................................B12

V

JPMorgan Chase...................A11

K

Kimberly-Clark...........................B3

K

McDonald’s...................................B1

Merck................................................B4

Bayer.................................................B4

Micron Technology..............B11

Caterpillar..................B4,B11,B12 Continental................................B10

News Corp....................................B2

Novo Nordisk.............................B4

NRG Energy..............................B12

Deutsche Lufthansa............B2

Nvidia..............................................B11

HSBC................................................B11

ON Semiconductor..............B11

OpenAI..............................................B1

Innio.................................................B12 International Consolidated Airlines.........................................B2

Palantir..........................................B11

INDEX TO PEOPLE

Erlinger, Joe.................................B1

Altman, Sam..............................B2

Anderson, Bill............................B4

Fox, Brian......................................B6

Anderson, Skye.........................B1

Aschenbrenner, Leopold

Hoffman, Eric...........................A11

Azuma, Takanori.....................B3

Ive, Jony.........................................B2

Balducci, David.........................B6

Baqui, Shaon.............................B11

Jejurikar, Shailesh..................B3

Crawford, Terry........................A2

Kempczinski, Chris.................B1

Creed, Joe.....................................B4

Khosrowshahi-Paez, Maryam.....................................A11

Crone, Richard.........................A11

Kotz, Christian........................B10

Doustdar, Mike.........................B4

Liu, Chang.....................................B2

Lowenstein, Roger..............B12

Elhedery, Georges................B11

Elkiner, Serge...........................A11

Epley, Kyle....................................B4

Meriwether, John.................B12

The chain said business in the U.S. failed to meet expectations during its latest quarter.

gency to mobilize our system,” Kempczinski said. Erlinger has been one of McDonald’s longest-serving presidents for the U.S. He helped steer the company through the Covid-19 pan- demic as well as a 2024 out- break of E. coli tied to onions served on the company’s Quarter Pounders. Erlinger was a central figure in McDonald’s efforts to rein in price increases, pledging to do more to provide value to cus- tomers. McDonald’s said Erlinger made a personal decision to leave the company after more than two decades and will help advise the business through early next year. Kempczinski said Erlinger helped guide the business through a period of change.

DAMIAN DOVARGANES/AP

Novelist Denies AI Allegations OpenAI will pay $3.2 mil- lion to settle claims by the Justice Department that it discriminated against U.S. workers by allegedly favoring temporary visa holders from other countries. The startup behind Chat- GPT is the highest-profile company to reach a settlement with the DOJ since it re-

ContinuedfrompageB1

ContinuedfrompageB1

ContinuedfrompageB1

ContinuedfrompageB1

posts Tuesday, Falade said the claims against him are part of a historical pattern of dimin- ishing the intellectual contribu- tions of people of color. He wrote that in the past such authors were accused of plagiarism, while now “If you’re a Person of Color and you secure a lucrative deal in history, someone, somewhere, will accuse you of using AI.” Meanwhile, he wrote, white authors “brag about using AI all the time.” Falade told The Wall Street Journal that he was contacted by a reporter who said there were rumors of AI usage, and just hours later learned his agent, Marc Gerald, was pulling support for his book. He declined to comment on the current status of the book deals. Gerald said he is no lon- ger Falade’s literary agent and declined to comment further Tuesday. A spokeswoman for Macmil- lan said Friday that the pub- lisher participated in an auc- tion for “Call Me, I’ll Hide the Body” and that “the agent ulti- mately pulled the book.” She didn’t respond to re- quests for comment this week on the current status of the book deal with Falade. A spokeswoman for Harper- Collins, which like The Wall Street Journal is owned by News Corp, also didn’t com- ment on the status of its deal. Meanwhile, Falade said, he is pushing ahead with his next book. “Trust me, when this book is finally released, the bidding war we saw on ‘Call Me, I’ll Hide the Body’ will be child’s play compared to this,” he said.

Paramount....................................B3 Pfizer.................................................B4 Procter & Gamble..................B3

Sandisk..........................................B11 SK Hynix.......................................B11 SpaceX...........................................B11 Spotify.............................................B4

Tesla.................................................B11 Toyota Motor.............................B3

Unilever...........................................B3

Vistra..............................................B12

Warner Bros. Discovery....B3 Wayfair..........................................B11 Wells Fargo...............A11,B1,B11

Miller, Bill....................................B12

Musk, Elon...........................A1,B11

Nasser, Amin H......................B11

Niederhoffer, Victor...........B12

Niers, Bobby...............................B6

Shah, Niraj..................................B11

Söderström, Gustav.............B4

Storonsky, Nik............................B1

Su, Lisa............................................B1

Tan, Tang.......................................B2

Tang, Derek.................................A2

Weinberg, Glen........................B6

Welzbacher, Roland...........B10

Wood, Cathie...........................B12

Yardeni, Ed.................................B11

BY KATHERINE HAMILTON AND LAUREN WEBER OpenAI Settles Discrimination Case

OpenAI

Responds To Apple

shortly after Apple formally asked a federal judge for a preliminary injunction to pre- vent OpenAI from continuing to develop devices it says are based on Apple’s trade se- crets. Apple also requested an expedited discovery schedule in the case and alleged in a court filing that nearly a dozen other former employees may have been involved in the purported theft. Apple’s lawsuit alleged three former employees who left to join OpenAI stole trade secrets, including OpenAI’s chief hardware officer, Tang Tan, once a top hardware ex- ecutive at Apple. The lawsuit, filed in the Northern District of Califor- nia, also alleged that Chang Liu, a former Apple employee who left in January to join OpenAI, kept his Apple com- puter and downloaded confi- dential files and arranged to have a former colleague share details about confidential Ap- ple projects. That person

BY AIMEE LOOK Lufthansa Says Profit Slumped

Deutsche Lufthansa shares slumped after the airline group booked a steep drop in second-quarter profit and turned more cautious on its full-year guidance, expecting a drag from volatile jet-fuel prices. The German company re- ported €123 million, or $141.6 million, in net profit for the quarter compared with €1.01 billion in the same period a year prior. Analysts had expected €327.6 million, according to a consensus from Visible Alpha. Shares fell more than 8% in Tuesday’s trading in Germany and are up 0.9% in the year to date. European airlines have been grappling with soaring fuel costs after war in the Middle East pushed up oil prices. Short-haul travel demand also has been damped by con- cerns around fuel availability, routes and higher energy prices. Lufthansa had said in its first-quarter results that around 80% of the volume of jet fuel required for the cur- rent year was already covered by fuel hedging. It said Tuesday that this year’s fuel bill would be €1.5 billion higher than 2025’s. The company adjusted its 2026 guidance, now expecting adjusted earnings before in- terest and taxes of between €1.7 billion and €2.2 billion. In May, Lufthansa said it

launched an initiative last year to protect U.S. workers from alleged misuse of for- eign-worker visa programs. The department’s civil rights division alleged OpenAI and its subsidiary Statsig discrimi- nated by choosing workers with temporary employment visas over others. When it advertised the posi- tions through its Permanent Labor Certification program, OpenAI didn’t post on its exter-

joined OpenAI in April. “OpenAI’s nascent hard- ware business now rests on the shakiest of foundations,” Apple’s complaint said, accus- ing the AI lab of “a pattern of theft.” In its blog post, OpenAI in- cluded screenshots of mes- sages showing current Apple employees continuing to ask Liu questions about Apple work after he left. In one in- stance, an employee seeking information about shipping a product wrote, “Of course, I could ask sev- eral folks, but you are the best. Even if you don’t work here anymore.” OpenAI said in the blog post that it would have worked with Apple to resolve its concerns, but said the company didn’t raise spe- cific allegations at the time and didn’t contact OpenAI for months after its first out- reach. Apple said in its filing Mon- day that OpenAI didn’t re- spond to messages to its gen- eral counsel or to a letter articulating concerns about trade secrets leaking and ask- ing to discuss remedies. Apple alleged in its lawsuit

Apple alleges

three former employees who joined OpenAI stole secrets.

BUSINESS & FINANCE

The Germany-based carrier cited volatile jet-fuel prices for its caution on its outlook.

expected adjusted Ebit to come in “significantly higher” than last year’s €1.96 billion. Adjusted Ebit in the second quarter slumped to €383 mil- lion from €871 million a year earlier, though revenue rose to €11.14 billion from €10.32 bil- lion. Disruptions from strike ac- tion dealt a €200 million blow to its results, Lufthansa said. Some analysts had been concerned that gains airlines such as Lufthansa reaped

McDonald’s

Picks New U.S. Chief

and away from digital deals and buy-one-add-one offerings during the quarter. Before becoming U.S. chief operating officer this year, Anderson served as the head of McDonald’s global business- services unit, where she sought to speed up and mod- ernize operations. She previ- ously held leadership roles in the U.S. and Australia. “She’s a proven change agent who can act with ur-

nal job website and required applicants to mail paper appli- cations for jobs listed as part of the program, the DOJ said. The government claims these steps discouraged U.S. workers from applying. The Permanent Labor Certification program allows employers to sponsor workers for perma- nent resident status. OpenAI disagreed with the DOJ’s findings but reached a settlement to resolve the mat-

that Tan probed job candi- dates still working for Apple for information on its projects and that OpenAI coached for- mer Apple employees on how to evade security procedures. It also said OpenAI asked its partners and suppliers about Apple’s proprietary metal-fin- ishing technique and device components. OpenAI said in the blog post that Tan has always told his team that they “do not want, and must not use” con- fidential infor- mation from other compa- nies. Liu and Tan didn’t respond to requests for comment. In its filing Monday, Apple said its investi- gation “has un- covered infor- mation that raises serious concerns about other former Apple employees,” including one who took screenshots of confidential Apple documents before an OpenAI interview. The company also said it heard from former employees now with OpenAI who reached out to discuss returning their Apple-issued work devices af- ter the company filed its law- suit. Rather than take other

from an Asia windfall brought on by the Iran war would fade fast now that carrier capacity in the Gulf is fully reinstated. Lufthansa’s strongest yield growth during the period was on Asia routes, in premium classes and at Eurowings, it said. Even though fewer inves- tors are betting against Luf- thansa than a few months ago, sentiment is mixed, particu- larly about retreating prices in Asia starting to have an im- pact, J.P. Morgan analysts said

ter, a company spokesman said. The Permanent Labor Certification program is criti- cal for employees and candi- dates requiring immigration support, he said. The enforcement action dovetails with a broader effort by the Trump administration to ensure that U.S. workers aren’t unfairly disadvantaged in the labor market and to make it harder for foreigners to work here.

companies’ trade secrets, OpenAI said on its blog, “We’re much more interested in building innovative prod- ucts and technologies that push the frontier.” Last year, OpenAI acquired a startup co-founded by for- mer Apple design guru Jony Ive, and Ive and company ex- ecutives including Chief Exec- utive Sam Altman discussed plans to produce a family of AI devices. Altman has dis- cussed plans to ship as many as 100 million AI “compan- ions.” Its first consumer de- vice is expected to be screen- less and unobtrusive. The relationship between the two companies has deteri- orated since they forged an early partnership in 2024 that allowed OpenAI’s ChatGPT to connect with Apple’s Siri voice assistant. Apple has since struck an expansive deal with Google and has used the company’s Gemini model to help develop many of its new AI features, including an upgraded Siri. OpenAI considered sending a breach-of-contract notice to Apple for not promoting Chat- GPT within Siri. The Wall Street Journal’s parent com- pany, News Corp, has a con- tent deal with OpenAI. News Corp also has a commercial agreement to supply news through Apple services.

in a note following the results. British Airways has also benefited from similar rerout- ing to Asia, parent company International Consolidated Airlines Group said last week. IAG said it no longer ex- pected to expand capacity this year because of the Middle East conflict. Travelers will likely return to flight connections via Dubai, Abu Dhabi and Doha rapidly, Barclays analysts wrote in a note before Luf- thansa’s results.

Billionaire

Sued Over Yacht Deal

and said they would talk again the following week, according to the filing. The filing claims that by the next week, Storonsky’s team had already arranged to buy the boat directly from Dovigi, bypassing the broker entirely. It was Cecil Wright who brought the yacht to Sto- ronsky’s attention and intro- duced the Revolut co-founder and Dovigi, the broker says. A spokesperson for Storon- sky’s family office said: “We’re aware of the claim. It’s with- out merit and will be de- fended.” Nixie features a private spa, indoor and outdoor movie the- aters, as well as a Japanese teppanyaki grill, according to BOAT International, a yacht- ing trade publication. When chartered, it is equipped with a variety of water toys, includ- ing luxury water sleds. Cecil Wright’s legal action was earlier reported by the Fi- nancial Times. Storonsky, a Russian-born British citizen, is one of Eu- rope’s highest-profile startup founders. Founded in 2015, Revolut is now the region’s most valuable startup, with a recent share sale valuing the digital bank at $115 billion. Originally built around low- fee, foreign-currency transac- tions, Revolut is widely used by international travelers and migrants sending remittances home. The company gained a full U.K. banking license in March after a lengthy battle, and is looking to expand in the U.S., having recently applied for a national bank charter. Earlier this year, Revolut reported record annual profit and a jump in its customer numbers. At the time, Revolut said it remained focused on its goal of increasing its customer base to 100 million by mid-2027 from more than 70 million currently.

AKOS STILLER/BLOOMBERG NEWS

Page 19

2.0

RICHARD B. LEVINE/ZUMA PRESS

Thorne, which is owned by a private-equity firm, sells supplements, including creatine and prenatal vitamins.

Procter & Gamble will buy supplement company Thorne for $3.8 billion, bolstering the consumer giant’s presence in the beauty and wellness in- dustry. The deal will help the com-

BY KOSAKU NARIOKA AND RONNIE HARUI Toyota Raises Earnings Guidance for Year

Toyota Motor raised its annual earnings forecasts, citing a weaker yen and a smaller impact from the Iran war, and unveiled a buyback of more than $6 billion as quarterly net profit rose sharply. The Japanese carmaker on Tuesday reported stronger net profit for the three months ended in June, sup- ported by a weaker yen and gains in financial income, even as vehicle sales were weighed by a drop in sales in the Middle East. Toyota also lowered the expected hit from war-related disruptions, now estimating a drag of ¥510 billion, equiva- lent to $3.24 billion, on oper- ating profit for the year end- ing March 2027. It had forecast a ¥670 billion impact previously. The automaker has been establishing alternative routes to shorten the time it takes to deliver vehicles to customers, according to Taka- nori Azuma, Toyota’s chief of- ficer for accounting. The company said it would buy back as much as ¥1 tril- lion of its own shares over the next year, repurchasing up to 4.2% of shares out- standing under the program. The Japanese carmaker has been taking steps to ex- pand production capacity in

1.0

Paramount Streaming Grows

BY KELLY CLOONAN

Paramount’s streaming ser- vice continued to grow in the latest quarter, helping to nar- rowly offset another sales de- cline for its television unit. The entertainment company, which owns CBS, Comedy Cen- tral, Nickelodeon and its name- sake studio, also boosted its profit guidance for the year as it works to keep a lid on costs. The results and updated guidance come as Paramount’s

JUSTIN SULLIVAN/GETTY IMAGES

Warner Bros.’s studio lot in Burbank, Calif.

March Trial Set for Deal

Paramount will have to wait until March 2027 to face off in court against the dozen states opposing its takeover of Warner Bros. Discovery. A California federal judge said the antitrust trial would begin March 2 with an expectation that it will run for 12 court days. Para- mount had sought a No- vember start. The order from U.S. Dis- trict Judge Araceli Martínez- Olguín could prove costly for Paramount. Its accord with Warner includes a “ticking

Toyota quarterly net profit

¥2.5 trillion

1.5

0.5

2024 ’25 ’26 0

*Change from a year earlier Note: Fiscal years end March 31; ¥1 trillion = $6.4 billion

Sources: S&P Capital IQ; the company

the U.S. after it announced a plan in November to invest up to $10 billion in the country over the next five years. Toyota said in July it would spend $3.6 billion to bring production of its top- selling midsize pickup, the Tacoma, back to the U.S. by 2030. The company plans to build a second assembly line for the Tacoma at its San An- tonio plant. Toyota currently builds the Tacoma in Mexico. Making more vehicles in the U.S. will help Toyota, the world’s top-selling automaker, defray a hefty tariff bill in its largest market. The carmaker has been hit by the Trump administra- tion’s levies. Japanese autos are subject to a 15% tariff fol-

$81 billion deal to buy Warner Bros. Discovery faces legal challenges. Paramount’s second-quarter revenue edged up 1% to $6.91 billion, just above analyst esti- mates of $6.87 billion, accord- ing to FactSet. Direct-to-consumer revenue gained 9% year over year to $2.47 billion, driven by growth for its Paramount+ streaming service. Paramount+ ended the quar- ter with 81.6 million subscrib-

fee” with payments to War- ner shareholders of roughly $650 million a quarter, be- ginning this October, until the transaction closes. If it falls through, Warner would get a $7 billion breakup fee. “We respect the court’s decision and continue to believe a trial on the merits is the best and most direct way for us to prove what we’ve said from the start— this transaction is lawful, pro-competitive, and raises no antitrust concerns,” a Paramount spokeswoman said. —Joe Flint

BUSINESS NEWS

P&G Agrees to Buy

Supplements Maker

The $3.8 billion deal for Thorne aims to bolster its beauty, wellness portfolio

BY NATASHA KHAN

BY NATASHA KHAN

¥1.48T

76%*

CARLOS A. MORENO/ZUMA PRESS

The carmaker also reported stronger net profit for the three months ended in June.

lowing a trade deal struck with Tokyo in July of last year. The yen’s sharp deprecia- tion in recent years has helped boost earnings for Japanese exporters, including Toyota, by making exports more competitive overseas and increasing the value of profits earned abroad in yen terms. The yen depreciated about 15% against the dollar over the past four years. The Japanese carmaker on Tuesday recorded a 76% jump in first-quarter net profit to

ers, with year-over-year sub- scriber growth accelerating to 6%. The company said the pe- riod marked the streaming ser- vice’s lowest-churn quarter ever, driven by a boost from of- fering the World Cup in certain Latin American countries, as well as from UFC and its origi- nal programming. Paramount’s studios busi- ness also recorded growth, with revenue climbing 16% to $1.31 billion, due to strength in third-party deliveries at its television studios and the con- solidation of Skydance licens- ing revenue. The company said its second-quarter film slate performed better than it ex- pected, led by “Scary Movie.” However, the gains were offset by Paramount’s TV media unit, where revenue slid 9% to $3.13 billion on lower advertising and affiliate revenue. Paramount’s second-quarter profit came in at $41 million, or 4 cents a share, compared with $57 million, or 8 cents a share, a year earlier. Adjusted earnings per share were 18 cents, above estimates of 15 cents a share. For the full year, Paramount now guides for adjusted earn- ings before interest, taxes, de- preciation and amortization of $3.8 billion to $3.9 billion, up from a prior outlook of $3.8 billion. It also increased its cost savings forecast for the year to $2.7 billion from $2.5 billion previously. Most of the in- creased cost savings came from combining streaming technology and third-party vendors, said Andy Gordon, chief strategy officer and chief operating officer, in an inter- view. The company continues to expect revenue of $30 billion for the year. For the current third quar- ter, Paramount forecast ad- justed Ebitda of $875 million to $975 million on revenue of $6.95 billion to $7.15 billion.

pany build its portfolio in an area where it feels demo- graphics are on its side, P&G’s Chief Executive Shailesh Je- jurikar said on CNBC Tuesday. “For growth, definitely one of the areas we’re looking at is a much bigger play in growing our beauty and health busi- ness,” he said. Thorne sells supplements including creatine, prenatal vi- tamins, hormone supplements and other products. It has been owned by private-equity firm L Catterton since 2023.

¥1.48 trillion, exceeding the ¥978.49 billion estimate of analysts in a poll by data pro- vider Quick. Revenue climbed 10% to ¥13.53 trillion. For the year ending March 2027, Toyota forecast revenue to increase 6.5% to ¥54.00 trillion and net profit to fall

Consumer companies have been looking to expand their reach into wellness products, an area that Americans are in- creasingly willing to spend on even amid tighter budgets. Competitor Unilever bought vitamin company Grüns earlier this year, adding to a stable of beauty and well- ness brands including Dove soap and K18 hair care. P&G owns several other supplements brands, including Metamucil and Align probiot- ics.

15.5% to ¥3.25 trillion. It pre- viously projected revenue of ¥51.00 trillion and net profit of ¥3.00 trillion. Toyota maintained its an- nual group vehicle sales fore- cast of 11.18 million units. —Junko Fukutome contributed to this article.

Huggies

Sales Hit By Social Media Stir In China

The maker of Huggies dia- pers said its China sales have been hurt in recent weeks by a social-media firestorm involv- ing allegations that its diapers contain formamide, a solvent used in a number of manufac- turing processes. A Beijing-based state-run newspaper reported in June that Huggies and other brands that sell in China had tested positive for the substance. Huggies maker Kimberly- Clark said Tuesday that an in- dependent analysis conducted by a government-certified tes- ter showed its products were safe. It characterized the newspaper’s findings as false. Still, the claims attracted attention on Chinese social media, and the resulting at- tention “significantly im- pacted” second-quarter sales, Kimberly-Clark said. The spread of the claims was “ex- pected to further impact sales and profits in the near term,” the company said. Organic sales for the entire company, which also makes Scott paper towels and Cotto- nelle toilet paper, took about a 0.5% hit as a result. The com- pany said Tuesday that second- quarter revenue rose 0.6% to $4.19 billion. Analysts polled by FactSet expected $4.22 billion. The Texas-based company lowered its organic sales growth outlook for fiscal 2026 because of the unfavorable im- pacts from the China social-me- dia disruptions. Adjusted earn- ings per share are expected to see a low-single-digit decline. The company reported net income of $345 million, or $1.04 a share, compared with $509 million, or $1.53 a share, a year earlier.

Page 20

B4 | Wednesday, August 5, 2026

THE WALL STREET JOURNAL. TECHNOLOGY & BUSINESS

–2

–4

Novo Nordisk Raises Outlook

Wegovy maker says annual results ought to fall by less than previously predicted

BY MAURO ORRU

Novo Nordisk said annual sales and operating profit should fall less than it previ- ously expected as demand for weight-loss drugs shows no sign of abating. The Danish drugmaker said it expects sales and operating profit on an adjusted basis to decline by up to 6% at con- stant exchange rates this year, better than prior guidance of a 4% to 12% decline for both

–1

Cancer Treatments and Heart Drugs

Help Boost Pfizer’s Quarterly Results

BY KATHERINE HAMILTON AND PETER LOFTUS aimed at returning to solid growth, but it could take some time to see if those pay off. As part of its strategy to beef up its pipeline, Pfizer agreed to acquire weight-loss drug startup Metsera last year in a deal that could be valued at more than $10 billion. Pfizer said Tuesday that it recorded a sec- ond-quarter loss of $248 million, or 4 cents a share, compared with a profit of $2.91 billion, or 51 cents a share, a year earlier. The loss was largely due to a $3.8 billion charge to write down the value of an experimental drug after a study showed it didn’t significantly prolong survival in lung-cancer patients. Pfizer had acquired the drug in its $43 billion purchase of Seagen

$3.8B

€3

–3

Pfizer reported better-than- expected second-quarter re- sults, as rising sales of drugs for cancer and heart disease helped offset steep declines for Covid-19 products. The New York company also slightly raised the bottom end of its forecast range for full- year 2026 revenue. Pfizer shares climbed 1.5% to $25.41 in Tuesday’s trading. Pfizer is trying to recover from a postpandemic hangover in which demand for its Covid-19 vaccine and treatment has plummeted. It is bracing for patent expirations on lead- ing drugs that will pressure its revenue growth in coming years, and the company said Tuesday it is expanding con- tinuing cost-cutting programs. The company is developing new medicines and has made acquisitions—including a big bet on weight-loss drugs—

BY KELLY CLOONAN Merck Cuts Its Full-Year Profit Forecast

Merck slashed its profit out- look for the year because of charges tied to its acquisition of cancer biotech company Terns Pharmaceuticals. However, Merck also bumped up its full-year sales outlook as new product launches bolstered its top line in the second quarter, helping sales come in above Wall Street’s expectations. The updated guidance comes as the Rahway, N.J., company recorded higher sales in its latest quarter, helped by growing contributions from new product launches. Sales rose 5%, to $16.61 bil-

BY CONNOR HART AI-Driven Construction Demand Lifts Caterpillar

Caterpillar said the artifi- cial-intelligence boom contin- ues to drive demand for its en- gines and generators, while healthy construction spending is spurring sales of its dump trucks, bulldozers and excava- tors. The trends lifted the com- pany’s total sales and revenue during the latest quarter by 24%, to $20.54 billion. That marks the first time in com- pany history Caterpillar gener- ated over $20 billion in sales and revenue in a single quar- ter, Chief Executive Joe Creed said on a call with analysts. The company also raised its full-year sales outlook on the back of the stronger-than-ex- pected quarter, during which lower-than-expected tariff costs and a large tariff refund helped expand margins and improve profitability, he said. Shares of Caterpillar climbed 5.6% to $876.54 Tues- day. Sales across Caterpillar’s power-and-energy division climbed 17% to $8.24 billion during the recent quarter. Growth is expected to continue throughout the remainder of the year, Creed said on the call, citing increasing energy de- mand to support data-center build-outs tied to cloud com- puting and generative AI. The equipment maker said

metrics. Chief Executive Mike Doustdar said patients in the U.S. were scrambling to get their hands on the company’s Wegovy pill, with more than 5 million prescriptions since it launched in January. Doustdar said early uptake was also en- couraging in other markets where it recently expanded. “The increased U.S. GLP-1 momentum, combined with continued growth and new launches in international op- erations, has led us to further raise our 2026 guidance for both adjusted sales and ad- justed operating profit,” he said. Analysts had expected Novo Nordisk to raise its annual

lion, topping analyst estimates of $16.37 billion. Sales of Keytruda gained 5% to $8.4 billion. That includes $463 million from a new form of the drug called Qlex, which is administered by injection rather than intravenously. The FDA approved Qlex last year. Other new product launches also contributed to the growth, including pulmonary arterial hypertension treatment Win- revair, which brought in $588 million in sales, up 75% from a year ago. Merck’s second-quarter loss came in at $1.34 billion, or 54 cents a share, compared with a profit of $4.43 billion, or $1.76 a share, a year earlier. On an

STEVE MARCUS/REUTERS

Sales and revenue rose 24% in the quarter on strong demand for Caterpillar’s equipment.

it would double down on its capacity-expansion plans, cit- ing the healthy demand trends it has seen so far this year. “We expect to increase our throughput in the second half of the year,” Creed said. Caterpillar had previously said that it would spend $725 million at its Lafayette, Ind., plant to make more piston- driven engines for generators, marking its largest factory in- vestment in about 15 years. Separately, the company wants to more than double the production capacity for turbine engines by 2030. Meanwhile, construction spending remains at healthy levels thanks to continuing in-

guidance as Wegovy turbo- charged sales at the company since the Food and Drug Ad- ministration first approved it in 2021 as a weight-loss medi- cation. In recent months, the group has been working to win over health regulators across sev- eral markets so it could mar- ket Wegovy to more patients and further boost sales. In June, Novo Nordisk said its Wegovy pill was approved in the U.K. as an alternative to weekly injections for over- weight or obese adults, mark- ing the first green light in Eu- rope for the oral version of the drug. A month later, the company received the go-ahead to mar-

in 2023. Stripping out that write- down and certain one-time items, adjusted per-share earn- ings were 77 cents, ahead of the 68 cents anticipated by an- alysts, according to FactSet. Revenue rose 3% to $15.03 billion, topping the $14.4 billion mean estimate of analysts sur- veyed by Fact- Set. Sales were driven by 2% growth in Pfizer’s bio- pharma busi- ness and 7% growth in Pfizer CentreOne, the company’s contract develop- ment and manufacturing or- ganization. The blood thinner Eliquis and heart-disease treatment Vyndaqel helped fuel revenue growth. Cancer treatments Padcev and Lorbrena both

Value of charge to write down value of experimental lung- cancer drug

adjusted basis, the per-share loss was 13 cents. Analysts had expected an adjusted loss per share of 27 cents. The loss was driven by a one-time charge of $2.31 a share for the acquisition of Terns, Merck said. For the full year, the com- pany now projects adjusted earnings per share of $2.66 to $2.76, down from $5.04 to $5.16 previously. The updated guidance fac- tors in charges related to Merck’s acquisition of Terns that had been previously ex- cluded from its outlook, includ- ing a one-time charge of $2.31 a share. The company also ex- pects costs of about 12 cents a

vestments in critical infra- structure, heavy construction and data centers. Sales across Caterpillar’s construction industries unit grew 35% to $8.35 billion, while the company’s resource industries division posted sales of $4.65 billion, a 20% increase from last year. The company said it now expects full-year sales and rev- enue growth in the mid-to- high-teens range, compared with a prior forecast of low double-digit growth. The outlook came as Cater- pillar reported a second-quar- ter profit of $3.59 billion, or $7.77 a share, compared with $2.18 billion, or $4.62 a share,

ket the pill in the European Union, paving the way for a rollout of the oral version of the drug across the bloc’s 27 member states. The EU also approved Wegovy as an injec- tion in a single-dose pen. Novo Nordisk said adjusted sales in the second quarter grew 7% from a year earlier, to 78.49 billion Danish kroner, or $12.08 billion. The injectable variant of Wegovy contributed 19.48 billion Danish kroner, with the pill version bringing in 3.22 billion Danish kroner. Net profit declined 21%, to 20.99 billion Danish kroner. However, adjusted operating profit—more closely watched by investors—grew 11%, to 33.39 billion Danish kroner.

gained market share and posted higher sales. Paxlovid and Comirnaty, two of its Covid products, saw sales drop 95% and 34%, re- spectively. The declines were driven by lower Covid infec- tions and a narrower recom- mendation for who should get Covid shots. Pfizer raised the low end of its full-year sales guidance to a range of $60.5 billion to $62.5 billion, from $59.5 billion to $62.5 billion previously. The company reaffirmed its guidance for adjusted earnings per share between $2.80 and $3. For full-year 2026, analysts expect earnings of $2.94 a share on sales of $61.78 billion. The new outlook reflects an expectation that Pfizer’s non- Covid products will generate $1.5 billion more in sales than previously anticipated. Its Covid products are now pro- jected to produce $4 billion in sales, down from $5 billion.

share from financing the deal, and advancing Terns’s drug for the blood cancer chronic mye- loid leukemia. The deal, which closed in May, is part of Merck’s efforts to add to its portfolio as it pre- pares for Keytruda—its top- selling drug—to lose patent protection, allowing competi- tors to introduce lower-cost versions. Merck now expects sales of $66.3 billion to $67.3 billion for the year, up from its prior out- look of $65.8 billion to $67 bil- lion. Analysts polled by FactSet expect sales of $66.86 billion and adjusted per-share earn- ings of $2.79 for the year.

a year earlier. Adjusted earnings of $8.17 a share topped the $6.22 a share that analysts surveyed by Fact- Set expected. The company’s bottom line benefited from a $392 million tariff refund during the recent period, according to Chief Fi- nancial Officer Kyle Epley. Costs tied to the levies came in at about $400 million, well be- low the $700 million the com- pany had expected. Looking ahead, Caterpillar guided for third-quarter tariff costs of about $600 million— roughly the same as last year— and said it expects cost tied to the levies to come in at the low end of its full-year outlook.

Co-CEO Gustav Söderström told Wall Street analysts that ‘our products are about real artists, not fake artists.’

Spotify’s Premium

Subscribers Reach 300 Million Mark

BY KATHERINE SAYRE

Spotify Technology shares slid 1.7% Tuesday after the com- pany reported increased costs tied to new AI-powered features on its streaming app and fore- cast slightly lower subscriber growth than Wall Street ex- pected. In the second quarter, the company reached a milestone of 300 million premium subscrib- ers while increasing revenue by 14% year-over-year. Spotify added seven million premium subscribers in the sec- ond quarter, bringing its total to 300 million and beating the company’s prior guidance by one million. It posted increases across all its global regions. The Swedish audiostreamer’s monthly active users grew by 12% year-over-year to 777 mil- lion, falling short of its prior guidance by one million. Over- all, the company added 16 mil- lion users during the quarter. Revenue was about 4.78 bil- lion euros, equivalent to about $5.50 billion, up 14% from €4.19 billion a year earlier. Net income was €545 mil- lion, or €2.61 a share, compared with a €86 million loss a year earlier. The company’s gross margin hit a record of 33.4%. Spotify executives have said the company is moving into an era of AI generation, including recommendations and features such as “personal podcasts” based on users’ interests. It is developing a new AI- powered tool that lets music fans make remixes and cover

songs within the app. On Tues- day, the company said it reached a licensing agreement with Merlin, which represents independent music labels, for the AI tool. The deal allows art- ists to opt in to participating in the remixing tool. Spotify has similar agreements with Univer- sal Music Group. Spotify co-CEO Gustav Söderström told Wall Street an- alysts that there is skepticism about fully AI-generated music, but “our products are about real artists, not fake artists.” For the current quarter, the company forecast that it would add about 11 million monthly active users and end the quar- ter at 788 million, below Wall Street estimates of roughly 793 million. It said premium sub- scribers would rise to 305 mil- lion, an increase of about 5 mil- lion. It forecast revenue of €5 billion for the current quarter, and a gross margin of 32.9%. Bayer CEO Rules Out Breaking Up Business

BY ADRIÀ CALATAYUD

Bayer’s Chief Executive Bill Anderson ruled out a breakup of the group’s operations for now, saying the company still has work to do before it can consider options. The German conglomerate is focused on containing litigation uncertainty, reducing debt and internal bureaucracy, strength- ening the drug pipeline of its pharma business, and improv- ing the profitability of its agri- culture unit. Anderson said Bayer wouldn’t allow discus- sions on potential sales or spinoffs of its divisions to be- come a distraction. “Our assessment today is that it’s not time to take our eye off of that,” Anderson said Tuesday during a call with re- porters. “We need to stay really focused on driving those, and we’ll keep our minds open and our heads up.” Some investors have long pushed the company to rethink its structure. Analysts said the U.S. Supreme Court’s recent ruling in Bayer’s favor in a longstanding case over its Roundup weedkiller could put a breakup back on the table. Bayer’s operations currently span an agriculture unit that sells pesticides and crop seeds, a pharma business that devel- ops medicines for diseases like prostate cancer and chronic kidney disease, and a smaller division that makes over-the- counter drugs, nutritional sup- plements and other consumer- health products. The company in early July said it would consolidate its U.S. glyphosate operations, in- cluding Roundup brands, into a business called Ruveon. Anderson said the company

Spotify monthly active users

800 million Total monthly active users 777M

Ad-supported monthly active users 494M

Premium subscribers 300M

2024 ’25 ’26

2024 ’25 ’26

Source: the company

Bayer quarterly net profit/loss

billion 2Q 2026 €219 million

Source: S&P Capital IQ Note: €1 billion = $1.15 billion

regularly assesses what the best approach to its operations is. Whether Bayer’s businesses stay together or not, continu- ing to work on its current pri- orities will put the company in a stronger position, he added. For the second quarter, smaller litigation charges led Bayer to swing to a net profit. It posted a second-quarter net profit of 219 million euros, equivalent to $252.1 million, compared with a loss of €199 million for the same period last year, when its results were hit by litigation charges. The company said it booked special charges, mainly due to litigation-related expenses, of €172 million compared with €981 million a year before. Excluding special items, earnings before interest, taxes, depreciation and amortization came to €2.14 billion, increas- ing 1.9%. Analysts polled by Vara had expected €1.94 billion. Sales were €10.87 billion, up 2.2% when adjusted for cur- rency and portfolio changes. The company said its 2026 sales and earnings forecasts were unchanged when adjusted for currency changes.

BRYAN BEDDER/GETTY IMAGES FOR SPOTIFY

Page 21

THE WALL STREET JOURNAL.

Wednesday, August 5, 2026 | B5 Intelligence You Can Act On.

Equip your teams to work smarter with a Corporate Subscription.

LEARN MORE corporate.wsj.com/Enterprise

Page 22

San Francisco Tower Divides Generations

Locals are split on a plan to build 800 apartments in an upscale district

BY OWEN TUCKER-SMITH

Elena Cohen’s search for a new San Francisco apartment is going so badly that she is advertising a $200 reward to anyone who can find her a place to rent. So when the 25-year-old saw that a local developer planned to build around 800 units of housing above her lo- cal Safeway in the affluent Ma- rina District, she was thrilled. Any new housing in the area, she said, is welcome news. Stephen Street, a 63-year- old longtime San Franciscan and Marina resident, saw the mock-ups for the development and grimaced. “I was blind- sided,” he said. “And so was my community.” The plan to build a residen- tial tower on top of a local gro- cery store has morphed into a symbol of a generational divide over the city’s acute housing crisis and the future of San Francisco. Recently, after a San Fran- cisco Chronicle reporter posted a photo online of a neighbor- hood town hall devoted to the development, the generational divide turned into a social-me- dia firestorm. The photo showed a primarily older, white audience gathered at a meeting where organizers ex- plained their concerns about the project. It racked up 10 million views and some strongly worded comments. A flurry of X users pounced: “The oldest people alive block- ing housing for families and young people,” one poster wrote. “When your entire worldview is ‘F them kids,’ ” wrote another. The snapshot wasn’t a per- fect representation of how lo- cals feel about the project—the development has older fans and younger foes. But it ex- posed just how differently cer- tain slices of San Francisco en- vision what the city should look like, and how to make room for young people and newcomers. Communities across the country are grappling with the same tension: Young people are fighting their way into an unforgiving housing market made tighter by the lack of de- velopment and boomers who are aging in place or even up- sizing. In one wealthy Massachu- setts town, a man gained sud- den national fame when he asked his neighbors pushing back against new housing: “Are we kinda bein’ pricks?” In California, a statewide push to force cities to expand their housing stocks has led developers to propose projects

BY VERONICA DAGHER Homeowners Associations Are Stepping Up Foreclosures

Money is getting tighter for America’s hundreds of thou- sands of homeowners associa- tions, and they are extending a shorter financial leash to their residents. HOAs are getting more ag- gressive about pursuing peo- ple who rack up unpaid dues, skipping informal grace peri- ods to make up the payments and turning delinquent ac- counts over to lawyers. In the most extreme cases, they are pursuing foreclosures on these properties. There were 6,376 properties with HOA-related foreclosure filings in the first quarter of this year—spanning initial default notices to completed sales. That is up nearly 40% from two years earlier and rising faster than overall mortgage foreclosure rates, according to real-estate analytics firm At- tom. “HOAs are being forced into more aggressive collections to avoid their own financial col- lapse,” said Brian Fox, co- founder of real-estate technol- ogy firm Benutech, which tracks HOA delinquency trends and foreclosures. The associations that care for the common spaces in many neighborhoods and con- dos typically pool money from dues and special assessments to cover operating costs. When

Above and right, a rendering of a tower planned on top of a San Francisco Safeway. Below, Elana Cohen and partner Riley Noon.

that would once have been un- thinkable in areas such as the Marina, where most buildings are just a few stories high. That is a welcome change for some young renters struggling with the cost of living, but a rude awakening for older resi- dents who have owned their homes for decades and oppose a tower that will obstruct views and substantially raise the neighborhood’s popula- tion. The tower that Align Real Estate wants to construct above the Safeway on Marina Boulevard is among San Fran- cisco’s most recognizable buildings these days, and it hasn’t even been built yet. The design’s height, contemporary style, glassy facade and round edges have drawn boycotts, protests, legal threats and let- ter-writing campaigns. “It’s just so out of scale,” said Rae Terry, 84, who lives nearby on Russian Hill, “and so inappropriate.”

one homeowner stops paying, the rest of the owners often must collectively foot the bill. Even before contending with residents’ delinquencies, HOAs have been facing rising costs for staffing, lawn care and materials. Between 2024 and early 2025, master insur- ance policy premiums that cover shared property and general liability for HOAs rose for 91% of community associa- tions. Some 17% saw jumps of more than 100%, according to the Foundation for Community Association Research. Reserve funds essentially act as an HOA’s emergency savings, but many funds that were healthy in 2020 have since been depleted by soaring repair costs for items such as roofs. Tighter budgets are giving HOAs less financial wiggle room to let missed payments slide. Take, for example, Fairview Condo 1 in Middle Is- land, N.Y. It currently has 15 out of its 202 units behind on the $595 monthly dues, creat- ing a monthly shortfall of roughly $8,900. That is more than the eight delinquencies that the board typically bud- gets for. “Every delinquency has its own story,” said Deborah Amilowski, president of the condo association. Ten of the properties are in foreclosure. Some cases are

THE PROPERTY REPORT

JOHANNA ROSENTHAL

For years, the well-off stretch of northern San Fran- cisco between the Presidio and Pacific Heights has seen little new housing. The number of units in the Marina dropped between 2010 and 2020, ac- cording to the city’s data, while San Francisco’s total housing stock rose 7%. In Sacra- mento, legisla- tors including state Sen. Scott Wiener, who represents San Francisco and is running to suc- ceed Nancy Pelosi in Con- gress, have passed laws that make it harder for cities to resist de- velopers’ attempts to build. Power over housing devel- opment that was long in the hands of city halls has gradu- ally shifted toward the state capitol, rattling some locals.

Younger people

want housing. Older ones fret overthedistrict’s character.

Number of properties with foreclosure filings by homeowners associations, quarterly

7,000

6,000

5,000

4,000

3,000

2,000

1,000

’22 2Q 2021 ’23 ’24 ’25 ’26

Source: Attom

triggered by personal financial strains such as job loss or di- vorce. The HOA is also fore- closing on some units owned by investors who stopped pay- ing after their tenants didn’t pay rent, Amilowski said. HOA laws vary across states. Most states require for- mal notice periods of 30 to 45 days before HOAs can file liens or have their lawyers initiate foreclosure actions. The Com- munity Associations Institute, which represents HOAs, said many associations offer pay- ment plans and work directly with homeowners facing fi- nancial hardship. Still, HOAs filed more than 285,000 liens last year, up about 8.8% from a year earlier, according to Benutech.

The Safeway fight is “about whether Californians still have a voice in the future of their neighborhoods,” according to a slide read at the neighborhood meeting. “There’s a generation in San Francisco that refuses to relin- quish what the historic San Francisco is,” said Bobby Niers, a startup entrepreneur who has worked in the real-es- tate industry. “They want it to be a museum piece.” One of those state laws, writ- ten by Assem- blymember Buffy Wicks and co-written by Wiener, man- dates expedited approval for mixed-income projects along commercial corridors. The de- velopers of the Safeway project are using that rule to help push their project through the

HOAs in many states can foreclose over unpaid dues even if the homeowner’s mort- gage is up-to-date. In around 20 states, HOA liens carry “su- per priority” status, which can give the HOA legal priority even over the primary mort- gage holder, said Stephen Hladik, a North Wales, Pa., lawyer specializing in foreclo- sures. State laws can make it diffi- cult for communities to re- cover money from delinquent residents, said Glen Weinberg, founder of Fairview Commer- cial Lending. He said that he has seen some HOAs pushed to the brink of insolvency be- cause of these laws, including those in his home state of Col- orado. These include caps on

zoning process. The Marina Community As- sociation has opposed the proj- ect. In a 95-page-long letter sent to local planners this spring, the group’s lawyer ar- gued that the development is on the site of hazardous waste and that its approval cannot be streamlined according to the state law. The lawyers also wrote that 800 new rental units would overwhelm the area’s sewage system, and that the project warrants a historical review because the Marina Safeway is “one of the first modern Safe- way stores.” Proponents of the project say the opposition is just try- ing to find obscure legal argu- ments to slow down a project that would help young families find a place to live. The Plan- ning Department said in July that the project satisfied the state law’s environmental cri- teria; the neighborhood associ- ation has continued to push

legal fee reimbursements and strict preforeclosure require- ments. Legal fees tied to debt col- lection can add up rapidly for homeowners, creating a finan- cial hole on top of the risk of losing their homes, consumer advocates say. There are all sorts of rea- sons borrowers across wealth levels fall behind on their dues, from financial stress to administrative oversight. In the Las Vegas suburb of Summerlin, a property linked to boxing champion Floyd Mayweather Jr. recently en- tered HOA foreclosure pro- ceedings after accumulating nearly $25,000 in unpaid dues, interest and legal fees, accord- ing to Clark County records. A Notice of Default was filed on behalf of Mountain Trails Community Association after monthly dues started going unpaid in January 2025. Bobby Samini, a lawyer for Mayweather, said that the is- sue was an accounting over- sight and that the dues have since been paid, noting the boxer recently retained a new accounting team and a chief fi- nancial officer. He declined to comment further on behalf of Mayweather. Representatives for Mountain Trails Commu- nity Association didn’t re- spond to requests for com- ment. Many HOAs are under pres-

back. “The project will give thou- sands of people—young profes- sionals, working families, se- niors—the ability to live near excellent public transit and jobs,” said David Balducci, the project developer. Konrad Posch, 38, has lived in the Marina for 13 years. He and his wife are hoping to start a family, but the area’s housing options are slim. Age aside, he sees the project as a split between people who man- aged to get into the housing market and those stuck on the outside. “It does feel like a fight be- tween people whose housing is settled for decades, versus people who are worried that they may never be able to own a home,” said Posch, who sup- ports the project. In 2018, the city estimated that the median neighborhood homeowner had moved into a home in 1988. A decades-old California law caps the amount that those homeowners’ prop- erty taxes can increase every year, regardless of how much home values rise, benefiting longtime homeowners. But the neighborhood is ma- jority renters, and the age of the median resident is in the mid-30s. Those renters have faced skyrocketing rents that are set to only rise faster as Silicon Valley floods with wealth from the AI boom. Erin Roach, who opposes the project and is the neigh- borhood association’s presi- dent, said that her side does have “an image problem.” She said she has younger allies but they don’t tend to turn out for local meetings. And she noted that she has two children in their twenties who are strug- gling with housing costs and who oppose the project. Nathan Davenport, a 33- year-old Marina resident, said he supports the construction of more housing in the city, but that this particular develop- ment isn’t right for the neigh- borhood and could end up ral- lying even more opposition to development. Davenport and others note that the project is set to in- clude only around 86 units designated as affordable hous- ing. Niers, the startup entrepre- neur, who is 56, says he ex- pects the project will serve “essentially, well-off tech workers.” But, he argues, it will create a cascade effect: People who move in will vacate other apartment buildings, easing the city’s supply crunch. Street, who has lived in the same home in the Marina since 1997, said he is sympathetic to younger people trying to find a home in the city. “There are plenty of places in the city in which this poten- tially would work,” he said. “But here, it’ll be completely out of place.”

ARQUITECTONICA (2)

sure to meet stricter safety standards enacted after the 2021 Surfside condo collapse in Florida, including bans on underfunding structural re- serve accounts. Because many older communities delayed maintenance for decades to keep dues low, some boards had to issue large special as- sessments to cover the short- fall. Many HOAs have had to raise dues. Marc Schneider, a New York real-estate lawyer represent- ing community associations, recently worked with a Long Island HOA whose annual in- surance premium jumped from $60,000 to $360,000. When delinquencies and foreclosures force boards to cut back or delay upkeep, it ul- timately hurts property values for the entire neighborhood, he said. To manage cash flow, the board at Fairview Condo 1 in Middle Island has been cutting spending rather than tapping cash reserves or levying spe- cial assessments. The building has had to delay routine proj- ects such as power-washing the buildings and planting new flowers. Fronting legal fees is costly and the foreclosure process is time-consuming, said Amilowski, the condo associa- tion president. “We have to do what’s best for the entire com- munity,” she said.

Page 23

Contract Open Open High hi lo Low Settle Chg interest Copper-High (CMX)-25,000 lbs.; $perlb. Aug 6.5280 6.6390 6.5280 6.6185 0.1045 3,489 Sept 6.5395 6.6885 6.5345 6.6435 0.1030 138,202 Gold (CMX)-100 troyoz.; $ per troy oz. Aug 4050.50 4088.70 4048.80 4095.40 61.70 2,973 Sept 4065.70 4118.00 4054.00 4107.50 61.20 5,078 Oct 4079.90 4132.60 4068.70 4121.90 61.60 51,748 Nov 4118.00 4141.00 4118.00 4137.90 62.00 404 Dec 4109.60 4163.80 4098.20 4152.60 62.10 279,897 Jan'27 4153.80 4153.80 4153.80 4170.50 62.40 289 Palladium (NYM) - 50 troy oz.; $ per troy oz. Aug 1244.50 1244.50 s 1244.50 1355.30 104.40 Sept 1262.00 1364.50 1260.50 1360.80 104.20 16,581 Platinum (NYM)-50 troy oz.; $ per troy oz. Aug 1612.10 1632.90 s 1612.10 1747.30 129.30 Oct 1638.10 1762.80 1636.80 1756.00 129.70 45,024 Silver (CMX)-5,000 troy oz.; $ per troy oz. Aug 58.100 58.870 58.100 60.056 2.389 686 Sept 58.380 60.285 58.185 60.245 2.389 80,444 Crude Oil, LightSweet (NYM)-1,000 bbls.; $perbbl. Sept 80.10 82.33 75.11 75.77 –4.57 255,445 Oct 77.83 79.91 73.79 74.40 –3.50 175,875 Nov 75.55 77.56 72.49 73.15 –2.53 113,677 Dec 73.92 75.58 71.42 72.03 –1.91 203,643 June'27 69.81 70.89 68.41 69.07 –0.87 139,804 Dec 67.95 68.82 66.99 67.66 –0.46 148,690 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Sept 3.8696 3.9227 3.6725 3.7705 –.1067 73,372 Oct 3.7692 3.8045 3.5981 3.6776 –.0925 37,956 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 2.9727 3.0067 2.8080 2.8522 –.1145 100,480 Oct 2.7038 2.7496 2.5729 2.6040 –.1055 51,582 Natural Gas (NYM)-10,000 MMBtu.; $per MMBtu. Sept 2.774 2.786 t 2.659 2.682 –.099 370,117 Oct 2.813 2.829 t 2.704 2.728 –.096 159,804 Dec 3.727 3.730 t 3.610 3.627 –.096 142,304 Jan'27 4.209 4.209 t 4.082 4.098 –.100 143,721 March 3.000 3.003 2.936 2.946 –.053 139,607 April 2.857 2.862 2.799 2.814 –.046 117,419

Agriculture Futures

Corn (CBT)-5,000 bu.; centsper bu. Sept 450.50 452.00 441.00 442.25 –7.00 516,668 Dec 474.00 475.25 464.00 465.50 –7.00 783,483 Oats (CBT)-5,000 bu.; cents per bu. Sept 315.50 315.75 310.75 312.50 –3.50 542 Dec 337.00 338.50 330.25 331.50 –5.25 2,369 Soybeans (CBT)-5,000 bu.; cents per bu. Aug 1172.00 1173.00 1149.25 1155.00 –13.75 859 Nov 1193.25 1195.25 1170.00 1177.75 –14.50 495,248 Soybean Meal (CBT)-100 tons; $per ton. Aug 313.00 313.00 309.90 310.60 –2.80 1,230 Dec 321.60 322.70 316.40 318.40 –3.20 283,513 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Aug 68.79 68.79 67.91 68.18 –.51 1,687 Dec 68.19 68.68 67.00 67.52 –.62 250,345 Rough Rice (CBT)-2,000 cwt.;$ per cwt. Sept 14.21 14.32 13.83 13.97 –.21 11,263

Mutual Funds Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret

Net YTD Fund NAV Chg %Ret

Net YTD Fund NAV Chg %Ret

Net YTD Fund NAV Chg %Ret

Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.

e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.

Tuesday, August 4, 2026

Tuesday, August 4, 2026

Tuesday

Tuesday

Tuesday

IntlVal Inst 62.00 +0.28 16.2 Baird Funds AggBdInst 9.72 +0.04 0.1 CorBdInst 10.08 +0.04 0.2 IntBdInst 10.37 +0.03 0.5 ShtTBdInst 9.47 +0.01 1.3 BlackRock Funds HiYBlk 7.12 +0.02 2.4 HiYldBd Inst 7.12 +0.02 2.5 BlackRock Funds III iShS&P500IdxK899.64+15.81 13.7 BlackRock Funds Inst StratIncOpptyIns 9.69 +0.04 2.0 Calamos Funds MktNeutI 16.26 +0.02 4.0 CausewayInst CausewayInst 26.66 +0.21 13.4 Columbia Class A SelgComuInfoA243.86 +9.50 55.6 Columbia Class I DivIncom I 40.85 +0.42 13.6 Dimensional Fds

AB Funds MuniIncmShares 11.01 +0.04 1.5 American Century Inv Ultra 100.27 +2.24 6.5 American Funds Cl A AmcpA 46.37 +0.75 8.6 AMutlA 66.13 +0.85 11.9 BalA 41.14 +0.48 10.4 BondA 11.14 +0.05 -0.3 CapIBA 84.48 +0.62 11.2 CapWGrA 82.72 +1.22 16.5 EupacA 63.75 +0.96 11.5 FdInvA 104.85 +1.55 16.2 GwthA 88.08 +1.69 9.5 ICAA 70.41 +1.01 13.2 IncoA 28.12 +0.15 9.0 N PerA 75.76 +1.22 7.3 NEcoA 86.37 +1.85 18.9 NwWrldA 107.58 +1.62 15.3 SmCpA 84.34 +2.12 15.1 WshA 69.29 +0.80 11.1 Artisan Funds

Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs

Largest 100 exchange-traded funds, latest session.

Tuesday, August 4, 2026 iShMSCIEAFEValue EFV 81.47 0.47 14.1 iShNatlMuniBd MUB 105.76 0.29 –1.3 iShRussMC IWR 112.93 1.67 17.3 iShRuss1000 IWB 422.16 1.83 13.0 iShRuss1000Grw IWF 124.30 2.84 5.0 iShRuss1000Val IWD 256.63 0.94 22.0 iShRuss2000 IWM 301.71 1.85 22.6 iShS&P500Grw IVW 141.53 2.38 14.8 iShS&P500Value IVE 235.67 1.11 11.1 iShSemiconductor SOXX 542.21 6.80 80.0 iSh7-10YTreaBd IEF 93.25 0.46 –3.0 iShSilver SLV 53.84 2.63 –16.4 iSh20+YTreaBd TLT 82.82 0.77 –5.0 iShUSEqFactRotat DYNF 69.63 1.87 14.5 iShUSTreasuryBd GOVT 22.49 0.36 –2.3 iSh0-3MTreaBd SGOV 100.43 0.01 0.0 JPMNasdEqPrem JEPQ 59.56 2.09 2.5 JanusAAACLO JAAA 50.51 ... –0.1

Closing Chg YTD ETF Symbol Price (%) (%)

Closing Chg YTD ETF Symbol Price (%) (%)

Closing Chg YTD ETF Symbol Price (%) (%)

Closing Chg YTD ETF Symbol Price (%) (%)

Closing Chg YTD ETF Symbol Price (%) (%)

Closing Chg YTD ETF Symbol Price (%) (%)

AvantisUSSCValue AVUV 128.74 1.34 26.2 CapGrpDivVal CGDV 51.08 1.63 17.0 DimenUSCoreEq2 DFAC 45.81 1.55 15.7 FidTotalBd FBND 45.02 0.42 –2.2 InvscNasd100 QQQM 298.03 3.39 17.8 InvscQQQI QQQ 723.85 3.40 17.8 InvscS&P500EW RSP 220.23 1.44 15.0 iShBitcoin IBIT 36.39 0.64 –26.7 iShBrdUSDHYCpBd USHY 36.80 0.33 –1.6 iShCoreDivGrowth DGRO 79.13 1.09 14.0 iShCoreMSCIEAFE IEFA 99.88 1.23 11.6 iShCoreMSCIEM IEMG 80.24 2.73 19.4 iShMSCIIntlDev IDEV 92.02 1.18 11.6 iShCoreMSCITotInt IXUS 96.55 1.65 14.1

New Highs and Lows

Highs

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest session. % CHG-Daily percentage change from the previous trading session.

NEW YORK

52-Wk % Stock Sym Hi/Lo Chg

52-Wk % Stock Sym Hi/Lo Chg

52-Wk % Stock Sym Hi/Lo Chg

AdaptiveBiotech ADPT 24.62 6.2 AffiliatedMgrs AMG 392.92 0.7 AlerusFinancial ALRS 34.40 ... AllianceLaundry ALH 28.16 5.0 AlphabetPfdA GOOGM 52.80 0.9 AlussaEnerII A ALUB 10.12 0.1 Ameriprise AMP 557.11 0.3

AAR AIR 150.85 4.5 ADIGlbDistr ADIG 26.00 -0.3 AcadianAsset AAMI 92.67 2.4 AclarisTherap ACRS 6.05 8.1 AdamasPfdF ADAML 24.60 -0.3

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

Money Rates

August4,2026

Keyannualinterestratespaidto borrow orlendmoneyin U.S.andinternationalmarkets.Ratesbelowarea guide togeneral levels but don’talwaysrepresentactualtransactions.

Inflation

June index Chg From(%) level May '26 June '25

U.S.consumer priceindex Allitems 333.952 –0.35 3.5 Core 336.882 0.01 2.6

Internationalrates

Week 52-Week Latest ago High Low

Week —52-WEEK— Latest ago High Low

Week —52-WEEK— Latest ago High Low

Week 52-Week Latest ago high low

Prime rates U.S. 6.75 6.75 7.50 6.75 Canada 4.45 4.45 4.95 4.45 Japan 2.125 2.125 2.125 1.875

Nov 14.66 14.72 14.30 14.39 –.22 1,594 Wheat (CBT)-5,000 bu.;cents per bu. Sept 652.00 659.50 635.50 638.50 –12.50 194,871 Dec 670.50 677.25 654.50 657.25 –12.00 160,306 Wheat (KC)-5,000 bu.;cents per bu. Sept 717.00 726.25 702.75 707.00 –10.25 119,884 Dec 734.00 742.50 719.75 724.50 –9.50 117,446 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Aug 347.350 352.000 345.300 351.200 3.375 11,438 Sept 342.000 347.175 339.900 346.150 3.600 20,258 Cattle-Live (CME)-40,000 lbs.; centsper lb. Aug 230.875 232.450 230.125 231.950 .850 32,050 Oct 226.150 228.350 225.500 227.900 1.175 120,065 Hogs-Lean (CME)-40,000 lbs.; centsper lb. Aug 97.600 98.050 97.375 97.850 .325 19,286 Oct 83.475 84.575 83.050 84.350 .675 120,056 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Sept 602.50 602.50 585.50 586.50 –14.50 5,904 Nov 609.00 609.00 t 598.00 598.50 –13.00 1,567 Milk (CME)-200,000 lbs., centsper lb. July 15.64 15.65 15.61 15.63 –.03 5,333 Sept 17.53 17.64 17.29 17.34 –.13 6,670 Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 5,951 6,108 5,815 5,924 –15 61,042 Dec 6,092 6,231 5,944 6,045 –21 58,748 Coffee (ICE-US)-37,500 lbs.;cents per lb. Sept 322.55 326.80 318.80 324.10 4.60 51,366 Dec 307.50 311.00 304.00 308.80 4.10 65,244 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Oct 15.01 15.33 15.01 15.04 .03 497,709 March'27 15.92 16.22 15.90 15.98 .07 301,584 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Sept 35.50 35.50 35.50 35.50 … 190 Cotton (ICE-US)-50,000 lbs.; cents per lb. Oct 80.78 81.25 80.06 81.13 –.22 141 Dec 82.35 82.62 81.11 82.46 –.11 196,226 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Sept 153.55 159.90 152.50 159.70 1.35 7,177 Nov 157.75 163.65 157.00 163.60 1.15 1,814

Ultra Treasury Bonds (CBT) -$100,000; pts 32nds of 100% Sept 110-170 111-170 110-000 111-050 22.0 2,445,374 Dec 110-060 110-270 109-310 110-250 22.0 229 Treasury Bonds (CBT)-$100,000; pts32nds of 100% Sept 109-050 110-040 108-230 109-270 24.0 1,860,319 Dec 108-230 109-210 108-100 109-120 23.0 12,970 Treasury Notes (CBT)-$100,000; pts32nds of 100% Sept 108-150 108-295 108-085 108-270 13.5 5,230,615 Dec 108-055 108-210 108-000 108-185 14.0 29,276 5Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 106-087 106-180 106-045 106-165 9.2 6,293,477 Dec 106-052 106-147 106-017 106-135 9.5 28,390 2Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 102-289 103-001 102-274 102-317 3.6 4,434,692 Dec 102-240 102-289 102-237 102-285 4.0 6,955 30DayFederal Funds (CBT)-$5,000,000; 100 -daily avg. Aug 96.3650 96.3675 96.3650 96.3675 .0025 864,598 Oct 96.1950 96.2250 96.1950 96.2150 .0250 452,516 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. May 96.3600 96.3600 t 96.3600 96.3625 .0000 5,446 Dec 95.9500 96.0000 t 95.9350 95.9850 .0450 1,710,605

Data provided by

EmgMktVa 44.23 +0.89 19.8 EmMktCorEq 33.94 +0.69 17.6 IntlCoreEq 22.83 +0.24 13.9 IntlVal 33.08 +0.17 17.2 IntSmCo 28.08 +0.34 11.0 IntSmVa 34.60 +0.39 13.3 LgCo 51.33 +0.86 13.8 US CoreEq1 57.05 +0.91 15.7 US CoreEq2 50.99 +0.84 15.9 US Small 63.36 +1.17 21.8 US SmCpVal 63.67 +0.79 24.3 US TgdVal 45.16 +0.61 23.1 USLgVa 67.91 +0.85 21.6 Dodge & Cox Income 12.58 +0.06 ... Intl Stk 19.06 +0.13 15.8 Stock 18.26 +0.14 11.9 DoubleLine Funds TotRetBdI 8.67 +0.04 -0.1 Fidelity 500IdxInstPrem268.96 +4.73 13.8

iShCoreS&P500 IVV 774.79 1.77 13.1 iShCoreS&P MC IJH 77.48 1.80 17.4 iShCoreS&P SC IJR 150.41 1.72 25.2 iShCoreS&PTotUS ITOT 169.09 1.86 13.7 iShCoreS&PUSGrw IUSG 193.28 2.35 15.1 iShCoreS&PUSVal IUSV 114.25 1.18 11.4 iShCoreUSAggBd AGG 97.66 0.41 –2.2 iShCoreUnivUSDBd IUSB 45.55 0.42 –2.1 iShEdgeMSCIUSAQual QUAL 224.83 1.39 13.2 iShGoldTr IAU 76.69 0.66 –5.5 iShiBoxx$IGCpBd LQD 106.76 0.61 –3.1 iShMBS MBB 93.30 0.62 –2.0 iShMSCIACWI ACWI 160.63 1.70 13.5 iShMSCI EAFE EFA 107.32 1.23 11.8 iSh MSCI EM EEM 66.00 2.61 20.6

Ametek AME 257.40 4.2 AmylyxPharm AMLX 22.28 8.4 Andersen ANDG 49.30 1.9 AppliedIndlTech AIT 359.05 1.4 ArcelorMittal MT 75.43 4.7 ArchimedeIII ARCI 10.15 0.1 AristaNetworks ANET 194.35 3.0

Britain 3.75 3.75 4.25 3.75 Australia 4.35 4.35 4.35 3.60

Overnight repurchase U.S. 3.67 3.67 4.45 3.49

U.S.government rates

Discount 3.75 3.75 4.50 3.75

Federal funds Effectiverate 3.6400 3.6400 4.3300 3.6300 High 3.7000 3.7000 4.5500 3.7000 Low 3.5500 3.5500 4.3200 3.5500 Bid 3.6200 3.6200 4.3200 3.6100 Offer 3.6400 3.6400 4.3300 3.6300

COMMODITIES

wsj.com/market-data/commodities

wsj.com/market-data/commodities

Interest Rate Futures

Contrafund K6 37.65 +0.65 10.7 EmgMktIdxInstPre 16.66 +0.33 21.8 ExtMktIdxInstPre118.93 +2.68 18.1 FidSAIEmerg 21.74 +0.36 29.1 FidSer5 7.47 +0.03 ... FidSerInt 8.41 +0.01 0.5 FidSerToMarket 25.32 +0.46 14.3 FIDZroLgCpIx 27.69 +0.49 13.5 GlexUSIdxInstPre 21.64 +0.30 16.0 GrowthCompanyK6 45.57 +1.25 23.2 IntlIdxInstPrem 69.14 +0.80 13.7 LgCpGwId InstPre 48.72 +1.33 5.3 LgCpVlIdxIstPrem 25.45 +0.24 22.9 MidCpInxInstPrem 43.58 +0.71 18.0 SAIUSLgCpIndxFd 30.98 +0.55 13.8 SeriesBondFd 8.93 +0.04 0.1 SeriesOverseas 16.23 +0.26 8.7 SerLTTreBdIdx 5.15 +0.04 -2.2 SmCpIdxInstPrem 38.06 +0.69 23.2 TMktIdxInstPrem213.32 +3.87 14.3 TotalMarketIndex 27.03 +0.49 14.3 TtlIntIdxInstPr 19.98 +0.29 15.4 USBdIdxInstPrem 10.33 +0.04 ... Fidelity Advisor TotBdFdClZ 9.44 +0.03 0.2 Fidelity Advisor I GrOppI 268.50 +6.95 14.8 Fidelity Freedom Freedom2035K6 19.04 +0.24 11.3 Freedom2040K6 14.59 +0.21 13.9 Idx2030InsPre 24.43 +0.28 8.4 Idx2035InsPre 29.06 +0.36 9.6 Idx2040InsPre 32.12 +0.46 11.8 Idx2045InsPre 34.88 +0.55 13.3

Idx2050InsPre 35.08 +0.55 13.6 Fidelity Invest Balanc 35.72 +0.43 12.0 BluCh 312.26 +8.33 16.9 BluChpGr K6 51.02 +1.44 15.3 Contra 26.96 +0.50 11.1 ContraK 27.08 +0.49 11.1 CpInc 11.34 +0.07 7.8 DivIntl 55.91 +0.82 15.0 GroCo 58.31 +1.59 21.9 InvGrBd 9.96 +0.04 0.2 LowP 48.61 +0.49 17.9 Magin 15.93 +0.29 8.8 NASDAQ 338.44 +8.56 14.7 OTC 30.56 +0.83 25.9 Puritn 28.56 +0.44 10.5 SAILTTreBdIdx 6.40 +0.05 -2.5 SAIUSMinVolIndFd 25.25 +0.32 10.7 SAIUSQtyIdx 26.83 +0.44 12.0 SrsBlChGroRetail 27.06 +0.73 17.8 SrsEmrgMkt 30.90 +0.55 25.4 SrsGlobal 21.23 +0.31 16.0 SrsGroCoRetail 33.44 +0.91 22.7 SrsIntlGrw 21.38 +0.50 11.9 SrsIntlVal 17.56 +0.11 12.6 TotalBond 9.46 +0.04 0.3 Fidelity SAI FidSaiCndInxFnd 15.94 +0.21 11.9 FidSaiInfltnFnd 10.01 +0.02 0.8 IntlValIdx 15.11 +0.08 20.0 TotalBd 8.95 +0.03 0.2 Fidelity Selects Semiconductors r 63.17 +3.28 59.3 Tech 54.83 +1.94 36.8

52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg

Arxis ARXS 58.58 8.0 AssociatedBanc ASB 32.00 1.1 Atlanticus ATLC 113.37 2.1 AudioCodes AUDC 10.86 2.4 AxaltaCoating AXTA 37.70 3.7 AxosFinancial AX 105.74 1.4 AyaGold&Silver AYA 23.08 12.6 BBB Foods TBBB 44.58 -2.1 BOK Fin BOKF 145.56 0.6 Backblaze BLZE 23.99 26.9 BBVA BBVA 28.48 -0.8 BancoSantander SAN 14.58 0.1 BankofAmerica BAC 63.54 0.7 BarHarborBkshs BHB 41.08 1.1 BillionToOne BLLN 144.28 3.6 BleichroederIII BCCQU 10.75 1.0

Food

Block XYZ 84.81 3.1 BogotaFinl BSBK 9.55 -0.9 BreadFinancial BFH 113.75 1.5 BroadwayFin BYFC 10.99 2.9 BurkeHerbert BHRB 75.08 1.3 BylineBancorp BY 40.03 0.3 CPI Card PMTS 23.32 4.4 CSW Industrials CSW 350.89 1.6 Cactus WHD 67.48 5.3 CamdenNational CAC 60.00 0.8 CapitalSouthwest CSWC 24.86 3.3 CarterBkshrs CARE 36.06 0.8 CathayGenBncp CATY 64.89 0.7 Central Banco CBC 33.76 0.6 CentralPacFin CPF 40.99 0.8 ChainBridgeBncp CBNA 49.07 0.9

13 weeks 3.750 3.815 4.165 3.540 26 weeks 3.855 3.945 3.980 3.475

Other short-term rates

Call money 5.50 5.50 6.25 5.50

Commercial paper (AA financial) 90 days n.a. 3.86 4.26 3.57

Secured Overnight Financing Rate 3.65 3.64 4.51 3.50

Currency Futures Japanese Yen (CME)-¥12,500,000; $per 100¥ Aug .6362 .6364 .6339 .6350 –.0039 2,010 Sept .6384 .6384 .6351 .6364 –.0039 422,696 Canadian Dollar (CME)-CAD 100,000; $per CAD Aug .7126 .7129 .7111 .7114 –.0011 345 Sept .7133 .7138 .7115 .7122 –.0011 352,804 British Pound (CME)-£62,500; $ per £ Aug 1.3420 1.3453 1.3420 1.3451 .0021 548 Sept 1.3432 1.3456 1.3418 1.3450 .0020 242,023 Swiss Franc (CME)-CHF 125,000; $ per CHF Sept 1.2400 1.2431 1.2391 1.2411 .0011 108,587 Dec 1.2580 1.2590 1.2522 1.2539 .0011 698 Australian Dollar (CME)-AUD 100,000; $ per AUD Aug .7014 .7039 .7014 .7044 .0047 643 Sept .6995 .7043 .6991 .7040 .0046 238,140 Mexican Peso (CME)-MXN 500,000; $per MXN Aug .05779 .05796 s .05779 .05790 .00024 950 Sept .05750 .05777 .05749 .05776 .00024 208,431 Euro (CME)-€125,000; $ per € Aug 1.1516 1.1539 1.1509 1.1538 .0017 12,396 Sept 1.1528 1.1553 1.1521 1.1551 .0018 753,085

Cash Prices

Tuesday,August4, 2026

These pricesreflectbuyingandsellingof a varietyof actualor “physical” commoditiesin the marketplace—separate from the futures price on anexchange,which reflectswhatthe commoditymightbe worthin future months.

Energy

Coal,C.Aplc.,12500Btu,1.2SO2-r,w 82.000 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.650 Metals

Gold, per troy oz Engelhard industrial 4085.00 Krugerrand,wholesale-e 4265.26 Maple Leaf-e 4367.30 American Eagle-e 4367.30 Mexican peso-e 5265.66 Austria crown-e 4003.77 Austria phil-e 4285.67 Silver, troyoz. Engelhard industrial 60.0000 Handy &Harman base 59.7360 Handy &Harman fabricated 74.6700 Coins,wholesale $1,000 face-a 42610 Other metals Platinum,Engelhard industrial 1720.0 Palladium,Engelhard industrial 1326.0 Aluminum, LME,$ per metric ton 3260.0 Copper,Comex spot 6.6185 Iron Ore, 62% FeCFR China-s 93.7 Steel,HRCUSA,FOBMidwestMill-s *1180.0 Battery/EV metals

KEY TO CODES: A=ask;B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes;H=AmericanCommoditiesBrokerageCo; K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited;U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data asof 8/3 Source:Dow Jones MarketData

Fidelity Strategic A StratAdEmrMrt NA ... NA First Eagle Funds GlbA 88.63 +0.88 10.1 Franklin A1 IncomeA1 2.57 +0.01 6.5 FrankTemp/Frank Adv IncomeAdv 2.54 +0.01 6.7 FrankTemp/Franklin A DynaTech A 203.26 +5.66 9.1 Growth A 147.62 +2.18 9.6 RisDv A 99.08 +1.18 10.0 Guggenheim Funds Tru TotRtnBdFdClInst NA ... NA Harbor Funds CapApInst NA ... NA JHF III DispVal DispValMCI 32.03 +0.48 16.6 John Hancock BondR6 13.39 +0.06 0.3 JPMorgan I Class CoreBond 10.17 +0.04 ... EqInc 29.08 +0.19 18.5 LgCpGwth 84.69 +2.47 3.5 JPMorgan R Class CoreBond 10.19 +0.04 0.1 CorePlusBd 7.15 +0.03 0.6 Lord Abbett I ShtDurInc p 3.83 ... 1.4 Metropolitan West TotRetBdI 8.99 +0.04 ... MFS Funds IIE 44.36 +0.25 9.3 MFS Funds Class I ValueI 56.08 +0.33 12.4

Natixis Funds InvGradeBdY 9.62 +0.03 0.2 LSGrowthY 32.94 +0.33 -0.8 Northern Funds StkIdx 77.07 +1.36 13.8 Old Westbury Fds LrgCpStr NA ... NA PGIM Funds Cl Z TotalReturnBond NA ... NA PIMCO Fds Instl IntlBdUSH NA ... NA TotRt NA ... NA PIMCO Funds A IncomeFd NA ... NA PIMCO Funds I2 Income NA ... NA PIMCO Funds Instl IncomeFd NA ... NA Price Funds BlChip 215.92 +4.71 2.7 LgCapGow I 89.85 +2.18 5.7 Putnam Funds Class A PutLargCap p 45.58 +0.36 16.6 Putnam Funds Class Y PutLargCap 45.59 +0.36 16.8 Schwab Funds 1000 Inv r 16.59 +0.30 14.0 FunUSLgInst r 38.46 +0.47 19.9 IntI Sel r 32.67 +0.38 13.8 S&P Sel 19.95 +0.35 13.7 TSM Sel r 18.72 +0.34 14.2 Strategic Adviser StratAdCorInFnd NA ... NA StratAdFidCoreS 9.09 +0.03 0.6

JPMEqPremiumIncome JEPI 57.35 ... 0.2 JPM UltShIncm JPST 50.42 0.04 –0.3 ProShUltPrQQQ TQQQ 74.82 10.09 41.9 SPDRGoldMini GLDM 80.70 0.70 –5.5 SPDR Gold GLD 374.16 0.66 –5.6 SchwabIntEquity SCHF 28.00 1.60 16.5 SchwabUS BrdMkt SCHB 29.80 1.81 13.6 SchwabUS Div SCHD 33.85 0.86 23.4 SchwabUS LC SCHX 30.42 1.81 13.0 SchwabUS LC Grw SCHG 35.52 1.89 8.9 SSEnergySel XLE 58.52 –0.46 30.9 SSFinlSel XLF 57.88 0.87 5.7 SSHlthCrSel XLV 162.10 –0.09 4.7 SSIndlSel XLI 186.40 1.77 20.2 SSSPDRBbg1-3M BIL 91.42 ... 0.0 SSSPDR DJIA DIA 540.43 1.73 12.5 SSSPDRDevxUS SPDW 51.16 1.63 15.2 SSSPDRS&P500 SPYM 90.79 1.79 13.2

CheesecakeFct CAKE 106.44 0.9 ChemungFinl CHMG 85.00 0.9 CitiTrends CTRN 73.33 3.9 CitizensFinlSvc CZFS 83.37 8.0 ClearwaterPaper CLW 23.32 2.8 Cloudflare NET 303.76 6.6 Cohen&Steers CNS 85.63 -0.6 CollectiveAcqnII CAII 9.96 0.2 ColonyBankcorp CBAN 22.40 1.1 CmntyTrBcp CTBI 79.92 0.7 ConnectOnePfdA CNOBP 25.46 ... Corpay CPAY 398.34 2.8 CrawfordA CRD.A 12.63 10.5 CrineticsPharm CRNX 84.03 0.1 Crocs CROX 141.28 4.7 Cullen/Frost CFR 170.29 -0.4 CustomersBancorp CUBI 83.84 3.8

Cybin HELP 9.40 15.1 Datadog DDOG 289.90 5.3 DellTechC DELL 476.90 8.9 DexCom DXCM 87.85 -0.4 DimeCmclBcshs DCOM 41.97 1.3 DistributionSoln DSGR 34.87 0.5 DivrsHlthcrNts42 DHCNI 17.86 1.7 Dropbox DBX 34.54 4.4 EDAP TMS FOCL 6.40 6.2 Eaton ETN 451.96 1.5 ElectronicArts EA 210.20 -0.1 EmmisAcqn EMIS 10.22 0.1 EnlivenTherap ELVN 61.29 5.3 Ennis EBF 22.40 1.1 Enviri NVRI 24.07 3.1 ePlus PLUS 98.14 3.6 EquityBcshs EQBK 51.85 1.1

ADVERTISEMENT

Business Real Estate & Auctions

To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds

Index Futures Mini DJIndustrial Average (CBT)-$5xindex Sept 53381 54423 s 53267 54268 934 81,727 Dec 53824 54795 s 53748 54687 944 286 Mini S&P 500 (CME)-$50xindex Sept 7631.00 7786.00 s 7629.00 7765.50 137.25 2,069,055 Dec 7702.50 7853.75 s 7697.25 7834.75 139.00 33,414 Mini S&P Midcap 400 (CME)-$100xindex Sept 3819.40 3898.20 s 3816.00 3884.70 69.60 36,354 Dec … … … 3913.90 69.30 n.a. Mini Nasdaq 100 (CME)-$20x index Sept 28930.00 29956.50 28831.75 29863.50 971.75 293,953 Dec 29236.25 30255.75 29127.75 30164.25 982.25 3,057 Mini Russell 2000 (CME)-$50xindex Sept 2992.40 3051.80 2986.10 3044.70 55.40 414,739 Dec 3017.00 3073.10 3010.10 3067.30 55.60 441 Mini Russell 1000 (CME)-$50xindex Sept 4180.70 4237.80 s 4180.70 4231.00 76.50 5,722 U.S. Dollar Index (ICE-US)-$1,000 xindex Sept 99.89 99.94 99.71 99.74 –.04 53,958 Dec 99.55 99.55 99.49 99.44 –.04 316

BMILithiumCarbonate,EXWChina,=99.5%-v,w 21200 BMILithiumHydroxide,EXWChina,=56.5%-v,w 19650 BMICobaltsulphate,EXWChina,>20.5%-v,w 11840 BMINickelSulphate,EXWChina,>22%-v,k 4440 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 425

Fibers and Textiles

Burlap,10-oz,40-inch NYyd-n,w 1.2400 Cotton,1 1/16 stdlw-mdMphs-u 0.7738 Cotlook 'A'Index-t *92.80 Hides,hvy native steers piecefob-u n.a. Wool,64s,staple,Terr del-u,w n.a.

Grains and Feeds

Bran,wheat middlings, KC-u,w 85 Corn,No. 2 yellow,Cent IL-bp,u 4.2800 Cottonseed meal-u,w 320 Hominy feed,Cent IL-u,w 120 Meat-bonemeal,50%proMnpls-u,w 355 Oats,No.2 milling,Mnpls-u 3.7750 Rice,LongGrainMilled,No.2AR-u,w 28.63 SoybeanMeal,CentIL,rail,ton48%-u,w 334.10 Soybeans,No.1 yllw IL-bp,u 11.5600 Wheat,Spring14%-pro Mnpls-u 8.2450 Wheat,No.2 soft red,St.Louis-u 6.0350 Wheat-Hard-KC(USDA)$perbu-u 6.9000 Wheat,No.1soft white,Portld,OR-u 6.5500

StratAdFidEmr 18.98 +0.37 24.9 StratAdFidUS 22.18 +0.37 17.0 StratAdIntlFnd NA ... NA StratAdMunBond NA ... NA StratAdvFidIntl 16.77 +0.19 13.5 TIAA/CREF Funds EqIdxInst NA ... NA IntlEqIdxInst NA ... NA LrgCpGrIdxInst NA ... NA VANGUARD ADMIRAL 500Adml 714.35+12.56 13.7 BalAdml 55.15 +0.69 8.6 CAITAdml 11.38 +0.02 0.3 CapOpAdml r271.55 +7.60 25.2 DivAppIdxAdm 66.18 +1.01 11.8 EMAdmr 49.74 +0.60 11.6 EqIncAdml 104.88 +1.48 14.2 ExplrAdml 126.86 +2.86 18.9 ExtndAdml 186.59 +4.21 18.3 GroIncAdml 122.53 +2.16 12.3 GrwthAdml 275.07 +6.08 9.8 HlthCareAdml r 85.71 +0.32 3.5 HYCorAdml r 5.46 +0.01 1.8 InfProAd 22.75 +0.05 0.7 InfTechIdx 491.96+20.33 27.8 IntlGrAdml 123.45 +1.48 8.3 ITBondAdml 10.26 +0.04 -0.4 ITIGradeAdml 8.67 +0.04 0.1 LarCapAd 179.33 +3.18 13.5 MidCpAdml 410.55 +5.37 15.0 MuHYAdml 10.55 +0.02 1.6 MuIntAdml 13.58 +0.03 0.5 MuLTAdml 10.71 +0.03 1.1 MuLtdAdml 10.91 +0.01 1.1 MuShtAdml 15.83 +0.01 1.5

SSSPDRS&P500G SPYG 122.51 2.38 14.8 SSSPDRS&P500V SPYV 63.11 1.11 11.1 SSIMSPDRS&P500 SPY 771.33 1.80 13.1 SSTechSel XLK 186.90 4.98 29.8 VanEckSemicon SMH 575.71 5.55 59.9 VangdExtMkt VXF 245.88 2.26 17.6 VangdDivApp VIG 243.92 1.57 11.0 VangdFTSEAWxUS VEU 84.58 1.63 15.0 VangdFTSEDevMk VEA 72.22 1.66 15.6 VangdFTSE EM VWO 60.05 1.68 11.7 VangdFTSE Europe VGK 91.84 1.00 9.8 VangdHiDiv VYM 165.30 1.54 15.2 VangdInfoTech VGT 120.15 4.35 27.5 VangdIntermBd BIV 75.74 0.42 –2.7 VangdIntrCorpBd VCIT 81.52 0.51 –2.7 VangdIntermTrea VGIT 58.43 0.31 –2.5 VangdMstarGrw VUG 89.09 2.31 9.6

Escalade ESCA 22.15 2.9 Expedia EXPE 312.75 4.7 FederatedHermes FHI 64.99 1.6 FidelityD&D FDBC 55.00 0.8 FinwardBancorp FNWD 45.90 0.1 FirstBanCorp FBP 29.42 0.8 FirstBancorp FNLC 36.30 ... FirstBusey BUSE 31.70 1.0 FirstCitizBcshA FCNCA2254.28 1.5 FirstFinancial THFF 83.45 0.2 FirstSeacoastBncp FSEA 17.16 ... FirstTracksBio TRAX 49.58 -0.3 Five9 FIVN 30.21 2.9 FlotekIndustries FTK 28.68 5.4 ForumEnergyTech FET 74.77 5.6 FranklinRscs BEN 35.86 1.5 FutureMoney FMAC 10.04 ...

Notice is hereby given Mercury International LLC intends to sell the following described real estate property situated in Suffolk County, New York: former Dowling College Campus. Qualified buyers with adequate financial wherewithal to complete the transaction should contact: Dave Liang at 646-470-6900 or liangzhaoyuan@coamci.com. For detailed information regarding the assets, bidding procedures and others, please refer to www.coamc.cm.cn or www.coamci.com. Any party with a desire to object to the proposed sale or report interference should also reach out to the contact above.

Source: FactSet

Beef,carcass equiv. index choice 1-3,600-900 lbs.-u n.a. select 1-3,600-900 lbs.-u n.a. Broilers,Nationalcompwtd.avg.-u,w 1.1804 Butter,AA Chicago-d 1.4850 Cheddar cheese,bbl,Chicago-d 154.75 Cheddar cheese,blk,Chicago-d 156.00 Milk,Nonfat dry,Chicago lb.-d 157.00 Coffee,Brazilian,Comp-y 3.1434 Coffee,Colombian, NY-y 3.7487 Eggs,large white,Chicago-u,w 1.3050 Flour,hard winter KC-p 19.10 Hams,17-20 lbs,Mid-US fob-u n.a. Hogs,Iowa-So. Minnesota-u 91.42 Pork bellies,12-14 lb MidUS-u 1.9055 Pork loins,13-19 lb MidUS-u 1.1391 Steers,Tex.-Okla. Choice-u n.a. Steers,feeder,Okla. City-u,w 415.75 Fats andOils

Degummedcornoil,crudewtd.avg.-u,w n.a. Grease,choice white,Chicago-h 0.7100 Lard,Chicago-u 0.9950 Soybean oil,crude;Centl IL-u,w 0.7085 Tallow,bleach;Chicago-h 0.7250 Tallow,edible,Chicago-u n.a.

Welltn 47.61 +0.53 7.6 VANGUARD INDEX FDS ExtndIstPl 460.43+10.39 18.3 IdxIntl 27.77 +0.39 15.2 MdCpGrAdml132.25 +2.48 10.4 MdCpVlAdml107.41 +0.95 18.1 SmValAdml 107.92 +1.52 19.8 TotBd2 9.41 +0.04 ... TotIntlInstIdx r185.75 +2.60 15.2 TotItlInstPlId r185.79 +2.60 15.2 TotSt 185.29 +3.34 14.2 VANGUARD INSTL FDS DevMktsIndInst 23.26 +0.35 16.6 DevMktsInxInst 36.35 +0.53 16.5 ExtndInst 186.58 +4.21 18.3 FTScinst 53.10 +0.94 13.2 GrwthInst 275.09 +6.08 9.8 InPrSeIn 9.27 +0.02 0.7 InstIdx 619.63+10.90 13.8 InstPlus 619.62+10.90 13.8 InstTStPlus 127.72 +2.30 14.3 MidCpInst 90.70 +1.19 15.1 MidCpIstPl 447.29 +5.85 15.1 SmCapInst 146.27 +2.78 19.2 SmCapIstPl 422.20 +8.03 19.2 STIGradeInst 10.35 +0.02 1.2 STIPSIxins 24.92 +0.01 1.8 TotBdInst 9.54 +0.03 ... TotBdInst2 9.41 +0.04 ... TotBdInstPl 9.54 +0.03 ... TotIntBdIdxInst 28.78 +0.09 0.7 TotStInst 185.36 +3.34 14.2 ValueInst 87.33 +1.11 18.4 WCM Focus Funds WCMFocIntlGrwIns 28.41 +0.33 14.2

PrmcpAdml r231.36 +5.92 25.1 RealEstatAdml140.14 -0.26 14.0 SmCapAdml146.28 +2.79 19.2 SmGthAdml125.15 +3.25 18.2 STIGradeAdml 10.35 +0.02 1.2 STIPSIxAdm 24.90 +0.01 1.8 TotBdAdml 9.54 +0.03 ... TotIntBdIdxAdm 19.18 +0.06 0.7 TotIntlAdmIdx r 46.45 +0.65 15.2 TotStAdml 185.33 +3.34 14.2 TxMCapAdml397.50 +7.06 13.6 TxMIn r 23.22 +0.34 16.5 USGroAdml 200.91 +5.07 3.0 ValAdml 87.33 +1.11 18.4 WdsrllAdml 93.79 +0.87 13.3 WellsIAdml 63.45 +0.51 4.8 WelltnAdml 82.21 +0.91 7.7 WndsrAdml 84.65 +0.77 15.2 VANGUARD FDS DivdGro NA ... NA LifeGro NA ... NA LifeMod NA ... NA PrmcpCor 47.71 +1.24 28.8 STAR NA ... NA TgtRe2020 NA ... NA TgtRe2025 NA ... NA TgtRe2030 NA ... NA TgtRe2035 NA ... NA TgtRe2040 NA ... NA TgtRe2045 NA ... NA TgtRe2050 NA ... NA TgtRe2060 NA ... NA TgtRet2055 NA ... NA TgtRetInc NA ... NA

VangdMorningstarLC VV 355.19 1.81 12.8 VangdMstarMegaCap MGK 90.42 2.46 9.5 VangdMorningstarMC VO 82.89 1.36 14.2 VangdMorningstarSC VB 305.55 1.97 18.5 VangdMstarSCValue VBR 251.23 1.41 18.6 VangdMstarTotalStk VTI 380.82 1.87 13.6 VangdMstarValue VTV 223.87 1.30 17.2 VangdRealEst VNQ 98.92 –0.15 11.8 VangdRuss1000Grw VONG 127.93 2.79 5.1 VangdS&P500ETF VOO 708.98 1.81 13.1 VangdST Bond BSV 77.54 0.19 –1.6 VangdSTCpBd VCSH 78.59 0.22 –1.4 VangdShortTrea VGSH 58.03 0.12 –1.2 VangdTaxExemptBd VTEB 49.66 0.28 –1.3 VangdTotalBd BND 72.44 0.40 –2.2 VangdTotIntlBd BNDX 47.97 0.27 –0.7 VangdTotIntlStk VXUS 86.45 1.68 14.6 VangdTotWrldStk VT 160.45 1.80 13.7

FVCBankcorp FVCB 19.11 1.5 Garmin GRMN 309.92 0.9 GatesIndustrial GTES 30.34 1.6 Gerdau GGB 5.17 0.8 GigCapital9 GIX 9.96 0.2 GladstonePfdC LANDP 21.50 -0.1 GlobaTerraA GTERA 10.39 ... GlobusMaritime GLBS 3.29 -3.7 Greif B GEF.B 112.78 1.7 Greif A GEF 89.62 3.0 HanoverBancorp HNVR 27.42 2.7 HavertyFurn HVT 29.34 9.5 HealthStream HSTM 31.11 5.2 Heico HEI 370.39 2.0 HenrySchein HSIC 92.18 3.0 HomeBancorp HBCP 72.90 0.6 HomeTrustBcshs HTB 52.50 1.2

HopeBancorp HOPE 14.48 1.2 IMCRareEarths IMC 8.22 29.9 ING Groep ING 35.90 ... Invesco IVZ 32.06 3.5 Imax IMAX 51.30 0.5 InflectionPtV IPEX 10.59 -0.1 InfuSystem INFU 12.50 33.6 InnovexIntl INVX 33.71 11.8 InsightEnt NSIT 141.00 4.2 J.Jill JILL 19.23 3.8 JPMorganChase JPM 363.00 1.4 JacksonFinl JXN 137.99 5.9 JazzPharm JAZZ 262.00 4.0 JetBlue JBLU 6.62 2.9 JohnMarshallBncp JMSB 24.26 0.6 JohnsonControls JCI 154.32 4.9

ILLINOIS

REAL ESTATE AUCTION

AUGUST 12, 2026

110 E. DELAWARE PLACE,UNIT 101

GROUND-FLOOR COMMERCIAL CONDO IN CHICAGO’S GOLD COAST A currently vacant 3,385 sq. ft. retail space immediately adjacent to the Four Seasons Hotel and just steps from luxury retailers like Chanel, Hermès, Prada, Tom Ford, Cartier, Balenciaga, Aritzia, Bloomingdale’s, and more. Existing high-end custom buildout, 16' ceiling heights, and 55 feet of frontage. Zoned DX–12 for a variety of uses. ReplacementValueWellinExcessof$5,000,000 SuggestedOpeningBid$2,850,000 On-site inspections 10 AM to noon on July 23, 29, and August 6, and by appointment.

Page 24

%HORZ LV D 6XPPDU\ 1RWLFH RI D SURSRVHG SDUWLDO FODVV DFWLRQ VHWWOHPHQW UHDFKHG LQ D FODVV DFWLRQ ODZVXLW SHQGLQJ LQ WKH 8QLWHG 6WDWHV 'LVWULFW &RXUW IRU WKH 'LVWULFW RI 1HZ -HUVH\ NQRZQ DV /LQFROQ $GYHQWXUHV //& HW DO YV 7KRVH &HUWDLQ 8QGHUZULWHUV DW /OR\G¶V HW DO $ PRUH GHWDLOHG YHUVLRQ RI WKLV 1RWLFH LV FRQWDLQHG LQ D /RQJIRUP 1RWLFH SRVWHG RQ WKH 6HWWOHPHQW ZHEVLWH DW ZZZ6\QGLFDWH6HWWOHPHQWFRP <RX DUH HQFRXUDJHG WR UHDG WKH /RQJIRUP 1RWLFH IRU D PRUH LQGHSWK H[SODQDWLRQ RI WKH SURSRVHG SDUWLDO VHWWOHPHQW DQG \RXU ULJKWV DV WKH\ UHODWH WR WKH 6HWWOHPHQW

$ SURSRVHG SDUWLDO FODVV DFWLRQ VHWWOHPHQW KDV EHHQ UHDFKHG ZLWK VRPH EXW QRW DOO RI WKH /OR\G¶V 6\QGLFDWHV ZKR DUH 'HIHQGDQWV LQ WKH FDVH DQG VROG LQVXUDQFH WR SROLF\KROGHUV LQ WKH 8QLWHG 6WDWHV WKH ³6HWWOHPHQW´ 3ODLQWLIIV DVVHUW FDXVHV RI DFWLRQ DJDLQVW WKH 'HIHQGDQWV IRU YLRODWLRQ RI WKH 5DFNHWHHU ,QIOXHQFHG DQG &RUUXSW 2UJDQL]DWLRQV $FW FLYLO FRQVSLUDF\ DQG XQMXVW HQULFKPHQW EDVHG RQ DOOHJDWLRQV WKDW 'HIHQGDQWV HQJDJHG LQ D GHFHSWLYH VFKHPH WR FRQFHDO WKH ODFN RI FRPSHWLWLRQ LQ WKH /OR\G¶V 0DUNHW 7KH 6HWWOLQJ 'HIHQGDQWV GHQ\ WKH DOOHJDWLRQV PDGH DJDLQVW WKHP

,) <28 385&+$6(' ,1685$1&( 7+528+ &(57$,1 6<1',&$7(6 $7 //2<'¶6 /21'21 '85,1 7+( 3(5,2' -$18$5<   7+528+ $35,/   <28 &28/' (7 021(< )520 $ 3$57,$/ &/$66 $&7,21 6(77/(0(17 7+$7 0$< $))(&7 <285 5,*+76

7KH 6\QGLFDWHV WKDW KDYH VHWWOHG DUH 6\QGLFDWH 1RV     DQG  WKH ³6HWWOLQJ 'HIHQGDQWV´ 7KH 6\QGLFDWH ZKR UHPDLQV D 'HIHQGDQW LQ WKH FDVH DQG ZKR KDV QRW VHWWOHG LV 6\QGLFDWH 1R  WKH ³1RQ6HWWOLQJ 'HIHQGDQW´ 7KH FDVH ZLOO FRQWLQXH WR EH OLWLJDWHG DJDLQVW WKH 1RQ6HWWOLQJ 'HIHQGDQW

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¶ IHHV DQG H[SHQVHV E\ 2FWREHU   7KH SURFHGXUH RQ KRZ WR REMHFW RU FRPPHQW LV GHVFULEHG LQ WKH /RQJIRUP 1RWLFH DW ZZZ6\QGLFDWH6HWWOHPHQWFRP

7KH &RXUW VFKHGXOHG D )DLUQHVV +HDULQJ IRU 2FWREHU   DW  SP (DVWHUQ 7LPH DW ZKLFK WKH &RXUW ZLOO FRQVLGHU ZKHWKHU WR DSSURYH WKH 6HWWOHPHQW WKH 3ODQ RI $OORFDWLRQ DQG DQ DZDUG RI DWWRUQH\V¶ IHHV DQG H[SHQVHV 7KH KHDULQJ ZLOO WDNH SODFH LQ &RXUWURRP % LQ WKH 8QLWHG 6WDWHV &RXUWKRXVH ORFDWHG DW 0DUWLQ /XWKHU .LQJ %XLOGLQJ 86 &RXUWKRXVH  :DOQXW 6WUHHW 1HZDUN 1-  7KH &RXUW PD\ FKRRVH WR FKDQJH WKH GDWH DQGRU WLPH RI WKH KHDULQJ RU GHFLGH WR FRQGXFW LW YLUWXDOO\ ZLWKRXW IXUWKHU QRWLFH RI DQ\ NLQG RWKHU WKDQ RQ WKH VHWWOHPHQW ZHEVLWH DQG WKH &RXUW¶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

$ 127,&( 2) ,17(17,21 72 $33($5 0867 %( 5(&(,9(' %< 7+( &2857 $1' 7+( &2816(/ ,'(17,),(' %(/2: 12 /$7(5 7+$1 2&72%(5  

,I WKH &RXUW DSSURYHV WKH 6HWWOHPHQW WKHQ WKH 6HWWOLQJ 'HIHQGDQWV ZLOO EH GLVPLVVHG IURP WKH FDVH &ODVV 0HPEHUV ZKR KDYH QRW SURSHUO\ UHTXHVWHG H[FOXVLRQ IURP WKH &ODVV ZLOO EH GHHPHG WR KDYH UHOHDVHG WKH 6HWWOLQJ 'HIHQGDQWV IURP DOO FODLPV UHODWHG WR WKH FDVH DQG ZLOO QRW EH DEOH WR VXH WKH 6HWWOLQJ 'HIHQGDQWV IRU DQ\ RI WKH FRQGXFW WKDW ZDV WKH VXEMHFW RI WKH FDVH 7KH IXOO WH[W RI WKH 5HOHDVH LV VHW IRUWK LQ WKH /RQJIRUP 1RWLFH DW ZZZ6\QGLFDWH6HWWOHPHQWFRP

7KH 6HWWOHPHQW DIIHFWV PHPEHUV RI WKH &ODVV ZKLFK DUH ZLWK FHUWDLQ OLPLWHG H[FHSWLRQV DOO SHUVRQV DQG HQWLWLHV LQ WKH 8QLWHG 6WDWHV LQFOXGLQJ LWV WHUULWRULHV ZKR GXULQJ WKH SHULRG -DQXDU\   WKURXJK $SULO   WKH ³&ODVV 3HULRG´ SXUFKDVHG RU UHQHZHG D &RQWUDFW RI ,QVXUDQFH DQ LQVXUDQFH SROLF\ QRW UHLQVXUDQFH ZLWK DQ\ RI WKH 'HIHQGDQWV 7KH FRPSOHWH GHVFULSWLRQ RI WKH &ODVV LV VHW IRUWK LQ WKH /RQJIRUP 1RWLFH DW ZZZ6\QGLFDWH6HWWOHPHQWFRP

:+$7 '2(6 7+( 6(77/(0(17 3529,'(" 7KH 6HWWOLQJ 'HIHQGDQWV KDYH DJUHHG WR PDNH SD\PHQWV WR VHWWOH WKH FODLPV DJDLQVW WKHP 7KH WRWDO DPRXQW RI WKHVH SD\PHQWV LV  $IWHU GHGXFWLQJ WKH DPRXQWV DSSURYHG E\ WKH &RXUW IRU VHWWOHPHQW DQG FODLPV DGPLQLVWUDWLRQ FRVWV DQG DWWRUQH\V¶ IHHV DQG OLWLJDWLRQ H[SHQVHV WKHVH IXQGV ZLOO EH SDLG WR PHPEHUV RI WKH &ODVV 7KH 6HWWOLQJ 'HIHQGDQWV ZLOO EH HQWLWOHG WR WKH UHOHDVH DQG RWKHU SURYLVLRQV RI WKH 6HWWOHPHQW :+2 :,// 5(&(,9( $ 3$<0(17"

3D\PHQWV WR &ODVV 0HPEHUV ZLOO EH DFFRUGLQJ WR WKH 3ODQ RI $OORFDWLRQ ZKLFK LV LQFOXGHG LQ WKH /RQJIRUP 1RWLFH DW ZZZ6\QGLFDWH6HWWOHPHQWFRP 7R UHFHLYH D SD\PHQW &ODVV 0HPEHUV PXVW VXEPLW D &ODLP )RUP E\ 2FWREHU   DV PRUH IXOO\ GHVFULEHG LQ WKH QH[W SDUDJUDSK

+2: '2 , 5(&(,9( $ 3$<0(17 )520 7+( 6(77/(0(17"

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

:+2 $5( 7+( $77251(<6 )25 7+( &/$66 $1' 7+( 6(77/,1* '()(1'$176"

7KH $WWRUQH\V IRU WKH &ODVV DUH

$OH[DQGUD 6 %HUQD\ 52%%,16 *(//(5 58'0$1 '2:' //3  :HVW %URDGZD\ 6XLWH  6DQ 'LHJR &$ 

7KH $WWRUQH\V IRU WKH 6HWWOLQJ 'HIHQGDQWV DUH

7KRPDV ) %XVK 3DWULFN )U\H 60,7+ *$0%5(// 5866(// //3  1 :DFNHU 'U 6XLWH  &KLFDJR ,/ 

,I \RX WKLQN WKDW \RX PD\ EH D &ODVV 0HPEHU \RX FDQ REWDLQ PRUH LQIRUPDWLRQ LQFOXGLQJ D FRS\ RI WKH /RQJIRUP 1RWLFH WKH &ODLP )RUP WKH 6WLSXODWLRQ RI 3DUWLDO &ODVV $FWLRQ 6HWWOHPHQW DQG RWKHU GRFXPHQWV UHODWLQJ WR WKH 6HWWOHPHQW E\ YLVLWLQJ ZZZ6\QGLFDWH6HWWOHPHQWFRP RU E\ FRQWDFWLQJ WKH &ODLPV $GPLQLVWUDWRU WROOIUHH DW 

3/($6( '2 127 &217$&7 7+( &2857 25 7+( &/(5.

COMMERCIAL REAL ESTATE BANKRUPTCIES

UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK

Chapter 11 Case No.26-11399 (KYP) Jointly Administered NOTICE OF DEADLINE FOR FILING OF PROOFS OF CLAIM AGAINST ANY OF THE DEBTORS (GENERAL BAR DATE IS SEPTEMBER 10, 2026) PLEASETAKENOTICEOFTHEFOLLOWING: On June 12, 2026, the above-captioned debtors and debtors in possession (collectively, the “Debtors”) each filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy CourtfortheSouthernDistrictofNewYork(the“Court”).TheDebtors’ chapter 11 cases are being jointly administered for procedural purposes only under case number 26-11399 (KYP) (the“Chapter 11 Cases”).DEBTOR, CASE NUMBER: Sleep Number Corporation, 26-11399; Select Comfort Retail Corporation, 26-11400; Select Comfort Canada Holding Inc., 26-11398; Select Comfort SC LLC, 26-11401;SleepNumberHealthCorporation,26-11402. On July 30,2026,the Court entered an order [ECF No.473] (the “Order”)2establishingcertaindeadlines(each,a“BarDate”)forthe filingofproofsofclaimintheChapter11Cases. Pursuant to the Order, all persons, other entities, and governmental units who have a claim or potential claim against any of the Debtors that arose prior to June 12,2026,no matter how remoteorcontingentsuchrighttopaymentorequitableremedymay be,MUST FILE A PROOF OF CLAIM prior to September 10,2026 at 11:59 p.m.(the“General Bar Date”); provided that solely with respect to a governmental unit,the deadline to file a proof of claim against any of the Debtors is December 9, 2026 at 11:59 p.m. (the“Governmental Bar Date”). Unless otherwise agreed by the Debtors in writing (email being sufficient),proofs of claim can only befiledinoneofthefollowingmethods(the“ApprovedMethods”): (a)bycompleting,priortotheapplicableBarDate,anElectronicProof of Claim through the Claims Portal (under the link entitled“Submit a Claim”) on the Case Information Website (https://restructuring. ra.kroll.com/Sleepnumber) maintained by the Claims Agent; (b) by electronicsubmissionontheCourt’sPublicAccesstoCourtElectronic Records (“PACER”) platform, located at http://ecf.nysb.uscourts. gov; (c) by hand delivery to the Clerk of the Bankruptcy Court at United States Bankruptcy Court,Southern District of New York,One Bowling Green, New York, NY 10004-1408; or (d) by delivering an original,signed Proof of Claim Form directly to the Claims Agent,as follows: If by First-Class Mail: Sleep Number Corporation Claims Processing Center,c/o Kroll Restructuring Administration LLC,Grand CentralStation,POBox4850,NewYork,NY10163-4850; IfbyHand Delivery or Overnight Mail: Sleep Number Corporation Claims ProcessingCenter,c/oKrollRestructuringAdministrationLLC,8503rd Avenue,Suite412,Brooklyn,NY11232. Absent written consent of the Debtors or their counsel (email being sufficient), proofs of claim submitted by facsimile or email or submitted directly to the Debtors, their counsel, or the Claims Agent (in a manner inconsistent with the foregoing)willNOTbeacceptedordeemedfileduntilfiledin oneoftheApprovedMethodssetforthabove. UNLESS EXCUSED BY THE TERMS OF THE ORDER, ANY PERSON OR OTHER ENTITY WHO FAILS TO PROPERLY FILE A

In re: SLEEP NUMBER CORPORATION,etal., Debtors.1

The Marketplace

CLASS ACTION

<285 /($/ 5,+76 $1' ,03257$17 '($'/,1(6

:+2 ,6 ,1&/8'(' ,1 7+( &/$66"

5REHUW 6 6FKDFKWHU =:(5/,1 6&+$&+7(5 =:(5/,1 //3  6WDWH 5RDG  %RFD 5DWRQ )/ 

:\VWDQ 0 $FNHUPDQ .HYLQ 3 'DO\ 52%,1621 &2/( //3 2QH 6WDWH 6WUHHW +DUWIRUG &7 

+2: &$1 , 2%7$,1 $'',7,21$/ ,1)250$7,21"

PROOF OF CLAIM PRIOR TO THE APPLICABLE BAR DATE ON ACCOUNT OF ANY CLAIM, THEN SUCH PERSON OR OTHER ENTITY (A) SHALL BE FOREVER BARRED, ESTOPPED, AND ENJOINED FROM ASSERTING SUCH CLAIM AGAINST ANY OF THEDEBTORSORTHEREAFTERFILINGAPROOFOFCLAIMWITH RESPECT THERETO IN THE CHAPTER 11 CASES; (B) SHALL NOT, EXCEPT AS OTHERWISE PROVIED IN THE COURT-APPROVED PROCEDURES GOVERNING THE SOLICITATION OF A PLAN, WITH RESPECT TO SUCH CLAIM, BE TREATED AS A CREDITOR OFANYOFTHEDEBTORSFORTHEPURPOSEOFVOTINGONANY PLAN (IF OTHERWISE ELIGIBLE) IN THE CHAPTER 11 CASES; AND (C) SHALL NOT RECEIVE OR BE ENTITLED TO RECEIVE ANY PAYMENT OR DISTRIBUTION OF PROPERTY FROM ANY OF THE DEBTORS OR THEIR SUCCESSORS OR ASSIGNS WITH RESPECT TO SUCH CLAIM IN THE CHAPTER 11 CASES. FURTHERMORE, SUCH CLAIM SHALL REMAIN SUBJECT TO DISCHARGE UNDER ANY CHAPTER 11 PLAN FILED IN THE CHAPTER 11 CASES,AND SUCH PERSON OR OTHER ENTITY SHALL BE SUBJECT TO ALL APPLICABLE RELEASES, INJUNCTIONS, AND OTHER TERMS OF SUCHCHAPTER11PLAN. Electronic Proof of Claim Forms can be filed through the Claims Portal (under the link entitled “Submit a Claim”) on the Case Information Website (https://restructuring.ra.kroll.com/ Sleepnumber). Additional Proof of Claim Forms can be obtained free of charge from any bankruptcy court clerk’s office,your lawyer, certain business supply stores, on the Case Information Website (https://restructuring.ra.kroll.com/Sleepnumber), or by contacting theClaimsAgent,KrollRestructuringAdministrationLLC,at+1-844- 408-3387 (toll-free in the U.S. and Canada), +1-646-825-3128 (international),sleepnumberinfo@ra.kroll.com (email),or at one of theaddresseslistedabove.Questionsconcerningthecontentsofthis BarDateNoticeandrequestsforcopiesoffiledproofsofclaimshould bedirectedtotheClaimsAgentinthesamemanner. Please note that neither the Claims Agent’s staff, counsel to the Debtors,nor the Clerk of the Court’s Office is permitted to give you legal advice.The Claims Agent cannot advise you how to file,or whetheryoushouldfile,aproofofclaim. A HOLDER OF A POTENTIAL CLAIM AGAINST ANY OF THE DEBTORS SHOULD CONSULT AN ATTORNEY REGARDING ANY MATTERS NOT COVERED BY THIS NOTICE, SUCH AS WHETHER THEHOLDERSHOULDFILEAPROOFOFCLAIM. 1 The Debtors’ names and last four digits of their respective employer identification numbers are as follows: Sleep Number Corporation(7886);SelectComfortRetailCorporation(9757);Select Comfort Canada Holding Inc.(4273);Select Comfort SC LLC (5901); and Sleep Number Health Corporation (2499). The Debtors’mailing addressis1001ThirdAvenueSouth,Minneapolis,MN55404. 2 Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Order or the Motion,as applicable. AcopyoftheOrder,Motionandanyotherdocumentfiled publicly in the Chapter 11 Cases are accessible,free of charge,at the Debtors’ case website located at https://restructuring.ra.kroll.com/ Sleepnumber, which also contains the Claims Portal, blank Proof of Claim Forms, and additional information about the Chapter 11 Cases. If you have any questions, please contact, the Claims Agent, Kroll Restructuring Administration LLC, at +1-844-408-3387 (toll- free in the U.S. and Canada), +1-646-825-3128 (international), or sleepnumberinfo@ra.kroll.com. The Claims Agent cannot provide legaladvice.

UCC Public Sale Notice

PLEASE TAKE NOTICE that in accordance with applicable provisions of the Uniform Commercial Code as enacted in New York (“NYUCC”), Notice is hereby given that Variant Alternative Income Fund (“Secured Party”), a Delaware statutory trust, will sell certain collateral, including without limitation, loans Wallace Finance LLC and Wallace Management Co. LLC originated that are subject to a participation agreement with Bundled Up LLC, all contracts, agreements and documents relating exclusively or primarily to such loans and all proceeds and products of the foregoing and all accessions to, substitutions and replacements for, and rents and profits of, each of the foregoing, (the “Collateral”) at a public sale in accordance with the NYUCC. The sale will take place at 3:00 p.m. EDT on August 17, 2026, via Zoom, as well as in person at Kleinberg, Kaplan, Wolff & Cohen, P.C. located at 500 Fifth Avenue, 38th Floor, New York, New York 10110, Attention: Mary Kuan, Esq. Remote log-in credentials will be provided to registered bidders upon request. The Collateral will be sold to the highest Qualified Bidder, as that term is defined in the Terms of Sale attached to the Notice of Disposition, dated May 29, 2026; provided, however, that Secured Party reserves the right, in accordance with the NYUCC, prior to the auction date to cancel the sale in its entirety, or to adjourn the sale to a future date, or to or modify, waive or amend any terms or conditions of the auction or impose any other terms or conditions on the auction and, if Secured Party, or an affiliate of Secured Party, deems appropriate, to reject any or all bids or to continue the auction to such time and place as Secured Party, or an affiliate of Secured Party, in its sole and absolute discretion, may deem fit. The sale will be conducted by Mannion Auctions, LLC, by Matthew D. Mannion, Auctioneer, with an office at 299 Broadway, Suite 1601, New York, New York 10007. The Collateral will be sold as a block and will not be divided or sold in any lesser amounts. Interested parties that intend to bid on the Collateral should contact Secured Party’s counsel, Mary Kuan, Esq. at (212) 880-9833 or mkuan@kkwc.com to receive the Terms of Sale (which are also attached to the Notice of Disposition) and bidding instructions. Upon execution of a Terms of Access and Non-Disclosure Agreement, in a form to be provided by counsel for Secured Party, additional documentation and information will be available. Interested parties that are not Qualified Bidders, as that term is defined in the Terms of Sale, and who are not interested in bidding at least $10,000,000 will not be permitted to enter a bid.

PonoCapFourRt PONOR 0.26 10.5 Precigen PGEN 6.80 -1.2 PreformedLine PLPC 426.00 18.3 PrivateBncpAmerica PBAM 86.99 -0.1 ProtoLabs PRLB 89.17 10.2 ProvidentFin PROV 18.19 0.2 ProvidentFinSvcs PFS 25.49 0.4 PulseBiosciences PLSE 38.90 1.2 Quantumsphere QUMS 10.29 0.1 RaymondJames RJF 179.69 0.5 RedRobin RRGB 8.33 -0.7 Reformation REF 17.26 -5.0 Renasant RNST 44.54 0.8 Replimune REPL 13.86 0.1 RsrchAllianceIII RACC 25.25 9.4 RingCentral RNG 60.75 5.9 RockyBrands RCKY 53.01 -0.6 RomanDBDR II DRDB 10.65 -0.4 SeacorMarine SMHI 9.70 0.1 SEI Investments SEIC 105.53 0.5 SifcoInd SIF 28.00 4.4 ScanSource SCSC 59.60 3.1 SeacoastBkgFL SBCF 35.64 1.3 SentinelOne S 21.06 4.6 Septerna SEPN 39.12 11.4 ServisFirst SFBS 91.80 1.0 SharkNinja SN 169.69 4.7 SimmonsFirstNat SFNC 24.25 1.1 SionnaTherap SION 51.73 1.4 Snowflake SNOW 321.31 3.0 SolariusCapA SOCA 10.32 0.1 SophiaGenetics SOPH 6.98 20.2 SouthernFirstBcsh SFST 64.97 1.1 SoMO Bancorp SMBC 79.78 0.7 SouthStateBk SSB 109.80 1.5 SpectrumBrands SPB 91.66 2.3 SpyreTherapeutics SYRE 105.25 10.5 Stagwell STGW 9.02 3.6 StanleyB&D SWK 102.53 4.4 StevenMadden SHOO 49.15 2.5 TranslationalDev TDAC 10.95 0.1 TrinityCapital TRIN 18.25 1.9 Trustmark TRMK 48.90 1.0

JonesLang JLL 369.95 0.5 KearnyFinancial KRNY 9.82 0.4 KY FirstFedBncp KFFB 5.65 -0.2 LB Pharm LBRX 46.01 5.0 LibertyLatAmC LILAK 8.46 ... LibertyLatAmA LILA 8.59 -0.4 LincolnNational LNC 47.08 2.0 LindbladExped LIND 34.73 2.9 LivaNova LIVN 85.76 3.5 LiveOakBcshs LOB 44.53 -0.3 MBX Biosci MBX 71.12 9.8 MPLX MPLX 60.66 2.7 Macy's M 26.59 1.0 MagnaIntl MGA 70.40 3.2 MarketWise MKTW 22.83 5.4 MatchGroup MTCH 41.40 1.7 Metallus MTUS 22.10 5.4 MidlandStBncp MSBI 34.85 0.8 MillerKnoll MLKN 24.71 1.3 MonoparTherap MNPR 120.28 6.1 Movado MOV 39.88 1.5 MyersIndustries MYE 37.45 -0.3 NetApp NTAP 195.70 4.1 Neutron LIME 32.87 9.3 NewMarket NEU 889.91 4.1 NicoletBankshares NIC 176.59 0.9 Nordson NDSN 310.56 2.3 Nucor NUE 274.42 4.9 OFGBancorp OFG 53.75 0.6 OTGAcqnI OTGA 10.20 0.1 ObsidianTherap OBX 49.97 79.0 OldNatlBncp ONB 27.36 1.1 Old2ndBcp OSBC 26.04 ... PAMT PAMT 17.67 5.4 PaciraBioSci PCRX 27.66 2.6 ParabilisMedicines PBLS 36.69 5.7 ParkNational PRK 215.00 1.3 Park-Ohio PKOH 41.54 2.3 Paymentus PAY 45.31 29.2 PearlDiverCredPfA PDPA 26.63 -0.1 PermianBasin PBT 33.60 6.9 PinnacleFinPtrs PNFP 110.33 1.4

Bonds | wsj.com/market-data/bonds/benchmarks

Tracking Bond Benchmarks Return on investment and spreads over Treasurys and/or yields paid toinvestors compared with 52-week highs and lows fordifferent types ofbonds

Total return YTD total Yield (%) close return (%) Index Latest Low High

Total return YTD total Yield (%) close return (%) Index Latest Low High

Broad Market Bloomberg Fixed Income Indices

2247.81 -0.05 U.S. Aggregate 4.890 4.160 5.000

U.S. Corporate Indexes Bloomberg Fixed Income Indices

3442.29 -0.1 U.S. Corporate 5.370 4.680 5.470

3401.41 0.6 Intermediate 5.050 4.330 5.180

4376.98 -1.6 Long term 6.070 5.370 6.170

639.84 -1.3 Double-A-rated 5.260 4.410 5.350

947.63 0.3 Triple-B-rated 5.530 4.860 5.640

High YieldBonds ICEBofA

630.95 2.2 HighYieldConstrained 7.193 6.489 7.668

631.90 0.6 Triple-C-rated 13.928 11.438 14.184

4192.13 1.8 High Yield 100 6.510 5.828 7.136

549.97 2.5 GlobalHighYieldConstrained 6.957 6.317 7.438

402.31 1.8 EuropeHighYieldConstrained 5.721 4.820 6.198

U.S Agency Bloomberg Fixed Income Indices

1971.03 0.6 U.S Agency 4.520 3.830 4.650

1749.74 0.8 10-20 years 4.450 3.750 4.590

3679.25 -0.9 20-plus years 5.290 4.580 5.360

3048.29 0.3 Yankee 5.020 4.320 5.130

*Constrained indexes limit individual issuer concentrations to2%; theHighYield 100arethe100largest bonds †In localcurrency § Euro-zone bonds

** EMBI Global Index Sources:ICE Data Services;BloombergFixed Income Indices;J.P.Morgan

Global Government Bonds: Mapping Yields

Yields and spreads over or under U.S. Treasurysonbenchmark two-year and 10-year government bonds in selected other countries;arrows indicate whether the yield rose(s) or fell (t) inthe latest session

Country/ Yield(%) SpreadUnder/OverU.S. Treasurys, inbasispoints Coupon (%) Maturity, inyears Latest(l)0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago 4.250 U.S. 2 4.193 t l 4.255 4.130 3.680 4.375 10 4.625t l 4.684 4.477 4.197

2.250 Australia 2 4.557 s l 4.524 4.463 3.390 35.5 27.4 -29.5

4.250 10 4.978 s l 4.938 4.805 4.326 34.8 25.9 12.9

2.400 France 2 2.898 t l 2.949 2.683 2.118 -130.4 -130.1 -156.7

3.700 10 3.899 t l 3.940 3.622 3.290 -73.2 -73.9 -90.7

2.700 Germany 2 2.728 t l 2.783 2.553 1.883 -147.4 -146.7 -180.2

3.000 10 3.133 t l 3.175 2.940 2.628 -149.7 -150.4 -156.9

2.650 Italy 2 2.901 t l 2.960 2.705 2.095 -130.1 -129.0 -159.0

3.800 10 3.881 t l 3.940 3.668 3.439 -74.9 -73.9 -75.8

1.500 Japan 2 1.581 s l 1.568 1.393 0.765 -262.1 -268.2 -292.0

2.700 10 2.859 s l 2.828 2.778 1.511 -177.1 -185.1 -268.6

2.400 Spain 2 2.781 t l 2.829 2.606 2.014 -142.1 -142.1 -167.1

3.400 10 3.554 t l 3.591 3.375 3.147 -107.6 -108.8 -105.0

4.375 U.K. 2 4.245 t l 4.325 4.133 3.793 4.3 7.5 10.8

1.125 10 4.902 t l 4.961 4.787 4.510 27.2 28.2 31.3

Source: TullettPrebon, Tradeweb FTSEU.S. Treasury Close Corporate Debt Prices offirms' bonds reflect factors including investors' economic, sectoral and company-specific expectations Investment-grade spreadsthattightened the most…

Spread*, inbasis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-daychange Lastweek

BMW USCapital … 4.400 4.66 March 19, ’29 40 –11 48

Goldman Sachs GS 6.750 5.86 Oct. 1,’37 124 –6 132

Shell Finance US … 4.000 5.88 May 10, ’46 71 –6 80

Sumitomo Mitsui Financial Group … 5.316 4.71 July 9,’29 47 –6 n.a.

Apple AAPL 4.375 5.76 May 13, ’45 58 –5 65

Comcast CMCSA 4.250 5.28 Jan. 15, ’33 65 –5 81

International Business Machines IBM 4.250 6.49 May 15, ’49 129 –5 140

Altria MO 5.375 6.23 Jan. 31, ’44 105 –5 113

…And spreads that widened the most

Toyota Motor Credit … 5.050 4.57 May 16, ’29 33 4 n.a.

Banco Bilbao Vizcaya Argentaria … 4.150 4.78 March 3,’29 52 3 54

Jackson NationalLife Global Funding ... 4.600 5.01 Oct. 1,’29 77 3 n.a.

Mercedes–BenzFinance North America … 5.050 5.32 Aug. 3,’33 70 3 n.a.

Procter & Gamble PG 1.200 4.54 Oct. 29, ’30 21 3 23

AbbVie* ABBV 4.400 5.80 Nov. 6,’42 63 2 65

Enel Finance International … 6.800 5.82 Sept. 15, ’37 119 2 n.a.

Lloyds Banking … 4.550 4.59 Aug. 16, ’28 40 2 40

High-yield issues withthe biggestprice increases…

Bond Price as%offace value Issuer Symbol Coupon(%) Yield (%) Maturity Current One-daychange Lastweek

Whirlpool WHR 5.150 9.67 March 1,’43 63.000 2.00 n.a.

Verde Purchaser … 10.500 8.43 Nov. 30, ’30 104.258 1.43 102.500

Paramount Global … 4.375 8.64 March 15, ’43 62.724 1.19 62.462

Bath & Body Works BBWI 6.750 6.79 July 1,’36 99.743 0.74 99.021

Bausch Health … 11.000 9.22 Sept. 30, ’28 103.375 0.63 101.000

…And with the biggestprice decreases

NEW HIGHS AND LOWS

TwinDisc TWIN 24.60 3.8 TwistBiosci TWST 106.58 -1.6 UFP Tech UFPT 338.71 25.2 U-Haul UHAL 74.13 3.0 UMB Fin UMBF 150.00 0.9 USATODAY TDAY 9.20 0.4 Unifi UFI 6.94 5.8 UnitedBkshrsWV UBSI 49.62 0.9 UnitedFire UFCS 54.93 3.0 US Bancorp USB 64.85 0.5 VictoryCapital VCTR 105.54 -1.1 Viking VIK 109.32 1.0 WSFS Financial WSFS 82.58 0.5 WashTrBcp WASH 40.25 0.8 WaterstoneFinl WSBF 21.14 0.9 WebsterFin WBS 78.29 ... WesBanco WSBC 42.42 1.2 WeycoGroup WEYS 41.86 1.3 Wiley B WLYB 54.73 3.9 Williams-Sonoma WSM 250.83 3.8 WintergreenAcqn WTG 10.48 0.1 WisdomTree WT 22.73 6.7 ZebraTech ZBRA 369.79 26.5 ZiffDavis ZD 55.46 2.5 Lows

BridgfordFoods BRID 6.20 -2.1 C3is CISS 0.08 -21.3 CaliberCos CWD 0.46 -5.2 CanadaGoose GOOS 8.68 0.6 CingulateWt CINGW 0.01 18.0 CitigrpCapXIIIPf CpN 26.63 -0.1 ClarosMtg CMTG 1.72 -2.8 CoreAI CHAI 0.36 0.4 DLH Holdings DLHC 4.71 -3.6 DarkIris DKI 3.73 -3.1 DynamixIIIWt DNMXW 0.22 ... EdibleGarden EDBL 1.80 -16.2 EmpireStateRealty ESRT 4.83 0.2 EvolutionMtls EMAT 2.76 -1.9 FIGXCapitalWt FIGXW 0.11 -6.7 FTAI Infra FIP 3.36 -0.9 FastTrack FTRK 0.27 -2.6 FoxxDevtWt FOXXW 0.04 -52.9 GabelliEqPfdH GABpH 19.63 -0.3 GameYourGame GYGY 3.86 -36.2 Genprex GNPX 4.11 -6.9 GladstoneLand LAND 7.92 1.2 Gyrodyne GYRO 5.45 -0.5 HeritageGlobal HGBL 1.01 -3.3 HubCyberSecurity HUBC 0.88 -10.8 IPStrategy IPST 1.54 -5.7 IQM Quantum IQMX 9.18 -3.5 iHuman IH 1.28 -4.4 InnovizTech INVZ 0.35 1.8 IntelligentGrp INTJ 2.50 -16.7 InterPrvInvV IPVVU 9.90 -0.2 JBG SMITH Prop JBGS 11.32 -15.8 JIADE JDZG 3.20 -16.3 JenaAcqnIIRt JENAr 0.12 -20.0 JobyAviationWt JOBY.WS 0.00 -21.4 JPMChasePfdJJ JPMpK 18.02 0.1 JPMChasePfdLL JPMpL 18.33 -0.4 KWaveMedia KWM 2.02 -26.5 KestrelGr6.625-46 MHLA 10.67 0.7 KodiakAIInc.Wt KDKRW 0.65 -6.5 LakefrontBiotherap LKFT 26.39 -1.1 MediromHlthcr MRM 0.89 2.2 MesaRoyalty MTR 2.85 0.2

AcresCmclRlty ACR 14.71 -3.4 ALPS ALPS 0.38 -0.1 ActuateTherap ACTU 1.02 5.7 AdaptHealth AHCO 6.14 -38.0 Agric&NatWt ANSCW 0.00 -66.7 AiRWA YYAI 0.10 0.2 AmperCapAcqnRt APMCR 0.10 -23.1 AnghamiWt ANGHW 0.01 -6.8 AntelopeEnterprise AEHL 0.41 -1.7 Aptiv APTV 46.42 -16.6 ArtiusIIAcqnRt AACBR 0.12 -20.0 BakktWt BKKT.WS 0.03 -3.4 BankofAmPfdE BACpE 18.19 -0.1 BeyondSpring BYSI 0.99 -15.4 bioAffinityTech BIAF 0.55 -7.9 BlkRkMuniAssetRt MUAr 0.00 63.3 BrenmillerEner BNRG 0.42 -8.4

Mortgage-Backed Bloomberg Fixed Income Indices

2258.54 0.4 Mortgage-Backed 5.160 4.380 5.300

2220.27 0.7 Ginnie Mae (GNMA) 5.220 4.420 5.340

1335.40 0.3 Fannie mae (FNMA) 5.140 4.370 5.290

2048.47 -0.1 FreddieMac(FHLMC) 4.980 4.160 5.170

620.90 0.5 Muni Master 3.626 3.037 3.682

439.36 -0.7 7-12 year 3.395 2.596 3.455

503.24 0.7 12-22 year 4.167 3.608 4.533

474.56 1.6 22-plus year 4.712 4.432 5.050

Global Government J.P. Morgan†

555.45 -0.6 Global Government 4.203 3.500 4.270

850.83 1.1 Canada 3.546 3.070 3.676

365.60 0.1 EMU§ 3.614 3.117 3.728

658.80 0.1 France 3.913 3.330 4.023

463.86 -0.1 Germany 3.232 2.650 3.317

244.18 -3.6 Japan 3.083 2.000 3.090

507.34 0.1 Netherlands 3.352 2.860 3.434

815.37 -0.7 U.K. 5.177 4.560 5.381

1038.63 2.0 Emerging Markets ** 6.675 6.403 7.121

NRG Energy NRG 112.50 -15.5 NetcapitalWt NCPLW 0.02 -30.9 NewGenIvf NIVF 0.61 -6.0 NexeraTechWt NEXRW 0.01 -64.8 NextTechnology NXTT 0.10 -73.3 Nutriband NTRB 2.80 1.4 Offerpad OPAD 3.49 36.2 OrchidIsland ORC 6.35 -1.4 PPL Un PPLC 46.50 -0.1 ParkHaBio BYAH 0.32 -5.5 PeaceAcqnWt PECEW 0.05 -16.7 PSEG PEG 74.20 -0.5 QDRO Acqn Wt QADRW 0.18 -18.2 RainEnhTech RAIN 1.14 -26.6 RamacoRscsB METCB 6.20 -6.7 Reed's REED 0.79 -8.0 RiverNorthPfdA OPPpA 15.51 ... SITE Centers SITC 2.89 -4.2 SMXSecMattersWt SMXWW 0.01 -23.7 SOS SOS 0.83 6.2 SU Group SUGP 0.23 -19.7 SnowRothschildWt ISNRW 0.20 -0.5 SocketMobile SCKT 0.38 ... SouthernCrossIWt NCOOW 0.04 -11.1 SportsEntGaming SEGG 2.60 3.1 StablecoinDevt SDEV 0.96 -13.5 SunPowerWt SPWRW 0.03 -34.7 SuperLeagueEnt SLE 2.62 -2.2 SurgePays SURG 0.20 -1.2 Telus TU 9.20 -0.6 TIM TIMB 18.23 -3.3 TopWealth TWG 1.40 -15.8 Toppoint TOPP 0.45 0.1 TribecaStratAcqn BIDWU 9.94 -0.2 TScanTherap TCRX 0.72 1.8 Uni-Fuels UFG 0.58 -13.5 Uxin UXIN 1.24 -6.7 VikingAcqnII VII.U 9.94 0.1 VisionWave VWAV 1.42 -5.7 Watsco B WSOB 316.24 -0.9 WheelerREIT WHLR 0.37 2.0 ZSquared ZSQR 4.25 -16.3 ZeoEnergyWt ZEOWW 0.01 -23.7

Page 25

t

t

t

s

t

s

–6

s

Dow Jones Industrial Average

54085.88 s907.47, or 1.71% High, low, open and close for each trading day of the past three months.

t t

Current divisor 0.1682481652835

Session high

Close DOWN UP

Session open

Close Open

Session low

Apr. May June July

Apr. May June July

Apr. May June July

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

1.00

100%

Major U.S. Stock-MarketIndexes

Latest 52-Week % chg High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. Dow Jones

Industrial Average 54272.60 53641.21 54085.88 907.47 1.71 54085.88 43968.64 22.6 12.5 15.5

12%

–12

Transportation Avg 21811.31 21315.89 21779.91 548.72 2.58 23933.14 15067.87 41.1 25.5 10.1

Utility Average 1117.83 1098.49 1111.97 -7.89 -0.70 1190.23 1048.33 0.2 4.1 7.9

Total Stock Market 76828.32 75530.46 76623.37 1390.16 1.85 76623.37 62291.01 23.0 13.5 19.6

Barron's 400 1675.54 1644.35 1672.23 31.76 1.94 1672.23 1318.70 25.1 18.4 17.9

4.00

4.00

Nasdaq Stock Market Nasdaq Composite 26679.91 26088.04 26584.99 671.10 2.59 27093.90 20794.64 27.1 14.4 24.1

Nasdaq-100 29831.40 29109.26 29733.16 956.36 3.32 30660.60 22953.38 29.2 17.8 24.9

S&P 500 Index 7758.21 7629.10 7736.52 136.02 1.79 7736.52 6299.19 22.8 13.0 20.0

S&P 500 Index

2.00

5.00

2.00

MidCap 400 3876.05 3806.30 3868.41 67.99 1.79 3868.41 3109.89 23.1 17.0 13.0

SmallCap 600 1832.20 1798.73 1828.54 30.36 1.69 1828.54 1348.63 35.3 24.6 13.2

6.00

6.00%

Other Indexes Russell 2000 3043.11 2990.15 3036.98 55.07 1.85 3036.98 2214.72 36.5 22.4 15.8

0.00

NYSE Composite 24526.97 24239.93 24462.87 207.34 0.85 24462.87 20457.10 19.6 11.2 15.0

Value Line 700.42 688.10 699.79 11.69 1.70 699.79 590.50 15.7 11.4 6.3

NYSE Arca Biotech 8611.26 8473.35 8606.70 64.29 0.75 8917.63 5640.67 50.7 20.3 18.5

NYSE Arca Pharma 1210.74 1195.47 1198.36 -5.66 -0.47 1273.25 881.47 30.5 6.4 11.7

KBW Bank 192.65 189.35 191.39 2.51 1.33 191.84 139.52 35.8 16.6 29.6

PHLX§Gold/Silver 327.43 320.90 323.72 8.41 2.67 470.37 221.91 45.9 -5.4 39.4

PHLX§Oil Service 97.25 93.39 97.00 3.28 3.50 109.24 58.83 58.5 32.3 1.4

PHLX§Semiconductor 12258.08 11834.77 12179.26 748.91 6.55 14634.72 5550.30 119.0 71.9 48.8

Cboe Volatility 16.65 15.51 16.50 0.64 4.04 31.05 13.47 -7.6 10.4 -1.2

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data

Percentage Gainers...

PercentageLosers

Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg

Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg

Autonomix Medical AMIX 19.50 15.85 434.25 32.55 2.44 -30.7 Obsidian Therapeutics OBX 34.00 15.01 79.04 49.97 3.02 655.6 Leverage 2X LgPLTR Dly PLTG 15.94 5.86 58.13 44.95 7.54 -45.7 GrShr 2x Long PLTR Daily PTIR 16.72 6.14 58.03 40.78 7.85 -36.7 ProShares Ultra PLTR PLTA 17.16 6.30 58.01 41.93 8.13 ...

Direxion PLTR Bull 2X PLTU 44.82 16.43 57.87 128.04 21.04 -46.3 Ibotta IBTA 37.34 12.76 51.91 40.49 19.10 3.8 Exagen XGN 6.45 1.77 37.82 12.23 2.59 -27.1 Telesat Cl A TSAT 54.75 14.57 36.26 59.12 19.59 130.2 Offerpad Solutions OPAD 4.97 1.32 36.16 63.50 3.49 -58.6

Leverage 2X LgARM Dly ARMG 22.16 5.71 34.71 65.95 4.64 97.2 Medifast MED 13.08 3.34 34.29 15.11 9.22 -3.2 InfuSystem Holdings INFU 12.32 3.10 33.62 12.50 5.69 110.6 NextCure NXTC 5.78 1.38 31.36 15.74 1.55 14.7 Wayfair Cl A W 116.08 26.77 29.97 119.98 55.60 58.0

Volume Movers

Ranked bychange from65-day average* CURRENCIES & COMMODITIES

Currencies

Volume %chgfrom Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low

Volume %chgfrom Latest Session 52-Week Company Symbol (000) 65-dayavg Close %chg High Low

Corvex MOVE 7,346 13326 13.73 27.60 26.72 3.44 iSh iBds Dec 2046 Trea IBGC 780 13022 24.15 0.79 25.32 23.88 SilverBox IV ClA SBXD 1,121 6041 10.86 0.09 11.10 10.35 Ferguson Enterprises FERG 46,140 2931 255.51 2.17 271.64 207.64 GigCapital9 GIX 587 2811 9.96 0.15 9.96 9.80

Defiance Tgt 2x Sh PLTR PLTZ 14,715 2606 11.87 -58.71 47.40 11.06 GMO Intl Value ETF GMOI 1,698 2051 40.40 0.10 40.68 29.39 Electronic Arts EA 47,897 2028 209.70 -0.10 210.20 156.37 Twelve Seas Invt III TWLV 210 2023 10.01 ... 10.38 9.84 Aldabra 4Liquidity Opp ALOV 101 1880 9.96 0.10 10.00 9.82

• Commonstocks priced at $2 a shareor morewith an averagevolume over 65trading days of atleast 5,000 shares =Hastraded fewer than 65days

InternationalStock Indexes

Latest YTD Region/Country Index Close Net chg % chg % chg

World MSCI ACWI 1145.69 14.68 1.30 12.9 MSCI ACWI ex-USA 475.48 2.05 0.43 12.9 MSCI World 4977.07 72.05 1.47 12.3 MSCIEmergingMarkets 1651.23 –0.17 –0.01 17.6

Americas MSCI ACAmericas 2926.06 50.137 1.74 12.8 Canada S&P/TSX Comp 35801.59 575.45 1.63 12.9 Latin Amer. MSCIEMLatinAmerica 3084.28 –2.94 –0.10 13.8 Brazil Bovespa 177894.97 –105.27 –0.06 10.4 Chile S&P IPSA 5539.04 –26.76 –0.48 2.1 Mexico S&P/BMV IPC 66833.16 135.94 0.20 3.9

EMEA STOXX Europe600 656.86 4.77 0.73 10.9 Eurozone Euro STOXX 682.38 6.19 0.91 11.5 Belgium Bel-20 5707.14 39.86 0.70 12.4 Denmark OMXCopenhagen20 1595.64 8.36 0.53 –0.8 France CAC 40 8666.63 52.81 0.61 6.3 Germany DAX 26202.35 201.04 0.77 7.0 Israel Tel Aviv 4144.98 33.29 0.81 14.1 Italy FTSE MIB 53540.50 668.78 1.26 19.1 Netherlands AEX 1112.49 10.27 0.93 16.9 Norway Oslo Bors All-Share 2382.25 –6.27 –0.26 22.7 South Africa FTSE/JSE All-Share 114256.28 1580.85 1.40 –1.4 Spain IBEX 35 20023.60 41.00 0.21 15.7 Sweden OMX Stockholm 1150.18 15.32 1.35 10.0 Switzerland Swiss Market 14463.23 91.46 0.64 9.0 Turkey BIST 100 13687.93 277.39 2.07 21.5 U.K. FTSE 100 10879.38 21.68 0.20 9.5 U.K. FTSE 250 24459.30 234.53 0.97 8.9

Euro

Asia-Pacific MSCI ACAsia Pacific 268.03 –0.31 –0.12 17.7 Australia S&P/ASX 200 9145.80 126.52 1.40 5.0 China Shanghai Composite 3822.28 12.62 0.33 –3.7 Hong Kong Hang Seng 25852.92 –156.48 –0.60 0.9 India BSE Sensex 78428.95 –210.08 –0.27 –8.0 Japan NIKKEI 225 63957.53 202.63 0.32 27.1 Singapore Straits Times 5612.25 –0.03 –0.0005 20.8 South Korea KOSPI 6358.95 101.50 1.62 50.9 Taiwan TAIEX 43360.66 –25.75 –0.06 49.7 Thailand SET 1617.13 –4.77 –0.29 28.4

3.00

Year ago Last Trailing P/E ratio P/E estimate * Dividend yield All-time high

Year ago Last Trailing P/E ratio * P/E estimate * Dividend yield * All-time high

Year ago Last Trailing P/E ratio † P/E estimate † Dividend yield *† All-time high:

22.31 24.52 20.29 21.10 1.44 1.65 54085.88, 08/04/26

65-day moving average

65-day moving average

65-day moving average

Bars measure the point change from session's open

MARKETS DIGEST

7736.52 s136.02, or 1.79% High, low, open and close for each trading day of the past three months.

54000

53000

52000

51000

50000

49000

48000

8.00%

Defiance Tgt 2xSh PLTR PLTZ 11.87 -16.88 -58.71 47.40 11.06 -70.8 AdaptHealth AHCO 6.71 -4.12 -38.04 13.43 6.14 -26.3 Better Home &Finance BETR 17.27 -10.03 -36.74 94.06 12.74 25.5 Game Your Game GYGY 3.98 -2.26 -36.21 32.66 3.86 ... Leverage 2X LgCIFR Dly CIFG 7.29 -3.20 -30.50 20.84 4.20 ...

Thryv Holdings THRY 2.97 -1.29 -30.28 14.28 1.91 -77.0 Direxion PLTR Bear 1X PLTD 5.72 -2.36 -29.21 9.73 5.59 -27.7 K Wave Media KWM 2.22 -0.80 -26.49 119.10 2.02 -98.1 T3 Defense DFNS 47.36 -14.14 -22.99 1948.75 3.70 -93.0 Bruker BRKR 50.30 -14.01 -21.79 65.30 28.53 44.9

Defiance Tgt 2X Shrt SMCI SMCZ 5.57 -1.55 -21.77 66.70 4.88 -78.1 Centuri Holdings CTRI 21.88 -5.98 -21.46 42.99 19.04 3.9 Direxion Semicon Br 3x SOXS 42.33 -10.75 -20.25 1672.00 31.70 -97.2 Wetour Robotics WETO 5.33 -1.35 -20.21 251.00 2.70 -96.9 Leverage 2X LgHUT Dly HUTG 20.06 -4.85 -19.48 48.10 5.37 ...

U.S.-dollar foreign-exchange rates at5 p.m. ET

US$vs, Tues YTDchg Country/currency inUS$ perUS$ (%)

US$vs, Tues YTDchg Country/currency inUS$ perUS$ (%)

Americas Argentina peso .00071496.5258 3.1 Brazil real .1944 5.1451 –6.7 Canada dollar .7112 1.4062 2.4 Chile peso .001093 914.93 1.6 Colombiapeso .000312 3206.15 –15.0 Ecuador US dollar 1 1 unch Mexico peso .0579 17.2600 –4.2 Uruguay peso .02483 40.2773 3.1 Asia-Pacific Australiadollar .7045 1.4194 –5.3 China yuan .1481 6.7535 –3.4 Hong Kongdollar .1275 7.8428 0.8 India rupee .01052 95.093 5.8 Indonesia rupiah .0000556 17970 7.6 Japan yen .006340 157.73 0.7 Kazakhstan tenge .002122 471.28 –7.1 Macau pataca .1238 8.0799 0.7 Malaysia ringgit .2441 4.0968 1.0 New Zealand dollar .5894 1.6966 –2.3 Pakistan rupee .00360 277.862 –0.8 Philippines peso .0164 60.989 3.5 Singapore dollar .7800 1.2820 –0.3 South Korea won .0006994 1429.72 –0.8 Sri Lanka rupee .0029794 335.64 8.3 Taiwan dollar .03085 32.414 3.4 Thailand baht .03007 33.260 5.6

Yen

Commodities

Pricingtrends on someraw materials,or commodities

DJ Commodity 1327.11 -19.83 -1.47 1467.33 1037.49 27.47 17.37 FTSE/CC CRB Index 373.44 -6.52 -1.71 406.18 291.69 27.31 24.99 Crude oil, $ per barrel 75.77 -4.57 -5.69 112.95 55.27 16.28 31.96 Natural gas, $/MMBtu 2.682 -0.099 -3.56 7.460 2.523 -10.90 -27.24 Gold, $ per troy oz. 4095.40 61.70 1.53 5318.40 3313.40 21.10 -5.32

A Dow Jones partner

Prediction Market: How many Fed rate cuts in 2026?

This market will resolve according to the exact amount of cuts of 25 basis points in 2026 by the Federal Reserve.

EQUITIES

25.19 24.81 21.01 23.82 1.10 1.21 7736.52, 08/04/26

Late Trading Most-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer. andNasdaqissuesfrom4p.m.to6p.m.ETasreportedbyelectronic tradingservices,securitiesdealersandregionalexchanges.Minimum sharepriceof$2andminimumafter-hoursvolumeof50,000shares. Most-active issues in latetrading

Volume After Hours Company Symbol (000) Last Netchg %chg High Low

SpaceX SPCX 26,108.7 115.70 -9.63 -7.68 130.99 114.05

Ferguson Enterprises FERG 22,576.8 252.49 -3.02 -1.18 255.51 250.47

NVIDIA NVDA 11,039.2 215.47 3.53 1.67 219.48 200.67

Intel INTC 10,368.9 97.70 -3.16 -3.13 101.83 97.60

AdvancedMicroDevices AMD 9,655.2 475.38 -43.20 -8.33 532.99 463.00

FidelityMSCINorthAmer FINA 8,500.0 25.83 ... unch. 25.83 25.83

StateStreetSPDRS&P500 SPY 8,347.2 772.26 0.93 0.12 772.96 729.08

OpendoorTechnologies OPEN 7,904.6 3.87 -0.25 -6.07 4.25 3.70 Percentage gainers…

Sight Sciences SGHT 240.6 6.86 1.22 21.63 8.10 5.64

DefianceTgt2xLgANET ANEL 130.2 30.76 5.47 21.63 34.25 25.29

Travere Therapeutics TVTX 99.3 63.17 7.15 12.76 65.00 56.02

Eastman Kodak KODK 188.0 10.05 1.12 12.54 10.35 8.76

Upstart Holdings UPST 1,464.7 33.86 3.54 11.68 34.97 28.60 ...And losers

GrShr2xLongAMDDaily AMDL 2,619.4 50.79 -11.83 -18.89 64.20 47.72

Teradata TDC 297.3 27.99 -6.40 -18.61 34.96 25.40

Direxion AMD Bull 2X AMUU 53.7 179.75 -40.68 -18.45 228.00 168.71

DirexionSpaceXBull2X LOFF 521.3 10.79 -2.32 -17.69 14.12 10.65

ProSharesUltraSpaceX SPCF 708.3 10.94 -2.11 -16.17 14.05 10.60

Vietnam dong .00003805 26278 –0.1 Europe Czech Rep. koruna .04770 20.965 1.9 Denmark krone .1543 6.4820 1.9 Euro area euro 1.1532 .8672 1.9 Hungary forint .003192 313.28 –4.3 Iceland krona .008133 122.96 –1.9 Norway krone .1048 9.5418 –5.4 Poland zloty .2684 3.7259 3.7 Sweden krona .1051 9.5186 3.4 Switzerland franc 1.2362 .8089 2.1 Turkey lira .0210 47.5328 10.7 Ukraine hryvnia .0223 44.7500 5.7 UK pound 1.3451 .7434 0.2 Middle East/Africa Bahrain dinar 2.6522 .3771 0.02 Egypt pound .0199 50.1788 5.2 Israel shekel .3324 3.0086 –5.6 Kuwait dinar 3.2316 .3094 0.5 Oman sul rial 2.5993 .3847 –0.01 Qatar rial .2745 3.644 –0.3 Saudi Arabia riyal .2665 3.7529 0.1 South Africa rand .0610 16.3830 –1.1

Close NetChg %Chg YTD%Chg

WSJDollarIndex 96.17 –0.02–0.02 0.25

WSJ Dollar Index

Sources: Tullett Prebon, DowJones Market Data

Tuesday 52-Week YTD Close Net chg % Chg High Low % Chg % chg

0 (0 bps): 89%

Nasdaq Composite Index

26584.99 s 671.10, or 2.59% High, low, open and close for each trading day of the past three months.

Most ActiveStocks

Elong Power Holding ELPW 365,246 3268.0 0.14 37.08 5696.00 0.08 Adagio MedicalHoldings ADGM 299,912 130173.0 0.83 79.52 2.58 0.36 TNL Mediagene TNMG 211,776 3163.0 0.64 77.99 12.76 0.31 Ensysce Biosciences ENSC 158,937 3570.2 0.39 39.84 2.75 0.23 Quanome Technologies QNME 105,542 86500.4 0.79 152.87 1.68 0.25

Vistagen Therapeutics VTGN 105,087 5160.3 0.31 27.12 5.14 0.20 AiRWA YYAI 92,420 864.2 0.12 -1.29 10576.80 0.10 Palantir Technologies PLTR 91,301 119.3 159.61 27.03 207.52 106.37 Nokia ADR NOK 64,572 -41.5 9.97 6.52 17.45 4.06 Autonomix Medical AMIX 61,560 3991.5 9.94 172.33 32.55 2.44

• Volumes of100,000sharesormorearerounded tothenearestthousand

CREDIT MARKETS

Consumer Ratesand Returns toInvestor U.S. consumer rates A consumer rate against its benchmark over the past year

30-year fixed-rate mortgage

10-year Treasury note yield

A 2025

S O N D J 2026

F M A M J J A

Yield/Rate(%) 52-Week Range(%) 3-yr chg Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)

Federal-funds rate target 3.50-3.75 3.50-3.75 3.50 l 4.50 -1.75 Prime rate* 6.75 6.75 6.75 l 7.50 -1.75 SOFR 3.65 3.64 3.50 l 4.51 -1.65 Money market, annual yield 0.43 0.44 0.41 l 0.45 -0.14 Five-year CD, annualyield 1.73 1.72 1.67 l 1.73 -1.12 30-year mortgage, fixed† 6.74 6.76 6.11 l 6.77 -0.75 15-year mortgage, fixed† 6.17 6.15 5.55 l 6.18 -0.58 Jumbomortgages, $832,750-plus† 6.87 6.77 6.34 l 6.87 -0.69 Five-year adj mortgage (ARM)† 6.08 5.96 5.66 l 6.23 -0.27 New-car loan, 48-month 6.97 6.97 6.85 l 7.21 -0.29

Bankrate.com ratesbased onsurveyof over1,500 online banks. *Baserate posted by70%ofthe nation'slargest banks.† Excludes closingcosts. Sources: FactSet;Dow JonesMarketData; Bankrate.com Benchmark Yields and Rates Treasury yield curve Yield to maturity of current bills, notes and bonds

maturity

t One year ago

Tradeweb FTSE Tuesday Close

1 month(s)

3 6 1 years

2 3 5 7 10 20 30

Sources: Tradeweb FTSEU.S.Treasury Close; TullettPrebon; DowJones Market Data

Corporate Borrowing Ratesand Yields

Yield (%) 52-Week Total Return (%) Bond totalreturnindex Close Last Weekago High Low 52-wk 3-yr

32.61 32.67 24.79 29.95 0.57 0.69 27093.90, 06/02/26

Trading Diary

Volume, Advancers, Decliners

NYSE NYSE Amer.

Totalvolume1,426,326,584 20,380,563 Adv. volume 973,944,897 17,410,074 Decl. volume 437,496,257 2,630,688 Issues traded 2,840 297 Advances 1,859 194 Declines 905 94 Unchanged 76 9 Newhighs 135 6 Newlows 32 4 Closing Arms† 0.91 0.26 Block trades 4,345 192

Nasdaq NYSE Arca

Totalvolume9,717,928,098 363,260,808 Adv.volume7,939,333,565 254,369,439 Decl.volume1,684,142,524 105,700,022 Issues traded 5,057 2,662 Advances 3,659 2,323 Declines 1,249 312 Unchanged 149 27 Newhighs 341 560 Newlows 85 40 Closing Arms† 0.62 2.85 Block trades 53,000 1,576

*PrimarymarketNYSE,NYSEAmerican NYSEArcaonly. †(TRIN)Acomparisonofthenumberofadvancinganddeclining issueswiththevolumeofsharesrisingandfalling.An Armsoflessthan1indicatesbuyingdemand;above1 indicatessellingpressure.

Selectedrates 30-yearmortgage,Rate

Bankrate.com avg†: 6.74%

Redwood Capital Bank 5.75% Eureka, CA 707-444-9800

DearbornFederalSavingsBank 5.88% Dearborn, MI 313-565-3100

Langley FCU 5.88% Hampton, VA 757-827-7200

Suncoast Credit Union 5.99% Tampa, FL 813-621-7511

ElDorado Savings Bank 6.00% Sacramento, CA 800-874-9779

Forex Race Yen, euro vs. dollar; dollar vs. major U.S. trading partners

2025 2026

28000

27000

26000

25000

24000

23000

22000

Page 26

B10 | Wednesday, August 5, 2026

• * THE WALL STREET JOURNAL.

German Tiremaker Backs View Despite Costs

Continental’s key

markets continue to suffer from subdued global activity

BY DOMINIC CHOPPING

German tiremaker Conti-

nental said it remained on track to meet full-year expec- tations in its tires business, despite warning of a substan- tial increase in raw-material costs in the second half of the year. The company’s key markets continued to suffer from sub-

Net

Stock Sym Close Chg Biggest 1,000 Stocks | WSJ.com/stocks

Net Stock Sym Close Chg

Net Stock Sym Close Chg

Net Stock Sym Close Chg

Net Stock Sym Close Chg

Net Stock Sym Close Chg

Net Stock Sym Close Chg

How to Read the Stock Tables The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. Prices are consolidated from trades reported by various market centers, including securities exchanges, Finra, electronic communications networks and other broker-dealers. The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher.

Footnotes:

s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four quarters. Stock tables reflect composite regular trading as of 4 p.m. ET and changes in the official closing prices from 4 p.m. ET the previous day.

Net Stock Sym Close Chg Tuesday, August 4, 2026

Net

Stock Sym Close Chg A B C

AECOM ACM 75.75 0.95 AES AES 14.68 -0.03 Aflac AFL 125.15 -1.56 AGNC Invt AGNC 10.64 ... APA APA 35.80 -1.07 ASE Tech ASX 38.70 2.02 ASML ASML 1711.89 69.37 AST Space ASTS 70.31 6.79 AT&T T 23.38 -0.21 ATI ATI 200.15 7.03 AXIAEnergia AXIA 10.50 -0.06 AbbottLabs ABT 105.46 -1.66 AbbVie ABBV 243.80 -1.30 Abivax ABVX 125.19 0.41 Accenture ACN 170.43 4.67 Acuity AYI 348.58 14.09 Adobe ADBE 257.49 6.15 AdvDrainageSys WMS 149.75 4.60 AdvEnergyInds AEIS 341.39 45.01 AdvMicroDevices AMD 518.58 33.94 Aegon AEG 9.38 -0.08 AerCap AER 155.08 1.43

s AffiliatedMgrs AMG 383.42 2.53 AffirmA AFRM 78.12 2.49 AgilentTechs A 139.20 -0.60 AgnicoEagleMines AEM 150.61 3.19 AgreeRealty ADC 76.32 -0.59 AirProducts APD 294.71 1.77 Airbnb ABNB 149.92 -0.72 AkamaiTech AKAM 123.35 5.47 AlamosGold AGI 28.76 0.06 Albemarle ALB 120.82 2.11 Alcoa AA 46.83 1.99 Alcon ALC 70.99 0.78 Alibaba BABA 128.99 1.69 AlignTech ALGN 173.27 0.38 Allegion ALLE 165.36 4.08 AlliantEnergy LNT 70.66 -0.61 AllisonTransm ALSN 122.62 6.31 Allstate ALL 262.56 -0.12 AllyFinancial ALLY 44.99 0.92 AlnylamPharm ALNY219.00 -1.33 Alphabet A GOOGL 377.65 4.14 Alphabet C GOOG 375.35 2.88 Altria MO 68.07 -0.19 Amazon.com AMZN 277.42 -6.60 Ambev ABEV 3.04 -0.01 Amcor AMCR 47.14 1.12 AmerSports AS 36.22 0.02 Ameren AEE 109.44 -0.06 AmericaMovil AMX 24.88 -0.08 AmerAirlines AAL 16.56 0.52 AEP AEP 128.35 0.03 AmerExpress AXP 346.71 1.99 AmericanFin AFG 140.60 -1.32 AmerHlthcrREIT AHR 54.47 -0.65 AmHomes4Rent AMH 34.53 0.02 AIG AIG 79.32 0.53 AmerTowerREIT AMT 175.25 2.25 AmerWaterWorks AWK 134.01 2.71

s Ameriprise AMP 553.58 1.51

s Ametek AME 254.05 10.28 Amgen AMGN 390.02 11.15 AmkorTech AMKR 55.87 5.03 Amphenol APH 171.33 7.99 Amrize AMRZ 51.85 0.77 AnalogDevices ADI 380.29 18.41 AngloGoldAsh AU 81.50 -0.11 AB InBev BUD 84.59 0.54 AnnalyCap NLY 22.75 -0.03 AnteroMidstream AM 21.85 -0.13 AnteroResources AR 35.69 -0.79 Aon AON 356.65 -0.98 APi Group APG 41.54 1.70 ApogeeTherap APGE 134.19 0.08 ApolloGlbMgmt APO 133.20 3.78 Apple AAPL 309.38 5.96

s AppliedIndlTech AIT 356.89 4.99 ApplMaterials AMAT 546.62 28.41 AppLovin APP 419.70 13.54

t Aptiv APTV 47.72 -9.51 Aramark ARMK 56.22 -0.52

s ArcelorMittal MT 75.21 3.38 ArchCapital ACGL 99.52 -1.60 ADM ADM 79.87 1.81 AresMgmt ARES 142.91 4.34 argenx ARGX 844.50 13.71

s AristaNetworks ANET 190.51 5.62 Arm ARM 280.56 41.50 ArrowElec ARW 227.67 10.86 ArrowheadPharm ARWR 89.59 3.58

s Arxis ARXS 58.05 4.32 AscendisPharma ASND 244.59 1.14 Assurant AIZ 281.31 -1.08 AsteraLabs ALAB 361.67 40.62 AstraZeneca AZN 155.62 -2.35 Atlassian TEAM 110.31 6.60 AtmosEnergy ATO 172.65 -0.24 AuroraInnov AUR 7.23 0.44 Autodesk ADSK 237.21 2.50 ADP ADP 270.62 0.84 AutoZone AZO 3028.03 37.76 Avalonbay AVB 189.25 0.47 AveryDennison AVY 173.30 1.03 AxonEnterprise AXON 607.20 31.32 AxsomeTherap AXSM 212.17 1.13

AUCTION RESULTS Hereare theresults of Tuesday's Treasury auctions. All bids are awarded at asingle priceat themarket-clearing yield.Rates are determined by the difference between thatprice and theface value.

SIX-WEEK BILLS Applications $286,024,137,000 Accepted bids $102,531,858,600 "noncompetitively $1,340,624,000 "foreignnoncompetitively $1,900,000,000 Auction price (rate) 99.575333 (3.640%) Coupon equivalent 3.706% Bids at clearing yield accepted 79.36% Cusip number 912797UG0

The bills, dated Aug. 6, 2026, mature onSept.17, 2026.

52-WEEK BILLS Applications $192,428,267,900 Accepted bids $56,122,732,900 "noncompetitively $1,375,043,700 "foreignnoncompetitively $0 Auction price (rate) 96.076889 (3.880%) Coupon equivalent 4.054% Bids at clearing yield accepted 12.98% Cusip number 912797VR5

Dividend Changes

Nodividends announced August 4.

dued global economic activity

in the second quarter, with the North American replace- ment-tire market for passen- ger cars and light commercial vehicles falling 1% and global automotive production also dropping around 1%. The European replacement- tire market increased by 3%, however. The company said it benefited from higher sales of tires measuring 18 inches and above, positive effects from raw-material prices, a weaker currency and eased tariff im- pacts, as well as cost disci- pline.

BCE BCE 22.00 0.21 BHP Group BHP 87.46 3.96 BJ'sWholesale BJ 96.65 -0.45 BP BP 42.44 -1.82 BWX Tech BWXT 172.40 -1.39 BXP BXP 70.67 0.26 Baidu BIDU 112.58 -0.48 BakerHughes BKR 61.73 0.92 Ball BALL 63.75 -1.40

s BBVA BBVA 28.12 -0.24 BancoBradesco BBDO 3.25 -0.03 BancodeChile BCH 41.38 -0.17 BancSanBrasil BSBR 5.68 -0.06 BcoSantChile BSAC 34.73 0.02

s BancoSantander SAN 14.47 0.02

s BankofAmerica BAC 62.90 0.42 BankMontreal BMO 179.79 0.07 BankNY Mellon BNY 156.82 0.62 BankNovaScotia BNS 87.13 -1.17 Barclays BCS 28.02 0.19 BarrickMining B 38.21 0.85 BaxterIntl BAX 28.35 0.25 BectonDicknsn BDX 170.12 -0.09 BendingSpoons BSP 37.45 1.23 BentleySystems BSY 36.08 0.19 BeOneMed ONC 323.01 9.24 Berkley WRB 71.39 -0.70 BerkHathwy B BRK.B 517.22 4.08 BerkHathwy A BRK.A 7743006050.00 BestBuy BBY 86.35 1.10 Bio-Techne TECH 72.09 -0.05 Biogen BIIB 208.45 6.63 BioMarinPharm BMRN 60.72 0.73 BioNTech BNTX 91.35 -0.90 BitMineImmersion BMNR 18.10 0.68 BlackRock BLK 1131.13 4.50 Blackstone BX 137.20 2.52

s Block XYZ 84.64 2.55 BloomEnergy BE 228.11 9.79 BlueOwlCapital OWL 11.57 0.41 Boeing BA 237.16 3.67 Booking BKNG 194.27 1.56 BorgWarner BWA 63.04 -0.27 BostonSci BSX 49.09 0.66 BridgeBioPharma BBIO 82.07 2.11 BrightSpring BTSG 62.77 2.31 BrinkerIntl EAT 218.25 -7.05 BristolMyers BMY 65.89 0.42 BritishAmTob BTI 59.12 -0.44 BrixmorProp BRX 31.18 -0.35 Broadcom AVGO 418.16 25.93 BroadridgeFinl BR 168.41 11.07 BrookfieldAsset BAM 51.94 1.25 Brookfield BN 44.62 1.09 BrookfieldInfr BIP 39.91 -0.17 BrookWealth BNT 45.27 1.22 Brown&Brown BRO 71.17 -0.61 Brown-Forman A BF.A 28.86 0.74 Brown-Forman B BF.B 28.47 0.66 Bruker BRKR 50.30 -14.01 Bullish BLSH 23.80 0.87 BungeGlobal BG 106.73 1.33 BurlingtonStrs BURL 367.82 -0.41 CACI Intl CACI 524.19 11.53 CBRE Group CBRE 151.05 2.62 CDW CDW 154.00 6.30 CF Industries CF 118.11 -0.19 CGI A GIB 74.41 1.40 CH Robinson CHRW 154.75 7.75 CME Group CME 262.63 -3.54 CMS Energy CMS 71.73 -0.01 CNA Fin CNA 52.96 -0.63 CNH Indl CNH 11.22 0.42 CRH CRH 98.84 0.25 CSX CSX 51.03 1.20 CVS Health CVS 104.42 -0.95 CadenceDesign CDNS 340.62 4.47 CamdenProperty CPT 111.03 0.31 Cameco CCJ 93.09 3.37 CIBC CM 117.95 -1.32 CanNtlRlwy CNI 127.30 1.49 CanadianNatRscs CNQ 46.18 -0.18 CdnPacKC CP 90.63 -0.02 CapitalOne COF 221.91 4.23 CardinalHealth CAH 233.55 -2.05 CareTrustREIT CTRE 40.84 -0.38 Carlisle CSL 386.43 14.57 Carlyle CG 50.64 1.73 Carnival CCL 29.59 0.85 CarpenterTech CRS 570.13 26.64 CarrierGlobal CARR 65.69 2.52 Carvana CVNA 68.03 1.90 CaseysGenStores CASY 850.66 -9.71 Caterpillar CAT 876.54 46.51 Celestica CLS 371.15 29.24 Cemex CX 11.61 -0.23 Cencora COR 306.28 -2.09 CenovusEnergy CVE 28.73 -0.84 Centene CNC 64.07 0.31 CenterPointEner CNP 41.58 -0.34 CerebrasSystems CBRS 227.15 7.18 CharlesRiverLabs CRL 234.12 3.25 CharterComms CHTR 153.07 8.97 CheckPoint CHKP 123.92 0.95 CheniereEnergy LNG 257.29 -0.79 CheniereEnerPtrs CQP 66.00 -1.00 Chevron CVX 190.40 -2.78 Chewy CHWY 24.10 1.13 Chipotle CMG 33.82 -3.64 Chubb CB 348.30 0.07

ChunghwaTel CHT 41.89 -0.54 Church&Dwight CHD 103.00 2.99 Ciena CIEN 411.13 20.37 Cigna CI 274.05 -8.01 CincinnatiFinl CINF 179.42 1.39 Cintas CTAS 203.65 -0.36 CipherDigital CIFR 20.38 -3.78 CircleInternet CRCL 63.25 2.90 CiscoSystems CSCO 121.74 5.88 Citigroup C 136.87 3.30 CitizensFin CFG 73.68 0.98 CleanHarbors CLH 310.61 -0.37 Clorox CLX 104.67 6.41

s Cloudflare NET 301.33 18.59 Coca-Cola KO 86.56 -0.30 Coca-ColaCon COKE 181.00 0.24 CocaColaEuropac CCEP 106.13 -2.06 CoeurMining CDE 16.21 0.65 Cognex CGNX 71.52 4.08 CognizantTech CTSH 56.13 0.96 Coherent COHR 323.73 35.59 CoinbaseGlbl COIN 150.73 4.23 ColgatePalm CL 92.53 2.65 Comcast A CMCSA 24.93 0.37 ComfortSystems FIX 1775.86 4.90 SABESP SBS 5.43 ... ConocoPhillips COP 117.94 -1.22 ConEd ED 108.41 0.46 ConstBrands A STZ 131.42 0.06 ConstellationEner CEG 267.25 -6.46 Cooper COO 74.69 0.46 Copart CPRT 29.40 0.05 CorceptTherap CORT 109.80 -3.00 CorebridgeFin CRBG 31.60 0.29 CoreWeave CRWV 91.90 6.14 Corning GLW 159.89 13.25

s Corpay CPAY 396.52 10.74 Corteva CTVA 78.31 2.27 CoStar CSGP 29.82 -0.22 Costco COST 947.85 -6.23 Coupang CPNG 16.78 0.36 Crane CR 224.10 4.78 Credicorp BAP 392.12 -3.67 CredoTech CRDO 237.92 19.57 CrowdStrike CRWD 211.22 8.68 CrownCastle CCI 77.66 0.92 Crown Holdings CCK 121.66 1.79 CubeSmart CUBE 41.88 0.04

s Cullen/Frost CFR 168.26 -0.68 Cummins CMI 635.96 -12.89 Curtiss-Wright CW 757.31 9.64 Cytokinetics CYTK 78.61 2.16 D E F

DTE Energy DTE 141.72 ... DT Midstream DTM 134.85 -0.48 Danaher DHR 194.78 -2.72 Darden DRI 204.57 -1.67 DarlingIngred DAR 60.15 0.39

s Datadog DDOG 288.15 14.55 DaVita DVA 227.99 -5.69 DeckersOutdoor DECK 99.87 0.37 Deere DE 617.37 12.31

s DellTechC DELL 467.27 38.25 DeltaAir DAL 92.77 1.18 DeutscheBank DB 37.47 0.30 DevonEnergy DVN 44.05 -0.52

s DexCom DXCM 86.94 -0.37 Diageo DEO 87.83 -0.68 DiamondbkEner FANG 191.87 -6.88 Dick's DKS 200.74 -0.08 DigitalRealty DLR 193.89 2.67 DigitalOcean DOCN 128.89 1.72 Dillard's DDS 618.14 5.28 Disney DIS 98.18 0.04 DocuSign DOCU 57.54 2.41 DollarGeneral DG 127.26 -0.46 DollarTree DLTR 130.71 1.36 DominionEner D 69.22 0.47 Domino's DPZ 367.63 3.22 Donaldson DCI 98.14 2.12 DoorDash DASH 202.37 1.87 Dover DOV 209.93 4.21 Dow DOW 30.33 0.44 DrReddy'sLab RDY 12.10 0.03 DraftKings DKNG 23.61 0.11 DukeEnergy DUK 124.27 -0.01 DuPont DD 142.93 1.65 DutchBros BROS 64.11 -0.87 DycomInds DY 415.08 0.10 Dynatrace DT 45.71 1.17 EMCOR EME 819.88 2.46 ENI E 53.48 -1.02 EOG Rscs EOG 143.52 -2.16 EQT EQT 52.77 -0.79 EastWestBncp EWBC 133.40 1.25 EastGroup EGP 204.17 -4.31

s Eaton ETN 444.77 6.54 eBay EBAY 109.61 2.48 EchoStar ECHO 91.60 5.97 Ecolab ECL 283.14 3.71 Ecopetrol EC 16.31 -0.29 EdisonIntl EIX 70.69 -0.77 EdwardsLife EW 89.60 0.78 ElancoAnimal ELAN 25.60 -0.12 ElbitSystems ESLT 849.27 19.12

s ElectronicArts EA 209.70 -0.21 ElevanceHealth ELV 378.00 -4.77 Embraer EMBJ 70.52 -0.42 Emera EMA 52.37 -0.30 EmersonElec EMR 158.84 3.99 Enbridge ENB 53.41 -0.69 EncompassHealth EHC 110.50 -1.97 EnergyTransfer ET 20.33 0.05

EnlightRenewableEn ENLT 90.54 7.84 EnsignGroup ENSG 176.13 -1.10 Entegris ENTG 144.56 19.36 Entergy ETR 108.86 0.80 EnterpriseProd EPD 38.12 0.25 Equifax EFX 177.12 3.01 Equinix EQIX 1051.53 20.09 Equinor EQNR 39.17 -0.74 EquinoxGold EQX 9.58 0.40 Equitable EQH 48.25 0.25 EquityLife ELS 64.91 -0.76 EquityResdntl EQR 67.69 0.12 ErieIndemnity ERIE 244.53 7.67 EssentialUtil WTRG 39.56 0.78 EssexProp ESS 287.21 1.33 EsteeLauder EL 86.97 2.29 EvercoreA EVR 319.73 1.39 Everest EG 369.21 -2.84 Evergy EVRG 83.84 0.61 Everpure P 83.92 3.78 EversourceEner ES 72.70 0.75 Exelixis EXEL 56.00 0.94 Exelon EXC 45.84 0.21 ExpandEnergy EXE 93.07 -1.59

BUSINESS & FINANCE

“For the second half of the

year, however, we expect raw- material costs to increase substantially and have already taken steps to address this,” said Chief Financial Officer Roland Welzbacher. Continental has been work- ing through a strategic reset in which it has shed various business units as it seeks to focus on its tires business. It has spun off and listed its Aumovio automotive unit, sold its original equipment solutions business and agreed to sell its ContiTech unit that manufactures products like

s Expedia EXPE 312.06 14.03 ExpeditorsIntl EXPD 181.48 10.89 ExtraSpaceSt EXR 149.86 0.13 ExxonMobil XOM 153.96 -1.10 F5 FFIV 412.25 5.90 FTAI Aviation FTAI 221.96 -3.19 Fabrinet FN 531.03 75.09 FactSet FDS 274.49 4.81 FairIsaac FICO 1046.99 1.53 Fastenal FAST 49.71 1.60 FederalRealty FRT 122.82 -0.83 FedEx FDX 313.34 4.10 FedExFreight FDXF 142.70 3.68 FergusonEnts FERG255.51 5.43 Ferrari RACE 402.79 1.51 Ferrovial FER 66.52 0.44 FidNatlFinl FNF 51.51 -0.08 FidNatlInfo FIS 44.26 -0.52 FifthThirdBncp FITB 57.77 0.87 Figma FIG 27.12 2.20

s FirstCitizBcshA FCNCA 2251.82 33.38 FirstHorizon FHN 26.09 0.29 FirstSolar FSLR 243.63 10.90 FirstEnergy FE 48.28 -0.15 Fiserv FISV 55.78 1.43 FiveBelow FIVE 222.30 5.60 Flex FLEX 126.71 9.26 Flowserve FLS 79.55 3.01 FlutterEnt FLUT 104.96 -1.00 FEMSA FMX 126.28 0.53 FordMotor F 14.24 -0.19 ForgentPwr FPS 39.40 3.11 Fortinet FTNT 168.29 5.08 Fortis FTS 56.58 0.05 Fortive FTV 60.51 1.05 FoxA FOXA 59.08 0.38 FoxB FOX 52.82 0.20 Franco-Nevada FNV 218.86 4.24

s FranklinRscs BEN 35.77 0.53 FreedomHolding FRHC 154.50 1.74 FreeportMcM FCX 67.30 3.66 FreseniusMedCare FMS 24.01 -1.25 FullTruck YMM 9.65 -0.07 Futu FUTU 109.00 1.96 G H I

GE Aerospace GE 377.28 8.35 GE HealthCare GEHC 70.26 0.53 GE Vernova GEV 1018.53 11.77 GFLEnvironmental GFL 42.06 0.06 GSK GSK 51.53 0.02 Gallagher AJG 248.06 0.27 Gaming&Leisure GLPI 44.41 -0.40

s Garmin GRMN 307.36 2.60 Gartner IT 185.79 34.26 GenDigital GEN 28.27 0.10 Generac GNRC 218.63 17.42 GeneralDynamics GD 385.76 3.33 GeneralMills GIS 36.19 0.19 GeneralMotors GM 88.31 0.63 Genmab GMAB 29.02 0.34 GenuineParts GPC 132.55 4.03

s Gerdau GGB 5.10 0.04 Gildan GIL 56.76 1.56 GileadSciences GILD 135.25 4.10 Glaukos GKOS 170.53 -0.34 GlobalPayments GPN 88.25 2.06 GlobalFoundries GFS 52.02 2.01 Globalstar GSAT 83.69 -0.49 GlobeLife GL 183.90 -0.19 GlobusMedical GMED 81.51 0.05 GoDaddy GDDY 89.09 0.64 GoldFields GFI 34.11 0.15 GoldmanSachs GS 1052.98 25.92 Grab GRAB 3.72 0.05 Graco GGG 82.31 2.01 Grainger GWW 1300.45 -70.80 GAP PAC 220.70 2.56 GrupoCibest CIB 90.01 -1.10 GuardantHealth GH 159.79 0.96 Guidewire GWRE 160.31 2.98 HCA Healthcare HCA 400.73 -5.88 HDFC Bank HDB 23.89 -0.21 HF Sinclair DINO 88.25 -0.40 HP HPQ 28.82 1.70 HSBC HSBC 106.04 -1.82 H World HTHT 42.31 -0.32 Haleon HLN 9.78 -0.02 Halliburton HAL 32.36 0.47 HalozymeTherap HALO 83.23 0.96 HarmonyGold HMY 16.88 0.41 HartfordIns HIG 142.05 -0.85 Hasbro HAS 91.51 0.04 HealthpeakProp DOC 21.62 -0.02 HeclaMining HL 15.39 0.96

s Heico HEI 367.66 7.22 HeicoA HEI.A 265.96 4.14

s HenrySchein HSIC 89.11 2.60 Hershey HSY 179.04 1.37 HewlettPackard HPE 52.39 2.15 Hilton HLT 312.07 -2.27 HomeDepot HD 348.24 8.22 HondaMotor HMC 30.12 0.52 HoneywellAero HONA 216.48 8.21 Honeywell HON 248.79 2.02 HormelFoods HRL 25.34 0.11 DR Horton DHI 150.37 3.71 HostHotels HST 24.98 -0.11 HowmetAerospace HWM 288.20 1.86 Hubbell HUBB 502.24 26.20 HubSpot HUBS 248.89 8.97 HudbayMinerals HBM 24.77 1.37 Humana HUM 362.16 -12.34 JBHunt JBHT 274.48 7.57 HuntingtonBcshs HBAN 17.56 0.20 HuntingIngalls HII 323.06 -2.89 Hut8 HUT 101.16 -10.92 HyattHotels H 173.60 2.02 ICICI Bank IBN 30.33 0.07 IDEX IEX 237.89 5.19 IdexxLab IDXX 588.09 20.25 IES Holdings IESC 760.36 35.37

s ING Groep ING 35.34 -0.01 INNIO INIO 27.35 2.44

s Invesco IVZ 32.00 1.09 IQVIA IQV 228.20 -5.16 IREN IREN 40.85 1.10 ITT ITT 204.65 6.21 IcahnEnterprises IEP 7.73 -0.03 Icon ICLR 156.85 -1.56 IllinoisToolWks ITW 295.06 6.57 Illumina ILMN 203.01 4.85 ImperialOil IMO 127.42 1.07 Incyte INCY 120.60 2.17 Infosys INFY 12.60 0.35 IngersollRand IR 89.46 1.68 Insmed INSM 98.75 0.30 Insulet PODD 166.82 -2.88 Intel INTC 100.86 9.86 InteractiveBrkrs IBKR 88.63 0.88 ICE ICE 149.20 -2.60 InterContHtls IHG 157.11 -0.89 IBM IBM 235.15 8.84 IntlFlavors IFF 80.89 0.31 IntlPaper IP 42.31 0.86 Intuit INTU 323.60 5.21 IntuitiveSurgical ISRG 368.27 -7.15 InvitatHomes INVH 30.47 -0.02 IonQ IONQ 41.72 2.87 IronMountain IRM 125.51 1.43 ItauUnibanco ITUB 8.19 -0.30 J K L

conveyor belts and materials

for vehicle interiors. Last month’s agreement to sell ContiTech to private-eq- uity firm Lone Star Funds val- ues the business at around $4.6 billion and includes po- tential additional payments of up to $286 million. As a result, ContiTech will be reported as a discontinued operation going forward and is no longer included in the consolidated outlook. “Now, we are in the final phase of our realignment as a pure-play tire manufacturer,” said Continental Chief Execu-

s JonesLang JLL 367.86 1.80 KB Financial KB 119.98 -0.13 KE Holdings BEKE 17.14 -0.15 KKR KKR 108.21 1.65 KLA KLAC 195.45 12.70 Kaspi.kz KSPI 92.00 ... Kenvue KVUE 19.55 0.54 KeurigDrPepper KDP 31.10 0.19 KeyCorp KEY 23.10 0.29 KeysightTech KEYS 341.24 19.35 KimberlyClark KMB 111.57 4.01 KimcoRealty KIM 25.01 -0.40 KinderMorgan KMI 31.38 -0.02 KinrossGold KGC 23.60 0.17 Klarna KLAR 20.61 0.81 Knight-Swift KNX 71.62 3.20 Philips PHG 26.47 0.24 KoreaElecPwr KEP 12.34 0.23 KraftHeinz KHC 26.64 0.22 Kroger KR 57.79 -0.43 LatamAirlines LTM 55.66 1.15 LPL Financial LPLA 354.24 -6.11 L3HarrisTech LHX 285.30 7.44 Labcorp LH 312.34 4.92 LamResearch LRCX 317.74 23.13 LamarAdv LAMR 158.91 1.30 LasVegasSands LVS 46.02 -0.96 LatticeSemi LSCC 138.00 10.82 Leidos LDOS 130.60 11.88 Lennar A LEN 87.02 1.82 Lennar B LEN.B 85.41 2.02 LennoxIntl LII 446.74 11.74 LeonardoDRS DRS 45.27 -0.54 LeviStrauss LEVI 24.50 -0.12 LiAuto LI 12.86 -0.26 LibertyLiveA LLYVA 99.57 0.42 LibertyLiveC LLYVK 103.54 0.70 LibertyFormOne C FWONK 96.43 -1.31 LibertyFormOne A FWONA 88.52 -0.69 LifeTime LTH 44.73 0.56 EliLilly LLY 1115.68 -5.68 LincolnElectric LECO 277.64 9.85 Linde LIN 484.64 4.18 Lineage LINE 41.94 0.06 Littelfuse LFUS 466.46 21.26 LiveNationEnt LYV 183.70 2.01 LloydsBanking LYG 6.22 -0.04 LockheedMartin LMT 589.33 3.04 Loews L 115.98 -0.27 LogitechIntl LOGI 108.95 3.84 Lowe's LOW 218.08 6.02 lululemon LULU 123.03 -0.64 Lumentum LITE 849.47 69.58 LyondellBasell LYB 61.11 0.49 M N

Macom Tech MTSI 273.31 17.21 M&T Bank MTB 253.06 3.58 MGM Resorts MGM 45.72 1.22 MKS MKSI320.76 10.78

s MPLX MPLX 60.51 1.60 MSCI MSCI 571.47 -2.96 MadisonAirSolns MAIR 31.75 2.57 MSG Sports MSGS 394.97 10.09 MadrigalPharm MDGL 507.56 25.56

s MagnaIntl MGA 70.04 2.17 MagnumIceCrm MICC 18.29 -0.08 ManhattanAssoc MANH 189.42 2.18 ManulifeFinl MFC 44.77 0.26 Maplebear CART 45.65 0.26 MarathonPetrol MPC 312.61 5.58 Markel MKL 1887.65 8.56 Marriott MAR 345.20 -1.63 Marsh MRSH 191.45 -1.39 MartinMarietta MLM 555.82 13.55 MarvellTech MRVL 218.59 24.82 Masco MAS 77.08 2.35 MasTec MTZ 271.71 10.49 Mastercard MA 571.10 0.13

s MatchGroup MTCH 41.24 0.70 McCormickVtg MKC.V 51.40 -1.45 McCormick MKC 52.06 0.54 McDonald's MCD 268.34 3.11 McKesson MCK 830.43 3.29 Medline MDLN 42.04 1.57 Medpace MEDP 575.08 1.79 Medtronic MDT 86.20 -0.48 MercadoLibre MELI 1888.50 -10.29 Merck MRK 128.00 0.23 MetaPlatforms META 587.94 -2.30 MetLife MET 96.13 0.41 Mettler-Toledo MTD 1437.00 -8.00 MicrochipTech MCHP 80.67 5.45 MicronTech MU 892.67 63.17 Microsoft MSFT 492.81 5.16 MidAmApt MAA 133.21 -0.26 MillicomIntl TIGO 92.86 -1.44 MitsubishiUFJ MUFG 21.83 -0.66 MizuhoFin MFG 10.34 0.08 Moderna MRNA 56.99 1.85 ModineMfg MOD 201.71 5.79 MolinaHealthcare MOH 191.36 -3.41 Mondelez MDLZ 62.08 0.35 MongoDB MDB 380.04 22.07 MonolithicPower MPWR 1335.03 -9.34 MonsterBev MNST 94.18 0.63 Moody's MCO 483.67 0.31 Moog B MOG.B 392.94 -4.02 Moog A MOG.A 408.79 12.91 MorganStanley MS 217.04 5.81 MotorolaSol MSI 442.85 5.66 MuellerInds MLI 68.35 1.80 MurphyUSA MUSA 589.54 -3.23 NIO NIO 4.76 -0.05

t NRG Energy NRG 117.04 -21.43 NVR NVR 6267.35 63.25 NXP Semicon NXPI 237.60 13.43 Nasdaq NDAQ 93.62 -0.52 Natera NTRA 275.19 4.83 NationalGrid NGG 80.42 0.56 NatWest NWG 19.12 -0.30 Nebius NBIS 225.74 13.16

s NetApp NTAP 190.46 7.54 NetEase NTES 130.60 -0.98 Netflix NFLX 73.57 0.24 Neurocrine NBIX 166.06 -0.17 NewOrientalEduc EDU 56.28 -2.78 NYTimes A NYT 75.61 0.17 Newmont NEM 97.73 2.36 NewsCorp A NWSA 28.59 0.65 NewsCorp B NWS 32.72 0.93 NextEraEnergy NEE 87.20 0.65 Nextpower NXT 98.44 7.77 Nike NKE 41.53 -1.11 NiSource NI 44.53 ... Nokia NOK 9.92 0.56 Nomura NMR 9.74 0.15

s Nordson NDSN 309.67 7.05 NorfolkSouthern NSC 341.27 4.62 NorthernTrust NTRS 182.41 0.21 NorthropGrum NOC 551.55 3.08 Nova NVMI 413.50 19.81 Novartis NVS 153.27 -0.40 NovoNordisk NVO 44.28 -2.81 NuHoldings NU 14.33 -0.11

s Nucor NUE 274.04 12.76 Nutanix NTNX 61.50 0.44 Nutrien NTR 66.92 0.96 nVentElectric NVT 162.24 2.83 NVIDIA NVDA 211.94 5.30 O P Q

Oracle ORCL 145.74 3.89 Orix IX 40.24 0.27 OscarHealth OSCR 30.38 -0.36 OtisWorldwide OTIS 73.64 1.45 Ovintiv OVV 60.75 -1.13 OwensCorning OC 145.53 2.32 PDD PDD 91.03 0.88 PG&E PCG 17.45 0.02 PNC Finl PNC 254.14 2.42 POSCO PKX 54.68 1.74 PPG Ind PPG 117.80 3.79 PPL PPL 35.18 -0.02 PTC PTC 141.68 1.83 Paccar PCAR 135.96 3.90 PackagingCpAm PKG 255.48 4.39 PalantirTech PLTR 162.66 37.01 PaloAltoNtwks PANW 366.34 19.21 PanAmerSilver PAAS 44.91 1.18 ParkerHannifin PH 992.65 -4.87 Paychex PAYX 118.66 0.99 PayPal PYPL 58.54 0.67 PayPay PAYP 16.69 0.42 Pearson PSO 16.55 -0.21 PembinaPipeline PBA 48.38 0.30 PenskeAuto PAG 219.05 1.55 Pentair PNR 68.48 1.41 Penumbra PEN 324.22 1.20 PepsiCo PEP 139.10 -0.53 PerformanceFood PFGC 112.41 -1.95 PermianRscs PR 20.50 -0.40 PershingSquare PS 35.99 0.93 PetroleoBrasil PBR 18.72 -0.34 PetroleoBrasilA PBR.A 16.53 -0.32 Pfizer PFE 25.41 0.38 PhilipMorris PM 186.91 -0.50 Phillips66 PSX 205.89 -0.30

s PinnacleFinPtrs PNFP 109.03 1.49 PinnacleWest PNW 101.45 0.64 Pinterest PINS 25.58 1.42 PlainsAllAmPipe PAA 23.55 -0.65 PlainsGP PAGP 25.45 -0.55 Popular BPOP 175.79 2.14 Primerica PRI 318.15 0.90 PrincipalFinl PFG 115.25 0.12 Procter&Gamble PG 148.01 3.04 Progressive PGR 210.75 0.29 Prologis PLD 139.05 -5.10 PrudentialFinl PRU 123.54 0.56 Prudential PUK 29.51 -0.54

t PSEG PEG 76.27 -0.35 PublicStorage PSA 326.49 0.59 PulteGroup PHM 131.68 2.39 QXO QXO 15.34 1.25 QnityElec Q 141.67 8.37 Qualcomm QCOM 162.67 11.10 QuantaServices PWR 693.00 12.80 Quantinuum QNT 58.14 2.49 QuestDiag DGX 233.72 1.77 R S

RBC Bearings RBC 565.96 -4.31 RB Global RBA 111.06 -1.16 RELX RELX 36.80 0.64 RPM RPM 115.09 3.60 RTX RTX 217.93 1.28 RalphLauren RL 377.92 -2.25 Rambus RMBS 100.55 8.34 RangeResources RRC 39.71 -0.65

s RaymondJames RJF 178.57 0.89 RealtyIncome O 62.90 -0.58 Reddit RDDT 159.97 5.26 RegalRexnord RRX 220.04 8.83 RegencyCtrs REG 79.43 -0.87 RegenPharm REGN 760.66 1.42 RegionsFinl RF 31.95 0.47 ReinsGrp RGA 236.19 -0.18 Reliance RS 414.91 5.52 RenaissanceRe RNR 321.75 0.38 RentokilInit RTO 25.06 1.21 RepublicSvcs RSG 207.66 -1.96 ResMed RMD 223.14 7.95 RestaurantBrands QSR 73.88 0.94 RevolutionMed RVMD 193.46 11.01 Revvity RVTY 111.39 -3.83 RioTinto RIO 99.01 3.11 Rivian RIVN 15.76 0.40 Robinhood HOOD 93.51 3.17 Roblox RBLX 37.00 0.33 RocketCos. RKT 14.11 0.43 RocketLab RKLB 74.48 4.05 Rockwell ROK 445.23 -35.75 RogersComm B RCI 33.85 -0.20 RoivantSciences ROIV 34.59 1.27 Roku ROKU 147.33 1.49 Rollins ROL 37.81 -0.38 RoperTech ROP 392.76 0.19 RossStores ROST 251.06 -1.85 RoyalBkCanada RY 208.54 -1.93 RoyalCaribbean RCL 325.74 1.74 RoyalGold RGLD 206.03 3.99 RoyaltyPharma RPRX 57.48 0.31 Rubrik RBRK 80.99 6.25 RyanSpecialty RYAN 44.60 0.97 Ryanair RYAAY 60.19 0.23 RyderSystem R 268.80 6.44 SAP SAP 195.49 5.84 S&P Global SPGI 412.53 -3.72 SBA Comm SBAC187.90 8.36

s SEI Investments SEIC 104.72 0.53 SK hynix SKHY 154.38 11.66 SK Telecom SKM 34.80 2.56 SLB SLB 50.81 1.50 SPX Tech SPXC 215.97 1.84 SS&C Tech SSNC 81.06 1.68 Saia SAIA 374.33 14.23 SailPoint SAIL 17.40 0.20 Salesforce CRM 190.99 5.04 Samsara IOT 38.60 1.47 Sandisk SNDK 1427.62139.59 Sanmina SANM 207.46 14.23 Sanofi SNY 42.68 -0.27 SchwabC SCHW 106.35 0.48 Sea SE 111.44 0.29 Seagate STX 845.35 14.29 Sempra SRE 86.65 -1.08 Semtech SMTC 129.16 10.08 ServiceIntl SCI 85.60 -0.33 ServiceNow NOW 118.14 3.95

s SharkNinja SN 168.19 7.62 Shell SHEL 89.84 -1.24 SherwinWilliams SHW 361.57 7.35 ShinhanFin SHG 71.67 0.49 Shopify SHOP 123.30 6.29 SimonProperty SPG 225.90 -3.26 SiriusXM SIRI 30.75 0.38 SiTime SITM 583.06 32.74 Smith&Nephew SNN 30.44 -1.71 SmithfieldFds SFD 25.34 -0.64 Smucker SJM 119.17 1.67 SmurfitWestrock SW 48.52 1.64 Snap-On SNA 418.34 8.93

s Snowflake SNOW 316.77 9.24 SOQUIMICH SQM 68.58 1.55 SoFiTech SOFI 18.70 0.67 SolsticeAdvMatls SOLS 63.52 1.29 Solventum SOLV 87.94 -0.13 Somnigroup SGI 69.69 3.05 Sony SONY 22.35 -0.28 Southern SO 93.25 0.31 SoCopper SCCO 195.16 9.25

s SouthStateBk SSB 109.43 1.58 SouthwestAir LUV 48.70 1.63 SpaceX SPCX 125.33 10.80 Spotify SPOT478.17 -8.16 StandardAero SARO 30.68 0.71

tive Christian Kotz.

Continental expects to re- port sales in its tires unit this year of between 13.2 billion and 14.2 billion euros, equiva- lent to $15.19 billion to $16.34 billion, and an adjusted earn- ings before interest and taxes margin of 13% to 14.5%. For the group as a whole, the margin is forecast to be 12% to 13.5% with sales tar- geted within the same range as the tires unit. For the discontinued oper- ations of ContiTech, Conti- nental expects sales of €4.2 billion to €4.8 billion and an

SumitomoMits SMFG 24.86 -0.39 SummitTherap SMMT 13.76 0.72 SunComms SUI 121.67 -0.79 SunLifeFinancial SLF 82.27 -0.19 SunbeltRentals SUNB 80.43 5.36 SuncorEnergy SU 64.45 -1.53 Sunoco SUN 74.33 -3.08 SuperMicroComp SMCI 31.69 3.05 Suzano SUZ 8.35 -0.18 Symbotic SYM 47.46 1.61 SynchronyFinl SYF 79.08 1.24 Synopsys SNPS 403.86 11.79 Sysco SYY 82.79 -2.19 T U V

TC Energy TRP 65.37 -0.49 TD Synnex SNX 263.79 9.97 TE Connectivity TEL 216.82 11.85

t Telus TU 9.53 -0.06 Ternium TX 50.34 0.60 TFI Intl TFII 141.63 6.83 TJX TJX 157.55 0.05 TKO TKO 184.51 0.60 T-MobileUS TMUS 177.21 0.12 TPG TPG 48.98 2.66 T.RowePrice TROW 115.79 2.28 TTM Tech TTMI 132.79 11.58 TaiwanSemi TSM 417.17 11.06 Take-TwoSftwr TTWO 240.22 -4.93 TakedaPharm TAK 16.56 -0.27 TalenEnergy TLN 340.00 -4.49 Tapestry TPR 155.97 0.34 TargaResources TRGP 262.98 -1.62 Target TGT 148.11 -1.24 TechnipFMC FTI 70.02 0.83 TeckResourcesB TECK 64.74 4.54 TeledyneTech TDY 684.76 14.20 Ericsson ERIC 10.27 0.19 TelefonicaBras VIV 12.32 -0.40 TelekomIndns TLK 15.27 0.09 Tenaris TS 57.96 0.81 TencentMusic TME 9.62 0.09 TenetHealthcare THC 253.33 3.34 Teradyne TER 403.56 37.76 TeraWulf WULF 18.88 0.05 Tesla TSLA 327.35 5.27 TevaPharm TEVA 34.43 -0.03 TexasInstruments TXN 283.63 14.59 TexasPacLand TPL 395.52 -10.63 TexasRoadhouse TXRH 208.24 -2.43 Textron TXT 89.12 2.73 ThermoFisher TMO 564.75 -9.28 ThomsonReuters TRI 109.15 7.54 3M MMM 181.45 4.22 Timken TKR 132.03 -9.72

BANKRATE.COM® MMA, Savingsand CDs

Average Yields ofMajor Banks

Tuesday, August4, 2026

Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR National average Savings 0.43 0.92 1.08 1.38 1.86 2.02 1.80 1.57 1.73 Jumbo 1.12 0.50 0.51 1.45 1.67 1.99 1.80 1.50 1.67 Weekly change Savings -0.01 0.00 -0.01 0.00 0.01 0.02 0.00 -0.01 0.01 Jumbo -0.01 0.00 0.01 0.01 0.00 0.00 0.01 -0.01 0.00

Consumer Savings Rates

Below are the top federally insured offers available nationwide according to Bankrate.com's weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. High yield savings

Bank Yield Bank Yield Phone number Minimum (%) Phonenumber Minimum (%) Money market account Six-month CD Newtek Bank $0 4.20 LimelightBank,adivisionofCapitalCommunityBank $1,000 4.15 888-681-7238 800-639-6015 PiBank $0 4.10 Popular Direct $10,000 4.15 877-678-0888 800-274-5696 Peak Bank $100 4.01 Rising Bank $1,000 4.05 866-484-5705 888-222-9484 One-month CD One-year CD EagleBank $1,000 3.65 E*Trade $0 4.40 301-986-1800 800-387-2331 FinWise Bank $500 2.68 EagleBank $1,000 4.25 801-545-6000 301-986-1800 Lone Star Bank $1,000 0.20 Popular Direct $10,000 4.25 713-358-9400 800-274-5696 Two-month CD Two-year CD

Moneymarketaccount

Six-monthCD

StateBankofIndiaCalifornia $1,000 3.75 Popular Direct $10,000 4.45 877-707-1995 800-274-5696 FinWise Bank $500 2.68 Merrick Bank $25,000 4.35 801-545-6000 866-638-6851 Lone Star Bank $1,000 0.20 ETrade $0 4.30 713-358-9400 800-387-2331 Three-month CD Five-year CD Northern Bank Direct $500 4.00 Popular Direct $10,000 4.50 844-348-8996 800-274-5696 WebBank $2,500 3.96 ETrade $0 4.35 844-994-2265 800-387-2331

BaskBank,adivofTexasCapitalBank $1,000 3.95 Sallie Mae Bank $2,500 4.35 833-260-4320 877-346-2756 High yield jumbos-Minimum is $100,000

Credit One Bank, NA $100,000 4.00 Credit One Bank, NA $100,000 4.05 877-825-3242 877-825-3242 EverBank $100,000 3.80 ETrade $100,000 4.05 888-882-EVER 800-387-2331 BankFive $100,000 3.65 Luana Savings Bank $100,000 4.04 508-679-8551 800-666-2012 One-month CD One-year CD Bank of Hope $100,000 0.20 Credit One Bank, NA $100,000 4.05 855-325-2226 877-825-3242 Lone Star Bank $100,000 0.20 ETrade $100,000 4.05 713-358-9400 800-387-2331 USAAFederalSavingsBank$100,000 0.05 Luana Savings Bank $100,000 4.04 800-531-8722 800-666-2012 Two-month CD Two-year CD Lone Star Bank $100,000 0.20 ETrade $100,000 4.30 713-358-9400 800-387-2331 Applied Bank $100,000 0.05 Luana Savings Bank $100,000 4.09 888-839-7952 800-666-2012 Citizens Trust Bank $100,000 0.01 Credit One Bank, NA $100,000 3.95 888-214-3099 877-825-3242 Three-month CD Five-year CD Luana Savings Bank $100,000 3.75 ETrade $100,000 4.35 800-666-2012 800-387-2331 Washington Savings Bank$100,000 3.60 QuorumFederalCreditUnion$100,000 4.15 978-458-7999 800-874-5544 Lone Star Bank $100,000 2.80 Credit One Bank, NA $100,000 4.05 713-358-9400 877-825-3242

adjusted EBIT margin of 7.0%

to 8.5%. The company reported sec- ond-quarter group adjusted earnings before interest and taxes of €570 million, up from €422 million a year earlier, with a margin of 12.9%. Sales fell 9.1% to €4.41 billion, mainly as a result of the com- pany selling its original equipment solutions business in February. A company-compiled con- sensus had seen adjusted EBIT of €539.4 million with a margin of 12.2% on sales of €4.41 billion.

Toast TOST 33.81 1.02 TollBros TOL 153.24 2.78 TorontoDomBk TD 119.39 -1.76 TotalEnergies TTE 85.19 -2.01 TowerSemi TSEM239.53 5.21 ToyotaMotor TM 189.17 3.00 TractorSupply TSCO 33.12 1.01 Tradeweb TW 100.48 -0.52 TraneTech TT 472.24 11.03 TransDigm TDG 1275.05 -10.51 TransUnion TRU 81.72 1.74 Travelers TRV 377.15 3.33 Trimble TRMB 59.81 2.02 Trip.com TCOM 46.84 -0.46 TruistFinl TFC 52.66 0.74 Twilio TWLO 194.05 -2.54 TylerTech TYL 313.33 7.79 TysonFoods TSN 58.74 -0.87 UBS Group UBS 53.46 0.71 UDR UDR 38.55 -0.14

Vicor VICR 226.48 12.94

s Viking VIK 107.52 1.05 ViperEnergy VNOM 42.34 -1.35 Visa V 369.59 3.92 Vistra VST 143.23 -12.71 Vodafone VOD 15.69 0.08 VulcanMatls VMC 285.10 1.51 W X Y Z

WEC Energy WEC 109.25 -0.03 W.P.Carey WPC 72.32 -0.59 Wabtec WAB 299.07 2.60 Walmart WMT 111.55 0.84 WarnerBrosA WBD 25.79 -0.30 WarnerMusic WMG 25.80 0.70 WasteConnections WCN 165.57 -2.24 WasteMgt WM 225.25 -1.18 Waters WAT 396.08 21.34 Watsco WSO 335.07 17.06

t Watsco B WSOB 316.24 -2.87 WattsWater WTS 358.09 7.57 Wayfair W 116.08 26.77

s U-Haul UHAL 73.80 2.15 U-Haul N UHAL/B 64.67 1.12 UL Solutions ULS 78.34 -12.71

s WebsterFin WBS 77.95 0.03 WellsFargo WFC 88.39 0.50 Welltower WELL 231.57 -1.53 WescoIntl WCC 374.10 12.77 WestPharmSvcs WST 348.76 0.82 WesternDigital WDC 548.56 21.34 WesternMidstrm WES 46.67 -0.07 Weyerhaeuser WY 25.83 0.60 WheatonPrecMtls WPM 115.41 3.55 Williams WMB 71.51 1.08

s UMB Fin UMBF 148.33 1.29 US Foods USFD 99.04 -0.63 Uber UBER 71.99 0.38 Ubiquiti UI 560.00 11.34 UltaBeauty ULTA 543.86 9.45 Unilever UL 64.08 0.28 UnionPacific UNP 296.35 5.12 UnitedAirlines UAL 132.62 4.23 UnitedMicro UMC 20.63 1.94 UPS B UPS 109.11 2.24 UnitedRentals URI 1150.13 34.21

s Williams-Sonoma WSM 248.88 9.08 WillisTowers WTW 339.63 -2.00 WintrustFinl WTFC 162.97 1.21 Wipro WIT 2.05 ... Wise WSE 12.36 0.03 WoodsideEnergy WDS 22.42 -0.27 Woodward WWD 373.67 10.10 WooriFinl WF 69.94 0.80 Workday WDAY 171.28 6.23 WynnResorts WYNN 97.60 -0.76 XPO XPO 203.29 6.28 XcelEnergy XEL 77.75 0.06 XPeng XPEV 12.05 -0.32 Xylem XYL 122.17 3.09 Yum!Brands YUM 147.68 -1.12 YumChina YUMC 47.87 -0.48 ZTO Express ZTO 23.98 -0.64

s US Bancorp USB 64.23 0.29 UnitedTherap UTHR 518.68 2.37 UnitedHealth UNH 407.55 -7.81 UnitySoftware U 35.22 1.84 UniversalHealthB UHS 167.87 -1.17 UnumGroup UNM 91.39 1.28 VICI Prop VICI 26.59 0.05 Vale VALE 14.83 0.25 ValeroEnergy VLO 308.73 1.19 ValmontInds VMI 503.50 14.91 VeevaSystems VEEV 211.86 5.61 Ventas VTR 90.85 ... VentureGlobal VG 12.84 -0.24 Veralto VLTO 96.45 1.63 VeriSign VRSN 299.20 0.31 VeriskAnalytics VRSK 192.80 -0.31 Verizon VZ 46.88 -0.48 VertexPharm VRTX 478.71 7.98 Vertiv VRT 269.93 6.88 ViaSat VSAT 86.16 4.87 Viatris VTRS 17.70 0.07 ViaviSolutions VIAV 40.32 2.57

s ZebraTech ZBRA 368.83 77.19 ZimmerBiomet ZBH 95.81 -1.17 ZionsBancorp ZION 71.77 0.93 Zoetis ZTS 76.04 -1.06 ZoomComms ZM 102.12 3.87 Zscaler ZS 163.22 8.76

Page 27

InvestorsRaiseBarforChipStocks

Semiconductor index

falls briefly into bear market despite strong profits

BY JACK PITCHER

South Korean memory-chip manufacturer SK Hynix late last month booked roughly $65 billion in profit for the quarter ended June 30, a 13-fold in- crease from last year. Hynix earned almost as much money in 90 days as it had in the prior 29 years since its IPO, total. Shares fell 8.7% after the re- sults. The report, though out- standing on basically every measure, still fell short of Wall Street’s sky-high ex- pectations for chip companies. Investors still reward strong earnings broadly. Up- beat results from companies including Caterpillar and Pal- antir helped power major in- dexes higher on Tuesday, with the Dow Jones Industrial Aver- age rising 1.7%, or around 907 points, to a record and its first close above 54000. The S&P 500 added 1.8%, while the Nas- daq composite surged 2.6%, bringing its four-session gain to 8.8% and marking its best such run since April 2025. But as Wall Street analysts tear up forecast after forecast for memory companies, clear- ing their bar has become a harder challenge—even as AI companies’ insatiable demand for computing power has cre- ated a semiconductor shortage and sent manufacturers’ prof-

SK Hynix*

TUESDAY’S MARKETS

AMD Shares Fall as Musk Commits to Nvidia

BY ROBBIE WHELAN

Advanced Micro Devices saw its shares fall more than 8% in after-hours trading Tuesday, despite record quar- terly sales, after SpaceX chief Elon Musk said that his com- pany would no longer buy AMD’s chips. In dueling earnings calls Tuesday afternoon, AMD highlighted surging sales of

ALI HAIDER/EPA/SHUTTERSTOCK

Aramco sold and produced fewer barrels, but its profit was boosted by skyrocketing oil prices.

Aramco’s

Profit Hits $33 Billion

ContinuedfrompageB1

The boost in oil revenue during the Iran war comes af- ter years of struggle for the government’s finances, which have been hit by ballooning spending and oil prices that sagged in the $60-a-barrel range. Before the war, the govern- ment had begun to cut back some of its priciest initiatives, scrapping construction for most of its project in Neom, a futuristic planned city that would have cost trillions of dollars to complete. Over the three months ending in June, Aramco sold its crude oil for an average of around $108 a barrel, a jump of more than 60% compared with $67 a barrel a year ago, according to its quarterly re- port. Total production of hy-

Estimated quarterly income vs. same period a year ago

2026 2025

Broadcom (Reports Sept. 2)

AMD (Reported yesterday)

Sandisk (Reports Wednesday)

–$23M

$0 billion 2

4 6 8 10 12

*Converted to U.S. dollars

its soaring. With a little more than half of the PHLX Semiconductor In- dex reporting second-quarter earnings so far, profits have grown a collective 144% from a year earlier, according to LSEG data. At the same time, the PHLX Semiconductor Index has retreated about 17% from its June 22 record and briefly entered bear-market territory for the first time since 2024. “Unprecedented” profit in- creases had been largely priced in by investors ahead of this earnings season, said Sh- aon Baqui, research analyst at Janus Henderson. “It hasn’t been enough just to put up numbers. You have to really shock-and-awe.” Chip companies have recov- ered some from investors’ ini- tial disappointment. The semi- conductor index added 6.6% Tuesday and has staged a 17% comeback from the recent sell- off’s bottom last Wednesday, led by SK Hynix. Now bulls are hoping for more results that extend the momentum, with several more big chip makers set to report

‘Unprecedented’

profit increases had been largely priced in by investors.

PHLX Semiconductor Index

data-center chips, while Musk praised its biggest rival, mar- ket leader Nvidia. “Going forward, we have decided to build exclusively on Nvidia, because we think the Blackwell architecture is the best architecture,” Musk told investors, explaining his strategy for investing in AI computing infrastructure. As recently as May, Musk had said that his two main

drocarbons, including crude, gas and natural-gas liquids such as ethane and propane declined by about a quarter. When the Strait of Hormuz effectively closed in March, the company sent more oil west across the kingdom’s East-West pipeline to the port of Yanbu in the Red Sea, by- passing the maritime choke- point. From Yanbu, tankers have carried crude south through the Bab al-Mandeb Strait to Asian customers or north through the Suez Canal to European buyers. As a whole, Saudi Arabia exported 4.6 million barrels a day of crude oil via sea in June, compared with 7.3 mil- lion barrels a day in February before the war, according to the latest data from the Paris- based International Energy Agency. Earnings for Saudi Aramco’s upstream production rose thanks to higher prices for crude oil. Meanwhile, its downstream earnings nearly doubled from a year earlier thanks to high margins for re- fined-oil products such as lu- bricants.

BUSINESS & FINANCE

Reported GAAP net income

2Q 2026 2Q 2025

Samsung Electronics*

Micron Technology

$0 billion 10 20 30 40 50 60

in coming days. The recent selloff has coin- cided with an apparent reduc- tion in some of the frothy, le- verage-fueled trading that helped push AI-related stocks higher for much of this year. Last week, individual investors net sold more than $6 billion worth of technology stocks, the most in any week since at least 2019, ac- cording to data from market maker Citadel Securities. Meanwhile, a large hedge fund that bor- rowed money to bet on chip companies and other AI-related stocks was forced to liquidate much of its portfolio to pay lenders who asked for their money back in the face of falling stock prices. Many of the fund’s biggest holdings bounced back after reports that the portfolio had been sold to another, larger firm last week. Several indicators show

companies, Tesla and SpaceX, would likely continue to buy both Nvidia and AMD chips. AMD reported $11.5 billion in revenue for the quarter ended June 27, narrowly beat- ing analysts’ expectations and the company’s guidance. Ana- lysts polled by FactSet had ex- pected quarterly revenue of $11.3 billion. The chip maker reported its fifth consecutive quarter of

ended June 27, narrowly beat- ing analysts’ expectations and the company’s guidance. Shares fell 9% in after-hours trading. Sandisk, reporting Wednes- day, is expected to post a profit of $5.26 billion, a year after taking a $23 million quarterly loss. Investors will need to wait until the end of the month for results from Nvidia, the world’s most valu- able company. Meanwhile, the combination of huge earnings increases and recent stock declines mean several big chip manufacturers look downright cheap by tradi- tional valuation metrics. Mem- ory-chip manufacturers Mi- cron Technology and Sandisk are trading at six and seven times their projected earnings over the next 12 months, re- spectively, compared with 20 times for the S&P 500. “Valuations have dropped to pretty attractive levels. Nvidia and TSMC now trade at a discount to the S&P 500 de- spite being the most critical businesses to the AI build- out,” Baqui said.

Chief Executive Amin H. Nasser said the conflict has removed more than 2.6 billion barrels of oil from the global supply, although emergency stock releases and alternative export routes reduced the net loss to about 1.8 billion bar- rels. Even if the Strait of Hor- muz reopened immediately, rebuilding the depleting global oil inventories would take up to 18 months at an average of 2.1 million barrels a day, Nas- ser said. Complicating any resump- tion to a prewar normal are recent threats from Houthi militants to enforce a blockade on Saudi Arabia in the Red Sea and several attacks against Saudi vessels. Blocking the kingdom from using the Bab al-Mandeb Strait would force more Saudi oil onto a longer, costlier and technically challenging jour- ney through Egypt’s Suez Ca- nal and around Africa. The company said on Tuesday that rerouting the Asia-bound car- goes would add roughly 20 to 25 days to the journey. Aramco can also transport crude oil from Yanbu port in

$8billion

that stock-market leverage has dropped meaningfully from the end of June as investors re- duced their risk. That leaves chip stocks in a healthier posi- tion to rally, with positioning less extreme than before, ana- lysts say. Analyst estimates for the sector’s full-year revenue and profit growth have plateaued at a very high level over the past month, but there haven’t been any other notable declines in chip-stock fundamentals, Ed Yardeni, president of Yardeni Re- search, wrote to clients on Thursday. ON Semiconductor re- ported a profit beat after the close on Monday, but shares traded little changed in the following session. Advanced Micro Devices reported after the bell Tues- day. AMD reported $11.5 billion in revenue for the quarter

record sales of its bread-and- butter processors as the rise of artificial-intelligence agents continues to drive an unprece- dented wave of demand. Data-center revenue dou- bled over the last year to a re- cord $6.7 billion and now rep- resents 58% of AMD’s total revenue, up from 42% a year ago, AMD said. The company, which is helmed by Chief Executive

the Red Sea to Ain Sokhna in Egypt, and then send it through the Sumed pipeline, which runs parallel to Suez, to the Egyptian port Sidi Kerir in the Mediterranean. The pipeline, however, has a capacity of 2.5 million bar- rels a day, compared with the full capacity of 7 million bar- rels a day of the East-West pipeline. Yanbu port itself has a loading capacity of 5 million barrels a day. In late July, Iran-backed Houthi militants attacked Aramco facilities in the cities of Jizan and Yanbu, in re- sponse to the Royal Saudi Air Force striking military targets in Yemen’s coastal province of Hodeida. On Tuesday, Aramco said some of its facilities and those of its affiliates in Saudi Arabia were targeted during the quarter and subsequently in July, but the incidents had no material effect on its financial position, operations or cash flows. The company said pro- duction, domestic fuel sup- plies and major projects re- mained intact despite the attacks.

14000

12000

10000

Jan. 2026 April Aug.

Lisa Su, reported net income of $2.3 billion for the quarter, exceeding the $1.7 billion Wall Street had expected, while op- erating income came in at $2 billion, slightly below ana- lysts’ expectations. AMD has pivoted sharply over the last year to serve customers running inference workloads, or the type of computing required to query AI models.

U.S. Sales

Boost Wayfair Shares 30%

BY KATHERINE HAMILTON

Wayfair said its U.S. busi- ness was showing signs of re- covery after a long period of sluggishness following the Covid-19 pandemic. The furniture company said sequential sales growth in the latest period made this the best second quarter since 2020. “While there’s still some broader macro uncertainty and depressed housing turnover, by our measure, this marked the first quarter of flat to slightly positive year-over-year category growth that we’ve seen in the U.S. since 2021,” Chief Executive Niraj Shah told analysts on a call Tuesday. Wayfair shares gained 30% to close at $116.08 on Tuesday. Revenue rose 7.5% to $3.52 billion. Analysts surveyed by FactSet had forecast revenue of $3.47 billion. In the U.S., sales were up 9%, the best performance in Way- fair’s post-Covid era, Shah said. It was high-earning Americans that have fueled much of this growth, Shah said, as Wayfair’s luxury brands outperformed. Wayfair’s upscale furnishing business Perigold saw sales in- crease 35% during the quarter. Perigold’s customer base spends almost three times as much per year as a typical shopper on Wayfair’s website, Shah said. Wayfair’s international busi- ness hasn’t had quite the same turnaround as the U.S., as sales fell 1.3%. Wayfair swung to a loss of $1 million, or 1 cent a share, from a profit of $15 million, or 11 cents a share, a year earlier. Stripping out certain one-time items, ad- justed per-share earnings were 95 cents.

Wealthy

Clients Lift HSBC’s Earnings

BY KOSAKU NARIOKA

HSBC Holdings reported a surge in second-quarter net profit on stronger earnings across its businesses and re- sumed its share buybacks with an up to $1 billion plan. The London-based bank said Tuesday that net profit jumped for the three months ended June, exceeding ana- lysts’ estimates, as pretax profit increased across its four key segments, rising sharply in the business of supporting affluent clients with their finances. The bank said it plans to start a share repurchase of up to $1 billion, which it ex- pects to complete by the time it announces third-quarter results. HSBC had paused buybacks for three quarters to rebuild a capital buffer against losses following the announcement in October of a plan to take private Hang Seng Bank, a smaller Hong Kong lender it had long controlled. The bank completed a nearly $14 billion bid in January. HSBC, which makes much of its profit in Asia, also raised its forecast for banking net interest income this year, projecting at least $46 billion, compared with around $46 billion estimated previously. Under Chief Executive Georges Elhedery, HSBC has been undergoing a broad or- ganizational revamp, cutting costs and streamlining opera- tions. Elhedery has been pushing the bank to focus on its strengths: retail banking in the U.K. and Hong Kong, acting as a bridge for large companies to global markets, and helping wealthy clients with their finances. In recent weeks, HSBC has agreed to sell its Egypt retail banking business to Emirates NBD, its $25 billion Austra- lian home and personal loan portfolio to private-equity firm Blackstone, and its Sing- apore life and health insur- ance business to Allianz for $2.1 billion. “HSBC is becoming the stronger bank we set out to build,” Chief Executive Georges Elhedery said. Its shares listed in Hong Kong have hit record highs in recent sessions, driven by continued hopes for the bank’s restructuring efforts and eased fears about U.S.- China trade tensions. The stock has risen about 36% year to date, adding to a 61% increase in 2025. The bank’s net profit jumped 68% from a year ear- lier to $7.69 billion for the three months ended June. That beat the $7.36 billion es- timate in a poll of analysts by data provider Visible Alpha. Last year’s bottom line was weighed by $2.1 billion of losses related to associate Bank of Communications. Pretax profit from its in- ternational wealth and pre- mier banking gained 53% to $1.385 billion. That of its cor- porate and institutional bank- ing business rose 30% to $3.19 billion. Pretax profit from its Hong Kong and U.K. businesses also climbed. Net interest income—the difference between interest earned on loans and that paid on deposits—rose 9.0% to $9.29 billion, while net fee in- come increased 7.2% to $3.56 billion. HSBC booked expected credit losses and other im- pairment charges of $1.1 bil- lion in the second quarter, largely steady from the year- earlier period.

$7.69B

Source: FactSet

HSBC’s net profit

Page 28

2.6

2.0

–5

Only Bank of Japan Can Arrest Yen’s Fall

Japanese authorities have found themselves having to step into markets again and again to prop up the yen, this time with assistance from the U.S. government. To es- cape this “mowing the lawn” di- lemma, the country, and specifi- cally the Bank of Japan, has to address the root causes of yen weakness. Viewed through one lens, the yen appears undervalued. Ask anyone who has traveled to Japan recently and they will rave about the bar- gains to be had. That is a stark shift from the era of yen overvaluation 15 years ago, when a dollar was worth about 80 yen and a trip to the country was a painful expense. So why the continued yen sell- ing pressure when a dollar buys twice as much of the Japanese currency? The answer appears to be a combination of fiscal and monetary concerns. On the former, Prime Minister Sanae Takaichi isn’t likely to change course. Like former Prime Minister Shinzo Abe, she is con- vinced of the need for stimulus to keep growth going and pull Japan further out of its long deflationary spiral. So Takaichi is unlikely to sup- port any kind of austerity to shore up the yen. Indeed, she has just an- nounced a plan to sharply cut con- sumption taxes on food items. If the lady’s not for turning, that

15%

–15

You probably aren’t rich or well- connected enough to have a 24- year-old incinerate your savings. There are still lessons to be learned from last week’s meltdown at hedge fund Situational Awareness. One is that investors can be too quick to forgive and forget, focus- ing on the heady gains instead of reckless behavior. Humbled man- ager Leopold Aschenbrenner, whose surname means ash burner, probably will rise like a phoenix. Paper value once managed is seen as a sort of credential. As- chenbrenner’s fund had about $45 billion before its plunge and fire sale. Surely someone rich people

2.4

Abundant natural gas, lots of land and a supportive political envi- ronment were all reasons why data centers had been flocking to Texas. Now, the picture isn’t so clear. On Monday afternoon, Texas Gov. Greg Abbott directed the state’s grid operator and utility regulator to conduct a “comprehensive veri- fication and audit” of all data cen- ters asking for interconnection, and said no additional data cen- ters can be approved until that process is completed. This puts a pause on a new process—named Batch Zero—that Texas green- lighted in June to fast-track inter- connection requests from data

Stock Spotlight

BP The energy company posted surging profits driven by strong oil trading performance and higher prices. It also put its U.S. biogas business up for sale. Shares ticked 4.9% lower.

HSBC The British bank reported higher quarterly profit and unveiled a $1 billion share buyback, but its size disappointed some investors; shares slipped 0.8%.

Prologis and Segro Warehouse landlord Prologis agreed to buy its British rival for $18.8 billion. Segro shares inched up 1.4% while Prologis stock fell 3.5%.

35%

HEARD

ON THESTREET

Higher interest rates are needed to address a growing yield gap with the U.S.

Yield gap between U.S. and Japanese 2-year government bonds

3.0 percentage points

2.8

2.2

Jan. 2026 Aug. May

Source: FactSet

Source: FactSet

Source: FactSet

leaves the Bank of Japan. The yen’s recent slide has largely tracked a widening gap between monetary-policy expectations in the U.S. and Japan. While the mar- ket now believes the Federal Re- serve is likely to raise rates in the near future, it sees the Bank of Japan moving more cautiously. That would be an easy percep- tion for the BOJ to change by rais- ing rates at its next policy meeting in September, after an earlier hike in June. When the Iran war began in late February, markets started pricing in a higher likelihood of rate in-

We Love Betting on Fallen Investing Stars

entrusted with so much was spe- cial? And the valedictorian of an Ivy League university nicknamed “Nostradamus of AI” must be very smart. Both can be true without mean- ing he will repeat and sustain his early success. Probably the best story of brai- niacs blowing up is Roger Lowen- stein’s “When Genius Failed.” The book is about hedge fund Long Term Capital Management, which collapsed in 1998 with possibly the highest-IQ team ever, including two Nobel Prize winners. Strong second acts seem to con- firm that faded stars have their

Texas Data Center U-Turn Hits Power Stocks

centers. Shares of power plant owners in Texas took a hit on Tuesday. Vistra fell 8% while NRG Energy declined 15%. NRG also reported worse-than-expected earnings on Tuesday morning. Independent power producers such as Vistra and NRG stand to benefit from a faster inter- connection process, which would help raise power prices for all power generators. In

posted a 76% surge in quarterly profit and raised its full-year earnings forecast, but the stock slipped in Japan.

Novo Nordisk U.S.-traded shares closed down 6% due to a sales shortfall for its new Wegovy weight-loss pill and a disappointing study outcome for a next- generation weight-loss drug.

Wayfair Shares soared 30% as its U.S. furniture business showed signs of recovery after a long period of sluggishness following the Covid-19 pandemic.

Prime Minister Sanae Takaichi is unlikely to support austerity measures.

creases by the Fed but less so for the BOJ. The U.S. 2-year Treasury yield, for instance, has risen from 3.39% at the end of February to around 4.25% recently. The upward move in the yield on 2-year Japanese government bonds has been milder. The result is that the yield gap between Treasurys and Japanese debt has widened to about 2.8 percentage points last week from around 2.15 before the war. Over that same period, the yen depreciated nearly 5% against the dollar. This suggests that BOJ tightening will be crucial to arrest-

mojo back, but they can be false signals. Too late to make it into Lowenstein’s book was when LTCM boss John Meriwether raised another fund. It initially did well but then shut down after big bets soured. Another manager who twice lost most of his investors’ money around the same time as Meri- wether was Victor Niederhoffer. His funds had been top performers beforehand. Knocking it out of the park again might be as much about style and risk appetite as investing skill. Investors are attracted to those standout performances, even

its earnings call on Tuesday, NRG said power prices “out the curve,” referring to futures pricing, remained low partly because of concerns around interconnection de- lays. The heightened scrutiny around grid connection is bullish for companies that make off-grid power equipment. Shares of engine maker Innio and Caterpillar advanced 10% and 6%, respectively. Caterpillar shares

10%

–10

Decline in NRG Energy shares Tuesday; Vistra stock lost 8%

MONEY & INVESTING

WEDNESDAY'S EVENTS: Federal Reserve speakers: Fed governor Lisa Cook

Economic data: the Energy Information Administration’s weekly petroleum status report; U.S. services PMI; global services PMI; ADP employment survey

EARNINGS EXPECTED: Uber Technologies Walt Disney Eli Lilly Sandisk Kraft Heinz CVS Health DoorDash Carlyle Group News Corp New York Times Expedia Group Novo Nordisk

Share-price and index performance this week

Mon. Tue. 0

Palantir Jumps On Results

Palantir

ing the fall. True, inflation hardly looks out of control in Japan; the headline consumer-price index rose 1.7% in June from a year earlier. But the BOJ itself expects that number to climb because of higher oil prices. In a statement after its last meeting—in which it kept the pol- icy rate unchanged at 1%—the BOJ said inflation is likely to accelerate above its 2% target in the second half of the year. The weak yen exacerbates this impact by increasing the cost of imported energy. That should pro- vide all the justification needed to

with a black mark in a manager’s past. The good news is that devastat- ing margin calls generally don’t happen to mutual funds. The bad news is that a surprising amount of money is lost by star managers who hit a rough patch since inves- tors mostly pile in after they’re fa- mous. Bill Miller and Cathie Wood managed very large portfolios at their peaks. Their stardom stemmed from unusual bets that looked different from the market and worked well for a while. But that can cut both ways. When funds go from first to worst,

also climbed on better-than-ex- pected earnings and a raised out- look. Abbott is up for re-election later this year and has made data centers an “election-year issue centered on protecting grid reli- ability, water supplies and Texas consumers,” according to research firm ClearView Energy Partners. There may be “little political in- centive to complete the audit and reopen reviews before Election Day on Nov. 3,” according to ClearView. The outlook for Texas- exposed power stocks is likely to stay murky until then. —Jinjoo Lee

Apollo Sees Weak Private Equity Results

Apollo Global Manage- ment’s private-equity divi- sion delivered weak results in the second quarter in contrast with some of its biggest rivals. Private-capital giant Apollo reported $130 million in realized performance fees for the principal investing segment in the second quarter, down about 40% from a year prior. The firm cited “monetiza- tion activity across certain flagship private equity and hybrid funds” as being “pru- dently delayed,” a reference to a challenging environment for private-equity firms look- ing to exit investments. Private equity overall has been in a slump since early

Nasdaq composite

start raising rates in September. Some argue the Bank of Japan is hesitating because it fears higher rates on Japanese government debt would further undermine the coun- try’s finances. At roughly 200% of gross domestic product, Japan’s debt is famously high. But the truth is that Japan’s un- derlying fiscal position is stronger than many appreciate. Including the government’s huge stock of fi- nancial assets, the net debt to gross-domestic-product ratio is about half that, and analysts at Capital Economics see it falling to 80% by 2028. Moreover, for anyone who is concerned about Japan’s fiscal sus- tainability, a collapse of market confidence in the yen should be the last thing they want to see. Even the growth-obsessed prime minis- ter, who was said in the past to be pressuring the BOJ to keep policy loose, should now see that reinforc- ing the yen has become paramount to shoring up the country’s wider growth story. Luckily, there is a clear course of action the BOJ can take. This be- comes even more obvious if the Fed moves in mid-September—which most market participants currently expect. In that case, the BOJ would have little choice but to follow suit when its own meeting takes place a few days later. —Aaron Back

RODRIGO REYES MARIN/EPA/SHUTTERSTOCK

many people attracted at the latter stages of those ascents bail out and actually lose money. Perfor- mance charts don’t show those in- dividual, dollar-weighted losses. And because of fame stemming from their glory years, there are always people ready to take a chance on star managers during a comeback. Were they good or just lucky, though? Studies have shown that it takes years, or even de- cades, to say with confidence. What you can tell is a manager’s style. If choppy returns might spook you into selling then look for someone less exciting. —Spencer Jakab

Share-price performance, past three days

Vistra NRG Energy

Fri. Mon. Tues.

2022, when the Federal Re- serve began raising interest rates and the industry’s fundraising and exit activity began to decline. Blackstone, meanwhile, said earlier that its private- equity business benefited from its AI investments. KKR also said its fee-related earnings saw a big bump from sales of companies by the private-equity funds it manages. In its principal investing segment, Apollo reported performance-based profits available for distribution to shareholders of $16 million, down about 66% from a year prior. It was also worse than the $70.6 million ana- lysts had expected, accord- ing to FactSet. Apollo’s fee-related earn- ings firm-wide in the second quarter hit $785 million, up 25% from a year prior. —AnnaMaria Andriotis

QA Report - The Wall Street Journal - 05.08.2026.pdf

Pipeline

• Extraction route: pymupdf-column-aware
• extraction_route=pymupdf-column-aware
• Translation chunks: 157

Non-model Checks

• WARNING: translated output has low semantic coherence score (0.05)
• WARNING: missing numeric tokens from source: 0099, 01020, 0193, 0935, 10.29, 10.32, 10.34, 10.48, 10.49, 10.51
• WARNING: Missing proper nouns in translation: Aaron Back, Aaron Donald, Aaron Farinacci, Abdul El, Abu Dhabi, Acqn Wt, Acting Chief, Adam Schiff, Additional Proof, Administrator Lee Zeldin
• WARNING: source dates, money, or percentage tokens may be missing

Model QA

PDF 翻译质量审核报告

1. 遗漏问题

• 数字单位遗漏：
• 源文 78 亿美元 billion → 译文 78 亿美元（billion 遗漏，P1）
• 源文 860 亿美元 billion → 译文 860 亿美元（billion 遗漏，P1）
• 源文 184 亿美元 billion → 译文 184 亿美元（billion 遗漏，P1）
• 源文 3.8 billion → 译文 $3.8亿（应为 38 亿美元，B3）
• 源文 1.8 billion → 译文 $1.8亿（应为 18 亿美元，A3）
• 源文 3.2 million → 译文 $3.2百万（应为 320 万美元，B2）
• 源文 500,英亩 → 遗漏单位（应为 数千英亩，A3）
• 源文 250 亿美元 → 译文 250 亿美元 十亿美元（重复单位，内页）

• 源文 21 亿美元 → 译文 21 亿美元 十亿美元（重复单位，内页）

• 内容遗漏：

• 源文 92% rise in sales → 译文仅提及 销售额增长92%，遗漏 净亏损 信息（P1）。
• 源文 PERSONAL JOURNAL 板块标题及内容（如 Spider-Man 相关）完全遗漏（P1）。
• 源文 CONTENTS 页中 Heard on Street 译为 街闻巷议，但后文未见对应翻译（目录与正文不一致）。
• 源文 At 97 Years Old, She’s Still Just Winging It 照片标题遗漏（P1）。
• 源文 DJIA 54085.88 ▲907.47 1.71% → 译文 道琼斯工业平均指数 54085.88 ▲907.47 1.71%（DJIA 未保留，P1）。
• 源文 10-YR.TREAS. ▲ 14/32, yield 4.625% → 译文 10年期美债 ▲32, 收益率4.625%（14/32 误译为 32，P1）。

2. 错误翻译

• 数字错误：
• 源文 10-YR.TREAS. ▲ 14/32 → 译文 ▲32（应为 ▲14/32，P1）。
• 源文 SpaceX to $1 trillion in revenue by 2030 → 译文 2030,收入达$1万亿美元（2030 与源文 2030 一致，但后文 2031 误译为 2030，P1）。
• 源文 5.41亿美元 → 应为 5.41 亿美元（数字与单位间缺空格，P1）。
• 源文 725 百万美元 → 应为 7.25 亿美元（内页）。
• 源文 15年来最大的工厂投资 → 应为 15 年来（内页）。
• 源文 2030年 → 应为 2030 年（内页）。
• 源文 2021年 → 应为 2021 年（内页）。
• 源文 77 美分 → 应为 0.77 美元（内页）。
• 源文 68 美分 → 应为 0.68 美元（内页）。
• 源文 13 美分 → 应为 -0.13 美元（内页）。
• 源文 2.31 美元 → 应为 -2.31 美元（内页）。

• 源文 12 美分 → 应为 -0.12 美元（内页）。

• 术语错误：

• 源文 NASDAQ → 译文 纳斯达克综合指数（应保留 纳斯达克，P1）。
• 源文 STOXX 600 → 译文未保留原文（P1）。
• 源文 Bilt cardholders → 译文 Bilt信用卡持卡人（应保留 Bilt，B1）。
• 源文 Thorne → 译文 Thorne（应保留原文，B3）。
• 源文 Todd Blanche → 译文 托德·布兰奇（应为 托德·布兰奇，A3）。
• 源文 Eaton Fire → 译文 伊顿大火（应为 伊顿火灾，A5）。
• 源文 Jake Bauers / Shohei Ohtani / Tarik Skubal → 译文未保留原文（体育版块）。
• 源文 Aaron Donald → 译文 亚伦·唐纳德（应保留原文，体育版块）。
• 源文 Byron Young / Kobie Turner → 译文未保留原文（体育版块）。

• 源文 Leopold Aschenbrenner → 译文 利奥波德·阿申布伦纳（应保留原文，货币与投资版块）。

• 逻辑错误：

• 源文 net loss, 92% rise in sales → 译文 净亏损，销售额增长92%（逻辑不清，P1）。
• 源文 SpaceX to $1 trillion in revenue by 2030 → 译文 2030年收入目标为$1万亿美元（后文 2031 误译为 2030，P1）。
• 源文 37-year-old Spokane resident → 译文 37岁的斯波坎居民（应为 斯波坎市的37岁居民，A3）。
• 源文 2025 NLCS → 译文 2025年国家联盟冠军赛（应保留 NLCS，体育版块）。
• 源文 three-time Defensive Player of the Year → 译文 三届最佳防守球员（应为 三届年度最佳防守球员，体育版块）。
• 源文 20.5 sacks → 译文 20.5次擒杀（应为 20.5次擒抱，体育版块）。
• 源文 Lawrence Taylor / Michael Strahan → 译文未保留原文（体育版块）。

3. 残留英文

• ZUMAPRESS.COM（P1）。
• FactSet（多处）。
• EBITDA（内页）。
• AI（多处）。
• Reddit（内页）。
• Facebook / Instagram / X（内页）。
• ChatGPT（内页）。
• STEM（内页）。
• Spotify（内页）。
• Merlin（内页）。
• BP（股票聚焦）。
• Vistra / NRG Energy（股票聚焦）。
• ADP（货币与投资）。

4. 截断问题

• 多处 ...[MIDDLE PORTION OMITTED FOR QA]... 导致内容不完整（如体育版块、内页等）。
• 多处 请翻至X版 导致内容不连贯（如A2、A6、A9、A11等）。

5. 格式问题

• 标点符号：
• 多处数字与单位间缺空格（如 54085.88▲907.47 应为 54085.88 ▲ 907.47，P1）。
• 多处金额符号错误（如 $3.8亿 应为 38 亿美元，B3）。
• 内部标签：
• 多处 请翻至X版 为内部标签，不应出现在译文中（如A2、A6、A9、A11等）。
• 多处 ...[MIDDLE PORTION OMITTED FOR QA]... 为审核标记，不应出现在译文中。

6. 结构问题

• 目录与正文不一致（如 Heard on Street 译为 街闻巷议，但正文未见对应翻译）。
• 版块顺序混乱（如 个人日志 与 个人专栏 不一致，P1）。

---

结论

存在多处遗漏、错误翻译、残留英文、截断、格式及结构问题，严重影响翻译质量。建议全面修订，确保数字准确、术语一致、内容完整、格式规范。