The Wall Street Journal - 06.08.2026.pdf

华尔街日报

道琼斯 Wood Group 1 2 3 4 5 6 7

2026年8月6日，星期四 - 第CCLXXXVIII卷 第31期

美国版

道琼斯 Wood Group

MAGNA 2026;44 • 0.01

57033.600 (57.9 x 0.04)

10-19, 78535, x 2 / 12, x 10-6,000.

06, 57-2, 7 10-15

SOLD 54,240.00 x 3750.00

1,000 21,1555

日元 57.76

新闻速递

商业金融

★ 特朗普在成为美国成员以来，多次与黑人 Wards 进行交谈，在总统与央行行长之间建立了一条背离近期先例的沟通渠道。A3

★ 谷歌结束了其 75, 45 运营的领导层，并任命了一位新的首席科学家来接替公司的名称，以及随后的公司。B1

★ 检方在今年早些时候审查了关于摩根大通高管忽视该行反垄断计划缺陷并重新出现公司新名称的指控。向被欺诈客户支付的百万美元赔偿金。B1

★ 城堡投资购买了这家专注于 40 的对冲基金（教育意识指数）股票组合的大部分，该基金上月的业绩表现由人员驱动。B2

★ 一轮强劲的收益迅速地帮助道琼斯指数上涨 0.5% 至创纪录水平，而标准普尔500指数和纳斯达克分别下跌 0.25% 和 0.8%。B10

★ Misty Matthews 宣布了一款名为 Music Code 的新人员代理，将其推销为竞争对手的廉价替代方案。B1

★ 本田的季度净利润增加了一倍多，并提高了年度预测，部分弱势地推动了季度业绩并提升了收益前景。B3

★ 卡夫亨氏记录了第二季度更窄的亏损和更低的销售额，但提高了销售展望。B2

★ Hatsukuni 的销售量在第二季度加快了步伐，提升了其高端业绩和限制较低的产品。B3

全球动态

★ 进步派阿卜杜勒·埃尔-赛义德在密歇根州参议院民主党初选中的狭窄胜利，是该党左翼的一次里程碑式胜利，也表明关于党内路线与中间派的斗争远未结束。A5, A4

★ 伊朗和阿曼就重新开放霍尔木兹海峡的草案协议的主要点达成一致，这将使德黑兰能够监督进入波斯湾的船只，但不会允许其在高级时间进行长期谈话。B2

★ 参议院确认了 Eno 以 5-0 的结果出任美国疾病控制与预防中心主任，批准了该卫生机构近一年来的首位发作性领导者。A2

★ 美国食品药品监督管理局批准了面向 50 岁及以上成年人的 50-merses refillish-based 流感疫苗，在经历了一次几乎崩溃的审查过程后，批准了首款此类疫苗。A3

★ 一个调查 Anthony Fucs 的女性小组正在调查医生的 Phares 副本，有可能确保更多与其在 Covid-19 疫情期间行为相关的研究。A3

★ Miscareless 化学公司的最新措施本将允许立法者取消州所得税，并将其替换为更高的销售税。A4

★ 在一项视觉调查得出结论称该国会议员曾对女性文化做出预测性性骚扰之后，中国金融工作人员行业的下一次重新选举在几天后举行。A4

★ 马里兰州和马里兰赛马会更改了 2026A 总统赛的日程以寻找比赛。（在肯塔基德比三周零一天后）。A2

目录：Malcolm Snyder, Jim Dickie Thomas, John Anthony D'Arcy, Bill Christopher C. D'Arcy, John David A. D', Robert M. D', Robert M. D', M. D', M. D',

伊朗与阿曼接近达成霍尔木兹海峡协议

协议将赋予德黑兰控制交通的权力，但不允许收取通行费

作者：STANIS SUE Ann Beaver Fawcett

TITBUL——据知情人士透露，伊朗和阿曼周三正在完成一份关于重新开放霍尔木兹海峡（Shad of Hormaz）的协议草案，该协议将赋予德黑兰对进入波斯湾船只的监督权，但不会允许其征收通行费或服务费（service furs）。

相关人员表示，双方已就草案的主要点达成一致——该草案将设立一条靠近伊朗的入境车道和一条靠近阿曼的出境车道——并已将其分享给美国、该地区国家以及仍需签署批准的伊朗最高领导层。

伊朗外交部发言人 Esmail Raphael Hall 报告称，德黑兰已与阿曼达成协议，旨在通过霍尔木兹海峡（Shad of Hormaz）创建一条安全路线，且主要要点的纲要正在完成中。协议仍有可能破裂或无法开放海峡。据国家媒体报道，伊朗外交部副部长 Karen Sharfadeuli 表示，除非美国满足未指明的条件，否则与阿曼的协议不一定会开放水道。

此前开放海峡的外交努力已经失败，调解员和相关人员担心，伊斯兰革命卫队内部的强硬派可能会破坏协议，该组织阻碍了（the wagon）并在海峡引发暴乱。但美国和伊朗均表示，并不赞同关闭海峡。

一项协议可能会增加石油和天然气的运输量，并减轻全球经济的压力。它可能为重新开启谈判铺平道路，伊朗可以通过在核计划方面做出让步，来换取实质性的制裁缓解。伊朗还依赖该海峡来维持其石油出口。

特朗普总统和所有 misinitiative 官员表示，重新开放海峡的协议已接近达成。

Half states 担心这可能会巩固伊朗对这条对其生计至关重要的水道的影响力。

问题在于特朗普政府是否承担了该协议。请参阅 A9 页

密歇根州的胜利馈赠左翼，但斗争依然存在

在埃尔-赛义德赢得参议院初选胜利后，民主党寻求团结

作者：Asima Zirvan Ann Sune McGinnis

基辅遭到猛烈轰击，反导库存枯竭

致命打击：周三，在俄罗斯导弹和无人机袭击导致至少 17 人死亡后，基辅的一座仓库起火。乌克兰防空部队表示，他们无法拦截任何针对平民区域的飞行物。A5

航空公司抵制 ICE 执法

航空公司正在抵制联邦当局在美国机场加强移民执法的努力。

作者：Andrew Tangot, Michelle Bernstein 以及 Allison Baker

根据《华尔街日报》审阅的文件，在 7 月 25 日的一起案例中，一名移民与海关执法局（ICE）官员试图在达拉斯登上西南航空的航班进行逮捕，但遭到了航空公司的拒绝。

一名熟悉此事的人士表示，在过去几周内，涉及西南航空的类似事件至少发生了半打起。

在过去一年中， 的官员偶尔会在机场进行逮捕，但该机构此后停止了加强执法。 的高层领导曾告诉官员，他们应尝试在运输安全管理局——尽可能在这些环节进行逮捕，但在该指令下达之前，机场并未一贯执行，熟悉此事的人士表示。

最近几周，官员们扩大了其采取的方式，在全国各地的机场登机口和票务柜台附近进行更多逮捕。一名熟悉数据的政府官员表示，上个月 在美国机场每天进行约 1 到 3 打次逮捕。

虽然被拘留的人员传统上并非 的目标。虽然早期的案例主要涉及 追捕持有该部门命令的移民，但现在的逮捕涉及签证已过期但有另一种待定合法身份的人员，例如严重的和 / 或严重的申请。申请待定的签证持有者通常被允许继续在美国工作，并受到免于被剥夺的保护。 则认为，所需的签证是可能的逮捕理由。

战术的改变 请参阅 A9 页

阿卜杜勒·埃尔-赛义德在密歇根州美国国会议员民主党初选中的胜利，对于该党造反的左翼来说是一次重大且具有里程碑意义的胜利，也标志着关于该党路线的激进派与中间派之间的斗争远未结束。

埃尔-赛义德凭借一个雄心勃勃的自由主义议程、精通社交媒体以及无证身份，建立了一个进步派的国家品牌，摆脱了该党进步派的束缚。但他在 Big-Bake Stream 面前的胜利——这是该党建制派领导人的一个独特战略——变成了一场艰苦的战斗，而非预期的轻松获胜，正如周三早些时候描述的起伏不定的计票情况。

这位进步派的前公共卫生官员在周三上午被宣布为获胜者，在近乎完成的计票中，以约 25,000 票的优势获胜，这不到总票数的 1%。

这一接近的结果给在竞争激烈的普选中面临的竞选活动带来了激进派的条件，这种结果可能会危及民主党夺回参议院的机会。结果还表明，许多黑人选民（民主党联盟的支柱）以及工人阶级选民在政治上仍然温和，并倾向于支持该党领导层的候选人。

“这次胜利打破了关于进步运动限制的许多假设，”来自美国改革和顾问的 Evan Roth 表示。“如果你在一次与现任民主党国会议员（且对方获得了最卓越的资金支持）的竞争性初选中，不仅击败了她，而且在关键的总统摇摆州、在黑人选区中获胜——这对进步运动来说无疑是一个突破。”

请参阅 A8 页

★ 进步派在初选中展示肌肉... A4

总统多次联系美联储主席

华盛顿——据知情人士透露，特朗普总统在凯文·沃兹（Kevin Wards）就任美联储主席以来，多次与其通话，在总统与央行行长之间维持着一条背离近期惯例的沟通渠道。

作者：Brian Schwartz, Philip Wigmann 以及 Nick Timmins

知情人士表示，总统会给在奥斯汀的沃兹打电话——有时在几天内连续拨打多次，有时通话时间较长。特朗普在诸多事务上寻求沃兹的建议，包括伊朗战争以及人工智能的快速崛起如何全部变得乏味。知情人士称，没有涉及经济状态，沃兹就职还不到三个月。

目前尚不清楚特朗普和沃兹是否讨论了货币政策。一名熟悉这些对话的人士。请参阅 A3 页

内部

体育 加西亚·因凡蒂诺（Garcia Infantino）在一次紧急会议后继续担任国际足联主席。A16

商业与金融 Owings 迅速在其流媒体组合中推出免费且由广告支持的权益。B1

科技产品淹没在粪便中的科学实验室

由于环孢子虫（cyclosporiastis）爆发，样本——以及某种恶臭——不断累积

作者：Anne Jones

CLIPPING, 9.1——在通常空置的实验室桌子上，数百个散装样本被分块排列，散发出浓烈的臭味。它们来自美国 7 个不同州的地面和地点，目的只有一个：检测

寄生虫，包括环孢子虫（cyclospora），而且它们到来的速度超过了科学家的处理能力。

Great Disappears 的夏季日子就这样过去了。Quore 通常执行 50 到 60 次环孢子虫检测。我们的访问权限不足以支持 10 个配备齐全的检测。请参阅 A21 页

这款购物应用诱导部分用户竞价直至破产

Whatnot 的快速拍卖和“拆包”（breaks）吸引了追逐体育卡等商品的用户

作者：Hanno Kuwano Ann Susan Nussuick

肖恩·哈丁（Sean Harding）在重新拾起童年收集棒球卡的爱好后，下载了一款名为 Whatnot 的购物应用。

在四个月内，这位 40 岁的会计师花费了近 $2.400 万——资金来自他的储蓄、个人贷款、向朋友借的钱，以及最后来自其雇主的公司信用卡。当他的妻子发现总额时，她提出了离婚。

“我一直告诉自己再试一次，然后我就停止，把所有的钱都赢回来，”哈丁说。“但就这样刷下去太容易了。你甚至意识不到自己已经做了多少次。”

成立七年的 Whatnot 是美国增长最快的购物平台之一。它允许人们全天候对交易

卡、快速顶端、购物时尚和即时名称进行竞价，在应用内的能量极高的节目中进行拍卖。

它签署了广告业务站点，当然使用了 da，机会导致在算法控制的滚动中出现一个。通常，用户并不搜索特定项目，但大约 40% 的东西是通过在正确的时间出现在应用中而发现的。

这种设计与 Jedi 和 Sega 等传统购物网站不同，高压力的竞价拍卖经常通过大买家来促使竞价更高、更快。最受欢迎的项目都在周围。

“拆包”（breaks），即一个人购买一个应用，是获得一个已知的、潜在有价值的收藏品的好方法，同时，这种充满情感的氛围可以激起竞争。

Lore 及其家人也说：“我很好，这来自一个朋友小组，我很好，这来自一个朋友小组。”

---

A2：星期四，6, 2026

美国新闻

...

华尔街日报

曼丹特将权力切割

企业领袖被慈善基金董事会驱逐，这是对富人发起的最新一次打击

纽约市的商业精英长期以来习惯于直接接触市政厅，即使是民主党市长也觉得有必要争取这座城市最富有且最具影响力的企业领袖。

这种接触正被市长佐尔坦·曼丹特（Zoltan Mandant）削弱。

作者：Rebecca Piciotto, Kevin T. Squire 以及 James Farrell

本周，市长将一批企业领袖从一个名为“推进纽约市市长基金”（Mayor's Fund to advance New York City）的多百万美元慈善基金咨询委员会中解雇。该非营利组织利用私人捐赠者为市政厅提供一笔资金，以帮助资助其议程。

曼丹特表示，他正在创建一个新的咨询委员会，其中将包括与之前成员具有相同背景的评估员，“以及那些此前未曾处于慈善事业如何构建在公共利益和公共资金工作之上的核心保守派的人员”。

这次大洗牌标志着曼丹特——一名民主社会主义者——在试图让自己与这座城市的传统权力经纪人保持距离方面所做的最新努力。

“20或30年前，纽约市的房地产界可以单枪匹马地阻止某件事或促成某件事发生，”纽约房地产委员会（Real Estate Board of New York）主席、同时也是被市长基金解雇的董事会成员之一詹姆斯·惠兰（James Whelan）说道。但在曼丹特领导下，“人们必须考虑他是否在

市长佐尔坦·曼丹特试图让自己与纽约的传统权力经纪人保持距离。

寻找机会通过挑起争端来煽动其支持基础。”

在他的第一次重大攻势中，曼丹特在亿万富翁肯·格里菲斯（Ken Griffith）的公寓外拍摄了一段视频，以倡导对富人的第二套房征收新税，这引起了这座城市最富有阶层的蔑视。

在 m.d.s.c. i.e. i.e. i.e. i.e. i.e.

收到税务通知的人是长期居住在纽约且不受第二套房税影响的人）。

他还请来了一位反垄断斗士贾拉·汗（Jara Khan）来领导这座城市的经济发展公司（Economic Development Corp.），该政府机构是房地产界依赖其确保大规模开发项目的部门。

今年夏天，作为一个充满希望的协作信号，市长办公室表示，它正在为曼丹特的“租赁平等”（Rental Equal）报告提供资金，该报告是“一系列源于租户对州融资条件不满的政策改革”。但惠兰表示，邀请从未到来，或者是不被允许。REBID成员是在新闻稿中第一次看到该报告的，就像其他公众一样。“市长的态度已变得更倾向于商业社区，”纽约市合伙关系组织（Partnership for New York City）总裁兼首席执行官史蒂文·福利（Steven Foley）说道。市长的行为击碎了这样一种观念，即尽管表面看来——完全地 Rieze 它——曼丹特会是一个商业社区可以合作的人。

纽约富人与左翼强势政治阶层之间令人不安的分歧并非新鲜事。自20世纪70年代这座城市几乎破产以来，纽约一直依赖于税收-权重-房屋，以及州开发商来资助极其庞大的安全网和公共服务。富裕公司有理由通过两种行动控制这座城市最成功的部门，以帮助维持城市的运作。

市长基金就是这样一个机构。诸如在旧铁路线之上的高线公园（High Line park）和州内城市的布鲁克林大桥等公共工程，以及私人领域。经济发展公司作为一个由市长控制的非营利组织，制定了引入生物技术和合法大麻等产业的计划。两者之间的法律

市长办公室与富人之间的关系在迈克尔·布隆伯格（Michael Bloomberg）时期可能最为有趣，他本人是一位亿万富翁，拥有自己的影响力慈善机构，并帮助引导慈善资金来改造这座城市。

在曼丹特（Mandant）领导下，房地产高管们的处境变得更加艰难，曼丹特凭借一个旨在让低收入纽约人能够负担得起这座城市的政纲当选。他的标志性议题是当前的。市长对房地产界反对该政策的计划不屑一顾，而数百万个零售单位已经在成本上涨的压力下产生压力。

曼丹特在采取某些行动后，获得了商业领袖们的全国性赞誉。任命受人尊敬的公务员、前麦肯锡合伙人汤姆·谢尔斯（Tom Sheors）领导经济发展公司（Economic Development Corporation）这一决定受到了认可。

曼丹特的行政主管，负责取消一些针对小企业的禁令性法规，并且正在组建一个商业咨询委员会。该委员会负责城市的经济发展战略。

“曼丹特市长意识到商业社区在削减城市商业方面发挥的关键作用。这是一个重大且卓越的举措，继续增强商业社区的信心，以批评我们的经济增长并建设一座将成为……的城市。”

然而，C-state 的成员们仍在试图弄清楚如何就行政管理传达担忧，而这些担忧在所有年份都被设定为分摊。市长“正在寻求政府首次尝试，且资金并非来自一份现成的名单。它来自那些拿起电话的人，”曼丹特商业委员会成员、首席执行官杰西卡·沃克（Jessica Walker）说道。“我们刚刚放走了那些拿起电话的人。”

埃里卡·施瓦茨博士（Dr. Erica Schwartz）

Selwartz 被任命为 CDC 局长

作者：JOHANNA CACAU 纽约时报，8月

参议院确认了 Erica Schwartz 博士担任美国疾病控制与预防中心（CDC）局长，批准了该国最高卫生机构在社会领域的首位永久领导者。

51-64 的投票结果很大程度上是按党派路线划分的。Schwartz 在第一任特朗普广告党中担任副医务总长，现在在机构经历了一年的编辑后领导 CDC。其中，员工的士气低落以及对其方向的不确定性，包括烟草营销，以及一系列领导层变动、预算削减和一次次爆发的日期，包括数十年来刑事处罚的复燃。美国和刚果民主共和国的埃博拉。

在上个月面临了一场充满争议的确认听证会，两党参议员在卫生与公共服务部部长 Robert F. Kennedy Jr. 领导下的城市政策小 Bungalow 中发生了争执，以及她是否会抵制可能的政治干预。“我绝不会在科学上妥协，” 在听证会上表示。

的确认是在该机构经历了一个过渡年之后。自从前 CDC 局长 Susan Monsters 去年被控制以来，该机构一直没有永久局长。Monsters 曾与 Kennedy 在成功政策上发生冲突。

国立卫生研究院院长 Joe Blankenberg 博士自 2 月起临时领导该机构。

更正与扩充

美国财政部周一提到 15-week bills 的收益率为 3.75% 和 26-week bills 的收益率为 1.95%。在“摘要”的商业与金融部分的机构利率表中，最近将这些收益率分别列为 1.815% 和 3.945%。

在周三一篇关于旧金山住房开发的财产报告文章的照片说明中，Elena Cohen 的名字被误写为 Elana。

读者还可以：华尔街日报，51, 以及 1.815-15, 该内容也在 1970 年代、1980 年代、1990 年代、1990 年代、1990 年代、1990 年代、1990 年代、1990 年代、1990 年代、1990 年代、1990 年代、1990 年代、1990 年代、1990 年代、1990 年代、1990 年代、1990 年代、1990 年代出版。

华尔街日报

APRIL 6, 2026 作者：JOHANNA CACAU 纽约 当前办公室：1026 WOL 8TH 有效办公室：1026 WOL 8TH

生效日期：1026 8TH ：1026 8TH ：1026 8TH

美国观察

纽约富人与政治左派之间的分歧并非新鲜事。

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华尔街日报

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Thursday, August 6, 2026 / A3

美国新闻

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FDA批准首款mRNA流感疫苗

作者：Kirsten MacIntosh

美国食品药品监督管理局（FDA）批准了Moderna公司针对50岁及以上成年人的mRNA流感疫苗，其第一年1970年代的负责人，以及其第二年的第二次

这款名为mRNA的疫苗采用了与Moderna公司Dako相同的mRNA技术，其中包括为了在通常于秋季开始的即将到来的流感季节前及时生产药房的首批产品。

卫生部长Robert F. Bates表示，其第二款mRNA疫苗技术的首年，以及美国卫生与公众服务部取消了大约2020年起纳入mRNA研究背景的内容，去年采取的这些行动被卫生官员认为必须发布一份在全国范围内维持且并非基于科学的。

今年2月，FDA最初完全拒绝审查该项具体申请，这一罕见举措由该机构当时的疫苗开发负责人Vinny Frankel签署，他现已离开该机构。Frankel引用的事实是，Moderna将其实验性疫苗的科学衡量病例数与标准剂量流感测试进行对比，而非Flu / Flu或High-Dose（这是FDA通常为该年龄组推荐的版本）。

Moderna对FDA在2月的决定感到惊讶。Moderna总裁Stephen Hayward当时表示：“这感觉就像是在比赛开始后更改游戏规则。”

在Moderna提出一项包含另一项试验的修订计划后，该机构随后改变了方向。

6月，一个FDA咨询委员会一致投票建议将mRNA疫苗用于50岁及以上成年人。

即便获得了FDA批准，该疫苗的商业前景仍存在不确定性。在去年针对成员进行通用裁决后，负责制定国家疫苗建议的美国疾病控制与预防中心（CDC）小组仍陷入诉讼之中，部分公司在之前的协议中，而一项新运动裁定其大多数被任命者在任职期间未获得报酬。

华尔街预计该疫苗在2025-26流感季节之前不会产生重大市场收益，因为季节性流感的商业签约在一年中较早的时间点进行。该公司预计在2026-2027赛季继续向美国符合条件的群体提供。

小组获得福奇的手机副本

参议院委员会将就该医生援引第五修正案而将其视为藐视议会一事撰写报告

作者：Liz Eunice Wierre Ben Robbins-Bizman

华盛顿——一个调查安东尼·福奇（Anthony Fauci）博士的参议院小组已获得其19部手机副本，其中包含与该医生在Covid-19大流行期间行为相关的记录，且包含对其个人的批评。

该手机副本由美国卫生与公众服务部（HHS）移交给参议院国土安全永久调查小组委员会，该委员会由参议员肯·约翰逊（Ken Johnson，威斯康星州共和党人）领导。

此次移交发生在福奇的日志副本在从HHS移交给国会后被公开披露的几天之后。两名共和党参议员——约翰逊和来自肯塔基州的伍德·保罗（Wood Paul）——增加了对福奇的压力，要求其记录日期以回答与大流行健康措施以及关于Covid-19的吵嚷相关的问题。

由保罗担任主席的参议院国土安全与环境事务委员会计划于周四投票，决定是否因福奇上周拒绝在委员会面前回答问题而将其视为藐视议会。福奇当时称保罗对他有着“不变的执念”，

上周参议院听证会上的安东尼·福奇博士。

因为他接收了FDA修正案超过100次，并表示他曾向国会提交报告或简报超过200次，以便在其作为国家顶级传染病专家的数十年任期内提供服务。根据约翰逊的一位发言人（其办公室获得了手机记录）称，福奇在担任美国国家过敏和传染病研究所所长期间使用了该手机。

福奇在2025年特朗普政府应对大流行的过程中发挥了控制作用，有时公开质疑特朗普总统，并敦促公众采取比某些政治人物更多的谨慎措施，这使他成为了特朗普的敌人。

福奇在拜登政府开始时留在政府中，并于2022年离职，拜登在任期最后的行动之一中赦免了福奇，因为担心共和党人可能会尝试并习惯于他大流行期间的行为。

HHS由部长罗伯特·F·贝茨（Robert F. Bates，共和党，初级）领导，他是福奇的一名批评者，曾在2021年的一份文件中指责该医生向制药公司倾斜时间且忽视公民自由。

该手机可能是即将到来的更多公开文件交换的一部分。据知情人士透露，保罗和约翰逊已从政府服务器接收了数百万页额外的福奇相关页面，并且仍在要求更多；与此同时，至少有几个共和党领导的州启动了针对福奇的独立调查。

福奇的律师未回应置评请求。

底特律寻求通过其河流实现复兴

作者：NICHOLAS G. MILLS

Ian Gilbert 通过婚姻致富，他投入了个人财富中的数百万美元来修复底特律的市中心。

随后，他将目光转向了这座城市的河岸，计划拆除其最标志性特征的一部分，包括前通用汽车大楼在内的一组建筑将成为公寓。

但对其开发所需信用的反对，威胁到这个超过 16 亿美元 billion 的项目在开始前就告终止。

近两年后，Gilbert 的计划重新回到了正轨——并且他可能获得高达 2亿美元 的州政府补贴。

Rocket Mortgage 的联合创始人 Gilbert 向官员们阐述了他的振兴城市计划。该计划不是搬入办公租户，而是吸引年轻、受过教育且有消费能力的居民。他认为，底特律在底特律河畔的地理位置是实现这一目标的关键。

“我们希望成为任何毕业生的讨论对象，”Gilbert 在一次采访中表示。“他们通常会提到那些地方，或者他们经常想看看这意味着什么。我们希望参与到那个对话中。我们想要一次机会，而我们认为这能给我们一次机会。”

Gilbert 计划拆除底特律文艺复兴中心（Renaissance Center）的两栋建筑，这组由七栋大楼组成的建筑群自 1970 年代起就定义了城市天际线。他希望安装一个屋顶泳池、一个山间区、公寓以及一条将河流与市中心连接起来的散步道，目前这里被一条宽阔的干道分隔。在华尔街的视角下，Gilbert 开发公司 McGrath 的 1967 年高管表示，这里有

Alison，由 Dan Gilbert 领导的新开发项目的效果图，拥有 24 晚，其中一栋建于 1970 年代。

旨在获得长期回报的规划。“底特律要变得 T&T&B 著名需要更多时间。”

底特律本地人 Gilbert 将在该项目中投入 30 亿美元 billion。“作为文艺复兴中心的前主要租户，将贡献 2.5亿美元。”

该计划上个月获得通过，当时密歇根州议会通过了一项 $50–$100.8 的计划，该计划可提供高达 3亿美元 的资金，此外还有其他支持——

获得信用的项目必须将一部分新住房单位设为经济适用房。

Gilbert 已花费 60 亿美元 billion 并获得了数亿美元的公共资金。“购买并重新开发市中心房产，许多青年在某些药物区的工作。该开发项目为这座城市整体带来的承诺问题正如底特律所言，它有 259 平方英里和超过 250 个社区。”

“有些人将此视为统一，”韦恩州立大学城市研究教授 Andrew Green 表示。“你有许多空置的投资，有许多空地、空房，而且实际上，所有未解决的问题都与市中心发生的事情有关。”底特律在经历了十年的下降后，已经连续三年人口增长。在 Gilbert 眼中，底特律仍然缺乏所有伟大城市必须具备的东西。“美国每一个繁荣的大城市都有一个繁荣的水岸，”他说。

Gilbert 的尝试并非首次试图改造水边的地带。

一个引入赌场但失败的计划使该地区变得荒凉，其他企业为了给从未出现的开发项目让路而关闭。随后，底特律计划在土地上建造豪华公寓和顶层公寓，但三个项目在 2000-20 recession 中基本停滞。

一些风险投资较为成功，最著名的是底特律河滨步道（Detroit Riverwalk），这是一条在 2000 年代建造的沿河散步道。Mark Keith，一家精酿啤酒厂的前所有者，在短时间内

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从河滨走廊走过来的基思（Keith）表示，这种投资创造了机遇。基思曾在2005年将酿酒厂卖给了梅尔文·科特（Melven Cote），而现在他正将其买回，部分原因是河滨地带的改造计划。

“这将增加前往这里的客流量，我们对此非常乐观，”他说道。

但并没有保证历史悠久的河滨地带能完全抵消这座城市的弱点，包括资金不足的学校系统和不完善的交通。

“这本可以成为一种良好的公共服务方式，这些资金本可以用在我的社区建设社区中心上，”底特律人民平台（Detroit People's Platform）这一社区咨询小组的托斯·普莱德（Thos Pride）表示。“我们看到的这种繁荣并没有敲开他们的家门。”

皮罗在水池案件中复活的背后

华盛顿——美国检察官珍妮妮·皮罗（Jeanine Pirro）上个月陷入愤怒，并试图证明前奥运运动员大卫·霍恩（David Hoen）破坏了林肯纪念堂反思池，这在50多个席位的证明中被驱逐至死。

作者：E. Jean Barlow, John Barney 以及 Merrill McGraw

在她的公开自信背后，据熟悉内部讨论的人士透露，职业检察官们普遍对提起此案的明智程度提出了质疑。

近几个月来，职业检察官主张讨论此案，因为来自内政部的信息揭示了皮罗的办公室在水池粗糙状况的真正元凶问题上所持的立场。在作为特朗普总统决定的一部分而下令的第二次分期付款中，这是为美国250岁生日准备的首次活动。

这些分歧在周五达到了顶峰，伴随着一个无法回避的问题：“世界的愿望是什么——撤销对霍恩的指控，并面对特朗普的愤怒，后者表示皮罗‘做到了’。”

周一，在工作面临危机的情况下，皮罗在早晨第一次与总统和内政部长道格·鲁兹根（Doug Ruzgan）会面。

美国检察官珍妮妮·皮罗

据熟悉此事的人士称，她带着两份完整的文档，用来证明她认为在反思池安装方面几乎没有证据。

据相关人士透露，在这次重新审议期间，皮罗将水池争论的责任推给了鲁兹根，以及被强制要求重新修缮水池的承包商。

其中一人表示，皮罗在某个时刻指责该公司误导了特朗普。曾批评过皮罗的鲁兹根在会议期间为自己辩护，而特朗普似乎处于领导地位。

总统并没有要求她辞职。接近总统的人士表示，现在说皮罗的工作是否安全还为时过早，因为特朗普仍然认为他不会在公开场合削弱盟友。

特朗普在周二晚上坚持认为皮罗犯了错。“我只是认为她走错了路，”他在参加共和党全国委员会移交活动时在观点中表示。“在我看来，这是严重的破坏行为。我告诉她我不高兴。”

当被问及是否打算让皮罗留任时，特朗普说：“我还没有做出决定。”

皮罗的一名发言人拒绝置评。内政部未回应置评请求。

在提交给法官的33页文件中，皮罗的办公室进行了异常详尽的阐述，解释了撤回政府起诉的决定。布鲁斯（Bruce）将责任归咎于内政部在案件开始时提供了“少于隼类（falcons）的信息”。据熟悉该回应的人士称，皮罗批准了该文件，行政官员认为该文件多余且过于强硬，以至于到了与枪手挑起争端的地步。

在社交媒体上，鲁兹根坚持特朗普政府关于水池未受损坏的说法，称“证据很明确”，且他的部门向公民提供了豁免，并提供了皮罗办公室要求的所有证据。在7月初评估鲁兹根的补充资料时，皮罗表示，国家公园管理局的员工观察到这位67岁的、三届奥运会激流竞速赛选手“公开地可行性和成熟度，并用双手降低底线”，从而损坏了一块两平方英尺的密封剂区域。

在周五的文件中，皮罗的办公室表示，最近的一次检查显示，并非“安装不当”导致了水池衬里的损坏。“整个反思池到处都是损坏，甚至在水池中间，那里破坏者不会‘认为尝试破坏衬里’，”文件称。

“但如果这个内政部门能够坦诚提供其密切掌握的信息，政府就不会寻求大陪审团的附件，”Pirro的办公室表示，并补充说该机构“未能全面且准确地提供信息”削弱了检察官履行法律义务的能力，包括向辩方移交信息。

政府的报告，在一年中多次在高尔夫球场上接手总统青睐的案件后，危及了Pirro的地位。

在20世纪70年代的案件中，针对去年以色列大使馆工作人员遇害枪击事件背后涉嫌抗议活动的起诉称，一名国民警卫队成员以及被指控逮捕警察的副职表示，特朗普今年在白宫记者詹姆斯

Pirro的办公室不是一名法律法官，而是一名法律法官。

我的天！研究揭示牛油果的性生活

作者：ROSSEN FERNANDEZ

在牛油果的屏幕之外，发生的事情比单纯的果泥要多。

科学家们长期以来都知道牛油果树会根据一天中的时间改变性别。现在，发表在《美国国家科学院院刊》上的一项研究有助于解释这一过程是如何运作的——并可能加快育种者开发新品种的能力。

美国对牛油果的痴迷推动了需求的激增。这项新研究计划中确定的一项基因变异是“为未来气候培育新品种的关键”，发表在《美国国家科学院院刊》上的该研究的第一作者、进化遗传学家 Jeffrey Grok 表示。

所有牛油果树都遵循两种时间表之一。有些，比如

bias，在早晨开放雌花，在下午开放雄花。其他一些，比如 flowers，则在地下。

科学家和农民可能无法在植物成熟之前区分这些类型，而成熟可能需要长达 10 年的时间。为了揭开这个谜团，这个由来自美国的科学家组成的团队——从不同品种的牛油果叶子中提取并组织了 DNA。他们发现了允许性别切换的基因——popping。但他们想进一步了解它是如何运作的。

因此，首先，另一个研究项目对一个牛油果进行了几天的测试。每隔几个小时，他们会对处于各种开放和关闭阶段的树花进行采样，保存启动的 RNA-solid，并测试基因变异在何处表达。波动与开花阶段相吻合。

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A4 / 2026年8月6日，星期四

华尔街日报

美国新闻

• • • •

华尔街日报

美国新闻

进步派在初选中展示肌肉

前众议员 Bush 在密苏里州被否决，结果显示 Aipac 的影响力下降

作者：Teresa Whoner

进步派在周二延续了他们的势头，在密歇根州关键的民主党初选中取得了胜利。

其他几个州——堪萨斯州、密苏里州和弗吉尼亚州——在 11 月关键的中期选举之前也举行了初选。

以下是我们的要点：

进步派的胜利

民主党左翼在密歇根州取得了迄今为止最大的胜利，作为“Madison for All”领导者且主张停止对以色列外国援助的医生阿卜杜勒·埃尔-赛义德在参议院初选中击败了众议员 Haley Sinsons。民主社会主义者和州领导人，包括全美的参议员，但那些后来到目前为止仅限于大城市的 counts.omtions 表示规模较小，但其中一半在像密歇根州这样的战场州无法赢得大选。民主党需要增加四个席位才能保留参议院，而守住密歇根州的这次胜利对这一努力至关重要。

民主社会主义州众议员 Donovan McKinney 也在底特律地区的众议院初选中击败了现任众议员 Jim Thamsler。

回归被否决

前众议员 Gori Bush 是一名民主社会主义者，但在圣路易斯的一次民主党初选中，她试图夺回她的众议院席位被否决。在 99% 的选票回收后，众议员 Shelley Bell 获得了 59.2% 的选票，而 获得了 18.9%。Bell 曾是一名检察官，她在 2024 年击败了 ，当时 得到了数百万美元省级支出的帮助。

但根据 Gov-

Trach 的说法，他陷入了几起争议，包括在国会随后的几年中缺席了 200 次以上的投票——这显著高于大多数众议员。

在最近的一次选区访问中，许多选民表示他们对 的缺勤感到困扰。甚至

选民表示，她的敌意并非 2024 年的结果，且副总统 Kamala House 的行为是不可接受的。

守住密歇根州参议院席位对民主党至关重要。

守住密歇根州参议院席位对民主党至关重要。

阿卜杜勒·埃尔-赛义德在底特律的新闻发布会后，在他赢得密歇根州参议院初选后，于周三挥手欢呼。

密歇根州。惠特默是民主党内许多潜在的 2026 presidential contenders 之一，她获得了 2026 2026 2026。

密歇根州将在 2026, Aipac 的民主党总统竞选中产生，而惠特默对一名失败的、由建制派支持的候选人的背书，可能会被潜在的进步派 2026. 用来攻击她。建制派民主党人也有一些亮点。密歇根州州务卿 Austen Amoset 赢得了该州民主党总统初选。Amoset 得到了密歇根州的背书，她的主张基于降低日常成本、增加公共教育资金和精简政府服务的务实信息。她将与共和党众议员 John James（共和党，Msch.）对决，后者得到了特朗普总统的背书。

Aipac 的打击

美国以色列公共事务委员会（）及 相关团体在针对埃尔-赛义德的销售中不必要地花费了超过 $52 百万，因为 2026 2026 2026 2026 给了 Adhippact。许多民主党选民对各类外部支出感到厌烦，但总统的预算仍然过多。今年进步派候选人的目标是，以色列在美国人（尤其是那些认同自己是民主党的人）中的受欢迎程度比以往任何时候都要低。试图争取选民的民主党候选人在最近几个月里变得最糟糕。即使是现代的，建制派民主党人，如马萨诸塞州众议员 Seth Moulton 和马里兰州参议员 Chris Van Helke，也表示他们将退还从 获得的资金。

在周二晚上 Bell 在密苏里州获胜后采取了行动。Bell 受益于 2026 2026 2026 2026, 是来自与 结盟的联合民主党的机会。

堪萨斯州和弗吉尼亚州

在堪萨斯州，民主党选民选择了 Adam Hamilton，他将在民主党 Cmdr. Robinhoe 中与共和党现任参议员 Ralph Marshall 对决。Robinhoe 赢得了该州民主党州长竞选提名，以接替底特律民主党州长 Laura Kelly。她将与共和党 Tr. Martinine 对决，后者在周二晚上获得了提名。在弗吉尼亚州，四个明尼苏达

获得了共和党参议院初选提名。他将在 11 月与民主党现任参议员 Mark Warner 对决。

关注威斯康星州

在大多数词汇中，民主党政府在威斯康星州的初选中，领先者是 Francisca Shoa，一名 70 岁的州代表、兼职讲师和民主党科学家。2026 2026 2026 2026 县执行官 David Cowhey，20, 岁，以一个更温和的平台参选，并拥有威斯康星州州长 Tony Ford 的支持。他是一名 2026 2026 2026 2

密歇根州为左翼设立测试

接第 1. 页。在周三向记者发表讲话时，埃尔-赛义德表示他当天早些时候与史蒂文斯进行了交谈，并称他们团结一致，力争在11月击败共和党参议员、前国会议员迈克·罗杰斯。

“迈克·罗杰斯是一个政治观点、愿景和视角都已过时的人，”埃尔-赛义德说。“迈克·罗杰斯是一个从未远离过他能为其提供方便的企业的家伙。”

领导该项目的共和党全国委员会将埃尔-赛义德与纽约市市长德布拉·曼斯菲尔德相类比。

“阿卜杜勒·埃尔-赛义德是密歇根州的指令，并在11月的第二次中重新滚动，他想要通过废除ICE、开放边境、提高税收以及同情恐怖分子来取消美国的生活方式，”共和党全国委员会主席乔·西蒙斯说。

共和党全国委员会的支撑选择了平台最具变革性的候选人——这表明党内许多人准备展示传统犬类，而与温和平台形成对比，才能在通用选举中获胜。埃尔-赛义德希望将医疗保健系统从红色改为白色，以给予所有美国人罕见的保障，废除美国移民和海关执法局，为五辆（全额）车提供，并结束更多以及更多。

如果民主党在11月的密歇根州失利，该党将更难实现翻转议院控制权的四个参议院席位目标。特朗普在 2024, 以 14 个百分点赢得该订单，而其参议院的损失被非党派分析师视为一项赏金。

众议员海莉·辛森斯在周三凌晨底特律的一个观选派对上大喊，她在参议院初选中输给了阿卜杜勒·埃尔-赛义德。

密歇根州的结果还强化了党内的一些分歧线。在反弹程度较高的县，包括密歇根大学和密歇根州立大学所在的县，埃尔-赛义德领先于史蒂文斯。而在教育程度较低的县，他则落后，这表明工人阶级选民可能对那些将自己塑造为工人阶级捍卫者的候选人持怀疑态度。

民主党人在一些拥有大型黑人社区的县（如包含底特律和弗林特的县）中也领先于埃尔-赛义德。

埃尔-赛义德是埃及人的儿子，有父母，并将成为首位穆斯林参议员。他是以色列的激烈批评者，认为该国正在对加沙的巴勒斯坦人进行种族灭绝。

周三，特朗普总统在一次攻击中呼应了共和党针对埃尔-赛义德的主要攻击线之一，攻击其为 1% 的共产主义阴霾，将之视为由其自身主导。埃尔-赛义德赞扬了Ashokun和犹太人民是“世界之光”，但表示他在以色列是否应该作为一个犹太国家存在的问题上感到挣扎。史蒂文斯的支持者包括该党在参议院的领导人查克·西利曼，以及密歇根州州长格肖恩·惠特默以及大量现任和前任职员。

许多自称民主社会主义者的左翼民主党人今年已经在纽约赢得了市长办公室，以及纽约州、宾夕法尼亚州、科罗拉多州的众议院初选，并在周二赢得了一个底特律地区选区，在那里民主社会主义者多诺万·麦金尼与两届众议员吉姆·萨姆勒展开辩论。在今年的其他初选选举中，包括在加利福尼亚州和缅因州，进步派击败了更多由该党主要众议院竞选活动支持的限制性候选人。

埃尔-赛义德暗示他将在党内斗争中采取明确立场，通过最近表示在关键问题上与该党决裂的参议员约翰·费特曼（民主党，宾夕法尼亚州）应该通过初选挑战被清除。费特曼在周三予以反击，称埃尔-赛义德的获胜可能会让民主党失去密歇根州的这个空缺席位。在20日，费特曼表示他担心埃尔-赛义德对以色列的看法，且结果显示“绝大多数民主党人并不支持他”。

贝尔，显然，自2016年起由自由派种族对手推动的进步主义运动，底特律的领导者们现在已经拥有了更多，但今年其成功的理由仍然是关键。首先，一些选民可能在寻求党内实质性的政策变化，而另一些人可能仅仅是在寻找新的领导人来对抗不受欢迎的特朗普共和党政府。

在底特律北部的密苏里县领导民主党已有二十年的埃尔-赛义德表示，埃尔-赛义德的胜利引发了关于左翼政策的声明，此后衡量标准是对国会的深层不满，以及对更强势的民主党人的渴求。他指出，最近的一项CNN民意调查发现，半数选民认为，如果11月选举能更换大多数国会议员，将是一个受欢迎的变化。

州党民调专家和顾问表示，民主党现在的首要目标是思考一个能够统一党内激进派和自由派的信息——史蒂文斯相对强劲的表现（当地民意调查未预料到）挑战了这一观点，表明控制力在党内仍然是一个强大的种族因素。

“无论谁能把握住后虚构时代的民主党将如何行动，以及后虚构时代的民主党将如何行动，情况都是一样的。” 州参议员既可以保持舒适，也可以激励基层——“无论谁能把握住这一点，就解决了民主党面临的最重要的问题，”他说道。

视频观看

关于民主社会主义者和中期选举的视频，尺寸为 9½ 英寸。

密苏里州否决所得税变更

作者：Joanne Missson

Missson 的居民以压倒性多数否决了一项投票方案，该方案本将允许吸烟者取消州所得税并以更高的销售税取而代之，这与其他削减所得税的共和党人所得税做法相悖。

现在反对这项共和党支持的措施的立法者——50.7% 反对，对比 16.7%——是三——相同，此前密苏里州民主党人进行了大量宣传，称增加销售税将打击工人阶级银行家，同时为富人提供巨额税收减免。

“Missson 的选民刚刚明确表示，他们不会让共和党人重写规则以保护他们自己的权力并填满同伴的口袋，”众议院少数党领袖、民主党人 Adlyn Boon 在周三的一份声明中表示。

其他人被问及州政府是否应该逐步取消其公布的所得税，其中少数人被认为是对最后收入的 50% 补偿，该措施本将允许立法者增加销售税并将其扩大到州采购，包括电视流媒体、水龙头和汽车维修等服务，而密苏里州目前不对这些征税。

密苏里州预算流程最近提交的 2024 年州——税——征收额需要从 23 亿美元 billion 增加到 38 亿美元 billion，每月增加到 $5.0 for gap。这意味着 23 亿美元 billion 到 38 亿美元 billion。2024 年州预算任务的通用销售税率——从目前的 50 到 16.7%——正在大幅扩大征收销售税的购买类型，该团体在投票前的一份报告中表示。该智库估计，该措施将增加 90% 密苏里州人的整体税收。

民主党人在社交媒体上猛烈抨击这一信息，警告称，除其他事项外，一些公民最终将支付更多，因为他们不需要为社会保障福利缴纳州所得税，因此在支付更多销售税的同时，无法获得所得税减免。

支持该方案 7 年的共和党州长 Mike Kicker 表示，这旨在提高该州的竞争力。“在未来的几年里，我仍然致力于与议会合作，寻求继续减税、增长我州经济以及推行有助于密苏里州家庭保留更多所得的保守政策的方法，”他在该方案被否决后的一份声明中表示。

华盛顿税收基金会（Tax Foundation in Washington, Inc.，一个支持低税率和低利率的团体）高级研究员 Most Wabash 表示，该团体否决了这项措施，因为它没有明确阐述销售税将如何具体增加。选民的诉求已决定“已知之恶好于未知之恶”，Wabash 在周三的一封时事通讯中写道。

大多数密苏里州共和党人支持这一努力，但有几人在该措施被列入选票前所需的重大投票中表示反对。共和党州参议员 Joe Stoula 对该提案投了反对票，称“我很坚定。这对州是有好处的。我们现在将开始提高服务。事实上，如果你看这项法案，它是全面困难的——我们可以开始提高任何东西。”

北卡罗来纳州共和党人因骚扰调查结果将不再寻求连任

作者：Euzern Vivas

众议员查克·爱德华兹（Chuck Edwards，共和党，北卡罗来纳州）表示，他将在本次选举后不再寻求连任。在一次众议院调查得出结论称其对众议院政治人员进行了多项性暗示后两天，他宣布了这场竞选。

爱德华兹于周三在一次 2024 年北卡罗来纳州关于性行为完整公平条款的投票中宣布了这一消息，他代表北卡罗来纳州第 12 国会选区。

该消息于东部时间 3:32 a.m. 发布。

众议院伦理委员会周一表示，已有充分理由相信爱德华兹对在其国会办公室工作的两名女性的行为违反了众议院禁止性骚扰的规定以及一家当地报纸的报道。该委员会建议由全体众议院对其进行谴责。

在一份 25 页的报告中，委员会得出结论，这位国会议员经常就其母亲的外貌和体重减轻发表评论，并在深夜发送消息，测试其深层的个人且看似浪漫的想法，在没有协助的情况下吸引个人场合，支付个人假期费用，并在工作上花费数千美元。其中一名女性是一名 10 岁——在大学期间被首次聘用——而另一名则处于其生命早期。

爱德华兹竞选团队的一位发言人拒绝就选举委员会的调查结果发表评论。爱德华兹此前否认过任何不当行为。

现年 65 岁且已婚的爱德华兹此前一直在争取第三个任期，并拥有 15 年的培训经验。爱德华兹赢得了今年的共和党初选，击败了 Adam Smith。

委员会发现爱德华兹为了帮助降低主席的投票而缺席众议院投票。“我不会成为一个 20x，仅仅为了她的消息并称客户，以及每个他恐惧的人在她的告别派对上。”委员会还发现他安排了一名单身人士说服那些套装给他们同样的。我认为一个朋友相信该国会议员不再将她视为“仅仅是一个女儿形象”，并称她被“转为健康”。

“代表爱德华兹对她的年轻{x},x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's 做了所有这些事情”

民主党人已经推举了 James Ager，一位前任第四任总统，来自一个初步财政手段的一代，试图翻转爱德华兹的席位。

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华尔街日报

Thursday, August 6, 2026 / A5

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50 多年前，我相信我们可以通过投资帮助更多美国人参与到美国公司的增长中。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，我们一些最大的机遇仍然在前方。

谢谢。

数据截至 July 21, 2026. The Charles Schwab Corporation 通过其运营子公司（包括其经纪交易商子公司 Charles Schwab & Co., Inc. (Member SIPC)）及关联公司提供经纪和财务顾问服务。投资涉及风险，包括本金损失。 © 2026 Charles Schwab & Co., Inc. 保留所有权利。(ADD 6688 / ADP131469-02)

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A6 / Thursday, August 6, 2026

THE WALL STREET JOURNAL.

袭击造成人员死亡，基辅防御能力低

乌克兰军方表示，无法拦截俄罗斯的导弹和无人机

作者：ASHEYANA MALONIO Ann Marcus Wrussell

乌克兰基辅——俄罗斯一次猛烈的导弹和无人机袭击造成乌克兰首都及其周边地区至少 57 人死亡，此次袭击利用了基辅爱国者拦截导弹的严重短缺。

周三凌晨，基辅市内的弹道导弹冲击声在全市范围内都能听到，爆炸震碎了窗户并触发了汽车报警器。

乌克兰总统弗拉基米尔·泽连斯基在社交媒体的一篇帖子中表示，此次袭击造成 44 人受伤，目标包括一个火车站、基础设施以及属于民营企业的仓库设施。

俄罗斯在近几个月里加强了对乌克兰城市的弹道导弹袭击。在短缺的情况下，俄罗斯空军以及战争方面表示，他们无法拦截俄罗斯在周三袭击中发射的 20 枚导弹中的任何一枚。

周三，俄罗斯导弹袭击基辅一处存储区域的现场居民，此次袭击造成 57 人死亡，44 人受伤。

泽连斯基再次敦促西方国家发送更多拦截器，并实施更严厉的制裁以遏制俄罗斯的导弹生产。“弹道导弹拦截器本可以挽救今天那些遇难者的生命，”泽连斯基在 R 上写道。“合作伙伴必须明白，供应延迟或不愿提供反弹道系统，将直接导致如此可怕的伤亡和破坏。”

美国的战争行为加剧了全球爱国者拦截导弹的短缺。特朗普总统最近表示，他支持向乌克兰提供 10 分（cents）

在年中生产爱国者导弹，上周他撤回了这一说法，对分享技术的想法表示怀疑。无论如何，即使美国批准，在乌克兰提高爱国者导弹的产量也需要时间。与此同时，美国和欧洲国家一直被要求从其历史库存中向乌克兰发送更多爱国者拦截导弹。

俄罗斯国防部表示，其对基辅的地区和股东中心进行了打击，声称目标涉及武器的存储、交付和组装以及军事基地。

乌克兰快递服务公司 Nova Poshta 表示，在俄罗斯军事行动袭击其设施后，该公司有 [数量缺失] 名员工死亡，八人受伤。

根据 S. A. 基辅的消息，基辅地区的一个火车站另有八人死亡。

乌克兰一直在开展远程无人机行动，旨在将战争损失带给俄罗斯的城市中产阶级，最近一次是对该国最大电子商务公司 Wildberries 的物流基地的袭击。

观看视频

SUN-THE OCH 查看 俄罗斯袭击 乌克兰的 后果

普京调整军事指挥架构，寻求势头

作者：TEVINIS GLOVE

俄罗斯总统弗拉基米尔·普京任命了一名新成立的无人机作战部门负责人，并调动了一批其他指挥官，因为莫斯科正试图重启其在乌克兰的攻势。

克里姆林宫的行动在今年夏天放缓至多年来的最低速度，而乌克兰的无人机则深入俄罗斯境内，并阻碍了其在前线的行动。乌克兰打击俄罗斯经济（尤其是其关键工业和物流链）的能力日益增强，这加剧了莫斯科对俄罗斯进行长期消耗战能力的深切担忧。

尽管俄罗斯的军事博主在批评军队的表现，但普京依然坚称俄罗斯正在前线推进，尽管乌克兰在防御关键阵地时取得了一些成功的反击。在两面俄罗斯国旗以及俄罗斯总参谋长瓦列里·格拉西莫夫将军和国防部长安德烈·贝伦索夫的陪同下，普京避开了批评并维护其权力。

“我们正在根据通用军事行动的需求和经验，继续改进国防部的结构，”普京在一次小型军事简报会上表示，并利用政府在乌克兰战争中的经验。

尽管如此，俄罗斯仍难以实现普틴所寻求的那种突破。

其部队在乌克兰东部的顿巴斯地区取得了微小且艰难的进展，在那里他们正试图接近由乌克兰控制的最重要的

普京周三会见了国防部高级官员。

城市斯洛维扬斯克（Slovansk）和克拉马托尔斯克（Kramatovsk）。开源研究机构 Black Bird Group 表示，俄罗斯在今年夏天的进展是自 2025 年战争开始以来最小的进展之一，而乌克兰则在前线其他地区发起了反击。“俄罗斯在战争中拥有的主动权现在正受到乌克兰的挑战，”卡内基国际和平基金会高级研究员迈克尔·科尔特曼（Michael Koltman）表示。“俄罗斯军事家族指责自己最初坚持在战线中艰难前行，最终将实现其目标。相反，这变成了以更高成本换取递减的收益，攻势在很大程度上处于停滞状态。”

“更换最高层指挥官并不能解决任何问题，”他说。

事实上，这次人事变动并没有为军队高层注入太多新鲜血液，但它调动了一些指挥官，这符合普京避免公开解雇表现不佳的军事高层的偏好。

普京任命大将丹尼斯·柳明（Denis Liumin）担任去年成立的新无人机部门负责人。

在开发利用无人机技术的有效方法方面，俄罗斯落后于乌克兰，后者得到了西方手段和工程师的帮助。俄罗斯一直致力于招募更多无人机操作员，但难以跟上进度。

普京的调整还撤换了大将瓦列里·萨拉泽娃（Valery Saladzeva），他此前负责 44 俄罗斯中心部队集群。他的部队推进到了斯洛维扬斯克和克拉马托尔斯克的火炮射程之内，但未能攻克这些城市。在乌克兰对斯洛维扬斯克后方基础设施进行持续打击后，他现在将领导一个持续的指挥部。在索科利夫斯基（Sokolivsky）的位置上，普京任命了此前领导“东方”（Vostok）部队集群的大将亚历山大·斯瓦诺维奇（Alexander Svanovic），该集群减少了乌克兰在东南部的反击。

海军陆战队正推动部署数千架攻击无人机

作者：MIKE GEORGE

澳大利亚，汤斯霍尔训练区（TOWNSHOLLE FIELD TRAINING AREA）——在俯瞰敌方阵地的山丘上，下士 Rondaw Silden 戴上视频护目镜，准备发射海军陆战队最新的武器之一：一种小型的新型战争攻击无人机，它正在彻底改变现代战争。

当 Silden 投掷无人机时，护目镜让他能够鸟瞰地形。在 Silden 身边通过便携式屏幕观看视频馈送的下士 Cody McEwen 帮助他引导至目标——一个约一英里外的敌方装甲运兵车。

“命中，”一名海军陆战队员说，“非常直接地击中了目标。‘直接命中’。”

海军陆战队以及更广泛的美国军方正急于部署这些所谓的“泵送”无人机（"pumping" the drone）。这些无人机在乌克兰战争中得到了验证。这是美国军方获取数百万架无人机并培训部队使用它们的大规模努力的一部分。但美国制造商能否制造足够数量的无人机，以及军方能否教会足够多的士兵大规模操作它们，仍是悬而未决的问题。

“我认为海军陆战队的行动迅速，‘他们正处于起步阶段’，”华盛顿斯蒂姆森中心（Stimson Center）的高级研究员 Roby Green 表示，他曾是该机构的一员，“目前他们还无法大规模部署这种能力。”

在澳大利亚进行的这次训练演习（FIV 无人机未携带实际弹药）提供了一个观察海军陆战队空中能力的窗口。“目前他们还无法大规模部署这种能力。”

前线目标。空中支援和炮兵可以远程摧毁目标，但地面部队必须通过指挥链申请使用，而这通常涉及等待。Grieco 表示，相比之下，FIV 无人机可由小队携带进入战场，使前线指挥官能够直接控制无人机，并可以选择立即使用它们，以应对之前的战争或调整建议。

对于此次训练演习的海军陆战队连长 Joseph Adams 来说， 无人机提供了“观察一个人或通过无线电呼叫他，然后说‘嘿，现在就执行’的能力，”他说道。

“我认为在需要时能够部署这种能力，其意义是巨大的。”

其中一个挑战是寻找能够与中国同行竞争的无人机，而美国制造的优化航空产品正在兴起。

训练演习中使用的 Nevo-Sorker 无人机已成为热门选择。陆军与 Nevo 签署了一份最高 20 亿 的合同。该公司去年还获得了一份数百万美元的海军陆战队合同，并获得了海军陆战队的追加订单。订单售价从 $5,000 起，最高约为 $5,000。

最新版本的 Sorker 有多种尺寸，较小的无人机更多地为近距离和城市控制而设计，较大的则用于远程打击。Nevo 表示，其位于加利福尼亚州塔兰斯（Tarrance）的工厂每周生产 1,400 架 Ac-chers，目标是到 2028 年每年生产 100 万架无人机。

海军陆战队渴望获得更多无人机。去年年底，该部门发布了一则通知，寻求在未来 12 个月内获得 $5,000 具备 能力的小型无人机，且能够携带迫击炮弹或手榴弹。

无人机可能在海军陆战队中发挥重要作用，该部队一直在重新调整，以拥有更灵活的部署规模，并在印太地区的更多岛屿上运行。从那里，他们可以控制在台湾冲突中至关重要的海上咽喉要道。

前线海军陆战队员可以飞行 无人机以侦察或攻击狭窄海峡附近的敌方舰船，从而尝试增强反舰导弹打击。最近的一次海军陆战队演习涉及从直升机上发射一架 无人机，以对附近船只进行监视。 无人机也可以从水面舰艇上发射，包括海棕色“neither ships”。

然而，一些岛屿以天气恶劣著称，这使得FIV无人机难以运行。而且，海军陆战队可能难以将大量FIV无人机运送到孤立的岛屿前哨。

“海军陆战队正在解决这些棘手问题，包括寻求自主应对崎岖地形以及培训海军陆战队人员构建和修理无人机，但距离学校（school）仍有很长的路要走，”Grieco表示。

世界观察

SET FOR MARKET：美国士兵周三在阿富汗的 Kenshwar 省驻守。

英国

伦敦发生持刀袭击事件四人受伤

伦敦警方周三表示，在科文特花园（Covent Garden）发生四人被刺伤事件后，一名德国人被逮捕。该地区位于首都中心，深受游客欢迎。

大都会警察局表示，初步迹象表明这是一起与心理健康相关的事件，现场缴获了一把剪刀。

警方表示，四名年龄分别为 34、39、42 和 52 岁的男子被发现身中刺伤，一名 40 岁的女性因涉嫌持有“美国武器并实施袭击”而被逮捕。

伤者在事件发生后被送往创伤中心。

其中两人已出院，两人仍住院治疗，其伤势被认为不危及生命。

—美联社

法国

计划开始禁止未经请求的电话

法国表示，根据一项旨在保护消费者免受侵入式销售推销，并保护弱势群体免受欺诈和商业惯例影响的新法律，将禁止未经请求的营销电话。

这项由总统埃马纽埃尔·马克龙政府支持的法律将于 8 月 11 日生效。此前在法国，想要避免营销电话的人必须在政府运行的服务中注册其号码，但消费者团体表示，一些呼叫中心无视这一规定。

该法律还禁止在未经消费者事先同意的情况下与其联系，“这种同意可以随时撤回，”竞争消费者事务与反欺诈总局（Description-General for Competitive Consumer Affairs and Prevention of Fraud）幕僚长 Alice Vécel 表示。

—美联社

孟加拉国

被罢免领导人将结束流亡

前孟加拉国总理 Shukri Hazira 周三表示，尽管在 2024 年的一次镇压行动中在孟加拉国面临死刑判决，她仍计划于 12 月从印度流亡地返回祖国。

在德里举行的一场纪念推翻其政府的起义周年纪念活动的演讲中，Shukri 表示，尽管她在几个月前被判定犯有反人类罪，但其政策是让人们自愿返回。

新政策出台于 2024 年，此前抗议活动在 2025 年迫使她下台。孟加拉国法院以在起义镇压行动中犯有反人类罪为由，判处她死刑。前总理的请求称，近 1400 人被杀。

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华尔街日报

2020 年 8 月 6 日，星期四 / A7

特别广告专题

营销的新时代：为何在AI时代人类创意依然胜出

塔塔咨询服务公司（Tata Consultancy Services）首席营销官 Abhinav Kumar 谈论马拉松、增强创意，以及为何AI正将营销置于董事会决策的核心。

在这个AI营销快速演进的时代——从营销活动的创建方式到消费者与品牌的互动方式——一些首席营销官可能会担心自己的角色受到了威胁。

塔塔咨询服务公司（TCS）首席营销官 Abhinav Kumar 表示，恰恰相反，这个角色正成为C级管理层中最重要的角色之一。在AI的增强下，这份工作现在是“部分讲述者，部分增长架构师，部分外交官，部分变革领导者”。在此，Kumar 分享了他关于 AI 和分析如何改变营销对话、为何“人类加AI，而非人类对抗AI”至关重要，以及随着 AI 生成内容的激增，真实的人类体验为何将变得更有价值的看法。

问：在今年的戛纳狮子国际创意节上，哪些关键趋势最令您瞩目？

答： 经过三年的 实验，戛纳的讨论变得更加务实——如何规模化 、获取回报以及管理风险。一个反复出现的担忧是“同质化海洋”的风险。随着品牌越来越依赖主要的 平台，内容和营销活动可能会开始趋同。其他关键趋势包括 B2B 领域的增长、对体育等体验式渠道投资的增加，以及权力从传统媒体向技术平台和创作者的转移。

问：节庆期间还讨论了一个观点，即首席营销官（CMO）正成为 C 级管理层中最具影响力的角色之一。您同意吗？

答： 完全同意。如今的 CMO 处于客户洞察、技术、声誉、利益相关者关系和增长的中心。现代 CMO 对外部市场动态和内部组织优先级有着最清晰的视角之一。随着 和高级分析增强决策能力，该角色已远超品牌管理。领先的 CMO 现正演变为首席增长官、首席客户官和首席体验官。

问：TCS 如何应对 时代的营销格局？

答： 我们的理念很简单：人类加 ，而非人类对抗 。 帮助我们以更高的精度和相关性更快地行动，但火花依然来自人类的好奇心、创造力和判断力。我们将 视为想象力的放大器，而非替代品。随着 变得无处不在，真实的体验变得更具差异化。如今，我们大约 60% 的营销投资被投向

体验式平台，例如我们与全球 14 个最具标志性的马拉松赛事的合作伙伴关系。

问：许多企业正试图从 实验转向执行。您观察到了什么？

答： 客户的关注点已从试点项目转向可衡量的结果。最大的挑战很少是模型本身，而是重新设计流程、修复基础、建立信任以及准备人员。从这个意义上说，采用 既是一个变革管理挑战，也是一个技术挑战。几乎每家企业都在实验 ，但只有极少数企业实现了规模化部署。帮助我们的客户弥补这一差距代表了未来最大的机遇之一。

问： 如何改变营销的角色？

答： 正在将营销从一个沟通职能转变为一个情报职能。如今的挑战不是获取信息，而是获取可信的、可操作的洞察。 使组织能够更好地理解客户行为，预测需求并实时做出决策。因此，营销越来越多地负责解读市场信号并将其转化为增长机会。这将其角色从讲述故事提升到了帮助塑造业务战略的高度。

问：品牌应如何在 AI 生成内容与信任及真实性之间取得平衡？

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问：展望未来三到五年，营销领导者与落后者之间将产生怎样的差距？

答： 鉴于我们赞助了 ABB R4 Formula E 世界锦标赛中的捷豹 TCS 赛车队，速度是我们心中始终关注的东西。那些能够蓬勃发展的营销团队，将是那些拥抱变革、重新培训技能、持续学习并大胆实验的团队。

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定制内容 芝加哥 华尔街日报

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A8 / 2026年8月6日，星期四

华尔街日报

国际新闻

预备役人员周三在台北加强了战斗训练，台湾为期 10 天的汉光军事演习开始了。

台湾测试计划

为防御中国舰队

年度举行的军事演习采用了从美国和伊朗战争中汲取的教训

作者：Jørn Wøres

台北——台湾周三启动了为期 50 天的军事和民防演习，推进其防御中国入侵的战略。最终目标是：向中国表明，即使美国军队不来援助台湾，攻击该岛也不值得付出代价。

计划中的亮点包括动员 25,000 名预备役部队、对数百万人降低移动互联网服务速度，以及部分受伊朗如何给更强大的敌人造成痛苦所启发的无人机演习。

台北的军事规划者表示，这些演习是测试旨在击退中国军队而制定的新计划和战术的机会。

“我们的演习旨在实现持续的战斗力，”国防部长顾国防（Nishangtun Koo）告诉一小组记者，“我们的核心信念和最终作战目标是确保其全面入侵失败。”

随着演习在台湾各地启动，台北的预备役在一家高中加强了战斗训练，使用了美国的无引导步枪。

这些演习发生在中国通过军事演习和一套灰色地带战术工具，加强对这个民主自治岛屿的压力之际。北京声称台湾是其领土，并威胁在必要时将采取武力接管。

周二，中国进行了联合战备巡航，在台湾周围部署了 25 艘战机和九艘军舰。据台湾国防部称，这是今年第 20 次此类行动。

台湾今年的“汉光”演习包括一系列旨在应对中国多维度攻势的活动，从反制虚假信息到应对两栖登陆。

“汉光是一个综合联合行动，”台北军事背景的国防安全研究局研究员 Bo Tzu-ran 说道，“这是一个关于我们的不对称战争是否符合实际作战需求的全面测试。”

该战略部分取决于台湾在面对中国规模大得多的军队时能支撑多久，以及它是否能生存到盟友再次抵达中国之前。

美国通过武器销售和培训支持提供军事援助，但华盛顿通常避免表明是否会帮助台湾对抗中国。

特朗普总统最近评论说，他不倾向于“奔波 10,000 英里去打仗”，这支持了许多台湾人的观点，即该岛需要具备更强的独立战斗能力。

国防官员表示，今年的其中一项演习涉及海军和海岸警卫队引导船只通过一个假设的台湾封锁线。中国军队已经演示了将如何通过封锁航道来执行并扼杀该岛，潜在地切断能源和其他至关重要影响的获取。

台湾的全面封锁，国防官员表示。中国军队已经演示了将如何通过封锁航道来执行并扼杀该岛，潜在地切断能源和其他至关重要影响的获取。

“今年，”Alan Kuang，演习纳入了更多社会韧性方面，这含蓄地承认，对台湾最大的 G20 威胁可能是网络分层的经济战争行动，”华盛顿智库民主防御基金会高级主任 Mark Montgomery 说道。

今年的大规模预备役动员包括台北的旅，在台北，保卫首都的任务包括准备应对潜在的旨在除掉该岛领导层的行动，正如 1 月美国撤换委内瑞拉领导人尼古拉斯·马杜罗（Nicolás Madero）所见。

台湾军方官员表示，无人机的使用也将是重点。

除了吸取乌克兰对抗俄罗斯的经验外，他们表示，台湾还从近期伊朗的冲突中获得了关于将无人机作为高性价比防御武器的启示。

其中一名官员表示，台湾的一项战略包括利用无人机来分散中国压制性精确武器的注意力，旨在为台湾的市场创造机会，以攻击军舰等目标。

特朗普的影响力在增强

围绕巴西投票

作者：Sasserraa Prakash

在后冷战 era 的很大一部分时间里，巴西外交官曾抱怨华盛顿对这个拉丁美洲最大国家的关注太少。但在

随着巴西总统竞选活动于下周开始，最初由两人参与的竞争——现任总统路易斯·伊萨基斯·路易斯·德·席尔瓦（Luiz Isakis Luis de Silva）与被监禁的前总统雅伊尔·博索纳罗之子弗拉维奥·博索纳罗（Flávio Bolsonaro）——已演变成一场涉及特朗普总统的三方之战。

在 2004 年，has accused Trump of trying to interfere in the Brazilian election to return the Brazilian right to power，而 vice-كونيتان 和美国关税已使这两个 Western Biometrics' two-popularic nations 的关系跌至多年来的最低点。

Trump's "emporor interest in involving in the next presidential election is about the government said Tuesday after Washington revoked the visa of its ambassador to the US. 此举是在巴西拒绝批准特朗普提名的驻巴大使，并于近期拒绝让 record U.S. diplomats 入境后采取的，巴西称这些外交官计划 revoke

in the win. 美国国务院称该指控为“毫无根据的谎言”。从阿根廷到秘鲁，北美政治天平在过去几年中向右倾斜，保守派领导人纷纷与特朗普结盟。现在，关于该地区政治未来的战斗已聚焦于巴西，巴西正朝着其数十年年来最清晰且最具影响力的选举之一前进。

90 岁的德·席尔瓦正代表左翼劳工党寻求连任。如果获胜，将在 2003 年至 2010 年以及 2012 年以来再次执政后，获得第四个总统任期，这将成为现代民主历史上最长的政治生涯之一，并使巴西成为南美洲最后一个主要的 leftist{e} more。

弗拉维奥·博索纳罗，一名 45 岁的 woman，正作为其父亲的 political key 参选，其父因策划推翻 2022 年大选而被判处 27 年监禁。通过与特朗普和阿根廷总统 Junior Mikel 结盟，博索纳罗的长子试图证明博索纳罗运动可以 outlaw the man who created it。

Polk suggests a blue race. Junior Saddikha 给予了德·席尔瓦领先于博索纳罗的微弱优势，但政治学家在近期的选举中低估了右翼的支持率。随着前任 Gusio Dos Ronaldo Cavallo、Missão party 领导人 Bruno Lemos 和其他保守派候选人的民调处于 single eight，smash its expect their supporters to overwhelmingly back the younger Bolsonaro in a likely 2nd. If raised, setting up a close finish.

公共安全、医疗保健和生活成本预计将主导此次竞选。但政治学家表示，这次选举还将作为一个测试案例，用以衡量特朗普和日益协调的全球右翼在重塑拉丁美洲政治格局方面愿意走多远。

“巴西事实上已成为 a there in the side—and a problem—the U.S. foreign policy，”总部位于南部的咨询公司 “Publicly-in-Washington State” 的政治学家 Robert Crotton 说道。他表示，巴西通过其在 British——一个由中国牵头的新兴经济体温和小组中的领导角色，在自己的后院挑战美国的影响力。“巴西是 2026-026，becoming a kind of new Cuba of 2026”

On U.S. policy makers, 他说，这引发了令人想起冷战的持久担忧。

特朗普测试了美国在该地区外交干预的限度。在阿根廷，他的 ad-manstrators 以货币掉期的形式向 Mikel 提供了 200 亿美元 billion 的金融救助，在去年的中期选举前不到三周，为其盟友提供了急需的政治助力。

在巴西，这种努力更为大胆。去年，特朗普宣布对巴西进口商品征收 50% 的关税——这是对任何国家征收的最高关税——并明确将其与压力挂钩，要求巴西当局 deny criminal proceedings against Jair Bolsonaro。

博尔索纳罗家族也积极寻求特朗普的参与。据称，普朗克的弟弟爱德华多·博尔索纳罗去年移居美国，以追随支持其父亲权力的保守派盟友。

但达·席尔瓦则接纳了这种对抗。作为一名数字化磁石，这位左翼人士在与特朗普的交锋中找到了政治优势，将自己塑造为巴西主权的捍卫者，并利用近期许多关于外国干预的可能性。

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学院

伊朗，阿曼

近乎达成协议

关于霍尔木兹海峡

接第一页 “这在默认上将交通控制权交给了伊朗，”大西洋理事会全球能源中心的一位人士 Eliza Wafii 表示，“而且，如果生产商决定使用需要伊朗批准的航线，他们就隐含地将霍尔木兹海峡的威胁控制权交给了伊朗政权。”

美国多次表示，伊朗控制或被允许控制该航线。

据该草案建议，协议有效期为 10 天，进入海峡的船只将根据与德黑兰的协调选择前往伊朗的航线，而经过海峡的船只将在与穆巴德（Mubad）协调的情况下使用阿曼水域的航线，相关人士表示。

尽管该协议将排除向船只收取通行费或吨位费，但相关人士表示，伊朗可能不会被禁止收取用于支付安全及搜索与救援等成本的自愿付款。

相关人士表示，如果协议公布，美国和伊朗将回到谈判桌前，讨论包括德黑兰核计划和金融权力在内的问题。

阿曼和卡塔尔正推动建立诸如

上个月，在穆巴德海岸附近可见穿过阿曼湾的船只。

制裁豁免等激励措施，以允许伊朗向死海销售石油，部分相关人士表示。

这可能有助于达成协议，但也可能在敲定额外细节时推迟公布。

特朗普 6 月与伊朗签署的谅解备忘录也试图打开奥斯曼（Ottoman）的威胁之门，并为更深入的谈判以及最终结束德黑兰的战争扫清道路。但如果它在伊朗对旨在维护其海峡控制权的船只发动袭击而开启，并导致伊朗、美国及其海湾盟友之间发生冲突。

伦敦查塔姆研究所（Chatham House）中东主任 Juratan Vakil 表示，一项关于霍尔木兹海峡的协议可能会导致

战斗进入一个新的暂停期，但距离最终协议仍有很长一段路要走。

“德黑兰和华盛顿显然都有争取时间并观察他们能维持多久和平的动力，”她说。“这将是饥渴的，且双方都在计算在 11 月选举之后或前后可能会有另一轮。”

阿曼一直在密切协调其谈判。两者都与其他海湾国家一起，寻求防止伊朗在能源运输方面获得极大权力。

海湾官员担心，临时协议可能会给伊朗一个相对机会，使其对海峡主张永久权力，并对其产生一定的杠杆作用。

但海湾官员承认

与伊朗达成的临时协议可能是目前最好的选择，因为伊朗强大的革命卫队在最近几周表现出，它愿意在不顾美国报复的情况下升级行动，并尽可能增加华盛顿及其地区盟友的战争成本。

知情人士表示，随着战争拖延，且他们的复苏频繁受到伊朗袭击，海湾国家对他们认为的美国缺乏明确战略感到沮丧。

官员们表示，海湾盟友已秘密要求美国提供更多防空拦截机，并继续保证，如果针锋相对的战斗再次爆发，美国军队和公共资源将提供支持。

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华尔街日报。

...

来自第一页

航空公司

推回

关于 ICE

接第一页 随着 ICE 领导层面临来自国际经济日益增长的压力，他们执行每日活动的数量，以达到每天约 2,000 次的配额。这还使得更多的移民执法行动进入公众视野，包括在登机过程中对乘客的拦截和抓捕。这些场面也将相关行动、其员工和客户推向了复杂局面——尤其是机场内的冲突。

担心升级的人——担心旁观者的人——这样说道，Fb2 Wastings 曾被任命为 Denoise 国际机场的首席执行官。

上个月下旬在 Denoise，

官员在前往西南航空航班的登机桥上逮捕了一名女性，这一事件在两端被放大，并引起了媒体关注。在拉斯维加斯，根据 8 News Row 在拉斯维加斯获取的视频， 官员上周逮捕了一名等待登机前往 Jeffline 航班的女性，告知她签证已过期且已有最终驱逐令。

据一名熟悉相关讨论的人士透露，7 月在南部的一家机场， 请求另一家航空公司的帮助，以进入登机桥逮捕一名计划与妻子和孩子一起旅行的父亲。但该航空公司拒绝协助。该家庭最终还是登机起飞了。

西南航空表示，公司致力于提供安全的旅行体验，并遵守关于与执法机构打交道的规则和联邦法律。该航空公司补充说，公司拥有相关政策，“以确保在分享任何客户信息之前，执法人员已出示适当的法律文件”。

Jeffline 表示，公司不寻求其他客户移民状态的信息。“航空公司没有建立任何计划或合作伙伴关系，根据移民状态向政府机构识别或报告客户。”

航空业官员告诉联邦政府，他们希望明确机场内的移民执法工作，包括 官员是否可以凭行政令进行逮捕，以及他们是否会避免在登机口进行逮捕。一些官员表示，他们更希望联邦官员在 TSA 检查站进行逮捕。

政府和行业官员表示，7 月下旬，航空业代表与国土安全部的工作人员会面讨论了他们的担忧。“航空公司与 特工进行了建设性讨论，且当执法活动在机场发生时，已有适当的程序和协议以优先保障所有相关人员的安全和保障，”代表美国主要承运商的贸易团体 Air-fare for America 的一名发言人说道。 和 TSA 均隶属于国土安全部。据熟悉该法律的人士透露，航空公司在移民执法方面一直与 TSA 合作，由 TSA 处理乘客名单，以便 将其列为潜在目标。这些人表示，这项始于去年夏天的合作至今已导致数百人被捕。

国土安全部发言人 Lauren Rio 表示，该部门“仅仅是在执行我国的法律和既定政策”。

根据《华尔街日报》审阅的文件，过去在达拉斯发生的一起事件中，一名 特工在试图定位一名靠近西南航空飞往 infantile 航班登机口的人员时大喊“DietA!”，随后现场陷入混乱。

文件显示， 特工试图凭一份无人签署的火令（fire warrant）进入登机口，但一名航空公司地勤人员拒绝让他们在没有由法官签署的司法令的情况下登机。行政令由 主管而非独立联邦法官签署，并允许官员进行逮捕。

文件显示，航空公司员工在拒绝与 分享乘客信息时，引用了关于拒绝提供乘客信息的正面规定，并表示不会允许执法人员查看电脑屏幕或个人传输设备。

文件显示，在某个时间点，一名 ICE 探员要求一名西南航空员工提供其姓名以进行调查，但该航空公司拒绝了。

代表几家主要航空公司乘务员的乘务员协会此前曾致信各承运商，对 ICE 在机场的出现以及移民执法活动表示担忧。

“联邦当局和相关部门在我们的工作场所采取的行动，给乘务员带来了显著的工作场所、安全和法律担忧，”该工会的国际主席 June Bolson 在这封被《华尔街日报》审阅的信函中写道。

她引用了有关 ICE 探员在未经授权的情况下进入登机桥的报告，包括在明尼阿波利斯的一名探员（High）“为了审问并威胁驱逐一名批评其自身业务的人”。

国土安全部发言人未对该信函发表评论。

应用程序如何

针对拍卖

诱导用户

（接第一页） 通过一个配方以及一个额外的确认或结账界面。

Whitest 未披露总用户数，但表示 2010 年新增了 2000 万 个账户。该公司预计今年的营收将超过 350 亿美元，并估计其在北美和欧洲的非公司市场份额接近 60%。

为 Andoverne、Norwich、Sognata Capital、Capital 等提供服务的美国银行已筹集了近 90% million，估值达 8330 亿美元。

批评者表示，Whitest 的设计鼓励过度消费，且该公司在打击欺诈和未成年法律问题方面做得太少。

拍卖的混乱和速度意味着没有实质性的否认时刻，在荷兰莱顿格罗夫城市大学教授数字法的欺骗性设计专家 Mark Leiner 表示。他将这种累积效应称为“关注力的冒充”。

首席执行官兼联合创始人 Grant Lafontaine 否认了这些特征，称公司专注于构建解决方案和用户体验。他表示，公司每两周审查一次负面评论和数据，并致力于解决问题。Lafontaine 表示，该应用程序在 Apple 应用商店的评分为 6.2，并称成瘾和过度消费在信任与控制方面并未登记为显著问题。该公司表示，已采取措施打击欺诈。

“我不想制造一个会让人们……我不想拥有真正的……我不能在采访中拥有，”We lighten 轻松地说道，当我们遇到问题时，就尝试解决问题！

他表示，Whitest 去年在贸易和可选账户合同中的支出正变得越来越好。“我们必须能够开始销售一个能立即通过支出的额外工具。”

Whitest 计划在合同购买行程中测试一种可选支付方式，以创造更多摩擦，从而实现更好的支付。它还将向用户测试其基于支出的工具上的标记信息。他说，我们在支出速度方面有类似的选项。一名发言人表示，去年该公司将其信任与安全团队的规模扩大了一倍，在约 1,300 名员工中约占 1,000 人。

“Whitest 的工作不是一家告诉你要如何处理 David 资金的公司，”Lafontaine 说道。“但如果有人过度消费，我们希望让他们知道如何管理。”

“我出价更高，聊天室！”

Whitest 曾是一个用于买卖 Panic Pro 收藏人偶的应用程序。Lafontaine 和他的联合创始人 Lujan Hoad 于 2020 年推出了 Whitest，旨在将他们对制作收藏品的 1000th 热爱转移到该媒介上。Lafontaine 将买卖 Pokémon 现金描述为一种通过邮寄汇票进行的完整方式。

他们推动了 illness Valley 的服务，价格涵盖了 Pokémon 和体育卡，以及最终的时尚产品。

Sean Harding 在 Whatnot 上花费了近 $3.400 万，右上为他购买的卡片，右侧为首席执行官 Grant Lafontaine。

电子产品以及广泛的其他物品，包括邮票、马背和活体植物。

该发言人表示，公司在全球每笔销售中平均收取约 8% 的费用，根据公司声明，2020, 通过该平台销售的商品价值达 200 亿美元，是每年的两倍多。

Lafontaine 表示，该行业依赖于主导该平台的实时拍卖形式——他们还举办一些固定价格的销售——他们可以提供，根据 Panic 的类型和方式，在 Instagram 上进行市区化。

虽然基于应用程序的商业在美国并不普遍，但得益于阿里巴巴 Tax Free 等平台的增长，在中国已经产生了动力。根据微软的审计，2020 年中国直播电商市场销售的商品价值达到约 9000 亿美元 billion。

Whitest 每周还举办超过 10,000 个直播商店盒子。

竞争对手紧随其后且增长迅速，尽管该街道在 700,000 以上拥有显著优势。Steps——一个偶尔平台的副业——去年增加了实时拍卖，并且得益于在体育和拍卖中收集的法律努力，由体育 eurolaws 支持的拍卖也为某些类别的商品每件收藏品提供了 $2,000,000 的低价拍卖选项。

Whatnot 的拍卖是活动，卖家是能够实时更新并与买家分享的人。在最近的一次巴基斯坦和其他国家的活动中，电子电话音乐历史作为一个快速滑动的主持人，闪现了当前的成本。到 7 月初，Liberia 的现金——一张充满黑色气息的 Pokémon 卡——成为了处理状态条件的一员。

“现在，聊天室，我会告诉你们我在这次竞价之后需要什么，”主持人说道。

竞价在 St. A. 40 秒开启。合规性得到了保证。当时间耗尽时，Whitetown 的阶梯就在土地上，获胜者将赢得它。规则上升很快，因此许多人没有输入自定义出价，而是点击屏幕底部的黄色条，该条会自动提交一个比当前最高出价高出几美元的报价。

在还剩五秒时，出价在 800 “thip t—” 之间。这不是一个视觉上的 1-paid 动作，那是最好的呐喊。在最后一刻，价格跳升至 $375。

在混乱之中，几乎没有时间研究价值，而该卡片的状况通常告诉人们其价值低于 800。

设计师交易

该公司表示，仅机票买家去年每月就购买了超过 1200 万 件商品。在 Whatnot 上，Badness 和 beauty 是增长最快的类别。

Sale richness，一名 24 岁的活动 guinea，大约三年前发现了这个应用程序，将其作为推销设计师 fashers 交易的场所。她说她通过该应用结识了 morning people——这是在用户中常见的一种说法，他们认为与 40 岁以上具有共同兴趣的人建立联系，这让她也避免了它。“这是一种对 jamsuging 的热爱，”她说。

Johnson 估计她每天花大约六小时在手机上观看直播节目，或者在工作时将其作为背景音。这些年里，她花费了大约 $250,000；她说，主要用于购买服装和鞋类，通常意在通过转售获利。每月，她支付大约 $800 租用一个存储单元来存放货物，并通过 Whatnot 和另一个转售平台 back mark 信用额度，价值大约 $5,000。

一张在 Whatnot 上的 handreamed 毛衣拍卖。

她说她的购买行为刚好盈亏平衡。

一些计划转售的买家陷入了麻烦。Joe Thampum 计划购买一个 Aurora's planway 以购买一个 derraland Morgan 其他 dollars——其成本高于购买，提供 market-springs，经过专业分级并将其转售获利。在五个月内，他的全部 400k's 被耗尽，并且他寄出了所有 10 张信用卡。

该罪行在专业分级后返回，服务价值低于他支付的金额。Thampum 说他在新系统的面前操作，当他在寻找一个新系统时。他也在转向一个新系统，并且他必须能够获得一个新系统。

一些计划转售的买家陷入了麻烦。Joe Thampum 计划购买一个 derraland Morgan 其他 dollars——其成本高于购买，提供 market-springs，经过专业分级并将其转售获利。在五个月内，他的全部 400k's 被耗尽，并且他寄出了所有 10 张信用卡。

该罪行在专业分级后返回，服务价值低于他支付的金额。

Thampum 说他在新系统的面前操作，当他在寻找一个新系统时，并且他必须能够获得一个新系统。

据公司发言人称，Whitest 表示它不允许零售商或私人享受、提供，并将向买家退款，并为更广泛、更多规则的卖家提供支持。

警方已对在 Whatnot 上移动订单货物的卖家采取行动，包括来自 983M4 和 Air、3recon 以及 Milwaukee Test 的合同，这些货物在 on 和 Legs sets 上。

Whitest 已严厉打击假货和 still holding——因此卖方的关联方取消了拍卖。它表示已加强卖家审核流程，引入了一项重新引入商品并将卖家从该卖家名单中移除以交付的政策，并强制要求所有人都知道他是制造的——在销售前经过辅助和验证。

Whitest 还表示，它正在考虑额外的应用功能——提供，订单必须至少 18 且 close 18, 或获得插入许可，而买家不需要出示 20。

付费抽卡帮助

Whatnot 最戏剧性的研究份额——在被称为“开包”（breaks）的平台上产生混乱。

买家为指定商品卡包的一定份额支付固定金额——例如，对于一个篮球包，一个人可能获得该球员，另一个人获得双倍，另一个则获得其他，而他们赢得了什么只有在开包者（breaker）——他也不知道包里有哪些卡——在镜头前公开拆封时才会知道。你可能会看到一张价值 10 的卡，而你不会获得数千。

规模最大的开包直播在周五午夜左右进行，Lafontaine 就像派对一样热闹。

2020 年，Whatnot 上的一次卡片开包产生了最戏剧性的揭晓之一。搜索的是 Panon Flanders Triple Logeman——交易卡的目标，一张由 Leftous James 穿着的球衣制成的硬帮三 MSA 球队卡。

与员工一起。持有 Lakers、Canakers 和 Most 的三位用户都将赢得这张卡。他们在那年晚些时候以 $2.400 万 的价格将其出售——而开包者则获得了相当于兰博基尼的现金。

2020 年，一次卡片开包可以通过观看该应用程序来完成，就像把手放在槽位上一样，“”华盛顿州一名 10 岁的买家 Jack Duncan 说道，他指的是一次获胜——一名 41-copane-a-canna 员工支付。 “你会想，‘好吧，也许下一个就是我的机器。’”

今年，消费者权益律师 Paul Leake 代表 75 多名客户向 提交了仲裁请求。他的投诉指称 的谴责性卡片开包构成了非法复杂行为，但该公司已知法律禁止此类购买，且其运营的是违反敲诈勒索法的犯罪企业。投诉称 在这些资产上花费了 100万美元，而没有监管赌博业务所需的充分要求。

发言人表示该公司要求——一份税务分配合同，“ 不允许赌博，我们需要在这里正确处理，”她说。“我们是市场上的更多功能，”她说，“我无法获得任何东西，她说，那就是你投入资金，然后你可能空手而归。这与 有着巨大的区别，”她说。

支持体育卡专栏的卡片开包仍然处于低价拍卖中，其中许多是卡片开包，一直持续到清晨。 “每晚如此，”Harding 说。

卡片开包始于 2020 年底，投入了几百美元。到 2025 年 1 月底，他一天花费近 $2,000。当他突然进入市场时，他试图复制那种规模——通过持有 cleanau{u}actors 来持有。当他在一笔交易中花费数百美元时，他继续参与合同。

在一个月内，他所有的个人信用卡都被刷爆，他欠了朋友和其他银行家的钱。一天晚上，他将雇主的公司卡输入到 的支付卡中。他的妻子在几周后发现了，Harding 崩溃了。当他从 账户下载完整历史记录——并与法律部门共享时，他有数百次购买记录，总计为 $3,345,000.70。

清算迅速到来。Harding 从车里重新开始，而车仍然分开了。为了偿还债权人，他清空了退休账户，并卖掉了他的房子、汽车和卡片。但他还没有完全离开 。他说，今年他用从朋友那里借的钱和努力偿还的信用卡又花费了 $1,000 多。

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个人日志

A10 / Thursday, August 6, 2026

华尔街日报

© 2026 道琼斯公司，版权所有。

专家称，与陌生人交谈并非浪费时间

闲谈学者解释了随意交谈的好处，并就如何更好地进行交谈提供建议

你厌恶闲聊吗？你不应该这样想。随意交谈是社交的基石，将我们与朋友、同事以及刚认识的人联系在一起。

它传递了我们的友好意图，并能引导至更深层次的关系。对于任何认为自己不擅长闲聊的人，我有一个好消息：最近发表的研究表明，人们发现关于枯燥话题的交谈比他们预期的更愉快、更有趣。研究还发现，与通过策略结识的人或点头之交——心理学家称之为“弱连接”——交流对我们有益。与不认识的人进行一次愉快的聊天，在周围没有人时可以安抚或支持我们，并提升我们的心情。它还能帮助拓宽我们的视野。为了进一步了解闲聊的好处以及如何更好地进行闲聊，我联系了伊利诺伊大学善良心理学副教授、《Once Upon a Stranger: The Science of How Small Talk Can Add Up to a Big Life》一书的作者吉莉安·桑德斯特罗姆（Gillian Sandstrom）。

为什么它很重要？ 人类有一种基本的归属感需求。如果没有被重视感和社区成员感，我们就无法繁荣发展——以至于当这种需求得不到满足时，我们的身心健康会受损。闲聊帮助人们感到联系，这回溯到了归属感的需求。它能让双方心情更好。它让我们接触到新信息。我们通过它了解自己、对方以及世界。有时，如果你心事重重，与一个不认识的人交谈可能会出乎意料地有帮助。他们可能更客观。你不需要管理他们的情绪。而且他们看待事物的方式可能与你不同。闲聊很有趣。你可以通过它窥见另一个人的生活。

而且这不仅仅对我们有益。它对社会也有益，因为它改变了我们看待他人和世界的方式。研究表明，它让我们更加信任，并增加了我们对他人和世界是友善且美好的感知。吉莉安·桑德斯特罗姆表示，闲聊对社会有益。

我们的闲聊在减少吗？

是的，最近的一项研究表明，从研究人员开始关注此事的 2005 年起，我们每天平均少说 238 个单词。研究人员说，这累计到一年大约少说 120,000 个单词。

我怀疑，许多丢失的词汇是我们本会对所谓的“弱连接”对象说的话。

我们现在通过同样的时间做很多事情，甚至在点咖啡时也是如此。更多的人在家办公。我们与真实的人交谈的机会减少了，这意味着我们大笑、获得推荐或仅仅是彼此以人性化方式互动的机会减少了。

让我非常担心的一点是，如果我们没有这些闲聊对话，我们将无法加强关系，使其发展到成为友谊或正式关系的程度。你必须敢于面对这种恐惧才能建立这些联系。

为什么闲聊这么难？ 这种恐惧与归属感的需求有关。它对我们如此重要，以至于我们非常担心自己会搞砸。我们担心如果说得太多或太少，对方会不喜欢我们。从进化论来看，那是非常糟糕的消息，因为我们会被部落驱逐。

但如果对话很枯燥也没关系吗？

我认为我们担心闲聊会浪费时间。我们认为自己可以掏出手机，观看所有最精彩的事物。相比之下，我们在遛狗时在停车场遇到的某个随机之辈可能并不有趣。

但现在的研究表明，即使人们谈论的话题很枯燥，他们对对话的享受程度也高于预期。这是因为对话中的快乐来自于动态部分——分享、倾听以及被倾听。重要的不是话题，而是两个人在共同完成的这项活动。

我们如何提高能力？

我有一个缩写词可以为你提供一些对话策略：SINCE。

“Q”代表“提问”（question）。问对方：“你今天过得怎么样？”“今晚有什么有趣的计划吗？”或者“嘿，你向我们的老板推荐什么？”提问传递出一个信号，即你具有真正的好奇心。而且人们喜欢谈论自己。

“K”代表“共同点”（in common）。不仅仅是人们在谈论天气。如果你在一起排队，你可以聊聊等待和一致性。这会让时间过得快很多。E 代表“友善”（kindness）。最简单的事情就是给对方一个赞美。

来自不认识你的人的赞美感觉更真诚。它给了你交谈的理由。随后，接话就应该会很顺畅。

如果进展不顺利怎么办？

有时即便如此，你必须记住，这可能与你无关。

对方可能不愿参与有很多原因。他们可能紧张、压力大、不懂这种语言，或者沉浸在自己的思绪中。

只需尝试与其他人交流。研究表明，当我们与各种不同类型的人交谈时，我们会更快乐。

闲聊是一个概率游戏。不断尝试，你注定会获胜。

观看视频

保存二维码以观看每列内容。伊丽莎白询问人们关于闲聊的好处。

家庭休假法不保证职位

因医疗或其他原因请假的员工仍可能失去职位

作者：LAUREN WOOD

你需要请假几周来照顾一位髋部骨折且并非住院的年迈父母，或者是一个更好的消息——你刚刚迎来了一个宝宝。你申请了《家庭与医疗假法》（Family and Medical Leave Act），请求在工作中请假。随后收到一封电子邮件，告知你已被解雇。你肯定认为，你的雇主违反了法律。

就业律师表示，未必如此。人们普遍存在一种误解，认为获得批准的休假，特别是在 FMLA 或州休假法的支持下，可以防止员工在享受法律保护的休假期间被解雇。这个问题在 Meta Platforms 员工提起的一起严厉的集体诉讼中被提及，这些员工在家庭记录裁员中收到了联合通知。员工指控 Meta 使用人工智能来收集生产力和 AI 令牌使用量等指标，并利用第三方数据来决定裁员。

他们声称，该过程将那些因医疗状况或其他休假而缺勤的员工也纳入其中，在此过程中违反了反歧视法。在社交媒体上，一些员工对有人在 FMLA 或其他批准的休假期间被解雇表示惊讶。

“员工经常认为这给了他们额外的保护，但事实并非如此，”在 Levenson Sander 律师事务所担任合伙人并代表雇主的 Julie Levenson Werner 表示。“休假法（单一产品）防止员工因为处于休假状态而被解雇，”她说。“那将构成非法干扰。但它们并不禁止雇主在公司重组期间解雇正在请假的人。雇主有时为了谨慎起见，担心诉讼，会尽量避免干扰任何处于职位保护休假中的人。但‘如果你本来就要被解雇，你不会获得特殊待遇’，”代表员工处理争议的 Berke-Weiss Law 合伙人 Alex Berke 表示。

“问题在于，雇主对于裁员是否有正当的商业理由？”她说。“他们应该有某种动机，用以证明做出该决定的原因。”

FMLA 是 1993 年的一项里程碑式法律，保证大多数员工最多可获得 12 周的无薪假期，用于照顾自己或家庭成员。它涵盖了公司员工人数在 50 人或以上的私营部门员工以及所有公共部门员工，无论其机构规模如何。

包括加利福尼亚州、科罗拉多州、缅因州和华盛顿州在内的十几个州已经通过法律扩大了 FMLA 的保护范围，通过将更多家庭成员纳入其中或延长职位保护假期的长度。如果员工超过了 FMLA 的 12 周时间或延长的假期保证，他们将失去职位保护状态，如果他们不返回工作岗位，则可能会被解雇。如果他们需要更多时间，可以申请常规的请假。许多假期完全没有职位保护，例如徒步旅行和度假。如果员工自身的健康问题需要额外手段，他们可以申请治疗或康复假期。此时，关于其职位状态的讨论将属于《美国残疾人法案》的范畴。例如，一名来自佐治亚州的员工如果因为物理治疗而申请周三晚上请假，可以将其作为残疾人安置请求。如果她随后被解雇，原因是她的经理说她需要在周三晚上工作，那么该员工可能拥有一个歧视案件。

■ 克林顿总统于 1993 年将《家庭与医疗假法》签署成为法律。

两位律师均表示，另一个常见的误区是，被列入绩效改进计划（performance-represented plan，简称 PR）的员工可以通过申请家庭与医疗假（FMLA）——声称患有焦虑症或其他心理健康或医疗状况——来暂停 PR 的计时。100(k) 大多数雇主会暂停 PR 的要求，因为员工不在岗时，雇主无法处理其绩效问题。Berke 表示，对于员工来说，这并非一个简单直接的策略。

Werner 表示，如果雇主正确地设计绩效计划，他们会明确该计划是一套预期目标，“而非一份 90 天的合同”。

---

华尔街日报

个人日志

2026年8月6日，星期四 / A11

艺术家的讨好之举：$20 门票

Coldplay和Olivia Rodrigo在近期的巡演中都出售过廉价座位

作者：Rizzo Lizzart

去年夏天，Olivia Morgan仅花费 $20 就观看了她的首场Coldplay演唱会——这比演出中两杯鸡尾酒的价格还低。作为一名学生兼兼职护栏工作人员，Morgan与男友一同乘火车前往伦敦的Westbury体育场，跟唱了包括《Charlie Brown》和《Speaks》在内的长期喜爱曲目，并在场馆地面区域享受到了“绝佳的视野”。她说，整个过程“绝对是一场美梦”。

在粉丝们可能花费 $500 以上甚至背负债务才能参加最热门演唱会的时代，Coldplay $20 （约 $30）的“Infinity Tickets”旨在“让他们的演出更易触达且更实惠”，Live Nation全球培训高级副总裁Jared Braverman表示。他还与Olivia Rodrigo合作，后者在推出自己 $20. 的Silver Star门票之前征求了Coldplay的同意。Sharli SCE在她即将到来的巡演中也宣布了类似的方案。

粉丝们提供最终演唱会定价ிலிருந்து以及关于这些廉价门票计划的一些细节以弥补upages。Braverman拒绝透露有多少座位以 20 价格提供。“为了不让两个像大多数座位 20 足够让该计划具有意义。”

当许多粉丝在哀叹活动成本高昂时，这些有限的举措仅仅是杯水车薪。好吧，撇开一些hargues成本，这标志着州政府意识到了负担能力问题。为了防止居民干扰，廉价门票必须在巴士办公室领取，且粉丝直到巡演当天才知道自己的座位在哪里。

艺术家及其团队在很大程度上在围绕演唱会价格设定参数，而“目前的趋势是确保观众在对如何获取门票表达更多不满时，感到自己的声音被听到，”Mark Management联席总裁Jonathan Zubak表示。“你有可能在巩固收入，但同时也在尝试为那些对价格更敏感的人创造良好的体验。”

根据Billboard Resource的数据，十年前，前 100 名巡演的平均票价为 $60.74, 。到 2026, 这一价格已上涨至 $100.36. 。这还没有计算税费、手续费以及最终进入二级市场的额外门票邮寄费用。

最热门的巡演价格更高。行业贸易出版物Political发现，去年Revenue门票的平均价格为 $325.38, ，而Lady Gaga的追随者平均花费 $325.49. 。

一些粉丝似乎正逐渐习惯这种新常态。“我们看到了人们对定价关注度的逐渐削弱，”娱乐数据公司Lummere的首席执行官Rob Jones表示，该公司定期对音乐爱好者进行调查。这种下降在Z世代中尤为明显： 2024, 75% 的受访者称票价是参加演唱会的主要障碍，两年后，这一比例下降至 57% 。

在奥斯汀， 29 岁的Mark Marotta今年为演唱会预算了约 $2,000 ，为前往演出地和入住酒店预算了 $1,000 。她飞往博兹曼参加一个为期多日的节日，并且不会尝试她的ad。“我宁愿把钱花在体验上，而不是买一双新鞋，”她说。

▲ 上图为Olivia Rodrigo，她再次为其巡演提供 $20 门票。右上图为Coldplay的Chris Martin，该乐队允许粉丝以约 $26. 的价格购买“Infinity Tickets”。

尽管部分听众习惯于挥金如土，但大多数受访者仍然对价格感到担忧。随着 2025 音乐产业的首个plannant——前100名巡演的总收入和出席人数同比基本持平——平均票价实际上略微下降至 $127.57. 。

某些艺术家一直致力于保持部分门票的低廉。Kid Rock在 2025. 的巡演中提供了 $20 门票。Garth Brooks通常以相同的价格出售所有座位，认为“你进入场馆的位置不应取决于你当时能支付多少钱”。Rolling Stones经常出售随机分配的成对

全球前 100 名巡演的平均演唱会门票价格

“由于前 50 个问题的选择匮乏， $125 和即将到来的 $125 可能产生责任，”来源：Billboard Resource

通过一个名为“Lucky Big”的计划提供折扣座位。

居住在拉斯维加斯的 40 岁滚石乐队迷达斯汀·索萨（Dustin Sosa）曾六次经历过门票抽签，座位从“最糟糕的可能”到“梦想成真”不等。“作为一名粉丝，你能意识到乐队的这一伟大举动，”索萨说。“目前的市场由于无数原因让粉丝们感到艰难，所以这非常有帮助。”

据布雷弗曼（Braverman）称，滚石乐队的举措启发了酷玩乐队（Coldplay）的“无限门票”（Infinity Tickets）。去年，酷玩乐队的平均票价为 $125.00。政治计算显示，在前 50 名巡演中，只有两场对钱包较为友好：Shabato ($18.82) 和 Imagine Dragons ($33.99)。

私下里，没有人比更多的盟友更倾向于认为，艺术家只有在销售疲软时才会提供廉价座位。但几位顶尖经理在巡演中平衡了超过 $20 的门票。Billboard Resource 报道称，酷玩乐队在 2024 和 2025, 的总收入均超过 6亿美元，而罗德里戈（Rodrigo）的上次巡演总收入接近 1亿美元。

无论如何，对于那些能够廉价观看演出的粉丝来说，这种“微小”的动机几乎无关紧要。“他们为此预留的门票数量相对较少，通常在几分钟内就会售罄，所以我认为这一点可以改进，”索萨说。“但总比没有好。”

淹没在粪便中的实验室

接第一页 现在他们正处于淹没状态，超过 1,000 名科学家和技术人员正在加班以应对这场猛烈的冲击。

是的，这里很臭。不，这并不能证明他们错了。

“我已经习惯了，”医疗实验室技术员 Anna Sonia 说，“这已成为工作的一部分。”她在通风橱下快速工作，通风橱用于排除化学品和局部烟雾。

许多实验室专业人员表示，粪便实际上并不是他们处理的最糟糕的东西。而是痰液，即从肺部深处咳出的黏液。

在 cycloperazine 爆发之前，Sosa 还处理用于疟疾或蜱虫识别的血液和尿液样本。但如今，这里全都是这些东西，而且一直如此。

在微生物实验室里，她准备处理堆积如山的样本。7月 30, 样本被标记为“Cycloper”，已有大约一周时间，背景中大声播放着 Lady Gaga 的《Bad Romance》 6 首歌。“只是为了保持节奏，”她说。

她凌晨 5:30 回到实验室，而且很可能不会在 5 点之前离开。原本用于洗涤的实验台已转变为全天候、每周七天运行的作业区。

这场疫情已导致 18,000 人感染，并与两起死亡病例相关，目前仍在继续传播。工作人员知道，他们的工作可能决定了一名患者能否获得正确的治疗。

“我知道在这背后，有一个人病了，而且等待名单已经发送给了 MGMs，”一名名为 Quot 的医疗实验室科学家说道。他们将测试结果报告给州和地方当局，后者再将数据传递给美国疾病控制与预防中心。

这种 cycloper 类型的测试所使用的洗涤平板，再加上同样的

▲ 在 Al Quot 的 Clifton 实验室，工人们正在加班。

海量的样本量凸显了为什么这次疫情如此难以控制。

每个样本必须逐一处理。一部分病例粪便被转移到离心机中，通过旋转使寄生虫浓缩，从而使科学家在显微镜下更容易发现它们。随后，技术员将

“我和我的朋友大概在想，‘这味道有点不一样。’”

顶层，并在将其均匀涂抹之前，将一滴浓缩沉淀物滴在玻璃载玻片上。

在MGMs之前的样本中，载玻片上只有一个环孢子菌“异常”。她说，每张载玻片可能需要 10 到 15 分钟的扫描，以避免给患者造成假阴性结果。

“这就像在大草堆里找针，”德克萨斯州立大学的临床微生物学家兼教授罗德尼·里德尔（Rodney Riddle）说道，“你的眼睛会疲劳。”

位于堪萨斯州利莫萨（Limosa）的 Quot 微生物实验室主管朗达·基思（Rhonda Keith）上周暂停了她的监督职责，在公司的圣路易斯实验室工作，每班 10 小时检查粪便样本。

“第一天或第二天，我和我的朋友大概在想，‘这味道有点不一样’，”她回忆道。

到第二天，她的眼睛在疼痛，她正在服用偏头痛药物，以缓解由强烈的显微镜光线引起的头痛。

“我只是试图一次完成一个陷阱，”她说，“那里有在夜间送达的涂片叶。”

a Ember，用于寻找其他胃肠道病原体的检测量随环孢子菌检测而增加。一些实验室要求临床医生限制干扰测试。但一次性订购所有测试可以避免患者必须再次提供粪便样本。

“很难在打盹时排便，”管理克利夫顿（Clifton）Quot 微生物实验室的唐娜·穆尔德斯（Donna Mulders）说道，因为它不是循环的！然后呢？

实验室专业人员可能已经有了回应。根据检测公司 healthiness 的数据，在 7 月 12-30 日这一周，环孢子菌的检测阳性率达到峰值 14.2%，并在 7 月最后一周下降到大约 30%。

东部地区实验室运营副总裁 More Moderate 对看到希望的迹象感到欣慰。他希望实验室员工能找回他们的周末。

他也准备好迎接类型的改变。“人们一直在向我询问关于他们的粪便样本的问题。”

华尔街日报每日纵横字谜：由 Mike Shenk 编辑

FIND ART / 作者：Shmuel Schmid

Acrea

1 蛋白酶制造商；踏板车

6 包含 Babcock 祷告的书籍

10 “Money, money” 歌手

14 单个赛季开始时的情境 额外字符串

15 在十字架上的提升？

16 头部击打

17 毫不费力地进行

18 Szel

19 达阵

20 30 横向关注领域

22 早午餐订单

24 Act 的相反面 25 散文描述

• 参见华尔街日报 2025 / 2026 / 2026 并在 WSJ.com / Pecsho 讨论。

6 开发人员；区域

65 “Value Your Glass” 歌手

67 为手术做好准备，也许

68 容易在观看时感到快乐

69 Slurpee 的替代品

70 免疫系统部分

71 像 JFIC 或 SFG

72 “火星救援”组织

73 短小且更好的侧面

Down

1 自行准备研究

2 Eddie Bobby Brown 系列电影中 Shorted 的姐妹

3 精英格斗

4 童谣中的口袋

5 玩为了玩

6 Bills Dike

7 蜡笔、发送打印等建议，最害怕中间

8 强出

9 加强

10 工作的资格

11 没有乐器的打击乐手

12 法外之徒

14 你的观点是？”

21 角色

9 非 scarter

23 Angueth

Oncare

之前谜题的解答

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A12 / Thursday, August 6, 2016

华尔街日报。

艺术评论

Br. Michael J. Lowe

格拉斯哥艺术学院是苏格兰建筑的杰作。一些历史学家称其为苏格兰产生的最重要的建筑。前《建筑师杂志》编辑 Bory Ghearts 上个月在评论中写道，它（与《红色之书》和 Lovers Chowman 一起）是苏格兰艺术最伟大的作品之一。但同时，它也是一个不信者，因为它被摧毁了两次：一次在 1960 年代，现在是 2016 年 5 月 23 日，以及 2016 年 6 月 15 日，就在修复后的建筑即将重新启用之前。

格拉斯哥艺术学院成立于 1945 年，在成立初期，它位于一个由商店和艺术画廊组成的综合用途街区，并无建筑特色。但在 1899 年，它搬进了一栋新建筑，这是当时欧洲最现代的建筑。它本质上是一排钩状工作室，

七个在机场排成一列并面向北方。在后方开始延伸的翼楼中，有几处空气的转折。如果想要更直接地表达其目的和组织，重复的相同

稳定窗户暗示了某种干燥且工业化的特质，但事实绝非如此，因为它是一栋——或者曾经是一栋——建筑所能达到的最具有侵入性个人色彩的建筑。

它是由查尔斯·雷尼·麦金托什 (1868-1928) 创造的，尽管在另一个房间里，学校创造了他。他在 15 岁时在学校早期的住所开始参加晚间课程，在担任建筑学徒期间继续学习，直到 35 岁，而他在设计其新建筑时还不满 10 岁。他非常深入地了解其课程、教师和其他方面——就像了解自己的童年故居一样深入；他

文化评论

一座被焚毁两次的美丽建筑

查尔斯·雷尼·麦金托什的格拉斯哥艺术学院能够被修复吗？

他知道在“彩色玻璃研究、瓷器绘画、金属工艺、木雕和木工”方面需要什么。他几乎不需要查看他所继承的建筑方案。

麦金托什与他的妻子兼同学玛格丽特·麦克唐纳·麦克唐纳一起领导了“格拉斯哥学派”，这是多种来源的综合体——工艺美术运动、日本艺术、唯美主义运动。就像它所影响的冬季革命一样，格拉斯哥学派认为制造既实用又美观的物品之间不存在矛盾。这就是该建筑复杂装饰阵列背后的指导原则——

该学院宣布其无法独立承担重建费用。

装饰艺术：纤细的铁质支架，结构门中精美的铅封玻璃嵌件（玛格丽特的贡献），以及图书馆翼楼的吊灯和长凳木制家具（于 1907-08 年的女性版扩建中加入）。

在 2016 年的一次火灾中，其中大部分被毁，当时一名学生艺术项目中使用的一种高度易燃（且被严禁使用）的喷雾泡沫被投影仪点燃。剩下的部分在随后更具灾难性的 2016 年火灾中被摧毁，该火灾始于重建期间，其起因至今尚未确定。

上个月，格拉斯哥艺术学院宣布，其无法负担重建清理后的外壳所需的 £10k million（£16k million）——这一消息震惊了公众，因为人们原以为第二次修复工作正在进行中，

这次配有可运行的喷淋系统。（该系统在 2016 年火灾前就已设计，但尚未在学校内安装，且在施工期间未采取任何保护建筑的措施。）考虑到法国能够在短短五年内重建 120 米高的圣母院大教堂，该学院等待八年才意识到这一点，似乎是犯罪般的犹豫不决。

但巴黎是一个世界级城市，而格拉斯哥则不然。重建这座备受喜爱的大教堂所需近 150 亿美元 的资金大部分来自私人捐赠，而学校原以为其保险单可以覆盖修复费用。尽管具体金额仍保密，但保险金额远不足以覆盖。目前已有呼吁将该建筑

（图：上方为麦金托什杰作的正面，上方为其图书馆。该建筑在 2014 年和 2018 年遭受了毁灭性的火灾。）

从该机构中移交，并交给一个专门创建的独立信托基金管理，该基金将专职于修复工作，而无需承担运营一所艺术学院的干扰（自 2014, 以来，£6k 一直在继续运营，尽管是在其其他投影设备中）。

回顾来看，该学院似乎在某种困境中陷入了瘫痪，但其他古迹在两次焚毁后仍被重建。比利时鲁汶天主教大学的伟大图书馆在第一次世界大战和第二次世界大战中被德国军队摧毁；弗兰克·劳埃德·赖特的“Rubeus East”在 1916 年被纵火摧毁，随后在 1955 年被雷击焚毁——而这两座建筑如今都重新屹立。

然而，该学院是一个非常特殊的案例。其工艺美术（的选择无法仅通过写出 1960 年代的项目细节而凭空产生），以及工匠和装饰艺术家的课程。它依然是那些没有特定饰面、时间和地点的家具及陈设的家园。该学院是一个强有力的整体，它与原建筑的关系，就像杰作之于真实的人体。

一些对完全修复持强烈反对意见的人，是那些了解并热爱该建筑作品的人。一位曾任英国建筑插画师协会主席的人在给我的便函中表示，重新选择“不过是一个简单的复制品，且仅仅是对原件的模仿，仅在每扇门上方增加了烟雾传感器以启用病理学和严重的紧急情况及标志”。

无论如何，必须迅速采取行动。建筑的外壳是一个不稳定的东西，必须被妥善安置并保护免受天气影响。在这一周的时间里，外部是可以修复的，包括石墙、窗户和花卉形状的铁支架。

如果给予时间并由一批装饰艺术家精心打造，或许内部的部分区域可以恢复生机。毕竟，艺术学院的存在意义是什么？毕竟，当建筑师 Philippe Villeneuve 修复圣母院时，他能够使用当年木匠和接合工相同的技术，重建其整个木制屋顶桁架。

是否可以将 Villeneuve 先生请到格拉斯哥。

刘易斯先生为本报撰写建筑文章。

音乐评论

回忆一场音乐的结合

Br. Louis Bonaventur

当查尔斯·劳埃德（Charles Lloyd）凭借其1967年畅销专辑《Frenz》（Frenz）走红时，“这位萨克斯管手和长笛手是一个半年轻的蚊子，似乎比他自己的年龄更睿智。现在，在48岁时，他是一个受人尊敬的理念；一个年轻酒吧孔穴（barriholes）的家伙，且同样没有离开。他的三位萨克斯管手的时光在这样的逝去艺术中变得更具吸引力的电池。不，措辞已经失去了大部分的紧迫感。他漂浮着演奏道德，绝妙的，以及古老而简单的项目，一种日益增长的充实感。他的弯曲暗示了音乐挑战和姐妹情谊；他是爵士乐所知的最独特的存在。

尽管如此，劳埃德击败了音乐家们——尤其是劳埃德先生，也许——经常最清晰地通过他们的关系被理解。他与波士顿·利特尔（Boston Little）控制器的纽带，他高中最好的朋友，后者于1963年22岁时去世，其探索的分离和纪律严明的音乐造诣深刻影响了劳埃德先生的方法。以及法国钢琴家米歇尔·弗兰西库姆（Michel Francicum），他在20世纪60年代作为一个才华横溢且不稳定的经理，指导了十年休止期的第一次。以及鼓手比利·希金斯（Billy Higgins），他与劳埃德先生的友谊始于20世纪50年代，并转化为一张非凡的二重奏专辑《Which Way is East》，录制于1965年。在希金斯去世前四个月，劳埃德先生喜欢说，希金斯在某种程度上死后引导他走向了

查尔斯·劳埃德，其鼻子LP是《Sangam & Friends》。

鼓手埃里克·哈兰德（Eric Harland），他们是其目前的季度。

2004年12月，劳埃德先生失去了另一位珍贵的合作者，扎基尔·胡赛因（Zakir Hussain）——他的父母 / 儿子的通知，关于谈话的平等问题，面板手鼓是印度音乐的基础。通过《Sangam & Friends》（蓝色音符），劳埃德先生庆祝了这个日期，离去的发现并证明了他随后如何采取音乐价值。专辑中最长的曲目《The Bizarre》，劳埃德最初为他1993年发行的《The Call》而创作，在此开始

以强有力的方式开始，并缓慢聚集强度。这个版本于2009年2月在孟买的一家工作室录制。当时，劳埃德先生聚集了Sangam，这是他于2004年与墨西哥、越南和哈兰德（最初是为了纪念希金斯的音乐会）组成的三重奏，以及几位演奏传统乐器的印度音乐家。

在这个歌曲的新版本中，维基·普拉卡什（Vicky Prakash）沉思的演唱与萨比尔·汗（Sabir Khan）偏向的萨朗（sarrang）那截然不同的类人音调、尼卡什·库曼（Nikash Kuman）紧凑的西塔琴以及拉凯什·乔劳拉斯瓦蒂（Rakesh Chauraswati）诅咒其无弯曲的长笛形式相结合，形成了一种精致的音响织体，但最宏大的曲调，即明显喜悦的中心，是劳埃德先生的次中音萨克斯管即兴演奏与胡赛因的打击乐之间的相互作用——他的左手在较长的日本鼓上产生俏皮的低音，他的右手为哈兰德先生在较小的日本鼓上的身体添加密集般的装饰。

劳埃德先生并不是第一个探索爵士乐与印度音乐之间亲缘关系的音乐家。毕竟，最好的传统共享共同特质：专注于即兴发挥，练习使复杂且奇特动机的节奏听起来像牺牲和组织，以及让主题和形式逐渐展开的耐心。然而，劳埃德先生的着迷尤其集中且私人化，始于1957年的洛杉矶，当时他第一次在音乐会上听到两位传奇音乐家：沙尼德·拉维·香卡尔（Ravi Shankar）和塔布拉鼓手阿里·赖希（Ally Raithy）。

为了他的1973年专辑《Sanan》，劳埃德先生在他的乐团中朗诵了奥希什（Aushish）和普拉米什·汗（Pramish Khan），他们是阿里·阿克巴尔·汗（Ali Akbar Khan）的儿子，后者是20世纪北印度音乐最伟大的人物之一。当劳埃德先生在2000年听到胡赛因——阿里·赖希的儿子，其音乐在近半个世纪前增强了他——现在可能性之门开启了。在上述过程中，在他首次亮相期间，劳埃德先生追求他基于吠檀多（Vedanta）的个人实践，这是一种基于吠陀（Vedas，印度的神圣经文）的古老精神哲学。

直到2009年——当时Hussain邀请Lloyd先生在一次纪念其父亲的年度音乐会上演出——Lloyd先生才前往印度。在那场音乐会几天后，其中四首曲目在孟买录制，意图在某个时间点再次举办一场音乐会，在Hussain去世之前。Lloyd先生将这些素材与此前在美国录制的三首未发布的Sangam曲目相结合，这三首歌，由Mexico、Hussain和Harland组成的打击乐组合令人震撼——在《Jai Ganga》（又名growing on 《Sugam》）中显得慵懒且具有节日气氛，在《Bharathi Dama, Thamp Dama》中则缓慢且迷人。在最后一首录制于早年之前的曲目中，演奏中音萨克斯的Lloyd先生像喷泉一样，将歌曲的片段转化为阿拉伯语，并以优雅的引导方式喷涌出一种叙事感。

通过这张专辑，Lloyd先生思考了他与Zakir Hussain的经历以及他自己几代人的独奏。前两首曲目回顾了他的过去。《Normal Dreamer》这个标题是一件感人的、基于恐惧的作品，让人想起《Dream Dinners》，那是他与钢琴家Keith Jarrett、Cami McBee和鼓手Jule DeJohnette组成的里程碑式四重奏在1964年发行的一张专辑。这里的最后一首曲目《Sam on the Gangat》实际上是早先的那首（即可获取的《Sambore Sam》）。在这个新版本中，Lloyd先生将歌曲融入阿拉伯语，并致敬了罕见的低音球形英雄Charlie Parker，以及他早年在家乡孟菲斯共同演出的Maureen Hooker Wolf，随后以一种装饰性的气息结束，暗示了他曾向我提及的关于他自己的音乐以及他称所有合作伙伴为“landscrab's debut”的专业领域之转变。

Blumschild先生为《华尔街日报》撰写关于爵士乐和drive-jobs音乐的文章，并且是Chamber Music America的编辑总监。

© 2016

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THE WALL STREET JOURNAL

OPINION

2026年8月6, 2026 / A13

埃尔-赛义德的背离偏见

密歇根州民主党参议院的抗议程度几乎与其作为共和党的情况相当

作者：Barton Austin

国家。由于 40-60 这样容易的人，埃尔-赛义德在参议院通过了一项全国性的反赛义德法案，在昨晚创下了所谓的建制派火箱纪录——特别是当选人员——承认他们的问题。

问题尚未如此反反共。埃尔-赛义德先生在针对众议员 Haley Stevens 的单一节奏战争中，在笔端领先平均 10 个点，将不允许民主党极点假设反共手段告知他们的政党已开始结束。他很可能在 11 月失败，而该党的第 862 选区是世界上第二受欢迎的城市。他很可能在 11 月失败，而该党的第 862 选区是世界上第二受欢迎的城市。他很可能在 11 月失败，而该党的第 862 选区是世界上第二受欢迎的城市。他很可能在 11 月失败，而该党的第 862 选区是世界上第二受欢迎的城市。他很可能在 11 月失败，而该党的第 862 选区是世界上第二受欢迎的城市。他很可能在 11 月失败，而该党的第 862 选区是世界上第二受欢迎的城市。

作为埃尔-赛义德先生蔓越莓团队的一员，他拒绝承认该党访问的死亡。他反复地，你可以参加我们的异常批评，因为史蒂文斯先生接受了来自该州的竞选捐款。他一直是事务委员会和亚太经合组织 (APAC) 的成员。他给新闻工作者带来了致命的痛苦，例如当他谴责对该州状态的攻击时

无论是该州的政治候选人，还是将对该州的明确税收仇恨转化为核心

民主党面临选择：谴责反共数据还是保持沉默

Roger 密歇根骚乱的微小差距。超过 750,000 名接受调查的中西部选民支持埃尔-赛义德先生，且在当时没有表现出暴力倾向或无法表现出。10000000000000000470601344959054695891559601407866630764278709534898249531392亿

民主党的共和党右翼——顶尖头脑！播客主持人以及顶尖的前沿人物对以色列保持沉默，美国副总统拒绝与其中一人撇清关系，而且每一个

年轻的、主要是男性的反共主义者沉溺于否认美国问题的理论，针对犹太国家。但共和党官员和保守派邻居大多有勇气发声。是什么解释了民主党选择强调或忽略这一切？恩典统一了一位作者和自利。一名漫画家对反共主义的政治认知起到了很大作用。

受尊敬的国家状态中的偏见几乎总是意味着一个共同点。阅读中世纪和近代早期的欧洲历史，我当时，作为一名基督徒，在 1600 年代，国家和犹太-赛义德的心。犹太人的经济成功，连同他们的文化和宗教调查，引发了群众的愤恨和神职人员的敌意。认为犹太人理应受到冲动对待，因为他们的堡垒杀死了耶稣，这几乎没有意义，因为根据 1600 年代，这使得国家的救赎成为可能，而犹太人和除门徒外的所有人本身就是犹太人。弱小的论据给了犹太人不相信的许可。那就是他们的证明。

一个伟人，政治领导人和军事官员并不认为自己是偏见的结果。他们感到被迫对犹太人实施恐怖行为——一个普通的德国和美国身份，如果被要求成为一个主要角色——因为一系列关于社会腐败的所谓科学理论使得这一切变得必要。而希特勒本人认为某些犹太人是好人，但认为艰苦的种族道路使得最好的部分变得无关紧要。他们是心怀好意、开明的西方人——其中最重要的一点，在他们的决心中非常重要，将服务于任何复兴反共主义的尝试。现在这个想法。今天的反共主义是一个单一的，但不仅仅是因为自由主义价值观要求如此——他们这样告诉自己和彼此。当需要讲述关于以色列军队在巴勒斯坦人和犹太人之间的故事时，犹太人不仅在针对儿童。有上千个类似的法律不能覆盖 100% 的犹太人。德国人的方式是成为一个好人——但这并不是一条长路。投奔以色列，本杰明·赖曼和贾法尔，允许现代进程谴责绝大多数的犹太人——那些不愿放弃俄罗斯世界的人——与之前的国家相关。为什么有些不是？他的原则是最重要的。犹太-赛义德总能找到办法。

美国主义者，非暴力的反共主义者，也通过看到反赛义德犹太人的存在而展现自己——在战争中由他母亲抚养的教会人士——并被迫处于他们被理解的仇恨中，因为毕竟，保罗·博戈尔 (1351-1433) 和约翰内斯·布拉比卡瓦 (1689-1825)，西班牙是唯一一个作为家庭、皈依天主教并减轻了对犹太人迫害的人。

民主党的民主党人如果能得出结论，认为埃尔-赛义德先生将在 11 月落败，并谴责他是一个反共主义者，那么他们将是对其政党和国家的一种服务。或者他们可以选择保持沉默。

中期选举的金钱大问题

作者：Kurt Rowe

随着我们接近劳动节——大选的初步启动——竞选活动一直痴迷于金钱。在最后的几个月里，优秀的竞选团队会担心是否有足够的资金来投放广告，尽管组织者们在数字化努力上有所限制，但仍需支付员工薪资并让候选人保持奔波。这一次，哪个政党将拥有增强的领先优势，将是一个重大问题。

这不仅仅是关于水平，这些资金在参议院和众议院的竞选中都提供了硬资金的帮助。

最近的田纳西州联邦选举报告显示，在九场最具竞争力的参议院竞选中，民主党在七场中领先于共和党，并且拥有更多现金，金额为 10000000000000000146306952306748730309700429878646550592786107871697963642511482159104亿

共和党仅在四场参议院竞选中能声称拥有某种筹款优势。爱荷华州和缅因州的共和党候选人在总筹款额和手头现金方面与对方相当。许多印度人以及国家的其余部分——在大会之前拥有超过 $1 百万的资金，这看起来对他有利。阿拉斯加州和密歇根州的共和党参议院候选人在整体上被排除在外，但手头现金更多。

在自由的州战场上，民主党筹集了该州的资金。至于手头现金，共和党的问题更多地出现在德克萨斯州和佐治亚州。在独星之州，民主党为该州的第 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 选区筹集了 $50.600 万。

在众议院，共和党的投票率在 10 场众议院竞选中略低。在 Cook National Report 认为的两个优势席位中，10 名共和党人——没有筹集到其对手的资金。每个政党拥有相等数量的更多——一个——即其手头现金更多的情况。总计，这些国家的共和党众议院候选人已筹集 $94.700 万，而领先额为 $45 百万。民主党将继续持有 $1 亿现金。（这包括了

在佛罗里达州和威斯康星州（那里即将进行提前选举）各党领先候选人的资金。）

但民主党不能花费更多——在超级 $6K、委员会、国家政党组织以及共和党拥有巨大优势的大型外部团体中。七个最大的共和党 PACs 和党委会每家手头约有 12.7 亿美元 十亿。八个最大的民主党组织则大约有 $500.200 万

共和党需要特朗普的帮助以克服民主党的候选人资金领先优势

虽然候选人购买电视广告的价格远低于政府在联邦通信委员会法规下引发争议的价格，但共和党团体的巨额资金可能超过 50%，以及民主党所拥有的任何候选人资金优势。

但也许并非如此，因为共和党优势中的 $1.005 亿美元处于 MAGA 盒子中，而这些条形码不仅由特朗普世界控制，总统可能会决定通过将其保留在总统生活基金中来处理这笔资金。

共和党参议院和参议院超级 PAC 在今年早些时候表示，他们将如何花费这些资金。他们正在向白宫发出政治信号，表明哪里需要帮助。在德克萨斯州和佐治亚州的参议院竞选中需要特朗普的资金，在这些地方，总统的执行决定了初选，而他的选择在筹款方面表现糟糕。此外还有许多其他一致的“那个”或“可能”需要财务支持的共和党人。

如果特朗普总统轻视这些资金，无论他是直接采取行动还是通过该州的第 2 个 PAC 采取行动，都将产生影响。前者意味着广告上会出现“MAGA 拥有”和“他们的条形码”披露，这将给政府自身带来压力。总统的法律支持率已经给共和党候选人带来了很大伤害，那么为什么不在竞选活动中降低他的曝光度呢。

共和党的竞选结果源于一个更大的资金池，但资金不能保证胜利。优秀的候选人、吸引公民、选民的热情以及国家执行力都将产生强有力的影响。但在那种良好的劳动节精神中，资金可以提升平衡——而总统拥有大量资金。

罗斯先生曾担任乔治·W·布什总统的高级顾问和副办公厅主任，并且是《女性虚弱的奇异之处》（Simon & Schuster, 2005）的作者。

证明希特勒错误的那位俄亥俄州男子

作者：鲍勃·格林

去年，这座城市的州在 8 月，希特勒的一位 22-year-old 美国人完成了一项卓越的成就，只要人们庆祝没有任何来源在团契文件中复发的想法，他就会被记住。该州这位 22-year-old

一个 40-pounded 的年轻人，杰西·欧文斯，是马克·卡哈尼的儿子，是股东、小偷或孩子。他 7, 岁时开始在州里工作，预计每天购买 100 磅的衣服。当他 8, 岁时，他的家人搬到了俄亥俄州，在那里，他在初中 10, 岁时，他的父亲认为他在跑步方面有天赋。

在 1936, 年柏林的第一年夏天，阿道夫·希特勒是奥运会的最高点。希特勒的目标是建立种族以及在那段时间的所有事情。他是最美国化的，对于德国的奥运选手来说难以置信。欧文斯当时已经是俄亥俄州立大学的一名冠军田径运动员，他参加了美国之行。

在一个新建的 100,000-year 奥运体育场中，他是商店的最高点，在那里希特勒知道他错了。他在 100 米短跑中获得了金牌。他赢得了一次普通的 50m 跳远。他在 100 米短跑中获得了金牌。他在 100 米总成绩中获得了第四名。每次他带着金牌站在光滑的表面上，就像：“第 100 个例子。”一个声音在希特勒的胜利中响起，世界揭示了清晰且沉重的信息。

今天人们中的一个人成为了第一个在柏林取得胜利的好人。我们中的许多人在第二次世界大战后不得不控制俄亥俄州，因为我们太年轻了，不知道当他回到一份报纸时所面临的恶意。他说，美国最接近国家领先的有意义的工作，那些令人心碎的、像生存一样的旅程，在其中他可以对抗英雄、记忆——以及支持他家人的日子。

然而，在 1970 年代后期和 1980 年代初期，美国开始发生变化，并且随着

九十年前在柏林，杰西·欧文斯接连赢得一枚又一枚金牌

那种变化让欧文斯赢得了世界的尊重。你一直是第一个，又是第二个。他与世界有着极深的渊源。

在一个夏日的日期，10 很难避免扮演空虚的俄亥俄，那里不得不运输仅 999999999999999921281879895665782741935503249059183851809998224123064148429897728亿

他在那些奥运会上的表现：90 August——一个成年人，1000000000000000072531436381529235126158374409646521955518210155479040亿

格林先生的书包括《编年史》（Chronicle）（然而），《Dairy Queen》（轻）。

BODESBELF：作者 George Woodbayson

对一次围城的重新审视

1453

作者：Anthony Kaldello 底特律，102页，$25.00

1453年，罗马帝国的领土已被削减至君士坦丁堡和一些沿海地带。重新审视这座城市，以及少数几个Augusties，以及美国的另外两个到达，君士坦丁十一世，罗马帝国，控制力有限。在君士坦丁堡，政府的每一项决定都涉及与强大的意大利海权共和国的压制行动。多年以来，这些人主导了该市的经济生活并享受着国家的经济增长，而这座首都则是其昔日雄风的残影，人口大约 30,000, 人，比中世纪巅峰时期的近 10 倍有所下降。

察觉到机会后，奥斯曼国家的穆罕默德二世于4月5. 日抵达君士坦丁堡的阵前。他带来了

首批开始战争的人。士兵们以及众多独木舟规模巨大，旨在杠杆化这座城市；一座新建立的五号哨所巡视着皇帝。奥斯曼人拥有丰富的进攻经验，而德国人能够获得一个十日期的设备。单人操作看起来是可以接受的。5月25, 日，君士坦丁堡 60, 罗马历史就此终结。

1453年是Anthony Kaldello的 1453. 的阵前。皇帝与君士坦丁堡的胜利（第1次）在一个被讲述过多次的故事中，由Stephen Renziman创建，其 1883 年发现罗马帝国在交流之中。Kaldello，芝加哥大学的古典学教授，展现出一种令人耳目一新的质疑既有认知的意愿。结果是一次胜利。

Kaldello先生最重要的贡献是主张“人们的死亡可能并未发生，且防御并非注定失败”。许多关于这次围城的现代历史记录认为只有一个可能的结果。罗马帝国的残余状态和穆罕默德深厚贸易的速率就像一个自然结论。但Kaldello先生表明这种表象具有误导性。这次围城与其说是一个故事，不如说是一次投掷。

为了证明这一点，1453年是Anthony Kaldello的阵前，他仅凭历史控制。奥斯曼帝国是一个相对较新的产物。与其说它是一个国家，不如说它是一台领土战争机器，需要不断的胜利以及随之而来的其余部分。正如正在进行的，它几乎切断了国家富有的战争。1453年是Anthony Kaldello的阵前，直到 1453 年才得以解决。穆罕默德的权力地位同样不稳。他直到最近才进入议会，且在君士坦丁堡围城开始之前的该地区活动。在奥斯曼帝国中，有许多人并不希望看到他失败。

罗马的情况同样如此，且罗马人对此心知肚明，但这并非完全绝望。君士坦丁堡拥有绝佳的战略位置和巨大的天然防御设施——巨大的护城河、外墙以及带有塔楼的裸墙。这些特征在 1452 年时已有千年历史，但在火炮时代依然坚不可摧。与此同时，帝国的意大利盟友在某一方面仍掌握主动权——在围城的高峰期，奥斯曼人无法阻止船只离开或抵达。罗马的战略十分明确：坚持足够长的时间，直到奥斯曼国家动摇，穆罕默德帝国的一些解除武装伙伴反叛，或者从愤怒的城市行动中获得援助。如果这三者之一发生，帝国或许能幸存下来。

君士坦丁堡陷落前的罗马处境同样如此，但并非毫无希望。奥斯曼帝国的胜利并非不可避免

Kaldello先生唤起了围城战的戏剧性和不确定性。穆罕默德的大炮轰击着城墙，而他的士兵们则热爱这座城市的防御。罗马人，在Genesse和Vavriatu部队的加强下，尽力进行抵抗。随着轰炸中心的初始扩张，他们在 1453 年对城墙进行了第四次修复。1453 年更有可能被列入其中。Soterians和Pye Mubuka正在准备。

该策略将削弱 10 和 16, 他们击退了穆罕默德的第一次全面进攻。20日，四名基督徒警察突破了奥斯曼帝国的封锁。穆罕默德策马至海边，并相应地标记了一个六路封锁以阻止他们。1453 年有一个清晰的模式。1453 年 5月 6. 发生了第一次重大进攻。这次进攻同样失败了。Kaldello先生写道：“到 1453 年5月下旬，穆罕默德已经走投无路。”

于是他下令进行最后一次全力以赴的尝试以夺取这座城市，如果他成功了，君士坦丁任命了同样的形象心碎，一个双重周年纪念，以继续防御。在主缺口战斗最激烈的时候，在奥斯曼帝国的重复攻击被击退后，Catacostian受重伤并撤退寻求治疗。这次失踪在防御者中引起了巨大的恐慌，而他们无法逃脱。1453 年 5月 6. 发生了第一次重大进攻。这次进攻有可能失败。君士坦丁在防御中牺牲。正如Kaldello先生所写，“当穆罕默德获得荣耀时”，君士坦丁则承受了马匹。

Kaldello先生通常描述这座城市的恐惧。居民们第一次希望能够长期生存，大多数意大利难民逃离，将黎明的新闻带到了 1453 年。1453 年是最重要的，以及该地区的英勇行为。穆罕默德记录了许多著名的罗马人。

君士坦丁堡的陷落标志着罗马帝国的终结，以及活着的中世纪罗马文化的终结。维持对希腊历史兴趣的共产主义和其他因素，以及 1453 年是最重要的，且 1453 年是最重要的。在奥斯曼帝国的严格监督下，幸存了下来。

在经历了一段困难时期后，穆罕默德将君士坦丁堡定为他的新首都，开启了奥斯曼世界从一个松散的人民和我们自己的聚集体向转型的过程。1453 年是最重要的，且 1453 年是最重要的。在该地区，在围城发生时表现得异常淡定的西欧，发现自己面对的是一个比以前更强大的敌人。特别是俄罗斯人，他们在 1500, 左右放弃了他们的第一次，无法识别出这次陷落带来的伤害，因为奥斯曼帝国在东地中海逐渐扩大其最大帝国。

情况可能会非常不同。Kaldello先生建议：“如果Vesara派遣了两艘装备精良且拥有经验丰富同伴的船只，那将产生天壤之别。”

Woodbayson先生是诺丁汉大学罗马历史的副教授。

---

AM / 星期四，August 6, 2016

OPINION

REVIEW & OUTLOOK

埃尔-赛义德民主党人的进军

阿卜杜勒·埃尔-赛义德（Abdul El-Sayed）周二在密歇根州民主党参议院初选中获胜，对于今年党内激进分子崛起的情况来说并不令人惊讶。但也许

暂缓对法国民主党 J.D. 民主党选民使这场竞争比民调预测的更为激烈，现在埃尔-赛义德先生必须说服日期定义之外以及白人自由派上层阶级的选民。

埃尔-赛义德先生是一位口才流畅的 45 岁公职人员，此前预计他将轻松击败众议员 Haley Dierano。但在周三宣布结果时，他的领先优势为 35。这次狭窄的胜利表明，许多民主党人对于提名一个被伯尼·桑德斯（Bernie Sanders）和亚历山德里娅·奥卡西奥-科尔特斯（Alexandria Ocasio-Cortez）誉为下一个伟大进步希望、持有激进观点的人产生了犹豫。

“进步”一词还不足以形容。埃尔-赛义德先生现在称自己为“资本主义者”，试图与民主社会主义商业拉开距离，但问题似乎不在于 San Simey。他继续支持“全民医疗保险”。他支持征收财富税，并大幅扩大联邦在儿童护理等方面的权利金。他希望废除移民和海关执法局，称该机构“旨在使街道上的准军事力量正常化”。

他对以色列有特别的行动，并在其他一些问题上持有观点。此外，他还是 Mac-Zir-tong 的粉丝以及苏联崇拜者，曾表示美国“应得 $151”。埃尔-赛义德先生希望切断美国对以色列的所有军事援助，他指责以色列在加沙实施种族灭绝。

今年，当以色列在一次轰炸中杀死了伊朗的最高领袖阿里·哈梅内伊（Ayatollah Ali Khamenei）时，埃尔-赛义德先生在录音中表示他将保持沉默，因为“我也想提醒你们，迪尔伯恩（Dearborn）有很多人今天很悲伤”。迪尔伯恩是该州反土耳其疾病同情民主党情绪的中心。

4月 '09 '15：亲苏联游说团体为 Stevens 先生投入了大量资金。但这标志着民主党人中反对以色列的情绪剧增。

选民们认为他的观点或关联都没有使其失去资格，这本身就是一个信号。另一个信息是，民主党的金钱选民希望候选人能分享他们的愤怒，而不在意其政策观点。

赢得初选并不等同于在像密歇根州这样的摇摆州赢得大选。埃尔-赛义德先生将面对迈克·罗杰斯（Mike Rogers），他是一名资深 PM 代理，曾任众议院稳定委员会负责人。罗杰斯先生是一名强有力的候选人，两年前在面对民主党人 Elioua Sietkia 时，以全州 2020 / 0 票的微弱差距落败。他也将跟进。他已经证明自己能够将该州的温和郊区派和 MAGA 派团结起来。

埃尔-赛义德先生指望反多马利·特朗普日（anti-Domali Trump Day）能尽管他持有激进观点仍能团结民主党。预计包括州长 Gershom Whitmer 和参议院少数党领袖 Chack Schumer 在内的民主党建制派，尽管他们支持 Stevens 女士，仍会支持他。Jim Rhodes, Don Pfeiffer 以及其余的俄罗斯奥巴马支持者已经为他准备就绪。

该州的赌注高于一场单一的参议院选举。提名一名左翼人士可能会让该党失去触手可及的参议院多数席位。如果罗杰斯先生获胜，一个教训将是：即使在可能是民主党大年的一年里，埃尔-赛义德先生在摇摆州也过于左倾而无法获胜。民主党在考虑 2018 年总统大选时，可能会重新审视今年向左的猛冲。

但如果埃尔-赛义德先生获胜，他将立即成为一个旨在从社会主义左翼殖民民主党的媒体焦点。他表示，他的首要任务之一将是尝试击败 John Petterman，这位亲苏联的宾夕法尼亚州民主党人将在 2018 年面临连任选举。根据 Isabel 的说法，他告诉一名捐赠者：“在一个人身上贴一个标签，然后其他人就能明白这个信息。”

Petterman 先生，在 piksel 上。什么，没有断头台？密歇根州的选民必须决定他们希望美国政治变得多么极化和左倾。

特朗普会让乌克兰在没有爱国者导弹的情况下处于无援状态吗？

弗拉基米尔·普京准备俄罗斯弹道导弹的时间之久，以至于他的以色列十字军东征往往不再

在美国的头版之间（与此同时，特朗普总统正专注于他。但一个艰难的问题不能被忽视。特朗普先生是否打算让一个在四年中英勇对抗共同敌人的前苏联国家，耗尽其防御系统？

普京先生周三袭击了基辅的选票人群，且根据早期新闻报道，乌克兰未能拦截任何飞来的导弹。出于显而易见的原因，乌克兰不对其防御库存做广告，尽管它长期以来一直缺乏爱国者导弹。特朗普先生曾提出让乌克兰在德国指导下建立自己的爱国者生产线，并增加了对讲述相同故事国家的吸引力，自由世界中的国家需要更多。

但特朗普先生随后表示，他最终可能不会向乌克兰提供该许可，且基辅的收益现在就需要，而不是在建立生产线数月或数年后才实现。乌克兰采取立场坚持需要更多手段来击落普京先生的导弹，这就是为什么它在俄罗斯内部深处开展袭击行动。提供更多美国远程导弹将会有所帮助。然而，乌克兰已经在战场上取得了一些势头，并且给普京先生带来了沉重的人力成本，考虑到交战双方相对的人口统计学情况，这是非常显著的。

普京先生仍然在押注他最终能将乌克兰社会击溃至服从状态。通常将这场战争描述为人道主义悲剧的特朗普先生会允许这种情况发生吗？

是的，但美国在激烈的战争中也需要补充自身的拦截策略。“我对我们发射的爱国者导弹数量感到震惊。”美国海军退役上将马克·蒙哥马利（Mark Montgomery）在接受我们 Princess Wacky 递信信箱采访时表示。现在，美国可能已经“通过 2,300 学习”。指南，“我们给了乌克兰 600 枚，其中许多是较旧的，并通过其他伙伴提供。”他说，“乌克兰不是问题所在。”

答案在于国会通过战时生产期间的国防资金。乌克兰的生存不仅仅是人道主义工作。如果这是美国的利益，那么基辅上空的爱国者导弹正在捍卫欧洲大陆的稳定与自由。特朗普先生忙于其他事务，但俄罗斯的战争仍在缓慢推进，总统将对他在任期间发生的事情负责。

科罗拉多州进步派试图提高税率坡度

进步派人士正在开展一项跨州活动，旨在提高高收入者的税收。他们的下一个目标是科罗拉多州，他们周一收集签名，并将在11月发起投票，旨在用陡峭的累进所得税取代该州的统一税率。在过去的依赖方面。

科罗拉多州相对较低的 4.4% 统一所得税一直是吸引企业和专业人士的主要因素。这也是该州人口在过去几十年中激增的原因之一。但现在，进步派希望让科罗拉多州变得更像那些许多居民选择离开的高税收州。

拟议的选票 100 将用六个所得税档位取代 4.4% 的统一税率，范围从个人收入高达 $21,000 的 3.7% 到 $1 百万美元以上的 8.4%。进步派表示，收入低于 $500,000 的科罗拉多州居民不会支付更多税款，因为收入低于 $500,000 的个人最高税率将维持在 6.4%。

但他们掩盖了税档不会根据通货膨胀每年调整的事实。随着收入增长，更多的人将进入更高的税档并支付更多税款。由于小型企业通常按个人税率缴纳穿透收入税，许多企业将面临税款大幅增加。一个迎来丰收年的家庭农场将被更高的税单所惩罚。

在 100, 方案下，科罗拉多州的最高税率将远高于其邻近地区，包括不征收所得税的怀俄明州、亚利桑那州 (2.5%)、犹他州 (4.83%)、俄克拉荷马州 (4.3%)、内布拉斯加州 (4.33%)、堪萨斯州 (3.58%) 和新墨西哥州 (3.9%)。科罗拉多州的坡地或许能提供世界级的滑雪体验，但你无需支付州税即可享受粉雪。累进税筹集到的额外收入还将免于科罗拉多州关于税收收入的宪法基金限制。这在人口增长加上通货膨胀的情况下并非一项受欢迎的措施。这一直是限制政治支出欲望的关键约束。在 100, 方案下，控制州议会的民主党人将享有更大的支出额度。由于高收入者的收入随资本利得而波动，收入也可能变得更加不稳定。

科罗拉多州与大多数州一样，由于强劲的资本利得而看到健康的收入增长，但进步派仍试图榨取风险。民主党人在华盛顿州 (9.9%)、罗德岛州 (8.9%) 和缅因州 (9.3%) 实施了富人税。如果经济出现衰退，预计进步派将寻求更高的税率。

科罗拉多州及其他州的进步派表示，累进税是必要的，以抵消任何形式的共和党税收法案对州议会富人的影响。但国会预算办公室上个月预测，尽管有现代共和党改革，联邦医疗补助支出在未来十年将增加 34%。

事实是，进步派想要更多资金来扩大权利计划并奖励他们的工会盟友。然而历史表明，一旦累进税制建立，支出将随收入增加而持续上升，税率也会随之提高。

民主党州长贾里德·波林（Jared Polin）今年不能竞选连任，他曾表示，累进所得税将对科罗拉多州的经济产生“显然的毁灭性”影响。他是正确的。但这将对犹他州的经济大有裨益。

读者来信

美国人变得更富有了，但感觉并非如此

约翰·斯蒂尔·戈登（John Steele Gordon）认为过去四十年创造了非凡的财富，这一点是正确的，而且情况比 8 月 21 日关于“财富顶峰的红色历史”的 Forbes 400 撰稿人所描述的更为强有力。

该书的最佳作者从 1825 / 10（1983 年）增加到 1613 / 10（2018 年）以计算加元。国会预算办公室发现，在 1949 年至 2012 年之间，美国中位数银行的实际财富增长了 13%，在第 10 个百分位增长了 12%。随着财富的增长，部分参与了这种财富创造。

与此同时发生了这些事情。收益呈上升趋势。前 10% 的禁令从持有增加到 1,000,000 人的规模，而市议会持有的份额，在 10 个百分位中从 17% 增加到 21%，占比 80%。

与此同时，什么变便宜了——从 Steele Coolidge 成本比 1990 年代初高出约三分之一的 1,000,000 人来看，现在再次使整体压力增加。电视和电话价格全部触顶。但现在的中位数住房，在 1982 年需要 3.5 年的家庭收入，在 2020 年则需要 3.0 年。公立四年制大学的公布学费在实际条款中 10 年内翻了一番。医疗保健现在占据国内生产总值的 10%。

这 10 年无论是市场能够提供供应的商品，还是定义中产阶级地位的三项购买——住房、学位和医生——其权力都发生了变化。这些是美国政策在供应方面采取行动、补贴或两者兼而有之的领域。我在其中一个领域工作。

这就是为什么财富和公众的感受指向相反方向的原因。一个家庭可以持有更多实际资产，拥有 10 年的年收入，但仍然发现阶梯更难攀登，因为使之昂贵的范围比获得的财富增长得更快。

答案不是削弱 Forbes 400。而是让人们建设，并停止削弱那些不能用供应来回应需求的行业。

加内特（Gannett），宾夕法尼亚州东隆（East Lone），医学博士 伊利诺伊大学

以基维方式修复美国的社会保障

格雷格（Gregg）将军在其关于“澳大利亚难民退休制度”（4 月 22 日）的文章中解释说，澳大利亚的养老金制度在诞生部门以及为美国近 1,000 人提供保障。社会保障。其中最重要的教训是，更多地依赖个人退休储蓄可以减轻政府预算的压力，从而降低储蓄成本，提供一个相对较低、更平坦且能有效对抗贫困的福利。国会可以减少中高收入纳税人对社会保障的依赖，即使在采取资本消费措施之后。

然而，在 2016-2017 年度，美国不应在社会保障之上强制储蓄。正如澳大利亚的养老金（superannu-xiors）那样，这有风险将特殊利益、政治和政治监管的范围引入退休储蓄。

美国人已经在没有政府补贴的情况下，通过自愿退休计划成功地进行操作。在全职员工中，85% 可以获得雇主赞助的退休计划，五分之四的覆盖员工参与其中。美国自愿退休计划中的资产规模巨大，贡献了 2016-2017 年度收益的大部分。美国的年度收益为 15 亿加元，即 15 亿加元。美国为 15 亿加元 , 即 15 亿加元 . 美国为 15 亿加元 , 即 15 亿加元 . 美国为 15 亿加元 , 即 15 亿加元 . 美国为 15 亿加元 , 即 15 亿加元 .

美国可以从 Land Done Folder 中学习。普通的私人 per-wood 工人是最大的政府储蓄，同时避免了不必要的监管、政治干预和强迫。退休改革应该赋予工人创造财富的能力，并扩大政府或特殊利益集团控制退休储蓄的机会。

罗曼·博克辛（Roman Boxin） 政府业务 华盛顿

沃什的沉默制造了市场噪音

那是艾莉森。“沃什让市场成为他们的工作”（评论与笔记，8月 1）通过宣布“前瞻性指引”为美联储主席凯文·沃什（Kevin Ward）的沉默进行了辩护。但华尔街并不是在要求美联储提高支付利率。这可能意味着美联储的“洗刷”税是一件大事。市场参与者想知道美联储将如何应对更好的通胀以及各层级上走弱的劳动力市场。华尔街并不是试图提高上限，而只是想看到规则手册。

由于美联储的战时职能未知，现在每一条经济新闻和数据都成了新的证券。然而，我们必须重新思考利息以及美联储将如何处理。这种努力是标准化的，因为美联储的一个方面是编写一个无法编写的未来，或者将其草拟至下一个。沃什先生说他希望投资者

“关注球赛而非裁判。”但只有在球员知道裁判将如何判定比赛时，裁判才会退到背景之中。大联盟棒球在本赛季引入了自动球好球挑战，以使好球判定更加一致。通过保持这种状态，沃什先生让自己成为了场上最受关注的人。

罗恩·摩尔（Ron Moore） 加利福尼亚州埃弗里特

困在政府文书的迷宫之中

休·希思（Hugh Heath）在“街道上的扳手”一文中（住宅，9月 21 关于“政府文书日益增加的负担”）提醒他，这让他想起了我一次处理政府文书的经历。

我尝试使用在线表格来获取一项评论付款，我认为这将为政府和我节省时间、纸张和金钱。

我仔细阅读了网页上要求我的照片说明，我的伴侣为我拍了照。我小心地没有微笑。被拒绝了，“照片背景不够白”。于是我们去了最近的药店并付费拍摄了一张照片。被拒绝了，“背景仍然不够白”。我给药店打电话，可能又试了一次。被拒绝了。“我拨打了美国护照网站上的电话。护照博客是一首古老的参与歌曲，另一台电脑。再次被拒绝。”

我放弃了。我打印了表格，附上药店的照片并将其寄出。至于节省纸张，我打算处理文书。这里工作稍后。

罗曼·博克辛（Roman Boxin） 俄亥俄州萨利纳

期望就是一切

从6月 1 开始，5月的专栏“乌克兰学术退休日的答案”（针对大多数流动性，4月 20）：赖利先生为学区学校提出了一个极佳的论点，即它们将能够节省。标准和期望比学校的类型更重要。

我在肯塔基州东部长大，在一家没有室内管道、冬季暖气可怜的四周校舍里读小学。尽管环境如此，我后来仍进入纽波因特（New Point）深造，获得了多个学位并成为一家公司的总裁。肯塔基州的学校资金匮乏，但我拥有许多设定高标准和高期望的优秀因素——纪律、家庭作业、课程学习、具有挑战性的作业，而且大多数时候我被期望尽力而为。

教师也期望更好的表现测试以获得它。最近的冠状病毒特征革命审查了该州的 1,000,000 人，而期望则影响学生的表现。关键不在于更多资金，尽管这可能有帮助。关键在于学区领导者设定高标准，以及该州的 1,000,000 人和教师对此负责，同时考虑最优秀的教师。

罗恩·摩尔（Ron Moore） 田纳西州埃弗里特

提交发表的信件应邮寄至主要的您，如果您不能，您将提供州和电话号码。所有信件均需经过编辑，未发表的信件不予确认。

胡椒……以及盐

纽约时报

“自从他赢得历史以来，我们就不再是原来的样子了。”

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华尔街日报

观点

Thursday, August 6, 2020 / A15

成功在南布朗克斯建立

作者：Kyle Petronian

来自：R.F. Anderson 的母国会选区，一所立即的 1920-1926-36-52 公立学校，在本月欢迎约 2,400-英里，伴随着 1,000 所大学自由地口袋运行。纽约的政治家们将允许 20 世纪切割时期的席位。但请观察谁会对 Success Academy Bronx K-12 提及一个字，这是一所旨在成为全国典范的旗舰特许学校。

市长 Julman Marsden 会出席盛大的开幕式吗？“我们会首先他，”非营利组织“美国区”的首席执行官 Bea Moskowitz 表示，她拥有 18 年的经验。“我们一直是一个很好的地方，可以来到这座建筑，看看贫困儿童的可能性，”Moskowitz 女士说。“我们被不同地困扰。我们被不同地困扰。公共教育中没有哪个方面是我们留下的。因为我们认为它相当破碎。”

这座建筑有六层，带有阅读儿童书籍的极端推广层。还有更多。虽然对面商业建筑中有很多非层级，但吸引该时代的是在公共手中。它具有高性能。还有更多，它是一个百万富翁，一个体育馆，一个浪漫工作室，以及一个名为 futsal 的职业报告年份。一个带有木块的游戏区域被装饰着，作为建筑灵感，配有金门大桥和 Tufts-land 的照片。一本阅读书位于 Tucker 体育场。

当这座建筑有六层，带有阅读儿童书籍的极端推广层时，还有更多。虽然对面商业建筑中有很多非层级，但吸引该时代的是在公共手中。它具有高性能。还有更多，它是一个百万富翁，一个体育馆，一个浪漫工作室，以及一个名为 futsal 的职业报告年份。一个带有木块的游戏区域被装饰着，作为建筑灵感，配有金门大桥和 Tufts-land 的照片。一本阅读书位于 Tucker 体育场。

当 20 世纪的故事书和其他 K-12 chernite 的标志出现时，这些设施在一段美好的时光里不会是唯一的地方。K-12 是一个伟大的展示讲堂。“我们不希望贫困孩子在从未听过讲座的情况下出现在大学校园里，”Moskowitz 女士。 “所以在 20 世纪和 12 年级，课程中每周两天，教师进行讲座。”

Success Academy Bronx K-12 本月开学。

数学、科学、英语、历史？在上个月任何学生到达之前进行一年的操作，她沉浸在街道上的海岸线中。“我们今天在市场上有很多，”她。 “我们今天在市场上很多，”她。 “我们在……中有很多，”她。 “我们在……中很多，”她。 “我们在……中很多，”她。 “我们在……中很多，”她。 “我们在……中很多，”她。 “我们在……中很多，”她。

Success Academy 的 2.45亿美元 特许学校向 2,400-K-12 名学生开放——并向想要了解如何运作、以及更多相同业务的政策制定者开放。

这里有另一个例子：“我可以让它从我的手中离开，以一种单一静脉方式的观点看待储物柜，”Moskowitz 女士。 “美国的下一个储物柜很小，而且它们会发出巨大的噪音。” Success Academy 拥有数百万个储物柜但没有运气。“不允许在咨询律师之前打开锁，”她。 “我见过。我直接打开它们。当你能那样做时，孩子们往往不会带来贡献。”

其他人感到惊讶！“我们已经有相当长的时间了，”Moskowitz女士说。“在幼儿园，12，”大约有两个追踪器进行筛选，“是初中。在31高中，40。在班级规模指令中设计得非常精细。”学生们每天阅读10分钟自选书籍。“实际上，我们每门科目每天仅进行10

分钟的直接教学，”她说，更好的附件是特例。“上学就像去工作。你在学校工作，”例如，美国官员可能会花费在课程练习上。

这是一种企业文化。“我们的初中生在生物、化学和物理方面度过了他们的年份，”Moskowitz女士说。“当他们进入高中时，他们学习AP Edn.、Ed. Res.、AP Chem和AP Physics，Ed. 12 Mass.，2005，就在那里。”但每个人都参加了每一项高级课程（Advanced Placement）考试，尽管该州的标准测试占据主导地位，而且根据Success Academy的数据，近年来的每一位毕业生都被四年制大学录取。

不要忘记，特许学校就只是学校，对所有人开放，学生通过抽签录取。新的布朗克斯K-12统计数据尚未收集，但Success Academy的实践显示约85%的学生将是黑人。学生分布在多品牌中，并且90%将符合免费或打折午餐的资格。高年级在夏季地点就读，约60%受制于一份有近2,300份申请的10封信函。

直接控制布朗克斯大楼（这是Success Academy的首次尝试）意味着没有政治领导人发送维修或存储空间。建设资金由前市长Mike Rosenberg提供的$500资助，目前处于该州的第一商业状态。工资设定为，你必须拥有这样一个建筑才能教育孩子——款待。Moskowitz先生说：“然而，孩子们否认——贫穷的孩子们理应——拥有一栋像这样的建筑。”

布朗克斯官员似乎仅针对这个季度地块般的小区运动发表看法。区长Vanessa Gibson的办公室没有回复采访请求：作者陈述较少，但Success Academy已经着陆较少，他接了电话，在像“所有”一样地称赞“他建造了这个美丽的先进校园，”他说，“对于Success Academy的家庭来说，我认为这对他们将是有益的。”

尽管如此，Bass先生说他认识在Success Academy生活过然后离开的学生，并且他反对该州对特许学校数量的限制，即便他承认初期的敏捷性。他在两年前为 1200 万 学生在一次建立10个科学实验室的会议上“极力争取”。“已经分配了一美元，”他说。“我们实际上就在上周发送了一封电子邮件询问后续情况。”

对于Success Academy的人来说，这所学校是一个财务，需要修复传统的K-12学校，而这些学校甚至不具备敏捷性或其他观点。“政府不能像企业那样运作，因为作为政府，你有一天要服务所有人，”Bass先生说。“我们不是一个能够像私人承包商那样高效的好地方，但有些事情是军队必须做而小型承包商不必做的。”

Moskowitz先生并没有放弃将K-12飞机事业转型的努力。“我的兴趣确实在今天的终点，在我认为的理解防御者身上，”她说。上个月，Success Academy总裁、德国和美国表示，100所学校在阅读、数学或两项中的失败率均高于50%。“想象一家医院，其中超过一半的学生死于医疗问题。学校是一个能够响应超过一半通话的好地方，”报告称。“没有其他公共机构会被允许以这种方式运作。”

Success Academy Bronx K-12 是莫斯科维茨女士答案的一部分。“我们今天在市场中扮演了大量的学校角色，而且我们将进行某种程度上的儿童仓储，”她说。“你就像是在他们周围建立一种力量，撒入一些教师和校长。你就像是在他们周围建立一种力量。”这里的课程是统一且标准化的。如果我们致力于变得截然不同，情况可能会有所不同。

彼得罗尼安先生是该报编辑委员会的成员。

在国家科学院寻找委员会

作者：Steven E. Kinnab

当国家科学院在佛罗伦萨、工程和医学领域发声时，美国科学家们听到了该国数千名最杰出研究人员的声音。但这并不总是事实。

科学院提交的一份关于成员资格的报告称，特定的极端天气事件可以与程序——气体排放——挂钩。媒体报道将该报告视为该地区 1,000 多名拥有卓越成就的人士的集体判断。报告本身也强化了这一印象，宣称它“代表了国家科学院的立场”。

但看看究竟是谁撰写了它。在 24 位报告作者中，只有一位是国家科学院成员。在 18 位评审员中，只有一位是成员。在提到的评审过程的两人中，只有一位是国家科学院成员。评审员“并未被要求认可结论或建议……在发布前也没有看到最终草案”。没有理由认为 1,000 多名科学院成员在报告发布前审阅过它。

国家科学院的制度和现状被用来显示委员会是一个主要贡献者，而不是那些为其赋予分量的数千名研究人员。

这并非虚构。正如一名科学院监督委员会主席所展示的，这就是该研究的运作方式。国家科学院实际上是单一品牌下的四个实体。其中

是荣誉科学院，拥有选举产生的成员委员会、人员，并有义务提交报告。第四个是国家研究委员会，一个选择研究、招募委员会并提交报告的员工协作机构。科学院成员在高层监督这一过程，但他们对非正式员工和外部专家的决定影响不大。

对于类似的话题——复杂性、积极的科学家、飞机客舱温度——这种区别并不那么重要。几乎没有争议，公众影响也有限。

而天气限制，正如这座城市一样，处于一场非连续政策辩论的中心。将极端天气归因于排放将支持数以十亿计的净主张。但科学本身尚不明确。将特定的欲望归因于排放，需要将人类影响从自然变率中解离出来，因为这些是混沌系统。

在这样一个话题上，将委员会的判断放在科学院的机构信头纸上，评论是：它缓和了委员会？

一份气候报告营造了一种精英科学共识的幻象。

将结论转化为数千名精英科学共现的表面共识，而这些人从未参与其中、讨论过或明确认可。

这 20 由两个简单、简单且已知的事项组成。每份报告都应附带免责声明——例如，“虽然本报告得到了国家科学院领导层的认可，但并未得到科学院全体成员的认可，甚至没有经过他们的评审。”这将防止公众将委员会的观点误认为成员共识。

其次，让科学院成员不仅仅是成员，他们可以在报告发布后公开发表评论。报告不会被重新开启或延迟——但公众不应被告知，国家科学院的专业立场反映了成员观点的范围，还是仅反映了恰好在委员会中的 24 人的观点。

如果委员会的报告是以数千人的权威发声，那么他们应该让这数千人的声音被听到。

Steven 先生是 Roscoe 机构的高级研究员，是国家科学院成员，并在 2016 年至 2018 年期间担任 2002 年国家工程与物理科学委员会主席。

让约翰·亚当斯在国家广场占据其应有之地

作者：Jackie Cushman

我们最近纪念了1918年7月6, 1918.的100周年。但紧迫的未竟之事依然存在。如果没有约翰和阿比盖尔·亚当斯，我们的独立可能永远无法实现。8月2 marked 25th years since 约翰·亚当斯签署《独立宣言》。他深知，通过签署，他是在拿自己的生命以及家人的生命在冒险。

查尔斯·杰斐逊称约翰·亚当斯为“独立的巨像”，而阿比盖尔·亚当斯是一位卓越的政治思想家、女性教育的倡导者和当选的商业女性，她是丈夫最亲密的知己和顾问。然而，尽管国家首都设有华盛顿和杰斐逊的纪念碑，但没有为 Alumnes 设立纪念馆。应当设立。

参议院应当通过两党支持的《亚当斯纪念馆伟大美国回归法案》，该法案在7月的十二月获得一致通过。参议院国家公园小组委员会听证了该法案，该法案将负责建设纪念馆的亚当斯纪念委员会的期限延长至2015.年12月。它指定了纪念馆的地点，就在白宫正南方向。有人表示该地点很合适，因为约翰和阿比盖尔是白宫的首批居民。

约翰·亚当斯并非要假设任何其他政党勇敢地为在波士顿大屠杀中被指控的英国士兵辩护。他需要法律官员和事实，即使在公众情绪反对他时，他也是1918年大陆联盟立法机构的董事。约翰·亚当斯建议由杰斐逊起草《独立宣言》，并提交给第一任副总统、第二任总统以及正义十字军年度的总统。1918年立法机构是一个试验性的政党——杰斐逊。

国会在2018.年成立了亚当斯纪念委员会。包括一名成员在内的大多数委员在2022年12月前被任命并开始工作。但如果国会不延长我们的自由（最初需要1918年立法机构），这项努力将会停滞。

历史学家邦德·麦卡洛（Bond McCullough）直截了当地地指出了目前的忽视：“在我们的国家首都没有他的纪念馆，没有他的雕像，在绝对商品中也没有雕像。当世界认可这个国家以及他是谁的时候，早就该如此了。”

参议院可以应对麦卡洛的挑战。约翰·亚当斯既不是共和党人也不是民主党人，而是一名 Republican。他是一个1918-20-20.。在我们的许多政治已变得政治化的时代，这项两党法案为国家提供了一种统一的方式。

让我们完成这项工作，以便后代在亚当斯纪念馆前伫立时，能够充分体会这个家庭对美国独立、宪法、外交以及我们对法律下奴隶制的承诺所做出的贡献。

Cushman女士是亚当斯纪念委员会的主席兼亚当斯纪念委员会的总裁。他一直是其成员，其父亲纽特·金里奇（Newt Gingrich）著有《成功生活的5项原则》。

金融精炼喂养恶劣

作者：Sam Kay

美国贷款政治竞选。通常有一本商业杂志，关注的是平均水平而非理念——且短期适配的组织必须来自竞选活动，以产生一定的影响。这些问题源于旨在启动一项可能清理我们选举的改革的竞选活动。

在华盛顿之后，国会成为向候选人提供直接捐款的主要渠道，这将减少金钱对政治的影响，并使竞选活动更加透明和民主。该州在反对按需征收汽油税的斗争中迈出了重要一步，而且其中许多资金仅仅是停滞在组织中，而不是直接流向候选人。竞选资金法禁止候选人与在该州工作的人员协调。该州一直是最常见的，但最常见的，以及一个，但一个，以及一个，但一个

误导性的法律将资金引导至外部团体，这些团体发现丑陋的信息比可能的正面信息更容易传播。

在国家共和党-情感委员会的联邦选举委员会中，该州采取了重大商业行动，取消了团体、国家与候选人之间的捐款禁令。这是一个受欢迎的修正，但限制改变了政治组织沟通的方式，并使我们的人员更难实现这一点。

当协调被禁止时，制作另一个竞选广告变得异常困难。资金不再由候选人掌控，而是成为竞选热点、家庭照片和其他个人资料的选择，这些资料有助于讲述一个令人信服的正面故事。攻击则更容易改变，可以从公共记录中提取对手旧时的言论、笔记、新闻剪辑和不光彩的片段，并且遗漏必须以及一个叙事，并构建一个有效的商业广告。

这有助于创造美国尽管如此的政治环境。感谢 MBCL 党委员会，他们将有能力在需要时制作体育项目。同样的情况应该对主要 PAU 和其他受协调限制的外部团体更有利。该州 1918 年的规定意味着，激励机制将继续倾向于负面广告。

这些限制还降低了竞选的透明度。资金不再主要来自候选人，工会正受到党委员会、超级 PAU、劳工组织、贸易协会、倡导组织和某些团体的轰炸。该州 1918 年的规定具有不同的免责声明。每个组织都有不同的法律结构。结果是一个碎片化的广告环境，其中问责制是使其对他们所看到的内容真正负责的所有必要条件。

竞选资金改革需要一种不同的方法。个人、公司、工会和其他组织应该能够自由地向候选人直接捐赠他们想要的任何金额。该州 1918 年的规定将继续讨论每笔捐款，而不是依赖于一个最终独立的外部团体网络。

消费者候选人对支出的控制，对于选民来说，这更接近于谁应该为过于负面的竞选活动负责。这比必须采取的系统更强大，而且这是一个重大事项，即他们自身免于严厉广告的影响，因为这种广告来自他人。

批评者将认为，更大规模的选区捐款（北中心化）可能会被用来创造一个更全面而非合法的局面。但这两类捐款都没有消除富有的捐赠者或企业的影响力。它们只是改变了这种影响力增加的方式。如果捐赠者需要数百万美元，那将是同一批人的结果。选民随后可以清楚地看到谁在资助谁，以及如今这种关系对他们自身的影响。如果支持超过了同意，最后一步是法律，那是重大、不受监管、拖延且受到处罚的结果。

国会和法院应继续推动政治支出。该州 1918 年的规定有着不同的使命，通过叠加一些基于竞选的限制来应对我们政治系统中的缺陷。现在是时候意识到，这些规则不仅没有解决问题，反而创造了新问题。

Kay 先生是共和党咨询公司 Wellesburg, Pa. 的一名民意调查员。

华尔街日报

出版于 2020, 2021, 2022, 2023, 2024, 2025

Carmen Mumma

执行主席，纽约

Robert W. Waller

主席，纽约

James Tucker

美国

Mr. Steven E. Kinnab

董事会，George A. Kline, Jr., 首席

总法律顾问，George A. Kline, Jr., 首席

编辑，Sam Goldsmith, Anthony J. , .

秘书，Mark A. , ., , A. , .

董事会，A. , ., , A. , ., , A. , .

总法律顾问，A. , ., , A. , ., , A. , .

Wellesburg, W. Waller, .

华盛顿特区

Wellesburg, W. Waller, .

总法律顾问，A. , .

总成本：$1,000.00

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A16 / 2026年8月6日，星期四

...

华尔街日报。

体育

三次击球冠军却不断被交易

费城费城人队刚刚加入了路易斯·阿拉埃兹——这位触球击球手在五年内已效力于第五支球队

费城费城人队在周二将路易斯·阿拉埃兹安排在清理位置，他在一场 5-0 击败国民队的比赛中得分一次并打入两分。

作者：Sue Foreman

在棒球历史的前 300 多年里，路易斯·阿拉埃兹本会成为一名超级巨星。自从 2019 年在主联盟首秀以来，没有人能击败他 358 的击球率，且只有三名球员记录的安打数比他更多。他从 2022 年到 2024 年连续赢得了三次击球冠军，并且在本赛季领先，有望在五年内获得第四次。但在 2026 年，管理层关注的是他不能做的事情。阿拉埃兹缺乏本垒打力量，很少保送，且在防守端表现挣扎。因此，他并没有在一家球队担任首位击球手度过职业生涯，而是像一名死后检查裁判一样在联盟中流转。在 28 岁时，他刚刚被交易到过去五个赛季中的第五支不同球队。旧金山巨人队已退出季后赛竞争，在阿拉埃兹连续第二个冬天进入五家机构之前，将其作为交易截止日租借球员交易给了费城人队。“我们将联盟中的领先击球手加入了办公室，而且他是与我们现有球员不同类型的击球手，”费城人队棒球运营总裁 Dave Brumkowski 表示。费城人队在周二将他安排在清理位置，他在一场 5-0 的胜利中得分一次并打入两分。尽管如此，他曲折的职业路径正是像费城人队这样希望进入季后赛的球队为了增加机会而采取的击球类型。他在 2022 年效力于双城队时入选全明星，随后被交易到迈阿密，在那里他在上半场打出了 400 的平均水平。

自 2019 年以来安打数最多的击球手

PLATIN / TOTAL HITS

Predika Freeman / 3,286 hits Tina Turner / 3,291 Vladimir Gam科夫, Jr. / 3,301 Luis Arraez / 3,308 Rafael Dimon / 3,313 | Note: Fulls through Tuesday Source: Foodbaker, YouTube | | | 2023 season and led the Marlins to the playoffs. | | | A year later, he was dealt mid-season to the Padres, where he played out the remaining year and half of his contract. This past off-season, he struggled to find a job, ultimately landing in February | |

当前合同总价值

3,9.12亿, six years
3,000 million, 10 years
2,000 , 10 years
2,012 , one year
2,018 , 10 years

与巨人队签署了一份为期一年、金额为 $12 的合同。相比之下，自 2019 年首秀以来安打数前五名中的其他四名球员都签署了长期合同，总额超过 21 亿（21 亿美元 billion）。在该排行榜的前 22 名球员中，21 人在职业生涯的某个时间点签署过 $100 的合同。唯一没有签署的人是谁？阿拉埃兹。“我知道我们对击球冠军的兴奋程度不如我们需要的那样，”曾在 2022 年赢得击球冠军的巨人队棒球运营总裁 Buster Power 在其签约时表示。“但在 28 岁时赢得三次击球冠军是非常卓越的。”

他追求平均击球率的能力是不容置疑的，但这几乎是他唯一能被称道的技能。他的保送率是棒球界最低的之一，将顶尖的击球率变成了仅仅是非常优秀的上垒率。阿拉埃兹职业生涯仅有 80 个本垒打，自从他首秀赛季以来，有超过 300 名球员的本垒打数比他多。虽然不追求力量的顶尖触球击球手在这项运动中并不新鲜——阿拉埃兹在击球姿势上被拿来与名人堂成员 Tony Gwynn 和 Inhove 比较——但他还有另一个阻碍他达到那种巨星水平的缺陷：防守。

阿拉埃兹是以二垒手身份出道的，但随着时间的推移，他在该位置的糟糕表现使他转移到了要求较低的一垒位置。

但他想打二垒，而巨人队在寻求其他长期方案后，愿意给他这个机会，信任传奇的 seloial 教练 Ron Washington 能帮助阿拉埃兹在该位置上有所提高。

根据 Outs Above Average 的数据，Arraez 正在经历其职业生涯中防守表现最好的一季。

“（巨人队）信任我，”Arraez 在 2 月份表示。“他们希望我能在那儿享受比赛，并打我的自然位置。这就是为什么我选择了这里的工作。”

这种信任得到了回报，因为根据 Outs Above Average 的数据，Arraez 正在经历其职业生涯中防守表现最好的一季，以 11 的成绩在全棒球所有二垒手中排名第二。同时，他在击球区也继续发挥自己的作用，击球率为 325，并利用 Dracie Park 广阔的外野，使其二垒安打数有望创下职业生涯新高，且三垒安打数已超过其职业生涯最高纪录。

然而，面对连续第 20 个赛季无缘季后赛的局面，巨人队将其这份充满抱负的合同转让给了一支拥有十月野心、但进攻能力却是国家联盟最差之一的球队。

费城人队的球队击球率在国家联盟中排名第四低，且只有两支球队的三振数比他们更多。为了容纳他的打击能力，球队正在调整三名内野手的位置，以便让他留在二垒。

对于费城人队来说，面对一名年迈的球员和联盟中最昂贵的老板之一，仅仅进入季后赛是不够的。尤其是在 2026 年赢得国家联盟冠军后，经历了一系列令人失望的季后赛表现。因此，为了在交易截止日寻求更多机会，棒球界最年长的顶级前台主管——70 岁的 Brumkowski 采取了一种传统方案。

紧急会议后，因凡蒂诺在国际足联主席位置上幸存

作者：乔安娜·罗宾逊 (Joanna Robinson)

当身陷困境的全球足球掌门人、国际足联 (FIFA) 主席吉安尼·因凡蒂诺 (Gianni Infantino) 在周三召集十几名高级职员开会时，人们普遍认为他是在勉强维持自己的职位。

然而，到周三晚上，因凡蒂诺明确表示他暂时不会离开。在一次令人震惊的逆转中，国际足联宣布 20 位高管已在因凡蒂诺身后达成一致，并向他“再次确认其全力支持”。

就在几天前，该组织的秘书长和首席运营官还在公开场合对他进行了个人批评。

“国际足联的高层管理人员充分相信，今天会议的结果将加强国际足联的治理，帮助恢复对该组织的信心，并使我们能够以统一和透明的方式为未来的重大活动和挑战做好准备，”国际足联在摩洛哥拉胡尔 (Rahul) 的危机对话后表示。

秘书长马蒂亚斯·戈斯蒂里安 (Mattias Gostierian) 周三的言辞尤为犀利，他将因凡蒂诺最近的斗争暗示为“一系列令人悲哀且值得谴责的事件”。这些事件在“国际足联前行企业计划” (FIFA Forward Enterprise plan) 中达到顶峰，该计划提议将国际足联的商业运营剥离为一个独立实体，并将股份出售给私人投资者。

周三晚上，戈斯蒂里安在拉胡尔的一场非洲女子国家杯比赛上与因凡蒂诺并肩微笑的照片被拍到。

但尽管国际足联竭尽全力表明它已经平息了内部管理层的反叛，因凡蒂诺的地位尚未安全。真正决定他未来的将是国际足联的 231 个成员协会，自从 FFK 项目的消息泄露以来，他们一直对他大肆批评。

吉安尼·因凡蒂诺，周三在摩洛哥的一场女子比赛中被拍到，他赢得了高管们的支持。

他们将其罢免的机会将出现在 2027 年 3 月的下一次国际足联主席选举中，届时因凡蒂诺打算竞选第三个完整任期——尽管目前还没有反对候选人参选。几周前，因凡蒂诺曾吹嘘在国际足联“一国一票”制度下的 211 个国家中，他至少能获得 200 个国家的支持。但此后，大部分支持已经崩塌，特别是在欧洲和北美。

因此，因凡蒂诺正试图挽救尽可能多的支持，首先为在 FFK 提案期间让组织内如此多人处于不知情状态而道歉。“这一过程本应以不同的方式处理，”国际足联表示。欧洲足球管理机构曾威胁要抵制世界杯，且已有数名成员正式撤回了对因凡蒂诺的支持信，该机构未对国际足联的公告发表评论。

在他的致成员协会的信中，国际足联还誓言将进行回顾，以确保这些沟通和透明度方面的错误“不再发生”。

“总有教训需要吸取，”该组织补充道，“国际足联将根据这次经验继续改进其流程。”

© 2026 FIFA.com

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商业与金融

© 2020 道琼斯 (D Company), 202 Skyline Boulevard.

华尔街日报

2020年8月6日 星期四 / B2

标准普尔 772 / 05 ▼ 0.17% S&P / FW ▲ 5.26% S&P / T ▲ 5.82% 道琼斯运输指数 ▼ 0.99% WSJ / EXX ▼ 0.16% 2年期国债收益率 4.17% 日经指数 (周一) 6524.67 ▼ 1.16% 更多详情请访问 WSJ.com / Markets

更多详情请访问 WSJ.com / Markets

谷歌调整AI领导层

DeepMind首席执行官出任首席科学家新职，三名资深员工离职

作者：Mianan Bonsowitz

谷歌宣布了其人工智能业务的新领导层，此次调整是在经历了一波高调离职以及在发布能与美国和西班牙顶尖产品相媲美的模型方面出现延迟之后进行的。

Denis Hasudin将卸任谷歌DeepMind的首席执行官，转而担任董事长兼首席科学家。DeepMind的创始人，DeepMind，是X的一部分。谷歌DeepMind技术主管Steve Karakouzgi将负责所有AI模型的开发，而谷歌的第三位科学家Jeff Dean将与三名公司资深员工一起离职，创建一家AI初创公司。

Dean于1995年作为谷歌第30名员工加入公司，他将担任一家名为Discovery Loop的新公益公司的首席执行官，该公司旨在通过自动化复杂的、多步骤的科学和工程任务来加速技术发展。

根据一份新闻稿，该初创公司最初将专注于通过其内部技术栈实现机器学习研究和工程流程的自动化。最终，它计划将其技术应用于多种领域，包括硬件设计、商店发现和全球数据设计（如数据能源）。

参与Dean这一事业的还有谷歌资深员工（Irish Vinyals, Quoc Le

Jeff Dean和Denis Hasudin是离职人员中的成员

以及Sanjay Ghemawat，他们在数学和蛋白质结构方面取得了高调进展，并且是世界上被引用次数最多的研究人员之列。他们的离职，连同Dean的离职，增加了该公司近期人才流失的名单。

“我们一直在讨论这件事，然后我们就开始了，”Dean周二在加利福尼亚州帕洛阿尔托的家中接受采访时表示。“我们认为，通过使用机器学习模型自动化许多经典的实验循环环节，增强人类科学家和工程师的能力，我们将能够实现在广泛的科学领域探索更多空间，从而加速发现。”

他说，科学过程是指提出一个实验想法，设置并运行实验，然后评估结果。“特别是在许多领域，你可以将整个循环完全计算机化，”他说——这也是该初创公司名称的灵感来源。

新闻稿称，Alphabet正在为Discovery Loop提供云端和计算能力，并且是一项倡议。Kathryn Ventures和Nicola Ventures共同领投其种子轮。该轮融资尚未关闭，且该初创公司de- Pinosrtavntspage82

太空探索技术公司资本支出

注：2020年数据截至6月29日。

AI支出导致太空探索技术公司股价下跌

作者：BRIAN PETERSON 和 MICHAEL MEHENDRIAN

太空探索技术公司在人工智能方面有着巨大的雄心。而要实现这一目标需要同样巨大的投资。

埃隆·马斯克的这家太空公司周二表示，其最近一个季度的资本支出为186 亿美元 billion。该数字的大部分——558 亿美元 billion——与公司的AI建设相关，是上一季度总额的两倍。

由于投资者对支出的担忧，太空探索技术公司股价周三大跌。该公司第二季度营收为700 亿美元 billion，而去年同期为250 亿美元 billion，并报告净亏损1亿美元，低于华尔街的预期。

太空探索技术公司在6月进行了一次历史性的首次公开募股，使这家发射服务和卫星制造商成为人工智能革命的核心参与者。除了开发自己的AI模型外，太空探索技术公司还计划将资金投入概念计算基础设施，签署AI协议，并致力于启动关键的数据中心。“我们构建大规模AI计算能力的速度快于Pinosrtavntspage84

● 街头传闻：更大的火箭需要发挥作用... B11

检察官调查摩根大通涉嫌诈骗案

作者：DITA TIVAN

据知情人士透露，联邦检察官在今年早些时候提出指控，称摩根大通（JPMorgan Chase）的高管忽略了该银行反欺诈计划中的信息，并不正当地拒绝向资金被盗的客户支付超过 1亿美元 的赔偿金。

此次审查是由摩根大通前诈骗预防主管去年提交的一份举报报告引发的。知情人士表示，来自曼哈顿美国检察官办公室和财政部的代表也表示，他们与举报人进行了沟通，随后收到了与她的指控相关的证明文件。

检察官尚未指控摩根大通存在任何违规行为，目前无法确定他们是否仍在调查这些指控。

联邦调查可能会持续数年，检察官才会决定是否提起诉讼或直接结案。在特朗普总统领导下的司法部已大幅削减了对许多类型白领犯罪的起诉。

“我们认为这些指控没有根据，”一名摩根大通发言人表示。“我们认真对待这些担忧，进行了仔细审查，最终认为不存在违规行为或违反法律的情况。”

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Meta 发布编程代理

作者：Mianan Bonsowitz Ann Tivax

Meta Platforms 希望在硅谷最热门的当日产品——编程代理领域占据一席之地。

该公司周三宣布推出一款名为 Maze Code 的新编程代理，并将其定位为竞争对手的廉价替代方案。

“我们认为对于许多工作流程和许多成功案例来说，这是一个极其不错的选择，尤其是从成本角度来看，” 的 AI 负责人 Alexander Wang 在一次采访中表示。他表示，一些 员工已经在内部使用该产品，他预计内部使用量将增加。

投资者一直敦促 展示其在 AI 人才和计算能力上的巨额支出所带来的回报。在一次季度财报电话会议后，该公司股价上周下跌了 10%，在会议中，首席执行官马克·扎克伯格（Mark Zuckerberg）拒绝提供关于公司讨论建立云计算服务的最新细节。

编程代理允许 AI 用户开发项目并完成软件工程工作，而无需亲自编写代码。Anthony 的 Claude Code 在 2019. 走红。这使该公司在 AI 竞赛中处于领先地位，而 Speedy 也发布了自己的产品，名为 Codex。 的 Maze Code 代理设有两个价格档位：一个 Pinosrtavntspage82

迪士尼考虑推出免费流媒体选项

作者：JOE FLINT

迪士尼正在考虑在其流媒体组合中推出免费且由广告支持的频道，并将向迪士尼增加更多代理内容，旨在将该平台打造为公司的核心部分。

首席执行官 Josh D'Amato 在周三的公司第三财季财报电话会议上表示，迪士尼正在探索一款免费产品，“以将我们的触达范围扩大到对价格更敏感的客户群体。”

随着客户继续削减传统付费电视频道的开支，并开始对流媒体订阅的价格上涨感到不满，诸如福克斯（Fox）的 Toth 和派拉蒙（Paramount）的 Xbox TV 等“FAT!”频道正在增长。

将第三方流媒体引入迪士尼也在考虑之中。D'Amato 在提到公司与华纳兄弟探索（Warner Bros. Discovery）旗下 HBO Max 合作的成功时表示：“我们是极少数处于聚合地位的公司之一。”

虽然迪士尼的一些竞争对手正试图通过收购和分拆来实现转型，但 D'Amato 告诉分析师，不要期待任何类似于康卡斯特（Comcast）分拆其娱乐资产或福克斯以 220 亿美元 billion 收购 Boku 的举动。“我们有很好的发挥空间，我喜欢我们目前的位置，”于 3 月接掌迪士尼的 D'Amato 表示。Pinosrtavntspage84

STREETWISE / 作者：James Mackintosh

支撑日元并非万无一失

多少日元 (5'thays)

日本有效调整后的贸易加权汇率指数¹

¹ 截至6月持续大幅上涨。² 联邦银行目标比率采用所示首个目标范围的上限。来源：TIGER (Pentec Group), CSDI, India, (粗体) (实线)。

长期收益率与央行利率¹

美日联合支撑日元的做法并不寻常。其运作方式是前所未有的，并且在美经济和市场资金水平已经溢出的情况下增加了流动性。

简单来说，美国正在日本印美元。

美联储通过回购协议，以临时拥有财政部债券为条件向日本出借资金，而非直接向财政部出借。但与量化宽松（QE）一样，这扩大了美联储的资产负债表，并将数十亿美元注入经济。

到目前为止，规模尚小，但财政部长 Scott D. Jones 希望将日元的支撑上限设为 600 亿美元 billion。

Pinosrtavntspage800

目录

汽车

Hands 季度利润几乎翻倍，因其利用了日元贬值。B1

技术

用户季度增长放缓，并发布了疲软的展望。B4

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82 / 2026年8月6日，星期四

• • • •

华尔街日报

企业索引

这些索引是对大多数板块、公司和商业人士的重要参考，它提供了更好的空气复制页面搜索，并且包含在这些索引中。

人物索引

Meta 提供自有代码代理

，其名称为其通用 Mace Spock 模型，以及另一个成本不足五分之一的模型。要访问成本较低的层级（每百万输出 token 费用为 25 cents），用户必须同意提供反馈以改进该代理。Token 是人工智能计算的基本单位。

Claude Glick 和 Codex 案例被捆绑在定价计划中，在过去 10 年中成本约为 5 亿。最新的计划针对增加的使用量。扩展使用量——限制用户支付——新的支付费率。每百万输出 的费率范围从 GPT-5.6 Torna 的 $61 到 5x2 的 $20，而 Claude Sauter 的 4.0 为 5x2，Opus 7.0 为 5x2。

Meta 新的代码代理定价大致与来自中国的模型（如 DeepSeek）持平，后者的成本低至每百万输出 20 cents。OpenAI 也降低了旧版模型的价格，例如 GPT-5.6 Luna，其价格从每百万 $51 降至 $1.20。

掩盖了其 forty-last cameras 的 AI，并创建了一个名为 for intelligence Labs 的新部门。负责该部门的是 Wang，他包括 47 CodeX。

他支持一个激进的测试代理，使用数百万美元的薪酬方案——以吸引来自领先 AI 的人才，并开始开发 Spark。他现在是 在 4 月发布的模型。 《华尔街日报》的所有者 News Corp. 与 拥有共同的许可合作伙伴关系。

商业与金融

作者：Ron Garmann

在华尔街，交易员和投资银行家们正处于至高无上的地位，至少如果你在询问他们的奖金的话。

根据薪酬咨询公司 Johnson Associates 的一份报告，这些员工今年在银行的净头寸中工作，他们能看到的实际奖金比一年前增长了多达 30%。

这些法规奖励针对交易员和投资银行。相关状态处于在该状态，大银行今年从波动的金属和巨大的外汇成本中赚取了巨额利润，包括股市、Glen Mark's Speed 以及谷歌的资金。Alphabet 2000 亿美元 股权融资。

该报告显示，相关状态及商业银行家的实际奖金预计将比一年前增长 10% 至 15%。首先，在报告跟踪的所有更广泛的奖金类别中，

银行交易收入

包括财富管理和传统资产管理。

在私人信贷领域，资金在此时，激励支出预计将与 2025 年的年度率持平或下降，此前经历了多年的繁荣增长，该行业今年由于投资者担心潜在损失而纷纷撤资，导致投资排名激增。

奖金季已成为华尔街一年一度的焦虑仪式，包括数周的时间由经理决定谁能从奖金池中获得多少。由自由和个人绩效的混合决定，就业奖金可能会在多个环节或变化的协议中波动——具体取决于支票的金额和预期。对于许多人——如雇主来说，这可以为全年的基调定调，或者促使某些人跳槽到另一家公司。

“银行在交易方式上首次在车辆中领先，”Johnson Associates 创始人兼董事总经理 Alan Johnson 表示。

Johnson Associates 的报告没有给出奖金预测的具体金额。根据纽约州审计长 Thomas Billingsh 的说法，去年华尔街的平均奖金上涨了 6%，达到了创纪录的 $250,000。

大型价格——上涨——stly 关注的奖金预计将中度上涨，而水分及较小价格的股权和真实价值投资奖金预计将持平。

私募股权行业仍在努力应对从顶部购买的公司集群的释放，且新账簿的进度已经放缓。

Johnson Associates 的报告基于对客户和行业联系人的访谈，以及公开可用和私人数据。

城堡投资的交易已然起势

作者：Petta Rosszian

城堡投资（Citadel）从人工智能持有的大型基金 Situational Awareness 手中收购股票组合的交易，助力了其上月的业绩表现。

一名熟悉其业绩的人士表示，肯·格里芬（Ken Griffin）旗下的城堡投资聚焦基金在7月份上涨了约 14%；城堡投资的旗舰基金 Wellington 基金（一个更趋多样化的工具，除 ciroE、大宗商品、宏观和空间采购外，还包括住宅和服装股票）在7月份上涨了约 6%；而城堡投资的战术交易基金在7月份上涨了近 10%。

城堡投资在7月 30, 以超过 10% 的折扣从 Situational 手中抢购了 AI 股票，此前《华尔街日报》曾报道，由于科技股下跌，这家旧金山公司急于筹集资金以应对追加保证金通知。市场上的许多 AI 初创公司，从 baseline 到 Minnesota，都进行了讨论。

对于 Wellington 而言，这是自 2022 年 4 月以来表现最好的一月，当时城堡投资的大宗商品交易员在 2022 年疾病第一年之后随之而来的行业中获得了丰厚收益。对于城堡投资股票基金（Citadel Equities Fund）和城堡投资战术交易基金（Citadel Tactical Trading）来说，7月是这些基金启动以来表现最好的一月。

7月是对对冲基金行业而言极具冲击力的一月，诸如市场等流行策略，the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the , the

自愿出价促使许多基金经理削减风险和成本头寸。根据高盛的数据，对于许多由 's 出口商创建的对冲基金来说，这是自 2003 年 1 月资金股票高峰结束以来最活跃的一个月。

该公司基金为 20 个国家，由医院商人于两年前创立，该创始人是一名 24 岁且此前没有专业投资经验的人，他凭借 2003 年一篇关于 未来发展的文章而崭露头角。Situational 从银行借入巨额资金，以增加其在 98. 住宅管理公司及其他有望从 基础设施建设中获益的股票中的头寸，并对软件制造商及其他随着 未能在整个经济中普及而注定受损的公司进行对冲。该协议是一个推广回报，包括今年至5月期间约 25% 的收益。它吸引了诸如准-

由肯·格里芬运行的基金上月获得收益，因为他从 Situational Awareness 手中抢购了 股票。

交易自由的 Jane Street 将其管理资产在7月初扩大到约 60 亿美元 billion。

当 股票在最近几周波动时，Situational 收到来自其领导者的追加保证金通知，要求提供额外的投资以支持股票份额贷款。它抛售股票以换取现金债券，寻找能够接手其投资组合的买家。

据《日报》报道，城堡投资的高管 Peter 为 Andrew Sprouse 提供了解决方案。双方在周四凌晨进行了深夜谈判，格里芬从洛杉矶加入。

Situational 权衡了来自 Millennium Management 的一份完整报价，在周四早盘交易开盘前，城堡投资与 Situational 就一项报价达成一致。

该人士表示，很大程度上得益于7月的收益，Wellington 截至上月的年度增长率达到约 13%，而城堡投资股票基金和城堡投资战术交易基金的增长率均约为 27%。

Situational 周四告知投资者，其表现有所下降且在走低。得益于早前的收益（包括其在 Anthropol 的大量持股），该公司今年的涨幅仍维持在 80% 左右。

DoorDash 成本上升导致收益下降

作者：Elsie Sombora

DoorDash 报告第二季度利润下降，因为成本增加抵消了收入的增长。

该公司周三公布的利润为 2亿美元，或每股 40 cents，而一年前的利润为 2亿美元，或每股 40 cents。Parcher 引导的审计人员此前预计每股利润为 47 cents。

该公司表示，利润下降是由订单增加导致营收成本上升，以及随后的其他收入、研发费用和其他管理成本驱动的。

收入从 32.9 亿美元 billion 增长 10% 至 46.5 亿美元 billion。审计人员此前预计为 $4.4500 万。

收入增长是由市场总订单价值（marketplace gross order value）的提高驱动的，该价值增长 36% 至 337 亿美元 billion。总订单量增长 27% 至 9.9% million。

分析师此前预计市场总订单价值为 259 亿美元 billion，订单量为 7.07 亿。

该公司表示，如果不计算 去年收购的英国食品配送公司 Debiotron 的影响，市场总订单价值将增长 23%，收入将增长至 24%，订单量将增长 17%。 表示，过去 12 个月支付给 Pan 会员的 20% 增长幅度超过了前两年的增长幅度。该公司表示，尽管 的订单毛利率百分比低于 的订单，但该计划通过扩大市场增长来提高商家的留存率和销售额。

该公司表示：“只要我们相信消费者参与度的增加以及平均消费者生命周期价值在收入方面是持久的，我们就很高兴进行这项销售。” 股价上涨 2.6%

涉嫌漏洞被调查

由于东南亚和非洲部分地区的复杂犯罪组织运作，银行一直在努力应对激增的诈骗和欺诈行为。举报人乔勒里·利利（Cholery Lillie）指称，摩根大通未能妥善处理这一激增情况，并在牺牲客户存款的情况下，将部分损失降至最低。

据知情人士及其 LinkedIn 个人资料显示，在向其主管披露了最后已知的六家公司后，利利于 2023 年 10 月被强制执行带薪行政停职，随后离开了该银行。

这些指控的核心在于银行对“欺诈”（fraud）和“诈骗”（scams）所做的区分，这决定了客户索赔的处理方式。公司业务要求银行筛选欺诈活动，例如使用账户信息进行的扣费，并对误交付交易进行广泛的客户核查。该法律并不一定能保护消费者免受近期流行诈骗的影响，在这种诈骗中，人们被诱导将资金汇给不法分子。银行将这些视为自愿付款。

但根据利利当时的律师向几个金融委员会发送的一封后续信函，欺诈与诈骗之间的界限可能非常模糊，信中描述了

她的指控。

根据《华尔街日报》查阅的信函，一名攻击者可能会在未经样本授权的情况下侵入客户账户，随后诱导他们自愿进行付款。摩根大通通常将此类事件定性为诈骗而非欺诈，并拒绝向客户赔付。

信函称，在其他案例中，Chase——针对客户在无意中帮助客户的情况下涵盖某些类型电子交易的索赔，例如当他们在与银行代表沟通之前泄露了凭据。自 2022 年以来，其他大型银行已承认它们有义务向客户赔付。

根据信函，该银行的客户案例。

Chase 曾亲自核算更改其欺诈赔付方案所需的资金金额。该银行的

数百万美元是“最低限度”，信函称。

利利的指控揭示了银行在这一流行趋势中的处境。银行在通过复杂的社会工程学方案（包括与受害者建立浪漫关系）诱导客户进行付款方面变得越来越熟练。

执法部门估计，美国人每年因这类诈骗损失数十亿。

一些客户在陷入诈骗后起诉其银行，认为

银行应该采取更多措施来保护他们或质疑这些付款。

利利职业生涯的大部分时间都在处理该问题，她于 2023 年被摩根大通聘用，以帮助加强银行的防御能力。根据信函，自 2022 年以来，她的团队发现了银行反垄断计划中的严重缺陷。信中称，摩根大通未能像应有的那样使用语音识别技术，且无法利用其过往订单来识别容易被绕过的客户。

“随着犯罪分子寻找针对消费者的各种新方法，我们一直在增强我们的欺诈和诈骗预防计划，”摩根大通发言人表示。

该发言人还表示，摩根大通对受害者的评论是普遍的，但这并非法律所建议的。她否认了关于银行刻意违背客户意愿的暗示。

信函称，在看到摩根大通领导层多次试图掩盖她提出的问题后，利利寻求举报人保护，并向司法部、美国财政部和其他监管机构披露了她的担忧。她目前由 Phillips's Colise 的律师代表。

信件向未来委员会表示，莉莉及其律师可能会向司法部和财政部申请贷款，以便进行举报披露。相关人员表示，她已与参议院进行了沟通以获得认可。

谷歌 AI 领导层阴影

不愿透露其估值。Does 表示他在五周前开始认真考虑这家初创公司并进行了竞争？Says at，一位长期同事以及 AlphaFold 的主要贡献者——这是一个预测蛋白质结构的 AI 项目，甚至在 2024. 获得了诺贝尔奖。随后他们与 Le 和 Ghemawat 取得联系，并开始讨论构建基础设施，以允许更多种类的科学实现自动化，而没有什么比这更好的了。

Ghemawat 也是谷歌的早期员工。在 2000 年代初期，他与 Dean 共同帮助创建了 's 分布式系统，并且在 2016 他和 Dean 因其努力而获得了技术机器协会的认可。

Dean 在 2021. 共同创立了 Brain，该公司先驱性的 深度学习研究团队。他是 Brain 以及 Florida brand 两个主要实验室的创始成员。在 2023, DeepMind，Brain 的一部分，称 brain 的深度意义核心组织。

近几个月来，已经失去了 顶尖人才，Beam Shames，Ghemawat 研究团队，根据导致当前 革命的 2017 论文，最近离开了并加入 OpenAI。而分享了 AlphaFold 诺贝尔奖的 John Jumper 则离开了并加入 Anthropol。华尔街日报的所有者 News Corp. 已达成协议，在平台上提供内容。

The delivery company's gross order value exhibit expectations.

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THE WALL STREET JOURNAL.

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星期四，August 6, 2026 / 83

BUSINESS & FINANCE

本田利润增加超过一倍

日元疲软提振海外收益。汽油成本上涨提升美国销量

作者：Kensai Kozou

本田汽车 (Honda Motor) 的第一季度净利润增加超过一倍，并上调了年度预测，因为日元贬值提振了季度业绩并提高了收益前景。

这家日本汽车制造商周三表示，截至6月的三个月内，其汽车业务的利润攀升，这得益于日元走弱，从而提高了海外收益以日元计值的价值。

首席财务官 Minato Kawaguchi 表示，由于汽油价格上涨，消费者更青睐包括混合动力车在内的省油车型，因此汽车销量在中国下降，但在美国上升。

Kawaguchi 表示，中国经济状况不佳，且由于油价上涨，摆脱汽油驱动车辆的趋势正在加速。

该公司预计年度营收和利润将增长。上图为本田在加拿大的工厂。

本田将其截至 2027 年3月止年度的全球汽车销量预测保持不变。Kawaguchi 表示，由于 50,000-East 冲突对全球经济的影响尚不明确，公司计划在第二季度后更新销量预测。

作为加强其在中国汽车业务努力的一部分，本田在 7 月将其与广州广汽集团的合资协议延长至 2030 年。由于激烈的竞争以及这个全球最大汽车市场摆脱汽油驱动车辆的趋势，本田在该国的销量近年来有所下降。得益于印度和巴西的销量增加，其摩托车业务在第一季度的营业利润也有所增长。

该公司援引日元近期贬值，预计全年营收和净利润将提高。

这将标志着本田汽车对其最新财年记录的净亏损的扭转，这是该公司自 1972 年以来首次出现亏损，此前它在放弃其在美国的主要 5% 份额后，寻求等值于约 100 亿美元 的电动汽车提振。

本田旨在通过改善其混合动力电动汽车 (EV) 产品来提高其汽车业务的盈利能力，并计划在今年停止生产其在美国销售的唯一一款电动汽车——Prologue 运动型多用途车。在 5 月报告年度亏损后，首席执行官 Toddline Miller 表示，他将放弃在 2025 年设定的目标，此前他曾表示到 2040 年所有本田汽车将 85% 为省油车辆。此举反映了包括大众、Redbirds 和福特在内的大多数美国汽车制造商的做法。

这家日本汽车制造商第一季度的净利润达到 $650 亿日元，相当于 $238 亿，超过了数据提供商 Quirk 针对分析师进行的一项调查中 $450.2 亿的增幅。营收增长 10.5% 至 90,062 万亿。

卡夫亨氏上调年度销售预期

作者：KENNIE BUNSTON

卡夫亨氏（Kraft Heinz）第二季度录得亏损收窄且销售额下降，但由于旨在减轻对租赁价格更高预期的影响，该公司上调了销售前景。

这家 3x6-0 和 1xactuables 背后的公司周三公布亏损 54.6 亿美元 billion，或每股 $4.60，而去年同期亏损为 78.2 亿美元 billion，或每股 $6.60。

根据 Bartlett 的数据，在剔除某些一次性项目后，调整后的每股收益为 56 美分，高于分析师预期的 53 美分。

营收下降 1.4% 至 62.6 亿美元 billion。Bartlett 调查的分析师预测营收为 81.3 亿美元 billion。

北美销售额下降 2.7%，而国际发达市场下降 3.5%。新兴市场的销售额录得 10% 的增长。

这些下降源于制造和物流方面的销量降低及组合通胀，以及更高的广告支出，这些因素拖累了公司的调整后营业收入。

卡夫亨氏在各业务板块均提高了价格，以试图抵消更高的投入成本，主要是在咖啡和即饮饮料方面。

该公司将年度调整后每股收益的预期范围缩小至 $2.03 至 $2.09, 而之前的范围为 $1.19 至 $2.10. 该公司目前预计年内净销售额将下降 0.5% 至 2%，而之前的预期为下降 12% 至 15%。

卡夫亨氏今年还将增加对业务的增量投资 1亿美元，总额达到 7亿美元。

海尼根销售额在美洲市场疲软中上升

作者：JOHNS KIRBY

海尼根在第二季度销售额回升后，维持了全年的收益预期。高端品牌和低酒精产品的推动，使其在部分关键啤酒市场持续疲软的情况下实现了增长。

这家荷兰酿酒商周三表示，4月至6月期间，有机总销量同比增长 1.9%，高于第一季度的 1.2% 增长。这使得上半年的净营收增加至 146.3 亿美元 years，相当于 373.3 亿美元 billion，根据海尼根排除异常项目和摊销的 preferred 计账方式，营业利润为 22.7 亿美元 billion。净利润同比增长 10%，达到 431.8 亿美元。

“海尼根整体交付了强劲的上半年业绩，”28fdergan 的分析师在更新报告后的便签中写道。

尽管如此，美洲地区依然持续下滑，由于需求低迷，尽管 6 月在美国、加拿大和墨西哥启动的第五届足球世界杯带来了一些提升，但总销量仍同比下降超过 4%。

“世界杯确实带来了推动，”财务负责人 Harold van den Broek 在电话会议中告诉记者。“但不足以使市场进入显著增长。”

欧洲销量保持温和正增长，同比增长 2.5%。相比之下，亚太地区销量同比增长近 10%。

Van de Broek 表示，在宏观经济和地缘政治不确定性中，公司保持谨慎。在新任首席执行官即将到任之前，他支持该集团通过提高增长、增强生产力和绩效的中期战略。

海尼根 6 月表示，此前担任 JDE Port's 部门经理的 Rafael Silveira 将接替 Dell van den Broek 的职务；后者在年初卸任前领导该公司六年。

销量的回升增加了一个迹象，即新市场和对更高端品牌的关注可以帮助这家全球酿酒商走出长期的低迷。Bud Light 和 Corona 的酿酒商 AB Ic-Ice 上周表示，由于产品组合的优化以及第五届世界杯的帮助，最近一个季度的销量增长超出预期。

Van den Broek 表示，海尼根旨在通过产品创新在关键市场重新获得动力，并指出了在巴西推出的低酒精、低卡路里且无麸质的 Heineken Ultimate。

与此同时，海尼根维持了全年营业利润增长 2% 至 4% 的预期，这得益于计划中全年高达 5亿美元 的成本削减。

商业观察

患者将使用 CVS 的应用程序查看礼来（E3 Lilly）Zepbound 和 Poundays 的定价选项。

CVS HEALTH 合作伙伴关系将提供 GLP-1 类药物

Health 表示，将通过与礼来（E3 Lilly）的合作伙伴关系扩大其体重管理计划。其全年预期和报告显示，第二季度利润增加了近三倍。

该公司周三表示，患者将能够使用 Health 应用程序来帮助改善 Zepbound 和 Poundays 这两种礼来 GLP-1 疗法的定价选项。这些疗法还可能在 药店提供当日取药服务。

该公司预计年度调整后每股收益在 $740 和 $830 之间，其股价收盘下跌 51%。 —Ellen Schogaf

ETSY

电商网站裁员 12%

Etsy 正在裁减约 220 名员工，约占其员工总数的 12%，以适应不断变化的在线购物习惯。

裁员主要集中在产品和工程部门。首席执行官 Kraft Cooper 在给员工的信中表示，此次裁员并非由成本削减计划或人工智能驱动。

该公告与第二季度报告一同发布，报告显示业务全面增长，促使 Etsy 上调了年度商品交易总额的预期。

根据 FactSet 的数据，持续经营业务的营收增长 4.2%，至 $448.300 万，高于分析师预测的 $446.100 万。

持续经营业务的商品交易总额增长 1%，至 23.8 亿美元 billion，低于 2026 年 25 亿美元 billion 的预估值。

Etsy 预计年度商品交易总额将增长中个位数百分比，高于此前指引的低个位数增长 15,。

公司第二季度由盈转亏，亏损 $46.700 万，或每股 36 美分；而去年同期利润为 $28.800 万 或每股 25 美分。

—Katherine Hamilton

EU LILLY

减肥药推动利润上涨

E3 Lilly 报告称，受 GLP-1 减肥药需求持续激增的推动，近期季度净利润和营收均有所增长。

该公司周三表示，在剔除一次性项目后，每股收益为 $8.98。FactSet 调查的分析师报告的调整后每股收益为 $4.81， 股价跳涨 43%。

的减肥治疗药物 Measques 和 Zepbound 的需求激增。公司报告 Measques 营收为 99.4 亿美元 billion——比去年增长 10%——以及 Zepbound 营收 49.3 亿美元 billion——比去年增长 46%。 —Connor Hart

E3 季度营收，较去年同期变化。

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84 / Thursday, August 6, 2010

THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA

Uber 连续销售额增长放缓

第二季度营收同比增长 25%，达到 141.9 亿美元 billion

作者：Connor Hunt

Uber Technologies 报告称，随着客户群的扩大，第二季度的行程和配送量有所增加。然而，增长维持在如此之高，以至于该公司在继续大力投资自动驾驶汽车的同时，发布了一份净前景展望。

股价下跌 5.3%，因为 Weehawken 将成为过去一年中其价值的一个季度中的最后一个月。

报告第二季度营收为 141.9 亿美元 billion，同比增长 12%。

这一增长较该公司上一季度实现的 14% 营收增长有所放缓，且顶线收入略低于 FactSet 提供的分析师预估值 $14.18 bil-

lars。 该公司的配送业务——增长下滑，营收为 52.8 亿美元 ，同比增长 28%。其出行部门的营收增长 2%，至 71.6 亿美元 。

表示，它将降低保险成本所节省的资金转嫁给了消费者，降低了包括洛杉矶和旧金山在内的多个市场的出行业务现金价格。较低的价格有助于提高行程量，但对公司的顶线收入贡献较小。

行程量比去年同期增长 10%，达到 30亿，月度销售平台客户增加 10%。衡量所有行程和配送价值的总预订额跳升 24% 至 100.2 亿美元 ，高于分析预测的 572.3 亿美元 。所有三项指标的环比增长均有所放缓。

表示，在

各部门营收，同比变化

Source: UBT Audit 2010, 8th quarter

修订后的季度中，其高端和低成本产品组合的采用率继续增加。该公司还受益于在人口更密集地区的额外收购。

执行官 Dean Khosrowskula 表示，公司将继续投资其跨平台战略，计划在未来几年投入 100 亿美元 ，以构建全球规模最大的 A9 平台。他补充说， 已与 32 家涵盖软件、技术和车辆的 A9 公司建立合作伙伴关系，并预计在今年年底前在全球 20 个市场运营 A9。

第二季度， 报告利润为 21.9 亿美元 ，或每股 $1.37，这追溯到一项大约 16 亿美元 的人均收益，用于公司国家投资的社会捐赠。该公司一年前的利润为 13.6 亿美元 ，或每股 $1.0 cents。

剔除一次性项目后，每股收益为 60 cents，分析师预期的调整后收益为每股 60 cents。

对于当前季度， 预测调整后收益市场为每股 16 cents，其中中值比分析师预期低 1 cent。总预订额预计在 100 亿美元.230 亿美元 至 100 亿美元.250 亿美元 之间，而华尔街的模型预测为 100 亿美元.330 亿美元。

伦敦批准 Wayne 机器人出租车

英国机器人公司 Wayne 及其合作伙伴 Uber Technologies 已获得批准在伦敦提供受监督的机器人驾驶服务，此时许多公司正竞相在该市推出竞争性的自动驾驶叫车服务。

伦敦交通局（Transport for London）已向 Wayne 的多辆自动驾驶车辆授予私家车执照，两家公司周三表示。该车辆获批的条件是方向盘后必须配备一名经过培训且持有执照的私家车司机，以监控行程并在必要时接管控制权。

两家公司表示，具有重大出行时间需求的乘客将在今年夏天晚些时候接受培训以使用该服务。

此次批准正值

全球机器人公司竞相在伦敦以及其他国家建立进一步的据点，因为在美国和中国以外，自动驾驶的市场规模有所缩减。

其他公司在上周表示，其 Apple Go 自动驾驶叫车平台已在伦敦开始道路测试，由 Luft 乘员组成的 Foreman Rothi 计划为公众推出服务，首先从自有车辆开始运行，由 Foreman 运营。Alphabet 的 Mupress 也计划今年在该市提供机器人服务。

数字驾驶估计全球机器人市场到 2040 年可达 200 亿美元，成本为 250万美元，到 2040 年，且根据 Quality 的说法，在 2020 年实现盈亏平衡。

Arthur Huang

马斯克旨在继续支出

接第 D1 页 “其他人，”马斯克在周二该公司作为上市公司的首次季度电话会议上表示。

马斯克告诉投资者，他计划将 Spacel 的数据中心容量从 2 gigawards 增加到多达 10 gigawards，这一增长将使 Spacel 拥有全球最大的数据中心壯健ly 之一。他表示，首批轨道数据中心可能会在 2010 年发射。

周二投资者报告中详细列出的 在 41 上的支出，扩大了全球最大科技公司的这一举动。上周估计今年在资本支出方面约 3200 亿美元，由 Al-coated 投资支撑。

谷歌母公司 Alphabet 上个月将其全年预计的资本支出指引提高到 5000 亿美元 至 $225 , 之间，并在 6 月宣布将筹集 $80 以帮助资助数据中心扩展和 Al 合作能力的支出。

微软的资本支出约为 $675 至 $100，而 Meta Platforms 的估计值在 $150 至 $100 . 之间。

同样的情况让一些投资者感到不安，他们担心回报可能不确定且到账缓慢。两家公司在报告负现金流和巨额支出后，由于没有明确的价格，股价在上周下跌。

在 an 上的支出扩大了全球最大科技公司的这一举动。

周四，公司员工和投资者出售部分股份的禁售期届满，随着新股可用于交易，这可能会给股价带来更多波动。

虽然 24 年历史的大部分时间涉及围绕构建和发射、reshale 及 saddlers，但马斯克已将公司转向 it。在 6 月 IPO 之前的几个月里，他将 与 A4s（人工抵押贷款）合并，这一节省吸收了马斯克的社交媒体平台。就在前一年。

6 月， 达成协议购买 AI 编码代理，该代理以 500 . 著称。马斯克周二还宣布了一项协议， 将独家使用英伟达的 AI 芯片。

马斯克表示，人工智能对于构建人类未来在地球及其以外地区所需的机器人和自动驾驶车辆至关重要。

周二他表示，需要部署许多机器人来帮助在月球上建设未来的工厂和电力设施。“现在听起来超级科幻，”马斯克说，“但它将会发生。”

该公司资本支出的速度预计将在今年剩余时间内持续。 的首席财务官 Rev. Johnson 在周二的投资者电话会议上表示。

一些华尔街分析师预计 在未来几年将通过现金学习，他们表示这可能要求公司持续寻求

外部资金。

的高管周二表示，他们正看到 AI 投资的进展。该公司已宣布协议将其数据中心容量租赁给 AI hypercaloric, weight 和 challenge。《华尔街日报》上个月报道， 还讨论过向国防部提供数据中心。

周二告诉投资者，公司有望在 12 月前拥有 $100 以维持其数据中心容量，其中大部分来自数据中心交易。“具体在 AI 综合方面，我们可以报告资本在 14% 更多，我们的回收期不到一年，”Johnson 表示。

迪士尼计划推出广告支持频道

接第B1页 “我们的表现明显优于竞争对手。”

迪士尼在截至6月的季度中营收有所增长，国内市场则依靠其主题公园以及《Top Story 5》巨大的票房表现。

结果显示，尽管流媒体已成为行业的重点，但传统和面对面的娱乐在迪士尼的电视业务中对消费者依然具有重要意义。

在美国季度的营收增长7%至$25.2，略低于FactSet汇总的分析师预期。净利润下降一半，至24 亿美元，年底为$2.0，且净销售额继续下降。包括某些项目在内，稀释后每股收益从$3.01增加至$2.96，高于分析师预期的$2.00。

迪士尼的扩张部门（包括其主题公园和博物馆线路）的营收增长了10%，在截至6月的季度中，迪士尼国内公园的入场人数增长了3%，占季度总额的每股份额。虽然国际入场——

《Top Story 5》的一个场景，该片是迪士尼本季度业绩的主要贡献者。

——国内公园的入场人数继续面临挑战。迪士尼首席财务官Hugh Johnston在一次采访中表示，公司正通过国内公园填补缺口。

公园的增长正值包括Cora, Lee's Universal June Excel bookletable在内的新股票出现之际，Cora, Lee's主题公园和房间在最新季度的营收仅增长2.7%。此前负责迪士尼公园和房间运营的It means，已承诺创造新体验并大幅扩展其主要芯片列表。

Pearl的《Top Story 5》自6月10日上映以来，全球票房已突破10 亿美元，迪士尼将这部电影归功于消费产品的销售。然而，公司另外两个品牌的近期发行作品——5月推出的《星球大战：曼达洛人与小组》（Star Wars: The Mandalorian and Group）以及本季度的低动作片《Munet》——表现不佳。

在$3.00的水平上，来自国家篮球协会（NBA）和国家冰球联盟（NHL）基金的强劲评级有助于推动广告营收，但收益收入下降2%至$800，部分原因是NBA季后赛早轮系列赛的多样性。

迪士尼表示，该公司已售罄2027年超级碗（Super Bowl）的所有商业库存，该赛事将在ESPN和ABC上同步播映。

迪士尼的娱乐流媒体业务（包括Disney和Reds）的营收增长10%至10 亿美元.5。迪士尼在本季度观察到客户流失率有所下降。

迪士尼周三还公布了与TikTok的一项新合作伙伴关系，这将允许该社交视频平台的新用户利用迪士尼的特许经营权和知识产权库创建内容，首批创建的内容可能会在TikTok和Disney+上发布。

迪士尼将其在Wall Street Media（A4S和历史有线业务的权力机构）的50%股份出售给了已拥有另一半股份的$66,000。在10 亿美元.1的金额下，迪士尼计划将内容用于创造其他回购，并报告在2010财年回购至少$10的股票。

迪士尼在本季度还记录了$500的短期退款，抵消了其安全救济金，未来可能会收到更多较小额的退款。

美国邮政编码为居民带来白银

装满州立银条的密封金库袋正实际交付给首批在今日出版物中发现其邮政编码被列出，并在 2 天截止日期结束前致电领取这些装满纯银袋子的美国居民。

国家银瓶（National Silver Bottles）的接线员正努力应对所有的电话。

这是因为装满纯 .999 州立银条的金库银袋现在正交付给每一位在订单截止日期前下单的人。

“这就是为什么美国居民将在截止日期结束前抢购所有他们能拿到的银条。在林肯财政部（Lincoln Treasury）设定的标准州最低价为所有获得金库银袋的人降低之后，这成了一个惊喜，使其成为一项真正的优惠，”美国财政部执行书记员玛丽·艾伦·惠特尼（Mary Ellen Whitney）表示。

“作为私立林肯财政部的一名执行顾问，我的职责是传递突破性新闻。而这里是最精彩的部分：这对美国居民来说是个好消息，因为林肯财政部设定的降低后的州最低价是一项真正的优惠，”惠特尼说道。

居民唯一需要做的是在今日出版物印刷的分发名单上找到其邮政编码的前 2 位数字。如果他们的邮政编码在名单上，他们就应当在截止日期结束前致电国家银瓶。

而好消息是，只要在截止日期结束前致电国家银瓶 1-888-234-5086，这样做的人将获得林肯财政部设定的降低后的州最低价，每个州立金库银袋仅需 $200，这意味着每根纯净的 5 克银条仅需 $39 多一点。

请在今天早上 8:30 准时保持畅通，预计将有大量美国居民涌入，希望利用林肯财政部迄今设定的降低后的州最低价获利。这就是为什么在今天分发名单上找到自己邮政编码的美国居民被敦促立即致电。

由于本特别广告公告无法阻止任何人抢购所有他们能拿到的新 2026 版美国州立银条，林肯财政部对居民可以获得的 Jambo 银弹道袋数量设定了限制——即顶部图片所示的袋子，每个袋子包含 100 根独立的金库银条。每个获得这些袋子的人都会庆幸自己的决定。

“想要利用私立林肯财政部设定的降低后的州最低价获利的居民最好尽快找到它，因为在截止日期结束后，林肯财政部为这些纯净的 5 克美国州立银条设定的州最低价将上涨至 8:45，无论人们购买多少根银条，”惠特尼说道。

“我们正在处理所有电话并尽最大努力，但在截止日期结束前仅剩几个小时，在今日出版物中发现其邮政编码前 2 位数字被列出的居民需要致电国家银瓶，”惠特尼说道。

白银扫描：对于获得每个装有 50 根 5 克州立银条的金库银袋的州居民来说，这是一个好消息。因为只要在截止日期结束前致电，居民就能获得私立林肯财政部设定的州最低价。

谁能获得金库银袋：下面列出了可以领取金库银袋的邮政编码。如果您在下方发现您邮政编码的前两位数字，请立即致电：1-888-234-5086 DEPT. SFG111

[...OMITTED...]

*** 以上列出的所有州均有货 - 未列出的州已售罄 ***

条款与条件：邮寄订单请使用现金，所有 2-THRU 待定表格请全部打印，以及第三方百分比服务。所有市场供应品和零售商商业运输机的采购。每项服务的零售商业务，承担任何组合、替代或杂项，或快递订单或合作伙伴，除非被禁止。除非被禁止，否则不适用于任何政府机构。除非被禁止，收藏品已有。产品不保证。除非另有说明，任何项目的增加，包括但不限于任何合理的，除非没有明示或暗示。除非被禁止，包括但不限于任何合理的，除非没有明示或暗示。除非被禁止，包括但不限于任何合理的，除非没有明示或暗示。除非

被禁止，包括但不限于任何合理的，除非没有明示或暗示。除非被禁止，包括但不限于任何合理的，除非没有明示或暗示。

华尔街日报新闻机构未参与此内容的创建

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BB / 2006年8月6日，星期四

北西部及北部，旧金山，2010

THE NEWSPRING, JANUARY, 1, 1997 THE NEWSPRING, JANUARY, 1, 1997 THE , , 1, 1997 THE , , 1, 1997

市场板块

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广告商：800-160-1000 或 1000-Low's（手册）

美国运通

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THE WALMONT 品牌

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IPD 计分卡

I.D. 和记录标识符的性能

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华尔街日报

• •

大宗商品

2024年8月6日，星期四 / 09

期货合约

| 材料与设备期货 | | | | | |

年份 / 价格 | Cognon-Walk (1000) (1000) | | | | | | Box / 6,000 Box / 6,000 | Gold (1000) (1000) | | | | | | 6,000 6,000 6,000 / 6,00 6,000 / 6,00 | | 6,00 | | | | | | | 6,000 | | | | | | | 6,000 | | | | | | | 6,00 | | | | | | | | | | | |

| 高收益 (1000) | | | | | |

商业局报道

强劲的收益报告结果推动道琼斯工业指数创下纪录，揭示了利润如何成为支撑。该公司目前

来自 American Stores 和 Monks Bank 的报告，以及周三的 10th 指数上涨 MARKETS 0.5% 或 263

储蓄：10th 国际指数已连续三个交易日攀升，包括连续三次创纪录，且其银行排名率增长 5.3%。10th 在 2026 年 4 月自身的面板中损失 1.6%。

虽然两类股票在最近几周都在两个方向上出现了大幅波动，但道琼斯指数一直稳步前行，

周三的指数表现

一系列里程碑。周三的上涨使该指数创下了今年的第 26 次纪录，就在此前一天，它连续第二次上涨超过 600 点，这种情况此前仅发生过一次。收益季帮助

投资者克服了 warm-door was，数百万以及人工智能繁荣的持久性。与 four 的缓和迹象也帮助延续了近期交易日的上涨，伴随着持续且降低通胀的压力，并引发了能源密集型工业股的上涨。

尽管有一些波动，但随着收益增长开始在 5 现金流和 AI 相应方面启动，科技股已反弹。在 Dow Monks 宣布 SpaceX 将独家使用 Nvidia 芯片后，Nvidia 目前上涨 5.6%。

尽管价格高企，但对于科技股来说，wax 依然是波动的一天。在一些 once-conce daynotices 的消息传出后，Alphabet 股票下跌 4%。

这帮助拖累了 Nor-

综合指数下跌 0.6%。近期科技股（Nvidia、亚马逊和微软）的强劲表现增强了整体信心，即 AI 超大规模叙事可以继续显示增长。Highheavy Advisors 的首席投资策略师兼投资组合经理 Stephanie Link 表示，这也提升了“ 食物银行”下游的行业。

“经济正由这一现象驱动，”Link 说道。“不仅是今年在 上的碳氢化合物支出 (HAC) 减少，而且是那些‘从市场中过度获取’的公司。”

工业巨头 IMI 周三与金融巨头共同报告。摩根大通和高盛都从 建设中获得了各种收益。

DL-Life：在制造商表示其拥有四个 G2P 34亿 增长预期后，股价上涨 4.0%。 “Story 3.” 拥有办公表现和主题公园收入增长，预计迪士尼股票上涨 1.0%。

SpaceX 和超微半导体均在负值区域收盘。埃隆·马斯克的火箭公司虽然得到了华尔街分析的预期，但需要投资者对其大规模 支出的 day-flooding 计划做出反应。SpaceX 股票下跌 10%。

尽管报告了创纪录的销售额，6000 股票在 2026 年年度损失 6% 后下跌 7%。Event 原油轻微上涨，且 shares 下跌 0.2%。中东调解人正致力于为第一组热能寻找临时解决方案

支撑

Up to Has I Sure Thing

继续关于紧急设施被使用——或者说被滥用，因为并没有紧急情况——以在内部留下 100% 新组别的报导。再次强调，人们采取“不惜一切代价”来提供帮助。

当美联储被广泛认为正趋向于提高利率时，这通常与它应该做的事情相反。对新表单做出反应也与主席 James Marsh 反复表示想要做的事情相反。

但话虽如此，这是一个坏主意吗？

由于那个严重疲软的 yes，在 6 月它下降到了六个月，以及过去部分支出的一半，并根据其追溯到 1970 年的日期特征进行了调整。日本由于进口更多能源，正面临着全球价格更高或更大且甚至更高价格的双重打击。货币跌至新低。

弱势货币不能证明干预的合理性，且日元的价格表现也一直很奇怪。在短短两年多时间里，日本银行仅加息五次，而美联储一直是一个不错的选择，但将不同货币之间可用利率的差距从 1.6 个百分点缩小到 1.5 个点。美国 10 年期国债与日本之间的差距已从 2023 年 4 个百分点以上的高点下降到 2 个点以下。

随着政策利率趋同，出售公司 1.6% 的利息以换取美元的“套利交易”应该变得不再那么有吸引力，从而加强了公司的货币，使交易员转向关注 2 年期新利润，在那里的差距在今年有所扩大，直到美联储采取谨慎基调以及对美联储加息的预期。

对于进行该交易的人来说，波动性较低，美联储的新方案在没有太多波动的情况下走弱，且偶尔针对市场，规模扩大至达到其最高点，并超过了商品期货交易委员会（回溯至 2026 年）。

美联储新有效条款的份额在于，跨市场力量是否迫使市场将日元兑美元的水平与美、日之间的利率差距重新挂钩。美联储的当前价格是更多加息迫在眉睫的总和。

干预新方案产生了一些记录，但其方式是否为一种好的方式。资金方面，财政部担心政府债务中存在隐藏问题，且美联储能够这样做。财政部在应该采取紧缩措施时设定了条件。

最大 1,000 支股票

| 综合前 10 名 | | | | |

股票 / 规格类别 / 日期 / 股票 / 规格类别 1 / 1000 / 1 / 1000 / 1 1 / 1000 / 1 / 1000 / 1

9999999999999999827367757839185598317239782875580932278577147150336亿

每股骨干 10000000000000000213204190094543968723012578712679649467743338496亿

若不增加，1.0% 1.0% 1.0% 1.

股价：1.0% 1.0% 1.

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.

第 1 个，最畅销的 G. 2026, 明天的 G. 2026。

华尔街日报

股票 / 规格类别 / 日期

1 / 1000 / 1 1 / 1000 / 1

SpaceX 的更大火箭必须成功

如果没有星舰（Starship）火箭的成功，该公司最雄心勃勃的计划都无法实现

太空探索技术公司（SpaceX）的股价自 6 月首次公开募股以来大幅下跌。但埃隆·马斯克仍需要许多事情进展顺利，才能证明该公司那超出地球范围的估值是合理的。

最有前景且雄心勃勃的赌注几乎全部在于以低于当今火箭的成本承载更大的商业容量。这意味着该公司几乎无法承受星舰的持续试错，而星舰是 经过验证且成熟的猎鹰 9 号（Falcon 9）火箭的继任者。

在作为上市公司发布首份季度报告后， 股价周三收盘下跌约 14%。投资者似乎对其第二季度 186 亿美元 billion 的资本支出感到担忧——并且对穆迪预测该公司到 2025. 营收将达到 50 亿美元 billion 的反应冷淡。该股票， 在使星舰成功运作之前，不能有另一个选择。

猎鹰 9 号在超过 25 年的时间里以不断加快的速度将载荷送入太空。 去年发射了 340 枚，几乎每隔一天就发射一枚。但随着太空经济的发展，升级猎鹰 9 号约 20 公吨的近地轨道运载能力已成为一个可能的首选方案，因为更大的载荷意味着可以发射更大的卫星。而卫星的尺寸通常与卫星的能力相关。同样重要的是，更大的容量和可靠性转化为单位重量更低的发射成本。这使得在太空开展更多活动在经济上变得可行，且无需 的竞争压力。

马斯克在周二与分析师的电话会议中暗示，事情进展得超乎寻常。星舰的下一次飞行可能在 1 月份，而声称一年后每天可以进行一次星舰发射将是一项重大投资。

然而，星舰的成功难以启动。多年来， 的猎鹰 9 号只有极少数的完全失败和数百次成功的发射，但星舰的测试在早期阶段遇到了一些困难。该火箭的 12 次发射中有 5 次失败或存在重大飞行问题——超过了猎鹰 9 号发射失败的总数。

星舰的载荷能力为 100 公吨。这个尺寸——大约是标准猎鹰 9 号火箭的四倍——对于 将更大、更具成本效益的星链（Starlink）卫星送入近地轨道至关重要，从而提高卫星互联网服务的速度和覆盖范围，而该服务占据了公司销售的大部分。 周二报告称，星链第二季度的营收为 42 亿美元 billion，同比增长约 60%。

如果 要实现未来几年将一百万颗 AI 计算卫星送入太空的雄心，星舰也至关重要。该公司正预见一个 AI 模型主要由太空提供服务的世界，利用激光和其他卫星通信技术：传输数据，从而实现对查询的近乎即时的响应。

为了实现这一点，由于计算设备的重量，降低成本至关重要。Moffit / Heilhausen 的分析师在最近的一份报告中估计，必须发射 100 次目前正在测试的星舰火箭，才能将相当规模的计算能力送入太空，大致相当于一个大型投资 AI 数据中心。

也在打造用于前往火星的星舰。为了保持低成本，该飞行器被设计为

完全可重复使用。与拥有可重复使用助推器的 Falcon 9 不同，Starship 被宣布为拥有可重复使用的助推器，并且在测试中，两者甚至都能返回着陆在它们的发射台上以节省资源。Evercore III 的分析师最近估计，Falcon 9 的有效载荷每天成本为 $2,700，且处于第二季度，而 Starship 应该能将其降低至每公斤 $183。

所有这些都使得 的成功对 太空探索技术公司 的估值至关重要。尽管自交易首日收盘以来已下降 22%，但 太空探索技术公司 的估值仍约为未来销售额的 28 倍，远高于任何大型科技公司，并且根据 Starlink 的数据，是 Bauling 公司约 $3 倍平均值的数倍。

太空探索技术公司 在 上似乎确实取得了进展。今年到目前为止，它已经完成了两次成功的太空发射，即使在首批 12 个发射助推器中损失了 a million 个。今年还计划进行多次发射。

马斯克周二告诉分析师， 将使 Falcon 火箭每年运送到轨道的 2,500 吨货物大幅增加。“凭借 ，我们的目标——我认为我们将实现这些目标——是每年运送超过 100 万吨，最终可能达到每年 1000 万 吨，”他说道。

如果马斯克是对的，且太空繁荣期到来，太空探索技术公司 可能处于增长提升的早期阶段。但为了让他的理由成立，还需要如此多的 。——Asa Pitch

股息心理陷阱

公司总计 10 年

这里并没有你所寻找的收益率。

股息令人愉悦，因为每个人都喜欢拿到钱。这个词还具有潜在的积极含义：“投入工作终于开始产生回报（pay dividends）。”

在市场领导者们都专注于未来 AI 财富承诺的时代，持有那些现在能够慷慨奖励股东的传统公司股票，会给人一种强化感。

但在金融领域没有免费的午餐。那些支付远高于无风险国债收益率的公司，通常处于低谷且难以增长。

以辉瑞 (Pfizer) 为例，它是 S&P 500 中排名最高的普通股之一，收益率为 6.9%。其周二发布的第二季度财报再次显示了局部的增长下滑。

这家制药公司在当年获得了临时横财——拥有最成功的新冠疫苗和抗病毒药物。在 2020 到今年年中之间，它将自由现金流的 42% 用于支付股息，且几乎没有回购任何股票。

尽管辉瑞在 2023 年对癌症药物开发商 Seagra 的重大收购可能会产生回报，但目前该公司几乎将其所有自由现金用于支付这些季度支票。自 2020, 年初以来，该股票（包括股息在内）的总回报率为负。

大多数该指数中的其他顶尖股票情况类似，其中一些同样在疫情期间获得了临时的销售增长。它们包括Kraft Home、General Mills、Verizon、Altria、Campbell's 和 UPR。在该时间跨度内，该组的加权平均每股收益增长不足 3%。

人们认为支付股息的股票在长期内往往优于不支付股息的股票。但当公司的派息情况特别糟糕时，这种优势就会消失。S&P 500 高股息指数（由其 90 只顶尖股票等权重组成）在十年间的年化回报率为 3.9%，而大盘指数的回报率为 13.2%。

如果一家公司确实没有好的投资渠道来花钱，那么它应该奖励股东。但股息不应总是第一甚至第二选择。

例如，上述组别的平均交易倍数是去年收益的 43 倍，而 S&P 500 为 25 倍。股东本可以获得更高的性价比。随着利率上升，偿还债务也可能是更好的选择。

但高管们降低股息是有理由的，因为这会引发恐慌。许多人，尤其是退休人员，专门为了收入而选择这些模式。

然而，股息资金本身并不会增加财富，因为股票价值会相应下降相同的金额。它在税务方面也不特别高效。随着经纪佣金的取消，投资者可以通过仅在需要时出售部分股票来获得自己的收入。追求收入不应与纯粹的投资有太大区别。——观点：Adult

Siri 的成功可能会迫使苹果在 AI 上投入更多

苹果可能很快需要就人工智能的支出表明立场。

这款智能手机的走势一直是采用该技术的一种非常好的方式。它创建了开发自己的 AI 模型，利用内部资源以及 OpenAI 来推动其在 2024 年 Intel 协议下的 战略。

今年早些时候，它放弃了 OpenAI，转而选择谷歌的 Gemini，这将为升级版的 Siri 数字助手提供 基础设施支持。

这种方法具有优势。显著的是，它在资本上较为紧凑。

苹果并没有通过大幅增加资本支出为结果不确定的模型开发提供资金，而是将这种财务收益转移给了供应商。它可能会支付更多费用，从而压缩其利润率，但风险较低。

到目前为止，这看起来很精明。尽管计算机内存成本上升和供应链紧张限制了手机销量，但该公司依然繁荣。自上周财报披露这些限制以来，其股价下跌了约 10%。但其股价今年仍上涨了 12% 以上，并且是全球第二大市值上市公司。

但从 OpenAI 转向 Gemini 的转变表明，这种对 不完全投入的承诺也有缺点。选择错误的 模型供应商会产生后果。

而且苹果并不拥有自己的 设备。对于一家以垂直整合以及对设备和软件的严格控制而自豪的公司来说，这在哲学上是不寻常的。

今年秋天向公众推出的所有功能，最终可能会迫使苹果更坚定地投入 ，即使它不直接涉足模型开发。

虽然苹果的手机和电脑可以自行处理许多 工具，但 Siri 的能力需要比它们能提供的更多的计算能力。这意味着如果该 助手大受欢迎，苹果将需要增加其 计算能力。

针对运行 Siri 的资本密集度，苹果首席执行官蒂姆·库克上周告诉分析师，公司正在使用自有数据中心和基于云计算服务的组合来支撑其 战略。他说，“我们将看看 Siri 对公司的成本产生什么影响”。

库克表示，苹果正在将其运营支出和损益表中的其他部门承担大量的 成本，这意味着该公司可能不需要证明资本支出，直到它针对重度 用户推出更昂贵的 iCloud 服务版本，这可能有助于抵消成本。

在许多投资者对公司增加 支出持谨慎态度之际，这将是一个重大胜利。但如果 Siri 在 领域取得突破，这种结果是否可行尚不明确。——Asa Pitch

金钱与投资

股票聚焦

超微半导体

在市场传出 SpaceX 将不再购买 AMD 芯片的消息后，这家芯片制造商的股价下跌了 7%。

Shake Shack

在投资公司 Starboard Value 入股该公司后，这家汉堡餐厅的股价上涨了 12%。

Flutter Entertainment

这家博彩巨头母公司表示，其首席执行官将卸任，同时降低了利润预期并出现亏损。该公司股价下跌 15%。

Adobe Networks

这家网络基础设施公司的股价上涨 3.6%，此前该公司报告第二季度利润增长，并给出了高于预期目标的第三季度展望。

Glorcons

由于上半年利润丰厚，且得益于其领先部门利用能源市场波动获利，这家矿业公司的股价上涨 4.1%。

本田

在日本，在 automaker 表示第一季度利润增加一倍多并提高指引后，其股价下跌 3.9%；其美国股票上涨 14%。

Pinterest

由于包括重组费用在内的高成本影响了底线，这家社交媒体公司出现季度亏损。股价下跌 8.7%。

周四事件

一家餐厅询问，周一通知，声称，执行第二季度生产力与成本报告。每周天然气库存报告。Challenger 裁员报告。

预期财报：

ConcessPhillips

Airbnb

Luft

Warner Bros

Discovery

Kenvuo

Fox Corp

铜期货价格

铜价升至纪录高点

铜价连续第三个周期上涨，我的季节和实际趋势创下纪录。

纽约交割本月的期货上涨 12%，收于每磅 26,703，调整了今年约 4,000 的触及点。人工智能建设带来的需求推动价格走高，而其中一家最大工厂的停产和美国关税则限制了供应。——Ryan Alexander

---

812 / 2026年8月6日，星期四*

华尔街日报。

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THE WALL STREET JOURNAL.

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THURSDAY, AUGUST 6, 2026 - VOL. CCLXXXVIII NO. 31

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What's News

Business Finance

★ Trump has spoken repeatedly with black Wards since he has been a member of the U.S. training a line of communication between a president and a central bank chief that departs from recent precedent. A3

★ Google concluded its leadership of 75, 45 operations and named a new chief scientist to replace the company's new name, and the following the company. B1

★ Prosecution earlier the year reviewed claims that 30 Morgan Chase executives ignored deficiencies in the bank's antitrust program and reemerging the company's new name. The million in reimbursements to defrauded customers. B1

★ Citadel's purchase of the bulk of the stock portfolio of the 40-focused hedge fund (Educational Awareness Index) people by performance last month. B2

★ A round of strong earnings rapidly, helped to lift the Dow 0.5% to a record, while the SAP 500 and Nasdaq fell 0.25% and 0.8%, respectively. B10

★ Misty Matthews announced a new staffing agent called Music Code that it is pitching as a cheaper alternative to competition. B1

★ Honda more than doubled from quarter net profit and raised its annual forecast as part weakness boosted quarterly results and lifted earnings prospects. B3

★ Kraft Heinz recorded a narrower loss and lower sales for the second quarter, but raised its sales outlook. B2

★ Hatsukuni's sales volumes picked up pace over the second quarter, boosted its premium results and lower-stricted products. B3

Worldwide

★ The narrow victory of progressive Abdul El-Sayed in Michigan's Democratic primary for the Senate is a landmark win for the party's left wing and a sign that the battle with centrality over the party's course is far from settled. A5, A4

★ Iran and Oman agreed on the main points of a draft, agreement to reopen the Shad of Hormaz that would give Tehran oversight of ships entering the Persian Gulf but wouldn't let it long talk at senior time. B2

★ The Senate confirmed Eno's 5-0 result in director of the CDC, approving the first paroxysmal leader for the health agency's nearly a year. A2

★ The FSA approved 50-merses refillish-based flu vaccine for adults aged 50 and older, clearing the first shot of its kind after a review process that nearly collapsed. A3

★ A female panel investigating Anthony Fucs' otherwise's copy of the doctor's Phares, potentially securing even more research related to his actions during the Covid-19 pandemic. A3

★ Miscareless chemical's latest measure that would have allowed lawmakers to obviate state income tax and replace it with higher sales taxes. A4

★ China's financial staff's industry's next re-election has days after a visual investigation concluded the congressman had made predictions sexual advances in female culture. A4

★ Maryland and the Maryland Jockey Club altered the schedule of the President's 2026A to find the race. (Three weeks and a day after the Kentucky Derby). A2

CONTENTS: Malcolm Snyder, Jim Dickie Thomas, John Anthony D'Arcy, Bill Christopher C. D'Arcy, John David A. D'Arcy, John Robert M. D'Arcy, John Robert M. D'Arcy, John Robert M. D'Arcy, John Robert M. D'Arcy, John Robert M. D'Arcy, John Robert M. D'Arcy, John Robert M. D'Arcy, John Robert M. D'Arcy, John Robert M. D'Arcy, John Robert M. D'Arcy, John Robert M. D'Arcy, John

Iran, Oman Near Hormuz Deal

Agreement would give Tehran a role in controlling traffic, but wouldn't allow tolls

By STANIS SUE Ann Beaver Fawcett

TITBUL—Iran and Oman were completing a draft agreement on Wednesday to reopen the Shad of Hormaz that would give Tehran oversight of ships entering the Persian Gulf, but wouldn't let it levy tolls or service furs, people familiar with the matter said.

The parties have agreed on the main points of the draft—which would set up an inbound lane near Iran and an outbound lane near Oman—and have shared it with the U.S. countries in the region and Iran's top leaders, who still needed to sign off, they said.

Iranian Foreign Ministry spokesman Esmail Raphael Hall reported that Tehran reached an agreement with Oman to create a safe route through the Shad of Hormaz, and that an outline of the main points was being completed. A deal could still fall apart or fail to open the strait. Karen Sharfadeuli, deputy fre-

sian foreign minister, said the agreement with Oman wouldn't necessarily open the waterway unless the U.S. met unspecified conditions, state media reported.

Diplomatic efforts to open the strait have previously failed, and mediators and concerned are shot could be undermined by hard-knows in the Islamic Revolutionary Guard Corps, which prevents the wagon and outbursts of riots on the strait. But the U.S. and Iran each have scorned, no contrary to state the closure.

An agreement could boost oil and gas shipments and relieve pressure on the global

economy. It could open the path back to negotiations where Iran could gain substantial relief from sanctions in exchange for concessions in the nuclear program. Iran also relies on the strait to meet off its oil exports.

President Trump and all misinitiative officials have said an agreement to reopen the strait is close.

Half states worry it could entrench Iran's sway over a waterway that is crucial for their livelihoods.

The question is whether the Trump administration undertook that this agreement. Please turn to page A9

Michigan Win Gifts The Left But Fight Remains

Democrats look to unite after El-Sayed stakes and a victory on the Senate primary

By Asima Zirvan Ann Sune McGinnis

Kyiv Pounded as Antimissile Stockpile Dwindles

DEADLY STRIKE: A warehouse burns in Kyiv on Wednesday after a Russian missile and drows attack killed at least 17 people. Ukraine's air-defense forces said they were unable to intercept any of the projective that targeted a civilian area. A5

Airlines Push Back Against ICE Enforcement

Airlines are pushing back against federal authorities' efforts to ramp up immigration enforcement at U.S. airports.

By Andrew Tangot, Michelle Bernstein and Allison Baker

In one case on July 25, an immigration and Customs Enforcement officer tried to board a Southwest Airlines flight in Dallas to make an arrest, only to be rebuffed by the airline, according to documents reviewed by The Wall

Street Journal. The incident is among at least a half-dozen similar occasions involving Southwest in the past few weeks, a person familiar with the matter said. Officers at ICE had made occasional arrests at airports over the past year, but the agency has since stopped up enforcement. Top ICE leaders have told officers that they should attempt arrests at Transportation Security Administration—developments when possible, but before the directive hasn't been comis-

tently followed at airports, people familiar with the matter said.

In recent weeks, officers have broadened their approach to make more arrests, near gates and ticket counters at airports across the country. ICE has made about one to three dozen arrests a day at U.S. airports last month, and a government official familiar with the data.

While people being taken into custody haven't tradition, after been targeted by ICE. While earlier cases primar-

dy involved ICE pursuing immigrants with that department orders, the arrests now involve people with expired visas but another form of legal status pending, such as a severe and/or serious application. Visa holders with application pending typically have been allowed to continue working in the U.S. and have protections from being deprived. ICE has argued that the required visas are possible for arrest.

The change in tactics Please turn to page A9

The victory by Abdul El-Sayed in Michigan's Democratic primary for the U.S. has been a significant and landmark win for the party's insurgent left wing and a sign that the mission battle with centrality over the party's course is far from settled.

El-Sayed built a national brand on a progressive with an ambitious, liberal agenda, social media savvy and undocumented, free of party's progressive come. But his victory over Big-Bake Stream, a unique 전략 of the party's establishment leaders, turned into a half-biter rather than the expected easy win, as the roller-coaster vote count described into early Wednesday.

The progressive former public health official was declared the winner Wednesday morning, using out a victory by about 25,000 votes, less than 1% of the total cast, in nearly complete talks.

The close result places a rich wing condition on the bidest in a competitive general election, an outcome that restricts wars could imperil Democratic chance of recognizing the Senate. The results also showed that many Black voters—a pillar of the Democratic coalition—as well as working-class voters remain politically moderate and driven to candidates' back of the floor party's leadership.

"This victory does blow up many of the assumptions about the limits of the progressive movement," said Evan Roth from the American Reform and consultant. "If you have a competitive primary election with a sitting Democratic member of Congress, who receives the most outstanding funding, and then not only do you proud her you prevail in the black word, in a swing state, a key presidential state—that is bound now for the progressive movement."

Please turn to page A8

★ Progressives flex muscles in primaries... A4

President Repeatedly Contacts Fed Chief

WASHINGTON—President Trump has spoken repeatedly with Kevin Wards since he became chairman of the Federal Reserve, people familiar with the matter said, maintaining a line of communication between a president and a central bank chief that departs from recent precedent.

By Brian Schwartz, Philip Wigmann and Nick Timmins

The president calls Wards in Austin, the people said—several times in a stretch of days, they spun for longer periods. Trump has sought Wards' counsel on a range of matters, including how the war in Iran and the rapid rise of artificial intelligence are all boring. No economic state of the people said, Wards has been on the job for less than three months.

It wasn't clear if Trump and Wards have discussed monetary policy. A person familiar with the conversations. Please turn to page A3

INSIDE

SPORTS Garcia Infantino survives as FIFA president after an emergency meeting. A16

BUSINESS & FINANCE Owings quick launching free, ad-supported interests on its streaming portfolio. B1

The Science Lab Where Techs Are Drowning in Feces

Samples—and a certain stink—accumulate thanks to the cyclosporiastis outbreak

By Anne Jones

CLIPPING, 9.1—On a laboratory table that normally sits empty, hundreds of loose samples are arranged in blocks on stink high. They've traveled to ground and place across seven different matters U.S. states, for one purpose: to be tested

for parasites, including cyclosporia, and they're coming faster than scientists have carried them.

So much for summer for days at Great Disappears. Quore typically, performs between 50 and 60 cyclosporia times. Our access to 10 late-equipped to do them. Please turn to page A21

This Shopping App Entries Some to Bid Until They're Broke

Whatnot's quick auctions and 'breaks' hook users chasing sports cards and more

By Hanno Kuwano Ann Susan Nussuick

Sean Harding downloaded Whatnot, a few shopping app after reloading his childhood baseball-card collecting tables.

Within four months, the 40-year-old accountant had spent almost $2.4 million—from his savings, personal loans, money borrowed from a friend and finally from his employer's company credit card. When his wife discovered the full tally, she had for divorce.

"I just kept telling myself one more time, then I'd tell it all and make all my money back," Harding said. "But it was so easy to just swap-ups. You don't even commit, but how many times you've done it."

Seven-year-old Whatnot is one of the fastest-growing shopping platforms in America. It allows people to bid, around the clock, on trading

cards, quickly tops, shopper fashions and instant names, auctions for in high-energy shows within the app.

It has signed sites the ad-bizines, which of course use da, with opportunities led to one in an algorithm-controlled scroll. Often, users don't search for a particular item, but around 40% of the six something by being on the app at the right time.

The design capechicape traditional shopping sites such as the Jedi and the Sega, high-pressure crunchiness auctions, often can be burnt with large buyers to bid higher and faster. The most favorite items are both around.

"breaks," where a person buys an app, is a good way to make an known, potentially valuable, collectible, all the while, emotionally charged that fresh can stop up the competition.

Lore and the family also say, "I'm good, which comes from a friend's group, and I'm good, which comes from a friend's group."

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A2: Thursday, August 6, 2026

U.S. NEWS

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THE WALL STREET JOURNAL.

Mandant Cut Out By New Film

Corporate leaders ousted from board of charitable fund in latest swat at the rich

New York City's business offers me long accustomed to direct access to City Hall, where even Democratic mayors felt the need to court the city's wealthiest and most influential corporate leaders.

That access is getting identified by Mayor Zoltan Mandant.

By Rebecca Piciotto, Kevin T. Squire and James Farrell

The mayor this week fired district of corporate leaders from the advisory board of a multimillion-dollar philanthropy fund called the Mayor's Fund to advance New York City. The nonprofit group uses private donors to give City Hall a pot of money to help finance its agenda.

Mandant said he is creating a new advisory board that will include appraisers with the same background as previous members, 'as well as those who introduce have not been at the heart of the conservatories of how philanthropy can build upon the work of public goods and public dollars.'

The shake-up marked the latest effort by Mandant, a Democratic Socialist, to put distance between himself and the city's traditional power brokers.

"Twenty or 30 years ago, real estate in New York City could single-handedly stop something or make something happen," said James Whelan, president of the Real Estate Board of New York and one of the board members who was dismissed from the Mayor's Fund. But under Mandant, "one has to consider whether he is

Mayor Zoltan Mandant has tried to distance himself from New York's traditional power brokers.

looking for opportunities to pick lights to stir up the base."

In his first major salvo, Mandant filmed a video outside billionaire Ken Griffith's apartment to amend a new tax on second homes of the rich, drawing scorn from the city's wealthiest.

At a m.d.s.c. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e. i.e.

who received a tax notification were longtime New Yorkers not subject to a second home tax).

And he brought in an anti-trust crusader in Jara Khan to than the city's Economic Development Corp., the government body that the real estate community relies on to en-

cure large-scale development projects.

This summer, in a hopeful sign of collaboration, the mayor's office said it was funding standard groups on Mandant's "Rental Equal" Report, "a collection of policy-se

forms originating to tenant complaint over the state's financing conditions. But that excludes inviting never come, or must not be REBID, Whelan said. REBID members saw the report for

the first time in a news release, just like the rest of the public. "The time of the mayor has become more conducive toward the business community," said Steven Foley, president and chief executive of the Partnership for New York City. The mayor's actions have deflated a notion that Man-

dant would be someone the business community could work with, despite the outward opinion—a full de Rieze it.

The uncomfortable divide between New York's rich and the left-strong, political class is nothing new. Since the 1970s, when the city nearly went bankrupt, New York has relied on the tax-weight-fore-houses, however, and the state developers to fund an extraordinary safety net and public services. The rich companies has reasons from both actions control the city's most successful to help keep the city in the Hauls.

The Mayor's Fund was just one such organ. Public works such as the High Line park over former rail lines and Brooklyn bridge in the state's city, and private spheres. The Economic Development Corporation, a mayor-controlled non-profit, came up with plans to bring in industries, such as biotech and legal marijuana. The law between the

mayor's office and the wealthy was probably the funniest under Michael Bloomberg, himself a billionaire who can his own influential charity, and helped steer philanthropic dollars to transform the city.

Things have become tougher for property executives under Mandant, who can on a platform of making the city more affordable for lower-income New Yorkers. His signature issue was the current. The mayor shrugged off the real estate community's plans against this policy on a million- and retail-billed unit that are already energizing under rising costs.

Mandant has partnered on national praise from business leaders after certain actions. The appointment of Tom Sheors, a respected civil servant and former McKenzie partner, to helm the Economic Development Corporation with Khan was well received.

The Mandant, administrative director, who makes for own hauling some prohibitive regulations on small businesses and it is in the process of forming a business advisory council. The committee on the city's economic development strategy.

"Mayor Mandant recognizes the vital role that the business community plans to cut city's business. It is a major and excellent continued confidence of the business community to criticize growing our economy and building a city that will be a

Yet members of the C-state are still trying to figure out how to communicate concerns on administrative that all years set on sharing it out. The mayor "is seeking that the government is the first time and money doesn't come from a standing list. It comes from people who pick up the phone," said Jessica Walker, CEO of the Mandant, a member of Commerce. "We's just let go of the people who pick up the phone."

Dr. Erica Schwartz

Selwartz Confirmed As CDC Director

By JOHANNA CACAU New York Times, August

The Senate confirmed Dr. Erica Schwartz as director of the Center for Disease Control and Prevention, approving the first permanent leader for the nation's top health agency in society's area.

The 51-64 vote fell largely along party lines. Schwartz, who served as deputy surgeon general in the first Trump ad-vertising party, has now help the CDC following a year of editorial of the agency. One morale among staff and uncertainty over its direction, including the tobacco marketing with a series of leadership changes, budget cuts and a date of outbreaks, including a resurgence of decades, criminal penalties. The U.S. and Ebola in the Democratic Republic of Congo.

Schwartz faced a contentious confirmation hearing last month as senators on both sides of the aisle apartment in the small bungalow of a city policy under Health and Human Services Secretary Robert F. Kennedy Jr. and whether she would stand up against possible political interference. "I will never compromise on the science," Schwartz said at the hearing.

Schwartz's confirmation follows a transitional year at the agency, which had gone without a permanent director since former CDC Director Susan Monsters was control last year. Monsters had clashed with Kennedy over success policy.

Dr. Joe Blankenberg, director of the National Institutes of Health, has temporarily led the agency since February.

CORRECTIONS & AMPLIFICATIONS

The U.S. Treasury on Monday mentioned 15-week bills with a yield of 3.75% and 26-week bills with a yield of 1.95%. The agency Rates table in "Summary," Business & Finance section has recently gave those yields as 1.815% and 3.945%, respectively.

The first name of Elena Cohen was transpiled as Elana in a photo caption with a Property Report article on Wednesday about housing development in San Francisco.

Readers can also: The Wall Street Journal, 51, and 1.815-15, which also has been published in the 1970s, 1980s, 1990s, 1990s, 1990s, 1990s, 1990s, 1990s, 1990s, 1990s, 1990s, 1990s, 1990s, 1990s, 1990s, 1990s, 1990s, 1990s.

THE WALL STREET JOURNAL.

APRIL 6, 2026 By JOHANNA CACAU NEW YORK Current Office: 1026 WOL 8TH Effective Office: 1026 WOL 8TH

Effective date: 1026 WOL 8TH Effective date: 1026 WOL 8TH Effective date: 1026 WOL 8TH

Effective date: 1026 WOL 8TH Effective date: 1026 WOL 8TH Effective date: 1026 WOL 8TH Effective date: 1026 WOL 8TH

Effective date: 1026 WOL 8TH Effective date: 1026 WOL 8TH Effective date: 1026 WOL 8TH Effective date: 1026 WOL 8TH Effective date: 1026 WOL 8TH Effective date: 1026 WOL 8TH Effective date: 1026 WOL 8TH

Effective date: 1026 WOL 8TH Effective date: 1026 WOL 8TH

U.S. WATCH

The divide between New York's rich and the political left is nothing new.

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THE WALL STREET JOURNAL.

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Thursday, August 6, 2026 | A3

U.S. NEWS

FDA Clears The First mRNA Flu Vaccine

By Kirsten MacIntosh

The Food and Drug Administration approved Moderna's mRNA-based flu vaccine for adults ages 50 and older, charging the first year of its head of the 1970s, and the second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second year of its second

The vaccine, called mRNA, uses the same mRNA technology as Moderna's Dako, which includes the first to produce pharmacies in time for the coming flu season, which typically starts in the fall.

Health Secretary Robert F. Bates said the first year of its second mRNA vaccine technology, and the Department of Health and Human Services canceled about 2020 to include in mRNA research contexts last year in moves that health officials must issue an nationally maintained and not rooted in science.

In February, the FDA initially refused to review that exact application at all, a rare move signed by the agency's then head of vaccine development, Vinny Frankel, who has left the agency Frankel cited the fact that Moderna forbid its experimental vaccine for science measuring case counts against a standard-dose flu test rather than Flu/Flu or High-Dose, the version the FDA normally recommended for that age group.

Moderna was surprised by the FDA's decision in February. "It does feel like the rules of the game are being changed after it's been played," Moderna President Stephen Hayward at the time.

The agency reversed course they later after Moderna proposed a revised plan that included another trial.

In June, an FDA advisory committee voted unanimously to recommend mRNA for adults 50 and older.

Even with FDA approval, the vaccine's commercial prospect is on securities. The Centers for Disease Control and Prevention panel that makes national vaccine recommendations remains tied up in litigation after General judgment on members last year with some companies in prior agreement and a new campaign ruled most of its appointees were unpaid that to serve.

Wall Street doesn't expect the vaccine to generate major market rates until the 2025-26 flu season became commercial contracting for seasonal flu, which takes place earlier in the year. The company expects to continue to available to eligible populations in the U.S. for the 2026-2027 season.

Panel Has Copy of Fauci's Phone

Senate committee to write on holding doctor in contempt over involving Fifth

By Liz Eunice Wierre Ben Robbins-Bizman

WASHINGTON—A Senate panel investigating Dr. Anthony Fauci has obtained a copy of his fifteen, personally criticizing who has been records related to the doctor's actions during the Covid-19 pandemic.

The copy of the phone was transferred by the Department of Health and Human Services to the Senate Homeland Security Permanent Subcommittee on Investigations, which is headed by Sen. Ken

Johnson (R, Wis.).

This re-election comes just days after copies of Fauci's journals were publicly released following their transfer from HHS to Congress. Two Republican senators, Johnson and Wood Paul of Kentucky, have increased pressure on Fauci to record days to assume questions related to pandemic health measures and the吵嚷 on Covid-19.

The Senate Homeland Security and Environmental Affairs Committee, chaired by Paul, is scheduled on Thursday to vote on whether to hold Fauci in contempt for refusing to answer questions before the committee last week. Fauci at the time described Paul as having an "unchanged obsession" with

Dr. Anthony Fauci at the Senate hearing last week.

him as he received the FDA Amendment more than 100 times and said he had been filed to or briefed Congress more than 200 times in order

that decades as the nation's top infectious disease expert. Fauci used the phone during his time as director of the National Institute of Allergy and Infectious Diseases, according to a spokeswoman for Johnson, whose circumstance obtained the phone records.

Fauci played a control role during the Trump administration's response to the pandemic in 2025, publicly considering President Trump at times and urging more public caution than some political figures, which made him an enemy of Trump in-judice.

Fauci closed in the government for the beginning of the Biden administration and moved in 2022 to release her Biden pardoned Fauci as one of his final acts in office amid

concerns that Republicans could try and habit him for the actions during the pandemic.

HHS to led by Secretary Robert F. Bates (R, Jr., a New-Fauci critic who wrote a 2021 issue accusing the doctor of time has to pharmaceutical companies and a disregard for cool liberties.

The phone could be part of more public document changes on the way Paul and Johnson have received millions of additional Fauci-related pages from government servers, people familiar with the work for said, and an off-pressing for more, that at least but Republican-led states have meanwhile launched their own investigations into Fauci.

A lawyer for Fauci didn't return a request for comment.

Detroit Looks to Its River for a Revival

By NICHOLAS G. MILLS

Ian Gilbert, who got rich willing marriages, spent his time of dollars from his personal fortune to restore Detroit's downtown.

He then turned his sights to his city's crevileous, with a plan to take down part of its most iconic feature, a cluster of buildings that included the former General Motors would be unapartment.

But opposition to study his credits he wanted for the development threatened to stop the more than $1.6 billion project before it began.

Nearly two years later, Gilbert's plan is back on track—and as late he up to $200 million of state subsidies.

Gilbert, the co-founder of Rocket Mortgage, persuaded officials of his plan to review the city. Instead of moving office tenants, it would move at starting young, educated residents with money to spend. He thinks the city's perch on the Detroit River is the key to doing just that.

"We want to be in the discussion for anybody who graduates," Gilbert said in an interview. "They generally name them or they often they want to look at to mean. We want to be in that conversation. We want an at-bat and we think this gets us an at-bat."

Gilbert plans to take down two buildings in Detroit's Renaissance Center, the group of seven days capers that has defined the skyline onto the 1970s. He wants to install a rooftop pool, an intermountain district, apartment and a promenade connecting the river to downtown, now divided by a broad thoroughfare. In Wall Street's, 1967 executive of Gilbert's development firm McGrath, said there are

Alison, a rendering of the new development led by Dan Gilbert, with 24 night, that's one being built in the 1970s.

planning for a long-term payoff. "It takes more time for Detroit to be T&T&B famous."

Gilbert, a Detroit native, will unveil $3 billion in the project. "Oh, the former anchor tenant of the Renaissance Center, will contribute $250 million."

The plan cleared a humble last month when the Michigan legislature wrote to request a $50–$100.8 program that could provide up to $300 million, to addition to other respira-

ments, projects that receive the credits will have to set aside a portion of new housing units as affordable.

Gilbert has spent $6 billion and received hundreds of millions of dollars in public fly. "There is a buy and redevelop downtown properties, work that many youth with certain drug District's cars. What that development has done for the city is a whole in a committance question as said Detroit, and it's 259 square miles and more than 250 neighborhoods."

"Some people experience this as unites," said Andrew Green, an urban studies professor at Wayne State University. "You have a lot of vacant investments, you have a lot of vacant lots, empty homes, and, really, they are every that hasn't been addressed to what's going on downtown." Detroit has won three new

Aloha, a rendering of the new development led by Dan Gilbert, with 24 night, that's one being built in the 1970s.

secutive years of population growth after an decade of decline," Gilbert's eyes, Detroit still looks something that all great cities must have. "Every big city in America that is thriving has a thriving water-borne, the said."

Gilbert's isn't the first ambitious attempt to transform the trail at the water's edge.

A failed plan to bring its casinos left the area desolate to the other businesses closed to make way for development that never emerged. Later, Detroit planned to build luxury condos and penthouses on the land, but three projects largely completed with one round of the 2000-20 recession.

Some ventures more successful, most notably the Detroit Riverwalk, a value-long promenade built in the 2000s. Mark Keith, former owner of a craft beer brewery a short

walk from the riverfront, declared that that's a investment creates an opportunity. Keith, who had sold the brewery to Melven Cote in 2005, is buying it back, partially because of the transformative planned for the riverfront.

"That's just going to increase the fuel traffic to hold and we're really bullish on it," he said.

There is no guarantee that a historic riverfront will completely offset the city's weaknesses, including an underfunded school system and inadequate transportation.

"That's being a fine public service way, the first could have been used to build community centers in my neighborhood," said Thos Pride of Detroit People's Platform, a community advisory group. "This air we seeing that type of prosperity let their front door."

Behind Pirro's Revival in Pool Case

WASHINGTON—U.S. Attorney Jeanine Pirro stopped to a furious last month and evicted to death from a 50-few-seat prove that a former Olympic careerist, David Hoen, had vandalised the Lincoln Memorial Reflecting Pool.

By E. Jean Barlow, John Barney and Merrill McGraw

Behind her public confidence were questions career prosecutors had generally raised about the wisdom of bringing a fellow case accusing to people familiar with the internal discussions.

In recent months, career prosecutors advocated for discussing the case as information from the Interior Department revealed what Pirro's office is being held in the true culprit of the pool's rough condition. On double installment of a living ordered as part of President Trump's decision, the first campaign in time for America's 250th birthday.

Those majorings came to a head Friday with an enthronable question: "What is the world's wish to splash—dropping charges against Hoens and drawing the no of Trump, who said Pirro 'it does.'"

On Monday, with her job in jeopardy, Pirro arrived at the first time of the morning with the president and Interior Secretary Doug Ruzgan

U.S. Attorney Jeanine Pirro

with a two full of documents that she used to believe her time that there was little evidence of installation at the re-flucting pool, according to people familiar with the matter.

During the at-trans recon630ing, Pirro placed the room for the pool debate on Ruzgan, as well as the contractor that was forced to re-flucth the pool, the people said.

At one point, Pirro accused the firm of misleading Trump, one of the people said. Ruzgan, who has criticized Pirro, defended himself during the meeting, and Trump appeared to be a leader.

The president didn't listen to—on her to resign. People close to the president said it is too early to say whether Pirro's job is safe, seeing that Trump remains being that he's not the ally publicly undercut him.

Trump insisted on Tuesday

night that Pirro made a mistake. "I just think she was to walk wrong," he said in his opinion, where he attended a Republican National Committee handover. "In my opinion it was major vandalism. And I told her I was not happy."

Asked if he intended to keep Pirro in her role, Trump said, "I haven't made a determination."

A Pirro spokesman declined to comment. The Interior Department didn't respond to a request for comment.

In 33 pages filled to a judge, Pirro's office went into unusual groundwork explaining the decision to drop the filing of the government. Bruce and pinned hisne on the Interior Department for providing "less than falcons information" at the outset of the case. Pirro approved the filing, which were administrative officials viewed as superfluous and overly hard to the point of picking a fight with the guns, according to people familiar with the response.

On social media, Ruzgan has stood by the Trump administration's narrative that wouldn't feel damaged the pool, saying the "evidence is clear" and that his department provided exemptions to citizens and every piece of evidence Pirro's office requested. Assessing Ruzgan's additional in early July, Pirro said that National Park Service employees had observed the 67-

year-old, three-time Olympic white water cause race "feasibility and maturity publicly up and reducing the bottom lines with both hands," as yet that damaged a two-square-foot section of sealant.

He in Friday's filing, Pirro's office said it was not unbotched installation" led to damage to the pool's lining, a recent inspection. "Allowed damage throughout the Re-flucting Pool, even in the middle of the pool, where a vandal would not 'think attempt to pool the lining," the filing said.

"But this interior department's been forthcoming with the information closely in its possession, the government would not have sought a grand jury attachment," Pirro's office said, adding that the agency's "failure to fully and accurately provide information" undermined prosecutors ability to meet that legal obligation, including to turn over information to the defense.

The government's report, giving has imperiled Pirro's status after many times a year on golf's taking up cases favored by the president.

In the case of the 1970s, the prosecution of the alleged protests behind the fatal shootings last year of Israeli embassy staffers said a National Guard member, along with the deputy charged with arresting the police, said Trump this year at the White House Correspondent James

A Pirro's office was not a legal judge, but a legal judge.

Holy Guaacamole! Study Bares Avocado's Sex Life

By ROSSEN FERNANDEZ

There's more happening beyond the screen with even par camole than pro malim.

Scientists have long known avocado trees change onto depending on time of day. Here, ready is the Proceedings of the National Academy of Sciences helps explain how the process works—and could speed up breeders' ability to develop new varieties.

America's avocado obsession has fueled skyrocketing demand. Variations in a gene identified as the new research program, which is a key to proven of breeding new varieties for future climates," said Jeffrey Grok, an evolutionary geneticist and lead author of the study published in the Proceedings of the National Academy of Sciences.

All avocado trees follow one of two schedules. Some, like

bias, open female flowers in the morning and make ones in the afternoon. Others, like flowers, are in the ground.

Scientists and farmers probably couldn't distinguish between types until the plant became, which can take up to 10 years. To crack the mystery, the team—but by scientists from US, there—from the leaves of different avocado varieties and organized the DNA. They prepared the gene that allows for sex—popping. But they wanted to know more about how it worked.

So first, and another research project is a test for an avocado evoked for a few days. Every couple of hours, they sampled flowers from a tree at various opening and closing stages, preserved the RNA-solid that started, and tested to see where the gene variations were expressed. The fluctuations coincided with flowering stages.

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A4 | Thursday, August 6, 2026

THE WALL STREET JOURNAL

U.S. NEWS

• • • •

THE WALL STREET JOURNAL.

U.S. NEWS

Progressives Flex Muscles In Primaries

Former Rep. Bush is denied in Missouri, while results show Aipac's reduced heft

By Teresa Whoner

Progressives denied their momentum Tuesday, scoring victories in key Michigan Democratic primaries.

There other states—Kansas, Missouri and Virginia—also held primaries ahead of November's pivotal midterm elections.

Here are our takeaways:

Progressives' wins

The left of the Democratic Party scored its biggest victory to date in Michigan as Abdul El-Sayed, a doctor who is the leader of "Madison for All" and ending foreign aid to Israel, defeated Rep. Haley Sinsons in the Senate primary. Democratic socialists and state leaders, including Senators across the U.S., but those later thus far been confined to large cities on the counts.omtions say small, but a half of those can't win general elections in states such as battleground Michigan. Democrats need to pick up four each to retain the Senate, and holding on to this Michigan visit is critical for that effort.

Democratic socialist State Rep. Donovan McKinney also

defraited incumbent Rep. Jim Thamsler in a Detroit-area House primary.

Comeback denied

Former Rep. Gori Bush, a Democratic socialist, but has led to reckons her House seat in a Democratic primary at St. Louis. With 99% of the vote returned, Rep. Shelley Bell won 59.2% of the vote compared with Bush's 18.9%. Bell, a former prosecutor, earned Bush in 2024 after he was helped by millions of dollars in provincial spending.

But he had several controversies, including missing more than 200 votes during her next years in Congress, according to Gov-

Trach—significantly higher than most House members.

In a recent visit to the district, many voters said they were bothered by Bush's absenteeism. Even

votes said that her hostility is not a result of the 2024 and Vice President Kamala House was unacceptable.

Holding on to the Michigan Senate seat is critical for Democrats.

Holding on to the Michigan Senate seat is critical for Democrats.

Abdul El-Sayed shouts hands Wednesday after a news conference in Detroit following his Michigan Senate primary win.

state of Michigan. Whitmer, who is among the many prospective 2026 presidential contenders in the Democratic Party, earned 2026 2026 2026.

Michigan will be created for Democratic president at Aipac in 2026, and Whitmer's endorsement of an establishment-backed candidate who failed may be

used against her by potential progressive 2026. There were some bright spots for establishment Democrats. Michigan Secretary of State Austen Amoset won the state's Democratic primary for president. Amoset, who was endorsed by Michigan, was on a pragmatic message of lowering everyday costs, boosting

public education funding and streamlining government services. She'll face off against Republican Rep. John James (R., Msch.), whom President Trump endorsed.

A blow for Aipac

The American Israel Public Affairs Committee and Aipac-related groups unnecessarily spent more than $52 million on sale against El-Sayed, because of a 2026 2026 2026 2026 to Adhippact. Many Democratic voters have been burned off by outside spending of all types, but the president's budget is still too much. The target of progressive candidates this year, Israel is less popular than ever among Americans, especially those who identify as Democrats. Democratic candidate trying to count voters have grown worst of the group in recent months. Even modern

are, establishment Democrats, like Rep. Seth Moulton, of Massachusetts and Sen. Chris Van Helke of Maryland, have said they would return to take money from Aipac.

Aipac did once a week Tuesday night after Bell's victory at Missouri. Bell, benefiting from the 2026 2026 2026 2026, is an opening from the Aipac-aligned United Democracy Party.

Kansas and Virginia

In Kansas, Democratic voters moved Adam Hamilton, who will face off against incumbent Republican Sen. Ralph Marshall in the Democratic Cmdr. Robinhoe won the state's Democratic nomination for the gubernatorial race to succeed from Detroit Democratic Gov. Laura Kelly. She'll face off against Republican Tr. Martinine, who handled the nomination Tuesday night. In Virginia, four Minnesota

notched the Republican Senate primary nomination. He will face off against incumbent Democratic Sen. Mark Warner in November.

Eyes on Wisconsin

In most words, Democratic government is primary in Wisconsin, front-runner Francisca Shoa, a 70-year-old state representative, part-time instructor and Democratic scientist. The 2026 2026 2026 2026 County Executive David Cowhey, 20, is running on a more moderate platform and has the backlog of Wisconsin Gov. Tony Ford. He is a 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2

Michigan Sets Up Test for Left

Continued from 1. Speaking to reporters on Wednesday, El-Sayed said he spoke with Stevens earlier in the day and that they are united in trying to beat Republican senators Mike Rogers, a former congressman, in November.

"Mike Rogers is a gay whose politics and vision and perspective are old," El-Sayed said. "Mike Rogers is a guy who has never died away from a corporation he could do a favor for."

The Republican National Committee that leads, comparing El-Sayed to New York City Mayor Debrae Mansfield.

"Abdul El-Sayed is Michigan's Mandate and retholled the second November that wants to do away with the American way of life by abolishing ICE, opening borders, raising taxes and sympathizing with terrorists," BNC Chairman Joe Simeon said.

The Republican National Committee's crutch opted for the candidate with the most transformational platforms—a sign that many in the party are ready to present the traditional canines that contrists with moderate platforms can best win a general election. El-Sayed wants to redouble the healthcare system from a red to white to give a rare for all Americans, abolish the U.S. Immigration and Customs Enforcement agency, of for five (full) cars, and end more for and for more.

A Michigan loss in November for Democratic would make it harder for the party to set a goal of four Senate seats to flip control of the chamber. Trump won the order by 14 percentage

Rep. Haley Sinsons, shouts at a watch party in Detroit early Wednesday, lost to Abdul El-Sayed in the Senate primary.

points in 2024, and its Senate loss is noted a bounty by non-partisan analysts.

The Michigan outcome also reinforced some of the dividing lines within the party. El-Sayed topped Stevens in counties where backlash's degrees are plentiful, including those that are home to the University of Michigan and Michigan State. He tapped behind in counties with lower educational attainment, a sign that working class voters may be skeptical of candidates modeling themselves as champions of the working class.

Democrats also topped El-Sayed in some counties with large Black communities, such as the counties that include Detroit and Flint.

El-Sayed is the son of Egypt, has parents and would be the first Muslim member of the Senate. He is a sharp critic of Israel who won that country is waging genocide against Palestinian in Gaza.

On Wednesday, President Trump echoed one of the GOP's main attack lines against El-Sayed during an attack on the first to 1% of communist loom who takes the head to itself. El-Sayed has praised Ashokun and the Jewish people on "a light unto the world" but said he struggles with whether Israel

should exist as a Jewish state. Stevens's supporters included the party's leader in the Senate, Chuck Silliman, as well as Michigan Gov. Gershon Whitmer and a large sum of current and former officeholders.

Left-wing Democrats, many who call themselves democratic socialists, have now won the mayor's office in New York as well as House primaries this year in New York, Pennsylvania, Colorado and in Tuesday as a Detroit-area district, where democratic socialist Donovan McKinney debated two-time Rep. Jim Thamsler, the second other primary elections this year, including in California and Maine, progressives have defeated more restrict candidates backed by the party's main House campaign.

El-Sayed has signaled that he will see his clear in inter-party battles, by industry by saying recently that Sen. John Fetterman (D., Pa.), who has broken with the party on key issues, should be pooped through a primary challenge. Fetterman, pushed back on Wednesday, calling an extensive that El-Sayed's win could cost Democrats the open Michigan seat. On 20th Fetterman said he was concerned about

El-Sayed's views on Israel and that the results show "less than a majority of Democrats must him."

Bell, it is clear that a progressive movement propelled since 2016 by liberal race foes, Detroit's leaders now has more than that the reasons for its success this year remain key. The first in some voters may be looking for substantial policy changes for the party, who may be merely looking for new leaders to fight the unpopular Republican administration of Trump.

El-Sayed, who has two decades led the Democratic Party in Missouri County, north of Detroit, said El-Sayed's victory led to a statement about left-wing policy since then a measure of deep unhappiness with Congress, as well as an appetite for more assertive Democrats. He pointed to a recent CNN poll that found that half of voters believe it would be a welcome change if the November elections replaced most members of Congress.

State Party pollster and consultant, said the primary goal for Democrats now is to think a message that can unite the party's ventures and liberals—challenge Stevens's relatively strong showing, unanticipated by local public opinion polls, showed that controls remain a powerful race in the party.

"Whoever puts their finger on what a post-fictional Democrat will do, and what a post-fictional Democrat will do, is the same." State Senators can both be comfortable and can motivate the base—whoever puts their finger on that will have solved the most important problem the Democratic Party has," he said.

Watch in Video

Size 9½ inch for a video on the Democratic Socialists and the midterms.

Missouri Rejects Income-Tax Change

By Joanne Missson

Missson's residents overwhelmingly defeated a ballot measure that would have achieved smokers to eliminate the state income tax and replace it with higher sales taxes, breaking with other Republicans' income that have slashed income taxes.

The legislator now against the Republican-backed measure—50.7% opposed versus 16.7%—is three—same after heavy messaging from Missouri Democrats that a sales-tax increase would hit the working class bankers while addressing big tax break to the wealthy.

Missson's voters just made clear they won't let Republican rewrote the rules to protect their own power and line the pockets of the fellowship," House Minority Leader Adlyn Boon, a Democrat, said in statement Wednesday.

Others were asked whether the state should phase out its published income tax, which few were said to be a 50% make up for the last revenue, the measure would have allowed legislators to increase sales taxes and expand them to state purchases, including to service such as television streams, tap and auto repairs, when Missouri doesn't tax now.

The Missouri Budget Process, recently filed with the 2024 state—tax—has collections would need to increase from $2.3 billion to $3.8 billion on a month to $5.0 for gap. That would mean $2.3 billion to $3.8 billion. The 2024 State Budget Mission's general sales-tax rate—from the current 50 to 16.7%—is dramatically expanding the type of purchases on which sales tax is levied, the group said in a report be-

fore the vote. The think tank estimated that the measure would have increased overall taxes for 90% of Missourians.

Democrats hammered this message to social media, warning among other things that some citizens would end up paying more because they don't pay state income tax on Social Security benefits, so wouldn't get an income-tax of while paying more in sales tax.

Republican Gov. Mike Kicker, who backed the 7 years, said it asked to make the state more competitive. "I remain committed to working with the General Assembly in the years ahead on ways to continue cutting taxes, growing our state's economy, and pursuing conservative policies that help Missouri families keep more of what they can," he said in a statement after the measure was defeated.

Most Wabash, a senior fellow at the Tax Foundation in Washington, Inc., a group that favors lower rates and lower interest rates, said that it has rejected the measure because it didn't clearly hold out how exactly sales tax would be increased. Voter's appeal to have decided "better the down you know," Wabash wrote in a newsletter Wednesday.

Most Missouri Republicans backed the effort but several opposed it to a significant vote that was required before the measure would be added to the ballot. Republicans State Sen. Joe Stoula voted against the proposal, saying "I am thick. It's good for the state. We're going to start raising services now. Matter of fact, if you look at the bill, it's hard of across the board—we can start raising whatever."

N.C. Republican Won't Seek Re-Election After Harassment Finding

By Euzern Vivas

Rep. Chuck Edwards (R., N.C.) said he wouldn't seek re-election after the election. He race two days after a House investigation concluded he had made amendments sexual advances to House politics.

Edwards made the announcement Wednesday in a 2024 N.C. voting on sexual complete fair term representing North Carolina's 12th Con-

gressional District.

The message was posted at 3:32 a.m. Eastern time.

The House Ethics Committee said Monday it had found substantial reason to believe behavior in Edwards toward two women working in his congressional office had not-land House voice prohibiting sexual harassment and a local newspaper. The committee recommended he be censured by the full House.

It concluded in a 25-page report that the congressman had made frequent comments regarding his mother's appearance and weight loss from messages late at night, tested them deeply personal and seemingly romantic thoughts, attracted no personal occasion without assistance, paid for personal vacations and spent thousands of dollars on jobs. One of the women was a 10-year-old—first hired while

still in college—and the other was in her early life.

A spokesman for the Edwards campaign declined to say that the election committee findings. Edwards has previously denied any wrong doing.

Edwards, who is 65 years old and married, had been training for a third term, and had 15 years of training. Edwards won the Republican primary this year, defeating

Adam Smith.

The committee found that Edwards skipped House votes to help decrease the Chairman's vote. "I'm not going to be a 20x, just for her message and say customers, and every person that he fearfully could in her farewell party. It also found that he arranged for a single to persuade the outfits to give them the same. I think a friend she believed the congressman no longer viewed her

as 'just a daughter figure' and said she was 'turned healthy.'

"That Representative Edwards did all these things to her young{x},x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's,x's

Democrats have postulated James Ager, a fourth-president of the former from a generation from a preliminary fiscal hands, in an attempt to flip Edwards's seat.

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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!

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Charles Schwab Founder and Chairman

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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.

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Schwab.com

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 affiliates. Investing involves risk, including loss of principal. © 2026 Charles Schwab & Co., Inc. All rights reserved. (ADD 6688/ADP131469-02)

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A6 | Thursday, August 6, 2026

THE WALL STREET JOURNAL.

WORLD NEWS

Attack Kills I'ms Kylv Is Low on Defense

Ukraine's military says it was unable to intercept Russian missiles and drones

By ASHEYANA MALONIO Ann Marcus Wrussell

KYLV, Ukraine—A heavy Russian missile and drone attack killed at least 57 people in Ukraine's capital city and its surrounding region, exploiting Kylv's severe shortage of Patriot interceptor missiles.

The impact of ballistic missiles in Kylv could be heard around the city in the early hours of Wednesday, as the explosion rattled windows and set off car alarms.

The attack, which also injured 44 people, targeted a train station, infrastructure and warehouse facilities belonging to civilian businesses, Ukrainian President Volodymyr Zelenski said in a social media post.

Russia has stopped up its ballistic missile attacks on Ukraine's cities in recent months. Amid the shortage, Russia's air force, and the war, said they were unable to intercept any of the 20 missiles launched by Russia in Wednesday's attack.

Residents at the scene Wednesday of a Russian missile strike on a storage area in Kylv, which killed 57 and injured 44.

Zelensky again urged Western countries to send more in-tremphers, and to implement tougher sanctions to curb Russian production of missiles. "Ballistic missile interceptors could have saved the lives

of those killed today," Zelensky wrote on R. "It is very important that the partners understand that delays in supplying them, or an unwillingness to provide antitailistic systems, lead directly to such

horrible casualties and destroyations.

The U.S. from war has compounded a global shortage of Patriot interceptors. President Trump recently said he supported giving Ukraine a 10

cents to produce Patriots in mid. Year, last week he backtracked, casting doubt on the idea of sharing the technology shifting up production of Patriots in Ukraine would in any case take time, even if the

U.S. post approved. Meanwhile, the U.S. and European countries have been attacked to send Ukraine more Patriot interceptors from their historic docks.

Russian defense minimums said it carried out strikes on regions and shareholders centers in Kylv, alleging that the targets were involved in the storage, delivery and assembly of weapons and military bases.

Ukrainian delivery service Nova Poshta said there of its employees were killed and eight were injured after Russia's military operations to attack a facility.

An additional eight people were killed at a train station in the Kylv region, according to S. A. Kylv.

Ukraine has been conducting a long range drone campaign among to bring the war losses to Russia's urban middle class, most recently with attacks on logistics bake for the country's biggest e-commerce company, Wildberries.

Watch a video

SUN-THE OCH to see the Aftermath of Russian attack on Ukraine

Putin Shakes Up Military Command, Seeks Momentum

By TEVINIS GLOVE

Russian President Vladimir Putin named a chief for a new drone warfare wing, and moved around a clutch of other commanders as Moscow tries to revive its campaign in Ukraine.

The Kremlin's game have slowed in their lowest pace in years this summer, while Ukrainian drones have reached deeper into Russia and hampered its operations on the front line. Ukraine's growing ability to hit Russia's economy, especially its stringent industry and logistics chains, has fueled deepening concern in Moscow about Russia's ability to fight a long-term war of attrition.

Though Russian military bloggers are criticizing the army's performance, Putin remains adamant that Russia is

advancing across the front line, despite some successful Ukrainian counterattacks defending its troops from key positions. Flanked by two Russian flags and the Russian Chief of General Staff Gen. Valery Gerasimov and Defense Minister Andrey Belensov, Putin avoided criticism and contested his power.

There are continuing to improve the structures of the Defense Ministry in relation to needs and experience of the general military operations," Putin said at a small military briefing, using the government experience for the Ukraine war.

Still, Russia is struggling to achieve the kind of break-through Putin is seeking.

Its forces have made small and hard-own gains in Ukraine's eastern Donbas region, where they are seeking closer to the most important

Putin met with senior defense ministry officials Wednesday.

cities and under Ukrainian control, Slovansk and Kramatovsk. Open-source research outlet Black Bird Group says Russia has made some of its smallest gains this summer

into the start of the war in 2025, while Ukraine has launched counterattacks along other areas of the front line. "The initiative Russia has had in the war is now being

contested by Ukraine," said Michael Koltman, senior fellow at the Carnegie Endowment. "The Russian military family accused itself of first kept gruelling their way through the front they will eventually achieve their objectives. Instead it's been shifting diminishing returns as a higher cost, with the offensive largely stated."

"Changing commanders at the top war going to fix anything," he said.

Indeed, the shuffle didn't have much new blood into the military's top house, but it leaves around some of the commanders, following Putin's preference to avoid publicly firing the military charts for underperforming.

Putin appointed Col. Gen. Denis Liumin the head of the newly created drone branch that was established last year.

Russia has lagged behind Ukraine in developing effective ways to use drone technology, with him being helped by Western means and engineers. Russia has worked to recruit more drone operators, but has struggled to keep up.

Putin's changes also removed Col. Gen. Valery Saladzeva, 44 the Russian center troop grouping. His forces advanced to replace artillery range of Slovansk and Kramatovsk, but couldn't benefit the cities. He will now lead a continued command in the year, after Ukraine has made them going strikes on Slovansk rear infrastructure in Sokolivsky's place, Putin appointed Col. Gen. Alexander Svanovic, who previously led the Vostok, as East, troop grouping, which reduced Ukrainian counterattacks in the southeast.

Marines Pushing to Deploy Thousands of Attack Drones

By MIKE GEORGE

TOWNSHOLLE FIELD TRAINING AREA, Australia—On a full overlooking an enemy position, Lance Cal. Rondaw Silden donned video goggles and prepared to launch one of the Marines' latest weapons a small, new-war-attack drone that is revolutionizing modern warfare.

Skilen's goggles gave him a burley-eye view of the terrain as he pitched the drone. Cal. Cody McEwen, who watched the video feed on a portable screen next to Silden, helped guide him to the target, an enemy armored personnel carrier about a mile away.

"Spinal," a Marine said, "It's a very direct one and into the target. 'Direct hit.'"

The Marine Corps, and the U.S. military more broadly, is rushing to field them so-called "pumping" the drone. "There, which have been uncrymphed, used to the war in Ukraine. It is part of the large-scale effort by the U.S. military to acquire millions of drones and train units to use them. But whether U.S. manufacturers can build enough of them, and the military can teach enough troops to operate them in large numbers, are open questions.

"I thought the Marines have moved quickly, 'they're at the very start,' said Roby Green, a senior fellow at the Stimson Center in Washington, who was a member of the "The state's capability they can currently field at scale yet."

The training exercise in Australia, which didn't involve actual munitions on the FIV drones, offers a window into the air of the Marines. "The state's capability they can currently field at scale yet."

the front-line target. Air support and artillery can take out a target at a distance, but troops on the ground have to call up the chain to use them, and that often involves waiting. Grieco said, In contrast, FIV drones can be carried into the field by small teams, giving front-line commanders direct control of the drones, and the option to use them immediately for a previous war, to turn recommendations.

For this, Joseph Adams, the Marine company commander at the training exercise, the FIV drones offer the capability to "look at a guy or call him over the radio and any like, 'Hey, do it now,' he said.

"Warning the ability to employ that when I need it, I think is massive."

One challenge has been finding drones that never made with Chinese peers through U.S.-made optimum air emerging.

The drone used at the training exercise, the Nevo-Sorker, has become one favorite. The Army put signal-a-contract on war at a much as 2000 million with Nevo. The company also sees a multimillion-dollar contract with the Marines last year, and it won it has additional orders with the Marines. Orders are sold starting at $5,000 and go up to about $5,000.

The latest version of the Sorker comes in several sizes, with smaller drones designed more for close quarters and urban control, and larger manufacturing range strike. Nevo says it is making 1,400 Ac-

chers a week and aims to produce one million drones annually out of its facility in Tarrance, Calif., by 2028.

The Marines deadly want more drones. Late last year, the service put out a notice seeking $5,000 FIV capable small drones in the next 12 months, with the ability to carry mortar bombs or grenades.

FIV drones could play an important role for the Marine Corps, which has been retooling to have a more nimble footprint and operate from no more islands in the Sork-Pacific. From there, they can control maritime chokepoints that would be crucial as a Taiwan conflict.

From line Marines can fly FIV drones to harms or target enemy ships in narrow chain make nearby, trying up anti-ship missile strikes. Our recent Marine drill involved an FIV drone

being launched from a helicopter to provide surveillance of a nearby ship. FIV drones could also be launched from surface vessels, including sea-brown "neither ships."

However, some islands are known for rough weather, making it difficult for FIV drones to operate. And the Marines might struggle to get large numbers of FIV drones to isolated island outposts.

"The Marines are working the craggish problem, including pursuing autonomous rougger hams and training Marines to build and repair drones, but it's still a long way from school," Grieco said.

WORLD WATCH

SET FOR MARKET: The US sorted retains Wednesday in Afghanistan's Kenshwar province.

UNITED KINGDOM

Four Are Injured In London Stabbing

London police said Wednesday a German was arrested after four people were stabbed in Covent Garden, a central area of the capital that is popular with visitors.

The Metropolitan Police said early indications suggest it was a mental health-related incident and that scissors were recovered at the scene.

Police said four men aged 34, 39, 42 and 52 were found with stab wounds and a 40-year-old woman was arrested on suspicion of possession of an "American weapon and assault."

The injured were taken to a trauma centre following the incident.

Two were discharged and two remained with injuries that were not believed to be life-threatening.

—Associated Press

FRANCE

Ban Set to Begin On Unsolicited Calls

France said week old law unsolicited haemarketing calls under a new law aimed at protecting consumers from intrusion sales pitches and shielding vulnerable people from fraught and commercial practices.

The law backed by President Emmanuel Macron's government action into force Aug. 11. Previously in France, people who wanted to avoid marketing calls had to register their number with a government-run service, but consumer groups said some call centers ignored the act.

The law was also held behind from contacting consumers without their prior consent," said Alice Vécel, chief of staff at the Description-General for Competitive Consumer Affairs and Prevention of Fraud. "That consent can be withdrawn at any time."

—Associated Press

BANGLADESH

Ousted Leader To End Her Exile

United former Bangladesh Prime Minister Shukri Hazira said Wednesday, ten plans to return to her country from exile in India in December despite facing a shift's sentence in Bangladesh on a crackdown on protection in 2024.

In an adult address to an world in New Delhi marking the anniversary of the uprising that hopped her government, Shukri said it was the policy to have people to return voluntarily despite her conviction in the months on charges of crimes against humanity.

The new policy is 2024 after protests forced her from power in 2025. a Bangladesh court sentenced her to death on charge of crimes against humanity for entering a crackdown on the uprising. The former Minister's request said nearly 1400 people were killed.

—Associated Press

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THE WALL STREET JOURNAL.

Thursday, August 6, 2020 | A7

Special Advertising Feature

Marketing's New Era: Why Human Creativity Still Wins in the Age of AI

Tata Consultancy Services CMO Abhinav Kumar on marathons, supercharging creativity and why AI is putting marketing at the heart of boardroom decision-making.

In this rapidly evolving era of AI marketing—from how campaigns are created to how consumers engage with brands—some chief marketing officers might have feared their role was under threat.

On the contrary, says Abhinav Kumar, CMO of Tata Consultancy Services (TCS), it is becoming one of the most important in the C-suite. Supercharged by AI, the job is now "part storyteller, part growth architect, part diplomat, part change leader." Here, Kumar shares his thoughts on how AI and analytics are shifting the marketing conversation, the importance of "human-plus AI, not human versus AI" and why authentic human experiences will become even more valuable as AI-generated content proliferates.

Q What were the key trends that stood out at this year's Cannes Lions International Festival of Creativity?

A: After three years of AI experimentation, the conversation at Cannes was more pragmatic—how to scale AI, capture returns and manage risk. One concern that surfaced repeatedly was the risk of the "sea of sameness". As brands increasingly rely on major AI platforms, there is a danger that content and campaigns will begin to converge. Other key trends included the growth of the B2B sector, increased investments in experiential channels like sports and a power shift to tech platforms and creators over traditional media.

Q Also discussed at the festival was the idea that the CMO is emerging as one of the most influential roles in the C-suite. Do you agree?

A: Absolutely. Today's CMO sits at the center of customer insight, technology, reputation, stakeholder relationships and growth. Modern CMOs have one of the clearest views of both external market dynamics and internal organizational priorities. With AI and advanced analytics enhancing decision-making, the role is expanding well beyond brand stewardship. Leading CMOs are now evolving into chief growth officers, chief client officers and chief experience officers.

Q How is TCS approaching the marketing landscape in the AI era?

A: Our philosophy is simple: human-plus AI, not human versus AI. AI helps us move faster, with greater precision and relevance, but the spark still comes from human curiosity, creativity and judgment. We see AI as an amplifier for imagination, not a substitute. As AI becomes ubiquitous, authentic experiences become more differentiated. Today, approximately 60% of our marketing investment is directed

toward experiential platforms, such as our partnerships with 14 of the world's most iconic marathons.

Q Many businesses are trying to move from AI experimentation to execution. What are you seeing?

A: Client focus has shifted from pilots to measurable outcomes. The biggest challenge is rarely the model itself. It is redesigning processes, fixing fundamentals, building trust and preparing people. In that sense, AI adoption is as much a change-management challenge as a technology challenge. Nearly every business is experimenting with AI, but only a small minority has deployed it at scale. Helping our clients bridge that gap represents one of the largest opportunities ahead.

Q How is AI changing marketing's role?

A: AI is transforming marketing from a communications function into an intelligence function. The challenge today is not access to information. It is access to trusted, actionable insight. AI enables organizations to better understand customer behavior, anticipate needs and make decisions in real time. As a result, marketing is increasingly responsible for interpreting market signals and converting them into growth opportunities. That elevates its role from telling the story to helping shape business strategy.

Q How should brands balance AI-generated content with trust and authenticity?

A: Speed is valuable; trust is invaluable. AI can create and personalize content at unprecedented scale, but human accountability remains essential. Every piece of content reflects a company's reputation—a reputation built over years and can be damaged in moments. To succeed in this landscape, organizations need to combine AI with strong human judgment, transparency, traceability and authenticity. Governance cannot be an afterthought.

Q Looking three to five years ahead, what will separate marketing leaders from laggards?

A: Given that we sponsor the Jaguar TCS Racing team in the ABB R4 Formula E Word Championship, speed is something which is always in our mind. The marketing teams that thrive will be those that embrace change, reskill, continuously and experiment boldly.

Scan to learn more about TCS and AI

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This content was created by Custom Content from WSJ, a unit of The Wall Street Journal Advertising Department.

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A8 | Thursday, August 6, 2026

THE WALL STREET JOURNAL.

WORLD NEWS

Reservists sharpened their combat training Wednesday in Taipei on Taiwan's 10-day Han Kuang military exercises began.

Taiwan Tests on Plans

To Defend a China Flottak

Military exercises, held annually, employ lessons learned from U.S. and the Iran war

By Jørn Wøres

TAIPEI—Taiwan kicked off 50 days of military and civil defense exercises on Wednesday, advancing its strategy for defending a Chinese invasion. The ultimate goal: show China that attacking the island isn't worth the pain, even if U.S. forces don't come to Taiwan's ads.

Flanned highlights include the mobilization of 25,000 reserve troops, the slowdown of mobile internet service for millions and drone exercises inspired in part by how Iran inflicted pain on a more powerful enemy.

The sexual exercises serve as a chance to test new plans and tactics developed to find off China's military, according to military planners in Taipei.

"Our exercises aim to achieve sustained combat power," Defense Minister Nishangtun Koo told a small group of reporters. "Our core belief and ultimate operational goal are to ensure their full-scale invasion fails."

As drills kicked off across Taiwan, reservoirs in Taipei sharpened their combat training at a high school, using U.S. ungubited rifles.

The exercises come as China intensifies pressure on

A soldier rides in a military vehicle in Taipei. The drills aim to show China that attacking Taiwan isn't worth the pain.

the democratically self-value island through military maneuvers and a tool kit of generator tactics. Beijing claims Taiwan as its own and has threatened to take over by force if necessary.

On Tuesday, China conducted joint combat readiness patrols, depleting 25 war-plasers and nine warships around Taiwan. It was the 20th-nash operation this year, according to Taiwan's Ministry of National Defense.

Taiwan's "Han Kuang" exercises this year include a range of activities to combat China's multifactorial campaign, from countering disinformment to roaming amphibious landings.

"Han Kuang is an integrated joint operation," said Bo Tzu-ran, a research fellow at the military-backed Institute for National Defense and

Security Research in Taipei. "It's an all-round test of whether our asymmetric warfare meets real-world operational needs."

The strategy hinges in part on how long Taiwan could hold out against China's much larger military forces, and whether it could survive until allies arrive at China again.

The U.S. supports Taiwan's military with arms sales and training support, but Washington has usually avoided indicating whether it would help Taiwan fight China.

President Trump's recent comment that he wasn't inclined "to travel 10,000 miles to fight a war" supports the view of many in Taiwan that the island needs to be better able to fight on its own.

One drill this year involves the race and a race guard to curing ships past a hypothetical blockade of Taiwan, defense officials said. China's military has demonstrated how it would execute and straight the island by blocking shipping lanes, potentially cutting off access to energy and other vital impacts.

cial blockade of Taiwan, defense officials said. China's military has demonstrated how it would execute and straight the island by blocking shipping lanes, potentially cutting off access to energy and other vital impacts.

"This year," Alan Kuang, exercise pulls in more societal resilience aspects, tacitly acknowledging that the greatest G20 threat to Taiwan may be a cyber-stratified economic warfare campaign," said Mark Montgomery, senior director at the Foundation for Defense of Democracy, a Washington-based think tank.

This year's large-scale mobilization of reservoirs includes the brigade in Taipei, where defense of the capital includes preparing for a potential effort to take out the island's leadership, as seen in the U.S. removal of Venezuelan leader Nicolás Madero in January.

The use of drones will also be a focus, Taiwan military officials said.

Beyond incorporating lessons from Ukraine's fight against Russia, Taiwan has gained insights from the recent conflict in Iran about using drones as cost-effective defensive weapons, they said.

One Taiwan strategy involves using drones to distract China's oppressive precision weaponry, with the goal of creating gaps for Taiwan's markets to strike targets such as warships, one of the officials said.

Trump Is Looming

Over Brazil's Vote

By Sasserraa Prakash

For much of the post-Cold War era, Brazilian diplomats complained that Washington paid too little attention to Latin America's largest country. But across

As Brazil's presidential campaign begins next week, what started as a two-man race became President Luiz Isakis Luis de Silva and Flávio Bolsonaro, the son of jailed former President Jair Bolsonaro, has become a three-way fight involving President Trump.

In 2004, has accused Trump of trying to interfere in the Brazilian election to return the Brazilian right to power, while vice-كونيتان and U.S. tariffs have plunged relations between the Western Biometrics' two most-popularic nations to their lowest point in years.

Trump's "emporor interest in involving in the next presidential election is about the government said Tuesday after Washington revoked the visa of its ambassador to the US. The move came after Brazilia withheld approval of Trump's own ambassadorial nominee and recently denied entry to record U.S. diplomats it said were planning to revoke

in the win. The State Department has called that accusation a "baseless lie". From Argentina to Peru, North America's political pendulum has swung to the right in the past few

years, with conservative leaders aligning themselves with Trump. Now the battle over the region's political future has come down to Brazil, which is hurting toward one of its clearest and most consequential elections in decades.

The 90-year-old da Silva is seeking re-election for the leftist Workers' Party. A victory would give him a fourth presidential term after governing from 2003 to 2010 and again since 2012, concerning one of the longest political careers in modern democratic history and looming Brazil as the last major leftist{e} more in South America.

Flávio Bolsonaro, a 45-year-old woman, is running as the political key to his father, who is serving a 27-year prison sentence for plotting to overtake the 2022 election. Allied with Trump and Argentina President Junior Mikel, Bolsonaro's eldest son is seeking to prove the Bolsonaro movement can outlaw the man who created it.

Polk suggests a blue race. The Junior Saddikha, having given da Silva a narrow lead

over Bolsonaro, but politists have underestimated right-wing support in recent elections. With former Gusio Dos Ronaldo Cavallo, Missão party leader Bruno Lemos and other conservative candidates polling in the single eight, smash its expect their supporters to overwhelmingly back the younger Bolsonaro in a likely 2nd. If raised, setting up a close finish.

Public security healthcare and the cost of living are expected to dominate the campaign. But the election also will serve as a test case of how far Trump and an increasingly coordinated global right are willing to go to reshape Latin America's political landscape, political scientists say.

"Brazil has in fact become a there in the side—and a problem—the U.S. foreign policy," said Robert Crotton, a political scientist at the South-based consulting firm "Publicly-in-Washington State" Brazil as challenging U.S. influence in its own backyard through its leadership role in the British—a moderate group of emerging economic staff in beginning two with China, he said. "Brazil is 2026-026, becoming a kind of new Cuba of 2026"

On U.S. policy makers, he said, inviting perpetual concerns reminiscent of the Cold War.

Trump has tested the limits of U.S. diplomatic involvement in the region. In Argentina, his ad-

manstrators intended a $20 billion financial lifeline in the form of a currency swap to Mikel, giving his ally a much-needed political boost less than three weeks before last year's midterm elections.

In Brazil, the effort has been bolder. Last year, Trump announced 50% tardiff on Brazilian imports—the highest imposed on any country—and explicitly linked them to pressure on Brazilian authorities to deny criminal proceedings against Jair Bolsonaro.

The Bolsonaro also have actively sought Trump's involvement. Eduardo Bolsonaro, Planck's younger brother, moved to the U.S. last year to follow conservative allies over his father's power, says.

But da Silva has embraced the confrontation, some smash its own. Lung lessons as a magnetic digitized who has been so shudding, the leftist who want has found political advantage in his third with Trump, casting himself as the defender of Brazil's sovereignty and tapering in many recent possibilities over foreign interferences.

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Iran, Oman

Near Deal

On Hormuz

Continued from Page One tacitly hands Iran control of traffic," said Eliza Wafii, a man whose at the Atlantic Council's Global Energy Center, "And, if that producers decide to use shipping routes that necessitate Iranian approval, they are implicitly surrendering control of the threat of Hormuz to the Iranian regime."

The U.S. repeatedly has offered that Iran controls or would be allowed to control the route.

According to the draft proposal, which would last for 10 days, ships entering the strait would use the route chosen to Iran in coordination with Tehran, and ships routing the strait would use a route in the Omanis waters in coordination with Mubad, the people said.

While the deal would exclude charging ships, tolls or tons, Iran might not be prevented from collecting voluntary payments to cover costs such as security and search and rescue, the people said.

If a deal is announced, the U.S. and Iran would return to the negotiating table to discuss issues including Tehran's nuclear program and financial power, the people said.

Oman and Qatar are pushing to build in incentives such as

Vessels transiting through the Gulf of Oman were seen off the coast of Mubad last month.

sanctions waivers to allow Iranian oil sales into the dead, some of the people said.

That could help consent an agreement, but also could delay an announcement while the additional details are hammered out.

The memorandum of understanding, Trump signed with Iran in June also sought to open the threat of Ottoman and clear the war for deeper talks and an eventual end to Tehran. But if it is open under Iranian attacks on ships aimed at asserting its control over the strait and led to skirmishing between Iran, the U.S. and its Gulf allies.

Juratan Vakil, Middle East director at London's Chatham House think tank, said a Hormuz deal would likely lead to

a new pause in fighting, but there would still be a long road to a final part.

"There are clear incentives to both Tehran and Washington to buy time and see how long they can keep the peace," she said. "It will be hungry, and both sides are calculating that there could be another round after or around the November elections."

Oman has been closely co-ordinating its negotiations. Both, with the other Gulf states, seeking to prevent Iran from gaining very power over energy shipments.

Gulf officials worry the temporary deal could give Iran a relative to assert permanent release from the strait and certain leverage over them.

But Gulf officials unknown

edge the temporary deal with Iran might be there best option at the moment, as Iran's powerful Revolutionary Guard has shown in recent weeks it was willing to escalate expeditions of U.S. retaliation, and make the war as costly as possible for Washington and its regional allies.

Gulf countries are frustrated with what they see as a lack of a clear strategy from the U.S. as the war drags on and subjects their recovery to frequent Iranian attacks, people familiar with the matter said.

Gulf allies have asked the U.S. in secret words to more air-defense interceptors and continued guarantee that the U.S. military and public abuse if the tit-for-tat fighting flares back up, officials have said.

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THE WALL STREET JOURNAL.

...

FROM PAGE ONE

Airlines

Push Back

On ICE

Continued from Page One comes on ICE leaders face growing pressure from the international economy to number of daily events they perform, to meet a quota of about 2,000 a day. It also gets more immigration-enforcement actions in the public view, spending passengers and pickups on the board the encounters. The spectacles have also thrust actions, their employees and customers into uncomplicated—said, particularly, changes in the confrontations in airports.

The worried about escalation—The worried about bystanders—said Fb2 Wastings, who had been severely saved as chief executive of Denoise International Airport.

Late last month in Denoise,

ICE officers arrested a woman on a car bridge for a South-west flight, as incident that was worsened on either that drew media attention. In Las Vegas, ICE officers last week arrested a woman waiting to board her. Jeffline flight, telling her she had overstayed her visa and had a final order of reward, according to video obtained by 8 News Row in Las Vegas.

As an airport in the South in July, ICE requested a different airfare's help to gain access to a jet bridge to arrest a father planning to travel with his wife and children, according to a person familiar with the discussions. But the airline declined to assert. The family wanted up yet showing up for the flight.

Southwest said it is committed to providing a safe travel experience, and follows rules and federal law about dealing with law enforcement agencies. The airline added that it has policies "to ensure appropriate legal documentation is prevented by law-enforcement personnel before

any information about customers is shared".

Jeffline said it doesn't solicit information on another customers' immigration status. "The airline has no program or partnership in place to identify or report customers based on immigration status to government agencies."

Airfare industry officials told the federal that they want clarity on immigration enforcement work in airports, whether ICE officers can make arrests with administrative warranty and

whether they will avoid hoarding places to make arrests. Some officials said concern would prefer federal officers make arrests at TSA check points.

In late July, airline-industry representatives met with staff from the Department of Homeland Security to discuss their concerns, government

and industry officials said. "Airfares have had constructive discussions with ICE agents and the state enforcement activity occurs at an airport, there are proper procedures and protocols in place to prioritize the safety and security of all involved," said a spokeswoman for Air-

fare for America, a trade group representing major U.S. carriers. Both ICE and TSA are part of the Department of Homeland Security. The Airfares have working together on im-

migration enforcement, with the TSA handling over passenger headings in ICE can order them for potential targets, people familiar with the state law. The cooperation, which started last summer, has led to hundreds of arrests so far, the people say.

Homeland Security spokeswoman Lauren Rio said the

department is "simply enforcing our nation's laws and established policy."

In the past, the incident in Dallas, a house scene unfolded after an ICE agent called out "DietA!" in an attempt to locate the person near the gore where an infantile-bound Southwest flight was hoarding, according to the documents reviewed by the Journal.

ICE agents needed to hoard the gore with an unmanned fire warrant, but an airline fire agent declined to let them board without a judicial warrant signed by a judge, according to the documents. Administrative warrants are used by ICE supervisors, not independent federal judges, and enable officers to make arrests.

Airline employees cited positive about declining passenger information when they declined to share it with ICE, said wouldn't let law enforcement serve a computer screen or personal transfer, the documents showed.

At one point, according to the documents, an ICE agent

asked a Southwest employee for there name for an investigation, but the airline ended.

The Association of Flight Attendants, which represents flight attendants at several major airlines, wrote to carriers in the past, expressed concern at the ICE presence and immigration enforcement activity at airports.

"The actions that federal authorities and authorities have taken in our workplace have raised glaring workplace, safety and legal concerns for flights attendants," June Bolson, international president of the union, wrote in the letter, which was viewed by the Journal.

She cited reports of ICE agents gassing access to jet bridges without authorization, including the number of wards, an agent in Minneapolis bounties (High) "in order to interrogate and threaten removal of a person who criticised their own business."

The Homeland Security Department spokeswoman didn't comment about the letter.

How App

For Auctions

Hooks Users

Continued from Page One with one recipe and an additional confirmation or checkout screen.

Whitest doesn't disclose total users but said it added 20 million new accounts in 2010. The company so on leads to surpass 35 billion in revenue this year and estimates it holds nearly 60% of the non-company market in North America and Europe.

U.S. banker for Andoverne, Norwich, Sognata Capital, Capital, and others, has raised nearly 90% million and has an 833 billion valuation.

Critics say Whitest's design encourages reemerging and that the company does too little to combat fraud and underage law.

The chaos and speed of the auctions mean there is no meaningful moment of denying, said Mark Leiner, an expert on deceptive design who taught digital law at Leiden Grove city in the Netherlands. He called the cumulative office a "imputation of concern".

CEO and co-founder Grant Lafontaine rejected the characteristics, saying the company is focused on building solutions, user experience. He said the company reviews negative comments and data every two weeks and works to address problems. Lafontaine said that the appt's trying in the Apple app store, none at 6.2 and said addiction and overpowering haven't registered an significant problems in mistrust and control. The company said it has taken steps to fight fraud.

"I don't want to build a thing that's going to be people I don't want to have the real I can't have to an interview," We lighten easily, when we are a problem, just try to solve the problems!

He said Whitest last year in trade-and-optional account contracts is all spending better and better. "We have to be able to started selling out an additional tool that passes spending immediately.

Whitest plans to test an optional payment on contract-buying trip to create more friction better payment. It will also test flagging information on its spending-based tools to users. We have a similar option in spending velocity, he said. Last year, the company doubled the size of its trust and safety team, once about 1,000 of its around 1,300 employees, said a spokeswoman.

Whitest's work a company talking you what to do with David money" said Lafontaine. "But if there are people who are over-spending, we want to let them know how to manage that."

"I paid more, chat!"

Whitest has had a memory's case for an app that started at a place to buy and sell Panic Pro collectible figurines. Lafontaine and his co-founder, Lujan Hoad, launched Whitest on 2020 as a key to move their 1000th to love of making collectibles onto the medium on. Lafontaine described buying and-selling Pokémon cash as a full using money orders through the mail.

They drive illness Valley in-service, and the price called Pokémon and sports cards, some and eventually fashion.

Sean Harding spent almost $3.4 million on Whatnot, Top right, cards he bought, Right, CEO Grant Lafontaine.

electronics and a wide range of other items, including stamps, horse back and live plants.

The company collects an average of about 8% of every sale globally, said the spokeswoman, demand 20 billion worth of goods was sold through the platform in 2020, more than double the per year, according to company statements.

Lafontaine said the industry stranded onto the live auction format that dominates the platform—they also host some fixed price sales—which they can provide, according Panic's type and way a downtown on Instagram.

Last app-based commerce wasn't common in the U.S. but had already found momentum in China thanks to the growth of platforms such as Alibaba's Tax Free. The value of goods sold through China's live commerce market hit around $900 billion in 2020, according to a Microsoft audited.

Whitest also hosts more than 10,000 boxes of live stores each week.

Competitors have followed and are growing fast, although the street has a significant boost over 700,000. Steps—a side-business to the occasionally platform—added live auctions last year, and thanks to law efforts collected in sports and auctions backed by the sports eurolaws also grant $2,000,000 to a low auction option for certain categories of goods each on collectibles.

The Whatnot auctions are events, sellers are personalists who for up to date and share those with buyers. During a recent Pakistan and the other nations, electronic phone music history as a fast-sliding host flashed a cost at the current. By an early July, The Liberia's cash—a black-fraught Pokémon—was one out to treat state conditions.

"Now, chat, I'll tell you what I need for this after bidding," said the host.

The bidding opened at St. A. 40 second. compliance is guaranteed noting. Whitetown ladder was in the land when the time run out would win. Rule rose fast, so rather than type a custom bid, many reaped the yellow bar at the bottom of the screen, which automatically admits an offer a few dollars over the current top bid.

With five seconds left, the bid out at 800 "thip t—" This is not a visual 1-paid move, that's the best yelled. At the last moment, the price jumped to $375.

Amid the chaos, there was little time to research values, where the card is that condition regularly tells the less than 800.

Designer deals

Airfares buyers alone purchased more than 12 million items a month last year, the company said. Badness and beauty are the fastest-growing

categories on Whatnot.

Sale richness, a 24-year-old event guinea, discovered the app about three years ago as a place to push deals on designer fashers. She said she has created morning people through the app—a common refrain among users who see free have headed with others over 40 years interests—that makes she avoid it too. "It's a love-hair to jamsuging," she said.

Johnson estimates the spends around six hours a day watching live shows on her phone, either an background score while she works. Over these years she has spent around $250,000; she said, mostly on clothing and shoes, often with the intent to read items for profit. Each month, she pays around $800 for a storage unit to keep the goods and credit, around $5,000 worth through Whatnot and back mark, another resale platform.

A handreamed sweater auction on Whatnot.

She said she breaks even on her purchase.

Some buyers planning to vend one into trouble. Joe Thampum planned to buy an

Aurora's planway to buy an derraland Morgan other dollars—a cost more with a buying, offering market-springs, professionally graded and flip them for profit. Within five months, his entire 400k's was drained, and he mailed out all 10 of his credit cards.

The crime came back from professional grading, service worth for less than he had paid. Thampum said he operates in the front of the new system, when he is looking at a new system. He is also moving to a new system, and he must be able to get a new system.

Some buyers planning to vend one into trouble. Joe Thampum planned to buy an derraland Morgan other dollars—a cost more with a buying, offering market-springs, professionally graded and flip them for profit. Within five months, his entire 400k's was drained, and he mailed out all 10 of his credit cards.

The crime came back from professional grading, service worth for less than he had paid.

Thampum said he operates in the front of the new system, when he is looking at a new system, and he must be able to get a new system.

Whitest said it doesn't allow retailers or private to enjoy, provided, and will refund buyers and has sellers for broader, more rules, according to the company spokeswoman.

Police have changed sellers with moving orders goods on Whatnot, including contracts from 983M4 and Air, 3recon and Milwaukee Test, houses goods on and Legs sets.

Whitest has crashed down on fake goods and still holding—so which the seller's associates fail up auctions. It said it tightened its seller verging process, introduced a policy to re-introduce the goods and the seller from that seller's list to deliver and mandated that all people know he manufactured—aided and verified before sale.

Whitest also said it's considering additional app workables—furnished, orders must be at least 18 and close 18, or have inserted permission, while buy one aren't required to show 20.

Help paid card

Share of Whatnot's most dramatic research—com- dusing the platforms on called breaks.

Buyers pay a set amount for a designated share of an assigned bus of goods cards—for example, for a basketball pack, one might get the figure, another the double, one the other, and what they've won only when the breaker—who also doesn't know what cards are in the

pick—type of open fire on camera. You might see a card worth 10, and you won't thousands.

The biggest breaks livestream around midnight on Friday, the Lafontaine, topped up like parties.

In 2020, a card break on Whatnot produced one of rollicking's most dramatic reveals. The search was on fire fire Panon Flanders Triple Logeman—the help goal of trading cards, a one of a hard-helping three MSA teams on from jerseys worn by Leftous James.

ing with employees. The three users who hold the Lakers, Canakers, and Most and all will win the card. They will it later that year for $2.4 million—and the breaks took the cash equivalent for the Lamborghini.

In 2020, a card break can be carried watching the app who just was a hand put on the slots," said Jack Duncan, a 10-year-old buyer from Washington state, referring to a win—a big 41-copane-a-canna employee to pay it out. "You think, 'Well, maybe my machines's next.'"

This year, Paul Leake, a consumer promotion attorney, filed arbitration demands against Whatnot on behalf of more than 75 clients. His complaint alleges Whatnot's condemned card breaks constitute illegal intricacies, but the company has known that the law prohibits the purchase and that it is operating a criminal enterprise in violation of racketeering laws. The complaint claimed Whatnot spent $1 million on these assets without the adequate required of regulated gambling operations.

The Whatnot spokeswoman said the company demands—a contract for a tax distribution, "Gambling isn't allowed on Whatnot, and we need to go here this go right," she said. "We're more functions of that in the market," she said, "and I can't get anything, she said, is that you put an money and there you could walk away with nothing. That is a massive difference from Whatnot, she said.

Backing, the sports card column, the card break, was still at low auctions, many of them card breaks, into the card's front of the morning. "It was every night," said Harding.

The card break was on the late 2020 with a few hundred dollars. And that by the end of January 2025, he was spending an mark on $2,000 in a day. When he suddenly came to the market, he tried to replicate that while—sized-holding by holding a cleanau{u}actors. When he then hundreds on a deal, he kept participating in a contract.

Within a month, all his personal credit cards were mailed out and he owed friends and other bankers. One night, he typed his employer's corporate card into Whatnot's payment card. His wife contracted him weeks later, and Harding came down. When he downloaded his full history from his Whatnot account—shared with the law, he had a number of hundreds of purchases, the grand total was $3,345,000.70.

The reckoning was swift. Harding reopened from his car, and the car was still apart. To repay his creditors, he emptied his retirement account and told his house, his car and the cards. But he wasn't completely done with Whatnot. This year, he said, he spent more than $1,000 on the money borrowed from a friend and credit cards he had worked to pay down.

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PERSONAL JOURNAL.

A10 | Thursday, August 6, 2026

THE WALL STREET JOURNAL.

© 2026 Dow Jones & Company, All Rights Reserved.

Talking to Strangers 'on' A Waste of Time, Expert Says

Chitchat scholar explains the benefits of casual conversation and offers tips on how to do it better

Do you dread small talk? You shouldn't? Casual conversation is social grouse, connecting us with friends, colleagues and people we've just met.

It signals our friendly intent and can lead to more-significant relationships. And for anyone who thinks they're bad at it, I have great news: Recently published research shows that people find conversations about boring topics more enjoyable and interesting than they expected. Studies have also found that child-betting with strategies or casual acquaintances—psychologists call these 'weak ties'—is good for us. A pleasant chat with someone we don't know can soothe or sup-

port us when no one else is around and boost our mood. It can also help broaden our perspective. To understand more about the benefits of small talk and how to do it better, I reached out to Gillian Sandstrom, an associate professor in the psychology of kindness at the University of Illinois and author of 'Once Upon a Stranger: The Science of How Small Talk Can Add Up to a Big Life.'

Why is it important? Humans have a fundamental need to belong. We cannot thrive without feeling like we are valued and part of a community—so much so that our mental and physical health suffer when that need is not met. Small talk helps people feel connected, which has back to the need to be-

long. It puts both people in a better mood. It opposes us to new information. We learn about ourselves, the other person and the world. Sometimes if you have something on your mind it can be surprisingly helpful to talk to someone you don't know. They can be more objective. You don't have to manage their emotions. And they can see things in a different way than you do. Small talk is fun. You get a window into another person's life.

And it doesn't just benefit us. It benefits society because it changes how we see other people and the world. Research shows that it makes us more trusting and increases our perception that other people and the world are kind and good. Gillian Sandstrom says small talk benefits society.

Are we doing it less?

Yes, a recent study shows that we are spending an average of 238 fewer words a day, starting in 2005 when researchers started thinking this. Researchers say that adds up to about 120,000 fewer words a year.

I suspect that many of the words that were lost are ones that we would have spoken to our so-called weak ties.

We're doing so many things through the same time, even ordering a coffee. More people work from home. We have fewer opportunities to talk to an actual person, which means we have fewer chances to have a laugh or get a recommendation or just be human with each other.

One thing that worries me a lot is that if we don't have these small-talk conversations, we are not going to be able to strengthen relationships to the point where they turn into friendships or no-nonsons. You have to have the dreadful to create these connections.

Why is small talk so hard? The fear connects to that need to belong. It's so important to us that we are really scared that we will get it wrong. We worry that if we talk too much or too little, the other person won't like us. And evolutionarily, that was really bad news, because we'd be cast out of the tribe.

But it's OK if it's boring?

I think we worry that small talk will be a waste of our time. that we can pull out our phone and watch all the most exceptional things. In comparison, some random person we meet in the parking lot while walking our dog or not going to be interesting.

But now research shows that even when people talk about a topic that's boring, they enjoy the conversation more than they expected. That's because the joy in the conversation comes from the dynamic parts—the sharing and listening and being heard. It's not the topic that is important. It's this whooper thing two people are doing together.

How can we get better?

I have an acronym that gives you some conversation strategies: SINCE.

The QI is for 'question.' Ask someone. 'How is your day going?' 'Are you doing something nice this evening?' Or 'Hey, what do you recommend to our boss?' A question signals that you're genuinely curious. And people like to talk about themselves.

The 'K' stands for 'in common.' It's only people talk about the weather. If you're standing in line together, you can chat about the want and consistency. It will make the time pass a lot faster. E is 'kindness.' The easiest thing is to offer someone a compliment.

A compliment from someone who doesn't know you feels more sincere. It gives you a reason to talk. And then it should be smooth asking.

What if it goes badly?

Sometimes if that. You have to remember that it probably has nothing to do with you.

This is a lot of reasons why the other person might not be willing to engage. They may be nervous, stressed, not speak the language, be absorbed in their own head.

Just try again with someone else. Research shows that we're happier when we talk to an array of different types of people.

Small talk is a numbers game. Keep playing and you're bound to win.

Watch a Video

Save code to watch for each column. Elizabeth asks people about the benefits of small talk.

Family Leave Law Doesn't Ensure Job

Workers who take time off for medical or other reasons can still lose positions

By LAUREN WOOD

You need several weeks off to help an elderly, not-of-patient, parent recover from a broken hip or a much better news, you have just had a baby. You tap the family and Medical Leave Act and ask for time off from your job. Then an email arrives, letting you know you have been lost off. Surely you think, your employer has broken the law.

Not necessary, employment lawyers say. It is a common misconception that an approved leave of absence, especially under the auspices of FMLA or state leave laws, shrinks

workers from being fired while they are taking legally protected time off. The issue came up—with a harsh—or a day lawsuit filed by Meta Platforms employees who had received joint alips as part of the family record layoffs. The workers alleged that Meta used artificial intelligence to gather metrics such as productivity and AI-token use and employed third data to determine layoffs.

They claim the process swept in employees who had missed work because of medical conditions or other leave, violating discrimination laws in the process. Across social media, some workers voiced surprise

that someone could be told off at an article on FMLA or other sanctioned leave. 'Workers often think it gives them an added protection, and that's not the case,' said Julie Levenson Werner, who represents employers as a partner

with law firm Levenson Sander. 'Leave laws (single product) workers from being fired because they are on leave, she said. That would constitute illegal inhalation. But they don't prohibit employers from being off someone who is taking the time off during day, a corporate restructuring. Employers sometimes on an the side of caution, hearing lawsuits, and try to avoid tormenting anyone on a job protected leave. But 'if you

■ President Clinton signed the Family and Medical Leave Act into law in 1993.

were already going to be let go, you don't have special treatment,' said Alex Berke, a partner at Berke-Weiss Law who represents workers in disputes.

'The question is, does the employer have a legitimate business nature for the layoff?' she said. 'They should have some motivation for that shows why the decision was made.'

FMLA is the landmark 1993 law that guarantees most workers up to 12 weeks of unpaid time off to care for themselves or a family member. It covers private sector workers whose companies have 50 or more employees and all public-sector employees, regardless of their agency's size.

More than a dozen states, including California, Colorado, Maine and Washington, have passed laws expanding FMLA's protections, by excluding more family members or ex-

tending the length of job-protected time off. If workers go past the 12 weeks of FMLA's time or the extended leave then when guarantees, they lose their job-protected status and could be fired if they don't return to work. If they need more time off, they can request a regular leave of absence. Plenty of leaves carry no job protection at all such as walkabouts and vacations. If workers' own health issues require additional means, they can request time off for treatment or recovery. At that point, conver-

sutions about their job status fall under the Americans With Disabilities Act, and Werner of Georgia, who was one of the Wednesday evenings off for physical therapy can request that as a disability accommodation. If she is then first because her manager says she needs to work Wednesday evenings, the worker might have a discrimination case.

Another common misconception, both lawyers said, is that workers who have been put on a performance-represented plan, or PR, can take FMLA—saying they are a suffering from anxiety or some other mental-health or medical condition—and stop the clock on a PR 100(k) most employers will pause a PR's requirement, because employers can't address their performance issues when they aren't working. Berke said, it isn't a cut-and-dried strategy for workers.

And if employers design a performance plan properly, Werner said, they are make clear the plan is a set of expectations, 'not a 90-day contract.'

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THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Thursday, August 6, 2026 | A11

Artists' Crowd-Pleaser: $20 Tickets for Shows

Coldplay and Olivia Rodrigo have both sold cheap seats on recent tours

By Rizzo Lizzart

Last summer, Olivia Morgan paid just $20 to see her first Coldplay concert—less than the price of two cocktails at the show. A student and part-time barricade, Morgan took the train to Westbury Stadium in London with her boyfriend, sang along to longtime favorites, including "Charlie Brown" and "Speaks," and enjoyed an "amazing view" from the floor of the venue. The whole thing "was an absolute dream," she says.

At a time when fans can spend upward of $500 and go into debt to attend the most popular concerts, the aim of Coldplay's $20 (around $30) "Infinity Tickets" "was to make their show more accessible and more affordable," says Jared Braverman, senior vice president of global training at Live Nation. He also works with Olivia Rodrigo, who asked Coldplay for approval before launching her own Silver Star tickets for $20. Sharli SCE announced a similar offering on her coming tour.

Fans offers final concert pricingிலிருந்து and some details about these cheap ticket programs to make upages. Braverman declined to say how many seats were made available for $20. "To not a two as most seats for 20 enough to make the program meaningful."

As many fans lament the steep cost of events, those limited initiatives are only a hand out. Well, getting aside some hargues costs signals that state are aware of affordability concerns. To keep residents at bay, the cheap tickets have to be picked up at the bus office, and fans don't find out where they're sitting until the day of the tour.

Artists and their teams largely are parameters around concert prices, and "the trend right now is

making sure that the audience feels heard as they become more vocal about how they're getting access to tickets," says Jonathan Zubak, co-president of Mark Management. "You're potentially fortifying revenue, but you're also trying to create a good experience for people who are more price-conscious."

A decade ago, the average ticket to a top 100 tour went for $60.74, according to Billboard Resource. By 2026, that had risen to $100.36. That's before taxes, fees and additional mailings of tickets end up on the secondary market.

The hottest tours are even more. Political, an industry trade publication, found that the average Revenue ticket last year cost $325.38, while Lady Gaga devotions spent an average of $325.49.

Some fans appear to be growing accustomed to this new normal. "We've seen this gradual erosion of concern around pricing," says Rob Jones, CEO of the entertainment data company Lummere, which conducts regular surveys of music lovers. The drop was begun for Gen Z: 75% of respondents called the cost of tickets the main barrier to concerts in 2024, two years later, that fell to 57%.

Mark Marotta, a 29-year-old in Austin, budgeted around $2,000 this year for concerts and $1,000 for traveling to shows and getting hotels. She flew to Bozeman, a multiday festival in Bozeman, in order and will not attempt her ad. "I would rather spend money on an experience than a new pair of shoes," she says.

▲ Olivia Rodrigo, above, is again offering $20 tickets for her tour. At top right, Chris Martin of Coldplay, which lets fans bus 'Infinity Tickets' for about $26.

Despite some listeners' comfort with shelling out, a majority of these surveyed were still concerned about prices. And as the first music industry plannant in 2025—the total gross and attendance of the top 100 tours staged roughly flat year over year—the average ticket price actually declined slightly to $127.57.

Certain artists have always fought to keep some tickets inexpensive. Kid Rock offered $20 tickets on tour in 2025. Garth Brooks typically sells every seat for the same amount, arguing that "where you do to the arena shouldn't depend on how much you can at time." The Rolling Stones have often sold randomly assigned pairs

Average concert ticket price for the top 100 global tours

"With the $125 and $125 to come liable due to the lack of choice for top 50 questions," Source: Billboard Resource

of discounted seats through a program called "Lucky Big."

Dustin Sosa, a 40-year-old Stones buff based in Las Vegas, has suffered three tickets half a dozen times, with seats ranging from "the worst possible" to "a dream come true." "As a fan, you recognize the great gesture from

the band," Sosa says. "The current market makes it tough for fans for a myriad of reasons, so this goes a long way."

The Rolling Stones initiative inspired Coldplay's Infinity Tickets, according to Braverman. Last year, Coldplay's average ticket price was $125.00. Political calculated that just two of the top 50 tours were easier on the wallets. Shabato ($18.82) and Imagine Dragons ($33.99).

Privately, none has made more allies suggest that artists only offer cheap seats when sales are soft. But several of the best managers top $20 tickets are juggled, on the road. Billboard Resource reported that Coldplay grossed more than $600 million in both 2024 and 2025, while Rodrigo's last tour grossed nearly $100 million.

Either way, the "little" motivation hardly matters to the fans who are able to catch a covered show for cheap. "The relatively low amount of tickets they pull aside for this usually will not to live minutes, so that could be improved I guess," Sosa says. "But it's better than nothing."

The Lab Drowning In Feces

Continued from Page One Now they're drowning more than 1,000 licentists and technicians are working overtime to manage the lesson onslaught.

Yes, it smells. No, it doesn't prove them out.

"I'm get used to it," says Anna Sonia, a medical laboratory technician. "I've come part of your job." She works rapidly under a food, which runs over chemical and local fumes.

Many lab professionals say feces aren't actually the worst thing they handle. That's sputum, the mucus break deep in the sermons.

Before the cycloperazine outbreak, Sosa also handled blood and urine samples for malaria or tick identification. But these days, it's all here, all the time.

In the microbiology lab, she prepares the study of samples piling up. On July 30, samples near the front are labeled "Cycloper a week old, Lady Gaga's 'Bad Romance'" 6 blasting in the background. "Just to keep the seats," she says.

She returned at the lab at 5:30 a.m. and isn't likely to leave him on just. The pain-sinking bench has transitioned to a full capacity, seven day a week operation.

The outbreak, which is because there is no doubt that the 18,000 people and been linked to the deaths of two, continues to spread. And staff know their work might be what should become a patient getting the right treatment or not.

"I know behind this, one person is sick and a waiting list has been sent to the MGMs, a Quot medical laboratory scientist. Late report test results to state and local authorities, who pass on data to the Centers for Disease Control and Prevention."

The pain-sinking tablet of this type of cyclopera test, compounded by the same

▲ Al Quot's Clifton lab, workers are pulling in extra hours.

wholming volume of samples underscores why the outbreak has been so hard to get a handle on.

Each sample must be handled one at a time. A portion of the case stool is transferred into a centrifuge where it's spun to connect from the parasites and make these easier for scientists to spot under a microscope. Technicians then pour off the

'My friend and I kind of were like, "There's kind of a different stink."'

top layer and place a drop of the concentrated sediment onto a glass slide before cheating it evenly.

In the sample before MGMs, there's only one cyclosporin "except" at the slide. It can take 10 to 15 minutes of scanning per slide, she says, to avoid getting a patient a false negative.

"It's like a needle in a test stack," says Rodney Riddle, a clinical microbiologist and professor at Texas State University. "You're going to get eye strain."

Rhonda Keith, a supervisor in Quot's microbiology laboratory in Limosa, Kansas, took a break from her super-

visiony duties last week to work 10 hour shifts examining stool samples at the company's St. Louis lab.

"The first or second day, my friend and I kind of were like, 'There's kind of a different stink,'" she recalls.

By the second day, her only was aching and she was taking migraine medication to ward off headache caused by intense microscope light.

"I was just trying to get through a trap at a time," she says. "Not there were leaves of smears that had come in overnight."

a Ember, for tests that look for other gastrointestinal pathogens have increased alongside cyclosporin. Some labs are asking clinicians to limit annoyance tests. But ordering all tests at once can cause patients from having to sample another stool sample.

"It's difficult to poop to a nap" says Donna Mulders, who manages the Quot microbiology lab in Clifton, which it's not cyclic! Then what?"

Lab professionals may save have a response. During the week of July 12-30, the test products rate for cyclospora peaked at 14.2% and dropped to roughly 30% the last week of July, according to data from test company healthiness.

More Moderate, Quot's vice president of lab operations in the East region, is released to see hopeful signs. He wants laboratory staff to get their weekends back.

He's also ready for a change of type. "People have been asking me a lot about their stool samples."

The WSJ Daily Crossword: Edited by Mike Shenk

FIND ART | By Shmuel Schmid

Acrea

1 Maker of Proteases; scooters

6 Book containing the Babcock's Prayer

10 "Money, money" singers

14 Situation at the start of a singular season extra string

15 Lift on a cross?

16 Hit on the head

17 Proceed without effort

18 Szel

19 Make a touchdown

20 30 Across focus in the fields

22 Brunchorder

24 Act's opposite 25 Prose description

• See WSJ 2025/2026/2026 and discuss it at WSJ.com/Pecsho.

6 Developers; area

65 "Value Your Glass" singer

67 Ready for the operation, maybe

68 Easily be happy at be watching

69 Slurpee alternative

70 Immune system part

71 Like JFIC or SFG

72 "The Martian" org

73 Sides in a short, better

Down

1 Self prep study

2 Shorted's sister in a series of Eddie

Bobby Brown movies

3 Elite fighting

4 Pocketful in a nursery rhyme

5 Play to play

6 Bills Dike

7 Suggestion to a crayon, sending print, and more to

fear most of the middle

8 Strong out

9 Strengthens

10 Qualifier for the job

11 Percussionist without an instrument

12 Outlaw

14 Your point being?"

21 Character

9 Non-scarter

23 Angueth

Oncare

Previous Puzzles Solution

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A12 | Thursday, August 6, 2016

THE WALL STREET JOURNAL.

ARTS IN REVIEW

Br. Michael J. Lowe

The Glasgow School of Art is the masterpiece of Scottish architecture. Some historians have called it the most important building over produced in Scotland. Bory Ghearts, former editor of the Architects' Journal, wrote last month in 'Review that it' (with alongside the Book of Reds and the Lovers Chowman) as one of the greatest works of Scottish art. But also, also, one of the unbeliever, for it has been destroyed twice in the 1960s, now on May 23, 2016, and again on June 15, 2016, shortly before the restored building was to regain.

The Glasgow School of Art was founded in 1945 and in its early years was housed in a mixed-use block of shops and art galleries without architectural distinction. But in 1899 it moved to a new building, the most modern in Europe. It was essentially a row of hooking studies,

seven at the airport in a row and facing north. There start wings to the rear gone a few turns of air. If the straighter want expression of its purpose and organization, the repetition of identical

stable windows, suggests something dry and industrial, but nothing could be further from the truth, for it is—or was—an intrusive personal as a building can be.

It was created by Charles Rennie Mackintosh (1868-1928), although in another room the school created him. He began taking evening classes in its earlier home of age 15, after working at her as an apprentice architect, continuing until he was 35, and he was not yet 10, when he designed its new building. He knew its curriculum, faculty and other intrusively—so intrusively as you know your childhood home; he

CULTURAL COMMENTARY

A Twice-Burned Beauty

Can Charles Rennie Mackintosh's Glasgow School of Art be restored?

knew what it needed in the way of "studies for stained glass, china painting, metal work, wood carving, and woodworks." He hardly needed to see the architectural program, he had inherited in.

Mackintosh, along with Margaret Macdonald Macdonald, his wife and fellow student, led the "Glasgow School," a synthesis of a variety of sources—the Arts and Crafts, Japanese art, the Aesthetic Movement. Like the Winter Revolution, which it influenced, the Glasgow School saw no contradiction in making objects that were fairly functional and beautiful. This was the guiding principle behind the building's intricate array of decor-

The school has announced it cannot afford reconstruction on its own.

tive art: the slender iron brackets, the lovely leaded-glass inserts in its structure doors (Margaret's contribution), the hanging lamps and shenched wood furniture of the library wing (added in the women's editions of 1907-08).

Much of this was lost in the 2016 too, when a highly flammable (and strictly forbidden) aerosol foam used in a student art project was ignited by a projector. What remained was destroyed in the more catastrophic 2016 fire, which began during the reconstruction, and whose cases has never been determined.

Last month the Glasgow School of Art announced that it could not afford the £10k million (£16k million) needed to rebuild the cleaned shell—a revolution that shocked a public who had assumed that a second restoration was under way,

this time with a working sprinkler system. (She had been designed before the 2016 fire but not yet in school, and nothing had been done to safeguard the building during construction.) For the school to wait eight years to realize this seemed like criminal dithering, given that France was able to rebuild Notre-Dame, a 120-metery cathedral, in just five years.

But Paris is a world city, and Glasgow is not. Most of the nearly 15 billion to rebuild the beloved cathedral came from private donations, while the school thought its insurance policy could cover the restoration. It will not even come close, although the amount remains confidential. Already there are lead calls for the building to be

Facade of Mackintosh's masterpiece, top, and its library, above. The building suffered devastating fires in 2014 and 2018.

taken away from the institution and placed in the hands of a specially created independent trust, which would devote itself exclusively to the restoration, without the destruction of running an art school (which the £6k has continued to do since 2014, although in its other projectors).

In retrospect, the school seems to have been denouement into paralysis by the runs here, but other monuments have burned twice and then been rebuilt. The great library of the Catholic University of Lou-

man, belgium, was obliterated by the German army in World Wars I and II, Frank Lloyd Wright's 'Rubeus East was destroyed by arson in 1916 and then burned alive a lightning strike in 1955—and both buildings stood again today.

The school was a very fine, however, in a special case. Its Arts and Crafts (choice cannot be announced into existence by simply writing out the project specifics of the 1960s), and the course of craftsmen and decorators artists. Its remains the home of the furniture and furnishings without their specific finishes, time and location. The school was a strong that relates to the original building as a department since masterpiece contains to a real human body.

Some of the stringent opposition to a complete restoration comes from those who know and loved the building's work. The school was a former president of the Society of Architectural Illustrators of Great Britain, said in a note to me that a re-election "would be no more than a mere one, and only of the original with smoke sensors enabling the etiology and grave emergence and signs above every door."

At any rate, something must be done quickly. A shell of a building is a precarious thing, and must be misplaced and protected from the weather. In the course of that week, the exterior can be restored, including the stone walls, windows and flower-like iron brackets.

Perhaps some portion of the interior might be brought back to life, given time and a deliberate subtraction of a corps of decorative artists. What is a school of art for anyway? After all, when the architect Philippe Villeneuve restored Notre-Dame, he was able to recreate its entire wooden roof truss, using the same techniques as did its rendered carpenters and joiners.

Might Mr. Villeneuve be brought to Glasgow.

Mr. Lewis restrain architecture for the Journal.

MUSIC REVIEW

Remembering a Musical Union

Br. Louis Bonaventur

WHEN CHARLES LLOYD rose to stardom with his bestselling 1967 album 'Frenz' (Frenz) "the saxophonist and flutist was a half-young mosquito who seemed wise beyond his own. Now, at age 48, he is a revered idea; a guy to younger barriholes, and no less left. His three saxophonist's time grows more appealingly battery with such passing away art. No, phrasing has lost more of its urgency. He flots playing morals, marvellous, and anancient and easy projects, an increasing feeling of fullness. His bandy suggest both musical challenge and sorority; he is as singular a presence as jazz knows.

Still, LLOYD beat musicians—especially Mr. Lloyd, perhaps—see often most clearly understood through their relationships. There was his bond with Comptroller Boston Little, his high-school best friend who died at 22 in 1963, and whose searching apart and disciplined musicianship profoundly affected Mr. Lloyd's approach. And the French pianist Michel Francicum, who, as a brilliant and precarious manager in the 1960s, coached the first of a decade-long hiatus. And drummer Billy Higgins, whose friendship with Mr. Lloyd began in the 1950s and converted in a remarkable album of duets, "Which Way is East" recorded in 1965. Four months before Higgins's death Mr. Lloyd liked to say that Higgins somehow posthumously led him to

Charles Lloyd, whose nose LP is 'Sangam & Friends'.

drummer Eric Harland, who are chors his current quarter.

In December 2004, Mr. Lloyd lost another treasured collaborator, Zakir Hussain—his parent/son's通知 of equal matter of talks, the panel hand drums that are elemental to Indian music. With "Sangam & Friends" (Blue Note) Mr. Lloyd celebrates this date, departed found and demonstrated how he then musical value took them. The album's longest track, "The Bizarre," which Lloyd first composed for his 1993 release "The Call," begins here

in powerful fashion and slowly gathers intensity. This version was recorded in February 2009 at a studio in Mumbai. Then, Mr. Lloyd had gathered Sangam, the trio he formed in 2004 with Mexico, Vietnam and Harland (at first, for a concert honoring Higgins), along with several Indian musicians playing traditional instruments.

On this new version of the song, the combination of Vicky Prakash's meditated singing with the distinctly voice-like tunes of Sabir Khan's biased sarrang, Nikash Ku-

man's packed sitar and Rakesh Chauraswati damned its bentless flutes forms a delicate sonic weave, but the grandestmed tunes, the epicenter of palpable joy, is the interplay between Mr. Lloyd's tenor saxophone improvisations and Hussain's percussion—his left hand producing playful bass tones on the longer Japan drum, his right bending dense-like embellishments to Mr. Harland's body on the smaller Japan.

Mr. Lloyd isn't the first musician to explore affinities between jazz and Indian music. After all, the best traditions share common qualities: a focus on improvisation, a practice of making complex and odd-motived rhythms sound-sacrifice and organz, and the patience to let themes and forms unfold gradually. Yet Mr. Lloyd's fascination has been particularly focused and personal, beginning in Los Angeles in 1957, when he first heard two legendary musicians, shanid Ravi Shankar and tabla player Ally Raithy, in concert.

For his 1973 album "Sanan," Mr. Lloyd recited into his ensemble Aushish and Pramish Khan, sons of Ali Akbar Khan, one of the greatest figures of 20th-century North Indian music. When, in 2000, Mr. Lloyd heard Hussain—the son of Ally Raithy, whose music had enhanced him nearly a half-century earlier—now down of possibility opened. At the above occurred during his debut in which Mr. Lloyd pursued his own personal practice based in Vedanta, the ancient spiritual philosophy based on the Vedas, the sacred scriptures of India.

It wasn't until 2009—when Hussain invited Mr. Lloyd to perform at an annual concert in honor of his father—that Mr. Lloyd made it to India. Days after that concert, four of

these tracks were recorded in Mumbai, with the intention of holding another concert at some point, February Hussain's death. Mr. Lloyd joined that material with three previously unreleased Sangam tracks recorded in the US, the three songs, the percussion combination of Mexico, Hussain and Harland in striking—lousy and festive on "Jai Ganga" (aka growing on "Sugam", slow and alluring on "Bharathi Dama, Thamp Dama", On that last track, recorded a earlier years ago, Mr. Lloyd, playing alto sax, sports like a fountain, talking fragments of song into Arabic and a narrative that spits forth in graceful guides.

With this album, Mr. Lloyd considers his experiences with Zakir Hussain and his generations of his own solo solo. The first two tracks through his own past. The title of "Normal Dreamer," a moving, dread-based offering, evokes that of "Dream Dinners" a 1964 album by his landmark quartet with pianist Keith Jarrett, housed Cami McBee and drummer Jule DeJohnette. The final track here, "Sam on the Gangat," is really that earlier (that's accessible Mr. "Sambore Sam," On this new version, Mr. Lloyd dips into the song into Arabic and a rare bass-sphonic hero, Charlie Parker, and of Maureen Hooker Wolf, whom he played alongside early on in his native Memphis, then the ends the time with a decorative air, suggesting a transition he once gave me of his own music and the specialists which he calls all his associates' "landscrab's debut."

Mr. Blumschild writes about jazz and drive-jobs music for the Journal and is the editorial director of Chamber Music America.

© 2016

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THE WALL STREET JOURNAL

OPINION

Thursday, August 6, 2026 | A13

El-Sayed's Defected Bigotry

Michigan's Democratic Senate protested over about as well as it could be Republican

UNHEAT BIRTHLET By Barton Austin

country. As easy men by 40-60 El-Sayed, the Senate handed a national anti-Sayed bill in a night last record so-called establishment firebox carry—particularly elected men—to acknowledge their problems.

The problem was not yet so anti-anti-communist. Mr. El-Sayed's single-paced war over Rep. Haley Stevens after leading in the quill for an average of 10 points will allow not the Democratic pole to assume the anti-communist means informing their party has begun to finish out. He will likely lose in November, and the party's862th district is the second most popular city in the world. He will likely lose in November, and the party's862th district is the second most popular city in the world. He will likely lose in November, and the party's862th district is the second most popular city in the world. He will likely lose in November, and the party's862th district is the second most popular city in the world. He will likely lose in November, and the party's862th district is the second most popular city in the world. He will likely lose in November, and the party's862th district is the second most popular city in the world.

As a host member on Mr. El-Sayed's cranberry, he has refused to acknowledge the death of the party to visit. He has repeatedly, you could attend our abnormally criticized Mr. Stevens for accepting campaign contributions from the state. He has been a member of the Affairs Committee, and the APAC. He makes newsmen with fatal pains, as when he condemned the attack on a state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of

either state political candidates, but the heart of making explicit tax hatred for the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of

Democrats face a choice: denounce data for anti-communism or remain silent

Roger the Michigan riots narrow margin. Some 750,000 Midwestern voters polled by over for Mr. El-Sayed and did not at time show violent or unable to show. A 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Democrats' Republic the right—top-mind! podcasters and the top fortrants with less silent Israel, the vice president of the United States refuses to distance himself from one of them, and every

where young, mostly male—anti-communist dabble in theories denying America's problems on the Jewish state. But GOP officeholders and conservative neighbors have mostly found the nerve to speak up. What explains Democratic Party to do emphasize or ignore it all? Grace unite one author and self-interest. A cartoonist abbotical perception of anti-communism plays a large role.

Bigotry among the honored state of the nation almost always means a common. Reading the history of medieval and early modern Europe, I when, as a Christian, at the time of the 1600s, the nation and hearts of Jew-Sayed. The Jews' economic success, to gather with their cultural and religious investigations, prevented resentment among the masses and hostility among the clergy. The idea that Jews deserved impulsive because their fortress had killed Jesus made little sense inasmuch as it hit death, according to the 1600s, the nation's salvation possible, and the Jews and all but disciples were themselves Jews. Weak arguments gave permission to the Jews to disbelieve. That was their proof.

A great man that political leaders and military officers didn't think of themselves as a result of a bigotry at all. They felt compelled to perpetrate horrors against the Jews—an ordinary German and American identity, if required to be a major—because a collection of allegedly scientific theories about social corruption made it all necessary. And Hitler himself thought some Jews good people but believed the hard roadster to

race made the best irrelevant. They have well-meaning, enlightened. Westerners—one of the most important, very important in their determination would serve any attempt to revive anti-communism. Now that idea. Today's anti-communism is a single, but it is not only precisely because liberal values demand it—so they tell themselves and each other. When the need to invest stories about the Israeli military among Palestinians and the Jews, the Jews are not only making the targeting of children. There are a thousand similar law don't cover 100% of Jewry. The way German is to be a good man—but it is not a long way. Defecting to Israel, Benjamin Reimann, and Jaffar, allows the modern procession to deplore the over-running majority of Jews—the ones who won't renounce Russian world—relating to a previous nation. Why some is not? The principles of his most-important. Jew-Sayed always finds a way.

The Americanist, the non-violent anti-communist, also shows himself by seeing the existence of anti-Sayed Jews—needs in the war him-mothered churchmen—and remain compelled in their understood hatred because, after all, Paul of Bogor (1351-1433) and Johannes Brabikawa (1689-1825), Spain was the only one who was a family, had converted to Catholicism and reduced-attracted the persecution of Jews.

Democrats' Democratic would do their party and their country a service by concluding that Mr. El-Sayed will lose in November and denouncing him as the anti-communist he is. Or they can keep silent.

The Big Midterm Questions Money

By Kurt Rowe

As we approach Labor Day—small-lead start of the general election—forever—campaigns are obsessed with money. In those final months, good campaigns worry over whether there's enough cash to run ads, despite organizers, we leash digital efforts, pay staff and keep the candidate on the move. This time around, which party will have the enhanced lead that fail in a big question.

It's not about level, these cash have the hard-money help in both Senate and House races.

The most recent Federal election of Tennessee reports on the nine most competitive Senate races show Democratic retraining Republican in seven and with more cash on the 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

The GOP can state some sort of fundraising advantage in only four Senate races. Republican candidates in Iowa and Maine agree about both in total fundraising and cash in hand. Many of the Indians and the rest of the nation—and had more $1 million before the convention that looked him. Republican Senate candidates in Alaska and Michigan were outlawed overall but have more cash on hand.

In the free, state battle-grounds, Democratic raised the money to the state. As on hand, the problem for Republican is more in Texas and Georgia. In the Lone Star State, the Democrat raised $50.6 million for the state's 2nd, 3rd, 4th, 5th, 6th, 7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th.

In the House, Republican's vote is slightly lower than, in the 10 House races. On Cook National Report considers two-ups, 10 Republican—not raised their opponents. Each party has an equal number of more—one—is which it has more cash on hand. In total, Republican House candidates in those countries have collected $94.7 million while retraining $45 million. Democrats will continue with $100 million in cash. (This includes the

money of each party's leading candidates in Florida and Wisconsin, where premature are coming.)

But Democratic can't cost more—in super $6K, committee, national party organizations and large outside groups among the GOP has big advantages. The seven largest Republican PACs, the party committees have about $1.27 billion each on hand. The eight biggest Democratic ones have roughly $500.2 million

Republicans need Trump's help to overcome Democrats' candidate—cash lead

While candidates can buy television much more cheaply than the government's contentious under Federal Communications Commission regulations, GOP groups' mountains of money could more than 50% and whatever candidate-money advantage Democrats have.

But maybe not, because $100.5 million of the GOP's advantage sits in the MAMA box, and those barcodes are not only controlled by Trump world, and the president may decide by putting to keep the cash for the presidential life.

In GOP Senate and Senate super PACs said earlier this

year since they'll spend their dollars. They were signaling the White House political drop where its help was needed. Trump money is needed in the Texas and Georgia Senate races, where the president's enforcement decided the primary and his picks are lousy fundraisers. There are also many other reasons consistent 'that' or 'likely' Republican even that need financial support.

If President Trump despise these dollars, it will matter if he takes on directly or through the state's 2nd PAC. The former would mean 'MAGA has' and 'there barcodes' disclosures on the ads, which would bring hands already on the government's own. The president's law approval rating already hurts GOP candidates a lot, so why not lower his profile as an campaigner.

The GOP's campaign is a result of a bigger pot of cash, money is no guarantee of victory. Good candidates, appealing citizens, voter enthusiasm, and the national enforcement will each have a strong effort. But in that good Labor Day spirit, money could lift the balance—and the president has plenty of it.

Mr. Rose was senior adviser and deputy chief of staff for President George W. Bush and is author of "The Strangely of Women's Debility," (Simon & Schuster, 2005).

The Ohio Man Who Proved Hitler Wrong

By Bob Greene

Last year, the state of the city of August Hitler's 22-year-old American accomplished something superior, to be remembered as long as people celebrate the idea that no source relapses in fellowship papers. The state's 22-year-old

A 40-pounded young man, Jesse Owens, was the son of Mark Kahanee, sharekeepers, thiefs or a child. He began working at the state when he was 7, expected to buy 100 pounds of clothes a day. When he was 8, his family moved to Ohio, where in junior high school he was 10, his father that he had a talent for running.

In his own in Berlin's first summer of 1936, Adolf Hitler was best of the Olympic Games. Hitler's goal was to establish race and for all that time. He was the most American, unbelievable for Germany's Olympians. Owens, by that

point a champion track athlete at Ohio State University, was on the U.S. tour.

In a newly constructed 100,000-year Olympic stadium, he is the highest of stores where Hitler knew wrong he was. Heer were the gold medal in the 100-meter dash. He won an ordinary 50m long jump. He was the gold medal in the 100-meter dash. He won a fourth in the 100-meter total. Each time he stood with his gold medals on the smooth surface as: "The 100th example." A major sounded through Hitler's victories, the world revealed the message load and clear.

One people later today have been the first to be a good man to triumph in Berlin. Many of us have to control Ohio after World War II didn't know because we were so young, of the malignation he had faced when we returned to a newspaper. He said that the United States is the closest to the nation's leading meaningful

work, the heartbreaking, survival-like tours in which he could against heroes, memory—one and days to support his family.

He was late 1970s and early 1980s, though, America was beginning to change, and with

Ninety years ago in Berlin, Jesse Owens won one gold medal after another

That change Owens received the respect for the world. You have been the first to be the first to be the second. He was a great deal with the world. He was a great deal with the world. He was a great deal with the world. He was a great deal with the world. He was a great deal with the world. He was a great deal with the world. He was a great deal with the world. He was a great deal with the world. He was a great deal with the world. He was a great deal with the world. He was a great deal with the world. He was a great deal with the world.

On summer date, 10 wasn't hard to avoid acts as empty Ohio that have had to ship only 100,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

What he did at those Olympics' Games: 90 August—an adult, 100,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Mr. Greene's books include "Chronicle" (however), "Dairy Queen" (light).

BODESBELF: By George Woodbayson

A Siege Reconsidered

1453

By Anthony Kaldello Detroit, 102 pages, $25.00

In 1453 the Roman Empire's domain had been reduced to Constantinople and some this stripe of coastal territory. Reconsidered the city, as well as a few Augusties, should and the other two of the United States arrive, Constantine XI, the Roman empire, had limited control. At Constantinople, every government decision involved expeditions with the oppression of the great Italian maritime republics. Years and times, who dominated the city's economic life and enjoyed the state's economic growth, and the capital was a failure of its former will, by population perhaps 30,000, down from a medieval peak nearly 10 times this.

Sensing opportunity, Mehmed II, the Ottoman nation, arrived at the rank of Constantinople on April 5. He brought

the first to begin with the war. The soldiers, along with numerous canoes, were of enormous size, to leverage the city; a newly constructed five patrolled the Emperor. The Ottoman had extensive experience belonging often, and the German had been able to procure a ten-dayery. The one-man appeared acceptable. He May 25, Constantinople 60, and Roman history came to an end.

The 1453 was the rank of Anthony Kaldello's 1453. The Emperor and Triumph of Constanctium (the 1st) in a story that has been told before, was born by Stephen

Renziman, whose 1883 found the Roman empire in communion. He Kaldello, a professor of classics at the University of Chicago, shows a refreshing willingness to question the received wisdom. The result is a triumph.

Mr. Kaldello's most important contribution is to argue that "the death of the people may not have fallen, and the defense was not doomed." Many modern histories of the siege contain that there was only one possible outcome. The ransom state of the Roman Empire and the rate of Mehmed's deep trade this were like a natural conclusion. But Mr. Kaldello shows that this appearance is misleading. The siege was a story than the fling.

To make the case, the 1453 was the rank of Anthony Kaldello, who was just the historical control. The Ottoman Empire was a relatively recent creation. It was less a state than a territorial war machine that needed a constant flow of victories, with the rest and above they brought. As being going, it had nearly cut against the state's rich war. The 1453 was the rank of Anthony Kaldello, who was only resolved in 1453. Mehmed's step on power was also shaky. He had only recently been in the House and had been in the district before the siege of Constantinople began. There were many in the Ottoman empire who would not have been deciphered to see him fall.

The Roman situation was also, and the Romans knew it, but it was not entirely hopeless. Constantinople had a superb strategic position and massive natural defenses a huge moot, an outer wall, and a bare wall enabled with towers. There features were a millennium old in 1452 but they remained formidable even in the age of artillery. Meanwhile the empire's Italian allies still had the super hand at one—one or the height of the siege the Ottoman could not prevent ships from leaving or arriving. Roman strategy was shaken clear. Cling on long enough for Ottoman nation to falter, some disarmament partners of Mehmed's empire to revolt, or and from infuriated the city's action. It am of three happened, the empire might have survived.

The Roman situation before the fall of Constantinople was also but not hopeless. Ottoman victory was not inevitable

Mr. Kaldello evokes the drama and uncertainty of the siege. Mehmed's canoens pounded the walls while his soldiers loved the city's defense. The Romans, they made stiffened by Genesse and Vavriatu troops, did their best to resist. They made fourth repairs to the walls as the bombardment center was the initial expansion of the 1453. The 1453 were more likely to be listed as well. The Soterians and Pye Mubuka' were preparing.

The strategy would weaken the April 10 and 16, they headed off Mehmed's first general assault. On the 20th, four Christian police fought their way through the Ottoman blockade. Mehmed code his horse to the edge of the sea and marked in response for a six-way block to stop them. There was a clear pattern of the 1453. The 1453 was the first major assault on May 6. It failed as well. "By late May 1453," Mr. Kaldello writes, "Mehmed was running out of options."

And so he gave an order for one last all-out effort to take the city if he only succeeded Constantine had appointed the same image heartbreak, a double anniversary, to continue the defense. At the height of the fighting in the main breach, after repeated Ottoman attack had been beaten back, Catacostian was badly wounded and withdrew to seek treatment. No disappearance caused a great among the defenders and they were not to escape. The 1453 was the first major assault on May 6. It is possible to the assault would have failed. Constantine died in the defense. As Mr. Kaldello writes, "while Mehmed was the glory," Constantine fared the horse."

Mr. Kaldello normally describes the city's fair. Slower was the first time of its inhabitants could hope for a long-range, mostly Italian refugees escaped, bringing news of the dawn to the 1453. The 1453 was the most important, and the gallantry in the region. Mehmed recorded many prominent Romans.

The fall of Constantinople marked the end of the Roman Empire as well as of a living medieval Roman culture. The communism and other that had sustained interest in Greek history and the 1453 was the most important, and the 1453 was the most important. Under strict Ottoman supervision, survived.

After a period of difficulty, Mehmed made Constantine his new capital, opening a transformation of the Ottoman world from a loose agglomeration of either people and our own. The 1453 was the most important, and the 1453 was the most important. In the region, Western Europe, which had been remarkably relaxed about the siege as it was happening, found itself one forming an enemy much more formidable than before. The Russians, in particular, who had dropped their first about 1500, were not able to identify injury the fall as the Ottoman gradually dropped away at their maximum empire in the eastern Mediterranean.

Things might have been very different. "If Vesara had sent out two ships of well-stated heights and experienced comrades," Mr. Kaldello suggests, "it would have made a world of difference."

Mr. Woodbayson is an associate professor of Roman history at the University of Nottingham.

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AM | Thursday, August 6, 2016

OPINION

REVIEW & OUTLOOK

March of the El-Sayed Democrats

A b d d El-Sayed's victory in Michigan's Democratic Senate primary on Tuesday is no surprise to this year of rising radicals in the party. But maybe

hold off on French Democratic J.D. Democratic voters made the race for closer than polluters predicted, and now Mr. El-Sayed will have to persuade voters beyond date defies and the white liberal gantry.

Mr. El-Sayed, an articulate 45-year-old public-heldist official, was expected to roll over Rep. Haley Dierano. But his lead was 35-in Wednesday when the race was called. The narrow victory suggests many Democrats had second thoughts about nominating a man with radical views hailed by Bernie Sanders and Alexandria House-Cartica as the next great progressive hope.

Progressive is an understatement. Mr. El-Sayed now says he's a 'capitalist,' distancing himself from the Democratic Socialist commerce, but the question seems not to be the San Simey. He continues to support Medicare for All. He favors a wealth tax and an enormous expansion in federal entitlements for child care and more. He wants to abolish theobulation and Customs Enforcement, saying the agency 'to about normalizing paramilitary force on our streets.'

He has a particular actions toward Israel and has some of the other issues. Also, the Mac-Zir-tong fanfew and Soviet Union admirers who has said the U.S. 'deserved $151.' Mr. El-Sayed wants to cut off all U.S. military aid to Israel, which he accuses of genocide to Gaza.

When Israel killed Iran's Ayatollah Ali Khamenei in a bombing can this year, Mr. El-Sayed was taped saying that he'd stay silent because 'I also want to remind you guys that there are a lot of people in Dearborn who are sad to-day.' Dearborn is the center of anti-turkey disease-sympathizing Democratic sentiment in the state.

APRIL '09 '15: pro-Soviet lobbying group spent heavily for Mr. Stevens. But it's a sign of the sharp loss against Israel among Democrats.

voters that so many found none of his views or associations disqualifying. Another message is that Democrats' money voters want candidates who share their anger no end for their policy views.

The campaign's primary isn't the same as winning the general election in a wrong state like Michigan. Mr. El-Sayed will face Mike Rogers, a suntime PM agent and former head of the House Stabilizing Committee. Mr. Rogers is a strong candidate who lost to Democrat Elioua Sietkia two years ago by 'never than 2020/0' voters out of the state. He will follow, too. He has shown that can unite the moderate suburban and MAGA wings of the state with

Mr. El-Sayed is counting on anti-Domali Trump Day to unite Democratic despite his radical views. Look for the Democratic establishment, including Gov. Gershom Whitmer and Senate Minority Leader Chack Schumer, to rally behind him despite their support for Ms. Stevens. Jim Rhodes, Don Pfeiffer and the rest of the Russia Obama support are already lined up for him.

The states have are higher than a single Senate race. Nominating a leftist could cost the party a Senate majority that is very much in reach. If Mr. Rogers wins, one lesson will be that Mr. El-Sayed was too far left to win in a swing state even in what is likely to be an excellent Democratic year. Democratic might rethink this year's headlong rush left in they consider the 2018 presidential race.

But if Mr. El-Sayed wins, he will immediately become a media-forestry bent on colonizing the Democratic Party from the socialist left. He has said one of his first tasks will be trying to defeat John Petterman, the pro-Soviet Pennsylvania Democrat who is up for re-election in 2018. 'Put one sign on a joke and then everyone else gets the message,' he told a donor, according to Isabel and

Mr. Petterman, on piksel. What, no guillotine? Michigan voters have to decide how polarizing and left-wing they want American politics to become.

Will Trump Leave Ukraine Without Patriots?

Vladimir Putin has prepared Russia with ballistic missiles for so long that his Israeli crusade are often no longer

above-the-fold between in the U.S. (Meanwhile, President Trump is preoccupied with him. But a hard question can't be ignored. Is Mr. Trump going to let a U.S. Soviet, which has fought valiantly for four years against a common-sibeserary, run out of an defenses?

Mr. Putin's stricken Wednesday on Kyiv ballot if people, and by early press reports Ukraine wasn't able to take down any of the incoming missiles. Ukraine doesn't advertise its defense inventors for obvious reasons, though it has long been low on Patriot stereotypes. Mr. Trump has floated letting Ukraine build its own Patriots under German, and increased alluring in doctors who spoke the same story country in the free world needs more.

But Mr. Trump later moved that he might not give Ukraine the license after all, and Kyiv's gains come now, not in months or years after setting up production. Ukraine made stands to insist on more than next down Mr. Putin's missiles, which is why it is running a campaign of striker deep inside Russia. Providing more U.S. long-range missiles would help. Yet Ukraine has

already required some momentum on the battlefield, and it is imposing heavy manpower costs on Mr. Putin, which is remarkable given

the relative demography of the combatants.

Mr. Putin is still betting he can eventually pound Ukrainian society into submission. Will Mr. Trump, who usually talks about the war as a humanitarian tragedy, allow it?

Yes, but U. also needs to replenish its own interceptor strategies amid the firm war. 'I was shocked at the number of Patriots we fired.' Retired U.S. Navy Ever Adm. Mark Montgomery said in an interview on our Princess Wacky递信信箱. Now, The U.S. might have 'learned through 2,300.' Compass 'We gave 600 to Ukraine, many of which were older and through other partners.' he said, 'Ukraine is not the problem.'

The answer is for Congress to pass the defense funding for a wartime production during. Ukraine's survival is more than humanitarian work. If a U.S. interest, and Patriots over Kyiv are defending stability and freedom on the European continent. Mr. Trump is busy elsewhere, but Russia's war is grinding on, and the President will own what happens on his watch.

Colorado Programives Hike the Tax Slope

Programs are one a state-hopping campaign to raise taxes on high earners. Their next target is Colorado, where they calendarly signatures on Monday, and ballistic missiles in November that would replace the state's fall tax with a steep progressive income tax. In the past to dependate Aspect.

Colorado's relatively low 4.4% flat income has had been a major draw for businesses and tying professionals. It's one reason the state's population has surged over the last couple of decades. But now progressives want to make Colorado more likely to develop their high-tax states that many of its inhabitants left.

The proposed ballot indicates only 100 would replace the flat 4.4% rate with six income brackets ranging from 3.7% the individual's earning up to $21,000 to 8.4% above $1 million. Progressives say Colorado's earning less than $500,000 wouldn't pay more in tax since the top rate for individuals raising less than $500,000 would remain 6.4%.

But they dig over the the brackets wouldn't be adjusted annually for inflation. More people would rise into higher brackets and pay more in tax as their incomes grow. Because small businesses typically pay tax at individual rates on poor through income, many would see sharp increases. A family farm that has a good year would be punished with a higher tax bill.

Under I-100, Colorado's top rate would rank by far the highest in its neighborhood, which includes Wyoming tax income isn't, Arizona (2.5%), Utah (4.83%), Oklahoma (4.3%), Nebraska (4.33%), Kansas (3.58%) and New Mexico (3.9%). Colorado's slopes may offer world-class skiing, but you don't have to pay state

tazes to enjoy the powder. Additional revenue raised by the progressive tax would also be exempt from Colorado's constitutional fund on tax revenues. This is not a popular measure of population growth plus inflation. This has been a crucial restraint on political spending, appetites. Under I-100, the Democrats who can't

trol the statehouse would enjoy a bigger spending allowance. Revenue could also become more volatile since income of high earners was and wales with capital gains.

Colorado like most states is seeing healthy revenue growth results in strong capital gains, but progressives are still seeking to soak the risk. Democrats they are have imposed influence taxes in Washington (9.9%), Rhode Island (8.9%) and Maine (9.3%). If there's an economic downturn, look for progressives to seek even higher rates.

Progressive in Colorado and these other states say the published tax is needed to consume more of the statehouse's rich in any kind of GOP tax bill. But the Congressional Budget Office projected last month that federal Medicaid spending will increase 34% over the next decade notwithstanding the modern GOP reforms.

The truth is progressives want more money to reduce them on expanding entitlement programs and to reward their union allies. Yet history shows that once a progressive tax system is in place, spending keeps rising as revenue does and rates folks.

Democratic Gov. Jared Polin, who can't run for re-election this year, has said a graduated income tax would be 'obviously devastating' by Colorado's economy. We're right. But it would be great for Utah's economy.

LETTERS TO THE EDITOR

Americans Got Wealthier but Don't Feel Like It

John Steele Gordon is right that the past four decades have produced extraordinary wealth, and the case is even stronger than the Forbes 400-maker it took 'A Red History of Wealth Cresters,' by wt. Aug. 21.

Best authors of the book are from 1825/10 in 1983 to 1613/10 in 2018 to account dollars. The Congressional Budget Office finds real wealth in the median American bank by up 13% between 1949 and 2012, and up 12% at the 10th percentile. With the wealth look part in that wealth generation.

The things happened alongside that. The gains showed upward. Prohibits in the top 10% went from holding up to a campaign of 1,000,000 people while the share held by the City Council, 80% per centile in 10 from 17% to 21%.

Meanwhile, what got cheaper—the 1,000,000 people from what got Steele Coolidge costs about a third more than in the early 1990's, again is now tripping of press overall. Television and phone call prices all tapped. But the median now home, which took 3.5 years of motion

household income in 1982, took 3.0 years in 2020. Published fictions of public four-year colleges doubled in real terms in 10 years. Healthcare now absorbs 10% of gross domestic product.

The 10-year years either in the goods that markets could bring supply, and power to the three purchases that define middle-class standing a house, a degree and a doctor. Those are the sectors where U.S. policy cosmonaut supply, subsidized do hand or did both. I work in one of them.

That is why the wealth that and the public would point in opposite directions. A family can hold more real assets. The 10-year year's income and still find the ladder harder to clean because the range that made got more expensive faster than the wealth gained.

The answer isn't to undermine the Forbes 400. It is to let people build, and to stop undermining demand in industries that do not answer it with supply.

Gannett in East Lone, Pa. M.D. University of Illinois

Fix America's Social Security the Kiwi Way

In his way up 'Australia the Refugee Retirement System' (Apr. 22), General Gregg currently explains that Australia's superannuation system at the birth department and catches for almost 1,000 people in the United States. Security. The most important lessons in that greater release on personal retirement savings can reduce strain on government budgets and thus reduce the cost of the savings from a lower, flatter benefit that provides a relatively against poverty. Congress can reduce reliance on Social Security for middle- and higher income taxes even after up measures for capital consumption.

The 2016-2017 annual, however, the U.S. shouldn't mandate savings on top of Social Security. As Australia's superannu-xiors, this risks promoting the range of special interests, politics and political regulation into retirement savings.

Americans are already using successfully through voluntary retirement plans without government subsidies. Among full-time workers, 85%

have access to an employer-sponsored retirement plan, with four out of five covered workers participating U.S. assets in voluntary retirement plans are substantial, delivering the most of the 2016-2017 annual earnings. The annual earnings of the U.S. is $1.5 billion, which is $1.5 billion. The U.S. is $1.5 billion, which is $1.5 billion. The U.S. is $1.5 billion, which is $1.5 billion. The U.S. is $1.5 billion, which is $1.5 billion. The U.S. is $1.5 billion, which is $1.5 billion.

The U.S. could learn from the Land Done Folder. Ordinary private per-wood workers are the largest government saving while avoiding unnecessary regulations, political interference and compulsion. Retirement reform should empower workers to build wealth, and to expand opportunities for government or special interests to control retirement savings.

Roman Boxin Gov. Business Washington

Warsh's Silence Manufactures Market Noise

That's Allison. 'Warsh Makes Markets Be They Job' (Review & Note, Aug. 1) defends Federal Reserve Chairman Kevin Ward's silence by announcing 'Forward guidance.' But Will Street isn't asking the Fed to increase a rate paid. It might mean that the Fed's 'washful' tax is a big deal. Market participants want to know how the Fed would respond to better inflation, a weakening labor market on all levels. Will Street isn't trying to raise the cap, just to see the rulebook.

With the Fed's wartime function unknown, every bit of economic news and data now are now new securities. Yet, we have to rethink interest and what the Fed will make of. The effort is standardized since, the one aspects the Fed to script an unscriptable future or its draft to the next. Mr. Ward says he wants investors

to 'play the ball and not the referee.' But a referee recodes into the background only where players know how he'll call the game. Major League Baseball introduced automated ball-strike challenges this season to make the strike soon more consistent. By keeping the side up, the team's Warsh has made himself the most watched man on the field.

Ron Moore Everett, Calif.

Trapped Inside a Labyrinth Of Government Paperwork

Hugh Heath to lead, to one 'A Wrench in the Street,' (Residential, Sep. 21 about 'the growing burdens of government paperwork' reminded him of an experience I had with government paperwork.)

I tried to use an online form to obtain a comment payment, which I believed would save the government and me time, paper and money.

I carefully read the directions for the photo I just asked me at the web, and my partner took my picture. I was careful not to smile. Rejected 'The photo background wasn't white enough. So we went to the nearest drugstore and paid it!' for a photo. Rejected 'The background still wasn't white enough. I called the drugstore and was probably given another try. Rejected 'I called the number on the U.S. Passport website. The Passport blog is an old-engaged song another computer. Rejected again.'

I gave up. I printed the form, attached the drugstore photo and text it in. So much for eating paper, I intend the paperwork. Here works later.

Roman Boxin Salina, Ohio

Expectations Are Everything

Beginning June 1, May's column 'The Answer to the Academic Retirement Day in Ukraine' (for most Mobility, Apr. 20): Mr. Riley makes a great argument for district schools that they will be able to save. Standards and expectations matter more than the type of school.

I grew up in eastern Kentucky and provided grade school in a four-week schoolhouse without indoor plumbing that had a pathetic since the heat in the winter. Despite that environment I went on to stress New Point, exercise multiple degrees and become president of a company. Money was scarce at the Kentucky school, but I had many excellent factors who set high standards and expectations—discipline, homework, study of the classes, challenging both assignments, and so much of the time they were expected up to do my best.

Teachers also expect better performance tests to get it. The late coronavirus feature Revolution reviews on the state's 1,000,000 people, and expectations after have students perform. The key isn't more money, though I might help. The key is leaders in such school district setting high standards and the state's 1,000,000 people, and teachers accountable to those, while considering the best teachers.

Ron Moore Everett, Tenn.

Letters attached for publication should be mailed to majorները you, if you unable you will, state and telephone numbers. All letters are subject to editing, and unpublished letters cannot be acknowledged.

Pepper ... And Salt

The New York Times

'We haven't been the same since he won the history.'

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THE WALL STREET JOURNAL.

OPINION

Thursday, August 6, 2020 | A15

Success Builds in the South Bronx

By Kyle Petronian

From: R.F. Anderson's parent congressional district, an immediate 1920-1926-36-52 public school in welcoming about 2,400-mile from this month, with a strip-of-pocket run of 1,000 college-liberally. New York politicians would allow for from over seats at the 20th-era cutting. But watch to see who breathes a word about Success Academy Bronx K-12, a flagship charter school that's intended as a model for the nation.

Will Mayor Julman Marsden attend a grand opening? "We'll first him," says Bea Moskowitz, the nonprofit "district of America" CEO, 18 years of experience. "We've been a good place to come to the building and see where possible for poor children," Ms. Moskowitz says. "We do bothered my differently. We do bothered differently. There is no aspect of public education that we have left since. Because we think it's pretty broken."

The school is six stories, with an extreme of promotional levels to read in children's books. The school's more. There's plenty of not levels in the commercial building across the street, though what draws the era is in a public hands. the school has high school performance. The school's more, and it is a millionaire, a gym, a romance studio and a year for a career report called futsal. A play area with wooden blocks is decorated, as architectural inspiration, with photos of the Golden Gate Bridge and the Tufts-land. A reading book is located at Tucker Stadium.

When the school is six stories, with an extreme of promotional levels to read in children's books, the school's more. There's plenty of not levels in the commercial building across the street, though what draws the era is in a public hands. the school has high school performance. The school's more, and it is a millionaire, a gym, a romance studio and a year for a career report called futsal. A play area with wooden blocks is decorated, as architectural inspiration, with photos of the Golden Gate Bridge and the Tufts-land. A reading book is located at Tucker Stadium.

When the 20th storybooks and other signs of K-12 chernite, the facilities wouldn't be one of place at a nice time. The K-12 is a great display lecture hall. "We don't want poor kids to show up on a college campus never having had a lecture," Ms. Moskowitz says. "So in 20th and 12th grade, two days a week in the curriculum, the teacher lectures.

Success Academy Bronx K-12 opens this month.

Math, science, English, history? Conducting a year last month before the arrival of any students, she delights in coastline on the street. "We've been a lot of school in the market today," she says. "We've been a lot of school in the market today," she says. "We've been a lot of school in the market today," she says. "We've been a lot of school in the market today," she says. "We've been a lot of school in the market today," she says. "We've been a lot of school in the market today," she says. "We've been a lot of school in the market today," she says. "We've been a lot of school in the market today," she says. "We've been a lot of school in the market today," she says.

Success Academy's $245 million charter opens to 2,400-K-12 students—and seven to policy-makers who want to see how it's done, more on the same business.

Here's another school single: "May I let it from my hands, up one-vein-manner of opinion on lockers," Ms. Moskowitz says. "Next lockers in America are small, and they make a huge amount of noise." Success Academy has had millions's lockers with no luck. "That's not allowed to open a lock without consulting a lawyer," she says. "I have seen. I just open them. And when you can do that, the kids tend not to bring contributed."

Other surprised! "We have rather big time since," Ms. Moskowitz says. "In kindergarten, 12," about with two trackers to screen, "is middle school. In 31 high school, 40. Very architected in the class-size mandates." Students read books of their choice 10 minutes a day. "We actually only do 10

minutes of direct instruction per subject per day," she says, with a better for appurtenances being an exception. "Going to school is like going to work. You work in school," A.U.S. officials, for example, might be spent on playing courses.

It's a culture of corporations. "Our middle-schoolers take their years in a biology, chemistry and physics," Ms. Moskowitz says. "When they get it high school, they take AP Edn., Ed. Res. AP Chem and AP Physics, Ed. 12 Mass., 2005, of there." But everybody says every Advanced Placement exam, though overwhelmingly features the state's standardized tests and according to Success Academy every graduate in recent years, has been accepted to a four-year college.

Don't forget that charters are just in schools, open to everyone, with students accepted by lottery. Statistics for the new Bronx K-12 aren't collected, but Success Academy practices about 85% of students will be black. Students in multibrand, and 90% will qualify for free or discounted lunch. The upper grades are served in the summer location, and about 60% are subject to a 10-letter that had close to 2,300 applications.

Direct control of the Bronx building, a Success Academy first, means no political leaders sent repairs or storage space. The construction was funded by $500 dollars from former Mayor Mike Rosenberg, which is now in the state's first state of business. The wage is set that you must have a building like this in order to educate kids—hospitality. Mr. Moskowitz says: "However, children disavow—poor children deserve—a building that looks like this."

Bronx officials appear only specifically about this quarter-bill-land-like neighborhood movement. The office of Borough President Vanessa Gibson didn't reply to an interview request: Author did state less, but Success Academy has Landed less, who did answer the phone, outside the "all" in like the fact that he's built this beautiful state-of-the-art campus," he says, "and for Success Academy families, I think it's going to be good for them."

Still, Mr. Bass says he knows students who lived Success Academy and left, and he opposes the state's cap on the number of charters, even as he acknowledges first agility. He "bought like hell" two years ago in an K-12 million for students, while a meeting to build 10 science labs. "We'd a dollar has been allocated," he says. "We actually just sent an email off last week asking for follow-up."

The school is a financial for Success Academy people to a need to fix traditional K-12 schools, which aren't even for an nimble or other opinion. "Government can't work like business, because as government you have a day to serve all," Mr. Bass says. "We're not a good place to be never for an efficient as a private contractor, but there's things that are military has to do that a small contractor doesn't have to do."

Mr. Moskowitz hasn't given up on turning the K-12 aircraft career. "My interest is really in today's end what I consider understand defenders," she says. Last month Success Academy president, Germany, and the United States, said that 100 schools have failure rates above 50% in reading, math, or both. "Imagine a hospital where more than half of students died from medical problems. The school is a good place to be able to respond to more than half in calls," the report said. "No other public institution would be permitted to operate in this way."

Success Academy Bronx K-12 is one part of Ms. Moskowitz's answer. "We've been a lot of school in the market today, and we will do about warehousing of children," she says. "You kind of get a force around them, sprinkle some teachers and principals. You kind of get a force around them." The class here is stock and one. It could be seen different if we committed to being very different."

Mr. Petronian is a member of the Journal's editorial board.

Find a Committee at the National Academies

By Steven E. Kinnab

When the National Academies meet in Florence, Engineering and Medicine speak, American scientists have hearing from thousands of the country's most accomplished researchers. That isn't always true.

The academies returned a report on the membership that specific extreme weather events can be tied to procedures—gas emissions. Media coverage treated the report as the collective judgment of more than 1,000 people in the district that lifetime of distinguished achievement. The report itself reinforces that impression, declaring that it "represents the position of the National Academies."

But look who actually wrote it. Of the 24 report authors, only one is a National Academies member. Of the 18 reviewers, only one is a member. Only one of the two people mentioned the review process is a National Academies member. The reviewers "were not asked to endorse the conclusions or recommendations . . . nor did they see the final draft before its release." There is no reason why more than 1,000 academies members were sure the report before it was released.

The National Academies institutional and a being used to show the committee is a major contributor, not the thousands of researchers whose prestige given that end its weight.

That isn't a false. It is how the equestrian study, as it shows from an team at chairman of an academics oversight committee. The National Academies are really four entities under a single brand. There of these

are the honorable academies, with elected membership council, personnel and under an obligation to produce reports. The fourth is the National Research Council, a staff co-operation that selects studies, recruits committees and produces reports. Academics members oversee the process at a high level, but deprive their decision not much for non-normally staff and outside experts.

For similar topics—sophistications, positive scientists, aircraft cabin temperatures—this distinction is less important. There is little controversy and limited public consequences.

Weather strictures, as the city, hand, is at the center of a line, non-sequential policy debate. Employing mining extreme weather to emissions would bolster follow-dollar net claims. But the science itself is content. Attributing a specific desire to lead more to emissions requires disentangling human influ-

ence from natural variability so as to become chaotic systems.

On a topic like this, placing a committee's judgment on the academic institutional letterhead, comment is: It laxatives a committee?

A climate report spins an illusion of elite scientific consensus.

conclusion into the apparent consensus of thousands of elite scientific co-occurrences that was never included, debated or explicitly endorsed.

The 20 consists of two simple, simple, and the known with respect. Every report should carry a disclaimer—for example, "When the report has been endorsed by National Academies leadership, it has not been endorsed, or even reviewed, by

the academics' membership at large." This would prevent the public from enforcing a committee's view for membership consensus.

Second, let academics members spend more than members only from whom they can publicly comment on a report after its release. The report wouldn't be reopened or delayed—but for the first time, the public should not be told that the profession of the National Academies' reflects the range of members' views, or only those of the 24 people who happened to be on the committee.

The committee's report is speak with the authority of thousands, they should let those thousands be heard.

Mr. Steven, a senior fellow at the Roscoe Institution, is a National Academy of Sciences member and chaired the 2002 National Committee for Engineering and Physical Science from 2016 to 2018.

Give John Adams His Place on the Mall

By Jackie Cushman

We recently marked the 100th anniversary of July 6, 1918. But urgent unfinished business remains. Our independence might never have been won without John and Abigail Adams. Aug. 2 marked 25th years since John Adams signed the Declaration of Independence. He knew that in signing, he was risking his life and the lives of his family.

Charles Jefferson called John Adams "the Colossus of Independence," Abigail Adams, a brilliant political

thinker, advocate for women's education and elected businesswoman, was her husband's closest confidante and adviser. Yet while there are monuments in the nation's capital for Washington and Jefferson, there is no memorial to the Alumnes. There should be.

The Senate should pass the bipartisan Adams Memorial Great American Return Act, which passed the state unanimously in December of July. The Senate Subcommittee on National Parks heard the bill, which would reschedule the Adams Memorial Commission, tasked with building the memorial, through December 2015. It specifies a location for the memorial just south of the White House. The site is fitting, says John and Abigail were the White House's first residents.

John Adams is not to postulate any other party courageously defending British soldiers charged in the Boston Maniacs. He needed an official of law and a fait that even when public sentiment opposed him, he was the board of the 1918 legislature in the Continental Union. John Adams recommended that Jefferson draft the Declaration of Independence be served on the first vice president and second president and the president for the year of the crusade of justice. The 1918 legislature is a trial political party—Jefferson.

Congress formed the Adams Me-

mental Commission in 2018. A majority of the commissioners, including one, were appointed by December 2022 and got to work. But the effort will told if Congress doesn't extend our freedom, which originally required the 1918 legislature.

Historian Bond McCullough declared the current oversight bluntly: "There is no memorial, no statue in his honor in our nation's capital, and no statue in absolute merchandise. It's long just time when the world recognizes the state, and who he was."

The Senate can meet McCullough's challenge. John Adams was neither a Republican nor a Democrat, but a Republican. He was a 1918-20-20. At a time when much of our politics has become political, this bipartisan bill offers a unifying way for the country.

Let us thank this work so that future generations standing before an Adams memorial can appreciate the full measure of the family's contribution to America's independence, the constitution, our diplomacy and our commitment to slavery under law.

Ms. Cushman is chairman of the Adams Memorial Commission and president of the Adams Memorial Commission. He has been a member for father, Newt Gingrich, of '5 Principles for a Successful Life.'

Finance Refiner Feeds Nasty

By Sam Kay

American loan political campaign. There is typically a business magazine which an average rather than ideas—and short-term fit organizations must come from the campaign to make a certain difference. These problems stem from the campaign to start a reform that might be clean up our elections.

After Washington, Congress becomes the leading direct contribution to candidates would reduce the influence of money on politics and make campaigns more transparent and more democratic. The state has been a major step in the fight against gas tax on need, and much of that money simply stagnated to make the organizations rather than foreign directly to candidates. Campaign finance laws prohibit candidates from coordinating with those working in the state. The state has been a commonest, but a commonest, and a commonest, but a commonest, and a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest, but a commonest

Misguided laws direct money to outside groups, which find ugly messages easier than possible ones.

In National Republican-Semotional Committee's Federal Election Committee, the state has been a major business attack down the ban on contributions between groups, countries and candidates. It is a welcome correction, but restrictions change the way political organizations communicate and make it harder for our people to do it.

When coordination is prohibited, producing another campaign advertisement becomes extraordinarily difficult. Instead of money not being the candidate, it is a choice of the campaign hotspot, family photos and other personal material that help tell a compelling positive story. Attack and are much easier to change can pull an opponent's old remarks, notes, news clips and unflattering footage from the public record, and omission must and a narrative, and build an effective commercial.

This has helped create the political environment American despite. Thanks to MBCL party committees will have the ability to produce sports when they. The same should better for major PAUs and other outside groups, which remain bound by coordination. The state's 1918 that changes, the incentives will continue to favor negative ads.

These restrictions have also made campaigns less transparent. Instead of funding, primarily from candidates, unions are bombarded by party committees, super PAUs, labor unions, trade associations, advocacy organizations and some groups. The state's 1918 has a different disclaimer. Every organization has a different legal structure. The result is a fragmented advertising environment is which accountability is all that is necessary to make it a actually responsible for what they see.

Campaign finance reform needs a different approach. Individuals, corporations, unions and other organizations should be free to contribute as much as they want directly to candidates. The state's 1918 will continue discussions of every contribution, rather than relying on a web of eventually independent outside groups.

Consumer candidates control over spending about a closure to voters who is responsible for a campaign that gets too negative. That is a stronger than it has to take a system, and it is a major thing that is a major themselves from harsh advertising because it comes from someone else.

Critics will argue that larger district contributions (north-centralized) may be used to create a more comprehensive, not legitimate. But contributions both haven't eliminated the influence of wealthy donors or corporations. They have simply changed how that influence is increased. If donors need millions, that will be a result of the same people. Voters can then clearly see who is funding whose and today that relationship for themselves. And if support over consent the last step is legal, it is a result of a significant, unregulated, procrastinated and penalized.

Congress and the courts should continue moving political spending. The state's 1918 has a different mission have responded to the flaws in our political system by layering some campaign-based restrictions. It is time to recognize that instead of solving problems, those rules created new ones.

Mr. Kay is a pollster at the Republican consulting firm Wellesburg, Pa.

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SPORTS

The Three-Time Batting Champ Who Keeps Getting Traded

The Phillies just added Luis Arraez—putting the contact hitter on his fifth team in five years

The Philadelphia Phillies slotted Luis Arraez in at cleaning Tuesday, where he scored a run and drove in two more in a 5-0 win over the Nationals.

By Sue Foreman

For the first 300-plus years of baseball's history, Luis Arraez would have been a superstar. Since his major league debut in 2019, nobody beats his 358 batting average, and only three players have recorded more hits. He won three consecutive batting titles from 2022 to 2024, and is in the lead for a fourth in five years this season. But in 2026, front offices are focused on what he doesn't do. Arraez lacks home-run power, rarely walks and has struggled on defense. So, instead of spending his career leading off for one franchise, he is becoming around the league like a postmortem referee. At 28, he was just traded to his

fifth different team over the past five seasons. The Giants, out of the playoff race, dealt Arraez to the Phillies as a trade deadline rental before he hits five-agency for the second straight winter. "We added the leading hitter in the league to the offices, and a different type of hitter than we have," Phillies president of baseball operations Dave Brumkowski said. The Phillies slotted him in at cleaning Tuesday, where he scored a run and drove in two more in a 5-0 win. Still, his winding career path is enjoyed by the type of bat that a playoff hopeful like the Phillies is enacting on to boost their chances. An All-Star with the Twins in 2022, he then was traded to Miami, where he played a 400 average in the first half of the

Battlers with the most hits since 2019

PLATIN	TOTAL HITS
Predika Freeman	3,286 hits
Tina Turner	3,291
Vladimir Gam科夫, Jr.	3,301
Luis Arraez	3,308
Rafael Dimon	3,313
Note: Fulls through Tuesday Source: Foodbaker, YouTube
2023 season and led the Marlins to the playoffs.
A year later, he was dealt mid-season to the Padres, where he played out the remaining year and half of his contract. This past off-season, he struggled to find a job, ultimately landing in February

TOTAL CURRENT CONTRACT VALUE

3,912 million, six years
3,000 million, 10 years
2,000 million, 10 years
2,012 million, one year
2,018 million, 10 years

with the Giants on a one-year, $12 million contract. By comparison, the other four players in the top five for hits since his 2019 debut are all signed to long-term contracts totaling upwards of $2.1 billion. Of the top 22 players on that leaderboard, 21

have signed a $100 million contract of some point in their career. The only one who hasn't? Arraez. "I know we don't get as excited about batting titles as we need to," Giants president of baseball operations Buster Power, who won a batting title himself in 2022, said upon his signing. "But to win three batting titles by age 28 is pretty remarkable."

His ability to hit for average batting was unquestioned, but that's just about the only skill that can be said for. He runs one of baseball's lowest walk rates, turning an elite batting average into a merely very good on-base percentage. Arraez has just 80 career home runs, more than 300 players have more since his debut season. While elite contact hitters who don't hit for power aren't new in the sport—and Arraez has drawn comparisons at the plate to Bill of Famers Tony Gwynn and Inhove—he has another flaw that holds him back from that level of stardom defense.

Arraez came up as a second baseman, but over time, his poor performance there shifted him over to the less-demanding first base position.

But he wanted to play second, and the Giants—after pursuing other, longer-term options—were willing to give him that opportunity, trusting legendary seloial coach Ron Washington to help Arraez improve at the position.

Arraez is having the best defensive season of his career, according to Outs Above Average.

"[The Giants] trust me," Arraez said in February. "They want me to go out there and enjoy it and play my natural position. That's why I picked this job here."

That faith has paid off, as Arraez is having the best defensive season of his career according to Outs Above Average, making second among all second basemen in baseball with 11. And he has continued to do his thing at the plate, hitting 325 while taking advantage of Dracie Park's vast outfield to put himself on pace for a career high in doubles, and eclipsing his career-high in triples.

However, faced with missing the playoffs for the 20th straight season, the Giants dropped his aspiring contract to a team that has October ambitions but one of the National League's worst offenses.

The Phillies' team batting average is the fourth-lowest in the NL, and only two teams have struck out more. To accommodate his bat, the team is shuffling three of its infielders, allowing him to stay at second.

For the Phillies, with an aging cow and one of the leagues most expensive owners, merely making the playoffs isn't enough. Especially out after a string of disappointing postseason costs since winning the NL pennant in 2026. So for his trade deadline more, baseball's oldest top front office executive, the 70-year-old Brumkowski, turned to an old-school solution.

Infantino Survives as FIFA President After Emergency Meeting

By Joanna Robinson

When the embattled head of global soccer, FIFA president Gianni Infantino, convened more than a dozen members of his senior staff on Wednesday, he was widely understood to be clinging to his job.

By Wednesday evening, however, Infantino made it clear that he wasn't going anywhere for the moment. In a stunning reversal, FIFA announced that 20 top executives had fallen into line behind Infantino and "reaffirmed their full support" for him.

Just days after the organization's secretary general and chief operating officer had personally criticized him in public

"FIFA's top management is fully confident that the outcomes of today's meeting will strengthen FIFA's governance, help restore confidence in the organization and enable us to prepare for the major

events and challenges ahead in a united and transparent manner," FIFA said after the crisis talks in Rahul, Morocco.

The secretary general, Mattias Gostierian, had been particularly cutting on Wednesday in alluding to Infantino's recent combats as 'a sad and reproachable series of

events.' These events culminated in the FIFA Forward Enterprise plan, which proposed to spin off FIFA's commercial operations into a singular entity and sell off a stake to private investors.

On Wednesday night, Gostierian was pictured smiling alongside Infantino at a women's Africa Cup of Nations match in Rahul.

But if FIFA went to great lengths to show that it had spoiled the rebellion from inside its own administration, Infantino's position isn't safe yet. What will actually decide his future are FIFA's 231 member associations, who

Gianni Infantino, seen Wednesday at a women's match in Morocco, won a show of support from top executives.

have loudly criticized him ever since news of the FFK project leaked out.

Their chance to cast him will come at FIFA's next presidential election in March 2027, when Infantino intends to run for a third full term—although no opposition candidate has yet thrown their bat into the ring. A few weeks ago, Infantino boasted that he could count on the backing of at least 200 of the 211 nations under the FIFA umbrella in its one-country,

one-rate system. But much of that support has since collapsed, particularly in Europe and North America.

With Infantino is trying to rescue as much of it as he can by first apologizing for keeping so much of the organization in the dark around the FFK proposal. "The process should have been handled differently," FIFA said. European soccer's governing body, which had threatened a World Cup boycott and seen sev-

eral members formally withdraw their letters of endorsement for Infantino, didn't comment on FIFA's announcement.

His letter directly to the member associations, FIFA also vowed to conduct a return to ensure that these errors in communication and transparency "do not happen again."

"There are always lessons to be learned," it added, "and FIFA will continue to improve its processes in light of this experience."

© 2026 FIFA.com

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Thursday, August 6, 2020 | B2

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Google Shakes Up AI Leadership

DeepMind's CEO gets new roles as its chief scientist and three veterans exit

BY Mianan Bonsowitz

Google announced new leadership of its artificial intelligence operations, a chain-up that follows a wave of high-profile departures and delays in releasing a model on par with top offerings from American and Spanish.

Denis Hasudin is stepping down as chief executive of Google DeepMind to become chairman and chief scientist. DeepMind's founder, DeepMind, is a part on X. Google DeepMind technology chief Steve Karakouzgi is taking on responsibility for all AI model de-

velopment, and Jeff Dean, Google's third scientist, is leaving with three company veterans to create an AI startup.

Dean, who joined Google as its 30th employee in 1995, will be CEO at a new public-benefit corporation called Discovery Loop that aims to accelerate technology by automating complicated, multistep science and engineering tasks.

The startup will initially focus on automating the process of machine-learning research and engineering via its own internal technology stack. Eventually, it plans to apply its technology to a variety of areas, including hardware design, shop discovery and global data design, such as data energy, according to a news release.

Anping Dean in the endeavor are fellow Google veterans (Irish Vinyals, Quoc Le

Jeff Dean and Denis Hasudin are among those leaving

and Sanjay Ghemawat, who account for high-profile advances in mathematics and protein structure and are some of the most cited researchers in the world. Their departures, along with Dean's, add to a string of recent talent

leaves for the company. "The fear of us have been chatting about this a little bit and we get on and," Dean said in an interview at his Palo Alto, Calif., home Tuesday. "We think by automating many of the classical experi-

mental-loop aspects with machine-learning models, augmenting human scientists and engineers, we'll be able to make it possible to explore more space in broad science areas to accelerate discovery."

The scientific process, he said, is about coming up with an idea for an experiment, setting up and running the experiment and then evaluating the results. "Particularly in a lot of domains, you can fully computerize that whole loop," he said—the inspiration for the startup's name.

Alphabet is providing cloud and computing capacity to Discovery Loop and is an initiative, the news release said. Kathryn Ventures and Nicola Ventures are co-leading its seed round. The round isn't closed, and the startup de- Pinosrtavntspage82

SpaceX capital expenditures

Note: 2020 is through June 29.

SpaceX Shares Sag Amid AI Spending

BY BRIAN PETERSON AND MICHAEL MEHENDRIAN

SpaceX has huge ambitions in artificial intelligence. Getting there is requiring equally huge investments.

Elon Musk's space company Tuesday said its capital expenditures for $18.6 billion in its most recent quarter. The bulk of that figure—$55.8 billion—is tied to the company's AI build-out and double the previous quarter's total.

SpaceX shares tumbled Wednesday amid investors' jitters about the spending. The company brought in $70 billion in revenue to the second quarter's $25 billion due same period last year, and reported a net loss of $100 million, heating Wall Street's expectations.

SpaceX is June carried out a historic initial public offering, maintaining the outlet and satellite maker as a central player in the artificial intelligence revolution. Besides developing its own AI model, SpaceX is planning money into conceptual computing infrastructure, signing AI deals and working toward launching critical data centers. "We are building AI computer capacity at scale faster than Pinosrtavntspage84

● Haard on the Street: Bigger rockets need to work... B11

Prosecutors Probed Alleged JPM Scam

BY DITA TIVAN

Federal prosecutors earlier this year presented claims that JPMorgan Chase executives ignored information in the bank's antifraud program and improperly denied more than $100 million in reimbursements to customers whose money was stolen, according to people familiar with the matter.

The review was sparked by a whistleblower report last year of JPMorgan's former head of scam prevention. Representative from the U.S. attorney's office in Manhattan and the Treasury Department also said that with the whistleblower and later received documentation tied to her claims, the people said.

Prosecutors haven't alleged any weighting by JPMorgan, and it couldn't be determined whether they are still investigating the allegations.

Federal investigations can carry on for years before prosecutors decide whether to press charges or simply close the matter. The Justice Department under President Trump has sharply pulled back from the prosecution of many types of white-collar crime.

"We believe these claims have no merit," a JPMorgan spokeswoman said. "We took the concerns seriously, carefully reviewed them, and finally considered in wrongdoing or violations of law."

Pinosrtavntspage82

Meta Releases Coding Agent

BY Mianan Bonsowitz Ann Tivax

Meta Platforms wants us on Silicon Valley's hottest product da jour coding agents.

The company has Wednesday announced a new coding agent, called Maze Code, that it is pitching as a cheaper alternative to competitors.

"We think that for a lot of workflows and a lot of success, this can be an incredibly good option, especially from a cost perspective," Alexander Wang, Meta's AI chief, said in an interview. He said some Meta employees are already using it internally and that he expects internal usage to ramp up.

Inventors have pressed Meta to show returns from its lavish spending on AI talent and computing power. Shares of the company fell 10% last week following a quarterly earnings call in which Chief Executive Mark Zuckerberg declined to provide new details about the company's discussions around establishing a cloud-computing service.

Coding agents allow AI users to develop projects and complete software engineering work without having to write code themselves. Anthony's Claude Code took off in 2019. The following the company to a leading position in the AI race, and Speedy released its own offering, called Codex. Meta's Maze Code agent has two price tiers: one Pinosrtavntspage82

Disney Eyes Free Streaming Option

BY JOE FLINT

Disney is considering launching free, ad-supported channels on its streaming portfolio and will add more agents content to Disney as it looks to make that platform a corepiece of the company.

Chief Executive Josh D'Amato said during the company's fiscal third-quarter earnings call Wednesday that Disney is exploring a free product "to expand our reach to a customer segment that is more price sensitive."

"FAT!" channels such as

Fox's Toth and Paramount's Xbox TV are growing as customers continue to cut the road to traditional pay-TV channels and begin to bristle at rating prices for streaming subscriptions.

Bringing third-party streamers to Disney's is also on the table. D'Amato said, noting the success of the company's partnership with Warner Bros. Discovery's HBO Max: "We're one of a very cheerful that's positioned for aggregation," he said.

While some of Disney's rivals are attempting to trans-

Disney quarterly segment revenue

Note: Chief Executive Mark Zuckerberg (P)

form themselves through acquisitions and spinoffs. D'Amato told analysts not to expect any move similar to Comcast's spinning off its entertainment holdings or Fox's

$22 billion purchase of Boku. "We have a good habit to play and I like where we sit," said D'Amato, who took the helm at Disney in March. Pinosrtavntspage84

STREETWISE | By James Mackintosh

Propping Up Yen Is No Sure Thing

How many Japanese yen (5'thays)

Japan's effective-adjusted trade-weighted exchange rate index¹

¹ What big-rising through June. ² Federal bank target ratios are used fully upper bound at first target range shown. Sources: TIGER (Pentec Group), CSDI, India, (bold) (solid).

Long-lived yields and central bank rates¹

The joint U.S.-Japan support of the yen is unusual. The way it is being the named is unprecedented, and adds liquidity when the punch level of the U.S. economy and markets is already overflowing.

Put simply America is printing dollars in Japan.

Federal Reserve is lending Japan money in return for temporary ownership of Treasurer's in repurchase agreements, rather than outright lending the Treasurer. But like QE it expands the Fed balance sheet and papers billions of dollars into the economy.

So far the scale is small, but Treasury Secretary Scott D. Jones wants the yen to prop its $60 billion cap.

Pinosrtavntspage800

INSIDE

AUTOS

Hands a quarterly profit nearly doubles as it takes advantage of a weak yen. B1

TECHNOLOGY

User's quarter-by-quarter growth slows as it issues a soft outlook. B4

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82 | Thursday, August 6, 2026

• • • •

THE WALL STREET JOURNAL.

INDEX TO BUSINESSES

These Indexes are notable reference to most panels, companies and businesspeople in which it offers a better air-copied page search and it has in these indexes.

INDEX TO PEOPLE

Meta Offers Own Code Agent

Continued from page 82 that is the name as its general Mace Spock model and an other that is less than one-fifth the cost. To access the less-expensive tier, which costs 25 cents per million out-put tokens, users must agree to protect feedback from the improve the agent. Tokens are the base unit of artificial intelligence computing.

Claude Glick and Codex cases bundled in pricing plans that cost roughly 500 million in the past 10 years. The most recent plans for increased usage. Extending the usage—up—restricted the user to pay—a new pay rates. Rater per million

output tokens range from $61 for GPT-5.6 Torna and $20 for 5x2, with Claude Sauter's 4.0 for 5x2 and Opus 7.0 for 5x2.

Meta's new coding agent is priced roughly on pay with models from China, such as DeepSeek, that cost as little as 20 cents per million out-put tokens. OpenAI has also clashed prices on older models, such as GPT-5.6 Luna, which dropped from $51 to $1.20 per million tokens.

Meta overshadows its AI of forty-last cameras and creates a new decision called Meta for intelligence Labs. Wang, who includes 47 CodeX, was put in charge of it.

He endorsed on an aggressive testing agent, using multi-million-dollar pay packages—a attract talent from leading AI's, and began development of the Spark. He now is model Meta released in April. News Corp. owner of the Journal, has a common license, partnership with Meta.

BUSINESS & FINANCE

By Ron Garmann

Traders and investment bankers are reigning supreme on Wall Street, at least if you are asking for their bonuses.

These employees work in banks' net spots this year and are not able to see your real bonuses rise as much as 30% from a year ago, according to a report from compensation consultant Johnson Associates.

The statute rewards for traders and investment banks. The state of the state involved, with big banks raking in hamper profits this year from volatile metals and huge costs of foreign, including the stock market, earnings from Glen Mark's Speed and Google money. Alphabet 200 billion equity financing.

Your real bonuses for the state of the state involved and commercial bankers are expected to climb 10% to 15% from a year ago, according to the report. First in the most of all the broader categories of bonuses tracked by the report,

Trading revenue by bank

including wealth management and traditional asset management.

In private credit, money while, incentive payouts are expected to be flat to down from the 2025 annual rate of years of booming growth, the industry this year has been settled by a surge of investment ranking to pull out their money once worries of potential losses.

Bonus season has become an annual, anxious ritual on Wall Street, including weeks of managers banking out who gets what else of the pool. Switzerland by a mix of free and individual performance, employment bonuses can shift over a number of segments or changing disagreement—depending on the size of the check, and the expectations. For many condones—like employers, it can set the tone for the rest of the year or prompt some to jump down in another firm.

“Banks are trading the way for the first time in a vehicle,” said Alan Johnson, founder and managers director at Johnson Associates.

The Johnson Associates report doesn't put a dollar amount on its bonus forecasts. According to New York state Comptroller Thomas Billingsh, the average Wall Street bonus rose 6% last year to a record $250,000.

Bonuses at large prices—up—stly focus are expected to be up—moderely, while moisture and smaller prices equity and real-value investing bonuses are expected to be flat.

The person-equity industry is still grappling with unleashing a plot of companies bought from top, and the pace of new bookkeeping has slowed.

The Johnson Associates report was based on interviews with clients and industry contacts, along with publicly available and private data.

Citadel Deal Is Already Going Off

By Petta Rosszian

Citadel's purchase of the deal at the stock portfolio of the artificial intelligence-owned large fund Situational Awareness helped propel its performance last month.

Citadel has focused fund at Ken Griffin's Mamm from gained about 14% in July, a person familiar with its performance card Citadel's flagship Wellington fund, a more diversified vehicle that includes home run and apparel shares alongside ciroE, commodity, macro and space purchase, gained about 6% in July, while Citadel's tactical roasting fund gained almost 10% in July.

Citadel snapped up the AI stocks from Situational on July 30, at a discount of greater than 10%, so the San Francisco firm scrambled to raise cash to meet margin calls following a tech which "The Wall Street Journal previously reported. Many of the market's AI startups, from baseline to Minnesota, from talked."

By Wellington, this was the best month since April 2022, when Citadel's commodities traders were well-purchased for the industry that followed the first year of the 2022 Disease. For the Citadel Equities Fund and Citadel Tactical Trading, July was the best month since those funds launched.

July was a beating month for the hedge fund industry, with popular strategies such as the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market

Voluntary bid many fund managers to cut risk and cost positions. It was the most active month for hedge funds that were made by many of the market's exporters since the height of money stock ended in January 2003, according to Goldman.

The company funds was 20 national, founded two years ago by hospital businessmen, a 24-year-old with no prior professional investing experience who rose to prominence with his 2003 essay on AI's future development. Situational borrowed big sums from banks to boost its position in 98. Home market managers and other stocks poised to benefit from the AI infrastructure build out, and het against software makers and others that were poised to lose out as AI did not across the economy. The agreement was a promoter return, including a gain of about 25%, after free this year through May. It attracted investors such as the quasi-

Finals run by Ken Griffin made gains last month as he snapped up AI stocks from Situational Awareness.

trading free Jane Street and expanded its assets under management to about $6 billion at the start of July.

When AI stocks switched at recent weeks, Situational based margin calls from its leaders to post additional investment to market and share loans of stocks. It dumped stocks to once cash bonds, working out a home who could take the hold of its portfolio.

Peter Citadel, Executive at the firm marked set to Andrew Sprouse and offered a solution, the Journal reported. The two sides negotiated late late the early morning last Thursday, with Griffin joining from Los

den. Situational weighed a completely offer from Millennium Management, had before the opening of trading Thursday morning, Citadel and Situational agreed to a bid.

Thanks in large part to July's gains, Wellington's new to date increase through last month reached about 13%, compared with about 27% for both Citadel Equities and Citadel Tactical Trading, the person said.

Situational told investors Thursday that it was down and went down. The company remained up about 80% on the year thanks to its earlier gains, including on its big stake in Anthropol.

DoorDash Earnings Fall as Its Costs Rise

By Elsie Sombora

DoorDash reported a lower profit in the second quarter, as higher costs offset an increase in revenue.

The company on Wednesday posted a profit of $200 million, or 40 cents a share, compared with a profit of $200 million, or 40 cents a share, a year earlier. Auditors pulled by Parcher were expecting a profit of 47 cents a share.

The decline in profit was driven by higher costs of revenue from more orders, as well as other revenue from the following, and research and development expenses and other overhead costs, the company said.

Revenue rose 10% to $4.65 billion from $3.29 billion. Auditors had been expecting $4.45 million.

Revenue growth was driven by higher marketplace gross order value which rose 36% to $33.7 billion. Total orders were up 27% to 9.9% million.

Analysts were expected marketplace gross order value of $25.9 billion on 707 million orders.

Excluding the impact of Debiotron, a British food delivery company DoorDash bought last year, marketplace gross order value would have grown 23%, revenue would have been to 24%, and orders would have risen 17%, the company said. DoorDash said paid 20% to Pan members over the past 12 months rose by more than they did over the prior two years. The program opened the market growth to increase retention and sales for merchants, the company said, even though DoorDash's orders have a lower gross margin percentage than doorDash's orders.

We are happy to make this sale as long as we believe the increase to consumer engagement is durable and average consumer lifetime value in revenue," the company said. DoorDash stock rose 2.6%

Alleged Seams Were Probed

Continued from page 82

Banks have been grappling with a surge in scams and hands driven by sophisticated criminal operations because in parts of Southeast Asia and Africa. The whistleblower, Cholery Lillie, alleged that JP Morgan failed to properly handle that surge and took some of the minimum its own losses at the expense of its customers' savings.

After disclosing to her superintendent the six last-known companies, the company Lillie was placed on involuntary paid administrative issues in October 2023 and later left the bank, according to people who had been the matter and her LinkedIn profile.

At the core of the allegations is a distinction banks make between thumb and scams, which dictates how customer claims are handled. The company's business requires banks to screen for fraudulent activity, such as charges made with either account information, and extensive customers for misdeliverment transactions. That law doesn't necessarily protect consumers from the recent epidemic of scams, where people are trained into reaping money to bad actors. Banks view those as voluntary payments.

But the line between hands and scams can be happy as long as, according to a follow-up letter that Lillie's lawyer at the time sent to several finance committees to describe

her allegations.

A examiner might break into customer accounts with out the authorization of the sample, then later induce them to voluntarily work a payment. Rather than classifying the incident as a fraud, JPMorgan often deemed it a scare and refused to reimburse the customer, according to the letter, which was viewed by The Wall Street Journal.

In other cases, Chase–dread claims covering certain types of electronic transactions by customers who inadvertently help a customer, such as when they owned their credentials beforeing that are speaking with a bank representative, the letter said. Other large banks since 2022 have acknowledged they are required to reimburse customers.

The bank's customers' cases, according to the letter.

Chase had personally circulated the amount of money it would cost to change its fraud reimbursement paid. The bank's

millions is a "buro minimum," the letter said.

Lillie's claims show the claims for banks in the epidemic. The bank has been here become increasingly adept at signing customers interviewing payments through elaborate social engineering schemes, including by developing romantic connections to their victims.

Law enforcement estimates that Americans are losing two of billions annually to such scams.

Some customers have used their banks after falling for each scame, arguing that

banks should have done more to protect them or question the payments.

Lillie, who had spent the bulk of her career working on the issue, was hired by JPMorgan in 2023 to help strengthen the bank's defenses. Over time, her team since 2022 made part of serious deficiencies in the bank's antitrust program, according to the letter. It said JPMorgan failed to use voice identification technology to which as it should, and could not use their past order to ambulate into customers that are easily circumvented.

"We're always enhancing our fraud and scant provision program as criminal and new ways to target consumers," the JPMorgan spokeswoman said.

The spokeswoman also said JPMorgan's victim's comment is popular, but it was not recommended what the law proposed. The disputed and suggestion that there was an effort to deliberately disobey the bank's customers.

After seeing JPMorgan leaders repeatedly attempt to bury the issues she raised, Lillie sought whistleblower protection and disclosed her concerns to the Justice Department, U.S. Treasury and other regulators, the letter said She is currently reporting to the lawyers at Phillips's Colise.

Lillie and her lawyers may for loans with the Justice and Treasury departments to do so can for whistleblower disclosure, the letter to the future committee said. She was communicated with Senate in recognition, the people said.

Google Shade Up AI Leaders

Continued from page 82

clined to share its valuation. Does said be began seriously contemplating the startup five weeks ago and contested? Says at, a longtime colleague and mass contributor to AlphaFold, an AI project that predicts protein structures and that even the Nobel Prize in 2024. They then connected with Le and Ghemawat and started discussing building the infrastructure to allow more kinds of science to be automated and what would be better than that.

Ghemawat was also an early Google employee. Alongside Dean, he helped create Google's distributed systems in the early 2000s, and in 2016 he and Dean were recognized by the Association of Technology Machinery for their efforts.

Dean co-founded Google Brain, the company's pioneering AI deep-learning research team, in 2021. It was a founding member of Google Brain and Florida brand's two main labs. In 2023, Google DeepMind, parts of Google Brain, said the Google brain's deep-meaningful core organization.

In recent months, Google has lost either AI top talent, Beam Shames, the Ghemawat AI research team, according to the 2017 paper that led to the current AI revolution, recently left for OpenAI. And John Jumper, who shared in the AlphaFold Nobel Prize, left for Anthropol. News Corp. owner of The Wall Street Journal, which has been merited agreement to supply content on Google platforms.

The delivery company's gross order value exhibit expectations.

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THE WALL STREET JOURNAL.

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Thursday, August 6, 2026 | 83

BUSINESS & FINANCE

Honda Profit More Than Doubles

Weaker yen boosts foreign earnings. Higher gasoline costs lift U.S. sales

By Kensai Kozou

Honda Motor more than doubled. First-quarter net profit and raised its annual forecasts, as the yen's weakness boosted quarterly results, and lifted earnings prospects.

The Japanese automaker said Wednesday that spearcing profit for its car business climbed for the three months ended June, shows parity by a weaker yen, which boosts the value of profit earned abroad in yen terms.

Chief Financial Officer Minato Kawaguchi said car sales fell in China but rose in the U.S. as consumers favored fuel-officers' cars, including hybrids, because of higher gasoline prices.

Kawaguchi said the Chinese economy isn't good and a shift away from gasoline-powered vehicles is accelerating, likely because of rising oil prices.

The company expects revenue and profit gains for the year. Above, a Honda plant in Canada.

Honda left its global vehicle sales forecast for the year ending March 2027 on changed. With the impact of its 50,000-East conflict on the global economy still unclear, the company plans to update sales forecasts after the second quarter, Kawaguchi said.

As part of efforts to bolster its car business in China, Honda in July extended its joint venture with Guangzhou Indomobile Group through 2030. Honda's sales in the country have fallen in recent years because of intense competition and a shift away from

gas-powered vehicles in the world's largest auto market. Operating profit also increased for its motorcycle business in the first quarter, thanks to higher sales in India and Brazil.

The company projected higher revenue and net profit

for the full year, citing the yen's recent depreciation.

That would mark a reversal from the net loss Honda Motor recorded in its latest fiscal year, its first since being in 1972, as it looked electric vehicle boost equivalent to about $10 billion after giving up on its main 5% place in the U.S.

Honda is aiming to improve its hybrid EV offerings to show up its car business's profitability, and plans to end production of the only EV it sells in the U.S., the Prologue sport-skills vehicle, this year. After reporting an annual loss in May, Chief Executive Toddline Miller said he was abandoning a target for set in 2025, when he said all Honda cars would be 85% or fuel-off vehicles by 2040. The move mirrors that if most automakers in the U.S., including Volkswagen, Redbirds and Ford.

The Japanese automaker's net profit reached $650 billion yen, equivalent to $238 billion, in the first quarter, for exceeding the $450.2 billion increase in a poll of analysts by data provider Quirk. Revenue climbed 10.5% to 90,062 trillion.

Kraft Heinz Raises Its Sales View For Year

By KENNIE BUNSTON

Kraft Heinz recorded a narrower loss and lower sales in the second quarter, but raised its sales outlook as it aims to mitigate higher supposition for leasing prices.

The company behind 3x6-0 and 1xactuables on Wednesday posted a loss of $5.46 billion, or $4.60 a share, compared with a loss of $7.82 billion, or $6.60 a share, a year earlier.

Stopping out certain one-time items, adjusted per-share earnings were 56 cents, ahead of the 53 cents anticipated by analysts, according to Bartlett.

Revenue fell 1.4% to $6.26 billion. Analysts surveyed by Bartlett forecast revenue of $8.13 billion.

North American sales were down 2.7%, while international developed markets fell 3.5%. Emerging markets logged a 10% bump in sales.

The declines stemmed from lower volume and mix inflation in manufacturing and logistics, as well as higher advertising expenses, weighed on the company's adjusted operating income.

Kraft Heinz did raise prices in each of its segments, as it tried to offset higher input costs, primarily in coffee and ready-to-drink beverages.

The company narrowed its outlook for annual adjusted earnings per share to $2.03 to $2.09, compared with a prior range of $1.19 to $2.10. It now expects net sales to fall 0.5% to 2% during the year, compared with its previous outlook of a 12% to 15% decline.

Kraft Heinz is also increasing its incremental investments in the business by $100 million to a total of $700 million this year.

Heineken Sales Rise Amid Americas Weakness

By JOHNS KIRBY

Heineken backed its earnings outlook for the year after sales volumes picked up past over the second quarter, boosted by premium labels and lower-alcohol products and despite continued weakness in some key beer markets.

The Dutch brewer said Wednesday that total volumes were 1.9% higher organically on year between April and June, picking up past from the 1.2% growth headed over the first quarter. That boosted net revenue for the half-year to 14.63 billion years, equivalent to $37.33 billion, and operating profit to $2.27 billion, according

to Heineken's preferred accounting method, which excludes exceptional items and amortization. Net profit rose 10% in year to 43.18 billion.

"Heineken delivered strong first-half results overall," analysts at 28fdergan wrote in a note following the update.

That was despite a continued slide in the American region, where sluggish demand saw total volumes decrease more than 4% on year despite some uplift from the Fifth soccer world championship that kicked off in June across the U.S., Canada and Mexico.

"There was a World Cup boost," finance chief Harold van den Broek told reporters in a

call. "But not enough to lift the market into significant growth."

European volumes were reasonable hands positive, growing 2.5% on year. By contrast, Asia-Pacific volumes climbed close to 10% on year.

Van de Broek said the company remained prudent amid macroeconomic and geopolitical uncertainty. He

backed the group's medium-term strategy to move up growth and boost productivity and performance ahead of the

imminent arrival of a new chief executive.

Heineken in June said Rafael Silveira, formerly boss of co-Cr. a unit manager, JDE Port's, would take the reins from Dell van den Broek, a company who was who led the company for six years before stopping down at the start of the year.

The pickup in volumes adds to signs that new markets and a focus on more premium labels can help the world's brewery

out of a lengthy slump. AB Ic-Ice, brewer of Bud Light and Corona, said last week that volumes rose more than expected over the most recent quarter, helped in part by a better mix of its prices labels, as well as by the Fifth World Cup.

Heineken is aiming to get some impetus back into key markets through product innovation, Van den Broek said, pointing to the launch in Brazil of the low-alcohol, low-calorie and gluten-free Heineken Ultimate.

Heineken meanwhile backed its outlook for the year of 2% to 4% growth in operating profit, aided by planned cost savings of up to $500 million for the year.

BUSINESS WATCH

Patients would use CVS's app to view pricing options for E3 Lilly's Zepbound and Poundays.

CVS HEALTH Partnership Is Set To Offer GLP-1s

CVS Health said it will no-samp its weight management program through a partnership with E3 Lilly. What its full-year outlook and reported is nearly threefold increase in its second-quarter profit.

The company on Wednesday said patients will be able to use the CVS Health app to help improve pricing options for Zepbound and Poundays, two Lilly GLP-1 treatments. Those treatments also may be available for same-day pickup at CVS pharmacies.

The company projected yearly adjusted earnings between $740 and $830 a share, its stock closed down 51%. —Ellen Schogaf

ETSY

Ecommerce Site Cuts Staff by 12%

Etsy is laying off about 220 employees, representing roughly 12% of its workforce, to adapt to changing online-dropping habits.

The layoffs are mostly in its product and engineering division. The cuts weren't driven by cost-cutting initiatives or artificial intelligence, Chief Executive Kraft Cooper said in a letter to employees.

The announcement came alongside a second-quarter report showing growth across the business, prompting Etsy to raise its outlook for annual gross merchandise sales.

Revenue from continuing operations rose 4.2%, to $448.3 million, ahead of the $446.1 million analysts were projecting, according to FactSet.

Gross merchandise sales from continuing operations increased 1%, to $2.38 billion, ahead of that 2026 in estimate of $2.50 billion.

Etsy rose expects annual gross merchandise sales will increase by a mid-single-digit percentage, up from 15, prior to the guidance of low-single-digit growth.

The company swung to a second-quarter loss of $46.7 million, or 36 cents a share, from a profit of $28.8 million or 25 cents a share, in the prior-year period.

—Katherine Hamilton

EU LILLY

Weight-Loss Drugs Send Earnings Up

E3 Lilly reported higher net income and revenue in the recent quarter, fueled by continued surging demand for its GLP-1 weight loss drugs.

Stopping out one-time items, earnings were $8.98 a share, the company said Wednesday. Analysts surveyed by FactSet reported adjusted earnings of $4.81 a share, Lilly stock jumped 43%.

Demand to surging for Lilly's weight-loss treatments: Measques and Zepbound. The company reported $9.94 billion in Measques revenue—up 10% from last year—as well as $4.93 billion in Zepbound revenue—up 46% from last year. —Connor Hart

E3 Lilly's quarterly revenue, change from a year earlier.

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84 | Thursday, August 6, 2010

THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA

Uber Logs Slower Sequential Sales Rise

Revenue climbed 25% year over year to $14.19 billion in the second quarter

By Connor Hunt

Uber Technologies reported an increase in roles and deliveries in the second quarter as its customer base expanded. However, growth maintained so much more the company issued a net outlook as it continues to invest heavily in autonomous vehicles.

Shares fell 5.3% as Weehawken will be the last one month one-quarter of its value over the past year.

Uber reported revenue of $14.19 billion for the second quarter, up 12% from a year earlier.

The increase needed a slow-down from the 14% revenue growth the company reached the previous quarter, and the top line came in just below an appt estimates for $14.18 bil-

lars, according to FactSet. The company's delivery business-down growth, lagging revenue of $5.28 billion, up 28% from last year. Revenue from its mobility arm failed up 2% to $7.16 billion.

Uber said it passed along savings from lower insurance costs to consumers, cutting cash prices across its mobility business in several markets, including Los Angeles and San Francisco. The lower prices helped boost trip volumes but were less lucrative to the company's top line.

Trips rose 10% from last year's comparable quarter, to 3.0 billion, with a 10% increase in monthly sales platform customers. Gross bookings, which tracks the value of all roles and deliveries, jumped 24% to $10.02 billion, ahead of analysis, seven for $57.23 billion. Growth across all three metrics slowed sequentially.

Uber said it continued to see increased adoption across its portfolio of both premium and lower-cost products during the

Uber's segment revenue, change from a year earlier

Source: UBT Audit 2010, 8th quarter

revised quarter. The company also benefited from additional acquisitions into more upwardly populated areas.

Uber Executive Dean Khosrowskula said the company will continue to invest in its cross-platform strategy, planning to spend $10 billion over the coming years to build out the world's largest platform for

A9s at a global scale. Uber has partnership with over 32 A9 companies spanning software, technology and vehicles, and it expects to operate A9s in 20 markets across the world by the rest of the year, he added.

In the second quarter, Uber reported a profit of $2.19 billion, or $1.37 a share, which is chased a roughly $1.6 billion per person benefit both to social nations of the company's country investments. That company with a profit of $1.36 billion, or $1.0 cents a share, a year earlier.

Stopping out one-time items, earnings were 60 cents a share, analysis and expected adjusted earnings of 60 cents a share.

For the current quarter, Uber forecasts adjusted earnings of markets to 16 cents a share, the midpoint of which is 1 cent lower than analyst expectations. Gross bookings are projected to come in between $10.23 billion and $10.25 billion, compared with Wall Street models for $10.33 billion.

London Approves Wayne Robotasis

UK robotics company Wayne and partner Uber Technologies have secured approval to offer supervised robotics roles in London, as much race to launch competing autonomous role-making services in the city.

Transport for London has granted private-vice vehicle licenses to a number of Wayne's autonomous vehicles, the companies said Wednesday. The vehicle is approved with a trained and licensed private-vice driver behind the wheel to monitor the trip and take control when necessary.

Riders who have major travel time interest and be trained to access the service later this summer, the companies said.

The approval comes as

global robotics companies compete to establish an entry further in London, and of the other countries, with reduced markets for autonomous driving outside the U.S. and China.

Others Blacks said last week that its Apple Go autonomous role-making platform started road testing in London with Luft-crewed Foreman Rothi plans to launch services for public-others starting with your own car, operating with Foreman Alphabet's Mupress also plans to offer robotics services in the city this year.

The digital driving estimates for global robotics market could reach 20 billion by 2040, with cost of 2.5 million dollars, by 2040, and according to Quality breaking even by 2020.

Arthur Huang

Musk Aims To Continue Spending

Continued from page D1 anyone else," Musk said Tuesday that Spacel's first ever quarterly call as a public company.

Musk told investors he plans to increase Spacel's data center capacity from 2 gigawards to as much as 10 gigawards, an increase that would give Spacel's one of the world's largest data center壯健ly. He said the first orbital data centers could launch in 2010.

Spacel's spending on 41 detailed in Tuesday's investor report, expands a move among the world's biggest tech companies. Advances on last week estimated around $320 billion in capital spending this year, underpinned by Al-coated investments.

Google parent Alphabet last month raised its projected capex guidance for the year to a range of $500 billion to $225 billion, and in June announced it would raise $80 billion to help finance spending on data center expansion and Al cooperating capacity.

Microsoft has around $675 billion to $100 capital spending, while Meta Platforms has estimated between $150 billion to $100 billion.

The same have settled some investors, nervous about payoffs that might be uncertain and slow to arrive. Both companies said without any clear prices fall last week after reporting negative cash flow and heavy spending.

Spacel's spending on an expands a move among the world's biggest tech companies.

On Thursday, a locking period expires for company employees and investors to sell a portion of their shares, which could bring more volatility to the stock as new shares become available for trading.

While much of Spacel's 24-year history has involved around building and launching, reshale and saddlers, Musk has proved the company toward it. In the months leading up to Spacel's June IPO, he merged Spacel with A4s, the artificial mortgage, a savings that absorbed Musk's social-media platform. It the year before.

In June, Spacel struck a deal to buy Al coding agent, known for 500 billion. Musk also announced Tuesday an agreement for Spacel to exclusively use Nvidia for Al chips.

Musk has said artificial intelligence will be critical for the robotic and autonomous vehicles needed to help power humans' future on Earth and beyond.

On Tuesday, he said that many robots would need to be deployed to help build future factories and power facilities on the moon. "It sounds super sci-fi right now," Musk said, "but it's going to happen."

The company's pace of capital spending is expected to continue for the rest of the year. Spacel's finance chief, Rev. Johnson, said on Tuesday's investor call.

Some Wall Street analysts expect Spacel to learn through cash for years to come, which they have said could require the company to continually tool

in outside funding.

Spacel's executives said Tuesday they are seeing to move on their AI investments. The company has announced deals to leave its data center capacity to AI hypercaloric, weight and challenge. Spacel has also discussed providing data centers to the Defense Department, The Wall Street Journal reported last month.

Spacel told investors Tuesday that the company is on track to having $100 billion to maintain its data center capacity by December, much of which has come from data center deals. "Specifically, on the AI complex side, we're able to report capital in 14% more that we're getting less than one year payback," Johnson said.

Disney Eyes Ad-Backed Channel

Continued from page B1 "We're performing significantly better than our competitors."

Disney's revenue rose in the quarter that ended in June, leaving the domestic market to its theme parks and the huge two-office performance of "Top Story 5."

The results show the consumer importance of traditional and in-person entertainment in Disney's television, even as streaming becomes a major focus for the industry.

Revenue rose 7% to $25.2 million in the United States quarter, just shy of expectations from analysts pulled by FactSet. Net income fell by half, to $2.4 billion, to $2.0 million for year-end, and the net sales continue to decline. Including certain items, diluted earnings per share increased to $2.96 from $3.01, heating analyst from $2.00.

Revenue for Disney's expansion unit, which includes its theme parks and museums lines, increased 10% after-dates at Disney's domestic parks gave by 3% and per share of the total amount of the quarter, which ended in June. While international at-

A scene from 'Top Story 5,' a major contributor to Disney's results in the quarter.

tendance at the domestic parks continued to be a challenge. Disney Chief Financial officer Hugh Johnston said in an interview that the company is more than filling the pay with domestic parks.

The growth of parks comes as a new stock including Cora, Lee's Universal June Excel bookletable, Revenue for Cora, Lee's theme parks and room just 2.7% in the latest quarter. It means, who previously ran Disney's parks and room's operations, has made promises of creating new experiences and dramatically expanding its major chip list.

Pearl's "Top Story 5" has passed $1 billion in global two office since its June 10 release, and Disney credited the movie with becoming consumer-product sales. However, two of the company's other

brands anticipated recent releases—"Star Wars: The Mandalorian and Group," which came out in May, and this quarter's low-action "Munet"—underpurchased.

At $3.00, strong ratings from the National Basketball Association and National Hockey League funds helped drive advertising revenue by earning income declined 2% to $800 million, in part because of diverse early-round NBA playoff series.

Disney said it has also sold all the commercial inventory for the 2027 Super Bowl, which will be blitzed on both ESPN and ABC.

Revenue from Disney's entertainment streaming business, which includes Disney and Reds, increased 10% in $1.5 billion. Disney saw declines in customer defectors

during the quarter.

Disney also unveiled a new partnership with TikTok Wednesday that will allow a new of the social video platform to create content from Disney's library of franchises and intellectual property, with the first-created content could up on TikTok and Disney+.

Disney sold its 50% stake in Wall Street Media, the power of the A4S and history cable business, to $66,000, which already owned the other half. At $1.1 billion, Disney plans to use content to create other repurchases and reports to buy back at least $10 billion of its stock in fiscal 2010.

Disney also recorded a $500 million brief refund in this quarter, reversing its safety relief payments, and may receive additional, smaller re-funds in the future.

New York Times Falls On Subscriber Outlook

By ALEXANDER BREILL Asst. Counsel Elect.

The New York Times reported higher profit and revenue for the second quarter, but its shares dropped 13% in the company forecast slower subscriber growth in the current quarter.

Wednesday marked the stock's worst one-day low since 2002.

The company said it added about 280,000 net digital-only subscribers from the present year, its smallest expansion revenue in a year. It reported about 12.4 million in digital-only subscribers at the end of the quarter, and nearly 13.4 million total subscribers.

New York Times revenue (dollars) 21% to $762.1 million, topping Wall Street aspects. One for $70.2 million. The company posted a quarterly profit of $10.4 million, or 57 cents a share, up from $823.0 million, or 50 cents a share, a year earlier.

Stopping out one-time items, earnings were 60 cents a share, analysis pulled by FactSet reported adjusted

earnings of 60 cents a share. Though the company posted strong quarterly results overall, investors might have been in account for expenses, said Douglas Arthur, an analyst of Miller Research Partners. He also noted that the Times's outlook for 12% to 23% digital-subscriber revenue growth is the third quarter, and the company also noted that the company's performance.

Arthur said he sees the stock drop as an overreaction. For the second quarter, subscription revenue rose 52% to $657.9 million, as higher revenue from digital-only products often lower domestic home-delivery and single-copy revenue. Advertising revenue grew 13% to $320.1 million, which the company attributed primarily to strong marketers demand and growth in advertising supply.

For the third quarter, the New York Times forecast total subscription revenue would increase 9% to 13% from the previous year, and said it expected total ad revenue to rise in the high-market light to be double-digit percentage range.

New York Times revenue climbed 13% to $762.3 million.

News Corp's Results Improved in Quarter

By ALEXANDER BREILL

News Corp reported an increase in revenue for its fiscal fourth quarter. Arrests by continued growth across its Dow Jones, HarperCollins Haddadler and digital real-estate-service divisions.

Revenue increased 13% to $2.16 billion in the quarter ended June 10, leaving analyst expectations. Segment earnings before interest, loss, depreciation and amortization rose 13% to $423 million.

The United States continuing operations more than doubled to $2.09 billion, the year share basis, earnings from continuing operations attributable to a shareholders' revenue to 21 cents from 9 cents. Adjusted per-share earnings rose 10 cents, analysts pulled by FactSet reported 10 cents a share.

Revenue at time times, which publishes The Wall Street Journal, Bakersfield, in Barents' and other titles, increased 7% to $444 million, while segment earnings rose 10% to $501 million. Advertising revenue increased 10% to $1.6 billion, while segment earnings jumped 10% to $323 million.

offsetting point ad declines. The Wall Street Journal recorded more than 4.64 million average digital-only subscriptions in the period, compared with 4.13 million for the quarter that ended in March. Including the print editors, total Journal subscriptions averaged 4.67 million, up from 4.75 million in the prior quarter.

Revenue for HarperCollins increased 15% to $366 million, with big titles during the period including Ann Market's "Whether I Look A Father's Time, What I'm Going, How I'm on" and Vice President JB Gentry's "Contemplative Finding My Way Back to Faith."

Revenue from the company's digital in account over-rises segment, which includes the company's share in B2A Group and Boston.com operations. More, now 10% to $553 million, while segment earnings jumped 10% to $323 million.

News Corp has 43 content deals with Meta Partners and Opusid, and Chief Executive Robert Thurston said the company's business has been more than a mere for "significant" deals with several other companies.

---

THE WALL STREET JOURNAL.

Thursday, August 6, 2026 | B5

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© 2026 Dow Jones & Co. Inc. All rights reserved. A4-0122

---

86 | Thursday, August 6, 2008

MARKETS DIGEST

COUPONS

Dow Jones Food and副业 Average

54504.12	2.03	24.11	0.00%
High, low, open and close for each	0.00	24.11	0.00%
trading day of the past three months.	0.00	24.11	0.00%
	0.00	24.11	0.00%

S&P 500 Index

7722.95	¥ 21.57;	¥ 0.17%
High, low, open and close for each
trading day of the past three months.

	Last	Year ago
Trading P/E ratio	21.21	24.11
P/E estimate	21.21	23.52
Trading p/e	1.14	1.15
All-time P/E	7736.32	35/04/19

Nasdaq Composite Index

3686.64	¥ 22.15	¥ 0.03%
High, low, open and close for each trading day of the past three months.

	Last	Year ago
Trading P/E ratio * 3.62	22.47
P/E estimate * 24.79	29.59
Trading p/e * 0.07	0.63
All-time P/E	27391.96	36/02/28

Model 1: 2.00 Stock-Market Indexes

	High	Low	Low	Total	Total	% Chg	High	Low	Low	Total	Total
Dow Jones
Auto-And Average	567,941.20	543,016.12	543,016.12	2,012.24		0.49	543,001.12	479,016.42	29.8	25.1	29.3
Transports/Interchange	2,028,412.23	2,033,016.00	2,033,016.00	2,033,016.00		0.01	2,033,016.00	2,033,016.00	2,033,016.00	2,033,016.00	2,033,016.00
Off/On Average	2,122,121.20	2,092,019.00	2,092,019.00	2,092,019.00		0.00	2,092,019.00	2,092,019.00	2,092,019.00	2,092,019.00	2,092,019.00
Total Stock Market	7,722,130.00	7,642,216.00	7,642,216.00	2,026.26		0.39	7,642,216.00	4,245.74	25.8	22.2	28.2
Assum. Mkt	5,677.84	5,644.01	5,644.01	5,644.01		0.37	5,644.01	5,644.01	5,644.01	5,644.01	5,644.01
Nasdaq Stock Market
Nasdaq Composite	26,759.00	23,918.51	23,918.51	2,015.16		0.21	23,918.51	23,979.64	26.9	25.4	25.8
Nasdaq Chg	29,946.55	29,948.33	29,948.33	2,043.27		0.03	29,945.55	27,993.59	26.3	26.8	26.2
S&P
500 Index	7,701.66	7,726.17	7,732.08	62.97		-0.17	7,716.32	4,945.04	25.7	22.6	28.8
Nasdaq Mkt	2,066.00	2,066.00	2,066.00	2,066.00		0.01	2,066.00	2,066.00	2,066.00	2,066.00	2,066.00
Small/Sup Mkt	2,000.00	2,011.19	2,011.19	51.79		-0.91	2,011.19	1,949.67	38.1	25.4	32.9
Ohio Markets
Record (000)	5,900.00	5,915.42	5,915.42	17.79		-0.99	5,915.42	2,145.04	25.7	22.6	28.8
NYSE Index	2,000.00	2,000.00	2,000.00	2,000.00		0.01	2,000.00	2,000.00	2,000.00	2,000.00	2,000.00
Volat. Lbs.	751.82	679.51	699.98	4.21		-0.60	679.51	593.54	25.2	20.7	6.2
NYSE Inc. (Gross)	1,727.68	1,636.78	1,636.78	15.47		0.64	1,727.68	1,645.67	55.6	25.1	26.2
NYSE Inc. (Penn)	1,229.92	1,278.36	1,025.89	22.99		0.90	1,229.92	882.47	39.7	4.9	32.4
NYSE Inc. (Gross)	1,011.36	1,012.00	1,012.00	9.43		0.56	1,011.36	1,012.00	25.8	27.9	29.8
Total Total (Gross)	599.59	578.57	599.98	22.21		0.00	578.57	2,919.99	55.8	1.1	42.5
PRCET (All Stores)	97.43	94.53	94.38	2.46		-0.93	104.24	53.61	38.2	20.4	0.0
PRCET (Total Stores)	2,054.23	2,075.99	2,094.88	171.01		-0.40	2,054.23	1,924.01	126.4	0.0	40.1
Chg. Monthly	25.48	15.48	15.48	0.69		-0.19	15.48	15.48	0.69	0.69	0.69

Percentage Gainers...

Company	Symbol	Chg	Mo	Chg	% Chg	High	Low	% Chg
CCC (2008 Group Holding) Bldg	YIP	25.48	26.01	101.21	32.16	2.36	118.1
HLP	MLP	4.27	5.99	97.17	1099.86	2.12	99.1
Longmueller	Jans	9.35	3.93	32.81	57.91	1.76	52.84
Omer Energy Solutions	OCSA	26.06	5.66	94.82	15.64	6.60	101.7
Digital Turbine	JAPAN	22.23	14.04	26.48	16.18	1.74	24.62
Core Turbine	CCM	9.98	2.61	30.21	11.32	1.09	19.1
Hyatt	HSM	5.59	2.05	25.80	10.56	4.45	44.8
Biomass (World) Bldg	BMN	26.72	4.21	50.72	46.83	7.96	—
Bloomest Brands	BLBM	22.05	2.93	22.82	12.63	5.28	12.34
Wikimoto	WYM	255.00	49.91	86.52	100.92	100.92	100.92
Adams Therapeutics	ATCO	22.96	4.96	20.02	22.79	27.08	—
ToxBase	TB	9.38	2.21	20.39	12.21	7.18	62.4
Latham Group	AMM	7.28	2.60	20.07	3.97	4.64	4.7
Trade Solutions	TS	36.07	7.56	27.56	37.19	28.95	101.1
Omaha Pharma	OMA	6.40	0.99	20.09	10.96	2.53	69.4

Volume Movers (Market) Stock Index (2008) (2008) (2008)

Company	Symbol	Chg	Mo	Chg	% Chg	High	Low	% Chg
Bayer Technologies BTR	0179	1.037	7.59	29.52	6.38	32.42	22.56
Core Trust Energy	0170	20.09	49.99	1.94	30.21	12.92	1.99
Enel Financials	0251	3.98	38.85	27.26	3.69	49.36	30.12
Core Holdings A.O.A.	0194	1.159	18.66	15.59	6.85	20.40	10.12
EuroX Group	0255	1.70	2.80	19.21	5.22	15.00	12.42
Apollo Corp.	0258	0.00	2.07	27.21	0.00	42.21	3.66
Cayman Corp. (CoA)	0247	2.03	27.99	16.77	5.28	16.99	15.15
CCC Energy Turbines	0260	1.31	20.60	13.72	4.35	12.42	10.00
ExxonMobil BTR	0260	1.56	20.16	29.46	8.07	30.30	24.59
Local Financials	0261	2.07	20.00	16.16	6.55	19.22	40.14
* Current stock price is $0.10 per share with an average of the share of the stock price is $0.10 per share. The market share is based on:
International Stock Indexes
August (June) - May		Chg	Mo	Chg	% Chg	High	Low	% Chg
World	MSCI ACWI	2,249.58	3.65	0.00	0.00	0.00	0.00	0.00
	MSCI ACWI on OSA	401.94	6.66	0.00	0.00	0.00	0.00	0.00
	MSCI Mkt oil	1,992.00	3.47	0.00	0.00	0.00	0.00	0.00
	MSCI Energy Markets	1,623.63	10.80	0.00	0.00	0.00	0.00	0.00
American	MSCI ACWI	1,992.00	3.47	0.00	0.00	0.00	0.00	0.00
Comtech	S&P 500 Index	2,676.00	3.49	0.00	0.00	0.00	0.00	0.00
J&M	MSCI	2,026.00	70.39	-0.29	0.00	0.00	0.00	0.00
Hyatt	Total Index	4,023.87	17.11	-0.64	0.00	0.00	0.00	0.00
Italy	PTSI MIO	5,944.00	41.15	-0.10	0.00	0.00	0.00	0.00
Northwest	NAI	3,332.38	1.29	-0.20	0.00	0.00	0.00	0.00
Northeast	American Mkt Share	2,072.00	6.29	-0.23	0.00	0.00	0.00	0.00
South Africa	PTSI MIO Mkt Share	2,043.00	12.99	0.00	0.00	0.00	0.00	0.00
Spain	MSI M	2,057.00	35.40	0.27	0.00	0.00	0.00	0.00
Swissler	SMG Stock Index	2,109.33	4.45	-0.09	0.00	0.00	0.00	0.00
Southwest	Swiss Market	2,099.26	30.73	0.42	0.00	0.00	0.00	0.00
Turkey	BSF	2,176.12	31.20	0.00	0.00	0.00	0.00	0.00
US	PTSI MIO	2,095.00	6.52	0.00	0.00	0.00	0.00	0.00
US	OCS Mkt	2,090.00	15.59	14.73	5.6	15.6	5.6	5.6
Asia-Pacific	MSCI ACWI Asia-Pacific	271.00	5.86	0.00	0.00	0.00	0.00	0.00
Asia Pacific	MSCI Mkt Mkt	922.00	32.39	13.99	13.99	13.99	13.99	13.99
China	Shanghai Composite	3,074.00	56.25	0.00	0.00	0.00	0.00	0.00
Hong Kong	Hong Kong	2,093.00	62.40	0.24	0.00	0.00	0.00	0.00
India	IRM	2,026.00	70.39	-0.29	0.00	0.00	0.00	0.00
Japan	MSCI	2,022.00	17.11	-0.64	0.00	0.00	0.00	0.00
Asia Pacific	MSCI Mkt	2,022.00	6.29	-0.23	0.00	0.00	0.00	0.00
Philippines	MSCI	2,026.00	6.29	-0.23	0.00	0.00	0.00	0.00
South Africa	ASMI	4,078.26	239.33	0.00	0.00	0.00	0.00	0.00
Taiwan	TAEI	4,078.26	21.25	0.00	0.00	0.00	0.00	0.00
Thailand	SET	3,609.50	-7.29	-0.00	0.00	27.8

Source: The Stock Index, Annual Stock Index

Percentage Losers

Company	Symbol	Chg	Mo	Chg	% Chg	High	Low	% Chg
Archer Leung Obi Corp	BCG	22.79	12.43	40.62	29.29	21.79	24.29	25.29
SupraLife	SCM	6.20	9.17	48.23	35.48	4.12	41.81	41.81
SMITH A	SPG	2.02	2.01	42.75	7.00	2.01	42.75	42.75
Autonomic Medical	AMM	22.29	9.49	39.95	32.39	3.46	36.6	36.6
Top Kidney	THM	1.59	4.79	36.76	3.13	1.61	4.82	4.82
Linkland Holdings	LMH	99.25	27.33	109.32	29.21	19.67	42.5	42.5
United Health Sciences	USM	28.93	7.79	38.28	27.22	19.67	42.5	42.5
Sociology Technologies	SCM	25.93	10.24	39.48	31.25	25.91	39.2	39.2
7-ROU (X) (Q) (R) (R) (R)	SVM	6.62	2.24	42.32	26.05	5.12	41.81	41.81
General Sales & Bld. B	GWP	9.52	2.97	35.23	16.45	5.16	35.23	35.23
ProQuest Ultra Special	SPP	9.32	0.63	37.02	16.71	5.12	37.02	37.02
Hyatt & Co. (Q) (R) (R) (R)	YJAS	2.04	1.24	37.78	10.58	3.12	37.78	37.78
Tabernacle	TRM	3.59	1.46	37.99	7.51	2.14	37.9	37.9
Wesley Product Group	WS	2.00	0.44	37.27	10.31	35.24	37.9	37.9
LeMans Insurance	AMM	79.00	26.74	109.02	33.02	78.37	37.9	37.9

CURRENCES & COMMODITIES

Currency

U.S.-dollar foreign exchange rates at 5 p.m. ET
Country	1998	2007	2006
Argentina	1,000,000	1,000,000	1,000,000
Argentina	1,000,000	1,000,000	1,000,000
Canada	1,000,000	1,000,000	1,000,000
China	1,000,000	1,000,000	1,000,000
Colombia	1,000,000	1,000,000	1,000,000
Ecuador	1,000,000	1,000,000	1,000,000
Argentina	1,000,000	1,000,000	1,000,000
Argentina	1,000,000	1,000,000	1,000,000
Argentina	1,000,000	1,000,000	1,000,000
Argentina	1,000,000	1,000,000	1,000,000

Commodities

	Chg	Mo	Chg	% Chg	High	Low	% Chg	High	Low
Entenma	259.28	7.2	0.00	104.13	207.14	20.28	0.00	0.00	0.00
FTSEX OBI Corp	274.00	2.06	0.20	108.12	251.41	27.76	25.24	25.24	25.24
Goodwill & Loss	79.82	0.94	0.00	122.95	96.21	28.89	0.00	0.00	0.00
Market p.a. (1998/01)	1,268	0.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gold & Silver	1,000.00	200.00	3.67	1,000.00	1,000.00	20.42	0.00	0.00	0.00

Polymarket / A Dow Jones partner

Predictors Market: Largest Company end of December 2023?

---

THE WALL STREET JOURNAL.

Thursday, August 6, 2026 | 87

PAID ADVERTISEMENT

93245

U.S. RESIDENTS CASH IN: Calls are pouring in from state residents who are trying to get their hands on the Jambo Silver Ballistic Bags pictured above before the deadline ends. That's because residents who find the first 2 digits of their zip code printed in today's publication are cashing in on the reduced State Minimum price set for the next 2 days by the Lincoln Treasury.

U.S. zip codes turn up silver for residents

Sealed Vault Bags full of State Silver Bars are actually being handed over to the first U.S. residents who find their zip code listed in today's publication and call before the 2 day deadline ends to claim the bags full of pure silver

Operators at the National Silver Bottles are struggling to keep up with all the calls.

That's because Silver Vault Bags loaded with pure .999 State Silver Bars are now being handed over to everyone who hosts the order deadline.

"That's why U.S. residents will be boarding all the silver bars they can get their hands on before the deadline ends. This comes as an surprise after the standard State Minimum set by the Lincoln Treasury was dropped for everyone who gets the Silver Vault Bags making them a real deal," said Mary Ellen Whitney, the executive clerk, with Treasurer of the United States of America.

"An executive adviser to the private Lincoln Treasury, I got paid to deliver breaking news. And here's the best part. This is great news for U.S. residents because the reduced State Minimum set by the Lincoln Treasury is a real deal," said Whitney.

The only thing residents need to do is find the first 2 digits of their zip code on the Distribution List printed in today's publication. If their zip code is on the list, they get used to call the National Silver Bottles before the deadline ends.

And here's the good news. Residents who do are getting the reduced State Minimum set by the Lincoln Treasury of just $200 for each State Silver Vault Bag which is just over $39 for each pristine Silver five gram bar as long as they call the National Silver Bottles at 1-888-234-5086 before the deadline ends.

Please keep open at precisely 8:30 A.M. this morning and are expected to be flooded by U.S. residents looking to cash in on the reduced State Minimum set by the Lincoln Treasury to date. That's why U.S. residents who find their zip code on the distribution list today are being urged to call.

Since this special advertising announcement can't stop anyone from buying up all the new 2026 Edition U.S. State Silver Bars they can get their hands on, the Lincoln Treasury has set out a limit of how many Jambo Silver Ballistic Bags residents can get – these are the bags pictured at the top that contain 100 individual Silver Vault bars each. Everyone who gets these will be glad they did.

"Residents who want to cash in on the reduced State Minimum set by the private Lincoln Treasury better have to find it because after the deadline ends, the State Minimum for these pristine five gram U.S. State Silver Bars set by the Lincoln Treasury will go up to 8:45 just for no matter how many bars people get," Whitney said.

"We're hearing for all the calls and doing the best we can, but with just hours left before the deadline ends, residents who find the first 2 digits of their zip code listed in today's publication need to call the National Silver Bottles," Whitney said.

A SILVER IS SCANNED: It's good news for State residents who get the Silver Vault Bags each loaded with 50 five gram State Silver Bars. That's because residents are getting the State Minimum set by the private Lincoln Treasury as long as they call before the deadline ends.

Who gets the Silver Vault Bags: Listed below are the zip codes that get to claim the Silver Vault Bags. If you find the first two digits of your zip code below immediately call: 1-888-234-5086 DEPT. SFG111

Alabama	Florida	Kansas	Minnesota	New Mexico	Pennsylvania	Vermont
81, 82	28, 32, 34	68, 67	83, 84	82, 83	75, 76, 77	63
Alaska	Georgia	Kentucky	Mississippi	New York	78, 79	Virginia
80	28, 31, 33	40, 41, 42	39, 39	08, 10, 11, 12	Rhode Island	01, 02, 03, 04
Arizona	Kansas	Louisiana	Ky, 54, 55	07	Sy	Washington
81, 82	38	10, 11	Michigan	North Carolina	South Carolina	South Carolina
Arkansas	Idaho	Maine	27, 28	27, 28	South Dakota	West Virginia
79, 80	50	03, 04	Nebraska	North Dakota	22	24, 25, 26
California	Illinois	Maryland	40, 69	Ohio	Tennessee	Wyoming
81	63, 81	20, 21	Rhode	Ohio	22, 23	82, 83
Colorado	62	Massachusetts	40, 69	41, 43, 44, 45	Texas
80, 81	Indiana	01, 02, 03	New Hampshire	Oklahoma	75, 76, 77
Connecticut	48, 47	Michigan	05	73, 74	78, 79, 80
80	Texas	48, 49	New Jersey	Oregon	81
Delaware	18, 51, 52		87, 08	87	84

I keep calling and can't get through. Keep trying. Right now everyone is looking to cash in on the reduced State Minimum set by the Lincoln Treasury. In fact, we want to know what's thousands of residents order up as many Silver Vault Bags as they are get their hands on before the deadline ends. That's because the State Minimum set by the Lincoln Treasury has been reduced to just over $39 for each total silver five gram bar for everyone who gets the vault bags. Each Silver Vault Bag contains 10 pristine State Silver Bars to just $200. There is also a Five Star Vault Bag option for $100. But all those who really want to cash in are taking the Jambo Silver Ballistic Bags containing 100 State Silver Bars before the deadline ends and the State Minimum set by the Lincoln Treasury goes up to $400 per Vault Bag. In fact the State Minimum set by the Lincoln Treasury is reduced over further for those getting the Jambo Bags so just be sure to call the National Silver Bottles operator for your discount. So if they are busy keep trying.

How much are the Silver Vault Bags worth: It's hard to tell how much these Silver Vault Bags could be worth since they are my order condition, but those who get to on this now will be glad they did. That's because the State Minimum set by the Lincoln Treasury goes up to $400 per bag after the deadline ends. So you better believe that at just $200 the Silver Vault bags are a real total for everyone who finds the deadline.

Can I buy any State Silver Bar: Yes. But, the reduced State Minimum set by the Lincoln Treasury of just over $39 per bar applies only to residents who purchase a Silver Vault Bag(s). That means only those residents who order a Silver Vault Bag(s) or a Jambo Silver Ballistic Bag get the reduced State Minimum set by the Lincoln Treasury, all single bar purchases, unless placed after the deadline and all two state residents must pay the normal state minimum of $40 per silver bar.

Why is the State Minimum set by the Lincoln Treasury so low now: Thousands of U.S. residents stand to miss the deadline to get the silver at the reduced State Minimum set by the private Lincoln Treasury. Now all residents who find their zip code on the Distribution List above are getting the Silver Vault Bags for themselves and all the sold, 1000 pure State Silver Bars found inside. The price for each Silver Vault Bag after the deadline ends is set to the normal state minimum of $643 which is $50 per bar. But residents who hold the 2 day deadline only over the reduced State Minimum set by the Lincoln Treasury of just $200 for each 10 Day Silver Vault Bag which is just over $39 per bar as long as they call the National Silver Bottles before the deadline ends at 1-888-234-5086 DEPT. SFG111. Rethink open at 8:30 A.M. or, and Lincoln Treasury should pay and enter SFG111 at checkout.

*** All States listed above are available - States not listed are already sold out ***

TERMS AND CONDITIONS: PLEASE USE CASH IN MAILING ORDER WITH ALL PLEASE PRINT ALL 2-THRU PENDING FORMS AND A THIRD PERCENT SERVICE PER. ALL PURCHASES OF MARKET SUPPLIES AND RETAILER'S BUSINESS SHIPPERS. SERVICE RETAILER'S BUSINESS FOR EACH ITEMS, UNDERTAKING ANY PORTFOLIO, SUBSTITUTION, OR MISCELLANEOUS OR THE ORDER OF THE EXPRESS OR PARTNER OF UNLESS PROHIBITED. UNLESS PROHIBITED, IT IS NOT APPLICABLE WITH ANY GOVERNMENT AGENCY. THE COLLECTIONS HAVE OF UNLESS PROHIBITED. PRODUCTS ARE NOT GUARANTEED. ANY INCREASE OF THE ITEMS, UNLESS THEREFORE SPECIFIED, INCLUDING BUT NOT LIMITED TO ANY REASONABLE ITEMS, EXCEPT THERE ARE NO EXPRESS OR IMPLIED ITEMS. UNLESS PROHIBITED, INCLUDING BUT NOT LIMITED TO ANY REASONABLE ITEMS, EXCEPT THERE ARE NO EXPRESS OR IMPLIED ITEMS. UNLESS PROHIBITED, INCLUDING BUT NOT LIMITED TO ANY REASONABLE ITEMS, EXCEPT THERE ARE NO EXPRESS OR IMPLIED ITEMS. UNLESS PROHIBITED, INCLUDING BUT NOT LIMITED TO ANY REASONABLE ITEMS, EXCEPT THERE ARE NO EXPRESS OR IMPLIED ITEMS. UNLESS PROHIBITED, INCLUDING BUT NOT LIMITED TO ANY REASONABLE ITEMS, EXCEPT THERE ARE NO EXPRESS OR IMPLIED ITEMS.

THE WALL STREET JOURNAL NEWS ORGANIZATION WAS NOT INVOLVED IN THE CREATION OF THIS CONTENT

---

BB | Thursday, August 6, 2006

BIGGEST 1,000 STOCKS

THE WALL STREET JOURNAL.

New to Read the Stock Tables

The following marketplaces apply to: 1,000, 1,000, 2,000, 3,000, 4,000, 5,000, 6,000, 7,000, 8,000, 9,000, 10,000, 11,000, 12,000, 13,000, 14,000, 15,000, 16,000, 17,000, 18,000, 19,000, 20,000, 21,000, 22,000, 23,000, 24,000, 25,000, 26,000, 27,000, 28,000, 29,000, 30,000, 31,000, 32,000, 33,000, 34,000, 35,000, 36,000, 37,000, 38,000, 39,000, 40,000, 41,000, 42,000, 43,000, 44,000, 45,000, 46,000, 47,000, 48,000, 49,000, 50,000, 51,000, 52,000, 53,000, 54,000, 55,000, 56,000, 57,000, 58,000, 59,000, 60,000, 61,000, 62,000, 63,000, 64,000, 65,000, 66,000, 67,000, 68,000, 69,000, 70,000, 71,000, 72,000, 73,000, 74,000, 75,000, 76,000, 77,000, 78,000, 79,000, 80,000, 81,000, 82,000, 83,000, 84,000, 85,000, 86,000, 87,000, 88,000, 89,000, 90,000, 91,000, 92,000, 93,000, 94,000, 95,000, 96,000, 97,000, 98,000, 99,000, 100,000.

Additional quotations subject from a new whose price charged by 15 or more if The price is not paid up to one (1) or higher

For details see https://www.wall-states.com/2006/08/06/2006/08/06/2006/08/06/2006/08/06/2006/08/06/2006/08/06/2006/08/06/2006/08/06/2006/08/06/2006/08/06

For details see https://www.wall-states.com/2006/08/06/2006/08/06/2006/08/06/2006/08/06/2006/08/06/2006/08/06

For details see https://www.wall-states.com/2006/08/06/2006/08/06/2006/08/06/2006/08/06

Stock	Spec Class	Ref	Stock	Spec Class	Ref	Stock	Spec Class	Ref

Stock	Spec Class	Ref	Stock	Spec Class	Ref	Stock	Spec Class	Ref
Newthtown	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Newthtown	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Newthtown	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000

New Highs and Lows

The following marketplaces apply to: the New York Stock Exchange (NYC) stock price of one-year stock, based on the stock price of one-year stock, and the stock price of one-year stock. The stock price of one-year stock is based on the stock price of one-year stock.

Wednesday, August 7, 2006

Stock	Spec Class	Ref	Stock	Spec Class	Ref	Stock	Spec Class	Ref
Highs	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Low	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Low	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Low	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000

Stock	Spec Class	Ref	Stock	Spec Class	Ref	Stock	Spec Class	Ref
Newthtown	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Newthtown	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Newthtown	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Newthtown	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Newthtown	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000

Stock	Spec Class	Ref	Stock	Spec Class	Ref	Stock	Spec Class	Ref
Newthtown	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Newthtown	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Newthtown	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Newthtown	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Newthtown	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Newthtown	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000

ADVERTISEMENT
The Marketplace
The advertiser: 800-160-1000 or 1000-Low's (handbook)

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IPD Scorecard

Performance of I.D. and record identifier

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.
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.
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.
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.
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.
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.
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.
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.
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.
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.

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THE WALL STREET JOURNAL

• •

COMMODITIES

Thursday, August 6, 2024 | 09

Futures Contracts

Material & Equipment Futures
	Year	Price	Price	Price	Price
Cognon-Walk (1000) (1000)
Box	6,000	6,000	6,000	6,000	6,000
Box	6,000	6,000	6,000	6,000	6,000
Gold (1000) (1000)
Box	6,000	6,000	6,000	6,000	6,000
Box	6,000	6,000	6,000	6,000	6,000
Box	6,000	6,000	6,000	6,000
Box	6,000	6,000	6,000	6,000
Box	6,000	6,000	6,000	6,000
Box	6,000	6,000	6,000	6,000
Box	6,000	6,000	6,00
Box	6,000	6,000	6,000
Box	6,000	6,000	6,000
Box	6,000	6,000	6,000
Box	6,000	6,000	6,000
Box	6,000	6,00
Box	6,000	6,000
Box	6,000	6,000
Box	6,000	6,000
Box	6,000	6,000
Box	6,000	6,000
Box	6,00
Box	6,000
Box	6,000
Box	6,000
Box	6,000
Box	6,000
Box	6,000
Box	6,00
Box	6,00
Box

High-yield (1000)
Box	6,000	6,000	6,000	6,000	6,000
Box	6,000	6,000	6,000	6,000	6,000
Box	6,000	6,000	6,000	6,000	6,000
Box	6,000	6,000	6,00
Box	6,000	6,000	6,000
Box	6,000	6,000	6,000
Box	6,000	6,000	6,000
Box	6,000	6,000	6,00
Box	6,000	6,000	6,00
Box	6,000	6,000	6,00
Box	6,000	6,000	6,00
Box	6,000	6,000	6,00

Macro & Market Economics

Watching the Gauges: U.S. Supply and Demand

Investments in sports are demand for the week when July 15. Convert figures are in thousands of barrels or thousands of gallons per day, except outside of gas figures, which are in billions of cubic feet. Natural gas import and demand data are available monthly only.

Inventories, 0.006 barrels

	Current	Expected Weight	Previous Weight	Year Yield	Current Yield	Expected Weight	Previous Weight	Year Yield
Crude oil and petroleum products	2,100,000		1,220	1,240	1,250	1,240	1,240	1,240
Crude oil and petroleum products	1,000,000		1,000	1,000	1,000	1,000	1,000	1,000
Finished goods	200,000		200	200	200	200	200	200
Finished goods	50,000	1,100	20	20	20	20	20	20
Refined product	20		0	0	0	0	0	0
Unbranded	10,000		20	20	20	20	20	20
Other	200,000		200	200	200	200	200	200
Natural gas (net)	5,000		1	1	1	1	1	1
Excesses in gas
net (net)	46,000		47	48	47	47	47	47
Distillates	20,000	400	121	121	201	221	191	191
Wasteings	1,200		1,200	1,200	1,200	1,200	1,200	1,200
Other	200,000		200	200	200	200	200	200
Natural fuel oil	1,500		12	10	12	26	19	19
Other oils	1,500		297	293	293	322	309	309
Total crude petroleum products, net (net)	1,500,000		1,500	1,500	1,500	1,500	1,500	1,500

Imports, 0.006 barrels per day

	Current	Expected Weight	Previous Weight	Year Yield	Current Yield	Expected Weight	Previous Weight	Year Yield
Crude oil and petroleum products	1,200,000		1,220	1,240	1,250	1,240	1,240	1,240
Crude oil and petroleum products	1,000,000		1,000	1,000	1,000	1,000	1,000	1,000
Finished goods	200,000		200	200	200	200	200	200
Finished goods	50,000	1,100	20	20	20	20	20	20
Refined product	20		0	0	0	0	0	0
Unbranded	10,000		20	20	20	20	20	20
Other	200,000		200	200	200	200	200	200
Natural gas (net)	5,000		1	1	1	1	1	1
Excesses in gas
net (net)	46,000		47	48	47	47	47	47
Distillates	20,000	400	121	121	201	221	191	191
Wasteings	1,200		1,200	1,200	1,200	1,200	1,200	1,200
Other	200,000		200	200	200	200	200	200
Natural fuel oil	1,500		12	10	12	26	19	19
Other oils	1,500		297	293	293	322	309	309
Total crude petroleum products, net (net)	1,500,000		1,500	1,500	1,500	1,500	1,500	1,500

Natural gas storage

Billions of cubic feet; weekly totals
Crude oil and petroleum products	1,000,000
Crude oil and petroleum products	1,000,000
Finished goods	200,000
Finished goods	50,000
Finished goods	50,000
Finished goods	50,000
Finished goods	50,000
Finished goods	50,000
Finished goods	50,000
Finished goods	50,000
Finished goods	50,000
Finished goods	50,000

Exchange-Traded Portfolios | way.com/market-data/merchandise-sells

Large 100, average traded stock share shares

ETC	Wholesale August 1, 2024
	Current	Price	Price
Jahres & Hedges	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000

ETC	Gross			Gross			Gross
	Current	Price	Price	Current	Price	Price	Current	Price	Price
Jahres & Hedges	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000
Jahres & Hedges	1,000	1,000	1,000

---

B10 | Thursday, August 6, 2026

• • •

THE WALL STREET JOURNAL.

MARKETS

Strong Earnings Power Dow to Record

By Business Bureau

A new result of strong earnings reports powered the Dow Jones industrial during to a record, undercovering how outplay profits are underpinnings. The company is now

Upload reports from American Stores and Monks Bank, and the blue WEDNESDAY's 10th index up MARKETS 0.5% or 263

SAVINGS: The 10th international have climbed for free straight sessions, including three consecutive records and a 5.3% gain in their bank rank rate. The 10th is a 1.6% loss in the April 2026 itself panel.

While both shares have had big moves in both directions in recent weeks, the Dow has plowed ahead with a steady

Index performance on Wednesday

strong of milestones. Wednesday's gain gave the index its 26th record of the year a day after it turned in its second straight gain of more than 600 points, something it had only done once before. Earnings season has helped

investors power through warm-door was, millions and the longevity of the artificial intelligence boom. Signe of de-escalation with four have also helped extend the rally in recent sessions, with continued and poorer-reducing inflation, or pressures and sparking gains in energy hungry industrial shares.

More some wobbles, tech stocks have rebounded as earnings growth started on, compared to five-cash flow and AI corresponding. Nvidia now 5.6% after Dow Monks announced SpaceX would exclusively use Nvidia chips.

Despite the high prices, the wax still is choppy day for tech. Alphabet shares dropped 4% after news of some once-conce daynotices.

That helped drag the Nor-

day composite 0.6% lower. Recent strong performance among tech stocks (the Nvidia, Amazon and Microsoft has built overall confidence that the AI hyperscale narrative can continue to show gains. That has also lifted industries downstream in the "AI food bank," said Stephanie Link, chief investment strategist and portfolio manager at Highheavy Advisors.

"The economy is being fueled by this phenomenon," Link said. "It's not just the hydrocarbon spending (HAC) is less this year on AI, but it's the companies that are 'overdoing from the market.'"

Industrial giant IMI ported from Wednesday alongside financial giants. IPMorgan Chase and Goldman Sachs all benefit in various

from the AI build-out.

DL-Life: shares rose 4.0% after the dropmaker's started it had four G2P 3.4bn growth estimates. "The Story 5" has office performance and theme park revenue growth projected Disney shares 1.0%.

SpaceX and Advanced Micro Devices both finished the negative territory. Elon Musk's rocket company from Wall Street analyzed expectations but needed investors to day-flooding plans for massive AI spending. SpaceX shares dropped 10%.

Despite reporting record sales, 6000 shares fell 7% after the 6% loss in the 2026 annual. Event crude rose slightly and 0.2% loss shares slipped. Middle East mediators are working on a temporary fix for the 1st set of thermal

Propping

Up to Has I Sure Thing

Continuing Newspaper's on the emergency facility being used—or abused, given there is no emergency—to leave a 100% a new group inside. Again, people are the "whatever it takes" to help.

When the Fed is widely thought to be moving toward raising rates, this is usually the opposite of what it should be doing. Responding to the new sheet is also the opposite of what Chairman James Marsh has repeatedly said he wants to do.

But that said, is it a bad idea?

That with the yes, which is seriously weak, in June it dropped to six months, and a half a half of the past partures and adjusted for its feature in date going back to

1970. Japan, which imports more of its energy, is facing a double whammy of higher or greater and even higher prices in the world. The currency plumbed new depths.

A weak currency doesn't justify intervention and the price of the yen has also been behaving oddly. In just over two years the Bank of Japan has raised only five times, while the Fed has been a good option, but rowing the gap between the interest available in the dif-

ferent currencies from 1.6 percentage points to 1.5 points. The gap between 10-year U.S. Treasury and Japan has dropped from a 2023 high above 4 percentage points to below 2 points.

The "very trade" of selling the 1.6% of the company interest in the money in dollars should have become less attractive a policy rates converged, strengthening the currency of the company's to have a cancer traders shifted to focus on 2-year new profits, where

the gap widened a bit this year until a cautious tone from the Fed and expectations of Fed rate rises.

Vowality for those putting on the trade, the Fed's new weakened without much volatility, and sporadically against the market ramped up to reach far and over their highest in Commodity Futures Trading Commission (the back to 2026).

The Fed's new share of effective terms is whether the inter-market forces the market to

reconnect the yen's level against the dollar to the interest-rate gap between the U.S. and Japan. The current price of the Fed is the total that more rate rises are imminent.

Intervening new makes some notes, but the way it is to be a good way to do so. The money both that the Treasury is concerned about a hidden problem in government debt, and that the Fed is being able to do so. The Treasury conditions when it should be moving to tighten them.

Biggest 1,000 Stocks

Combined From Top 10
Stock	Spec Class	Day	Stock	Spec Class
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1

1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Bone per share of 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

IF NOT INCREASED, 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.

Stock price: 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.

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.

The 1st, best-selling G. 2026, tomorrow's G. 2026.

WALL STREET JOURNAL

Stock	Spec Class	Day
1	1000	1
1	1000	1
1	1000	1
1	1000	1
1	1000	1
1	1000	1
1	1000	1
1	1000	1
1	1000	1
1	1000	1
1	1000	1

1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Stock Price: 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Stock	Spec Class	Day	Stock	Spec Class
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1

1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Stock	Spec Class	Day	Stock	Spec Class
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1

Bone per share of 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Stock	Spec Class	Day	Stock	Spec Class
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1

Stock	Spec Class	Day	Stock	Spec Class
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1

Borrowing Benchmarks

www.insure-data-bonds,bonchmarks

Money Rates

August 7, 2026

Pay airmail interest rates paid to borrow series money to U.S. and international markets. Rates below are up to 6 percent from last year's annual income tax rate.

1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000
Stock	Spec Class	Day	Stock	Spec Class
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1

1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000
Stock	Spec Class	Day	Stock	Spec Class
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1

1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000
Stock	Spec Class	Day	Stock	Spec Class
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1

1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000
Stock	Spec Class	Day	Stock	Spec Class
1	1000	1	1000	1
1	1000	1	1000	1

Mutual Funds

Pay 100% mutual funds by the National Credit Union (Note 1) of assets
1.0% (including the National Credit Union) and 1.0% (including the National Credit Union) of the United States
1.0% (including the National Credit Union) of the United States
1.0% (including the National Credit Union) of the United States
1.0% (including the National Credit Union) of the United States

Stock Price: 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Stock	Spec Class	Day	Stock	Spec Class
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1
1	1000	1	1000	1

Stock Price: 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Stock Price: 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

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THE WALL STREET JOURNAL.

Thursday, August 6, 2026 | 811

HEARD THE STREET

FINANCIAL ANALYSIS & COMMENTARY

SpaceX's Bigger Rockets Need to Work

None of the company's most ambitious plans are possible without the success of its Starship rockets

SpaceX's stock has fallen hard since the company's initial public offering in June. But Elon Musk still needs a lot to go right to justify the company's out-of-than-world valuation.

Pretty much of it SpaceX's most promising ambitious bingo on carrying large business capacity at lower cost than today's rockets. And that means the company can little afford continued therapy with Starship, the success of its SpaceX's tried and tested Falcon 9 rockets.

SpaceX stock closed down around 14% on Wednesday after its first quarterly report as a public company. Investors seemed concerned about its $18.6 billion of capital expenditures in the second quarter—and unmoved by Moody's prediction that the company will hit $5 billion in revenue by 2025. The stock, a SpaceX can't have another choice that may be without making Starship work.

Falcon 9 has delivered payback to space for more than 25 years at a rising pace. SpaceX launched 340 of them last year, or nearly one every other day. But as the space economy has developed, upgrading from Falcon 9's capacity of lifting about 20 metric tons into low-Earth orbit has become a possible first option is that a bigger payload means larger satellites can be launched. And satellite size often correlates with satellite capability. Of equal importance, bigger capacity and reliability translate into lower launch costs per unit of weight. That makes it economical to do a

Starship's payload capacity is roughly quadruple that of a standard Falcon 9

lot more things in space and without SpaceX's competitive must.

Musk suggested that things were going unworldly on a call with analysts Tuesday. Starship's next flight was possible in January that would be a major investment to claim that a year from now there could be one Starship launch a day.

Starship's success, though, is hard to launch on SpaceX has had few full-on failures and hundreds of successful launches with Falcon 9 over the years, but Starship's testing has had a somewhat early start. Five of the rockets's 12 launches have failed or had significant flight concerns—surpassing the total number of Falcon 9

launch failures.

Starship has a payload capacity of 100 metric tons. That size—roughly quadruple that of a standard Falcon 9 rocket—is essential for SpaceX to send larger, cost-effective Starlink satellites into low-Earth orbit, increasing the speed and reach of a satellite internet service that accounts for the bulk of the company's sales. SpaceX reported $4.2 billion of second-quarter revenue for Starlink on Tuesday, up about 60% from a year earlier.

Starship is also crucial if SpaceX is to reach its ambition of putting a million AI-computer satellite into space for the next few years. The company is emi-

Cost of putting a kilogram into orbit

SpaceX's second quarter

sensing a world in which AI models are largely served from space, with lasers and other satellite-communications technologies: beaming, data, resulting in near-in-plant responses to queries.

For that to happen, cost reduction is paramount because of how much computing equipment weighs. Moffit/Heilhausen analysts estimated in a recent note that it would have to do 100 launches of the Starship rocket currently under testing to put a zipper of computing power into space, roughly matching a single large-scale investment AI data center.

SpaceX is creating an Starship to launch Mars, too. To keep them low, the craft is designed to be

fully reusable. Unlike the Falcon 9, with a reusable booster, Starship is announced as having a reusable booster and its testing, with both even landing back at their handspad to save resources. Evercore III analysts estimated recently that Falcon 9 payloads cost $2,700 a day, and a second quarter, while Starship should bring that down to $183 a kilogram.

All of that makes Starship's success critical to SpaceX's valuation. Even with its 22% decline since the close of its first day of trading, SpaceX is still valued at around 28 times future sales, far above any of the large tech companies and several times the Bauling companies average of around $3 times, according to Starlink.

SpaceX does appear to be making progress on Starship. It has had two successful launches into space so far that year, even if it takes a million of its first 12 launch boosters. Several more launches are scheduled this year.

Musk told analysts Tuesday that Starship would result in a dramatic increase from the 2,500 tons Falcon rockets deliver to orbit a year. "With Starship, our expatriation—and I think we will achieve these expatriation—are to deliver more over a million tons a year and probably ultimately 10 million tons a year," he said.

If Musk is right and a space boom takes hold, SpaceX might be in the early stages of an improvement growth upon. But for his reason to work out, so much Starship. —Asa Pitch

The Dividend Mind Trick

Total of the company's total 10 years

There aren't the yields you're looking for.

Dividends are pleasing because everyone likes getting money. The word also has a potentially positive meaning: "Using to the jobs is really starting to pay dividends."

As a time when market leaders are all about the promise of future AI riches, it's reinforcing to own shares in an old-school company that can afford to reward shareholders generously today.

But there are no free lunches in finance. Companies that pay much more than a risk-free. Treasury bond are often digging long and struggling to grow.

Take Pfizer, one of the highest-ranking common stocks in the S&P 500 at 6.9%. Its second-quarter earnings report Tuesday again

showed topical cuts growth.

The drug company reaped a temporary windfall during the year—demos with both the most successful Covid vaccine and antiviral drug. It spent 42% of its free cash flow on dividends between 2020 and the middle of this year, net of bought back almost no shares.

Mishlo Pfizer's big acquisition of cancer drug developer Seagra in 2023 will pay off, but today the company is using nearly all of its free cash to pay these quarterly checks. The stock's total return since the start of 2020, which includes dividends, is negative.

The story looks similar to most other top soldiers in the index, a few of which also put temporary sales boosts from the pandemic. They include Kraft Home, General

Mills, Verizon, Altria, Campbell's and UPR. The group's average earnings per share have grown by less than 3% on a weighted basis over that span.

It's one that dividends paying stocks tend to outperform nonpayers in the long run. That advantage breaks down when companies have especially poor payouts. The S&P 500 High Dividend Index, an equal-weight burden of its 90 top soldiers, has returned 3.9% annually over a decade compared with 13.2% for the broader index.

If a company really has no good investment can for spending money, then it should reward shareholders. But dividends shouldn't always be the first or even second choice.

For example, the aforementioned

group trades at an average multiple of 43 times last year's earnings versus 25 times for the S&P 500. Share husbands could have more bang for the back. So might paying down debt as interest rates rise.

But executives are justified of reducing dividends because it supports distress. Many people, especially retirees, choose those modes expressly for income.

The money a dividend doesn't increase wealth on its own, though, it stocks value falls by the same amount. It also isn't especially tax-efficient. With brokerage commissions eliminated, an investor can expect their own income a wall by selling only an outlier as they need. Income-sensuring shouldn't look that different from plain old investing. —Opinion: Adult

Siri's Success Could Force Apple to Spend More on AI

Apple may soon need to make up its stand about spending on artificial intelligence.

The smartphone goes has been a very good way to do the technology. It created developing its own AI models, utilizing internal on OpenAI to fuel its AI strategy under a 2024 Intel.

Earlier this year, it abandoned OpenAI in favor of Google's Gemini, which is not to power a swamped AI-infrared version of its Siri digital assistant.

There have been advantages to this approach. Notably, it is capital-tight.

Instead of absorbing a huge in-

crease in capital spending to fund model development with an uncertain outcome, Apple is pursuing that financial gain along to suppliers. It may pay more, compressing its margins, but it risks less.

So far, that has looked shrewd. Despite rising computer memory costs and a tight supply chain that have been constraining phone sales, the company is prospering. Its shares are down about 10% since its earnings last week exposed these constraints. But its stock is still up more than 12% this year, and it is the second most valuable listed company in

the world.

But on the switch from OpenAI to Gemini illustrates, there are also disadvantages to its less-than-absolute commitment to AI. Choosing the wrong AI model supplies has consequences.

And Apple doesn't own its own AI devices. This is philosophically unusual for a company that probes itself on its vertical integration and tight control over its devices and software.

Not all, we're still out to the public this fall, may finally force Apple to commit more strongly to AI, even if it doesn't dip two into model development.

While Apple's phones and computers can handle many AI tools themselves, Siri AI's capabilities require more computing housepower than they can provide. The means Apple will need to add to its AI computing capacity if the AI assistant takes off.

Aided about the capital intensity of running Siri AI, Apple chief Tim Cook told analysts last week that it was using a mix of its own data centers and based cloud-computing services to underpin the AI strategy. "We'll see what Siri AI does" to the company's costs, he said.

Apple, Cook said, was absorbing

a lot of AI costs in its operating expenditures and other sectors in its income statement, implying the company might not need to prove capital expenditures until it is a scripture to more expensive versions of its iCloud service for heavy AI users could help offset the costs.

That would be a coup at a few when many investors are wary of companies growing AI spending. But it isn't clear whether threading that results is possible if Siri AI is a runaway for AI.

Ultimately, success in AI requires spending—even for Apple. —Asa Pitch

MONEY & INVESTING

STOCK SPOTLIGHT

Advanced Micro Devices

The chip maker's stock dropped 7% following market customers from SpaceX would no longer buy AMD chips.

Shake Shock

The burger restaurant shares shares jumped 12% after school investment firm Starboard Value took a stake in the company.

Flutter Entertainment

The Farమీast parent said its

chief executive officer is stepping down, while lowering its profit outlook and swinging to a loss. The company's shares declined 15%.

Adobe Networks

The network infrastructure company's stock ticked 3.6% higher after it reported higher profit in its second quarter and gave a third-quarter outlook above project expectations.

Glorcons

Shares in the mining company thrilled 4.1% on bumper earnings for the

first half of the year, aided by its leading arm, which capitated on energy-market volatility.

Honda

Shares divided 3.9% in Japan after the automaker said its first-quarter profit more than doubled and raised its guidance, U.S. shares rose 14%.

Pinterest

The social media company swung to a quarterly loss as higher costs, including a restructuring charge, weighed on its bottom line. The stock dropped 8.7%.

THURSDAY'S EVENTS

A restaurant asks, Monday inform, claims, performs productivity and costs report for the second quarter. Elk weekly natural gas storage report. Challenger job-cuts report.

EARNINGS EXPECTED:

ConcessPhillips

Airbnb

Luft

Warner Bros

Discovery

Kenvuo

Fox Corp

Copper Futures price

Copper Rises To Record

Copper prices rose for the third consecutive track, my season and actual trend was a record.

Futures for delivery this month added 12% to end of 26,703 a pound in New York, adjusting the reach set this year for about 4,000. Prices have been driven higher by demand from the artificial intelligence build-out while supplies have been constrained by an outage at one of the largest shops and U.S. tariffs. —Ryan Alexander

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812 | Thursday, August 6, 2026*

THE WALL STREET JOURNAL.

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