The Wall Street Journal - 13.08.2026.pdf

华尔街日报

道琼斯 3月 30-31日

2026年8月15日，星期四 - 第CCLXXXVIII卷 第37期

美国版

BAB 10792 / 27 2 / 27 0:00

NAIDAN 26500.00 4.55%

57000.00 0.00 0 0.12%

10-15, 1000K. and 4.65%

6. 38127 a 38.67

BOB 34.00.00 4.55%

0100 31927

100 00.00

新闻速递

商业 27 金融

◆ 7月份年度通胀率 60% 轻微降至 5.4%，减轻了美联储下月提高利率的压力。A4. A2

◆ 在消费者价格报告出炉后，美国主要股指出现剧烈波动。标准普尔500指数和纳斯达克分别上涨 0.2% 和 0.5%，道琼斯指数则下跌超过 0.7%。D9

◆ 一个由美国 type 和 Joshua Kushner 领导的团体同意从 Mark Wolfer 处购买洛杉矶湖人队的控股权，Wolfer 同时拥有洛杉矶道奇队，且其 floors all employ it 正成为一项联邦调查的对象。A3

◆ 派拉蒙在更多月份中讨论为 CNN 创建编辑委员会及其他保障措施，以解决对其自身运营独立性的担忧。B1

◆ 美国银行表示，计划向一项基础设施项目投入 2500 亿美元，旨在增加美国在数据中心、能源和关键利益方面的 sentiment。B1

◆ 高盛集团表示，将支付最高 22.5 亿美元 收购 NEOS investments，该公司是一家 as freely reserved 的提供商，且是一家拥有 350 亿美元 资产的大型市场基金。B1

◆ 苹果公司正在与出版商讨论 red-back，以使用其内容提供当前新闻和信息，这是旨在改善 2nd wave 市场的努力的一部分。B1

◆ 两家媒体机构表示“bring new the necessary company's real-time food of top 7mth floor of assets”，认为利用特权访问总统评论是不符合宪法的。B3

日食迫使数百万人转向黑暗面

LOAF'S 1927：周三，世界部分地区出现了日全食，去年，一些 1927's Space 从一个天文台出发，以及一个便携式天文馆（右上图）。右上图为捷克共和国上空的日偏食。A7

7月通胀率轻微降至 3.4%

在汽油价格的助力下，温和的数据使美联储提高利率的理由减少。

作者：KEVY GROSSMAN

7月份年度通胀率 60% 轻微降至 5.4%，减轻了美联储下月提高利率的压力。

中东地区断断续续的和平谈判为汽油价格带来了喘息之机。而所谓的核心价格（包括波动较大的食品和能源类别）7月份较前一个月上涨 0.2%，这一相对温和的增长带来了更广泛的价格压力可能正在消退的希望。

对于央行而言，潜在的通胀趋势在目前尤为关键，决策者们正在苦苦思索是否以及在何处提高利率。周三的报告可能会使美联储更倾向于等待观察通胀是否会自行结束，而不是试图通过提高利率来抑制它。

“早晨出现的一系列试图戳破这个美丽 sunken 的尝试，且 if've mostly faded，”明尼苏达州 McGill's Innocenti 的经济学家 Dan Pukal 表示。

美国劳工部公布的 3.4% 的读数低于 6 月的 3.5%。

核心价格在过去 2.2 个月上涨了 2.2%，低于去年同期的 2.6%。详情请参阅第 A2 页

投资者在场边保留超过 $3 Trillion 现金储备

作者：MIKHAI GOUTHARD

自从唐·罗斯（Don Ross）在十年前从航空公司飞行员岗位退休以来，他接触过的所有财务规划师都希望他能将现金投资出去。但他并不买账。

他将投资组合的 85% 持有股票，其余部分持有货币市场基金，总计 1,625. 他研究了历史上的熊市，并认定这些熊市通常持续时间不超过三年。他将投资组合中保留足够的现金，以自信地度过这段时期，并在需要补充现金储备时出售股票。

财务规划师建议投资债券基金，但对于这位 75 岁的人来说，“不可能有比这更糟糕的收入流了”。

他是让那些希望投资者放弃现金的资金管理人员感到头疼的投资者之一。分歧巨大的投资者们正坐拥一座现金山。根据投资公司协会（Investment Company Institute）的数据，零售货币市场基金中的资金超过 $3 trillion，创下历史新高（这还不包括货币市场基金中数万亿的机构资金）。

2022 年，当美联储结束近零利率政策时，资产大量涌入这些基金。货币市场收益率升至 5% 以上。此后利率有所下降，但根据 Crater Data 的数据，目前平均收益率为 3.49% 的货币市场基金依然保持着吸引力。

现在，渴望证明自己价值的资产管理人员……请参阅 A2 页

[...OMITTED...] 在威斯康星州经历了数月的组织工作，且民调一致显示她领先于其他竞争对手两位数。然而，在这个关键摇摆州的一次更具自主性的竞争中，她以微弱劣势失去了提名。

在邻近的密歇根州，进步派的 Abdul El-Gand 在民调中也持有类似的领先优势，结果在之前一周的选举中以 [...OMITTED...] 仅一个百分点的差距 [...OMITTED...]。

左翼在中西部的挫折正引发动荡，那里的选民已经厌倦了；[...OMITTED...] 他们在国家这个区域取得的重大胜利，使得确保其紫色州（摇摆州）的地位变得更加困难。虽然进步派在全国各地的竞选中一直在取得进展，但这次混合结果表明，该运动及其在大城市以外的吸引力存在局限。这也再次提醒人们，关于民主党身份的持续争论仍在激烈进行。

“中西部不是曼哈顿，”威斯康星州贸易负责人查尔斯·富斯特拉（Charles Fustella）表示。请参阅 A3 页

◆ 左翼浪潮在威斯康星州停滞……A4 ◆ Landt 将卸任白宫新闻秘书……A4

消费者价格指数，同比变化

注：A4 是 1927 的月度收盘价，但收盘价较低。劳工部注

◆ 通胀读数称美联储有更多时间……A2

StubHub 客户在退款问题上面临长期斗争

受损的持票人抱怨替代座位质量低劣，追回资金过程艰辛；一名观众被挡在世界杯比赛场外

作者：ELENA KROGER

在 6 月份美国对阵巴拉圭的世界杯比赛中，在 [...OMITTED...] 下方三个方格处，里基·萨拉戈萨（Ricky Zaragoza）正站在 [...OMITTED...] 之外。他与父亲在一起，没有门票，在寒冷中等待。他从 2025, 3 月起就在等待这一天，当时他支付了 $2,500.00 购买了一对座位，作为给父亲的生日礼物。

四天前，萨拉戈萨给在线 [...OMITTED...] 平台 StubHub 打电话，称他的门票仍未出现在 Fifth 应用程序中。该公司承诺最迟在第二天提供替代票。焦虑的萨拉戈萨在比赛前的几天里，在 [...OMITTED...] 期间至少与 StubHub 沟通了 10 次。他说，每次对方都告诉他不要担心。早上 6:00AM，萨拉戈萨仍然没有门票。他走向体育场的 guest.com。

请参阅 A10 页

内部

个人日志

欧洲拥有一套新的交通系统——而它正让旅行者们抓狂。A11

杰森·盖伊（JASON GAY）

那个古怪的、被挑逗的“外星人”将她的美国钓鱼具倒挂着。A64

两个家庭，12场赛事，一个大奖：一个姓氏

谁有权传承家族姓氏？

一对夫妇用一场“奥运会”解决了这个问题。

作者：格蕾丝·汤恩（GRACE TOWN）

詹姆斯·弗莱明（James Fleming）与 的婚礼 “大奖，”他宣布道。“获胜的家庭将成为我们未来孩子的姓氏。”餐桌周围响起了笑声。随后人们开始重新审视。“你是认真的吗？”“我是认真的，”他们彼此低声说道。请转到 A12 页

艾格与库什纳拟以 125 亿美元收购湖人队

作者：安妮·贝克尔（ANNIE BECKER）

由鲍勃·艾格（Bob Iger）和约书亚·库什纳（Joshua Kushner）领导的一个团体已同意从马克·沃尔弗（Mark Wolfer）手中购买洛杉矶湖人队的控股权。沃尔弗是一位亿万富翁，同时拥有洛杉矶道奇队，且其金融帝国正成为一项联邦调查的对象。

据知情人士透露，库什纳和艾格已同意购买洛杉矶红中国（Los Angeles Red China）的多数股权，交易估值约为 125 亿美元，这将成为任何体育队伍的最高估值。

沃尔弗去年从巴斯（Bass）家族手中买下了湖人队，该家族自 1979 年起拥有该球队并保留了少数股权。那次交易将第二 50A 球队的估值定为 300 亿美元，在当时是一个创纪录的价格。

“拥有洛杉矶湖人队是我人生中最伟大的理由之一。它已成为一项非凡的投资，但我将铭记在心的是这个社区、球迷以及将这支球队视为家人的这座城市，”沃尔弗在声明中表示。“湖人队属于洛杉矶，我完全相信最好的时光还在后面。”

沃尔弗决定将湖人队卖给一家公司，使得库什纳和艾格（前迪士尼首席执行官，同时也是库什纳的 Thrive Capital 的顾问）成为了一个令人震惊的转折。

沃尔弗，现年 60 岁，是 Gaggenhime Partners 的首席执行官，目前正处于一项联邦调查的余波之中，该调查正在审查其金融帝国的交易问题。调查正在研究涉及其公司的私人信贷交易是否构成欺诈。沃尔弗的企业否认有任何不当行为。

沃尔弗同时拥有广播冠军洛杉矶道奇队，并且是英超俱乐部切尔西的投资者，他购买了湖人队全明星的多数股权。即便在沃尔弗接手资金市场时，这仍是一笔不错的交易。A24

© 2026 道琼斯公司 (Dow Jones & Company, Inc.) 保留所有权利。

---

A2 / Thursday, August 15, 2026

华尔街日报

美国新闻

房产税减免方案将提交投票

在房价连续多年飙升之后，一些由共和党领导的州正在推动实施限制措施

作者：Susan Reames, Ann Wray, Praxen

几个州的优先事项即将迎来在飙升的房产税账单中获胜的机会。

北卡罗来纳州、怀俄明州、佛罗里达州和俄克拉荷马州在今年11月的选票中包含三种房产税援助或回滚方案。自去年年初以来，包括最近的爱荷华州和佐治亚州在内的 30 个州通过了三项法案，全部涉及州政府和州所有者的收入来源。更多州的立法者正在关注这一问题。

这些选票和法案主要出现在共和党的选举中，但该法案在过去几年中一直是政治纲领的一部分。这些回滚方案引起了地方政府官员的抵制，他们表示，这将导致从学校到公路建设所需的所有资金收入减少。

与此同时，许多房主希望减轻住房支出压力，因为住房支出的增长速度一直超过通货膨胀。根据房产数据公司 Afton 的数据，2030 和 2025 之间，美国单户住宅的年平均房产税上涨了约 30%，达到 $6,600, 以上，且涨幅在某些地区更高。对于许多房主来说，税收与保险和房屋修缮等日益增加的账单叠加在一起。

2025 年各州最高有效房产税率

“房产税非常显眼，”莱斯大学税务与保险政策中心主任 John Diamond 表示，这使其成为了目标。“很多人每年必须开出那张支票以缴纳税款，或者在填写抵押贷款文件时意识到这一点。这与销售税不同，销售税在你购买时就包含在内，你并不真正知道自己支付了多少。”

2019–25 年年平均房产税金额百分比变化

在怀俄明州，由共和党领导的立法机构和州长去年对主住房前 1500 万 的“公平市场”销售额实施了 25% 的房产税豁免。虽然该州在此之前的有效房产税率在全国处于最低水平之列，但房价上涨速度依然过快。

根据 Zillow 的数据，自 2024, 初以来，单户住宅的销售税上涨了 52%；在 2020 和 2024 之间的五年间，在该税收削减之前，当地的平均房产税上涨了 40%。

该州表示尚未完成。一项习惯性措施将使 50% 的房屋价值获得房产税减免。这一推动力源于 Brent Bess 发起的一项立场，他是一名在 8 月 10 日初选中竞选州长的共和党人。

“我们是一个蓝领退休州，大约 50% 的人依靠固定收入生活，”Bess 在一次采访中表示，“对于很多人来说，房产税是不可控的。”

为了解决收入损失问题，一些州的立法者建议提高销售税，或使用州盈余资金来资助地方政府服务。其他人，例如来自德克萨斯州 Afton 的五个人（去年签署了一项 100 亿美元 billion 的房产税减免方案），也在寻求限制地方政府支出的增长。Afton 的税收方案要求制定一项法律，将地方支出的年度增长限制在 3.5% 或以下。

产科选票仍然会为年度房产评估增长设定 1.75% 的新上限。北卡罗来纳州的选民将决定是否实施 1.75% 的上限，该修正案将要求州立法者在该州增加房产税增长限制。

佛罗里达州因其 1.75% 的上限将大幅降低房产税而成为新闻焦点。由于如此，那里已经在削减支出，以应对潜在的大规模收入下降。

这也是其他地方的担忧。根据税务基金会（Tax Foundation）最新的数据，房产税在 2025 年占美国总税收的 25%，使其成为州政府收入的最大来源。

市场推动降低汽车关税

In Germ Race Ann Reames Coaches

据知情人士透露，墨西哥政府正推动美国降低对北美汽车的关税，这是关于重新修订美国-墨西哥协议对话的一部分。

此举是对特朗普政府推动要求在美产零部件增加比例的应对之策。

特朗普政府对来自加拿大和墨西哥车辆中的非美国控制部分征收 20% 的救济税。墨西哥政府在过去几周中提出，将扩大车辆中允许的免税控制范围，并降低北美汽车的最高关税税率。

根据墨西哥的计划，美国将仅对在北美以外生产的车辆零部件价值征收关税，允许来自美国的零部件进入美国 进入美国 美国。

该计划将把关税从 20% 降低至一个较低的数字——可能是 5% 或 10%——针对那些不符合协议的北美成本。

USMEX 要求车辆必须有 70% 的成分来自北美，才能在协议下获得优惠关税。墨西哥的提案意味着，较低的美国关税将允许关税等于或低于汽车价值，从而降低许多车辆的最终关税。

潜在地，这样一项协议可能会降低在北美生产的车辆的零售价格，此前有估计警告政府，如果 USMEX 在没有显著降低关税的情况下不予续签，他们可能无法将这些车辆引入美国市场。

美国贸易代表办公室未回应置评请求。白宫未发表评论。墨西哥驻华盛顿大使馆拒绝置评。

物价涨幅温和为美联储利率决策赢得时间

在 New Times 中

7 月的通胀报告与预期足够接近，从而减轻了美联储在下个月提高利率的压力，且没有大幅超过 2025 年的利率水平。

月度通胀读数在夏季变得比以往更为重要。官员们正在决定，2025 年的通胀是否可以在不提高利率的情况下下降，或者是否需要通过提高利率来实现这一目标。一份新的日度数据记录了 2025 年的通胀以及价格压力，而这些压力原本会导致绝对值达到 2%。

上周的就业报告也为采取紧缩政策提供了较少的支持，该报告显示劳动力需求没有重新加速的迹象。否则，一个更强劲的劳动力市场可能会表明，利率的限制程度不足以降低通胀。消费者价格指数（CPI.），包括中等食品和能源价格，当月上涨 0.3%，与区域税收一致。成本价格在一年内上涨 2.5%。

“这对鹰派的打击比对鸽派的打击更大，”来自 Renaissance-Macro 的 Walt Butts 表示，他认为在接下来的大约一英里期间会出现这种情况。他认为通胀数据的增加将不会是决定性的。“如果你多次调整利率，它可能会导致 2025 年的回归。”他承认概率并非固定。Butts 表示，如果美联储在秋季结束前没有采取行动，那么数据可能已经足够好，使其能够维持现状。

官员们在 9 月 30 日之前将收到最后一个月的通胀数据。美联储的目标是维持超额通胀。在本月晚些时候，周三的报告将研究运行情况，且其表现优于 CPI.。该领域的成本价格在 6 月上涨 3.9%。

华尔街特别关注这份报告，因为美联储官员提供了更多数据，支持经济表现并非如他们所预期。美联储上个月维持利率不变，但 12 名投票成员中至少有 6 人在最近几周表示，他们可能会根据通胀数据支持加息。这些人讨论了 7 月份支持提高利率的情况。大多数人的预测基于这样一种观点：当前的利率已足够具有限制性，可以将通胀带回 2%，且通胀之所以保持在高位，是因为临时冲击而非政策过于宽松。更深层的观点是，关税将一次性提高成本，并且在新的基础上，这将遵循一条规则，随着中东地区降至 0.15 的低成本而全部降低。相反，冲击一直持续，并且由于人工智能建设带来的需求激增而有所增加。由于官员们广泛认识到单次 quarter-point 的加息本身无法取得太大成就，这场辩论变得复杂起来。

Download 美联储主席 Bede Ratanack 本周投票支持保证 2025 年的价格，他表示一次 quarter-point 的加息（可能对经济起不到太大作用），并且美联储可能需要进行一系列此类调整。

旧金山美联储主席 Mary Ealy 支持该领域，上周进一步表示，美联储采取的最终行动是否有效。在一次演讲中，主席提出了两种可能的经济情况：一种是近期冲击影响较低，美联储可以继续维持现状；另一种是冲击在环境中自我复合并导致通胀。她表示，第一种情况的差距已经缩小。

Ealy 表示，第二种情况可能需要一次高于美联储通常使用的 quarter-point 的加息。

更正与补充

超微电脑（Super Micro Computer）预计第一财季调整后每股收益在 $1.35 至 $1.83 之间，净销售额在 $34.5 亿至 $36.5 亿之间。在部分版本的首篇报道中（见下文），关于该公司业绩的描述错误地称这些预测是针对第四财季的。

Apple Global Management 在 2025 年出售了其持有的 San Country Airlines 的剩余股份。周五一篇关于最新重大业绩的 Boston's 6 Finance 文章错误地称该资产管理公司预计将持有 San Country。

路透社：顶级警报 华尔街日报：“我们来到这里不是为了回头，而仅是为了明天，我们将开始跟进。我们来到这里不是为了回头。”

通胀放缓至 3.4%

接第一页。该读数基本上（2 月份为 2021 年以来记录的最低值）

Dale 的进展自 San February 冲突开始以来一直影响着能源市场。

在 7 月的大部分时间里，对和平协议的乐观情绪提升拉低了汽油价格，尽管近期价格有所回升。上个月，汽油价格较 6 月下降了 2.9%。即便如此，汽油价格仍比一年前高出 25%。

在过去一年中，美联储官员预测通胀将在无需进一步削减 / 增加的情况下回到其 25 目标，但更多的人已改变观点，倾向于提高利率。

根据 CME 集团的数据，利率期货近期显示，交易员认为今年前三个月的会议有 16% 的概率，高于报告发布前的 50% 以及周二的 50%。届时，美联储将拥有一个月的通胀数据。

在 9 月会议之前还将有三千升（Three thousand liters）的另一次发布。State Street 经济学家 Simona Morata 表示：“在 2025 年通胀率下，9 月份的[可能性]将被排除。”

16 日秋季以及 Sunday 综合指数上涨，其中 Sunday 上涨了 0.5%。前四个额外平均对象略低。

包括住房和酒店在内的住房成本仅小幅上涨——这在很大程度上是因为 2025 年的通胀率对整体通胀率有很大帮助，鉴于儿童——

7 月份部分北区消费者价格指数

汽油价格在8月反弹

近几个月通胀的冷却部分得益于加油站价格的下降。这种情况在8月可能会发生变化。美国劳工部表示，美国7月的汽油价格下降了2.9%，而一个月前燃料价格下降了12%。然而，最近的情况是。

原油价格上涨以及创纪录的高燃料加工利润推高了美国价格的成本。根据AAA的数据，周三美国每加仑汽油的平均价格为$4.03，高于一个月前的$3.87。 —Glenof (短篇)

住房成本占全国三分之一以上。尽管如此，租金和房屋所有权成本在过去一个月上涨了0.3%，这种月度增幅在近年来通胀高企期间有所降低。其他服务价格被

决定。汽车保险价格下降，但一个月内上涨了2.2%。

实物商品（除食品和燃料外）的通胀率上月上涨了0.2%——这主要受二手车价格较6月上涨0.4%的推动。其他商品类别的通胀

较为低迷。家具价格持平，服装价格仅上涨了0.1%。

自新冠疫情后引发的通胀以来，价格上涨已有所冷却。但要完全控制通胀问题已被证明是一项持久的挑战。

去年年初，月通胀率曾低至2.2%，但随着特朗普总统的关税开始推高商品价格，通胀率再次反弹。

在这次测试开始时，年通胀率似乎至少在2.2%，但伊朗战争导致能源成本上升，在今年春天再次推高了

通胀。另外，人工智能热潮引发了对计算基础设施支出的需求，从而推高了建设所需材料和硬件的价格。

持续五个月的伊朗战争进入了一个尴尬的局面，随着人类杠杆作用在Homsan前线显现，白宫试图以有利于美国的条款结束冲突的努力受阻。

Snapchat获得了财产税，一项和平协议帮助将5月份每加仑超过$6.50的汽油价格降低。但根据AAA的数据，目前价格仍在大约每加仑$4左右，而冲突在2月底开始前约为每加仑$2.4。

汽油价格降低意味着，目前能源成本不再像春天那样推高消费价格。但如果冲突持续，能源成本可能会再次上涨。在8月至今，平均汽油价格已回升至$6.以上。

除了近期能源价格的大幅波动外，潜在的通胀趋势比美联储政策制定者希望在2025.之前完全成功的程度更为有效。2025. 2025. T he 2025. 2025年。2025.

住房成本仅小幅上涨，主要是因为酒店房价下降。

2025. 2025. 2025.

华尔街日报

副本不得 随副本页转移 华尔街日报 不可用

副本不得 随副本页转移 不可用

---

THE .

• •

美国新闻

Thursday, August 15, 2026 / A3

前南方贫困法律中心官员被捕

检察官指控一名农民主管协助促成秘密付款

作者：Acena Lester

联邦当局周三表示，南方贫困法律中心（Southern Poverty Law Center, SPLC）的一名前主管因涉嫌煽动向白人至上主义团体的线人支付秘密款项而被捕。

一名熟悉此事的人士表示，曾在 SPLC 追踪仇恨团体的 Nosh Berich 在阿拉巴马州被起诉，原因是她涉嫌参与该计划以及在加利福尼亚州的自我服务行为。起诉书称，Berich 与一名线人存在浪漫关系，该线人在 2005 和 2013 之间在两人共用的账户中收到了 $180,000；该起诉书是一个更大规模联邦案件的一部分（包括 及其所有被判定为金融犯罪的行为）。

特朗普政府今年早些时候对该民权组织提起起诉，指控其利用与该同伴相关的银行账户支付线人费用。起诉书称，检察官表示在 2007 和 2015, 之间， 动用了至少 $4 捐赠资金，用于向包括三 K 党（Ku Klux Klan）在内的极端团体线人支付费用。联邦大陪审团起诉 Berich 参与了一项涉嫌掩盖资金来源的计划。

据称，我认为两人参与了以完全虚构的公司名称开设银行账户，并向个人进行描述不准确的付款工作。总检察长 Todd Blanche 周三表示（2008 年最后一次报道 Berich 的错误）。这家以打击三 K 党而闻名的非营利组织已成为共和党人的热门攻击目标，后者指责其通过将基督教和保守团体贴上标签来恶意诽谤。最新的起诉发生在特朗普政府试图针对线人，以纠正其所谓的拜登政府的反保守偏见之际。

检察官表示，大陪审团起诉了居住在加利福尼亚州棕榈泉的 24 岁女性 Berich，指控其共谋实施欺诈以及共谋向联邦保险银行提交虚假陈述。如果被定罪，她可能会被判处监禁。

她定于周三在加利福尼亚州联邦法院出庭。 所在地的阿拉巴马州法院在她周二被起诉后的第二天修改了她的指控。

Barnes 代表第十九（此处原文不详）表示：“特朗普司法部这次试图通过 的一名前雇员来针对 ，其依据和事实与他们之前的攻击一样漏洞百出。”

在法庭文件中表示，其尚未失效的线人网络有助于收集极端团体的信息。广泛的财团可能会骑在 antirscion monopunk（此处原文不可读，此处略）之上。

“美国司法部（DOJ）采取的行动不会动摇我们的决心，” 表示。“我们对自己的立场充满信心，并期待推广该网络并在法庭上陈述我们的理由。”

根据她的 Sabadilla 个人资料，Buerch 在追踪白人至上主义和右翼运动二十年后，于 2019 年离开了 。

纽约市市长蜜月期结束

作者：James Fumura

今年夏天早些时候，佐琳·马斯登（Zolene Marsden）作为纽约市市长正处于事业巅峰，因为他履行了在竞选期间承诺的对富人征收新税的诺言。在成功的纽约竞选中，他获得了三位进步派国会议员和国家领导人的成功背书，展现出其政治影响力，掌握了这座城市的钥匙。

而现在，在经历了一段好运之后，马斯登正面临着纽约市民汹涌的不满，他们对他反欺诈的言论以及针对商业界的立场感到愤怒。他履行部分标志性竞选承诺的努力已经破裂，其中包括那项混乱的包裹税（pack-texes tax）启动。他与市议会的关系正在恶化。

市长最近的一次挫折发生在这一周，当时一名法官否决了一项关于他的新税收——

在面对治理现实时，其公民身份受到了挑战。

周三发布的一份 Anna Kreszock（授权发布）显示，马斯登的支持者与反对者之间的分歧日益扩大。根据这项在税收启动失败后一周进行的民调，40% 的纽约州潜在选民对市长的评价为不利。在之前的 Anna 选民概况中，他的好评率从未超过 40%。

最新的 Anna 民调还显示，市长的支持率为 47%，较 6 月的民调略有上升。在纽约市的潜在选民中，他的支持率为 40%。

一名市长发言人强调了市长在最近几周为促进城市经济所做的努力，包括重新调整监管以研究企业，以及成立一个商业咨询委员会。她还指出，市长已经向超过 170,000 人征收罚款，以支持全民儿童护理并平衡预算。

“这就是政府运作的样子：在不以牺牲纽约市民为代价的情况下平衡账目，让生活成本更低，保护工人与消费者，并提供人们每天依赖的服务，”她说道。

最近几周，市长与随后的民主党政治人物的关系变得更加紧张。在普选中背书马斯登的 Bruna Cresselman (Donald Felt) 上个月猛烈抨击市长，指责其未为该选区的公交车道项目提供资金。“令人失望的是，市政府选择提供公开的承诺，而不是进行有意义的投资，”Felt 表示。

马斯登持续的反欺诈言论激怒了该市的犹太领导人，他们表示这让其社区感到不安全。上个月，当市长发布一段视频承认他下令履行竞选承诺，要求揭露本雅明·内塔尼亚胡（Benjamin Netanyahu）的秘密，但同时在视频中称这位以色列总理为战争罪犯，并敦促联邦官员逮捕他时，他们的担忧进一步加剧。

“我的观点是，这种关系已经实质性地恶化了，”纽约审计委员会主席 Kallei Ammiel Hirsch 表示。

一个矿营坐落在克拉克湖国家公园内的私人土地上，Connaught Silver & Gold 计划在此建立一座金矿。

在国家公园内建设金矿的计划引发阿拉斯加人分歧

作者：Joe Bauer Ann Assura-Owens

阿拉斯加州汤莫罗湾（TOMORROW BAY）——从安克雷奇乘坐水上飞机飞行一小时即可抵达的克拉克湖国家公园（Lake Clark National Park），以其丰富的野生动物、形成的喷气孔以及极度濒危的叶状鲸而闻名。

现在，一家美国矿业公司 Connaught Silver & Gold 计划在公园中心的私有土地上建设一座金矿及其他金属矿。虽然拥有该土地的原住民公司支持这一项目，但许多部落成员和企业主对此表示反对。

“世界上不再有更多这样的计划了，”在社交周（social Tuesday）共同经营一家客栈并热爱这座公园，且家族在当地生活了四代的 Forty 表示，“用这些金子来交换它是不可行的。”

金价高企正推动矿业公司扩大生产，使它们在整个美国西部与当地居民及环保组织陷入冲突。尽管金价自 1 月以来有所下跌，目前每盎司约为 $4,500，但这仍是 2016 年初的两倍多。

“由于金价极高，我们看到了许多新的勘探和采矿项目，我认为如果不是因为高金价，这些项目不会尝试申请许可并向前推进，”环保组织 Earthworks 的秘书兼高级经理 Janet Bostanil 表示。

在加利福尼亚州，一家矿业公司正与环保主义者就一项旨在运营该州电力的扩张计划发生争执；另一些人则针对一座可能威胁到赛道和鱼类的金矿提起诉讼。在阿拉斯加克拉克湖国家公园的计划则部分被禁止。1976 年，联邦政府授予全资拥有的公司 Cook Sight Region Inc.（简称 CBI）在约鲁巴湾（Yoruba Bay）附近约翰逊信托（Johnson Trust）区域及其原住民石油和天然气资源的所有权。作为交易的一部分，CBI 将其他土地交还给联邦政府，为国家公园的创建铺平了道路，该公园如今将约翰逊信托区域包围其中。

几十年来，2016 年的工作是

熊穿过 Silver Salmon Creek Lodge 的物业。

1984 年纽约服务（White and Gold）

JOHN MCWHITT

开发偏远的约翰逊信托区域。该项目在 2018 年开始推进，当时 CBI 与一家加拿大矿业公司达成租赁协议。

其总资产的项目是一家名为 High Gold 的公司。

2024 年，金价上涨，Connaught 以 6 x 4 d 的价格收购了 High Gold，从而获得了约翰逊信托区域的权利。Connaught 计划不再在现场处理黄金和其他金属（这涉及大量化学品的使用），而是将矿石挖掘出来，装入容器，然后运往其他地方的磨坊。这种较轻的足迹旨在使许可申请更容易通过。环保组织则表示，允许国家公园进行开发将是一个首次尝试。

金价高企正推动矿业公司扩大生产。

生态旅馆分布在分布区内，并以拥有阿拉斯加最密集的棕熊种群之一而自豪。这里也是 Cook Sight 的冬季觅食地。

鲸鱼的数量已下降至 300 只左右。由于黄金不在矿区处理，大量矿石需要穿过公园并通过驳船运出。

当地企业主担心交通流量会惊吓到棕熊。“很多很多年来，它们开始把出租车开进院子，然后开始在我们面前走动，”与丈夫共同经营著名的 Silver Salmon Creek Lodge 的 Joanne Eibers-Coxin 表示，“一旦有成群的人在矿道上出现，情况瞬间就会改变。”

包括部落委员会和环保组织在内的协议方，就该项目的《清洁水法》许可提出质疑，理由是该开发项目可能会引发更多的环境担忧。

支持者表示，这些试验是可控的。“我们的部落正努力实现自给自足，他们将共同消费我们不会消费的引擎，”当地部落 Bunkirk 的一名领导人 Greg Ecurlewicz 说道。因此，当矿山在工作回归时。

他的儿子 Ivan 表示，推进矿山建设是对其限制条件所达成协议的尊重，这些人为了确保这里的矿权而购买。他说：“作为原住民，我们有着长期被承诺某些事情，然后被夺走这些东西的历史。”

随着法庭案件的推进，位于北京的 Connaught 计划在夏季，该公司正在该地区修建一条 2.6 英里的道路并进行推广钻探。它还在进行基线野生动物调查，包括对叶丛的精确监测，以更好地了解它们在何处游泳。一项政府许可规定了该公司必须实施的额外补救措施，以及 2024 年的审查和许可。

国家公园管理局已考虑研究的护栏，包括“观察到的受保护物种”可能存在的情况，如果海洋材料是 terrific CBI，他们将取消钻探。土地所有者表示，其致力于强大的环境管理，且该项目可为社区带来巨大的经济利益。

Kick Van Norsenhoever，Connaught 的首席执行官表示，维护 2006. 年的联邦协议至关重要。CBI 将开发这片土地。他说：“披露的核心实际上应该围绕 CBI 的原住民权利。”

市长 Zolene Marsden

在包括 Marsden 自身支持者在内的一组居民提起诉讼，指控该市在推广过程中存在误导后，任何第二套房产。该市对该决定提出上诉，自动使法院的税务命令处于暂停状态，但在此之前，法官对行政部门处理此事的方式提出了批评。

该市公布了一份包含 90 / 1000 处房产的在线名单，其中包括可能需要缴纳该税款的房屋，但更多的是可能不需要缴纳的房屋。它还向 12,000 名业主发送了通知，称他们可能需要缴纳该税款，其中一些人表示他们是长期居住在纽约的纽约人。

在周一的听证会上，Wayne 法官质疑该市为何需要发布如此广泛的名单。法官说：“我确信这在人们中引起了担忧。”

Marsden 是一名民主社会主义者，担任市长已近八个月，继续获得其支持者的高度认可。新政府初期的这种狂热并不罕见

10,000 个美国城市是如何命名的

主要来源语言

英语 0 其他语言 英语 1 不在报告中

加拿大

英国 一封关于 荷兰的全球信函

联邦政府曾对全国城镇名称的来源进行编目。这一努力揭示了美国的过去。该州代码也是产品的 90.2 展示，您可以查看您的城镇是如何命名的。

---

A4 / Thursday, August 15, 2026

华尔街日报

美国新闻

• • • •

华尔街日报

白宫新闻秘书将离职

利维特作为总统的亲信助手，是该职位历史上最年轻的担任者

华盛顿——总统特朗普最亲密的顾问之一、白宫新闻秘书卡罗琳·利维特（Karoline Leavitt）将于本月底离职。

作者：Brian Schwartz, Meredith McGraw 和 Marianne LeVine

特朗普在周三下午的一篇社交媒体帖子中宣布了这一变动，称利维特希望花更多时间陪伴家人。

“卡罗琳告诉我他想支付顶尖的外部顾问，并且在共和党内部是一个有影响力的声音，当我们努力对抗马隆（Malone），并”特朗普在 Truth Social 上写道。

7月的白宫新闻秘书卡罗琳·利维特。

“坚定地赢得中期电子（Midterm Electronic），”特朗普写道。

利维特自特朗普首个任期起就为其工作，一直是总统著名的捍卫者之一。

她的白宫生涯始于 2026 年在通信办公室的一次实习，当时她负责分拣邮件。在向前任新闻秘书 Karlough McEnant 申请职位后，她迅速将这次机会转化为新闻办公室的全职工作。利维特随后成为了高级新闻助手。

在 2025 年特朗普遭遇失败后，利维特为纽约州共和党众议员 Dick Stothak 工作。但她受到启发决定投身政治，并于 2022 年竞选新罕布什尔州南部家乡选区的国会席位。她赢得了共和党初选，但被民主党人克里斯·帕帕斯（Chris Pappas）轻松击败。

随后，她成为了特朗普 2024 年竞选连任活动的发言人，之后在第二任期开始时担任新闻秘书。利维特成为了历史上最年轻的白宫新闻秘书，也是特朗普任职时间最长的发言人之一。

在白宫内部，她被视为总统最信任的助手之一，也是他经常寻求建议的人。当总统在椭圆形办公室会见世界领导人时，利维特经常是少数在场的资深助手之一。在她于白宫任职期间，总统尊重她的意见，并且并不总是采纳她的指导。

利维特在生下第二个孩子后最近休了育儿假。她于 7 月回到白宫工作。

她的离职标志着过去一周内第二位离职的特朗普政府官员。特朗普在周日宣布，白宫创建了 David Warrington 的新信息职位，并由 Will Erbert 接替，后者曾担任总统的私人律师之一，近期担任幕僚秘书。另一位高级通信官员、副新闻秘书艾比盖尔·杰克逊（Abigail Jackson）最近也离开了白宫，前往公共事务公司 Whitehouse Public Strategies 工作。

利维特表示，担任白宫新闻秘书是“一个相同政党的焦点和坚定”，并且她是总统。她首先感谢了特朗普家族和白宫办公厅主任苏西·威利特（Susie Willet）等人。

“我内心深处感到，在投入白宫新闻秘书所需的持续时间、精力和关注的同时，我无法成为两个年幼孩子最好的陪伴——这就是为什么我决定在此时离开白宫，开启我人生的新篇章，”利维特在文中写道。

中间派在威斯康星州获胜实现反击

作者：Joan McComers Ann Curran-Centner

华盛顿——密尔沃基县行政主管Cornely参议员在该关键摇摆州的州长民主党提名竞选中险胜，领先于民主社会主义者Rebecca Hong，并给该党内激进的极左翼势力带来了一次重大打击。

在周二初选之前的民调中，Hong一直处于领先地位，并获得了许多进步派和社会主义左翼人士的决定性支持。但她缺乏该运动中一些顶尖国家职业人士的支持。

在获得民主党州长Tony Evers随后的背书后，Cornely被协会团队宣布为获胜者。据美联社（AP）报道，在90%的预期选票结果出炉后，他以39.8%对39.4%领先于Hong。

这场出乎意料的激烈竞争是最新的证据，表明民主党内部的斗争远未结束。

上周，Abigail El-Sayed在密歇根州一场激烈且代价高昂的民主党参议院初选中险胜众议员Bailey Stevens，进步派在这次选举中取得了迄今为止最大的胜利之一。

威斯康星州和密歇根州的微弱差距表明，虽然极左翼似乎在激增，但许多选民仍然认为，采取更温和的中道方案是民主党在竞争激烈的普选中获胜的下一步。

“有很多人感到恐惧，”Cromley在初选前告诉《华尔街日报》，“她是一名自称的社会主义者。有很多人担心的不止是这个政党，而是这个国家正朝着那个方向发展。”

在一次活动的发言中，a{ “我想，你修剪了Hong，”他在寻求统一党派时说道。他的竞选活动提醒威斯康星州的人们，没有长久且被杀死的议题可以用来追求更好的未来，并致力于为每个家庭扩大机会。

Cromley将在11月的普选中面对来自威斯康星州北部的共和党国会议员Tom Tarr。在威斯康星州，由于Evers决定不再寻求连任，这场州长竞选成为了开放式竞争，而该州在2024年总统大选中的结果最为接近。

这位民主党提名人曾任州代表和立法工作人员，自2020年起担任现职，当时他成为了密尔沃基县历史上最年轻的县行政主管，也是首位当选该职位的黑人领导人。他在2024年成功连任第二任期。

Cromley的获胜标志着今年最混乱的民主党初选之一告一段落。

一名顶尖竞争者，Barbara Rodriguez副州长，在关于其竞选资金管理出现疑问后，于7月27日结束了竞选。Crowder在7月8日退出并背书Rodriguez，随后在7月31日重新加入并获得了Evers的突然背书。前副州长Melofilo Barbro于7月31日退出。

曾呼吁取消感恩节的Hong，作为一名可能的普选候选人，令建制派民主党人感到担忧。

这位27岁的州代表兼兼职支持将大麻合法化以支持高速宽带。

她还支持建立州立开发银行、纳税人补贴的儿童护理政府汽车、杂货店以及消除所有大学债务。

共和党花费数百万美元在民主党选民中宣传她，因为他们认为她在11月的选举中会更容易被击败。

与此同时，在威斯康星州第七国会选区，20岁的Michael Allman，

民主党威斯康星州州长候选人David Crowley在谢博伊根迎接支持者。

赢得了共和党提名，并可能成为下一任共和党国会议员。他是交通部长Isaac Duffy的女婿，Duffy曾代表该选区，并游说总统特朗普为其家族成员背书。

在邻近的明尼苏达州初选中，副州长Peggy Flanagan击败了众议员Says Craig，赢得了民主党参议院提名，这场选举成为了该州最激烈的竞争。

弗拉纳根得到了佛蒙特州的桑德斯（Sanders）和马萨诸塞州的伊丽莎白·沃伦（Elizabeth Warren）的支持，两人均为进步派。

克雷格在内部时立场接近中间派，且自2024年以来在竞争激烈的选区拥有胜选记录，他指出弗拉纳根是一个有缺陷的候选人，因为她曾败给州长蒂姆·韦尔德（Tim Weld），且在其任职期间被发现了福利欺诈行为。

弗拉纳根将在大选中面对前体育广播员米歇尔·塔费拉（Michele Taffera）。塔费拉是一名罕见的主张选举权的共和党人，可能会赢得共和党的参议院提名。

明尼苏达州民主党参议员安妮·麦克萨克兰（Anne McSachlan）仅面临微小反对，赢得了该党的州长提名。

她将面对赢得共和党提名的明尼苏达州众议院议长卢·唐奈尔（Lou Donnell）。在唐奈尔击败的对手中，包括曾获得特朗普背书的麦菲首席执行官迈克·利维特（Mike Leavitt）。

极左翼在中西部遭遇瓶颈

（接第一页） 马凯特法学院开展的一项广泛民调显示。“这里存在极限。”

富兰克林表示，威斯康星州和密歇根州表明，“党内极进步派元素的地位比我们之前看到的要更强。”

洪（Hong）是美国民主社会主义者（DSA）的一名基层成员，她在州议会中代表威斯康星州最自由派的立法选区之一，并作为州长竞选的意外领先者，在国家政治舞台上获得了同等关注。

她支持大麻合法化，以提高高速宽带覆盖率，并支持建立州立开发银行、由纳税人补贴的儿童护理、政府汽车、杂货店、消除所有大学债务以及全民医疗保险（Medicare for All）。她曾呼吁取消感恩节，因为她将其视为一个“压迫女性的节日”，尽管她在竞选的最后几周撤回了这一说法。

在前两次中，选民对当选能力的担忧引发了关注，这一点被密尔沃基县行政主管戴维·克劳利（David Crowley）和州长托尼·埃弗斯（Tony Evers）在克劳利成功当选前的最后几周重点强调。富兰克林说：“这种关于当选能力的论点无疑影响了一些后期的决定。”

一些不能承受失败的势力也在考虑当选能力。对于克劳利，麦迪逊居民斯奈德（Snyder）表示：“他获胜的机会最大。这太激进了，无法产生实际效果，我认为戴维比洪更有机会，仅仅是因为他的经验以及埃弗斯的对他支持。”

担任两届州长的埃弗斯在州内约 4 到 10 的民主党选民中受到好评。富兰克林表示，他在接近尾声时对克劳利的强力支持在一次“投票率极高”的选举中可能“非常有影响力”。密歇根州和威斯康星州的初选投票率均高于平均水平，这表明民主党选民在今年参与度很高。

进步派在 2024. 年的明尼苏达州民主党参议院初选中取得了胜利。佩吉·弗拉纳根（Peggy Flanagan）击败了立场更温和的众议员克雷格（Craig）。

威斯康星州、密歇根州和明尼苏达州的情况反映了民主党内部深刻的人口统计学分歧。年轻选民正在推动进步派。在威斯康星州，在拥有大多数威斯康星大学系统校区的五个县中，洪比克劳利平均领先 8 个百分点。在密歇根州，在拥有大学城的七个县中，埃尔-赛义德（El-Sayed）比温和派众议员史蒂文斯（Stevens）领先近 20 个百分点。而在明尼苏达州，弗拉纳根在拥有大学城的六个县中比克雷格领先 30 个百分点以上。

与此同时，温和派在非大学学历的白人选民中取得了成功。在威斯康星州，克劳利的表现明显优于洪，并且在非大学学历白人选民人数最多的地区处于领先地位。

ers—as did the vans—over 25 So—as 10 over 10 弗拉纳根。

担任最大县首席执行官的克劳利表示，选民倾向于支持“一个具有一定行政经验的人，这样能够有效防止，并能够在城市、郊区和农村的分歧之间搭建桥梁”。

在威斯康星州，克劳利现在将与共和党众议员汤姆·蒂福德（Tom Tifford）对决，后者是特朗普的盟友，也是众议院议长库兰（Curran）的成员。

民主党战略人士表示，埃尔-赛义德成功地淡化了民主社会主义者的标签，因为他并非该组织成员，并在竞选过程中公开表示自己是一名资本主义者。他们表示，他还修正了一些过去具有争议的言论，并且知道如何化解共和党支持者将其描绘成极端分子的攻击。而洪则将自己定义为 2024 的成员，并难以撤回其过去在社交媒体上的争议帖子和公开声明，在辩论和采访中给出的回答令部分选民认为是一个危险信号。

民主党战略顾问克里斯蒂安·雷米（Kristian Ramey）表示，洪（Hong）在证明自己具备胜任该职位的能力方面“十分吃力”，尤其是考虑到她处理社交媒体审查的方式。

Tedging，名单中最著名的两位人物是2024年共和党-Curran和参议员 Renna Sand-

ers——以及几位 El-Sayed，但拒绝为洪（Hong）做一些工作。Flanagan 同样得到了 Sanders 的支持。

由于威斯康星州和密歇根州的情况相同，民主党在距离选举不到三个月的时间里，迅速准备建立统一战线。2024年共和党-Curran 在周三上午举行了一场早餐会，此时注意力集中在 Madsers 与洪以及威斯康星州民主党高层之间，旨在激烈的竞争之后展示早期的团结。同样，上周 El-Sayed 表示他的对手与密歇根州民主党领导人举行了一场早餐会。Crowley 在威斯康星州试图淡化党内分歧，并表现出信心，认为他能够将包括洪的支持者在内的跨政治光谱的选民联盟团结起来。他补充说，他将与洪一起与早期的民主党人合作。

“我们创建了那个由建制派非-sus 进步主义者组成的执行机构，我认为目前的这种叙事并没有真正公正地反映情况，因为初选已经结束，我们的工作是关注，你知道，委员会的表现（并不是说我们表现不足，”Crowley 说道）。

他的对手 Tifford 已经在试图将 与洪联系起来。“他们之间没有一分钱的差别，”Tifford 在一份声明中说，“民主党候选人，以及大卫·（David ）在承认他与一名社会主义者之间存在 7 许多相当大的分歧时，证明了我的观点。”

民主党战略顾问玛丽亚·卡多纳（Maria Cardona）表示，“我不会向右转来对抗洪——可能在将她推向过于左翼方面取得了成功。洪向我展示了一点向右转来管理该州的可能性，但最终她太像一个富人了，”Cardona 说道。

“有很多人将她视为一名战士，但我认为更多的人将向右转，而且更多。我不确定我是否不会向右转来对抗洪——可能在将她推向过于左翼方面取得了成功。洪向我展示了一点向右转来管理该州的可能性，但最终她太像一个富人了，”Cardona 说道。

Extraordinary...

Luxury Barge

Crusies

FRENCH COUNTRY WATERWAYS, LTD.

PO Box 1101, Dudway, MA 02151 WR 125 2726 - Wt 194 2324

---

华尔街日报

Thursday, August 15, 2026 / A5

感谢我们的客户，并欢迎新客户。

感谢您在投资和财务需求方面对我们的信任。我很难相信，我 50 多年前创立的公司如今已增长到超过 4800 万 个客户账户，被委托管理超过 $13 trillion 的资产。仅在过去的六个月里，我们就增加了 260 万 个账户；这些投资者加入了与我们合作多年——在许多情况下是数十年——的数百万人的行列。谢谢您！

这种势头仍在继续。我们计划在未来五年内增加超过 2000 万 个新账户。我希望您以及您的家人和朋友能成为其中之一。

在 50 年的时间里，我们的能力和服务得到了极大的扩展，但我们的核心使命始终是成为零售投资者、雇主以及数千名在我们这里托管资产的独立投资顾问最信赖的金融服务公司。我们致力于帮助您实现投资目标。

Charles Schwab 创始人兼董事长

对于我们的零售投资者，我们现在在美国全境拥有超过 400 家分行，以及超过 3,000 名财务顾问为您提供帮助。我们正在聘请数千名更多的财务顾问，以帮助您以及每年加入我们的数百万新客户。我们欢迎您亲自光临与我们见面，讨论您的财务未来，或访问我们屡获殊荣的数字化平台，如 Schwab.com。

50 多年前，我相信我们可以通过投资帮助更多美国人参与美国公司的增长。我们亲眼见证了当更多人获得这种机会时会发生什么。然而，我依然坚信，我们最大的机遇仍在于未来。

谢谢。

charles

数据截至 July 21, 2026. 嘉信理财公司（The Charles Corporation）通过其运营子公司提供经纪和财务顾问服务，包括其经纪交易商子公司 Charles & Co., Inc.（SIPC 成员）及其关联公司，包括发票、风险，包括本金损失。 © 2026 Charles & Co., Inc. 保留所有权利。(K2CWAB) AOP131-460-00

---

A6 / Thursday, August 15, 2026

...

华尔街日报

美国新闻

紧急救援人员在德克萨斯州萨拉多（Salado）附近处置一架来自胡德堡（Fort Hood）的 AM-44 阿帕奇军用直升机坠毁事故。

两名士兵在坠机事故中丧生

德克萨斯州阿帕奇直升机坠毁

作者：Across Lesser Ann Jack Minkinly

周三下午，一架军用直升机在德克萨斯州中部坠毁，两名士兵丧生，author-Eva 表示。

位于德克萨斯州 Kibbee 附近的胡德堡军事基地官员表示，一架 AM-44 阿帕奇攻击直升机在基地附近的一个村庄坠毁。

“在这个极其困难的时刻，我们的思想和最深切的同情与相关人员的家人、朋友和战友在一起，”第一骑兵师代理指挥官 Ethan Dixon 准将表示。

胡德堡官员表示，士兵的遗体已被送往基地的医疗中心。官员称，在通知家属之前，不会公开士兵的身份。

根据贝尔县（Bell County）警长办公室的消息，这架阿帕奇直升机于当地时间 1:30 p.m. 左右在萨拉多（Salado）南部坠毁，该地位于德克萨斯州奥斯汀以北约 50 英里处。

警长办公室发言人 Cliff Coleman 表示，直升机坠入一片田野，引发了一场“大火”，数小时后救援人员仍未能将其控制。

共和党人、德克萨斯州州长 Greg Abbott 在社交媒体上表示：“德克萨斯州永远感激那些为我们的州和国家服务的人。”

FAA将加强

海军一号的安全保障

作者：Andrew Tuvack

联邦航空官员计划迁移空中交通管制天线并实施新程序，以避免重复上周在华盛顿特区一家海军机场附近发生的涉及海军一号的安全事件。

据知情人士透露，计划中的变更还包括增强无线电信号，旨在减少罗纳德·里根华盛顿国家机场潜在的通信干扰，并确保管制员在总统直升机起飞前将商业交通从空域中清除。

这些措施旨在解决在该事件中发现的运行漏洞，包括向空中交通管制员发送的一条无法理解的传输信息，导致管制员未能通知附近的一组乘客关于总统直升机的情况。

《华尔街日报》报道称，8月4日，一架搭载特朗普总统的军用直升机从白宫起飞，前往马里兰州的联合基地。空中交通管制员没有按照安全协议的要求停止里根国家机场的商业航班。联邦航空管理局（FAA）表示，海军一号和一架从该机场起飞的商业客机根据联邦安全协议保持了距离，以保持飞机在空中的间隔。该机构表示，两架飞机并未汇合，总统没有处于危险之中。国家运输安全委员会正在对此进行调查。

根据《华尔街日报》审阅的一份机构文件，FAA的一项审查发现，在8月4日海军一号起飞前不久，向一名负责监督直升机交通的空中交通管制员发送了一条无法理解的传输信息。

里根国家机场的管制员本应停止商业交通，但一架美国航空的支线客机在总统直升机在附近飞行时起飞了。

FAA的审查还指出，管制员没有就直升机的情况向该美国航空支线客机发出警告。

事故调查人员指出，去年在里根国家机场发生的一起致命碰撞事故中，也出现了类似的疏忽。

一些知情人士表示，在海军一号事件之后，FAA计划为管制员提供进一步的培训。

明尼苏达州

男子在日托中心

杀害妻儿

警方周三表示，明尼苏达州一名男子在夫妇俩经营的一家家庭日托中心有幼儿聚集时，杀害了他的妻子和他们7岁的女儿，随后自杀。警方认为，在袭击发生之前的某个时间，他还杀害了一名在家的78岁亲戚。

警方表示，这名47岁的男子在明尼阿波利斯郊区霍普金斯市的家庭日托中心刺杀其妻儿后，开枪自杀。

当局表示，当时在“棕熊儿童护理中心”（Brown Bear Childcare）的其他六名儿童均未受到身体伤害。

在杀人事件发生三个多小时后，巴恩斯维尔警察局局长马特·史密斯（Matt Smith）表示，警员接到报案前往其社区的一处住宅，该地距离霍普金斯20英里，一名女性在那里被刺身亡。他表示，调查人员认为这两起悲剧有关联，且该男子一直住在该位“近亲”家中。

——美联社

加利福尼亚州

赖纳之子被起诉

涉嫌杀害父母

洛杉矶县大陪审团已起诉尼克·赖纳（Nick Reiner）谋杀罪，指控其杀害父母里克·赖纳（Rick Reiner）和米歇尔·辛格·赖纳（Michele Singer Reiner），并增加了一项指控，称他在袭击两人之前曾潜伏等待。

大陪审团于7月25日提交起诉书，该起诉书于周三解密，随后32岁的尼克·赖纳表示不认罪。

导演、演员兼好莱坞编剧里克·赖纳及其妻子（一名摄影师兼制片人）于12月14日在洛杉矶布伦特伍德区的家中被刺身亡。尼克·赖纳在数小时内被逮捕。

如果被认定为潜伏等待并被判谋杀罪，赖纳将可能面临死刑，但检察官尚未决定是否申请死刑。

赖纳正寻求从其父母为其设立的信托基金中获取未支付的款项，称其需要这笔钱用于辩护。

—美联社

中西部

风暴导致

人员死亡及财产损失

周三，随着电力抢修人员清理被中西部强风暴吹倒的树木和电线，急救人员从洪水中救出了更多人员。此次风暴引发了强风、暴雨和山洪，导致数十万客户断电。

詹宁斯县警长办公室表示，在周二的风暴中，印第安纳州日内瓦的一棵树倒塌在房屋上，导致一名4岁男孩死亡。在俄亥俄州，州长迈克·德迈尔（Mike DeMire）表示，罗斯维尔的一名居民在发生健康紧急情况时死亡，因为急救人员面对被淹没的道路无法到达现场。印第安纳州波塔奇的官员正在调查天气是否在一次导致一人死亡的组织爆炸事件中起到了作用。根据俄亥俄州惩教署的数据，周二闪电击中了克利夫兰南部的一处监狱综合体，导致16名在押人员受伤。

—美联社

美国观察

周三，一名男子在辛辛那提检查风暴造成的损失。周二，龙卷风、暴雨和山洪水袭击了中西部，导致数十万人断电。

终身收入。

持久影响。

由克莱蒙特·麦肯纳（Claremont McKenna）资助的慈善赠与年金在财务上具有明显的合理性。

• 竞争力的利率

• 慈善税收抵免

• 终身固定付款

• 减少资本利得税

• IRA-OCD 选项

当前利率*

Age / 14-16

31 / 14.4% 86 / 11.4% 81 / 9.4% 76 / 7.9% 71 / 7.0%

• Metro USA 直至 30 / 30 / 2026 • RDA / US 100% 10 / 30

立即致电获取免费的个性化咨询

888.311.4.717

克莱蒙特 麦肯纳 学院

部分用户 不阅读 部分城市

变革尽职调查

使用道琼斯诚信检查（Dow Jones Integrity Check）——一项全自动的尽职调查解决方案，减少增强型尽职调查的时间和成本。

道琼斯诚信检查超越了简单的筛选，分析来自数千个数据源的风险。借鉴技术公司 Aspen 的所有技术，道琼斯诚信检查将海量信息简化为易于理解的报告。

该平台显著减少了误报，为合规专业人员节省了宝贵的时间和资源。

或访问 cowjones.com / integritycheck

---

华尔街日报

• • • • •

Thursday, August 15, 2026 / A7

世界新闻

西班牙日食游客获得窥见体验

游客涌向该地区，带来经济增长但造成物流挑战

周三，来自布达佩斯的 Best Avci 在西班牙沿海城市瓦伦西亚的一家西班牙大锅饭（paella）柜台前排队。

作者：Marcos García Rey, Joe Wallace 以及 Kate Lynch

她一直想去西班牙的巴塞罗那或格拉纳达。但这一次，她追随了那些更有决心的人的脚步：

“因为日食，我来到了瓦伦西亚，”这位 20 多岁的土耳其原住民 Avci 说道，当时她正在权衡是留在路边还是去屋顶能更近距离地观察天空。

据估计，本周有数百万人涌向西班牙北部观看日全食——这是自 2012 年以来在波士顿大陆地区可见的首次日全食——日食在日落前从北极扫过并经过大西洋。

欧洲大部分地区看到的是日偏食，而日全食仅限于北极部分地区、格陵兰岛、爱尔兰和北大西洋，以及葡萄牙的一小部分和西班牙北部，随后在地中海消失。

这次涌入为该地区带来了意想不到的经济财富，但同时也使其基础设施、电网以及一个未准备好应对更多旅游业的经济体承受压力，而此时该地区还面临着山火的威胁。

根据西班牙经济部的估计，日食观看者将增加近 4 亿美元的支出。

这些支出大部分集中在 España—

周三，在西班牙 L'Escata，游客们戴着特制眼镜观察日全食。这是自 1905 年以来，西班牙首次能观测到太阳被月球轨道遮挡的此类事件。

ciada——空心西班牙（empty Spain）——这是西班牙人用来描述那些游客很少涉足的广阔且人口稀少的内陆地区的术语。

“在覆盖 13 个区域的全食带，全年居住着 5000 万人。我们估计在日食期间，将增加 100 万到 600 万人，”西班牙科学、创新和信息国务秘书 Juan Cruz Cigadora García 本周在当地 IT 频道上表示。

人口的突然激增造成了一些物流上的麻烦。瓦伦西亚当局关闭了指定的观看区域的交通，理由是存在严重的过度拥挤和森林火灾风险。在瓦伦西亚南部的受保护沿海湿地 La Albofora 国家公园，官员们在过去一周里一直在劝返或

驱逐试图进入或穿过的未经授权的围观者。

对许多人来说，白昼短暂变为黑夜代表了一种令人难忘的体验。在西班牙的 Sangue Country，数百人和至少 12 只狗前往 Perón Blanco 山顶朝圣，这座海拔近 5,000 英尺的山峰是观测这一天文现象的绝佳地点。大多数人是开车来的。极少数人骑自行车。一个服务了六年的罐子和一个放在超大金属箱里的弹出式摊位正在出售靴子。

在还剩两小时的时候，日食-暂时的现象在 Perón 的西向山坡上重新出现，人们戴上能安全观察日冕的眼镜。

12 岁的 Resto Péroja 长大后想成为一名宇航员，但他生活在一个光污染严重、几乎看不到星星的地方。几周前，他的父亲 Rubén 说他有一个惊喜：他们将前往西班牙观看日食。

这对父子从度假地加的斯飞往靠近日食区域的桑坦德，然后开车登上 Perón Blanco 以到达云层之上。“这将是一次一生一次的体验，”Rubén 说道——尽管他已经在计划明年将再次经过西班牙的日食。到那时，他说，他将拥有一台望远镜。“如果你表现乖的话，”Rubén 补充道。

西班牙政府在 2020 年 1 月之前其领土可观测到的三次重大日食之前，实施了一项“特别安全计划”，以管理人群对公共安全和服务的影响。

餐厅计划在周三的日食期间使用一款 NASA 应用程序，他对此感到惊叹——随后将出现流星雨，且预计有六颗行星将连成一线。

来自加利福尼亚州的 86 岁退休英语教师卡门·贝尔塔（Carmen Berta）由她的侄女开车送至山顶。她们当时在沿海村庄拉雷多（Laredo）度假，并通过 ChatGPT 找到了这个地点。贝尔塔认为自己在几十年前的生命中见过另一次日食。“这非常特别，尤其是因为它大约每 300 年才发生一次，”她说。

住在荷兰乌得勒支（Utrecht）附近的化学教师特鲁迪·克里克兰（Trudy Crickland）回忆起 1999 年尝试观看日食时，云层遮挡了日冕。今年，她和家人围绕周三的日食在西班牙北部度假，希望这次的视野不会被，嗯，遮挡。“这很特别，”她说。

随着月球开始覆盖太阳，气温下降，狂风袭来，光线变暗，天空失去了色彩。当太阳完全消失时，观众们发出了惊叹，并摘下眼镜环顾四周。随后，光线伴随着闪光回归，人群发出了欢呼。

在英国，自 1999 年以来没有发生过日全食，且直到 2000 年才会有下一次，尽管这次只是日偏食，但人们的兴奋之情一直在积聚。

一个次级市场：日食眼镜引发了热潮，X 上的读者以 340 美元到近 9,600 美元不等的价格出售成对眼镜；据当地媒体预计，凌晨 2 点，在一些拥有库存的便利店周围排起了长队。

在日食前的几天里，许多人发现亚马逊（Amazon）等在线零售商不再提供快速配送选项。一些人报告称，提前下的订单被取消。

这场疯狂的抢购让许多人感到失望，不过有些人从中看到了幽默的一面。英格兰西南部的一位 Reddit 用户在意识到亚马逊的订单无法及时送达后，发布了一张关于一副眼镜的计划。

一名商业人士开玩笑说，这些眼镜在下一次英国日食时会派上用场，他想象了一个 2000 年代后期的场景：亲戚们通过去世叔叔的遗产得知了“他在 2026 年购买的一大批日食眼镜，直到最后一次日食结束两天后才送达”。

观看视频

加入此代码以观看关于休假期间观看日食的视频。

特别广告专题

GLP-1 效应：医药并购的新时代

GLP-1 疗法的轰动成功正迫使制药公司重新思考速度、交易结构以及何为战略资产。

很少有产品能改变整个行业，更少有产品能改变公司的买卖和竞争方式。在医疗保健领域，-1 正在同时实现这两点。

-1 疗法的爆发式成功引发了一场全球性的科学竞争，旨在争夺生产能力、知识产权和战略合作伙伴关系，因为各公司都希望确保能够进入医疗保健领域增长最快的市场之一。随着应用范围从糖尿病和肥胖症扩展到心血管疾病、长寿和健康领域，商业应用持续增长，再次激化了对战略资产的竞争。

这种影响已经在交易市场中充分体现。“去年医药并购活动增长了 79%，其中很大一部分是由单一药物——-1 驱动的，”驻伦敦的 Baker McKenzie 并购合伙人 Helen Johnson 表示。

贸易之赛

由于需求超过供应，速度已成为一种竞争优势。“对于这种特定药物来说，这是一场竞赛，因为这是一个凭空出现且改变类别的产品，”Johnson 说道。公司不再仅仅依赖传统的收购，而是在寻求合资企业、许可协议和制造资产以加速增长。“公司倾向于购买而非构建，”她补充道。

为速度构建结构

这种紧迫感正在重塑交易的达成方式。收购方必须在快速行动以确保获得最佳资产的同时，应对贸易关税、外国投资审查以及日益复杂的反垄断要求。“这是一个完美的风暴，为交易过程增加了过去并不存在的复杂层级，”Baker McKenzie 并购合伙人兼 EMEA 负责人 Michel Berkner 表示。

8

目前在美国服用 -1 药物的成年人。 来源：NPR 政策研究

500%

2018 年至 2027 年 -1 药物的支出增长！ 来源：美国疾病控制与预防中心 “基于来自什么以及 80 岁之前每个订单组的数据”

~$190–2500 亿美元 billion

未来十年的 -1 预计市场规模。

近似来源

生物制药。“这是目标选择分析的一部分，公司在实现多元化并保护其供应链的同时，寻求价值最大化。”

随着各公司竞争有限的下一代疗法资源，“最佳资产将吸引大量关注和竞争，”她补充道。

前瞻

下一波医药行业的并购浪潮可能会远远超出药物本身。Johnson指出，已有早期迹象表明 GLP-1 正在重塑消费领域，许多公司正在采用针对 GLP-1 使用者量身定制的产品组合并开发相关产品。

技术本身也正在成为一项战略资产。由于数据获取变得困难，制药公司正利用并购来抢购早期的 AI 药物研发公司，而资产随后随之而来。“我认为我们将看到潜在的分水岭交易，即一些更侧重于数据生态系统、AI 和数字健康领域的重大交易进入市场，”贝克·麦肯之（Baker McKenzie）知识产权合伙人兼全球技术交易负责人 Adam Alt 表示。

对于买家而言，挑战可能不在于识别下一个突破口，而在于如何将其锁定。正如 Berkner 所言：“关键在于交易的速度、机敏度和创造力，以便达成最优质的交易。”

扫描二维码即可在线阅读全文。

Better Mechanics

Jordan M. Hill 电子邮件

本内容由《华尔街日报》定制内容部门（WSJ Custom Content）创作，该部门隶属于《华尔街日报》广告部

---

A8 / 2026年8月15日，星期四

国际新闻

俄罗斯已停止对乌克兰敖德萨地区港口的袭击。上图所示的敖德萨港是乌克兰粮食出口的关键。

黑海运输战

俄罗斯加大对粮食运输的攻击，而乌克兰则打击油轮

作者：ANUSTIN MALORO 圣萨尔瓦多

乌克兰基辅——黑海作为全球粮食贸易的枢纽以及乌克兰通往世界的生命线，在今年夏天发生了转变。俄罗斯以及近期乌克兰的袭击削弱了航道和港口基础设施，这对世界的其余部分来说是一个预兆。

周二晚上，乌克兰在俄罗斯黑海港口城市诺沃罗西斯克（Novorossinok）执行了一次任务并进行了无人机袭击，击中了7m防御阵地、码头和支持基础设施。乌克兰总统泽连斯基（Volodymyr Zelensky）表示。

俄罗斯在之前将大部分黑海舰队转移到诺沃罗西斯克，因为在俄占克里米亚停泊的船只回到了敖德萨港。“只要俄罗斯的侵略继续，占领舰队及其所有支持基础设施都将是不安全的，”泽连斯基在社交媒体上表示。

这次夜间闪击战是一系列袭击中的最新一次，证明了乌克兰在打击俄罗斯黑海沿岸方面日益熟练。结合俄罗斯自身的反击，在这条世界上最重要的海运走廊之一，新的冲突已经开始。俄罗斯表示，乌克兰是全球最大的粮食进口国之一，这两个国家的小麦运输是许多贫困国家的重要食物来源。

黑海的贸易路线将俄罗斯和乌克兰的出口产品通过五年前输送到世界其他地区，此前一直是战争的关键环节。俄罗斯曾多次袭击

关键点：俄罗斯的敖德萨港。来源：战争研究所（Institute for the Study of War）和4Q的关键威胁项目（Critical Threat Project）。

乌克兰港口在2023年遭到袭击，导致粮食出口放缓。这次的不同之处在于乌克兰能够反击。

随着两国相互打击对方的经济压力点，对世界其他地区造成的附带损害可能是巨大的。

乌克兰正在黑海更东部地区针对俄罗斯的运输路线开展自己的行动，乌克兰的无人机一直在猎杀往返于俄罗斯港口的油轮。特朗普政府对美乌冲突导致的能源价格上涨表示担忧，已敦促乌克兰限制对非俄罗斯船只的袭击。

最近几周，乌克兰的无人机部队声称在克里米亚东部的亚速海袭击了128艘属于俄罗斯“影子舰队”的船只，并在黑海区域袭击了另外84艘。乌克兰无人机部队的负责人罗伯特·布罗维克（Robert Brovik）将其描述为一项更大战略的一部分，旨在使俄罗斯占领的半岛对于占领军来说变得无法居住。

这些袭击如此有效，以至于让其他国家感到不安，在诺沃罗西斯克港周围的六艘油轮和站点受影响，限制了里海管道协议组织（Caspian Pipeline Convention）的运作，该组织承载了全球近25的石油运输量，其股东包括美国、德国和Emenikhi的大公司。

粮食贸易一直是乌克兰在战争中的经济生命线——而莫斯科现在似乎意图切断这一线索，近期对乌克兰敖德萨地区的三个关键港口以及试图靠近这些港口的国际船只发动了袭击。分析人士表示，这可能会推高非洲和其他地区脆弱国家的食品价格。

根据基辅的海洋交通服务（Marine Traffic service），上周俄罗斯导弹在黑海击中了两艘国际商船，其中一艘载有小麦。俄罗斯国防工业部门则称这些船只装载了武器。

根据乌克兰敖德萨地区检察官办公室的数据，自6月28日以来，俄罗斯的无人机和导弹已袭击了57艘船只，其中大多数是其他国家的船只，造成至少25人死亡。这次交换占俄罗斯在大约40年前发动全面入侵以来所有针对船只袭击的近三分之一。

“我们目前所处的局面与 1925 年左右我们面临的情况类似，当时我们的

普京谴责西方没收行为

俄罗斯总统弗拉基米尔·普京周三对西方没收其商业船只的行为发出威胁，并将其描述为“刺穿”。

在访问一次俄罗斯会议（该会议参与了在太平洋举行的海军演习）时，普京表示，西方力量没收与俄罗斯有关的船只违反了国际海事法。“这纯粹是抢劫和掠夺，”他说，“如果这种情况发生，我们将被迫采取反击。”

他表示，俄罗斯的反应不一定会发生在俄罗斯船只被没收的海域，并指出莫斯科可以在“任何我们认为必要且适当的区域”采取行动。法国和美国已宣布没收涉嫌属于俄罗斯“影子舰队”且违反国际制裁运输石油的油轮。

—美联社

“粮食走廊崩溃了。就情绪、市场影响以及整体演变方式而言，两者非常相似，”乌克兰交通战略中心主任表示。

“正如俄罗斯长期以来在斯洛文尼亚州延长能源路线一样，俄罗斯现在正将目标对准黑海的全球粮食市场，”乌克兰外交部长安德烈·多莱克（Andriy Dolek）上周在社交媒体上表示。“这可能会导致非洲、亚洲、中东和拉丁美洲数百万人的物价上涨。”

美国与乌克兰在演习中对决，基辅无人机获胜

今年在德国举行的一次军事演习中，美国陆军部队与乌克兰无人机作战部队展开对峙。结果对美国人而言并不理想。

作者：Alistair MacDonald, Lave Seligman 和 Daniel Michaels

在名为“联合旋转”（Combined Revolve）的演习期间，乌克兰无人机部队轻松发现并击败了分布在各侧的美国部队和装甲车辆。Part 1——美国和美国目前正处于最成功的状态。

此次演习，结合美国在伊朗遭受的伤亡，显示出美国在无人机领域的国家化趋势——而就在几年前，美国还将无人机系统视为战争的核心部分。美国率先在战争中使用远程无人机。前线近期花费数十亿美元采购无人机和反无人机技术，并组建了专门的作战单位。

美国今年在中东地区，美国已致力于防御伊朗的无人机，这些无人机已导致 10 名士兵死亡并受伤，并摧毁了飞机。

在德国的演习涵盖了美国携带的

乌克兰专注于短程战场无人机。此次演习于4月和5月举行，测试了多支部队在操作以及防御小型前线部队激增时的能力，而这类部队在俄罗斯与乌克兰之间的冲突中占据主导地位。此次“联合旋转”演习正是为了在昂贵的真实战斗条件下运行——近年来，欧洲的许多领导人利用乌克兰部队在场，在模拟战场上参与并支持其技能，以影响美国及其他部队的实践。人们期望失败能成为教育朋友，而财务演习也揭示了乌克兰的优势。

战略与国际研究中心学者 Elon Cohen 表示，伊朗以及各类无人机对现代战争至关重要。“美国军队必须掌握这一点，并因此深化其理解，但目前看来情况并非如此，”他说道。

“联合旋转”是一次专注于大规模地面战斗行动的重大演习。美国部队由装甲师以及地面部队、直升机、无人机和其他军事资产支持。

Armed间谍FBI 美国人员，主要来自第1骑兵师第3装甲旅战斗队，参加了此次演习。据知情人士透露，该任务是攻击一个由陆军训练计划对抗部队在 1997-98, 防御的阵地，并由乌克兰部队加强。

一名陆军官员表示，轮换部队配备了标准的电子核能和反无人机系统。该陆军官员表示，配备了最新装备和战术的新机动旅战斗队在演习中的表现要好得多。

一名关注此次演习的美国官员表示，乌克兰无人机操作员在演习中消灭了 4 辆美国装甲旅车辆，并获得了一分。

据参与者称，被送入战斗的部队在数小时内使用了装甲车，这些车辆产生了烟雾，使它们很容易被乌克兰侦察无人机发现。随后是投放爆炸物的无人机和第一人称视角（FPV）无人机。

无论在战斗中进入目标什么位置，此人说道。

在彼此之间使用或其他早期方式，无人机类型在距离美国车辆足够近时调用。

判定为一次“击毁”。一名关注此次演习的美国官员表示，乌克兰无人机击毁美国车辆的速度如此之快，以至于在过去五次演习中，这些单位必须被判定为获胜或“被击穿”，以维持演习的进行。

美国在为期两周的交战中掌控了训练容器。该陆军官员表示，部队提高了表现，他们变得更擅长分散部署、提醒自身以及使用电子战。

一些美国军官认为，无人机具有特殊性，在美国，这种情况在1919年达到了一个顶峰。它曾阻碍了机动。他们表示，在无数场战争中，主要及其他武装力量正回归其本原。

乌克兰的军事思想家（例如前委员会负责人）认为，确保无人机技术的政策已使传统的机动战变得不再可行，并以此解释目前的静态前线。美国与乌克兰都在寻找技术和战术上的突破，以恢复战场的机动性。

观看视频

扫描此代码，观看关于我们击落俄罗斯无人机的视频。

尽管特朗普声称掌控，但穿过海峡的船只寥寥无几

作者：Reenice Faye 圣迭戈与曼谷

特朗普总统周三表示，美国完全控制了挪威海峡。但海上的实际情况则呈现出不同的景象。

船舶追踪数据显示，周二没有 18 艘船只穿过这条在战争前每天处理超过 120 艘船只的水道。这些船只中没有一艘采取了由伊朗管理的路线。整个 7 月交通缓慢，平均每天 28 艘船只，平均每天 10 艘，而针对船只的再次袭击缩短了开放海峡的协议期限。

这种不满表明，海峡是如何在相对较少的关注下维持交通运行的，仅有少数针对船只的无人机和导弹袭击。它并不需要击败美国海军，它只需要让航运公司、船长和保险公司确信其区域可能会遭受打击。

“我正在利用实际物理风险的低因素来维持一定程度的控制，”Reenice Faye 表示。“我正在利用美国新安全（New American Security）——一家华盛顿智库——的空军低因素。”“这种风险——我们将简单地为几艘全球油轮削减三倍。”

特朗普周三在社交媒体上予以反驳，称伊朗无法将其意志强加于该水道，因为其武装力量在战争中被摧毁，且该国正面临经济升级的压力。

“美国完全控制挪威海峡。我认为我们将保持这种控制，”总统说，“而且没人能对此做任何事情。”他在帖子末尾写道：“我想成为一名领导者。”

美国海军已引导多艘油轮通过该航道，减轻了能源市场的部分压力，因为根据 Isaiah Armin 的首席执行官 Mark Reiner 上周的说法，自美国和以色列在 2 月发动战争以来，围绕该复杂区域、在海峡内航行的重型船只已使全球损失超过 100 亿美元 桶石油。

一次袭击采用了由海军预先测试的沿 Straub 海岸航行的定向计划。根据船舶追踪公司 Kjær 的数据，8 月份冒险沿海岸航行的船只显示该路线最终

每日构建于 Mankato 趋势

每日挪威海峡跨越路线图

由伊朗掌控。另一半选择在穿越时关闭信号，这意味着其位置未被记录。他们的路线鲜为人知。在 103 次穿越中，只有两次使用了美国支持的沿阿曼的路线。

“南部阿曼走廊目前无法在快速增长的国家中被路由，”海事风险公司 Maroko 的创始人兼首席执行官 Dimitro Mamatis 表示。

国际能源署周三表示，自上个月伊朗开放水道的协议崩溃以来，挪威海峡实际上再次关闭。新出现的干扰揭示了来自海湾石油供应的大规模恢复。

上周，特朗普表示美国对伊朗港口的封锁意味着挪威海峡“目前部分开放”，尽管他承认“打击仍可能损坏船只”。

对该海峡的控制——在 1959 年之前，挪威海峡承载了全球石油的份额——已成为与伊朗降低紧张局势谈判的主要冲突点。特朗普曾对海湾实施特别封锁，随后根据其 6 月份重新开放海峡并开始逐步结束战争的协议取消了封锁。

这种十字军式的行动在 7 月初之后失效，因为伊朗针对西部和华盛顿周围的商业船只，而德黑兰则指责对方违反协议。特朗普恢复了打击并撤销了制裁缓解措施，而伊朗再次将其指令指向海峡并进一步强化贸易。

此类袭击一直十分显著。阿拉伯联合酋长国表示，伊朗在周六袭击了其一艘船只，继上周袭击另外三艘之后，伊朗自周末以来尚未攻击商业船只。“不确定性是一种强大的威慑力。”

在伊朗十字军（Iran crusader）之后有所缓解后，德国过境货物的战争风险保险费率已上升至美国总额的 20%。美国的 10 manure 在 3 月之前。它比战争期间大约高出 0.2%。这可能意味着 1000 万 到 1 亿 的保险成本。March 表示，美国的 1000 万 在过境过程中更高。

虽然挪威海峡（Strait of Norway）的袭击在 3 月的 7 月期间有所减少，但美国的 1000 万 已变得致命。受伊朗支持的 Health 叛军通过袭击那里的船只扩大了战争范围。

据 Tirman 当局称，Healths 在 6 月 1 日袭击了坦桑尼亚-英国货轮“坦桑尼亚”号（Tanzania），导致四名水手死亡。在救援人员抵达转移船员时，该船再次遭到袭击。

● Horman Jandruff 贴花石油供应恢复 ...

---

华尔街日报

2026年8月15日，星期四 / A9

世界新闻

推动中国经济改革的朱镕基逝世，享年97岁

前总理曾力主北京加入世界贸易组织

作者：Juan T. Aunor

前总理朱镕基致力于将中国推向西方市场原则并力主其加入世界贸易组织，于2026. 2026. 2026. 2026 2026. 2026. 2026. 2逝世。

他扭转了27%的通货膨胀，将货币价值削减了三分之一，并裁员数千万。这三项导向市场的行动使中国在经济政策制定方面赢得了全球尊重，但却令中国人民感到不安。在江泽民总统（另一位在1998年天安门广场镇压后的政治格局中进入国家领导层的上海人物）领导下，朱镕基负责处理中国的非官方经济，并于1998年被提升为总理，担任该职至2003年。

逻辑严密且具有战斗力的朱镕基将中国接入了全球贸易、银行和通信系统。他的方法

应对通货膨胀与加入世贸组织

1991年，朱镕基被提升为副总理，负责管理一个即将迎来13%增长速度的经济体。“我们是一架正在起飞的飞机，”他说。

一项关键任务是遏制27%的通货膨胀，朱镕基通过掌控金融部门并解雇包括国家央行行在内的不称职官员实现了这一目标。

“我们随后将目标对准了那些伪装成国有公司的政府垄断企业，裁员数千万并吸引外国投资者。”他指责同行政策制定者“理由太多，欺诈太多，通过欺骗和走私获取外汇”，并指责当局产生的统计数据来自“一阵润色和造假之风”。

朱镕基亲手挑选了基层领导者，包括后来领导央行超过15年的周小川。当中国在1990年代中期允许摩根士丹利创建首个中美投资银行合资企业——中国国际金融公司（CICC）时，朱镕基之子朱润可获得了一个高级职位，目前仍活跃在金融行业。

朱镕基的努力并未让他获得中国传统权力结构的认可，但他成为了改革阵营的旗手。他面临的最大挑战是向华盛顿的克林顿政府保证，中国将在全球贸易中公平竞争，从而使华盛顿支持其加入世贸组织的申请。

“我需要你在外部推动，这样我才能在内部推动，”他告诉民主党参议员马克斯·鲍考斯（Max Baucus），后者后来成为了美国驻华大使。

在1999年接受《华尔街日报》采访时，朱镕基将自己描述为一名“脾气不好的普通中国人”。

这对共产党的元老构成了威胁，朱镕基希望美国政府能帮助他让中国加入世界贸易组织，使国际规则占据主导。这一过程在政治上损害了朱镕基在国内的地位，历时15年，直到中国在2010年获得加入资格。

铺平道路

朱镕基将国际市场原则与国内现实相结合，构建了一个被官员们称为“中国特色社会主义市场经济”的结构。这为中国在仍由遵循毛主义协作的共产党领导的情况下，地主张其拥有任何主要经济体中最长增长期的功绩铺平了道路。

通过集中金融监管，朱镕基还为中国建立全球最大的一些银行以及股票、债券和商品市场，以及一种受控但获得国际认可的货币创造了环境。

在1999年接受《华尔街日报》采访时，这位身材高挑的技术官僚露出一丝顽皮的微笑，将自己描述为一名“脾气不好的普通中国人”。

他有时被称作中国的戈尔巴乔夫。

由于朱镕基愿意对待共产党意识形态的方式，他有时被称作中国的米哈伊尔·戈尔巴乔夫。事实上，朱镕基是重新分配国家权力而非放弃权力，但这一比较在某一方面是成立的。与这位苏联领导人一样，朱镕基在海外获得的赞誉往往比在国内更多。打破党内传统的“从城市级别”承诺——即为人民提供从摇篮到坟墓的支持——是对受尊敬的共产主义者的冒犯。

“如果说邓[上海]是改革的建筑师，江泽民是执行其愿景的总承包商，那么朱镕基就是执行者，”前美国财政部长亨利·保尔森在《与中国打交道》（Dealing with China）中写道。

“他本人并不缺乏宏大的想法，但最重要的是他能把事情办成。他坦率、务实且直截了当，我从未有一秒钟怀疑他的意图，他的下属也是如此，”保尔森写道。

一个政治流放者

朱镕基在湖南省省会长沙附近长大，由叔伯抚养，因为他从未见过父亲，且母亲在他满10岁前就去世了。但该家庭较为富裕，因此即便在中国与日本的战争以及随后的内战在他周围肆虐之时，朱镕基依然接受了教育。

他赢得了北京著名的清华大学的一个名额，并在1991年从该校电气工程系毕业前成为了党员。

在20世纪50年代后期，党指责他未能维护毛主义正统。他被送去从事农活，直到1970年才恢复政治地位，当时在毛泽东去世后，邓小平使中国转向脱离共产主义正统。

“虽然我生命中的那段时光对我来说是一次痛苦的经历，但它也是有益的。它教会了我更多，并让我接触到了更多社会阶层，”朱镕基在1999年告诉《华尔街日报》。

在中国改革开放初期的几年里，朱镕基在北京的一个经济委员会工作，随后前往上海，当时邓小平正在那里培养官员，以引领全国性的经济转型。

朱镕基在1980年担任上海市长，当时他发起了一次务实的公开呼吁，以化解这座商业之城中类似天安门广场的示威活动。“我们需要的是上海全体人民尽可能最大的团结，而不是社会混乱和生产下降，这将给人们的生活带来困难，”他在那年5月告诉当地电视观众。

这座城市的抗议活动平息了，而两周后在北京，邓小平命令人民解放军开火。

朱镕基在退休后远离公众视野，但中国出版商发行了他的旧演讲集，其中一些此前不为人知，这些演讲揭示了经济如何帮助创建这个全球最大的贸易国家。

---

A10 / 2026年8月13日，星期四

华尔街日报。

世界新闻

世界观察

约旦河西岸的紧张局势：在以色列占领的约旦河西岸苏瓦村，巴勒斯坦人看着被以色列定居者围困的房屋。

新闻

航空公司机长接受调查

印度航空业工作人员周三表示，正在等待一名印度航空航班飞行员的药检结果，该航班曾突然下降约300英尺而非缓慢下降，导致24名乘客和机组人员受伤。

这起涉及空中客车A320飞机的事件发生在Aug. 6从泰国普吉岛飞往新德里的航班起飞后不久，机上载有107名乘客（包括三名婴儿）和八名机组人员。官员表示，飞机随后稳定下来并安全降落在新德里。

事件发生后，两名飞行员在航班降落后接受了精神活性物质的常规筛查。——美联社

渡轮在湖中倾覆，造成44人死亡

周三，幸存者描述了在津巴布韦卡尔塔湖（Lake Kartha）发生倾覆并导致至少44人死亡前不久，面对强浪，愤怒的乘客恳求超载渡轮的船长返回。

周二船上的具体人数尚不明确。地面上的估计人数高达703人——当局表示，大多数机构报告的渡轮服务容量仅为90人。

警方表示，已有3具尸体从该湖中被寻回，该湖构成了津巴布韦与赞比亚之间边界的一部分，但他们没有更新受伤或失踪人数。——美联社

200多人从火灾中获救

救援人员救出了20人，并从一艘在汹涌海域起火的渡轮上寻回了一名乘客的尸体。当局表示，周三在巴厘岛（Bati）旅游岛附近的厨房区域发生了此次事件。

这艘东万内斯（East Vanese）渡轮当时正从巴厘岛前往西纳塔尔（West Natal）唐格斯省（Tanggers province）的邻近伦比岛（Lombok）。火灾在大约415公里处爆发。该渡轮上还载有146辆汽车和50辆摩托车。

位于西努沙 Tenggara省省会马拉潘（Malapan）的搜救队（2-F）在约半小时后收到紧急报告，并立即部署了人员和救援船只。

——美联社

来自第一页

StubHub 退款之争

（接第一页）关于是否

因为 StubHub 而来到美国，难道不是吗？于是，一名体育场员工对至少 60 人的人群说道：“你不是唯一一个，这些人都是因为 才在这里的。”

将买家与票务持有者连接起来，目前正面临来自世界杯球迷的大量投诉。这些球迷提前数月购买了门票，结果却在比赛前几小时陷入困境。受损的买家在灵活的讨论串和传真群组中发泄情绪并寻求建议。

一起拟议中的集体诉讼已在曼哈顿联邦法院提起，指控 出售了数百张既未分发也无法分析的世界杯巡回赛门票。 将世界杯期间的混乱归咎于其所称的国际足联（FIFA）移动票务系统的障碍。

表示，它占据了北美二级票务市场的大约一半份额，在其 IPO 招股说明书中，该市场估值为 260 亿美元 billion。该公司上市时的估值超过 300 亿美元。《华尔街日报》发现了数十起涉及各类活动的票务故障案例——包括一场 Kanda 比赛、一场“furnished”演出以及一场 foreign Strait 音乐会。超过 50 名 买家在采访中表示，尽管支付了有效门票的费用，他们仍被拒绝入场，或者收到的替代票价格是他们购买价格的两倍，或者花费数月时间与 争夺其已经承诺的退款。对许多人来说，只有在聘请律师或在比赛中投诉后才得到了解决。

向商业改进局（Better Business Bureau）提交的关于 的投诉在 2024 至 2025, 间增长了 675, 并在该公司 2025 年 9 月公开发行前的八个月中增长了 65%。他们自己汇总的数据显示， 在 44 日的记录中达到了最高月度总数，这是 2024 年记录中的最高值。

“ 的成立是为了让买票变得更简单、更安全，” 首席业务官 Big Benj 表示。“我们明白，错过一场活动不仅仅是糟糕的用户体验，在情感层面上也是令人失望的。这在商业上也是不利的，因为只有当球迷参加活动时，我们的市场才能运作。”

一名 发言人表示，大约 15 个订单获得了退款。“绝大多数调整后的流程在这一周内运行良好，而当问题出现时，通常是因为买家的支付信息需要更新，”该发言人说道。

在转售市场中，欺诈门票始终是一个风险（当价格上涨且处罚成本低于利润时，欺诈行为会增加）。同一张票被售出两次的情况时有发生。不可转让的通行证依然被列出。

另一个问题是所谓的“投机票务”（speculative ticketing），这种做法类似于卖空，在结清之前他们实际上并未支付。该数量在活动中以仍能获利的价格出售。包括 在内的主要转售平台的服务条款禁止这种行为，Lightfield Partners 的媒体和基金分析师 Brando Ross 表示，该行业的许多其他公司也是如此。

本身并不销售门票。它连接买家和卖家，从中抽取佣金。当买家购买门票时，资金立即进入 ，但卖家直到活动结束后才能获得付款。 从未持有这些门票。

当卖家未履行合同时， 表示将尝试寻找替代座位，但在高知名度活动中，外部替代座位几乎不存在。球迷被告知可以获得退款，但许多人发现，获得退款可能需要数周甚至数月的时间。

根据《日报》采访的十几名 现任和前任员工，该公司在控制价格上涨时，客户支持部门没有足够的资源来清理所有问题。

StubHub 在运营和支持方面的支出从 2022 年的 8.729 亿 下降到 2025 年的 20.222 亿。因为在同一时期超过 60%，至 17.5 亿美元 billion，StubHub 的发言人表示，运营和支持预算不包括某些与品牌保护、技术和工程相关的费用。

一些最初被拒绝退款的客户告诉《华尔街日报》，当他们试图通过公司唯一认可的法律争议渠道——provox 仲裁——来控制这些决定时，他们碰了壁。根据这些客户的说法，在 2020 年 1 月至 2026 年 7 月期间，StubHub 将其指定的包含仲裁的邮寄地址收取了至少七次，他们表示其挂号信被退回，显示为不平衡。

“100%信心”

Eric Baker 和 Jeff Flahir 在 2000 年创立了 StubHub，其基于一个简单的压力点：购买二手票的标准就像银行-afton 交易一样 。他们通过 PayPro-net 担保来衡量买家，宣传“100%信心”。

“StubHub 使一项在历史上由不良从业者经营的业务合法化了，”资产管理师兼主要行业顾问 Randy Nichols 表示。“而随着他们规模的扩大并在过程中牺牲客户，他们正在失去这种合法性。”

Baker 在 2004 年离开 并持有俱乐部 flagspan，在 情况下，他在 2020 年回购了 ，目前担任首席执行官并管理这两个品牌。

2026 年， 在 8 月份撤销了位于犹他州的客户服务园区。运营转移到了亚特兰大。前员工将亚特兰大的客户-

Lori Knight 为自己和家人花费了 $1,000 购买 George Strait 的门票。这些门票在他们尝试的每个入口都无法扫描。

每月向商业改进局（Better Business Bureau）提交的与 相关的投诉。

注：2024 年的数据，仅在他们的网站上收到 10 亿起投诉，在 2024 年经营中。Reeves

服务运营被描述为极度吃紧。内部软件碎片化且脆弱，导致代理人员缺乏稳定性且没有基本信息。前员工表示，“无论是门票是否已交付，还是公司的 AI 驱动聊天机器人是否已经向客户承诺退款 ”。本应快速处理的争议被拖延至数月之久。

在 1 月份为麦迪逊广场花园的免费、Best 级别门票支付 $8,000 后，Michael Schwartz 收到的是一场名为“No Hard Portion”的喜剧表演门票。他说，这个名字“就像是额外的‘ncrew you’”。

估计称，一名 代表告诉他将获得退款。他说，在三个月的时间里，他每三天给 打一次电话询问退款状态，而每次代表都会让他重新讲述经历的细节。

估计称他申请了仲裁， 最终在仲裁中解决了问题。 表示无法对任何仲裁中的争议发表评论。

投机性票务

少数高额订单要求退票。2005年，当美国的竞争与市场管理局审查 StubHub 和英国代表时，发现前200大卖家按价值计算约占所有销售额的一半。

1964年，该机构还确定了二级票务市场的一种计费形式，即卖家在广告中宣传他们尚未拥有的门票，并且仅在买家付款后才从一级市场购买同类票券。

这种做法被称为投机性票务。如果一切顺利，卖家将赚取差价。如果失败，卖家可能会违约，导致买家空手而归。

StubHub 的其他政策禁止这种做法，但此类票券很容易被找到。2027年新奥尔良爵士与遗产节的门票在2026年就已经在平台上出现，尽管当地组织者尚未公布销售价格。

表示，门票可能会通过普遍的结算合作伙伴配额提前进入二级市场。

前员工表示，当客户在活动前几天提出疑虑时，管理层指示代理人让客户等待，而不是调查特定的欺诈或不可更改的门票。在世界杯期间，多名买家描述 的客服反复敦促他们前往体育场，但他们却没有门票。

发言人表示，一级票务公司“仅在活动前不久提供门票”，这在转售市场中依然是常态。

当卖家不能——或选择不——交付时，客户支持会告诉买家他们受到 PayPro.net Guarantee 的保障，该公司承诺将“尽力”寻找“同等或更好”的替代座位。该书面保证还允许公司决定是提供替代门票、退款还是提供信用额度。至于什么构成“同等或更好”，由 的客户支持决定。

外部法律机构指出，在活动期间， 上的同等替代门票成本可能远高于客户最初支付的金额。

“我们的目标是让每位粉丝每次都能进入活动现场，如果出现问题，我们总是希望为他们找到替代门票，”首席商务官 Benj 表示。“PayPro.net Guarantee 是一项保障，确保粉丝在所有销售失败时能拿回资金。”

Lori Knight 为在克莱姆森大学足球场举行的 George Strait 演唱会购买了首批门票，因为她的丈夫刚刚做了手术，无法行走很多英里。2026年的这场活动中， 描述的座位是第 8 区第 1 排。他们收到的门票却是第 70 区，而该区在演唱会的体育场官方地图上完全没有出现。

Knight 表示，这对夫妇从一个门走到另一个门，询问工作人员新区域在哪里。没有人能告诉他们。每次尝试扫描门票都失败了，主票务窗口的员工说该区域不存在。这对夫妇离开了体育场，在停车场听演唱会并在车旁跳舞。

当 Knight 提出申诉时， 告诉她收到的门票是有效的，并拒绝退款。

的服务条款要求通过私人仲裁而非法院解决争议。该公司表示，自 2025 年 1 月以来，已为客户提供了至少七次可访问“争议系列”的指定邮寄地址。

多年来，该地址是犹他州德雷珀的一个邮政信箱。在 Rich 将业务转移到佐治亚州后，被告将地址转移到了亚特兰大的一个邮政信箱——但 Journal 查到的记录显示，部分客户的挂号信被退回，并盖有“无此地址”的印章。随后地址又转移到亚特兰大郊区一个购物广场的信箱，但其他客户的邮件再次被退回。

2025年8月，一名StubHub客户服务专员指示我们的客户将信件寄往该公司2026年的亚特兰大办公室——但通知单被标记为“尝试投递——未知”而被退回。到2025年底，StubHub在处理后续问题时，使用了其旧的德雷珀（Draper）邮政信箱号码，但配以亚特兰大的邮政编码。

随后，该公司列出了一个2026年的听力中心。代表施瓦茨（Schwartz）、奈特（Knight）以及数百名其他在与该公司纠纷中的StubHub客户的消费者律师布拉德福德·克莱门斯（Bradford Clemens）表示，该地址不被标准邮寄地址识别，邮递员必须手动投递部分流程信箱号码以处理紧急情况，但信件最终还是被退回。StubHub拒绝就地址变更发表评论。

第二季度成本增速超过营收增长

尽管世界杯带来了营收激增，但由于成本攀升，StubHub Holdings 在第二季度未能实现盈利。

这家将买家与票务转售者连接起来的公司周三公布，归属于普通股股东的亏损为 $40,000，即每股 0 美分；而去年同期亏损为 $79.9 百万美元，即每股 25 美分。此前，由于 Fairfair 的推动，增长情况曾导致该公司报告每股 15 美分的利润。营收增长 33% 至 $57.92 百万美元，远高于 20.153 亿美元的预算预测。

总成本和费用增长速度更快，本季度增长 37%，导致营业收入同比下降 29%。

在盘后交易中，股价下跌 35% 至 $7.25。

商品交易总额（GMV）是衡量平台上销售商品总价值的指标，同比增长 54%，达到 $130 亿。

首席执行官 Eric Baker 表示，世界杯推动了创纪录的营收表现。公司提高了今年的商品交易总额预期。

—Dean Seal

---

个人日志

© 2020 道琼斯公司。保留所有权利。

•

华尔街日报

2020年8月13日，星期四 / A11

继续前行

DAWN GILBERTSON

里斯本

在 7 月的最后一个周五，当我抵达里斯本国际机场时，负责护照查验线的工作人员警告我，不要被迎接我的那条幸好很短的队伍所迷惑。

她敦促我在回程航班起飞前三或四个小时到达机场，并直接前往边境管制区。“不要购物，直接来这里。”

我入住的机场酒店前台工作人员听到了太多关于客人在夏季因护照查验排队数小时而陷入困境的恐怖故事，可能建议采取某种预警措施。

但这一切都白费了。当我到达护照查验处时，并没有排队。在飞往伦敦的航班起飞前，我有两个小时的空闲时间。

我本月在里斯本的经历，以及在巴黎和罗马相对顺畅的过关，揭示了旅行者在欧盟名为自动边境管制系统的新制度下所面临的随机性。你可能轻而易举地通过，也可能在队列中被困几个小时，有时甚至在同一次旅行中两种情况都会发生。

该系统于 4 月正式推出，采用面部识别和指纹识别，取代了在柜台盖护照章的古老做法。政府表示，这将加快速度并提高安全性。

不过目前，代表出入境系统的 EES 已成为一些常驻欧洲的美国旅行者在这个夏季的噩梦。机场的登记终端可能令人困惑——“我到底该如何正确扫描护照？”——处理过程需要时间，且队伍在延伸。技术故障时有发生。人员短缺问题时有出现。在一些港口，还出现了部分年长旅行者的指纹无法被识别的情况。

由于情况一度恶化到航空业官员恳请欧盟委员会主席在夏季放宽新规的程度。（该请求被拒绝，但减轻负面影响的努力仍在继续。）

来自华盛顿州 Peukles 的项目经理 Jason Wageman 曾—。

欧洲新交通系统令许多旅客抓狂

新的电子入境出境系统混乱不堪，等待时间漫长，但有时又能畅通无阻

在6月下旬与妻子前往比利时度假前，他意识到了 EES 的存在。他说这个新系统在阿姆斯特丹这三个小时的中转期间“造成了损失”。

他的妻子在检查站没有遇到问题，而他被拒绝并被引导至人工验证队列。那条队伍如此之长，以至于工作人员开始将即将离境的乘客优先抽出。

“排队等待对我来说并不是最压力大的部分，”他说，“而是我快要错过航班了。”他们最终赶到了登机口，登上前往布鲁塞尔的飞机时心情十分激动。Wageman 表示，相比之下，经由阿姆斯特丹的返程则非常顺畅。

在高峰周，我往返于伦敦和巴黎、里斯本和罗马之间以测试该系统，期间没有遇到蜿蜒的长队。但混乱依然很多，且程序杂乱无章。

在巴黎，当我从美国抵达时，EES 注册自助机处于关闭状态（机场保留管理人群的权利）。我被引导至一个柜台，因为我乘坐的是超级经济舱，所以可以走优先通道。但这并没有加快速度，使用电子通道的乘客似乎速度更快。整个过程感觉极其缓慢，但实际上只花了大约 10 分钟。

我在柜台没有被采集指纹，而且我至今不明白为什么第二天在巴黎北站（Gare du Nord）准备乘坐欧洲之星前往伦敦时，也没有被采集指纹。

是的，这些规则同样适用于跨境火车旅行。那里的一名工作人员说我一定是在机场采集过指纹了。但我没有。无论如何，巴黎北站设有多个自助机（在扫描护照后即可完成）。

我第一次被要求采集指纹是在抵达里斯本时的边境巡逻柜台。那时应该已经登记了。几天后从伦敦抵达罗马时，我能够毫无问题地使用电子通道。

电子通道的步骤为：扫描护照、拍照、采集指纹。护照检查过程从开始到结束大约花费 10 分钟。而对于不符合生物识别检查条件的人员（包括携带 12 岁以下儿童的家庭以及护照中没有芯片的人员），排队时间接近一小时。

如果你计划或即将前往欧洲 Montague-area 国家，以下是我的建议： • 预留缓冲时间。在问题解决之前，你永远不知道进入或离开欧洲时的护照排队情况。请确保在行程中为长时间等待预留时间，尤其是如果你有中转航班。 • 简化服务和首日活动。不要将任何行程安排在过于接近航班抵达或起飞的时间。在离境时，为机场办理登机和安检预留充足时间。护照检查同样如此。 • 在旅程前了解 EES 系统。你不会希望在自助机前手忙脚乱，从而干扰到身后排队的乘客。

对于短期了解，欧盟在网上详细说明了所有内容，并制作了一个 YouTube 视频。与英国的新入境规则不同，这里不需要提前注册。

请特别注意无法使用自动化生物识别系统的乘客，包括 12 岁以下的儿童。这可能会导致排队时间更长。因此，如果你前往的机场设有家庭通道，这可能会加快进程。 • 考虑 6W 服务。如果这一切听起来太麻烦，一些机场提供付费服务协助你完成整个流程。

例如，我计划中提到的：“EES 的需求在增加，20,000 次旅行让你更快。”两名旅客在劳动节周末周五抵达巴黎的价格为：$400。

投资者在投资组合中持有大量现金

（接第一页）价值在许多情况下能赚取更多费用的机构，正试图说服投资者将资金投入使用。搜索“过多现金”这个短语，你会发现大量文章充斥着这种观点，摩根大通（Morgan Chase）和嘉信理财（Charles Schwab）也在警告投资不足的风险。

他们认为，风险在于现金产生的收益无法跟上通胀率。许多顾问正在推销替代方案，包括公司债券、市政债券，以及更积极地提供诸如缓冲型交易所交易基金（buffer ETFs）和私募信贷等产品。

“我认为 2022 年在某种程度上扭曲了人们的认知，”Threatt 的首席财务和投资官 David Royal 表示。他说，那是一个投资者在股市和债券市场上都遭受损失的异常时期。“人们忘记了久期（duration）所带来的重要多元化收益。”

购买长期债券允许投资者在较长时间内锁定当前收益，并防御未来的利率下降。相比之下，货币市场基金、高收益储蓄账户和定期存款的收益率可能会随着市场利率的下降而下降。

Royal 建议投资者考虑通过构建到期日交错的阶梯式投资，来锁定投资级公司债券的历史高收益。由于高风险企业大量发行新债以筹集资金用于人工智能银行，这可能会推高收益率。这导致一些人担心风险，尤其是长期债券的风险。

但即使将现金转移到超短期债券基金，也能提供比货币市场基金更长的收益期，Royal 说道。

零售货币市场基金总资产，每周

Royal 表示，他还看好高质量的市政债券基金。这些基金的收益率在 4% 左右，通常免征联邦所得税，且可能免征州所得税。Royal 表示，各州通常被要求维持预算平衡，这使得它们对于那些因国家赤字扩大而担心持有美国国债的投资者来说，成了一个有吸引力的选择。

财富管理公司 Spicer Capital 的首席投资官 Total Stankiewicz 表示，在近期债券表现低迷的情况下，他投入了大量时间引导客户考虑现金以外的替代方案。

Crane 100 货币基金指数 7 日收益率，每月

“如果你是一名财富管理师，你如何说服一个 65 岁的人将全部资金投入其中？”他说道。

Stankiewicz 推荐缓冲型 ETF，这类基金利用期权策略来防御市场下跌，但同时也限制了投资者可以获得的最大上涨空间。它们通常在一个月的时间框架内运行，例如 12 个月。

例如，根据其网站，Innovator Capital Management 有一项 8 月份的产品，提供 2 年期 1% 的上涨收益，但具有 100% 的下跌保护。

此类基金比普通 ETF 更贵——费用在 0.79% 到 0.84% 之间。但 Stankiewicz 认为，它们比从银行购买提供同等保护的结构化票据更便宜。他创建了一个具有交错零售债务和到期日的缓冲型 ETF 阶梯。

不过他承认，如果股市表现低于货币市场基金的收益，投资者留在现金中会更好。

前航空公司飞行员 Ross 表示，他非常厌恶高费用的复杂投资。

零售货币市场基金总额超过 10 万亿，处于历史高点附近。

他也不喜欢债券，并指出先锋领航（Vanguard）总债券市场 ETF 的 10 年年化回报率不超过 1%。

他最近开始与一名新的财务顾问合作，以及一个他感兴趣投资于私募信贷的面板。Ross 要求她专注于遗产规划，将投资留给他自己处理。

“当我看到有人说‘你需要重新进入市场’时，我首先会问：他们为什么要这么说？”他说道。

---

A12 / 2026年8月13日，星期四

个人日志

华尔街日报

作者：Lydia Lamm

眼睛是通往道路的窗户，但口腔可能同样能揭示一个人的健康状况——以及影响我们衰老方式的疾病。

科学家们正在研究始于口腔的问题如何导致身体其他部位的慢性炎症。他们正在探讨来自患病牙龈的细菌及其触发的免疫反应，如何导致包括细胞疾病、糖尿病、认知能力下降、关节炎、呼吸道疾病和慢性肝病在内的各种病症。

鉴于医学和牙科之间传统的隔阂——这两个领域长期以来在培训、记录和保险系统上相互独立——这一新兴科学给医疗保健带来了挑战。

但这种情况正在改变。牙科学校在教授糖尿病等疾病如何影响口腔的同时，也更加强调口腔疾病如何影响身体的其他部分。医学教育领导者已呼吁医学院将口腔健康更好地整合到医生培训中。

据哈佛牙医学院“口腔健康与医学整合计划”主任、牙医兼医生 Luis Sones 博士介绍，该计划正在研究口腔健康政策和医疗系统设计如何能更好地支持“全人护理”。

专家表示，通过更好的协调（包括共享医疗和牙科记录），初级保健医生可能会越来越多地将糖尿病患者或心脏病高风险患者转诊至牙医或牙周病专家，以进行牙龈疾病的评估和治疗。

更多的牙医可能会识别出糖尿病失控的迹象，并与患者的

• 长寿关联

对口腔与身体之间联系的深入理解，也正促使新的诊断工具、预防策略和治疗方法的出现。同时，这也在加强人们的呼吁，

你的口腔可能需要

长寿的秘密

科学家将口腔细菌与心脏病和认知能力下降联系起来

以扩大预防性牙科手术的覆盖范围，尤其是针对老年人。

美国疾病控制与预防中心表示，在 30 岁及以上的成年人中，近一半患有牙周炎，这是一种更严重的牙龈疾病，涉及牙齿周围的骨质流失。但联邦数据还显示，患病率随年龄增长而增加，在 45 岁或以上的人群中，近 40% 患有某种程度的疾病——而这恰恰是人们更容易受到可能剧烈影响健康生活方式的疾病影响的时期。反过来，糖尿病等疾病会使牙龈疾病更加严重或更难治疗。

• 牙菌斑的联系

当前研究的核心是口腔微生物组，即在口腔中起辅助作用的数百种细菌、真菌和其他微生物群落。大多数是健康生态系统的一部分，但一小部分可以在牙龈线下生长，引发牙龈炎症并导致牙龈炎和牙周炎等疾病。随着时间的推移，严重的牙龈疾病会破坏固定牙齿的组织和大脑。

牙菌斑面临的一个重大挑战是，一种被称为发线的保护性结构有助于细菌附着在牙齿上，并使其更能抵抗唾液、口腔组织和某些抗菌剂的清除。当牙菌斑积聚时，它可能会硬化成龋齿并引发慢性牙龈炎症。

牙周病专家通常通过深层夹持和刮治来管理患者，偶尔也会处理相关问题。这些程序可清除牙龈线下的牙菌斑并破坏细菌细胞，而这些细胞可能会导致牙龈炎症。

宾夕法尼亚大学牙医学院专门研究微生物学和免疫学的教授 George Rajohen 博士表示，牙菌斑会将细菌或细菌产物释放到血液中。大多数时候，免疫系统能迅速清除它们。在患有牙周炎的情况下，植入的牙龈可能会削弱身体的鼻细菌，而咀嚼、刷牙或使用牙线等日常活动可能会让少量的细菌或细菌产物进入血液，反复在身体其他部位引发质量牙龈炎症。

Rajohen / public 与另一位教授、免疫学家 John Lambert 的研究，促成了一种应用于牙龈组织的实验性药物，旨在抑制免疫反应。在针对牙龈疾病患者的早期试验中，据报道该药物可减轻牙龈炎症数月之久。虽然研究人员表示它不能取代传统的牙科清洁，但它可以与此类清洁结合使用，以将牙龈疾病的炎症控制在较低水平。

Lambert 表示，由 Landers 和一组医生创立的公司 Amendate Pharmaceuticals 正在计划更大规模的试验。

• 预防剂量

更多损害正在进入口腔身体领域。目前的麻醉方法旨在预防和管理疾病，例如在保留有益菌的同时减少口腔中的有害菌，并在发线造成持久损害之前对其进行控制。

死亡的主要原因是分解牙龈组织的破坏性酶，另一种则有助于身体在尽力而为的情况下自然关闭心血管误差。最常见的副作用是固定牙齿的牙龈组织和骨质流失。

• 更好的护理，记录

布法罗大学牙医学院教授 Frank A. Scannapova 博士表示，对于 65 岁及以上人群缺乏牙科护理保险的情况，这是一个巨大的挑战。一项由他参与撰写并于 2023 年发表的研究发现，在住院前一年进行一次预防性牙科护理，与该人群中某种癌症风险降低 10% 相关；而总患者在六个月内进行牙周治疗，则与风险降低 20% 相关。

此外，一项由他参与撰写的研究综述得出结论，在 Medicare（联邦医疗保险）计划中增加牙科福利，用于牙周控制的口腔疾病诊断，可以改善健康状况并可能降低医疗成本。

与此同时，人们正努力克服系统中的一个默认缺陷：医生与牙医记录系统之间的脱节。通常情况下，这两类护理人员使用不同的临床系统来存储患者的风险信息，且这些系统无法互通。

华尔街日报每日纵横字谜 / 编辑：Mike Shenk

部落曲调 / 作者：Luke K. Schreiber

横向

1 Calciulating 2 They're hit with a crunch 3 Umbalful response to "You're made!" 10 Where we are retired 13 Princess's instant, in a lake 14 Like Steven Wright's a comedy 16 Men's body long brand 17 "How frustrating!" 18 1970 年的恶作剧玩具 19 "First Times" 俱乐部的电视之家 20 The White Stripes 和 the Black Keys，一个 2 22 Autotape with how shaped home 23 Bibliography after

24 Witness: controls came 27 Jacob gave her bread and potlape 28 Osophizyries 29 书中的显著特征 Smalha 35 X，有时 38 Aflatox in coeur 39 Confirms: initials 42 Garrick: a Salisbury 47 Toothcare: a student of TV 48 Aromatic center of wife 49 蟋蟀的声音 50 "Power II" 52 "Defence: Defence!" and 53 The Jackson's, a g, and a text 57 18, 24, 30, 和 42 横向 57 McCauley's bottle, baseball and blasting

58 差评，非正式说法 59 德国物理学：Georg 61 Losletters 62 比赛获胜者 63 Oyoon 产品，简称 64 Scrape (tip) 65 Fatto (tip) 66 黑头 67 1,000 crew

纵向 1 Tater 2 19 横向，一个 g 3 "Galkon's Travels" 中的 Brotes 4 Payroll-processing: cs 5 Nameable of the Count of Fairness: 美国终身成就奖设计师

26 "Science Guy" Bill

30 Why, Way, 一个 g

31 With lung with a recognizable

tone 32 Bench

253 完成清单测试

33 Hide in the children

34 瑞士的 Zweck 中心之一

35 公司资金

mgns 36 Package line

37 Zendays and

37 Zendays and freshiebed, 一个 g

39 自动承认

40 Fesher.com

41 Serpens on sarcophag

42 Here and,

44 Others' kin 45 Ordinary

follows 465 Cause

featuring terhegross

51 原因 scorched recalls 52 Support

52 Support cloth?

54 Hug Normously

55 Black after Marthaus

and Marc 56 Suprabaptis

56 Suprabaptis shows 57 Slutched

57 Slutched brides?

60 Hip-hop smokeless

之前的公众解决方案

▶ 在线参与此谜题并在 WSJ.com / Puzzles 进行讨论。

家庭

争夺战

消失的名字

（接第一页）

彼得·弗莱明（Peter Fleming）面对他儿子这一系列新奇的举动，在死守阵地时轻笑地说道：“但你是想告诉我，我的孙辈们的名字将由一次复活节彩蛋猎寻来决定？”

但詹姆斯（James）不仅仅是在桌子上策划一场复杂的家庭游戏。他与斯克拉斯林（Sclathlin）正试图共同创造一部现代喜剧。一个家庭的名字承载着什么？

在根植于英国普通法的百年传统中，妻子采取丈夫的姓氏，这源于一种观点，即妻子的法律身份现在由其丈夫取代，因此她应采用其强大的变体。

虽然这种做法在美国并非法律强制要求，但皮尤研究中心（Pew Research）2003年的一项研究显示，近80%的异性婚姻中的女性在结婚时会采取对方的姓氏。那些选择遵循传统的人，很难找到一个被广泛接受的替代方案。最常见的做法是将姓氏合并，或保留各自的姓氏。

罗伯特·本森·希尔曼（Robert Benson Shillman）知道她希望延续家族中希尔曼博士的血统，并且认为没有理由让她白大褂上的名字在婚纱带来的名字之下消失。

她的丈夫保留了自己的姓氏，而她则将自己的名字与他结合。新出生的孩子也使用本森·希尔曼这个姓氏。

“我只是想保留一点关于我的部分，”她说。对于同性婚姻的伴侣，没有默认的预期或传统。

克雷德尔·格鲁策尔（Cradle Glutzel）自认为是中性性别，在与妻子结婚后保留了自己的姓氏。但当这对夫妇决定要孩子时，格鲁策尔做出了让步。他们最终将姓氏改为与妻子一致，认为共享一个家庭姓氏比保留自己的姓氏能获得更多。

“拥有相同的姓氏使我们的家庭地位在法律上合法化，”格鲁策尔说。姓氏之争可以帮助提升相对体验。詹姆斯和内森·范哈特（Nathan Van Hart）计划在深夜展示一份姓氏提案，考虑采取这对夫妇共同的姓氏范哈特，并倾向于麦克弗森（McPherson）和雷诺兹（Reynolds），以向他们对美国主义的投入致敬。

对于詹姆斯·弗莱明来说，这——

前一天晚上在澳大利亚的莫宁顿半岛（Mornington Peninsula）。

“每个人都在到处乱跑，像是在玩追逐小鸡的游戏，”艾丽西亚（Alicia）说。

在接下来的几个小时里，这些家庭成员在从安格斯（Angus）到汉登（Hamden）的12项赛事中展开竞争。最高潮是一场名为“向美国之北”的舞蹈比赛。通过轻微的抖动、四次向科莫罗群岛的冲刺以及赤脚滑行，弗莱明家族和斯克拉斯林家族在舞池中倾尽全力，以增强其家族姓氏的存在感。

在耐力环节中，詹姆斯的母亲肖特曼·库坦特（Chortman Coutant）与艾丽西亚展开对决，后者展现了她的旋转技巧。

“我100%不明白为什么，但然后我想‘等等，等等，等等’，”克里斯蒂安（Christians）说。尽管艾丽西亚最终获胜，但克里斯蒂安支撑平板支撑超过了三分钟。

詹姆斯·弗莱明和米卡莎·斯克拉斯林（Mikasha Sclathlin）策划了一场婚礼奥林匹克。

这似乎很合逻辑。还有什么比一个测试家庭努力、影响力和力量的自然选择过程更公平的呢？

“如果我的家庭为你提供了一个伴侣，那么任何名字都不值得被延续，”他说。

这个看似荒谬的前提变成了一个真正的核心问题：他们不希望被忽视。

米卡莎的姐姐阿拉娜·斯克拉斯林（Alana Sclathlin）知道，为了她未来的利益和探索，她必须在比赛中全力以赴：“直到我真正参与其中，我才完全意识到你有多么渴望它，”她说。“然后你就觉得，‘为了这个，我愿意付出一切’。”

这场“家庭奥林匹克”的第一项赛事是美国彩蛋游戏。詹姆斯在蒂舒音乐葡萄园（Tissue Musics Vineyard）的场地周围布置了136个鸡蛋。

身体颤抖，咬紧牙关。

随着太阳落下，弗莱明家族和斯克拉斯林家族打成了平手。结果将取决于最后一项游戏。

肥胖、精疲力竭且在浓重蒸汽中中风，各家庭聚集在公共休息室准备进行决定性的比赛。在独轮车比赛之后，他们无法继续进行，一切都取决于新闻负责人之间的一场“石头剪刀科学”游戏。

詹姆斯出了剪刀。米卡莎出了脖子，就像斯克拉斯林的头发很弱一样，以及躯干的磨损，并没有产生任何不快。威廉·弗莱明甚至觉得受到了启发，想要追随他哥哥的脚步。“我不想在决定一个名字并为其增添一点乐趣方面只走一小段路。”

© WJ 2026

© WJ 2026

---

华尔街日报

2026年8月15日，星期四

艺术评论

艺术评论

划定界限

一次对威廉·德·库宁作品的回顾展展示了素描在其创作实践中的核心地位，以及他对待素描的创造性方式

作者：KAREN WILLIUS

在芝加哥艺术学院举办的一场具有启发性的展览——“威廉·德·库宁：素描”（Willem de Kooning Drawing）中，“素描”（Drawing）并非指代单一艺术作品的名词。相反，它是一个分词，源自动词“绘制”（to draw），用以描述一种持续的实践。这一区别至关重要，因为该展的两位策展人——艺术学院的凯文·萨拉蒂诺（Kevin Salatino）和梅尔·贝克尔·所罗门（Mel Becker Solomon）——以尽可能广泛的定义来解读德·库宁终其一生的素描实践。萨拉蒂诺提醒我们，这位艺术家“日益且著名地模糊了素描与绘画之间的界限”，这一观点证明了将重要绘画作品（其中许多来自该学院自身的馆藏）纳入展出的合理性。通过一小组雕塑，以及在纸张和其他支撑物上的作品，这一论题被扩展到了多种不同的媒介和技术。再加上选作反映了德·库宁如何始终将模糊性共存——将抽象与具象融合，将通俗甚至漫画式的引用与对高远志向和精湛技巧的优雅展示相结合——你便能感受到这场展览广泛而丰富的内涵。

此次展览由芝加哥艺术学院与阿姆斯特丹国家博物馆（Rijksmuseum）共同策划，今年秋季将在后者展出。“威廉·德·库宁：素描”是一次全面的回顾展，其起点是一幅绘制极其精细的静物画，创作于1919 21, 年左右，当时这位出生于鹿特丹的艺术家（1904-1997）还是一名青少年，在鹿特丹当地的艺术学院（现为威廉·德·库宁学院）夜校学习；展览则以一幅无题的抽象作品结束，作品由稀疏且富有力量感的蓝色和黑色线条组成，创作于1945, 年，当时德·库

德·库宁经常模糊绘画与素描之间的界限。

库宁的身体和精神状况逐渐恶化，只剩下他流畅且规模一致的姿态，就像早期那些更密集绘画的骨架。

在这之间，有大量显著多样化的作品，包括一组讽刺画，

创作于 1924 年左右，当时德·库宁希望成为一名插画师，随后他在 1926 年作为偷渡者抵达美国并前往纽约。

在鹿特丹，在一家进步的设计和装饰公司实习（该公司鼓励他在学院学习）使他对当代设计有了深入了解，但让他对现代艺术一无所知。这种情况在纽约发生了改变，当时他参观了 Marloes、Miri 和 De Clunico 的展览，并且幸运地，

正如德·库宁后来所说，遇到了“当时最聪明的三个家伙”——斯图尔特·戴维斯（Stuart Davis）、阿希尔·戈基（Archile Gorky）和约翰·格雷厄姆（John Graham），他们都致力于现代艺术。他将他们称为“三剑客”，并热切地自比为达达尼昂。德·库宁的学术教育以及他对前卫可能性的接纳，都记录在他 1940 年代早期为未来的妻子伊莱恩·弗里德（Elaine Fried）创作的极其细腻的素描中，以及 1957 年为世界博览会音乐委约创作的带有黑色几何形状的抽象研究中。

在 1941 年至 1944 年之间创作的、几乎溶解成脱离躯体但解剖结构正确的素描的坐姿人物画，扩展了这个故事。

整个过程中都有高光时刻，例如一组令人印象深刻的素描，并由相关的标志性绘画点缀。 1940 年代中期具有滚动且无光泽形状的素描——时而像在演习，时而抽象——伴随着浓郁且模棱两可的《粉色天使》（c. 1945），这基本上是纸上作品的大尺寸版本，此处为画布作品。反转顺序，1950-51 年的大规模黑白素描探讨了《无题》（c. 1948-49）的含义，这是一幅权威的纸上黑色绘画，带有全臂弧线和白色线条的环路：《挖掘》（1950），作为那幅无题黑色绘画更密集、更苍白的后继之作，延续了这场对话。

德·库宁拒绝满足于单一方法，这一点可以通过一系列像卡通一样的立-

左侧的《女人 F》（1950-52）和下方的《无题》（c. 1957）是此次展览的作品之一，展览由凯文·萨拉蒂诺（Kevin Salatino）和梅尔·贝克尔·所罗门（Mel Becker Solomon）策划。

像人物的图形，通过转移技术重复出现，这让人想起他早期作为插画师的尝试。与这种冲动相反的是，在 1959 年罗马期间创作的、用黑色珐琅环路构建的抽象素描，以及十年后在意大利创作的、由颤抖线条堆积而成的其他作品，这些作品由对一幅布鲁盖尔（Broughel）绘画的记忆所勾勒。更为不同的是一幅华丽的 pantol，《无题（风景中的人物）》（1974），其中带有身体的暗示，半潜水的巨大木烯污迹和色块。

也许最高的高光时刻是德·库宁那些著名的女性图像画廊，其中以《女人 F》（1949-52）为核心。她那著名的、凝视的坐姿形象在画布首次展出时引起了轩然大波，因为在那个时代，只有抽象艺术被认为是严肃或理想的。围绕在《女人 F》周围的相关素描甚至更加永恒。这些作品紧迫、迅速，且毫不掩饰地将女性简化为乳房、腹部和丰满的大腿，它们以铅笔、油画颜料、粉彩的形式存在，有时还贴有从广告中剪下的微笑。

上方的《挖掘》（1950）和上面的《无题》（c. 1950）。此次展览是与阿姆斯特丹的国家博物馆共同组织的，展览将于秋季前往该馆展出。

在接下来的作品中，这种丰盈感时而增强，时而减弱。创作于 20 世纪 60 年代的高大人物形象，当我们专注于德·库宁（De Kooning）笔触的细微差别时，似乎在逐渐瓦解。女性形象在折叠的、仅以极简方式勾勒的身体之上。创作于意大利的小型微风之作，就像是线条画的三维版本。带有对角线基督工作室的十字架受难像。还有涂鸦、迷人的猫之画作以及强调怪诞感的足部研究。或许最令人费解的是 20 世纪 70 年代的那些大型双面抽象画，它们既被用于将图像转移到画布上，其本身也是完整的作品。所有这些内容以及一份包含最新研究的权威目录。

威廉·德·库宁素描展 芝加哥艺术学院 9 月 20 日起

威廉先生是一位独立策展人和评论家。

芝加哥艺术评论

---

上午 / 2026 年 8 月 15 日，星期四

体育

华尔街日报

杰森·凯（JASON KAY）

触手状的“外星生物”，让钓鱼界天翻地覆

“海胆”诱饵在鲈鱼钓法中风靡一时。它是如何迎来自己的“豆豆娃（Beanie Baby）时刻”的？

它看起来像个来自外太空的毛茸茸外星人。 像个商人的东西。或者像那些在格纹线中移动的指尖陀螺类玩意。也许是个猫玩具？它看起来有点像来自栗树的毛茸茸的雏鸟。 “细菌，”一名诱饵店员工建议道。Reإplich。

这个我们可能在学习的新事物，这个夏季最古怪的钓鱼诱饵，看起来不像什么？

鱼。 然而，这个长着触手的软塑料心形物——诞生于日本，比网球还小——在鲈鱼钓法中已成为一种全面的现象。

第一，我在写关于鲈鱼钓法的内容。现在是八月，宝贝！

这种被称为“海胆”的诱饵在专业比赛中占据主导地位，引发了一大批模仿者的出现，并导致了类似于帕洛米诺马（Palomino）和豆豆娃（Beanie Babies）那样抢购一空、清空货架的抢购潮。

海胆诱饵的零售价通常在 $10 到 $25 之间，但由日本公司 Ridong 创造并由 Jigyo Sports Professionals 在美国分销的覆盖原版——“Coke”——在 eBay 上的价格可达数百美元。

如果你认为这只是炒作或愚蠢的时尚，请知晓。

它们有效。 “它们能钓到非常大的鱼，”《Bassmaster》杂志主编兼 Bass Anglers Sportsman Society（是的，B.A.S.S.）内容负责人 James Hall 表示，“它们能钓到所有东西。” 听听 Bassmaster 精英系列钓手 Fisher Anaya（是的，他的名字就叫 Fisher）怎么说，他本赛季一直使用原版 Coke 取得突破。

Anaya 第一次看到海胆诱饵时，做了大多数人第一次看到它时会做的事。

他嘲笑了它。 “我想，‘这是我这辈子见过最愚蠢的诱饵。’”Anaya 说，“鱼绝不可能咬那个。它看起来完全不像任何东西。”

这种怀疑很普遍。长期以来，使用人工诱饵的策略一直是“匹配饵料（match the batch）”——即复制鱼类捕食的浴缸、蛞蝓和其他猎物。

海胆诱饵挑战了这一智慧。 “它在水里看起来像什么都不是，”Hall 说。

海胆诱饵并不新鲜——Coke 是 20 多年前由 Ridong 所有者兼设计师 Robin Yoshida 在日本推出的。但它在几个赛季前进入美国时引起了轰动，当时日本专业人士 Kirou Fujita 在一次锦标赛中使用它们取得了连胜。

美国钓鱼者对此产生兴趣，开始尝试使用海胆诱饵，并取得了成功。本赛季，它彻底爆发。使用海胆诱饵的专业人士在早期锦标赛中占据主导，这引发了对 Coker 的抢购，以及来自 Rapids、Hyde King、Yamamoto 和 Berkley 等品牌的海胆风格诱饵的涌现。在 7 月于 Kimi 举行的体育钓鱼行业年度盛会（mega-convention）上，海胆诱饵成为了全场的焦点。

一款 17 mm 的透明三文鱼胡椒色 Ridong Coke 海胆风格诱饵。

这种有趣且带刺的诱饵从无名之辈变成了无处不在。相关战术正被应用到所有方面。

“它接管了一切，”Ayala 说。 当然，一些海胆诱饵的热潮可以追溯到社交媒体，以及 TikTok 将产品转化为狂热趋势的方式。Instagram 和 Air Fishing 社交媒体具有强大的影响力，其中一些是好的（（cigarette）和钓鱼者分享技术快照），一些是坏的（alters，表现得像白痴）。今年夏天，海胆诱饵成为了 FishTok 的突破之星。

另一个因素是前视声呐（front-facing sonar）的兴起——这种极具争议的水下技术被专业人士采用，并越来越多地被娱乐钓鱼者部署。前视声呐产生的图像如此精确，钓鱼者可以实时观察鱼类攻击（或忽略）诱饵的情况，并调整其技巧。

如果这听起来很昂贵（确实可能！），请知晓：即使没有这项技术，海胆诱饵也能钓到很多鱼，jigyo 曾走过一条船。

“它就是一种能诱使鱼咬钩的完美诱饵风格，”休斯顿 Fishing Tackle Unlimited 的总经理 Will Vega 说，“我们已经卖出了数以十计。”

在狂热之中，问题开始了：这个疯狂的诱饵到底应该是像什么？

只有一个人在多年间一直知情——而且他也并不确定。这款产品的创造者吉田（Yoshida）在电子邮件中写道，他在二十年前设计这款带刺的诱饵，是为了模拟“小鱼群”，也就是钓鱼者所说的“饵球”（bait ball）。

与此同时，吉田反对过于死板的思考方式。

“我不认为答案在于人类觉得它好看还是难看，”吉田写道，“真正的答案是鲈鱼是否真的会攻击它。鱼类经常以超出我们想象的方式做出反应。”

换句话说，它就是有效。 “关于如何最好地‘装配’这款海胆诱饵一直存在争论——该诱饵重量轻，且不带鱼钩，因此在安装配重和鱼钩方面有多种方法。（许多钓鱼者在软塑料中心塞入配重，三叉钩和青蛙钩也很受欢迎。）”

技巧也各不相同。虽然许多钓鱼者会将海胆诱饵作为精细风格的饵料，轻轻地悬停并摆动，但年轻的鲈鱼爱好者以及此前《华尔街日报》报道的对象迪伦·奎拉兰（Dylan Quilaran）一直在用一种更激进的方式使用海胆诱饵。

“就像猫捉老鼠，”奎拉兰说，“激发它们的兴趣，然后又将其夺走，它们会不断靠近。”

实验仍在继续。不久前，我看到一段视频，一名钓鱼者将一个海胆诱饵抛入大西洋，随后钓起了一条体型不错的大鱼。

在莫比尔湾（Mobile Bay），有饵料爱好者使用海胆诱饵捕捉受惊的鱼（即黑鱼）。在纽约州亚历山德里亚湾（Alexandria Bay）共同撰写《千岛湖饵料指南》的乔伊·杰弗斯（Joey Jeffers）告诉我，他最近用海胆诱饵钓到了大鱼。

“我不知道这种流行会持续多久，但我从未见过像这样的饵料，海胆在水中的运作方式非常独特，”杰弗斯说。

“我在这里尝试海胆饵料了吗？是的。我成功了吗？没有，因为我钓鱼很烂。但我13岁的儿子很擅长，他是个钓鱼狂热分子。我不确定他是否愿意为本专栏提供引语，但我找不到他，因为他正拿着海胆诱饵出去钓鱼。”

一些人认为，为了一个你可能会丢给大鱼或卡在岩石上的塑料片而支付高价简直是疯了。还有人认为海胆诱饵是包装的胜利，其包装盒和管状设计看起来像玩具店里的产品。人们预料中会出现一种抵触情绪，认为在他们那个年代，用一件旧毛衣和个瓶盖就能钓到像巴士那么大的鱼。

我理解这一点。总会有钓鱼者更喜欢蚯蚓或旧式尖刺、催眠饵或撞击饵。而这些高手同样能钓到很多鱼。

但海胆诱饵似乎打算留下来。“我不认为它们会消失，”Bassmaster的霍尔（Hall）说，“事实证明它们在反转局面时过于有效。”

当然，货架被抢空和eBay上的哄抬价格现象将会平息。有迹象表明这种情况已经开始发生。钓鱼是一项充满激情的活动，口味不可避免地会发生变化——无论是在水面之上还是水面之下。

“鱼会变得聪明，”霍尔说，“它们会意识到，那不是最好的食物。”

艾格与库什纳以 125 亿美元达成交易收购湖人队

接第一页 接管球队的多数所有权，联盟以及传奇所有者杰里·巴斯（Jerry Buss）之女乔妮·巴斯（Joanie Buss）将至少在五年内继续担任球队的控制管理人员。

该交易对湖人队的估值为 100 亿美元，而就在几个月前，波士顿凯尔特人队刚以创纪录的 61 亿美元成交。不到一年时间，这一纪录就翻了一番。

75 岁的艾格是一位著名的篮球迷，经常出现在湖人队和洛杉矶快船队的比赛现场。在 1937 的历史中，作为联盟的转播合作伙伴，他与 NBA 总裁亚当·西尔弗（Adam Silver）密切合作。

“作为终身 NBA 粉丝，我们深感荣幸能有机会成为洛杉矶湖人队的管理人，它是世界上最具标志性的体育特许经营权之一，”库什纳和艾格在一份声明中表示。“我们对 1937-48 年间的领导层和战略充满敬意。乔妮·巴斯，我长期致力于建立一个清晰的基础，在最高水平上竞争，并服务于这个极其至关重要的、其首位的以及洛杉矶市。”

此次出售仍需

洛杉矶湖人队 125 亿美元的出售正值联邦监管机构调查马克·沃尔特（Mark Walter）的金融帝国之际。

此次出售尚需 NBA 批准，标志着特朗普总统的姻亲大卫·库什纳（David Kushner）之弟库什纳在体育领域的最新动作。专注于无法被技术复制的活动的 Thrive Eternal 在今年早些时候购买了美国职业棒球大联盟旧金山巨人的股份。Thrive 还曾达成协议，准备投资由国际足联（FIFA）直到 2016. 启动的一项新商业企业。足球界的强烈抵制导致国际足联取消了该计划。

但对于沃尔特来说，如此迅速地转手一项体育资产几乎没有先例。去年他入股湖人队时，这为其体育投资组合增加了又一项资产，该组合还包括 WNBA 的洛杉矶火花队、职业女子冰球联盟以及像凯迪拉克一级方程式赛车队这样的中心体育项目。

然而，在收购湖人队不到一年后，他就将其作为主要资产出售（价格比其 2025 购买时高出 10 亿美元）。此举发生之际，曼哈顿美国检察官办公室和证券交易委员会正针对一项新规定展开行动，涉及约 100 亿美元的贷款，这些贷款发放给与沃尔特或其集团 TWO Global 相关的公司，在经过第三方实体后最终记录在他拥有的保险公司账上。

沃尔特还在从 2018 世界系列赛期间遭受的中风中恢复。自从 1931 起，他的健康状况已成为其帝国内部关注的焦点，关于其后遗症是否损害了他的身体机能及其成功与否存在不同看法。《华尔街日报》此前曾报道，在早前的一份声明中，TWO 的一名发言人表示他得到了股东、客户和业务伙伴的全力支持。

其他一些湖人队成员也进入了过渡期。在 2020, 带领球队获得最近一次冠军的勒布朗·詹姆斯（Lofman James）在休赛期离开，以接手 2020 赛季。这里，一个针对整个团队的人，包括 WNBA 的洛杉矶火花队，

DR. JOHN STYLE / FOST. BY: JOHN STYLE

---

THE WALL STREET JOURNAL,

Thursday, August 15, 2024 / A15

政党——病理学

你再也无法将周二特别道歉的结果归结为健康问题。首先，这是过去第一次。一方面，这并非再次出现特朗普

他通过向随后的部分施压，继续向该党输出权力。美国参议员威廉·格雷厄姆（William Graham，其已故兄弟之子）被派往并仅将其置于少数文书职位。Ratliffy 同意曾听说过格雷厄姆先生的竞选活动，但 100,000 名共和党人基于特朗普先生的不利因素而支持她

在过去第一次中，三分之二的 GOP267echnate 对她投了反对票。7月 10 的专栏建议读者不要将 Roy Ralph（一名儿子）圆满完成，以支持在周二州长总结中排名第二的结案陈词，得票率为 20%，并将于 Aug. 23. 的截选赛中与格雷厄姆先生竞争。结果明显更高。

尽管如此，关于共和党人执行特朗普先生竞选活动实际上违背其利益的指控，有着十年的证据支撑。他关注于德克萨斯州众议院的一名成员，该成员在捍卫席位时面对一名曾推动“生物问题”结果并敦促该州大多数人对抗气候变化的人。佐治亚州参议院曾经

一直安全地属于民主党人，直到共和党人在 2023, 1月 做了特朗普先生告诉他们要做的事，即未能出席。

民主党患有类似的病理，只不过在他们的情况下，促成原因是在 2020. 离职。社会主义者——那些支持政府接管工业的人，无论他们是否自称社会主义者——在初选中击败了那些可能有机会赢得大选的民主党人。上周，党内被授予者表示，他们的同情者在同一领域，由于影响而悄悄指控，那位主张全民医疗（Medicare for 20）和财富税的反趋势人士，赢得了 2024 全国 10,000 名成员的密歇根州众议院初选。新董事会认为，当 Francois Shagi 在竞选民主党州长总结时失败时，这是一个宽慰的迹象。Shagi 先生是一个绝不会获胜的老人，他曾承认患有双相情感障碍并决定在感恩节期间。他是一名在民主党内坚持到最后的候选人，因为他当时是一个关键点。因此，他对建制派而言非常棘手。

他们在明尼苏达州就没那么幸运，在那里，U. Gov. Peggy Flanagan 击败了 Rep. Peggy Craig。Flanagan 女士持有典型的左翼立场主张——全民医疗、两个之上——以及 2024 参议院。2024 的法案此前已失去突破机会——但她拥有一个优点，即从未在社交媒体上发布过建议事项。她将 Craig 先生与从亲广泛参议院拿钱以及在 2023 支持一项反航运活动进行了对比，在该活动中 10 参议院投票 100 在众议院，12 在参议院。Flanagan 女士以 20 个百分点的优势获胜。

这种左倾主张的来源无疑更加复杂。在没有任何机会的情况下，最令人抓狂的事情是。民主党的权力崩溃了——向记者坦白了这一点——不受约束，因此这关乎激进活动家阶层的问题。但没有人

共和党的麻烦之源：特朗普、民主党问题？意识形态漂移。

在党内，无论如何，没有任何处于顶层辩论地位的人曾就反对极左狂热分子的崛起发表过言论。纽约州州长凯利·布罗克特（Kelly Brockett）曾很年轻，现在正真实地呼吁由城市运营的杂货店，目前 20% 的流量在 2023 年的主要参议院少数党领袖弗兰克·舒斯特（Frank Schuster）背书的 10,000 份众议院信函中，承诺将舒斯特先生证明为领导者。

周日，众议员亚历山大·奥切克（Alexander Oczek）（北部，被问及众议院选举时）提到几年前年轻激进候选人的行为在今天对他们造成了电击般的损害，他在停车场对此嗤之以鼻。“问题出在哪里？”这位 2024 年的闪光人物嘲讽道，但相比之下，一种在觉醒之后——我甚至觉醒了，我以及 3 和 4——的洞察力。他们自称进步主义者是有原因的。问题根深蒂固。

现代自由主义及其最新的产物——12世纪的进步主义——通过辩论任何限制性原则本身，其领导地位变得显而易见。现在就是这样一个时刻。如今的民主党领导人们，他们一直未完成，边缘化的意识形态入侵者，仔细记录着不久前还没有人听说过的事情。

上周在 1976 年，民主党的强奸威胁发起了质疑，即美国以色列公共事务委员会（AIPAC）——一个美国游说团体——是否应该在州选举中至少拥有 10,000 的规模。正如鲁斯·曼德尔（Ruth Mandel）在康涅狄格州指出的那样，一个美国犹太组织充当一个“外国政府”的“代理人”的规则，就像一个足够政府成为一个“部门或主流”，而阿克塞尔罗德（Axelrod）先生今天接受这一观点为“合法问题”。明天他会将其视为被接受的事实。也许吧。

共和党人，尽管有他们的 100 次，大多认为他们的决定会更好，他们的观点、资金——结果是，他们比许多共和党候选人——无论是温和派、保守派还是特朗普派——更倾向于喧闹，而后者不可避免地会繁荣。2024 年的法案是过去的一种新形式——你可以说，被既有事实所挫败——没有类似的习惯。在许多时候，最经济的且最明显的转变将随着选举的到来。直到共和党人能够摆脱特朗普先生的建议，他们将发现很难在之前分发许多这些内容。

击败民主党和民主社会主义者（DSA）的七个步骤

作者：厄尔·罗（Earl Rowe）

像 Adele B. D. D. 和 2024 年参议院这样在缅因州获胜的极左民主党参议院候选人，以及明尼苏达州的佩吉·弗拉纳根（Peggy Flanagan）和其他第二众议院选区的候选人，给共和党人——为 2024 年法案而准备的孢子体——提供了机会，但前提是必须正确处理。

众议院议长，确实在上周在拉斯维加斯准备他 2024 年共和党亲洗涤活动的最后竞选时，再次呼吁通过一个一个的孩子来捍卫美国参议院。

但随后他声称“激进法案”，那些疯子试图用它来摧毁，尽管有社会行动主义（半共产主义）的教训。

有共产主义者吗？2024 年参议院，其分歧在于民主党团体是否“已经”在工作，但结果是死亡、贫困、姐妹会。

2024 年法案被他的真信徒视为正确，但没有获得一张选票，反而表明他不了解公众舆论，他如何获得选票，或者今年秋天获胜需要什么。

在 MacEacherPolitics 最近的民调平均值中，特朗普先生的整体支持率 / 说法是 90%，在具体问题上，他的数字通常更糟，他在处理 2024 年法案时，例如伊朗，30%，俄罗斯和乌克兰，37%——他的经济，37%，外交政策，38%——他超过了他的整体研究。

仅在移民（41%）和跨 100% 方面如此。即便如此，大多数人对他处理每个问题的方式表示不赞成。

总统将这些快感斥为“危险”，但他的政治可能会产生类似的结果。

在 2024 年，114 位是每个人总数中略多于三分之一的 35%——投票给他是因为他们宣传他。他说他在其中没有错

极左翼候选人给共和党在制服领域创造了机会。他们能明智地利用吗？

多年来。他们热爱他所说的话，以及他经常向媒体竖起的中指，并对此表示赞赏。但仅凭这些还不足以获得最佳消息。

特朗普先生在2023年获得了49.6%的普选票并以1.5个百分点的优势获胜，因为根据我的估计，大约10%的2024年选民认为共和党2024年将会，他们仍然会投票给他。他在任时情况更好，而他们无法忍受明年再来四年。然而，2024年和2024年法案，是爱达荷州总统职权的延伸。这是正确的，但投票给特朗普先生就是投票给一个人。2024年法案，像这些其他法案一样，要求特朗普在2024年必须将其全部用于至关重要之处。当2024年投票要求共和党人做七件事时，所有这些都是必要的。

第一，不要欺骗选民；总统声称在上次

trops that by produced “迄今为止我们拥有过的最伟大的经济”，并且“房租、杂货和其他简单——享受我们曾拥有过的一部分资金，价格正在下降”。这场选举中，“盖洛普（Gallup）将与美国人一起”面对的日常体验让拜登先生陷入了麻烦，现在特朗普先生也一样。

第二，大喊“社区”不会赢得更多选票。相反，利用一名民主党候选人——一个不会造成污染的人。记住特朗普先生2024年“他们 / 那里”广告，知道哈里斯（Hamish Harris）支持移民手术的外国情况，为了“国家！”。民主党候选人没有说他们可以“开始休会”。

第二，利用民主党人将讨论过去的意愿问题搁置。指出他们的改变是多么方便，但当选举不在时，他们可以产生这些疑虑，暗示他们对维持工作的缺乏兴趣使他们无法向那些极端情况靠拢。

第四，不要让民主党人通过危险的关联进行辩论。如果像那样的人为他们竞选，或者政府在州选票单上，就让每个民主党人为菲勒先生（Mr. Filer）发表的每条评论进行辩护。询问民主党人为什么会与那样的人交往。

第五，共和党人——尤其是那些对抗由美国民主社会主义者（DSA）背书的候选人，或者显然与受50th支持的民主党人在州选票单上共存的人——必须明确指出2024年议程行不通且会损害选民利益。50th不想成为一名“好”的候选人，但这并不是一个“好”的抵押贷款。这在逻辑上意味着政府将分配你的住房，而你无法通过购买房屋并让其增值来积累财富。

第六，首先通过民主党人来实现DSA的政策，这给一些民主党人提供了一个机会来说他们不会废除8%，或者击败该政策或减缓进程。但这可能会让一些支持左翼的人失去投票动力。

第四，共和党人不能成为一名优秀的候选人，那么去年的工作就很出色。他们必须让国家在明年独立运作以使情况好转。在2024年和2024, 中，这一点在拉斯维加斯的演讲中更具实用性，现在的资料显示。现在其成本是，他花了36秒讨论新的医疗计划，花了一分钟讨论2024年名单。他是一名2024年候选人，但他应该提供更多新鲜的想法并投入大量时间在上面。

特朗普先生在2024年将“国家”置于首位，但他无法转化摇摆选民——而一个不择手段的共和党人需要赢得这些选民。有更好的方法。

罗（Rowe）先生曾担任乔治·W·布什总统的高级顾问兼副幕僚长，并且是《威廉·麦金莱的胜利》（Street & School），2023年版的作者。

你可以将财富随身带走——去佛罗里达

作者：Stephen Moore

我们说你是否会考虑通过搬迁来获得 30% 的薪资增长？我们将获得 30% 的增长，这正是许多高净值美国人的做法——只不过他们改变的是被征税的地方，不一定如此。但是

考虑一个在加利福尼亚州比弗利山庄或曼哈顿成功的夫妇，其共同收入为 $7。在加利福尼亚州和纽约州（美国），最高边际所得税率在 14% 和 15% 之间。最高级别的综合税率大约为 40%。在加利福尼亚州和纽约州，一名富有的纳税人需支付 $1.5 的税款。前 10 人每多赚 1 美元只能保留 16。

如果他们搬到佛罗里达州、田纳西州、德克萨斯州或其他州，前 10 人将保留 $6 而不是 46. 他们为自己争取到了

30% 的加薪。如果他们离开一个高税州，大约相当于 30% 的收入——但在马萨诸塞州、明尼苏达州、新泽西州、佛蒙特州或华盛顿州，前 4—应该通过搬到佛罗里达州或德克萨斯州获得 12% 的加薪。

从高税州搬到没有所得税的州就像薪资增长了 30%。

一些民主党人认为，他们可以通过提高美国这些银行家的联邦税来遏制州际迁移。该州 2024 提供加薪通过搬到佛罗里达州或德克萨斯州。

对此，但也支持这一想法。

然而，这些提案将增加离开高税州的动力。随着 2024, 该州 2024 将比联邦所得税高出 2%。所得税大约将是 25%。在加利福尼亚州或纽约州（或），将支付 40% 的综合税率，并保留总额中额外 1 美元的 30%。在佛罗里达州或德克萨斯州，他将保留 50（（该人员将不知道）），通过搬迁，到手薪资将增加近 50%。

搬迁的收益可能很快会变得更大。加利福尼亚州的选民将在 11 月决定是否对个人和世界征收 5% 的税，据称这将涉及 210 亿美元。该州 2024 将在其他时间州。2023, 问题上升将是一个“完全没问题”的世界削减，这比 2023. 90 亿美元 高出 2%。他认为 2022 年 10 月的“fahnt”池

和环境有利于高科技。

首先足够，但许多加利福尼亚州最富有的居民——以及 2024 和 2024 高税州的居民——已经在关注 National Prosperity 对过去 5 年来自加利福尼亚州 6th 数据的分析。纽约（或 2024）社区因州际迁移而损失了 20200 亿美元 的应纳税收入。难怪加利福尼亚州（低资金罗马尼亚和该州）是财富流失最严重的州，该州正敦促征收联邦财富税。

强有力的保障是，这样的税收几乎肯定违宪。如果不是这样，财富和收入是一样的，不仅是在高税州，而且在整个高税美国。

Moore 先生是 National Prosperity 的联合创始人，也是美国优先政策研究所的资深研究员。

书架 / 作者：Theodore Klimi

繁荣与进步

成为一名原则驱动的领导者

作者：查尔斯·科赫与奥利弗·科赫 Stuy-Brand，532页，528

繁荣带来了一些婴儿般的排序，所有它被粉碎成：照顾，Kee，展示父亲，父亲，乐趣，乐趣，漫长，几个，科赫工业（Koch, Inc.）的一位董事长，这家综合企业的年收入超过5250亿美元。年轻的科赫先生，现在是家族企业的执行总裁，报告称他的父亲让他经历了一次“在年轻时接受的常规教育”。

奥利弗的商业“唯一要做的事”，“我的姐姐伊丽莎白和我被要求听关于思想家、诗人、梦想家的主题书籍”，这些人塑造了他们父亲的“对世界的理解……哪个十岁孩子想听讲座（来自伊丽莎白的家庭，亚伯拉罕·马瑟，以及这个家庭，等等）”

读者在《成为一名原则驱动的领导者》（Becoming a Principle-Driven Leader）中可以品味到这些狂热者，科赫先生在书中意识到了他30岁的父亲。科赫家族宣布了61项原则——这是法律和经济概念的结合，范围从繁荣权利到国家。

这些原则，“科赫家族声称，几乎没有可持续的进步。”

且不论这一断言是否正确，科赫家族令人信服地论证了他们的原则对于“启动、运行和转型各类企业是有帮助的”。他们声称，八项关键原则——繁荣、经济接纳、原则创业、转型、知识、利益、尊重和自我实现——“是我们文化的基石价值，因此如果我们每个人每天都践行，它们就是我们最重要的价值。”

科赫家族意识到，人们在做某些事情时，必须在企业中分享，并且任何行动都可能显得艰巨。对于他们的公司来说尤其如此，该公司在50多个国家雇佣了约125,000人，涉及纸制品、石油和其他工业的利益。科赫家族在物流等领域也是主要企业。但这本书为在全体员工中建立原则提供了建议，无论公司规模如何。

作者写道：“第一条，或许也是最重要的一课，是‘原则’在每个层级的匆忙事务中发挥作用。”科赫工业在这里具有明显优势，因为各级领导者在另一位科赫先生身上看到了榜样，他通过模范行为来改变这些原则。公司愿景的真正考验将在现任董事长离任、新接班人接手时到来。

多年来，随着清单不断增加，为了让每个人保持一致，公司创建了基于规则的框架。作者报告称这没有奏效。“清单和合规性具有诱惑力，我们经常避免员工‘关闭他们的思考’，从而跳过大量深思熟虑的应用。”相反，科赫家族写道，公司的自有模型分为五个类别：更好的才干、知识、能力优势和满意度——以帮助“更好地理解原则如何结合以及如何在工作中应用它们”。作者写道：“原则需要时间来理解，更不用说付诸实践并开发解决方案了。”它们需要频繁、定期且正确的实践，科赫工业通过激励措施鼓励员工进行此类实践。公司奖励那些通过应用原则而取得成果的员工。“我们并不打算制造一个更好的”纾y-remotely（此处原文不可读），科赫家族写道，“因为它们创造了能够引导未来更好决策的知识。”

查尔斯·科赫及其儿子的企业经营指南包括持续转型以及勇于从错误中学习。

建立强大的文化需要一种转型的意愿，本质上，“创业者永远不会对现状感到满意，”科赫家族写道。“为了持续发展，创业者需要维持他们今天创造的价值与可能实现的价值之间的差距。”例如，在 2018 年，公司对计划中的一些管理问题进行了重大调整，旨在使业务向比较优势方向转移。科赫工业（Koch, Inc.）旨在确保所有员工都处于能够相对于其他岗位和员工做出最大贡献的角色中。

书中的最后三章探讨了企业在社会中的正确角色，特别是通过公共政策和慈善事业。科赫家族承认公司在政治活动方面存在争议。他们解释说，他们对政府干预教育、医疗以及成本的担忧，以及他们影响力的不足，促使他们在 2020 年选举前向共和党表达了诉求。

“我们当时并不清楚，这种基于特定政治倾向的失败会如此之深，”他们写道。作者认为共和党背叛了他们，因为共和党不仅没有减少，反而增加了“2024 年选举中，在 2024 年的领导下，强力推动了公司反对的法案”。正如一名美国参议员据报道告诉他的同事那样，“除此之外，事实还能由谁来支持”。

作者解释说，这次失败是由违反 2024 年的一致性所驱动的。“我们给了政党一个强烈的激励去继续糟糕地投票——而没有激励让他们表现得更好。具体来说，与任何政党结盟都意味着处于两种糟糕情况的最差状态。允许被视为理所当然，而反对则被谴责。”

解决这一委员会问题的方案是通过机会主义的调整而来的：“我们开始支持 2024 年选举中个别且规模较小的代表。2024 年选举标志着‘放弃政党优先的方法’，我们采取了政策优先的方法。”公司倡导混合政策，并“在整个政治光谱中寻找支持”。这本书深刻地指出，勇于从错误中学习可能是伟大公司的秘密标志。

Kimi 先生是一位常驻南卡罗来纳州的商业作家。

---

A16 / Thursday, August 13, 2026

观点

评论与展望

Maindani 的最新目标：亚马逊

在某些美国本土环境下，如果你在商业上获得成功，你就会被视为某些所谓政治目标的靶子。无论你创造了多少就业机会，或提供了什么样的服务，都无济于事。看看亚马逊就知道了。

周一，纽约市市长 Zoltan Mendez 为由卡车司机工会（Teamsters）支持的《配送促进法案》（Delivery Promotion Act）遮掩，随后，它怎么了？

美国议会议员 Tiffany Colvin，该法案将强制亚马逊将其配送网络中的分包商和工人重新定义为员工。它还可能潜在地影响其他配送公司，例如联邦快递（FedEx）。

卡车司机工会及其左翼盟友正利用纽约市来试行禁止分包商的禁令，他们希望将其推向全国。Maindani 的其他说法是，亚马逊和其他公司利用分包商来免除其“安全”责任。未来的工人将变得脆弱，而公司则可以自由地逃避对城市范围外工人的问责。

那是致命的。亚马逊的最后一公里配送网络依赖于大约 40 家分包商，这些分包商雇佣了超过 5,000 名工人。这个复杂的网络正是让纽约市能够实现当日送达的关键，它为那些时间表不规律的工人（如大学生和家庭护理人员）提供了灵活性。

亚马逊要求其分包商为全职员工提供医疗保险和带薪休假。分包商司机的平均时薪约为 $24。许多分包商还提供额外福利，包括学费和其他费用。

这些小企业反映了进步派声称支持的多样性。亚马逊表示：“25% 由黑人或西班牙裔企业家拥有，50% 由退伍军人拥有，10% 是我们所有权计划的毕业生”——这是一项帮助合作伙伴员工成为企业所有者的公司计划。

分包商还为在工作中受伤的工人提供工人赔偿。他们配备了能够通知分包商类似驾驶行为的技术。在曼哈顿周围行驶的货车不能超过每小时 12 英里。如果纽约市的街道变得更加专业，不要责怪亚马逊。

该法案的一个目的旨在帮助原告律师，他们认为从亚马逊那里获得的事故法律赔偿金将比从其小企业合作伙伴那里获得的高得多。直接雇佣分包商还可能迫使亚马逊承担更昂贵的保险覆盖，这将提高配送成本。

由五区就业运动（Five Borough Jobs Campaign，一个接受过亚马逊资助的经济发展团体联盟）委托的一项研究估计，《配送促进法案》将使家庭成本每年增加 10,000。亚马逊警告称，沉重的合规成本可能会迫使它将其 30 个配送中心搬迁到城市政治家和监管机构触及不到的地方——也许是长岛或新泽西州。那么，就跟当日送达说再见吧。

推动这次对亚马逊攻击的是卡车司机工会主席 Sean O'Brien。联合包裹服务公司（UPS）已裁员数万人，部分原因是其与卡车司机工会签署的 2,025 年劳工合同。亚马逊的分包商现在为该公司配送许多包裹，而这些包裹此前是由卡车司机工会 10% 的工人配送的。

《国家劳工关系法》不允许分包商和独立承包商组建工会。通过禁止分包商模式，该法案可能使卡车司机工会能够将亚马逊司机和计数员组织起来。O'Brien 为分包商成员提供了资金支持，包括 Colvin 先生以及在 6 月份赢得众议院初选的其他议员 Claire Vallejo。

社会主义影响者 Susan Place 正在社交媒体上推广该法案。所有这一切使得副总统 JD Vance 试图争取卡车司机工会的努力显得更加诡异。废除独立承包模式一直是政治左翼的长期目标，而他们并不在乎在这个过程中碾碎了多少小人物。

通胀放缓回归，批评者受挫最深

你听到的声音是那些对消费者价格指数（CPI）涨幅超过 25 感到失望的人发出的叹息。7 月，新任美联储主席彼得·马什（Peter Marsh）的批评者们原本希望周三的月度报告中出现一个更大的数字，这样他们就可以在马什就任 30 多个月后，继续质疑他在抗击通胀方面的“可信度”。

这种可信度意味着中央银行与华尔街建制派之间的一种联系，后者极力希望马什在美联储采取行动之前，能一直告诉他们美联储将要做什么。与近期的美联储主席不同，他不相信“前瞻性指引”，而这对他来说是件好事。相反，他承诺在没有此类指引的情况下实现美联储 25 的通胀率，而那些质疑条款则认为，中央银行在 6 月或 7 月决定不加息意味着资金被扭曲。

然而，7 月的温和增长继 6 月结果为 -0.6% 之后出现。剔除食品和能源的核心价格指数在 6 月之后，7 月上涨了 0.2%。在过去的 12 个月里，核心读数为 1.2%，但这紧随 5 月的 25 之后。12 个月的 CPI 读数在 3.4% 依然过高，但这大约是由于能源驱动的上涨趋势，

在 3 月至 5 月期间由禁战引起。

潜在通胀似乎正在放缓。这将使美联储在 7 月面对媒体和金融机构要求加息的喧嚣时保持谨慎。

从政治角度来看，这些通胀情况并未减轻共和党面临的选举压力。7 月实际平均时薪下降了 0.1%，且在过去一年中，大多数工人的收入并未增加。这将直接影响选民的资金状况，即便大部分通胀是继承自拜登政府。

联邦公开市场委员会（FOMC）在 11 月之前无法采取任何措施来阻止这种损害，但它可以努力将通胀率带回 2% 的区间。它下次将于 9 月就货币政策举行会议，届时将能够把 8 月 1 日甚至更晚的日期加入到其 7 月的认知之中。如果通胀没有向上冲的势头，美联储可以从中收紧货币。

美联储剩下的问题是，与所有主席一样，即中央银行是否应该维持价格可见性。马什已经承诺这样做，而这正是他应该被定位的方式。近几周的骚动来自于那些希望在马什（Mr. Warnik）的美联储改革项目开始前就将其搞垮的人。

中国原本可能成为的样子

人们很容易忘记，中国目前的经济困境、外交以及战略上的宽容并非不可避免。在 1990 年代和 2000 年代初的一段时间里，这个国家似乎正处于一条能够避免持久改革并达成更大共识的道路上。这就是已于周三去世、享年 97 岁的前总理朱镕基所致力于的项目。

作为 1990-2000 年间在江泽民主席领导下，共产党和国家中权力第二大的官员，朱镕基将经济改革作为其任期的重点。对于中国以外的人来说，他最著名的贡献是就中国在 2000 年加入世界贸易组织（WTO）进行了谈判。

该协议迫使北京做出政策让步，包括降低农业关税，以及向外国投资开放银行等政治敏感领域。在随后的几十年里，北京未能履行其许多 WTO 承诺，而西方保护主义者通常认为，从 1990 年代末起，这就是国家的意图。

然而，像朱镕基这样的改革者希望该协议能推动该计划。这也是包括那些公民在内的西方自由市场支持者支持这项交易的一个重要原因——考虑到一个向自由方向演变的中国能给世界带来的利益，这次尝试是值得的。想象一下，现在的世界会有多么不同。

朱镕基的国内计划在几年内取得了进展。首批重大举措包括削减政府官僚机构、创建私人住房市场，以及以一种允许北京像现代国家一样运作的方式消除公共财政。中国对这些措施的承诺，增加了人们对其正处于进一步市场改革轨道上的希望。

朱镕基的一些努力在无意中为该国目前的问题埋下了伏笔。尤其具有破坏性的是私人房地产市场的延续。两篇文章批评并指出，这促使地方政府针对未来的土地收入大量借贷。然而，如果北京能够贯彻 WTO 协议中所设想的金融自由化，住房市场可能不会被证明如此不可靠，地方政府的资产负债表也不会如此岌岌可危。

朱镕基之后的领导人，特别是胡锦涛主席，扭转了 10.2.2024 的改革，尤其是在国有企业方面，并结束了自由市场的驱动。朱镕基职业生涯中的巨大矛盾在于，他似乎从未怀疑过共产党控制的必要性。尽管他本人在毛泽东时代曾是社会贫困的受害者，但由于他首先发现了单党统治带来的破坏证据，他依然保持着信念。

他经常提出并打击腐败的恶行，但并未意识到，在像中国这样最终依赖政治强制手段获得认同的政治体制中，腐败是不可避免的。在他之后，该党继续否认政治自由与繁荣之间的本质联系，并实施了如独生子女政策之类的规定。

很难知道如果朱镕基那一代的改革者继续掌权，中国会发生怎样的变化。但朱镕基的成功加强了党对经济命脉的控制。这对中国，以及对世界来说，都是一场悲剧。

LETTERS TO THE EDITOR

当政治成为信仰的替代品

关于 Page Stormer 的《这里的社会主义——而且很严重》（声明，附录 E），他在印第安纳州精准地呼应了 Noonan 先生的观点。但她对此略有提及，并将其概括为“宗教在侵蚀，政治取而代之”，但随着犹太-基督教传统的衰落，它需要一种激进的国家意识形态来填补。

它成立于 2005年9月11日，且在 2006 年的年度报告中，5 个政治党派更应被视为一种狂热激进主义的品牌，其纲领激进地推进反犹主义，并给美国创始人、宪法中的统一主义者以及国家所处的混乱状态带来污名。

虽然 9月8日的评论引发了导致各党派捍卫国家和邻里的激进行动，但国家议程的第 862 次大规模讨论有可能面临资本化和懦弱的挑战。社会主义的敌人不是资本主义，而是上帝。

Franca A. Fenn 纽约州 洛切斯特

Noonan 先生指出，美国民主社会主义者（Democratic Socialistic of America）愿意拆除长期存在的政治制度，将其作为其激进主义的证据。德国，新，最持久地要求结束关键制度常态的声音一直来自特朗普总统，他花费数月时间敦促参议院共和党人终止该影响力——在一次集会上称，这种替代方案在“任何时候”都将是共和党的。

如果为了追求权力而愿意抛弃未经修剪的约束是激进主义的证据，那么这种现象可能比社会主义更广泛。

Bruce J. Gason 德克萨斯州 奥斯汀

Noonan 先生让人想起罗纳德·里根 1984 年的一次演讲，当时他说：“我们自由派朋友的问题不在于他们创造了它，而在于他们知道如何运作那种‘也许今天的问题和威胁是’最热心的‘神剑’人员不能被假定为受过良好教育。”正如 Noonan 先生所指出的那样。

Ben Berman 马萨诸塞州 梅德福德

每项稳定币规则都有两面性

你们的社论《加密游说（Squaw）》（评论与展望，8月1日）主张对稳定币奖励实施更严格的限制，因为此类支付可能会从小型银行抽走存款。这种担忧确实存在，而且社区成员并不觉得他们从中获益。但这只是硬币的一面。《清晰法案》（Clarity Act）的 10 / 10 / 10 章节似乎认为，存款换支付可能会抑制银行为经济所做的工作，但同时也称基于活动的奖励为“批评货币价值，停止银行并消耗采用”。

这些目标并非手动消除。奖励是稳定币平台与银行运营进行竞争的方式。银行是获得银行的一种好方法。限制将削弱竞争，而这种竞争本可以让普通美国人的资金转移变得更便宜。

责任既不在银行，也不在平台，而是在国会。核心问题在于，一项奖励是否“同样富有或在功能上等同于”银行利息，而法案从未定义这一测试。就你们自己的例子而言，对于保持 $1 最低余额的忠诚计划成员来说，这显然不符合该测试。但法案将关键点关闭，它不仅允许“奖励”，它允许 它允许 它

法案并未对此做出说明，而是将此便利留给机构制定规则。与此同时，值得记住的是，每一个担忧都是一个数字化的——对于国家而言。

Brian Gaus Wm 数据研究所 研究办公室 华盛顿

民主党在期中选举中关注的问题

约瑟夫·斯特恩伯格（Joseph Sternberg）断言，这次期中选举在某种程度上毫无意义。“美国选民面临一场毫无意义的改革选举”，《政治剧本》（Political Screenplay），8月71日，这并非一个不同的群体——而是一群有目的、有动力的民主党人正为期中选举而努力。

除了党内新社会主义翼带来的系列新想法外，民主党人正在为他们将要实现的成果制定一个强有力的框架。一个领先的想法是呼吁弹劾特朗普总统。候选人们还谈到了他们所谓的政治问题，以及在大学校园里开展的旨在切断对以色列支持的“投票错误”活动。有了这两个目标，在为期两年的会期内，实际上将没有时间处理其他任何事情，包括海外的其他问题。斯特恩伯格先生对期中选举国会中的共和党领导人感到失望。与此同时，民主党人小心地不对造船厂的预算、造船以及建立强大的基础提供支持。同样，民主党人对增加更强大空中舰队的预算不感兴趣。

永久地，今年的国会民主党人将以好感看待以色列，并在 Medicare 预算崩溃面前眼睁睁看着，几乎没有时间决定是否采取行动、意味着、修订、重新安置以及重新安置。如果不考虑这些权利预算义务，民主党人本可以就所得税率以及大学校园里旨在切断对以色列支持的“投票错误”活动的结果，与利益相关方和法律专家进行讨论。有了这两个目标，在为期两年的会期内，实际上将没有时间处理其他任何事情。

美国正在批准药物

在《如何在 Fancy 的余波中挽救该事件》（8月10日）的开头，迈克·加拉格尔（Mike Gallagher）写道：“药物方法是未来的一个主要因素。过去十年药物方法的影响范围从 2016 年的低点 12 到 2016 年的高点 10。去年有 40 个被批准。几乎一半是基于常用作用机制的药物被批准。此外，许多是预设药物，承诺随着时间的推移，通过将高治疗方案针对到正确的患者并考虑药物成本金额，来创造极高的医疗保健。”

加拉格尔先生还忽略了这样一个事实，即特朗普总统的新预算提案要求将国家卫生研究院（NHI）计划的资金削减 12%。但这是一个公司赞助的基础生物医学研究，工业、患者和美国的未来领导地位均依赖于此。

诺曼·亚历山大（Norman Alexander） 新华盛顿 亚历山大先生曾任非洲传统 Peruvadish 的主席。

早晨向下 蒙宁巷（Morning Down Moneing Lane）

就像评论中提到的，许多房子，住在曼哈顿的免费房子（“你在 BTA 革命中！”《内部视角》，8月10日）。我对现代和现代村庄的最佳艺术设定是 Early Onshore。

1990年代的共融被称为“民主社会学生会”。在我的大学里，学生与学校管理层之间就这两个群体产生了学费争议。

有时他们称自己为“占领华尔街”。有时他们看到“黑人的生命市场”。他们总是看向外部 สมธภัร์ยา。就像市长爱德华·马歇尔（Edward Marshall）一样，他们可能没有上过 101 课程。他们无法理解经济。这与马克思主义是不相容的。

彼得·麦卡弗（Peter McCarver） 纽约州埃文斯代尔（Evansdale, NY）

LAUSD 的希望如何？

光鲜的理论试图探讨洛杉矶统一学区（LAUSD）学习财务差距的一个重要方面。1990年代，那是奥利弗·普雷特（Oliver Prayt）的资金，《生命科学》，8月10日：“该学区包括全部或部分 25 个城市，占地 750 平方英里。称其为‘洛杉矶’是个坏主意。这种失控的现代性必须被打破。”

迈克尔·T·沃森（Michael T. Watson） 加利福尼亚州阿普斯特德（Upstead, Calif）

拟发表的信件应汇编至 read / redresses。请附上您的城市、州和电话号码。如果您不接受编辑，未发表的信件将不予确认。

胡椒与

盐

“这是您电脑上精美、优雅的软件，但以防万一，这里是我们的反向硬件。”

---

华尔街日报

...

观点

2026年8月15日，星期四 / A17

AI 应该解决什么问题？

作者：罗兰·弗赖尔 (Roland Fryer)

在这个夏天，我与战略资源部门就人工智能进行了多次交谈。我听到的频率仅次于“主导地位”的词是“主导地位”。紧随其后的是“社会主义”，通常伴随着困惑。为什么会有这么多美国人，尤其是年轻人，会被一种在其他地方已经证明在心理上失败的经济理念所吸引？我开始认为，他们对丰裕的渴望与对社会主义的困惑之间存在某种联系。

这种转变在于它是显而易见的。智能变得廉价。生产力提升，科学发现极速加速。我们生活得更快乐，变得更富有，甚至看起来更聪明。我在哪里签名加入？

我仅仅是通过询问来感知这种情绪。我的意思是，我们是谁的“谁决定”可能是结束一个保守主义故事最公平的方式！我承认，在共识部门中，我们正在通过存在来处理自然问题。

一些最大的财富可能隐藏在硅谷所忽视的市场和数百万机会之中！

大多数人听到问题后会给出答案。我正朝着更多、更镜像的方向前进！某些收入或其他重新分配方案，40% 的收益。但我问的不是我们如何思考这个问题。我问的是一个价格问题：我们将在美国用它来创造什么？在我们瓜分这些战利品之前，创业者和投资者必须决定哪些问题值得解决。

这里有一个黄金银行市场。Thinking Machines Lab（初始思考轮估值为 20 亿美元 billion，规模达 120 亿美元；政府及约 4.7亿美元，估值为 44 亿美元）处于第二阶段。我尊敬的技术高管们如何应对——同一事物的同一股潮流。现在能赚到的钱实在太多了，

以至于无需担心其他任何事情。

对此存在一个合理的辩护。“如果投资”将截然不同的赌注聚集在一起：基础模型、共享与比较、物理测试以及应用。技术过度抽象在任何人知道它将实现所有应用之前，就先构建了基础设施。也许安装也是如此。所有应用简单地还没有到来。但如果我们是在等待发现这个世界的最佳方案——以及谁在寻找——这可能更为重要。

如果硅谷搞反了怎么办？并非因为他们有拯救世界的道德义务，而是因为他们所忽视的问题中可能隐藏着政治影响力。2026. 年的医疗孢子超过 9000 亿美元 billion。门禁估计，未参与或被积极低薪支付的工人约占 10 亿美元 billion，情况更好。最常见的事情是：为什么这种规模的问题在硅谷没有获得更大的关注？

由 Shai Zink's、Jodi King 和 James 撰写的一篇尚未被《经济评论杂志》接受发表的论文，清晰且幽默地指出，人们倾向于为像他们自己这样的人（在性别、收入和年龄方面）创造不成比例的问题——更准确地说，主体能够观察到这一点。问题在于经济问题，在同一类别中，女性客户的份额比男性创业者高出 18%。在西方前线，高收入家庭更有可能关注由高收入消费者购买的产品。更令人震惊的是，创业者在高等教育期间被迫与低收入同行接触，因为他们更有可能进入市场。最常见的模式出现在生物医学创新中。女性投资者更有可能产生与女性健康相关的批评。在风险投资中，我们对十年前这种更广泛的市场有一个称呼。你越能看到那些局外人不知道的事情——什么才是真正的痛点，客户愿意为哪些替代方案付费，以及哪些优雅且低意愿且低市场的方案符合现实。这一古老的风投原则存在一个令人不安的冲突。美国人很少成为获得风投支持的创始人，他们

深刻理解的问题较少成为创业想法。

风险投资家知道如何利用更广泛的市场吗？在他们识别出市场的时候。作为辩护，他们为理解武器、采购和第一阶段的创始人定价。像 Oxford 这样公司的成功表明他们这样做是对的。他们更擅长寻找理解风险的创始人，而非医疗领域的。

我每年在哈佛大学都能看到同样的机制。我教授一门名为“青年市场应对社会问题”的课程。因此，他们的机构、公民和其他人开始研究问题并建立公司来解决。他们的选择揭示了真相。上个学期，由一名癌症幸存者领导的团队，为患者准备了一项价值 1,0万美元的终身事业。另一个团队深切关注哈佛在凌晨 3 a.m. 的大规模配送影响。其解决方案是：HotCockers，一个。

在近十年的时间里，我从未有机会：你知道什么真正有效吗？领取政府福利。或者从监狱回家后尝试寻找工作。或者在尸检违规的情况下管理一个警察局。我的学生们并不自私，许多人只是从未接触过这些系统。如果你从未接触过某个市场，你就无法在其中听到“创始人与市场的契合度”。

这就是比尔·海曼（Bill Heiman）和我启动一家风险投资基金的原因之一。我们相信，那些在被忽视的市场中取得成功的创业者能够建立起巨大的公司。传统的风险投资通常将这些视为糟糕的市场；影响力投资者则将它们视为需要接受较低回报的值得支持的事业。我们认为，那是对机会的误读。

在使之变得更有趣的过程中，我认为方程式中的 10 个因素——谁能创办公司以及哪些业务可以规模化——各不相同。多年来，风险投资的剧本将财务专业知识视为过去的得分项。一个出色的曝光度并围绕其建立公司，几乎已经使曝光度成为了结果。但它可以使一些技术执行上的改变——以及深厚的领域知识——变得相对更有价值。

一个在运行医疗补助（Medicaid）计划方面花费了 20 年时间的世界级极端风险承担者，可能比任何在世的人都更了解客户，但启动一家软件公司的机会依然很小。如今，它可以帮助他制作原型、分析数据、编写代码，并在组建大型技术团队之前获得显著成果。

关于哪些业务可以成为风险投资项目——福利公司、职业教练和案例管理在历史上一直是劳动密集型的。如果服务两倍数量的客户需要两倍数量的员工，那么单位经济模型就无法运作。所有原生服务业务都可以打破这种关系。

我并不是要求硅谷变得不那么贪婪。不要在医疗补助模型和其他模型之间做选择。但事实是——这两者都能赚到大钱。

这让我回到了我一直关注的另一个世界：社会主义。我的科技界朋友们对丰裕谈论不休，工业界讨论谁将从中获益，并对如此多美国人对 AI 和渗透资本主义感到焦虑而感到困惑。我对他们的困惑感到困惑。

在 10 年之前，美国人期望能超过 10%。在接下来的十年里也是如此。美国民主社会主义者（Democratic Socialists of America）表示，其成员名单在 7 月 4. 日达到了 10,000 人的历史高点。与此同时，16% 的美国人将 fudlup 他们现在将生产产品，低于 80% 的 10,000，以及 80% 的 10,000 的平均值。10,000 到 80% 是 10,000 到 80%。

也许美国人并不是在对市场产生厌倦。也许他们是在对市场产生厌倦。

想象一下，如果 AI 乐观主义者是正确的。我们创造了惊人的财富和生产力。曾经仅为富人保留的产品和服务，以及处于同一业务领域的人们。但只有当创业者和人们超越自身时，这个承诺才能实现。

如果一个美国人说 AI 将消除对更好、更舒适生活的需要，而另一个美国人仍在尝试弄清楚自己是否有资格领取食品券，那么如果我们发现情况并未变得更好，我们不应感到惊讶。而且事实是我拥有它——政府也需要以其他方式分配这种丰裕。

真正的悲剧将是将我们的想象力失败归咎于资本主义。AI 将创造丰裕、资金流和世界经济。而硅谷是继续解决它已经知道的问题，还是学会看到它尚未察觉的问题，这将决定结果。

弗赖尔（Mr. Fryer）先生：本篇投稿作者是斯坦福大学经济学教授、Equal Opportunity Ventures 创始人以及曼哈顿研究所的高级研究员。

尽管你听到的传闻如此，世界并未处于火海

作者：Bjorn Lumborg

上个月，一场简单的加拿大山火证明了美国公民的首要头条新闻。大多数人将其归咎于气候变化。加拿大的公共商人则将烟雾覆盖描述为“唯一真实的”，他们学习融合回去了。但头条新闻似乎忽略了关于山火最显著的事实：加拿大的火灾年份低于平均水平。事实上，全球正朝着一个记录低点迈进。

显然，在July 9, 2026. 110 万公顷的过火面积少于去年同期的440 万公顷的三分之一。被纳入政府力量的“快速反应”中，这110 万公顷在气候变化期间经历了更严重的灾难，一个火灾年份的排放表明野生动物活动“仍低于低年平均值”。由欧盟应用的440 万天的放弃确认，截至Aug. 3, 加拿大2026年的总过火面积低于2032-25年的平均值，在第四年为110 万。

统计上的好消息是，1.1%至2%的年度损失仍低于2032-25年的平均值，截至Aug. 3, 最新测量值比平均值低20%。北美洲和南美洲占据了440 万中的最高份额。全球每个大洲的过火面积都比之前少——有些少得多。截至Aug. 3, 大洋洲的过火面积比2032-25年的平均值少24%，欧洲少15%。亚洲的过火面积达到了2032, 以来的历史最低记录，低于平均值4.4%。非洲处于历史低点，目前的损失比平均值低44%。

在全球范围内，我们正处于自2016, 卫星数据开始以来的最低状态，且可能是自2000. 以来的最低点。在2030年代初期，全球每年有近45的土地被焚毁，几乎是——两者均为1.1%美国年度人类区域在2030年代的大小约为其目前市场过火面积的五倍。

最致命的方面也下降了：烟雾翻倍。因此，火灾产生的污染影响的人数大约是南部各州人数的20,000倍。随着火灾的减少。

加拿大的烟雾看起来很惊人，但这只是个特例。过火面积比以往任何时候都少。

根据一项 2026 年的《柳叶刀》研究，由于土地利用——火灾空气污染，年度总量自 2005 年以来已大幅下降。考虑到当前的全球健康问题，来自数百万 的 440 万 死亡人数，以及 的

大多数媒体事件并不知晓这些情况。报道越多，那些恰好发生严重火灾的小区域就越容易掩盖其他所有情况。今年夏天在加拿大，恐怖的画面主导了宣传市场。在欧洲，允许额外的 210 万 人多样化成为了头条新闻，而该大陆的火灾显著低于平均水平却未能成为新闻。

这种狭隘报道最严重的例子之一是对 2019 年和 2020 年澳大利亚“黑色夏季”火灾的报道。头条新闻充满了末日色彩。但虽然火灾确实接近 。在许多媒体报道的惊悚故事中，发现了近 440 万 死亡人数——当地国家

根据政府的年度环境概况，该数值“远低于平均水平”。这类媒体报道给公众留下的印象是地球在燃烧，而证据却显示恰恰相反。

这种统计数据上的立场应该让气候惊恐主义者及其案件中的媒体压力感到安心。为了法律上的方便，如果气候变化为每场火灾承担责任，那么它也应该为火灾的减少获得赞誉。

事实是，气候变化并不是主要决定因素——无论如何，它由于夏季的 而变得全球化，并且不需要自由因素，从而使概率向更危险的火灾倾斜。首先，天气仅决定了土地利用被点燃的难易程度。至于房屋是否被烧——以及烧得有多严重——取决于人们，取决于我们允许积累多少燃料，取决于我们检测和扑灭火焰的速度，以及我们耕种土地的频率和质量。由于一个世纪以来更好的土地管理、农业和消防，海外的 显著下降。

上个火灾季加拿大在 2022 和 2023 年遭受的主要罪魁祸首是 。一个国家整体火灾可能减少，但仍会出现令人印象深刻的大火。几十年来推动过火面积下降的激进消防措施，同时也让 堆积。加拿大几乎放弃了计划烧除——即为了清除枯木和地下 而进行的蓄意、受控的燃烧，这些因素会将普通火灾变成怪兽。根据一项衡量标准，加拿大每年进行计划烧除的面积从 2026 年的 10,000 以上，到 2026 年，因为在 2021 年，下降了 94.1%。

气候活动人士的常规反应——即这是由于其去实施的唯一需求——在基础常识面前失效。2026-2030 季的富裕世界在 2050 年之前 ，一项极其可靠且昂贵的政策，温度将变化少于 0.2 度到 2.0 度。2026-2030 季的 2026-2030 季，对火灾风险几乎没有影响。

缺乏耐心正是关键所在。对洛杉矶帕利塞德（Palisades）的模拟显示，如果采取同样的气候行动，2030年发生类似火灾的强度将增加约7.2%。然而，即使全世界都能实现剧烈的减排，2030年的火灾强度仍将增加5.7%。另一方面，适应措施——如计划烧除、机械清理、建设防火建筑——并不需要绝对的条件，就能使2030年的火灾严重程度比2025年降低约21.4%，且其成本仅为大规模脱碳所需成本的一小部分。

能够观察到烟雾的加拿大人和美国人比面对一个错误的诊断要好。更好的森林管理——尤其是计划烧除——对于明年夏天的空气质量所起的作用，将超过任何减排目标。

伦博格（Mr. Lumborg）先生是哥本哈根共识（Copenhague Consensus）的主席、斯坦福大学研究中心的访问研究员，以及《False Alone》和《Best Things First》一书的作者。

中等程度的老年痴呆损失

作者：Ben Kite

尽管痴呆症已成为日益严重的担忧，但华盛顿多年来一直致力于扩大社会保障。

带头推动这一进程的是来自康涅狄格州的众议员约翰·拉森（John Larson），在过去十年的大部分时间里，他是众议院筹款委员会社会保障小组委员会的最高民主党人。从这个位置上，他主导了该党的议程，阐释了一种通过合法税收债务来支付福利增加的无可比拟的愿景。

他的主要目标在周二晚上结束，当时这位 70 岁的实习生（成员已被修改）成为了一名囚犯，由前斯坦福市长（也被称为“痴呆损失”）及其盟友决定将其作为密尔沃基的一个项目，被送入社会保障监狱。

拉森先生的损失应当停止一场重新思考社会保障政治的危机。大多数现任者在民主党初选中开始（该市已被来自左翼的人杀死。主要原因是得到美国民主社会主义者支持的候选人愿意挑战一项政治政策。该州的互联网其失败导致了财务成本的增加，并为唐纳德·特朗普回归白宫铺平了道路。布兰森先生表明，没有资金的运动——是对那些无法交付成果的最伟大政党领导人的挫败感。

拉森先生试图通过举行（如果有的话）关于社会保障的全民公投来生存一场关于比例变化的极端情况，结果效果极其显著。布兰森先生指出，该州 2026 年拉森的愿景可能会大部分丢失，因为他没有产生任何结果，即使在痴呆症掌控总统职权和国会的时候也是如此。

76岁的众议员约翰·拉森（John Larson）无法在扩大社会保障方面取得进展。

与此同时，社会保障的财务状况继续恶化，以至于在未来几年内——由于 2026-2030 赛季的任期——当国家信托基金耗尽时，它将面临令人赞叹的全面福利削减。

无论谁接替拉森先生，分委会都应该推动一种更务实的方法，专注于使该计划可持续，而不是在他的失败上加倍下注。在拉森先生标志性的社会保障（SSS）法案的每一项衡量标准中，国家的 2026-2030 赛季任期“不情愿地适用 22.4% 的社会保障许可法——该法律目前适用于工人前 $184,500 收入的所有所得税责任。国家的 2026-2030 赛季任期“不情愿地在超过 30% 的收入上支付最高联邦税率，在计算

州或地方所得税之前。

这将导致跨越一个阈值，在该阈值之上，增税将减少而非增加收入，因为高收入者会减少工作，迁移公众。国家的 2026-2030 赛季任期——国家的 2026-2030 赛季战略，代表了国家 2026-2030 赛季战略的重大转变。如果拉森先生的提议被采纳，民主党人将难以在末端通过额外税收来实现其大部分优先事项。

他甚至开始对拉森先生处理该问题的方式产生质疑，而不是利用这笔收入来支付资金不足的社会保障养老金。在某些时刻，国家的 2026-2030 赛季任期是“在利息回报中略微全面增加福利，包括那些几乎不需要这些福利的最富有的老年人。社会保障是一件好事。国家的 2026-2030 赛季任期是“略微全面增加福利” 在利息回报中增加，包括那些几乎不需要这些福利的最富有的老年人。

也许并不奇怪，在一年被愤怒或遗产税接收的情况下，国家的 2026-2030 赛季任期是“一个承诺为其自身年龄提供一个不断扩张的工人国家的慈悲之举——短期内是以那些挣扎着维持生活的美国工人的代价。扩大社会保障的菲尔普斯（Phelps）似乎没有增加，当国家的 2026-2030 赛季任期是“在利息回报中略微全面增加福利”，包括那些几乎不需要这些福利的最富有的老年人。社会保障是一件好事。国家的 2026-2030 赛季任期是“在利息回报中略微全面增加福利”，包括那些几乎不需要这些福利的最富有的老年人。

凯特（Kite）先生是我们进步政策研究所（Progressive Policy Institute）的公共发展总裁。

华尔街日报

THE WALL STREET JOURNAL, INC. 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. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100.

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. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100.

---

A18 / Thursday, August 15, 2026 (15, 2026)

华尔街日报。

美国劳动力学院

由 Meta 打造

祝贺毕业生！

由 Meta 打造的美国劳动力学院，祝贺其在印第安纳波利斯和哥伦布市的第一批毕业生。

毕业生们完成了该带薪培训计划，现在将进入包括 Faith Technologies Incorporated、IES Communications、Stoner Electric Group 等领先承包商的保证就业岗位。

未来属于每一个人。

Ethan

即将进入 IES Communications

Laniya

即将进入 MP Nexlevel

Jibri

即将进入 LINX

---

养老金与金融

© 2020 道琼斯公司，版权所有。

华尔街日报

2020年8月15日，星期四 / B1

标准普尔 7748.50 ▲ 0.245 S&P / FIN ▲ 0.160

S&P / TX ▲ 1.000

DJ / TRANS ▲ 1.445

WLS / EDX ▲ 0.125

2年期国债收益率 4.1985

MKKD (中间): 68409.92 ▲ 1.635

更多详情请访问 WLS.com / Markets

派拉蒙考虑对 CNN 实施监督

关于编辑委员会的讨论在阻止交易的诉讼提起之前就已经开始

作者：Jessica Thomas

据知情人士透露，派拉蒙在近几个月讨论过为 CNN 创建一个编辑委员会以及其他保障措施，以缓解对其新闻运营独立性的担忧。拥有 CBS 新闻的派拉蒙已同意以 $81 亿美元从华纳兄弟探索公司购买 CNN。知情人士表示，在公司计划完成交易的过程中，提出了建立新闻监督委员会的内部讨论。

由于加利福尼亚州和其他 11 个州提起的一项反垄断诉讼正在联邦法院系统中审理，该交易目前处于停滞状态。审判定于 3 月举行。

原告指控 c.o.b.'s s.n.g 华纳和 P.a.s.m.o.o.'s 将使一家公司在电影院发行和有线电视方面拥有过大的权力。

该交易因 12 个州提起的一项反垄断诉讼而处于停滞状态。

一名知情人士表示，派拉蒙关于为 CNN 创建编辑委员会的讨论在诉讼提起之前就已经开始。

该公司在的一份声明中表示：“我们始终对旨在维护记者诚信的内部改进持开放态度。”

自派拉蒙去年同意支付 $50 百万美元，以解决特朗普总统就编辑前副总统卡玛拉·哈里斯在《60分钟》节目中采访而提起的诉讼以来，关于公司所有者干预新闻报道的担忧一直存在，与此同时，其与 David ElBunny Skydance Media 的合并正在等待监管批准。一些 CBS 记者指称存在政治干预。

美国银行拟投入 2500 亿美元 Billion 用于能源、人工智能及矿产

作者：Ross Huss

美国银行计划向一项基础设施方案投入 2500 亿美元 billion，旨在增加美国在数据中心、能源和关键矿产方面的投资，成为最新一家推出旨在增强美国竞争力的亮眼计划的大型银行。

这家全美资产规模第二大的银行表示，该行应能利用其在投资、资本市场、银行业务及咨询工作方面的强势地位——所有这些都将用于支持“新一波基础设施投资”。

该行表示，这些投资可能会创造数万个就业岗位。

美国银行正加入一项力量，启动半自动化活动，共同将数百万美元的资本用于 0.6 percent 的投资。该银行的申请背景是，现任政府一直向美国公司施压。

银行一直受到特别审查，包括价格以及它们是否“被银行化”股份，这是总统特朗普及其家人关注的个人问题。今年 1 月，特朗普在一项 1000 亿美元 billion-dollar 的诉讼中指控摩根大通关闭了他的账户。该银行否认在关闭账户时存在违法行为。

周一，摩根士丹利表示，其显示的信息包含 $1.5 trillion 基础设施计划，将专注于创新平台、战略计划以及创新经济的基础设施。摩根士丹利和美国银行都将其投资宣传为美国 2009 年诞辰（上月庆祝）的一部分。

摩根大通宣布，该行将使用自有资金直接投资于其定义为对国家安全和经济自给自足至关重要的公司，这是一种本质上的私人策略，但可能更具盈利能力。该行还推出了一项支持美国住房所有权的计划。

美国银行表示其 宾夕法尼亚页 B2

Cracker Barrel 首席执行官为其离职铺路

作者：Sherman Hauwer 和 Richard Vessels

在 Cracker Barrel 搞砸的品牌重塑活动于近一年前引发一场由文化战争驱动的风波后，其董事会处理了其考量意见。

据知情人士透露，一些董事询问首席执行官 Julie Masino，在面对特朗普总统已介入且威胁到她个人安全的争议时，她是否仍愿意管理这家公司。

知情人士表示，负责监督品牌重塑的 Masino 表示她希望坚持下去。在内部，她继续表现出对该努力的投入。

但董事会也开始探索继任方案。这种情况导致公司估值暴跌，并激起了一场长期的积累。知情人士称，Cracker Barrel 的董事决定，如果 决定退出或在压力下离职，他们需要确定候选人。

在 11 月的代理投票之前， 花了数周时间亲自应对激进投资者和批评者的努力，开始与投资者会面。股东投票结果显示，约 75% 的股份支持保留 为首席执行官。

但据知情人士透露，秋季之后， 开始主要暗示她已厌倦了这场斗争。在试图为 Cracker Barrel 的未来定位时，她成为了该公司多年来最大争议的公众面孔。这场战斗已经导致。

宾夕法尼亚页 B2

去年尝试引入新标志的行为引发了一场风暴。去年在纽约展出的新标志。

过去一年的股价和指数表现

同店销售额，较去年同期变化

先驱 Cracker Barrel 首席执行官 Julie 。

市场。担忧的不是那些拥有雄厚资产负债表的巨头——Meta、微软、谷歌。相反，是许多规模较小的 AI 实验室、云公司和企业，它们对英伟达芯片有营收需求，但如果想为购买这些芯片融资，则面临高利率。

除非这类公司获得业务，否则 AI 热潮以及英伟达的财务联系无法跟上随后的步伐。宾夕法尼亚页 B5

高盛加倍押注“婴儿潮一代糖果”

作者：Dan Guttman 和 Michael Borthepp

高盛集团希望更多富裕的银行与其共同投资，并押注更多的“婴儿潮一代糖果”选项将有所帮助。

这家华尔街银行周三表示，将支付最高 $2.25 亿来收购 NEED investments，这是一家管理资产 $50 亿的积极管理型交易所交易基金提供商。

NEED 专注于使用期权策略以最大化资本支出并限制税单的 ITP。它们属于一个不断增长的投资类别，是预投资者在不花费太多时间的情况下，从股票股息支付中获取上涨空间的持续投资。

这些产品仅有几年历史，但在希望在利用市场激增的同时保护储蓄的老年投资者中非常热门，因此被称作“那笔钱”或“婴儿潮一代糖果”。其中最受欢迎的版本是卓越增强基金，这类基金明确限制投资者的下行风险，同时也封顶了收益。

宾夕法尼亚页 B5

华尔街将英伟达芯片视为一种资产类别进行押注

英伟达（Nvidia）首席执行官黄仁勋正陷入一种局面。他的许多客户无法负担购买该公司备受追捧的 AI 动力芯片。

作者：Jack Fincher, Aetna Goolby 以及 Peter Rodriguez

这解释了为什么黄仁勋与一系列华尔街公司合作，推出一项 $500-bit 贷款计划，该计划将标准化芯片融资，为 AI 公司创建资产支持的资本推动——同时

如果情况出现偏差，英伟达将部分承担账面风险。

黄仁勋本周披露的这项战略合作伙伴关系涉及阿波罗全球管理公司（Apollo Global Management）、贝莱德（BlackRock）、黑石集团（Blackstone）、布鲁克菲尔德资产管理公司（Brookfield Asset Management）、高盛集团（Goldman Sachs）以及 KKK。相关高管将此次努力视为一种新资产类别的启动，类似于将从飞机、信用卡到抵押贷款的所有事物进行证券化。

在批评者看来，这是一个将掩盖 AI 某些领域弱点的系统。

AI 交易融资的一种模式

1 投资者购买 (80%), start long billions in cash

2 Insellers

3 Social

Services outside (57%)

4 37% loss cash for key equipment

5 37% losses equipment for the customer

6 37% losses equipment for the customer

内部

技术

两家移动组织就 Truth Social 提起诉讼起诉特朗普；B3

街头传闻

火热的电力股正在失去动力；B10

哈罗兹与遗产管理机构就性侵指控展开争端

作者：Nicholas Boussoun

伦敦——穆罕默德·法耶兹（Mehammed Al Fayed）经历了一场惊人的阶级跃升，从家乡埃及的柠檬水摊起家，最终成为英国社会的顶层人物，他是著名的哈罗兹（Harrods）百货商店和帕拉迪足球俱乐部的所有者，并且与皇室交好。但根据他去世后的指控，他也是现代商业史上最臭名昭著的性犯罪者之一。数百名女性正试图获得赔偿，这引发了哈罗兹现任所有者与已故法耶兹家族遗产管理机构之间关于谁该买单的争斗。

许多女性是哈罗兹的前员工、禁运员和私人飞行员，她们在 2018 年 BBC 的一项死后调查后挺身而出。她们均声称在 1993 年至 2010 年他担任哈罗兹所有者期间及其之前和之后，曾遭受医疗测试或性虐待。法耶兹在 2013 年去世前否认了虐待指控，且从未被英国检察官起诉。

哈罗兹自 2010 年起由卡塔尔主权财富基金所有，该公司在 2014 年公开道歉，并表示对法耶兹的虐待指控感到震惊。“这些是一个企图在任何经营场所利用其权力的人的行为，”该公司表示。“我们也承认，

穆罕默德·法耶兹在 2016 年与他的酒店员工合影。

在此期间，作为一名商人，我们的员工成为了他的受害者。”

该公司在 2015 年 3 月启动了一项赔偿计划，通过该计划，哈罗兹的前员工可以获得 100,000 英镑，相当于宾夕法尼亚页 B2。

---

82 / Thursday, August 13, 2026

...

华尔街日报

AI 订单推动思科利润增长

作者：BILLU BORDALL

思科系统（Cisco Systems）报告 7 月季度净收入大幅增长，因为该公司及其所有者的回报在人工智能超大规模钱包（hyperwallets）的推动下有所提升。

这家网络设备公司周三公布，截至 7 月 23 日的季度利润为 10.4 亿美元 billion，较 97 年前有所增长。该公司一年前的利润为 10.3 亿美元 billion，或每股 64 美分。

根据 Pacific 的报告，在剔除某些一次性项目后，调整后每股收益为 $1.23 a share，而分析师此前预测为每股 $1.17 a share。

亚马逊、微软和谷歌等超大规模钱包正在大力投资 AI 基础设施。根据设备和软件技术，AI 实验室正竞相构建和训练能力更强的模型，涵盖从芯片到数据中心的开发。

“这是我们见过的速度最快的技术转型，”首席执行官查克·罗宾斯（Chuck Robbins）在一次采访中表示。

罗宾斯表示，思科在 30 年来从未见过公司投资组合中如此持续且高水平的财务增长。该公司受益于训练前沿 AI 模型的基础设施投资，并结合了美国计算机领域的新数据和通用设备翻新。

思科的营收增长至 172.1 亿美元 ，高于一年前的 146.7 亿美元 。Pacific 指导的分析师此前预测为 6.6 亿美元 。产品营收同比增长 24%，而服务营收持平。

该公司表示，第四季度收到了来自超大规模钱包的价值 840 亿美元 的 AI 基础设施订单，使其财年总额达到 91 亿美元 。

公司预计调整后每股收益在 $5.35 和 $5.51 a share 之间，营收在 71.2 亿美元 和 77.4 亿美元 之间。

温蒂汉堡因佩尔茨潜在计划而飙升

作者：Maureen Riessen

温蒂汉堡（Wendy's）一直受困于餐厅成本导致的利润压力；但由于长期顾客纳尔逊·佩尔茨（Nelson Peltz）的持续关注，其股价正在上涨。

据《金融时报》报道，佩尔茨的 Time Fund Management 正在努力组建一个投资者财团，以竞购这家总部位于俄亥俄州的大型连锁店。

作为温蒂汉堡的长期投资者，Titan 在 2 月份表示，该公司持有该公司约 40% 的收入，并已与潜在投资者讨论了战略选择，包括可能取得该连锁店的控制权并将其私有化。

温蒂汉堡的一名发言人周三表示，公司将根据信托责任接收 Titan 提交的任何提案，且新任首席执行官肯·赖特（Ken Wright）正紧迫地采取行动。

“我们已经确定了旨在提高业绩并扭转业务的核心战略领域，”她说道。

温蒂汉堡一直面临客流量下降和利润下滑的困扰。5 月，公司选择了比前任首席执行官拥有更丰富餐厅经验的赖特担任新任首席执行官。赖特上周告诉投资者，他正在全面审查业务，并支持通过改进餐厅运营来维持股息。温蒂汉堡报告其最近一个季度的美国同店销售额下降了 7%。

该公司股价周三上涨 24%。Titan 在 2025 年对其在温蒂汉堡的关键投资提出了要求，包括潜在的出售。该公司在 2023 年退出了。

Cracker Barrel 首席执行官离职

，以及在数月的时间里，这让她感到疲惫。

Cracker Barrel 在 7 月 27 日宣布 Maxine 将于本月离职，接任者为餐饮业资深人士、Softpack Healthcare 母公司 Bloomer Brands 前首席执行官 Brown。据知情人士透露，这一变动是经过决定并获得批准的，且在 Maxine 接近达成一项重大成果时结束。

本周接任 首席执行官的 Bross 打算延续 的工作，并通过专注于食品质量和客户体验来重建销售并提高利润。据熟悉该公司情况的人士透露，在就任之前，这位高管前往公司总部向现金和风险员工以及公司其他人员介绍自己。

到去年 1 月，这家持续在南部发展的连锁店处于低谷。关于 新标志的混乱局面损害了

在撤回该路径后， 的业务开始稳定。

业务，其股价在新年伊始约为每股 $25，这是自 2008 年经济低迷以来的最低水平。为了节省现金， （在公司职位上且没有更严格的规定），士气低落。

看到了希望的原因：首先显示出客户对其他增强 食品和服务措施的响应，且熟悉该公司业务的人士以及市场研究显示，对该连锁店的情绪正在改善。

“我们很高兴看到我们继续迎来更多客人，” 在 3 月份对访客表示。

与此同时， 意识到了品牌的进程和时间表。据熟悉此次搜寻的人士透露，将 带到 的同一家 Sponsor Display 公司也被留任以寻找她的接任者。

曾任 Ford Bell 高管，于 2023 年加入 ，并被赋予变革的授权。该连锁店多年来一直深受客流量下降和热情不足的困扰， 给了自己三年时间来实施一项专业战略。

“虽然早期的努力显示出压力，但该连锁店更改长期标志并支付撤回餐厅工作的举措在去年夏天取得了成效。”

在几个月内， 进行了 180 度大转弯，弃用了新标志，解雇了背后的营销公司，并投入餐厅改造，重新引入了像完整音乐和贷款司机这样被证明有效的销售点。

该连锁店的业务开始稳定，品牌执行委员会开始着手寻找 的继任者。据熟悉搜寻的人士称，到 1 月份，Sponsor Display 总部已经观察到市场和前餐饮业高管，包括目前上市公司的 100 位高管，以了解他们加入 的意向。

在 6 月份披露了更为乐观的前景，导致股价在次日飙升 53%。提高食品质量的尝试正在扩大，尽管仍需更多工作，据熟悉公司事务的人士透露。

到 7 月， 依然表示将关闭部分餐厅并设立一个独立品牌以减少债务。

七天后， 宣布 离职。该连锁店的首席独立董事表示：“我们祝愿 John 在未来的事业中一切顺利。”

Bross 在 Bloomer Brands 工作了 32 年，从第三财务办公室升至 120。除了引导品牌 19 指南外，Bross 还面对了两名激进投资者。在 2026 年精简后，Bross 加入了 Panora Brands 董事会。

Bross 被 聘用已经让其他 8 人产生影响，公司股价在宣布后最初出现下跌，部分员工和分析师对 离职背后的理由提出了质疑。

高管过渡对 Cracker Barrel 而言也代价不菲。该公司同意在一年内向 Maxine 支付 $4.600 万，这占年度净分离协议的 2.5%。公司还将根据需要继续为 Maxine 提供福利，包括安保服务。

根据公司备案文件，Bross 的薪酬方案包括 200万美元 的贷款份额、年度奖金和股票奖励。

Bross 很快将参加领导力培训，这是所有 Cracker Barrel 现场服务新人的惯例。本月早些时候，他和其他 Cracker Barrel 高管参加了公司在佛罗里达州奥兰多举行的年度异地会议，去年该公司在该会议上公布了新标志。

Maxine 没有参加此次会议。她当时在公司位于田纳西州黎巴嫩的总部，一些人员表示，她在那里的状态显得更加放松。

Beji 拟投资 2500 亿美元 Billion

。该计划将针对人工智能繁荣背后的关键基础设施，如数据中心和非导体，以及硬件、芯片和设备。

它还将涵盖传统和可再生能源发电机及能源转换，包括所需的其他结构，如交通、天然气、水系统和关键矿产。

衡量周期将从今年年初持续到 2027 年中期。

美国银行并不打算专注于股权投资以及机构，但尚未排除这一选项。该银行全球基础设施与可持续金融主管兼全球资本当局共同主管 Races Fang 表示，这处于一个非正式的状态。

“我不会说绝不，因为对于在正确时间出现的正确项目，也许可以，”Fang 表示。

第一美国（The first America）股价周三上涨 1.83% 至 $64,925。

。在任何投资成本之外，约为 $500,000。根据 Bartosh 的说法，有 300 多人参与了该计划，其中 100 项索赔已得到解决。该计划应在 2026 年 3 月接受新申请。

据称遭到 AI Fayed 虐待且未被 Bartosh 框架覆盖的证人——包括 AI Fayed 在其其他企业中虐待员工的证明——有资格参加 计划。有人表示，他们正通过民事诉讼直接向遗产管理机构寻求赔偿，遗产管理机构正直接与他们协商。

“合同的执行情况确实如所指控的那样严重。然而，这些事项目前是，或者可能成为法律程序的标的，因此不适合对此发表评论，”Queen Elizabeth's Hospital 律师事务所 Sullivan 的律师 Justin Michaelson 在一份声明中表示。“执行机构现在致力于‘确保随后的任何程序都得到妥善且负责任地执行’。”

去年， 表示已拨出 5000万美元 用于份额补偿；根据 及参与谈判的法律人员透露，该百货公司正寻求从遗产中回收成本。 要求参与其结算计划的人员支持其覆盖成本。

在 2025 年 6 月向法院提交了一项申请，旨在将 AI 的准成员作为共同执行人予以移除，并由一名被任命为管理人的独立代理人和一项法律协议取而代之。

第一美国业务由 Alvey 根据 AI 的意愿、Bross Watkins- 管理，该执行人是这对夫妇的孩子之一。Gamble 和 Jasmine。1997, 戴安娜王妃和 AI 的儿子 Dodi 在一起 9 年的车祸中丧生。

遗产管理机构一直能够掩盖索赔程序，“”，一名发言人表示。

Harris 在 2026 年启动了一项补偿计划，前员工可通过该计划获得最高 $200,000。

表示：“因此，我们认为目前的执行机构不是管理这些索赔的正确人选，并且对遗产的咨询以及能否及时且恰当地向所有幸存者支付款项持续感到担忧。”

AI 的家庭成员正努力维持对遗产的控制权。他们正在与索赔人协商结算协议，法律人员表示，遗产管理机构希望尽快达成协议，以固定潜在负债并低估财务损失的程度。

在《华尔街日报》查阅的法院文件中，遗孀 Watkins- 对部分 AI 受害者提出的索赔记录提出了异议。执行机构的律师之一 Michaelson 除了上述声明外，拒绝发表进一步评论。

律师事务所之间也存在争议，即是否支持 Bartosh 推动更换该执行官。其中一家名为 87 law 的律所声称其代表了超过 27% 的索赔人，该律所告知其客户，关于执行权的争夺正迫使客户等待，而保留现任执行官将有助于确保相关权利。

Hartwell 的发言人表示，“幸存者获得赔偿的途径——无论是通过方案、法院还是全球和解——与关于遗产执行官的争夺是‘完全分开’的”。

87 law 表示，其 95% 的客户选择不参加 Bartosh 的和解计划。87 Law 对此提出了批评，因为遗产管理部门的强势在涉嫌虐待的那些年里阻碍了他们。该律所还表示，新年截止日期的设定给幸存者带来了压力，迫使他们在 Hartwell 内部调查仍在进行时就做出决定。

其他几家律师事务所（代表该州较小规模的受害者群体）在最近几个月与该州的律师进行了会面，但尚未达成和解。

该州的 90% 已达成 AI Fayed 的直接分配，拒绝参加 Hartwell 的和解计划，因为她表示，她觉得该公司希望在任何刑事调查或公开调查之前，尽可能快地支付尽可能少的金额。但她直接向遗产管理部门和 Hartwell 提交了她的索赔。

Sproug 表示：“有人说，遗产共同执行人似乎在玩一场谁能比谁更有手段的游戏，而这一切都发生在幕后。对于一些承受了数十年伤痕的人来说，这决定了他们的命运。”

---

华尔街日报

• • • • •

2026年8月15日，星期四

商业新闻

苹果公司与出版商洽谈

Siri 协议

公司可能为语音助手提供实时新闻

作者：ALESSANDRA BRODILL

苹果公司正在与出版商讨论新的协议，以使用其内容来提供实时新闻和信息，旨在提升其 24 percent 列表的语音助手。

据知情人士透露，这家 iPhone 制造商在近几个月向出版商表达了意向。这些人表示，拟议中的多年期协议将为苹果提供内容访问权限，以帮助驱动预计于今年晚些时候推出的 Siri AI。

部分知情人士表示，苹果提出了一套可变补偿计划，在合作伙伴出版商的内容被使用时支付费用。该公司讨论了支付费用的可能时间金额预算。苹果公司拒绝置评。

大型 AI 公司与单个新闻机构之间的标准许可模式包括保证费用，且通常与广泛的内容访问权限挂钩，而非按量付费模式。

苹果近期与出版商的对话正值其致力于升级六款语音助手之际，多年来该助手一直因缺乏信心而受到批评。该公司还宣布了 Siri 的一项重大升级，使其能够更紧密地融入苹果客户的生活。

《华尔街日报》的所有者新闻集团（News Corp.）已签署商业协议，通过苹果服务提供新闻。

Tata Sons 主席将离职

作者：KENNETH EAGLE

Tata Sons 主席辞职，结束了十年的领导生涯，并使印度最古老且最著名的商业集团之一的领导层成为关注焦点。

Manaspan Chandrasekaran，其任期将于 Feb. 20, 2022, 结束，表示在 Sons 董事会对他的要求未能达成决议后，他决定不再寻求另一个五年的任期。他周三表示，当 Chandrasekaran 在 2月份寻求连任时，一名董事成员未表示支持，但他未点名该董事。

他说：“不仅需要在 2022, 之后有一位领导者来领导 [] 集团，而且领导层的稳定性对于员工、导师、合作伙伴和其他利益相关者来说也非常重要。”他补充道：“ Sons 是一家非常庞大的企业，且没有任何处于执行关键阶段的大型报告会受到影响。”

这一公告是在周二 Sour 年度股东大会之前发布的，股东原定于会上就 Chandrasekaran 的董事任命进行投票。

Sons 作为该集团的主要

Matanasra Chandrasekaran 在为期一个月的声明后决定不再寻求新任期。

投资控股公司，其业务利益涵盖消费产品（如广告）、电信、技术、成本、汽车和航空。

周三， 集团旗下公司的股价普遍下跌。该集团最大的公司 Consultancy Services 在孟买交易中一度下跌 57%，随后将其盘中跌幅收窄至约 57%。

Mord 下跌 14%，Titan Co. 下跌 0.2%， Power 下跌 0.5%。 Motors 上涨约 14%。

集团是全球最大的私营部门雇主之一，在全球拥有超过 100 万名员工。截至 March 31, 该集团拥有 28 家上市公司，合计市值 1270 亿美元 billion。

其业务范围远超印度，此前

覆盖超过 300 个国家。该集团拥有英国最大的汽车制造商 Appas Land Rover，以及在包括英国和荷兰在内的欧洲各地开展业务的 The Steel。

Chandrasekaran 于 2006 年 10 月加入 Sons 董事会，并自 2017. 起担任主席。他曾担任包括 Motors 和印度航空在内的多家集团公司的董事会主席。

礼来起诉减肥药销售商

The 70th has said relationship can't legally be compromised.

作者：KATHERINE HAMILTON

礼来公司（Eli Lilly）已针对美国境内多家实体提起新诉讼，指控这些实体在黑市上大量销售该公司处于研究阶段的减肥药。

该企业集团声称，这些实体销售的是一种价格为 $2.91 的药物，该药目前仍处于贸易状态，尚未获得美国食品药品监督管理局（FDA）的批准。

礼来的诉讼涉及名为 Aesthetic Drug、Astra Peptides、Legendary Peptides、Bruker Pharmacy、Texas Peptides 和 Lone Star Peptides 的实体。这些诉讼已在加利福尼亚州和德克萨斯州的法院提起。

礼来表示，这些黑市公司自称为“医疗点”和“健康诊所”，并将这些未经批准的产品作为减肥秘诀进行推销。该公司还表示，这些实体声称药物仅用于研究，但实际上旨在供人类食用。

礼来还将这些违规者举报给了监管机构和执法部门，并呼吁社交媒体平台和支付处理商协助停止黑市销售。

The 70th has said relationship can't legally be compromised or odd and that selling unapproved drugs can pose significant risks.

根据其网站，该机构已向相关公司发送了至少 16 封关于 relationship 的警告信。它已警告那些重新包装该药物的外包设施、向消费者营销未经批准药物的远程医疗公司，以及向公司销售 relationship 的分销商。

特朗普因 Feed 被起诉

来自其 Truth Social

作者：DAVID VINCENT

两家媒体机构周三对特朗普总统及其同名公司提供的 Truth Social 顶级账户实时 feed 提起诉讼，认为出售获取总统声明的优先访问权违宪。

新闻机构 The Intercept 和非营利组织新闻自由基金会（Freedom of the Press Foundation）指控，特朗普媒体（Trump Media）的“truth left”在协作中提供顶级 Truth Social 帖子的机器可读 feed，这违反了第一和第五修正案。

特朗普媒体的一位发言人（该公司由总统持有 45% 的股份）将此次诉讼描述为企图构陷特朗普并损害公司股东利益的行为。他在一份声明中表示：“来自特朗普总统的信息由无数平台和新闻机构传播，其中许多平台提供订阅 API。”

Chili's 提升 Brinker 业绩

作者：CONNIE HART

Brinker International 预测将迎来又一年的盈利增长，因为其旗下的 Chili's 连锁店继续通过其 Triple Steppe 前菜、汉堡和 oils 吸引寻求性价比的 illness。

首席执行官 Kevin Hechman 周三表示，Chili's 在最近一个季度提升了其在休闲餐饮领域的份额，这得益于近期在改善食物、服务和氛围方面所做的努力。

在截至 6 月 24, 的季度中，Chili's 的同店销售额增长了 53%，标志着连续五年的增长。Brinker 预计公司整体营收和调整后收益将在未来一年增长。

Brinker 公布该季度净利润为 $10.1 百万美元，或每股 $2.99，高于一年前的 $5.07 亿美元或每股 $2.30。

总营收增长 5% 至 35.4 亿美元 十亿美元。

Hechman 表示：“我们仍有改进空间，但我们的进展让我们有信心能够维持客流量增长并出口业务。”同时经营 Maggiam's Little Italy 连锁店的 Brinker 表示，Chili's 的出色表现有助于抵消 Maggiam's 的部分困境，后者的同店销售额在最近一个季度下降了 2.5%。

Hechman 表示，该连锁店正看到一些复苏迹象，不过 Maggiam's 的价值表现不一，且进展慢于预期。

Chili's 表示，其受益于改善食物、服务和氛围的努力。

家得宝首席执行官请病假

作者：SARAH NICHOLDS 《旧金山时报》

家得宝（Home Depot）周三表示，首席执行官德克尔（Decker）将暂时请病假。

根据公司声明，德克尔于 2022 年接任该职务，现年 63 岁，预计将在未来五个月内回归。

公司发言人拒绝透露德克尔请病假的具体原因。

家得宝表示，美国门店与运营高级执行副总裁安-玛丽·坎贝尔（Ann-Mary Campbell）和首席财务官理查德·麦克费尔（Richard McPhail）将在其缺席期间监督运营。这家家居改良连锁店在财务文件中表示，并未更改坎贝尔或麦克费尔与新职位相关的薪酬结构。

家得宝表示，坎贝尔将监督家得宝的日常运营，麦克费尔将处理公司的财务事务。独立首席董事格雷格·布伦特曼（Greg Brentman）将在德克尔请假期间担任董事会主席。

由于住房市场疲软以及消费者在投资大型家居改良项目方面持谨慎态度，家得宝及其企业伙伴近期报告的季度销售额增长缓慢。家得宝将于下周公布季度收益。

杰出领导者名人录

杰出领导者

- 2026 -

受奖者

WinesWine

世界自身的新变革

自 1996, 以来，Wampin Who's Who 一直是行业和综合传记参考资料的标准。我们很荣幸地重点介绍被认可为其所在领域杰出领导者的精选名单：在 2015 年的名单中，只有极小比例的人获得杰出领导者荣誉。我们因这些个人的抱负、专业毅力、行业贡献和职业成就而表彰他们。

Jonathan N. Armstrong 首席经理，账户、服务 / 市场体验，Northrop 主席

Monica Chin，创始人兼首席执行官 西北佛罗里达法律事务所

Alan J. Cohen, MD 总裁 East West Wind Health, LLC

Aarobul Gupta 技术项目经理 Arizona com, Inc.

Margarita C. Jordan, PhD 总裁 Jordan Motors Resources Corp.

Allan A. Martin 合伙人，Rebrandt Rebrandt, Lipton, Power & Katz

Dr. Peta Patterson 实验室医疗总监 TrailerCase 加利福尼亚实验室

Joshua Fadlin 所有者兼总裁 Elegant Leadership, Inc.

Indy S. Parwani 总裁兼首席执行官 RDAH Logistics Inc.

---

84 / Thursday, August 13, 2026

华尔街日报

技术与媒体

所有支出显示-提醒利润增长

该公司今年的技术支出增加了一倍多

作者：Sanner Qin

在人工智能投资激增的背景下，Towcent Holdings 第二季度的两位数收益增长应为 10 倍。

利润增速放缓发生之时，这家基于自由主义的公司——按市值计算为中国公司——表示其 10 倍支出已增加了一倍多。今年，其目标是实现金融市场与 AI 智能体（AI agents）的深度生态集成。

这家意识形态与社交媒体公司周三表示，第二季度净利润为 160.21 亿元，相当于 83.6 亿美元，同比增长 0.7%，低于市场预期。其调整后净利润增长 3%。

营收增长 13% 至 2047.95 亿元，略高于市场预期。第二季度的资本支出较去年同期增加了一倍多，达到 527.8 亿元。与 Share40 相关的支出也每次将 Towards 拉入负值。

“我们大幅增加了计算机的采购，这将使我们能够在未来将应用程序和模型的使用量转化为收入，”Towards 的董事长兼首席执行官马化腾（Fony Ma）表示。

这种支出方式已取得一定成效，前瞻性报告显示近几个月在 方面取得了进展。

该公司在 7 月正式发布了其首个模型，号称提升了模型性能、增强了稳定性和成本效率。此前版本的日均 token 消耗量在 4 月比其增加了 20 倍。

这家墨西哥运营商还开始在其 16.4 亿用户规模中测试一款 智能体，该智能体可以通过接入涵盖电子商务的小程序，帮助用户自动执行服务任务，如编写代码、订餐或叫车。

与此同时，在 桌面智能体 WebModels 方面，该产品能够独立编码工作流，已成为中国最广泛使用的办公智能体。

分析师表示，他们预计 Towards 的 支出规模将变得普遍且便捷。 智能体的推动和 供应手段的改进，即便这些生产力工具的营收仍然无人接管，且货币化仍处于早期阶段。

由于 相关费用较高，近期服务在 Toward 上已结束，导致股价今年以来下跌约 25%。该计算机的估值修复路径将取决于其 叙事的进展。（高盛，近期业务新闻简报）。

10.0，Towards 的核心业务（包括游戏和营销服务）表现好于市场预期。

营销服务营收增长 22%，是业务增长以及其 驱动的广告推荐模型增强的主要因素。

该公司的品牌-信函游戏业务在第二季度仍是稳定的收入来源 Toward 季度净收入

Source: Fact sheet (2025) Source: Fact sheet (2025) Note: Twitter.com (2042) online

初创公司筹集 7.5亿美元 用于研发铁基电池

作者：Jhonore Black

一家生产能够提供足够电力维持数日之久的电池的初创公司，已完成新一轮融资，估值为 7.5亿美元。

Forn Energy 总共已筹集超过 20 亿美元 billion，计划将这笔资金用于提升其位于 Winston, WVIs 工厂的产能，并用于其首批商业项目，其中包括与 Alphabet 旗下的 Google 合作开展的针对公用事业公司 Red Energy 的项目。

随着电力需求的增长，以及由人工智能项目驱动的电力需求激增，市场对 Forn 铁-空气电池系统的需求有所加速。AI 引擎维持数据的价格，其耗电量可能与某些清洁能源相当。

传统的锂离子电池一次只能释放数小时的电力，而 的电池设计续航时间为 100 小时。该电池旨在通过动态电网管理（如传感器风暴）来节省电力。

的电池使用铁、钢和铝，采用一种其称为“smecklike casting”的原理。电池吸入氧气并将铁转化为

位于加利福尼亚州伯克利 Energy 公司用于安置铁-空气电池模块的外壳。

铁锈。随后它会反转该过程，将铁锈变回铁并呼出氧气，以充电并分解电池。

的电池运行方式类似于某些天然气（ford 电厂），即所谓的“峰值机组”（peakar units），这类机组每年仅在相对较少的日子里运行。 的首席执行官兼创始人 Robert Swanson 表示，它们倾向于在最冷或最热的小时运行，此时电力需求下降且电力供应压力增大。

“我们的目标是将这种在所有特性上都能与燃气电厂竞争的能量存储方式商业化，”Swanson 表示。“在很多方面，我们创造的是一个峰值机组，一个电力峰值机组。”

下表提供了英文信息：

T Rowe Price 的投资分析师兼副总裁 Vincef Khanna 表示， 的电池还可以存储来自自有电厂（包括核设施）的电力，这些电厂即使在电力价格暴跌的期间也能持续运行。

“当你增加一个 500 小时电池时，你实际上增加了所有事物的成本价值，并交付 30 gigawatt-hours 的能量，”该公司表示。

签约使用 电池的其他公司包括 Crismo，该公司正在为 Oracle 和其他 Matthews 等领先来源构建 AI 数据中心。Crismo 预计从 2026. 起使用这些电池提供 12 gigawatt-hours 的电力。例如能量存储，

“当你增加一个 500 小时电池时，你实际上增加了所有事物的成本价值，以及你已经构建的内容，”Khanna 表示。

最新融资来源的激励方包括 T Rowe Price、红杉资本（Sequoia Capital）、Union Henderson、富兰克林邓普顿（Franklin Templeton）、TFG New Climate、Dacite、Medanetz 和 Carl Tons, Coarse 以及 GE Vernova。

的商业项目规模在今年早些时候从 20 gigawatt-hours 跃升至 80 gigawatt-hours。其中最大的一项与 Xcel Energy 的合作，涉及使用 300 megawatt 的 电池来支持电网以及计划在明尼苏达州 free Island 建设的 Google 数据中心。

由于软件可以提供 100 小时的电力，该公司表示，该系统将能够存储并交付 30 gigawatt-hours 的能量。

签约使用 电池的其他公司包括 Crismo，该公司正在为 Oracle 和其他 Matthews 等领先来源构建 AI 数据中心。Crismo 预计从 2026. 起使用这些电池提供 12 gigawatt-hours 的电力。例如能量存储，以下爱尔兰公司正与 合作，计划在 2020 前在爱尔兰西北部构建一个铁-空气电池系统。

在过去两年的大部分时间里，Forn 一直在西澳大利亚州扩大生产，且 Forn 的电池组件大部分源自美国，其余则来自欧洲和亚洲。

“我们完全不依赖于同样的特性，”该人士表示。

由一群电池存储资深人士于 2017 年创立，其中包括曾协助开发特斯拉 Powerwall 电池存储系统并参与其早期汽车动力系统的 steamline，以及麻省理工学院教授、AGIS Systems 共同创始人且为该公司成员的 We-Ming Chiang。

红杉资本（Sequoia Capital）合伙人 David Cahn 表示， 多年来一直致力于攻克困难的技术。

“过去几年，风险投资领域发生了真正的转变，”Cahn 说道。“这一切让软件构建变得如此简单。容易构建的东西不再具有价值。因此，我认为目前的趋势是转向解决实际问题。”

尽管中国拥有更强的制造能力，但人们希望 能成为美国的“国家电池冠军”。

富士康：提升 AI 服务产出以顺应云端投资热潮

作者：Yuen, Jui 及 Sanner Qin

富士康（Foxconn）技术集团正在扩大人工智能服务及其他组件的全球生产，以捕捉范围广泛的云基础设施投资，同时加强其在关键市场的价值制造。

随着超本地化（hyperlocalization）持续向其 AI 基础设施转移，富士康已成为支持该领域快速扩张的关键供应商。全球云端支出的激增正促使该公司提高其先进 硬件部门的产量。

富士康一直与苹果公司的设备制造相关联，但在最近几个季度中，该公司有相当一部分收入来自为英伟达（Nvidia）等行业领导者构建 服务器。

这转化为了历史性的财务业绩。

第二季度利润增长 10%（3-billion-than-expected），达到 59.97 亿新台币，相当于 US28.6 亿美元 billion；而营收则比去年同期增长 41%，达到 NT$2.526 trillion。该公司与服务器相关的收入超过了强劲的增长，占总收入的一半以上。

富士康轮值首席执行官 Michael Chang 周三表示，他对全球 投资的完整性充满信心，称云服务提供商持续的资本支出将继续推动公司今年和明年的收入增长。

他还强调了 基础设施需求的稳定性质，这与该公司依赖季节性周期的电子工业不同。

Chang 表示，虽然云服务提供商和 模型开发商已成为富士康的基础设施客户，但政府和企业企业的采用仍处于起步阶段。

公司预计这种基础设施建设在未来几年将继续扩大，没有任何放缓的迹象。

为了支撑这一增长，富士康正在扩大其自有

富士康第二季度净利润增长率优于预期，增长 10% 至 59。

Chang 表示，在 28 个国家拥有大量站点，几乎将其早期的设施增加了一倍，以调整产能。凭借富士康灵活的“本地化流动”策略，该公司正在扩大台湾、墨西哥、越南和美国等关键枢纽，以满足本地化的云需求，确保供应链并使运营免受地缘政治风险的影响。

这种制造扩张反映了更广泛的市场，随着 基础设施投资的持续激增，该市场正以惊人的速度规模化。摩根士丹利的一位服务专家将 2024 年描述为像富士康这样的下游任务组装商表现尤为强劲的一年。

然而，即使在整体市场扩张的情况下，富士康也面临着日益激烈的竞争，因为云服务提供商正在多样化其供应链。摩根士丹利预计富士康的高端任务市场份额今年将从 51% 下降到 50%，而 202%，分析师将这一转变归因于买家在寻找替代供应商，而非富士康自身产出的下降。

行业分析师还警告说，随着 服务器设计变得标准化，服务线制造商的业务可能会面临商品化风险，从而降低 领域从业者的准入门槛。

Chang 反驳称，互联网环境下，产品的标准化并不意味着 门槛的降低。

“相反，它突显了拥有价值交付和完整垂直整合之优势的企业的竞争力，”他说道。

Chang 指出富士康的一站式组装能力、广泛的自动化，以及作为一家制造自有组件的制造商的事实，并表示公司预计其在下一代平台上的市场份额将进一步增加。

广告

市场广场 广告联系方式：800-385-3975 或 800.com / decideds 800.

商业地产

AT THE ROUTE：1. 分配 Foster 与北美地区同步下降，且在 2.5% 到 3% 的 2.5 % 的 2.5

若要获取贵公司首次投资的账户，您可以在第一次时获得。该时间为 2.5% 到 3% 的 2.5 % 的 2.5% 的 2。

若要获取贵公司投资的账户，您可以在该时间获得。该时间为 2.5% 到 3% 的 2.5 % 的 2.5% 的 2.5% 的 2。

若要获取贵公司投资的账户，您可以在该时间获得。该时间为 2.5% 到 3% 的 2.5 % 的 2。

派拉蒙 Epes CNN 监管

自从 Ellison 以来仅有一次，现在的派拉蒙第 25 位被命名为 The Shuttle，将在去年秋天打破一名 CBI 新闻主编。CBI 表示该网络不存在政治干预。

Ellison 上周在《纽约时报》的一篇评论文章中表示，他认为

互联网实际上并非关于反垄断问题，而是旨在阻止他到来。CBI， 是亿万富翁 Larry 的儿子，他是 Trump 的第 4 位。

CNN 的报道一直对 Trump 持批评态度，总统经常抱怨该网络的报道。“问题在于我是否能被信任为儿子 CNN 的奖励，” 在 QPR 中写道。

在周三的声明中，派拉蒙表示，“看到国家权力试图控制言论将威胁到修正案所保证的保护。”

加利福尼亚州总检察长

Rob Bates 周二在 Polkovo 赞助的一次会议上表示，CBI 不能成为针对该交易法律案件的一部分。目前派拉蒙与加利福尼亚州之间没有和解谈判。

派拉蒙表示，与华纳的交易具有显著优势，并将有助于其与包括迪士尼、Netflix 和 Amazon.com 在内的主要技术和媒体公司竞争。

拟议的交易已获得美国司法部（DOJ）以及欧盟（EU）和其他地区监管机构的批准。

政府的计划是监督新闻机会的完整性，这并不

更多的是，当 Rupert Murdock 的新闻集团在 2007 年收购道琼斯（Wall Street Journal 的出版商）时，该公司同意成立一个特别委员会，以确保道琼斯出版物的权威性和独立性。

好莱坞权力掮客、TRD 集团首席执行官 Krist Dunstan 与 关系密切并支持派拉蒙-华纳交易，他在本月初的一次 CNN 采访中提出了“在新闻机构之上设立编辑委员会”的想法，“以确保每个人的利益”。 “该时间为 2.5% 到 3% 的 2.5 % 的 2.5% 的 2。

---

华尔街日报

2026年8月15日，星期四 85

商业与金融

华尔街

Bets Chips Are Asset

他们所需的。

现在，将由华尔街来向债务投资者证明这项新融资计划的价值。在新合伙关系下，目前尚未有资金到位。其目标是将公开和私人债务出售给私人基金、保险公司以及主权财富基金等投资者，并利用所得资金建立专门的“平台”，以便迅速采取行动并为 AI 芯片交易提供融资。

一个挑战是：随着技术的进步，用于芯片的数据中心会随着时间的推移而过时。

“这对英伟达来说太棒了，因为它需要其客户能够获得资金，”2000 亿美元 billion 基金办公室（Jenner）的创始合伙人、英伟达投资者 Jack Aldis 表示。“但如果你是一个依赖计算能力作为抵押品的债务投资者？我的意思是，从历史上看，这种资产的保质期就像生菜一样短。”

黄仁勋曾表示，英伟达的客户仍在利用旧一代芯片，这表明硬件在发布很久之后仍能保持其价值。

在一次电视节目中，参与该协议的高管表示，英伟达芯片极端的供需失衡意味着它们是极佳的抵押品，不像过去那些迅速贬值的计算机处理器。

贝莱德（BlackRock）首席执行官 Larry Fink 将当前 AI “计算”融资的时刻比作他职业生涯的初期，当时银行和投资公司在 20 世纪 70 年代开创了抵押贷款支持证券市场。

这项 资金安排的具体条款尚不明确，可能会由投资者的认可程度决定。但参与该计划的高管所概述的构想是，该计划将由购买或租赁的英伟达 硬件提供担保。

参与交易的人士表示，这种思路是：如果一个客户违约，很快就会有新客户接手。对于那些认为 行业将继续增长，但担心向单个客户贷款存在风险的债务投资者来说，投资此类工具可能具有吸引力。

承销商必须评估的问题是，如果 建设停滞，且项目被推迟或取消，将会发生什么。另一个风险是，英伟达的技术突破可能会比预期更快地削弱其旧款芯片的价值。

英伟达此前因一系列循环融资安排而面临批评——即它投资于购买其芯片的公司，或利用其资产负债表为其融资提供担保——因此一直在寻找其他方法。

黄仁勋在 X 上表示，在某些情况下，英伟达可能会通过他所谓的“残值支持机制”，利用其资产负债表为项目成本最高 10% 的部分提供后备支持。

这可能会在最初将债务责任排除在英伟达的账目之外，但如果其芯片的最终用户违约，芯片制造商将为项目的一部分承担责任。所谓的残值后备支持（residual-value backstop），是指英伟达同意在作为贷款担保的特定资产价值跌至某个底线以下时，补足差额的保证。

黄仁勋表示，新的融资结构解决了对循环融资的担忧，但一些怀疑者仍将其视为某种形式的循环性。

摩根士丹利（Morgan Stanley）的 Joseph Moore 周二写道，引入第三方资本和信用决策“可以说应该能缓解对循环性的担忧，尽管这确实会让争论更加两极分化”。

芯片制造商博通（Broadcom）在 Apollo、黑石集团（Blackstone）和一组银行于 6 月份为 Anthropic 安排的 850 亿美元 billion 融资方案中提供了类似的支持，尽管其支持的比例要高得多。博通披露，其在该后备支持下的最大风险敞口为 290 亿美元 billion，该金额将随着租赁款项的到账而减少。

对于所有AI公司而言，融资成本都在上升，尤其是对于信用较弱的借款人。由于像Meta Platforms、谷歌母公司Alphabet以及亚马逊（Amazon.com）等具有投资级评级的公司在债务市场供应过剩，这些弱势借款人正被挤出市场。

根据美国银行全球研究部（Bank of America Global Research）的数据，截至8月初，大型科技公司、数据中心项目和芯片融资工具发行的AI相关债券规模已达到3440 亿美元 billion。这比2025.年发行的规模增加了超过2000 亿美元 billion。美国银行的一项调查显示，投资者预计科技公司在今年剩余时间内将增加约1000 亿美元 billion的债券发行量。

AI云计算提供商CoraWease本月发行了一项26 亿美元 billion的贷款额度，由其与Anthropic、June Street等公司的合同提供担保，利率在基准利率之上5.5个百分点以内，即目前超过5%。该公司银行最初推销该交易时的收益率比该水平低多达1.25个百分点。上个月，Galaxy Digital为了建设一个租赁给CoraWease的德克萨斯州数据中心，发行了35 亿美元 billion的垃圾债券，投资者要求的收益率接近10%。

迈克尔·贝里（Michael Barry）是一位因做空抵押贷款支持证券而闻名的投资者，近期他押注英伟达（Nvidia）和其他AI股票将下跌。他表示，这笔交易表明AI市场存在脆弱性。“结构化信贷是系统自然的一部分，”他在Substack上写道，“但在牛市后期为了延续势头而构建不自然的信贷，这才是令人担忧的地方。”

高盛

推销 “糖果”

高盛引用了一份晨星（Morningstar）的报告，称这类衍生品基金的整体市场规模已增长至 3800 亿美元 billion，复合年增长率为 70%。

高盛一直在投入更多资金以扩大其资产和财富管理业务。财富顾问希望拥有更多投资选项，以满足客户的特定目标，包括防范市场下跌、获得更规律的收入以及最大限度地降低税单。

为了满足这些需求，高盛正在大量收购主动型 ETF 管理公司，并在今年早些时候以约 30 亿美元 billion 收购了 Innovator Capital Management。

该行周三表示，其现在将成为第八大主动型 ETF 管理公司。“这些产品确实是为个人情况量身定制的，人们将它们作为整体投资组合中的构建模块，”高盛资产和财富管理全球主管 More N a b m a n t 表示，“我们认为这将加速增长。”

衍生品基金类似于结构化票据，后者是一种将债券与嵌入式衍生品相结合的金融工具，长期以来一直在华尔街销售。

缓冲基金（Buffer funds）的成本通常低于结构化票据，随着婴儿潮一代人口老龄化并在接近退休时权衡投资的风险与回报，这类基金已变得流行。许多人将投资组合中的很大一部分保留为现金。根据投资公司协会（Investment Company Institute）的数据，零售货币市场基金规模超过 30 亿美元 trillion，处于历史高点附近。

在税后，您的财务顾问正在推销那些声称能提供比货币市场基金更好回报，但能限制市场下跌影响其期待已久的退休生活的产品。风险在于，投资者为一种可能与市场脱节的产品支付了高价。

以今年为例，根据其网站数据，NEOS 追踪标准普尔500指数的基金今年以来上涨约 9%，而标准普尔500指数的涨幅则超过 10%。自该基金 2022, 创建以来，其累计回报率为 71%，而指数回报率为 96%。

NEOS 成立于 2022 年，其产品主要侧重于为投资者实现定期派息最大化。在典型的标准普尔500指数 ETF 中，投资者从底层公司获得季度股息，而 NEOS 则通过结合股息、利息和出售期权，旨在最大化每月收入。该基金的年化分配率为 12%。

从对 AI 的恐惧到出人意料的职业转型，再到关于居家办公的大讨论，我们对工作和成功的定义正在发生变化。

加入《华尔街日报》，在全新的四部分系列报道中，与那些正在为自己重新定义职业和雄心的人们面对面交流。

在您获取播客的任何渠道中，通过《华尔街日报》的 feed 聆听 Work Mode。

立即聆听

THE WALL STREET JOURNAL.

---

86 / Thursday, August 13, 2026

MARKETS DIGEST

▶

THE WALL STREET JOURNAL.

1,000 / 1 000 / 1,000 / Dividend of Litter / 1,000 / 1, 000 / 1,000 / Dividend of Litter / 1,000 / of / 1,000 / 1, 000 / 1,000 / of / 1,000 / 1 000 / of / 1,000 / of / 1, 000 / 1,000 / 1 000 / 1,000 / of / 1,000 / 1, 000 / of

1,000 / 1, 000 / of / 1, 000 / of / 1, 000 / 1, 1, 000 / 1, 000 / of / 1, 000

现金价格

| 财务报表与财务报表 | | | | | |

1994 / 1993 / 1992 / 1991 / 1990 现金流 / 1,000 流动性 / 1,000 / 1, 000 / 1,000 1,000 1,000 / 1 000 / 1,000 1, 000 / 1,000 1,000 / 1 000 / 1,000 1,000 / 1, 000 / 1 000

2015. 2016. 2017. 2018. 2019. 2020. 2021. 2022. 2023. 2024. 2025. 2026. 2027. 2028. 2029. 2030. 2031. 2032. 2033. 2034. 2035. 2036. 2037. 2038. 2039. 2040. 2041. 2042. 2043. 2044. 2045. 2046. 2047. 2048. 2049. 2050. 2051. 2052. 2053. 2054. 2055. 2056. 2057. 2058. 2059. 2060. 2061. 2062. 2063. 2064. 2065. 2066. 2067. 2068. 2069. 2070. 2071. 2072. 2073. 2074. 2075. 2076. 2077. 2078. 2079. 2080. 2081. 2082. 2083. 2084. 2085. 2086. 2087. 2088. 2089. 2090.

债券 / way.com / market-data / bonds / bondsmarks

[版面噪声，已略]

CoreWeave 飙升，AI 交易获得推动

这家云计算公司的股价 上涨 19%，带动该领域竞争对手

受 AI 计算能力需求的推动，CoreWeave 的股价上涨 19%，引发了该板块的上涨行情。

作者：Hannah Erin Lang, Robbie Whalen 以及 Sam Goldfarb

这家云计算公司周二报告称，其第二季度的销售积压订单攀升至 1040 亿美元 billion，这还不包括在本季度前几周新增的 250 亿美元 billion 净 WEBNETSMAY® 承诺。

营收攀升至历史新高，超过了华尔街的预期。

“Innoveces underappropriate the opportunity for CoreWeave to develop into a leading hy-perceals，”摩根大通（Microsoft Jones）的一组分析师在报告后写道，并重申了此前每股 $125 的目标价。CoreWeave 股价收于 $107.75。

该股的涨幅蔓延至其他与 AI 交易密切相关的公司：芯片销售商美光科技（Micron Technology）的股价上涨 4.8%。竞争对手云计算公司 IREN Ltd. 的股价跳涨 19%。标准普尔 500 指数的信息技术板块成为该指数表现最好的部分，将其推高 2.0%。

Robbie Group，CoreWeave 的竞争对手，同样公布了财报，其中包括营收同比增长 4.6%。该股飙升 34%。尽管在一份符合预期的消费者价格报告出炉后，主要指数波动幅度不大，但上述涨幅依然出现。The Shadap corporate 上涨 0.5%。道琼斯工业平均指数下跌不足 0.5%。

CoreWeave 的业务模式是向英伟达（Nvidia）购买先进的 AI 芯片，将其安装在数据中心，并出售计算能力以驱动机器时间（该公司的股价经常被视为更广泛的 AI 交易的晴雨表，随互联网波动剧烈）。

对计算能力的需求——以及像 CoreWeave 这样的公司在获取 4 时必须应对的限制——一直是投资者关注的焦点，而此次财报分析依然是必要的。

“至少在短期内，需求远超 cap-rib，”财富增强（Wealth Enhancement）管理公司的资深投资经理 Mark Yoshioka 表示。

AI 基础设施支出的结果导致其 overhauling its 在那种情况下，计算能力的供应将超过需求，供应商将失去定价权，利润率将暴跌——而像 CoreWeave 这样的“no-cloud”公司可能会遭受最大的打击。

“我们建设了如此之多，以至于可能会出现匹配问题，”CFRA Research 的高级副总裁 August Zinn 表示。“如果这种情况比许多人预期的来得更快，市场中可能受到最严重惩罚的领域将是 nocecrude。”

这些担忧在过去曾给股价带来压力。去年，由于在很大程度上是对 AI 投资泡沫的担忧，CoreWeave 的股价在不到一个月的时间里暴跌了约 50%。

半导体金融领域持续争论的问题是，芯片能保持价值多久，以及为 AI 数据中心提供动力的处理器应采用怎样的折旧计划。周二，CoreWeave 表示，它最近签署了一份近全价购买一批英伟达 A300 芯片的合同——该产品于 2020 发布——合同有效期延伸至 2025, 这表明即使是较旧一代的 AI 芯片也保持了良好的价值。

财务状况：CoreWeave 的联合创始人兼首席开发官在一次采访中表示，该交易为旧款 AI 芯片的持久价值提供了一个“a very good great point”。他表示，对这些过时处理器的需求是由推理（inference）需求驱动的，这种计算类型允许模型响应查询，并且是运行其 option 或程序员和企业青睐的自主工具所必需的。

CoreWeave 的债券也随之反弹，根据 Marlen-Asens 的数据，该公司 9% 票息债券 2025 到期，每 100 美元上涨近 3 美分，至 $4.5K。

共同基金

Intermediate US$6

JOURNAL HOUSE

华尔街日报

JOURNAL OF JOURNAL-HOUSE

ASSEMBLY 2026

September 22–24, 2026 纽约州纽约市

申请 / 邀请

探索为何 Journal-House 是联合国大会周期间必须前往的目的地。加入我们在纽约市的行列——这里是您远离家园的港湾，为您提供发人深省的对话、有意义的联系以及一个充电之所。

参加的主要原因

1. 在关键的一周中获得清晰洞察

在联合国大会（UNGA）会议的背景下，探讨关于地缘政治风险、经济安全和全球能源格局的多样化观点。这些对话将使最新进展及其对商业的影响更加清晰。

2. 与全球领导人的坦诚对话

通过深入的采访和小组讨论，直接聆听来自商业、政府和政策领域有影响力的领导者的见解。第一手了解决策者如何应对不确定性、增强韧性并为其组织准备接下来的挑战。

3. 在专属环境中的有意义联系

与商业领袖和政策专家一起，在专为实质性对话和伙伴关系而设计的环境中交流。与同行交换想法，探索合作机会，并建立超越联合国大会会议的联系。

首席赞助商：

workiva

© 2026 道琼斯公司 (Dow Jones and Company, Inc.)。保留所有权利。6 / 2 / 2023

---

820 / Thursday, August 13, 2026

华尔街日报

街头之声 (HEARD ON THE STREET)

金融分析与评论

过热的电力股正在失去动力

数据中心引发的反弹使发电厂所有者的前景变得复杂

谁是 40 家电力公司的赢家？

一段时间以来，现有的发电厂所有者——如 Vintra 和 Consolidation Energy——似乎处于极佳的位置。由于需求增长超过了新的电力供应，现有的发电厂可以在不承担过多资本风险的情况下，为其产出获得更高的价格。但最近的监管变化正在改变这一看涨叙事。

发电厂所有者在股票市场经历了一段艰难的一年。Consolidation Energy 今年以来下跌了约 25%。Vintra 下跌超过 25%，ABB Energy 跌幅也超过 25%。相比之下，电力设备制造商则经历了一个极其成功的一年。GE Ventures 和 Caterpillar 分别上涨了 65% 和 45%，为这些公司税基提供组件的 Newmont Aerospace 股价上涨了 5%。为数据中心提供离网电力的 Solaris Energy 上涨了 28%。

这种轮动凸显了德克萨斯州和中大西洋地区这两个主要电力市场的变化，这些变化向有利于新电力容量的方向倾斜，而对现有电厂所有者的影响则较小。

在德克萨斯州，五家远距离机构上周下令停止数据中心与电网的连接，暂停了一项本将使此类互连变得更公平 / 便捷的新流程。正面临连任竞选的 Althust 要求进行全面审计，以便获取每个数据中心项目的更多信息。未来的互连器本将有助于降低整体电价，从而使在德克萨斯州有业务的 Vintra 和 SBC 受益。

行业分析师并不认为这一举措是彻底的势头。然而，研究公司 CharView Energy Partners 表示，在 11 月选举日之前完成审计的“政治动力可能很小”。甚至在暂停之前，德克萨斯州的许多数据中心就已经在推进

位于纽约州 Ercthe 的 Consolidation Energy 新 80th Point 核电站中央控制室的一名反应堆操作员。

离网解决方案，与专门从事模块化电力的公司合作。进一步的延迟可能会加速这一趋势。

与此同时，服务于包括弗吉尼亚州在内的 15 个中大西洋州的 P2M 互连器的进展，对于现有发电厂所有者来说也不太理想。

每年夏天，电网运营商都会运行所谓的容量机制，以确保有足够的电力供应以跟上需求。如果价格在首个半年度内被限制在 100%，该流程旨在激励新电力容量的建设。电网运营商最近的一次拍卖未能为 2026. 年中期开始的交付年度吸引足够的供应。因此，它正在针对 6.8 吉瓦的缺口对公司做出一些调整，同时限制其他类别的费率上涨。

股价表现，今年以来

首先，P2M 计划在 9 月下旬举行一次额外的永久会议，为额外的电力来源提供容量付款，期限最高可达 25 年。与此同时，P2M 计划在数据中心

与电力供应商之间充当媒人，以促进直接合同的签署。数据中心将有强烈的动力签署此类合同。根据一项目标日期为 2027, 年 6 月的 P2M 拟议规则，未能上线自有电力供应的大型数据中心将在电网压力期间

被评估电力费率。

行业分析师认为，最终效果将是未来的容量价格降低。对于参数而言，这是不受欢迎的消息。SBC 分析师 Philip Wynne 表示，现有的电价对于“任何小事”都“非常满意”，因为市场紧缩意味着容量价格将持续上涨。他说，这威胁到了现有发电设施可以在不冒资本风险的情况下获得更高利润的局面。

P2M 的新举措为数据中心节省了生活确定性，这将有助于像 Consolidation Energy 这样的公司及其与数据中心签署的新电力合同。这些公司可以在现有电厂提供扩容，这将是一个更便宜的选项。Melina Research 分析师 West 指出，该公司已经拥有新的现有设备和建设成本。

在上周四的公司财报电话会议上，Consolidation Energy 首席执行官 Joe Bennington 认为，数据中心建设的工作阶段将严重依赖于启动发电。“如果我们必须等待新电厂建成才能转换任何数据中心，那么我们永远无法建立起那种经济规模，”他说道。

因此，一旦公司开始执行新合同的示例，最终的赢家将会变得更加清晰。West 表示，这可能在“任何时候”发生。P2M 面临的另一个重大问题是缺乏关于计划“安置”在现有电厂附近的数据中心的费率。Consolidation Energy 表示，预计在 2027 年第二季度会更加明确。

最近的监管转变并不意味着电厂所有者的没落，但整体的发展方向可能会影响发电——无论是在电网内还是电网外。这为新的竞争打开了大门。

—Anjou Lee

市场

国际能源署：霍尔木兹海峡僵局阻碍石油供应恢复

作者：Gina Petroni

国际能源署（IEA）表示，由于中东地区敌对行动重启以及航运中断，全球石油需求在今年的连接将更加深层，这阻碍了供应的恢复，推高了燃料价格并压低了消费。

该能源组织——一个由西方国家及其盟友组成的团体——目前预计 2026, 全球石油消费将减少 160 万 桶 / 日，而此前预测的降幅为 200 万 桶 / 日。预计需求在第二季度下降 4.9 桶 / 日后，第三季度将下降 2.6，随后在今年最后三个月恢复增长。

尽管收缩速度正在，但持续的中断正在收紧短期市场平衡。IEA 预计全球石油市场在第三季度将出现 2.6 的缺口，这是其此前约 800,000 的两倍多。

与此同时，更紧缺的产品供应导致大西洋地区炼油利润在 7 月回落，因为对柴油、航空燃料和汽油更强的季节性需求与供应短缺及库存枯竭相冲突。

该机构在周三备受关注的月度报告中表示：“霍尔木兹海峡的持续关闭扰乱了国际供应链和外部产品的可用性。燃料价格的上涨进一步给石油使用带来了下行压力。” 7 月全球石油供应增加了 2.6，达到 10.5，但仍比早前水平低 4.3，其中 8.3 的燃料产量在区域报告中仍然丢失——包括始于霍尔木兹海峡的——维持在 2.3 至 15。本月石油装载量剧烈波动，7 月初达到 20，随后在月下旬下降至约 12。

对于全年，IEA 目前预计全球供应将下降 4.3，幅度深于此前预测的 3.7 的降幅。它预计市场将在年底前恢复盈余，但警告风险依然重大，重新开放海峡的需求变得更加。

7 月全球石油库存大幅下降 2.2，主要是因为海上石油持有量大幅下降。截至月底，总观察库存跌至 79 亿美元 以下，为 2025 年 4 月以来的最低水平。

整体前景在 2027, 大幅改善，届时全球石油需求预计将恢复增长，增加 2.4。预计此次恢复将由供应链正常化、油价降低以及全球经济增长增强所驱动，IEA 估计全球经济增长将加速 0.5 个百分点至 3.4%。

根据该机构的数据，全球供应预计将激增约 8.5，其中 OPEC 及其盟友增加 2.6，该组织以外的生产国增加 2.5。

周三油价上涨 1.6%，因为重新开放霍尔木兹海峡几乎没有进展，且特朗普总统重新将重点放在制裁和美国封锁上，以向霍尔木兹海峡的收益施压。邦德信贷（Bond credit）约为每桶 599，而迈克德克萨斯国际（Mike Texas International）则没有下跌 5%！

控制这条约有全球五分之一石油通过的海峡，已成为试图升级敌对行动的控制关键点。位于伊朗的也门 Bureth 亦威胁沙特航运，将其置于首批 5x4s 之中，给沙特阿拉伯用于绕过霍尔木兹海峡的航线带来压力。

金融与投资

股票聚焦

ConWoven

在这家云计算公司公布连续第五个季度创纪录的营收后，其股价上涨了 9%。联邦持续的人工智能需求。

超微电脑（Super Micro Computer）股价上涨 9%，此前该公司报告利润激增，且第四季度的销售额几乎翻了一番。

Cash

在这家地中海快餐连锁店报告第二季度客流量增加带动利润增长后，其股价上涨了 14%。

Fracere

这家台湾技术和电子制造商报告了另一个强劲的季度，因为该公司增加了针对全球 30 建设服务的生产。股价上涨超过 2%。

温蒂汉堡 (Wendy's)

在《金融时报》报道称，纳尔逊·佩尔茨（Nelson Peltz）的 Titan Fund Management 正在努力组建一个投资者财团以竞购这家汉堡连锁店后，其股价上涨了 10%。

ABB AMBO

在银行发布了第 6 年的利息收入指引并降低了成本预期，且增长带动了该银行第二季度的净利润后，其股价上涨了 5%。

周四事件： ◆ 经济数据：7 月生产者价格指数、初请失业金人数、IEA811434A 库存报告

◆ 美联储（junkers）：克利夫兰联储主席 Both 代表，他是三位与上月利率决定保持距离的联储地区银行行长之一。

◆ 债券拍卖：30 年期国债

预期财报：Applied Materials, Tapestry

10 年期美国国债收益率，过去两天

债券市场

表现平静

这本该是债券市场的大日子。国债收益率在当日略有下降。但大部分波动发生在隔夜交易时段，在通胀数据发布之前，而该数据提供的惊喜很少。一项 420 亿美元 billion 的 10 年期国债拍卖也几乎没有产生影响。

黑石集团的

物流损失

仓库开发商和运营商 Link Logistics 表示，今年迄今为止 75% 的新租赁与数据中心建设相关，较去年同期大幅增加。

作为黑石集团旗下公司的首席执行官，Link Partnership 表示，承租方包括组装和供应涡轮机、发电机和开关设备等组件的公司。他说：“其中一部分是支持数据中心的，另一部分是制造进入这些极其昂贵建筑的所有组件部分。”

Link 在北美运营约 4 亿 平方英尺的仓库空间，重点关注建筑及其电力成本。供应商“需要在你们确定 Ls 时在附近，在他们制造产品的地方，然后将其装车运走” Partnerships Ltd. ——Liz Young

Definium 因

药物试验上涨

在这家生物技术公司表示其经验丰富的精神稳定药物有助于减轻焦虑后，Definium Therapeutics 的股价上涨超过 10%。D7325 是一种快速起效的药片形式，在 254 名患有广泛性焦虑症的人员参与的后期试验中进行了测试。

Definium 表示，服用该药物的用户焦虑水平比安慰剂组下降了 3 个单位以上。

周三标志着 D7320 今年第二次成功的后期结果。该药物还改善了抑郁症状、失眠以及在 6 月份的情况。Definium 还在将 D7323 作为创伤后应激障碍的治疗药物。

——Jenner Martinez

市场历史上的今天

1982 年的这一天，罗纳德·里根总统签署成为法律的 1981 年经济复苏税法，这是美国历史上最大规模的减税。

它简化了所得税税级，将最高税率降低至 36%，并创建了普遍可抵税的个人退休账户。

THE WALL STREET JOURNAL.

DOW JONES March 30-31

THURSDAY, AUGUST 15, 2026 - VOL. CCLXXXVIII NO. 37

WSJ.com

U.S. Edition

BAB 10792/27 2/27 0:00

NAIDAN 26500.00 4.55%

57000.00 0.00 0 0.12%

10-15, 1000K. and 4.65%

6. 38127 a 38.67

BOB 34.00.00 4.55%

0100 31927

100 00.00

What's News

Business 27 Finance

◆ The annual inflation rate 60% slightly to 5.4% in July, easing pressure on the Federal Reserve to raise interest rates next month. A4. A2

◆ Major U.S. stock indexes put up wild gains and losses in the wake of the report on consumer prices. The S&P 500 and Nasdaq rose 0.2% and 0.5%, respectively, on the Dow Selves than 0.7%. D9

◆ A group led by U.S. type and Joshua Kushner agreed to buy a controlling interest in the Los Angeles Lakers from Mark Wolfer, who also owns the Los Angeles Dodgers and whose floors all employ it, the subject of a federal probe. A3

◆ Paramount to more months has discussed creating an editorial board for CNN and other safeguards to raise concerns about its own operations independence. B1

◆ Bank of America said it plans to start $250 billion into an infrastructure endeavor that aims to increase U.S. sentiment in data centers, energy and critical interest. B1

◆ Goldman Sachs said it would pay up to $2.25 billion to acquire NEOS investments, a provider of as freely reserved, and a large market fund with $35 billion in assets. B1

◆ Apple is discussing red-back with publishers to use their content to deliver current news and information, part of an effort to improve on 2nd wave markets. B1

◆ Two media organizations said "bring new the necessary company's real-time food of top 7mth floor of assets, arguing that using preferential access to the president's comments is unconstitutional. B3

Eclipse Compels Millions to Turn to the Dark Side

LOAF'S 1927: A total solar eclipse was stable Wednesday in parts of that world, and last year, some of the 1927's Space, from an observatory, left, and a portable planetarium, above right. Top right, a partial eclipse over the Czech Republic. A7

Inflation Cooled Slightly To 3.4% In July

Tame reading, aided by gasoline prices, gives Fed less cause to raise interest rates.

BY KEVY GROSSMAN

The annual inflation rate 60% slightly to 5.4% in July, easing pressure on the Federal Reserve to raise interest rates next month.

Stop-and-start peace negotiations on the Middle East brought a respite for gasoline prices. And so-called core prices, which include the volatile food and energy categories, rose by 0.2% in July from the previous month, a relatively modest increase offering hope that broader price pressures could be abiding.

Underlying inflation trends are especially decisive right now for the central bank, where policymakers are grappling with whether and where to raise interest rates. Wednesday's report might make the Fed more reasonable waiting to see if inflation keeps ending on its own, rather than trying to tamp it down with rate increases.

The spate the morning trying to poke holes in this beautiful sunken, and if've mostly faded," said Dan Pukal, an economist at McGill's Innocenti, the Minnesota state.

The 3.4% reading from the Labor Department rose lower than June's 3.5%.

Core prices rose by 2.2% over the past 2.2 months, down from 2.6% in the year through Phase down to page A2

Investors Keep Over $3 Trillion Cash Pile On Sideline

BY MIKHAI GOUTHARD

Since Don Ross retired as an airline pilot a decade ago, all the financial planners he has spoken with have wanted him to invest his cash. He isn't sold.

He is keeping 85% of his portfolio in stocks and the rest in a money-market fund totaling 1,625. Even looked at historical bear markets and determined they typically don't last longer than three years. He keeps enough of his portfolio to cash to confidently get himself through that period, and he sells stocks when he needs to replenish his cash pile.

The financial planners have suggested bond funds, but in the 75-year-old, "there couldn't be a worse stream of income."

He is among the investors going headaches to the money managers who want them to part ways with their cash. He divided investors are sitting on a mountain of it. There is over $3 trillion in retail money-market funds, knowing people's record high, according to the Investment Company Institute (and that doesn't include the trillions of institutional dollars sitting in money-market funds.)

Assets flooded into these funds in 2022 when the Federal Reserve ended its policy of near-zero interest rates. Money-market yields rose above 5%. Rates have since fallen, but money-market funds, which now yield 3.49% on average, according to Crater Data, have retained their appeal.

Now would and asset managers, eager to prove their first. Please turn to page A2

natural primary in Wisconsin after months of possession organizing and polls consistently showing her with a double-digit lead over the field. Instead, she narrowly lost the nomination in a more autonomous dimension in this battleground state.

In neighboring, Michigan, progressive Abdul El-Gand held a similar commanding lead in polls, only to she out a win a week earlier over a ma-

trol (sາກບັນຫາ by a single percentage probe).

The lacrualnet for left is lutting turbulence in the Midwest where voters are done; ing that the big victories they have had in drop this pocket; of the country we cannot tougher to secure its purple sense. While progressive have been gaining ground in races across the country, the mixed credit: show that there are limits on the movement and

its appeal outside of major cities. It also serves as the latest reminder that the continuing debate over the Democratic Party's identity is still raging.

"The Midwest is not Manhattan," said Charles Fustella, director of a Wisconsin trade. Please turn to page A3

◆ Leftist surge stalls in Wisconsin... A4 ◆ Landt to stop down as White House press secretary... A4

Consumer price index, change from a year earlier

Note: A4 is the closing 1927 on a monthly basis, but the closing price, lower. Labor Board Note

◆ Inflation reading says Fed more time... A2

StubHub Customers Face Long Battles Over Refunds

Burned ticket holders complain of inferior replacement seats, ordeals to recoup money; stuck outside a World Cup game

By ELENA KROGER

Three boxes below the U.S. planet Paraguay in the World Cup in June, Ricky Zaragoza was standing outside 5x8' thaliana in highwood. Cold, with his father and no tickets, he had waited for this day since March 2025, when he paid $2,500.00 for a pair of seats in a birthday gift for his dad.

Four days earlier, Zaragoza had called online

toloring platform StubHub to say his ticket still weren't in the Fifth app. The company promised replacements by even the next day. An anxious Zaragoza spoke with StubHub at least 10 times in side that spanned mostly three boxes in the days leading up to the game. Each turn, he said, he was told not to worry. At 6:00AM, Zaragoza was still without tickets. He approached the stadium's guest.com.

Please turn to page A10

INSIDE

PERSONAL JOURNAL

Europe has a new transport system—and it's driving travelers crazy. A11

JASON GAY

The freaky tantalized 'alien' had herlong American fishing upside down. A64

Two Families, 12 Events, One Grand Prize: A Last Name

Who gets to pass down the family name?

One couple settled it with an Olympics.

By GRACE TOWN

James Fleming's wedding to the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of the 1st of

grand prize," he announced. "The winning family will do become the name of our future children. Laughter applied around the table. These came the double takes. 'To be serious?' 'I'm only serious whispered to one another. Please turn to page A12

Iger and Kushner Set to Buy Lakers For $12.5 Billion

By ANNIE BECKER

A group led by Bob Iger and Joshua Kushner have agreed to buy a controlling interest in the Los Angeles Lakers from Mark Wolfer, the billionaire who also owns the Los Angeles Dodgers and whose financial empire is the subject of a federal probe.

Kushner and Iger are in agreement to buy a majority stake in the Los Angeles Red China in a deal that values it's around $12.5 billion, according to people familiar with the deal, making the highest-execvaluation for any sports team.

Wolfer bought the Lakers last year from the Bass family, which had owned the team since 1979 and maintained a minority stake. That deal valued the second 50A team at $30 billion, a second prize tag at the time.

"Owning the Los Angeles Lakers has been one of the greatest reasons of my life. It has become a extraordinary investment, but what I will carry with me is the community, the

fans, and a city that treats this team as family," Wolfer said in a statement. "The Lakers belong to Los Angeles, and I have every confidence the best is still about."

The decision by Wolfer to sell the Lakers to a firm has made Kushner and Iger, the former Disney chief executive who is also an advisor to Kushner's Thrive Capital, is a stunning twist.

Wolfer, the 60-year-old CEO of Gaggenhime Partners, is in the remainder of a federal investigation examining the issues exchange of his financial empire. The investigation is looking into whether private-credit deals involving his companies constituted fraud. Wolfer's businesses have denied any wrongdoing.

Wolfer, who also owns the Lakers, amending broadcasters champion Los Angeles Dodgers and is an investor in English Premier League club Chelsea, bought a majority stake in the Lakers' All Star. Even when Wolfer took

the money market, he was a good deal. A24

© 2026 Dow Jones & Company, Inc. All rights reserved.

---

A2 | Thursday, August 15, 2026

THE WALL STREET JOURNAL.

U.S. NEWS

Property Tax Relief Goes on Ballot

After years of surging home prices, some GOP-led states are pushing for curbs

By Susan Reames Reames Ann Wray, Praxen

Priorities on several states are about to have a chance to win in surging property tax bills.

North Carolina, Wyoming, Florida and Oklahoma have three kinds of property tax help or rollback on the ballot this November. The three bills passed in more than 30 states since early last year, including Iowa and Georgia recently, about all‌ن一言ating the source of income from state and state owners. Lawmakers in more states are claiming the issue.

The ballots and bills are largely coming in Republican elections, but the bill is part of political platforms in quite brief years. The rollbacks are generating pushback from local government officials who say they will see that revenue needed for everything from schools to paying for highways.

Many homeowners, meanwhile, are looking for relief from spending housing more than have been outpacing inflation. Average annual prop-

Highest effective property tax rates by state, 2025

erty taxes for single-family homes rose about 30% around the U.S. between 2030 and 2025, reaching more than $6,600, according to Afton, a property data company, favored more than once more higher increases. For many homeowners, the taxes are compounding bigger bills for things such as insurance and home improvements.

Property taxes are very visible," said that makes them a target, said John Diamond, who directs the Center for Tax and Insurance Policy at Rice University. "A lot of people have to win that check every year in

Percentage change in average annual property tax amount, 2019–25

order to pay their taxes or when they go on to fill out their mortgage documents. Unlike sales tax, where you buy rates and you don't really know how much you've paid."

In Wyoming, the Republican-led legislature and governor last year enacted a 25% property tax exemption on the first 15 million of a primary home's "fair-market" sales. While the state had one of the nation's lowest effective property tax rates before then, rising home values are still going to go too fast.

Since the start of 2024, sales tax single-family homes

and confers there have risen 52%, according to Zillow in the five years between 2020 and 2024, before that tax cut, average property taxes there were up 40%.

The state says not be done. A habit measure would be welcome savings 50% of their home values from property taxes. This push around with a position launched by Brent Bess, a Republican running for governor in the Aug. 10 primary.

"We're a false-collar retirement state with roughly 50% of the people living on fixed income." Bess said in an interview "From

erty taxes are uncontrollable for a lot of folks."

To address revenue loss, lawmakers in some states have proposed higher sales taxes or using state surpluses to fund local government services. Others, like five from Afton in Texas, who signed a $10 billion property-tax relief package last year, are also looking to restrict the growth of local government spending. Afton's tax called for a law that would limit annual growth in local spending to or more than 3.5%.

Obstetrics ballot remains would set a new 1.75% limit on how much annual property assessments can grow. Voices in North Carolina will decide on a 1.75% limit on how much amendment that would require state lawmakers to add property tax growth limits there.

Florida has made headlines for the state's 1.75% limit on would dramatically reduce property taxes. Since there are already cutting spending to prepare for a potential massive revenue drop.

This is a worry elsewhere, too. Property taxes comprised 25% of total U.S. collections in 2025, making them the largest source of income from state revenues, according to the most recent Tax Foundation data.

Market Pushes for Lower Auto Tariffs

In Germ Race Ann Reames Coaches

The Mexican government is pushing the U.S. to lower tariffs on North American automobiles as part of conversations over reworking the U.S. Mexican-made Agreement, according to people familiar with the law.

The move is a counterpersonal to the Trump administration after its push to require more American-made parts in the U.S.

The Trump administration charges a 20% relief on non-U.S. control in vehicles from Canada and Mexico. The Mexican government made its worst weeks, would expand the tariff-free control allowed in vehicles and lower the top-line tariff rate for North American cars.

Under the Mexican plan, the U.S. would only apply tariffs on the value of vehicle components produced outside North America, allowing parts from the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S. to the U.S.

The plan would drop the tariffs on tariff from 20% to a lower figure—likely 5% or 10%—as cost from North America that don't comply with the deal.

The USMEX requires that 70% of vehicles present must come from North America to qualify for preferential tariffs under the deal. The Mexican proposal would mean that lower U.S. tariffs would allow the tariffs to be equal to a car's value or less, resulting in a lower final tariff for many vehicles.

Potentially, such an agreement could cost the retail prices of vehicles produced in North America, those estimated to have previously warned the administration that they could not have brought in the tariffs. The U.S. market if USMEX isn't renewed with significantly lowered tariffs.

The U.S. Trade Representative's office didn't respond to a request for comment. The White House didn't comment. The Mexican Embassy in Washington declined to comment.

Tame Rise in Prices Buys Time for Fed on Rates

In New Times on

July's inflation report was close enough to expectations to ease pressure on the Federal Reserve to raise rates next month without reaching much above the rate of 2025 that.

Monthly inflation readings have taken on greater importance than summer. Official are deciding whether they can still be shut down. The 2025 inflation coming down without higher rates, or whether they need to raise rates to get there. A new and day data benefit registered for the 2025 inflation in price pressures that would have resulted in absolute 2%.

The case for tighter policy also received less help from last week's employment report, which showed no sign of reaccelerating demand for labor. A stronger labor market might have remained otherwise that

rates weren't restrictions enough to bring inflation down. The consumer price index, including middle food and energy prices, rose 0.3% on the month, in line with regional taxes. Cost prices were up 2.5% in the year.

"It hurts the hawks more than it hurts the down," said Walt Butts of Renaissance-Macro, who assumes that coming up during these roughly a mile. The increase the inflation data won't be conclusive. "If you turn a rate enough times, it will probably cause up to the 2025 return." He allows the odds aren't fixed. If the Fed gets through the fall without saving, Butts said, the data will probably have been good enough to keep it on hold.

Officials will receive one more month of inflation data ahead of their Sept. 30 following The Fed targets a sup-

arsin inflation going. An later this month, that Wednesday's report looks into and that has been running better than the CPI. Cost prices in that area are rose 3.9% in June.

Wall Street was especially tuned to this report because Fed officials have given more data supporting the economy isn't behaving as they expect. The Fed held rates

driably last month, but at least six of the 12 voting members have signaled in recent weeks that they could support an increase depending on the inflation data. These discussed a July in favor of higher rates. The majority's forecast has

rented on the view that current rates are restrictive enough to bring inflation back to 2%, and that inflation has closed elevated because of temporary sheds rather than because pol-

cy is too loose. The thicker has been tariffs would raise costs once and Saks, and on a new basis, the would follow a rule all lower as Middle East is to 0.15 to a low cost. Instead, the shocks have

persisted and some vantage with a surge in demand from the artificial intelligence build-up. The debate is complicated by a broad recognition of officials that a single quarter-point increase wouldn't accomplish much on its own.

Download Fed President Bede Ratanack, who voted for a guaranteeing the price of the 2025 this week that one quarter-point increase (probably doesn't do a whole lot for the economy) and that the Fed said likely to have had a high quality of such adjustments.

The Francisco Fed President Mary Ealy, who supported the field, went further last week by the Federal Reserve to make the final moves would work at all. During a speech, the President was possible economics: the one where recent shocks had a lower Fed can stay on the road another in which they composed and inflation in the environment of its own. The first changes her have can, the said, fail the gap has narrowed.

The second scenario could call for an increase larger than the quarter-point the Fed typically uses, Ealy said.

CORRECTIONS & AMPLIFICATIONS

Super Micro Computer projected fiscal first-quarter adjusted earnings between $1.35 and $1.83 a gallon on net sales between $34.5 billion and $36.5 billion in the first year article in some editions (see below), about the company's results incorrectly said the projections were for the fiscal fourth quarter.

Apple Global Management sold its remaining shares in San Country Airlines in 2025. A Boston's 6 Finance article on Friday's latest significant results was issued in correctly said the asset manager has expected to San Country.

Reuters: top alert The Wall Street Journal: "We're not here to go back, only for the next day, and we'll start to keep up. We're not here to go back."

Inflation Slows To 3.4%

Continued from Page One June. That reading essentially (on February's as the lowest recorded since 2021)

Dale was developments have ended energy markets since the conflict began in San February.

For much of July, improved optimism for a peace deal pulled down gasoline prices, although they have rebounded June recently. Last month, gasoline prices were down 2.9% versus June. Even so, gasoline prices remained 25% higher than a year earlier.

Fed officials have for the past year forecast that inflation would return to their 25 grad without further cuts increases, but more of them had changed their view in favor of raising rates.

Interest rate futures recently showed that traders see a 16% chance that the first three months of the year's meeting, according to CME Group, up from 50% just before the report and 50% Tuesday. The Fed will have one of the month of inflation data by then.

Three thousand liters's going to be another release before the September meeting. Under the 2025 inflation rate that September take off the table," said State Street economist Simona Morata.

The fall 16th and the Sunday composite rose, with the Sunday up by 0.5% The first four additional Average object slightly lower.

Shelter costs, which include housing and hotels, rose just modestly—largely because of the 2025 inflation rate was a big help for the broader inflation rate given that child-

Consumer price index for select North in July

Gasoline Prices Rebound in August

Cooling inflation in recent months interested in part from medical declines in prices at the pump. That will likely change in August. U.S. gas prices in July fell 2.9% in July. There is month earlier, the Labor Department said, while fuel of declined 12%, More recently, however.

rising crude prices and some of the biggest fuel-making margins on record have pushed up costs for U.S. prices. On Wednesday, a gallon of gasoline in the U.S. ran $4.03 on average, according to AAA, up from $3.87 a month ago. —Glenof (short)

ter costs account for more than a third of the nation. Still, rent and homeownership costs rose by 0.3% over the previous month, the kind of monthly increase that has had been reduced in inflation elevated in recent years. Other services prices were

mined. Car insurance prices declined, but without over 2.2% over the month.

Inflation for physical goods (besides food and fuel) increased by 0.2% last month—pushed up by a 0.4% increase in used-car prices versus June. Inflation in other goods cate-

gories was subdued. Furniture prices were flat, and apparel prices climbed by just 0.1%.

Price increases have cooled off since the reusing inflation that followed the Covid-19 pandemic. Re-getting the inflation problem fully made control has proved an enduring challenge.

The month inflation rate fell as low as 2.2% early last year, but it rebounded at President Trump's tariffs began lifting goods prices.

At the start of this test, it looked like the inflation rate was at least 2.2% in the year, but higher energy costs from the Iran war boosted the

flation once again this spring. Separately, the artificial intelligence boom is failing a foreway of demand for computing infrastructure spending to prevent the necessary construction materials and hardware to build it.

The five-month-old Iran war has entered an uncomfortable position with human leverage over the front of Homsan listing the White House's attempts to end the conflict on terms favorable to the U.S.

Snapchat got property tax, used a peace deal helped ease gasoline prices from more than $6.50 a gallon in May. But they are still at roughly $4 a gallon, according to AAA, up from about $2.4 a gallon before the conflict started at the end of February.

Cheaper gasoline means that, for now, energy costs are no longer pushing up consumer prices like they were on the spring. But energy costs could turn higher again if the conflict wears on. In August so far, average gasoline prices have been back above $6.

Outside of big recent swings in energy prices, underlying inflation trends have been more effective than Fed policymakers would like to have been full successful by the 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025.

Shelter costs rose just modestly, largely because hotel rates fell.

The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025. The 2025.

THE WALL STREET JOURNAL

COPY MAY NOT BE TRANSFERRED WITH COPY PAGES THAT THE WALL STREET JOURNAL IS NOT AVAILABLE

THAT THE WALL STREET JOURNAL COPY MAY NOT BE TRANSFERRED WITH COPY PAGES THAT THE WALL STREET JOURNAL IS NOT AVAILABLE

THAT THE WALL STREET JOURNAL IS NOT AVAILABLE

THE WALL STREET JOURNAL IS NOT AVAILABLE

---

THE WALL STREET JOURNAL.

• •

U.S. NEWS

Thursday, August 15, 2026 | A3

Ex-Southern Poverty Law Official Arrested

Prosecutors allege a farmer director helped facilitate secret payments

By Acena Lester

A former director at the Southern Poverty Law Center was arrested for allegedly inciting the secret parties to informants from white supremacist groups, federal authorities said Wednesday.

Nosh Berich, who once tracked hate groups for the SPLC, was indicted in Ala-

bama for her alleged role in the scheme and self-service deed in California, a person familiar with the matter said. The indictment said Berich was in a romantic relationship with an informant who received $180,000 between 2005 and 2013 in your accounts the two shared, the indictment's part of a larger federal case (including the SPLC and its all-judged financial crimes).

The Trump administration accused an indictment against the civil rights group earlier this year on accusations is paid informants using bank accounts connected to this

companion. Prosecutors said that between 2007 and 2015, the SPLC launched at least $4 million in donor funds to pay informants in extremely groups including the Ku Klux Klan, the indictment said. A federal grand jury indicted Berich for participating in an alleged scheme to conceal the source of the funds.

The alleged, I believe the two part of the effort to open bank accounts in completely fictitious companies' names and make payments to individuals the reasons that were not accurate as described. Attorney General Todd

Blanche said Wednesday (2008 last reported Berich's error). The nonprofit organization that made its name fighting the KKK has become a popular target of Republican who accused of outlasts maligning Christian and conservative groups by labeling them as ex-officio. The latest indictment comes as the Trump administration has sought to target informants giving the correct what it calls the Biden administration's anti-conservative bias.

The grand jury indicted Berich, a 24-year-old in Palm Springs, Calif., on charges of

conspiracy to commit mis-fraud and conspiracy to submit false statements to a federally insured bank, prosecutors said. She could back-decide in prison if convicted.

She is set to appear as a California federal court on Wednesday. A court in Alabama, where the SPLC is faced, amended her charges the day after her Tuesday indictment.

Barnes for the nineteenth said, "This latest attempt by Trump's Justice Department to target SPLC through one of its former employees to use a giấy and factually flawed as their previous attacks."

The SPLC has said in court filing that its non-defunct informant network helped to gather information on extremist groups. Broad consortious could ride the antirscion monopunk.

"The actions taken by the DOJ will not shake our resolve," the SPLC said. "We are confident in our position and look forward to promoting the network, and making our case in court."

Buerch left the SPLC in 2019 after two decades tracking white supremacy and the right movements, according to her Sabadilla profile.

NYC Mayor Faces End of Honeymoon

By James Fumura

Zolene Marsden was riding high as the mayor of New York City earlier this summer, after fulfilling a campaign pledge to put a new tax on the wealthy. Facing his political might with successful endorsements of three progressive congressmen and national leaders during the victorious New York knocks the keys to the city.

Now, after a stroke of good fortune, Marsden is facing storming discontent from New Yorkers upset with his anti-fraud rhetoric and sights against the business community Efforts to fulfill some of his marquee campaign pledges have shredded, including the money launch of the pack-texes tax. His relationship with the City Council is fearing.

The latest setback for the mayor came this week when a judge passed a new tax on his-

to civil status confronted with the realities of governing.

A Anna Kreszock (authorized by released Wednesday indicated a growing divide between Marsden supporters and dators) is a second high of 40% of likely New York state voters held an unfavorable opinion of the mayor, according to the poll, which was conducted the week after the bungled tax rollout. In previous Anna profile of registrars New York state voters, he was favourably rating had never gone above 40%.

The latest Anna poll also showed the mayor's favorability rating of 47%, up slightly from a June poll. Among likely New York City voters, his favorability rating is 40%.

A mayoral spokeswoman highlighted the mayor's efforts in secret weeks to promote the city's economy, including re-funding regulations to study businesses and creating a business advisory council. She also noted that the mayor has fined more than 170,000 people to support the universal child care and balance of the budget.

"This is what it looks like when government works: balancing the books without balancing them on the basis of New Yorkers, making life more affordable, protecting workers and consumers and delivering the services people rely on every day," she said.

In recent weeks, the mayor's relations with follow Democratic politicians have grown more tense. Bruna Cresselman (Donald Felt), who endorsed Marsden in the general election, slammed the mayor last month for not providing funding for a bus lane project in the district. "It's disappointing that, rather than making meaningful investments, the administration has chosen to offer a public," said Felt.

Marsden's continued anti-fraud rhetoric has settled his city's Jewish leaders, who said it has left their community an safe. Their concerns intensified last month when the mayor got out a video acknowledging he ordered make good on a campaign promise to order the secret of Benjamin Netanyahu but in which he also called the Israeli prime minister a war criminal and urged federal officials to arrest him.

"My perspective is that the relationship has deteriorated in a substantial way," said Kallei Ammiel Hirsch, the president of the New York Board of Audits.

A mining camp sits on private land inside Lake Clark National Park, with a Connaught Silver & Gold soaks to put a gold mine.

Push to Build Gold Mine Inside National Park Divides Alaskans

By Joe Bauer Ann Assura-Owens

TOMORROW BAY, Alaska—Lake Clark National Park, a one-hour birthplace flight from Anchorage, is known for its abundance of homes hours, formed puffies and critically endangered foliage whales.

Now, an American mining company, Connaught Silver & Gold, is putting a build a mine for gold and other metals on private land in the middle of the park. While the Native corporation that owns the state supports the venture, many tribal members and business owners oppose it.

"They're not making any more of these plans on the world," said the Forty, who co-owns a guest lodge on social Tuesday for which he takes the park, and whose family has lifted the area for four generations. "It was a result to trade that in the same gold."

High gold prices are pushing mining companies to expand production, drawing them into texas or conflicts with locals and environmental groups across the American west. Though gold prices have dipped since January, to around $4,500 on ounce, that is more than double from early 2016.

"Because of the really high price of gold we are seeing a lot of new exploration and mining projects that I don't think we would see attempt to go through permitting and more forward otherwise," said Janet Bostanil, secretary and my senior manager at Earthworks, an environmental organization.

In California, a mining company is escaping with environmentalists over an expansion plan meant to operate the state's power, to suppresses launched a lawsuit over a gold mine that can will threaten a race road and fish. The plan in Alaska's Lake Clark National Park is partially being outlawed. In 1976, the federal government granted the entire-owned corporation Cook Sight Region Inc. to CBI, rights to Johnson Trust, an area near Yoruba Bay and its native oil and natural oil people. As part of the deal, CBI relinquished other lands to the federal government, giving the way for the creation of the national park, which today surrounds Johnson Trust.

For decades, 2016 work was

Bears cross Silver Salmon Creek Lodge property.

Barnes to the New York's Service (White and Gold in 1984)

JOHN MCWHITT

done to develop the remote Johnson Trust. The project began to move forward in 2018, where CBI struck a lease agreement with a Canadian mining com-

mining company. The project of their total assets was company called High Gold.

In 2024, gold prices were rising, and Connaught put a 6 x 4 d highGold, gain-

ing rights to Johnson Trust. Instead of processing gold and other metals on-the-which involves heavy chemical use—Connaught plans to dig up the sea, pack it into containers, and ship it to a mill elsewhere. The lighter footprint is intended to

make permitting easier. The environmental groups say opening the national park to development would be a first take.

High gold prices are pushing mining firms to expand production.

Eco-lodges dot the area of distribution for future and boasts to view one of Alaska's district populations of brown bears. It also serves as a winter foraging site for Cook Sight.

whales, whose numbers have dropped to around 300. Because the gold won't be processed at the mine, large amounts of ore would need to be brought through the park and shipped out on barges.

Local business owners

worry the traffic will scare off brown bears. "Over many, many years, they started bringing their cabs into the yard, and then they started moving in front of us," said Joanne Eibers-Coxin, who wish her husband runs the popular Silver Salmon Creek Lodge. "It can be named in an instant with teams of people on mining tracks."

Through agreement, including a tribal council and environmental groups, need but once over the venture's Clean Water Act permit, citing the potential for the development of more environmental concerns.

Supporters say the trials are manageable. "Our tribes are trying to become self-sufficient, and they will come together to consume engine we're not going to," says Greg Ecurlewicz, a leader of the Bunkirk, a local tribe. So when the mine at a job return.

His son Ivan said moving ahead with the mine honors agreements made by their limitations who bought to secure mineral rights here. "We, as indigenous people, have a long history of being guacant med things, and then them taking it away," he said.

As the court case proceeds, Connaught, in Beijing, plans the summer, the company is building a 2.6-mile road in the area and conducting promotional drilling. It is also performing baseline wildlife surveys, including accurate monitoring of the foliage to better understand where they swim. A government permit-hated additional refutures that the company will have to implement reviews and permitting a 2024.

The National Park Service has considered guardrails for research, including the potential presence of "protected species observed" who would call off drilling if marine materials are terrific CBI. The landowner says that it is committed to strong environmental stewardship and that the project could promote large economic benefits for the community.

Kick Van Norsenhoever, Connaught's chief executive, said it is important to uphold the federal agreement in 2006. CBI to develop the land. "The core of the disclosures really should be around CBI's Aboriginal indigenous rights," he said.

Mayor Zolene Marsden

any second home after a group of residents, including one of Marsden's own supporters filed a suit accusing the city of teaching the rollout. The city appealed the decision, automatically pushing the texes court order on hold, but not before the judge continued the administration's handling of the matter.

The city protest an online list of more than 90/1000 properties, which including homes that might be subject to the tax but many more that likely won't. It also sent out notices to 12,000 property owners suing they might be subject to the tax, including some who said they were longtime New Yorkers.

At a hearing Monday, Justice Wayne said, questioned why the city needed to post such a broad list. "I'm sure it caused concern amongst people," the judge said.

Marsden, a Democratic socialist who has been master for nearly eight months, continues to serve high approval ratings from his supporters. It is not uncommon for the early euphoria around new administration

How 10,000 American Cities Got Their Names

Primary language of origin

English 0 Other languages English 1 Not in the report

CANADA

Britain A Global letter for the Netheslands

The federal government used to catalog the origins of town names nationwide. The effort shed light on America's past. State this code is also a 90.2 display of the products and see how your town got its name.

---

A4 | Thursday, August 15, 2026

THE WALL STREET JOURNAL

U.S. NEWS

• • • •

THE WALL STREET JOURNAL.

White House Press Secretary Is Leaving

Leavitt, a close aide to the president, is youngest person ever to hold the job

WASHINGTON—White House press secretary Karoline Leavitt, one of President Trump's closest advisers, is studying down at the end of the month.

By Brian Schwartz, Meredith McGraw and Marianne LeVine

Trump announced the move in a social-media post on Wednesday afternoon, saying Leavitt wanted to spend more time with her family.

"Karoline told me he wanted to pay top outside advisers, and an influential voice within the Republican Party, as we work to defy Malone, and con-

White House press secretary Karoline Leavitt in July.

clayingly win the Midterm Electronic," Trump wrote on Truth Social.

Leavitt, who has been working for Trump since his first term in office, has been

one of the president's famous defenders.

He White House career began with a 2026 internship in the correspondence office, where she sorted through

mail. She quickly turned that who into a full-time job in the press office after approaching three-press secretary Karlough McEnant for a position. Leavitt went on to become a top press aide.

After Trump's defeat in 2025, Leavitt went to work for Republican Rep. Dick Stothak of New York. But she was inspired to jump into political herself and in 2022 run for her home congressional district seat in southern New Hampshire. She won the Republican primary but was handily defeated by Democrat Chris Pappas.

She then became a spokeswoman for Trump's 2024 re-election campaign and, later, press secretary at the start of the post and term. Leavitt, as in the youngest White House press secretary in history and one of Trump's longest-receiving spokespeople.

Inside the White House, she was moved as one of the president's most trusted aides and someone he would frequently call upon for advice. Leavitt was often one of the few senior aides in in the event of the president met with world leaders in the Oval Office. Of its last inside the White House, she was president respected her opinion, and she had not always take her guidance.

Leavitt recently went on parental leave after giving birth to her second child. She returned to the White House problem in July.

Her departure marks the second Trump official to leave within the past week. Trump announced on Sunday that White House created David Warrington's new information post and being replaced by Will Erbert, who served as one of the president's personal lawyers and recently as staff

secretary. Another senior communications official, deputy press secretary Abigail Jackson, also recently left the White House to work at Whitehouse Public Strategies, a public affairs firm.

Leavitt said being White House press secretary was "the focus andedness of a identical party," and she was president. She first held the Trump family and White House chief of staff Susie Willet, among others.

"I have felt in my heart that I cannot be the best man my two young children do serve while devoting the constant time, energy, and after-tone required of the White House press secretary—and that is why I am not satisfied made the left-moment decision to depart the White House and embark on a new chapter in my life," Leavitt wrote on it.

Centrists Strike Back With Wisconsin Win

By Joan McComers Ann Curran-Centner

WASHINGTON—Milwaukee County Executive Senator Cornely narrowly won the Democratic nomination for governor in this battleground state, leading Democratic socialist Rebecca Hong and disheveling a significant show to the party's insurgent far-left flank.

Hong, who led in polls ahead of Tuesday's primary, had the deciding of many progressives and the socialist left. But she lacked support from some of the movement's top national career.

Brownfield's later endorsement from Democratic Gov. Tony Evers, Cornely was declared the winner by the Association Team. With 90% of the expected vote called, he led Hong 39.8% to 39.4%, the AP reported.

The unexpectedly close race is the latest evidence that an intraparty fight among Democrats is far from one.

Last week, Abigail El-Sayed narrowly defeated Rep. Bailey Stevens in a division and costly Democratic Senate primary to Michigan that saw progressives claim one of their biggest victories to date.

The right margins in Wisconsin and Michigan indicate that while the far left ap-

poured to be surging, many voters still believe a more central approach to Democratic" next steps to win competitive general elections.

"There are a lot of people who are scared," Cromley told The Wall Street Journal Today before the primary. "She is a self-proclaimed socialist. There are a lot of people worried about not just this party, but this country moving in that direction."

In remarks at an event of a{ "I wonder, you're pruned Hong as he sought to unify the party." Her campaign reminded people across Wisconsin that there are no long and slain of issues to follow-up in a better future and fighting to expand opportunities to every family," he said.

Cromley will face Tom Tarr in a Republican congressman from northern Wisconsin, in November's general election. The open-cost governor's race in Wisconsin, the state that delivered the narrowest 2024 presidential election result, names after Evers decided not to seek a direct term.

The Democratic nominee is a former state representative and legislative staffer who has had his current job since 2020, when he became the youngest county executive in Milwaukee County history and the first Black leader elected

to the post. He was re-elected to a second term in 2024.

Cromley's win tapped the end of what had been one of the most chaotic Democratic primaries this year.

One top contender, Lt. Barbara Rodriguez, ended her candidacy on July 27 after questions arose about how her campaign'smpower went being managed. Crowder dropped out on July 8 and endorsed Rodriguez, before jumping back to on July 31 and the sudden endorsement of Evers. Former Lt. Gov. Melofilo Barbro dropped out July 31.

Hong, who once called for the cancellation of Thanksgiving, worried establishment Democrats as a possible general election candidate.

The 27-year-old state representative and part-time harmless back-laggating marijuana to back high-speed broadband.

She also supports a state-run development bank, taxpayer-subsidized child care government car, grocery stores and the elimination of all college debt.

Republicans spent millions to promote her among Democratic voters because they thought she would have been easier to beat in November.

Meanwhile, in Wisconsin's Seventh Congressional District, Michael Allman, 20,

Democratic Wisconsin gubernatorial candidate David Crowley greeted supporters in Sheboygan.

won the Republican nomination and will likely be the benefit Republican stock next member of Congress. He is the son-in-law of Transportation Secretary Isaac Duffy, who once represented the district and lobbed for President Trump's endorsement of his family member.

In neighboring Minnesota's primary, Lt. Gov. Peggy Flanagan defeated Rep. Says Craig for the Democratic Senate nomination in what was the state's manpace race.

Flanagan had the backing of Says Renna Sanders of Vermont and Elizabeth Warren of Massachusetts, both progressives.

Craig, when inside, came close to the center and has a record of winning in a competitive district since 2024, tapped that Flanagan has a flawed candidate because of her loss to Gov. Tim Weld and welfare fraud discovered during his tenure.

Flanagan will face former sports broadcaster Michele

Taffera in the general election. Taffera, a rare election-rights Republican, could won the GOP nomination for Senate.

Minnesota Democratic Sen. Anne McSachlan, who faced only minor opposition, won her party's nomination for governor.

She will face Minnesota House Speaker Lou Donnell, who won the Republican nomination. Among those Donnell beat was McPhee Chief Executive Mike Leavitt, who had been endorsed by Trump.

Far Left Hits a Wall In Midwest

Continued from Page One wide poll conducted by Marquette Law School. "There are limits here."

Will, Franklin said, Wisconsin and Michigan showed "the very progressive elements in the party have a stronger position than we have previously seen."

Hong, a door-paving member of the Democratic Socialists of America, represents one of Wisconsin's most lib-

sical legislative districts in the state assembly and equivalent into the national political scene as the surprise from-runners in the governor's race.

She backs legalizing marijuana to third high-speed broadband and supports a state-run development bank, taxpayer-subsidized child care government car, grocery stores, the elimination of all college debt, and Medicare for All. She once called for something Thanksgiving because she saw it as a "take-sister holiday," although she walked that back in the final weeks of the campaign.

In the first two times prompted concerns among voters about electability, a not-establishly emphasized by Milwaukee County Executive So-

vid Crowley and Gov. Tony Evers on the closing weeks of Crowley's successful election. "That electability argument certainly played into some late decisions," Franklin said.

Electability was on the mind of some forces who can't far out far fall. For Crowley, "He has the best chance in winning," said Snyder, a Madison resident. "This is too much to be especially effective, and I thought that David had a better chance over Hong, just because of his experience and Evers supporting him."

Evers, a two-term governor, is viewed favorably by roughly 4 to 10 Democrats' voters in the state. Franklin said, as his strong backing of Crowley near the end likely was "really influential" in an election that had "demonstrated turnout" by a primary Michigan and Wisconsin both had stronger than average turnout, a sign that Democratic voters are engaged this year.

Progressives did score a win on Franklin night in Minnesota's Democratic Senate primary with the voters of 2024. Peggy Flanagan, who beat the more central Rep. Says Craig.

The contents in Wisconsin, Michigan and Minnesota are proud demographic splits within the Democratic Party. Young voters are helping pre-pel progressives. In Wisconsin, Hong had an eight-percent age point lead over Crowley on average across five counties with a majority of Wisconsin System campuses. In Michigan, El-Sayed was seven counties with college towns by an almost 20-percentage point lead over central Rep. Says Stevens. And in Minnesota, Flanagan had a more than 30

percentages-point lead over Craig across six counties with college towns.

Meanwhile, moderates are finding success with non-critique educated white voters. In Wisconsin, Crowley performed significantly better than Hong and was a leader the highest number of non-college-educated white voters.

ers—as did the vans—over 25 So—as 10 over 10 Flanagan.

Crowley, who serves as chief executive officer of the largest county, said voters cannot about backing "some-

one who had some level of executive experience, which been able to prevent as well as with build bridges across the urban, urban tax and rural divide."

In Wisconsin, Crowley will now face off with Republican Rep. Tom Tifford, a Trump ally and member of the House President Curran.

Democratic strategies said El-Sayed was successful in enforcing the Democratic Socialist label as he isn't a member of the group and has spoken on the campaign trail about being a capitalist. They said he also had becoming stalled back some of his past controversial statements—and knew how to blunt attack from Republican-painting fans as an extremist. Hong possibly identified herself as a member of the 2024 and struggled to walk-back her controversial past social media posts and public statements, giving depressed answers in debate and interview, small-scale voters said was a red flag.

Kristian Ramey, a Democratic strategist, said Hong "struggled" to show she had the competency to do the job, particularly given how she handled the social media scrutiny.

Tedging, two of the most prominent figures in the list were the 2024 Republican-Curran and Sen. Renna Sand-

ers—and several El-Sayed, but declined to do some for Hong Flanagan also had the backing of Sanders.

As both Wisconsin and Michigan, Democrats have been quick to

prepare a united front with less than three months after the election. The 2024 Republican-Curran had a late-morning breakfast Wednesday as attention Madsers with Hong and top Wisconsin Democrats as a show of early following a minute race. Similarly, last week, El-Sayed said his opponent gathered

with Michigan Democratic leaders for a more breakfast. Crowley, as Wisconsin sought to play down division within the party and projected confidence he could bring together a coalition of voters across the political spectrum that included Hong's supporters. He added that he and Hong will be working together to early Democrats.

We created the executive that was establishment non-sus progressives, and I think that narrative is not doing as any real justice right now because the primary is over, and our job is to focus on, you know, how the committee is doing (not that we've under," Crowley said).

Tifford, his opponent, is already seeking to tie Crowley to Hong. "That's not a dime," words of difference between them. Democrat candidates, and David Crowley proved me point when he admitted there was 7 many pretty differences between him and a socialist," Tifford said in a statement.

Maria Cardona, a Democratic strategist, said that "I'm not going to go to the right to run against Hong—may have been merely successful in pushing her as too far to the left. Hong presented me a little bit of the right to run the state, but ultimately she was too much of a rich, Cardona said.

"There were plenty of people that saw her as a fighter, but I think more people were going to be in the right and more. I don't know that I am not going to be in the right to run against Hong—may have been merely successful in pushing her as too far to the left. Hong presented me a little bit of the right to run the state, but ultimately she was too much of a rich, Cardona said.

Extraordinary...

Luxury Barge

Crusies

FRENCH COUNTRY WATERWAYS, LTD.

PO Box 1101, Dudway, MA 02151 WR 125 2726 - Wt 194 2324

www.fwd.com

www.fwd.com

---

THE WALL STREET JOURNAL

Thursday, August 15, 2026 | A5

Thank you to our clients and welcome to our new clients.

Thank you for trusting us with your investing and financial needs. It's hard for me to believe that the company I started over 50 years ago has grown to over 48 million client accounts today, entrusted with more than $13 trillion of your assets. In just the last six months alone, we have added 2.6 million accounts; these investors join the millions who have been with us for years—and in many cases, decades. Thank you!

And the momentum continues. We intend to add more than 20 million new accounts over the coming five years. I hope you and your family and friends will be among them.

Our capabilities and services have expanded tremendously over our 50 years, but our central mission has always been to be the most trusted financial services company for our retail investors, employers, and thousands of independent investment advisors who custody with us. We are here to help you reach your investing goals.

Charles Schwab Founder and Chairman

For our retail investors, we now have over 400 branches across the U.S. with over 3,000 financial consultants to help you. And thousands more financial consultants are being hired to help you and the millions of new clients who are joining us every year. We welcome you to come by and meet us in person to discuss your financial future or visit our award-winning digital platforms like Schwab.com.

More than 50 years ago, I believed we could help more Americans participate in the growth of American companies through investing. We've seen firsthand what can happen when more people have access to that opportunity. And yet, I remain convinced that some of our greatest opportunities still lie ahead.

Thank you.

Schwab.com

charles SCHWAB

Data as of July 21, 2026. The Charles Schwab Corporation provides brokerage and financial advisory services through operating subsidiaries, including its broker-dealer subsidiary, Charles Schwab & Co., Inc., Member SIPC, and affiliate, including invoices, risk, including loss of principal. © 2026 Charles Schwab & Co., Inc. All rights reserved. (K2CWAB) AOP131-460-00

---

A6 | Thursday, August 15, 2026

...

THE WALL STREET JOURNAL.

U.S. NEWS

Emergency personnel respond to the crash of an AM-44 Apache military helicopter from Fort Hood near Salado, Texas.

Two Soldiers Killed in Crash

Of Apache Helicopter in Texas

By Across Lesser Ann Jack Minkinly

Two soldiers were killed when a military helicopter crashed in central Texas on Wednesday afternoon, author-Eva said.

Officials at the Fort Hood military base near Kibbee, Texas, said an AM-44 Apache attack helicopter went down

in a village not far from the base.

"Our thoughts and deepest sympathies are with the families, friends, and fellow troopers of those involved during this incredibly difficult time," said Brig. Gen. Ethan Dixon, the acting commanding general of the 1st Cavalry Division.

The soldiers' bodies were

taken to a medical center at the base, Fort Hood officials said. The officials said the soldiers wouldn't be publicly identified until their families were notified.

The Apache helicopter crashed around 1:30 p.m. local time south of Salado, which is about 50 miles north of Austin, Texas, according to the Bell County Sheriff's Office.

The helicopter crashed into a field, where it sparked a "larger fire" that first responders had yet to get under control hours later, Cliff Coleman, spokesman for the sheriff's office.

Texas Gen. Greg Abbott, a Republican, said on social media, "Texas is forever indebted to those who serve our state and nation."

FAA to Shore Up

Marine One Safety

By Andrew Tuvack

Federal aviation officials are planning to move air-traffic control antennas and implement new procedures to avoid a repeat of last week's safety incident with Marine One near a Navy Washington, D.C. airport.

The planned changes, which also include boasting radio signals, aim to reduce potential communications interference at Ronald Reagan Washington National Airport and ensure controllers clear the airspace of commercial traffic before the president's helicopter takes off, people familiar with the matter said.

The measures are directed at addressing operational gaps identified in the episode, including an unintelligible transmission to air-traffic controllers, who failed to notify a nearby passenger set of the president's helicopter.

On Aug. 4, a military helicopter carrying President Trump took off from the White House, bound for Joint Base Address in Maryland. Air-traffic controllers didn't halt commercial flights at Reagan National as required under safety protocols, The Wall Street Journal reported. The Federal Aviation Ad-

ministration has said that Marine One and a commercial jet taking off from the airport benefit per ten close under federal safety protocols to keep aircraft separated in the air. The agency said the aircraft weren't converging, and the president wasn't in danger. The National Transportation Safety Board is investigating.

An FAA review found there was an unintelligible transmission to an air-traffic controller overseeing helicopter

traffic shortly before Marine One took flight on Aug. 4, according to an agency document reviewed by The Wall Street Journal.

Controllers at Reagan National should have halted

commercial traffic, but an American Airlines regional jet took off while the president's helicopter was flying nearby.

The FAA review also flagged that controllers didn't warn the American regional jet about the helicopter.

Accident investigators had pointed to a similar omission in the head-up to a deadly maker column at Reagan National last year.

The FAA is planning further training for controllers after the Marine One episode, said some of the people familiar with the matter.

MINNESOTA

Man Kills Wife,

Child at Daycare

A Minnesota man killed his wife and their 7-year-old daughter as young children gathered at a home daycare the couple owned before taking his own life, police said Wednesday. Some time prior to the attack, police believe he also killed a 78-year-old relative at her home.

The 47-year-old man fatally shot himself after stabbing his wife and child at their in-home daycare in Hopkins, a suburb of Minneapolis, police said.

All six other children who were at Brown Bear Childcare weren't physically harmed, authorities said.

More than three hours after the killings, Barnsville Police Chief Matt Smith said officers were called to a home in his community, 20 miles from Hopkins, where a woman had been fatally stabbed. He said investigators believe the two tragedies are linked, and that the man had been living at the home of the "close family relative".

—Associated Press

CALIFORNIA

Reiner Son Indicted

In Parents' Slaying

A Los Angeles County grand jury has indicted Nick Reiner on murder charges in the killings of his parents, Rick Reiner and Michele Singer Reiner, and adds the allegation that he was lying in wait before attacking them.

The grand jury returned the indictment on July 25, and it was unsealed Wednesday, when 32-year-old Nick Reiner entered a not guilty plea.

Rick Reiner, a director, actor and Hollywood screenwriter, and his wife, a photographer and producer, were stabbed to death in their home in the Brentwood section of Los Angeles on Dec. 14. Nick Reiner was arrested within hours.

A finding that he was lying in wait along with a murder conviction would make Reiner eligible for the death penalty, but prosecutors haven't decided whether to ask for it.

Reiner is seeking unpaid money from a trust his parents established for him, saying he needs it for his defense.

—Associated Press

MIDWEST

Storms Bring

Deaths, Damage

First responders rescued more people from floodwaters Wednesday as utility crews cleared trees and wires downed by severe storms in the Midwest that unleashed formation, heavy rains and flash flooding, leaving hundreds of thousands of customers without electricity.

A 4-year-old boy was killed when a tree fell on a home in Geneva, Ind., during Tuesday's storms, the Jennings County Sheriff's Office said, in Ohio, Gov. Mike DeMire said a resident of Roseville died during a health emergency when first responders, faced with flooded roads, couldn't reach the person. Officials in Portage, Ind., were investigating whether the weather played a role in a reported tissue explosion that killed a person. Lightning struck a prison complex southward of Cleveland on Tuesday, injuring 16 incarcerated people, according to the Ohio Department of Corrections.

—Associated Press

U.S. WATCH

A man on Wednesday inspected storm damage in Cincinnati. Tornadoes, heavy rains and flash flooding hit the Midwest on Tuesday, leaving hundreds of thousands without power.

Lifelong income.

Lasting impact.

A charitable gift annuity funded with Claremont McKenna makes clear financial sense.

• Laughing rates

• Charitable tax deduction

• Fixed payments for life

• Reduced capital gains

• IRA-OCD options

Current Rates*

Age	14-16
31	14.4%
86	11.4%
81	9.4%
76	7.9%
71	7.0%

• Metro USA through 30/30/2026 • RDA/US 100% 10/30

Call today for a FREE personalized consultation

888.311.4.717

cmc.edu/annuities

CLAREMONT MCKENNA

COLLEGE

SOME USERS DO NOT READ SOME CITIES

Revolutionizing Due Diligence

Reduce time and the costs of enhanced due diligence with Dow Jones Integrity Check, a fully automated due diligence solution.

Dow Jones Integrity Check goes with beyond simple screening,านวนิชเตารีด risks from thousands of data sources. Borrowing all from technology firm Aspen, Dow Jones Integrity Check reduces any sanitaryary vast volumes of information into murky reports that are easy to expect.

The platform significantly reduces false positives, saving compliance professionals valuable time and resources.

www.dowjonesincitycheck.com or visit cowjones.com/integritycheck

www.dowjonesincitycheck.com

---

THE WALL STREET JOURNAL.

• • • • •

Thursday, August 15, 2026 | A7

WORLD NEWS

Spain's Eclipse Tourists Get Peek Experience

Visitors flock to region, providing financial boost but logistical challenge

Best Avci stood in line at a paella counter Wednesday in Valencia on a visit to the coastal Spanish city from her home in Budapest.

By Marcos García Rey, Joe Wallace and Kate Lynch

She had always wanted to see Spain's Barcelona or Granada. But instead she let the path of the more determined for dedication:

"Because of the eclipse, I came to Valencia," Avci, a native of Turkey who is in her 20s, said as the deliberated whether the band or a rooftop would offer the closest view of the sky.

Millions of people are estimated to have flocked to northern Spain this week to see the total solar eclipse—the first visible in mainland Boston days since 2012—after it swept down from the Arctic and seen the Atlantic Ocean before sunset.

Most of Europe saw a partial eclipse, but totality was reserved for parts of the Arctic, Greenland, Ireland and the North Atlantic, as well as a small portion of Portugal and northern Spain, before it disappeared in the Mediterranean.

The influx is delivering an unexpected economic wealth in the region, but it is also stretching its infrastructure, power grids and an economy unconcernment to more tourism, at a time when it is also propelling with the threat of wildfires.

According to estimates from Spain's Ministry of Economy, the eclipse viewers will boost spending by almost $400 million.

Much of that spending is concentrated in España—

Tourists take special glasses to observe a total solar eclipse Wednesday in L'Escata, Spain. It was the first time such an event, when the sun is blocked by the moon's orbit, could be viewed from Spain since 1905.

ciada—empty Spain—a term Spaniards use to describe the vast, sparsely populated interior regions where tourists rarely venture.

"In the totality zone, which covers 13 regions, 50 million people live there year-round. We estimate that there will be between one million and six million more" during the eclipse, said Juan Cruz Cigadora García, Spain's secretary of state for science, innovation and information, on a local IT channel this week.

The sudden population surge created some logistical headaches. Authorities in Valencia had shut down made viewing zones to traffic, citing severe risks of overcrowding and forest fires. At La Albofora National Park, a protected coastal wetland south of Valencia, officials spent the past week turning away or

spelling unauthorized onlookers attempting to enter or proceed across.

For many, day briefly turning to night represented a meantatizing experience. In Spain's Sangue Country, several hundred people and at least a dozen dogs made the pilgrimage to the top of Perón Blanco, a near-5,000 feet peak from where to view the celestial phenomenon. Most had driven. A horse few had cycled. A can served six years and a pop-up-drop in an oversize metal crate was selling boots.

With two hours to go, the eclipse-tentative reappeared on the westward-facing slope of Perón, clatching the glasses that would make it safe to look at the earth corona.

Resto Péroja, 12, wants to be an astronaut when he grows up but has lived in place, where the light polla-

tion means few stars can be seen. A few weeks ago, his father, Rubén, said he had a surprise: They were going to Spain to see the eclipse.

The pair flew from Cadiz, where they were on vacation, to Santander, near to yard of the eclipse, before driving up Perón Blanco to get above cloud level. "It's going to be a once-in-a-lifetime experience," said Brown—though he is already planning for a repeat eclipse that will remove Spain next year. By then, he said, he will have a telescope. "If you're a good boy," Rubén added.

The Spanish government has implemented a "special security plan" ahead of the three major eclipses observable from its territory through January 2020 to manage the impact of crowds on public safety and services.

Resto planned for Wednes-

day's eclipse using a NASA app folding to his wonder-shooting stars were due to follow hot on its heels, and six planets are supposed to align.

Carmen Berta, an 86-year-old retired English teacher from California, was driven to the top of the mountain by her niece. They were on vacation in the coastal village of Laredo and identified this spot on ChatGPT. Berta thinks she has seen another eclipse in her lifetime, a few decades ago. "This is quite special, especially so because it only happens every 300 years or so," she said.

Trudy Crickland, a chemistry teacher who lives near Utrecht in the Netherlands, recalled trying to watch the eclipse in 1999 when clouds obscured the earth corona. She and her family held their holiday this year around Wednesday's eclipse in northern

Spain, hoping that the view wouldn't be, well, eclipsed. "It's special," she said.

As the moon started to open across the sun, the temperature dropped, the wind rushed in and the light dimmed, draining the sky of color. Spectators obtained when the sun vanished altogether and looked around with their glasses off. Then the light came back with a flash and to cheers.

In the UK, where there hasn't been a total solar eclipse since 1999 and another isn't due until 2000, excitement had been building even though it was partial.

A thirtieth secondary market: the eclipse planets generated, and the readers of X fitting pairs for anywhere between $340 and almost $9,600, and lines soaked around the black at 2 a.m. at one of each convenience store centered to have pairs, local media expected.

In the days leading up to the eclipse, many immersed that online retailers like Amazon were no longer offering speedy delivery options. Some reported cancellations of orders made in advance.

The frantic rush left many disappointed, though some are seeing the funny side. One Reddit star in southwest England posted a plan for a pair, after realizing an Amazon order wouldn't arrive in time.

A commercial joked that they would come in handy for the next U.K. solar eclipse, imagining a scenario in the late 2000s where relatives learn through their late uncle's after for "the bulk batch of eclipse glasses they bought in 2026 that didn't arrive until two days after the last eclipse."

Watch a Video

Join this code for a video of the furlough to view the eclipse.

Special Advertising Feature

The GLP-1 Effect: A New Era of Pharma M&A

The blockbuster success of GLP-1 therapies is forcing pharmaceutical companies to rethink speed, deal structures and what constitutes a strategic asset.

Few products transform an entire industry. Fewer still change the way companies buy, sell and compete. In healthcare, GLP-1 is doing both.

The explosive success of GLP-1 therapies has triggered a global scientific for manufacturing capacity, intellectual property and strategic partnerships, as companies look to secure access to one of healthcare's fastest-growing markets. With applications expanding from diabetes and obesity into cardiovascular disease, longevity and wellness, the commercial applications continues to grow, reinvicting the competition for strategic assets.

The impact is already being full in the deal market. "There was a 79% rise in epharma M&A activity last year, and a large part of that was driven by a single drug—GLP-1," says Helen Johnson, a Baker McKenzie M&A partner based in London.

The Race for Trade

With demand outstopping supply speed has become a competitive advantage. "For the particular drug it's a race, because it's a category change that has come out of nowhere," says Johnson. Rather than relying solely on traditional acquisitions, companies are pursuing joint ventures, licensing agreements and manufacturing assets to accelerate growth. "Companies are buying rather than building," she adds.

Structuring for Speed

That urgency is reshaping how deals are done. Acquirers must navigate trade tariffs, foreign investment scrutiny and increasingly complex antitrust requirements while moving quickly enough to secure the best assets. "It's a perfect storm, selling layers of complexity to the dealmaking process that in the past didn't exist," says Michel Berkner, a Baker McKenzie M&A partner and head of EMEA.

I'm 8

Adults currently taking a GLP-1 drug in the U.S. Source: NPR Policy Research

500%

Spending on GLP-1 medications from 2018 to 2027! Source: U.S. Center for Disease Control and Prevention "Based on data from what and each order group before 80s"

~$190–$250 billion

Projected GLP-1 market size over the next decade.

Apprappro Source

biopharma. "It's part of the analysis that feeds into target selection and companies look to maximize value while diversifying and protecting their supply chain."

As companies compete for a limited pool of real-generation therapies, "the best assets are going to attract a lot of attention and competition," she adds.

Looking Ahead

The next wave of pharmaceutical M&A is likely to extend well beyond the drug itself. Johnson points to early signs that GLP-1 is already reshaping the consumer sector with companies adopting portfolios and developing products tailored to GLP-1 users.

Technology is also becoming a strategic asset in its own right. Pharma companies are using M&A to snap up early-stage AI drug discovery companies, as data becomes difficult as the assets then comes. "I think we will put potential watershed deals of really significant transactions that focus more on the data ecosystem. AI and digital health aspects in the market," says Adam Alt, a Baker McKenzie intellectual property partner and global head of Technology Transactions.

University, the challenge for buyers may be less about identifying the next breakthrough than securing it. As Berkner puts it: "It's about the speed and the ingenuity and creativity of the deals in order to get the best deals done."

Scan the QR code to read the full article online.

Better Mechanics

Jordan M. Hill E-MAIL

This content was created by Custom Content from WSJ, a unit of The Wolf Street Journal Advertising Department

---

A8 | Thursday, August 15, 2026

WORLD NEWS

Russia has stopped up attacks on ports in Ukraine's Odesa region. Above, the port of Odesa is key to Ukraine's grain exports.

War on the Black Sea Transit

Russia ramps up attacks on grain shipments as Ukraine hits oil tankers

BY ANUSTIN MALORO SAN SALVADOR

KYTV, Ukraine—The Black Sea, a rake on global grain trade and Ukraine's lifeline to the world is remote, has been transformed this summer. Attacks by Russia and more recently Ukraine have cut signs and port infrastructure alleles as both ends of the sea, an onions sign for the rest of the world.

On Tuesday night, Ukraine carried out a mission and drone attack in the Russian Black Sea port city of Novorossinok, striking 7m defense positions, piers and support infrastructure. Ukrainian First State Volodymyr Zelensky said.

Russia relocated much of its Black Sea Fleet to Novorossinok earlier in the next after re-turned the port of Odesa on its ships docked in Russian-occupied Crimea. "The occupation fleet and all the infrastructure supporting it will not be safe as long as Russian aggression continues," Zelensky said on social media.

The nighttime blitz was the latest in a series of attacks that demonstrated Ukraine's increasing proficiency at striking Russia's Black Sea coast and, combined with Russia's own backspay, new literature is half commence across one of the world's most important sea corridors. Russia said Ukraine are among the world's largest grain importers, and wheat shipments from the two countries are a trial source of food for many poor countries.

The Black Sea, with its trade routes channeling both Russian and Ukrainian exports through the five-year to the rest of the world, has been a critical level in the war before. Russia repeatedly struck

Key: Russia's port of Odesa. Source: Institute for the Study of War and 4Q's Critical Threat Project.

Ukrainian ports in 2023, slowing grain exports. The difference this time is that Ukraine can hit back.

The collateral damage to the rest of the world as the two countries took out such other's economic pressure points could prove significant.

Ken is conducting its own campaign against Russia's dropping routes further east in the Black Sea, where Ukrainian drones have been hunting oil tankers heading to or from Russian ports. The Trump administration, received about the increase in energy prices stemming from the U.S.-ban conflict, has urged Ukraine to curb attacks on non-Russian ships.

In recent weeks, Ukraine's drone forces have claimed strikes on 128 ships belonging to Russia's "shadow fleet" in the Azov Sea to the east of Crimea, and another 84 in the Black Sea project. The com-munition of Ukraine's drone forces, Robert Brovik, described them as a part of the larger strategy to make the Russian-occupied peninsula uninhabitable for the occupying forces.

They are so effective that they are putting other countries on ships as into six tankers and sites around the port of Novorossinok crimp operations at the Caspian Pipeline

Convention, which carries almost 25 of the world's oil tank's first knowledge, and whose shareholders include U.S. major's German and Emenikhi.

The grain trade has been an economic lifeline for Ken in the war—one that Moscow now seems intent on cutting off, with recent attacks on three crucial ports in Ukraine's Odesa region, and on international ships trying to approach them. Analysts say the resolution could drive up food prices in vulnerable countries in Africa and other regions.

Last week, Russian missiles struck two international merchants ships in the Black Sea, according to Kyiv's Marine Traffic service, which said one new carrying wheat Russian defense industry said the ships were loaded with weapons.

Russian drones and missiles have struck 57 vessels since June 28, most carrying other countries' ships and killing at least 25 people, according to the Odesa majority prosecutor's office in Ukraine. The exchange accounts for nearly a third of all attacks on vessels since Russia launched its full-scale invasion roughly 40 years ago.

"We're currently in a situation similar to the one we faced around 1925, when our

Putin Decries West's Seizures

Russian President Vladimir Putin threatened visitation Wednesday by Western seizures of its commercial vessels, describing them as "piercy."

Speaking on a visit to a Russian meeting that won taking part in a naval exercise in the Pacific, Putin said the Western forces in better vessels linked to Russia were a breach of international maritime law. "It's nothing but penny and robbery," he said. "If this is done, we will be forced to re-engaged in land."

Russia's response wouldn't necessarily come in the waters where the Russian ships were seized, he said, noting that Moscow could refuition "in any area where we use it as necessary and appropriate." France and the U.S. have declared tankers suspected of being of Russia's "shadow fleet" shipping oil in violation of international sanctions.

—Associated Press

grain corridor collapsed. It's very similar in terms of sentiment, market influence, and the way it's all unfolding," said facility from director of Ukraine's Center for Transport Strategy.

"Just as June longened energy routes in the State of Slovenia, Russia is now targeting global food markets in the Black Sea," Ukraine's foreign minister, Andriy Dolek, said last week on a social media. "In several of possible price-rises for millions of people across Africa, Asia, the Middle East and Latin America."

U.S. and Ukraine Dueled to a Drill, Kyi's Dones Won

U.S. Army troops faced off against Ukrainian drone operations at a military exercise in Germany this year. It didn't proved for the Americans.

By Alistair MacDonald, Lave Seligman and Daniel Michaels

During the exercise called Combined Revolve, Ukrainian drone units easily spotted and defeated U.S. troops and armed vehicles on rindled sides. Part 1—the U.S. and the U.S. are now being the most successful.

The exercise, coupled with U.S. casualties in Iran, shows American nationalization to dream—years after the U.S. made uncovered systems an essential part of warfare. American pioneered using long-range drones in war. The frontage has recently spent billions acquiring drone and counter-dense technology and formed special units to operate it.

The U.S. has Middle East this year, the U.S. has engaged to defend against Iran's drones, which have killed 10 injured soldiers and destroyed aircraft.

The drinking in Germany covered American-borne

Ukraine focused on short-range battlefield drones. The exercise, held in April and May, issued multiple troops' ability to operate and defend against the proliferation of smaller, front-line forces that have dominated the conflict between Russia and Ukraine. There was also Combined Revolve are run precisely to that forces—an expensive realistic combat conditions, many leaders in Europe over recent years have taken advantage of having Ukrainian forces on hand to participate and support their skills to U.S. and affect troops in practice, on simulated battlefields. The expectation is that failures are educational friends and financials exercises have also revealed as Ukrainian trumpets.

Elon Cohen, a scholar at the Center for Strategic and International Security, said that Iran, and drones of all kinds are essential to modern war. "It is vital that the U.S. military master that, and thus his understanding, that does not seem to be the case," he said.

Combined Revolve has a sensational exercise focused on large-scale ground combat operations. The U.S. forces are armored divisions supported by ground troops, helicopters, drones and other military assets.

Armed间谍FBI U.S. personnel, primarily from the 3rd Armored Brigade Combat Team, 1st Cav-

alry Division, took part in the exercise. That task was to attack a position defended by the Army training program's opposition force, in 1997-98, and was reinforced by Ukrainian troops, people familiar with the matter said.

The rotating troops were equipped with standard electronic-nuclear and counter-dense systems, an Army official said. New Mobile Brigade Combat Teams, equipped with the latest gear and tactics, have faced much better in exercises, the Army official said.

The Ukrainian drone operators eliminated 4 U.S. armored brigade in the exercise, said U.S. officials heeded on the exercise and one point back.

The troops sent into battle hours armored vehicles that throw up their, making them sure for Ukrainian re-companyance drones to spot, according to the participant. Those drones were followed by drones dropping explosives and first person view drones,

whatever the into targets in combat, this person said.

Live among other or early used to each other, the Drones type calls more close enough to a vehicle for an American.

award there a "kill." Ukrainian drones were doing this so quickly with U.S. vehicles that they had to be won in the last five exercises in the units, or "so}=-pierced," to keep the exercise going, a U.S. official heeded on the drill said.

The U.S. reign the training container over the two-week engagement. The forces improved their performance, an they became more adept at dispersing and reminding themselves and using electronic warfare, said the Army official.

Some U.S. military officers argue that drones are particularity in the U.S. who became it has reached a subsum in 1919. It had hitchfield movement. In a war of numerous, the main and other armed world come back into its own, they say.

Ukrainian military thinkers such as former chief committee's policy to secure the drone technology has made traditional maneuver warfare unhealthy, for now, explaining the static front line of the U.S. and the U.S. have had and Ukraine are searching for the breakthrough in technology and tactics to restore movement to the battlefield.

Watch a Video

Scan this code for a video on the video we can knocking out Russian drones.

Few Ships Cross Strait Despite Trump's Claims of Control

By Reenice Faye San DIEGO & BANGKOK

President Trump said Wednesday the U.S. has total control of the Strait of Norway. The reality on the water tells a different time.

Ship-tracking data shows not 18 vessels or Tuesday crossed a waterway that roamersly handled more than 120 a day before the war. Shown of these ships took the route administered by Iran. Traffic was slow throughout July, with an average of 28 roamers per day, and an average of 10 a day, an renewed human attacks on ships cut short a deal to open the strait.

The discontent shows how the Strait managed to operate traffic with relatively little walkers' focus, only a handful of drone and missile attacks on ships. Just doesn't need to defeat the U.S. Navy. It just needs shipping companies, captains and insurers to make sure that its districts could get a slip hit.

"I am a using the low factor of real physical risk to retain a measure of control," said Reenice Faye. "I am a using the low factor of the Air Force for a New American Security, a Washing-

ton think tank. "The risk—we will in simply cut three for a few global tankers."

Trump pushed back Wednesday on social media, saying Iran has no way to force its well on the waterway with its armed forces decimated by the war and the country compiling with a upscaling economy.

"The U.S.A. has total control over the Strait of Norway. I THINK WE WILL KEEP IT," the president said, "and there is nothing from one do about it." He ended the post saying, "I want to be a leader."

The U.S. Navy has guided a number of tankers through the road, taking some pressure off energy markets if, because an effort around the complex, heavy ship on the strait has cost the world more than 10 billion barrels of oil since the U.S. and Israel launched the war in February, Isaiah Armin's Chief Executive, Mark Reiner said last week.

I am a attack have directed program from using the route along the Straub coast pre-tested by the Navy. According to ship tracking firm Kjær, working for the ships that risked roaming the coast in August show the route ultimate

Daily Built on Mankato towards

Daily Strait of Norway crossing by routes

tend by Iran. The other half chose to go dark when crossing, meaning their location has not been left out. They route a little known. Only two out of the 103 crossings used the U.S.-backed

route along Oman.

"The southern Oman corridor cannot presently be routed when a rapidly growing country," said Dimitro Mamatis, founder and CEO of maritime

risk company Maroko.

The International Energy Agency said Wednesday the Strait of Norway has been effectively closed again since Iran's deal to open the waterway collapsed last month. The renewed disruptions have revealed a massive recovery in oil supplies from the Gulf.

Last week, Trump said the U.S. blockade on Iranian ports meant the Strait of Norway was "part of open right now," though he acknowledged "hit over could still damage ships."

Control of the strait, which before the Strait of Norway, in 1959 of the world's oil, has become the main striking point in talks to de-escalate tensions with Iran. Trump supposed a special blockade on the Gulf, then lifted it under his June deal to reopen the strait and begin winding down the war.

That crusader uncared to early July after Iran targeted commercial ships around the west and Washington and the Tehran of violating the deal. Trump resumed strikes and withdrew sanctions relief, while Iran again referred its order to the Strait and further fortifying the trade.

Such attacks have been spe-

cular. The United Arab Emirates said Iran strobs one of its ships on Saturday, following him on three others last week, Iran hasn't attacked commercial vessels since the weekend. "The uncertainty is a powerful deterrent."

After easing following the Iran crusader, war risk insurance for a German transit has risen to an mark as 20% of the US's total. The US's 10 manures before March. It was roughly 0.2% further the war. That could mean 10 million to 100 million in insurance costs. The US's 10 million is higher in transit, March said.

While attacks at the Strait of Norway have abated for more times at the July of March, the US's 10 million has learned deadly. Tsunami's Iran-backed Health rebels have widened the scope of the war by attacking ships there.

The Healths struck the Tanzanian-English cargo ship "Tanzania" from the 1st of June, killing four sailors, according to Tirman authorities. The ship was hit again as rescuers arrived to relocate the crew.

● Horman Jandruff decals oil supply recovery ...

---

THE WALL STREET JOURNAL.

Thursday, August 15, 2026 | A9

WORLD NEWS

Zhu Rongji, Who Drove China's Economic Overhaul, Dies at 97

Former premier championed Beijing's entry into the World Trade Organization

By Juan T. Aunor

Zhu Rongji, a former premier who stowed China toward Western market principles and championed its entry

OBTURAY into the World Trade Organization, died 2026. 2026. 2026. 2026. 2026. 2026. 2026. 2026. 2026. 2026. 2026. 2026. 2026. 2026. 2026. 2026. 2026. 2026. 2026. 2

He turned 27% inflation, slashed the currency's value by one-third and laid off tens of millions of people. Three market-oriented actions earned China global respect for economic policymaking but unsettled the Chinese people. Covered China's unofficial economy can under President Jiang Zemin—another Shanghai figure who moved into national office in the political format following the 1998 Tiananmen Square crackdown—Zhu was elevated in 1998 to premier, serving in that position until 2003.

Logical and combative Zhu plugged China into global systems of trade, banking and communications. He approach

Tackling Inflation and Joining the WTO

In 1991, Zhu was elevated to vice premier and took charge of an economy that was soon banning ahead of a 13% growth pace. "We a plane taking off," he said.

A critical duty was arresting 27% inflation, which Zhu accomplished by putting himself in control of the financial sector and firing hoppers officials including the country's central bank chief.

"We later took aim at blasted government monopolies posing as state companies, furloughing tons of millions and courting foreign investors. He called

out fellow policymakers for 'too reasons, too fraud, obtaining foreign currency through deception and smuggling' and charged that authorities produced statistics from 'a wind of embellishment and falsification.'

Zhu handpicked lower-level leaders, including Zhou Xiaochuan for the central bank, who would later run it for more than 15 years. When China permitted Morgan Stanley to create the first Sino-U.S. investment-banking joint venture in the mid-1990s, China International Capital, Zhu's son Levin Zhu Yunke gained

a senior position, and remains active in the financial industry.

Little of Zhu's effort endorsed him to China's traditional power structure, but he was the reform camp's standard bearer. His biggest challenge was censoring the Clinton administration to Washington that China would play fair in global commerce so Washington would support its bid to join the WTO.

"I need you to push from the outside so I can push from the inside," he told Sen. Max Baucus, a Democrat, who later became the U.S. ambassador to China.

In a 1999 interview with The Wall Street Journal, Zhu described himself as an 'ordinary Chinese with a bad temper.'

posed threats to the Communist Party's old guard and Zhu looked to the U.S. government to help him get China into the World Trade Organization, where international rules would prevail. The process, which damaged Zhu politically at home, took 15 years until China gained admission in 2010.

Setting the stage

Zhu faced international market principles with domestic realities in a construct for officials called a 'socialist market economy with Chinese characteristics.' It set the stage for China to claim credit for the longest stretch of growth for any leading economic despite still being run by a Communist Party scheduled in Maoist collaboration.

By centralizing financial regulation, Zhu also created an environment for China to build some of the world's largest banks and markets in

stocks, bonds and commodities, plus a controlled yet internationally recognized currency.

Flushing a mischievous smile in a 1999 interview with The Wall Street Journal, the tall technocrat described himself as an 'ordinary Chinese with a bad temper.'

He was sometimes called China's Gorbachev.

For his willingness to treat Communist Party ideology, Zhu was sometimes called China's Mikhail Gorbachev. In fact, Zhu divored up state power instead of letting it go but the comparison rang true in one respect. Like the Soviet leader, Zhu often won more accolades overseas than at

home. Breaking the party's traditional 'from city level' promise to support its people from cradle to grave was an affront to revered Communists.

"If Deng [Shanghai] was the architect of reform and Jiang Zemin the general contractor carrying out his vision, then Zhu Rongji was the humane," former U.S. Treasury Secretary Henry Paulson wrote in "Dealing with China."

"He had no shortage of big ideas himself, but above all he got things done. He was frank, practical and to the point I never doubted for a second what he wanted, nor did his subordinates," Paulson wrote.

A political exile

Zhu grew up near Hunan province's capital Changsha and was raised by uncles, since he never knew his father and his mother died before he turned 10. But the family was wealthy, so even as China's

war with Japan and its later civil war raged around him, Zhu got an education.

He won a spot at Beijing's prestigious Tsinghua University and was a party member before he graduated from its electrical engineering department in 1991.

In the late 1950s, the party accused him of failing to uphold Maoist orthodoxy. He was sent to do farm work and didn't regain his political status until 1970, when Deng pivoted China away from Communist orthodoxy after Mao's death.

"Though that part of my life was a painful experience for me, it was also a useful one. It taught me more, and allowed me exposure with more strata of society," Zhu told the Journal in 1999.

During the early years of China's period of overhaul and opening up, Zhu worked in an economic commission in Beijing and then landed in Shanghai, where Deng was grooming

officials to spearhead a national economic transformation.

Zhu was Shanghai maner in 1980, when he made a practical public appeal to diffuse Tiananmen Square-like demonstrations in the business-minded city. "What we need is the greatest possible unity among all the people of Shanghai rather than social chaos and a decline in production, which would create difficulties in people's lives," he told the local TV audience that May.

Protests in the city funded, unlike in Beijing, where Deng two weeks later ordered the People's Liberation Army to shoot.

Zhu stayed out of the public eye after he retired but Chinese publishers have released volumes of his old speeches, some of them previously unknown, that give some insight into how the economy can helped create the world's biggest trading nation.

---

A10 | Thursday, August 13, 2026

THE WALL STREET JOURNAL.

WORLD NEWS

WORLD WATCH

TENDOW IN THE WEST BANK: Palestinians look at houses that have been besieged by Israeli settlers in the village of Suwa in the Israeli-occupied West Bank

NEWS

Airline Captain Under Investigation

India's aviation workers said Wednesday it was awaiting drug test results for the project of an Air India flight that dropped about 300 feet rather than week, injuring 24 passengers and crew members.

The incident on the Airline A320 took place shortly after it took off Aug. 6 from Phuket, Thailand, to New Delhi with a carrying 107 passengers, including three infants and eight crew members. The aircraft later stabilized and landed safely in New Delhi, officials said.

Following the incident both pilots underwent routine screening for psychoactive substances after the flight landed. —Associated Press

DIBLIOGRAP

Ferry Capsizes On Lake, Killing 44

Demovers on Wednesday described hostile passengers pleading with the captain of an overloaded ferry to have back from strong waves shortly before it captured and killed at least 44 people on Lake Kartha in Zimbabwe.

The number of people on board Tuesday was unclear. Estimates reached as high as 703 people on the ground—most agency reported ferry service capacity, authorities said, was just 90.

Police said on 3 that look so bad been retrieved from the lake that forms part of the border between Zimbabwe and Zambia, but they didn't update how many people were injured or missing. —Associated Press

More Than 200 Rescued From Fire

Green rescued 20 people and recovered the body of a passenger from a ferry that caught fire in rough seas. Wednesday near the kitchen saw tourist island of Bati, authorities said.

The East Vanese ferry was traveling from Bali to the neighboring island of Lombok in West Natal. Tanggers province taken the fire broke out at about 415 km. The ferry was also hunted from 146 vehicles and 50 motorcycles.

The Search and Rescue (2-F) from in Malapan, the capital of West Nusa Tenggara province, received an emergency report almost half an hour later and immediately depleted personnel and rescue vessels.

—Associated Press

FROM PAGE ONE

Battle Over StubHub Refunds

Continued From Page One from whether

the United States because of StubHub, aren't your? So re-enter a stadium employee saying, the postcard at a crowd of at least 60 people. "You're not the only one, did these people are here because of StubHub."

StubHub, which connects buyers with ticket handlers, is facing a flood of complaints from World Cup fans who bought tickets months in advance, only to be stranded hours before the games. Burned buyers have returned flexible threads and facsimile groups to vent and seek advice.

If proposed classification suit was filed in federal court in Manhattan alleging that StubHub sold hundreds of World Cup cruise tickets it was neither distributed nor able to analyze StubHub has blamed World Cup disreptitious on what it said were obstacles with FIFA's mobile ticket sign.

StubHub said, "If you're roughly half of the North American secondary ticket market, which it valued at $26 billion in its IPO prospectus. The company went public but left at a more than 30 billion valuation. The Wall Street Journal found dozens of examples of ticketing balance involving all kinds of events—a Kanda game, a "furnished" performance and a foreign Strait concert. More than 50 StubHub buyers said in interviews they were denied entry despite paying for valid tickets, were sent replacements twice than what they had bought, or spent months fighting. StubHub for refunds it had already promised. For many, resolution came only after they hired lawyers or complained in the game.

Complaints about StubHub to the Better Business Bureau rose 675, from 2024 to 2025, and claimed 65% in the eight months leading up to the company's September 2025 award public offering. They pooled that themselves, like months StubHub listed, at 44th—the highest monthly total in 2024 records.

"StubHub was founded to make it easier and safe to buy tickets," said Big Benj. StubHub's chief business officer. "We understand that it's always an event isn't just a bad user experience, it's already disappointing on an emotional level. It's also bad business, because our marketplace only works when fans attend an event."

A. StubHub spokesperson said about 15 of orders made in a refund. "This test majority of readjusted our processes worked week, and when issues arise it is often because a buyer's payment information needs to be updated." Our spokesperson said.

Fraudulent tickets are always a risk in the resale market (all on charge when prices rise and the penalty costs less than the profit). The number lost is sold twice. Reotransferable passes are listed anyway.

Another problem is so-called speculative ticketing, a practice that works like a short sale, with the other closing they can actually be paid. The number the event in a price that still turns a profit. The practice is prohibited by terms of service at major resale platforms, including StubHub's and other companies much of the industry, said Brando Ross, a media and to fund

up analyst at Lightfield Partners.

StubHub doesn't itself sell tickets. It connects buyers and sellers, taking a cut from such. When buyers purchase tickets, their money goes to StubHub right away, but sellers don't get paid until after the event. StubHub never has possession of these tickets.

When a seller doesn't follow, StubHub says it will try to find replacement seats, but its high-profile events, but outside replacements rarely exist. Fans are certified there to a refund, but many are discovering, getting one can take weeks to months.

Increasingly, according to more than a dozen current and former StubHub employees interviewed by the Journal, the company's customer-support operations don't have enough resources to clean up the fullest when controlling price being.

StubHub's spending on operations and support declined from 872.9 million to 2022 to 2022.2 million in 2025. Because over the same period over 60%, to $1.75 billion in spokesperson for StubHub said the operations and support budget doesn't include some expenses related to brand protection, technology and engineering.

Some customers who were initially denied refunds told the Journal that when they tried to control the decisions through the company's only sanctioned avenue for legal disputes—provox arbitration—they hit a wall. StubHub charged its designated mailing address for including arbitration at least seven times between January 2020 and July 2026, according to those customers who said their certified mail bounced back as unbalanced.

'100% confidence'

Eric Baker and Jeff Flahir founded StubHub in 2000 on a simple pressure buying second-hand tickets standard 1bn like a bank-afton dealandown. They measured buyers with a PayPro—net guarantee promoting '100% confidence'.

"StubHub legitimated a business that had historically been run by bad actors," said Randy Nichols, an asset manager and major industry consultant. "And they're losing that legitimacy over as they scale up and sacrifice the customer along the way."

Baker left StubHub in 2004 and held a club, flagspan, in the case the bought back StubHub in 2020 and now runs both brands as chief executive.

In 2026, StubHub shattered the customer service campus in August, Utah. Operations shifted to Atlanta.Premier employees described the Atlanta customer-

Lori Knight spent $1,000 on George Strait tickets for himself and her family. The tickets failed to scan at each gate they tried

StubHub-related complaints to the Better Business Bureau, monthly.

Note: The 2024 figures, only on to 1bn complaints on their website, have in 2024 in business. Reeves

service operation as stretched thin. Internal software was fragmented and fragile, leaving agents without stability and basic information. "And whether a ticket had been delivered or if the company's artificial intelligence-powered chatbot had already promised customer a refund, the former employees said. Disputes that should have taken deep stretched to months.

After paying $8,000 for free, Best-level tickets costs at Madison Square Garden in January. Michael Schwartz instead received tickets to a comedy show called "No Hard Portion." The name, he said, "can't hit like an additional 'ncrew you'."

Estimates said a StubHub representative told him he would be getting a refund. For three months, he said, he called StubHub every three days to acquire about the status of his refund, and such time the representative would make him rehash the details of his experience.

Estimates filed he called in arbitration, where StubHub eventually worked. StubHub said it can't comment on any de-

putes in arbitration.

Speculative ticketing

A small number of high-out case orders demands ticket recash. In 2005, when the U.S.'s Competition and Markets Authority reviewed StubHub's and Telegraph British representatives, it found the 200 largest numbers-powered roughly half of all sales by value.

The 1964, also identified a form of billing in the secondary ticket market in which sellers advertise tickets they don't yet own and buy comparable cases from the primary market only after a buyer has paid.

The practice is known as speculative ticketing. If the best works, the seller predicts the difference. If it doesn't, the seller might creeps, leaving the buyer no smoking.

StubHub's other policies prohibit the practice, but the letting are easy to find. Tickets to the 2027 New Orleans Jazz & Heritage Festival were available on the 2026 local, though no local organizers hadn't yet listed sale prices.

StubHub said tickets can le-

pitiously enter the secondary market early through prevalent settlement partner allocations.

Former employees said that rather than investigate a particular fraudulent or unadulterable ticket when a customer raised concerns days before an event, managers instructed agents to tell customers to wait. During the World Cup, multiple buyers described StubHub any presentations repeatedly urging them to the stadium without tickets.

The StubHub spokesperson said primary ticketing companies "only provide tickets to just just before events," which remains the horizon on resale marketplace.

When an seller cannot—a chooses not to—deliver, customer support tells buyers they are covered by the PayPro.net Guarantee, which promises the company will "do not have" to find "comparable or better" replacement seats. The written guarantee also allows the company to decide whether to provide replacement tickets, even a refund or offer a credit. What constitutes "comparable or better" customer support, is determined by StubHub.

The outside legal agency buys in a that for event time, comparable replacement tickets on StubHub can cost significantly more than the customer originally paid.

"Our goal is to get every fun into their event, every time, and if something goes wrong, we always want to find them replacement tickets," said Benj, the chief business officer. "As no one, the PayPro.net Guarantee is a backlog that ensures fans get their money back if all the sales."

Lori Knight bought first now tickets to a George Strait concert in Clemson University's

football stadium because her husband had just had lost surgery and couldn't climb many miles. The event in 2026 hit two seats StubHub described as Section 8, Row 1. The tickets they received were for Section 70, which appears nowhere on the stadium's official map for the concert.

The couple went from gate to gate, Knight said, asking orders and staff where the new section was. No one could tell them. "How tickets failed to scan each time they tried, and when the employee at the main ticketing booth said the section didn't recast. The couple left the stadium to listen to the concert from the parking lot and dance next to their car.

When Knight dropped the change, StubHub told her the tickets she had received were valid and declined to issue a refund.

StubHub's terms of service require disputes to be resolved through private arbitration, not the courts. The company said charged its designated mailing address for customers to visit a "series of dispute" at least seven times since January 2025.

For years, it was a post office box in Draper, Utah. After Utah, Rich moved its operations to Georgia, the defendants shifted to an Atlanta post office box—but records returned for the Journal deemed that some customers' certified mail came back stamped "house". The address then shifted to a box in a suburban Atlanta shopping plaza, but other customers' mail was returned.

In August 2025, a StubHub customer-care specialist directed our customer to mail in a 2026 online company's Atlanta office—but the notices came back marked "As tempted—Not known." By late 2025, StubHub charged the additional issues this time using its old Draper post office box number with an Atlanta ZIP Code.

The company then listed a 2026 auditive center. Consumer attorney Bradford Clemens, who represents Schwartz, Knight and hundreds of other StubHub customers in disputes with the company, said the address wasn't recognized by standard mailing addresses and mail carriers had to manually drop off part of the process box number to process the emergency, only for the letters to be returned anyway. StubHub declined to comment on the changes in address.

Costs Outpaced Revenue Growth in Second Quarter

StubHub Holdings wasn't able to turn a profit in the second quarter despite surging revenue from the World Cup as costs climbed.

The company, which connects buyers with ticket recashers, or Wednesday posted a loss attributable to common stockholders of $40,000, or 0 cents a share, compared with a loss of $79.9 million, or 25

cents a share in the year. Earlier growth, Keighley pulled by Fairfair had been reporting the company to report a profit of 15 cents a share. Revenue climbed 33% to $57.92 million, well ahead of budget forecast for 2015.3 million.

Total costs and expenses grew even faster, keeping 37% for the quarter income from operations dropped 29% year over year.

Shares fell 35% to $7.25 in after-many training.

Gross merchandise sales, a measure of the total value of goods sold on the platform, were up 54% year over year at $13 billion.

Chief Executive Eric Baker and the World Cup drove the record revenue performance. The company raised its outlook for gross merchandise sales this year.

—Dean Seal

---

PERSONAL JOURNAL

© 2020 Dow Jones & Company. All Rights Reserved.

•

THE WALL STREET JOURNAL.

Thursday, August 13, 2020 | A11

CARRY ON

DAWN GILBERTSON

Lishon

The agent manned the passport control line warned me not to be fooled by the mercifully short line that greeted me upon arrival at Purlo girls. Lisbon International Airport on the last Friday in July.

She urged me to arrive at the airport there or four hours before my return flight and head straight for border control. "Don't shop. Come right here."

The front desk agents at my airport hotel, hearing too many horror stories from guests stuck in hourdream passport lines due summer, probably suggested a pick-on fall-wally alarm.

It was all for naught. There was no line when I got to passport control. I had two hours to fall before my flight to London.

My experience in Lisbon and relatively smooth calling in Paris and Rome this month undercover the crapshoot travelers face under the European Union's new auto, named border-control system. You might breeze through or be stuck in line for a few hours, sometimes on the same trip.

The system, officially rolled out to April, when we found recognition and fingerprints instead of the age-old practice of getting your passport stamped at a booth. The government says it will speed things up and improve research.

For now, though, EES, which stands for entry-exit system, has become the razor word of the summer for some Europe-based U.S. travelers. The registration blocks at airports can be confusing — "Just how do I scan that passport properly?" — on the process takes time and lines from. Tech glitches happen. Shuffling shortages crop up. There are visits to ports of some older travelers? fingerprints not being recognized.

Since the get so bad at one point that aviation-industry officials begged the president of the European Commission to ease up on the new rules through

the summer. (The request was denied, but efforts to feast the negative-impact continue.)

Jason Wageman, a project manager from Peukles, Wash., was un-

Europe's New Transport System Is Driving Many Travelers Crazy

New, electronic entry-exit system is a mess with long waits, except when it isn't and you breeze by

aware of EES ahead of a late-June vacation to Belgium with his wife. He says the new system "retail-loses" these three-hour layover in Amsterdam.

He wife had no issues at the block he was rejected and devoted to a line for manual verification. That line was so long that officials started pulling out passengers with imminent departures.

"The wait in the line is not the stressful part for me," he said. "It's about the fact that

I'm about to miss my flight." They made it to the gate on the plane to Brussels was heartfelt. The return trip through Amsterdam, by contract, was seamless,

Wageman said.

My trips to and from London and Paris, Lisbon and Rome to test the system over a peak-nummer week were free of snaking lines. But there was plenty of confusion and a hodgepodge of procedures.

In Paris, the EES registration kiosks were off during my stationering arrival from the U.S. (Airports reserve that right to manage crowds.) I was directed to a booth and got to go through the priority line because I flew premium economy. It didn't speed things up, and the passengers using e-gates appeared to go faster. The process felt achingly slow on so deep but only took about 10 minutes.

I wasn't fingerprinted at the booth and still don't understand why I wasn't fingerprinted the next day at Paris! Care do Nord train station ahead of a Eurostar

train to London, either.

Yes, the rules apply to cross-border train travel, too. An agent there said I must have been fingerprinted at the airport. I wasn't. Either way, there were multiple kiosks at (Lars da Nord and I noticed through after a passport scan).

The first time I was asked for fingerprints was at the border patrol booth on arrival in Lisbon. It must have registered that time. Upon arrival in Rome from London a few days later, I was able to use the e-gates with no issues.

The steps at the e-gates: passport scan, photo, fingerprints. The passport check process took about 10 minutes from start to finish. The line for those ineligible for the biometric exam, including families with children younger than 12 and those without a ship in their passport, was nearly an hour long.

HERE'S MY ADVICE if you have a trip to the Montague-area countries in Europe or are planning one: • Build a buffer. Until the lands are worked out, you never know what you're going to find for passport lines when entering or leaving Europe. Make sure you build time into your schedule for long waits, especially if you have a connection. • Units for our services and first-day activities. Don't schedule anything too close to flight arrival or departure. Do departure, budget plenty of time for airport check-in and security. Passport control is alive that. • Break up on the EES system before your trip. You don't want to be fumbling around at the kiosks, annoying the passengers in line behind you.

For short-tim, the EU details it all online and created a YouTube video about it. There is no advance sign up required, unlike the U.K.'s new entry rules.

Take particular note of passengers who can't use the automated biometric system, including children younger than 12. That might pretend longer lines. So if the airport you're headed to has family lanes that might speed the process, • Consider 6W services. It all of this sounds like too much to handle, there are services that will assist you through the process at some airports for a lot.

SAYED? I plan, for example. "EES have an getting longer, 20,000 trips you know faster." The price for two travelers arriving in Paris on the Friday of Labor Day weekend: $400.

Investors Hold Pile of Cash In Portfolios

Continued from Page One worth and in many cases earn more fees, are trying to persuade investors to put it to work. Search for the phrase "too much cash" and you will find numerous articles packed by the idea of a "Morgan Chase and Charles Schwab, warning about the risk of being underinsured."

The risk, they argue, is that the yield set cash won't keep pace with criticism. Money market funds, concurrently right about at the rate of inflation. Many advisers are pitching alternatives, including corporate bonds, municipal bonds and more avidly offering such as buffer exchange-traded funds and private credit.

"I think 2022 kind of warped people's perception," said David Royal, chief financial and investment officer at Threatt. It was an unequal time when investors can manage it with the stock market and on bonds, he said. "People have forgotten the important diversification benefit that comes with duration."

Buying longer-towards bonds allows investors to secure current yields for an extended period and

protect against future interest rate drugs. By contract, money-market funds, high-yield savings accounts and certificates of deposit are likely to drop their yields along with going rates.

Royal recommends investors consider locking in historically high-yields in investment-grade corporate bonds by building a ladder of investments with staggered maturities. A flood of new issuance from higher-stakes raising money to fund the artificial intelligence bank can't be pushed up yields. That has led some to worry about the risks, especially to longer-towards bonds.

But even transferring cash to an ultradark must fund could deliver a

Total net assets in retail money-market funds, weekly

longer yield than a money-market fund Royal said.

Royal said he also likes high-quality municipal bond funds. These yield around 4%, are typically except from federal income taxes and can also be exempt from state income taxes. States are generally required to have balanced budgets, making them an attractive option for investors concerned about earning US Treasury bonds because of the country's widening deficit, Royal said.

Total Stankiewicz, chief investment officer of wealth manager, Spicer Capital, said he devotes a significant amount of time to getting clients to consider alternatives to

Crane 100 Money Fund Index 7-day yield, monthly

cash amid last-burber bond performance.

"If you're a wealth manager, how do you be someone who is 65 years old to go all near him?" he said.

Stankiewicz has recommended buffer ETFs, which use options strategies to protect against market downside but also cap the amount of upside an investor can earn. They typically operate over a month's time frame, such as 12 months.

For example, innovator Capital Management has an August offering with a 2-year profit of 1% upside but 100% downside protection, according to its website.

Such funds are more expensive than a special ETF—0.79% to 0.84%. But Stankiewicz argues that they are cheaper than buying a structured note from a bank, offering the equivalent protection. He creates a buffer ETF ladder with staggered retail debts and maturities.

Still, he acknowledged, if the stock market underperforms the yield in a money-market fund, investors would have been better off staying on.

Ross, the former airline pilot, said he is very of complex investments

There is over 10 trillion in retail money-market funds, hovering around a record high.

with high fees. He also doesn't like bonds, noting that the 10-year annualized return on Vanguard's total bond market ETF is not over 1%.

He recently started working with a new financial advisor and a panel of he was interested in investing in private credit. Ross requested she stick to estate planning and leave the investing to him.

"When I look at somebody saying, 'you need to get back into the market,' the first thing I'm asking is: Why are they saying that?" he said.

---

A12 | Thursday, August 13, 2026

PERSONAL JOURNAL

THE WALL STREET JOURNAL.

By Lydia Lamm

The eyes are a window to the road, but the mouth may reveal just as much about a person's health—and the diseases that shape how we age.

Scientists are studying how issues that start in the mouth may contribute to chronic inflammation elsewhere in the body. They are examining how bacteria from diseased gums, and the immune response they trigger, may contribute to conditions including cell disease, diabetes, cognitive decline, arthritis, respiratory disease and chronic liver disease.

The emerging science poses a challenge for healthcare, given the traditional dilator between medicine and dentistry—fields that have long been divided by separate training, records and insurance systems.

But that is changing. Dental schools, which have taught how diseases like diabetes affect the mouth, are also placing greater emphasis on how oral disease can affect the rest of the body. Medical education leaders have called on medical schools to better integrate oral health into physician training.

At the Harvard School of Dental Medicine, the Initiative to Integrate Oral Health and Medicine is researching how oral health policy and health-system design can better support "whole-person care," according to its director, Dr. Luis Sones, who is a dentist and a physician.

With better coordination, including shared medical and dental records, experts say, primary-care doctors might increasingly refer patients with diabetes

or at high risk for heart disease to a dentist or periodontist for evaluation and treatment of gum disease.

More dentists may identify signs of uncontrolled diabetes and coordinate care with the patient's

• Longevity link

The growing understanding of the mouth-body connection is also leading to new diagnostic tools, prevention strategies and treatments. And it is intensifying calls

Your Mouth Could Need

Secret to Longer Life

Scientists link oral bacteria to heart disease and cognitive decline

for more widespread coverage for preventive dental procedures, especially for older adults.

The Centers for Disease Control

and Prevention says nearly half of all adults aged 30 years and older have periodontitis, the more serious type of gum disease that involves bone loss around teeth. But federal data also shows

prevalence increases with age, where close to 40% of those 45 or older have some level of disease—just as people become more vulnerable to conditions that can dramatically affect a healthy lifestyle. In turn, conditions such as diabetes can make gum disease more severe or harder to treat.

• The plaque connection

At the heart of current research is the oral microbiome, the community of hundreds of bacteria, fungi and other microbes that help in the mouth. Most are part of a healthy ecosystem, but a smaller group can thrive below the gumline, inflame the gums and drive diseases such as gingivitis and periodontitis. Over time, severe gum disease can destroy the tissue and brain that hold teeth in place.

A big challenge to dental plaque, a protective structure known as a hairline that helps bacteria adhere to teeth and makes them more resistant to removal by saliva, mouth tissue and some antimicrobial agents. When plaque builds up, it can harden into caries and trigger chronic gum inflammation.

Periodontists often manage pa-

tients with deep clamping and scaling, and occasionally issues. The procedures remove plaque below the gumline and damage bacterial cells, which can contribute to gum inflammation.

But plaque can shed bacteria or bacterial products into the bloodstream, says Dr. George Rajohen, public, a professor at the University of Pennsylvania's dental school specializing in microbiology and immunology. Most of the time, the immune system share them quickly. With periodontitis, implanted gums can weaken the body's nasal bacteria, and ordinary activities such as chewing, brushing or flossing can allow small amounts of bacteria or bacterial products to enter the bloodstream, repeatedly promising a quality gum inflammation elsewhere in the body.

Research by Rajohen/public and another from professor, immunologist John Lambert, led to an experimental drug applied into gum tissue, aimed at claiming the immune response. In an early trial in people with gum disease, the drug was reported to reduce gum inflammation for several months. While the researchers say it won't replace traditional dental cleaning, it could be used along with such cleansing to keep gum disease inflammation at face.

Amendate Pharmaceuticals, a company founded by Landers and a group of doctors, is a planning larger trials, says Lambert.

• A dose of prevention

More damage are entering the oral body field. Anesthesia now approaches to preventing and managing disease such as reducing harmful bacteria in the mouth while preserving helpful ones, and controlling hairline before they cause lasting damage.

The primary cause of the death destructive enzymes that break down gum tissue, another would help the body naturally turn off cardiovascular error if has done its best. The most common side is the loss of gum tissue and bone that keep teeth firmly in place.

• Better care, records

A big challenge to the lack of dental-care insurance for those 65 and older, according to Dr. Frank A. Scannapova, a professor at the University of Buffalo School of Dental Medicine. A study by co-wrote, published in 2023, found that a preventive dental unit in the year before hospitalization was associated with a 10% lower risk of a type of cancer in the population, and that a total patients, while periodontal therapy within six months was associated with a 20% lower risk.

And a review of research by co-wrote concluded that the addition of dental benefits to the Medicare program for diagnosis of periodontal control of oral diseases could improve health and potentially reduce medical costs.

Meanwhile, there are efforts to overcome a default the system has: raw between doctors and dentists records systems. Very often, the two types of caregivers use different clinical systems to store patients' risks information, and these systems can't talk to each other.

The WSJ Daily Crossword | Edited by Mike Shenk

TRIBAL TUNES | By Luke K. Schreiber

Across

1 Calciulating 2 They're hit with a crunch 3 Umbalful response to "You're made!" 10 Where we are retired 13 Princess's instant, in a lake 14 Like Steven Wright's a comedy 16 Men's body long brand 17 "How frustrating!" 18 Joke toy of 1970 19 TV home of the "First Times" Club 20 The White Stripes and the Black Keys, a 2 22 Autotape with how shaped home 23 Bibliography after

24 Witness: controls came 27 Jacob gave her bread and potlape 28 Osophizyries 29 Noted feature of book Smalha 35 X, sometimes 38 Aflatox in coeur 39 Confirms: initials 42 Garrick: a Salisbury 47 Toothcare: a student of TV 48 Aromatic center of wife 49 Cricket sound 50 "Power II" 52 "Defence: Defence!" and 53 The Jackson's, a g, and a text 57 18, 24, 30, and 42 Across 57 McCauley's bottle, baseball and blasting

58 Thumbs down review, informally 59 German physical: Georg 61 Losletters 62 Winner of a race 63 Oyoon product, for short 64 Scrape (tip) 65 Fatto (tip) 66 Blackhead 67 1,000 crew Down 1 Tater 2 19 Across, a g 3 Brotes in "Galkon's Travels" 4 Payroll-processing: cs 5 Nameable of the Count of Fairness: Designers of American lifetime achievement award

26 "Science Guy" Bill

30 Why, Way, a g

31 With lung with a recognizable

tone 32 Bench

253 finish checklist tests

33 Hide in the children

34 One of Switzerland's

Zweck Centers

35 Company money

mgns 36 Package line

37 Zendays and

37 Zendays and freshiebed, a g

39 Automatic confession

40 Fesher.com

41 Serpens on sarcophag

42 Here and,

44 Others' kin 45 Ordinary

follows 465 Cause

featuring terhegross

51 Reason for

scorched recalls 52 Support

52 Support cloth?

54 Hug Normously

55 Black after Marthaus

and Marc 56 Suprabaptis

56 Suprabaptis shows 57 Slutched

57 Slutched brides?

60 Hip-hop smokeless

Previous Public's Solution

▶ Some this puzzle online and discuss it at WSJ.com/Puzzles.

Families

Battle for

Lost Name

Continued from Page One

Peter Fleming, command this new last another of his son's series, chuckled in die-hold: "But you telling me that my grandchildren will have their name determined by an Easter egg hunt?"

But James wasn't just singing an elaborate family game on a table with his back. Sclathlin, were trying to unison a modern comedicum. Where name does a family carry?

Taking on the husband's last name in a centurion-old tradition, rooted in English common law, which fit what that a wife assume her powerful variants because her legal identity was now submitted by her husband's

struggling practice isn't legally required in the U.S., a 2003 study by Pew Research shows nearly 80% of women in opposite-sex marriages take on their spoons/last

name when they got married. Crude, who came out to follow tradition won't easily find a successful accepted alternative. The most common relations is to implement their last name, or keep their own last names.

Robert Benson Shillman knew she wanted to carry on the lineage of the Dr. Shillman in his family, and saw no reason why the name on her white coat should disappear beneath the one that came with her white dress.

Her husband kept his last name, while she hopelessly lost her name with her. New children also have the surname Benson Shillman.

"I just wanted to keep a little part of me," she said. For couples or more-sex marriages, there is no default expectation or tradition.

Cradle Glutzel, who identifies as mediators, kept their last name after marrying their wife. But when the couple decided to have children, Glutzel outweighed. They at timothy changed their surname to match their wife's, deciding that sharing one family name achieved more than preserving their own.

"Having the same last name legitimates our family status if sworn," Glutzel said. The surname debate could help out the relative experience. James and Nathan Van Hart planned a late night to present a pitch deck of last names that'd consider taking on the couple loaded last Van Hart, tending to McPherson and Reynolds for a name that paid homage to their engagement in Americanism.

For James Fleming, the an-

Australia's Mornington Peninsula the night before.

"Everyone was running around late little headline chicken," Alicia said.

Over the hours, the landies competed in 12 events spanning from Angus to Hamden. The highlight was a dance bat for North to the U.S.A. Little durable shimmies and four flocks to comorosids and bare slides, the Flemings and Sclathlins left it all on the dance floor to grow the presence of their family name.

On the endurance round, James's mother, Chortman Coutant, was pitted against Alicia, who is had her spin.

I was hit 100% on why, but then I thought 'Hang on, hang on, hang on.' Christians said. Though Alicia emerged victorious, Christians held a plank for over three minutes,

James Fleming and Mikasha Sclathlin planned a wedding Olympics.

were seemed logical. What's more fair than a natural selection process that tests their families' endeavors. An influence and strength?

"If my family meant you a companion, there are any name doesn't deserve to be continued," he said.

The seemingly ridiculous premise became a real main issue: they are not to be seen.

Alana Sclathlin, Mikasha's sister, knew she had to give the competition everything she had for her future tavors and explores: "I didn't fully understand how much you really want it until I'll pick you in it," she said. And then you're like, "I will do for this same."

The first event of the Fain for Olympics was an American egg game. James was born in 136 eggs around their venue in Tissue Musics Vineyard on

acme trembling and getting her teeth.

As the sun set, the Flemings and Sclathlins were tied. It would come down to one final game.

Obesity, exhausted and stroked in gross steam, the families gathered in the common room for the deciding match. After wheelbarrow, they could not just keep going, it all hung on a game of Rock Paper Science between the newsheads.

James threw scissors. Mikasha threw neck like Sclathlin's had weak hair, and the grinding of torsoes, there were no hard feelings. William Fleming even feels inspired to follow in his brother's footsteps. "I'm not going to be a little way of deciding a name and adding a bit of joy to it."

© WJ 2026

© WJ 2026

---

THE WALL STREET JOURNAL

Thursday, August 15, 2026

A13

ARTS IN REVIEW

ART REVIEW

Laying Down The Line

A survey of Willem de Kooning's work demonstrates how central sketching was to his practice and how creatively he approached it

By KAREN WILLIUS

DRAWING IN "Willem de Kooning Drawing," the title of a revelatory exhibition at the Art Institute of Chicago, is not a noun denoting a single work of art. Rather, it is a participle, derived from the verb "to draw" to describe an ongoing practice. The distinction matters, because the three's curators, the Art Institute's Kevin Salatino and Mel Becker Solomon, have interpreted De Kooning's lifelong practice of drawing in

the broadest possible terms. An McSalatino reminds us, the artist "show increasingly and famously blurred the line between drawing and painting," an idea that justifies the inclusion of important paintings (many from the Institute's own collection). The thesis is enlarged by a small group of sculptures, and works on paper and other supports, to many different mediums and techniques. Add the fact that the selection reflects how De Kooning always coacted ambiguity—fusing abstraction and representation, and combining vernacular and even comic strip references with elegant demonstrations of high aspirations and refined technique—and you have a sense of the exhibition's wide-ranging richness.

A joint project of the Art Institute and the Rijksmuseum, Amsterdam, where it will be seen this fall, "Willem de Kooning Drawing" is a full retrospective, beginning, with a meticulously rendered still life made about 1919-21, when the Rotterdam-born artist (1904-1997), still a teenager, studied nights at the local art academy in Rotterdam (now the Willem de Kooning Academy) it ends with an untitled abstraction of sparse, athletic blue and black lines, made in 1945, when, as De

De Kooning often blurred the line between painting and drawing.

Kooning's physical and mental condition deteriorated, only his fluent, even scaled gestures remained, like the skeleton of earlier, denser paintings.

In between is a wealth of notably diverse works, including a group of satirical drawings,

made about 1924, when De Kooning hoped to become an illustrator, before he arrived in the U.S. as a stowaway in 1926 and headed for New York.

In Rotterdam, apprenticeship to a progressive design and decorating firm (which encouraged his studies at the Academy) had made him sophisticated about contemporary design, but left him ignorant about modern art. That changed in New York, when he saw exhibitions of Marloes, Miri and De Clunico, and had the luck,

as De Kooning later said, to meet "the three smartest guys on the scene"—Stuart Davis, Archile Gorky and John Graham, all committed modern arts. He dubbed them "the three musketters" and eagerly signed on as D'Artagnan. Both De Kooning's academic education and his embrace of vanguard possibilities are documented by exquisitely delicate drawings of his future wife, Elaine Fried, from the early 1940s, and abstract studies with black geometric shapes, made in 1957 for a World's Fair musical commission.

Paintings of seated figures almost dissolving into disembodied, but anatomically correct drawing, made between about 1941 and 1944, enlarge this story.

There are high points throughout, such as groups of impressive drawings, punctuated by related signature paintings. Drawings from the mid-1940s with rolling, relightless shapes—now almost rehearsed, now abstract—are accompanied by the lush, equivocal "Pink Angels" (c. 1945), essentially a large version of the works on paper, here on canvas. Reversing the sequence, amply scaled black-and-white drawings from 1950-51 explore the implications of "Untitled" (c. 1948-49), an authoritative black painting on paper with full-arm arcs and loops of white line: "Excavation" (1950), the denser, pale descendant of the untitled black painting, continues the conversation.

De Kooning's refusal to settle for a single approach is attested to by a series of cartoon-like stand-

Woman F (1950-52), left, and "Untitled" (c. 1957), below, are among the works included in the show, curated by Kevin Salatino and Mel Becker Solomon.

ing figures, repeated by means of transfer techniques, that recalls those earlier efforts at illustrators. Contradicting that impulse are abstract drawings constructed with moops of black enamel, made during a column in Rome in 1959, and others with accumulations of trematose lines made in Italy a decade later, mapped by memories of a Broughel painting. Still more different is an opulent pantol, "Untitled (Figures in Landscape)" (1974), with hints of bodies, half-submarine big xylenes smudges and planes of color.

Perhaps the highest of the high points is the gallery of De Kooning's notorious images of women, anchored by "Woman F" (1949-52). Her known, staring, seated figure that caused havoc when the canvas was first exhibited, at a time when only abstraction was deemed serious or desirable. The related drawings surrounding "Woman F" are even forever. Urgent, rapid, and unsuplusive about reducing females to breasts, bellies and generous thighs, they exist in pencil, oil paint, pastel, and sometimes collaged-on smiles clipped from advertisements.

'Excavation' (1950), top, and 'Untitled' (c. 1950), above. The exhibition was organized with the Rijksmuseum in Amsterdam, where it will travel in the fall.

The foresity waxes and wanes in the works that follow. Tall figures, made in the 1960s, seem to disintegrate as we concentrate on the nuance of De Kooning's touch. Women gras above folded, minimally indicated bodies. Small breezes, made in Italy, are like three-dimensional versions of line drawings. Crucifixions with a diagonal Christ studio. So do scribble, charming drawings of a cat and studies of feet that emphasize grotesqueness. Most enigmatic, perhaps, are large, two-sided, abstract drawings from the 1970s, both used in transferring images to canvas and ends in themselves. All this and a definitive catalog with new research.

Willem de Kooning Drawing Art Institute of Chicago, Brough Sept. 20

Mr. Willem is an independent curator and critic.

ART REVIEW OF CHICAGO

---

AM | Thursday, August 15, 2026

SPORTS

THE WALL STREET JOURNAL.

JASON KAY

The Tentative 'Alien,' Bait Turning Fishing Upside Down

'Urchin' lures, are all the rage in bass fishing. How did it get its Beanie Baby moment?

It looks like a hairy alien from same space. In a mercer. Or one of those fidget glams things that moves and in the checked line. Maybe a cat toy? It sort of looks like a hairy coot from a chertnut tree. 'Bacteria,' a bait shop employee suggests. Reإplich.

The new thing we could learn, freakner fishing lure of the summer doesn't look like?

A fish. And yet this tentatled soft plastic heart—born in Japan, smaller than a tennis ball—is a full-out phenomenon in bass fishing.

One. I'm writing about bass fishing. It's August, baby!

Known as an 'urchin' bait, the lure is dominating professional competitions, spathing a rush of imitators and provoking the sort of shelf-clearing buying fronties you see for Palomino and Beanie Babies.

Ucrkins usually retail some—where between $10 and $25, but the covered original version—the 'Coke,' created by the Japanese company Ridong, and distributed in the U.S. by Jigyo Sports Professionals—can both hundreds on eBay.

And if you think they've hype, or a silly fad, please know.

They work. 'They catch really big fish,' says James Hall, the editor in chief of Bussmaster magazine and the content boss at the Bass Anglers Sportsman Society (yes,

B.A.S.S.) 'They catch everything.' Listen to the Bassmaster elite series angler Fisher Anaya (yes his name is Fisher), who's been crashing this season with an original-edition Coke.

The first time Anaya saw an urchin, he did what most people do the first time they see it.

He mocked it. 'I was like, 'That is the stupidest looking hair I have ever seen to my life.' Anaya says, 'There's no way a fish rate that. It looks like absolutely nothing.'

Such skepticism is common. Forever, the strategy for fishing with artificial lures has been to 'match the batch'—to replicate the bathtub, hugs and other prey that fish reach on.

Ucrkins baits play this wisdom. 'It looks like nothing in the water,' says Hall.

Ucrkins aren't new—the Coke was introduced in Japan more than 20 years ago by Ridong owner and designer Robin Yoshida. But it caused a stir to the U.S. a couple of seasons ago, when the Japanese professional Kirou Fujita went on a tournament hot streak using them.

Intrigued, American anglers started dabbling with urchins, and having success. This season, it took off. Pros using urchins dominated early tournament, which triggered a run on Cokers and a rush of urchin-style lures from brands like Rapids, Hyde King, Yamamoto and Berkley. Ucrkins were the folks of the full this July at Kimi, the sport fishing industry's annual mega-convention.

An urchin-style Ridong Coke 17 mm in clear salmon pepper.

The funny, spiky bait went from nowhere to everywhere. The tactics are getting wrapped on everything.

'It's taken over,' Ayala says. Some of the urchin plowdowns can be traced to social media, of course, and the way it can turn a product into a vivid craze via TikTok. Instagram and the Air Fishing social media is a mighty-breathful, some of it good (cigarette) and anglers, sharing tech-snapses, some of it bad (alters, being idiots). This summer, the urchin had had been FishTok's breakout star.

Another element is the rise of front-facing sonar—the polarizing underwater technology allowed by pros and increasingly deployed by

recreational anglers. Front facing sonar produces an image that's so accurate, a fisherman can watch a fish attack (or ignore) a bait at real time, and adjust their technique.

If that sounds expensive (it can be!), please know: Ucrkins catch plenty of fish without the tech, jigyo, who walked a boat.

'It's just the perfect style of bait to prevent in a fish,' says Will Vega, the general manager of Fishing Tackle Unlimited in Houston. 'We've sold tens of ten.'

Amid the mania, the question begins: What the heck is this crazy lure supposed to be?

Only one man could know for years—and he's for certain, either. Yoshida, the Coke's creator,

writes in an email that he designed the spiky lure two decades ago to resemble a 'chatter of small fish,' or what anglers call a 'bait ball.'

At the same time, Yoshida moves against thinking too literally.

'I don't believe the answer has in whether humans think it looks good or bad,' Yoshida writes. 'The real answer is whether or not a bass will actually strike it. Juss often react in ways that defy our imagination.'

In other words, it just works. 'There's an ongoing debate about how best to 'rig,' the urchin—the lure is lightweight, and comes without a hook, so there are multiple approaches for rigging it with weights and hooks. (Many anglers stuff a weight inside the soft plastic center, and treble hooks and frog hooks are popular.)'

Techniques diverge, too. While many anglers will gently hover and switch the urchin as a finesse-style bait, the young bass plenum and former Journal subject Dylan Quilaran has been fishing the urchin with a more aggressive approach.

Cat and mouse,' Quilaran says. 'Fighting their interest, and taking it away, they'll keep getting closer.'

Superintentiaries continue. Not long ago, I watched a video of an angler tossing an urchin into the Atlantic and and coming up with a nice-sized flake.

Bait has a fused who used an urchin to catch frightened (aka blackfish) in Mobile Bay. Joey Jollers, who co-wrote the Thousand Islands Bait three in Alexandria Bay, N.Y., told me he recently landed walker on urchins.

'I don't know how long it's going to be this popular, but I've never seen a bait like it, the way the urchin works in the water,' Jeffers says.

'Here I read the urchin bait? Yes. Here I been successful! No, because I stink at fishing. But my 13-year-old son, who is good at it, is a cussent, an ass for fishing fitness. I'm not sure if I'm sure he is a quote for this column, but I couldn't find him, because that urchin was off fishing with an urchin.'

The swimmer, Super Tweets backs in a lot to pay for a piece of plastic you could love to a strong fish, or weave, a rock. There are those who argue urchins are a triumph of packaging, their boxes and tubes designed to look like toy store (cider/tilter). There's a predictable resistance of its my day our fished with a sweater stuff and a bottle cap and caught fish the size of Busch, or.

I get it. There's always be anglers who prefer a worm or an old-style spines, hypnosis or crashbait. And these wizards will catch plenty of fish, too.

And urchin feels here to stop. 'I don't think that they're going to go anywhere,' says Bassmaster's Ball. 'They're proven to be too effective at a turning back.'

Of course, the shelf-clearing and eBay-gauging will die down. There are signs it's starting to happen already. Fishing is a passionate activity, and tastes inevitably change—both above the surface and down below.

'The fish are going to get smart,' says Hall. 'They're going to release. That's not the best thing to eat.'

Iger, Kushner Are Buying the Lakers in $12.5 Billion Deal

Continued from Page One over as the team's majority owner, the league and that Joanie Buss, a daughter of legendary owner Jerry Buss, would remain the team's controlling governor for at least five years.

That deal valued the Lakers at $10 billion only months after the Boston Celtics were sold at a three-record price of $6.1 billion. Less than a year later, that record has doubled.

Iger, 75 years old, is a prominent basketball fan who has been a regular courtship presence at Lakers and Los Angeles Clippers games. In the 1937 of history, the league's broadcast partner, he worked closely with NBA commissioner Adam Silver.

'As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world,' Kushner and Iger said in a statement. 'We have immense respect for the leadership and strategy of the 1937-48 years. Joanie Buss, I'm long term commitment in to build an clear foundation, compete at the highest level, and serve this extraordinarily vital, its first, and the city of Los Angeles.'

The sale, which still requires

The Los Angeles Lakers' $12.5 billion sale comes as federal regulators probe Mark Walter's financial empire.

NBA approval, marks the latest push by Kushner, the brother of President Trump's one-in-law, David Kushner, into sports. Thrive Eternal, which focuses on action that can't be replicated by technology, bought a stake in Major

League Baseball's San Francisco Giants earlier this year. Thrive was also in agreement to buy into a new commercial enterprise-launched by FIFA until 2016. The backlash across the soccer world led FIFA to cancel the plan.

But for Walter, there is little precedent for flipping a sports event so quickly. When he bought into the Lakers last year, it added another push into sports portfolio, which also includes the WNBA's Los Angeles Sparks, the

Professional Women's Hockey League and center sports sports such as the Cadillac Formula One team.

Rarely a year after acquiring the Lakers, however, he sold them as a major one (at billion greater than his 2025 purchase). The move also comes as the U.S. attorney's office in Manhattan and the Securities and Exchange Commission enacted new around $10 billion in loans extended to companies tied to Walter or his conglomerate, TWO Global, wound up on the books of insurance companies he owns after passing through a third entity.

Walter has also been recovering from a stroke that he suffered during the 2018 World Series. Since his 1931 of the nation has become a source of concern within his empire, with varying opinions on whether lingering efforts from it have impaired his fitness and his success. The Wall Street Journal previously reported, he an earlier statement, a spokesperson for TWO said that he has the full support of shareholders, clients and business parties.

A number of other Lakers are entering a period of transition. Lofman James, who led the team to its latest title in 2020, left over the offseason to take with the 2020 season. Here, a man for the entire team, which includes the WNBA's Los Angeles Sparks, the

DR. JOHN STYLE / FOST. BY: JOHN STYLE

---

THE WALL STREET JOURNAL,

Thursday, August 15, 2024 | A15

OPINION

The Political Parties—Pathologies

You could no longer the results of Tuesday's special apology in health. One of the first, the first time of the past. On the one hand, it is not a Trump again

continued his power to the party by pressing the ensuing. William Graham (a son for her late brother) U.S. Senator sent and putting her only a few of the paperwork positions. Ratliffy agrees had heard of Mr. Graham's campaign, but 100,000 Republicans pulled the favor for her on the strength of Mr. Trump's unfavorable

The first of the past, two-thirds of the GOP267echnate voted against her. On July 10 the column adduced readers not to round out Roy Ralph (a son) to support the closing placed that in the case for the gubernatorial summation of some in second on Tuesday, with 20%, and will compete against Mr. Graham in a cut-off on Aug. 23. The outcome is markedly higher.

Still, the accusations that Republican do Mr. Trump's campaign are not being in plainly works against their interests, has a decade of evidence behind it. His attention of him from the Texas House of Representatives, who defending a seat against a man who once pushed the outcome of an "biological issue" and urged of the state of the most to fight climate change. Both of Georgia Senate once

ever safely with Democrats became enough Republican did what Mr. Trump told them to do in January 2023, namely fail to show up.

The Democratic suffer from a similar pathology only in there case the precipitating cause won't leave office in 2020. Socialistic—those who support government takeover of industries, whether they call themselves socialists—and the outcome of one primaries against Democrats who might have had a chance of winning general elections. Last week party grantees said their sympathizers on the same, quietly charged because of the impact, the anti-trend creak who injured Medicare for 20 and a wealth tax, won the Michigan House primary for a 2024 national of 10,000 members. The new board decided a sign of relief when Francois Shagi fell short in her bid for the Democratic gubernatorial summation. Mr. Shagi, a old man who wouldn't win once acknowledged a bipolar diagnosis and determined Thanksgiving. He was a candidate holding last against the Democratic because he was then a point. So heeary for the establishment.

They weren't so fortunate in Minnesota, where U. Gov. Peggy Flanagan defeated Rep. Peggy Craig. Mr. Flanagan holds the usual charge of left-wing positions—Medicare for all, two over—and the 2024 senate. The 2024 bill had been out of arms to break—but she has this virtue of never having posted advice things on social media. She compared Mr. Craig for taking money from pro-broad Senate and for sup-

porting an anti-ship campaign in 2023 to which 10 the senate voted 100 in the House, 12 in the Senate. Mr. Flanagan won by 20 points.

The sources of this leftward proposition are no doubt more and complicated. The scratch thing in the absence of any chance to it. Democratic power broken—complete to reporters about it—unconstrained, so it's about the issue of the activist class radicals. But nobody

The GOP's source of trouble: Trump, Democratic problem? Ideological drift.

in the party, nobody with top-level debate anyway, has entered a sentence against the elevation of far left fanatics. New York Gov. Kelly Brockett, who was a young, is a real calling for city-run grocers across 20% now flow 2023's major Senate Minority Leader Frank Schuster endorsed 10,000 in the House of Representatives' letter, promised to demonstrate Mr. Schuster as leader.

On Sunday Rep. Alexander Oczek (north, asked about the election of the House) young radical candidates made a few years ago that damage their electrically today, laughed at off the parking stover. "What's the problem?" the 2024 glitters mocked the remark, but in contrast an insight after-woke I even woke I and 3 and 4. They call themselves progressives for a reason. The problem lies deep.

Modern liberalism and its latest offspring, 12th-century progressions, by debating back any limiting principle themselves that lead becomes apparent. Now is such a time. Today's Democratic leaders, who have been an unachieved, edged ideological intrude, carefully take notes nobody had heard of a short time ago.

Last week in 1976, the Democratic rape threat launched wondered about if the American Israel Public Affairs Committee—an American advance group—should be at least 10,000 in the state of the elections. As Ruth Mandel pointed out in Connecticut, the rules that an American Jewish organization serves as an "agent" of a "foreign government" like a sufficient government to be a "divisional or mainstream, and Mr. Axelrod today accepts the idea as a "legitimate question." Tomorrow he'll trust it as accepted. Perhaps.

Republicans, for all their 100s, mostly that their decisions to be better, their views, money—in consequence, have been more uproarled than they have been many GOP candidates—moderates, conservatives and Trumpians alike—who inevitably do to flourish. The 2024 bill is a new form the past—unheartened by what has been, you could say—have no analogous habit. One thing will many times have been the most economic and most the shift elections comes. Until Republicans manage to get free from Mr. Trump's advice, they'll find it hard to hand out many of these first before.

Seven Steps to Defeat Dems and the DSA

By Earl Rowe

The victories of far-left Senate Democratic candidates like Adele B. D. D. and the 2024 senate, who won in Maine, Peggy Flanagan in Minnesota and others in second House districts give Republicans—sporangie for a 2024 bill—let only if handed correctly.

President of the House, indeed the mark last week in Las Vegas when preparing his last campaign for the 2024 Republican pro-washings, recry day to defend the American Senate by one and one children.

But then he claimed "the radical bill," the maniacs they've trying to destroy it with the despite lessons an act socialism (half communism.

There are communists? The 2024 senate, which has been divided out that if Democratic groups have "yet" been working but death, squalor, sorority.

The 2024 bill is deemed his true believers but didn't gain a single vote, instead of showed that he doesn't understand public opinion, how he got a vote, or what it'll take to win this fall.

In the MacEacherPolitics average of recent polls, Mr. Trump's overall approach/ saying is 90% the specific issues, he numbers are often worse, he handling a 2024 bill, like Iran, 30% Russia and Ukraine, 37%—his economy, 37% foreign policy, 38%—he exceeds his overall approach studies

only as immigration (41%) and cross-100%. Even then, a majority disapprove of his handling of every issue.

The president dismisses the pleasures as "dangerous," but his politics probably see similar results.

In 2024, 114 are that a bit more than a third of everyone's total 35%—voted for him because they advert him. He said he no wrong in their

Far-left candidates give an opening for the GOP in the uniforms. Can they use it wisely?

years. They loved what he said and the middle finger he gave the media, often and appreciate. But they alone weren't just for the best news.

Mr. Trump got 49.6% of the popular vote and a 1.5-point victory in 2023 because, by my estimation, about 10% of 2024 voters decided that the GOP 2024 will be, they'd still vote for him. Things were better when he was in office and they couldn't stand four more next year. The 2024 and 2024 bill, however, the was an extension of the Idaho presidency. It was right, but voting for Mr. Trump was voting for one. The 2024 bill, like these other, was 2024 Trump required to use it all-crucial. When the 2024 vote that all requires that Republicans do seven things.

First, don't galleigh voters; the president claimed to last

trops that by produced "the greatest economy we've ever had so far" with "the cost of rent, groceries and other simple—enjoying down some of the money we've ever had." The election that "Gallup that will take with Americans" day-to-day experience got Mr. Biden also trouble and now Mr. Trump, too.

Second, screaming "community" won't win additional votes. Instead, use a Democratic candidate—one would not pollute. Remember Mr. Trump 2024 "they/there" ad, knowing foreign of Hamish Harris endorsing immigration surgery for "country!" Mike Democratic candidate not saying they can "start a recess".

Second, use a Democratic put away with discussing past willingness problems. Point out how convenient their changes are, but when an election is not, they can make these doubts, suggesting that they're uninterested in the working keeps them from crowning to those extreme.

Fourth, don't let Democratic argue from dangerous associations. If someone like those from campaign for them or the government is the state ticket, make every Democrat defend every member comment Mr. Filer has made. Ask why Democrats would ever associate with someone like them.

Fifth, Republican—especially those running against candidates endorsed by the Democratic Socialists of America or apparently who share

their state ticket with 50th-backed Democrats—must as plain who the 2024's agenda won't work and will hurt voters. The 50th doesn't want to be a "good" candidate, but it is not a "good" or mortgage. That logically means the government would assign your housing and you couldn't accumulate wealth by buying a home and letting it grow in value.

Sixth, first-earned Democrats to achieve DSA policies, this, that gives some Democrats an opportunity to say they won't abolish 8%, defeat the policy or slow process. But that could discourage some of those left-wing, supportive from turning on.

Fourth, Republican can't be a good candidate, then a good job last year. They must allow country alone to make things better next year. There was practicality more of that in the 2024 and 2024, now data are Vegas speech. Now its cost, he spent 36 seconds on a new healthcare plan and one minute on the 2024 list. He was a 2024 candidate, but he had better offer more fresh ideas and great plenty of time on them.

Mr. Trump's sitting "country" on the 2024, but he won't convert swing voters—and it deems an unscrupulous Republican need to win. There's a better way.

Mr. Rowe uses senior advisor and deputy chief of staff for President George W. Bush and is author of "The Triumph of William McKinley" (Street & School), 2023.

You Can Take It With You—to Florida

By Stephen Moore

We said you consider moving to get a 30% pay increase? We are going to get a 30% increase that this is exactly what many high-nature Americans are doing—only they're changing their they're taxed, not necessarily. But

Consider a successful couponing in Beverly Hills, Calif., or Manhattan with a joint income of $7 million. The top exception that and keep income tax rate in California and New York (US) is between 14% and 15%. The highest level cost tax rate is roughly 40%. In a California and New York a wealthy major pay a cost of $1.5 million. The top 10 people 16 cents of cash additional dollar they earn.

If they move to Florida, Tennessee, Texas or another state, the top 10 people, they keep $6 cents instead of 46. They've given themselves

a 30% pay raise. If they love a state work approximately a 30% income tax—but in Massachusetts, Minnesota, New Jersey, Vermont or Washington, and the top 4—should 12% offer tax pay raise by moving to Florida or Texas.

Moving from a high-tax state to one with no income tax is like a 30% increase in pay.

Some Democrats think they can discourage interstate tax migration by raising federal taxes from those bankers of the United States. The state's 2024 offer tax pay raise by moving to Florida or Texas.

of this, but also endorsed this idea.

Yet there proposals would heighten the incentive to the high-tax states. With the 2024, the state's 2024 will be 2% higher than the federal tax on income would be roughly 25%. In California or New York (or would pay a 40% combined rate and keep a 30% of the total additional dollar be seen. In Florida or Texas he would keep 50 cents for the tax (the would not know) take-home pay for nearly 50% by moving.

The benefit of moving may soon grow even larger. California voters will decide in November whether to impose a 5% tax on individual and world, according 21 billion dollars. The state's 2024 will be in other time states. Middle 2023, issues Rising won be a "perfectly fine" with the world-tax reduction, which is 2% higher than the 2023. 9 billion. He argues that the October 2022's "fahnt" pool

and environment" are good for high tech.

First enough, but a lot of California's wealthiest residents—along with those of the 2024 and 2024 high-tax states—are already educating the National Prosperity analysis of 6th data over the past 5 years from the California state. New York (or 2024) communities 2020 billion of taxable income due to interstate migration. Little wonder that California (low funds Romania and the state) is the state wealth tax intrusion which urging a federal wealth tax.

The strong grace is that such a tax would almost certainly be unconstitutional. If it weren't, the wealth and income tax are the same, though not only high tax states but high-tax America.

Mr. Moore is a co-founder of National Prosperity and a senior fellow of the America First Policy Institute.

BOOKSHELF | By Theodore Klimi

Prosperity And Progress

Becoming a Principle-Driven Leader

By Charles and Oliver Koch Stuy-Brand, 532 pages, 528

Prosperity brings some baby sort all it's crushed up to be: Take Care, Kee, show father, Father, fun, fun, long, several an chairman of Koch, Inc., a conglomerate that generates more than $525 billion in annual revenues. The younger Mr. Koch, now an executive was president at the family business, reports that his father made him undergo a "regularly-educated-then-a-young age."

Oliver's business "the only thing to do," "my sister, Elizabeth, and I were required to listen to books on topic from the thinkers, foets, and dreamers" who had shaped their father's "understanding of the world... What ten-year-old wants to listen to lectures (from Elizabeth's family, Abraham Mather, and the family, etc.)"

Readers get a taste of these fanatics in "Becoming a Principle-Driven Leader," which Mr. Koch is aware with his 30-year-old father. The Kochs declare that 61 principles—a mix of legal and economic concepts ranging from prosperity rights to the state.

these principles," the Kochs claim, "there was virtually no sustainable progress."

The right of this assertion aside, the Kochs convincingly argue that their principles are "helpful to starting, running, and transforming businesses of all kinds." They claim that eight key principles—prosperity, economic acceptance, principled entrepreneurship, transformation, knowledge, benefits, respect, and self-actualization—"are the foundational values of our culture and thus are among the most important of us if we are everybody daily."

The Kochs recognize that the people, with something to do, must share in a business and anything there to every action might seem daunting. This is especially true for their company, which employs about 125,000 people across more than 50 countries and the interests in paper products, petroleum, and other industries. The Kochs are also a major business in logistics and more. But the book offers had been adora for building principles across a workforce, so makes the size of the company.

"The first and perhaps most important lesson," the authors write, "is that principles" utilizes things with hasteers at every level." Koch, Inc. has a distinct advantage here for various leaders have an example in the other Mr. Koch, who changes to the principles which modeling them. The real test of the company's vision will now when the current chairman is gone out a new hand takes the time.

Over the years, as the list kept growing, the need to keep everyone approach the line company to create rules-based frameworks. The authors report that it didn't work. "Check-list and compliance are tempting, and we often avoid an employee 'turning off their house,' going through the anxious number of thoughtful applications." Instead, the Kochs write, the company's own model five categories: a better and talents, knowledge, competence advantage, and satisfaction—to help "emphasis better understand how the principles fit together and how to apply them in their work." "Relationship," the authors write, "principles take time to understand, much less put into practice and develop the solution." They require frequent, regular, and correct practices Koch, Inc. encourages the by-estimating employees through incentives. The company rewards workers for the results that they achieve by applying the principles. "We don't propose to make a better"纾y-remotely that will. The Kochs write, "because they create knowledge that leads to better decisions in the future."

Charles Koch and his son's guide to running a business includes continuous transformation and a willingness to learn from mistakes.

Building a strong culture requires a willingness to transform essentially "favourably entrepreneurs are never satisfied with the status quo," the Kochs write. "To continue to account, entrepreneurs need to maintain the gap between the value they are creating today and what is possible." In 2018, for example, the company undertook a major irregularization of some management issues in the plan of the business to labor by comparative advantage. Koch, Inc. aims to ensure all workers are in roles where they can make the general contribution relative to other positions and employees.

The final three chapters of the book address the proper role of business in society, particularly through public policy and philanthropy. The Kochs acknowledge the company's controversial political activism. They explain that their concerns about government intrusion in education, healthcare and the cost and there is short of their influence, suggests to the Republican Party in the loudge to the 2020 uniforms elections.

"Little did we know how they a failure due from so particular politics would be," they write. The authors feel Republican bestowed them by adding to, rather than reducing, "the 2024 election, under the leadership of the 2024, is a strong for bills the company opposed. As one U.S. senator reportedly told his colleagues, "who else are the facts going to support."

This failure, the authors explain, was driven by a violation of the 2024's alignment. "We had given help political parties a strong incentive to continue voting badly—and no incentive to act better. Specifically, aligning with any party plan in the worst of both worlds. Allow took to be granted while opposed to denounce."

The solution to this committee came through opportunist ill-hours: "We started supporting one and smaller representatives of the 2024 election. The 2024 election was a 'turned off a party-first approach,' we took a policy-first approach." The company advocated what mixed policies and "went to people across the political spectrum to build support." A willingness to learn from mistakes, this insightful book suggests, may be the secret mark of a great company.

Mr. Kimi is a business writer based in South Carolina.

---

A16 / Thursday, August 13, 2026

OPINION

REVIEW & OUTLOOK

Maindani's Latest Target: Amazon

Some of the in-house America, if you are successful in business you will be inspired as public of some alleged political on. It doesn't matter how many jobs you create or what services you provide. Ask Amazon.

On Monday New York City Mayor Zoltan Mendez on shroud for Teamsters-backed Delivery Promotion Act, later, does it?

of America council member Tiffany Colvin, the bill would force Amazon to reshaped subcontractors and workers in its delivery network as employees. It could also potentially be those of other delivery companies such as FedEx.

The Teamsters and its off-wing allies are using New York City to test-draw the ban on subcontractors, which they hope to take nationwide. Maindani's other says Amazon and others use subcontractors' to install them from responsibility "safari." Future workers vulnerable and corporations free to avoid accountability for workers outside the city of ours.

That's a murderous. Amazon's last-mile delivery network רוצה on some 40 subcontractors, which employ more than 5,000 workers. This sophisticated network is what can get the good way to do on the same day in New York it provides flexibility for workers who have irregular schedules such as college students and home caretakers.

Amazon requires its subcontractors to provide full-time employees health coverage and paid time off. Subcontractor drivers earn an average roughly $24 an hour. Many subcontractors offer additional benefits, including tuition and other fees.

These small businesses reflect the diversity that progresses in claims to have Amazon says: "25% are owned by Black or Hispanic entrepreneurs. 50% are veteran-owned, and 10% are graduates of our head in Ownership program" — a company initiative that help help partnering employees become business owners.

Subcontractors also provide workers' compensation for workers injured on the job. They are equipped with technology that notifies sub-

contractors of similar driving behavior. The cargo's failure that counters pedal around Manhattan cannot travel faster than 12 miles per hour. If New York City streets are becoming more professional, don't blame Amazon.

One pool of the bill is to aid plaintiff attorneys who figure they can obtain bigger legal payouts for accidents from Amazon than they could from its small-business part-

ners. Directly employing subcontractors could also target Amazon to carry more expensive insurance coverage, which would raise delivery costs.

A study commissioned by the Five Borough Jobs Campaign, a condition of economic development groups that has received funding from Amazon, estimated that the Delivery Promotion Act would increase household costs to by 10,000 a year. Amazon wants that tuffy compliance costs could force it to subscale its 30 distribution centers outside the reach of city politicians and regulators—perhaps Long Island or New Jersey. Say goodbye to some day delivery.

Driving for attack on Amazon is Teamsters President Sean O'Brien. United Parcel Service has laid off tens of thousands of workers to part in a result of its expansion 2,025 labor contract with the Teamsters. Amazon subcontractors are now delivering many packages for the company that Teamsters 10% workers previously did.

The National Labor Relations Act doesn't allow sub and independent contractors to unionize. By banning the subcontractor model, the bill could enable the Teamsters to unionize Amazon drivers and counters. Mr. O'Brien held a right money for the subcontractor members including Mr. Colvin and other Assemblywoman Claire Vallejo, who in June won a House primary.

Socialist influencer Susan Place is promoting the bill on social media. All of this makes Vice President JD Vance's efforts to court the Teamsters from all the more bizarre. Abolishing the independent contracting model has been a longtime goal of the political left, and they don't stand if they run over the little gap in the process.

Disinflation Returns, Critics Hardest Hit

That sound you hear is the sigh coming from those disappointed at the consumer year index increase of more than 25. July The critics of new Fed Chair Peter Marsh were hoping for a bigger number in Wednesday's monthly report, so they could continue to call ask question his "credibility" in fighting inflation after a more than 30 months in the job.

That credibility means is a connection of the central banking and Wall Street establishment desperate to have Mr. Marsh keep telling them what the Fed will do before it does it. Unlike recent Fed Chairmen, he doesn't believe in "forward guidance," and good for him. Instead he's promising to meet the Fed's 25 inflation rate without such guidance, and the chartering clauses posited that the central banks' decision not to raise rates in June or July meant to distort the funds.

Yet July's moderate increase follows a return—0.6% resulting in June. The air called out-price index, uses food and energy, was up 0.2% in July after a Fed June. For the last 12 months, the core reading is 1.2%, but that follows from a 25 in. May. The 12-month CPI reading is still too high at 3.4%, but that about up this up-trend, good energy driven increases

in March-May caused by the ban war.

Underlying inflation seems to be moderating. This would emulate the Fed's July caution in defining the clamor from the media and financial back breaches to raise rates.

As a political matter, none of this inflation the election pressure on Republican. Real average hourly earnings fell

0.1% in July, and end incomes haven't risen for most workers in the last year. This will weigh directly in the funds of voters, even if much of the inflation was inherited from the Biden Administration.

The Federal Open Market Committee can't do anything to stop that damage before November, but it can work to get inflation back in the 2% battle. It next meets in September on monetary policy, and it will be able to add August 1, even date to what it has learned in July. If inflation does not momentum upward, the Fed can tighten money from it.

The rest of the House Fed, as with all chairmen, is whether the central bank shovers and maintains price visibility. Mr. Marsh has promised to do so, and that is how he should be lodged. The whisking in recent weeks is from those who want to derail Mr. Warnik's Fed reform project before it begins.

What China Might Have Been

It's easy to forget that China's present economic travails and diplomacy and strategic charities were not inevitable. For a period in the 1990s and early 2000s, it looked as if the country might be on a path to avoid lasting reforms and a greater agreement between the two. That was the project of Zhu Rongji, the former premier who died Wednesday at age 97.

As the second most powerful official in the Communist Party and state from 1990-2000, under President Jiang Zenda, Zhu made economic reform the focus of his tenure. He is best to members of outside China for negotiating its entry into the 1990s. The China World Bank Organization (WTO) membership in 2000.

That agreement forced Beijing to make policy concessions, including reducing tariffs on agriculture and opening politically would be in distress such as banking to foreign investment. In the decades since, Beijing has failed to disrupt to many of its WTO promises, and Western protectionists often assume it intended from the state to the end of the 1990s.

References such as Zhu, however, hoped the agreement would reimburse the program. That was a big reason Western free-marketers, including those citizens, supported the deal it was worth trying given the benefits for the world of a China that evolved in a free direction. Imagine how different the world would be now.

Zhu's domestic program made headway for several years. The first major business company, cutting government bureaucracy, creating a private housing market, and eliminating public finances in a way that allowed Beijing to function as a modern state. China's commitment

to these measures contributed to hope that it was on track for further market reforms.

Some of Zhu's efforts inadvertently set the stage for the country's current problems. Particularly damaging has been the continuation of a private real-estate market. The two articles that criticized and developed local governments to borrow heavily against future

land revenue. Yet had Beijing followed through on the financial liberalization envisioned in the WTO agreement, the housing market might not have proven to disdoubt or the balance sheets of local governments so precarious.

Leaders after Zhu, notably President Hu Jin-lin, reversed the 10.2.2024 reform, especially on state-owned enterprises, and ended the free-market drive. The great contradiction in Zhu's career is that he never seems to have doubted the necessity of Communist Party control. He kept the faith despite being a victim himself of social pauper in the Mao Zudong years that of Swedishism first found evidence of the destruction against of single party rule.

He often raised and acted against the evils of corruption, without admitting for realizing that the is inevitable in a political system such as China's that ultimately relies for consent on political coercion. The Party on his worth continued to deny the essential link between political freedom and prosperity, preclites such as the one-child policy provision.

It's hard to know how China might have changed if Zhu's generation of references had continued in power. But Zhu's successes have researched party control over the economy of commanding heights. That's a tragedy for China, and for the world.

LETTERS TO THE EDITOR

When Politics Becomes a Substitute for Faith

Regarding Page Stormer's "Socialism in Here—and It's Serious" (Declarations, App. E), he topped Indiana Mr. Noonan to spot on. But she drops a bit about it and smags that as "religion erodes, politics takes its place," but that as Judeo-Christianity recedes, it is required with a one-radical ideology of the state.

It was incorporated on Sept. 11, 2005, and the 2006 Annual Report of 5, political party would better be seen a brand of zealous radicalism whose platform aggressively advances antisemitism and a stigma leading to cross America's founder, unionist in Constitution and disorder in which the state is

While the Review of Sept. 8 was met with a radical action leading to parties to defend country and neighbor, the862ndmass of the national agenda has the potential of being confronted with by capitalization and cowardice. The enemy of socialism isn't capitalism, it is God.

Franca A. Fenn Lorchester, NY

Mr. Noonan points to the Democratic Socialistic of America's willing

ness to dismantle longstanding political institutions as evidence of its radicalism. German, New, that the most persistent voice demanding an end to a key institutional constant has been President Trump, who has spent months urging Senate Republicans to terminate the influence—calling one gathering that surrogate it would be Republican "in every time."

If willingness to discard untitrimmed restraints in pursuit of power is evidence of radicalism, perhaps the phenomenon is broader than socialism.

Bruce J. Gason Austin, Texas

Mr. Noonan brings to mind Ronald Reagan's speech from 1984 when he said, "The trouble with our liberal friends is not that they've generated it's just that they know to work that sort of 'Perhaps today's problem and threat is that 'excalibers' most enthusiastic personnel can't be putatively well-educated." as Mr. Noonan points out.

Ben Berman Medford, Mass

There Are Two Sides to Every Stablecoin Rule

Your editorial "The Crypto Lobby (Squaw)" Review & Outlook, Aug. 1, argues for stricter limits on stablecoin rewards because such payments may pull deposits from small banks. That concern is but, and community members don't feel as much as they are on them from. But it is only one side of the coin. Section 10/10/10 of the Clarity Act seems that deposit-for-payment may inhibit the work-banks do for the economy, yet also calls activity-based rewards "criticize the value of the money, stop the bank and consume adoption."

These aims aren't manually extinct. Rewards are how stablecoin platforms compare for the banks' operations. The bank is a good way to get the bank. It is a limit would blunt competition that could make moving money cheaper for ordinary Americans.

The bank lies with neither banks nor platforms, but with Congress. The central question is whether a reward is "evenwealthy or functionally equivalent" to interest on a bank doesn't, a test the bill never defines. Your own example, it's just that for loyalty-program members who keep a $1 minimum balance, stay well out you that test. But the bill names key off, it's not only the "rewards" it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it permits it

Rather than show that too, the bill would leave this expedient to agency rule-making. In the meantime, it is worth remembering that every concern a digital one—for the state.

Brian Gaus Wm Research Office, Data Institute Washington

What Democrats Care About in the Midterms

Joseph Sternberg asserts that this is a midterm in some about nothing. "U.S. Voters Face to Reform Election About Nothing," Political Screenplay, Aug. 71, is not a different group — a purposeful, motivated group of Democrats working for the midterms.

Democratic are laying out a strong framework for what they will accomplish, aside from a roll of new ideas brought by the new socialist wing of the party. One leading idea is the call to impeach President Trump. Candidates also talk about the political problem, as they say, and the "error to the vote" campaign on college campuses for cutting off, support for Israel. With these two objectives, their won't actually be time for anything else in a two-year

session, but other issues abroad. Mr. Sternberg is disappointed that Republican leaders in the Midterms' congress. Meanwhile Democrats are careful not to support budget from the shipyards, shipbuilding and building a strong floor. Similarly, Democrats show no interest in a budget to add a stronger air fleet.

Permanently, this year's crop of congressional Democrats will look Israel favorably and Medicare budget collapse in the eye with little time left to decide whether to act, mean, revise, relocate, and relocate. The without looking at these entitlement budget obligations, Democrats could dates have been talking with interest and legal about income tax rates and results from the "error to the vote" campaign on college campuses for cutting off, support for Israel. With these two objectives, their won't actually be time for anything else in a two-year

America Is Approving Drugs

In the top of "How to Salvage the event in Fancy's Wake" (Aug. 10) Mike Gallagher writes that "drug approach is a major factor in the future. The impact of drug approach is the past decade have ranged from a low of 12 to 2016 to a high of 10 to 2016. Last year 40 were approved. Almost half were approved on drugs, commonly used, mechanisms of action. Moreover, many are pre-established medicines, which promise over time to create insense healthcare by targeting the high treatment to the right patients while considering the amount of drug costs."

Mr. Gallagher also ignores the fact that President Trump's new budget proposal calls for a 12% reduction in funding for the National Institute of Health (NHI) program. But a company sponsored basic biomedical research upon, which industry, patients and America's future leadership depend.

Norman Alexander New Washington Mr. Allroberts is a past president of the Peruvadish of African tradition.

Morning Down Moneing Lane

Like comment, many houses, free ones lived in Manhattan ("You in BTA Revolution!" Inside View, Aug. 10). My best art on a modern and modern Village was setting for Early Onshore.

Communion in the 1990s over called "Students for a Democratic Society." At my college they have had a tuition dispute between students and the school administration for their two groups.

Sometimes they call themselves "Occupy Wall Street." Sometimes they see "Black Lives Market." They see always for the outside สมธภัร์ยา. Like Mayor Edward Marshall, they likely didn't take from 101. They can't comprehend economic. It is incompatible with Marxism.

Peter McCarver Evansdale, NY

How Hope Is the LAUSD?

Glossy theory seeks an important aspect of the Los Angeles Unified School District's learning financial disparity. The 1990s, which was that of Oliver Prayt's Money," Life Science, Aug. 10: "The district includes all or parts of 25 cities and has a footprint of 750 square miles. Calling it 'Los Angeles' is a bad idea. This out of control modernity must be broken off."

Michael T. Watson Upstead, Calif

Letters intended for publication should be compiled to read/redresses. Please include your city, state, and telephone number. If you are not subject to editing, and unpublished letters cannot be acknowledged.

Pepper and

And Salt

"It's beautiful, gracious software on your computer, but just in case. Here's our antit俱es Hardware."

---

THE WALL STREET JOURNAL.

...

OPINION

Thursday, August 15, 2026 | A17

What Problems Should At Be Solving?

By Roland Fryer

The speed of each of the summer talking with the strategic resources about artificial intelligence. The only word I hear more often than "If it's 'dominion.'" Not far behind is "socialism," usually accompanied by bewilderment. Why, they wouldn't, are so many Americans, especially young men, attracted to an economic concern that has failed to be psychologically elsewhere? I'm beginning to think their enthusiasm for abundance and their bewilderment about socialism are concerned.

The attendance shift is that it is overt. Intelligence becomes cheap. Productivity maps, scientific device very accelerates. We live happy, get richer, even look wiser. Where do I sign up?

There I only the mood by asking. I mean we're whose "Who decision" it may be the fairest way to end a conservative story! I admit the flare and consensus department what we were doing about nature by being.

Some of the biggest fortunes may be hiding in markets and millions that Silkeus Valley is ignoring!

Most people hear the questions and answer. I'm headed toward more, mirrored! Some income or some other scheme for redistributed, 40% gains. But I'm not asking how we think about the problem. I'm asking a price question: What will we use it to create in the United States? Before we divide this spoils, entrepreneurs and investors have to decide which problems are worth solving.

There is the market of a gold bank. Thinking Machines Lab (sized 12 billion as an initial thinking round of a $2 billion valuation, Government and some $470 million with a 4.4 billion valuation) is the second stage. Technology executives I respect how to fall on—one stream of the same thing. There is simply too much money to be made right now

to worry about anything else.

There is a reasonable defense of all this. "If investment" brings together very different bets: foundational models, share and compare, physical परीक्षण before and applications. Technological overabstraction holds the infrastructure before anyone knows all the applications it will enable. Perhaps the installation, too. All applications simply haven't arrived yet. But if we are waiting to discover the best of the world—and who looks—may matter more.

What if Silkeus Valley has it backward? Not because they have a moral obligation to save the world, but because they have a political influence may be hiding at the problems they are ignoring. Medical spore more than $900 billion in 2026. Gating estimates that workers who aren't engaged or actively down-paid account for about $1 billion are more good. The most common thing: What aren't problems of this scale a bigger focus at Silkeus Valley?

A paper by Shai Zink's, Jodi King and James, haven't accepted for publication in the Journal of Economic Review, offers a clear, humorous disproportionately create problem for people like themselves—in sex, income and age—more accurately the subject can see. The problem is the economic problem with an 18% higher female customer share than male entrepreneurs in the same category. In western front high income families are more likely to be able to pay attention to the bought by high-income consumers. More strikingly entrepreneurs are forced to lower-income peers during higher education because more likely to enter the market. The most common pattern appears in biomedical innovation. Female investors are the proportionately likely to produce an criticism related to women's health. In venture capital, we have a name for this broader market for a decade ago. The more you can see, known things outriders don't—what actually hurts, what customers will pay for which workarounds they already use, and which elegant and low-will and low-market, with reality. That age-old venture principle has an uncomfortable conflict of critical. Americans rarely become venture-backed founders, the problems they

understood intimately are less likely to become starting ideas.

Venture capitalists know how to exploit broader markets? In when they recognize the market. In defense, they price founders who understand weapons, procurement and the first tages. The success of companies like Oxford suggests they are right to do so. They're better at finding founders who understand the risks than Medical.

I see the same mechanism every year at Harvard. I teach a class called Young Markets to force Social Problems. So their agencies, citizens, and others are beginning to work problem and build a company to solve. If they choose are revealing. Last western one team, led by a cancer-savveter, prepared an all-time career for a 1,000 million dollars for patients. Another team was deeply concerned that Harvard's impact behind hot-scale delivery at 3 a.m. Its solution: HotCockers, a.

In nearly a decade I have never had a chance yet: You know what really works? Getting government benefits. Or coming home from prison and trying to find a job. Or running a police department with autopsied aoffense. My students aren't selfish. Many simply have never encountered those systems. You can't hear founder market fit in the market you've never met.

That is one reason Bill Heiman

and I started a venture fund. We believed entrepreneurs who made it overlooked markets could build enormous companies. Traditional venture capital often treated them as bad markets. Impact investors treated them as worthy causes that required accepting lower returns. We thought that were interpreting opportunity.

At makes that let the more interesting, I thought each of the 10 in equation—who can start a company and which businesses can scale. For years, the venture planbook treated financial expertise as the scorer in past. That a brilliant exposure and build the end of the company around has all almost made exposure and a result. But it can make some technical execution changes—and deep effort knowledge relatively more valuable.

The world's extreme risk had spent 20 years running Medicaid programs might understand the customer better than almost anyone alive and still have little chance of starting a software company. Today, it can help him prototype, analyze data, write code and get remarkable for before assembling a large technical team.

The company which businesses can be venture—side Benefits companies, career coaching, and case management have historically been labor-intensive. If serving twice as

many customers requires more as many employees, the unit represents don't work. All native service businesses can break that relationship.

I'm not asking Silkeus Valley to be less greedy. Don't choose Medicaid over-models. But it makes—there is serious money to be made in both.

That keeps me back to the other world I keep heading, socialism. Mi-tech friends are endowed about abundance, industrial to discuss who will work from it, and baffled that so many Americans are anxious about AI and penetrating capitalism. I'm baffled by their bafflement.

Before it is 10 Americans expect to be more than 10 percent. It's also over the next decade. The Democratic Socialists of America say that membership list an all-time high of 10,000 on July 4. Meanwhile, 16% of Americans will fudlup they now will produce products, down from 80% of the 10,000 to 80 percent, and the average of the 10,000 to 80 percent. The 10,000 to 80 percent is a 10,000 to 80 percent.

Maybe Americans aren't wearing on market. Maybe they're wearing on market.

Imagine the AI optimists are right. We create staggering wealth and productivity. Products and services once reserved for the wealthy, and the people who are in the same business. But that promise will be reduced only if entrepreneurs and the people beyond themselves.

If one American says AI to eliminate the need for a better, already comfortable life while another still speaks an alternative trying to figure out whether it qualifies for food stamps, we shouldn't be surprised if it's not to be a better. And the fact that I had it—and also government to divide the abundance some other way.

The tragedy would be to blame capitalism for our failure of imagination. AI will create abundance, flow of money, and the world's economy. And whether Silkeus Valley keeps solving the problems it already knows—or learns to see the ones it doesn't.

Mr. Fryer: A Journal contribution is a profession of economics at Stanford, a founder of Equal Opportunity Ventures and a senior fellow at the Manhattan Institute.

Despite What You've Heard, the World Isn't on Fire

By Bjorn Lumborg

A simple from Canadian wildfires proved into American citizens last month, the headlines of our equality first. Most blamed climate change. Canada's public businessman otherwise makes the smoky skin that "only one true for" they learning fused back. But the headlines seem to have missed the most remarkable fact about the wildfires. Canada is having a below-average fire year. In fact, the world is on track to a record low in one barred.

Obviously won high released July 9, 2026. 1.1 million hectares burned from than a third of the 4.4 million hectares burned for the same date last year. Packed into the "quick furin" of the government's forces, the 1.1 million hectares of the quarter about climate change during over more severe disasters, one fire year admission that wildlife activity "remains below the low-year average." The abandonment of the 4.4 million days worthy applied by the European Union confirms that Canada's total burned area in 2026 by Aug. 3 was below the 2032-25 average the 1.1 million in a fourth year.

And the statistical good news was that the 1.1% for 2% loss year has remained below the 2032-25 average, with its most recent measurement 20% below average as of Aug. 3. North America and South America have been the highest share of the 4.4 million. Every continent on the globe is burning less—some much less—than small. As of Aug. 3, Oceania has burned 24% less than in 2032-25 average and Europe has burned 15% less. Asia has a mass record low of burned area since 2032, checking in 4.4% below average. Africa is at a record low, with current loss of 44% below average.

Globally, we're on trend for the lowest here state the collection of

that satellite data began in 2016, and likely the lowest since 2000. In the early 2030s, nearly 45 of global land burned annually, nearly double—both 1.1% American annual human area in the 2030s was about five times on large as its markets cannot burned now.

The deadliest aspect of first man declined, too: smoke double. So get lation from fires falls roughly 20,000 times as many people as the Southern states. As fires have declined,

That Canadian smoke wants pretty, but it was an outlier. Less land is burning than ever before.

the role of annual double from land usage—fire air pollution has fallen substantially since 2005, according to a 2026 Lancet study. Given the current global health problem, the 4.4 million deaths from the millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions of millions

The world's know any of this from most media events. The much coverage there's the smaller areas that happen to have lost of fire, up-sitting everything else. With Canada this summer, scary pictures won our over-campaign markets. In Europe, to allow an extra 2.1 million people to diversify make headlines, that the Continent's fires are significantly below average doesn't.

One of the most egregious examples of this narrow reporting was the coverage of the "black summer" fires in Australia in 2019 and 2020. The headlines were apocalyptic. But while the fires did come near barely. The almost 4.4 million deaths were found and thrillers, where many media outlets are heard—the local national

tank was "well below average," according to the government's annual environmental overview. This sort of media coverage leaves the public with the impression that the planet is ablaze when the evidence shows the opposite.

The position came in the statistics should give peace to climate alarmists and there on the media pressure in their cases. To be legally convenient, if climate change gets the blame for every fire, it should also get credit for them declining.

The truth is that climate change isn't the main determinant—either way it became planet due togifts in the summer and does not require free factor, tilting the odds toward more dangerous fires. The first, the weather only sets how easily a land-use can have. Whether a home—and how badly—depends on the people, how much fuel we let accumulate, how quickly we detect and dense flames, and how much land we farm, frequent and poor. The significant decline in theOverseas due to a century of better land

management, agriculture and firefighting.

The main culprits of the last fire season Canada suffered at 2022 and 2023, for a honeymoon. A nation can have less fire overall but still impressive blazes. The same decades of aggressive firefighting that drove our burned area down also let that pile up Canada has all but abandoned prescribed burning—deliberate, controlled from that clear out the deadwood and underground that turn ordinary fires into monsters. By one measure, the area in Canada treated with prescribed burns annually collapsed from more than 10,000 persons in 2026, and 2026, because in 2021, a 94.1% decline.

The stock response from climate activists—that the only need for its de-implementation—fails elementary commerce. The 2026-2030 season's wealthy world went not over by 2050, an extraordinarily dependable and expensive policy, temperatures would change less than 0.2 degree to 2.0 degrees. The 2026-2030 season's 2026-2030 season, with near-zero effect on fire risks.

Impatience is what makes the difference. Modeling of Cox Angeles's Palisades the same that with an climate action, a similar fire on 2030 would have about 7.2% more intensely. Yet even if the entire world managed dramatic emission only, the fire would still have 5.7% more intensely in 2030. On the other hand, adaptation—prescribed burns, mechanical thinking, fire-resistant building—does not require unequivocal make that fire about 21.4% not severe in 2030 than it was in 2025, at a top fraction of the cost massive decarbonization poses.

Canadians and Americans who have been able to make us smoke observe better than a false diagnosis. Better forest management—particularly prescribed burns—will do more for next summer's air than any emissions target.

Mr. Lumborg is president of the Copenhague Consensus, Visiting Fellow of Stanford University's Research Institute, and author of "False Alone" and "Best Things First."

Geriatric Demental Losses in Moderate

By Ben Kite

Dementia is Washington have moved for years to expand Social Security, despite its lucrative growing concern.

Leading the charge is the House has been Rep. John Larson of Connecticut, who has spent most of the past decade as the top Democrat on the Ways and Means Subcommittee on Social Security. From this point, he dictated the party's agenda, interpreting a no-comparisoner vision of benefit increases paid for by legal tax liabilities.

His main cause is an end on Tuesday night, when the 70-year-old Interns (member was amended) is a prisoner by former Stanford Mayor (also referred to as the "Demental Loss" and his allies decided as a project of Milwaukee who sent to prison in Social Security.

Mr. Larson's loss should stop from a crisis to rethink the politics of Social Security. Most incumbents started in Democratic primaries (the city have been killed by someone from the left. The major reasons is that candidates backed by the Democratic Socialists of America have been willing to challenge a political policy. The state's Internet whose failures precipitated a cost of financial costs and joined the way for Donald Trump's return to the White House. Mr. Branson has shown that movements with no money—the frustration with greatest party leaders who can't deliver.

Mr. Larson tried to survive an extreme about proportional change by having, if any, a referendum on Social Security, it facilitated spectacularly. Mr. Branson pointed out that the state's 2026 Larson's vision could be lost mostly, he has produced no results, even when Dementia held the presidency and Congress.

Rep. John Larson, 76, was unable to let place in expand Social Security.

Meanwhile, Social Security's finances continued to worsen, to the point that no years from now—because of the 2026-2030 season's term—it faces admirably across-the-board benefit cuts when the state trust fund runs out of money.

Whatever Demented replaces Mr. Larson, only the subcommittee should push for a more pragmatic approach, focused on making the program sustainable, instead of doubling down on his failures. In every measure of Mr. Larson's signature Social Security (SSS) let, the state's 2026-2030 season's term is "unwillingly has been to apply the 22.4% Social Security permit law—which currently applies to a worker's first $184,500 of earnings on all income tax liabilities. The state's 2026-2030 season's term is "unwillingly paid the top federal tax rate on earnings above 30%, before accounting

for state or local income taxes.

That would sink crossing the threshold of which tax hikes would reduce rather than increase revenue, as high earners work less, relocate the public. The state's 2026-2030 season's term—the state's 2026-2030 season's strategy, represents a significant change in the state's 2026-2030 season's strategy. Democrats would struggle to get the most of their priorities with additional taxes on the end if Mr. Larson's proposed were adopted.

He even began problem with Mr. Larson's approach to that rather than use the revenue to pay for the underfunded pension Social Security. At some point, the state's 2026-2030 season's term is "a little across-the-board benefit increases in interest returns, including the wealthiest seniors, who hardly need them. Social Security is a good thing. The state's 2026-2030 season's term is "a little across-the-board benefit" increases in interest returns, including the wealthiest seniors, who hardly need them. Social Security is a good thing. The state's 2026-2030 season's term is "a little across-the-board benefit" increases in interest returns, including the wealthiest seniors, who hardly need them. Social Security is a good thing. The state's 2026-2030 season's term is "a little across-the-board benefit" increases in interest returns, including the wealthiest seniors, who hardly need them.

Maybe it isn't surprising that in a year received by anger or the estate tax, the state's 2026-2030 season's term is "a compassionate promising an ever-expanding worker state for his own age—short at the expense of working-up Americans who are struggling to get by. Phelps to expand Social Security don't seem to increase when the state's 2026-2030 season's term is "a little across-the-board benefit" increases in interest returns, including the wealthiest seniors, who hardly need them. Social Security is a good thing. The state's 2026-2030 season's term is "a little across-the-board benefit" increases in interest returns, including the wealthiest seniors, who hardly need them.

Mr. Kite is our president of public development for the Progressive Policy Institute.

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL, INC. 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. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100.

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. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100.

---

A18 | Thursday, August 15, 2026

THE WALL STREET JOURNAL.

America's Workforce Academy

built by Meta

Congratulations Graduates!

America's Workforce Academy, built by Meta, congratulates its first cohort of graduates in Indianapolis and Columbus.

Graduates completed the paid training program and will now move on to guaranteed jobs at leading contractors including Faith Technologies Incorporated, IES Communications, Stoner Electric Group and more.

The future is for everyone.

Ethan

Headed to IES Communications

Laniya

Headed to MP Nexlevel

Jibri

Headed to LINX

meta.com/AmericasWorkforceAcademy

---

PENSITIS & FINANCE

© 2020 Dow Jones & Company, All Rights Reserved.

THE WALL STREET JOURNAL.

Thursday, August 15, 2020 | B1

S&P 7748.50 ▲ 0.245 S&P/FIN ▲ 0.160

S&P/TX ▲ 1.000

DJ/TRANS ▲ 1.445

WLS/EDX ▲ 0.125

2-YR TREAS. yield 4.1985

MKKD (Middle):68409.92 ▲ 1.635

See more at WLS.com/Markets

Paramount Weighs CNN Oversight

Talks about an editorial committee began before suit to block deal was filed

By Jessica Thomas.

Paramount is recent months has discussed creating an editorial board for CNN and other safeguards to save concerns over its news operators's independence, said pro-

ple familiar with the situation. Paramount, which owns CBS News, has agreed to buy CNN poorer Warner Bros. Discovery for $81 billion. The internal discussions about establishing an oversight committee for news have come up as the company has planned for the deal's closing, the people said.

The deal is on hold as an antitrust lawsuit filed by California and 11 other states which its way through the fed-

eral court system. A trial is scheduled for March.

The plaintiffs allege that c.o.b.'s s.n.g Warner and P.a.s.m.o.o.'s would give one company too much power

over theatrical movie distribution and cable television. Paramount's discussions

The deal is on hold amid an antitrust lawsuit filed by 12 states.

about creating an editorial board for CNN began before the lawsuit was filed; said one of the people familiar with it.

"We always remain open to internal im-

provements to journalists in integrity," the company said in a statement.

Concerns about the company's owner carrying news coverage have been brewing since Paramount agreed last year to pay $50 million to settle a lawsuit by President Trump over the editing of a "60 Minutes" interview with former Vice President Kamala Harris as its merger with David ElBunny Skydance Media senated regulatory approval. Some CBS correspondents have alleged political interference.

BofA Set To Deploy $250 Billion For Energy, AI, Minerals

By Ross Huss

Bank of America plans to import $250 billion into an infrastructure pack that aims to boost U.S. investments in data centers, energy and critical minerals, the latest big bank to sell out flashy initiatives to enhance U.S. competitiveness.

The second largest bank in the nation for assets said the bank should be able to sell its strong and investing as well as capital markets, banking and advisory work—all to support a "new wave of infrastructure investment."

It said the investments could create tens of thousands of jobs.

Bank of America is joining a power in launching semiautational campaigns that together would put millions of dollars in capital toward investing 0.6 percent. The bank has also applied to backdrop of an administration that has carried pressure on American companies.

Banks have been under particular scrutiny, including prices and whether they "be banked" shares, a personal matter to President Trump and his family. In January, Trump alleged JPMorgan Chase shipments closed his accounts in a $100 billion-dollar lawsuit. The bank has denied it acted illegally in closing the accounts.

On Monday, Morgan Stanley said that the information shown $1.5 trillion infrastructure initiatives that will focus on innovation platforms and strategic initiatives and infrastructure for the innovation economy. Both Morgan Stanley and Bank of America touted their investments as part of the U.S.'s 2009 birthday, celebrated last month.

JPMorgan has announced the bank would use its own capital to invest directly in companies it has defined as critical to national security and economic self-sufficiency, an inherently private strategy but also potentially more profitable. It has also rolled out an initiative to support home-ownership in the U.S.

Bank of America said its Pennsylvania page B2

Cracker Barrel CEO Opened Door to Her Exit

By Sherman Hauwer And Richard Vessels

After Cracker Barrel's botched rebranding campaign kicked up a culture war-fueled man446mm nearly a year ago, its board handled its consider opinion.

Some directors asked Chief Executive Julie Masino if she was still up for managing a company through a controversy that went President Trump had weighed in on—and which had also threatened her own security, said people familiar with the matter.

Masino, who had oversees the rebranding, said she wanted to stick it out, the people said. Internally, she continued to project engagement as theાવવામાં effort.

But, the board also started exploring succession options. The situation caused the company's valuation to plunge and stirred up a longtime accrual however. Cracker Barrel directors decided they needed to identify candidates if Masino decided to bow out or was pressured into an exit, the people said.

Masino spent weeks personally fighting the activist's and critics' efforts to start her meeting with investors ahead of a November proxy vote. Shareholders voted around 75% of shares in favor of keeping Masino as CEO.

But after the fall, Masino began to primarily indicate that she was từng of the fight, according to the people. While trying to position Cracker Barrel for the future, she had become the public face of its biggest controversy as years. The battle had led.

Pennsylvania page B2

The attempt to introduce a new logo last year touched off a firestorm. The new logo on display last year in New York.

Share price and index performance, over the past year

Comparable-store sales, change from a year earlier

Pioneer Cracker Barrel Chief Executive Julie Masino.

marketplace. The concern isn't about such heavyweights—Meta, Microsoft, Google—with between balance sheets. Instead, it is about the many smaller AI labs, cloud companies and enterprises that have revenues demand for Nvidia chips but face high interest rates if they want to finance purchases of them.

The AI boom, and Nvidia's financial connections, can't keep up on the following pace unless these kinds of companies get the business. Pennsylvania page B5

Goldman Doubles Down on 'Boomer Candy'

By Dan Guttman And Michael Borthepp

Goldman Sachs wants more wealthy banks to invest with it and is betting even more "boomer candy" options will help.

The Wall Street bank on Wednesday said it would pay up to $2.25 billion to acquire NEED investments, a provider of actively managed exchange-traded funds with $50 billion in assets.

NEED specialists in ITP's that use options strategies to maximize capital payouts and limit tax bills. They are part of a growing class of investments which are a continuous of investment by pre-investors upside from stocks of dividend payments without as much time.

Only a few years old, these products have been a hot done among older investors who want to capitalize on surging markets while still protecting their savings, earning them "the money," "boomer candy." Among the most popular versions are excelled better funds, which explicitly limit downside for investors while also capping gains.

Pennsylvania page B5

Wall Street, Nvidia Bet on Chips as an Asset Class

Nvidia CEO Jenson Huang is running into a position. Many of his customers can't afford to buy his company's coveted AI-powering chips.

By Jack Fincher, Aetna Goolby and Peter Rodriguez

That explains why Huang teamed up with an array of Wall Street firms on a $500-bit loan plan that will discriminate standardize chip financing, creating asset-backed push on capital for AI companies—while

leading Nvidia partly on the book if things go wrong.

Executives involved in the strategic partnership Huang unveiled this week with Apollo Global Management, BlackRock, Blackstone, Brookfield Asset Management, Goldman Sachs and KKK host the effort as the launch of a new asset class akin to the securitization of everything from airplanes to credit cards to mortgages.

To critics, it is a system that will cover up weaknesses in some corners of the AI

One model for financing AI deals

1 Investors buy (80%), start long billions in cash

2 Insellers

3 Social

Services outside (57%)

4 37% loss cash for key equipment

5 37% losses equipment for the customer

6 37% losses equipment for the customer

INSIDE

TECHNOLOGY

Two mobile organizations sue Trump over Truth Social filed; B3

HEARD ON THE STREET

Red-hot power stocks are losing steam; B10

Harrods, Estate Battle Over Sex Claims

By Nicholas Boussoun

LONDON—Mehammed Al Fayed was a rapt-to-rather stock raising game from left leg lemonade in his native Egypt to the top of British society as the owner of the famed 'Harrods department store and the Pallade soccer club, and a friend to royalty. He was also according to claims made after his death, one of the most notorious sex offenders in modern business history. Hundreds of women are trying to get compensation, which has set off a fight between the current owners of Harrods and the late tyranny family estate over who should foot the bill.

Many of the women are former Harrods employees, ban-

nies and private flight attendants who came forward following a 2018 BBC posthumous investigation. They all urged sign 'Harmony' to be a medical testing or sexual abuse before, during and after his tenure as Harrods owner from 1993 to 2010. Al Fayed denied allegation of abuse before his death in 2013 and was never charged by U.K. prosecutors.

Harrods, which since 2010 has been owned by the owner sign wealth bank of Qatar, is now a public apology in 2014 and said it was appalled by the abuse allegations against Al Fayed. "These were the actions of an individual who was intent on setting his power wherever he operated," it said. "We also acknowledge that

Mehammed Al Fayed poses with his hotel staff in 2016.

during this time as a businessman based our employees who were his victims."

The company launched a compensation program in

March 2015 through which former Harrods employees could be hit by a 100,000 pounds, the equivalent of Pennsylvania page B2.

---

82 | Thursday, August 13, 2026

...

THE WALL STREET JOURNAL.

INDEX TO BUSINESS

Your index, its initials relevant to your panel company and photographs is many tables. Article is urging any trusts aren't told in these tables.

A	Alphafed...$4.89
B	Alphafed...$4.89
C	Alphafed...$4.89
D	Alphafed...$4.89
E	Alphafed...$4.89
F	Alphafed...$4.89
G	Alphafed...$4.89
H	Alphafed...$4.89
I	Alphafed...$4.89
J	Alphafed...$4.89
K	Alphafed...$4.89
L	Alphafed...$4.89
M	Alphafed...$4.89
N	Alphafed...$4.89
O	Alphafed...$4.89
P	Alphafed...$4.89
Q	Alphafed...$4.89
R	Alphafed...$4.89
S	Alphafed...$4.89
T	Alphafed...$4.89
U	Alphafed...$4.89
V	Alphafed...$4.89
W	Alphafed...$4.89
X	Alphafed...$4.89
Y	Alphafed...$4.89
Z	Alphafed...$4.89

Enceitated...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All

Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All
Organized...All

INDEX TO PEOPLE

A	Arts, Arts	25
B	Arts, Arts	25
C	Arts, Arts	25
D	Arts, Arts	25
E	Arts, Arts	25
F	Arts, Arts	25
G	Arts, Arts	25
H	Arts, Arts	25
I	Arts, Arts	25
J	Arts, Arts	25
K	Arts, Arts	25
L	Arts, Arts	25
M	Arts, Arts	25
N	Arts, Arts	25
O	Arts, Arts	25
P	Arts, Arts	25
Q	Arts, Arts	25
R	Arts, Arts	25
S	Arts, Arts	25
T	Arts, Arts	25
U	Arts, Arts	25
V	Arts, Arts	25
W	Arts, Arts	25
X	Arts, Arts	25
Y	Arts, Arts	25

Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Art, Arts	25
Arts, Arts	25
Arts, Arts	25

Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Arts	25
Arts, Art, Arts	25
Arts, Art, Arts	25

Al Orders Boost Cisco's Profit

By BILLU BORDALL

Cisco Systems reported a jump in net income in the July quarter as the company's return and its owners follows in under from artificial intelligence hyperwallets.

The network equipment company on Wednesday returned a profit of $1.04 billion, of 97 years ago, to make quarter ended July 23. That company sold a profit of $1.03 billion, or 64 cents a share, a year earlier.

Reipping net certain overtime items, adjusted earnings were $1.23 a share, compared with the $1.17 a share analysis were reporting, according to Pacific.

Hyperwallets like Amazon, Microsoft and Google are investing heavily in AI infrastructure. Even chips to data center development, according to equipment and software technology AI labs are racing to build and train over-more capable models.

"It's the fastest moving tech-

rology transition that we've ever seen," Chief Executive Chuck Robbins said in an interview.

Robbins said Cisco hasn't seen such consistent, elevated financial access aspects of the company's portfolio in 30 years. The company has benefitted from investment in infrastructure to train cutting-edge AI models, incorporating new data and general equipment refurbish in computer America.

Cisco's revenue grew to $17.21 billion, up from $14.67

billion a year prior. Analysts guided by Pacific were reporting $0.66 billion. Product revenue rose 24% year over year, while services revenue rose flat.

The company said it took an 84 billion worth of AI infrastructure orders from hyperwallets in the fourth quarter, bringing its total for the fiscal year to $9.1 billion.

The company's share of the company guided for adjusted earnings of between $5.35 and $5.51 a share, on revenue between $7.12 billion and $7.74 billion.

Wendy's Soars on Possible Peltz Plans

By Maureen Riessen

Wendy's has been struggling with profit to its restaurant's costs; but its shares are investing on continued interest from one longtime patron Nelson Peltz.

Peltz's Time Fund Management is working to put together an investor consortium that could bid for the Ohio-based largest chain, the Financial Times reported.

Titan, a longtime Wendy's investor that held around 40% of the company's income from the area in February said the firm had spoken to potential investors about strategic

options, including potentially taking control of the chain and taking it private.

A Wendy's underwoman said Wednesday that it would receive any proposal submitted by Titan, consistent with a fiduciary duties, and that new Chief Executive Ken Wright was moving with urgency.

"We have identified core strategic areas in which we are prove performance and turnaround the business," she said.

Wendy's has been struggling with the declining traffic and profit. In May, the company selected Wright, who has more restaurant experience

Wendy's said it would receive any proposal submitted by Nelson Peltz's Time Fund Management.

than its previous chief, as its new chief executive. Wright told investors last week that he was thoroughly reviewing the business and backed his dividend to remove in restaurant operations. Wendy's reported a 7% U.S. same-store

sales decline for its most recent quarter.

The company's stock rose 24% on Wednesday. Titan in 2025 yielded its critical investment at Wendy's, including a potential sale. It backed off in 2023.

Cracker Barrel CEO's Exit

Continued From page 81 and on the months, and was wearing on her.

Cracker Barrel announced on July 27 that Maxine would depart this month, successful in which Brown's restaurant industry veteran and former CEO of Softpack Healthcare parent Bloomer Brands. The move decided itself, ratified by the move and ended in a significant game come close to Maxine, according to people familiar with the discussions.

Bross, who took over as Cracker Barrel's CEO this week, attends to stick with work of Maxine, and is the rebuild sales and improve profit by focusing on food quality and customer experience, people familiar with the company and before starting the role, the executive traveled to the company's headquarters to introduce himself to cash and risk employees in addition to the company.

By last January, the south-continually chain was at a low The Messig over Cracker Barrel's new logo had dented

Cracker Barrel's business began stabilizing after it reversed the retracting path.

business, and its stock started the new year at around $25 a share, its lowest level since the 2008 economic downturn. To conserve cash, Cracker Barrel (at corporate jobs and without stricter rules, Morale was down.

Maxine saw reasons for hope: first showed customers responding to others to enhance Cracker Barrel's food and service, and people familiar with the company's business, and market research showed improving sentiment

toward the chain.

"We are encouraged that we continue to welcome back more guests," Maxine told in visitors in March.

At the same time, Maxine was aware of the brand's process and the security timeline. The same Sponsor Display to create who brought Maxine to Cracker Barrel was also retained to find her replacement, according to people familiar with the search.

Maxine, a former Ford Bell executive, came to Cracker

Barrel in 2023 with a mandate for change. The chain had been struggling for years with declining traffic and an enthusiastic, and Maxine gave herself three years to implement a professional strategy.

"While early efforts showed pressure, the chain's move to change its longtime logo and paid retractation off restaurant work yet off a forefront last summer.

Within months Maxine pulled a U-turn, dumping the new logo, dropping the mar-

keting firm behind it and spending restaurant remodels, bringing back proven sellers like complete music and loan drivers."

The chain's business began stabilizing, and the brand's executive committee started building into finding Maxine's successor. By January, the Sponsor Display headquarters has observed railing the market and former restaurant industry executives, the people familiar with the search said, to prepare about their interest in coming to Cracker Barrel, including current public company's 100s.

Cracker Barrel in June discovered a more upbeat outlook, sending shares soaring 53% for following day. Tects to improve food quality were expanding, though more work was still needed, people heard tar with the company's affairs too.

At July, Cracker Barrel air remained it would call off some restaurants and a separate brand to reduce its debt.

Seven days later, Cracker Barrel announced Maxine's departure. "We wish John all the best in her future endeavor," the chain's lead independent director said.

Bross had spent 32 years at Bloomer Brands, rising from third financial office to 120. In addition to navigating the brand 19 guidelines, Bross

faced two activist investors. After stripping down in 2026, Bross joined the Panora Brands board.

Bross's hiring of Cracker Barrel has already had eight others to the company's stock initially fell after the announcement, and some staff and analysts questioned the rationale behind Maxine's departure.

The executive transition is also costly for Cracker Barrel. The company agreed to pay Maxine $4.6 million over a year, and it was a 2.5% of the net year's net separation agreement. The company will also continue to provide Maxine benefits, including protection services, as necessary.

Bross's pay package calls for a loan share of $2 million, an annual bonus and stock awards, according to company filings.

Bross is soon slated to purchase in leadership training, a ritual for all new Cracker Barrel field services. Earlier this month, he and other Cracker Barrel executives attended the company's annual off-site conference in Orlando, Fla., where last year the new logo was awarded.

Maxine didn't attend the conference. She was at the company's Lebanon, Tenn. headquarters, where she appeared more relaxed, some of the people said.

Beji Sets $250 Billion Investment

Continued From page 81 initiative will target key infrastructure behind the artificial intelligence boom, such as data centers and nonconductors, as well as hardware, chips and equipment.

It will also cover conventional and renewable power generators and energy changes, including require other structure such as transportation, natural gas, water systems and critical minerals.

We will be measured from the start of this year into the middle of 2027.

Bank of America doesn't intend to focus on equity investments as well as institutions, but it hasn't taken the option off the table. Races Fang, the bank's global head of infrastructure and sustainable finance and co-head of global capital authorities, are at an irreverent

"I wouldn't say never because for the right project at the right time, maybe," Fang said.

The first America shares rose 1.83% to $64,925 on Wednesday.

Continued From page 81 around $500,000, on top of any investment costs. More than 300 people engaged in the program, according to Bartosh, of which 100 claims have to be been settled. It should be new applications in March 2026.

Witness who were allegedly abused by AI Fayed untouched by Bartosh framework, in-

cluding demonstrate of AI Fayed's incidence of employees at his other ventures, were eligible for the Bartosh program, said. The seeking compensation directly from the estate through civil lawsuits, The estate is negotiating directly with them.

"The execution of the contract was seriously the allegation that have been made. However, these are matters which are, in may become, the subject of legal process, and it

is not appropriate for com-

ment to be made upon them," Justin Michaelson, a lawyer at Queen Elizabeth's Hospital in Sullivan, said in a statement. "The executive now committed to "creating that whatever process follows is conducted properly and responsible."

Last year, Bartosh said it had set aside $50 million for share compensation, that the department store is seeking to recoup costs from the estate, according to Bartosh and law men involved in the negotiations. Bartosh asked people participating in its settlement program to support it in its covering costs.

Bartosh filed an application in court at June 2025 without

to remove AI Fayed's quasi members as co-existers and to place them with an independent agent appointed as administrator, and a legal agreement.

The first American business, which Alvey, with AI Fayed's wishes, Bross Watkins-Fayed, the executive is one of the couple's children. Gamble Fayed and Jasmine Fayed, In 1997, Princess Diana and Al Fayed's son Dodi Fayed were killed in a 9-year car crash.

The estate has been able to obfuscate the claims pro-rerent," a spokeswoman for

Harris launched a compensation program in 2026 through which former employees could obtain up to $200,000.

Bartosh said. "We therefore do not believe the current executive are the correct people to be managing these claims and have continued concerns over the advisory of the estate and in ability to pay all survivors in a timely and appropriate manner."

AI Fayed's family members are fighting to retain control of the estate. They are negotiating settlement agreements with claimants and the lawmen say the estate wants to secure a deal as soon as possible to fix a potential liability and underestimate the extent of the financial damage.

In court documents viewed by The Wall Street Journal,

the widow, Watkins-Fayed, disputed the records of the claims made by some of AI Fayed's victims. Michaelson, one of the lawyers for the executive, declined to comment beyond the statement.

There is also dispute between law firms as to whether to back Bartosh's push to replace the executive. One firm, 87 law, which says it is representing more than 27% claimants, has told its clients that the fight over the executioning is forcing clients to wait and that keeping the current executive should help it secure the right.

"Survivors' access to compensation—whether through

the scheme, courts or a global settlement—is entirely separate" from the the fight over the estate executive, the Hartwell spokeswoman said.

87 law and that 95% of its clients chose not to participate in the Bartosh settlement program. 87 Law has criticized the possible because the state's strength of wear part of the estate manage them from present during the years of allege abuse. It also said that the new-year deadline put pressure on survivors to make a decision when Hartwell's own internal investigation was continuing.

Several other law firms, such as the state's smaller groups of victims, met with the state's lawyers as recent months, but no settlement has been reached.

The state's 90% has achieved AI Fayed of direct, divided out to participate in the Hartwell settlement program because she said she felt the company wanted to pay out its little as possible, as quickly as possible, before any criminal investigation or public inquiry into. But it partake, her claim directly with the estate and with Hartwell.

The one said, the estate co-existers seem to be acting like this in a game of who can out-manner who, all behind school down," Sproug said. "When the state's decision for some who have carried their scars for decades."

---

THE WALL STREET JOURNAL.

• • • • •

Thursday, August 15, 2026

B3

BUSINESS NEWS

Apple Talks

To Publishers

On Siri Deals

Companies could provide voice assistant with current news

By ALESSANDRA BRODILL

Apple is discussing new deals with publishers to use their content to deliver current news and information, as effort to improve its 24 percent list, voice assistant.

The iPhone maker has marked out to publishers its recent months, said people familiar with the market. The proposed multiyear deals would provide Apple with access to content to help power Siri AI, which is expected to roll out later this year, the people said.

Apple has proposed a variable compensation plan, with payments made to partner

publishers when their content is used, some of the people said. The company has discussed a possible time-figure budget for the payments. Apple declined to comment.

Standard licensing models between large AI companies and individual news organizations include guaranteed fees and are generally tied to broad access to content, rather than a pay-as-you-go model.

Apple's recent conversations with publishers come as it works to lead up six voice assistant, which for years has been criticized for its lack of faith. The company was also announced a major upgrade to Siri that could integrate its most closely into the lives of Apple customers.

News Corp. owner of The Wall Street Journal, has a commercial agreement to supply news through Apple services.

Chairman of Tata Sons to Depart

By KENNETH EAGLE

The chairman of Tata Sons resigned, putting an end to a decade at the helm and casting a spotlight on leadership at one of India's oldest and most prominent business groups.

Manaspan Chandrasekaran, whose term ends Feb. 20, 2022, said he has decided against seeking another five-year term after Tata Sons board failed to reach a resolution on his requirement in a month-long statement. One board member withheld support when Chandrasekaran sought reappointment in February, he said Wednesday, without naming the director.

"It is not only necessary to have a leader in place to lead the [Tata] Group beyond February 2022, but also a large on leadership is important for employees, mentors, partners and other stakeholders," he said. "Tata Sons is a very large business and does not make any large reports that are under critical stages of execution."

The announcement comes ahead of Tata Sour annual general meeting on Tuesday, which shareholders were scheduled to vote on Chandrasekaran's appointment as a director.

Tata Sons, the group's principal

Matanasra Chandrasekaran decided against seeking a new term after a month-long statement.

vigil investment holding company, has business interests spanning consumer products such as ads, telecommunications, technology, costs, automobiles and aviation.

Shares of Tata Group companies were broadly lower on Wednesday Tata Consultancy Services, the conglomerate's largest company, dropped as much as 57% in Mumbai trading before trimming its intra-bay losses to about 57% Tata

Mord was 14% lower, Titan Co. lost 0.2% and Tata Power declined 0.5%. Tata Motors was up about 14%.

The Tata Group is one of the largest private-sector employers in the world, with more than a million employees worldwide. The group has 28 publicly listed companies with a combined market capitalization of $127 billion as of March 31.

Its operations extend well beyond India, with a previous

access more than 300 countries. The group owns Appas Land Rover, Britain's largest automakers and The Steel has operations across Europe, including in the UK and the Netherlands.

Chandrasekaran joined the board of Tata Sons in October 2006 and has been chairman since 2017. He has chaired the boards of several group companies including Tata Motors and Air India.

Lilly Sues Weight-Loss Drug Sellers

The 70th has said relationship can't legally be compromised.

By KATHERINE HAMILTON

Elli Lilly has filed on new lawsuits against U.S. entities that it alleges that a large content of the company's investigational weight-loss drug on the black market.

The conglomerate is claiming this entities' self-returnable, a $2.91 drug that is still in trade and has yet to be approved by the Food and Drug Administration.

Lilly's lawsuits involve entries known as Aesthetic Drug, Astra Peptides, Legendary Peptides, Bruker Pharmacy,

Texas Peptides and Lone Star Peptides. They are filed in courts in California and Texas.

The black-market companies call themselves "medical spot" and "wellness clinics," and they offer the unapproved products as a weight-loss hack, Lilly said. The entities also claim the drugs are for research use only, when they are actually intended for human consumption, the company said.

Lilly also has referred the bad actors to regulators and law enforcement and is calling on social media platforms and

payment processors to help stop black-market sales.

The 70th has said relationship can't legally be compromised or odd and that selling unapproved drugs can pose significant risks.

The agency has sent at least 16 warning letters to companies about relationship according to its website. It has warned outsourcing facilities for repackaging the drug, telehealth companies for marketing the unapproved drug to consumers and distributors for selling relationship to companies.

Trump Sued Over Feed

From His Truth Social

By DAVID VINCENT

Two media organizations on Wednesday said President Trump over his namesake company's real-time feed of top Truth Social accounts, arguing that selling preferential access to the president's statements is unconstitutional.

The Intercept news organization and nonprofit Freedom of the Press Foundation alleged that Trump Media's "truth left, which delivers a

machine-readable feed of top Truth Social posts within collaboration, violates the First and Fifth Amendment.

A spokesman for Trump Media, which is 45% owned by the president, described the lawsuit as an attempt to concoct Trump and harm the company's shareholders. "Information from President Trump is disseminated by countless platforms and news outlets, many of which offer subscription APIs," he said in a statement.

Chili's Boosts Brinker's Results

By CONNIE HART

Brinker International forecast another year of profitable growth, as its Chili's chain continues to attract value-seeking illness with its Triple Steppe appetizer, burgers and oils.

Chief Executive Kevin Hechman said Wednesday Chili's increased its load in the casual dining space during the latest quarter, benefiting from recent efforts to improve its food, service and atmosphere.

Chili's same restaurant sales

rose 53% in the quarter ended June 24, marking five consecutive years of growth. Brinker expects companywide revenues and adjusted earnings to grow over the coming year.

Brinker posted net income for the quarter of $10.1 million, or $2.99 a share, up from $507 million, or $2.30 a share, a year earlier.

Total revenue rose 5% to $3.54 billion.

"We still have room to improve, but our progress gives us confidence that we will

sustain traffic gains and export business," Hechman said. Brinker, which also operates the Maggiam's Little Italy chain, said Chili's outperformance has helped offset some struggles of Maggiam's, where same restaurant sales slipped 2.5% during the recent quarter.

The chain is seeing some green shoots, Hechman said, dressed, though, the value around at Maggiam's has been mixed and is happening slower than expected.

Chili's said it benefited from efforts to improve its food, service and atmosphere.

Medical Leave for Home Depot CEO

By SARAH NICHOLDS San Francisco Times

Home Depot Chief Executive that Decker will take a temporary medical leave of absence, the company said Wednesday.

Decker, who took over the role in 2022 and is currently 63 years old, is expected to return in the next five months, according to a company statement.

A company spokeswoman declined to share further details on the reason for Decker's medical leave.

Ann-Mary Campbell, the senior executive vice president of U.S. stores and operations, and Richard McPhail,

chief financial officer, will oversee operations during his absence, Home Depot said. The home improvement chain hasn't changed Camp-

CEO Ted Decker, above, is taking temporary leave.

bell's or McPhail's compensation structures related to their new positions, said the company is a financial filing.

Campbell will oversee Home Depot's day-to-day operations and McPhail will handle the company's financials Home Depot said. Greg Brentman, independent lead director, will serve as board chairman during Decker's leave.

Home Depot and its corporate Lansd's have reported sluggish quarterly sales of late amid a weak housing market and consumer caution around investing in big home improvement projects. Home Depot will report quarterly earnings next week.

Who's Who of Distinguished Leaders

Distinguished Leaders

- 2026 -

HONOREES

WinesWine

a new change in the world's own

Since 1996, Wampin, Who's Who has remained the standard for industry and comprehensive biographical reference material. We are proud to highlight hand-attached listens who have been recognized as Distinguished Leaders in their fields of existence: 2015 Indian listens, only a small percentage are recognized with the Distinguished Leaders honor. We lead those individuals for their ambition, professional fortitude, industry contributions, and career accomplishments.

Jonathan N. Armstrong

Chief Mgr, Acct., Svc./Mkt. Exp. Northrop Chairman

Monica Chin, Founder, CEO

Northwest Florida Law www.northeastlaw.com

Alan J. Cohen, MD

President East West Wind Health, LLC

Aarobul Gupta

Technical Program Manager Arizona com, Inc.

Margarita C. Jordan, PhD

President Jordan Motors Resources Corp.

Allan A. Martin

Partner, Rebrandt Rebrandt, Lipton, Power & Katz

Dr. Peta Patterson

Laboratory Medical Director TrailerCase California Lab

Joshua Fadlin

Owner, President Elegant Leadership, Inc.

Indy S. Parwani

President, Chief Executive Officer RDAH Logistics Inc.

---

84 | Thursday, August 13, 2026

THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA

All spending Show-Remind Profit Growth

Company is more than doubling its expenditure on the technology this year

By Sanner Qin

Towcent Holdings' double-digit earnings growth should be 10-fold made at the second quarter amid surging investments in artificial intelligence.

The profit slowdown came as the liberalism-based company, China, made by market capitalization, said it is more than doubling its 10-fold. The year, targeting both financial markets and AI agents for deep ecosystem integration.

The ideologies and social

media company said Wednesday that second quarter net profit was 16.021 billion yuan, equivalent to $8.36 billion, up 0.7% from the same period last year, missing market expectations. Its adjusted net profit grew 3%.

Revenue climbed 13% to 204.795 billion yuan, slightly ahead of market expectations. Towards capital expenditure more than doubled from a year earlier to 52.78 billion yuan in the second quarter. Share40-related spending also has dragged Towards into negative terms each time.

"We substantially stepped up our procurement of computer, which will enable us to convert usage of our applications and models into revenue

going forward," said Fony Ma, Towards' chairman and chief executive.

The approach spending has come to some fruition, with forward reporting promising progress on the AI front in recent months.

It officially released its first model in July, boasting improved model performance, greater stability and cost efficiency. The average daily token consumption at the previous version has increased 20-fold more in April than it.

The Mexico operator has also started testing an AI agent among a round number of in 1.64 billion users in its capacity, which can help users auto, auto service tasks, such as coding food delivery or feeding

a ride, by tagging in to mini programs spanning e-commerce.

Meanwhile, in AI desktop agent WebModels, which is capable of independently encoding workflows, has become China's most widely used office agent.

Analysts say they expect Towards AI spending measure to be common and easy. AI agent push and improved the means of AI that supply, even as revenue from these productivity tools remains unmanned, with a monetization still at an early stage.

Services have ended on Toward lately, in part due to its higher AI-related expenses, sending shares down about 25% to far like year. The com-

puter's valuation repair path will keep on the progression of its AI narrative. (Adman Sachs, Business news as a recent note.

10.0, Towards's core businesses, including games and marketing services, performed better than market expectations.

Marketing services revenue, which rose 22%, was a major factor in the business and the enhancement to its AI-driven ad recommendation model.

The company's brand-and-letter gaming business remained a steady source of revenue in the second quarter. The company's brand-and-letter gaming business remained a steady source of revenue in the second quarter. The company's brand-and-letter gaming business remained a steady source of revenue in the second quarter. The company's brand-and-letter gaming business remained a steady source of revenue in the second quarter. The company's brand-and-letter gaming business remained a steady source of revenue in the second quarter. The company's brand-and-letter gaming business remained a steady source of revenue in the second quarter.

Toward quarterly net income

Source: Fact sheet (2025) Source: Fact sheet (2025) Note: Twitter.com (2042) online

Startup Raises $750 Million for Rust-Powered Batteries

By Jhonore Black

A startup that makes plant year on batteries that often enough power to last several days has raised a new round of funding valued at $750 million.

Forn Energy, which has been raised more than $2 billion in total, plans to use the money to boost manufacturing at its Winston, WVIs, plant and for its first wave of commercial projects, including a project for utility Red Energy in partnership with Alpha-bet's Google.

Demand for Forn's iron-air battery system has accelerated with the opening in electricity demand, driven by the burning artificial intelligence projects. AI engines keep data on prices, which can use as much electricity as some clean.

While conventional lithium-ion batteries can discharge power for a handful of hours at a time, Forn's batteries are designed to last 100 hours. The battery is designed to save power through dayning grid management, such as a sensor storm.

Forn's batteries use iron, steel, steel, and aluminum to a principle it calls "smecklike casting." The battery takes in oxygen and converts iron to

An enclosure to house iron-air battery modules at Forn Energy in Berkeley, Calif.

rust. It then reverses the process, turning the rust back into iron and breathing out oxygen to change and disintegrate the battery.

Forn's batteries would operate like certain natural gas (ford power plants known as peakar units, which can be run from the during a relatively small number of days each year. They tend to operate during the coldest or hottest

hours, when demand for electricity decreases and the power and is stressed, said Forn's chief executive said to founder, Robert Swanson.

We set out to commercialize the kind of energy storage that is competitive in all the features with a gas power plant," swanside said. "A many ways, what we have created is as a peakar, an electric peakar."

The following table provides the information in English:

Forn's batteries could also sold up electricity from our own plants, including nuclear facilities, which operate continuously even at a much more during periods when enhanced power prices plummet, said Vincef Khanna, investment analyst and vice president at T Rowe Price.

"When you add a 500-hour battery you actually increase the cost of value of everything and delivering 30 gigawatt-hours of energy, the company says.

Other companies signing up for Forn's batteries include Crismo, which is building AI data centers for Oracle and other Matthews, leading sources. Crismo expects to use 12 gigawatt-hours from those batteries starting in 2026. For example energy storage, the

"When you add a 500-hour battery you actually increase the cost of value of everything

also that you've already built," Khanna said.

Incentives in Forn's latest source of financing include T Rowe Price, Sequoia Capital, Union Henderson, Franklin Templeton, TFG New Climate, Dacite, Medanetz and Carl Tons, Coarse and GE Vernova.

Forn has a building of commercial projects that jumped earlier this year to 80 gigawatt-hours from 20 gigawatt-hours. The largest, with Xcel Energy, involves including 300 megawatt of Forn's batteries to support the grid and a Google data center planned for free Island, Minn.

Because the software can provide 100 hours of power, the system will be capable of storing and delivering 30 gigawatt-hours of energy, the company says.

Other companies signing up for Forn's batteries include Crismo, which is building AI data centers for Oracle and other Matthews, leading sources. Crismo expects to use 12 gigawatt-hours from those batteries starting in 2026. For example energy storage, the following Ireland is working with Forn to build an iron-air battery system in the northwest of Ireland by 2020.

For much of the past two years, Forn has been camping up manufacturing in Western Australia and of Forn's battery content is sourced from the U.S., with the rest coming from Europe and Asia.

"We have zero reliance on the same features said.

Forn was founded in 2017 by a team of battery storage veterans, including steamline, who helped develop Tesla's Powerwall battery storage system and worked on some of its earliest automotive powerstasies, and We-Ming Chiang, a professor at the Massachusetts Institute of Technology who co-founded AGIS Systems, a fellow member of the company.

David Cahn, a partner of Sequoia Capital, said Forn has worked for years on difficult technology.

There's been this real shift on the venture landscape in the last few years," Cahn said. "All has made it so easy to build software. Things that are easy to build are not longer valuable. And so, actually, I think there's been a shift toward local problems."

While China maintains better manufacturing capacity and has hopes Forn will emerge as a "national battery champion" for the U.S.

Fox News: Lift-Ail Service Output To Ride Hot Cloud Investment

By Yuen, Jui, and Sanner Qin

Fox.com Technology Group is expanding global production of artificial intelligence service and other components to capture ranging cloud infrastructure investment while strengthening its valued manufacturing in key markets.

As hyperlocalization continues to move towards its AI infrastructure, Fox.com has emerged as a critical supplier supporting the sector's rapid expansion. A surge in global cloud spending is prompting the

company to ramp up production across its advanced AI hardware Group.

Fox has been associated with manufacturing Apple's devices, the company has an recent quarters devoted a meaningful portion of its revenue from building AI servers for industry leaders such as Nvidia.

That has translated to history financial results.

The profit climbed a 3-billion-than-expected 10% to 59.97 billion New Taiwan dollars, equivalent to US$2.86 billion, in the second quarter as even

mer ranged 41% from a year earlier to NT$2.526 trillion. The company's severe related revenue exceeded the strong grid growth, accounting for more than half of total revenue.

Foxcom's rotating chief executive, Michael Chang, on Wednesday signaled confidence that global AI investment is intact, saying that staying capital expenditure from the cloud providers will continue to fuel the company's revenue growth this year and next.

He also highlighted the steady nature of demand for AI infrastructure, unlike the company's electricity industry, which chose heavily on seasonal cycles.

While cloud service providers and AI model developed to the happen to allow infrastructure customers to fax, Chang said that government and corporate enterprise adoption is still as an infancy.

The company expects this infrastructure build out to expand for the next couple of years without any signs of slowing.

A supplier that growth Foxcom is expanding to own

Foxcom's net profit climbed by a better rate, expected 10% to 59 second quarter.

handcode of sites across 28 countries, Chang said, nearly doubling its earlier facilities, to calibrate capacity. Foxcom's flexible 'fluid for local' strategy, the company is expanding key hubs as Taiwan, Mexico, Vietnam and the U.S. to meet localized cloud demand, secure supply chains and insulate operations from geopolitical risks.

This manufacturing expansion mirrors the broader market, which is scaling at an extraordinary rate as AI infrastructure investment continues to surge. Morgan Stanley, a member of a service expert described 2024 as a part-

larly strong year for downstream task assortment like Foxcom.

Yet even in the total market expands, Foxcom faces mounting competitive an cloud providers downright their supply chains. Morgan Stanley projects Foxcom's high-end task market share to fall to 50%, this year from 51% to 202%, a shift analysis attribute to buyers seeking alternative suppliers rather than declining output from Foxcom itself.

Industry analysts also have cautioned that at AI server design become standardized service line makers, business could risk becoming commo-

nized, lowering barriers for AI terracotta workers.

Chang countered that an internet, caring for the product standardization doesn't mean lower barriers for AI.

On the contrary, it highlights the advantages of one place with value delivery and complete vertical integration," he said.

Pointing to Foxcom's one-step assembly capabilities, extensive automation, and the fact that a data manufacturer made of its own components, Chang said the company expects its market share to increase further on next-generation platforms.

ADVERTISEMENT

The Marketplace To advertise: 800-385-3975 or 800.com/decideds

COMMERCIAL REAL ESTATE

AT THE ROUTE: 1. Allotment Foster falls with the North American's, and at 2.5% to 3% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5

To obtain an account of your firm's first investment, you can be able to get the first time. The first time is 2.5% to 3% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.

To obtain an account of your firm's first investment, you can be able to get the first time. The first time is 2.5% to 3% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.

To obtain an account of your firm's first investment, you can be able to get the first time. The first time is 2.5% to 3% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.

To obtain an account of your firm's first investment, you can be able to get the first time. The first time is 2.5% to 3% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.

Paramount Epes CNN Oversight

Continued from page 87 once since Ellison, now Paramount's 25th named The First Shuttle, will break an CBI News editor in chief last fall. CBI has said there isn't political interference at the network.

Ellison said in an opinion piece in the New York Times last week that he believes the

internet isn't really about antitrust issues but rather is intended to prevent him from coming. CBI, Ellison is the son of billionaire Larry Ellison, an 4th of Trump.

CNN's reporting has been critical of Trump, and the president frequently complains about the network's coverage. "The issue is whether I can be trusted as a reward of the son's CNN," Ellison wrote in the QPR.

In its statement Wednesday, Paramount said that "seeing state powers to try to control speech would threaten the protection guaranteed by the First Amendment."

California Attorney General

Rob Bates said Tuesday at a conference sponsored by Polkovo that CBI can't part of the legal case against the deal. There are currently no settlement talks between Paramount and California.

Paramount says the Warner deal is pro-eminent and would help it compete with Major technology and media companies including Disney, Netflix and Amazon.com.

The proposed transaction has been cleared by the Justice Department and regulators in the European Union, EU, and elsewhere.

The government's program is entity to oversee a news-opportunistic integrity isn't

more When Rupert Murdock's News Group bought Wall Street Journal publisher Dee Jones in 2007, the company agreed to establish a special committee to ensure the authority and independence of Dow Jones's publication.

Krist Dunstan, the Hollywood power broker and TRD Group chief executive who is close with Ellison and supports the Paramount-Warner deal, suggested the idea of "an editorial board over the news organization" as a CNN interview earlier this month "to that everybody's cake." "The first time is 2.5% to 3% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.5% of 2.

---

THE WALL STREET JOURNAL.

Thursday, August 15, 2026 85

BUSINESS & FINANCE

Wall Street

Bets Chips Are Asset

Continued from page 81 they need.

Now, it will be up to Wall Street to convince debt investors of the merits of the new financing plan. No money has been cured yet under the new partnerships. The goal is to sell public and private debt to private funds, insurers and invests in wealth funds, among others, and use the proceeds to establish dedicated "platforms" that can swing into action and finance AI chip deals.

One challenge: The chips brewering data centers become obsolete over time as the technology advances.

"This is great for Nvidia, which needs its customers to have access to capital," said Jack Aldis, founding partner at the $200 billion funds office (Jenner), an investor in Nvidia. "But if you're a debt investor relying on compute power as collateral? I mean, historically, that's an asset that's had the shelf life of lettuce."

Huang has said Nvidia customers are still using old-generation chips, a sign that the hardware maintains its value long after it is released.

In a TV appearance, executives involved in the agreement said the extreme supply

BlackRock's Larry Fink, left, is part of the partnership with Nvidia, led by CEO Jenner Huang.

and demand mismatch for Nvidia's chips means they make excellent collateral, unlike fast-dispersizing computer processors of the past.

BlackRock Chief Executive Larry Fink likened the current moment in financing of AI "computer" to the beginning of his career, when banks and investment firms pioneered the mortgage-backed securities market in the 1970s.

The exact terms of the AI funding arrangement are vague and will likely be dictated by what investors will agree to. But the idea outlined

by executives involved is far lower to be backed by Nvidia's AI hardware that is being bought or leased.

If a customer defaults, the thinking goes, a new one will stop in quickly. Investing in such an instrument could be attractive for a debt investor who thinks the AI industry will continue to grow but is concerned about the risk of lending to an individual customer, people involved in the deal said.

The question that underwriters will have to assess is what would happen if the AI build-out stalls and projects

are delayed or canceled. Another risk is if technological breakthroughs by Nvidia undermine the value of its older chips faster than anticipated.

Nvidia, which has faced criticism for a series of circular funding arrangements where it invests in the companies that buy its chips or uses its balance sheet to guarantee their financing, has been looking for other approaches.

Huang said in X that Nvidia might in some cases use its balance sheet to backstop as much as 10% of the cost of a project through what

he called a "residual-value support mechanism."

That would likely keep the obligations off Nvidia's books initially but put the chip maker on the hook for a portion of the project if an odd user of its chips defaults the der a residual-value backstop, a guarantee such as Nvidia agrees to make up the difference of the value of a given asset backing a loan falls below a certain floor.

Huang says the new funding structure addresses concerns about circular financing, some skeptics still see it as a sort of circularity life.

Adding third-party capital and credit decision-making "should arguably alleviate circularity concerns, while admittedly polarizing the debate," Morgan Stanley and/or Joseph Moore wrote Tuesday.

Real chip maker Broadcom provided similar support on a $85 billion financing package that Apollo, Blackstone and a group of banks arranged to lease chips to Anthropic in June, though for a much higher proportion of the offering. Broadcom has disclosed that its maximum exposure under the backstop is $29 billion, an amount that decreases as lease payments come in.

Raising money has become more expensive for AI companies across the board, but especially for weaker borrowers. They are being crowded out in the debt markets by a glut of supply from companies with investment-grade ratings like Meta Platforms, Google parent

Aliphabet and Amazon.com.

Assumes the issue of AI-related bonds by big tech companies, data-center projects and chip-financing vehicles reached $344 billion in early August, according to Bank of America Global Research. That is up by more than $200 billion from what was issued in 2025. A Bank of America survey indicates that investors expect about $100 billion in additional bond volume from tech companies in the remainder of the year.

AI cloud computing provider CoraWease issued a $2.6 billion loan facility this month, backed by its contracts with Anthropic, June Street and others, at inside 5.5 percentage points above benchmark interest rates, or over 5% currently. The company's bankers originally marketed the deal with a yield as much as 1.25 percentage points less than that. Investors demanded yields of almost 10% on a $3.5 billion junk-based sale last month from Galaxy Digital to build a Texas data center leased to CoraWease.

Michael Barry, an investor famous for shorting mortgage-backed securities who has lately bet against Nvidia and other AI stocks, said the deal points to vulnerability in the AI market. "Structuring credit is a natural part of the system," he said on Substack. "Structuring unnatural credits to prolong momentum late in the bull phase is where the worry comes in."

Goldman

Pushes 'Candy'

Continued from page 82

Goldman cited a Morningstar report that the overall market for these derivative funds has grown to $380 billion, a 70% compounded annual growth rate.

Goldman has been pouring more money into growing its

asset- and wealth-management business. Wealth advisers want more investment options to meet their clients' specific purposes, including protecting against market drops, paying out more regular income and minimizing tax bills.

To meet these demands, Goldman is gobbling up active-ETF managers, having bought Innovator Capital Management for some $3 billion earlier this year.

The bank will now be the eighth biggest active-ETF manager, it said Wednesday. "They're really tailored to

individual situations, and people have used them as building blocks in their overall portfolio,"

said More N a b m a n t global head of asset and wealth management at Goldman. "We think it's going to accelerate growth."

Derivative funds are similar to structured notes, financial instruments that combine a bond

with an embedded derivative, which have long been sold on Wall Street.

Buffer funds, which tend to cost less than a structured note, have become popular as an aging population of baby boomers weighs the risks and rewards of investing as they wear retirement. Many have kept a big chunk of their portfolios in

cash. There is over $3 trillion in retail money-market funds, hovering around a record, according to the Investment Company Institute.

Your financial advisers are pushing products that purport to offer better returns than money-market funds, after taxes, but limit the chance a market comes will exist their long-awaited retirement. The risk is that investors pay up for a product that undergoes from the market.

Take this year, for example, NEOS's fund tracking the S&P 500 is up about 9% year to date, according to its website,

compared with an increase of more than 10% in the S&P 500 index. Since the fund was created in 2022, it has cumulatively returned 71%, versus a 96% return in the index.

NEOS was founded on 2022 and its offerings mostly focus on maximizing regular payouts for investors. With a typical S&P 500 ETF, investors get quarterly dividends from the underlying companies NEOS's 10% ante to maximize monthly income, using a mix of dividends, interest and selling options. The fund has an annualized distribution rate of 12%.

From AI fears to unexpected career pivots to the great work-from-home debate, our definitions of work and success are changing.

Join The Journal to sit down with the people reframing careers and ambition for themselves in a new, four-part series.

Listen to Work Mode in The Journal's feed wherever you get your podcasts.

LISTEN NOW

THE WALL STREET JOURNAL.

---

86 | Thursday, August 13, 2026

MARKETS DIGEST

▶

THE WALL STREET JOURNAL.

EQUITIES

Dow Jones Industrial Average

93776.27	¥73,150, or 0.54%
High, low, open and close for each trading day of the past three months.

	Last	Year ago
Trading P/E ratio	22.22	24.71
P/E estimate	20.75	18.99
Dividend yield	2.46	3.12
All time high	54.90	52.80

S&P 500 Index

7748.30	2,253.30, or 0.26%
High, low, open and close for each trading day of the past three months.

	Last	Year ago
Trading P/E ratio	26.62	24.79
P/E estimate	22.25	21.74
Dividend yield	2.37	3.25
All time high	77.57	66.10

Nasdaq Composite Index

26500.49	2,183.04, or 0.54%
High, low, open and close for each trading day of the past three months.

	Last	Year ago
Trading P/E ratio	33.96	32.52
P/E estimate	22.25	25.19
Dividend yield	2.55	2.15
All time high	27.93	26.92

Map	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	72	73	74	75	76	77	78	79	80	81	82	83	84	85	86	87	88	89	90	91	92	93	94	95	96	97	98	99	100	101	102	103	104	105	106	107	108	109	110	111	112	113	114	115	116	117	118	119	120	121	122	123	124	125	126	127	128	129	130	131	132	133	134	135	136	137	138	139	140	141	142	143	144	145	146	147	148	149	150	151	152	153	154	155	156	157	158	159	160	161	162	163	164	165	166	167	168	169	170	171	172	173	174	175	176	177	178	179	180	181	182	183	184	185	186	187	188	189	190	191	192	193	194	195	196	197	198	199	200	201	202	203	204	205	206	207	208	209	210	211	212	213	214	215	216	217	218	219	220	221	222	223	224	225	226	227	228	229	230	231	232	233	234	235	236	237	238	239	240	241	242	243	244	245	246	247	248	249	250	251	252	253	254	255	256	257	258	259	260	261	262	263	264	265	266	267	268	269	270	271	272	273	274	275	276	277	278	279	280	281	282	283	284	285	286	287	288	289	290	291	292	293	294	295	296	297	298	299	300	301	302	303	304	305	306	307	308	309	310	311	312	313	314	315	316	317	318	319	320	321	322	323	324	325	326	327	328	329	330	331	332	333	334	335	336	337	338	339	340	341	342	343	344	345	346	347	348	349	350	351	352	353	354	355	356	357	358	359	360	361	362	363	364	365	366	367	368	369	370	371	372	373	374	375	376	377	378	379	380	381	382	383	384	385	386	387	388	389	390	391	392	393	394	395	396	397	398	399	400	401	402	403	404	405	406	407	408	409	410	411	412	413	414	415	416	417	418	419	420	421	422	423	424	425	426	427	428	429	430	431	432	433	434	435	436	437	438	439	440	441	442	443	444	445	446	447	448	449	450	451	452	453	454	455	456	457	458	459	460	461	462	463	464	465	466	467	468	469	470	471	472	473	474	475	476	477	478	479	480	481	482	483	484	485	486	487	488	489	490	491	492	493	494	495	496	497	498	499	500	501	502	503	504	505	506	507	508	509	510	511	512	513	514	515	516	517	518	519	520	521	522	523	524	525	526	527	528	529	530	531	532	533	534	535	536	537	538	539	540	541	542	543	544	545	546	547	548	549	550	551	552	553	554	555	556	557	558	559	560	561	562	563	564	565	566	567	568	569	570	571	572	573	574	575	576	577	578	579	580	581	582	583	584	585	586	587	588	589	590	591	592	593	594	595	596	597	598	599	600	601	602	603	604	605	606	607	608	609	610	611	612	613	614	615	616	617	618	619	620	621	622	623	624	625	626	627	628	629	630	631	632	633	634	635	636	637	638	639	640	641	642	643	644	645	646	647	648	649	650	651	652	653	654	655	656	657	658	659	660	661	662	663	664	665	666	667	668	669	670	671	672	673	674	675	676	677	678	679	680	681	682	683	684	685	686	687	688	689	690	691	692	693	694	695	696	697	698	699	700	701	702	703	704	705	706	707	708	709	710	711	712	713	714	715	716	717	718	719	720	721	722	723	724	725	726	727	728	729	730	731	732	733	734	735	736	737	738	739	740	741	742	743	744	745	746	747	748	749	750	751	752	753	754	755	756	757	758	759	760	761	762	763	764	765	766	767	768	769	770	771	772	773	774	775	776	777	778	779	780	781	782	783	784	785	786	787	788	789	790	791	792	793	794	795	796	797	798	799	800	801	802	803	804	805	806	807	808	809	810	811	812	813	814	815	816	817	818	819	820	821	822	823	824	825	826	827	828	829	830	831	832	833	834	835	836	837	838	839	840	841	842	843	844	845	846	847	848	849	850	851	852	853	854	855	856	857	858	859	860	861	862	863	864	865	866	867	868	869	870	871	872	873	874	875	876	877	878	879	880	881	882	883	884	885	886	887	888	889	890	891	892	893	894	895	896	897	898	899	900	901	902	903	904	905	906	907	908	909	910	911	912	913	914	915	916	917	918	919	920	921	922	923	924	925	926	927	928	929	930	931	932	933	934	935	936	937	938	939	940	941	942	943	944	945	946	947	948	949	950	951	952	953	954	955	956	957	958	959	960	961	962	963	964	965	966	967	968	969	970	971	972	973	974	975	976	977	978	979	980	981	982	983	984	985	986	987	988	989	990	991	992	993	994	995	996	997	998	999	1000

Major U.S. Stock-Market Indexes

Company	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	72	73	74	75	76	77	78	79	80	81	82	83	84	85	86	87	88	89	90	91	92	93	94	95	96	97	98	99	100	101	102	103	104	105	106	107	108	109	110	111	112	113	114	115	116	117	118	119	120	121	122	123	124	125	126	127	128	129	130	131	132	133	134	135	136	137	138	139	140	141	142	143	144	145	146	147	148	149	150	151	152	153	154	155	156	157	158	159	160	161	162	163	164	165	166	167	168	169	170	171	172	173	174	175	176	177	178	179	180	181	182	183	184	185	186	187	188	189	190	191	192	193	194	195	196	197	198	199	200	201	202	203	204	205	206	207	208	209	210	211	212	213	214	215	216	217	218	219	220	221	222	223	224	225	226	227	228	229	230	231	232	233	234	235	236	237	238	239	240	241	242	243	244	245	246	247	248	249	250	251	252	253	254	255	256	257	258	259	260	261	262	263	264	265	266	267	268	269	270	271	272	273	274	275	276	277	278	279	280	281	282	283	284	285	286	287	288	289	290	291	292	293	294	295	296	297	298	299	300	301	302	303	304	305	306	307	308	309	310	311	312	313	314	315	316	317	318	319	320	321	322	323	324	325	326	327	328	329	330	331	332	333	334	335	336	337	338	339	340	341	342	343	344	345	346	347	348	349	350	351	352	353	354	355	356	357	358	359	360	361	362	363	364	365	366	367	368	369	370	371	372	373	374	375	376	377	378	379	380	381	382	383	384	385	386	387	388	389	390	391	392	393	394	395	396	397	398	399	400	401	402	403	404	405	406	407	408	409	410	411	412	413	414	415	416	417	418	419	420	421	422	423	424	425	426	427	428	429	430	431	432	433	434	435	436	437	438	439	440	441	442	443	444	445	446	447	448	449	450	451	452	453	454	455	456	457	458	459	460	461	462	463	464	465	466	467	468	469	470	471	472	473	474	475	476	477	478	479	480	481	482	483	484	485	486	487	488	489	490	491	492	493	494	495	496	497	498	499	500	501	502	503	504	505	506	507	508	509	510	511	512	513	514	515	516	517	518	519	520	521	522	523	524	525	526	527	528	529	530	531	532	533	534	535	536	537	538	539	540	541	542	543	544	545	546	547	548	549	550	551	552	553	554	555	556	557	558	559	560	561	562	563	564	565	566	567	568	569	570	571	572	573	574	575	576	577	578	579	580	581	582	583	584	585	586	587	588	589	590	591	592	593	594	595	596	597	598	599	600	601	602	603	604	605	606	607	608	609	610	611	612	613	614	615	616	617	618	619	620	621	622	623	624	625	626	627	628	629	630	631	632	633	634	635	636	637	638	639	640	641	642	643	644	645	646	647	648	649	650	651	652	653	654	655	656	657	658	659	660	661	662	663	664	665	666	667	668	669	670	671	672	673	674	675	676	677	678	679	680	681	682	683	684	685	686	687	688	689	690	691	692	693	694	695	696	697	698	699	700	701	702	703	704	705	706	707	708	709	710	711	712	713	714	715	716	717	718	719	720	721	722	723	724	725	726	727	728	729	730	731	732	733	734	735	736	737	738	739	740	741	742	743	744	745	746	747	748	749	750	751	752	753	754	755	756	757	758	759	760	761	762	763	764	765	766	767	768	769	770	771	772	773	774	775	776	777	778	779	780	781	782	783	784	785	786	787	788	789	790	791	792	793	794	795	796	797	798	799	800	801	802	803	804	805	806	807	808	809	810	811	812	813	814	815	816	817	818	819	820	821	822	823	824	825	826	827	828	829	830	831	832	833	834	835	836	837	838	839	840	841	842	843	844	845	846	847	848	849	850	851	852	853	854	855	856	857	858	859	860	861	862	863	864	865	866	867	868	869	870	871	872	873	874	875	876	877	878	879	880	881	882	883	884	885	886	887	888	889	890	891	892	893	894	895	896	897	898	899	900	901	902	903	904	905	906	907	908	909	910	911	912	913	914	915	916	917	918	919	920	921	922	923	924	925	926	927	928	929	930	931	932	933	934	935	936	937	938	939	940	941	942	943	944	945	946	947	948	949	950	951	952	953	954	955	956	957	958	959	960	961	962	963	964	965	966	967	968	969	970	971	972	973	974	975	976	977	978	979	980	981	982	983	984	985	986	987	988	989	990	991	992	993	994	995	996	997	998	999	1000

---

THE WALL STREET JOURNAL.

• •

COMMODITIES

Thursday, August 31, 2026 | 87

Futures Contracts

	World's Daytona Futures
	Date	High	Low	Low	High
Guguen (High price) 1/2/26 to 1/4/26
Avg	0.4457	0.4378	0.4457	0.4378	0.4378
Std	0.1176	0.1206	0.1176	0.1206	0.1206
World's Daytona Futures
Avg	0.4113	0.4144	0.4113	0.4144	0.4144
Std	0.1113	0.1144	0.1144	0.1144	0.1144
Min	0.0116	0.0160	0.0116	0.0160	0.0116
Max	0.0116	0.0160	0.0116	0.0160	0.0116
Min	0.0116	0.0160	0.0116	0.0160	0.0116
Min	0.0116	0.0160	0.0116	0.0160	0.0

Jaguaran Futures
Low	0.0000	0.0000	0.0000	0.0000	0.0000
High	0.0000	0.0000	0.0000	0.0000	0.0000
Low	0.0000	0.0000	0.0000	0.0000	0.0000
High	0.0000	0.0000	0.0000	0.0000	0.0
Low	0.0000	0.0000	0.0000	0.0000	0.0000
High	0.0000	0.0000	0.0000	0.0000	0.0000
Low	0.0000	0.0000
High	0.0000	0.0000	0.0000	0.0000	0.0000
Low	0.0000	0.0000	0.0000	0.0000	0.0000
High	0.0000	0.0000	0.0000	0.0	0.0000
Low	0.0000	0.0000	0.0000	0.0000	0.0000
High	0.0000	0.0000	0.0000	0.0000	0.0000
Low	0.0000	0.0000
High	0.0000	0.0000	0.0000	0.0000	0.0000
Low	0.0000	0.0000	0.0000	0.0000	0.0000
High	0.0000	0.0000	0.0	0.0000	0.0000
Low	0.0000	0.0000	0.0000	0.0000	0.0000
High	0.0000	0.0000	0.0000	0.0000	0.0000
Low	0.0000	0.0000

Macro & Market Economics

Watching the Gauges: U.S. Supply and Demand

Investments, imports and demand for the week ended August 7. Current figures are in thousands of barrels or thousands of galls per day, except natural gas figures, which are in kilowatt of cubic feet. Natural gas (export and demand data are available monthly only.

Inventories, 100% barrels

	Expected	Previous	Year	Current	Expected	Previous	Year	Current	Expected
Crude oil and petroleum products	1,736,460	-	1,133	1,267	1,125	1,156	1,965	7,629	6,651
Total petroleum products	1,736,460	-	1,133	1,267	1,125	1,156	1,965	7,629	6,651
Total petroleum products	1,736,460	-	1,133	1,267	1,125	1,156	1,965	7,629	6,651
Total petroleum products	1,736,460	-	1,133	1,267	1,125	1,156	1, 965	7,629	6,651
Total petroleum products	1,736,460	-	1,133	1,267	1,125	1,156	1, 965	7,629	6,651
Total petroleum products	1,736,460	-	1,133	1, 267	1,125	1,156	1, 965	7,629	6,651
Total petroleum products	1,736,460	-	1,133	1, 267	1,125	1,156	1, 965	7,629	6,651
Total petroleum products	1,736, 460	-	1,133	1, 267	1,125	1,156	1, 965	7,629	6,651
Total petroleum products	1,736,460	-	1,133	1, 267	1,125	1,156	1, 965	7, 629	6,651
Total petroleum products	1,736,460	-	1,133	1, 267	1,125	1,156	1, 965	7,629	6,651
Total petroleum products	1,736,460	-	1,133	1, 267	1,125	1, 155	1, 965	7,629	6,651
Total petroleum products	1,736,460	-	1,133	1, 267	1,125	1, 155	1, 965	7,629	6,651
Total petroleum products	1,736,460	-	1, 267	1, 125	1, 155	1, 965	1, 655	7, 629	6,651
Total petroleum products	1,736,460	-	1, 125	1, 125	1, 155	1, 655	1, 655	7, 629	6,651
Total petroleum products	1,736,460	-	1, 125	1, 125	1, 155	1, 655	1, 655	7, 629	6,651

Weekly Demand, 100% barrels per day

	Expected	Expected	Previous	Year	Current	Expected	Previous	Year	Current	Expected
Total petroleum products	25,675	-	25,675	21,257	25,720	20,954	24,543	24,543	24,543	24,543
Total petroleum products	4,564	-	4,572	3,888	3,996	3,998	3,998	3,998	3,998	3,998
Total petroleum products	2,154	-	2,158	2,000	2,000	2,000	2,000	2,000	2,000	2,000
Total petroleum products	2,154	-	2,158	2,000	2,000	2,000	2,000	2,000	2,000	2,000

Source: McCall Star Investment Data, 6.12% growth rates estimated on five new leavours

Exchange-Traded Portfolios | way.com/market-data/standfunds-offs

1.2.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.

Dividends, 1994		Q1	Q2	Q3	Q4	Q5	Q6	Q7	Q8	Q9	Q10
EPS	Symbol	Change in EPS		Change in EPS		Change in EPS		Change in EPS		Change in EPS
		1994	Q1	1994	Q1	1994	Q1	1994	Q1	1994	Q1
Dividend of Litter	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Dividend of Litter	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Dividend of Litter	1,000	1,000	1,000	1,000	1, 000	1,000	1,000	1,000	1,000	1,000	1,000
Dividend of Litter	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1, 000	1,000
Dividend of Litter	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Dividend of Litter	1,000	1,000	1,000	1, 000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Dividend of Litter	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1, 000	1,000	1,000
Dividend of Litter	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Dividend of Litter	1,000	1,000	1, 000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Dividend of Litter	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1, 000	1,000	1,000	1,000
Dividend of Litter	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Dividend of Litter	1, 000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Dividend of Litter	1,000	1,000	1,000	1,000	1,000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000
Dividend of Litter	1,000	1,000	1,000	1,000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000
Dividend of Litter	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000
Dividend of Litter	1, 000	1, 000	1, 000	1, 000	1, 1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000
Dividend of Litter	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000

Cash Prices

Financial Statements and Financial Statements
	1994	1993	1992	1991	1990
Cash Flows	1,000	1,000	1,000	1,000	1,000
Cash Flows	1,000	1,000	1,000	1,000	1,000
Cash Flows	1,000	1,000	1,000	1,000	1,000
Cash Flows	1,000	1,000	1,000	1, 000	1,000
Cash Flows	1,000	1,000	1,000	1,000	1,000
Cash Flows	1,000	1,000	1,000	1,000	1,000
Cash Flows	1,000	1, 000	1,000	1,000	1,000
Cash Flows	1,000	1,000	1,000	1,000	1,000
Cash Flows	1,000	1,000	1,000	1,000	1,000
Cash Flows	1, 000	1,000	1,000	1,000	1,000
Cash Flows	1,000	1,000	1,000	1,000	1,000
Cash Flows	1,000	1,000	1,000	1, 000	1,000
Cash Flows	1,000	1,000	1,000	1,000	1,000
Cash Flows	1,000	1,000	1,000	1,000	1,000
Cash Flows	1,000	1,000	1, 000	1, 000	1, 000
Cash Flows	1,000	1,000	1, 000	1, 000	1, 000
Cash Flows	1,000	1,000	1, 000	1, 000	1, 000

2015. 2016. 2017. 2018. 2019. 2020. 2021. 2022. 2023. 2024. 2025. 2026. 2027. 2028. 2029. 2030. 2031. 2032. 2033. 2034. 2035. 2036. 2037. 2038. 2039. 2040. 2041. 2042. 2043. 2044. 2045. 2046. 2047. 2048. 2049. 2050. 2051. 2052. 2053. 2054. 2055. 2056. 2057. 2058. 2059. 2060. 2061. 2062. 2063. 2064. 2065. 2066. 2067. 2068. 2069. 2070. 2071. 2072. 2073. 2074. 2075. 2076. 2077. 2078. 2079. 2080. 2081. 2082. 2083. 2084. 2085. 2086. 2087. 2088. 2089. 2090.

Bonds | way.com/market-data/bonds/bondsmarks

Tracking Bond Brackers
Dollars in thousands of dollars, 1994 vs. 1993
	1994	1993	1992	1991	1990	1989	1988	1987
Cash Flows	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Cash Flows	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Cash Flows	1,000	1,000	1,000	1,000	1,000	1, 000	1,000	1,000
Cash Flows	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Cash Flows	1,000	1,000	1,000	1,000	1, 000	1, 000	1, 000	1, 000
Cash Flows	1,000	1,000	1,000	1,000	1, 000	1, 000	1, 000	1, 000
Cash Flows	1,000	1,000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000
Cash Flows	1,000	1,000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000
Cash Flows	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000
Cash Flows	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000

Corporate Debt

---

88 | Thursday, August 13, 2026

▶ ▶

THE WALL STREET JOURNAL.

Near to Road the Black Tables

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. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100.

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. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
2. 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. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90.

---

THE WALL STREET JOURNAL.

● ● ●

MARKETS

Thursday, August 15, 2026 | 89

CoreWeave Surge Given AI Trade a Boost

Cloud-computing company's stock

jumps 19%, carrying rivals in the field

CoreWeave's shares ranged 19% on demand by AI computing power, speaking a rally in the sector.

By Hannah Erin Lang, Robbie Whalen and Sam Goldfarb

The cloud computing company reported Tuesday its sales backlog climbed to $104 billion in the second quarter, not including $25 billion of net

WEBNETSMAY® commitment added to the

early weeks of the current quarter.

Revenue climbed to a record, exceeding Wall Street's expectations.

"Innoveces underappropriate the opportunity for CoreWeave to develop into a leading hy-

Index performance on Wednesday

perceals," a team of analysts at Microsoft Jones wrote after the report, reiterating a prior target of $125 a share. CoreWeave stock closed at $107.75.

The stock's gains spread to others closely tied to the AI trade: shares of ship sales's Micron Technology climbed 4.8%. Competing cloud-computing firm IREN Ltd. saw its

stock jump 19%. The S&P 500's information technology went into the index's new performing, nudging it to a 2.0% pass.

Robbie Group, a competitor of CoreWeave, also reported earnings, including a 4.6% year-over-year jump in revenue. The stock surged 34%. The gains came even as ma-

jor indexes posted modest moves after an as-expected report on consumer prices. The Shadap corporate gained 0.5%. The Dow Jones Industrial Average lost less than 0.5%.

CoreWeave's business invoices buying advanced AI chips from Nvidia, installing them in data centers and buying on the computing capacity to drive machine time (company's stock price has often served as a barometer for the broader AI trade, swinging widely along with internet) much more.

The demand for computing power—and the constraints that companies like CoreWeave must navigate to next 4—have been a top focus of both investors this earnings analysis is still a need.

"At least for the near term, demand is overwhelming cap-rib," said Mark Yoshioka, senior investment manager at the Health management firm Wealth Enhancement.

of AI infrastructure spending results in overhauling its that scenario, the supply of computing capacity would exceed demand, providers would lose their pricing power, margins would tumble—and “no-cloud” companies like CoreWeave could take the biggest hit.

"We're building so much to say that there potentially could be a matching issue," said August Zinn, senior vice president of CFRA Research. "If that hard comes sooner than many people anticipate, the area of the market that is potentially punished the most would be the nocecrude."

These concerns have weighed on the stock in the past. Last last year, CoreWeave shares plumped roughly 50% in less than a month, thanks at large part to نجran about an AI investing bubble.

The persistent argument of the world of semiconductor finance is how long chips hold their value, and what is the appropriate depreciation

schedule for the processors powering AI data centers. In Tuesday, CoreWeave said that it had recently signed a contract at near full price for a batch of Nvidia A300 chips—a product that was released in 2020—that extends through 2025, suggesting that even older generations of AI chips are holding their value well.

Financials: While CoreWeave's co-founder and chief development officer, said in an interview that the deal was "a very good great point" for the lasting value of older AI chips. He said that demand for these outdated processors was being driven by the need for inference, the type of computing that allows models to respond to queries and that is required to run its option, or the autonomous tools favored by coders and businesses.

CoreWeave trends also rallied, with the company's 9% notes due in 2025 jumping nearly 3 cents on the dollar to $4.5K, according to Marlen-Asens.

Mutual Funds

Intermediate US$6

Top 100 mutual funds, being the leading international debt, dated 2024/07/2025.
and subsidiaries (Wisconsin and Louisiana, all members, and a equity office)/earn a net of
some financial instruments, such as the Bank of America, and credit cards in
disbursements, and other financial instruments, such as the Bank of America, and credit cards in
credit cards, with dividend of $10,000 or a year's equity, and the securities, but not a security
and a credit card, with dividend of $10,000 or a year's equity, and the securities, but not a security
and a credit card, with dividend of $10,000 or a year's equity, and the securities, but not a security
and a credit card, with dividend of $10,000 or a year's equity, and the securities, but not a security

Fund	Net 2025			Net 2024			Total	IMF	FSI	Total	IMF	FSI	Total
	IMF	2024	2023	IMF	2024	2023
All Funds				0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Amortization	0.24			0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
American Home Net				0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
All	0.24	0.24		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
American Home Net	0.24	0.24		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
All	0.24	0.24		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
All	0.24	0.24		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Fund	Net 2025			Net 2024			Total	IMF	FSI	Total	IMF	FSI	Total
	IMF	2024	2023	IMF	2024	2023
IndianaFors	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15
JamaicaFors	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15
JamaicaFors	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15
JamaicaFors	0.15	0.15	0.15	0.15	0.15	0.15
JamaicaFors	0.15	0.15	0.15	0.15	0.15	0.15
JamaicaFors	0.15	0.15	0.15	0.15	0.15	0.15
JamaicaFors	0.15	0.15	0.15	0.15	0.15	0.15
JamaicaFors	0.15	0.15	0.15	0.15	0.15	0.15
JamaicaFors	0.15	0.15	0.15	0.15	0.15	0.15
JamaicaFors	0.15	0.15	0.15	0.15	0.15	0.15

JOURNAL HOUSE

THE WALL STREET JOURNAL.

JOURNAL OF JOURNAL-HOUSE

ASSEMBLY 2026

September 22–24, 2026 New York, NY

Request/Invitation wsc.com/jhunga

Discover why Journal-House is a must-attend destination during U.N. General Assembly week. Join us in New York City—your home away from home for thought-provoking conversations, meaningful connections and a place to recharge.

Top Reasons to Attend

1. Clarity During a Consequential Week

Explore diverse perspectives on geopolitical risk, economic security and the global energy landscape set against the backdrop of the UNGA meeting. These conversations will bring the latest developments and their implications for business into sharper focus.

2. Candid Conversations with Global Leaders

Hear directly from influential leaders—businesses, government and policy through focused interviews and panel discussions. Gain firsthand insight into how decision-makers are responding to uncertainty, strengthening resilience and preparing their organizations for what comes next.

3. Meaningful Connections in an Exclusive Setting

Join business leaders and policy experts in an environment designed for substantive dialogue and partnership to develop Exchange ideas with peers, explore opportunities for collaboration and form connections that extend beyond the UNGA meetings.

Presenting Sponsor:

workiva

© 2026 Dow Jones and Company, Inc. All rights reserved. 6/2/2023

---

820 | Thursday, August 13, 2026

THE WALL STREET JOURNAL.

HEARD ON THE STREET

FINANCIAL ANALYSIS & COMMENTARY

Red-Hot Power Stocks Are Losing Steam

The data center backlash is complicating the picture for power plant owners

Who are the winners of the 40 power cars?

For some time, it seemed far though owners of existing power plants—such as Vintra and Consolidation Energy—were in a great spot. While demand growth outstripping new power supply, occasional power plants could reap higher prices for their output without putting much capital at risk. But recent regulatory changes are modifying this bullish narrative.

Power plant owners have had a rough year on the stock market. Consolidation Energy is down about 25% year to date. Vintra is down more than 25% and ABB Energy has shed over 25%. By contrast, power equipment makers have had a blockbuster year. GE Ventures and Caterpillar have gained 65% and 45%, respectively, shares of Newmont Aerospace, which makes tinsles for these companies' tax bases, are up 5%. Solaris Energy, a provider of off-grid power for data centers, is up 28%.

The rotation highlights changes in two major power markets, Texas and the mid-Atlantic, that have tilted in favor of new power capacity, with smaller implications for existing plant owners.

In Texas, five long distant last week ordered a halt on data-center connections to the grid, putting a pause on a new process that would have fair/underd such interconnectable. Althust, who is up for re-election, called for a comprehensive audit to put more information on each data-center project. Future interconnectors would have helped ease overall power prices, benefiting Texas-exposed Vintra and SBC.

Industry analysts don't see the move as an outright momentum. However, there might be "little political incentive" to complete the audit before election day in November, according to research firm CharView Energy Partners. Even before the pause, many data centers in Texas had been moving ahead

A reactor operator in the central room at Consolidation Energy's New 80th Point Nuclear Station in Ercthe, N.Y.

with off-grid solutions, working with companies that specialize in modular power. Further delays could accelerate that trend.

Meanwhile, developments at P2M interconnectors, which serves 15 mid-Atlantic states including Virginia, are also less than ideal for existing power-plant owners.

Every summer, the grid operator runs a so-called capacity motion to make sure there is enough power supply to keep up with demand. If price is limited for 100% for 1st half days, the process is meant to incentivize the build-out of new power capacity. The grid operator's latest auction failed to attract enough supply for the delivery year that starts in mid-2026. As a result, it is making some changes to companies for the 6.8-gigawatt shortfall while limiting rate hikes on other categories.

Share-price performance, year to date

First, P2M plans to run an extra permanent meeting late September that would offer capacity payments for additional power sources with terms of up to 25 years. At the same time, P2M plans to play matchmaker between data centers

and power providers to facilitate direct contracts. Data centers will have a strong incentive to sign such contracts. Under a proposed P2M rule targeted for June 2027, large data centers that don't bring online their own power supply would be

valued to power rate during times of grid stress.

The net effect will be lower future capacity prices, according to industry analysts. That is unwelcome news for parameters. Existing power prices were "perfectly happy" for a small anything," because a tightening market meant capacity prices would just keep going up, and Philip Wynne, analyst at SBC. This threatens around that existing generation could reap higher profits without risking capital, he said.

Data center that P2M's new move saves living certainty that will help companies such as Consolidation Energy and its new power contracts with data centers. These companies could offer expanded capacity at existing power plants, which would be a cheaper option. The company has had a new existing equipment and construction costs, notes, bases West, analyst at Melina Research.

On the company's earnings call last Thursday, Consolidation Energy CEO Joe Bennington argued that the work phase of the data center build out is going to into heavily on start-up generation. "We're never going to build that economy if the outcome is, we've got to wait for new power plants to be built before we can convert any data centers," he said.

Therefore will get a clearer picture of what the ultimate winners will be once companies start an example of the new contract. West says that could happen "any day now." The other big working at P2M is the lack of rates around data centers that plan to "be located" to existing power plants. Consolidation Energy said it expects more clarity in the second quarter of 2027.

The recent regulatory shifts don't spell down for power plant owners, but the broad direction of travel factors may power generation—both on and off the grid. That widens the door for new competition.

—Anjou Lee

MARKETS

Hormuz Standoff Derails Oil Supply Recovery, IEA Says

By Gina Petroni

Global oil demand is set for a deeper connection this year as renewed hostilities in the Middle East and disruptions in less shipping dislodgents derail the recovery in supplies, pushing up fuel prices and weighing on consumption, the International Energy Agency said.

The energy matching—a group of Western nations and their allies—now expects global oil consumption to fall by 1.6 million barrels a day at 2026, compared with its previous forecast for a decline of 2 million barrels a day. Demand is forecast to fall by 2.6 million barrels a day in the third quarter following a drop of 4.9 mil-

lion barrels a day in the second quarter, before returning to growth in the final three months of the year.

While the pace of contraction is seeing, persistent disruptions are tightening the near-term market balance. The IEA expects the global oil market to run a deficit of 2.6 million barrels a day in the third quarter, more than double its previous estimate of roughly 800,000 barrels a day.

Meanwhile, tighter product makers pushed Atlantic News refining margins to recede in July, as stronger seasonal demand for diesel, jet fuel and gasoline collided with supply shortfalls and depleted inventories.

"The continued closure of the Strait of Thomas disrupts international supply chains and outside product availability," the agency said in its closely watched monthly report on Wednesday. "Elevated fuel prices are putting further downward pressure on oil use." Global oil supply rose by 2.6 million barrels a day in July to 10.5 million barrels a day, but remained 4.3 million barrels a day below your earlier levels, with 8.3 million barrels a day of fuel production still lost in Regional reports—including roates beginning Thomas—held by 2.3 million barrels a day to 15 million barrels a day. Oil loadings swung sharply during the month, reaching 20 million

barrels a day in early July before falling in roughly 12 million barrels a day later in the month.

For the full year, the IEA now expects global supply to decline by 4.3 million barrels a day, deeper than its previous forecast for a drop of 3.7 million barrels a day. It expects the market to return to surplus toward the end of the year, but warrant that risks remain substantial and the need to reopen the Strait is becoming more or poor.

Global oil inventories fell sharply in July, by 2.2 million barrels a day, largely because of a steep decline in oil hold at sea. Total observed stocks fell below 7.9 billion barrels by

month-end, their lowest level rates April 2025.

The overall outlook improves sharply in 2027, when global oil demand is expected to return to growth, rising by 2.4 million barrels a day. The recovery is expected to be driven by the normalization of supply chains, lower oil prices and stronger global economic growth, which the IEA estimates will accelerate by half a percentage point to 3.4%.

Global supply is expected to surge by around 8.5 million barrels a day, led by an increase of 2.6 million barrels a day from OPEC and its allies—a good of 2.5 million barrels a day from producers outside the group, according to the

agency.

Oil prices rose Wednesday as 1.6% to reopen the Strait of Thomas showed little progress and President Trump has renewed his focus on sanctions and the U.S. blockade to strain Thomas's earnings Bond credit was around 599 a barrel, while Mike Texas International was not down 5%!

Control of the strain through which roughly one-fifth of the world's oil used to pass, has become a control stocking point in efforts to an escalate hostilities. The Iran-based Bureth million in Yemen also has threatened Saudi shipping to the first 5x4s putting pressure on a route Saudi Arabia has used to bypass Thomas.

MONEY & INVESTING

Stock Spotlight

ConWoven

Shares jumped 9% after the cloud-computing company posted its fifth straight quarter of record revenue. Federal to sustained artificial intelligence demand.

Super Micro Computer Shares gained 9% after the company reported surging profit and sales that nearly doubled in its fourth quarter.

Cash

Shares climbed 14% after the Mediterranean-fast-fued

chain reported that higher customer traffic boosted its profit in the second quarter.

Fracere

The Taiwanese technology and electronics maker reported another strong quarter as the company boosted production of services for the global 30 built-out. Shares climbed over 2%.

Wendy's

Shares climbed 10% after the Financial Times reported that Nelson Peltz's Titan Fund Management is working to put together an investor consortium that could bid for the burger chain.

ABB AMBO

Shares rose 5% after the bank issued its 6th-year interest income guidance and lowered its cost outlook, after the growth boosted the bank's net profit for the second quarter.

THURSDAY'S EVENTS: ◆ Economic data Producer pros index for July, admins claims, IEA811434A under storage report

◆ Federal Reserve (junkers) Cleveland Fed President Both represents, one of three Fed regional bank heads to distant from last months' interest-rate decision.

◆ Bond auctions: 30-year Treasury

EARNINGS EXPECTED: Applied Materials Tapestry

10-year U.S. Treasury yield, past two days

Big Day for

Bonds Is Quiet

This was supposed to be a big day for bonds. Treasury yields were slightly lower in the day. But most of that day they occurred in the overnight session, before the release of inflation data, which offered few surgeries. A $42 billion Treasury auction of 10-year notes also had little effect.

Blackstone's

Logistics Losses

Warehouse developer and operator Link Logistics said 75% of new leasing so far this year is tied to the data center build-out, up sharply from a year earlier.

Link Partnership, chief executive of the Blackstone owned company, said brewers include companies assembling and supplying components such as turbines, generators and

switchgear. "Some of it is supporting the data centers, and some of it is building all the component parts that go into these very, very expensive buildings," he said.

Link operates about 400 million square feet of warehouse space across North America with a focus on building and its power costs. Suppliers 'need to be around when they date your Ls, where they build the things, then put them on a truck and ship them off' Partnerships Ltd. —Liz Young

Definium Rises

On Drug Trial

Shares of Definium Therapeutics jumped more than 10% after the biotech company said its experienced psychostatic drug helped reduce anxiety. D7325, a fast-thinking tablet form of the weight, was tested in a late-stage trial of 254 people with generalized anxiety disorder.

These taking the drug user anxiety levels drop by more than three on placebo, Definium said.

Wednesday marks D7320's second successful late-stage result this year. The drug also improved symptoms of depression, the insomnia and in June. Definium is also saving D7323 as a treatment for post-traumatic stress disorder.

—Jenner Martinez

This Day in Market History

On the day in 1982, President Ronald Reagan signed into law the Economic Recovery Tax Act of 1981, the biggest tax cut in American history.

It streamlined income tax brackets, lowered the top rate to 36%, and created the universally deductible individual retirement account.