The Wall Street Journal Weekend - 10.10.2026.pdf

目录 商业与金融.... B9 设计与装饰.... D9 第一页延伸.. A10 美食.... D8 街头之声... B11 市场.... B10 讣告..... C6 观点..... A11-13 体育..... A14 风格与时尚 D2-3 旅行..... D6 美国新闻..... A2-5 世界新闻..... A6-9

道琼斯

新闻集团 ******

SATURDAY / SUNDAY, OCTOBER 10 - 11, 2026 ~ VOL. CCLXXXVIII NO. 86

美国版

要闻速递

商业与金融

◆ 特朗普已传唤美联储理事丽莎·库克出席由他组建的一个委员会，以评估针对她的抵押贷款欺诈指控，这标志着他试图解雇她并加强对央行控制的再次尝试。A1

◆ 一家由英伟达支持的云计算公司取消了澳大利亚近 30 年来最大规模的 IPO 计划，这是一个新信号，表明投资者对 AI 相关公司的高估值正变得愈发谨慎。B9

◆ 中国汽车制造商吉利计划明年开始在加拿大销售车辆。B9

◆ 保时捷汽车在前 9 个月的交付量下降了 16%。B9

◆ 德国监管机构对大众汽车处以 $1.300 万 罚款，称其未能以适当且及时的方式披露可能影响市场的消息。B9

◆ 在新冠疫情后的几年里，典型的美国一个家庭变得稍微富裕了一些，而富裕的美国人和年长者则变得更加富有。A2

随着债券收益率上升，小型公司承受了大部分损失，罗素 2000 指数连续第五周下跌。S&P 500 和纳斯达克各上涨 0.6%，道琼斯指数周五上涨 0.8%。B10

全球视野

◆

◆ 特朗普表示，其政府已达成一项协议，由俄罗斯供应柴油。这一重大政策转变缓解了美国因俄乌战争而对莫斯科施加的压力，旨在中期选举前降低国内燃料价格。A1

◆ 越来越多的共和党人正私下及公开地发出警报，认为该党在下个月的竞选中表现将不理想。A1

◆ 司法部在过去几个月中指控了 60 多人为非公民投票者，但选举专家和辩护律师表示，这一举措证实了此类犯罪十分罕见。A4

◆ 预测市场 Kalshi 已针对一系列关于特朗普新任新闻秘书选任的可疑交易启动调查。A4

◆ 胡塞武装正瞄准沙特阿拉伯与世界的航空联系，这令旅客感到不安，并挤压了该王国经济的另一个关键部门。A7

◆ 特朗普政府宣布对国际刑事法院实施制裁，威胁要因其对以色列领导人内塔尼亚胡发出的逮捕令而将其解散。A8

◆ 诺贝尔和平奖授予了南非人权律师兼法官纳维·皮莱。A8

◆ 逝世：迈克·迪特卡，86, NFL 传奇球员及教练。A14

佩吉·努南

萨姆·奥特曼并非奥本海默。A13

© 2026 Dow Jones & Company, Inc. 版权所有

危险的飓风伊赛亚斯袭击墨西哥湾沿岸

狂风：周五，当伊赛亚斯向墨西哥湾沿岸逼近时，一把雨伞在彭萨科拉海滩毫无用处。这场大西洋季的首次飓风随后以 Category 2 风暴的形式登陆，并在随后于佛罗里达州狭长地带的德斯廷附近登陆。A3

总统急于动员基层以在中期选举中助力共和党

上周，特朗普总统在前往阿拉巴马州莫比尔参加集会的空军一号飞机上，与一位非传统的顾问进行了密谈：极右翼活动人士劳拉·卢默。

当卢默向总统提供竞选建议——她告诉他要攻击“圣战候选人”——时，她的内心深处还有一个更大的担忧。那套让特朗普重返白宫的策略

作者：玛丽安·勒文 (Marianne LeVine)、梅里迪思·麦格劳 (Meredith McGraw) 和 菲利普·韦格曼 (Philip Wegmann)

两年前的套路在今年的中期选举中可能行不通。

“很多这些候选人并不是很有活力的人，总统的集会是让他们冲过终点线的最后尝试，”她说。“当你面对这么多没什么作为、且活力远不如总统的候选人时，很难激励人们出门投票。”她说，特朗普对共和党的前景持“积极”但“现实”的态度。

卢默是日益增多的共和党人中的一员，他们私下和公开地发出警报，认为该党在下个月的竞选中表现将不理想。战略家和顾问们将 2026 年描述为近期记忆中执政党面临的最困难的政治环境之一。共和党人正面临物价上涨、特朗普与伊朗的战争以及最低的支持率。请参阅 A4 页

◆ 非公民投票案件的起诉力度加大…… A4

特朗普重启罢免美联储理事库克的努力

白宫将举行听证会，就涉嫌抵押贷款欺诈问题质询该官员

作者：马特·格罗斯曼 (MATT GROSSMAN) 和 布莱恩·施瓦茨 (BRIAN SCHWARTZ)

白宫计划下个月举行一次闭门听证会，司法部官员将在会上就美联储理事丽莎·库克否认的抵押贷款欺诈指控对其进行质询，因为特朗普总统试图满足最高法院将其解雇的条件。

一份总统备忘录指示库克于 11 月 5 日前往白宫，接受由特朗普任命的委员会的“审查”，该委员会成员包括国家经济委员会主任凯文·哈塞特 (Kevin Hassett)。

这标志着特朗普试图加强对美联储控制之斗争的最新升级，也是自他选定的美联储主席凯文·沃什 (Kevin Warsh) 于春季就职以来，针对该央行的首次重大攻势。

此次听证会的时间恰好在库克与政府必须向美国地方法院法官贾·科布 (Jia Cobb) 提交关于库克挑战特朗普首次解雇尝试的诉讼如何推进的联合方案的前一天。科布去年阻止了那次解雇，并允许库克在诉讼期间保留席位；最高法院在 6 月维持了她的命令。该案件现在回到科布手中，由其决定底层的争议。

请参阅 A2 页

美国称已就从俄罗斯进口柴油达成协议

特朗普总统周五表示，其政府已达成一项协议，由俄罗斯供应数十万吨柴油。这标志着一项重大政策转变，旨在减轻美国因乌克兰战争而对莫斯科施加的压力，以期在中期选举前降低国内燃料价格。

作者：布莱恩·施瓦茨 (Brian Schwartz)、本诺伊特·莫雷恩 (Benoît Morenne) 和 托马斯·格罗夫 (Thomas Grove)

此举包括暂停对俄罗斯柴油出口的制裁六个月，正值特朗普及其共和党同僚努力解决选民对柴油和汽油价格担忧之际。

在 Truth Social 的一篇帖子中，特朗普写道，俄罗斯将立即向美国和全球市场供应超过 300,000 吨柴油，11 月再供应 500,000 吨，随后“立即”供应 100 万 吨。

他表示，根据炼油厂的情况，俄罗斯随后将在“短时间内”再交付 300 万 吨柴油。国际能源署上个月表示，中东和俄罗斯的部分炼油厂处于停产状态，全球每天短缺约 160 万 桶柴油。

这些新供应，如果它们 请参阅 A6 页

内部页

交流 比黄金更有价值：对 AI 计算能力的追逐正在颠覆硅谷。B1

国际新闻 诺贝尔和平奖授予南非的纳维·皮莱 (Navi Pillay)，以表彰她在促进国际法方面的工作。A8

顶级大厨的坦白：他们热爱塔可贝尔 (Taco Bell)

* * *

这家连锁店或许是一个评价两极分化的品牌， 但这些厨师热爱这种“Live Más”的生活方式

作者：ADAM CHANDLER

在追求完美口感的人生宏大旅程中，纽约市 Cafe Commerce 的整只烤鸡是一个强有力的竞争者。

这道售价 $99 的菜肴，在皮下用香草黄油烘烤，配以注入鹅肝的酥脆酸面包填料和用黄油搅拌而成的土豆泥。

其创作者、拥有米其林星级等诸多荣誉的厨师哈罗德·摩尔 (Harold Moore)，将他食材之间的和谐比作另一道近乎完美的作品：塔可贝尔的“至尊脆壳塔可” (Crunchy Supreme taco)。

“在完美的口感中包含了一切，”摩尔在谈到

脆壳时刻

这款备受推崇的组合——玉米壳中包裹着碎牛肉、切丝奶酪、冰山生菜、番茄和浓郁的酸奶油时说道。“它有热的，有冷的，有酥脆的，也有柔软的。

有辛辣味，但随后又有酸奶油来中和。这是一种非常完整的体验。”

“Live Más”的生活方式得到了厨师们更多的 (más) 青睐。 请参阅 A10 页

机器人推进对沃尔玛而言颇为棘手

分拣商品的机器在处理部分产品时出现故障；处于“复杂度峰值”

作者：SARAH NASSAUER

多年来，沃尔玛一直依赖 140,000 多名仓库工人来卸载卡车、用叉车将托盘商品移入仓库、在高耸的货架上对货物进行分拣和存储，然后将整个流程反向操作，将商品发送到门店和家庭。

这并非一项轻松的工作。一名工人每班可能要走 20,000 步。但这也不是那么复杂——除非你尝试编写程序让机器人来完成。

以一项看似简单的名为“拆包” (break-pack) 的任务为例——将物品从纸箱中取出以便单独发送。对于沃尔玛的员工来说，这是无需思考的简单操作。但这却成了困扰该公司长达十年、耗资数十亿美元的仓库自动化进程中的众多挑战之一。

沃尔玛与机器人 请参阅 A10 页

新版“意大利任务”赃物：560 万美元的葡萄酒

罗马——窃贼从托斯卡纳的一个葡萄园盗走了数千瓶葡萄酒，价值约 560 万美元，这是近期历史上规模最大、最胆大妄为的葡萄酒抢劫案之一。

作者：Margherita Stancati, Nick Kostov 和 Laura Cooper

意大利最著名的酿酒商之一马基西·安蒂诺里 (Marchesi Antinori) 周五表示，该公司一些最珍贵的葡萄酒品种共 30,000 瓶被盗。

公司首席执行官伦佐·科塔雷拉 (Renzo Cotarella) 表示，10 月的第一个周末，七名蒙面人员进入了位于托斯卡纳小镇科尔托纳 (Cortona) 的安蒂诺里仓库，将两辆大卡车装满了这些葡萄酒，这些酒此前已打包组装，准备运往海外市场。

科塔雷拉说，窃贼关闭了警报，强行打开大门，并使用葡萄园自己的叉车将酒箱吊起并装入卡车。首席执行官表示，公司员工在 10 月 5 日，本应运输这些货物时发现了盗窃行为。

公司对此措手不及：科塔雷拉说，安蒂诺里从未经历过抢劫。这些酒没有投保。

请参阅 A7 页

美国年长群体财富大幅增长

作者：RACHEL LOUISE ENSIGN

在新冠疫情后的几年里，典型的美国一个家庭的财富略有增加，而富裕群体和年长美国人的财富则大幅增长。

根据美联储周五公布的《消费者金融调查》，经通胀调整后，家庭净资产中位数从 2022 年到 2025 年增长了 2%，达到约 $216,000。该调查每三年发布一次，被认为是衡量家庭财富的金标准。

整体财富增长速度较前一阶段（2019 年至 2022 年）明显放缓。在 2019 年至 2022 年期间，得益于股票和房价的上涨，财富增长了 37%，这是该调查 30 多年历史上最大的一次增幅。

收入前 10% 家庭的财富中位数增长了 31%，而收入后 40% 家庭的财富则有所下降。

75 岁及以上美国人的财富增长了 37%，而 35 岁以下人群的财富则下降了 23%。在此期间，75 岁及以上人群成为最富有的年龄组，净资产中位数为 $505,000。财富的衡量标准是一个家庭的资产（如股票和房屋净值）减去其负债（如抵押贷款和信用卡债务）。

新数据描绘了一个“双速经济”的图景：年长者和富裕人群生活繁荣，而持续的通货膨胀则让其他人对自己的财务状况以及整体经济感到悲观。近期的公司财报和消费者信心调查也显示出了同样的经济分化。

事实上，高收入群体和年长群体的收益可能源于他们比其他人更倾向于投资股市，而股市在近年来经历了繁荣。标准普尔500指数从 2022 年底到 2025 年底上涨了 78%，且今年继续上涨，这可能为这些美国人带来了进一步的财富增长。

*经通胀调整 来源：美联储《消费者金融调查》

过去，美国人随着年龄增长并开始消耗储蓄，往往会变得贫穷许多。纽约大学经济学教授爱德华·沃尔夫（Edward Wolff）表示：“现在这种情况完全反转了。”

许多 75 岁及以上的人在几十年前购买了房屋和股票，并从这些资产的增值中获益。沃尔夫说：“他们在正确的时间点入场了。”

一些通常财富较少的人口群体出现了大幅下降。黑人家庭的净资产中位数下降了 25%，而所有其他种族和族裔群体的净资产则有所增加。没有高中学历的人群净资产下降了 55%，这是该调查历史上该群体出现的最大百分比跌幅。

调查还发现，家庭未能履行财务义务的可能性高于 2010 年以来的任何时间点。

报告称贷款还款逾期的家庭比例从 2022 年的 $12 跳升至 2025 年的 $20。但一个典型家庭的债务规模与前一次调查相比保持不变。

特朗普宣布对库克展开调查

（接第一页）

如果白宫委员会建议将其撤职，特朗普可能会再次尝试解雇库克，并辩称他已给了她回应的机会，而最高法院此前认为这一环节缺失，这将由科布（Cobb）来决定该程序是否充分。白宫的听证会还可能产生新的材料，政府可能会引用这些材料来证明撤职的合理性。

要求库克出席听证会可能会呈现出一种罕见的景象：一名央行官员前往白宫参加纪律处分会议。

哥伦比亚大学法学教授凯瑟琳·贾奇（Kathryn Judge）一直关注库克的案件，她表示，此次听证会似乎旨在展示一种审慎的程序化方法，而最高法院曾指出，特朗普最初尝试解雇库克时缺乏这种方法。

“政府试图做的一部分工作，就是让公众相信这一过程的合法性，尽管这个过程可能并不那么平衡，也不那么公正，”贾奇说。

贾奇表示，此次听证会似乎能够跨过最高法院设定的程序门槛，但它无法解决更深层次的问题，即总统在何种理由下被允许解雇美联储官员。她认为，在听证会之后，关于库克被撤职的诉讼可能会继续围绕这些问题展开。

库克的两名律师阿比·洛厄尔（Abbe Lowell）和诺姆·艾森（Norm Eisen）表示，他们已经联系了白宫，以“评估所提议的程序是否有可能是真实的，而不仅仅是一次走形式的勾选练习”。

MARK SCHIEFELBEIN / AP

特朗普的备忘录列出了一个分步骤的流程，似乎旨在回应最高法院的裁决，并规划了物流细节，例如库克何时可以提交自己的“立场声明”以及听证会持续时间（“不超过 4 小时”）。

一份日期为 10 月 7 日的总统备忘录称：“库克理事应出席听证会，并接受委员会、其代表以及她的法律顾问（如有）的询问。委员会应向我提交书面的事实认定和法律结论，并就是否有理由将库克理事从其职位上撤职提出建议。”

除了哈塞特（Hassett）之外，白宫委员会还将包括平等就业机会委员会（EEOC）主席和政府伦理办公室主任。EEOC 主席安德里亚·卢卡斯（Andrea Lucas）和伦理办公室现任代理主任、同时兼任劳工部部长的基思·桑德林（Keith Sonderling）均由特朗普任命。

备忘录称，听证会对公众关闭，但将记录在案。

美联储理事丽莎·库克否认抵押贷款欺诈指控。

库克的律师表示：“鉴于总统多次声明他必须撤职她。”

已经决定解雇库克理事——无论事实和证据如何——我们严重怀疑这次‘听证会’是否是一个符合法律的合法程序。”他们补充道：“但如果这次听证会接近客观，结论将会是库克理事没有犯下抵押贷款欺诈罪，从而不存在撤职理由

这是特朗普试图加强对美联储影响力的一项最新举措。

美联储的设定是独立于白宫运行，经济学家认为这种安排对于使其在设定利率时不受政治因素干扰至关重要。

此前从未有总统尝试解雇在任的美联储理事，该职位由总统提名并由参议院确认。设立美联储的法律规定，高级官员只有在“有正当理由”（for cause）的情况下才能被解雇，这一法律术语在美联储官员身上的应用此前从未被直接检验过。

库克由前总统、民主党人乔·拜登任命进入美联储理事会，其任期将持续到2038年。

去年，特朗普的顾问、联邦住房金融局局长比尔·普尔特（Bill Pulte）出示的文件显示，库克在抵押贷款文件中将多处房产列为她的“主要居所”。随后，特朗普试图以涉嫌违规为由解雇库克，他在社交媒体上突然宣布了这一决定，而库克则以起诉作为回应。

库克通过其律师在法庭上辩称，白宫最初并未向她出示违规证据，也没有给她回应的机会。她主张，抵押贷款文件中的任何无意错误都不足以构成足以导致其被解雇的违规行为。

今年早些时候，当最高法院在很大程度上支持库克时，法院认定，如果没有一些最基本的程序性保护（以允许公开任何针对她的证据），她不能被解雇。最高法院并未就库克是否犯有抵押贷款欺诈，或者她的抵押贷款文件是否足以成为将其撤职的正当理由做出裁决。

11月的听证会将使注意力重新聚焦于美联储独立性的核心问题，以及特朗普试图加强控制中央银行设定利率方式的尝试。

调查显示成本削弱消费者信心

作者：马特·格罗斯曼（MATT GROSSMAN）

根据密歇根大学的每月调查，消费者的情绪在10月份有所恶化。

周五公布的数据显示，该调查的初步10月头条指数下降至46.3，而9月为48.1。

调查负责人乔安娜·徐（Joanne Hsu）表示：“对生活成本的挫败感继续增加，因为不同政治立场的消费者都认为，经济轨迹自年初以来已经走弱。”

此次下跌使信心指数回落至接近5月份创下的44.8的历史低点。如果在本月晚些时候公布的月末读数中得以维持，10月份将成为记录以来第二低水平。在过去的18个月里，通货膨胀、地缘政治不确定性以及稳定但沉闷的就业市场一直压抑着消费者的情绪。

最新的读数反映了9月22日至10月5日之间的调查结果。

在股市繁荣带来的财富增长和稳定的就业背景支持下，消费者的实际支出依然保持强劲。

全球与美国议题在本土考验马姆达尼

纽约市长在处理 10 月 7 日相关紧张局势及 ICE 事件时，其支持基础出现不满

作者：詹姆斯·法内利 (JAMES FANELLI)

自从佐兰·马姆达尼 (Zohran Mamdani) 闯入国家政治舞台以来，他一直被视为进步主义运动的旗手：坚定地批评以色列，支持移民，并呼吁改革警务制度。

EDUARDO MUNOZ / REUTERS

过去的一周凸显了纽约市长在治理这座全美最大城市时，在坚持这些信念与安抚其政治支持基础之间所面临的挑战。在他带领纽约市民度过 10 月 7 日三周年纪念，并应对曼哈顿北部一起美国移民和海关执法局 (ICE) 枪击事件时，他来自左翼的坚定支持出现了裂痕迹象。与此同时，他面临着来自犹太领导人的新一轮批评，以及与特朗普政府在移民执法问题上日益升级的僵局。

“从活动家到行政官员的转变是政治中最艰巨的挑战之一，”民主党战略家、前州参议员大卫·卡卢奇 (David Carlucci) 表示，“而我们正在亲眼目睹这一点。”

在两个场景中，马姆达尼遭到了部分支持者的嘲讽，这些人对他就职后的决定以及未能兑现某些竞选承诺感到沮丧。

周三，这位民主社会主义市长肃穆地参加了一场纪念 10 月 7, 2023 日

市长佐兰·马姆达尼在 ICE 执法人员于曼哈顿北部枪击一名居民后的新闻发布会上。

哈马斯袭击周年纪念守夜活动，而亲巴勒斯坦的抗议者则对他发出嘘声，称其为“叛徒”。

周四，当他向公众通报美国移民和海关执法局 (ICE) 在一次行动中发生的枪击事件时，反 ICE 抗议者高喊：“马姆达尼是共犯。”

在周四开始流传的视频片段显示警察将反 ICE 示威者推倒在地后，纽约警察局 (NYPD) 面临更多批评。被推倒的人中包括民主党国会候选人达里亚利萨·阿维拉·切瓦利埃 (Darializa Avila Chevalier)，她是马姆达尼的亲密盟友。他的一些支持者对市长未能兑现解散 NYPD 负责应对抗议活动的部门的承诺感到愤怒。

阿维拉·切瓦利埃发表声明，呼吁废除 NYPD 的抗议处理部门，并要求纽约警察局局长杰西卡·蒂施 (Jessica Tisch) 辞职。“NYPD 花费了更多

ICE枪击事件后，马林批评纽约市长

国土安全部部长马克韦恩·马林（Markwayne Mullin）周五批评了纽约所谓的“避难城市”政策以及市长佐兰·马姆达尼（Zohran Mamdani），此前一天美国移民和海关执法局（ICE）在曼哈顿开枪击中一名男子。

马林表示，该市限制与美国移民和海关执法局合作的政策使社区处于危险之中。马林说：“你竟然有一位市长公开将罪犯置于守法公民之上，这简直是可耻的。”

……比保护纽约人花费更多时间去保护一支刚刚开枪伤人的民兵，”她说道。

一名纽约警察局（NYPD）发言人表示，被称为“战略响应小组”的抗议处理部门并未响应针对ICE的抗议活动。参与行动的是普通的制服警员。

马姆达尼对来自左翼的不满不以为意。在被问及10月7日的抗议活动时，他周四表示：“我是纽约市的市长，这就是我选择承担的责任。”

美国民主社会主义者（DSA）纽约分会共同主席古斯塔沃·戈迪略（Gustavo Gordillo）表示，该组织成员仍将市长视为合作伙伴，但已准备好要求他承担责任。

“本周的情况表明，基层群体中存在一些不安情绪，他们希望看到关于巴勒斯坦解放的具体政策，并希望在某些警务承诺方面取得更快进展——”

马姆达尼称此次枪击事件是“令人无法接受且极其严重的局面”，并要求ICE停止在全市范围内的移民执法。

根据纽约警察局的消息，枪击事件发生在周四下午的曼哈顿北部。ICE表示，当时正在执行一项针对性执法行动，旨在逮捕一名28岁的多米尼加共和国公民，该男子有犯罪记录且非法进入美国。

——戈迪略说。

马姆达尼与特朗普政府之间建立的友好关系似乎也面临破裂的风险。马姆达尼在周四的新闻发布会上表示，移民执法人员在奥斯卡·贝尔加尔（Oscar Belgal）与一名5岁儿童同在车内时将其包围并开火。贝尔加尔是一名28岁的多米尼加共和国公民，有犯罪记录。他表示，孩子没有受伤。

他称此次枪击事件是“令人无法接受且极其严重的局面”。他认为应该废除ICE，称其“从核心起就已腐朽”。

周五，国土安全部部长马克韦恩·马林批评了纽约的避难城市政策。

自竞选市长以来，马姆达尼在谴责以色列在加沙的战争方面一直毫不妥协——他和其他进步派候选人一直利用这一立场来集结他们最忠实的支持者。目前，他还承担着保护以色列境外最大犹太社区的任务。尽管他多次谴责反犹主义行为，但犹太领袖表示，他的言论危及了该社区的安全。

在10月7日的周年纪念日，马姆达尼发表声明，谴责哈马斯犯下战争罪行，但同时也指责以色列政府在加沙进行“毁灭性的、持续的种族灭绝”。一些犹太团体表示，这位民主党市长的言论轻视了以色列人的痛苦，并有煽动仇恨犹太人的风险。

在市长参加的纪念以色列和巴勒斯坦死者的守夜活动外，抗议者表达了挫败感，认为他没有利用自己的职权为推进巴勒斯坦事业以及改变亲巴勒斯坦抗议活动的警务处理方式做出更多努力。

纽约警察局和市政府官员确认受伤男子为奥斯卡·贝尔加尔（Oscar Belgal），尽管联邦官员给出的姓氏是Bengal。国土安全部（DHS）周五未回应要求澄清的请求。

马姆达尼表示，执法人员在贝尔加尔与一名5岁儿童同在车内时将其包围并开火。他表示，孩子没有受伤。

——约瑟夫·德·阿维拉（Joseph De Avila）、杰克·莫菲特（Jack Morphet）和约瑟夫·皮萨尼（Joseph Pisani）报道。

在一次采访中，纽约拉比委员会主席阿米尔·希尔什（Ammiel Hirsch）拉比批评市长试图安抚双方的努力。“令人惊讶的是，市长竟然认为他能以某种方式在雨滴之间行走（指在矛盾中寻找中间地带），”希尔什说。“在那些想要摧毁以色列的人和那些希望以色列生存的人之间，不存在中间地带。”

马姆达尼（Mamdani）在竞选时也承诺将改变警务模式，包括将应对心理健康危机的职责移交给一个新部门。但他的部分支持者和抗议者批评他实施变革的速度太慢。

在过去的一周里，马姆达尼表示，他仍然致力于撤销该单位，并将抗议活动的应对与反恐脱钩。

曾在前市长比尔·德布拉西奥（Bill de Blasio）和纽约州州长凯西·霍楚尔（Kathy Hochul）手下工作的民主党战略专家阿米特·辛格·巴加（Amit Singh Bagga）表示，之前的市长们一直与纽约市警察局（NYPD）斗争，而这些冲突给他们的政府带来了沉重负担。他认为，马姆达尼似乎成功地将注意力集中在提高纽约生活可负担性上。

“对于市长来说，这向来更多是关于如何应对纽约市警察局，而不是控制它，”巴加说。他补充道，马姆达尼在支持者的要求与警力之间进行周旋的技巧“远超预期，从而为他在住房、消费者和工人保护以及生活可负担性方面取得进展创造了空间”。

U.S. NEWS（美国新闻）

非公民投票调查升级

ANNA MONEYMAKER / GETTY IMAGES 司法部长托德·布兰奇（Todd Blanche）于9月下旬宣布对明尼苏达州的10名非公民投票者提起指控。

司法部在冲刺11月起诉期限前，对数十人提起指控

作者：萨迪·古尔曼（SADIE GURMAN）

加布里埃尔·科瓦鲁比亚斯（Gabriel Covarrubias）正从位于亚特兰大郊区的家中开车前往公司，这时一名州警将他拦下，理由是他的车窗贴膜过深。

而真正的担忧是：他被怀疑在护照申请中撒谎并非法投票。

44岁的科瓦鲁比亚斯在14岁时从墨西哥移居美国，在购买了一个虚假身份后创办了一家房屋装修公司。他在2024年总统大选中投票。参与逮捕他的联邦特工询问他投票给了谁以及原因，他回答是：总统特朗普，因为对方也是一名企业主。

科瓦鲁比亚斯上个月承认了两项罪名，目前面临最高10年的监禁以及可能的驱逐出境。

他是过去几个月被起诉的60多人之一。美国司法部（DOJ）近期发起了一场攻势，旨在11月中期选举前尽可能多地起诉非公民投票者。这次突击行动反映了特朗普的优先事项，他一直声称美国选举容易受到大规模欺诈的影响，尤其是非公民的非法投票。

“我们将继续调查，并在这些案件上投入资源、时间和精力，因为我们认为这些案件至关重要，”司法部长托德·布兰奇在最近一次宣布新起诉案件的活动中表示。

选举专家和辩护律师则表示，司法部自身的执法推进恰恰证明，此类犯罪仅限于极少数、孤立的事件，并不影响选举结果。

“当司法部投入巨大资源去识别和起诉极少数试图投票的非公民时，我们应该问问为什么，”代表科瓦鲁比亚斯的公设辩护人罗斯·布罗克韦（Ross Brockway）说道。

布罗克韦表示，他的当事人是一名创造就业机会的人，也是两名美国公民子女的父亲，却因为试图参与民主进程而受到攻击。“我们请求将他视为邻居，而不是将其贴上罪犯的标签，”他说。

在司法部吹捧的数十起案件中并没有共同联系，法院记录也没有显示存在有组织的欺诈行为。被告包括注册的民主党人、共和党人以及没有党派倾向的人。他们的年龄从20岁出头到70岁后期不等，来自25个以上的不同国家。

“我认为我们不能说发现了某种模式。每一个情况都不同，”布兰奇最近在宣布对明尼苏达州10名非公民提起指控时表示。

司法部试图通过公开这些案件来产生最大影响。布兰奇在公布明尼苏达州案件时，周围摆放着一些被捕者被戴上手铐的海报尺寸照片。而在上周宣布的一批案件中，司法部公布了11张合法永久居民被逮捕的照片。

据知情人士透露，司法部高级官员已加大对一线检察官的压力，要求他们尽可能多地起诉选举犯罪案件，并指示他们极少拒绝起诉，且只有在获得其管辖区美国检察官批准的情况下才能拒绝。

一名司法部发言人表示，这些起诉旨在“威慑他人违法”。

官员表示，利用部分州选民名册和其他来源的数据，联邦调查局（FBI）和国土安全部（DHS）的特工一直在审查数千条线索，并将其中数百条发送给联邦检察官以寻求潜在起诉。

官员称，国土安全部目前有超过1,600起关于非公民投票的未结调查。

在大多数案件中，检察官提交的起诉书较为简短，几乎没有提供关于导致这些人投票的任何线索。

美国司法部（DOJ）通常提起两类案件：一是关于在选举中通过虚假申报美国公民身份进行投票的重罪指控，这要求司法部证明当事人明知自己没有投票资格但仍执意投票；二是外籍人士投票，这属于轻罪，检察官仅需证明当事人是非公民且参与了投票即可。

本月，迈阿密的一名联邦法官裁定此类轻罪案件中的一起违宪，称国会通过向各州强加选民资格限制而逾越了其职权。美国司法部已对该裁决提出上诉，该裁决可能会危及许多相关案件。

乔治敦大学法学教授、前联邦检察官保罗·巴特勒（Paul Butler）表示，除了法律问题外，陪审团“可能会对某些被告产生相当大的同情”。“这不能作为辩护理由，但现实情况是，一些陪审员因为同情被告，或者认为这是在浪费政府资源而不想定罪。”

许多被起诉的人持有绿卡，在美国合法居住。来自印度、英语水平有限的 69 岁祖父卡尔温德·辛格·本古拉（Khalwinder Singh Bhengura）表示，两年前他在申请德克萨斯州驾驶执照勾选一个方框时，并不明白自己是在登记投票。

他的律师表示，当本古拉不久后在邮件中收到选民登记证明时，他以为自己可以直接前往当地图书馆在 2024 年选举中投票。

一些被告告诉调查人员，他们不知道自己不能投票。根据法庭文件，一名在美国合法居住的 46 岁墨西哥女性在接受联邦特工采访时表示，她没有阅读德克萨斯州选民登记申请表上的资格要求，即需要是公民。

特朗普试图动员基本盘选民

（接第一页）……数十年来，任何一位在期中选举前夕就任的总统都面临着挑战。

无党派的库克政治报告（Cook Political Report）在上周将三场参议院选举的预测转向有利于民主党，将堪萨斯州改为“势均力敌”，新罕布什尔州改为“倾向民主党”，北卡罗来纳州改为“可能由民主党获胜”。该报告还将 18 场众议院选举的预测转向民主党。

TERRY WYATT / GETTY IMAGES

“这会是一场席卷众议院的浪潮，还是席卷参议院的海啸，亦或是一颗直接将该党清除干净的小行星？”共和党战略师、前特朗普任命官员马修·巴特利特（Matthew Bartlett）问道，“我们将拭目以待，但目前的民调和氛围——没有任何一项指标是乐观的。没有任何事情在向我们有利的方向发展。”

特朗普的政治顾问们正寄希望于一项战略，即在未来几周内，在全国各地的共和党红区发起密集总统集会，以动员那些投票倾向较低的选民。这一方法是对 2024 年为该党带来胜利的动员机制的重新调整。他们还在利用定向数字广告、邮件和电话来劝说这些选民投票。

接近竞选战略的人士表示，显示民主党拥有显著优势的民调是不准确的，因为它们没有捕捉到这些低倾向选民。据接近他的人士透露，这位共和党总统认为他可能能够像在之前的选举中那样，打破预期。

Katie Zacharia

但据知情人士透露，他最近在私下里也表达了沮丧，因为他的两名顶级政治顾问克里斯·拉奇维塔（Chris LaCivita）和詹姆斯·布莱尔（James Blair）在竞选最激烈期间前往了塞族共和国。据《纽约时报》报道，他们因从事选举工作获得了数十万美元的报酬。

ANNA MONEYMAKER / GETTY IMAGES 特朗普总统已承认，共和党在下个月的选举前面临着历史性的不利因素。

白宫高级官员表示，特朗普已经得到了关于选情状态的真实情况，一些共和党高层正致力于确保总统了解基层的实际情况。

坦率的评估

据知情人士透露，在上周于白宫与全球最具影响力的科技公司首席执行官们会面前，特朗普将众议院议长迈克·约翰逊（Mike Johnson，共和党，路易斯安那州）单独叫到一边进行了一次临时会谈。

在椭圆形办公室里，议长对即将到来的中期选举进行了坦率的评估，两人逐一分析了几个可能决定国会控制权的关键摇摆选区。一名参与对话的人士将约翰逊向特朗普提供的现状描述为一次“临床分析”。

尽管在公开场合对共和党的胜算表示乐观，

约翰逊也考虑到了失败的可能性。他随后告诉福克斯新闻（Fox News），如果共和党失去众议院多数席位，他可能会回到路易斯安那州“开始经营一家割草公司”。

特朗普在本周因在内布拉斯加州的一次集会上暗示洛杉矶和圣迭戈可能会遭到伊朗攻击而受到审视。他告诉听众，为了确保国家和世界的安全，伊朗的冲突是“一个很小的代价”。他说：“他们可能会摧毁一座城市。让他们摧毁洛杉矶吧，让他们摧毁圣迭戈吧。”总统随后撤回了这些言论。

白宫发言人戴维斯·英格尔（Davis Ingle）在一份声明中表示，“特朗普总统是共和党毫无疑问的领导者、最佳的传达者和无可匹敌的激励者，他致力于维持共和党在国会的多数地位。”

共和党在即将到来的竞争中押注于一个主要优势：资金。共和党全国委员会及其两个国会委员会报告称，截至8月底，现金储备超过 2.33亿美元。此外，与特朗普结盟的 MAGA Inc. 超级政治行动委员会（super PAC）报告称，当时拥有近 4.16亿美元。与此同时，民主党全国委员会以及该党的众议院和参议院委员会报告称，当时手头现金超过 1.3亿美元。民主党全国委员会还负有 $17.600 万 的债务。

特朗普的顾问们认为，通过复制其 2024 年总统竞选成功的元素——频繁举行集会并推动低投票倾向选民参与——仍有一条狭窄的路径可以保住参议院，甚至勉强保住众议院。

总统的政治团队正试图将其派往那些既能提高投票率又不会疏远独立选民的地方。在接下来的的一周里，特朗普计划在阿拉斯加举行一次集会，这将有助于决定参议院的控制权，预计他还将巡访蒙大拿州和亚利桑那州这两个西部的关键战场州。

官员们表示，特朗普的访问行程中穿插了当地媒体的采访，以便总统能够宣传他们认为的政府成就，并传递动员投票的信息。

特朗普中期选举结案陈词的核心在于，他本人就在选票上。上个月，特朗普敦促北卡罗来纳州的选民：“我只想让你们出去，假装我就在选票上，因为本质上我确实在。”总统也承认共和党面临的历史性逆风，并告诉支持者：“当我不在选票上时，我们的表现并不好。”

失望的选民

时任副总统迈克·彭斯（Mike Pence）的幕僚长马克·肖特（Marc Short）表示，特朗普在动员选民方面面临的挑战是，许多共和党人感到失望。

“他们觉得在 ’24 投票给特朗普时，他们将获得与第一个特朗普政府类似的政策，”肖特说。“现在的做法与唐纳德·特朗普在第一任期内的做法相去太远，我认为这打消了许多人实际出门投票的念头。”

Kalshi 调查关于新闻发言人人选的交易

预测市场 Kalshi 已对其平台上关于特朗普总统新任白宫新闻秘书人选的一系列可疑交易展开调查。

近几周，共和党人日益

作者：Brian Schwartz, Philip Wegmann 和 Ken Thomas

一名 发言人表示，该公司表示正在调查平台上的相关交易，这些交易预测特朗普将选择保守派评论员凯蒂·扎卡里亚（Katie Zacharia）担任该职务。

扎卡里亚曾在国土安全部短暂工作，但此前并不被认为是该职位的热门人选。在新闻报道出台前的几天里，在 上，她被认为被任命为该职位的可能性约为 $1\%$。

美国东部时间周五 2 p.m. 左右，《纽约时报》和其他新闻机构开始报道扎卡里亚已被选中。在此之前，至少有三笔规模较小但时机精准的赌注被下注，投注者有望获得数千美元的利润。

根据《华尔街日报》对 公开数据的分析，一笔 $19 赌注是在周四晚上 10:43 左右下注的。一旦市场关闭，该笔赌注预计将支付 $1,896. 另外两笔赌注，金额分别约为 $74 和 $80, 是在周五下午 1:41 左右下注的。这两笔赌注预计将分别支付 $3,689 和 $4,023.

担心德克萨斯州总检察长肯·帕克斯顿（Ken Paxton）赢得参议院选举的能力，一些人表示，共和党有可能在蓝色州缅因州保留参议院席位，而失去红色州德克萨斯州。总统最近表示，他不后悔在共和党初选后期支持帕克斯顿而非参议员约翰·科宁（John Cornyn）。共和党人私下表示，如果帕克斯顿落败，特朗普将承担责任。

总统政治团队中的一些成员暗示，共和党面临的环境可能并不像民调显示的那样糟糕，目前的共和党恐慌被夸大了。特朗普的政治团队一直在关注俄亥俄州和佛罗里达州的一些早期投票结果，他们称这些结果正向有利于共和党方向发展。

尽管特朗普及其顾问对某些民调持怀疑态度，但特朗普经常收到来自其团队以及关键州实地人员（包括候选人本身）的民调数据。他的顾问指出，存在严重的无响应偏差，特别是在中西部红色州的非大学学历农村白人共和党人中，他们不愿通过电话向民调员分享自己的观点。

“特朗普总统是低投票倾向选民的动员机器，”共和党全国委员会（RNC）全国新闻秘书纳塔莉·巴尔达萨雷（Natalie Baldassarre）表示，“他之前已经做到了三次，他在关键选区及其他地区的全国巡回演讲绝对在激励我们的基本盘，并驱动我们的选民前往投票站。”

对于特朗普来说，他最近的集会也充当了他自己的某种告别巡演。

在上周于莫比尔（Mobile）举行的集会上——他在 2015, 第一次竞选期间曾在那里举办过一场大型活动——特朗普告诉与会者：“我来到这里其实是因为，你知道，有时候，即使你们不必来这里，你也得向那些从一开始就爱你的人们表达敬意。”

被定罪官员潜逃，但仍喋喋不休

DAVE ZAJAC / CONNECTICUT POST / GETTY IMAGES “科斯塔”·迪亚曼蒂斯（'Kosta' Diamantis）被判定犯有敲诈勒索、贿赂、共谋以及向联邦调查局（FBI）撒谎罪。

前康涅狄格州学校项目负责人飞往希腊，试图寻求特赦

作者：JOSHUA CHAFFIN

康涅狄格州布里奇波特报道——在最近的一个周三，斯特凡·安德希尔（Stefan Underhill）法官和一群律师聚集在一家联邦法院，准备对康斯坦丁诺斯·迪亚曼蒂斯（Konstantinos Diamantis）进行量刑，他曾是康涅狄格州权力巨大的学校建设负责人。

唯独缺了一个人：迪亚曼蒂斯。

该被告去年被判定犯有 21 项敲诈勒索、贿赂、共谋以及向联邦调查局（FBI）撒谎罪，此时他身在近 5,000 英里外的希腊北部。

“这是我第一次参加量刑审判时面对一张空椅子，”迪亚曼蒂斯那感到困惑的律师诺曼·帕蒂斯（Norman Pattis）在法院外告诉记者。

他的当事人在 9 月中旬的量刑日期前逃往了他的祖籍国。迪亚曼蒂斯并没有低调潜伏，而是每天给康涅狄格州的一个谈话类广播节目打电话，与家乡的政治记者闲聊，并散发一份长达八页的宣言，坚称自己无辜——他说，他希望以此赢得特朗普总统的特赦。

“美国司法部（DOJ）康涅狄格州分部被康涅狄格州州长内德·拉蒙特（Ned Lamont）利用，将司法部武器化，并对我发动法律战争，”迪亚曼蒂斯写道，其措辞显然是为了迎合他试图寻求青睐的那位总统。

民主党州长拉蒙特的代表凯瑟琳·沃曼（Cathryn Vaulman）驳斥了迪亚曼蒂斯：“判定他有罪的陪审团已经拒绝了他现在编造的谎言。他应该回到康涅狄格州。”

在希腊，他的双重国籍使当局将其引渡的努力变得复杂。但潜逃危及了他的上诉权。州总检察长正试图撤销他的养老金。联邦政府可能会没收他的房子。

“当然，我的脑海中一直在纠结：这是一个正确的决定吗？”70, 岁的迪亚曼蒂斯在一次电话采访中说道。到那时，他已经潜逃了大约两周。他声称自己并非试图逃避司法公正，而是寻求一个讲述自己故事的机会。“我已经失去了一切，”他说，“剩下的唯一东西就是我的尊严，对吧？”

迪亚曼蒂斯是定居在康涅狄格州布里斯托尔的希腊移民之子，他被人们称为“科斯塔”。他成为了一名律师，并于 1992 年作为民主党人当选代表布里斯托尔进入州议会。

到 2015 年，在时任州长丹内尔·马洛伊（Dannel Malloy）让他负责州学校建设拨款与审查办公室后，他成为了一个权力掮客。随后，他还成为了一名高级预算官员。

“他拥有巨大的权力——但没有财富，”他的律师帕蒂斯说。那些与迪亚曼蒂斯打过交道的人将他描述为一个笑容灿烂、平易近人，但同时也具有支配欲的人。

塔米·努乔（Tammy Nuccio）在哈特福德市外的托兰市担任市议会负责人与他发生冲突时，被他的傲慢所震惊。2019, 年，该市发现桦树林小学（Birch Grove Primary School）的混凝土存在缺陷，需要迅速重建。据现任共和党州代表努乔称，如果没有州政府的支持，该市无法负担这项约 4500万美元 的项目。

“他走进来就像这里是他的地盘一样，”她说，“‘这是你们要做的。这是你们要雇佣的人。这是你们要支付给他们的费用。’”

迪亚曼蒂斯对他风格的描述则不同。“是的，为了让人们保持专注，我可能显得有些强势，”他说，“这就是我担任主任的原因。”

检察官表示，在他敦促托兰市雇佣的一家名为 Construction Advocacy Professionals 的公司中，该公司在雇佣了迪亚曼蒂斯的女儿后不久，就获得了超过 $500,000 的桦树林项目合同，且其工作“完全是多余的”。

该项目的石工承包商是一家名为 Acranom 的公司，其副总裁约翰·达菲（John Duffy）曾是迪亚曼蒂斯（Diamantis）的姐夫 / 妹夫，并称呼他为“叔叔”。

检察官表示，尽管总承包商投诉 Acranom 在另一所学校的工程质量低劣，但该公司仍拿到了一个价值超过 $2.500 万 的 Birch Grove 合同。

在审判中出现的一条短信中，“叔叔”迪亚曼蒂斯告知达菲：“仅供参考，我通常拿总额的 5% 作为报酬。”

随后，当达菲担心托兰（Tolland）的总承包商将石工工程改为干壁工程时，向迪亚曼蒂斯求助：“告诉托尼，他的 45 mil 中至少包含了 3.4 for masonry，这部分必须保留。他们要把所有东西都改成该死的石膏板……搞什么鬼。”

“我已经和托兰的那些人谈过了，”迪亚曼蒂斯回复道，“他们明白意思了。”

达菲和 Acranom 的总裁萨尔瓦多·蒙纳卡（Salvatore Monarca）承认共谋贿赂迪亚曼蒂斯——Construction Advocacy Professionals 的所有者安东妮塔·罗伊（Antonietta Roy）也承认了相关罪名。她的律师表示：“安东妮塔深感后悔曾与迪亚曼蒂斯先生相识。”

迪亚曼蒂斯在证人席上称，他收到的款项是咨询费。陪审团仅用了一天多时间就判定他有罪。

联邦当局称，迪亚曼蒂斯逃往佛罗里达州，乘船前往巴哈马，然后经伦敦飞往雅典——很可能使用了他本应上缴的希腊护照。

迪亚曼蒂斯对细节讳莫如深，称政府的版本“看似合理”，但并非完全准确。他坚称自己在没有任何护照且家人不知情的情况下抵达了希腊。

谈到这段旅程时，他阴郁地观察到：“这不是一件你想尝试的事情。”

他说，在希腊，他住在朋友的公寓里，以此反驳有关他在酒店酒吧挥霍生活的报道。他说，在不游说记者或处理案件时，他会阅读新闻并散步。

“这里是另一种监狱，”他说，“是一种情感上的监狱。”

回到布里奇波特（Bridgeport），上周的量刑程序像一场没有新娘的婚礼一样进行。就在前一天，仍有迹象表明迪亚曼蒂斯可能会返回。据检察官称，他买了一张机票，一名联邦官员还安排在雅典机场与他会面，以确保他顺利启程。

但迪亚曼蒂斯拒绝了。

“显然，他们进行了一次非常愉快的交谈，但迪亚曼蒂斯先生告诉他，他不会回去，”美国助理检察官乔纳森·弗朗西斯（Jonathan Francis）告诉法庭。

“他相信美国总统会向他提供帮助，”帕蒂斯（Pattis）同样告诉法庭。

这看起来并不乐观。一名白宫官员周三表示，负责审查赦免请求的团队“目前没有在跟踪这一请求，甚至从未听说过此人”。

无论如何，量刑程序在辩方席位空缺的情况下继续进行。“公众已经等待足够久了，”弗朗西斯说。

帕蒂斯在远处传达其委托人的意愿，宣读了一份声明，迪亚曼蒂斯在声明中再次申明其“绝对清白”。

安德希尔（Underhill）法官表示，迪亚曼蒂斯在证人席上撒了谎，并称证明其有罪的证据“压倒性。就此定论。”

然而，法官并未采纳检察官认为合适的 10-plus years 刑期，而是判处了七年监禁。“尽管他的罪行很严重，”安德希尔说，“但他不至于在监狱中度过余生。”

在希腊的迪亚曼蒂斯听起来并不太感激。他在一条短信中写道，即使是七天，对于一个“失去了一切的 70-year-old 清白老人来说也是一生”的煎熬。“这个判决就是终身监禁。”

与此同时，回到托兰，Birch Grove 学校已经开学。“学校很棒，”努乔（Nuccio）说，“建成了。这是一所很棒的小学校。”

美国观察

DAVID 'DEE' DELGADO / AP 盛装出席：周五，孩子们穿着戏服乘坐自动扶梯前往位于曼哈顿的雅各布·K·贾维茨会议中心参加纽约动漫展（New York Comic Con）。

联邦调查局（FBI）

工具被没收打击中国黑客

美国联邦调查局（FBI）没收了一组黑客使用的扫描和网络钓鱼工具。官员表示，该黑客组织与中国政府有关，并被认为对美国及海外开展了破坏性的网络行动，目标包括电力行业、学术界和关键基础设施。

联邦调查局和司法部周四宣布没收这些工具，这代表了近年来执法部门针对私营部门称为“亚麻台风”（Flax Typhoon）的大规模黑客攻击活动的最新努力。

官员表示，涉事工具名为“Microscan”和“FishHub”，被黑客用于扫描、钓鱼并攻击目标，其中包括美国和外国的关键基础设施。Microscan 被用于攻击包括一家未具名的美国电力公司、日本和波兰的机场、台湾的大学、一家跨国非政府组织以及台湾的关键基础设施公司。FBI 表示，“FishHub”则为网络钓鱼活动提供了便利，使黑客能够远程访问受害者的网络。

此次最新行动已导致这些工具失效， 和司法部官员称这对该黑客行动是一个打击。

网络部门副助理局长杰森·比尔诺斯基（Jason Bilnoski）在接受美联社采访时表示：“我们的目标是消除威胁行为者的能力。我们针对他们的基础设施、资金和工具。”他称该黑客行动“不分青红皂白且鲁莽”。

这些工具由一家名为 Integrity Technology Group 的总部位于中国的信息安全公司运营， 表示该公司与中国政府签有合同。 将该公司视为“亚麻台风”的真实身份。

在北京，中国外交部发言人毛宁表示，中国一直依法打击黑客活动。毛宁表示，北京也坚决反对出于政治目的散布虚假信息和制造混乱，并补充说，维护网络安全是两国的共同关切。

—美联社

监管

CFTC 提案关注预测市场

美国商品期货交易委员会（CFTC）正提议对其描述的“掉期”（swap）一词提供进一步的明确定义，这将把预测市场交易中使用的事件合约纳入其中。

周五表示，扩大后的定义将涵盖针对体育、政治、文化和天气相关事件的事件合约。

该提案指出，事件合约是通常被视为掉期进行交易的金融工具。

受 监管的预测市场行业一直陷入一场争论，即针对事件的交易是否构成赌博，因为如果构成赌博，则将属于各州的法律管辖范围。 表示，这个新兴行业是一种金融交易，而非投注。

主席迈克尔·塞利格（Michael Selig）表示：“这些产品是商品衍生品，完全属于 在《商品交易法》下的监管职能，且在机构的专属管辖范围内。”

—凯瑟琳·汉密尔顿（Katherine Hamilton）

传奇女性：汉密尔顿夫人

霍拉肖·纳尔逊的爱人。终身肖像。极其罕见。

艾玛·汉密尔顿夫人出身贫寒，后来成为欧洲最著名的女性之一，也是纳尔逊勋爵海军上将一生挚爱。多梅尼科·佩莱格里尼于 1791 年绘制了这幅肖像，那一年她嫁给了威廉·汉密尔顿爵士，进入了社会的最高阶层。布面油画。签名并标注日期（右中）。$30'' \times 24^{3} / _{4}''$（画框：$37'' \times 32''$）。#32-3042

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胡塞武装瞄准沙特航空链路

机场遇袭令旅客惊恐，冲突范围在石油领域之外进一步扩大

迪拜——也门受伊朗支持的胡塞武装正将目标对准沙特阿拉伯与世界的航空链路，这令旅客感到不安，并挤压了该国经济的另一个关键部门，而其至关重要的石油工业仍处于攻击之下。

作者：Georgi Kantchev, Summer Said 和 Stephen Kalin

针对利雅得哈立德国王国际机场以及几个南部城市的导弹袭击，威胁到商务旅行和旅游业，而此时会议和旅游旺季正要开始。由胡塞武装和伊朗参与的冲突所带来的重叠不稳定因素，还可能挫败王储穆罕默德·本·萨勒曼重新推动增加外国投资的努力。

一个重大考验将出现在该国的旗舰项目——未来投资倡议（Future Investment Initiative）峰会上，预计本月将吸引数千名全球高管和投资者前往利雅得。据知情人士透露，沙特领导层越来越担心冲突对经济的影响，以及用于抵御袭击的导弹拦截弹供应紧张的问题。

该王国已请求美国直接干预冲突，但特朗普政府已予以拒绝。一些沙特顾问正

国际公司正在评估撤离方案。

相关人士表示，这些人士正向该国领导人施压，要求其在过去一周升级也门战事的同时，继续为与胡塞武装的外交途径留有余地。

周四对利雅得机场的袭击已导致包括沙特阿拉伯国家航空公司一名飞行员在内的三人死亡，并摧毁了一架客机，目前已对航空出行造成干扰。

航班追踪网站 Flightradar24 表示，在经历了前一天的混乱后，该机场于周五下午再次关闭，航班取消数量再次增加。多家航空公司已停止飞往利雅得的航班。

由于胡塞武装的袭击干扰了航班，并促使政府发布更严厉的旅行警告，一些国际公司正在评估撤离方案，并为员工寻找备用交通方式。

全球安全公司 Crownox 的首席执行官侯赛因·纳赛尔·埃丁（Hussein Nasser Eddin）表示，他的公司一直收到在沙特阿拉伯运营的财富 500 强客户（包括能源和航空公司）的咨询。他表示，在周四的袭击之后，咨询量激增。

在 2 月份与伊朗的战争开始并导致该地区周围领空关闭时，各公司已经进行了一轮撤离，以接回被困员工。

伊朗支持的胡塞武装分子于周四袭击了利雅得的卡利德国王国际机场。

他表示，现在他们正寻求预订可靠的车辆和安全协调员，以便在机场关闭时，能通过陆路将员工转移到阿拉伯联合酋长国等邻国。

他说：“每个人都高度紧张，因为这是一个潜在转变或升级的严重红色信号。”

美国国务院周四的一项警告称，美国政府官员现在使用利雅得机场需要获得特别授权。

币安客户为伊朗建立金融生命线

巴巴克·赞贾尼在币安上的支付网络

注：图表显示了由个人和公司持有的交易账户，美国当局和币安调查人员将其描述为巴巴克·赞贾尼网络的一部分。 来源：币安内部记录；美国财政部 PETER SANTILLI / WSJ

作者：ANGUS BERWICK 和 PATRICIA KOWSMANN

币安将其称为一名“高价值客户”，而他正在这家全球最大的加密货币交易所进行可疑交易。

第一个警示信号是与一名伊朗钱庄的交易。随后，美国和瑞士的执法官员向该交易所询问关于该客户其中一个账户的情况，该账户正从德黑兰被访问。

美国和以色列当局表示，事实证明该客户是一家加密货币公司的经理，该公司由巴巴克·赞贾尼（Babak Zanjani）经营。赞贾尼是伊朗政权的金融代理人，负责为伊斯兰革命卫队（IRGC）指导一个秘密支付网络。

《华尔街日报》在5月报道称，伊朗将币安作为规避美国金融制裁的后门。赞贾尼主导了这些行动，利用一个由账户和壳公司组成的网络在币安上进行了 8.5亿美元 的交易，其中大部分是通过其加密货币公司的企业账户完成的。

一份此前未公开的币安文件及其他记录揭示了赞贾尼的网络如何利用该交易所转移资金。这些记录详细列出了 21 个由个人和公司持有的交易账户，美国当局和币安调查人员将其描述为赞贾尼网络的一部分。

这份由《华尔街日报》审阅的 80 页报告是币安在4月份响应阿拉伯联合酋长国金融情报部门的请求而准备的。

赞贾尼的网络在币安于 2023 年承认违反美国反洗钱法和制裁规定之后，在该交易所建立了存在。币安的所有者赵长鹏曾入狱四个月并辞去首席执行官职务，他在 2025. 获得了特朗普总统的赦免。赞贾尼未回应置评请求。

一名币安发言人表示：“所有与违反制裁有关联的账户都被禁止交易，这降低了平台风险，随后这些账户已被清除。币安将继续与执法部门合作。”

《华尔街日报》在2月份的一篇文章中详细报道了币安调查人员如何发现有 17 亿美元 billion 通过该交易所流向一个伊朗网络。

该公司在阿联酋建立了一个基地，那里被认为是伊朗企业的避风港。一名阿联酋官员表示，政府“坚定致力于打击洗钱、恐怖主义融资和所有形式的非法金融”。

币安调查人员发现的网络首个成员是苏赫罗布·奥伊马赫马多夫（Sukhrob Oimakhmadov），一名 47 岁的塔吉克商人，是赞贾尼的商业伙伴。

报告称，从 2023, 开始，奥伊马赫马多夫的币安账户收到了超过 1000万美元 的资金，这些资金来自后来被以色列国防部认定为属于伊斯兰革命卫队的数字钱包。奥伊马赫马多夫将这些资金转发给了其他与伊斯兰革命卫队相关的钱包。

币安在 2025, 10月封锁了奥伊马赫马多夫的账户，并在今年5月将其移除。奥伊马赫马多夫未回应置评请求。

奥伊马赫马多夫的账户引导调查人员发现了赞贾尼网络的另一个部分。用于访问其账户的同一台设备，也被用于登录另一个由加密货币公司Zedex的阿联酋子公司持有的币安账户。公司记录显示，奥伊马赫马多夫在 2023 年开设了该账户并管理该子公司。

Zedcex的币安账户拥有一个自定义界面，允许Zedcex的客户从Zedcex的网站登录币安。在 2024 年至 2025 年下旬期间，币安的系统检测到该Zedcex账户有十多次是从德黑兰被访问的。

调查人员追踪了其他与 Zedcex 和 Oimakhmadov 相关的用户。其中包括 Zanjani 的妹妹以及其情侣持有的账户，后者的账户是通过一部同样登录过 Zedcex 账户的 iPhone 访问的。

2025年3月，瑞士警方就一起欺诈案向 Binance 索要关于 Zedcex 的信息。Binance 随后收到美国缉毒局（DEA）的一份传票，该账户涉嫌洗钱。此外，联邦调查局（FBI）在去年11月也寻求与该账户相关的数据。Binance 表示，该公司在那个月封锁了 Zedcex 账户。随后，美国财政部在1月对 Zanjani 和 Zedcex 实施了制裁，理由是他们为伊斯兰革命卫队（IRGC）转移资金。

Binance 的报告显示，Zedcex 账户进行了近 8.3亿美元 的交易，其中包括 5600万美元 提取至以色列国防部称属于 IRGC 的钱包。

调查人员发现了更多与土耳其移动支付公司 ZedPay 相关的 Zanjani 关联账户。以色列国防部官员表示，ZedPay 在 Zanjani 网络中的作用是帮助将伊朗的石油销售额转换为加密货币，从而可以在传统银行系统之外进行转移。

ZedPay 的伊朗籍首席执行官 Mehdi Rezazadeh 持有土耳其工作许可，他拥有一个 Binance 账户，另有 10 名员工和关联人员也持有该平台账户。他在 Telegram 的一个聊天群组中表示，ZedPay 和 Zedcex 是合作伙伴。

财政部在7月对 ZedPay 和 Rezazadeh 实施了制裁，同时制裁了 Oimakhmadov 以及 Zanjani 的妹妹和情侣。当《华尔街日报》在 Telegram 上联系 Rezazadeh 时，一名自称是 ZedPay 前员工的人表示，该公司因制裁而关闭，Binance 也注销了其账户。

拼图中还剩最后一块：一个由德黑兰一家油气公司董事持有的账户，Binance 调查人员怀疑该董事是 Zanjani 的亲戚。报告显示，该董事 Mohamad Hoseinpour 利用 Binance 创建了在 Zedex 平台上交易的加密货币。

美国财政部在5月的一份警示中引用了其中一种代币——USDZ，旨在说明伊朗如何利用加密货币规避制裁。另一种代币被命名为 NIOC，与伊朗国家石油公司（National Iranian Oil Company）的缩写相同。“该用户的活动给 Binance 的合规工作带来了重大风险，”调查人员写道。

美国达成俄罗斯柴油协议

（接第一页）如果全部同时发布，将能填补约三周的缺口。

俄罗斯以吨为单位衡量柴油数量；特朗普所称的随时间提供的总量约为 3600 万 桶。

“为美国人，尤其是我们伟大的农民、牧场主和卡车司机降低价格，是我最大的优先级，”特朗普在 Truth Social 上写道。

俄罗斯总统弗拉基米尔·普京呼应了特朗普的声明，表示莫斯科“再次确认其准备向美国和全球市场供应石油及精炼产品的意愿”。

一名卡车司机在迈阿密加油站为车辆加柴油。美国选民对油价飙升感到担忧。

在特朗普宣布该消息后，乌克兰总统弗拉基米尔·泽连斯基警告称，任何对俄罗斯制裁的放宽都将正中普京下怀。“俄罗斯将以进一步的恐怖和背信弃义来‘偿还’这些柴油，”他在社交媒体的一篇帖子中写道。“允许俄罗斯销售石油产品是对一场必须结束而非延长战争的投资。现在需要的是与俄罗斯在互惠基础上实现真正的局势降温。”

此举在国会山也引发了担忧和批评。

“虽然我理解降低柴油价格的愿望，但我担心取消对俄罗斯石油的制裁只会为克里姆林宫的战争机器提供资金，”众议员迈克尔·麦考尔（Michael McCaul，共和党，德克萨斯州）表示。

中东和乌克兰的战争推高了柴油成本。根据 AAA 的数据，截至周五，美国柴油价格平均达到每加仑 $6.28，高于一年前的 $3.68。虽然美国与伊朗战争后的汽油价格影响了全国选民，但柴油价格尤其损害了农业州，这加剧了共和党人的担忧，即他们可能在今年秋天同时失去众议院和参议院。

在乌克兰袭击俄罗斯炼油厂后，莫斯科于今年暂停了柴油出口。俄罗斯国内的供应危机部分是由供应减少，而该国小麦收获季节需求增加所导致的。

白宫一直试图重启关于俄罗斯与乌克兰战争的和平谈判，但这些谈判此前陷入停滞。华盛顿在这些谈判中的方法重点集中在美俄企业之间的商业和潜在能源交易上。

在特朗普发帖后发表的一份社交媒体声明中，美国财政部表示，海外资产控制办公室（OFAC）在特朗普的指示下，颁发了一项临时许可，允许俄罗斯柴油进入全球市场。在该办公室的一份文件中称，与俄罗斯柴油销售相关的部分美国制裁将被豁免至 4 月。

战略与国际研究中心（CSIS）能源安全非驻在学者克莱顿·赛格尔（Clayton Seigle）表示，该协议使俄罗斯受益，因为它允许俄罗斯在冬季销售其国内市场无法吸收的柴油。

“通过这一安排，俄罗斯每天可以向全球市场出口超过 100,000 桶柴油，”他说。

上月底，俄罗斯将其暂停柴油出口的期限延长至 Oct. 31. 普京本月表示，俄罗斯拥有足够的柴油储备供自身使用。然而，普京表示，无论莫斯科采取何种暂停措施，俄罗斯柴油可能不会重新出现在全球市场上，“因为针对我们的石油和石油产品的制裁仍在生效”。

在乌克兰发起袭击莫斯科炼油厂的行动之前，俄罗斯每年生产 8500 万 至 9000 万 吨柴油，国内消费量仅占其中的不到三分之二。此后，生产俄罗斯约一半柴油产能的六家炼油厂遭到了乌克兰的袭击。

一些分析人士对俄罗斯能否出口如此数量的柴油持怀疑态度，理由是炼油厂状况糟糕且俄罗斯自身存在出口限制。休斯顿 Lipow Oil Associates 总裁安迪·利波（Andy Lipow）表示：“我不清楚世界实际上能获得多少额外供应。”

美国和乌克兰官员周五在迈阿密举行了会晤。特使史蒂夫·威特科夫（Steve Witkoff）在特朗普的女婿贾里德·库什纳（Jared Kushner）的陪同下表示，此次交流是“富有成效的，并有助于在美国下次与俄罗斯接触之前确定进一步探讨的领域”。

阿联酋称以色列机场曾为袭击目标

阿联酋表示，哈曼·阿尔-哈马米（Hamam al-Hammami）计划将一架飞迪拜航空（FlyDubai）的飞机撞向特拉维夫附近的本古里安国际机场。

阿联酋官员公布该飞行员在加入飞迪拜航空之前的行程官方时间线

作者：JON GAMBRELL

迪拜——阿拉伯联合酋长国周五表示，一名试图接管飞往以色列的飞迪拜航空航班的副驾驶受到了 9 / 11 袭击的启发，并计划将飞机撞向特拉维夫的本古里安机场，以尽可能杀死更多的人。

阿联酋总检察长发布的最新声明首次详细提供了哈曼·阿尔-哈马米的行程官方时间线。阿尔-哈马米是一名居住在迪拜的阿曼国民，他曾用消防斧袭击了 1073 号航班的机长。

尽管机上人员挽救了飞机，但此次袭击发生之时，中东地区仍因伊朗战争以及也门境内受伊朗支持的胡塞武装持续袭击沙特阿拉伯而处于紧张状态。

调查人员仍在调查阿尔-哈马米是否有同谋或其他支持。

这次险些发生的坠机事件导致阿联酋与以色列之间的航班中断，而两国在 2020. 年达成外交承认协议，航班往来曾是其基石。随着以色列临近选举，这已成为一个关键议题，目前总理正处于三个月的初步培训期。两份陈述之间的差异无法立即调和。

“他符合就业的专业和安全要求，包括持有飞行员执照、提供良好行为证明并完成了必要的审查，”阿联酋总检察长表示。“然而，所有程序均未显示出任何关于其极端观点或实施恐怖阴谋意图的迹象。”

本雅明·内塔尼亚胡在维持权力的竞争中处于胶着状态。

阿尔-哈马米最终于 1 月加入飞迪拜航空。

阿联酋表示，在袭击这架飞往特拉维夫的航班之前，阿尔-哈马米曾两次飞往特拉维夫以熟悉机场和航线，计划将这架飞迪拜航空的波音 737 MAX 8 撞向其航站楼。

9 月 30 日该航班上的机组人员和乘客在阿尔-哈马米袭击机长后将其制服，机长随后打开了驾驶舱门，允许他们进入。

总检察长哈马德·赛义夫·阿尔-尚西（Hamad Saif Al Shamsi）表示，阿尔-哈马米从 2017 年在澳大利亚留学期间开始“倾向于极端主义和恐怖主义”。阿尔-尚西描述称，阿尔-哈马米受到了极端分子著作和网络内容的影响。

阿尔-尚西在由阿联酋官方 WAM 通讯社发布的国家声明中表示，阿尔-哈马米“从 2001 年 9 月 11 日的袭击中汲取灵感，利用飞机执行类似行动的想法在他的思维中根深蒂固”。

意大利名贵葡萄酒被盗

（接前文）

“我从未想象过会有如此规模的盗窃案，”科塔雷拉（Cotarella）在一次采访中说道。

“这不仅是经济损失，对于业主和公司员工来说也是一次情感打击，”其中一些员工与葡萄园有着世代传承的联系。“希望这是第一次，也是最后一次盗窃。”

……销售包括路易威登（Louis Vuitton）和香奈儿（Chanel）在内的设计师手袋的精品店。

这次抢劫是欧洲一系列针对奢侈品盗窃案中的最新一起。去年，窃贼从巴黎卢浮宫盗走了价值超过 1亿美元 的法国皇冠珠宝。犯罪团伙多次将精品店作为目标。

意大利警方正在调查此次盗窃案。

名贵葡萄酒也成为了目标。

在飞机一度以接近音速俯冲并撕裂部分方向舵后，备份飞行员将飞机安全降落在沙特阿拉伯。

2021, 年，一对夫妇从西班牙一家米其林星级餐厅盗走了 45 瓶价值近 200万美元 的葡萄酒。

“这不仅仅是经济损失，更是一次情感上的打击。”

阿尔-尚西（Al Shamsi）表示，阿尔-哈马米（Al-Hammami）在 2020 年至 2024, 年期间就职于阿曼航空。据《华尔街日报》报道，由于担心其持有极端主义思想，该飞行员此前被禁止在阿曼航空飞行。

在马基西·安蒂诺里（Marchesi Antinori）案中，三种高端红葡萄酒被盗：Solaia、Guado al Tasso 和 Tignanello，全部来自该公司备受赞誉的 2023 年年份。每种葡萄酒约被盗 10,000 瓶。对于这三种中最昂贵的 Solaia 而言，这相当于该年份总产量的 20%。一瓶 Solaia 的零售价在 \$450 至 \$560. 之间。该公司将被盗葡萄酒的价值定为 500 万 欧元，约 \$5.6 百万美元。

阿联酋方面表示，阿尔-哈马米拥有法律顾问，但未透露其律师身份。阿联酋称，针对此次袭击的调查仍在继续。

阿联酋表示，阿尔-哈马米于 2025, 年初加入皇家摩洛哥航空，并在那里工作了几个月。皇家摩洛哥航空早前的一份声明称，阿尔-哈马米在申请这家北非航空公司的职位时被拒绝。

该公司可追溯至 1385, 年，目前仍由安蒂诺里家族控制，是世界上最古老的家族企业之一。这家向 170 个国家出口产品的公司在周五警告进口商，不要购买可能是盗窃的产品。

根据周五的一封电子邮件，该公司还要求客户“及时向我们报告任何可疑情况”。

马基西·安蒂诺里美国业务的庄园主管胡安·穆诺斯-奥卡（Juan Munoz-Oca）表示，他在周四早上得知了盗窃事件。这家历史悠久的葡萄酒公司将其葡萄酒进口到美国。

穆诺斯-奥卡表示，生产商密切监控造假市场，并誓言窃贼无法逃脱法律制裁。

“我们会找到他们的，”他说。

美国对国际刑事法院实施制裁

政府希望国际法院停止针对非成员国公民

巴黎——特朗普政府周五宣布对国际刑事法院实施制裁，在该法院对以色列总理本雅明·内塔尼亚胡发出逮捕令后，威胁要拆除该机构。

作者：马修·道尔顿 (Matthew Dalton)、薇拉·贝尔根格鲁恩 (Vera Bergengruen) 和 劳伦斯·诺曼 (Laurence Norman)

这些制裁可能会通过将其与美国金融体系切断并禁止其进行美元交易，从而使国际刑事法院（ICC）陷入瘫痪。由于难以将美元交易与其他主要货币的交易区分开来，西方银行通常拒绝与受制裁实体打交道。

“要么国际刑事法院停止其威胁，要么我们将终结国际刑事法院，”国务卿马尔科·鲁比奥 (Marco Rubio) 在周五的一段视频中表示。他认为，尽管华盛顿从未加入该法院，但该法院通过威胁起诉美国公民，挑战了美国的主权。

制裁允许在 4 月 7 日之前有一个宽限期，官员们表示，这将为美国与国际刑事法院成员国之间的谈判提供时间。一名欧洲高级官员表示，旨在解决美国关切的协议谈判已经开始。美国官员正寻求保证，确保该法院不会针对美国公民。他们还批评了该法院认为其可以起诉非成员国公民的立场，非成员国群体包括美国、以色列和俄罗斯。

荷兰总理罗布·杰滕 (Rob Jetten) 表示，宽限期“至关重要，因为它为我们在接下来的几个月里提供了至关重要的对话空间”。

然而，限制该法院的管辖权可能需要成员国修改《罗马规约》，即国际刑事法院的成立条约。《规约》允许该法院在非成员国国民在成员国领土上犯有战争罪和反人类罪时对其进行起诉。该法院的支持者认为，这一条款是国际刑法的基本原则。

国际刑事法院已利用该权力，就内塔尼亚胡在巴勒斯坦领土（被视为法院成员国）上涉嫌犯下的战争罪，以及俄罗斯总统弗拉基米尔·普京在乌克兰涉嫌犯下的罪行提起起诉。这也使得该法院能够调查美国中央情报局 (CIA) 官员和美国军队在阿富汗涉嫌犯下的罪行。

国际刑事法院表示，它不会被美国的制裁所吓倒。

“为了无数严重罪行的受害者，法院将继续独立、公正地全面履行其职责，仅在法律和证据的基础上采取行动，”国际刑事法院院长赤根智子 (Tomoko Akane) 表示。

欧洲各国政府和人权组织将该法院视为执行国际法的重要机构，尽管世界上最强大且人口最多的国家——美国、中国、印度和俄罗斯——都不是其成员。

纳维·皮莱 (Navi Pillay) 在周五被授予诺贝尔和平奖。她表示：“我们必须团结一致，捍卫法治……”

人权律师获诺贝尔奖

作者：GARETH VIPERS 和 ALEXANDRA WEXLER

诺贝尔和平奖授予了南非人权律师兼法官纳维·皮莱（Navi Pillay），以表彰她数十年来致力于“确保战争罪、反人类罪和种族灭绝罪得到起诉”的职业生涯。

挪威诺贝尔委员会主席约根·瓦特内·弗里德内斯（Jørgen Watne Frydnes）在周五宣布获奖者时，将她描述为“一个以非凡勇气和正直引领全球法律秩序走向更全面方向的人”。

委员会表示，皮莱在她的法律生涯中给国际法留下了深刻的印记。她曾任南非高等法院、卢旺达国际刑事法庭和国际刑事法院的法官，随后担任联合国人权事务高级专员。皮莱最近还担任了联合国关于被占领巴勒斯坦领土独立国际调查委员会的主席，目前在缅甸种族灭绝审判中担任国际法院的临时法官。

诺贝尔委员会在国际刑事法院（ICC）等国际机构遭受抨击之际向皮莱致敬，皮莱曾在 2003 到 2008 年间担任该法院法官。

“我们正生活在一个国际法和人权遭受严重政治攻击的时代，”皮莱在周五的新闻发布会上表示。

她说：“这个奖项加强了我的信念，即我们必须团结起来捍卫法治，捍卫独立法院以及基于原则而非选择性的国际法律秩序。”

85 岁的皮莱在德国纽伦堡法院得知获奖消息。听到消息后，她在同事的掌声中微笑并难以置信地耸了耸肩。

南非的纳维·皮莱作为国际法捍卫者获得和平奖。

“如果你们再多拍一会儿手，我也许能和特朗普分享这个奖项，”她开玩笑地提到前任获奖者玛丽亚·科里纳·马查多（María Corina Machado），后者在今年早些时候将自己的奖项赠予了美国总统。

“我最后做的事情是提交关于加沙的报告，将那里发生的事情定性为种族灭绝。对该报告的主要反应之一是对我的勇气表示敬意，”皮莱说。“为什么说真话需要勇气？你解读法律，审视所有事实。”

1967 年，皮莱成为南非纳塔尔省第一位开设律师事务所的女性，开启了数十年的职业生涯，期间主持审理了刑事和民事案件。她深度参与了反种族隔离运动，为纳尔逊·曼德拉及其在非洲国民大会的盟友提供辩护。

在曼德拉当选南非总统后，他于 1995 年提名皮莱担任高等法院法官。皮莱出生于德班的一个印度泰米尔家庭，是首位担任该职位的非白人女性。随后，皮莱被联合国大会选为卢旺达国际刑事法庭法官，在那里任职八年，其中四年担任主席。

获取他人错过的股票精选。

独家精选。 提前获取。 专家挑选的小盘股和市场驱动股。

BARRON'S INVESTOR CIRCLE

SHAUN BOTTERILL / GETTY IMAGES

英国陷入政治博弈

卡杜恩·穆巴拉克（Khaldoon Al Mubarak），曼城足球俱乐部主席，在 2023 年庆祝夺冠。

俱乐部的制裁风险威胁与阿布扎比足球支持者的财务关系

伦敦——阿布扎比王室对曼城足球俱乐部的收购，一直以来远不止是一个亿万富翁为自己买一件闪亮的外国玩具那么简单。

作者：Max Colchester, Joshua Robinson 和 Eliot Brown

从一开始，这个项目就是一个软实力计划的顶端，旨在将这个微小的酋长国深深地植入英国经济之中。

如今，18年过去了，事实表明该俱乐部处于英格兰足球历史上最大规模的作弊计划中心。而曼城（City）否认有任何不当行为，在等待一项针对“财务兴奋剂”的前所未有的处罚时，这场丑闻的影响已经波及到了新任首相安迪·伯纳姆（Andy Burnham）。

对于伯纳姆来说，这一困境尤为尴尬。他很大一部分政治吸引力建立在自己作为一名普通足球迷的形象之上，但现在却发现自己陷入了英国经济的主要投资者与捍卫英超联赛（Premier League）——这一全球受欢迎的文化出口产品——的完整性之间的两难境地。

“这件事确实需要谨慎处理，不能让每个人都跳出来给出自己的结论，”伯纳姆表示。在他之前担任曼彻斯特市长的任期内，他曾就类似的、规模较小的违规行为，为他心爱的埃弗顿队（Everton）游说以避免受罚。

在过去十年中，英国花费了大量精力吸引阿拉伯联合酋长国（U.A.E.）在英投资，试图以此启动其增长缓慢的经济。两国在2021年宣布的一项主权投资伙伴关系，最初目标是在五年内投资100 亿英镑 billion，目前已在50多项直接投资中承诺了近300 亿英镑 billion，约合400 亿美元 billion。

诸如 Mubadala 和 Masdar 等国家投资机构向英国的离岸风电、清洁技术、生命科学和光纤网络投入了数十亿美元。2008年，阿布扎比联合集团（Abu Dhabi United Group）在谢赫·曼苏尔·本·扎耶德·阿尔纳哈扬（Sheikh Mansour bin Zayed Al Nahyan）的指示下，花费$250 million收购曼彻斯特城——现在看来这简直是小钱。

因此，当英超联赛透露该俱乐部

被判定违反其支出规则超过100次时，伯纳姆最直接的担忧是阿拉伯联合酋长国会将资金转投他处。

英国政府一直试图吸引阿联酋在英投资。

“我真的非常担心会失去他们，”伯纳姆在英超联赛做出裁决后不久告诉 BBC，“他们在建设现代曼彻斯特的过程中扮演了如此重要的合作伙伴角色。”

在这一切过程中，伯纳姆一直处于核心观察位置。2017年他就任曼彻斯特市长时，他继承了一个罕见的英格兰北部城市成功案例，这座城市的繁荣部分得益于石油国家资金的注入。

除了让阿联酋能够接触到全球最受欢迎体育联赛的数百万粉丝的俱乐部之外，曼城的所有者还向其周边地区投入了大量资金。他们花费 £2 亿 建立了一个青少年足球学院，同时向曼彻斯特东部的一个大型房地产开发项目投入了数百万英镑。

这场风波的中心是两位权势显赫的阿联酋人士。一位是控制着穆巴达拉投资公司（Mubadala）且是总统穆罕默德·本·扎耶德弟弟的谢赫·曼苏尔。另一位是两兄弟的关键助手哈尔多恩·阿尔-穆巴拉克。穆巴拉克是阿布扎比执行委员会成员，并协助监管该国的财富基金。

穆巴拉克还担任曼彻斯特足球俱乐部的主席。

在他管理近十年的时间里，该俱乐部被指控策划“虚假合同”以夸大赞助协议的价值，并秘密地将所有者的资金转入，以便在球员和教练身上挥霍，其支出远超英超联赛规则的允许范围，而这些规则正是为了限制投资者的资金注入而专门设计的。调查发现，曼城在向联赛和调查人员撒谎的同时，隐瞒了超过 11 亿美元 billion 资金的来源。潜在的处罚范围从罚款到被逐出联赛不等。俱乐部已对该决定提出上诉。

英国政府官员担心，目前对曼城的处理方式可能会导致阿布扎比对英国产生反感，并关闭投资水龙头。

为了缓解局面，英国政府正在强调其作为可靠军事伙伴的角色，指出今年春天英国派遣了皇家空军与阿联酋军队共同拦截从伊朗发射的无人机和导弹。

至于曼彻斯特足球俱乐部，在调查首次启动八年后，该俱乐部只能等待英超联赛发布制裁决定。

“仍然有许多人想要破坏我们俱乐部的势头，”穆巴拉克在裁决确认前表示，“我们不会给他们这个机会。”

世界观察

BEINVENIDO VELASCO / 周五两场强震袭击巴拿马时，巴拿马首都巴拿马城的一栋建筑受损。

巴拿马

强震袭击巴拿马

周五，两场震级分别为 7.7 和 6.6 的强震以及一系列余震席卷巴拿马南部，导致震中附近建筑倒塌，并引发全国范围内的疏散。

美国地质调查局（USGS）表示，较早的一次地震在邻国哥伦比亚都能感受到，震中位于埃雷拉省中部偏远社区皮塔洛萨-阿里巴（Pitaloza Arriba）西南约 6 英里处。震源深度为 6 英里。USGS 最初报告第一次地震为 8 级，随后将其修正为 7.6 级，之后又修正为 7.7 级。

首都巴拿马城的居民明显感到惊恐，他们聚集在室外等待消息。多次余震继续在巴拿马发生。

总统何塞·劳尔·穆利诺（José Raúl Mulino）表示，截至周五晚上，当局尚未记录到有人死亡，但他警告称情况可能会发生变化。

——美联社

法国

雷诺阿画作被追回，六人被捕

当地当局周五表示，上个月从法国南部一家博物馆被盗的两幅雷诺阿画作已被找回，并有六人被捕。

雷诺阿博物馆所在城镇的市长布莱恩·马松（Bryan Masson）发表声明，赞扬了追踪到画作和嫌疑人的调查人员。该声明未详细说明具体追踪方式。

地区检察官办公室和警方未回应置评请求。

失踪的两幅画作分别为《科隆纳·罗马诺夫人肖像》（Portrait of Madame Colonna Romano）和《井边的年轻女子》（Young Woman at the Well）。

当局表示，窃贼在这次抢劫中切断了围栏，通过窗户潜入，盗走了四幅价值不菲的雷诺阿画作，但在逃跑时遗弃了两件艺术品。

—美联社

乌克兰

俄罗斯袭击造成至少三人死亡

官员周五表示，俄罗斯的袭击在乌克兰全境造成三人死亡，至少八人受伤。目前，乌克兰正努力应对不断升级的俄罗斯轰炸，过去三天内已有 50 多人因此丧生。

地区军事行政部门负责人米哈伊洛·塞米金（Mykhailo Semikin）表示，周晨间俄罗斯对乌克兰扎波罗热地区的袭击造成一名男子死亡，五人受伤。

乌克兰西部伊万诺-弗兰科夫斯克地区军事行政部门负责人斯维特拉娜·奥尼舒克（Svitlana Onyshchuk）表示，当地一名男子被杀。乌克兰内政部在 Telegram 上表示，一名女性在俄罗斯对基辅附近仓库设施的袭击中丧生。

此外，地区应急总部表示，周五乌克兰对俄罗斯东部别尔哥罗德地区的袭击造成两人死亡。

—美联社

监狱暴动导致 10 人死亡，16 人受伤

锡那罗亚州公共安全秘书处在 X 上表示，此次事件造成九名囚犯和一名家属死亡，另有 16 名囚犯在受伤后被送往医疗机构治疗。

冲突发生后，陆军、国民警卫队、海军和州安全部队进入监狱恢复秩序。

分析人士认为，部分由审前羁押导致的人员过剩，加上监狱工作人员不足，加剧了监狱内部的腐败和暴力。

此次暴力事件于周四上午发生在港口城市马萨特兰的埃尔卡斯蒂略监狱（El Castillo Penitentiary）。

中国觊觎掩护台湾的岛屿

作者：迈克·切尔尼 (MIKE CHERNEY)

中国扩大其在太平洋影响力的行动有了新目标：一组菲律宾的小岛，这些岛屿对于美国防御台湾至关重要。

巴坦群岛位于台湾正南方的海峡上，如果中国要攻击台湾，可能需要控制该海峡。北京方面已承诺，如有必要，将采取武力夺回实行自治的台湾。

墨西哥

这些岛屿自殖民时代起就属于菲律宾。但今年，一群与政府有关联的中国学者提出了巴坦群岛实际上属于北京的观点。随后，中国官方媒体大肆宣传这一主张。

菲律宾方面的反应迅速。国防部长称此举荒谬，该国国家历史委员会也发表了反驳声明。

在台湾东南部 100 英里处，这些岛屿俯瞰着一段水域——巴士海峡。如果中国想在冲突中包围台湾或实施封锁，就必须控制这里。

然而，巴坦群岛的主—

美国已协助领导旨在准备与中国在这些岛屿及其周边发生冲突的军事演习。近期，美国在巴坦群岛部署了移动导弹系统，从而能够打击海峡中的中国船只。

州政府当局表示，周四在墨西哥西北部饱受暴力困扰的锡那罗亚州的一所监狱中，在亲属探视期间爆发了一场骚乱。

巴坦群岛居住着 19,000 人。尽管气候炎热，一些游客仍将这里的景观比作苏格兰高地。当地的伊瓦坦人（Ivatan）所说的语言与台湾离岛兰屿上的陶山原住民社区语言相似。

“我们很清楚巴坦群岛是我们的，”伊特巴亚特（Itbayat）市长约瑟夫·库尔图拉（Joseph Cultura）说道，该市是该群岛最北端的市镇。“巴坦群岛是

中国海警船 选定航迹，2025年8月及2026年10月

挂中国旗的科考船* 选定航迹，2026年4月至9月

*包括已确认和疑似的科考船 **显示的海域边界基于 Marine Regions；部分边界为计算出的中线，而非商定的国际边界 来源：菲律宾海岸警卫队、战略与国际研究中心（科考船）；Starboard Maritime Intelligence；Global Fishing Watch；Marine Regions (EEZ)

权问题——这是北京在“灰色地带”行动中展示力量的最新手段。“这是一个之前就使用过的模式，”总部位于澳大利亚的洛伊研究所（Lowy Institute）智库东南亚项目主任亨特·马斯顿（Hunter Marston）表示，并指出中国学者越来越倾向于发表与政府观点一致的言论。“认为这仅仅是某些学者在抛出想法……事实并非如此，”他说。

根据暨南大学一所学院发表的一份声明，在 6 月于中国南部城市广州举行的一次研讨会上，中国学者得出结论，认为巴坦群岛是台湾的地理延伸，因此使这些岛屿成为中国的一部分。

DANIEL KISS / WSJ

毫无争议的是巴坦群岛的战略位置。但它并不是中国的一部分。”

在过去一年半的时间里，菲律宾发现多艘中国海警船和科考船在这些岛屿附近活动，那里分布着关键的海底电缆。近日，菲律宾海岸警卫队派遣了一艘最大规模的舰艇和一架飞机前往巴坦群岛，驱逐一艘得到了中国海警支持的中国海洋调查船。

一些当地人担心，在与中国的冲突中，巴坦群岛——菲律宾 82 个省中人口最少的省份——会发生什么。

“希望他们能尊重我们的边界，”在巴坦群岛首府巴斯科（Basco）担任导游的 34 岁青年马克·安东尼·卡斯蒂略（Mark Anthony Castillo）说。“我们只想要简单而正常的生活。”

讣告

詹姆斯·E·佩雷拉 (James E. Perrella)

佛罗里达州棕榈滩花园市 —— 英格索尔-兰德公司 (Ingersoll-Rand Company) 退休董事长、首席执行官兼总裁

詹姆斯·E·佩雷拉是一位受人尊敬的商人，也是一位挚爱的丈夫、父亲、祖父、叔伯、慷慨的朋友以及社区的坚定成员。他于 2026 年 9 月 11 日安详地回到了主的身边。

吉姆于 1935 年 5 月 30 日出生在纽约州格洛弗斯维尔，父母为艾琳和詹姆斯·A·佩雷拉。吉姆的一生堪称卓越，其特点是对工作的热情、正直、毅力，以及对家人和周围人的坚定承诺。吉姆于 1960 年毕业于普渡大学，获得机械工程学士学位，并于 1961 年获得工业管理硕士学位。普渡大学随后在 1994 年授予他工程荣誉博士学位。

他于 1962 年开始在英格索尔-兰德公司工作，该公司是一家全球性的工业机械、压缩机和建筑设备制造商。在随后的 38 年职业生涯中，他在公司所有关键运营部门担任过工程、制造、销售和高级领导职务。凭借其远见、决心和凝聚人们的能力，他赢得了同事、客户和朋友的尊重，而他出色的沟通天赋

讣告

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

更多信息请访问：wsj.com / inmemoriam

使他成为了一名天生的领导者。吉姆于 1995 年出任董事长兼首席执行官，人们普遍认为，在他领导这家纽约证券交易所 (NYSE) 上市公司的五年任期内，他使公司的销售额和每股收益翻了一番。

吉姆的影响力和领导力延伸到了英格索尔-兰德公司之外。他积极在 ArvinMeritor、Becton Dickinson、Bombardier、Milacron 和 Rio Algom 的董事会任职。他还曾在国家对外贸易委员会（担任主席）、北美商业委员会、美中贸易全国委员会、拉法基 (Lafarge) 国际顾问委员会以及英美商业委员会任职。

然而，尽管取得了所有这些职业成就，吉姆最大的骄傲始终是他的家人。他认为与戴安的婚姻是他一生中最大的祝福，两人共同度过了 41 个神奇的岁月。

吉姆的朋友圈将深情地回忆起他与戴安在各自家中举办的多次聚会，尤其是他们在佛罗里达州和马里兰州举办的 7 月 4 日庆祝活动。在那里，吉姆总是被家人和朋友簇拥着，享受着大家的陪伴、爱以及大自然的宁静。他将大量时间用于指导他的侄子、侄女和孙辈。他珍视自己的所有角色，并最享受从最亲近的人那里获得的爱与关注。

人们将记得吉姆的温暖、智慧、慷慨、绝佳的幽默感、善良、积极以及灿烂的笑容。他充满好奇心，沉稳且给人以鼓励，并且总是提出有意义的问题。吉姆拥有一种罕见的能力，能让人们感到受欢迎和被重视，而且比起分享自己的经历，他更感兴趣于他人的经历和成功。他的榜样将继续引导所有有幸认识他的人。

他的遗属包括妻子戴安、女儿乔伊及其丈夫安迪·拉森 (Andy Lathan)；孙辈阿比盖尔 (Abigail) 和麦肯娜 (McKenna)；以及他的妹妹安·安布罗西诺 (Ann Ambrosino)、弟弟约翰·佩雷拉 (John Perrella)、妹夫吉安·坎佩西 (Gian Campesi) 和卡洛·坎佩西 (Carlo Campesi) 以及表亲迈克尔·尤利塞 (Michael Ulisse) 和莫妮卡·尤利塞-兰德罗夫 (Monica Ulisse-Landrove) 的家庭。

一场庆祝吉姆非凡一生的纪念活动将于本月晚些时候在佛罗里达州他最喜欢的家庭聚会地点之一举行。

《华尔街日报》

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爱情故事：厨师与塔可钟 (Taco Bell)

（接第一页）

“酥脆感、油脂感以及酸奶油那明亮的酸度相结合，这一切都有其目的：为了让你的口腔感到愉悦，并激发大脑中的神经元，”主厨布里西亚·洛佩兹（Bricia Lopez）说道。她共同经营着一家曾被已故美食评论家乔纳森·戈尔德（Jonathan Gold）誉为“美国最好的瓦哈卡餐厅之一”的餐厅。

这可能会令人感到惊讶。在美国狂野且经常被诟快快餐王国中，塔可钟（Taco Bell）是一个极具争议的品牌。早在该连锁店与今年夏天的环孢子虫爆发事件联系起来之前，塔可钟就一直被当作快餐质量低劣的笑柄。“塔可钟将五种食材以完全新颖的方式结合在一起，”《洋葱报》（The Onion）的一篇经典标题如此写道。

尽管如此，作为百胜餐饮集团（Yum Brands）旗下的明珠，它激发了一种似乎能持续终生的忠诚度。从高级料理到大众美食的厨师和烹饪人员，都将自己视为最虔诚的拥趸。

ELIZABETH ARVELOS COETZEE / WSJ

“很多人认为厨师在休息时间需要真正家常的饭菜、精致的食物或某种复杂的东西，但答案是‘并不见得’，”田纳西州纳什维尔 Noko Hospitality 的联合创始人、主厨邓·“小”·武（Dung "Junior" Vo）表示。他习惯在下班后选择塔可钟作为可靠的深夜餐。

当詹妮弗·华·多伯廷（Jennifer Hwa Dobbertin）为员工举办欢送派对时，通常会准备塔可钟的食物——而且量很大。“对于很多服务业从业者来说，这是主食，”这位位于圣安东尼奥的主厨、餐厅经营者及三次詹姆斯·比尔德奖（James Beard Award）提名者说道。

当然，仅仅是方——

厨师们表示，塔可钟提供了食材的完美和谐。

便之意很难概括这段完整的爱情故事。去年，当 Crunchwrap（塔可钟备受喜爱的烤六边形食品）迎来 20 周年时，它引发了一场巨大的情感迸发。超过 1 亿 个被售出。许多厨师甚至创造了自己的版本，将原版中重新加热的碎牛肉和纳乔芝士酱替换为精心挑选的食材，如烤猪肩肉（pernil）、韩式烤肉（bulgogi）、比里亚炖肉（birria）以及手工制作的莎莎酱或酱汁。

曾在泰国生活多年的多伯廷创造了自己的 Crunchwrap，用玉米饼包裹着浸在考索伊（khao soi）椰奶咖喱中的腌鸡肉，配以牛油果罗勒牧场酱和脆小麦面以增加酥脆感。

武最想在自己餐厅的一款烤芝士三明治中模仿的正是 Crunchwrap 的口感。“你用手拿起它，当你咬下去时，它有松露蛋黄酱，来自帕尔马火腿的一点咸味，以及面包本身的黄油酥脆感，”他说，“这尽可能接近那种口感。”

武自己的塔可钟固定订单大胆地呼应了该连锁店对个性化的鼓励：一份加入了牛排和碎牛肉的鸡肉墨西哥烤饼（quesadilla）。“这就像是一种完美的肉食爱好者方案，你可以在车里吃而不会弄得乱七八糟。”

公司与厨师之间这种由塔可驱动的共生关系

食品创新团队的高级经理布雷特·普卢斯卡洛夫斯基（Brett Pluskalowski）认为，2012 年推出的、使用多力多滋（Doritos）涂层外壳的 Doritos Locos Taco，为烹饪实验打开了大门，这在目前广泛可见的由包子、印度烤饼（roti）、皮塔饼（pita）或海苔制成的融合塔可中依然可见。

可以追溯到最初。创始人格伦·贝尔（Glen Bell）在加州圣贝纳迪诺的 Mitla Cafe 对面经营一个热狗摊，那家店的老板首先教会了他关于酥脆塔可的神奇特性。

塔可钟确实在尝试，使用了炸鸡、比司吉、华夫饼甚至炸芝士。普卢斯卡洛夫斯基最近痴迷于用 tahdig（波斯米饭锅底的焦香锅巴）制作塔可外壳。

虽然目前还没有成功，但如果成功了，厨师们将会等待着。有些人甚至可能会尝试抢在他之前实现。

沃尔玛推进机器人化进程困难重重

“现在你可以把任何东西都变成塔可壳，”他说。

（接第一页）该公司雇佣的协助公司曾徒劳地寻找一种方法，旨在编排机器人一边在仓库工人身边快速穿梭，一边将商品分拣到料箱中，但测试的技术要么无法运行，要么成本过高。最终，他们设计了带有运动和障碍物传感器的轮式小型机器人，目前正将其安装在十几个仓库中。

“我们正处于某种复杂性的顶峰，”沃尔玛美国区供应链运营负责人罗布·蒙哥马利（Rob Montgomery）表示。他目前正监督沃尔玛在美国约 200 个供应链建筑中大部分正在进行的自动化转型。

问题接踵而至。沃尔玛多年来使用的纸质运输箱对于自动化系统来说太大了。穿梭运输货物的微型机器人故障过于频繁。系统无法处理某些超大产品，例如大袋狗粮。

蒙哥马利表示，这次自动化运动之所以如此棘手，是因为沃尔玛在不对仓库停业的情况下对其进行重新设计。

随着提高销售额并更快地将商品运送到家庭的压力日益增大，且不能在额外雇佣工人或扩建设施上花费巨资，美国许多最大的零售商都在经历类似的自动化转型。亚马逊的快速增长——它在自动化方面领先于零售竞争对手，且在今年早些时候超过沃尔玛成为美国年度营收最高的公司——增加了这种紧迫感。

“在许多情况下，自动化投资是零售商之间的一场军备竞赛，”市场情报公司 Interact Analysis 的高级仓库自动化研究经理鲁本·斯克里文（Rueben Scriven）表示，“而‘亚马逊效应’则是房间里那个无法忽视的巨大问题。”

没有资金在长期排障过程中进行大量投资的零售商处于劣势。去年秋天，克罗格（Kroger）表示，由于“自动化履行网络未达到财务预期”，将承担 26 亿美元 billion 的费用以关闭 3 个自动化电子商务履行中心。克罗格表示，将更多地利用门店来履行在线订单，并专注于“轻资产”的自动化工作。

沃尔玛预计，门店改造和供应链自动化推广的支出将在今年和明年达到顶峰。公司高管表示，推进自动化意味着最终将需要更少的仓库工人，而剩余的职位将更多地涉及管理或修复自动化系统，而非搬运箱子。

高管们表示，由于仓库工作的员工流失率很高，自动化不会导致裁员。“我们仍然需要卸载拖车的人员，”

上图为印第安纳州一个仓库中用于分拣货物的自动化系统。卸载卡车仍需要体力劳动者。

蒙哥马利补充道，整体销售额的增长可能需要与今天一样多的仓库工人。

沃尔玛高管表示，自动化应能让公司更快速、更精准地处理更多库存，从而降低缺货频率并降低成本。他们设想在未来的某个时刻，a choreoare 被装上发往门店的卡车。

蒙哥马利表示，布鲁克斯维尔（Brooksville）现在几乎实现了“完全自动化”，这意味着约 80% 的库存通过这种方式移动。另外 20% 则较为棘手。他说，在可预见的未来，大屏幕电视和巨型袋装狗粮等商品仍需要人工协助。总体而言，他表示，公司现在已经掌握了实现自动化所需的技术。

自动化正在推高部分成本。一位熟悉情况的人士表示，在制冷或制热高峰月份，沃尔玛自动化杂货设施的每月电费可达 $800,000 或更多，而操作较为手动时每月约为 $250,000。运行这些操作所需的机械和电气工程师的成本高于非技术性的仓库工人。

今年早些时候，沃尔玛在 2023, 设定的自动化目标方面进度落后，当时投资者和记者参观了其布鲁克斯维尔（Brooksville）自动化测试仓库。当时，高管们表示，到今年 1 月底，约 65% 的门店将由使用自动化的仓库提供服务，55% 的电子商务仓库货量将实现自动化。到 8 月，沃尔玛已接近目标：超过 65% 的门店接收部分自动化货运，且超过 50% 的电子商务库存通过自动化系统流动。

货车以图表化且可预测的节奏抵达门店，装载着当时所需的托盘货物。托盘将被组织好，以便门店员工能将它们拉到同一个通道。

一些沃尔玛供应商需要调整其产品以适配自动化系统。几年前，在感恩节假期购物高峰到来前，加利福尼亚州一家新自动化杂货仓库的工人发现，其机械臂在处理大型冷冻火鸡时会出现失误。沃尔玛要求其供应商加固运输箱。在需求最后时刻激增期间，附近的杂货仓库被用于向门店运送足够的火鸡。

熟悉情况的人士表示，对于 Symbotic 而言，要达成沃尔玛的目标（主要是所需的“吞吐量”，即货物处理速度）十分困难。Symbotic 在其马萨诸塞州总部的电子看板上跟踪设备的性能，希望能够快速消除问题。

一家使用新包装箱的印第安纳州服装仓库。“但在这里工作的员工，他们的日常工作流程发生了相当大的变化。”

许多大型零售商正在进行类似的自动化转型。

而且商品可以按照在货架上的摆放顺序进行卸货。这将使门店员工的工作时间表更加精准且可预测。

Symbotic 首席执行官里克·科恩（Rick Cohen）在的一封电子邮件声明中表示，沃尔玛仓库的自动化“需要时间、艰苦的努力，以及基于信任的强大合作伙伴关系”。

技术挑战

蒙哥马利（Montgomery）表示，新包装箱将缩短门店的补货时间，从而降低劳动力成本。

二十多年来，沃尔玛一直使用同一种纸箱在仓库和门店之间运送大量商品，箱上印有提醒，称这些箱子的平均成本为 $1，应当重复使用。沃尔玛计划在未来几个月内将它们全部淘汰。新箱子的长度缩短了 1 1 / 2 英寸，且需要用胶带封口，这一额外步骤将增加成本。

首先，公司需要解决许多棘手问题。

以及冷冻食品或电子商务订单。

沃尔玛的供应链为 5,200 家美国门店提供支持，这些门店销售从杂货、服装到轮胎的所有商品，涵盖线下货架和在线渠道。蒙哥马利表示，该系统需要能够“处理我们可能放入其中的几乎任何东西，无论来自哪个供应商，无论在任何时间。这一直是一项挑战。”

机器人问题

商店货架上的许多非易腐商品首先被运送到整合供应商货物的仓库，然后被发送到 42 个配送中心。数十个独立的杂货仓库负责处理冷藏和冷冻物品。另一些仓库则处理沃尔玛美国的大量电子商务订单，商店的后勤区也是如此。

“这是一个微小的改变，”经理菲利普·麦基尔拉斯（Phillip McIlrath）表示

沃尔玛在十多年前就开始尝试不同版本的系统，通常是在佛罗里达州布鲁克斯维尔（Brooksville, Fla.）一个面积 160 万 平方英尺、处理非易腐商品的仓库中进行。这些系统由总部位于马萨诸塞州威尔明顿（Wilmington, Mass.）的机器人公司 Symbotic 制造，沃尔玛持有该公司 12.6% 的股份。

沃尔玛的大多数供应链建筑建于 20 世纪 80 年代和 90 年代，因此其约 $80% 的自动化建设项目是改造工程。该公司还从零开始建设了几个全新的自动化杂货和电子商务仓库。

在不同地点处理不同物品需要不同的自动化系统，且这些系统通常由不同的公司构建。一套系统旨在处理供应商发送给沃尔玛的整箱货物，另一套则用于将单个物品从运输箱中分拣出来。其他系统则处理新鲜

一个持续关注的焦点是 Symbotic 的产品分拣机器人发生故障或需要维护的频率。一些熟悉情况的人士表示，简单的积尘就可能阻碍机器人的运行，而停机可能会引发一系列其他问题。

沃尔玛和 Symbotic 曾努力开发一套足以安装在其他地点的成熟系统。2019, 他们拆除了布鲁克斯维尔的一个版本并从零开始重建。2022, Symbotic 宣布已与沃尔玛达成协议，计划到 2030 年左右将其系统扩展到所有 42 个非易腐商品仓库。

该系统将货物存储在从地板到天花板的开放式金属结构中，机器人负责在卡车卸货区和存储架之间穿梭运输货物，而其他带有机械臂的机器人则负责构建 10 英尺高的托盘，这些托盘

一名 Symbotic 发言人表示，去年在任何给定时间，被维修的机器人比例低于 10%。他表示，最近几个月这一比例已降至约 5% 在最近几个月。

今年早些时候，沃尔玛开始迅速通知供应商，其包装在何时以及如何产生问题。

从一开始，沃尔玛的主要自动化目标之一就是构建一个整洁、包裹紧密的托盘，且其堆叠顺序与商店卸货所需的顺序完全一致，这将节省劳动力成本。两家公司的高管表示，沃尔玛和 Symbotic 尚未实现这一目标，但已取得进展。

蒙哥马利（Montgomery）表示，随着更多产品通过自动化仓库，构建托盘这一类似“俄罗斯方块”的任务应该会变得更加精准，因为软件将有更多物品可供选择。

沃尔玛尚未找到自动化在商店内部（而非仓库）组装在线订单的最佳方法。自 2016 以来，该公司为此投入了近 10 亿美元 billion。

在商店中实现电子商务自动化很困难，因为空间更狭小。而且，对于那些可能在停车场车内等待或期待在特定时间收到送货上门的客户来说，出现差错可能会令人抓狂。

“我们知道，如果我们等待完美，”他说，“那将花费太长时间。”

蒙哥马利表示，沃尔玛的领导团队预计会出现混乱的时刻，但高管和董事会将自动化视为一项值得投入的长期项目。

沃尔玛在 20 家商店引入了由 Alert Innovation（另一家总部位于波士顿的机器人公司）构建的系统。但据熟悉此事的人士透露，Alert 在吞吐量和其他指标上难以达到沃尔玛的标准，并面临资金危机。2023, 沃尔玛以 4亿美元 收购了 Alert。

随后，沃尔玛去年以 2 亿美元的亏损将该公司出售给了 Symbotic。Symbotic 的高管在近期的一次业绩讨论电话会议上表示，该公司目前正在达拉斯的一家沃尔玛门店安装一个新的测试版本，并运行现有的 19 个站点，但预计直到 2028 年才能推进一个可行的模型。

新系统会对在仓库中移动的箱子进行扫描。

周末访谈：对话 Zack Korman / 作者：Allysia Finley

为什么技术专家变成了末日论者？

他们曾向我们承诺未来，而现在他们想让我们恐惧未来。比尔·盖茨在 2007 年曾表示：“我认为除了传送门之外，你在科幻小说中看到的大多数东西，在接下来的十年里，都是你将能看到的东西。”被誉为人工智能之父的诺贝尔物理学奖得主杰弗里·辛顿在 2016 年曾说：“人们现在应该停止培训放射科医生了。显而易见，在五年之内，深度学习的表现将远超放射科医生。”

上个月，盖茨先生警告称，人工智能可能会导致 10 亿人死亡。辛顿先生也不甘示弱，几年来一直在推测人类在人工智能手中彻底灭绝的可能性。上个月，他告诉英国广播公司（BBC），将这种结果的可能性定为 10% “并非不合理”。

这种乐观主义是如何让位于末日论的？我询问了扎克·科曼，他自称曾是一名末日论者，但现在认为人工智能的风险是可以控制的，并且与其它技术在最初出现时的风险并没有太大区别。

一位 AI 网络安全专家将其归因于一种自称“有效利他主义”的古怪哲学的影响。

“我认为风险是真实存在的，我们将面临严重的 AI 风险挑战，”34 岁的科尔曼先生通过 Google Meet 从挪威说道，那里是他创办的 AI 网络安全初创公司 Embroidery 的总部。“前方存在威胁和问题。即便如此，我认为禁止任何事物都无济于事。”他指责那些“末日论者”成功地将这场辩论变成了“安全与不安全”之间的对立，并坚持认为“他们的许多提议极其不安全，或者在其他方面同样危险”。

科尔曼先生证明了自己是他所从事的技术领域——网络安全——的一名高效推动者。他指出，当 OpenAI 的智能体共谋突破其测试“沙箱”并入侵机器学习平台 Hugging Face 时，这在“美国政治和全球政治中引发了一场风暴”。但他坚持认为，如果 OpenAI 只要执行了“基础的网络安全”措施，这件事“本可以成为史上最大的‘无事发生’”。他说，AI 智能体在被赋予任务时应当受到监督，就像人类通常那样。“OpenAI 已经明确表示，如果他们的监控在运行，这件事就不会发生，但他们当时没有运行监控。”

他补充道：“网络安全的核心在于拥有深度防御，也就是说，如果某一项失效，还拥有多道保护线。”然而，那些希望放缓 AI 发展的人利用了 OpenAI 和 Anthropic 等大公司的疏忽，来煽动公众的恐慌。

科尔曼先生表示，许多这类末日论者多年来一直在敲响警钟。“对于那个末日论圈子里的人来说，这就像是看到了预言成真，”他说。“就像是第三天下了雨，第四天出现了蝗灾，然后他们会说，‘我的天，世界现在要毁灭了’。”

在 AI 近期实现飞跃之前，顶尖实验室公司的领导者们在 2023 年签署了一份声明，断言“减轻 AI 带来的灭绝风险应成为全球优先事项，与大流行病和核战争等其他社会规模的风险并列”。辛顿先生和盖茨先生签署了该声明，职业气候警示主义者比尔·麦基本（Bill McKibben）也签署了该声明。

科尔曼先生将 AI 末日论的起源追溯到牛津大学哲学家尼克·博斯特罗姆（Nick Bostrom）2014 年出版的一本书——《超级智能：路径、危险、策略》（Superintelligence: Paths, Dangers, Strategies）。埃隆·马斯克当时对这本书赞赏有加：“我们需要对 AI 极其小心。它潜在的危险程度可能超过核武器。”

为了阐明这项雏形技术的潜在危险，博斯特罗姆先生设想了一台超级智能机器，其目标是最大化回形针的产量。由于人类控制着可能干扰这一目标的资源，机器可能会得出结论：必须消灭人类。因此，导致大规模灭绝。

科尔曼先生在书出版前后就曾在牛津大学学习，他表示这本书深深影响了他周围属于“有效利他主义”运动的知识分子。有效利他主义声称是一种行善的实用方法，其灵感来自功利主义。杰里米·边沁（Jeremy Bentham，1748-1832）将这种哲学总结为：“最大多数人的最大幸福是衡量是非的标准。”

有效利他主义者在功利主义的基础上增加了“长期主义”（longtermism，不带连字符）的概念——科尔曼先生将其定义为这样一种观点：“可以说，未来的生命最重要，因为他们的数量要多得多。”

这导致了极其投机性的推演：“所以，没错，今天有 80 亿人活着，但在接下来的千年里，可能会有数千亿人出生又离世。如果发生了某些糟糕的事情，导致这数千亿人无法诞生，那么我们实际上就犯下了种族灭绝罪。”这种幻想暗示了一种道德命令：“所以基本上，如果你能做些什么来稍微改变这种发生的风险，你就完成了人类历史上最伟大的壮举。”

有效利他主义组织“非常致力于这种灾难性风险的概念以及如何预防它。而灾难性风险的主要领域之一就是 AI 杀死所有人。”科尔曼先生总结道，这就是为什么“有效利他主义者作为一个群体，表现得极其悲观（doomer）”。

这种意识形态的许多追随者与大型 AI 公司有着联系。Anthropic 的总裁丹妮拉·阿莫代（Daniela Amodei）是首席执行官达里奥·阿莫代（Dario Amodei）的妹妹，同时也是霍尔登·卡诺夫斯基（Holden Karnofsky）的妻子，后者共同创立了两家大型有效利他主义非营利组织。Anthropic 早期获得了包括 FTX 加密货币交易所创始人萨姆·班克曼-弗里德（Sam Bankman-Fried）在内的有效利他主义追随者的资金支持，班克曼-弗里德在被判定联邦欺诈和共谋罪后，目前正在服刑 25 年。班克曼-弗里德挪用了数十亿客户资金。由于有如此多有效利他主义者在薪资名单上， 实验室里充斥着悲观主义者也就不足为奇了。

科尔曼先生不认为自主运行的 代理会造成大规模死亡的危险。他表示，如果有人因为 代理而死亡，“应该承担极其严重的后果”。但这并不需要大量的新法律和法规。

“法律中有一个完整的领域可以某种程度上监管它们，使其不杀人，”他说。现有的刑事和民事责任提供了充足的动力去创建强大的安全保障，以确保模型不会造成伤害。科尔曼先生说，如果 Hugging Face “真的想在此寻求某种法律追责，那将是有史以来最容易胜诉的案件”。而且不会有这种辩护：“好吧，我们并非故意这样做。” 只要构成过失，就足以让 OpenAI 承担责任。

科尔曼先生最初计划成为一名律师。他在 2015 年获得了爱丁堡大学的法学学位，随后获得了牛津大学的法律与金融硕士学位。在牛津大学期间，他“与一名教授发生了争论，我想赢这场争论，于是我决定抓取美国证券交易委员会（SEC）网站的数据”。这要求他学习编写代码。

他的好斗倾向体现在他经常在社交媒体上与悲观主义者发生争执。正如他在一段社交媒体视频中所指出的， 专家“并不一定是所有领域的专家。杰弗里·辛顿（Geoffrey Hinton）曾非常出名地预测放射科医生现在应该已经失业了。这显然是错误的。专家经常出错，尤其是涉及到宏大且深远的社会变革时。” 疫情期间的封锁便是一个例子。

完成学业后，科尔曼先生希望“在一家律师事务所工作，有效地将机器学习应用于某些税法领域”。但当时的律所对此并不感兴趣。于是他尝试担任计算机工程师，先后在哥本哈根的 Aller Media 和挪威网络安全公司 Pistachio 工作。他开始使用 ChatGPT “将其应用于网络安全中的自然语言问题”，随后用于“内部威胁检测”。他的经验让他摒弃了悲观主义，使他确信 风险可以通过更好的安全措施来控制，从而防止 驱动的网络攻击和失控的代理肆虐。

六个月前，他推出了 Embroidery，该产品使用 “监督员”来监控 代理，并在它们开始出现失控行为时对其进行检测和拦截。他的监督员会与代理共谋做坏事吗？他说他从未见过这种情况，而且更难的问题是如何让 监督员对代理的行为不要那么怀疑。

他说，建立更强大的网络安全保障比暂停控制和约束 代理更有效：“在大多数法律领域，我们并不试图防止所有滥用和防止所有伤害。我们在政策上采取平衡之策。” 尽管有些人开车鲁莽，但汽车并没有被禁止。汽车制造商开发了安全功能来预防和减轻伤害。

“我们也必须拥有能够帮助我们防御自己的模型，而不仅仅是 AI 实验室所谈论的那种通过使用 AI 来修补漏洞的方式，”科曼先生说道。“网络安全的一个重要部分是在威胁发生时将其捕捉到，从而知道它们的存在并能够实时阻止它们，”他表示。

科曼先生认为，推进 技术对于抵御来自中国和其他对手的网络攻击至关重要。如果美国暂停开发，中国人将“有充分的理由希望继续前进，因为他们将能够成为他们一直渴望成为的样子——不再是一个低成本制造中心，而实际上成为一个技术卓越的中心”。

对于 “军备控制”协议，他也持怀疑态度。如果中国人“签署一份只有一页纸的协议，称‘我们将确保 是安全的’，那么这就像许多国际协议一样——毫无意义”。

包括盖茨先生在内的一些人呼吁建立一个国际监管机构来管理 。“我认为这是一个相当可怕的概念，”科曼先生说。“人们应该对权力的集中更加担忧，而不应将其视为一场关于安全 与不安全 的辩论，因为事实并非如此。”

他还担心，被委任监管 的政府机构或私人实体可能会被大型 实验室所掌控。他举例提到非营利组织“模型评估与威胁研究”（Model Evaluation and Threat Research, METR），Anthropic 公司雇佣该组织来审查其模型。METR 雇用了许多 实验室的前员工，并接受了有效利他主义团体的资金。

监管还可能变成一张“免罪符”，使公司在 模型造成本可避免的伤害时无需承担后果。它“变成了一种借口，比如，‘好吧，监管机构已经批准了我们的安全实践，但我们还是导致了人员死亡’。而归根结底，不杀人的义务必须由公司承担。……我想这就是为什么我犹豫是否推荐实际的监管措施——因为我相信我们已经拥有了正确的方法，那就是法律责任。”

芬利女士是该报编辑委员会的成员。

携带高速攻击无人机重返校园

跨国报道 作者：凯特·法默（Kate Farmer）

佛罗里达州德尔托纳（Deltona, Fla.）。色彩鲜艳的书包，崭新的学习用品，以及夏末的阳光透过教室窗户洒进来。德尔托纳高中的秋季学期的景象和声音都很熟悉，但有一个隐藏的例外：

高速攻击无人机。

校方表示，今年秋天，德尔托纳高中成为了全美第一所安装安保无人机的学校。这些无人机旨在阻止校园枪击事件，其灵感源自乌克兰战争。“校园守护天使”（Campus Guardian Angel）系统的母公司 Mithril Defense 认为，无人机是校园安全的未来。在最近的一个周五下午，我亲眼目睹了它们在行动。

当我走近时，学校的入口看起来完全没有防御。我走过一个不起眼的白色拱门，后来我得知，该拱门利用人工智能来检测武器并通知附近的警卫。无需取出贵重物品，也无需通过金属探测器。

我加入了聚集在学校图书馆的大约 50 人之中。“校园守护天使”首席执行官贾斯汀·马斯顿（Justin Marston）向众人发表讲话。他说：“今天开启了保护美国学童的一个革命性篇章。我们来到这里是为了根除美国学校的大规模枪击事件。”

人群安静了下来。一名女性按下 iPad 上的一个按钮——召唤了一名无人机操作员，并与其交换了几句话。几秒钟后，巨大的嗡嗡声充满了房间，两架无人机从敞开的门口飞入，围绕着一个人形假人盘旋，大声地干扰“袭击者”，直到一名真正的警察跑进来。

马斯顿先生随后解释了演示中没有展示的内容。任何教师、管理人员或安保人员都可以通过挂绳上的呼叫按钮或应用程序呼叫操作员。这些无人机由位于德克萨斯州奥斯汀的飞行员手动操控，飞行员可以访问学校的安保摄像头和 3D 地图，无人机能撞碎窗户，并以 60 英里每小时的速度撞击袭击者。

它们配备了向目标眼睛喷射类似油漆的辣椒凝胶的设备，使其暂时失明——或者在对方佩戴护目镜时遮挡其视线。在警察到达之前，飞行员可以通过无人机的扬声器向枪手发出指令。解锁无人机需要 5 秒，15 秒到达袭击者身边，然后 60 秒使其失去行动能力。

从控制无人机深度感知的架构等每一个细节都经过了多年的开发。这些飞行员是驻扎在奥斯汀的一支冠军无人机飞行员团队，拥有像“Amari”和“Proximo”这样“壮志凌云”风格的绰号。

根据联邦调查局（FBI）的数据，在校园枪击事件中，袭击者在警察到达前通常有 3 到 5 分钟的时间。但组织混乱的警察部门，尤其是在偏远地区，可能需要更长的时间。到达现场后，警察必须清理转角并引导逃离的学生。他们必须保护自己。

CGA 团队认为，无人机可以抢在时间之前，从根本上改变枪手与潜在受害者之间的权力动态。它们的使用可能会破坏袭击者的计划。许多枪手在对他人数次开枪后会自杀。相比人类，无人机能更轻松地在不杀死袭击者的前提下将其制服。

马斯顿先生说：“如果你知道自己将被猎杀，将被羞辱，不会在光荣的火焰中死去，而是戴着手铐被交给司法系统，那么，我们就剥夺了实施这种行为的所有吸引力和权力。”

“校园守护天使”并非孤军奋战。德尔托纳高中还实施了其他隐形功能以

佛罗里达州德尔托纳高中成为首个采用高科技系统预防大规模枪击事件的学校。

使学校在更安全的同时减少警察的干预——例如 AI 驱动的金属探测器、武器检测安保摄像头等等。

结果可能无法让每个人都满意。无人机可以让学校更安全，但它们也暗示了一种更具威胁感而非舒适感的环境。

虽然它们可能会提高整体安全水平，但并不能消除人为错误的可能性。另一方面，对于许多人来说，近年来新出现的暴力威胁已经改变了私人和公共生活。

一年多前，查理·柯克（Charlie Kirk）在犹他谷大学校园内被暗杀。国会议员、最高法院大法官以及企业高管等人员，现在比以往需要更多的安保措施。

无人机可以降低风险。结合 AI 驱动的技术，人们在进入犹太会堂、办公室和购物中心时，可能不再需要紧张地回头张望。

这就是 Campus Guardian Angel 的愿景。他们正在将业务扩展到佛罗里达州另外三所学校和佐治亚州的五所学校。科罗拉多州的一所学校和德克萨斯州的两所学校（其中一所在去年曾发生过一次大规模枪击企图）在没有州政府帮助的情况下筹集资金购买了无人机系统。“我们每周大约有 5 到 10 所学校在洽谈中，”马斯顿先生说道。

CGA 最近针对工作场所启动了另一项计划，旨在 2024 年联合健康保险（United-Healthcare）首席执行官布赖恩·汤普森（Brian Thompson）被枪杀以及 2025 年 NFL 总部四人被杀的枪击事件后，保护高管及其他人员。一家未具名的财富 50 强公司将在今年部署这项技术。CGA 计划将业务扩展到礼拜场所、体育场馆和现场活动。

大多数美国人的年龄足以让他们记得 9 / 11 之前的日子，那时公共场所的保护程度要低得多。我们可能再也无法那样放下戒备。但私人安保技术的创新可能会将我们带入一个看起来和感觉都像曾经那样——更安全、开放、自由的世界。

法默女士是《华尔街日报》编辑页的社交媒体编辑。

值得关注与引用：当真相成为“五五开”

马修·孔蒂内蒂（Matthew Continetti）为《华尔街日报》观点版“自由表达”栏目撰文，10 月 9 日：

矛盾的是，……特朗普先生和以色列总理本雅明·内塔尼亚胡对伊朗及其代理人的打击，反而加强了民主党内部的反以色列情绪。在人质协议达成后的几周内，纽约市选出了一位听起来更像联合国秘书长而非政坛老手的市长。佐兰·马姆达尼（Zohran Mamdani）重复了所有针对以色列的诽谤，誓言要逮捕内塔尼亚胡先生，并于近期发布了一项打击反犹主义的战略，该战略既没有定义其声称要打击的意识形态，也没有承认反犹太复国主义与反犹太仇恨之间的联系。马姆达尼先生在纪念 10 月 7 日周年纪念日的社交媒体帖子中，仅用一段话描述以色列的损失，而用了三段话指责以色列犯下了所有可能的罪行。

马姆达尼催生了一批反以色列的民主党众议院候选人，他们下个月在深蓝选区几乎肯定会获胜。他的意识形态同僚是密歇根州的民主党参议院提名人阿卜杜勒·埃尔-赛义德（Abdul El-Sayed），他拒绝承认以色列作为犹太国家的生存权，在一名穆斯林男子试图开车冲进犹太会堂幼儿园后给出了含糊其辞的回应，并且在与一名波斯裔美国学生交谈时拒绝谴责伊斯兰革命卫队（IRGC）。艾米·沃尔特（Amy Walter）主持的《库克政治报告》（The Cook Political Report）称，埃尔-赛义德先生的选情处于“五五开”（tossup）状态。

“五五开”——这是一个多么贴切却又凄凉的词，用来描述当今的道德赌注，以及目前如此多美国人无法区分真实与虚假、善与恶、正当与无法无天的局面。在 10 月 7 日事件三年后，以色列人能分辨出谁是朋友谁是敌人并做出相应反应。而西方许多人却不能。

回顾与展望

埃尔-赛义德、杰克逊与“全民医保”

选民们最终能听到一场关于“全民医保”（Medicare for All）的辩论吗？缅因州民主党参议员候选人特洛伊·杰克逊（Troy Jackson）似乎并没有对此进行深入思考，除了将其作为一句口号。而密歇根州的阿卜杜勒·埃尔-赛义德（Abdul El-Sayed）现在正试图通过伪装，欺骗选民让他们相信“全民医保”的号召并不真的意味着面向所有人的医保。

在周二缅因州的首场参议院辩论中，杰克逊先生建议，将美国医疗保健国有化的资金来源是“优先考虑资金支出方向，而不是投入到无休止的战争中，也不是投入到移民海关执法局（ICE）”。这简直是幻想思维的典型。杰克逊先生及其民主党同僚可以像他在周二那样呼吁解散 ICE，但其预算在“全民医保”面前不过是沧海一粟，因为后者每年将耗费政府数万亿美元。

根据 2018 年对参议员伯尼·桑德斯（Bernie Sanders）法案的一项估算，即使在极其乐观的假设下，十年内的价格标签也高达 $32.6 trillion。分析师查尔斯·布拉豪斯（Charles Blahous）表示，该数字假设所有供应商的付款都可以削减至医保标准，而该标准“比私人保险费率低 40% 以上”。虽然桑德斯计划的支持者经常声称税收将简单地取代如今的保险成本，但其中仍存在巨大差距，而埃尔-赛义德先生则承诺零保费、零共付额或零免赔额。

很遗憾：如果你喜欢现在的医疗计划，你将无法保留它。

“全民医保”还意味着强迫数百万不愿进入政府系统的美国人加入其中。杰克逊先生并未试图否认这一点，即便在共和党参议员苏珊·柯林斯（Susan Collins）对他发起攻击，指责他希望“由大政府接管医疗保健，废除像巴斯铁工厂（Bath Iron Works）工人那样人们感到满意的私人保险”之后。这对杰克逊先生来说是一个巨大的弱点，因为根据凯撒家庭基金会（Kaiser Family Foundation）的数据，2024, 有 47.5% 的缅因州居民拥有雇主提供的医疗保险。

在密歇根州，这一比例为 50.3%。该州超过一半的人拥有雇主保险，而埃尔-赛义德的社会主义盟友希望将其定为非法。因此，他试图混淆视听。在周四的一场辩论中，他表示：“如果家庭想要保留他们的私人医疗保险，我没意见。”这是一种令人震惊的误导选民的方式。

当进步主义者要求“全民医保”时，他们是认真的。以下是桑德斯去年提交的版本中的一段话：该立法规定，“销售与‘全民医保’计划所提供福利重复的医疗保险覆盖范围应属违法”。由众议员普拉米拉·贾亚帕尔（Pramila Jayapal）发起的众议院法案也包含类似的条款。这就是“全民医保”：如今的私人计划将被宣布非法。

埃尔-赛义德先生的遮羞布似乎是建议删除该条款。然而，结果几乎没有区别。埃尔-赛义德的竞选团队表示：“医保应该是自动的，面向每个人。‘全民医保’不必通过工会或雇主禁止额外的私人保险，尽管‘全民医保’应该让这些选择变得多余且不必要。”因此，大政府不会让私人计划非法，而是会将其挤垮。

回想奥巴马总统关于“奥巴马医保”（ObamaCare）那句永恒的名言：“如果你喜欢你的医疗计划，你可以保留它。”在数百万份计划被取消后，左倾的 PolitiFact 将其评为“年度谎言”。现在，他的政党正在延续这一错误，公开竞选主张对约 1.6 亿 名拥有雇主保险的美国人采取同样的待遇。2026 年民主党的信号再清晰不过了：如果你喜欢你的计划，很遗憾，你不能保留它。

给仇恨以色列者的诺贝尔奖

诺贝尔委员会有一天可能会将和平奖授予一个比纳瓦内特姆·“纳维”

授予纳维·皮莱奖项最不可能做到的就是

皮莱，但我们对此表示怀疑。奥斯陆的权贵们今年表彰了一位 85 岁的南非人，其职业生涯最显著的特点是对以色列以及支持以色列的犹太人的仇恨。

杀戮或种族灭绝意图，并忽略了大量相反的证据。尽管如此，它依然提出了指控。但她的报告将哈马斯 10 月 7 日的

促进和平。

皮莱女士开始她的终身事业时是一名为反对种族隔离制度的人士辩护的律师，但那种残酷在两代人之前就被击败了。诺贝尔委员会现在表彰的是她此后致力于攻击犹太国家、扭曲国际法以歪曲“种族灭绝”含义的职业生涯。

她在多个与联合国相关的法院担任法官期间成名，包括审理卢旺达战争罪行的国际法院（1995-2003）和国际刑事法院（2003-08）。后者创建于 2002 年，很快成为了跨国官僚指控美国和以色列犯下虚构罪行的工具。这就是美国周五制裁整个国际刑事法院的原因，国务卿马尔科·鲁比奥表示他希望“拆除”该机构（见相关报道）。

皮莱女士在 2008 年至 2014 年期间担任联合国人权事务高级专员，因此理应知道种族灭绝与针对一个躲在清真寺、学校和医院平民背后的杀人对手采取防御性军事行动之间的区别。但事实并非如此。2025 年，一个由皮莱女士主持的联合国委员会发布了一份报告，声称在哈马斯 2023 年 10 月 7 日杀害 1,200 名以色列人之后，以色列在加沙地带犯下了种族灭绝罪。

她 2025 年的报告没有提供种族灭绝的证据，却将大屠杀视为一种准正当的反应。恐怖主义即和平，而防御恐怖主义则是种族灭绝。乔治·奥威尔早就预见到了这一点。

在同时担任国际法院法官审理缅甸战争罪指控期间，正如本专栏上个月所指出的，皮莱女士一直游说降低种族灭绝指控的门槛。为什么？因为更宽松的标准将允许在 10 月 7 日后几周接待哈马斯代表团的皮莱女士的祖国南非，更容易地对以色列进行报复。

尤其讽刺的是，诺贝尔委员会表彰皮莱女士是因为她“显著扩大了国际法的范围和影响力”。全球的独裁者正公然蔑视国际法地大举推进。弗拉基米尔·普京入侵乌克兰，并用无人机骚扰西欧。

中国否认了其允许香港自治的与英国签署的条约，并且对常设仲裁法院 2016 年针对北京在南海非法主张的裁决嗤之以鼻。诺贝尔委员会本可以表彰出版商黎智英，他因支持民主而在香港监狱中受苦。

然而，挪威人决定在这个时刻表彰一名执意惩罚一个尽力遵守法治的以色列民主国家的官僚。通过奖励这种道德混乱，诺贝尔委员会再次证明了其曾经强大的声望为何会下降。这个奖项最不可能做到的就是促进和平事业。

国际刑事法院是对美国的威胁

“要么国际刑事法院（ICC）停止其威胁，要么我们将终结国际刑事法院，”国务卿马可·鲁比奥在周五美国对国际刑事法院实施制裁时表示。“我们将禁止与这个流氓法院进行交易，切断其资源。”这一行动完全正当。

全球正义的梦想是高尚的，20世纪90年代建立全球法院的计划通常出于最好的意愿。但即便在当时，共和党人和民主党人都意识到，让外国法官篡夺美国法院的职能不会有好结果。美国士兵和领导人应当向美国的司法系统负责。这就是所谓的自治。

华盛顿从未批准授权国际刑事法院的《罗马规约》，国会也禁止美国与其合作。但这并未能阻止国际刑事法院调查美国在阿富汗的军队。最近，该法院的盟友威胁称，它将起诉特朗普总统、其官员、美国士兵或边境巡逻队特工。

在为国际刑事法院辩护之前，民主党人或许应该考虑一下它的记录。在起诉方面，该法院总体上毫无成效，从未达到其宣传的水准。更令人不安的是，它染上了国际法律圈中普遍存在的政治偏见，导致其陷入伦理崩溃。

以国际刑事法院首席检察官卡里姆·汗（Karim Khan，2021-26年任职）为例。他在2024年被一名下属指控性侵，随后他突然缩短法院对以色列领导人的调查，拒绝接收以色列提供的证据，并在CNN上宣布请求逮捕他们，这令其内部员工感到震惊。

很少有其他人将这些问题推向台前。再加上关于卡塔尔提议为汗先生在以色列逮捕令问题上提供“照顾”的指控（双方均予以否认），国际刑事法院的此案已受损至无法挽救。在犹豫了两年多之后，法院才以“严重失职和严重违职”为由解雇了汗先生。他否认这些指控。

随后，法院将针对汗先生的指控掩盖了数月，直到本专栏和一名

鲁比奥先生的声明仅讨论了美国，但批评者会说美国的制裁完全是为了以色列。他们忽略了这样一个事实：国际刑事法院在以色列案件中表现出的扭曲程序、为了政治目的歪曲法律和事实、以及超越其法律权限的意愿——以色列与美国一样，从未加入该法院——这恰恰证明了该法院对美国日益增长的危险。这包括影响美国对恐怖分子发动战争的能力。

我们早在2025年1月就首次主张对整个国际刑事法院实施制裁。但特朗普政府倾向于循序渐进，给该法院每一个机会去放弃调查或起诉非成员国——尤其是那些拥有运作良好的民主制度和法律体系的国家。但它并未让步。

即便现在，在鲁比奥先生采取强硬措施之际，他仍为国际刑事法院在许多制裁措施上提供了180天的宽限期，以便其“解决美国的核心关切”。

更有可能的是，国际刑事法院将利用这几个月，就像它利用过去21个月那样——继续拖延特朗普总统任期的剩余时间。欧盟委员会已承诺帮助该法院维持运作，其中可能包括准备规避美国制裁。如果特朗普先生和鲁比奥先生行动太晚，国际刑事法院将比他们存续更久，并寻求报复。

读者来信

揭秘中共削弱美国的策略

你们的社论在警告近期一名涉嫌监视台湾总统之子的中国特工被捕一事，在涉及中国共产党间谍活动方面仅是“冰山一角”时，其观点是正确的（见10月6日《中国在美境内监视台湾》）。

中共正积极监视美国人及异见人士，并策划在我们的本土进行破坏。但中共还掌握着另一张王牌：颠覆。在中共的领导下，中国成为了历史上规模最大的警察国家，并且试图将其价值观和意识形态输出到海外。中国的统一战线工作部是该党的首席武器。

中国深知，一个庞大的监视国家对于世界其他地区而言绝非一个有吸引力的模式。因此，中共希望从内部削弱西方。统一战线和中国的国家安全部（北京版的克格勃）希望面对的是一个士气低落且四分五裂的美国。中共公开的目标是推翻由美国领导的自由主义秩序。

媒体报道称，联邦政府目前正在调查激进的上海科技大亨内维尔·罗伊·辛格姆（Neville Roy Singham）与一系列团体的涉嫌关联，这些团体正使我们国内的政治变得更加激进和分裂。

与此同时，像 CodePink、人民论坛（People's Forum）和答案联盟（Answer Coalition）这类在意识形态上与美国民主社会主义者（DSA）有部分重叠的团体，从根本上反对美国的生活方式和我们的政治传统。DSA 寻求废除美国参议院、清空监狱、开放边境并对我们的青年进行洗脑。DSA 及这些其他团体所拥护的激进主义，是对我们敌人的助力。

但正如最高法院大法官路易斯·布兰代斯（Louis Brandeis）的名言所说，“阳光是最好的消毒剂”。

肖恩·德恩斯（SEAN DURNS） 资本研究中心（Capital Research Center）反极端主义研究中心主任 华盛顿

博·弗伦奇的言论误导了共和党

杰森·L·赖利（Jason L. Riley）在他的专栏中批评德克萨斯州共和党候选人博·弗伦奇（Bo French）攻击参加德克萨斯大学橄榄球赛的南亚学生，这一点是正确的（见10月7日“向上流动”专栏《共和党找到了新的失败方式：攻击亚洲人》）。但还记得那些由前职业棒球和橄榄球运动员博·杰克逊（Bo Jackson）出演的耐克旧广告吗？那句口号是：“博懂棒球，博懂橄榄球。”显然，博·弗伦奇并不了解他自己的政党。

在最近的一项全国调查中，我询问美国人是否担心大学录取中过度依赖成绩和考试分数会导致校园内主要是白人或主要是亚洲人。仅有 28% 的白人共和党人表示担心校园内主要是亚洲人，而 21% 的人担心主要是白人。换句话说，大多数共和党人对基于功绩的录取制度感到舒适，无论最终谁胜出。

相比之下，更多的白人民主党人表现出了种族双重标准：大多数人（53%）表示担心校园内主要是白人，但只有 26% 的人担心主要是亚洲人。

博·弗伦奇可能已经忘记了“色盲功绩制”（colorblind meritocracy）的含义。幸运的是，大多数共和党选民还没有忘记。

迈克尔·T·哈特尼（MICHAEL T. HARTNEY） 胡佛研究所研究员 加利福尼亚州帕洛阿尔托

恢复美洲野牛的英雄

在阅读了泰特·沃特金斯（Tate Watkins）关于自由企业和私有化如何将美洲野牛从灭绝边缘拯救出来的深刻评论文章（《得益于私有化，美洲野牛再次漫游》，Cross Country，10月3日）后，我不禁想起经济学的一个基本教训：“属于所有人的，不属于任何人。”

斯蒂芬·W·普鲁伊特（STEPHEN W. PRUITT）教授（荣休），博士

密苏里大学 堪萨斯州，欧弗兰帕克

Caprock Canyons State Park 位于德克萨斯州奎塔克（Quitaque），在阿马里洛（Amarillo）以南，被称为德克萨斯州官方野牛群。德克萨斯州公园与野生动物管理局进行了基因检测，发现了一个罕见的基因标记，将南部平原野牛与其他野牛区分开来。

在历史课上，德克萨斯州的学生们学习关于莫莉·古德奈特（Molly Goodnight）及其野牛幼崽的故事。莫莉和查尔斯·古德奈特（Charles Goodnight）与泰德·特纳（Ted Turner）一样，在拯救野牛方面功不可没。

我很欣赏沃特金斯先生关于泰德·特纳和其他牧场主如何大规模拯救野牛的评论文章。

然而，该文章未能认可玛丽·安·“莫莉”·古德奈特（Mary Ann “Molly” Goodnight，1839-1926）的贡献。1879年5月，古德奈特救了几头野牛幼崽，并敦促她的丈夫查尔斯·古德奈特拨出600英亩土地来饲养这些野牛。她将南部平原野牛从灭绝中拯救了出来。查尔斯和莫莉在德克萨斯州狭长地带（Panhandle）的JA牧场饲养这些幼崽。古德奈特野牛群的一些后代如今可以在

教育中父母的重要性

虽然乔尔·克莱因（Joel Klein）对教师工会的谴责在很大程度上是合理的，但他未能提到纽约以及全美公立学校学生成绩低下的一个更为严重的原因：缺乏来自父母、监护人和社区的支持（见评论文章《尼科尔·汉娜-琼斯 vs. 兰迪·温加滕》，10月5日）。学生旷课是全美范围内的一个问题，在我居住的芝加哥，这是一个长期存在的问题。

我的妻子在主要位于市中心的学校教了30年数学。即使在领取成绩单或校园开放日，她也很少见到家长或社区的任何人。典型的例外情况是，当我的妻子没收一名学生的手机时（因为该学生反复拒绝关机且不参与课堂）。在这些场合，我的妻子——或者如果学生出现了进一步的问题，则由校长——持有该手机，直到家长或监护人出现领取并讨论该问题。在这种会议中，家长往往会指责我的妻子或校长没收手机，干扰了家长的日程。

如果没有学生、家庭和社区对教育的严肃投入、支持和尊重，即使一个由“金苹果”卓越教学与领导力奖获得者组成的教师团队，也永远无法让大多数市中心学校的教学水平达到年级标准。这不仅需要教师，还需要家庭。

汤姆·夏普（TOM SHARP） 芝加哥

拟发表的信函请发送至 wsj.ltrs@wsj.com。请注明您所在的城市、州和电话号码。所有信函均可能经过编辑，未发表的信函不予回复。

卡罗尔·佩鲁塞克·道德（CAROL PERUSEK DOWD） 德克萨斯州，南湖

气候行动为城市带来切实经济利益

因德米特·吉尔（Indermit Gill）和比约恩·隆博格（Bjorn Lomborg）的来信（《开发银行优先级错位》，9月 18 日）忽略了核心观点：气候行动在此时此刻就有利于发展，同时也能遏制不断加速的风险。气候投资对于可持续增长至关重要。更清洁的城市生产力更高。管理良好的土地和森林能改善水源供应，并缓冲山体滑坡和洪水的冲击。

虽然存在权衡，但这进一步证明了气候不作为的成本远高于气候行动的成本。年度灾害数据虽有波动，但趋势毫无疑问。2025 年的全球平均气温比 20 世纪平均水平高出 1.17 摄氏度，而 2024. 年为 1.29 摄氏度。然而，根据我对全球数据的计算，2021-25 年的估计平均值为 1.06 摄氏度，而 2016-20 年为 0.90 摄氏度，2011-15. 年为 0.72 摄氏度。死亡率的下降反映了韧性的增强，而非气候风险的降低：灾害的发生频率和破坏程度仍在持续升级。

多边开发银行在此发挥着至关重要的作用。为了全球公共利益，这些银行必须应对市场无法处理的风险。

维诺德·托马斯（VINOD THOMAS） 马里兰州贝塞斯达

“那是我的愿景之园，而这是我的现实之园。”

赫格塞斯赋能美国

作者：蒂姆·埃科尔斯（Tim Echols）

国防部长皮特·赫格塞斯（Pete Hegseth）在 9 月 30 日的宣布本应震撼能源界。他的言论本应受到公用事业公司、超大规模数据中心运营商、普通纳税人甚至环保主义者的赞赏。在他发表的“部队现状”演讲中，隐藏着这样一段话：“美国每一个主要的军事设施都将产生自己的电力。独立于民用电网。”这只能通过新的核能来实现。

将军事基地从民用电网中分离，将释放出巨大的容量，而这些容量目前由佐治亚电力公司（Georgia Power）等公用事业公司提供给军方。基地必须建设并运行自己的发电设施。为了满足这一需求，军方可能会完善小型模块化反应堆，就像他们很久以前在核动力潜艇和航空母舰上所做的那样。普通纳税人的电价将会下降。

兑现这一宣布将引发连锁反应。空气质量将得到改善。在美国各地建设如此规模的核电将大幅减少污染。不符合美国环保署（EPA）标准的城市可能会从那个“黑名单”中除名，城市居民也不再需要每年对其汽车排放系统进行检查。

基地部署核反应堆将意味着污染减少以及平民电费降低。

核电建设的学习曲线将由政府买单。所需的大量小型模块化反应堆将意味着这项尚未成熟的技术将得到完善，且建设成本将大幅下降。我们不会再看到像在佐治亚州沃格尔电站（Plant Vogtle）那样失控的成本，因为那是我们建设的第一座。小型州和农村合作社可能能够负担得起核电，而现在的价格则高得离谱。

超大规模云服务商和数据中心将欣喜若狂。他们为了获得电力而排长队，且在许多州一直支付全额电费。佐治亚州甚至要求这些耗电巨头支付所有的开发成本。如果民用电网的电力得到释放，这可能不再必要。

核回收也将获得启动动力。美国没有任何一个用于存放乏燃料的永久地质处置库。增加如此规模的核电，可能意味着五角大楼和能源部将合作建立一个再处理设施，以及一个为无法回收物质（通常仅占乏燃料的 4%）提供的最终存放地。

电费缴纳者是最大的赢家。随着民用电网出现冗余电力，电力公司可以退役其最陈旧的机组，从而在降低客户成本的同时，实现更清洁的电网。所有公用事业公司都有一个既定的规划周期，称为“综合资源规划”（Integrated Resource Planning），允许他们仅建设必要设施，并在市场动态需要时改变方向。五角大楼建设自己的发电设施，正是市场动态的定义。

赫格塞斯先生（Mr. Hegseth）并未提到他的“美国堡垒”计划将包含核电，也许这就是为什么这件事没有引起轰动。但像我这样经历过佐治亚州两座核电机组建设之苦的老能源监管者知道，要实现赫格塞斯先生所追求的目标，没有其他可行路径。

这将是一个为期 50 年的项目，但它将成为特朗普政府最重大的遗产。希望他们能够将其启动。

埃科尔斯先生（Mr. Echols）曾在 2011-26 年期间担任佐治亚州公共服务委员会成员。

萨姆·奥特曼并非奥本海默

ANDREJ SOKOLOW / DPA / ZUMA PRESS

OpenAI 首席执行官萨姆·奥特曼

DECLARATIONS 作者：佩吉·努南 (Peggy Noonan)

有些人将人工智能的开发比作曼哈顿计划开发第一颗原子弹。但这两项事业中一个最关键的事实使它们截然相反。

美国政府发起并监督了释放原子能并制造炸弹的整个工程。在原子弹投入使用后，联邦政府控制了美国的核技术，并试图阻止或减缓其在世界上的非和平用途。政府清楚地了解其所涉及的科学和技术的确切性质。

但在同样具有世界变革意义的人工智能开发中，情况并非如此。对人工智能的追求是由私人发起、资助并执行的。这里没有代表人民并对其身体安全负责的政府监管。即便在现在的前沿实验室中，政府高层也未能证明他们能够全面或及时地理解科学家、工程师和机器正在从事的工作。

那些反对联邦监管人工智能的人指出，在早期，曼哈顿计划的科学家们担心第一次原子弹试验可能会点燃地球大气层。但事实并非如此。因此他们认为，人工智能的情况也是一样：我们正处于辩论中“奇异恐惧”的阶段，而这种恐惧总是伴随着技术突破而出现。

曼哈顿计划中确实有科学家担心后来被一名记者称为“末日假设”的情况。但这种人只是少数，而非大多数，而且在项目负责人 J·罗伯特·奥本海默（J. Robert Oppenheimer）咨询其他科学家并审查其计算结果后，这些恐惧被他（起初也同样担忧）给否决了。更大的背景是：美国政府试图在不入侵日本的情况下结束第二次世界大战，因为入侵可能意味着数百万人的伤亡。因此，时间至关重要。

相比之下，并非部分，也并非大多数，而是所有人工智能的发明者和领导者都承认，它可能会带来物理灾难，而且大多数（如果不是全部的话）预计至少会发生一次。而且并没有什么样的历史背景，也没有数百万人的死亡在迫使他们加速前进。

我们正允许人工智能的发明者将自己视为奥本海默。他们其实是弗兰肯斯坦博士。尽管至少弗兰肯斯坦博士没有在盲目地与隔壁实验室竞争谁的 IPO 规模最大。

这就谈到了 OpenAI 的首席执行官、这项技术最著名的面孔——萨姆·奥特曼。他很享受被拿来与曼哈顿计划做比较。当《名利场》（Vanity Fair）编辑马克·古伊杜奇（Mark Guiducci）在本周的一次采访中提到奥本海默时，奥特曼先生表示，他不想表现出“虚伪的谦虚”，但发明人工智能是“一项集体努力”，“是一个由相对少数的杰出科学家和工程师共同完成惊人之举的故事”。

既非学者也非科学家，像他这样的人不应掌控人类的未来。

从未有人指责奥特曼先生谦逊，但他确实是一个非凡的人物，41岁且是硅谷的一位资深巨头。与奥本海默不同，他不是科学家或教授，而是一名商人——一名互联网产品的发掘者、初创企业的战略家、顶尖的技术人才评判者，以及资金流动方向、资金聚集地及创新资金来源的洞察者。

在2016年《纽约客》一篇基调相当友好的人物报道中，塔德·弗兰德写道：“奥特曼的强大之处在于思维的清晰以及对复杂系统的直觉把握。”他的超能力是“将人视为棋子并推演其行动路线的能力”。

而在今年4月同一本杂志上发表的一篇语气不那么友好的报道中（标题为《萨姆·奥特曼可能掌控我们的未来——他值得信任吗？》），罗南·法罗和安德鲁·马兰茨写道，奥特曼先生“经常被描述为他那一代人中最伟大的推销员，人们对他要么心怀敬畏，要么心存怀疑”。他周围的许多人表示，他缺乏深厚的编程或机器学习专业知识。法罗先生和马兰茨先生报道称，“多位工程师回忆起他曾误用或混淆基础技术术语”。

大多数受访者认同批评者的判断，即“奥特曼拥有一种不懈的权力欲望，即便在那些将自己名字印在宇宙飞船上的工业巨头之中，他也显得特立独行”。一位曾与奥特曼先生共事过的董事会成员告诉作者：“他不受真相的约束。”

法罗先生和马兰茨先生报道称，2023年秋天，当OpenAI董事会做出著名的解雇奥特曼先生担任首席执行官的决定时，公司的首席科学家告诉另一位董事会成员：“我认为萨姆不是那个应该掌控按钮的人。”董事会成员认为他在“内部安全协议方面欺骗了他们”。

奥特曼先生进行了著名的反击并得以复职。尽管如此，“促成他被罢免的同事指责他存在某种程度的欺骗，这种欺骗对于任何高管来说都是不可接受的，而对于一个如此具有变革性技术的领导者来说则是危险的。”

早期，奥特曼先生将AI比作核能，并担心如果这项技术失控，可能会造成毁灭性后果。到去年，他改变了语气。他在一篇博客文章中写道：“我们都将获得更好的东西。我们将为彼此构建更加美妙的事物。”

在公开场合，奥特曼先生呼吁监管，包括设立一个联邦机构来监督先进的AI模型。但与此同时，法罗先生和马兰茨先生报道称，他正向不同方向施加影响。长期以来，奥特曼先生一直是民主党候选人和事业的捐赠者，但现在他转变了。如今，他是特朗普总统最青睐的大亨之一。在2025年的就职日，特朗普总统废除了前任关于AI的行政命令。“他为特朗普政府执行他的意愿找到了一个有效的方法，”一名拜登政府的高级官员告诉法罗先生和马兰茨先生。

在《名利场》的采访中，奥特曼先生似乎古怪且反复地强调他多么爱他的孩子们，仿佛他意识到这是一种将其人性化的工具。自从成为父亲后，他发现自己在思考：“显然我们不想毁灭世界，但我们想要保留什么，以及我们想要构建什么样的世界？”

我们想要保留什么？这让我想起弗兰德先生在《纽约客》文章中的一段话，当时奥特曼先生谈到了成为机器的优势。“我们人类受限于输入输出速率——我们每秒只能学习两个比特，因此丢失了大量信息。在机器看来，我们一定像被放慢了速度的鲸鱼之歌。”

这是一个表达得非常优美，但却令人心惊胆战的想法。奥特曼先生曾写道，AI时代的理想终点可能是人类与机器的融合。“我们将成为第一个设计自己后代的物种。”

弗里德先生报告称，在 2012 年，他放弃了人类是唯一创造物的想法。“当我意识到智能是可以被模拟的时候，我就放下了关于我们独特性的一种观念，而这并没有我想象中那么痛苦。”

在接受《名利场》（Vanity Fair）采访时，他被问到了一个假设性问题。假设有一个巨大的红色按钮，他以及所有竞争对手都可以按下，并表示：“我们现在先暂停，我们要确保安全。”他会按下这个按钮吗？

他用那种经常在公开场合使用的、措辞模糊且令人难以理解的语言作答，但其中夹杂了一句非常清晰的话。他说，在这样的讨论开始之前，“我们将需要诸如反垄断豁免之类的东西”。

这不是什么远见卓识之士，这是一个法律顾问团环绕的亿万富翁。他应该掌控人类的未来吗？如果我们继续以这个速度沿着这条路走下去，他将会掌控。到那时，当他最终在前沿地带徘徊，搓着手，低声诵读《薄伽梵歌》，感叹自己释放了什么样的怪物时，我们可以对他进行更多的“奥本海默式”类比。

超级智能之下的不智能

我的观点很明确：特斯拉的估值对我来说从未合理过，但相关风险并未对投资者隐瞒。与此同时，如果市场转向反对马斯克先生，历史表明，美国证券交易委员会（SEC）和刑事

商业 世界 作者：Holman W. Jenkins, Jr.

AI领袖们那些令人困惑且含糊不清的政府干预要求背后隐藏着什么？我拒绝接受犬儒主义的论点（即这一切都是为了监管俘获），而倾向于文化决定论——他们是真正的信徒。

即便如此，Anthropic和OpenAI现在也有估值需要捍卫。这些公司的创始人可能深信人工智能是有史以来最重要的技术。但他们同时也处于这样一种局面：包括资深风险投资家在内的投资公众，将他们的创造物解读为潜在的现金机器，价值可能高达 $2 trillion。然而，根据另一种同样合理的证据解读，这些公司则是对快速商品化的能力进行投入的资金黑洞。而他们的专长——最高端的人工智能潜力，美国政府甚至不允许他们将其出售给客户。

现在，一部纪录片或许会通过代理方式威胁到他们的泡沫。该片的主角是埃隆·马斯克，导演亚历克斯·吉布尼（Alex Gibney）表示，马斯克在 2024 年支持唐纳德·特朗普，是因为他担心在不同的政府领导下，他会被投入监狱。

新闻集团执行主席 鲁珀特·默多克（Rupert Murdoch） 新闻集团名誉主席 艾玛·塔克（Emma Tucker） 总编辑

保罗·A·吉戈（Paul A. Gigot） 编辑版编辑 杰拉德·贝克（Gerard Baker），特约编辑

华尔街日报。自1980年起由道琼斯公司出版

检察官们也不会在后面太远。

Jason P. Conti，总法律顾问；Dianne DeSevo，首席人力资源官；Artem Fishman，首席技术官；M. Scott Havens，首席增长官；Dan Shar，执行副总裁兼财富与投资总经理；Ashok Sinha，首席传播官；Josh Stinchcomb，WSJ / Barron's 集团执行副总裁兼首席营收官

OpenAI 的董事会中甚至坐着一位前国家安全局（NSA）四星级主管。本周，特朗普进一步任命了另一位情报官员负责 AI。

Liz Harris，执行编辑 David Crow，副总编辑 Aja Whitaker-Moore，副总编辑 Sarah Ball，特写；Elena Cherney，高级编辑；Dan Colarusso，商业、金融、经济；Chip Cummins，电讯；Taneth Evans，数字化；Gordon Fairclough，国际；Samantha Henig，多媒体；Alex Martin，印刷与写作；Bruce Cornwall，企业报道；Damian Paletta，华盛顿；Marcelo Prince，调查报道

首席执行官兼出版人 道琼斯管理层：

但真正让我震惊的是那种无视：在一种并非真正自愿的“自愿”特朗普流程下，前沿实验室正迎来一个事实上的监管机构。那就是国家安全局（NSA），它是美国先进网络和间谍软件能力的存储库。

道琼斯 / 新闻集团

Robert Thomson 新闻集团首席执行官 Almar Latour

但那些执着于非动态现实观的人在尖叫：AI 仍然没有受到监管。我不怀疑我们会出台大量 AI 立法，但我们社会中没有任何东西是不受监管的。我们有侵权法、消费者安全法规等——而且它们正在发挥作用，这一点在 4 月份就很明显，当时 Anthropic 在对抗网络黑客的战斗中，除了信任的合作伙伴外，禁止分发 Mythos。

编辑与公司总部：1211 Avenue of the Americas, New York, N.Y., 10036 电话 1-800-DOWJONES

这与 AI 辩论产生了一种我认为全世界都理解错了的交集。David Robinson 是最新一位出现在《纽约时报》播客中，哀叹其前雇主安全努力不足的 OpenAI 老兵——关键词是“最新”。安全辩论显然已经产生了巨大的影响。毕竟，他正在接受《纽约时报》的采访。

在上周末旧金山的一次会议上，据报道，一位未具名的前沿实验室高管表示，机器智能存在某种水平，一旦超过该水平，行业应准备好不再前行。我们将看看国家安全局（NSA）对此有何看法。

IPO 投资者在关注吗？Anthropic 本周允许某些客户访问先进模型。它是“与美国政府合作”完成此举的。

政客和国会大声疾呼，但国家安全机构才是真正的掌控者。

在凯文·鲁斯（Kevin Roose）的新书中，他补充了一个此前在本专栏中提及的轶事。早在2017年，OpenAI的领导者萨姆·奥特曼（Sam Altman）和格雷格·布罗克曼（Greg Brockman）就认为未来政府将其国有化的可能性极大，以至于他们讨论如何提前从中国、俄罗斯和美国获取资金，用于他们预计会被这些政府征收的工具。

国家情报总监杰伊·克莱顿（Jay Clayton）将领导一个关于超级智能的任务组。更重要的是，每个人都明白——因为拜登和特朗普政府都曾如此告知——为了追求美国的国家安全目标，1950年的严苛《国防生产法》已准备好在必要时被启动。

失控的末日景象是那些有趣且令人恐惧的画面之一，它们仅存在于梦境与觉醒之间的瞬间。对于投入数十亿美元以领先竞争对手六个月的美国前沿实验室来说，真正需要担心的是他们的投入是否会有回报——以及政府是否会允许其获得回报。

一种躯体隐喻占据了评论界的主导——AI行业在私人领导者的掌控下正不可收拾地向前倾倒。这种情况已经有一段时间不再符合现实了。综合来看，过去几周的公众恐慌更像是一种随附现象——即一件附属于核心事物之侧的偶然之物。是的，AI在经济中将至关重要，但每个人都在谈论的超级智能？你可能只能在世界顶级情报机构最深层的内部传闻中听到它。

迈克·迪特卡回家了

作者：鲍勃·格林（Bob Greene）

芝加哥

你不需要一部400页的小说或一部90分钟的电影来融化一座城市的心。只需要两个词。

1988年，芝加哥游客局必须构思一条广告来吸引游客。他们应该选择什么？向芝加哥的博物馆致敬？它的餐厅？它的经典建筑，还是生动的政治历史？

他们做得比那更好。一条30秒的电视广告被拍摄下来，在全国各地的网络和电台中播出。背景中有一个歌手的声音：“召唤我回家，芝加哥……”接着另一个声音——伟大的退役熊队线卫迪克·巴特克斯（Dick Butkus）说道：“无论你来自美国的哪个地方，芝加哥就是你的家乡。回家吧。”

画面中出现了一些城市的美景，然后是一个切克出租车停在分道街（Division Street）布奇·麦奎尔（Butch McGuire）酒吧前的镜头。在酒吧内部，我们看到迈克·迪特卡（Mike Ditka）和朋友们坐在桌边。无需屏幕标识，全世界看到他的脸就知道他是谁。

那个从出租车上下来的男人——他离开芝加哥去加利福尼亚生活，现在回到了家乡——走进酒吧。接着，那两个词出现了。

迪特卡看向门口，用一种轻柔、惊讶且充满惊叹的声音说道：

“巴特克斯。”

而巴特克斯则用同样老友般的温暖回应道：

“迪特卡。”

这就足够了。这两个男人——一个（巴特克斯）出生在芝加哥，另一个是宾夕法尼亚州人，在先为熊队效力后又担任教练，成为了这座城市的代名词——他们就像一张名片，其吸引力以及与芝加哥的联系从未需要解释。“巴特克斯。”“迪特卡。”对于许多仍住在芝加哥的人以及搬离这里的芝加哥人来说，那条广告带来的情感冲击力不亚于《卡萨布兰卡》中的任何场景。因为时间在流逝，但有些东西——有些人——是永恒的。

迪特卡的家人周五宣布，他以86岁高龄去世。他像巴特克斯一样，最终离开了芝加哥——他在佛罗里达州有一处房产——但他在几年前永久地搬了回来。歌手的声音结束了广告：“芝加哥在召唤我回家。”那是迪特卡最终想要在的地方。

你可以离开这座城市，但这座城市永远不会离开你。

格林先生的著作包括《你知道你应该感到高兴：一个关于终身友谊的真实故事》。

杰森·盖伊（JASON GAY）

迈克·迪特卡：向“那位教练”告别

这位名人堂球员、主教练、代言人——以及风之城的标志性人物——在 86 岁时去世

迈克·迪特卡带领上图中的芝加哥熊队在第 20 届超级碗中获得胜利。他还曾是熊队、老鹰队和牛仔队的名人堂近端锋。

迈克·迪特卡于周五去世，享年 86, 岁。他在橄榄球生涯中所达到的高度几乎无人能及。他曾是球员、教练、大学和 NFL 名人堂成员、代言人、分析师、喜剧灵感来源，而且只要扮演他自己，他还是个相当有趣的演员。迪特卡还经营过餐厅，做过酿酒师，开过烟草店。他曾短暂考虑过从政，但最终放弃了。

讣告 迈克·迪特卡 1939-2026

迪特卡在其中一些尝试中取得了成功，而在另一些方面则彻底失败，但他总能重新站起来。他来自宾夕法尼亚州阿利奎帕，是一个不知疲倦的硬汉孩子，因为他在球场上几乎无所不能，从而逃离了钢铁之城的平庸生活。有些人可能不记得迪特卡在匹兹堡大学就读期间曾是一名全美最佳的双向球员；他是一个充满活力的近端锋，作为防守球员时同样具有极强的杀伤力。如果你还觉得这不够，他还会踢球。

如果说有什么能代表迪特卡，那就是他是这项残酷运动的肉体化身。如果 NFL 有一张面孔，那一定是迪特卡的：浓密的头发，粗犷的胡须，以及一个看起来像被谷仓门撞过一样的鼻子。即使在没抽雪茄的时候，他也看起来像在抽雪茄。

迪特卡的这张脸不需要说话就能产生威慑力。他平静时的表情就在说：离我远点。

不过，他确实是一个极具魅力的金句制造机。在迪特卡最经典的话语中包括：“如果上帝想让人踢足球，他就不会给我们手臂。”

迪特卡的巅峰时期是在芝加哥熊队——首先是 20 世纪 60 年代的球员时期，然后是 80 年代的主教练时期。他带领沃尔特·佩顿、弗里奇·佩里、吉姆·麦克马汉以及一群硬汉和怪才，在 1985, 年那个传奇的超级碗赛季中一路前行，最终在第 20 届超级碗中以一边倒的优势战胜了新英格兰队。

橄榄球迷谈论那支 85 熊队，就像谈论一辆心爱的经典老爷车一样。NFL 再也不会造出那样一支球队了。那支熊队在防守端凶猛无比，在进攻端能力足够，而且在放完狠话后能冷静地用行动证明。

这支球队还发行了一首新奇的单曲（《超级碗洗牌》），在季后赛开始前就大肆吹嘘自己的至高无上。在这样一个通常不鼓励挑衅行为的运动中，这种做法简直是荒唐地越界了——但随后熊队用一座伦巴迪奖杯证明了自己。

迪特卡被证明是一个理想的激励者，他将老派的坚毅与放任自流的职场宽容结合在一起。他对《洗牌》视频以及麦克马汉因联赛着装规范而与 NFL 专员皮特·罗泽尔反复发生冲突的事表现得不以为意。这位教练培养了自己的风格：正装衬衫、领带，以及一件胸前像车牌一样绣着“BEARS”字样的针织背心。

在密歇根湖畔寒冷的秋日午后，没有哪个橄榄球教练能像迪特卡那样看起来如此英姿飒爽。他的裤子笔挺，发型完美，太阳镜看起来像是从侦探的皇冠维多利亚警车手套箱里偷来的。

在熊队那次 18-1 的超级碗夺冠之旅让迪特卡成为了这座城市的瑰宝。《周六夜现场》的芝加哥人们通过一个名为“比尔·斯韦尔斯基的超级粉丝”的环节向他致敬，在节目中他们对“那支熊队”、那位教练，以及正午前喝啤酒吃烤肠带来的心脏压力表达了热爱。

迪特卡在纽奥尔良圣徒队的下一幕则远没有那么顺利。

在经历了两个 6-10 的赛季后，迪特卡鲁莽地用球队 1999 年所有的选秀权换来了古怪的德克萨斯跑卫里基·威廉姆斯。这一离奇的操作最终导致了一个 3-13 的赛季，以及迪特卡的被解雇。

他再也没有在NFL执教，但在公众视野中时隐时现，从拍摄海量的商业广告，到出演威尔·法瑞尔的喜剧片，再到考虑在2004年竞选参议员以挑战巴拉克·奥巴马。他最终放弃了这次机会，后来表示对此感到遗憾。

迪特卡后来还产生了其他遗憾，尽管他奇怪地坚持认为自己会再次进行里基·威廉姆斯的交易。他感叹在那场超级碗的惨胜中，没有为沃尔特·佩顿赢得一次达阵——“冰箱”拿到了一个，但“甜心”却没有。

令人清醒的是，这个成为了强力碰撞运动的化身并为其辩护的人，也逐渐开始悔恨这项运动的危害。迪特卡见证了橄榄球带来的身体和认知创伤，这些创伤出现在他的队友、像麦克马洪以及已故的戴夫·杜尔森这样的前球员，以及他自己身上。2015年，当被问及是否会允许一个假设中的8岁儿子开始打球时，“教练”说不会。

“我不会允许，”迪特卡说，“而我的整个生命就是橄榄球。”

他在高中从未担任过首发四分卫，如今却成了顶级潜力新星

俄克拉荷马州立大学的德鲁·梅斯特梅克（Drew Mestemaker）被预测将成为 NFL 的首轮秀。

作者：罗伯特·奥康奈尔（ROBERT O'CONNELL）

在成为 NFL 选秀的顶级潜力股之前，德鲁·梅斯特梅克曾是一个坐在童年家中，给全国各地的大学发邮件请求四分卫试训的孩子。

没有一所学校回复他。

这并不令人意外。梅斯特梅克的高中校队生涯就这么过去了，期间他一次也没有在四分卫位置上首发。为了能上场，他学习了弃踢并担任后卫。尽管他坚信自己在四分卫位置上的能力，但显然，橄榄球界的其他人都并不认同。

“甚至连社区大学都没有回应，”他说，“那可能是我人生中的最低谷。”

但三年后，梅斯特梅克变成了大学橄榄球界最不可思议的超级巨星。这位 20 岁的传球手现在拥有一份价值 700万美元 NIL（姓名、图像、肖像）合同，在 4 场比赛中累积了 12 次达阵，带领排名第 18 的俄克拉荷马州立大学——一支上赛季在分区比赛中一场未胜的球队——取得了 3-1 的战绩。

突然之间，这个曾经的邮件都被扔进垃圾文件夹的球员，变成了 NFL 各支球队争相选中的四分卫，预计将在 4 月份成为首轮秀。

令人惊叹的是，

如果不是被告知根本不能在这个位置上打球，梅斯特梅克就不会成为如今这个充满活力的球员。

在进入德克萨斯州奥斯汀的强校范德格里夫特高中（Vandegrift High School）的高年级之前，梅斯特梅克确信，他苦等三年之久的首发位置终于属于他了。

就在那时，一名名为杜斯·亚当斯（Deuce Adams）的高评价传球手转学到了范德格里夫特。在训练营的竞争之后，梅斯特梅克得知自己再次被排在深度图的底层。他深受打击。

“但他接下来的反应是，‘我能做些什么来帮忙？’”范德格里夫特的高中教练德鲁·桑德斯（Drew Sanders）回忆道，“我怎么才能上场？”

于是，梅斯特梅克在高中最后一个赛季担任后卫，将智斗对方四分卫作为自己的使命。当时他没有意识到，这段被四分卫位置“放逐”的赛季，正开始将他塑造成为一名完美的潜力新星。

梅斯特梅克增加了肌肉量，这有助于他在深场进行强力冲撞——而这在日后使他成为一名极具威胁的持球进攻武器。同时，在研究后场防守位置时，他掌握了应对球队未来对他采取的防守覆盖和伪装的“标准答案”。

“你了解了防守的规则，”梅斯特梅克说。

与此同时，梅斯特梅克利用每一秒空闲时间继续磨练自己的传球机制。他开始与著名的四分卫导师杰夫·克里斯滕森（Jeff Christensen）合作，后者对他这个新学生在完善躯干扭转和手腕弹击时的痴迷工作态度感到惊叹。

“他就像一只处于进食狂热中的鲨鱼，”克里斯滕森说，“你给他的越多，他想要的就越多。”

克里斯滕森将梅斯特梅克介绍给了当时北德克萨斯大学的主教练埃里克·莫里斯（Eric Morris）。莫里斯被梅斯特梅克 6 英尺 4 英寸的身材所吸引，给了他一个 walk-on（非奖学金球员）名额——这是名单上的最低层级。

北德克萨斯大学的教练们很快意识到他们挖掘到了金矿。梅斯特梅克在高中缺乏比赛时间的经历，实际上成了他最大的资产。

“他就像一块完美的黏土，由我们来塑造，”北德克萨斯大学的四分卫教练肖恩·布罗菲（Sean Brophy）说，“没有坏习惯，没有之前的历史，只是一个我们可以从头到尾共同打造的人。”

北德克萨斯大学的教练组制定了一套方案，旨在突出梅斯特梅克的天赋：像弹弓一样的手臂和像拆除球一样的体格。到他大一赛季开始时，梅斯特梅克已从一个最后的备选方案上升为名单上的 No. 2 四分卫。次年，他赢得了首发位置。

自从中学以来第一次接过主导权，梅斯特梅克（Mestemaker）投出了 34 次达阵，跑进 5 次达阵，传球码数达到 4,379 码——位居全美之首。

“当你一生都被告知‘不行’时，会产生一种近乎妄想的竞争精神，”布罗菲（Brophy）说道，“他得到了机会，并牢牢抓住了它。”

当莫里斯（Morris）在这次休赛期接手俄克拉荷马州立大学（Oklahoma State）的教练工作时，首要任务就是带走那个没人想要的家伙。梅斯特梅克获得了一份价值超过 700万美元 的两年期 NIL（姓名、图像、肖像权）协议，从而加盟牛仔队。

在代表俄克拉荷马州立大学出战的第二场比赛中，梅斯特梅克就证明了这笔钱花得值。他投出两次达阵，跑进一次达阵，并击败了排名第 6 的俄勒冈大学。

但对于这位完成爆冷反杀的球员来说，这绝非意外。

“有些人就是能在关键时刻爆发，”梅斯特梅克在谈到自己时说道，“当你把他们放到球场上，他们会变得截然不同。”

纳斯达克 27366.17 ▲ 0.6%

道琼斯工业平均指数 51654.95 ▲ 423.31 0.83%

欧洲斯托克 600 指数 600 631.55 ▲ 1.0%

10年期国债 ▼ 3 / 32, yield 5.243%

原油 $91.85 ▲ $0.36

2026年10月 10 - 11, 2026 / B1

黄金 $4,191.00 ▲ $59.20

欧元 $1.1202

日元 158.29

对科技界最有权势的人来说，这比黄金更有价值

宿敌正结成联盟，高管们亲自介入算力争夺战，以支撑人工智能热潮

作者：KATE CLARK, ERIN WOO, KEACH HAGEY 和 MEGHAN BOBROWSKY

谷歌（Google）非常希望先驱 AI 研究员诺姆·沙齐尔（Noam Shazeer）回归。

这位长期员工此前离职创办了自己的公司，但在 2024 年，谷歌支付了 27 亿美元 billion 让他回归，负责包括其最强大的 AI 技术 Gemini 在内的前沿项目。

然而，即便如此，也无法确保沙齐尔能获得他想要的计算资源。

不到两年后，他给其中一个团队发了一封便函，称谷歌削减了分配给他们的资源，转而支持另一个项目。不久之后，沙齐尔离职加入了竞争对手 OpenAI。

“算力”（Compute），这一行业对计算能力的简称，是 热潮的生命线，且目前供应短缺。现在，关于如何获取更多算力以及优先支持哪些项目的争端，正让这个强大的行业陷入混乱。宿敌之间正在结成新的联盟，例如埃隆·马斯克（Elon Musk）和达里奥·阿莫代（Dario Amodei），他们的公司通过合作来确保算力。风险投资公司则在推销获取 芯片的渠道以吸引初创公司。随着各公司在全球范围内展开一场寻找科技界最炙手可热资源的“寻宝赛”，权力斗争也变得更加频繁。

“目前正在发生一场巨大的淘金热，”旧金山算力公司（San Francisco Compute）首席执行官埃文·康拉德（Evan Conrad）表示，“很难完全理解其规模之大。”

康拉德的公司负责审核数据中心，然后将其计算能力租赁给 公司，客户范围涵盖从英伟达（Nvidia）这样的大巨头到 Standard Intelligence 这样的小型初创公司。该公司的首席技术官埃里克·帕克（Eric Park）在全球奔波，寻找那些极少有人想到会存在计算资源的地方。

今年春天，他去了美国农村的偏远角落，在那里，一个前景光明的新数据中心竟然是运行在看似改装过的鸡舍内部的 服务器。随后是季风季节的马尼拉，帕克的车在洪水中熄火，他和同事们拎着包在水中涉水逃生。最终，一辆经过的卡车将他送到了机场，他在那里买了一双新鞋，然后登机飞往台北——与一家为 热潮构建服务器的公司会面。

即使是一小簇可用的 芯片，对于试图训练或微调小型 模型的初创公司来说也大有裨益。

随着各公司日益受限于数据中心建设长达数年的时间表，SF Compute 的业务得到了增长。目前存在一场建设更多数据中心以快速增加在线容量的竞赛，但建设工作受到了监管和政治抵制的阻碍。

成熟的算力供应商现在要求客户签署包含更高额首付款的多年期合同。初创公司出于绝望，越来越多地与不可靠的供应商签署协议，例如那些缺乏

请翻到 B3 页

他们支付了 $50,000 或更多，并为特斯拉 Roadster 等候了九年

在经历多次延迟后，特斯拉预计将在下周发布其有史以来最昂贵的车型

买一台。

作者：CHRISTOPHER OTTS

它最好是地球上最快的车。这就是托德·豪沙尔特（Todd Haushalter）对特斯拉长期延迟的超级跑车 Roadster 的期望，该车将于下周在德克萨斯州韦科（Waco）揭晓。

“我期待它能以相当大的幅度，成为有史以来最令人印象深刻的轮式交通工具，”豪沙尔特说道。

这是一个很高的期望——但自从他支付了 $250,000 的定金以排队购买以来，他的期待感已经积累了近十年。

新款 Roadster 是特斯拉首款车的续作，首次亮相于 2017. 11 月。此后，特斯拉断断续续地接受这款跑车的预订，希望购车的车主需支付至少 $50,000, 有时甚至更多，才能进入候补名单。

在拉斯维加斯担任在线游戏高管的豪沙尔特在最初发布几周后就对这款车进行了押注。根据他提供给《华尔街日报》的文件，他的 $250,000 定金确保他能获得 1,000 辆“创始人系列”Roadster 之一。（该车的最终价格尚未公布。）

特斯拉 Roadster 自 2017. 11 月起就在研发中。当时，特斯拉首席执行官埃隆·马斯克表示，其最高时速将能超过 250 英里。

特斯拉最初表示生产将于 2020. 开始。但并未实现。

近年来，豪沙尔特对于是否能收到这款不断延迟的汽车变得愈发焦虑，甚至写信给特斯拉董事会。（他没有收到回复。）在 2024 年的一次投资者电话会议上，首席执行官埃隆·马斯克感谢了那些“长期受苦的定金持有者”的耐心。 请翻至 B2 页

市场

SPENCER JAKAB

系好安全带，旅途可能会颠簸

美国经济的减震器已经磨损。如果近期的投资者焦虑情绪恶化，这可能会导致一段颠簸的旅程。

通常情况下（但并非总是如此），当经济放缓迹象显现时，公司和个人会受到国债市场的缓冲。衡量经济衰退最好的早期指标之一，就是资金涌向购买这些超安全证券。

这对“山姆大叔”来说很方便，因为在这种情况下，政府可能需要发行更多国债来支付失业救济金。这对私营部门来说也是一条间接的生命线。

经济放缓会导致违约担忧上升，信用利差扩大。这些利差代表了贷款人根据信用评级类别，相对于理论上无风险的国债所要求的平均超额收益。在危机期间，你总能听到很多关于利差“爆表”的说法，但很少听到实际的借贷成本是多少。

借贷成本甚至可能下降。例如，在 2000 年科技泡沫破裂和 2001 年经济衰退期间，投资级信用利差扩大了约 1.8 个百分点，但 10 年期国债收益率下降了多达 2.8 个百分点。

目前国债收益率处于近 25 年的高点。有时收益率上升是有正当理由的，但经济学家大卫·罗森伯格（David Rosenberg）认为这次并非如此。

他说：“这并不是某种良性的利率周期，即经济强劲增长而利率随之上升。信用投资者正开始在边际上将某些违约风险计入价格。”

2025年11月 '26 来源：通过圣路易斯美联储获取的 ICE BofA 数据指数

美国名义增长强劲。问题在于，基本上所有的增长都来自 AI 数据中心的投资。这种脱节体现在一个极不寻常的现象上：在由科技巨头主导的标准普尔 500, 指数本周创下纪录的同时，股价下跌的股票数量却异常之多。

来自卡车运输、住房、餐饮和零售等经济最敏感部门公司的谨慎信号，通常不会与国债收益率上升同时出现，因为收益率上升通常指向强劲的经济。但现在两者同时出现了。

此外还有其他力量在起作用。其中之一是对全球政府长期信用状况日益增加的不安。罗森伯格表示，美联储近期在应对通胀方面采取的更强硬态度也应承担责任，过去六个月里，市场对加息的预期激增。

美联储在 2022 年通过一系列加息对通胀采取了强硬手段。这导致经济增速放缓，足以引起信用利差同步上升，就像我们现在开始看到的情况一样。罗森伯格说，当时没有导致经济衰退的原因是疫情期间 $2 trillion 的家庭超额储蓄。

这些储蓄已被花光，而且政府现在欠的钱比那时多出数万亿。而 AI 公司还想从同一个全球储蓄池中再借几万亿。

警钟尚未敲响，但罗森伯格表示，未来一年半内出现经济衰退的可能性已经增加。

“就像抛硬币一样。”

家庭如何应对 7% 的抵押贷款利率并降低税负

拥有彼此信任的亲属，可以为高效的税务财富共享开启大门

家庭成员——父母、祖父母和成年子女——如果能彼此足够信任，从而在共同目标（尤其是财务目标）上进行协作，将是非常幸福的。在这种情况下，美国政府的税务规则也能提供帮助。

在抵押贷款利率高于 7% 的当下，这一点尤为重要，因为许多家庭正在寻找帮助年轻成员的方法。如果长辈拥有资源且相信晚辈能够协作，家庭贷款可以让年轻人实现购房，同时为长辈提供一个有用的收入流。

其他策略实际上可以降低税收，例如在资助 529 计划或 Roth IRA 账户时，或者当有人继承了一个传统 IRA 账户且其强制提取额超过其实际需求时。

以下是适用于功能健全家庭的三种策略。

家庭内部贷款

家庭成员向亲属提供首付款贷款，甚至提供私人抵押贷款，在法律上是完全允许的。

但明尼苏达州 Wealth Enhancement Group 的注册会计师（CPA）瑞安·麦基翁（Ryan McKeown）表示，不要试图走捷径。如果贷款是用于首付款，请对抵押贷款提供方保持诚实，并签署正式协议。贷款人需就收到的利息支付缴纳税款。

如果贷款是用于私人抵押贷款，双方都应有法律代表并签署正式的书面协议，其中应包括还款条款。贷款人需就利息纳税，而借款人如果选择分项扣除，通常可以抵扣该利息。

为了避免引起美国国税局（IRS）的麻烦，利率不应低于贷款时该机构公布的适用联邦利率（Applicable Federal Rate）。目前，九年期以上贷款的利率约为 $5%；三年至九年期贷款约为 $4.5%；三年或三年以下贷款约为 $4%。而目前的传统抵押贷款利率通常在 $7% 以上。

此外，贷款人可以利用每年 $19,000 的赠与税免税额（详见下文），每年免除部分或全部利息或本金。如果贷款人和借款人均已婚，该额度最高可达每年 $76,000。对于借款人来说，此类免除无需纳税，因为这被视为赠与。

如果你选择这条路径，麦基翁建议不要制定一个固定的债务免除计划。相反，应通过单次信函明确具体金额，并保留详细记录。否则，美国国税局（IRS）可能会尝试将该贷款视为应纳税的赠与。

资产赠与

家庭中强有力的节税手段通常利用赠与税条款。根据现行法律，任何人每年可以向任何人赠与最高 \$19,000 的资产，无需缴纳赠与税，也无需申报赠与税。这意味着一对拥有三个孙辈的夫妇在 2026 年总共可以向他们赠与 \$114,000。

赠与可以是现金或其他资产，例如股票。对于非现金赠与，成本基准（即衡量出售后应纳税收益的起点）将“转移”给接收者。因此，如果有人购买了 \$1,000 的股票，并在其价值 \$5,000 时将其赠与他人，

接收者的成本基准为 \$1,000。如果接收者随后以 \$8,000 的价格出售这些股票，则应纳税收益为 \$7,000。

这里有一个示例，展示了赠与如何为家庭节省税款。祖母是一位家境平平的寡妇，而她的孩子及其配偶则事业有成。这对夫妇有两个孩子，他们想为每个孩子向 529 大学储蓄计划捐款 \$5,000——但他们需要通过出售股票来筹集资金。他们出售股票的税率为 18.8%，因此需要出售约 \$11,000 的股票。

然而，祖母出售股票的联邦税率为 $0\%$。如果这对夫妇将 \$10,000 的股票赠与祖母，她可以将其出售，无需纳税，并为孙辈的 529 计划提供资金。这大约节省了

\$1,000 的税款。

这些操作是合法的，也可以用于其他方式，例如帮助年轻人为 Roth IRA 账户筹集资金。

但家庭成员之间的信任至关重要：根据法律，赠与者不能给赠与设定条件。祖母可以将股票收益用于乘坐邮轮，但她选择了向 529 计划捐款。

居住在佛罗里达州萨拉索塔的退休税务律师兼注册会计师马克·塞尔纳（Mark Sellner）就采用了这一策略。他的孩子们出售他赠与的股票，并为他的孙辈资助 529 计划。

该家庭节省的税款虽然不多，但他看重其他好处。由其子女进行的出售行为不会增加他的调整后总收入，而增加收入可能会提高他的

Medicare IRMAA 保费或他对净投资收益征收的 3.8% 附加税。

塞尔纳并不担心他的孩子们将资金用于其他目的。

“赠与不能附加任何条件。当然，未来是否继续赠与由我们决定，”他说。

两个注意事项： “儿童税”（kiddie tax）适用于大多数 24 岁以下的儿童，在 2026 年，投资收益超过 \$2,700 的部分将按父母的税率征税。在向年轻人赠与前请考虑这一点。

家庭向亲属提供首付款或私人抵押贷款借款是完全合法的。

赠与股票的投资者也放弃了“成本基准调高”（step-up），这是一项重要的条款，可免除持有至死亡时的资产资本利得税。

塞尔纳知道自己失去了成本基准调高的机会，但他表示：“孩子们现在可以多用一点钱。为什么要等 20 年才拿到呢？”

放弃继承权

放弃继承权（Disclaimer）是一种非常实用的策略，其中一名继承人放弃继承权，使另一名继承人受益。在家庭成员协作的前提下，这可以节省税款。

这里有一个例子。父亲去世了，留下了一笔数额巨大的传统 IRA 账户给母亲。母亲拥有足够的资产和收入来覆盖其开支，且她居住在一个遗产税沉重的州。继承的 IRA 将使她的遗产超过起征点。

此外，还有三个成年子女。如果母亲在父亲去世后的九个月内放弃全部或部分 IRA 继承权，该金额可以直接转给孩子们。他们将有 10 年的时间清空该账户，而整个家庭可能会节省遗产税和所得税。

放弃继承权涉及许多关键细节，尤其是关于受益人文件的部分。虽然继承人在选择放弃哪些资产方面有很大的自由，但关于谁获得被放弃财产的规则却非常僵硬。最好的做法是原所有者指定多级继承人，这样如果其中一人放弃，下一位接收者就非常明确。

历经多年打造的特斯拉首秀

接第 B1 页

随后在 9 月 12, 豪斯哈尔特（Haushalter）欣喜地收到了汇款后的第一封关于该车辆的通知：一份“准备发布”活动的邀请函。该活动原定于 10 月 1, 但因雷暴天气而重新安排。

尽管其核心汽车业务已退居次要地位，但特斯拉目前仍在推进这款可能是公司历史上最昂贵的车型。马斯克曾表示，新款 Roadster 将是特斯拉生产的最后一辆由人类驾驶的车辆，因为公司的未来在于自动驾驶、人工智能和机器人技术。这家汽车制造商未回应置评请求。

前特斯拉总裁乔恩·麦克尼尔（Jon McNeill）表示，在人形机器人等长期赌注可能需要一段时间才能获得回报的情况下，将一款超高价的分众市场车辆推向市场可以改善公司的现金流。

“我认为法拉利证明了一点，即在低销量、高价格的情况下，你依然可以在汽车业务中赚很多钱，”麦克尼尔说。

马斯克在 2017 年表示，该车能 1.9 秒内从 0 加速到 60 英里 / 小时，最高时速 250 英里 / 小时，且满电续航可达 620 英里。他在 2024 年进一步提高了预期，称 Roadster 从 0 加速到 60 英里 / 小时将在 1 秒以内。“而这还是最不值得关注的部分，”他说。

相比之下，一级方程式（Formula One）赛车的 0-60 加速时间约为 2.5 秒。一些量产车，包括特斯拉的高性能 Model S 轿车，可以在 2 秒内完成。

工程师兼资深行业分析师萨姆·阿布尔萨米德（Sam Abuelsamid）表示，试图超越这一速度的行为只能在由专业驾驶员操作且配备灭火设备的严控环境下进行。“这不是我会

▲ 杰里·希斯利（Jerry Heasley）拿回了他的 $50,000 定金。

推荐给任何普通人的，”他说。

除了地面速度，马斯克甚至暗示 可能会利用其火箭公司 SpaceX 的技术实现悬停或飞行。

在 2018, 他表示该车的一项可选 SpaceX 套件将包括 10 个小型火箭推进器，用以提升加速、制动和过弯性能。

“也许他们甚至会让特斯拉飞起来，”他补充道。

2018, 离开公司的麦克尼尔表示，即使在十年前，特斯拉的工程师就在研究如何整合来自 SpaceX 的推进器，以使 更加强大。

在 2019, 马斯克转发了一张车辆悬浮在离地几英尺高的虚构图片，并称 “实际上会实现类似的功能”。

在 9 月 29, 美国专利局公布了一项特斯拉的专利，涉及一系列用于提高

菲尔·特鲁比（Phil Trubey）和他的儿子将于周四拿到他们的 。

▶ 托德·豪斯哈尔特（Todd Haushalter）为“创始人系列” 支付了 $250,000 定金。

制动稳定性和提高过弯速度的导管风扇。根据这项特斯拉于 2024 年申请的专利，该电动风扇系统可增加下压力并减少阻力。

菲尔·特鲁比，他为一台“创始人系列” 支付了 $250,000，他并不担心车速有多快。他说，他那辆高性能特斯拉 Model S 轿车已经给了他超出掌控的体验。

“如果你猛踩油门，它真的会让我感到恶心，”这位圣迭戈的科技创业者兼投资者特鲁比说。“所以我甚至无法想象 会对我产生什么影响。”

周四，特鲁比和他的儿子将前往德克萨斯州一探究竟。

然而，并非所有 客户都能忍受这种延迟。OpenAI 首席执行官、马斯克的竞争对手萨姆·奥特曼（Sam Altman）去年表示，他在支付了 $50,000 定金后，曾尝试取消预订。

2018. 奥特曼指出，7 $^{1 / 2}$ 年“感觉是一段很长的等待时间”。在 X 平台上与奥特曼的一次争执中，马斯克表示奥特曼的资金已获得退款。

根据《华尔街日报》查阅的文件，德克萨斯州汽车收藏家兼自由汽车记者杰里·希斯利（Jerry Heasley）在 2025 年说服特斯拉退还了他于 2017 年为一款普通版 Roadster 支付的 $50,000 定金。希斯利表示，随着时间流逝，他担心自己可能永远无法拿到这辆车。

“现在我真的很想要它，你能看出来，”他说，“也许我当时应该坚持下去的。”

Anthropic 在华盛顿的声誉修复者

Tom Brown 利用其与共和党的关系，在白宫和埃隆·马斯克之间斡旋达成和解

作者：AMRITH RAMKUMAR 和 KEACH HAGEY

可以称他为 Anthropic 的首席问题解决者。Tom Brown 是与 Dario Amodei 等 6 位创始人共同创立 的成员之一，他正将其在谈判 AI 模型训练所需芯片交易方面的背景，转化为某种更有价值的东西：即 为了实现一次估值可能超过 $2 trillion 的首次公开募股（IPO）而所需的商业和政治联盟。

Amodei 对 AI 风险的末日预警令部分政府官员感到沮丧，这些人担心任何暂停或过度监管都会威胁到美国领先于中国的地位；而 Brown 则找到了共同点。他与埃隆·马斯克达成了和解，后者曾称 “自鸣得意、道貌岸然且虚伪”。

当白宫出于安全考虑强制 关闭其两个模型的全部访问权限时，在 Amodei 自身的努力未能奏效后，他派遣了其首席计算官与特朗普政府进行谈判。身为共和党人的 Brown 在 6 月份结束了这场持续两周半的僵局，他向商务部、五角大楼和白宫官员保证， 理解他们的安全担忧，并已升级了其防护措施。

这位身高 6 英尺 6 英寸的高管上周在白宫举行的一场庆祝美国 AI 进展的峰会上拍照留念，与技术公司首席执行官们以及一位此前曾痛斥 为“觉醒（woke）”的总统合影。

一些观察人士认为，他与政府之间更友好的关系是帮助 Amodei 获得与唐纳德·特朗普进行首次长时间面对面会晤（9 月下旬在白宫的一次晚餐）的因素之一，会后 Amodei 赢得了总统的赞赏。Amodei 还参加了上周的午餐会，这使得 成为两家有两名高管出席的公司之一。

Brown 今年早些时候与妻子 Michelle Valentine（一名初创公司联合创始人及前风险投资人）在华盛顿买了一栋房子。知情人士表示，这对夫妇在私人对话中表示他们是共和党的盟友，并希望在华盛顿建立关系。Brown 一直支持美国积极建设数据中心

汤姆·布朗 (Tom Brown)

■ 身高：他身高 6 英尺 6 英寸 ■ 新添之子：他与妻子米歇尔·瓦伦丁 (Michelle Valentine) 有一个 1 岁的孩子 ■ 新居：他与瓦伦丁今年在华盛顿特区买了一栋房子 ■ 早期工作：布朗曾从事过一款多人约会应用的开发

■ 履历其他部分：他还曾在 OpenAI、谷歌以及当然还有 Anthropic 工作过

以及核能项目，这是白宫的优先事项，但在美国人中越来越不受欢迎。随着用户数量的增加和模型的进步，Anthropic 继续需要更多的计算能力。

布朗在上个月的一次 G-20 科技峰会上表示，他“非常喜欢”特朗普在 Truth Social 上发布的一篇帖子，该帖子称不接纳数据中心的社区将面临变得“落后且贫穷”的风险。

“他指出数据中心是一个巨大的繁荣来源，”布朗在谈到该帖子时说道。

“他正越来越多地扮演着创始人与外交官的双重角色，”游说公司 Monument Advocacy 的首席 AI 官约瑟夫·霍费尔 (Joseph Hoefer) 表示。该公司代表多家科技公司，但不代表 。

与布朗共事的人表示，他强硬的谈判风格掩盖了他作为一名 1 岁儿子父亲的温柔一面。

布朗在旧金山湾区长大，随后在麻省理工学院学习工程学。他曾在多家初创公司工作，并参加了初创企业孵化器 Y Combinator。布朗自称是个尴尬的孩子，他说他曾短暂地在一家名为 Grouper 的多人约会应用公司工作，以帮助像他这样的人“与女孩交谈”。

为了获得进入 OpenAI 的机会，他曾提出愿意帮公司拖地。不久之后，与他建立起友好关系的 OpenAI 联合创始人格雷格·布罗克曼 (Greg Brockman) 聘请布朗成为该初创公司的首批 20 名员工之一。

在那里，布朗结识了当时该实验室的主要出资人马斯克。据知情人士透露，在 2016 年马斯克的一次访问期间，布朗惊恐地看着马斯克猛烈抨击一名传奇研究员的演示。但当轮到布朗展示他的工作时，马斯克表示他很喜欢布朗开发的那个能让 AI 玩电子游戏《星际争霸》(StarCraft) 的工具。

这次相遇最终为十年后两人公司之间的一项关键计算协议铺平了道路。

布朗在 OpenAI 被裁员，随后短暂加入了谷歌的 DeepMind 实验室。2018 年，阿莫代 (Amodei) 将他带回 OpenAI，他领导了 GPT-3. 的工程工作。这一突破性模型证明了支撑 AI 热潮的核心原则之一：当模型在更多数据上进行训练时，能力将会提升。

2021 年初，他与阿莫代以及其他五名 OpenAI 领导者共同创建了 。

2023 年初， 为了与 ChatGPT 竞争而推出 Claude 模型，增加了对计算能力的需求，布朗为此促成了与谷歌和亚马逊的交易。

布朗还转向了马斯克，后者的 SpaceX 在收购 xAI 后，其庞大的数据中心集群拥有冗余容量。当时气氛紧张：在 切断 xAI 对 Claude Code 的访问权限后，马斯克在 X 上花费数月时间抨击 ，称其“自大、道貌岸然且虚伪”，并给它起了一个绰号叫“Misanthropic”（厌人类）。

但布朗意识到，马斯克和 最终有机会互帮互助。据知情人士透露，他在 3 月下旬开车前往位于加州霍桑的 SpaceX 办公室，告诉马斯克 并不像他认为的那么“觉醒”(woke)，同时也承认其过去的一些模型确实如此。

该公司今年就 AI 模型在军事用途时的正确护栏问题与国防部发生了冲突。五角大楼将 认定为安全风险的决定仍然有效。

布朗经常与负责研究与工程的国防部次长埃米尔·迈克尔 (Emil Michael) 进行交流，但五角大楼已禁止使用 的所有工具，并告知承包商停止使用，这一举措在一家法院得到了维持，而在另一家法院被推翻。

最近几周，布朗与商务部长霍华德·卢特尼克（Howard Lutnick）以及白宫科技政策办公室负责人迈克尔·克拉齐奥斯（Michael Kratsios）就 Anthropic 的模型和 AI 安全问题进行了讨论。在上个月的 G-20 峰会期间，有人看到布朗与卢特尼克以及其他国家的官员在进行非正式交谈。

在活动现场，卢特尼克询问布朗 AI 的未来将如何发展。布朗表示，他预计在未来五年内，在治愈癌症和造福经济方面将取得重大进展，这与阿莫代（Amodei）的说法相呼应。

“回过头来看，我们会感叹：‘哇，在 2026 年的时候，我们还觉得进展很快，觉得已经看到了这些成果，但实际上我们低估了这将产生多么深远的影响以及进步的速度会如此之快，’”布朗说道。

AI 繁荣中最宝贵的资源

接第 B1 页， 缺乏适当的安全措施或基础设施较弱。

加拿大 AI 初创公司 Cohere 的联合创始人尼克·弗罗斯特（Nick Frosst）表示，虽然那些大张旗鼓的公告承诺很快将提供海量的新计算能力，但目前实际可用的远少于此。

“很多项目在宣布之后就被取消了，”弗罗斯特说。他的初创公司致力于构建大语言模型，去年估值为 68 亿美元 billion。“或者他们声称要建到某种规模，但实际建设的规模要小得多。”

据知情人士透露，开源 AI 初创公司 Arcee 的创始人汤姆·布朗（Tom Brown）曾前往埃隆·马斯克（Elon Musk）旗下的竞争对手 AI 公司 xAI 位于加州霍桑的办公室，试图达成一项从马斯克公司租赁计算能力的协议。Anthropic 的 Claude Code 取得了爆发式且出人意料的成功，导致计算资源紧张，并引发了频繁的停机。

今年 5 月，Anthropic 宣布与马斯克的 SpaceX 达成协议，租赁超过 300 兆瓦的计算能力，这一消息震惊了业界——随后披露的协议显示，未来几年的交易价值高达 450 亿美元 billion。

450 亿美元 billion 预计向 SpaceX 支付的计算能力费用

首席执行官马克·麦奎德（Mark McQuade）表示，Arcee 最近获得了一家基础设施合作伙伴在资金和计算容量方面的承诺，但由于该公司的数据中心建设延迟，交易最终破裂。

“这些事情中有很多都处于不确定状态，尤其是涉及到计算资源时，”麦奎德说。“在它真正实现之前，你得持保留态度。”

由于需求如此之大，价格正在上涨。根据数据咨询公司 SemiAnalysis 的数据，通过一年期合同租赁英伟达 H100 芯片计算能力的每小时成本在过去一年中上涨了 60%。Alphabet 预计今年的资本支出将高达 2000 亿美元 billion，其中大部分将用于 AI 基础设施。

即使是最繁忙的 AI 高管也在亲自参与关于计算能力的谈判。

3 月下旬， 联合创始人访问了马斯克。此前马斯克在公开场合对 持批评态度，但他随后在 X 上发帖称，他对 高管团队的成员印象“深刻”，并补充道：“没有人触发我的邪恶探测器。”

据一名知情人士透露， 首席执行官达里奥·阿莫代（Dario Amodei）今年早些时候还与 Meta 首席 AI 官亚历山大·王（Alexandr Wang）进行了电话沟通，试图获取更多计算能力。知情人士表示，Meta 曾讨论是否向 提供芯片，但最终决定目前不提供。

这还不包括 在过去一年中宣布的数千亿美元的计算交易。

在谷歌位于山景城的办公室里，研究人员在哪些项目值得获得公司宝贵的计算资源问题上存在激烈分歧。联合创始人谢尔盖·布林（Sergey Brin）有时会颠覆正式的计算资源分配流程，重新

五大超大规模云服务商的资本支出

10 亿美元.2 trillion

来源：FactSet

据知情人士透露，有人将权力重新分配给那些他认为重要的项目。谷歌 AI 实验室 DeepMind 的联合创始人、直到近期仍在该实验室担任负责人并在 8 月就任主席的德米斯·哈萨比斯（Demis Hassabis），曾对分配给长期研究的计算资源不足表示沮丧，据知情人士透露。

为了对冲获取计算能力的不可预测性，一些公司签署的合同容量超过了其实际需求。在其他情况下，初创公司预测其 AI 产品的需求将激增，但这种需求从未实现，迫使它们转售剩余容量。

这些因素的共同作用，加上等待时间的增加和计算成本的飙升，正使一批试图与谷歌、Anthropic 和 OpenAI 竞争的新晋公司陷入困境。

在 热潮早期，无论规模大小，公司都可以从亚马逊云服务（AWS）等平台租用 芯片集群，而无需做出多年承诺或支付天文数字般的预付款。

随着前沿 实验室耗尽可用计算资源，云服务提供商开始要求签署多年合同，预付款比例通常高达 30%。有时，他们还要求初创公司寻找愿意在无法付款时承担责任的担保人。

“这就像是你有一套公寓，原本可以按月租赁，然后突然有一天房东走进来对你说：‘嘿，我需要你签一份五年的租约，而且顺便说一下，我需要你预付一年的租金，’”SF Compute 的康拉德（Conrad）说道。

挑战不仅在于获取计算能力，还在于准确预测初创公司在规模扩张过程中需要多少“火力”。

硅谷最新且增长最快的初创公司之一——走红的 助手 Instinct，正面临来自 Meta 和 OpenAI 的激烈竞争，这两家公司最近都推出了自己的个人 智能体，并且拥有多得多的资金和计算能力。

Instinct 上个月以 100 亿美元 billion 估值融资 10 亿美元 billion，这是该公司今年的第三次融资。但即便拥有大量现金，它可能仍难以跟上像 Meta 这样拥有并运营自有数据中心公司的步伐。

Instinct 首席执行官诺亚·申（Noah Shinn）在最近的一期“Invest Like the Best”播客节目中表示，他一直在纠结是否现在就购买计算资源，以应对未来拥有 1 亿 用户的情况，这是一个冒险的举动，如果公司增长不如预期，可能会导致公司崩溃。Instinct 的一名代表拒绝置评。

“如果你买多了，过多的租赁承诺可能会让公司破产；如果你买少了，可能会降低你的增长轨迹，并导致大量用户不满，”投资 初创公司的 Gradient Ventures 普通合伙人扎克·布拉图恩-格伦农（Zach Bratun-Glennon）表示。

一些风险投资公司现在自行预留集群，并将容量转租给其投资的初创公司，或者提供为计算供应商的合同提供担保。据一名熟悉该加速器的人士透露，去年 Y Combinator 的一家初创公司在为期两个月的训练运行中需要 120 个图形处理单元（GPU），但无法找到合适的合同。因此，Y Combinator 在 7 月推出了一个专门为其初创公司服务的集群。

在 Radical Ventures（一家专注于 的风投公司，近期支持了一家由 Alphabet 前首席科学家杰夫·迪恩（Jeff Dean）共同创立的新 实验室 Discovery Loop）中，大卫·卡茨（David Katz）领导着一个团队，负责追踪可用 GPU、监控价格和合同条款，并将投资组合公司与计算供应商联系起来。

他说，在过去的五年里，卡茨及其小团队已经协商了数十亿美元的计算交易。卡茨经常直接与“新云”（neoclouds）公司的负责人发短信，询问可用资源。这些公司购买 GPU 和其他芯片，然后将其租赁给客户。在 Radical 决定投资之前，他会向计算合作伙伴标记潜在的投资项目，以确保在需要时能够获得相应的容量。

“过去的问题是‘我从哪里获得资金？’现在则变成了‘谁能帮我？’”卡茨说。“这些公司周围有大量资金在流动，但关于如何构建这些东西的深度情报却不多。”

交易

成功科学 / 本·科恩（BEN COHEN）

AI 刚刚达成一项里程碑：它破解了数百道数学难题

OpenAI 发布了针对 300. 多道难题的研究结果。这可能是“数学史上最重大的时刻”。

自从你上次思考数学以来，那些每天思考数学的人们已经陷入了疯狂。

一个月前，

当 OpenAI 宣布其一个强大的内部模型破解了一道极其困难的“千禧年大奖难题”时，这看起来像是人工智能在数学领域取得进展的一次最壮观的演示。

随后，数学家们反抗了。

数学界的抵制与全球范围内对硅谷实验室竞相开发可能失控技术的反思恰好在同一时间发生。在 OpenAI 发布其里程碑式证明的同一天，一名研究员因安全担忧离开了 Anthropic。在短短几小时内，AI 的突破就被 可能会毁灭人类的恐惧所掩盖。

与此同时，数学家们也在面对他们自己的生存危机。

但就在他们公开辩论这个古老领域的未来时，OpenAI 的模型在闭门状态下继续产出新的证明。这给该公司留下了一个需要人类来解决的问题：如何处理所有这些由 生成的数学成果。

周二晚上，OpenAI 发布了数百个证明，供数学家们研究领会。

一夜之间，大量数十年来一直困扰数学家的答案接踵而至。这场“洪水”包括 对数论、代数几何以及其他那些足以让任何被高中数学阴影笼罩的人感到偏头痛的领域中 300 多道问题的解决方案。在约 720 篇论文的合集中，主要发现包括与五个剩余千禧年大奖难题中的三个相关的进展，其中包括黎曼猜想。

“如果是一个人做到了这一点，无需质疑，将立即获得菲尔兹奖，”罗格斯大学杰出数学教授亚历克斯·孔托罗维奇（Alex Kontorovich）在 X 上就关于“准黎曼猜想”的证明写道。

如此巨大的结果却以低调的方式推出，标志着 OpenAI 发布科学发现方式的转变，这也是其试图赢回那些在近几个月对 炒作产生厌恶感的数学家们所做努力的一部分。在过去的一周里，其中许多人表示感受到了一种敬畏感。

当震惊的数学专家们浏览这些结果并开始吸收它们时，甚至一名 Anthropic 内部的研究员也称这次发布“显然是数学史上最重大的时刻”。

这也是 和数学本身在具有历史意义的一年中所经历的最新一次令人眩晕的转折。

今年，OpenAI 和 Anthropic 将复杂的数学变成了其最聪明模型的一种不寻常的营销形式，大肆宣传他们解决了困扰人类近一个世纪的难题。

但随着美国人对 变得日益怀疑，这种曾经看似安全的展示 能力的方式开始产生反作用。

这些实验室还失去了部分数学奉献者的信任，这些人曾将 工具视为极其强大的计算器，但现在觉得自己成了万亿级公司之间战争的附带损害。两者的竞争如此激烈，以至于 OpenAI 表示，直到听说 Anthropic 已经解决至少一个难题后，它才将其前沿模型对准千禧年大奖难题，并为此投入了数百万美元的计算能力。

当二十多位享有盛誉的菲尔兹奖得主发表一封愤怒的公开信，警告说该行业竞相解决数学难题的行为威胁到数学本身的宗旨时，批评声进一步升级。

在 OpenAI 声称试图为其赋能的科学界的压力下，该公司最近协助组建了一个由顶尖数学家组成的独立顾问小组。

“关于人工智能如何支持数学理解，未来仍有许多难题需要解决，”OpenAI 上个月表示，“我们希望数学家能够成为制定答案的核心。”

上周，该顾问委员会根据数百名数学家的反馈，制定了 AI 实验室应如何发布研究结果的指南。

OpenAI 表示，在推出这次数学研究成果的“雪崩”时，参考了这些建议。

没有采取逐一发布结果的方式，而是将其全部一次性公开。

该公司发布了 372 组结果，并表示该模型总共尝试了大约 4,000 个问题。它还提供了模型“思维链”的摘要，并估计平均结果所需的计算能力仅为赢得千禧年大奖（Millennium Prize）时所用计算能力的一小部分。

本周早些时候，由于有传闻称 即将发布一批证明，数学家们纷纷抢在被抢先报道之前，发布他们自己利用 AI 辅助完成的工作。

表示，此次发布反映了数学委员会的建议和担忧——但有一个例外。

“我们要求他们停止在私有模型上测试高级数学问题，”顶尖数学家们上周写道。

回应称：“继续在数学和其他科学领域评估我们的内部前沿模型至关重要，这样我们才能加速开发推动这些领域进步的工具。”

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道琼斯< / td>< colspan="5">最新< / >< colspan="3">52-Week< / >< colspan="2">% 变化< / >< / tr><><>最高< / ><>最低< / ><>收盘< / ><>净变化< / ><>% 变化< / ><>最高< / ><>最低< / ><>% 变化< / ><>YTD< / ><>3-yr. ann.< / >< / ><><>工业平均指数< / ><>51765.11< / ><>51258.95< / ><>51654.95< / ><>423.31< / ><>< / ><>0.83< / ><>54349.12< / ><>45166.64< / ><>13.6< / ><>7.5< / >< / ><><>运输平均指数< / ><>19861.87< / ><>19704.46< / ><>19804.14< / ><>-4.93< / ><>-0.02< / ><>23933.14< / ><>15067.87< / ><>31.4< / ><>14.1< / ><>9.8< / >< / ><><>公用事业平均指数< / ><>1057.24< / ><>1046.28< / ><>1055.96< / ><>8.09< / ><>< / ><>0.77< / ><>1190.23< / ><>1004.50< / ><>-7.4< / ><>-1.1< / >< / ><><>Total Stock Market< / ><>76995.00< / ><>76558.33< / ><>76901.75< / ><>470.41< / ><>< / ><>0.62< / ><>77313.23< / ><>62750.36< / ><>18.7< / ><>13.9< / >< / ><><>Barron's 400< / ><>1611.58< / ><>1604.11< / ><>1607.51< / ><>6.91< / ><>< / ><>0.43< / ><>1685.46< / ><>1318.70< / ><>20.0< / ><>13.8< / >< / ><>< colspan="11">纳斯达克股票市场< / >< / ><><>纳斯达克综合指数< / ><>27395.41< / ><>27254.03< / ><>27366.17< / ><>172.83< / ><>< / ><>0.64< / ><>27599.79< / ><>20794.64< / ><>23.2< / ><>17.7< / >< / ><><>纳斯达克-100< / ><>30946.74< / ><>30770.06< / ><>30883.15< / ><>157.34< / ><>< / ><>0.51< / ><>31224.47< / ><>22953.38< / ><>27.5< / ><>22.3< / >< / ><>< colspan="11">S&P< / >< / ><><>500 Index< / ><>7820.57< / ><>7779.34< / ><>7811.54< / ><>46.18< / ><>< / ><>0.59< / ><>7818.93< / ><>6343.72< / ><>19.2< / ><>14.1< / >< / ><><>MidCap 400< / ><>3677.97< / ><>3644.88< / ><>3669.17< / ><>19.15< / ><>< / ><>0.52< / ><>3926.98< / ><>3109.89< / ><>16.0< / ><>11.0< / >< / ><><>SmallCap 600< / ><>1676.32< / ><>1667.54< / ><>1672.98< / ><>2.39< / ><>< / ><>0.14< / ><>1828.54< / ><>1364.94< / ><>20.1< / ><>14.0< / >< / ><>< colspan="11">其他指数< / >< / ><><>罗素 2000< / ><>2814.01< / ><>2795.54< / ><>2806.98< / ><>12.85< / ><>< / ><>0.46< / ><>3068.42< / ><>2305.11< / ><>17.2< / ><>13.1< / >< / ><><>NYSE Composite< / ><>23953.60< / ><>23797.60< / ><>23939.10< / ><>141.50< / ><>< / ><>0.59< / ><>24821.68< / ><>20912.89< / ><>13.5< / ><>8.8< / >< / ><><>Value Line< / ><>654.14< / ><>651.17< / ><>653.33< / ><>2.160< / ><>< / ><>0.33< / ><>702.60< / ><>590.50< / ><>6.9< / ><>4.0< / >< / ><><>纽交所 Arca Biotech< / ><>9265.97< / ><>9064.01< / ><>9236.24< / ><>172.23< / ><>< / ><>1.90< / ><>9539.76< / ><>6340.88< / ><>45.7< / ><>29.1< / >< / ><><>纽交所 Arca Pharma< / ><>1243.57< / ><>1220.25< / ><>1241.74< / ><>14.18< / ><>< / ><>1.16< / ><>1315.38< / ><>984.85< / ><>23.3< / ><>10.3< / >< / ><><>KBW Bank< / ><>171.17< / ><>169.05< / ><>170.65< / ><>0.65< / ><>< / ><>0.38< / ><>193.91< / ><>143.23< / ><>19.1< / ><>3.9< / >< / ><><>PHLX$< / >< / table>

Gold / Silver< / td> 368.93< / ><>363.46< / ><>366.69< / ><>9.05< / ><>< / ><>2.53< / ><>470.37< / ><>265.03< / ><>24.1< / ><>7.1< / >< / tr> <>PHLX$ 石油服务< / ><>94.98< / ><>94.15< / ><>94.28< / ><>-0.001< / ><>< / ><>109.24< / ><>60.27< / ><>56.4< / ><>28.6< / >< / ><><>PHLX$ 半导体< / ><>12826.67< / ><>12507.88< / ><>12572.42< / ><>-51.29< / ><>-0.41< / ><>< / ><>14634.72< / ><>6352.07< / ><>96.2< / ><>77.5< / >< / ><><>Cboe 波动率< / ><>15.34< / ><>14.77< / ><>14.84< / ><>-0.57< / ><>-3.70< / ><>< / ><>31.05< / ><>13.47< / ><>-31.5< / ><>-0.7< / >< / table>

<>< colspan="3">7300< / >< / ><><>8月< / ><>9月< / ><>10月< / >< / table>

市场摘要

道琼斯工业平均指数

51654.95< / td><>滚动市盈率< / ><>21.03< / ><>24.92< / >< / tr><><>▲ 423.31< / ><>市盈率预测*< / ><>19.58< / ><>22.09< / >< / ><><>或 0.83%< / ><>股息率< / ><>1.54< / ><>1.62< / >< / ><><>历史最高点< / ><>< / >< colspan="2">当前除数< / >< / ><><>54349.12, 08 / 05 / 26< / ><>< / >< colspan="2">0.1682481652835< / >< / table>

标准普尔500指数

<>< colspan="2">< / ><>最新< / ><>一年前< / >< / ><><>7811.54< / ><>滚动市盈率 < / ><>23.58< / ><>25.65< / >< / ><><>▲ 46.18< / ><>市盈率预测 < / ><>19.56< / ><>22.27< / >< / ><><>或 0.59%< / ><>股息率 *< / ><>1.05< / ><>1.15< / >< / ><>< colspan="4">历史最高点< / >< / ><>< colspan="4">7818.93, 10 / 06 / 26< / >< / table>

<>< colspan="3">盘中最高< / >< / ><><>下跌< / ><>上涨< / ><>48000< / >< / ><><>盘中开盘< / ><>收盘< / ><>< / >< / ><><>收盘< / ><>开盘< / ><>46000< / >< / ><>< colspan="2">盘中最低< / ><>44000< / >< / table>

<>< colspan="3">42000< / >< / ><><>8月< / ><>9月< / ><>10月< / >< / table>

每周市盈率数据基于 Birinyi Associates Inc. 报告的收益 ${}^{\dagger}$ 基于纳斯达克100指数

纳斯达克综合指数

< / td><>< / ><>最新< / ><>一年前< / >< / tr><><>27366.17< / ><>滚动市盈率 †< / ><>31.51< / ><>33.55< / >< / ><><>▲ 172.83< / ><>预计市盈率 †< / ><>22.15< / ><>29.15< / >< / ><><>或 0.64%< / ><>股息率 *†< / ><>0.53< / ><>0.64< / >< / table>

<><>< / ><>25000< / >< / ><><>8月< / ><>9月< / >< / ><><>10月< / ><>< / >< / table>

美国主要股市指数

交易日记 来源：FactSet；道琼斯市场数据

涨幅最大者... 国际股市指数

<>< colspan="3">成交量、上涨家数、下跌家数< / >< / ><><>< / ><>纽约证券交易所 (NYSE)< / ><>纽约美国交易所 (NYSE Amer.)< / >< / ><><>总成交量< / ><>10.71亿< / ><>13,231,477< / >< / ><><>上涨成交量< / ><>5.96亿< / ><>9,355,674< / >< / ><><>下跌成交量< / ><>4.65亿< / ><>3,180,320< / >< / ><><>交易品种数< / ><>2,794< / ><>287< / >< / ><><>上涨家数< / ><>1,539< / ><>147< / >< / ><><>下跌家数< / ><>1,177< / ><>125< / >< / ><><>持平家数< / ><>78< / ><>15< / >< / ><><>新高家数< / ><>42< / ><>1< / >< / ><><>新低家数< / ><>123< / ><>19< / >< / ><><>收盘Arms指数†< / ><>0.99< / ><>0.35< / >< / ><><>大宗交易< / ><>3,879< / ><>146< / >< / table>

<><>总成交量< / ><>68.45亿< / ><>2.93亿< / >< / ><><>上涨成交量< / ><>36.11亿< / ><>2.11亿< / >< / ><><>下跌成交量< / ><>31.72亿< / ><>79,278,478< / >< / ><><>交易品种数< / ><>4,951< / ><>2,543< / >< / ><><>上涨家数< / ><>2,759< / ><>1,977< / >< / ><><>下跌家数< / ><>2,019< / ><>517< / >< / ><><>持平家数< / ><>173< / ><>49< / >< / ><><>新高家数< / ><>90< / ><>46< / >< / ><><>新低家数< / ><>275< / ><>12< / >< / ><><>收盘Arms指数1< / ><>1.20< / ><>1.57< / >< / ><><>大宗交易< / ><>39,442< / ><>1,640< / >< / table>

$^{a}$ 仅限主要市场 NYSE、NYSE American 和 NYSE Arca。$^{b}$ (TRIN) 上涨和下跌品种数量与上涨和下跌股票成交量的比较。Arms指数低于1表示买盘需求；高于1表示抛盘压力。

<><>地区 / 国家< / ><>指数< / ><>收盘价< / ><>净变动< / ><>最新%变动< / ><>年初至今%变动< / >< / ><>< rowspan="4">全球< / ><>MSCI ACWI< / ><>1147.26< / ><>7.16< / ><>0.63< / ><>13.1< / >< / ><><>MSCI ACWI (除美国外)< / ><>468.55< / ><>3.09< / ><>0.66< / ><>11.3< / >< / ><><> World< / ><>4962.41< / ><>31.13< / ><>0.63< / ><>12.0< / >< / ><><> 新兴市场< / ><>1708.77< / ><>10.24< / ><>0.60< / ><>21.7< / >< / ><><>美洲< / ><> AC Americas< / ><>2954.96< / ><>18.882< / ><>0.64< / ><>13.9< / >< / ><><>加拿大< / ><>S&P / TSX Comp< / ><>35664.62< / ><>519.24< / ><>1.48< / ><>12.5< / >< / ><><>拉美< / ><> EM Latin

America3372.9248.261.4524.5巴西Bovespa209066.902846.661.3829.8墨西哥S&P/BMV IPC66048.571061.661.632.7欧洲、中东和非洲STOXX Europe 600631.556.040.966.6欧元区Euro STOXX649.974.380.686.2比利时Bel-205454.7455.341.027.4丹麦OMX Copenhagen 201518.1723.021.54-5.6法国CAC 407803.3373.640.95-4.2德国DAX25087.27280.301.132.4以色列特拉维夫4061.71-28.23-0.6911.8意大利FTSE MIB49746.31448.430.9110.7荷兰AEX1130.959.750.8718.9挪威奥斯陆交易所全股指数2480.4827.901.1427.8南非FTSE/JSE 全股指数108524.771415.481.32-6.3西班牙IBEX 3519033.10104.200.5510.0瑞典OMX Stockholm1122.1118.061.647.3瑞士瑞士市场指数13787.40150.401.103.9土耳其BIST 10012265.9852.400.438.9英国FTSE 10010552.05110.451.066.2英国FTSE 25024213.78269.901.137.8亚太地区MSCI AC Asia Pacific274.811.110.4120.7澳大利亚S&P/ASX 2008716.6055.690.640.03中国上证综合指数3813.791.890.05-3.9香港恒生指数24211.35425.561.79-5.5印度BSE Sensex72472.33879.091.23-15.0印度尼西亚JSX 综合指数6093.7662.481.04-29.5日本日经 22569030.92-11.19-0.0237.1新加坡海峡时报指数5401.89-11.07-0.2016.3韩国KOSPI6625.93...休市57.2台湾TAIEX49313.44...休市70.3泰国SET1577.657.040.4525.2

公司< / td>< rowspan="2">代码< / >< colspan="3">最近交易日< / >< colspan="3">52周< / >< / tr><><>收盘价< / ><>净值变动< / ><>% 变动< / ><>最高价< / ><>最低价< / ><>% 变动< / >< / ><><>WF Holding< / ><>WFF< / ><>12.29< / ><>10.24< / ><>499.51< / ><>19.44< / ><>0.91< / ><>155.8< / >< / ><><>Veea< / ><>VEEA< / ><>5.70< / ><>1.83< / ><>47.29< / ><>18.67< / ><>1.34< / ><>-64.1< / >< / ><><>Quetta Acquisition< / ><>QETA< / ><>16.41< / ><>4.81< / ><>41.47< / ><>21.59< / ><>11.02< / ><>46.8< / >< / ><><>Defiance Tgt 2X Lg MRNA< / ><>MRNX< / ><>183.82< / ><>39.81< / ><>27.64< / ><>183.82< / ><>14.95< / ><>...< / >< / ><><>Opportunistic Trader ETF< / ><>WZRD< / ><>5.70< / ><>1.22< / ><>27.23< / ><>417.60< / ><>3.70< / ><>-98.3< / >< / ><><>Concord Medical Svs ADR< / ><>CCM< / ><>3.88< / ><>0.78< / ><>25.16< / ><>6.96< / ><>2.79< / ><>-34.8< / >< / ><><>Cue Biopharma< / ><>CUE< / ><>27.66< / ><>5.33< / ><>23.87< / ><>45.50< / ><>4.97< / ><>-0.5< / >< / ><><>Agroz< / ><>AGRZ< / ><>4.42< / ><>0.80< / ><>22.10< / ><>144.00< / ><>2.89< / ><>-94.8< / >< / ><><>Defiance Tgt 2X Shrt ASTS< / ><>ASTN< / ><>23.07< / ><>4.11< / ><>21.68< / ><>100.24< / ><>12.64< / ><>...< / >< / ><><>Defiance Tgt 2X Lg HIMS< / ><>HIMZ< / ><>29.08< / ><>4.91< / ><>20.32< / ><>391.58< / ><>12.38< / ><>-91.1< / >< / ><><>T-REX 2X Lg DOCN Dly Tgt< / ><>OCNL< / ><>25.70< / ><>4.09< / ><>18.94< / ><>32.56< / ><>16.77< / ><>...< / >< / ><><>YD Bio< / ><>YDES< / ><>6.73< / ><>0.94< / ><>16.23< / ><>22.00< / ><>1.70< / ><>-64.0< / >< / ><><>Kailera Therapeutics< / ><>KLRA< / ><>11.61< / ><>1.61< / ><>16.10< / ><>28.23< / ><>9.76< / ><>...< / >< / ><><>Fastly< / ><>FSLY< / ><>29.30< / ><>4.01< / ><>15.86< / ><>34.82< / ><>7.74< / ><>242.7< / >< / ><><>Novavax< / ><>NVAX< / ><>12.75< / ><>1.74< / ><>15.80< / ><>13.39< / ><>6.20< / ><>48.4< / >< / table>

数据来源：FactSet；道琼斯市场数据

大宗商品

<>< rowspan="2">< / >< rowspan="2">收盘价< / >< colspan="2">周五< / >< colspan="3">52周< / >< rowspan="2">年初至今 % 变动< / >< / ><><>净值变动< / ><>% 变动< / ><>最高价< / ><>最低价< / ><>% 变动< / >< / ><><>DJ Commodity< / ><>1463.79< / ><>5.59< / ><>0.38< / ><>1505.40< / ><>1076.65< / ><>35.96< / ><>29.46< / >< / ><><>FTSE / CC CRB Index< / ><>414.73< / ><>0.39< / ><>0.09< / ><>429.15< / ><>291.69< / ><>41.66< / ><>38.81< / >< / ><><>原油，美元 / 桶< / ><>91.85< / ><>0.36< / ><>0.39< / ><>112.95< / ><>55.27< / ><>55.94< / ><>59.96< / >< / ><><>天然气，美元 / 百万英热单位< / ><>3.220< / ><>0.052< / ><>1.64< / ><>7.460< / ><>2.523< / ><>3.67< / ><>-12.64< / >< / ><><>黄金，美元 / 金衡盎司< / ><>4191.00< / ><>59.20< / ><>1.43< / ><>5318.40< / ><>3947.70< / ><>5.41< / ><>-3.11< / >< / table>

消费者利率与投资者回报

过去一年消费者利率与其基准的对比

美国消费者利率

百分比跌幅最大者

精选利率

Bankrate.com 平均值1:< / td><>6.43%< / >< / tr><><>佛罗伦萨储蓄银行 (Florence Savings Bank)< / ><>5.25%< / >< / ><><>马萨诸塞州佛罗伦萨< / ><>800-644-8261< / >< / ><><>圣迭戈县信用合作社 (San Diego County Credit Union)< / ><>5.38%< / >< / ><><>加利福尼亚州圣迭戈< / ><>877-732-2848< / >< / ><><>汉斯康联邦信用合作社 (Hanscom Federal Credit Union)< / ><>5.50%< / >< / ><><>马萨诸塞州汉斯康空军基地< / ><>800-656-4328< / >< / ><><>克林顿储蓄银行 (Clinton Savings Bank)< / ><>5.88%< / >< / ><><>马萨诸塞州克林顿< / ><>888-744-4272< / >< / ><><>海文储蓄银行 (Haven Savings Bank)< / ><>5.88%< / >< / ><><>新泽西州霍博肯< / ><>201-659-3600< / >< / table>

<>< rowspan="2">利率项目< / >< colspan="2">收益率 / 利率 (%)< / >< colspan="6">52周范围 (%)< / ><>3年变化(百分点)< / >< / ><><>最新 (●)< / ><>一周前< / ><>最低< / ><>0< / ><>2< / ><>4< / ><>6< / ><>8< / ><>最高< / >< / ><><>联邦基金利率目标< / ><>3.75-4.00< / ><>3.50< / ><>< / ><>4.25< / >< / ><><>最优惠利率*< / ><>7.00< / ><>6.75< / ><>< / ><>7.25< / >< / ><><>担保隔夜融资利率 (SOFR)< / ><>3.87< / ><>3.50< / ><>< / ><>4.31< / >< / ><><>货币市场年收益率< / ><>0.45< / ><>0.41< / ><>< / ><>0.45< / >< / ><><>五年期定期存款 (CD) 年收益率< / ><>1.78< / ><>1.77< / ><>1.67< / ><>< / ><>1.79< / >< / ><><>30年期固定抵押贷款†< / ><>7.50< / ><>7.40< / ><>6.11< / ><>< / ><>7.50< / >< / ><><>15年期固定抵押贷款†< / ><>6.92< / ><>6.84< / ><>5.55< / ><>< / ><>6.92< / >< / ><><>巨额抵押贷款，$832,750及以上†< / ><>7.51< / ><>7.42< / ><>6.34< / ><>< / ><>7.51< / >< / ><><>五年期可调利率抵押贷款 (ARM)†< / ><>6.43< / ><>6.63< / ><>5.66< / ><>< / ><>6.72< / >< / ><><>新车贷款，48个月< / ><>7.04< / ><>6.97< / ><>6.85< / ><>< / ><>7.13< / >< / table>

<>< rowspan="2">公司< / >< rowspan="2">股票代码< / >< colspan="3">最新交易日< / >< colspan="3">52周< / >< / ><><>收盘价< / ><>净变化< / ><>% 变化< / ><>最高< / ><>最低< / ><>% 变化< / >< / ><><>Moolec Science< / ><>MLEC< / ><>2.20< / ><>-1.99< / ><>-47.49< / ><>23.22< / ><>1.99< / ><>-82.1< / >< / ><><>Armada Acquisition II< / ><>XRPN< / ><>17.09< / ><>-7.11< / ><>-29.38< / ><>53.00< / ><>10.10< / ><>64.2< / >< / ><><>Pinnacle Food Group< / ><>PFAI< / ><>3.05< / ><>-1.18< / ><>-27.90< / ><>7.02< / ><>1.90< / ><>58.9< / >< / ><><>Cable One< / ><>CABO< / ><>11.14< / ><>-4.24< / ><>-27.57< / ><>172.06< / ><>9.84< / ><>-93.1< / >< / ><><>TruGolf Holdings< / ><>TRUG< / ><>1.89< / ><>-0.67< / ><>-26.17< / ><>268.00< / ><>1.84< / ><>-99.2< / >< / ><><>Leverage 2X Lg< / >

ASTS Dly< / td> ASTG< / ><>5.05< / ><>-1.39< / ><>-21.58< / ><>21.53< / ><>4.31< / ><>...< / >< / tr> <>Tradr 2X Long ASTS Daily< / ><>ASTX< / ><>6.94< / ><>-1.90< / ><>-21.49< / ><>114.18< / ><>5.93< / ><>-91.2< / >< / ><><>T-REX 2X Lg ASTS Dly Tgt< / ><>ASUP< / ><>4.73< / ><>-1.27< / ><>-21.19< / ><>53.18< / ><>4.09< / ><>...< / >< / ><><>Defiance Tgt 2X Lg ASTS< / ><>ASTY< / ><>3.70< / ><>-0.99< / ><>-21.11< / ><>42.72< / ><>3.15< / ><>...< / >< / ><><>Corgi ASTS 2x Daily< / ><>ASTT< / ><>11.32< / ><>-2.97< / ><>-20.77< / ><>44.17< / ><>9.84< / ><>...< / >< / ><><>Chaince Digital Holdings< / ><>CD< / ><>8.66< / ><>-2.25< / ><>-20.62< / ><>32.24< / ><>2.10< / ><>-72.5< / >< / ><><>NorthStar Earth & Space

A< / ><>NSTR< / ><>3.28< / ><>-0.84< / ><>-20.39< / ><>12.74< / ><>3.17< / ><>...< / >< / ><><>BayFirst Financial< / ><>BAFN< / ><>5.38< / ><>-1.34< / ><>-19.94< / ><>10.38< / ><>4.26< / ><>-46.2< / >< / ><><>T-REX 2X Lg EOSE Dly Tgt< / ><>EOSU< / ><>2.89< / ><>-0.67< / ><>-18.82< / ><>762.50< / ><>2.73< / ><>...< / >< / ><><>Corgi EOSE 2x Daily ETF< / ><>EO< / ><>3.17< / ><>-0.69< / ><>-17.77< / ><>23.10< / ><>3.08< / ><>...< / >< / table>

Bankrate.com 的利率基于对 1,500 多家在线银行的调查。*基准利率由全美 70% 的最大银行公布。†不包括结清费用。 来源：FactSet；道琼斯市场数据；Bankrate.com * 普通股价格在 \$2 或以上，且 65 个交易日的平均成交量至少为 5,000 股 †交易天数少于 65 天

最活跃股票

<>< rowspan="2">公司< / >< rowspan="2">代码< / >< rowspan="2">成交量(000)< / >< rowspan="2">较65日均值变动%< / >< colspan="2">最新交易日< / >< colspan="2">52周< / >< / ><><>收盘价< / ><>变动%< / ><>最高< / ><>最低< / >< / ><><>OFA Group< / ><>OFAL< / ><>321,315< / ><>4589.9< / ><>0.55< / ><>33.59< / ><>12.90< / ><>0.40< / >< / ><><>Zhibao Technology< / ><>ZBAO< / ><>205,096< / ><>547.8< / ><>0.06< / ><>-2.05< / ><>1.34< / ><>0.04< / >< / ><><>AT&T< / ><>T< / ><>150,181< / ><>210.3< / ><>22.18< / ><>-9.81< / ><>29.44< / ><>19.89< / >< / ><><>WF Holding< / ><>WFF< / ><>140,515< / ><>5262.7< / ><>12.29< / ><>499.51< / ><>19.44< / ><>0.91< / >< / ><><>OLB

Group< / ><>OLB< / ><>105,420< / ><>309.9< / ><>0.50< / ><>-9.84< / ><>1.80< / ><>0.18< / >< / table>

国债收益率曲线

外汇赛跑

日元、欧元 vs. 美元；美元 vs. 美国主要贸易伙伴

当前短期国库券、中期国债和长期国债的到期收益率

来源：Tradeweb FTSE 美国国债收盘价；Tullett Prebon；道琼斯市场数据

追踪市场：赢家与输家 回顾本周全球选定股票指数、债券 ETF、货币和商品的表现。 企业借贷利率与收益率

债券总回报指数< / td>< rowspan="2">收盘价< / >< colspan="2">收益率 (%)< / >< colspan="2">52-Week< / >< colspan="2">总回报 (%)< / >< / tr><><>最新< / ><>一周前< / ><>最高< / ><>最低< / ><>52-wk< / ><>3-yr< / >< / ><><>美国国债 Bloomberg< / ><>2275.650< / ><>5.080< / ><>5.120< / ><>5.130< / ><>3.750< / ><>-1.673< / ><>3.663< / >< / ><><>美国长期国债 Bloomberg< / ><>2975.810< / ><>5.620< / ><>5.660< / ><>5.690< / ><>4.520< / ><>-7.396< / ><>2.409< / >< / ><><>综合指数 Bloomberg< / ><>2190.520< / ><>5.510< / ><>5.560< / ><>5.570< / ><>4.160< / ><>-1.558< / ><>4.619< / >< / ><><>固定利率 MBS Bloomberg< / ><>2185.640< / ><>5.860< / ><>5.920< / ><>5.970< / ><>4.380< / ><>-1.306< / ><>5.180< / >< / ><><>高收益 100, ICE BofA< / ><>4109.768< / ><>7.529< / ><>7.617< / ><>7.655< / ><>5.828< / ><>1.406< / ><>8.130< / >< / ><><>市政债券主指数 ICE BofA< / ><>596.597< / ><>4.391< / ><>4.387< / ><>4.628< / ><>3.037< / ><>-2.504< / ><>3.045< / >< / ><><>EMBI 全球 J.P. Morgan< / ><>n.a.< / ><>n.a < / ><>n.a.< / >< / table>

来源：J.P. Morgan；彭博固定收益指数；ICE 数据服务

*连续近月合约 来源：FactSet（指数、债券 ETF、商品），Tullett Prebon（货币）。《华尔街日报》

计算方法

表现反映价格变化（DAX、Bovespa 和特拉维夫 35, 指数除外，后者反映总回报）。商品由连续近月期货合约代表。债券交易所交易基金（ETF）的表现可能与其底层指数有所偏差。债券类别由以下 ETF 代表：美国债券总市场：Vanguard Total Bond Market；1-3 年美国国债：iShares 1-3 Year Treasury；美国 7-10 年国债：iShares 7-10 Year Treasury；20+ 年美国国债：20+ Year Treasury；国债抗通胀债券 (TIPS)：TIPS；投资级公司债券：iBoxx $ Investment Grade Corporate；高收益公司债券：iBoxx $ High Yield Corporate；市政债券：National Muni；国际债券：Vanguard Total International；新兴市场债券：J.P. Morgan USD Emerging Markets。

汇率

美国东部时间下午 5 点的美元外汇汇率

国家 / 货币< / td><>折合美元< / ><>周五每美元汇率< / ><>美元年至今涨跌幅 (%)< / >< / tr><>< colspan="4">美洲< / >< / ><><>阿根廷比索< / ><>.00071516.7268< / ><>< / ><>4.5< / >< / ><><>巴西雷亚尔< / ><>.2005< / ><>4.9870< / ><>-9.6< / >< / ><><>加拿大元< / ><>.7015< / ><>1.4256< / ><>3.9< / >< / ><><>智利比索< / ><>.001024< / ><>976.97< / ><>8.5< / >< / ><><>哥伦比亚比索< / ><>.000313< / ><>3195.29< / ><>-15.2< / >< / ><><>厄瓜多尔美元< / ><>1< / ><>持平< / >< / ><><>墨西哥比索< / ><>.0543< / ><>18.4131< / ><>2.2< / >< / ><><>乌拉圭比索< / ><>.02490< / ><>40.1644< / ><>2.8< / >< / table>

<><>国家 / 货币< / ><>折合美元< / ><>周五每美元汇率< / ><>美元年至今涨跌幅 (%)< / >< / ><><>越南盾< / ><>.00003864< / ><>25881< / ><>-1.6< / >< / table>

<><>澳大利亚元< / ><>.6982< / ><>1.4323< / ><>-4.4< / >< / ><><>中国元< / ><>.1494< / ><>6.6924< / ><>-4.3< / >< / ><><>港元< / ><>.1274< / ><>7.8483< / ><>0.8< / >< / ><><>印度卢比< / ><>.01037< / ><>96.465< / ><>7.3< / >< / ><><>印尼卢比< / ><>.0000558< / ><>17917< / ><>7.3< / >< / ><><>日元< / ><>.006317< / ><>158.29< / ><>1.0< / >< / ><><>哈萨克斯坦坚戈< / ><>.002204< / ><>453.69< / ><>-10.6< / >< / ><><>澳门元< / ><>.1237< / ><>8.0853< / ><>0.8< / >< / ><><>马来西亚林吉特< / ><>.2447< / ><>4.0860< / ><>0.7< / >< / ><><>新西兰元< / ><>.5612< / ><>1.7819< / ><>2.6< / >< / ><><>巴基斯坦卢比< / ><>.00361< / ><>276.898< / ><>-1.2< / >< / ><><>菲律宾比索< / ><>.0159< / ><>62.806< / ><>6.6< / >< / ><><>新加坡元< / ><>.7808< / ><>1.2807< / ><>-0.4< / >< / ><><>韩国韩元< / ><>.0007460< / ><>1340.44< / ><>-7.0< / >< / ><><>斯里兰卡卢比< / ><>.0030226< / ><>330.84< / ><>6.8< / >< / ><><>台湾元< / ><>.03132< / ><>31.932< / ><>1.9< / >< / ><><>泰国铢< / ><>.02983< / ><>33.520< / ><>6.4< / >< / table>

<>< colspan="4">欧洲< / >< / ><><>捷克克朗< / ><>.04595< / ><>21.763< / ><>5.8< / >< / ><><>丹麦克朗< / ><>.1499< / ><>6.6724< / ><>4.9< / >< / ><><>欧元区欧元< / ><>1.1202< / ><>.8927< / ><>4.9< / >< / ><><>匈牙利福林< / ><>.003070< / ><>325.75< / ><>-0.5< / >< / ><><>冰岛克朗< / ><>.008188< / ><>122.13< / ><>-2.5< / >< / ><><>挪威克朗< / ><>.1047< / ><>9.5553< / ><>-5.3< / >< / ><><>波兰兹罗提< / ><>.2553< / ><>3.9168< / ><>9.1< / >< / ><><>瑞典克朗< / ><>.1000< / ><>9.9970< / ><>8.5< / >< / ><><>瑞士法郎< / ><>1.2047< / ><>.8301< / ><>4.7< / >< / ><><>土耳其里拉< / ><>.0203< / ><>49.2694< / ><>14.7< / >< / ><><>乌克兰格里夫纳< / ><>.0222< / ><>44.9500< / ><>6.1< / >< / ><><>英镑< / ><>1.3232< / ><>.7557< / ><>1.8< / >< / table>

<>< colspan="4">Mitarie Easley, Africa< / >< / ><><>巴林第纳尔< / ><>2.6485< / ><>.3776< / ><>0.2< / >< / ><><>埃及镑< / ><>.0191< / ><>52.3716< / ><>9.8< / >< / ><><>以色列谢克尔< / ><>.3266< / ><>3.0622< / ><>-3.9< / >< / ><><>科威特第纳尔< / ><>3.2157< / ><>.3110< / ><>1.0< / >< / ><><>阿曼里亚尔< / ><>2.6010< / ><>.3845< / ><>-0.1< / >< / ><><>卡塔尔里亚尔< / ><>.2736< / ><>3.655< / ><>0.03< / >< / ><><>沙特阿拉伯里亚尔< / ><>.2663< / ><>3.7547< / ><>0.1< / >< / ><><>南非兰特< / ><>.0605< / ><>16.5189< / ><>-0.3< / >< / table>

< / td><>收盘价< / ><>净变化< / ><>% 变化< / ><>年初至今 % 变化< / >< / tr><><>WSJ美元指数< / ><>97.38< / ><>0.04< / ><>1.52< / >< / ><>< colspan="5">来源：Tullett Prebon, 道琼斯市场数据< / >< / table>

Polymarket / 道琼斯合作伙伴

预测市场：2026年比特币 vs. 黄金 vs. S&P 500 该市场的结算将取决于比特币、黄金和 S&P 500 这三种资产中，在 2026 年表现最佳的一项。表现的衡量标准为每项资产在年度内的价格百分比变化。

Source: FactSet

8月指数水平< / td> 较 '26年7月、'25年8月的变化 (%)< / td>< / tr>< / table>

市场数据

期货合约

金属与石油期货

< / td>< colspan="3">合约< / >< rowspan="2">结算价< / >< rowspan="2">涨跌< / >< rowspan="2">持仓量< / >< / tr><><>开盘价< / ><>最高价< / ><>最高 / 最低< / >< / ><>< colspan="7">铜-高 (CMX)-25,000 磅；美元 / 磅< / >< / ><><>10月< / ><>6.5345< / ><>6.6530< / ><>6.5340< / ><>6.6425< / ><>0.1235< / ><>1,890< / >< / ><><>12月< / ><>6.5470< / ><>6.7200< / ><>6.5115< / ><>6.6920< / ><>0.1235< / ><>164,393< / >< / ><>< colspan="7">黄金 (CMX)-100 金衡盎司；美元 / 金衡盎司< / >< / ><><>10月< / ><>4176.60< / ><>4194.60< / ><>4176.60< / ><>4191.00< / ><>59.20< / ><>337< / >< / ><><>11月< / ><>4149.00< / ><>4216.00< / ><>4149.00< / ><>4201.10< / ><>59.20< / ><>4,015< / >< / ><><>12月< / ><>4159.70< / ><>4233.70< / ><>4156.10< / ><>4216.30< / ><>59.30< / ><>321,112< / >< / ><><>27年1月< / ><>4191.30< / ><>4243.00< / ><>4187.60< / ><>4235.50< / ><>59.60< / ><>628< / >< / ><><>2月< / ><>4192.50< / ><>4267.50< / ><>4192.50< / ><>4251.50< / ><>60.00< / ><>42,966< / >< / ><><>3月< / ><>4239.00< / ><>4277.30< / ><>4239.00< / ><>4268.00< / ><>60.60< / ><>269< / >< / ><>< colspan="7">钯金 (NYM) - 50 金衡盎司；美元 / 金衡盎司< / >< / ><><>10月< / ><>1215.00< / ><>1207.00< / ><>1140.50< / ><>25.60< / ><>5< / >< / ><><>12月< / ><>1129.50< / ><>1168.50< / ><>1129.50< / ><>1150.40< / ><>25.00< / ><>21,546< / >< / ><>< colspan="7">铂金 (NYM)-50 金衡盎司；美元 / 金衡盎司< / >< / ><><>10月< / ><>1727.50< / ><>1737.00< / ><>1713.90< / ><>1679.30< / ><>53.60< / ><>16< / >< / ><><>27年1月< / ><>1646.00< / ><>1710.00< / ><>1646.00< / ><>1693.30< / ><>51.30< / ><>53,249< / >< / ><>< colspan="7">白银 (CMX)-5,000 金衡盎司；美元 / 金衡盎司< / >< / ><><>10月< / ><>60.755< / ><>60.670< / ><>1.606< / ><>723< / >< / ><><>12月< / ><>59.460< / ><>61.460< / ><>59.450< / ><>61.048< / ><>1.624< / ><>83,517< / >< / table>

农业期货

<>< rowspan="2">< / >< colspan="5">合约< / >< rowspan="2">持仓量< / >< / ><><>开盘价< / ><>最高 / 最低< / ><>最低价< / ><>结算价< / ><>涨跌< / >< / ><>< colspan="7">肥牛 (CME)-50,000 磅；美分 / 磅< / >< / ><><>10月< / ><>337.550< / ><>344.300< / ><>337.550< / ><>343.850< / ><>5.825< / ><>6,471< / >< / ><><>11月< / ><>334.875< / ><>342.400< / ><>334.600< / ><>341.950< / ><>7.075< / ><>22,594< / >< / ><>< colspan="7">活牛 (CME)-40,000 磅；美分 / 磅< / >< / ><><>10月< / ><>221.775< / ><>225.300< / ><>221.700< / ><>224.975< / ><>3.100< / ><>14,076< / >< / ><><>12月< / ><>223.525< / ><>227.550< / ><>223.300< / ><>227.050< / ><>3.500< / ><>119,215< / >< / ><>< colspan="7">精瘦猪 (CME)-40,000 磅；美分 / 磅< / >< / ><><>10月< / ><>75.275< / ><>75.350▼< / ><>74.975< / ><>75.050< / ><>-.775< / ><>17,380< / >< / ><><>12月< / ><>68.100< / ><>68.675▼< / ><>67.325< / ><>67.825< / ><>-.775< / ><>148,766< / >< / ><>< colspan="7">木材 (CME)-27,500 板英尺；美元 / 1,000 板英尺< / >< / ><><>11月< / ><>517.50< / ><>537.00< / ><>517.00< / ><>533.00< / ><>14.50< / ><>8,952< / >< / ><><>27年1月< / ><>538.50< / ><>552.00▼< / ><>537.00< / ><>550.50< / ><>10.50< / ><>1,926< / >< / ><>< colspan="7">牛奶 (CME)-200,000 磅；美分 / 磅< / >< / ><><>10月< / ><>14.97< / ><>15.00< / ><>14.94< / ><>14.98< / ><>-04< / ><>5,134< / >< / ><><>11月< / ><>16.16< / ><>16.21< / ><>15.88< / ><>16.10< / ><>-04< / ><>7,851< / >< / ><>< colspan="7">可可 (ICE-US)-10 公吨；美元

吨< / td>< / tr> 12月< / ><>5,604< / ><>5,712< / ><>5,563< / ><>5,665< / ><>...< / ><>69,274< / >< / ><><>27年3月< / ><>5,722< / ><>5,816< / ><>5,675< / ><>5,781< / ><>5< / ><>46,331< / >< / ><>< colspan="7">咖啡 (ICE-US)-37,500 磅；每磅美分< / >< / ><><>12月< / ><>289.05< / ><>291.80< / ><>284.25< / ><>286.95< / ><>-2.10< / ><>77,003< / >< / ><><>27年3月< / ><>281.00< / ><>284.30< / ><>277.10< / ><>279.80< / ><>-1.55< / ><>45,511< / >< / ><>< colspan="7">糖-世界 (ICE-US)-112,000 磅；每磅美分< / >< / ><><>3月< / ><>20.30< / ><>20.44< / ><>20.09< / ><>20.25< / ><>.10< / ><>641,347< / >< / ><><>5月< / ><>19.51< / ><>19.63< / ><>19.32< / ><>19.47< / ><>.10< / ><>186,087< / >< / ><>< colspan="7">糖-国内 (ICE-US)-112,000 磅；每磅美分< / >< / ><><>1月< / ><>42.00< / ><>42.00▲< / ><>42.00< / ><>1.25< / ><>1,575< / >< / ><><>3月< / ><>42.00< / ><>42.00▲< / ><>42.00< / ><>.50< / ><>1,755< / >< / ><>< colspan="7">棉花 (ICE-US)-50,000 磅；每磅美分< / >< / ><><>12月< / ><>80.16< / ><>81.78< / ><>79.23< / ><>80.54< / ><>.60< / ><>170,037< / >< / ><><>27年3月< / ><>83.08< / ><>84.64< / ><>82.34< / ><>83.59< / ><>.56< / ><>89,940< / >< / ><>< colspan="7">橙汁 (ICE-US)-15,000 磅；每磅美分< / >< / ><><>11月< / ><>148.00< / ><>149.00< / ><>144.00< / ><>148.70< / ><>-1.25< / ><>6,346< / >< / ><><>27年1月< / ><>150.50< / ><>152.00< / ><>146.75< / ><>151.40< / ><>-1.10< / ><>2,793< / >< / table>

利率期货

<>< colspan="7">玉米 (CBT)-5,000 蒲式耳；每蒲式耳美分< / >< / ><><>12月< / ><>500.00< / ><>504.75< / ><>470.25< / ><>479.75< / ><>-20.50< / ><>887,521< / >< / ><><>27年3月< / ><>515.25< / ><>519.25< / ><>485.25< / ><>494.25< / ><>-21.00< / ><>430,359< / >< / ><>< colspan="7">燕麦 (CBT)-5,000 蒲式耳；每蒲式耳美分< / >< / ><><>12月< / ><>435.50< / ><>443.25< / ><>408.75< / ><>420.75< / ><>-13.00< / ><>3,516< / >< / ><><>27年3月< / ><>438.50< / ><>444.50< / ><>415.00< / ><>424.50< / ><>-11.75< / ><>401< / >< / ><>< colspan="7">大豆 (CBT)-5,000 蒲式耳；每蒲式耳美分< / >< / ><><>11月< / ><>1286.25< / ><>1299.25< / ><>1269.75< / ><>1292.00< / ><>4.50< / ><>378,062< / >< / ><><>27年1月< / ><>1302.75< / ><>1315.25< / ><>1286.50< / ><>1308.75< / ><>4.50< / ><>236,646< / >< / ><>< colspan="7">豆粕 (CBT)-100 吨；每吨美元< / >< / ><><>10月< / ><>363.30< / ><>369.90< / ><>360.00< / ><>368.70< / ><>8.00< / ><>331< / >< / ><><>12月< / ><>357.60< / ><>366.40< / ><>352.60< / ><>365.60< / ><>8.00< / ><>280,903< / >< / ><>< colspan="7">大豆油 (CBT)-60,000 磅；每磅美分< / >< / ><><>10月< / ><>67.85< / ><>67.88< / ><>67.73< / ><>67.72< / ><>.10< / ><>338< / >< / ><><>12月< / ><>67.91< / ><>68.48< / ><>67.40< / ><>68.02< / ><>.10< / ><>229,911< / >< / ><>< colspan="7">粗米 (CBT)-2,000 担；每担美元< / >< / >

cwt.< / td>< / tr> 11月< / ><>16.85< / ><>17.01▲< / ><>16.76< / ><>16.94< / ><>.09< / ><>11,279< / >< / ><><>27年1月< / ><>17.26< / ><>17.45▲< / ><>17.20< / ><>17.39< / ><>.09< / ><>2,437< / >< / ><>< colspan="7">小麦 (CBT)-5,000 蒲式耳；每蒲式耳分值< / >< / ><><>12月< / ><>683.75< / ><>687.50< / ><>661.50< / ><>671.00< / ><>-12.25< / ><>251,400< / >< / ><><>27年3月< / ><>698.50< / ><>701.75< / ><>675.75< / ><>685.25< / ><>-12.50< / ><>117,122< / >< / ><>< colspan="7">小麦 (KC)-5,000 蒲式耳；每蒲式耳分值< / >< / ><><>12月< / ><>737.50< / ><>741.50< / ><>709.00< / ><>719.25< / ><>-17.00< / ><>157,169< / >< / ><><>27年3月< / ><>750.00< / ><>754.25< / ><>721.25< / ><>731.75< / ><>-17.25< / ><>77,362< / >< / table>

<>< colspan="7">超长期国债 (CBT) - $100,000；100% 的 32 分之一点数< / >< / ><>< rowspan="2">< / ><>12月< / ><>104-050< / ><>104-140< / ><>103-200< / ><>104-080< / ><>5.0 2,379,702< / >< / ><><>27年3月< / ><>103-160< / ><>104-010< / ><>5.0 57< / >< / ><>< colspan="7">国债 (CBT) - $100,000；100% 的 32 分之一点数< / >< / ><>< rowspan="2">< / ><>12月< / ><>103-030< / ><>103-080< / ><>102-180< / ><>103-040< / ><>2.0 1,891,410< / >< / ><><>27年3月< / ><>102-200< / ><>102-250< / ><>102-060< / ><>102-220< / ><>2.0 2,686< / >< / ><>< colspan="7">国债票据 (CBT) - $100,000；100% 的 32 分之一点数< / >< / ><>< rowspan="2">< / ><>12月< / ><>104-230< / ><>104-265< / ><>104-125< / ><>104-190< / ><>-4.0 5,793,146< / >< / ><><>27年3月< / ><>104-140< / ><>104-175< / ><>104-055< / ><>104-115< / ><>-3.5 4,974< / >< / ><>< colspan="7">5年期国债票据 (CBT) - $100,000；100% 的 32 分之一点数< / >< / ><>< rowspan="2">< / ><>12月< / ><>103-230< / ><>103-255< / ><>103-152< / ><>103-190< / ><>-4.2 6,768,487< / >< / ><><>27年3月< / ><>103-145< / ><>103-132< / ><>103-122< / ><>-4.0 3,053< / >< / ><>< colspan="7">2年期国债票据 (CBT) - $200,000；100% 的 32 分之一点数< / >< / ><><>< / ><>12月< / ><>101-284< / ><>101-295< / ><>101-251< / ><>101-267< / ><>-2.0 4,515,496< / >< / table>

交易所交易基金组合 / wsj.com / market-data / mutualfunds-etfs

2026年10月9日，星期五

ETF< / td><>代码< / ><>收盘价< / ><>涨跌 (%)< / ><>年初至今 (%)< / >< / tr><><>SSSPLDRS&P500G< / ><>SPYG< / ><>125.75< / ><>0.82< / ><>17.9< / >< / ><><>SSSPLDRS&P500V< / ><>SPYV< / ><>62.40< / ><>0.34< / ><>9.8< / >< / ><><>SSIMSPDRS&;P500< / ><>SPY< / ><>778.57< / ><>0.60< / ><>14.2< / >< / ><><>SSTechSel< / ><>XLK< / ><>198.78< / ><>0.51< / ><>38.1< / >< / ><><>VanEckSemicon< / ><>SMH< / ><>603.33< / ><>-0.65< / ><>67.5< / >< / ><><>VangdDivApp< / ><>VIG< / ><>239.05< / ><>0.70< / ><>8.8< / >< / ><><>VangdExtMkt< / ><>VXF< / ><>235.00< / ><>0.80< / ><>12.4< / >< / ><><>VangdFTSEAWxUS< / ><>VEU< / ><>82.82< / ><>0.78< / ><>12.6< / >< / ><><>VangdFTSEDevMk< / ><>VEA< / ><>70.35< / ><>0.70< / ><>12.6< / >< / ><><>VangdFTSE

<><>VangdMstarSC< / ><>VB< / ><>289.48< / ><>0.64< / ><>12.2< / >< / ><><>VangdMstarSCVal< / ><>VBR< / ><>234.43< / ><>0.22< / ><>10.7< / >< / ><><>VangdMstarTot< / ><>VTI< / ><>381.94< / ><>0.63< / ><>13.9< / >< / ><><>VangdMstarVal< / ><>VTV< / ><>220.59< / ><>0.44< / ><>15.5< / >< / ><><>VangdRealEst< / ><>VNQ< / ><>90.65< / ><>1.45< / ><>2.4< / >< / ><><>VangdRuss1000Grw< / ><>VONG< / ><>131.69< / ><>0.63< / ><>8.2< / >< / ><><>VangdS&;P500ETF< / ><>VOO< / ><>715.59< / ><>0.61< / ><>14.1< / >< / ><><>VangdS&;P500Grw< / ><>VOOG< / ><>87.29< / ><>0.81< / ><>17.8< / >< / ><><>VangdST

Bond< / ><>BSV< / ><>76.38< / ><>-0.04< / ><>-3.1< / >< / ><><>VangdSTCpBd< / ><>VCSH< / ><>77.30< / ><>-0.05< / ><>-3.0< / >< / ><><>VangdShortTrea< / ><>VGSH< / ><>57.57< / ><>...< / ><>-2.0< / >< / ><><>VangdTaxExemptBd< / ><>VTEB< / ><>47.32< / ><>0.40< / ><>-5.9< / >< / ><><>VangdTotalBd< / ><>BND< / ><>70.22< / ><>...< / ><>-5.2< / >< / ><><>VangdTotIntlBd< / ><>BNDX< / ><>46.98< / ><>0.11< / ><>-2.8< / >< / ><><>VangdTotIntlStk< / ><>VXUS< / ><>84.82< / ><>0.86< / ><>12.4< / >< / ><><>VangdTotWrldStk< / ><>VT< / ><>159.83< / ><>0.69< / ><>13.3< / >< / table>

<>0.68< / ><>7.9< / >< / ><><>iShCoreMSCIEM< / ><>IEMG< / ><>81.40< / ><>1.12< / ><>21.1< / >< / ><><>iShMSCIIntlDev< / ><>IDEV< / ><>89.21< / ><>0.73< / ><>8.2< / >< / ><><>iShCoreMSCITotInt< / ><>IXUS< / ><>94.99< / ><>0.90< / ><>12.2< / >< / ><><>iShCoreS&;P500< / ><>IVV< / ><>781.97< / ><>0.60< / ><>14.2< / >< / ><><>iShCoreS&;P MC< / ><>IJH< / ><>73.43< / ><>0.55< / ><>11.3< / >< / ><><>&;P

SC< / ><>IJR< / ><>137.55< / ><>0.17< / ><>14.5< / >< / ><><>&;PTotUS< / ><>ITOT< / ><>169.66< / ><>0.64< / ><>14.1< / >< / ><><>&;PUSGrw< / ><>IUSG< / ><>197.84< / ><>0.80< / ><>17.8< / >< / ><><>iShCoreUSAggBd< / ><>AGG< / ><>94.59< / ><>-0.04< / ><>-5.3< / >< / ><><>iShCoreUnivUSDBd< / ><>IUSB< / ><>44.14< / ><>...< / ><>-5.2< / >< / ><><>iShEdgeMSCIUSAQual< / ><>QUAL< / ><>227.12< / ><>0.44< / ><>14.3< / >< / ><><>iShGoldTr< / ><>IAU< / ><>78.87< / ><>1.56< / ><>-2.8< / >< / ><><>iShiBoxx:IGCpBd< / ><>LQD< / ><>102.41< / ><>-0.06< / ><>-7.1< / >< / ><><>iShMBS< / ><>MBB< / ><>89.79< / ><>0.07< / ><>-5.7< / >< / ><><>iShMSCIACWI< / ><>ACWI< / ><>160.90< / ><>0.69< / ><>13.7< / >< / ><><>iShMSCI

EAFE< / td> EFA< / ><>103.40< / ><>0.68< / ><>7.7< / >< / tr> <>iShMSCI EM< / ><>EEM< / ><>66.80< / ><>1.06< / ><>22.1< / >< / ><><>iShMSCIEAFEValue< / ><>EFV< / ><>78.19< / ><>0.28< / ><>9.5< / >< / ><><>iShNatlMuniBd< / ><>MUB< / ><>101.08< / ><>0.34< / ><>-5.6< / >< / ><><>iShRussMC< / ><>IWR< / ><>109.82< / ><>0.87< / ><>14.1< / >< / ><><>iShRuss1000< / ><>IWB< / ><>425.33< / ><>0.67< / ><>13.9< / >< / table>

<>70.43< / ><>0.46< / ><>15.8< / >< / ><><>iShUSTreasuryBd< / ><>GOVT< / ><>21.88< / ><>-0.02< / ><>-5.0< / >< / ><><>iSh0-3MTreaBd< / ><>SGOV< / ><>100.51< / ><>0.04< / ><>0.1< / >< / ><><>JPM NasEqPrem< / ><>JEPQ< / ><>61.09< / ><>0.26< / ><>5.1< / >< / ><><>JanusAAACLO< / ><>JAAA< / ><>50.53< / ><>0.02< / ><>-0.1< / >< / ><><>JPMEq PremiumIncome< / ><>JEPI< / ><>56.77< / ><>0.18< / ><>-0.8< / >< / ><><>JPM UltShlncm< / ><>JPST< / ><>50.30< / ><>0.06< / ><>-0.6< / >< / ><><>ProShUltPrQQQ< / ><>TQQQ< / ><>81.28< / ><>1.31< / ><>54.2< / >< / ><><>SPDRGoldMini< / ><>GLDM< / ><>82.99< / ><>1.55< / ><>-2.8< / >< / ><><>SPDR

Gold< / ><>GLD< / ><>384.58< / ><>1.57< / ><>-3.0< / >< / ><><>SchwabFdUSLgCo< / ><>FNDX< / ><>32.16< / ><>0.22< / ><>18.2< / >< / ><><>SchwabIntEquity< / ><>SCHF< / ><>27.27< / ><>0.66< / ><>13.4< / >< / ><><>SchwabUS BrdMkt< / ><>SCHB< / ><>29.91< / ><>0.61< / ><>14.0< / >< / ><><>SchwabUS Div< / ><>SCHD< / ><>33.04< / ><>-0.33< / ><>20.5< / >< / ><><>SchwabUS LC< / ><>SCHX< / ><>30.64< / ><>0.56< / ><>13.9< / >< / ><><>SchwabUS LC

Grw< / ><>SCHG< / ><>36.74< / ><>0.88< / ><>12.6< / >< / ><><>SSEnergySel< / ><>XLE< / ><>65.08< / ><>-0.25< / ><>45.6< / >< / ><><>SSFinSel< / ><>XLF< / ><>54.73< / ><>0.92< / ><>-0.1< / >< / ><><>SSHlthCrSel< / ><>XLV< / ><>170.81< / ><>1.58< / ><>10.3< / >< / ><><>SSIndSel< / ><>XLI< / ><>169.25< / ><>0.50< / ><>9.1< / >< / ><><>SSSPDRBbg1-3M< / ><>BIL< / ><>91.51< / ><>0.04< / ><>0.1< / >< / ><><>SS SPDR DJIA< / ><>DIA< / ><>516.11< / ><>0.87< / ><>7.4< / >< / ><><>SSSPDRDevxUS< / ><>SPDW< / ><>49.98< / ><>0.64< / ><>12.5< / >< / ><><>SSSPDRS&P500< / ><>SPYM< / ><>91.64< / ><>0.63< / ><>14.2< / >< / table>

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

货币利率

2026年10月9日

美国及国际市场借贷资金的主要年利率。以下利率仅作为一般水平的参考，并不总是代表实际交易。 通货膨胀

美国消费者价格指数< / td>< / tr><><>所有项目< / ><>334.980< / ><>0.32< / ><>3.4< / >< / ><><>核心< / ><>338.041< / ><>0.27< / ><>2.4< / >< / table>

<><><>< / ><>最新< / ><>一周前< / ><>—52周—最高< / ><>最低< / >< / >

国际利率

<><>< rowspan="2">< / >< rowspan="2">最新< / >< rowspan="2">一周前< / >< colspan="2">—52周—< / >< / ><><>最高< / ><>最低< / >< / ><>< colspan="5">联邦基金利率< / >< / ><><>有效利率< / ><>n.a.< / ><>3.8900< / ><>4.1100< / ><>3.6300< / >< / ><><>最高< / ><>n.a.< / ><>3.9500< / ><>4.2000< / ><>3.7000< / >< / ><><>最低< / ><>n.a.< / ><>3.8000< / ><>4.0800< / ><>3.5500< / >< / ><><>买入价< / ><>n.a.< / ><>3.8800< / ><>4.1000< / ><>3.6100< / >< / ><><>卖出价< / ><>n.a.< / ><>3.8900< / ><>4.1200< / ><>3.6300< / >< / >

<><><>< / ><>最新< / ><>一周前< / ><>-52周-最高< / ><>最低< / >< / ><>< colspan="5">最优惠利率< / >< / ><><>美国< / ><>7.00< / ><>7.25< / ><>6.75< / >< / ><><>加拿大< / ><>4.45< / ><>4.70< / ><>4.45< / >< / ><><>日本< / ><>2.375< / ><>1.875< / >< / >

国库券拍卖

<><>< colspan="5">商业票据 (AA 级金融机构)< / >< / ><><>90 天< / ><>n.a.< / ><>4.16< / ><>3.57< / >< / ><>< colspan="5">担保隔夜融资利率 (SOFR)< / >< / ><><>< / ><>3.87< / ><>4.31< / ><>3.50< / >< / ><><>< / ><>最新< / ><>交易价值< / ><>-52周-最高< / ><>最低< / >< / >

<><><>4 周< / ><>3.980< / ><>3.890< / ><>4.030< / ><>3.550< / >< / ><><>13 周< / ><>4.050< / ><>4.110< / ><>3.540< / >< / ><><>26 周< / ><>4.165< / ><>4.285< / ><>3.475< / >< / >

DTCC GCF 回购指数 其他短期利率

<><>< colspan="5">政策利率< / >< / ><><>欧元区< / ><>2.65< / ><>2.15< / >< / ><><>瑞士< / ><>0.25< / ><>0.50< / ><>0.25< / >< / ><><>英国< / ><>3.75< / ><>4.00< / ><>3.75< / >< / ><><>澳大利亚< / ><>4.60< / ><>3.60< / >< / >

<><><>国债< / ><>3.904< / ><>87.520< / ><>4.319< / ><>3.504< / >< / ><><>抵押贷款支持证券 (MBS)< / ><>3.910< / ><>109.722< / ><>4.371< / ><>3.517< / >< / >

每周调查

<><>< rowspan="2">最新< / >< rowspan="2">一周前< / >< rowspan="2">-52周-最高< / >< rowspan="2">最低< / ><>最新< / ><>一周前< / ><>一年前< / >< / ><>< colspan="3">房地美 (Freddie Mac)< / >< / ><><>同业拆借资金< / ><>< / ><>30年固定利率< / ><>7.40< / ><>7.28< / >< / ><><>5.75< / ><>5.75< / ><>6.00< / ><>5.50< / ><>15年固定利率< / ><>6.73< / ><>6.60< / >< / >

数据注释：

隔夜回购 收窄幅度最大的投资级利差...

美国< / td><>3.90< / ><>3.91< / ><>4.30< / ><>3.49< / >< / tr><>< colspan="5">美国政府利率< / >< / table>

美国最优惠利率（U.S. prime rate）是至少 70% 的美国十大银行公布的公司贷款基准利率，于 2026 年 9 月 17 日生效。其他最优惠利率不具有直接可比性；贷款实践因地区而异；贴现率于 2026 年 9 月 17 日生效。担保隔夜融资利率（SOFR）截至 2026 年 10 月 8 日。DTCC GCF 回购指数是证券托管结算公司（DTCC）对适用 CUSIP 码隔夜交易的加权平均值。交易额以十亿美元计。联邦基金利率为截至东部时间下午 3:30 的 Tullett Prebon 利率。

<>< rowspan="2">< / >< colspan="5">合约< / >< rowspan="2">持仓量< / >< / ><><>开盘< / ><>最高 / 最低< / ><>最低< / ><>结算< / ><>涨跌< / >< / ><><>27年3月< / ><>101-242< / ><>101-205< / ><>101-211< / ><>-1.6< / ><>480< / >< / ><>< colspan="7">30天联邦基金 (CBT)-$5,000,000; 100 - 日均值< / >< / ><><>10月< / ><>96.1175< / ><>96.1150< / ><>...< / ><>724,750< / >< / ><><>11月< / ><>96.0750< / ><>96.0800< / ><>96.0700< / ><>96.0750< / ><>...< / ><>572,192< / >< / ><>< colspan="7">三个月 SOFR (CME)-$1,000,000; 100 - 日均值< / >< / ><><>7月< / ><>96.2600< / ><>96.2600

▲< / ><>96.2600< / ><>...< / ><>20,746< / >< / ><><>12月< / ><>95.7750< / ><>95.7900< / ><>95.7570< / ><>95.7700< / ><>-.0150< / ><>1,608,411< / >< / table>

来源：美联储；劳工统计局；DTCC；FactSet；Tullett Prebon Information, Ltd.

<>< colspan="6">合约< / >< rowspan="2">持仓量< / >< / ><><>开盘< / ><>最高< / ><>最高 / 最低< / ><>最低< / ><>结算< / ><>涨跌< / >< / table>

货币期货

<>< colspan="7">日元 (CME)-1250万人民币; 每 100 日元兑美元< / >< / ><><>10月< / ><>.6332< / ><>.6341< / ><>.6317< / ><>.6325< / ><>-.0014< / ><>836< / >< / ><><>12月< / ><>.6369< / ><>.6371< / ><>.6344< / ><>.6353< / ><>-.0015< / ><>369,752< / >< / ><>< colspan="7">加元 (CME)-CAD 100,000; 每加元兑美元< / >< / ><><>10月< / ><>.7031< / ><>.6997< / ><>.7012< / ><>-.0022< / ><>404< / >< / ><><>12月< / ><>.7052< / ><>.7061< / ><>.7016< / ><>.7032< / ><>-.0021< / ><>367,575< / >< / ><>< colspan="7">英镑 (CME)-62,500 英镑; 每英镑兑美元< / >< / ><><>10月< / ><>1.3238< / ><>1.3245< / ><>1.3217< / ><>1.3241< / ><>.0016< / ><>483< / >< / ><><>12月< / ><>1.3235< / ><>1.3253< / ><>1.3208< / ><>1.3243< / ><>.0016< / ><>263,912< / >< / ><>< colspan="7">瑞士法郎

(CME)-CHF 125,000; 每瑞士法郎兑美元< / >< / ><><>12月< / ><>1.2114< / ><>1.2144< / ><>1.2110< / ><>1.2141< / ><>.0026< / ><>136,544< / >< / ><><>27年3月< / ><>1.2253< / ><>1.2280< / ><>1.2250< / ><>1.2277< / ><>.0026< / ><>414< / >< / ><>< colspan="7">澳元 (CME)-AUD 100,000; 每澳元兑美元< / >< / ><><>10月< / ><>.6973< / ><>.6983< / ><>.0028< / ><>315< / >< / ><><>12月< / ><>.6955< / ><>.6982< / ><>.6950< / ><>.6976< / ><>.0028< / ><>325,183< / >< / ><>< colspan="7">墨西哥比索 (CME)-MXN 500,000; 每比索兑美元< / >< / ><><>10月< / ><>.05485< / ><>.05419< / ><>-.00068< / ><>200< / >< / ><><>12月< / ><>.05472< / ><>.05486< / ><>.05381< / ><>.05397< / ><>-.00067< / ><>279,855< / >< / table>

欧元 (CME)-€125,000; 每欧元兑美元< / td>< / tr><><>10月< / ><>1.1218< / ><>1.1242< / ><>1.1193< / ><>1.1206< / ><>-.0007< / ><>3,146< / >< / ><><>12月< / ><>1.1242< / ><>1.1273< / ><>1.1217< / ><>1.1232< / ><>-.0007< / ><>826.567< / >< / table>

<>< colspan="7">指数期货< / >< / ><>< colspan="7">小型道琼斯工业平均指数 (CBT)-$5 x 指数< / >< / ><><>12月< / ><>51497< / ><>52032< / ><>51475< / ><>51926< / ><>433< / ><>90,086< / >< / ><><>27年3月< / ><>52073< / ><>52466< / ><>51950< / ><>52402< / ><>436< / ><>126< / >< / ><>< colspan="7">小型标准普尔500指数 (CME)-$50 x 指数< / >< / ><><>12月< / ><>7820.50< / ><>7870.50< / ><>7817.00< / ><>7859.75< / ><>43.50< / ><>1,881,988< / >< / ><><>27年3月< / ><>7897.00< / ><>7949.00< / ><>7897.00< / ><>7938.50< / ><>44.25< / ><>13,019< / >< / ><>< colspan="7">小型标准普尔中盘400指数 (CME)-$100 x 指数< / >< / ><><>12月< / ><>3666.20< / ><>3697.20< / ><>3662.10< / ><>3687.40< / ><>18.60< / ><>45,876< / >< / ><><>27年3月< / ><>...< / ><>3718.30< / ><>19.30< / ><>n.a.< / >< / ><>< colspan="7">小型纳斯达克100指数 (CME)-$20 x 指数< / >< / ><><>12月< / ><>31020.50< / ><>31266.50< / ><>30953.00< / ><>31108.75< / ><>139.25< / ><>278,804< / >< / ><><>27年3月< / ><>31382.25< / ><>31610.25< / ><>31319.50< / ><>31466.25< / ><>140.25< / ><>679< / >< / ><>< colspan="7">小型罗素2000指数 (CME)-$50 x 指数< / >< / ><><>12月< / ><>2811.70< / ><>2832.10< / ><>2807.70< / ><>2822.10< / ><>12.50< / ><>433,709< / >< / ><><>27年3月< / ><>2842.90< / ><>2856.70< / ><>2835.00< / ><>2847.30< / ><>12.50< / ><>905< / >< / ><>< colspan="7">小型罗素1000指数 (CME)-$50 x 指数< / >< / ><><>12月< / ><>4273.30< / ><>4274.50< / ><>4272.50< / ><>4273.40< / ><>25.30< / ><>7,612< / >< / ><>< colspan="7">美元指数 (ICE-US)-$1,000 x 指数< / >< / ><><>12月< / ><>101.93< / ><>102.13< / ><>101.72< / ><>102.02< / ><>.09< / ><>51,422< / >< / ><><>27年3月< / ><>101.56< / ><>101.79< / ><>101.56< / ><>101.73< / ><>.09< / ><>146< / >< / table>

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

全球政府债券：收益率映射

4.00< / td><>4.00< / ><>4.25< / ><>3.75< / >< / tr>< / table>

选定其他国家基准两年期和十年期政府债券的收益率以及高于或低于美国国债的利差；箭头表示最新交易日收益率上涨(▲)或下跌(▼)

<>< rowspan="2">票面利率 (%)< / >< rowspan="2">国家 / 期限（年）< / >< colspan="10">收益率 (%)< / >< colspan="3">高于 / 低于美国国债的利差（基点）< / >< / ><><>最新(●)< / ><>0< / ><>1< / ><>2< / ><>3< / ><>4< / ><>5< / ><>6< / ><>前一交易日< / ><>一个月前< / ><>一年前< / ><>最新< / ><>前一交易日< / >< / ><><>4.750< / ><>美国 2< / ><>4.789▲< / ><>< / ><>●< / ><>< / ><>4.753< / ><>4.425< / ><>3.596< / ><>< / >< / ><><>4.625< / ><>10< / ><>5.243▲< / ><>< / ><>●< / ><>< / ><>5.232< / ><>4.836< / ><>4.146< / ><>< / >< / ><><>2.250< / ><>澳大利亚 2< / ><>4.927▼< / ><>< / ><>●< / ><>< / ><>4.929< / ><>4.855< / ><>3.523< / ><>12.7< / ><>16.9< / >< / ><><>4.250< / ><>10< / ><>5.345▼< / ><>< / ><>●< / ><>< / ><>5.403< / ><>5.221< / ><>4.359< / ><>9.8< / ><>16.8< / >< / ><><>2.400< / ><>法国 2< / ><>3.632▼< / ><>< / ><>●< / ><>< / ><>3.656< / ><>3.252< / ><>2.258< / ><>-116< / ><>-110.4< / >< / ><><>3.700< / ><>10< / ><>4.867▼< / ><>< / ><>●< / ><>< / ><>4.885< / ><>4.330< / ><>3.531< / ><>-38.0< / ><>-35.0< / >< / ><><>3.000< / ><>德国 2< / ><>3.116▲< / ><>< / ><>●< / ><>< / ><>3.100< / ><>3.081< / ><>2.005< / ><>-168.4< / ><>-166.0< / >< / ><><>3.000< / ><>10< / ><>3.491▼< / ><>< / ><>●< / ><>< / ><>3.507< / ><>3.459< / ><>2.702< / ><>-175.6< / ><>-172.8< / >< / ><><>2.650< / ><>意大利 2< / ><>3.444▼< / ><>< / ><>●< / ><>< / ><>3.453< / ><>3.250< / ><>2.226< / ><>-135< / ><>-130.7< / >< / ><><>3.800< / ><>10< / ><>4.584▼< / ><>< / ><>●< / ><>< / ><>4.609< / ><>4.277< / ><>3.511< / ><>-66.4< / ><>-62.7< / >< / ><><>2.000< / ><>日本 2< / ><>1.914▼< / ><>< / ><>●< / ><>< / ><>1.939< / ><>1.835< / ><>0.930< / ><>-288.6< / ><>-282.2< / >< / ><><>3.100< / ><>10< / ><>3.016▼< / ><>< / ><>●< / ><>< / ><>3.086< / ><>2.884< / ><>1.697< / ><>-223.1< / ><>-214.9< / >< / ><><>2.400< / ><>西班牙 2< / ><>3.272▲< / ><>< / ><>●< / ><>< / ><>3.251< / ><>3.100< / ><>2.099< / ><>-152.8< / ><>-150.9< / >< / ><><>3.400< / ><>10< / ><>4.112▼< / ><>< / ><>●< / ><>< / ><>4.127< / ><>3.884< / ><>3.193< / ><>-113< / ><>-110.8< / >< / ><><>4.375< / ><>英国 2< / ><>4.741▼< / ><>< / ><>●< / ><>< / ><>4.750< / ><>4.580< / ><>4.016< / ><>-5.9< / ><>-1.0< / >< / ><><>1.125< / ><>10< / ><>5.444▼< / ><>< / ><>●< / ><>< / ><>5.481< / ><>5.199< / ><>4.749< / ><>19.7< / ><>24.6< / >< / table>

来源：Tullett Prebon, Tradeweb FTSE 美国国债收盘价

企业债券

公司债券价格反映了包括投资者对经济、行业及公司特定预期在内的各项因素

发行人< / td>< rowspan="2">代码< / >< ="2">票面利率 (%)< / >< ="2">收益率 (%)< / >< ="2">到期日< / >< colspan="3">利差*，以基点计< / >< / tr><><>当前< / ><>一日变化< / ><>上周< / >< / ><><>美国银行 (Bank of America)< / ><>...< / ><>6.000< / ><>6.00< / ><>'36年10月15日< / ><>75< / ><>-13< / ><>95< / >< / ><><>佐治亚电力 (Georgia Power)< / ><>...< / ><>4.300< / ><>6.31< / ><>'43年3月15日< / ><>65< / ><>-9< / ><>73< / >< / ><><>澳新银行 (Australia and New Zealand Banking)< / ><>...< / ><>5.150< / ><>5.27< / ><>'29年8月17日< / ><>35< / ><>-6< / ><>37< / >< / ><><>国民西敏市场 (NatWest Markets)< / ><>...< / ><>4.412< / ><>5.65< / ><>'30年11月6日< / ><>62< / ><>-5< / ><>60< / >< / ><><>赫斯 (Hess)< / ><>...< / ><>5.600< / ><>6.12< / ><>'41年2月15日< / ><>88< / ><>-4< / ><>96< / >< / ><><>汇丰控股 (HSBC Holdings)< / ><>HSBC< / ><>6.500< / ><>6.42< / ><>'37年9月15日< / ><>115< / ><>-4< / ><>124< / >< / ><><>高盛 (Goldman Sachs)< / ><>GS< / ><>6.250< / ><>6.40< / ><>'41年2月1日< / ><>114< / ><>-3< / ><>120< / >< / ><><>ING银行 $^{\text{^}}$ < / ><>...< / ><>4.711< / ><>5.58< / ><>'31年7月7日< / ><>55< / ><>-3< / ><>60< / >< / table>

...以及利差扩大最显著的债券

<><>威瑞森通信 (Verizon Communications)< / ><>VZ< / ><>4.500< / ><>6.04< / ><>'33年8月10日< / ><>79< / ><>11< / ><>71< / >< / ><><>荷兰合作银行 (Cooperatieve Rabobank)< / ><>...< / ><>5.189< / ><>5.31< / ><>'29年9月25日< / ><>39< / ><>9< / ><>31< / >< / ><><>丰田汽车金融 (Toyota Motor Credit)< / ><>...< / ><>5.050< / ><>5.24< / ><>'29年5月16日< / ><>31< / ><>9< / ><>36< / >< / ><><>汇丰控股 (HSBC Holdings)< / ><>HSBC< / ><>4.950< / ><>5.49< / ><>'30年3月31日< / ><>47< / ><>7< / ><>50< / >< / ><><>康卡斯特 (Comcast)*< / ><>CMCSA< / ><>4.250< / ><>6.12< / ><>'33年1月15日< / ><>88< / ><>6< / ><>88< / >< / ><><>联合健康 (UnitedHealth)< / ><>UNH< / ><>4.625< / ><>5.92< / ><>'35年7月15日< / ><>67< / ><>6< / ><>n.a.< / >< / ><><>康菲 (ConocoPhillips)< / ><>COP< / ><>6.500< / ><>6.06< / ><>'39年2月1日< / ><>82< / ><>5< / ><>86< / >< / ><><>约翰迪尔资本 (John Deere Capital)< / ><>...< / ><>4.400< / ><>5.19< / ><>'29年6月15日< / ><>25< / ><>4< / ><>n.a.< / >< / table>

价格涨幅最大的高收益债券...

<>< ="2">发行人< / >< ="2">代码< / >< ="2">票面利率 (%)< / >< ="2">收益率 (%)< / >< ="2">到期日< / >< colspan="3">债券价格（面值的百分比）< / >< / ><><>当前< / ><>一日变化< / ><>上周< / >< / ><><>DISH DBS< / ><>...< / ><>5.125< / ><>9.04< / ><>'29年6月1日< / ><>91.000< / ><>0.75< / ><>90.813< / >< / ><><>Navient*< / ><>NAVI< / ><>5.625< / ><>9.21< / ><>'33年8月1日< / ><>82.171< / ><>0.67< / ><>81.250< / >< / ><><>Bath & Body Works< / ><>BBWI< / ><>6.875< / ><>7.22< / ><>'35年11月1日< / ><>97.750< / ><>0.57< / ><>96.362< / >< / ><><>乐天集团 (Rakuten Group)< / ><>...< / ><>9.750< / ><>6.70< / ><>'29年4月15日< / ><>106.940< / ><>0.55< / ><>106.750< / >< / ><><>赛夫威 (Safeway)< / ><>...< / ><>7.450< / ><>6.16< / ><>'27年9月15日< / ><>101.135< / ><>0.42< / ><>n.a.< / >< / ><><>日产汽车承兑 (Nissan Motor Acceptance)< / ><>...< / ><>5.625< / ><>6.75< / ><>'28年9月29日< / ><>97.960< / ><>0.17< / ><>98.125< / >< / ><><>意大利电信资本 (Telecom Italia Capital)< / ><>...< / ><>7.721< / ><>6.90< / ><>'38年6月4日< / ><>106.528< / ><>0.12< / ><>107.107< / >< / table>

...以及价格跌幅最大的债券

Paramount Global< / td><>...< / ><>4.375< / ><>10.71< / ><>2043年3月15日< / ><>51.500< / ><>-0.50< / ><>53.000< / >< / tr><><>Occidental Petroleum< / ><>OXY< / ><>6.450< / ><>6.22< / ><>2036年9月15日< / ><>101.692< / ><>-0.31< / ><>101.743< / >< / ><><>AAdvantage Loyalty IP< / ><>...< / ><>5.750< / ><>6.13< / ><>2029年4月20日< / ><>99.125< / ><>-0.05< / ><>98.969< / >< / table>

*基于2年期、3年期、5年期、10年期或30年期热运行国债的估计利差；100个基点=1个百分点；显示的利差变化为Z-利差。注：数据为到期期限在两年或两年以上的交易最活跃的债券发行品种。

来源：MarketAxess

新高与新低

以下说明适用于在最新交易日中创下 52 周盘中新高或新低的纽约证券交易所（NYSE）、纽约证券交易所 Arca（NYSE Arca）、纽约证券交易所美国市场（NYSE American）以及纳斯达克股票市场（Nasdaq Stock Market）的股票。% CHG 为较前一交易日的每日百分比变化。

新高< / td>< / tr><><>AllInfrAcqn< / ><>AIA< / ><>10.38< / ><>< / >< / ><><>AbbVie< / ><>ABBV< / ><>277.60< / ><>1< / >< / ><><>AlgonquinNt2079< / ><>AQNQ< / ><>26.04< / ><>-1< / >< / ><><>AlussaEnerll A< / ><>ALUB< / ><>10.18< / ><>0< / >< / ><><>AmerIntegrityIns< / ><>AII< / ><>27.40< / ><>-0< / >< / ><><>Amplitude< / ><>AMPL< / ><>15.87< / ><>2< / >< / ><><>Arcosa< / ><>ACA< / ><>147.24< / ><>0< / >< / ><><>AristaNetworks< / ><>ANET< / ><>217.41< / ><>2< / >< / ><><>Atlassian< / ><>TEAM< / ><>207.37< / ><>1< / >< / ><><>AudioCodes< / ><>AUDC< / ><>11.56< / ><>0< / >< / ><><>AvitaMedical< / ><>RCEL< / ><>13.71< / ><>-0< / >< / ><><>BBB Foods< / ><>TBBB< / ><>55.87< / ><>4< / >< / ><><>BW

<>5< / >< / ><><>Humana< / ><>HUM< / ><>456.50< / ><>11< / >< / ><><>Ibotta< / ><>IBTA< / ><>43.85< / ><>-0< / >< / ><><>IntiSeaways< / ><>INSW< / ><>122.75< / ><>-1< / >< / ><><>JakksPacific< / ><>JAKK< / ><>28.60< / ><>1< / >< / ><><>Joyy< / ><>JOYY< / ><>82.15< / ><>0< / >< / ><><>LakeSuperiorA< / ><>LKSP< / ><>10.27< / ><>< / >< / ><><>Lumentum< / ><>LITE< / ><>1143.00< / ><>5< / >< / table>

2026年10月9日，星期五

0.44< / ><>0.9< / >< / ><><>< / ><>PalantirTech< / ><>PLTR< / ><>209.58< / ><>5.2< / >< / ><><>< / ><>Paysign< / ><>PAYS< / ><>15.45< / ><>2.7< / >< / ><><>< / ><>PetroleoBrasil< / ><>PBR< / ><>25.60< / ><>2.5< / >< / ><><>< / ><>PetroleoBrasilA< / ><>PBRA< / ><>22.78< / ><>1.5< / >< / ><><>< / ><>Phillips66< / ><>PSX< / ><>286.57< / ><>-1.2< / >< / ><><>< / ><>PumaBiotech< / ><>PBYI< / ><>10.36< / ><>3.2< / >< / ><><>< / ><>QNB< / ><>QNBC< / ><>46.60< / ><>0.2< / >< / ><><>< / ><>QuettaAcqn< / ><>QETA< / ><>21.59< / ><>41.5< / >< / ><><>< / ><>RileyExpln< / ><>REPX< / ><>45.85< / ><>1.6< / >< / ><><>< / ><>Riskified< / ><>RSKD< / ><>8.57< / ><>6.1< / >< / ><><>< / ><>RomanDBDR II< / ><>DRDB< / ><>10.74< / ><>0.1< / >< / ><><>< / ><>RushEnt

lorEnergy< / ><>VAI< / ><>2.91< / ><>6.0< / >< / ><><>< / ><>VeraBradley< / ><>VRA< / ><>5.32< / ><>1.2< / >< / ><><>< / ><>VirBiotech< / ><>VIR< / ><>12.00< / ><>5.2< / >< / ><><>< / ><>Visa< / ><>V< / ><>386.84< / ><>2.8< / >< / ><><>< / ><>WF< / ><>WFF< / ><>19.44< / ><>499.5< / >< / ><><>< / ><>WestCoastCommunity< / ><>WCCB< / ><>62.30< / ><>-0.3< / >< / ><><>< / ><>XP< / ><>32.29< / ><>6.7< / >< / table>

< / ><><>ArriveAI< / ><>ARAI< / ><>0.15< / ><>-14.5< / >< / ><><>ArteloBiosci< / ><>ARTL< / ><>3.19< / ><>-3.3< / >< / ><><>AshfordHosp< / ><>AHT< / ><>2.15< / ><>0.5< / >< / ><><>AsffordHospPfdG< / ><>AHTPG< / ><>3.41< / ><>5.2< / >< / ><><>AstechIndustries< / ><>ASTE< / ><>38.29< / ><>-0.2< / >< / ><><>AtlanticAmerican< / ><>AAAME< / ><>1.16< / ><>-2.5< / >< / ><><>AtlasCriticalMnl< / ><>ATCX< / ><>2.52< / ><>3.1< / >< / ><><>AtlasLithium< / ><>ATLX< / ><>2.26< / ><>-0.7< / >< / ><><>aTyrPharma< / ><>ATYR< / ><>0.25< / ><>-3.6< / >< / ><><>AuroralinnowWt< / ><>AUROW< / ><>0.02< / ><>-13.3< / >< / ><><>B&R

TechMergerBRTMU9.400.1BCEBCE18.68-5.9BallardPowerBLDP1.90-1.5BankofAmPfdPPBACpP15.03...BeelineBLNE0.70-3.3BelpointePrepOZ36.00-7.7BeyondAirXAIR2.20-2.6BeyondMeatBYND7.41-0.4BigBearAI WtBBALS0.03-30.0BiodexaPharmBDRX0.45-12.1BlendLabsBLND0.99-5.1BlueGoldBGL0.17-4.3BlueWaterIV WtBWWLWS0.16-13.9BootBarnBOOT118.79-1.3

最低价
AcresCmclPfdC	ACRpC	19.85	1.4
AMASSBrands	AMSS	0.33	-4.7
AMTD IDEA	AMTD	0.47	-12.6
AST Space	ASTS	47.57	-10.5
ATA Creativity	AACG	0.69	-7.6
AT&T Nts 2066	TBB	18.45	-1.2

股票	代码	最高/最低	收盘价
BradburyCapital	BBCI	5.47	-
BraemarHtS	BHR	1.18	-
BraemarHtSvsPfd	BhRpBp	9.65	-
BrenX	BRNX	1.33	-
BrookfieldFinNts	BNH	14.23	-
BrookfieldFinPfdA1	BIPpBp	15.62	-
BrunswickNts2049	BCpC	22.11	-
BuildersFirst	BLDR	52.06	-
CDT Equity	CDT	0.70	-
CHS PrfB3	CHSCM	23.02	-
CISO			-
CharterCommPfdA	CHTRP	21.62	-
Cheche	CCG	4.56	-1
CherryHillPfdA	CHMPaA	19.70	-
ChicagoAirRealEst	REFI	9.37	-
Children'sPlace	PLCE	1.34	-2
ChrisSXTPPharm	SXC7	0.12	-5
CleanEnergyFuels	CLNE	1.46	-
CodereOnlineWt	CDRW0	0.14	-2
CohenCircleWt	CCIWW	0.47	-3
Comcast			-

DigitalRealtyPkt	DLRpK	20.01	-
DouYuIntl	DOYU	3.72	-
DragonflyEnergyWt	DFLIW	0.01	-
DragonflyEnergy	DFLI	0.41	-
Dreamland	TDIC	1.68	-
E-Power	EPOW	3.20	-
EagleMaterials	EXP	164.09	-
EdibleGarden	EDBL	1.05	-
EnrindeWt	ENRDW	0.18	-1
EllsworthPfdA	ECPgA	18.51	-

7< / td>< / tr> -1.9< / ><>HealthtrTriangle< / ><>HCTI< / ><>0.46< / >< / ><><>-6.8< / ><>High-TrendIntl< / ><>HTCO< / ><>1.24< / >< / ><><>-6.1< / ><>HighlandOppsPfdA< / ><>HFROpA< / ><>15.30< / >< / ><><>-2.6< / ><>HormelFoods< / ><>HRL< / ><>19.16< / >< / ><><>3.3< / ><>HouseofDoge< / ><>HODO< / ><>0.11< / >< / ><><>-4.5< / ><>HuachenAIpkg< / ><>HCAI< / ><>0.45< / >< / ><><>0.5< / ><>HubGroup< / ><>HUBG< / ><>25.64< / >< / ><><>0.1< / ><>Humacyte< / ><>HUMA< / ><>0.39< / >< / ><><>0.6< / ><>HuntingtonPfdI< / ><>HBANM< / ><>19.15< / >< / ><><>-3.2< / ><>ICZOOMA< / ><>IZM< / ><>0.87< / >< / ><><>1.0< / ><>INVO Fertility< / ><>IVF< / ><>0.71< / >< / ><><>-3.8< / ><>IdahoStratRscs< / ><>IDR< / ><>22.46< / >< / ><><>-7.1< / ><>ImageneBio< / ><>IMA< / ><>3.90< / >< / ><><>-0.9< / ><>Immutep< / ><>IMMP< / ><>3.55< / >< / ><><>-1.6< / ><>Imunon< / ><>IMNN< / ><>0.96< / >< / ><><>-2.7< / ><>Ingredion< / ><>INGR< / ><>93.72< / >< / ><><>-1.7< / ><>InstinctBioTechWt< / ><>BIOTW< / ><>0.01< / >< / ><><>0.3< / ><>InteractStrength< / ><>TRNR< / ><>2.04< / >< / table> <><>% 涨跌幅< / ><>股票< / ><>代码< / ><>52周最高 / 最低< / ><>% 涨跌幅< / >< / ><><>-0.4< / ><>InterPrvlnV< / ><>IPVVU< / ><>9.72< / ><>-0.3< / >< / ><><>-6.0< / ><>iPower< / ><>IPW< / ><>0.53< / ><>-26.2< / >< / ><><>-8.3< / ><>IvesUltraAIOpps< / ><>IVAI< / ><>10.06< / ><>-0.3< / >< / ><><>-1.6< / ><>JacksonAcqnllRt< / ><>JACSr< / ><>0.04< / ><>-12.3< / >< / ><><>-2.6< / ><>JobAviation< / ><>JOBY< / ><>5.23< / ><>-5.4< / >< / ><><>-9.0< / ><>Joint< / ><>JYNT< / ><>6.98< / ><>-1.1< / >< / ><><>-8.9< / ><>JPMorganPfdDD< / ><>JMPdP< / ><>21.21< / ><>-0.6< / >< / ><><>-1.8< / ><>KALA BIO< / ><>KALA< / ><>0.29< / ><>-0.9< / >< / ><><>...< / ><>KB Home< / ><>KBH< / ><>42.88< / ><>-2.8< / >< / ><><>-3.9< / ><>KNOREX< / ><>KNRX< / ><>0.18< / ><>-7.3< / >< / ><><>-3.5< / ><>KairosPharma< / ><>KAPA< / ><>0.78< / ><>-15.5< / >< / ><><>6.4< / ><>KandalMVenture< / ><>FMFC< / ><>0.12< / ><>4.6< / >< / ><><>5.0< / ><>KaryopharmTherap< / ><>KPTI< / ><>0.56< / ><>0.8< / >< / ><><>-6.4< / ><>KestrelGr6.625-6< / ><>MHLA< / ><>8.80< / ><>-0.9< / >< / ><><>-3.8< / ><>KeyCorpPrfD< / ><>KEYpJ< / ><>18.81< / ><>-0.3< / >< / ><><>0.7< / ><>KeyCorpPrfD< / ><>KEYpK< / ><>18.70< / ><>-0.2< / >< / ><><>-2.2< / ><>Knightscope< / ><>KSCP< / ><>0.61< / ><>-4.0< / >< / ><><>0.4< / ><>LCI h< / ><>MNDR< / ><>0.76< / ><>-5.6< / >< / ><><>-0.5< / ><>MobilicomWt< / ><>MOBBW< / ><>0.82< / ><>-16.2< / >< / ><><>-5.5< / ><>MoolecScience< / ><>MLEC< / ><>1.99< / ><>-47.5< / >< / ><><>0.9< / ><>MorganStanleyPfdI< / ><>MSpI< / ><>22.23< / ><>0.1< / >< / ><><>...< / ><>Mosaic< / ><>MOS< / ><>18.68< / ><>-5.0< / >< / ><><>-24.8< / ><>MustangBio< / ><>MBIO< / ><>0.38< / ><>-4.1< / >< / ><><>-0.5< / ><>MySize< / ><>MYSZ< / ><>1.25< / ><>-7.4< / >< / table> <><>股票< / ><>代码< / ><>52周最高 / 最低< / ><>% 涨跌幅< / >< / ><><>NACCO Inds< / ><>NC< / ><>35.43< / ><>-2.6< / >< / ><><>NetPower< / ><>NPWR< / ><>1.21< / ><>-0.8< / >< / ><><>NanoXImaging< / ><>NNOX< / ><>0.53< / ><>-5.0< / >< / ><><>NaturalAlt< / ><>NAII< / ><>1.11< / ><>-0.4< / >< / ><><>NeighborhoodIntel< / ><>NXH< / ><>1.63< / ><>-1.5< / >< / ><><>NeOnTech< / ><>NTHI< / ><>2.50< / ><>9.9< / >< / ><><>NerdyA< / ><>NRDY< / ><>6.44< / ><>-3.4< / >< / ><><>NetClassTechnology< / ><>NTCL< / ><>1.13< / ><>-16.4< / >< / ><><>NewAmerica < / td>< / tr> OceanPwrTech< / ><>OPTT< / ><>0.83< / ><>-5.8< / >< / ><><>OceanFirstFin< / ><>OCFC< / ><>16.06< / ><>-2.1< / >< / ><><>Ocugen< / ><>OCGN< / ><>0.90< / ><>-2.2< / >< / ><><>Offerpad< / ><>OPAD< / ><>2.65< / ><>-2.5< / >< / ><><>Olin< / ><>OLIN< / ><>14.82< / ><>-4.6< / >< / ><><>OncolyticsBio< / ><>ONCY< / ><>0.53< / ><>2.3< / >< / ><><>OneMedNet< / ><>ONMD< / ><>4.30< / ><>-10.8< / >< / ><><>Onfolio< / ><>ONFO< / ><>0.70< / ><>-3.5< / >< / ><><>OpendoorWtK< / ><>OPENW< / ><>0.09< / ><>-5.0< / >< / ><><>OpenWorld< / ><>OPNW< / ><>4.40< / ><>-15.3< / >< / ><><>OppFi< / ><>OPFI< / ><>5.91< / ><>-2.6< / >< / ><><>Oragenics< / ><>OGEN< / ><>0.45< / ><>-1.5< / >< / ><><>OspreyAcqnlll< / ><>OSPRU< / ><>9.91< / ><>-0.4< / >< / ><><>PacGE ><>POLA< / ><>1.04< / ><>5.6< / >< / ><><>PolestarAuto< / ><>PSNY< / ><>4.96< / ><>-0.9< / >< / ><><>PowellMax< / ><>PMAX< / ><>0.68< / ><>-10.4< / >< / ><><>PresidioPottn< / ><>FTW< / ><>9.46< / ><>3.3< / >< / ><><>ProcessaPharm< / ><>PCSA< / ><>1.04< / ><>12.6< / >< / ><><>Profusa< / ><>PFUSA< / ><>1.40< / ><>-4.7< / >< / ><><>ProspectCapital< / ><>PSEC< / ><>1.72< / ><>-5.5< / >< / ><><>QVC< / ><>QVCG< / ><>12.35< / ><>0.5< / >< / ><><>QXO< / ><>QXO< / ><>10.75< / ><>-2.8< / >< / ><><>QXO Pfd B< / ><>QXOPb< / ><>35.00< / ><>-2.0< / >< / table> <><>股票< / ><>代码< / ><>52周最高 / 最低< / ><>涨跌< / > >< / ><><>Quantinuum< / ><>QNT< / ><>41.04< / ><>-0.5< / ><>Solowin< / ><>AXG< / ><>0.08< / ><>-4.8< / ><>TruGolf< / ><>TRUG< / ><>1.84< / ><>-26.2< / >< / ><><>QwestNts2051< / ><>CTGG< / ><>14.69< / ><>-1.0< / ><>SoundHoundAI Wt< / ><>SOUNW< / ><>0.30< / ><>-38.6< / ><>UFP Inds< / ><>UFPI< / ><>74.02< / ><>-2.9< / >< / ><><>QwestNts2052< / ><>CTHH< / ><>15.06< / ><>-0.3< / ><>SoundHoundAI< / ><>SOUN< / ><>5.36< / ><>-2.4< / ><>US C< / ><>SfPc< / ><>19.83< / ><>0.6< / ><>VCGlobal< / ><>VCIG< / ><>0.47< / ><>-11.1< / >< / ><><>ReinsuranceGrpDeb< / ><>RZC< / ><>24.99< / ><>-0.1< / ><>SunshineBio< / ><>SBFM< / ><>0.33< / ><>-21.4< / ><>Veritone< / ><>VERI< / ><>0.54< / ><>-5.5< / >< / ><><>RepublicBigWt< / ><>RDAGW< / ><>0.20< / ><>-9.1< / ><>Telus< / ><>TU< / ><>7.64< / ><>-4.0< / ><>VerticalAerospace< / ><>EVTL< / ><>0.50< / ><>-4.1< / >< / ><><>ResolutionMinerals< / ><>RML< / ><>5.25< / ><>1.0< / ><>TH Comm B< / ><>RCI< / ><>29.26< / ><>-4.1< / ><>TacticalResources< / ><>TREO< / ><>2.25< / ><>-4.3< / ><>BerkeleyDeb1< / ><>WRbPf< / ><>14.01< / ><>0.4< / >< / ><><>RozeAI< / ><>RZAI< / ><>10.05< / ><>-17.4< / ><>TaviaAcqnRt< / ><>TAVIR< / ><>0.06< / ><>-6.5< / ><>WaFdPfDra< / ><>WAFDP< / ><>15.13< / ><>-0.3< / >< / ><><>Rubico< / ><>RUBI< / ><>0.44< / ><>-14.5< / ><>Tele&DataPfdUU< / ><>TDSPu< / ><>19.14< / ><>0.6< / ><>Watsco< / ><>WSO< / ><>277.34< / ><>-0.8< / >< / ><><>SHF< / ><>SHFS< / ><>0.38< / ><>-5.4< / ><>TermalInnovatum< / ><>NKLR< / ><>3.08< / ><>-3.4< / ><>WheelerREIT< / ><>WHLR< / ><>0.56< / ><>-18.0< / >< / ><><>SS 3.85< / td><>-5.3< / >< / tr> <>VWt< / ><>SXEJWS< / ><>0.16< / ><>-19.5< / ><>TreasureGlobal< / ><>TGL< / ><>1.08< / ><>-13.4< / ><>Yimutian< / ><>YMT< / ><>0.98< / ><>-9.9< / >< / ><><>SimonPropPfdJ< / ><>SPGpJ< / ><>52.26< / ><>-0.7< / ><>TRexBio< / ><>TRXB< / ><>13.50< / ><>...< / ><>YorkSpace< / ><>YSS< / ><>6.78< / ><>-1.7< / >< / ><><>SkinHealthSys< / ><>SKIN< / ><>0.50< / ><>-3.3< / ><>TritonIntlPfdT< / ><>TRTNpD< / ><>20.68< / ><>0.1< / ><>YouxinTechnology< / ><>YAAAS< / ><>0.99< / ><>6.4< / >< / ><><>SmithfieldFds< / ><>SFD< / ><>18.39< / ><>-1.4< / ><>TritonIntlPfdE< / ><>TRTNPe< / ><>17.30< / ><>-0.3< / ><>ZenaTech< / ><>ZENA< / ><>1.06< / ><>-15.9< / >< / table> ## 分红变更 关键：A：年度；M：月度；Q：季度；r：修订；SA：半年；S2:1：股票拆分及比例；SO：分拆。 公司< / td><>代码< / ><>收益率 %< / ><>金额 新 / 旧< / ><>频率< / ><>支付日 / 记录日< / >< / tr><>< colspan="6">增加< / >< / ><><>Northwest Natural< / ><>NWN< / ><>4.1< / ><>.50 / .4925< / ><>Q< / ><>11月13日 / 10月30日< / >< / ><><>RPM International< / ><>RPM< / ><>2.3< / ><>.57 / .54< / ><>Q< / ><>10月30日 / 10月20日< / >< / ><><>Service Properties Trust< / ><>SVC< / ><>3.3< / ><>.05 / .0125< / ><>Q< / ><>11月12日 / 10月19日< / >< / ><>< colspan="6">股票< / >< / ><><>Dragonfly Energy< / ><>DFLI< / ><>< / ><>1:8< / ><>< / ><> / 10月12日< / >< / ><><>Medicus Pharma< / ><>MDCX< / ><>< / ><>1:50< / ><>< / ><> / 10月12日< / >< / ><><>NewGenlvf Group< / ><>NIVF< / ><>< / ><>1:4< / ><>< / ><> / 10月12日< / >< / ><><>NexGel< / ><>NXGL< / ><>< / ><>1:20< / ><>< / ><> / 10月12日< / >< / ><><>Zhibao Technology< / ><>ZBAO< / ><>< / ><>1:50< / ><>< / ><> / 10月12日< / >< / ><>< colspan="6">外国< / >< / ><><>CMB.TECH< / ><>CMBT< / ><>2.2< / ><>.577< / ><>< / ><>10月22日 / 10月16日< / >< / ><>< colspan="6">特别< / >< / ><><>FS KKR Capital< / ><>FSK< / ><>16.2< / ><>.20< / ><>< / ><>12月15日 / 12月01日< / >< / ><>< colspan="6">注：股息收益率截至东部时间下午 3-30< / >< / table> 来源：FactSet；道琼斯市场数据 MN # 1,000 只最大股票 ## 如何阅读股票表格 以下说明适用于在纽约证券交易所（NYSE）、纽约证券交易所 Arca（NYSE Arca）、纽约证券交易所 American（NYSE American）、纳斯达克股票市场（Nasdaq Stock Market）、Cboe BZX 和德克萨斯股票交易所上市的证券。价格综合自各市场中心报告的交易，包括证券交易所、金融业监管局（Finra）、电子通信网络和其他经纪交易商。该列表包含基于市值规模最大的 1,000 家公司。 下划线标注的报价是指成交量与该股票平均交易量相比有大幅变化的股票。 粗体标注的报价突出了那些前一交易日收盘价在 \$2 或更高，且价格变动幅度在 5% 或以上的股票。 脚注：1-52周新高；1-52周新低；dd-表示最近四个季度出现亏损。股票表格反映的是截至东部时间下午 4 点的综合常规交易情况，以及与前一日东部时间下午 4 点官方收盘价相比的变化。 2026年10月9日，星期五 年初至今%变动< / td><>52周最高< / ><>最低< / ><>股票< / ><>代码< / ><>股息% 市盈率< / ><>最新价< / ><>净变动< / >< / tr><>< colspan="8">A B C< / >< / ><><>4.18< / ><>17.65< / ><>13.21< / ><>AES< / ><>4.7< / ><>6< / ><>14.94< / >< / ><><>3.87< / ><>130.22< / ><>105.43< / ><>Aflac< / ><>AFL< / ><>2.1< / ><>12< / ><>114.54< / >< / ><><>-19.12< / ><>12.19< / ><>8.41< / ><>AGNC Invt< / ><>AGNC< / ><>16.6< / ><>5< / ><>8.67< / >< / ><><>87.57< / ><>47.44< / ><>21.63< / ><>APA< / ><>2.2< / ><>10< / ><>45.88< / >< / ><><>188.39< / ><>47.93< / ><>11.07< / ><>ASE Tech< / ><>ASX< / ><>0.6< / ><>54< / ><>46.43< / >< / ><><>66.41< / ><>1999.96< / ><>935.41< / ><>ASML< / ><>0.4< / ><>55< / ><>1780.34< / >< / ><><>-29.83< / ><>133.86< / ><>47.57< / ><>AST Space< / ><>ASTS< / ><>...< / ><>dd< / ><>50.97< / >< / ><><>-10.71< / ><>29.43< / ><>19.89< / ><>AT&T< / ><>T< / ><>5.0< / ><>7< / ><>22.18< / >< / ><><>67.29< / ><>24.20< / ><>11.97< / ><>ATI< / ><>...< / ><>197< / ><>191.24< / >< / ><><>-20.50< / ><>135.12< / ><>81.97< / ><>Abbott >< / ><><>-5.49< / ><>183.11< / ><>125< / ><>Allegion< / ><>ALLE< / ><>1.5< / ><>20< / ><>150.48< / >< / ><><>1.18< / ><>13.44< / ><>12.54< / ><>AluminaEnergy< / ><>ALUM< / ><>2.2< / ><>66< / ><>68.85< / >< / ><><>12.22< / ><>137.62< / ><>76.01< / ><>AllisonTransm< / ><>ALSN< / ><>1.1< / ><>17< / ><>109.85< / >< / ><><>10.22< / ><>277.22< / ><>188.08< / ><>Allstate< / ><>ALL< / ><>1.9< / ><>5< / ><>229.43< / >< / ><><>-17.00< / ><>47.29< / ><>35.92< / ><>AlnyFinancial< / ><>ALLY< / ><>3.2< / ><>9< / ><>37.59< / >< / ><><>-41.49< / ><>495.55< / ><>197.81< / ><>AlnylamPharm< / ><>ALNY< / ><>...< / ><>39< / ><>232.68< / >< / ><><>12.35< / ><>408.61< / ><>235.84< / ><>Alphabet 45.91< / ><>223.47< / ><>AnalogDevices< / ><>ADI< / ><>1.1< / ><>48< / ><>406.19< / >< / ><><>10.41< / ><>129.14< / ><>62.55< / ><>AngloGoldAsh< / ><>AU< / ><>3.8< / ><>13< / ><>94.16< / >< / ><><>20.75< / ><>86.60< / ><>58.82< / ><>AB InBev< / ><>BUBD< / ><>1.2< / ><>17< / ><>77.33< / >< / ><><>-18.16< / ><>13.76< / ><>17.76< / ><>AnnalyCap< / ><>ANLY< / ><>...< / ><>16< / ><>83.30< / >< / ><><>18.86< / ><>23.84< / ><>15.46< / ><>AonMicrostream< / ><>AM< / ><>4.3< / ><>25< / ><>21.09< / >< / ><><>4.18< / ><>45.75< / ><>29.10< / ><>AnteroResources< / ><>AR< / ><>...< / ><>10< / ><>35.90< / >< / ><><>-22.50< / ><>382.34< / ><>266.33< / ><>Aon< / ><>AON< / ><>1.2< / ><>15< / ><>273.47< / >< / ><><>5.38< / ><>49.99< / ><>33.52< / ><>API < / td>< / tr> < / ><>< / ><> [...OMITTED...]< / >< / ><><>< / ><>< / >< rowspan="2">< / >< / ><><>< / ><>< / >< / ><><>< / [...OMITTED...]><>< / ><>< / >< ><><>< / ><>< / >< [...OMITTED...] / ><><>< / ><>< / >< colspan="2">< / >< / ><><>< / ><>< / >< [...OMITTED...]>< / >< / ><>< / ><>< / >< / ><>< / t d><>< / ><>< / >< / ><><>< / ><>< / >< / table> ><>2< / ><>2.07< / ><>< / >< / ><><>-28.67< / ><>87.03< / ><>37.08< / ><>ComountTech< / ><>CTSH< / ><>2.2< / ><>13< / ><>59.20< / ><>-0.81< / ><>< / >< / ><><>69.38< / ><>440< / ><>108.19< / ><>Coherent< / ><>COHR< / ><>...< / ><>76< / ><>312.62< / ><>10.27< / ><>< / >< / ><><>-20.67< / ><>402.16< / ><>139.11< / ><>CoinbaseGlbl< / ><>COIN< / ><>...< / ><>dd< / ><>179.39< / ><>7.39< / ><>< / >< / ><><>11.71< / ><>99.33< / ><>74.55< / ><>ColgatePalm< / ><>CL< / ><>2.4< / ><>35< / ><>88.27< / ><>0.17< / ><>< / >< / ><><>-26.22< / ><>32.81< / ><>20.48< / ><>Comcast CP< / td><>0.5< / ><>104< / ><>100.75< / ><>2.67< / ><>< / >< / tr> <>32.83< / ><>413.25< / ><>230.45< / ><>Credicorp< / ><>BAPR< / ><>2.8< / ><>14< / ><>381.21< / ><>0.83< / ><>< / >< / ><><>50.50< / ><>308.67< / ><>86.48< / ><>CredoTech< / ><>CRDO< / ><>...< / ><>77< / ><>216.55< / ><>4.09< / ><>< / >< / ><><>134.70< / ><>286.99< / ><>85.68< / ><>CrowdStrike< / ><>CRWD< / ><>...< / ><>...774< / ><>275.04< / ><>12.03< / ><>< / >< / ><><>-10.39< / ><>100.50< / ><>65.32< / ><>CrownCastle< / ><>CCI< / ><>5.3< / ><>18< / ><>79.64< / ><>10.75< / ><>< / >< / ><><>5.14< / ><>122.91< / ><>89.21< / ><>Crown Holdings< / ><>CCK< / ><>1.3< / ><>16< / ><>108.26< / ><>-0.62< / ><>< / >< / ><><>18.88< / ><>109.86< / ><>100.00< / ><>Crown Supercap< / ><>CFP< / ><>...< / ><>150< / ><>150.26< / ><>-2.31< / ><>< / >< / ><><>2.54< / ><>737.76< / ><>400.72< / ><>Cummins< / ><>CMI< / ><>1.7< / ><>27< / ><>523.39< / ><>2.99< / ><>< / >< / ><><>-7.01< / ><>808.16< / ><>501.60< / ><>Curtiss-Wright< / ><>CW< / ><>0.2< / ><>35< / ><>512.60< / ><>5.31< / ><>< / >< / table> DEF <><>1.30< / ><>-2.48< / >< / ><><>46.52< / ><>63.78< / ><>31.64< / ><>Dynatrace< / ><>DT< / ><>...< / ><>126< / ><>63.50< / ><>2.38< / >< / ><><>29.04< / ><>951.96< / ><>564.92< / ><>EMCOR< / ><>EME< / ><>0.2< / ><>24< / ><>789.45< / ><>11.21< / >< / ><><>47.60< / ><>58< / ><>34.03< / ><>ENI< / ><>E< / ><>3.0< / ><>14< / ><>56< / ><>0.38< / >< / ><><>41.09< / ><>154.16< / ><>101.59< / ><>EOG 0.8< / ><>28< / ><>193.24< / ><>-0.47< / >< / ><><>3.40< / ><>158.88< / ><>125.71< / ><>ExtraSpaceSt< / ><>EXR< / ><>4.8< / ><>30< / ><>134.65< / ><>1.53< / >< / ><><>40.39< / ><>176.41< / ><>110.39< / ><>ExxonMobil< / ><>XOM< / ><>2.4< / ><>22< / ><>168.94< / ><>0.44< / >< / ><><>87.98< / ><>482.47< / ><>223.76< / ><>F5< / ><>FFIV< / ><>...< / ><>49< / ><>378.83< / ><>18.17< / >< / ><><>-13.66< / ><>323.51< / ><>149.50< / ><>FTAI <>< / ><>< / >< / ><><>< / ><>< / >< / table> usMedCare< / ><>FMS< / ><>2.9< / ><>11< / ><>21.06< / ><>0.18< / ><>< / >< / ><><>157.10< / ><>56.86< / ><>20.47< / ><>Frontline< / ><>FRO< / ><>9.6< / ><>8< / ><>56.10< / ><>-0.16< / ><>< / >< / ><><>-30.75< / ><>202.53< / ><>80.50< / ><>Futu< / ><>FUTU< / ><>2.2< / ><>11< / ><>113.71< / ><>4.95< / ><>< / >< / table> GHI <><>0.06< / ><>388.84< / ><>268.91< / ><>GE Aerospace< / ><>GE< / ><>0.6< / ><>36< / ><>308.20< / ><>2.58< / >< / ><><>-19.85< / ><>89.77< / ><>58.75< / ><>GE HealthCare< / ><>GEHC< / ><>0.2< / ><>15< / ><>65.74< / ><>1.52< / >< / ><><>53.73< / ><>119.94< / ><>530.16< / ><>GE Vernova< / ><>GEV< / ><>0.29< / ><>1< / ><>1004.73< / ><>5.38< / >< / ><><>-0.04< / ><>41.73< / ><>58.75< / ><>GE 1.5< / td><>25< / ><>78.21< / ><>-0.16< / >< / tr> <>27.82< / ><>141.91< / ><>906.52< / ><>Grainger< / ><>GWW< / ><>0.8< / ><>33< / ><>1289.79< / ><>21.12< / >< / ><><>-23.57< / ><>300.41< / ><>193.11< / ><>GAP< / ><>PAC< / ><>0.0< / ><>19< / ><>201.50< / ><>4.81< / >< / ><><>49.05< / ><>105.60< / ><>52.45< / ><>GrupoCibest< / ><>CIB< / ><>4.2< / ><>35< / ><>94.81< / ><>0.73< / >< / ><><>63.96< / ><>191.05< / ><>61< / ><>GuardantHealth< / ><>GH< / ><>...< / ><>dd< / ><>167.47< / ><>1.91< / >< / ><><>-16.29< / ><>36.30< / ><>20.30< / ><>GWRE< / ><>...< / ><>dd< / ><>33.32< / ><>2.62< / >< / ><><>-3.38< / ><>556.52< / ><>353.99< / ><>HCA <>20< / ><>290.74< / ><>-4.73< / >< / ><><>10.92< / ><>33.45< / ><>23.25< / ><>HondaMotor< / ><>HMC< / ><>3.3< / ><>dd< / ><>32.70< / ><>0.22< / >< / ><><>< / ><>297.50< / ><>149.19< / ><>HoneywellAero< / ><>HONA< / ><>< / ><>157.94< / ><>3.93< / >< / ><><>1.58< / ><>260.15< / ><>195.77< / ><>Honeywell< / ><>KON< / ><>1.3< / ><>8< / ><>207.73< / ><>1.13< / >< / ><><>-19.08< / ><>261.05< / ><>195.77< / ><>HoneywellBonds< / ><>HBNL< / ><>1.1< / ><>31< / ><>191.19< / ><>-0.24< / >< / ><><>-6.35< / ><>170.78< / ><>131.75< / ><>DR <>17.97< / ><>299.76< / ><>136.46< / ><>JB Hunt< / ><>JBHT< / ><>0.8< / ><>33< / ><>229.26< / ><>0.84< / >< / ><><>-11.70< / ><>19.45< / ><>14.82< / ><>HuntingtonBcshs< / ><>HBAN< / ><>4.0< / ><>12< / ><>15.32< / ><>-0.05< / >< / ><><>-22.13< / ><>460< / ><>256.79< / ><>HuntingIngalls< / ><>HII< / ><>2.1< / ><>16< / ><>264.80< / ><>-0.22< / >< / ><><>83.43< / ><>140.80< / ><>31.67< / ><>Hut8< / ><>HUT< / ><>...< / ><>dd< / ><>84.27< / ><>4.68< / >< / ><><>1.33< / ><>144.88< / ><>107.35< / ><>HuntingtonHerts< / ><>HOT< / ><>0.8< / ><>161.94< / ><>2.57< / ><>< / >< / ><><>-6.41< / ><>33.03< / ><>25.08< / ><>ICICI Bank< / ><>IBN< / ><>0.8< / ><>16< / ><>27.89< / ><>-0.01< / >< / ><><>31.67< / ><>243.80< / ><>159.27< / ><>IDEX< / ><>IEX< / ><>1.2< / ><>34< / ><>234.29< / ><>2.54< / >< / ><><>-23.43< / ><>769.98< / ><>500.61< / ><>IdexLab< / ><>IDXX< / ><>...< / ><>36< / ><>518.18< / ><>4.86< / >< / ><><>52.96< / ><>408.25< / ><>170.07< / ><>IES Holdings< / ><>IESC< / ><>...< / ><>26< / ><>297.52< / ><>-2.91< / >< / ><><>19.18< / ><>37.52< / ><>23.64< / ><>ING <>< / ><>397.75< / ><>< / >< / table> JKL eedMartin< / ><>LMT< / ><>2.7< / ><>19< / ><>509.59< / ><>1.70< / >< / ><><>1.31< / ><>121.01< / ><>97.38< / ><>Loews< / ><>LWS< / ><>0.2< / ><>13< / ><>106.69< / ><>-0.91< / >< / ><><>-1.95< / ><>129.60< / ><>83.32< / ><>LogitechIntl< / ><>LOGI< / ><>1.2< / ><>18< / ><>98.27< / ><>-3.23< / >< / ><><>-22.88< / ><>178.85< / ><>LockheedUSA< / ><>LOW< / ><>2.7< / ><>dd< / ><>175.31< / ><>-2.80< / >< / ><><>-54.53< / ><>225.98< / ><>90.38< / ><>Lululemon< / ><>LULU< / ><>...< / ><>8< / ><>94.50< / ><>1.82< / >< / table> M N< / td>< / tr><><>92.70< / ><>418.90< / ><>121.97< / ><>Macom Tech< / ><>MTSI< / ><>...106 330.06< / >< / ><><>7.95< / ><>255.95< / ><>174.76< / ><>M&T Bank< / ><>MTB< / ><>2.8 11 217.49< / >< / ><><>65.52< / ><>447.62< / ><>120.91< / ><>MKSI< / ><>0.4 24 462.40< / >< / ><><>5.99< / ><>47.47< / ><>147.50< / ><>MPLX< / ><>MPX< / ><>7.0 56.30< / >< / ><><>-1.50< / ><>644.77< / ><>501.08< / ><>MSCI< / ><>1.5 365.12< / >< / ><><>< / ><>44.50< / ><>22.91< / ><>MadisonAirSolns< / ><>MAIR< / ><>...24.22< / >< / ><><>55.54< / ><>438.93< / ><>207.90< / ><>MSG Sports< / ><>MSGS< / ><>0.012 / 402.30< / >< / ><><>-18.99< / ><>615< / ><>393.61< / ><>MadrigalPharm< / ><>MDGL< / ><>...dd 471.75< / >< / ><><>20.06< / ><>73.22< / ><>43.11< / ><>Magnalnti< / ><>MGA< / ><>3.1 23 63.99< / >< / ><><>9.07< / ><>20.88< / ><>43.11< / ><>MilshareCrm< / ><>MIL< / ><>...5 17.28< / >< / ><><>18.22< / ><>227.03< / ><>110.96< / ><>ManhattanAssoc< / ><>MANH< / ><>...59 204.89< / >< / ><><>16.95< / ><>45.33< / ><>31.41< / ><>ManulifeFinl< / ><>MFC< / ><>2.9 16 42.43< / >< / ><><>6.18< / ><>52.68< / ><>32.73< / ><>Maplebear< / ><>CART< / ><>...26 47.76< / >< / ><><>+179.79< / ><>470< / ><>161.93< / ><>MarathonPetrol< / ><>MPC< / ><>0.9 16 455.03< / >< / ><><>-18.09< / ><>207.59< / ><>1704.17< / ><>Markel< / ><>MKL< / ><>...10 1760.74< / >< / ><><>17.93< / ><>410.98< / ><>256.76< / ><>Marriott< / ><>MAR< / ><>0.8 38 365.88< / >< / ><><>-5.26< / ><>207.82< / ><>156.60< / ><>Marsh< / ><>MRSH< / ><>2.3 22 175.76< / >< / ><><>-23.18< / ><>710.97< / ><>470.19< / ><>MartinMarietta< / ><>MLM< / ><>0.7 12 478.35< / >< / ><><>223.94< / ><>329.88< / ><>70.69< / ><>MarvellTech< / ><>MRVL< / ><>0.1 91 275.28< / >< / ><><>8.38< / ><>20.88< / ><>43.11< / ><>Moody's< / ><>MOYA< / ><>1.1 68.78< / >< / ><><>-2.17< / ><>441.43< / ><>182.34< / ><>MasTec< / ><>MTZ< / ><>...34 212.65< / >< / ><><>3.20< / ><>601.23< / ><>464.52< / ><>Mastercard< / ><>MA< / ><>0.6 32 589.14< / >< / ><><>27.25< / ><>44.94< / ><>28.81< / ><>MatchGroup< / ><>MTCH< / ><>1.9 15 41.09< / >< / table> ><>19.42< / ><>13.76< / ><>NatWest< / ><>NWG< / ><>5.4< / ><>9< / ><>17.13< / ><>-0.02< / >< / ><><>164.38< / ><>72.86< / ><>43.98< / ><>Nebius< / ><>NBS< / ><>...< / ><>dd< / ><>221.07< / ><>1.35< / >< / ><><>121.45< / ><>238.07< / ><>93.69< / ><>NetApp< / ><>NTAP< / ><>0.9< / ><>33< / ><>237.15< / ><>6.62< / >< / ><><>-9.72< / ><>156.44< / ><>106.06< / ><>NetEase< / ><>NTES< / ><>2.4< / ><>17< / ><>124.24< / ><>4.64< / >< / ><><>-25.02< / ><>124.86< / ><>65.08< / ><>Netflix< / ><>NFLX< / ><>...< / ><>22< / ><>70.30< / ><>-1.27< / >< / ><><>0.43< / ><>186.12< / ><>122.14< / ><>Neurocrine< / ><>NBIX< / ><>...< / ><>21< / ><>144.12< / ><>1.49< / >< / ><><>-4.47< / ><>87.10< / ><>54.10< / ><>NYTimes 39< / >< / ><><>64.20< / ><>184.64< / ><>93.22< / ><>NutEllective< / ><>NVT< / ><>0.5< / ><>46< / ><>167.43< / ><>3.23< / >< / ><><>22.94< / ><>243.37< / ><>164.27< / ><>NVIDIA< / ><>NVDA< / ><>0.4< / ><>29< / ><>222.98< / ><>-1.20< / >< / table> OPQ 8.90< / td><>50.59< / ><>41.70< / ><>OGE Energy< / ><>OGE< / ><>3.7< / ><>20< / ><>46.50< / ><>0.39< / >< / tr><><>22.18< / ><>99.84< / ><>64.02< / ><>ONEOK< / ><>OKE< / ><>4.8< / ><>16< / ><>89.80< / ><>-0.49< / >< / ><><>43.57< / ><>26.46< / ><>43.25< / ><>Omnicl< / ><>ON< / ><>...< / ><>11< / ><>17.53< / ><>-1.82< / >< / ><><>-5.22< / ><>104.06< / ><>82.59< / ><>O'Reilly ><>-0.15< / >< / ><><>63.00< / ><>67.51< / ><>35.47< / ><>Ovintiv< / ><>OVV< / ><>1.9< / ><>18< / ><>63.88< / ><>0.51< / >< / ><><>2.01< / ><>159.91< / ><>97.53< / ><>OwensCorning< / ><>OC< / ><>2.8< / ><>dd< / ><>114.16< / ><>-3.04< / >< / ><><>210.73< / ><>89.48< / ><>25.62< / ><>PBF Energy< / ><>PBF< / ><>1.3< / ><>7< / ><>84.27< / ><>-5.07< / >< / ><><>-28.26< / ><>139.41< / ><>71.94< / ><>PDD< / ><>...< / ><>81.39< / ><>3.09< / >< / ><><>-18.29< / ><>19.16< / ><>13.77< / ><>PSEG< / ><>PCG< / ><>1.5< / ><>10< / ><>13.13< / ><>0.40< / >< / ><><>5.02< / ><>258.96< / ><>167.88< / ><>PNC < / ><>Qorvo.com< / ><>QCOM< / ><>2.0< / ><>10< / ><>95.50< / ><>-0.15< / >< / ><><>67.26< / ><>788.75< / ><>404.50< / ><>QuantaServices< / ><>PWR< / ><>0.1< / ><>81< / ><>705.94< / ><>20.61< / >< / ><><>< / ><>86.79< / ><>41.04< / ><>Quantinum< / ><>QNT< / ><>< / ><>41.30< / ><>-0.22< / ><>< / >< / ><><>33.10< / ><>248.84< / ><>171.18< / ><>QuestDiag< / ><>DGX< / ><>1.5< / ><>25< / ><>230.97< / ><>0.16< / >< / table> RS ><><>-3.61< / ><>153.56< / ><>63.52< / ><>Robinhood< / ><>HOOD< / ><>...< / ><>48< / ><>109.02< / ><>2.01< / >< / ><><>-40.65< / ><>141.95< / ><>33.88< / ><>Roblox< / ><>RBLX< / ><>...< / ><>dd< / ><>48.09< / ><>2.57< / >< / ><><>-40.70< / ><>24.36< / ><>10.99< / ><>RocketCos.< / ><>RKT< / ><>0.0< / ><>76< / ><>11.48< / ><>-0.28< / >< / ><><>-2.74< / ><>10.99< / ><>LoketLab< / ><>LKEL< / ><>...< / ><>dd< / ><>9.21< / ><>-0.13< / >< / ><><>11.19< / ><>497.36< / ><>332.71< / ><>Rockwell< / ><>ROK< / ><>1.3< / ><>41< / ><>432.59< / ><>-1.55< / >< / ><><>-1.21·01< / ><>41.14< / ><>29.25< / ><>RogersComm d><>3.37< / >< / ><><>-11.58< / ><>281.37< / ><>144.97< / ><>SAP< / ><>...< / ><>27< / ><>214.78< / ><>2.38< / >< / ><><>-17.49< / ><>522.35< / ><>360.94< / ><>S&P Global< / ><>SPGI< / ><>1.0< / ><>25< / ><>407.82< / ><>5.09< / >< / ><><>-5.66< / ><>224.46< / ><>156.60< / ><>SBA Comm< / ><>SBAC< / ><>2.7< / ><>20< / ><>182.49< / ><>12.80< / >< / ><><>27.65< / ><>138.13< / ><>105.00< / ><>Seaco Investments< / ><>SEM< / ><>1.0< / ><>10< / ><>104.70< / ><>1.47< / >< / ><><>< / ><>< / ><>199.87< / ><>124.80< / ><>SK hynix< / ><>SKHY< / ><>0.0< / ><>111.693< / ><>-1.07< / >< / ><><>66.78< / ><>47.18< / ><>19.66< / ><>SK d><>101.04< / ><>76.21< / ><>Sempra< / ><>SRE< / ><>3.2< / ><>24< / ><>81.34< / ><>1.26< / >< / ><><>154.17< / ><>201.99< / ><>60.28< / ><>Semtech< / ><>SMTC< / ><>...< / ><>125< / ><>187.30< / ><>-0.19< / >< / table> .24< / >< / ><><>6.04< / ><>91.84< / ><>68.19< / ><>Sysco< / ><>SYY< / ><>2.8< / ><>21< / ><>78.14< / ><>-0.06< / >< / table> TUV -0.72< / td>< / tr> <>-9.27< / ><>22.20< / ><>14.44< / ><>TX< / ><>1.0< / ><>28< / ><>107.76< / ><>0.01< / >< / ><><>-14.83< / ><>226.94< / ><>171.19< / ><>TKO< / ><>1.8< / ><>62< / ><>178.01< / ><>-3.62< / >< / ><><>-26.82< / ><>231.02< / ><>147.90< / ><>T-MobileUS< / ><>TMUS< / ><>3.1< / ><>16< / ><>148.58< / ><>-22.73< / >< / ><><>-29.10< / ><>70.38< / ><>36.95< / ><>TPG< / ><>4.9< / ><>68< / ><>45.26< / ><>0.02< / >< / ><><>2.72< / ><>122< / ><>85.22< / ><>T.RowePrice< / ><>TROW< / ><>4.9< / ><>11< / ><>105.16< / ><>0.93< / >< / ><><>75.38< / ><>223.83< / ><>53.36< / ><>TTM < / ><>26.71< / ><>TylerTech< / ><>TYL< / ><>...< / ><>dd< / ><>329.55< / ><>-1.60< / >< / ><><>-8.98< / ><>49.48< / ><>49.86< / ><>UnitedFoods< / ><>TSN< / ><>3.8< / ><>32< / ><>53.43< / ><>1.05< / >< / ><><>3.93< / ><>55.98< / ><>36.30< / ><>UBS Group< / ><>UBS< / ><>1.5< / ><>16< / ><>48.13< / ><>1.07< / >< / ><><>-6.98< / ><>42< / ><>32.94< / ><>UDR< / ><>5.1< / ><>24< / ><>34.12< / ><>0.55< / >< / ><><>13.85< / ><>76.45< / ><>41.95< / ><>U-Haul< / ><>UHAL< / ><>0.0394< / ><>57.39< / ><>-0.41< / ><>< / >< / ><><>7.77< / ><>66.90< / ><>39.62< / ><>U-HaulN< / ><>UHALB< / ><>0.436< / ><>50.37< / ><>-0.48< / ><>< / >< / ><><>-11.17< / ><>138.88< / ><>104.55< / ><>U-HaulN 0< / >< / ><><>155.11< / ><>60.43< / ><>12.23< / ><>ViaviSolutions< / ><>VIAV< / ><>...< / ><>dd< / ><>45.46< / ><>1.37< / >< / ><><>142.72< / ><>122.65< / ><>64.44< / ><>< / >< / table> WXYZ <>-0.24< / >< / ><><>-40.54< / ><>148.30< / ><>68.77< / ><>Zoetis< / ><>ZTS< / ><>2.8< / ><>12< / ><>74.81< / ><>1.73< / >< / ><><>13.27< / ><>114.74< / ><>70.70< / ><>ZoomComms< / ><>ZM< / ><>< / ><>9< / ><>97.74< / ><>3.07< / >< / ><><>3.92< / ><>336.99< / ><>114.62< / ><>Zscaler< / ><>ZS< / ><>< / ><>dd< / ><>233.73< / ><>16.92< / >< / table> ## 共同基金 按净资产排列的纳斯达克公布份额类前 250 位共同基金列表。e-除分红日。f-前一日报价。g-适用脚注 x 和 s。j-适用脚注 e 和 s。k-由 LSEG 使用更新数据重新计算。p-分销成本，12b-1 r-赎回费可能。s-股票拆分或股息。t-脚注 p 和 r。v-脚注 x 和 e。x-除息。z-脚注 x, e 和 s。NA-由于价格、业绩或成本数据不完整而不可用。NE-LSEG 未发布；数据审核中。NN-未跟踪基金。NS-期初该基金不存在。 < / td> 12.3< / >< / tr> <>ICAA< / ><>69.25< / ><>+0.45< / ><>11.6< / >< / ><><>IncoA< / ><>27.23< / ><>+0.10< / ><>6.2< / >< / ><><>N PerA< / ><>75.77< / ><>+0.55< / ><>7.3< / >< / ><><>NEcoA< / ><>87.17< / ><>+0.92< / ><>20.0< / >< / ><><>NwWrldA< / ><>106.93< / ><>+0.86< / ><>14.6< / >< / ><><>SmCpA< / ><>81.79< / ><>+0.86< / ><>11.6< / >< / ><><>WshA< / ><>67.42< / ><>+0.39< / ><>8.4< / >< / table> 2026年10月9日，星期五 <><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今收益率 %< / >< / ><>< colspan="4">Artisan Funds< / >< / ><><>IntVal Inst< / ><>58.30< / ><>+0.44< / ><>9.7< / >< / ><>< colspan="4">Baird Funds< / >< / ><><>AggBdlnst< / ><>9.42< / ><>...< / ><>-2.3< / >< / ><><>CorBdlst< / ><>9.78< / ><>...< / ><>-2.1< / >< / ><><>IntBdlst< / ><>10.14< / ><>...< / ><>-1.1< / >< / ><><>ShtTBDInst< / ><>9.38< / ><>-0.01< / ><>1.0< / >< / ><>< ="4">BlackRock Funds< / >< / ><><>HiYBlk< / ><>6.92< / ><>...< / ><>0.8< / >< / ><><>HiYldBd Inst< / ><>6.92< / ><>...< / ><>0.8< / >< / ><>< ="4">BlackRock Funds III< / >< / ><>< ="4">iShS&P500IdxJX907.93 +5.47 15.1< / >< / ><>< ="4">BlackRock Funds Inst< / >< / ><><>StratIncOpptylns< / ><>9.48< / ><>+0.01< / ><>0.7< / >< / ><>< ="4">Calamos Funds< / >< / ><><>MktNeutl< / ><>16.28< / ><>+0.01< / ><>4.5< / >< / ><>< ="4">CausewayInst< / >< / ><><>CausewayInst< / ><>23.92< / ><>+0.18< / ><>1.8< / >< / ><>< ="4">Columbia Class A< / >< / ><>< ="4">SelgComUnfoA256.48 +2.92 63.7< / >< / ><>< ="4">Columbia Class I< / >< / ><><>DivIncom I< / ><>40.25< / ><>+0.16< / ><>12.3< / >< / table> <><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今收益率 %< / >< / ><>< ="4">Dimensional Fds< / >< / ><><>EmrgMktVa< / ><>45.08< / ><>+0.34< / ><>23.6< / >< / ><><>EmMktCorEq< / ><>34.36< / ><>+0.28< / ><>20.2< / >< / ><><>IntlCoreEq< / ><>22.02< / ><>+0.15< / ><>10.8< / >< / ><><>IntlVal< / ><>31.79< / ><>+0.10< / ><>13.4< / >< / ><><>IntSmCo< / ><>27.40< / ><>+0.27< / ><>9.2< / >< / ><><>IntSmVa< / ><>34.28< / ><>+0.21< / ><>13.2< / >< / ><><>LgCo< / ><>51.85< / ><>+0.31< / ><>15.1< / >< / ><><>US CoreEq1< / ><>56.51< / ><>+0.25< / ><>14.8< / >< / ><><>US CoreEq2< / ><>50.32< / ><>+0.21< / ><>14.6< / >< / ><><> Small< / ><>59.12< / ><>+0.11< / ><>13.9< / >< / ><><> SmCpVal< / ><>59.57< / ><>-0.30< / ><>16.6< / >< / ><><> TgdVal< / ><>41.92< / ><>-0.17< / ><>14.6< / >< / ><><>USLgVa< / ><>66.74< / ><>+0.17< / ><>20.0< / >< / ><>< ="4">Dodge & Cox< / >< / ><><>Balanced< / ><>13.66< / ><>+0.08< / ><>3.7< / >< / ><><>Income< / ><>12.06< / ><>-0.01< / ><>-3.0< / >< / ><><>Intl Stk< / ><>18.08< / ><>+0.20< / ><>9.8< / >< / ><><>Stock< / ><>17.50< / ><>+0.13< / ><>7.5< / >< / ><>< ="4">DoubleLine Funds< / >< / ><><>TotRetBdl< / ><>8.37< / ><>-0.01< / ><>-2.7< / >< / table> 5< / td><>+0.21< / ><>13.5< / >< / tr> <>USBdlxInstPrem< / ><>10.01< / ><>...< / ><>-2.4< / >< / ><>< colspan="4">Fidelity Advisor I< / >< / ><><>GrOppl< / ><>274.94< / ><>+1.69< / ><>17.5< / >< / ><>< colspan="4">Fidelity Freedom< / >< / ><><>Idx203InsPre< / ><>24.07< / ><>+0.10< / ><>6.8< / >< / ><><>Idx203InsPre< / ><>28.70< / ><>+0.15< / ><>8.2< / >< / ><><>Idx204InsPre< / ><>31.82< / ><>+0.19< / ><>10.8< / >< / ><><>Idx204InsPre< / ><>34.62< / ><>+0.25< / ><>12.5< / >< / ><><>Idx205InsPre< / ><>34.84< / ><>+0.25< / ><>12.8< / >< / table> <>in< / ><>25.79< / ><>-2.69< / ><>-0.2< / >< / ><><>SAILTTreBdldx< / ><>6.02< / ><>+0.01< / ><>-7.5< / >< / ><><>SAIUSMinVolIndFd< / ><>25.16< / ><>+0.05< / ><>10.4< / >< / ><><>SAIUSQtyldx< / ><>25.71< / ><>+0.19< / ><>13.8< / >< / ><><>SrsBtChGroRetail< / ><>25.75< / ><>+0.18< / ><>22.1< / >< / ><><>SrsEmrgMkt< / ><>31.58< / ><>+0.48< / ><>28.1< / >< / ><><>SrsGlobal< / ><>20.83< / ><>+0.22< / ><>13.8< / >< / ><><>SrsGroCoRetail< / ><>35.44< / ><>+0.37< / ><>30.0< / >< / ><><>SrsIntlGrw< / ><>20.49< / ><>+0.24< / ><>7.2< / >< / ><><>SrsIntlVal< / ><>16.49< / ><>+0.09< / ><>5.7< / >< / ><><>TotalBond< / ><>9.12< / ><>-0.01< / ><>-2.6< / >< / ><>< colspan="4">Fidelity SAI< / >< / ><><>FidSaiCndlnxFnd< / ><>15.70< / ><>+0.19< / ><>10.3< / >< / ><><>FidSainInfLnFnd< / ><>9.67< / ><>-0.01< / ><>-1.7< / >< / ><><>IntlValldx< / ><>14.32< / ><>+0.03< / ><>13.7< / >< / ><><>TotalBd< / ><>8.63< / ><>-0.01< / ><>-2.5< / >< / ><>< colspan="4">Fidelity Selects< / >< / ><><>Semiconductors r< / ><>64.41< / ><>-0.25< / ><>62.4< / >< / ><><>Tech< / ><>58.65< / ><>+0.38< / ><>46.4< / >< / ><>< colspan="4">Fidelity Strategic A< / >< / ><><>StratAdEmrMrt< / ><>NA< / ><>< / ><>NA< / >< / table> <><>基金< / ><>资产净值 (NAV)< / ><>涨跌 (Chg)< / ><>收益率 (%Ret)< / >< / ><>< colspan="4">First Eagle Funds< / >< / ><><>GlbA< / ><>87.05< / ><>+0.60< / ><>8.2< / >< / ><>< colspan="4">Franklin A1< / >< / ><><>IncomeA1< / ><>2.50< / ><>...< / ><>4.5< / >< / ><>< colspan="4">FrankTemp / Frank Adv< / >< / ><><>IncomeAdv< / ><>2.48< / ><>+0.01< / ><>5.1< / >< / ><>< colspan="4">FrankTemp / Franklin A< / >< / ><><>DynaTech A< / ><>212.17< / ><>+2.46< / ><>13.9< / >< / ><><>Growth A< / ><>149.81< / ><>+1.38< / ><>11.3< / >< / ><><>RisDv A< / ><>97.01< / ><>+0.74< / ><>7.7< / >< / ><>< colspan="4">Guggenheim Funds Tru< / >< / ><><>TotRtnBdFclinst< / ><>NA< / ><>...< / ><>NA< / >< / ><>< colspan="4">Harbor Funds< / >< / ><><>CapApInst< / ><>132.12< / ><>+1.45< / ><>13.3< / >< / ><>< colspan="4">JHF III DispVal< / >< / ><><>DispValMCI< / ><>30.80< / ><>+0.14< / ><>12.1< / >< / ><>< colspan="4">John Hancock< / >< / ><><>BondR6< / ><>12.89< / ><>...< / ><>-2.6< / >< / ><>< colspan="4">JPMorgan I Class< / >< / ><><>CoreBond< / ><>9.84< / ><>...< / ><>-2.6< / >< / ><><>EqInc< / ><>28.44< / ><>+0.17< / ><>16.1< / >< / ><><>LgCpGwth< / ><>87.89< / ><>+0.77< / ><>7.4< / >< / ><>< colspan="4">JPMorgan R Class< / >< / ><><>CoreBond< / ><>9.86< / ><>...< / ><>-2.4< / >< / ><><>CorePlusBd< / ><>6.92< / ><>...< / ><>-1.7< / >< / ><>< colspan="4">Lord Abbett I< / >< / ><><>ShtDurlnc p< / ><>3.78< / ><>...< / ><>1.0< / >< / ><>< colspan="4">Metropolitan West< / >< / ><><>TotRetBdl< / ><>8.66< / ><>...< / ><>-3.1< / >< / ><>< colspan="4">MFS Funds< / td>< / tr> IIE< / ><>42.39< / ><>+0.49< / ><>4.5< / >< / ><>< colspan="4">MFS Funds Class I< / >< / ><><>Valuei< / ><>53.84< / ><>+0.39< / ><>8.3< / >< / ><>< colspan="4">Natixis Funds< / >< / ><><>LSGrowthY< / ><>34.03< / ><>+0.35< / ><>2.4< / >< / table> <><>基金< / ><>资产净值 (NAV)< / ><>涨跌< / ><>回报率 %< / >< / ><>< colspan="4">Northern Funds< / >< / ><><>Stkldx< / ><>NA< / ><>...< / ><>NA< / >< / ><>< colspan="4">Old Westbury Fds< / >< / ><><>LrgCpStr< / ><>22.77< / ><>+0.13< / ><>10.1< / >< / ><>< colspan="4">PGIM Funds CI Z< / >< / ><><>TotalReturnBond< / ><>11.44< / ><>-0.01< / ><>-2.5< / >< / ><>< colspan="4">PIMCO Fds Instl< / >< / ><><>IntlBdUSH< / ><>9.46< / ><>+0.01< / ><>-1.7< / >< / ><><>TotRt< / ><>8.31< / ><>-0.01< / ><>-2.8< / >< / ><>< colspan="4">PIMCO Funds A< / >< / ><><>IncomeFd< / ><>10.34< / ><>+0.01< / ><>-2.2< / >< / ><>< colspan="4">PIMCO Funds I2< / >< / ><><>Income< / ><>10.34< / ><>+0.01< / ><>-2.0< / >< / ><>< colspan="4">PIMCO Funds Instl< / >< / ><><>IncomeFd< / ><>10.34< / ><>+0.01< / ><>-1.9< / >< / ><>< colspan="4">Price Funds< / >< / ><><>BlChip< / ><>222.12< / ><>+1.06< / ><>5.6< / >< / ><><>LgCapGov I< / ><>91.82< / ><>+0.66< / ><>8.1< / >< / ><>< colspan="4">Putnam Funds Class A< / >< / ><><>PutLargCap p< / ><>45.32< / ><>+0.25< / ><>16.0< / >< / ><>< colspan="4">Putnam Funds Class Y< / >< / ><><>PutLargCap< / ><>45.35< / ><>+0.25< / ><>16.2< / >< / ><>< colspan="4">Schwab Funds< / >< / ><><>1000 Inv r< / ><>16.74< / ><>+0.10< / ><>15.1< / >< / ><><>FunUSLgInst r< / ><>38.33< / ><>+0.09< / ><>19.5< / >< / ><><>Intl Sel r< / ><>31.41< / ><>+0.21< / ><>9.4< / >< / ><><>S&P Sel< / ><>20.19< / ><>+0.12< / ><>15.1< / >< / ><><>TSM Sel r< / ><>18.83< / ><>+0.12< / ><>14.9< / >< / ><>< colspan="4">Strategic Adviser< / >< / ><><>StratAdCorInFnd< / ><>NA< / ><>...< / ><>NA< / >< / ><><>StratAdFidCoreS< / ><>8.78< / ><>-0.01< / ><>-2.1< / >< / ><><>StratAdFidEmr< / ><>19.12< / ><>+0.28< / ><>25.9< / >< / ><><>StratAdFidUS< / ><>22.25< / ><>+0.15< / ><>17.4< / >< / ><><>StratAdIntIfnd< / ><>NA< / ><>...< / ><>NA< / >< / table> <><>基金< / ><>资产净值 (NAV)< / ><>净涨跌< / ><>年初至今回报率 %< / >< / ><><>StratAdMunBond< / ><>NA< / ><>...< / ><>NA< / >< / ><><>StratAdvFidIntl< / ><>16.08< / ><>+0.10< / ><>8.8< / >< / ><>< colspan="4">TIAA / CREF Funds< / >< / ><><>EqIdxInst< / ><>53.84< / ><>+0.34< / ><>14.8< / >< / ><><>IntEqIdxInst< / ><>30.45< / ><>+0.20< / ><>9.3< / >< / ><><>LrgCpGrldxInst< / ><>82.64< / ><>+0.53< / ><>8.8< / >< / ><>< colspan="4">VANGUARD ADMIRAL< / >< / ><><>500Adml< / ><>721.04< / ><>+4.34< / ><>15.1< / >< / ><><>BalAdml< / ><>54.53< / ><>+0.20< / ><>7.9< / >< / ><><>CAITAdml< / ><>10.94< / ><>+0.05< / ><>-3.0< / >< / ><><>CapOpAdml< / ><>r273.52< / ><>+2.54< / ><>26.1< / >< / ><><>DivAppldxAdml< / ><>64.87< / ><>+0.44< / ><>10.1< / >< / ><><>EMAdmr< / ><>49.78< / ><>+0.56< / ><>11.9< / >< / ><><>EqIncAdml< / ><>100.95< / ><>+0.48< / ><>10.5< / >< / ><><>ExplrAdml< / ><>121.37< / ><>+1.25< / ><>13.8< / >< / ><><>ExtndAdml< / ><>178.32< / ><>+1.40< / ><>13.3< / >< / ><><>GroIncAdml< / ><>123.85< / ><>+0.76< / ><>13.5< / >< / ><><>GrwthAdml< / ><>284.08< / ><>+2.08< / ><>13.5< / >< / ><><>HlthCareAdml r< / ><>87.21< / ><>+1.16< / ><>5.3< / >< / ><><>HYCorAdml ><>+1.13< / ><>25.8< / >< / ><><>RealEstatAdml< / ><>128.49< / ><>+1.87< / ><>5.4< / >< / ><><>SmCapAdml< / ><>138.73< / ><>+0.88< / ><>13.3< / >< / table> 基金< / td><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 (%)< / >< / tr><><>SmGthAdml< / ><>121.23< / ><>+1.45< / ><>14.6< / >< / ><><>STlGradeAdml< / ><>10.17< / ><>-0.01< / ><>0.3< / >< / ><><>STIPSlxAdml< / ><>24.30< / ><>-0.02< / ><>1.3< / >< / ><><>TotBdAdml< / ><>9.24< / ><>-0.01< / ><>-2.4< / >< / ><><>TotIntBdIdxAdml< / ><>18.78< / ><>...< / ><>-0.9< / >< / ><><>TotIntlIdxIdx r< / ><>45.48< / ><>+0.37< / ><>13.0< / >< / ><><>TotStAdml< / ><>185.93< / ><>+1.16< / ><>14.9< / >< / ><><>TxMCapAdml< / ><>400.89< / ><>+2.60< / ><>14.8< / >< / ><><>TxMln r< / ><>22.55< / ><>+0.16< / ><>13.4< / >< / ><><>USGroAdml< / ><>207.47< / ><>+1.87< / ><>6.4< / >< / ><><>ValAdml< / ><>86.04< / ><>+0.35< / ><>17.2< / >< / ><><>WdsrlrAdml< / ><>92.61< / ><>+0.37< / ><>11.9< / >< / ><><>WellslAdml< / ><>61.03< / ><>+0.11< / ><>1.8< / >< / ><><>WelltnAdml< / ><>81.76< / ><>+0.40< / ><>7.6< / >< / ><><>WndsrAdml< / ><>83.23< / ><>+0.69< / ><>13.3< / >< / ><>< colspan="4">先锋基金 (VANGUARD)< / >< / ><><>[...OMITTED...]< / ><>68.69< / ><>+0.43< / ><>12.6< / >< / ><><>TgtRet2055< / ><>74.52< / ><>+0.47< / ><>12.6< / >< / ><><>TgtRetInc< / ><>14.08< / ><>+0.03< / ><>3.5< / >< / ><><>Welltn< / ><>47.35< / ><>+0.23< / ><>7.6< / >< / ><>< colspan="4">先锋指数基金 (VANGUARD INDEX FDS)< / >< / table> <><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 (%)< / >< / ><><>ExtndlstPI< / ><>440.02< / ><>+3.45< / ><>13.3< / >< / ><><>IdxIntl< / ><>27.19< / ><>+0.22< / ><>12.9< / >< / ><><>MdCpGrAdml< / ><>130.34< / ><>+1.99< / ><>8.9< / >< / ><><>MdCpVAdml< / ><>104.77< / ><>+0.45< / ><>15.8< / >< / ><><>SmValAdml< / ><>100.71< / ><>+0.19< / ><>12.3< / >< / ><><>TotBd2< / ><>9.11< / ><>-0.01< / ><>-2.5< / >< / ><><>TotInstldx r< / ><>181.88< / ><>+1.48< / ><>13.0< / >< / ><><>TotllInstPld r< / ><>181.93< / ><>+1.49< / ><>13.0< / >< / ><><>TotSt< / ><>185.89< / ><>+1.16< / ><>14.9< / >< / ><>< colspan="4">先锋机构基金 (VANGUARD INSTL)< / >< / ><><>[...OMITTED...]< / ><>[...OMITTED...]< / ><>14.9< / >< / ><><>SmCapInst< / ><>138.72< / ><>+0.87< / ><>13.4< / >< / ><><>SmCaplstPI< / ><>400.41< / ><>+2.53< / ><>13.4< / >< / ><><>STIGradelnst< / ><>10.17< / ><>-0.01< / ><>0.3< / >< / ><><>STIPSiXins< / ><>24.32< / ><>-0.02< / ><>1.3< / >< / ><><>TotBdlnst< / ><>9.24< / ><>-0.01< / ><>-2.4< / >< / ><><>TotBdlnst2< / ><>9.11< / ><>-0.01< / ><>-2.4< / >< / ><><>TotBdlnstPI< / ><>9.24< / ><>-0.01< / ><>-2.4< / >< / ><><>TotIntBdldxInst< / ><>28.18< / ><>...< / ><>-0.9< / >< / ><><>TotStlnst< / ><>185.95< / ><>+1.15< / ><>14.9< / >< / ><><>ValueInst< / ><>86.04< / ><>+0.36< / ><>17.2< / >< / ><>< colspan="4">WCM Focus Funds< / >< / table> WCMFocIntlGrwIns 27.45 +0.23 10.3 # 商业与金融 # 取消IPO凸显AI狂热之限 英伟达支持的 澳大利亚云公司 Firmus 曾寻求 300 亿美元 billion 估值 作者：STUART CONDIE 悉尼——由英伟达支持的云计算公司 Firmus Grid 取消了近 30 年来澳大利亚规模最大的首次公开募股（IPO）计划。这释放出一个新信号：投资者对于那些依赖人工智能需求的公司的过高估值正变得愈发谨慎。 Firmus 向 OpenAI 和 Meta Platforms 等大型科技公司销售由英伟达驱动的计算能力。在投资者对其拟定的 300 亿美元 billion 估值表示质疑后，该公司撤回了 50 亿美元 billion 的融资计划。Firmus 表示，将转而寻求进一步的私募投资。 此次撤退发生在 Anthropic 计划进行轰动性 IPO 的约一个月前，此时投资者正以更审慎的目光审视那些试图通过上市来搭乘 AI 浪潮的公司。 AI 热潮推动全球股市在今年飙升，标准普尔500指数和纳斯达克指数在本月早些时候均创下历史新高。然而，投资者对于 提升生产力的热情正面临诸多挑战，例如中国制造的廉价 系统的普及、部分 代理失控引发的安全担忧，以及美国及其他地区对数据中心建设日益增长的抵制。 Firmus 和纳斯达克上市的 CoreWeave 属于一批向 公司提供计算能力的“新云”（neocloud）供应商。市场参与者依然看好需求将  来源：FactSet 持续增长，但不确定这些“新云”公司能否吸引足够的收入，以支撑扩建产能所需的海量投资。 Firmus 此前的目标市值是 437 亿美元 澳大利亚元，相当于 US300 亿美元.40 亿美元。而就在两个月前，当机构投资者黑石（Blackstone）和 Coatue 参与为 Firmus 筹集 US20 亿美元 billion 时，其估值仅为 US105 亿美元 billion。 在许多分析师和投资者看来，对于一家在澳大利亚、马来西亚和印度尼西亚仅拥有两个运营中的数据中心以及五个在建数据中心的公司来说，最新的估值过高了。 “这一切都归结为估值：我们认为 Firmus 确实有一个吸引人的故事，但它没有一个吸引人的估值，”澳大利亚养老金基金 Unisuper 的首席投资官 John Pearce 表示。Pearce 称，Unisuper 已决定不在此次 IPO 中购买 Firmus 的股票。 运营 51 个设施的 CoreWeave 市值为 370 亿美元 billion。由于担心 相关公司的盈利能力，其股价周四下跌近 8%，周五微涨不足 1%。 随着债券收益率飙升，许多分析师对 Firmus 的债务成本表示担忧。澳大利亚财富管理公司 AMP 的经济学家 My Bui 表示：“在更高收益率的环境下，投资者显然要求更高的风险补偿，包括在股票领域，这限制了过高的估值。” 投资者仍在努力衡量那些拥有寿命不确定芯片的公司价值。随着更新、更强大的芯片不断被开发出来，数据中心运营商必须在折旧旧资产价值的同时，不断更新芯片。 此次 IPO 本将成为澳大利亚自 1997 年电信供应商 Telstra 部分私有化（当时筹集了约 US100 亿美元 billion）以来规模最大的一次。Firmus 的簿记建档由美国银行、摩根大通、摩根士丹利以及当地经纪商 Morgans 共同主导。 全球市值最高的公司英伟达直接持有 Firmus 的股权，同时也是这家澳大利亚公司的客户和硬件供应商。 许多分析师对 基础设施仍持看涨态度，并指出全球计划投入的资金高达数千亿美元。 “算力的需求仍然远超供应。只要 AI 数据中心的建设持续推进，新云服务商（neoclouds）就应该能继续填补超大规模云服务商（hyperscalers）因建设速度不足而无法覆盖的缺口，”Yardeni Research 的投资策略副主管托比·赫斯特（Toby Hearst）表示。 这家德国豪华跑车制造商表示，其交付了 178,532 辆汽车，低于去年同期的 212,509 辆。 # 中国市场挑战导致保时捷前九个月交付量下滑 保时捷车辆交付量，前九个月  作者：DOMINIC CHOPPING 受中国市场低迷、内燃机 718 系列车型停产以及去年同期纯电动 Macan 强劲需求的共同影响，保时捷今年前九个月的汽车交付量下降了 16%。 这家德国豪华跑车制造商周五表示，其交付量为 178,532 辆，低于去年同期的 212,509 辆。 其最大的销售区域北美地区下降 13% 至 56,088, 而中国市场的持续挑战导致该国交付量下降 33% 至 21,493 辆。 在海外及新兴市场区域，保时捷交付了 35,048 辆汽车，下降了 19%。 在欧洲，除其本土市场德国外，保时捷的交付量下降 11% 至 44,949 辆，而德国市场的交付量下降了 7%。 所有市场的交付量均有所下降，公司表示：“在持续具有挑战性的市场环境下，公司继续坚定执行以价值为导向的销售策略，并维持供需之间的平衡关系。” “\*较去年同期 †不含德国 来源：该公司” 保时捷表示，客户对 911 的需求依然非常强劲，交付量同比增长 12%，而对其更高端且高性能衍生车型的需求同样强劲。公司称，GTS、Turbo 和 GT 系列车型在今年前九个月的总销售额中再次占据了很大比例。 # 大众汽车因财务披露问题被罚款 作者：DOMINIC CHOPPING 德国金融监管机构对大众汽车处以 120 万 欧元（$1.300 万），称该汽车制造商未能以恰当且及时的方式披露可能影响市场的消息。 该监管机构（即 BaFin）周五表示，大众汽车对 2023 财年的预测显著高于市场预期，这家德国汽车制造商本应就预测中所反映的业务表现向金融市场发布即时（或临时）公告。 监管机构表示，该公司反而将这一内部信息发布在了一篇新闻稿中。 BaFin 表示，要求立即发布此类信息的目的是为了防止内部人士利用其特权访问权限在交易证券和其他金融工具时获得优势，同时旨在确保投资者在做出投资决策时不会被误导。 该机构在声明中表示：“公司未能尽快以临时披露的形式发布内部信息，构成了对《市场滥用条例》的违反。” 该罚款于 10 月 1 执行。 大众汽车的一位发言人表示，公司接受该罚款，这是与 BaFin 达成和解协议以结束诉讼的结果。 该发言人表示：“BaFin 认为，新闻稿中提到的某些情况本应通过临时公告的形式披露。” “尽管达成了协议，大众汽车公司在法律观点上依然认为，其履行了披露义务，且所有市场参与者通过新闻稿的发布已获得了充分的信息。” # 中国吉利计划 '27 年进入加拿大市场 吉利汽车全球车辆销量 作者：RYAN FELTON 一家规模最大的中国汽车制造商正准备在美国边境以北开展业务。 中国汽车制造商吉利周五表示，计划明年开始向加拿大客户销售车辆。吉利是全球销量最大的汽车制造商之一，目前已开始在加拿大建立零售和服务网络，并计划在 2027 年向加拿大消费者推出首批车型。 “加拿大代表了吉利汽车国际增长的重要下一步，”吉利加拿大区董事总经理 Bryan Wu 表示，“我们是以长期承诺进入这个市场的，将把我们的全球技术和工程能力带给加拿大驾驶者。” 在全球范围内，吉利提供广泛的车型阵容，从紧凑型电动汽车到大型豪华 SUV。该汽车制造商的产品组合还包括燃油车和混合动力车，在过去一年电动汽车销量放缓后，后者在美国市场走红。该公司在 2025 年销售了超过 300 万辆汽车。 该公司未披露将在加拿大销售哪些车型，也未公布价格详情。该公司表示，更多信息将在明年商业启动临近时分享。 此次公告代表了迄今为止最明确的信号，表明中国汽车公司正准备与 来源：该公司  ## 美国通过高关税和软件禁令将中国电动汽车拒之门外。 在加拿大的西方及其他亚洲汽车制造商展开竞争。今年早些时候，加拿大向中国汽车制造商敞开了大门。加拿大大幅降低了针对多达 49,000 辆中国电动汽车的关税税率。 美国通过高关税率和对部分联网软件的禁令，实际上将中国热门的电动汽车拒之门外。国会一直在讨论旨在禁止中国汽车公司在美国销售甚至制造车辆的立法。 特朗普总统表示，他反对进口中国汽车，但欢迎中国汽车制造商在美建厂的想法。 加拿大表示，其与中国的协议相当于该国目前新车销售额的不足 $3\%$，并预计该协议将催化新的中国合资投资进入该国。 到本十年末，至少一半的进口电动汽车将被要求价格为 \$35,000 加拿大元，约相当于美国的 \$24,500。加拿大表示，将与中国汽车制造商合作进行及时的车辆认证，以确保其符合该国的机动车安全标准。 吉利汽车庞大的品牌帝国包括其同名品牌，以及极氪（Zeekr）和领克（Lynk & Co）。吉利的母公司还控制着几个美国人熟悉的品牌，包括瑞典的沃尔沃（Volvo）、极星（Polestar）和路特斯（Lotus）。 吉利创始人李书福于 8 月卸任公司董事长，但仍是控股股东。 根据禁止在新车中使用中国软件的规定，美国禁止极星在该国销售车辆。沃尔沃此前已获得继续运营的批准。 # Airtel股票首日上市下跌，70 亿美元 Billion估值未达预期 作者：ADAM WHITTAKER 非洲数字金融服务平台Airtel Money的股票在周五的交易首日下跌，其估值低于公司此前设定的目标。 这家也被称为Airtel Mobile Commerce的公司，其股价在开盘时走高，但最终收盘下跌6% to 184便士，相当于$2.44. Airtel Money向投资者提供了2.7 亿股股票，每股价格为1.96英镑，这使其估值为52.9 亿美元英镑，相当于70 亿美元 billion。这些股票代表其总股本的10%，由现有股东出售。 一名熟悉该交易的人士在9月份表示，该公司此前设定的估值目标为80 亿美元 billion to 90 亿美元 billion。 Airtel Money的大股东Airtel Africa周五表示，预计将继续担任长期股东。 Airtel Money报告称，在截至3月的财政年度中，其息税折旧及摊销前利润（EBITDA）为6.76亿美元，目前拥有5300 万月活跃用户。该公司在撒哈拉以南非洲的13个市场运营，这些地区的传统银行基础设施尚不发达。 此次上市对于伦敦交易所来说是一个好消息，因为该交易所一直受到上市荒以及大量收购交易和退市潮的影响，导致许多知名企业纷纷出走。 今年夏天，在经历了一场旷日持久的竞标战后，阿波罗全球管理公司（Apollo Global Management）同意收购英国廉价航空公司easyJet。与此同时，旗下拥有FanDuel、PokerStars和Paddy Power等品牌的Flutter Entertainment已经取消了在伦敦的上市，并将纽约作为其主上市地。 5月份，汇款公司Wise将其主上市地迁至纽约，在伦敦保留次级上市。租赁公司Ashtead在3月份取消了其伦敦主上市，转而进入纽约证券交易所，并更名为Sunbelt Rentals（其美国业务的名称）。 CHRIS RATCLIFFE / 彭博新闻社 英国政府已经实施了一系列改革，旨在使伦敦成为一个更具竞争力的上市地。这些措施包括降低必须上市的股票比例，以便创业者能够保留更多股份，并简化上市要求和程序。  Airtel Money在撒哈拉以南非洲的13个市场运营。  MARKETS # 债券收益率飙升，小盘股遭受重创  来源：FactSet 作者：VICKY GE HUANG 随着债券收益率持续攀升，小型公司正承受着最严重的打击。 罗素 2000年代 指数（Russell 2000 index）追踪小型公司的股票， 周五市场回顾 自 2022. 年 5 月以来最长的周线连跌纪录。该指数本周下跌 0.9%，在五周的时间跨度内累计下跌 5.7%。这一跌势与今年上半年形成了鲜明对比，当时小盘股经历了数十年来最强劲的上涨行情。 投资者担心，飙升的国债收益率将击中小型公司的痛点：借贷成本。与大型跨国公司不同，小型公司通常进入资本市场的渠道有限，依赖于追踪美联储设定利率的短期或浮动利率贷款。与此同时，由于燃料和其他商品成本上涨，许多此类企业的利润已经承压。 “你正处于一种双重挤压之中，”Catalyst Funds 的首席投资官兼高级投资组合经理 David Miller 表示，“随着借贷成本上升，你的利润率随之下降。” 成本上升和粘性通胀侵蚀了家庭的购买力。 影响整个经济领域利率的 10 年期国债收益率在周五收于 5.243%，此前在本周早些时候触及了 24 年来的新高。 更糟糕的是，根据美国银行（Bank of America）最近的一份研究报告，比例日益增加的小型公司长期债务将在未来五年内到期，这意味着它们需要以更高的利率进行再融资。上个月，央行在三年中首次提高利率，投资者预计将进一步加息以抑制通胀。 自从罗素 2000 指数开始周线连跌以来，医疗保健和非必需消费品股票受创最深。早期生物技术公司在盈利之前需要大量借款来资助临床试验。与此同时，面向消费者的公司则因借贷成本上升和粘性通胀侵蚀家庭购买力而受到挤压。 生物制药公司 Caribou Biosciences 在宣布正在探索战略替代方案并削减职位后，其股价本周下跌 62%。此前被称为 Bed, Bath and Beyond 的公司 Neighborhood Intelligence 则下跌 39%。 许多基准指数的涨幅高度集中在相对少量的股票中，而许多其他股票则持平或下跌。 周五，标准普尔 500 指数上涨 0.6%，纳斯达克指数上涨 0.6%。道琼斯工业平均指数上涨 423 点，即 0.8%。三个指数在本周均收涨。 小盘股近期的表现不佳对于寻找低价股的投资者来说可能是个好消息。美国银行的分析师表示，小盘股的估值已大幅下降，目前低于利率在 $5 到 $7 时期的历史平均水平。该行预计 10 年期收益率将在年底前稳定在 5% 左右，并补充说，如果利率很快见顶，小盘股可能会反弹。 [...OMITTED...] # 保诚因在日本违规行为受罚 作者：KELLY CLOONAN 在日本超过 100 名员工出现违规行为后，日本最高金融监管机构对保诚金融（Prudential Financial）在该国的业务部门发布了暂停营业和整改指令。 根据日本金融厅（FSA）的指令，该公司的保诚人寿保险（Prudential Life Insurance）部门在 Jan. 31, 2027. 之前不得招揽新业务。其直布罗陀人寿保险（Gibraltar Life Insurance）业务的寿险顾问渠道同样被暂停营业至同一日期。 监管机构还要求这两个部门以及保诚日本控股（Prudential Holdings of Japan）在 11 月底前提交业务改进计划，并定期汇报进展。 此次指令是在保诚于 1 月披露了这些部门现任及前任销售人员的多起违规案例后发出的。 根据当时的一份发布公告，保诚人寿的员工招揽了与公司保险业务无关的投资，并从客户那里接收或个人借款，金额约为 31 亿美元 日元，约合 2000万美元。此次违规行为导致该部门首席执行官辞职。 这些部门周五表示，他们正致力于重塑运营方式。 “我们正在打造一个更具韧性、更负责任，并且能更好地赢得并维持客户信任的业务体系，”保诚日本总裁兼首席执行官 Hiromitsu Tokumaru 表示。  保诚日本高管在东京举行的新闻发布会上。 广告 # 市场广场 广告投放请致电：800-366-3975 或访问 WSJ.com / classifieds ## 出售公告 2026年10月22日东部时间上午10:00，密苏里银行（The Bank of Missouri，M1银行的继任者）（以下简称“担保方”）将通过其法律顾问 McGuireWoods LLP，公开出售 NES-M1 DeyCo LLC 和 Novel Energy SPV 4 LLC（均为特拉华州有限责任公司，统称“出质人”）在附件 A 所列借款人（每家称为“借款人”，统称“借款人们”）中的成员权益（以下简称“抵押品”）的所有权利、所有权和利益。此次出售将在 McGuireWoods LLP（地址：纽约州纽约市美洲大道 £251 号 20 层，邮编 10020）以及通过视频会议（详情将提供给合格竞标者）举行。该抵押品为以下文件项下的债务（以下简称“担保义务”）提供担保（上述文件此前均已修订，并可能不时被修订、补充或以其他方式修改）： (i) 担保方与每位借款人之间的贷款协议，(ii) 相应的本票、担保协议、质押协议及其他抵押文件（以下简称“担保文件”）； (4) 日期为 2023年10月25日的贷款协议综合修订案、日期为 2023年2月19日的贷款协议第二次综合修订案，以及日期为 2026年4月9日的贷款协议第三次综合修订案（与 (i)、(ii) 和 (iii) 合称为“贷款文件”）。贷款文件项下已发生且持续存在违约事件。担保方已宣布所有承诺终止，且所有未偿还本金、利息、费用和其他款项立即到期。 抵押品由每位借款人的所有成员权益组成。 抵押品由每位借款人的成员权益组成。担保方不对所有权、状况或是否符合任何法律或合同作任何明示或暗示的保证。抵押品将按“现状，原位”出售，不保证所有权、占有权、安静享有权或类似权利。此次出售将根据适用法律（包括密苏里州现行有效的《统一商法典》(UCC)）进行。担保方可根据其裁量权，将抵押品作为单一整体出售，或以不低于单一借款人 100% 股权的份额分批出售。 Rider Gleblity 仅限以下份额 (i) 在竞标开始前，向 FTI Capital Advisors, LLC（联系人：Chris Post, Nathan Rogers）提交 (a) 签署的合格投资者调查问卷以及 (b) 一张 $100,000 的保兑支票或银行现金支票作为不可退还的定金（针对中标者）的任何一方。交易必须在 2026年10月29日东部时间下午 5:00 前，在 McGuireWoods LLP（地址：纽约州纽约市美洲大道 1251 号 20 层，邮编 10020）完成交割。 (ii) 根据 UCC § 9-615(f)，担保方（或其继任者或受让人）可以就全部或部分担保义务进行债权抵价竞标。除债权抵价竞标外，所有竞标必须为全现金支付，且无不满意之先决条件，并必须在 2026年10月29日东部时间下午 5:00 前完成交割。竞标增量：最低 $50,000。此次出售将转移借款人的成员权益，而非借款人的资产。 尽职调查：潜在购买者应审查所有可能限制购买者权利或在出售时产生第三方权利的协议。担保方或其法律顾问持有的文件可通过预约在 McGuireWoods LLP（地址：纽约州纽约市美洲大道 1251 号 20 层，邮编 10020）查阅，但须签署保密协议。 收益；债权抵价竞标；不足额。如果担保方接受了满意的现金竞标，将根据适用法律将出售收益用于偿还担保义务，并将任何盈余汇给有权方。如果没有收到满意的现金竞标，担保方可以： (ii) 根据 UCC § 9-615(f) 对担保债务的部分或全部进行信用出价，或以其他方式对抵押品出价。在任何情况下，借款人、出质人和担保人仍应对任何不足额部分承担责任。 每次出价均须符合 1932 年《证券法》项下的信用投资者身份，且必须提交一份合格投资者调查问卷。 每位出价人必须是 1933 年《证券法》项下的合格投资者，且必须签署一份合格投资者调查问卷。延期；修改。担保方可通过在预定时间和地点的公告，在无需进一步通知的情况下取消或延期销售。担保方保留修改销售条款、拒绝任何或所有出价或继续销售的权利。额外的或修订的条款可在销售时公布。 延期；修改。担保方可通过在预定时间和地点的公告，在无需进一步通知的情况下取消或延期销售。担保方保留修改销售条款、拒绝任何或所有出价或继续销售的权利。额外的或修订的条款可在销售时公布。 如果第三方成为成功出价人，销售将保持开放状态，直到担保方收到适用购买价格的全额付款且所有成交条件均得到满足。如果成功出价人未能付款或未能及时完成销售成交，担保方可重新出售抵押品，且违约出价人应对任何损失承担责任。 证券法通知。会员权益尚未根据 1933 年《证券法》或州证券法注册，除非注册或豁免，否则不得转让。本通知并非在任何此类要约属非法的司法管辖区内发出的出售要约。 联系方式：账目核算。借款人和出质人有权对未偿债务进行账目核算。如需了解有关借款人的信息、请求账目核算或提出要约，请联系：FTI Capital Advisors, LLC, 联系人：Chris: Post, (303) 689-8888, chris.post@ftconsulting.com；以及 Nathan Rogers, (303) 888-3158, nathan.rogers@ 联系方式；账目核算。借款人和出质人有权对未偿债务进行账目核算。如需了解有关借款人的信息、请求账目核算或提出要约，请联系：FTI Capital Advisors, LLC, 联系人：Chris Post, (303) 689-8888, chris.post@fticonsulting.com；以及 Nathan Rogers, (303) 888-3158, nathan.rogers@fticonsulting.com。 担保方保留贷款文件及适用法律项下的所有权利、选择权和救济措施。 附件 A 借款人、抵押品及贷款文件清单 以下是每位借款人的清单，其股权权益、会员权益及相关抵押品构成了在公开销售中将被出售的抵押品。所有贷款协议和本票均由相关借款人与 MJ Bank（一家密苏里州特许银行，现为 M1 Bank 的继承者 The Bank of Missouri）作为贷款人签署。如下所述，适用担保文件项下的出质人为 NES-MJ Devo LLC。对于 697 Solokis Ave Solar LLC 和 549 Doles Ridge Rd Solar LLC，出质人为 Novel Energy SPV 4 LLC。 抵押品包括每位借款人的所有会员权益，以及所有分配、股息、票据和收益。抵押品为贷款文件（定义见本通知正文）项下产生的债务提供担保。 1. 200 New County Rd 2 Solar LLC – 一家缅因州有限责任公司 2. ME Mishaan Van Buren Road CSG LLC – 一家缅因州有限责任公司 3. ME Duncan CSL – 一家缅因州有限责任公司 4. Maple Grove CSL – 一家缅因州有限责任公司 5. Berry's Cheston CSG – 一家缅因州有限责任公司 6. Cummings Indian Road – 一家缅因州有限责任公司 7. Scotts Hill – 一家缅因州有限责任公司 8. Mapleton – 一家缅因州有限责任公司 9. K Allen CSL – 一家缅因州有限责任公司 10. Factory Brook CSL – 一家缅因州有限责任公司 11. Vassalboro Cain – 一家缅因州有限责任公司 12. Corbin 1 – 一家缅因州有限责任公司 13. Perham 2 – 一家缅因州有限责任公司 14. Robinson – 一家缅因州有限责任公司 15. Hillacre Nokonis – 一家缅因州有限责任公司 16. 697 Solokis Ave Solar – 一家特拉华州有限责任公司 17. 549 Dales Ridge – 一家特拉华州有限责任公司 18. Hanscom School Rd – 一家特拉华州有限责任公司 19. Thompson Crooked – 一家缅因州有限责任公司 20. Novel Ledeboer – 一家明尼苏达州有限责任公司 21. Novel Meyer Farms – 一家明尼苏达州有限责任公司 22. Post – 一家明尼苏达州有限责任公司 23. Solarclub 8 – 一家明尼苏达州有限责任公司 公开强制出售通知 在 10 月 22, 2026, 10:00 AM 东部时间。密苏里银行（M1银行的继任者）（“担保方”）将通过其法律顾问 McGuireWoods LLP，公开出售 NES-M1 DevCo、Energy SPV 和 SPV（均为特拉华州有限责任公司，统称“出质人”）在附件 A 所列借款人（每家称为“借款人”，统称“借款人们”）的“抵押品”成员资格中的所有权利、所有权和权益。此次出售将在 McGuireWoods Avenue of the Americas, 20th Floor, New York, NY 10020, 以及通过视频会议（详情将提供给合格竞标者）举行。 抵押品担保了以下文件项下的债务（“担保义务”）（每份文件均如前所述，并可不时修订、补充或以其他方式修改）： 以下是每家借款人的清单，其股权权益、成员权益及相关抵押品构成了将在公开出售中出售的抵押品。所有贷款协议和本票均由相关借款人与作为贷款人的密苏里州特许银行 ML Bank（现为 ML Bank 的继任者密苏里银行）签署。对于 Gardiner Rd 1 、Rangeley Rd 1 、 Monmouth Acorn First 1 、 Clearbrook 1 、 China Haskell 1 和 Madison Kandiko ，相关担保文件项下的出质人为 NES-M1 DevCo。对于 Byers 、Olek 、Fultz 和 Gertken ，出质人为 Energy SPV 3 . 对于 Unity McCormick ，出质人为 SPV。抵押品包括每家借款人的所有成员权益， 以及所有分配、股息、票据和收益。抵押品担保了根据贷款文件（定义见本通知正文）产生的债务。 《华尔街日报》 此前挂牌价 - 399万美元 / 起拍价 - 175万美元  在线拍卖于10月26日（周一）开始  此前挂牌价 - 395万美元 / 起拍价 - 150万美元 马蹄湾湖畔度假屋  ESTABLISHED JEWELRY EXCHANGE 1300万美元 2025 营收 完全可直接运营 [⚠ 低质量翻译，建议复核] 高端珠宝零售与贷款业务 \- 多元化收入来源：财务记录完整。 • 准入门槛高，当地竞争有限。 \- 已为扩张做好准备。 更多信息请联系： Yuval 347-537-8205 或 Yuvalelkeslasi@yahoo.com 立即刊登广告 (800) 366-3975 欲了解更多信息，请访问：wsj.com / classifieds 对于退伍军人的护理人员而言，护理工作通常在生命较早阶段开始且持续时间更长。为了更好地照顾您的亲人，您也必须照顾好自己。 在 aarp.org / caregiving 获取免费的退伍军人护理指南 AARP® 广告委员会 来源：该公司 \*包括长期和短期债务 注：最近一个财务季度于 7 月 31 日结束 # 街头传闻 金融分析与评论 # 英伟达的自由现金流计算将影响股票回购  一项悄然发生的变动显示，在平衡资本回报与构建其 AI 生态系统方面，该公司有了新的思考  人工智能的开发竞赛不仅在于制造芯片和数据中心，更在于创建生态系统。意识到这一点，要求投资者重新思考财务分析的一块基石：如何衡量一家公司的自由现金流。 虽然在会计准则下该术语没有标准定义，但自由现金流通常计算为经营活动产生的现金流量减去资本支出（capex）。投资者将其视为公司在对业务进行再投资后，剩余可支配现金的替代指标，这些现金可用于回报股东或偿还债务。 如今 AI 巨头的现实情况是，资本支出可以采取多种形式。它不仅仅是增加实物资产和设备。资本支出可能涉及进行战略性股权投资，以扩大驱动公司自身产品需求的生态系统。 这些投资组合公司可能正在建设数据中心或开发新的 AI 模型，也可能是能源生产商或硬件供应商。无论是购买股权还是直接支出，资本投资都与驱动核心增长紧密相连，无法用于返还给股东或债权人。  英伟达首席执行官 黄仁勋（Jensen Huang） 这就是将战略投资纳入自由现金流考量的理由。英伟达在上周微妙地认可了这一观点，尽管很少有人注意到。 结果是：英伟达仍计划通过回购和股息向股东返还巨额现金，但前提是必须考虑其投资需求。 英伟达在上个季度还更改了其现金流量表的呈现方式，在投资活动部分将债务证券与股权证券完全分开。（其持有的债务证券均为美国国债或美国政府机构债券。）这一变化允许投资者自行进行调整，这使得英伟达在最大的芯片制造商和超大规模云服务商中成为了一个例外。 微软、亚马逊以及谷歌母公司 Alphabet 在其现金流量表中将债务和股权投资捆绑在一起。这使得投资者很难（如果不是不可能的话）进行英伟达所支持的那种调整。其他公司应当效仿其做法。 英伟达在这方面的信号出现在 9 月 28 日的一份演示报告中，该报告详细说明了其股票回购计划增加 $150 亿美元，使其总授权额达到 $235 亿美元。这家芯片制造商表示：“我们致力于与股东分享公司的成功，并将以股票回购和逐渐增长的股息形式，返还扣除战略用途后的超额自由现金流。” 关键措辞是“扣除战略用途后”（net of strategic uses）。英伟达实际上是在提醒投资者，其投入到其他公司的资金也会影响可用于回购和股息的资金量。 英伟达表示，它在整个 AI 生态系统中持有 13 家上市公司和 229 家私营公司的股权。它将这些全部视为有助于加速其计算平台和 AI 市场的战略投资。 从这个意义上说，这些股权投资是必要的，而非可随意支配的。英伟达投资于 OpenAI 和 Anthropic 等投资组合公司的资金，也帮助这些公司购买英伟达的产品，这种循环动态引发了人们对 AI 繁荣可持续性的担忧。 需要明确的是，英伟达并没有改变其对自由现金流的定义，且仍在使用传统公式。但其股权投资规模巨大。在本财年上半年，购买股权投资的现金流出为 $42.4 亿美元，而出售股权投资的收益为 $7.2 亿美元，净额为 $35.2 亿美元。 在同一时期，英伟达报告的自由现金流为 699 亿美元 billion。如果将这些投资活动视为资本支出，其自由现金流将减半至 347 亿美元 billion。 传统公式在另一个方面夸大了自由现金流，尤其是在大型科技公司中。它忽略了与员工股票奖励直接相关的现金成本。 在截至 7 月 26, 日的六个月中，英伟达在员工股票归属时支付了 45 亿美元 的现金预扣税。此外，根据《华尔街日报》的一项分析，该期间其约 90 亿美元 的股票回购被用于抵消这些奖励所带来的股份稀释。 这些支出并未计入净利润或经营现金流。它们被归类为融资活动，因此传统的自由现金流指标忽略了它们。然而，它们是公司支付员工薪酬的关键组成部分。英伟达还收到了 5.15亿美元 与员工股票计划相关的收益。 总而言之，如果将这些现金流以及与股权投资相关的现金流计算在内，英伟达该期间的自由现金流将约为 217 亿美元 。 相比之下，英伟达在维持股份数量不变之外，又花费了近 310 亿美元 进行回购，同时将长期债务增加了 249 亿美元 至 324 亿美元 。这次债务融资有助于解释，在战略投资和与股票薪酬相关的支出吸收了如此多现金之后，英伟达是如何为酌情回购提供资金的。 要履行其回购授权，将需要远超英伟达目前所产生的自由现金。 华尔街分析师预测它将能实现这一目标。根据 Visible Alpha 汇总的数据，2028 财年 1 月的自由现金流平均预测值超过 3300 亿美元 。这将足以覆盖全部回购授权及股息。 但正如英伟达刚刚提醒的那样，它可能需要继续向投资组合公司投入大量现金。 自由现金流并非表面看上去那样，投资者需要比现在更多的现金流量表透明度。英伟达最近的变动应该仅仅是一个开始。 ——乔纳森·韦尔 (Jonathan Weil) # 走一条少有人走的路。  WAGN 净值 WAGN 市场 S&P 500 TR PABRAI WAGONS ETF \* 与 S&P 500 没有重叠持仓。完整持仓请参阅基金网站。业绩和持仓数据截至 9 / 30 / 26。成立日期为 9 / 29 / 23。成立以来的业绩为年化数据。所引用的业绩数据代表过去业绩；过去业绩不保证未来结果。投资回报和投资本金价值会波动，因此投资者在赎回股份时，其价值可能高于或低于原始成本。当前业绩可能低于或高于所引用的业绩数据。如需获取最新的月末业绩，请致电 +1.800.617.0004 或访问基金网站 www.WagonsETF.com。 的费用率为 $0.90\%$。Pabrai Wagons ETF 是 Pabrai Wagons Fund（“前身基金”）的继任者，后者是以共同基金形式运营的。前身基金于 September 29, 2023. 开始运营。Pabrai Wagons ETF 继承了前身基金机构类别的会计和业绩历史。为 Pabrai Wagons ETF 提供的任何涉及 February 6, 2026, 之前时段的历史信息均来自前身基金。S&P 500 Index 是由 Standard & Poor's Financial Services LLC 选出的 500. 家大市值公司的指数。基金持仓可能会发生变化，不应被视为买卖任何证券的建议。投资者在投资前应仔细考虑基金的投资目标、风险、费用和开支。可通过致电 +1.800.617.0004 或访问 WagonsETF.com 获取包含此信息及其他基金信息的招募说明书和招募说明书摘要。投资前应仔细阅读招募说明书和招募说明书摘要。 投资涉及风险。本金可能受损。ETF 承担着不适用于传统共同基金的额外风险。ETF 的交易价格可能高于或低于其净值（NAV）。由 Quasar Distributors, LLC 分销。 # REVIEW 文化 / 科学 / 政治 / 幽默 THE WALL STREET JOURNAL. \* \* \* \* Saturday / Sunday, October 10 - 11, 2026 / C1  # 旧中东之死 西蒙·塞巴格·蒙蒂菲奥里（Simon Sebag Montefiore） 论取代它的危险新世界 如果从中东的暴力痉挛中抽离出来审视，很明显，在接踵而至的一系列进展中，每一天都带来新的启示——这些重大交易和联盟不仅标志着一个新时代的到来，而且推动了地缘政治剧场的剧烈融合，正在改变全球博弈的规则。 仅考虑近几个月发生的部分事件： 在阿联酋宣布发生一起从迪拜飞往特拉维夫的航班恐怖袭击事件的前几天，阿拉伯联合酋长国总统穆罕默德·本·扎耶德（Mohamed bin Zayed）首次公开承认以色列总理本雅明·内塔尼亚胡（Benjamin Netanyahu）曾到访——在此之前数月，阿联酋已部署“铁穹”技术和以色列人员以击退伊朗的袭击。《亚伯拉罕协议》依然具有极强的生命力。 8月，沙特阿拉伯、土耳其和巴基斯坦签署了《麦加共同防御协议》，这是一项北约风格的共同防御条约。在胡塞武装占领红海海岸以及伊拉克民兵袭击沙特东西向管道后，该协议已经（尴尬地）受到了考验。 同月，希腊与以色列签署了一项价值 35 亿美元 billion 的国防协议——这是以色列历史上规模最大的武器出口交易，为希腊提供了一套名为“阿喀琉斯之盾”（Achilles Shield）的防空和导弹网络。以色列还与印度总理纳伦德拉·莫迪（Narendra Modi）在经济和军事上开展合作，后者曾在2月对以色列进行了一次热情访问。 3月，乌克兰总统弗拉基米尔·泽连斯基（Volodymyr Zelensky）访问了阿拉伯半岛，并与沙特阿拉伯、阿联酋和卡塔尔签署了历史性的安全协议，以提供无人机拦截小组。 此外还有东非领域，那里一场新的权力争夺战正在升级。这包括苏丹灾难性的内战，其中有六个以上的中东国家在红海海岸和非洲内陆竞争权力、准入权和资源。其中包括阿联酋，它在冲突早期支持其中一方，而伊朗的无人机则出现在另一方。中东强国—— 请翻页 # 为什么兄弟会如此难以改革 康奈尔大学的性侵指控再次引发了关于兄弟会在塑造男性气概中所扮演角色的争论 作者：尼古拉斯·L·赛雷特 (NICHOLAS L. SYRETT) 废除兄弟会。这是许多人对康奈尔大学一起案件感到愤怒后的反应。在该案件中，一名学生在2024年遭到性侵，且对方在群聊中对此进行宣传，Chi Phi兄弟会分会的七名男性因此在诉讼中被指控。 这并非公众首次要求追究责任。每隔几年，就会出现一起引发头条关注的兄弟会不端行为案件：一次新生迎新欺凌（hazing）致死事件、一起强奸案，或者偶尔会出现某个古怪的可卡因贩卖环。 但大学禁止兄弟会往往无法解决这些问题。在许多情况下，这些不良行为只是转移到了校园之外，从而减少了学校官员的监管。 一个来自我任教学校——威斯康星大学麦迪逊分校（University of Wisconsin-Madison）本学期的例子：9月23日，在收到匿名举报后，警方突击搜查了Alpha Epsilon Pi兄弟会麦迪逊分会的会所。 在地下室里，警方发现了大约30名衣衫不整的男学生，其中大多数年仅18岁，身上覆盖着调味品和其他食物。根据警方报告，其中几人身上有与遭受身体攻击一致的伤痕。房间内的恒温器被设定在81度，以增加不适感。麦迪逊警察局逮捕了该兄弟会的会长和副会长，因为在威斯康星州，新生迎新欺凌是违法的。 威斯康星大学麦迪逊分校在事件后的一份声明中表示，其学生行为与社区标准办公室将“根据其非学术不端行为政策，对涉事学生进行调查”。 本案的问题在于，由于一个 请翻至第C4页 内页 美食熔炉 为什么以色列美食可能是世界上最被误解的料理。C4 # 配角 是的，马克·扎克伯格在新电影《脸书》中仅是一个配角。C6 讣告 玛格丽特·汉密尔顿 (Margaret Hamilton) 去世，她开创性的软件曾助力人类登月。C6 我的周一早晨 米兰达·兰伯特 (Miranda Lambert) 讲述参与创作热门歌曲《Choosin’ Texas》的经历。C8 # 危险竞争与联盟的熔炉 （接前页）……也在支持一场在埃塞俄比亚点燃的新战争。 自10月7日以及加沙地带的以色列-哈马斯战争以来，该地区在经历了数年的相对平静后，紧张局势升级。三大强权在所有这些战场上都深度参与：美国正日益成功地挤压伊朗经济。俄罗斯则向伊朗提供精准情报，以打击美国军队。中国在支持伊朗（同样提供关于美国设施的情报）的同时，也在维护其与沙特阿拉伯和阿联酋等美国盟友的新关系。毕竟，中国购买了伊朗约 90% 的石油，而其三分之一的石油来自阿拉伯君主国。 如果这听起来很复杂，那么事实确实如此。在这个互联且快速变化的世界中，外交政策比以往任何时候都更需要清晰度、连贯性和克制——中东的竞争与冲突不仅在向周边地区扩散，而且正在融合成一个从萨赫勒地区的沙漠延伸至孟加拉湾的单一战场。 中东三大军事强国——土耳其、伊朗和以色列——正在为占据主导地位而周旋：伊朗试图在波斯湾生存下来，甚至试图赢得控制权。土耳其希望在叙利亚确保一种新奥斯曼主义的存在。而以色列则在寻求安全，同时不愿放弃其现任极端主义部长（他们可能会在即将到来的选举中被撤换）的宗教民族主义计划。  与此同时，武装昂贵但脆弱的沙特王国正努力保护其广袤的领土、脆弱的石油设施以及其在逊尼派世界的领导地位。作为新竞争者的巴基斯坦，长期以来一直渴望成为伊斯兰权力的仲裁者。       乌克兰总统弗拉基米尔·泽连斯基（左）与阿联酋总统穆罕默德·本·扎耶德在阿布扎比。 这些国家都在这场新的多方博弈中竞争，不再受旧传统和体制的约束，且没有任何一个强权拥有霸权，所有人的实力都比表面上看起来要弱。中东在许多方面就像世界神经系统的大脑：其暴露的神经——贸易路线和石油 ## 这些新的交汇是会导向一种带来稳定的新平衡，还是会导致冲突之间产生致命的连锁反应？ 中东地区的新结合点，与其说是逊尼派与什叶派之争，或是西方与伊斯兰之争，不如说是以美国盟友（沙特、埃及和阿联酋）为代表的开放、亲西方的伊斯兰版本，与伊朗及其附庸所代表的封闭、反西方、激进抵抗版本的冲突。 管道——使其对身体的其他部分尤为敏感。 这意味着，像胡塞武装这样的小规模部队在隐秘冲突中的偶然进展，所能发挥的影响力将远超其规模。 传统观点仍倾向于用二战结束后的方式来看待中东。相反，我们正看到一种图腾式的重新结盟，其中各国不再那么关注传统、意识形态和神学，而更关注安全、权力、技术和经济的冷酷利益。但这些新的交汇最终是会导向一种带来稳定的新平衡，还是会导致冲突之间产生致命的连锁反应，从而迅速演变成一场全球规模的剧烈大火？ 索马里 以色列和阿联酋正在支持索马里兰——后者在 20 世纪 90 年代宣布脱离索马里独立，并且正在 当你观察正在发生的事情时，你可能会问：苏丹、希腊、阿塞拜疆和印度出现在一篇关于中东的文章中是在做什么？为了理解这一点，显然当今该地区有六个不同的剧场正在交汇。 ## 交汇 1 俄罗斯与伊朗的联盟，以及泽连斯基 8 月与海湾国家达成的近期乌克兰协议，揭示了俄乌剧场与伊朗-以色列-美国-海湾剧场的交汇。 管道、对曼德海峡的夺取以及对利雅得的袭击，促使中东强国将注意力集中在围绕战火纷飞的非洲海岸线而日益激烈的争夺上。在那里，海湾地区的小型强国已经拥有重大且近乎新帝国主义的利益，寻求黄金、港口和农田，以养活其居住在沙漠中的人口。苏丹内战的暴行已失控到如此地步，以至于许多人现在正寻求停止——以免其进一步蔓延。 ## 交汇 2 第二个涉及高加索和中亚。俄罗斯停滞不前的战争使得土耳其能够与其突厥语系、穆斯林且石油资源丰富的兄弟——阿塞拜疆结盟。阿塞拜疆曾先后由波斯人和罗曼诺夫王朝统治，近期与亚美尼亚进行了多次战争。 阿塞拜疆与以色列和土耳其关系都很好，而这两个国家之间的紧张局势正在升级。现在，既然阿塞拜疆与土耳其（巴基斯坦的盟友）关系密切，那么它的敌人亚美尼亚则由巴基斯坦的敌人——印度提供武装。与此同时，在中亚，乌兹别克斯坦也与土耳其关系密切，而石油资源丰富的哈萨克斯坦——渴望摆脱俄罗斯及邻国中国的独立影响——则与以色列关系密切，并加入了美国创建的《亚伯拉罕协议》。 ## 交汇 3 第三个是我所称的拜占庭剧场：土耳其一直是连接欧洲与亚洲、基督教世界与伊斯兰世界的关键桥梁国家，其与欧盟的密切关系和北约成员国身份使其成为美国长期的盟友。但在伊斯兰主义总统雷杰普·塔伊普·埃尔多安的领导下，它正在彰显其军事经济实力、伊斯兰主义使命和奥斯曼遗产。其野心是将影响力投射到南欧和中东——它不仅在与以色列对抗，还在与一个更传统的敌人希腊对抗。 如今，土耳其与希腊之间的海事争端以及东地中海天然气的发现，已将希腊拉入与以色列更紧密的战略联盟，双方迅速形成了共同战线。 ## 汇聚 4 最危险的剧场位于南亚。巴基斯坦和印度这两个核大国自 1947 年那场沿宗教界线划分的血腥分治以来一直互为敌手。此后，两国共经历了 5 次战争——最近一次发生在 2025 年。 巴基斯坦伊斯兰共和国是一个长期不稳定的卫戍国家，其特点是不可一世的将领和封建政治王朝与盛行的伊斯兰主义相互竞争，同时还面临债务激增、经济停滞、内部镇压以及两场血腥的叛乱。 它不仅与印度之间存在极易被触发的敌对关系，而且与其在阿富汗的不感恩盟友——塔利班之间爆发了新战争，过去一周巴基斯坦一直在对其进行轰炸。 传统上，巴基斯坦在两个赞助国之间寻求平衡：中国和美国。巴基斯坦近期将特朗普的青睐（特朗普曾将巴基斯坦国防军总司令阿西姆·穆尼尔描述为“我最喜欢的元帅”）转化为影响力，通过与伊朗斡旋、商业交易以及与沙特和土耳其建立的新联盟来实现。 与此同时，作为全球人口最多的国家和潜在超级大国的印度，正在深化与以色列的结盟（其印度教民族主义与以色列民族主义有某些相似之处），并将其与伊朗的传统联系（以及对伊朗石油的依赖）以及与俄罗斯的友谊（反映了其旧时的苏联同盟关系）相平衡。 印度计划建立一条连接印度、海湾地区和欧盟的“印度-中东-欧洲经济走廊”（IMEC），原预计将纳入以色列，但因 10 月 7 日的战争而暂停。该计划为麦加联盟提供了不同的愿景，最终可能会被重新激活，从而创建一个新的欧亚经济区域。 ## 汇聚 5 东非和红海已经陷入残酷的新帝国主义冲突之中。在这场对非洲的争夺战中，如今的帝国是中东和非洲国家。目前，以色列、土耳其、埃及、伊朗和海湾国家更热衷于在该地区挑选赢家和输家。 苏丹：胡塞武装对沙特的袭击促使苏丹再次寻求国际承认——并可能试图在该地建立基地以对抗胡塞武装。索马里正在抵制这一企图，并得到沙特和土耳其的支持，后者像帝国强权一样在该地驻军。 埃塞俄比亚：该国在面对多场叛乱的同时，表现得像一个扩张主义帝国。它正致力于寻求一个红海港口，这可能由索马里兰授予，或者在与厄立特里亚的新战争中夺取。埃塞俄比亚最近指责厄立特里亚、苏丹和埃及煽动针对其的叛军暴力活动。 ## 汇聚 6 萨赫勒地区（The Sahel）是指横跨北非最南端、由东向西延伸的区域。在那里，由年轻军官组成的、陷入困境的军政府正与圣战民兵在这一片失败国家地带展开战斗；这些军政府传统上由前帝国强权法国支持，近期则由俄罗斯及其雇佣兵支持。 巨大的危险在于，俄乌战争可能与美-伊-以战争以及任何印巴冲突合并：如果这些独立战场的火势在火灾研究者所谓的“闪燃”（flashover）中汇合，一场火灾将演变成一场地狱之火，进而可能演变为一场世界大战。 如果或当这些国家中的一个崩溃时，圣战分子可能会向南挺进到尼日利亚，或向北与利比亚的内战汇合，甚至威胁到埃及那紧绷且焦虑的秩序。 我更倾向于像 SEMES-TEA 这样的称呼，它将南欧、中东、撒哈拉、南亚和东非结合在一起。 目前，这些汇聚意味着“中东”这个名称可能很快就会过时——商业和政治都需要针对一个更广泛的区域来协调其战略。 意识到该地区目前的流动性至关重要：这些新的结合是灵活且重叠的。《麦加协议》并不排除目前的《亚伯拉罕协议》，也不排除一条印度-阿拉伯-以色列走廊。 称其为“西亚”忽略了非洲和欧洲。使用时下流行的术语 SWANA（代表西南亚北非）则不包括拜占庭、中亚、东非以及南亚战场。 无论哪个术语能流行起来，在当今令人担忧的地缘政治中，少数乐趣之一就是创造新的缩写词。让我们至少享受这一点。 事实一向如此：任何寻求多领域全球权力的超级大国都必须在中东拥有影响力，无论是冷战时期的超级大国、欧洲人还是奥斯曼帝国。 如今，中国尚未准备好全面参与，但其战斗舰队的集结使其倾向于利用美国的愚蠢之举：值得注意的是，习近平经常提到太监郑和及其在 1405 年至 1433 年间访问阿拉伯和东非的明朝宝船舰队。 沙特阿拉伯以及该地区紧张不安的大国希望中国这个最重要的商业伙伴参与到该地区，即便他们知道北京无法取代华盛顿成为可靠的安全伙伴。 目前的冲突——包括针对伊朗战争在内的 10 月 7 日战争——在一段时间内不太可能干净利落地结束，仅仅是因为在阿里·哈梅内伊（Ali Khamenei）统治 37 年后，伊朗缺乏统一的领导层。 讽刺的是，伊朗对阿拉伯国家的攻击使得许多该地区国家认为美国的出现变得更加必要。没有人信任美国，但许多国家极度渴望其存在和保护。同样，无论以色列有多少缺陷，这使得它对阿拉伯大国而言在战略上比以往任何时候都更具吸引力。 而现在，在伊朗战争开始七个月后，特朗普对该国的封锁似乎正在起作用。通过霍尔木兹海峡和其他来源（包括沙特东西管道）的石油供应目前正回升至战前水平。伊朗革命卫队将如何反应？没有什么比受伤的老虎更危险的了。 在近期的谈判中，受特朗普宫廷内部权力斗争的影响，美国在对待土耳其、黎巴嫩和伊朗时似乎在执行不同的、甚至是矛盾的政策。但无论 2 月份战争的爆发看起来多么鲁莽，在委内瑞拉的行动以及 2025 年对伊朗核设施的轰炸表明，本届政府能够以隐秘且专注的方式采取行动。 无论结果如何，战场的日益汇聚和闪燃的危险意味着，一个审慎、连贯的美国比以往任何时候都更重要——它是唯一能够管理这个日益危险且趋于汇聚的新世界的强权。 西蒙·塞巴格·蒙蒂菲奥里（Simon Sebag Montefiore）是一位历史学家，著有《大熔炉：现代中东的形成》（The Cauldron: The Making of the Modern Middle East）。  9月，胡塞武装反叛分子在也门萨那进行动员活动。 # 她是互联网上最具争议的时尚博主——而且她心知肚明 丹妮尔·伯恩斯坦通过在社交媒体上发布自己的照片，每年赚取数百万美元。她的成功也招来了审视。 作者：CHAVIE LIEBER 在丹妮尔·伯恩斯坦激怒互联网的所有时刻中——这种情况屡见不鲜——那场订婚派对或许是最典型的例子。 去年10月，这位纽约时尚博主在永克斯的一座历史庄园里举办了一场规模堪比婚礼的聚会，身着一件足以走在婚礼走道上的高级定制礼服。现场有奢华的鸡尾酒时间、现场乐队和更换服装环节，所有这一切都被拍摄下来供公众消费。在派对之前，伯恩斯坦在社交媒体上发布了符合着装要求的宾客服装链接，如果人们点击购买，她将获得佣金。品牌方为活动提供了免费的礼服和鞋子，并期望她能为其标注品牌。  从 Instagram 动态的角度来看，这场关于爱与承诺的庆祝活动更像是一个商业机会。而她的演讲听起来与另一位新娘在 TikTok 上发布的言论惊人地相似，这让情况变得更糟。几个月后，当伯恩斯坦的订婚公开结束时，愤世嫉俗者涌入在线论坛，暗示她与未婚夫在婚前协议上产生了分歧，但伯恩斯坦对此予以否认。她说这段关系是友好结束的。 这位 34 岁的女性现在将这段时间视为一个“顿悟”时刻。“我打开了门，但当他们走得太深时，我感到很不安，”她说，“我的个人生活中并非所有事情都需要成为一个‘内容时刻’。” 在伯恩斯坦从事时尚博客的 15 年里，她既是销售员，也是产品。她的商业模式很简单：她穿衣服，人们购买，她从中获利。她说，仅在 2025 年，她就通过品牌合作和购物佣金赚了 $2.800 万。 但她的成功招来了审视。因为她被指控盗用其 2019 年创立的服装品牌的设计；因为她在 Instagram 上修图让自己看起来更苗条；而且因为她富有、美丽且拒绝被“取消”，网络批评者将追踪她的每一个失误视为一种运动。“毒舌页面”（Snark pages）——即人们在 Reddit 上交换关于网络明星八卦的角落——简直就是为伯恩斯坦而生的。小报称她为“美国最被厌恶的博主”。 “我不希望我的孩子有一天在 Google 上搜到我，然后看到这些标题，”伯恩斯坦说，“我不希望那是我的遗产。”  因此，她说她正在启动一次重启。本月，她的时尚品牌 WeWoreWhat 在一个新的授权合作伙伴 MADISON MCGAW 下进行品牌重塑，计划引入更高的定价、更优质的材料，并明确传达其如何从奢侈品和复古时尚中获取灵感。 “我认为我们与 Zara、Mango、Steve Madden 相当，”她说，“我们捕捉趋势、秀场和复古灵感，并使其变得触手可及。” 在她椅子上的挪动以及摆弄金色脚链的方式中，显现出一种不安感。 在本周的一篇 Substack 文章中，伯恩斯坦回应了一直困扰其品牌的抄袭指控，并为过去的错误道歉。她现在表示，某些设计“根本不应该通过审核流程”。 伯恩斯坦坐在她最近装修的翠贝卡顶层公寓的厨房桌旁，房间里摆满了定制的棕色和白色家具以及法国古董。这位博主身材紧致、高挑且苗条，尽管她说话充满自信， 品牌重塑似乎是一个洗清过去争议的便捷时机。但伯恩斯坦说她最近“成熟了很多”。 “我知道我犯了错，”她说，“这是我故事的一部分。我不是它的受害者。我对其中很多事情负有责任。我很希望能走出这段过去。” 如今，有数百万人自称为内容创作者，但伯恩斯坦在 2011 年还是纽约大颈（Great Neck）富裕家庭出身的纽约时装学院学生时，就开始经营她的街拍博客，成为了该行业的先驱。到 2015 年，伯恩斯坦每篇赞助内容的收费高达 $15,000，并与以下品牌合作： 在经历了多年的审查后，丹妮尔·伯恩斯坦表示她正在对其公司进行品牌重塑。上图为伯恩斯坦参加 2014 年一场时装秀；下图为她 2022 年在纽约蒙托克（Montauk）与同行影响力人物布里奇特·巴尔（Bridget Bahl）合影。  兰蔻（Lancôme）和维珍酒店（Virgin Hotels）。如今，品牌方每年支付给她的合作费用高达 $250,000。 ber's Gap ones. “她的回报率一直非常惊人，”营养补充剂公司 Arrae 的联合创始人西法特·海德（Siffat Haider）表示。海德说，她的品牌为伯恩斯坦的一系列 Instagram Stories 支付约 $10,000，而伯恩斯坦通常能带来该费用的两倍销售额。“就持久力而言，我从未见过像她这样的人。” 这样的费用仅预留给那些真正能带动产品销售的人——而企业主们表示，很少有人能像伯恩斯坦那样擅长推销。在本文的采访过程中，她成功地推销了一款生发补充剂（Wellbel；她是该公司的顾问）和一条 WeWoreWhat 牛仔裤，她称这款裤子与海莉·比- 她与设计师之间的大多数争端都在社交媒体上展开。但在 2020 年，伯恩斯坦和 WeWoreWhat 与内衣品牌 the Great Eros 陷入法律纠纷，对方指控 WeWoreWhat 抄袭了该品牌标志性的女性身体线条图印花。the Great Eros 在 2022 年的一项秘密和解中撤回了指控；the Great Eros 的联合创始人克里斯蒂娜·维维亚尼（Christina Viviani）拒绝置评。 “我看她的账号，看到一套很棒的穿搭，然后就照着搭配，”来自罗德岛的 WeWoreWhat 购物者艾希莉·巴德（Ashley Bard）说道。 40 岁的巴德读过关于伯恩斯坦抄袭设计师的故事。“这是时尚，市面上有很多造型，有时这种事情确实会发生，”她说。“如果得知这是故意的，我会很反感，但目前看来似乎不是。” 伯恩斯坦不对具体的抄袭指控发表评论。“当人们说我们的设计与他们的太接近时，我当时没有倾听，而是采取防御和反击的态度，”她说。“我们本应该更加谨慎。” 去年年底，伯恩斯坦买下了其授权合作伙伴 Onia 在 WeWoreWhat 中的股份，目前持有该公司的多数股权。她拒绝透露年度营收，但表示公司正在增长。2023 年，她告诉《时尚商业》（Business of Fashion），该公司前一年的营收为 3000万美元。 她说，WeWoreWhat 现在“很谨慎，不再从其他小设计师那里获取灵感”。相反，它从奢侈品牌“如 Khaite、Chloé 和 the Row”中汲取灵感——她认为这种做法没有问题。“对 T 台和趋势进行重新诠释和灵感借鉴，是无数品牌每天都在做的事情。” 伯恩斯坦说，她“以前疯狂地用 Photoshop 修图”，将自己的尺码从 6 码修成 2 码。“我对自己的身体和外貌非常不自信。现在我只会抹掉一条静脉，而不会改变我的身体形态。这是一个心路历程。” 她继续发布动态——关于她的健身、购物行程、她的眼下- eye surgery——但分享的私人生活减少了。Reddit 用户已经在热烈讨论她的新男友。她对此不予评论，只是微笑着表示她“非常幸福”。 伯恩斯坦现在将她的经验（无论好坏）分享给她指导的同行影响力人物。 “如果我在监狱里只能打一个电话，我会打给丹妮尔，”纽约影响力人物克里斯蒂娜·埃莱扎伊（Christina Elezaj）说道。 伯恩斯坦对自己的订婚仪式成为关注焦点感到遗憾，但她希望就自己的演讲阐明立场：“那些是我自己的原话，”她说，“但在经历了这么多年的审视之后，即使是一篇感谢我所爱之人的简单演讲，也变成了互联网上又一次集体围攻。” 她说她的 Substack 拥有近 18,000 名订阅者。她一直利用 AI “进行构思并制定结构”，但她表示，“内容是我自己写的”。 # 兄弟会的问题 接第 C1 页 由于大约 10 年前违反规则的结果，AEPi 之前就因触犯违规行为政策而被威斯康星大学麦迪逊分校（UW-Madison）取消认可，这意味着它在官方层面与该大学没有隶属关系。然而，作为一家全国性组织的分会，AEPi 仍在招收威斯康星大学麦迪逊分校的学生作为新成员。 这让大学管理层陷入了一种尴尬的境地：直接禁止成年学生加入校外组织，尤其是在一所公立大学中，可能会在涉及第一修正案集会自由权的法律问题上遇到棘手麻烦。（AEPi 全国办公室已暂停威斯康星大学麦迪逊分会的活动，以对该事件进行调查；该兄弟会的健康与安全政策禁止欺凌新成员的行为。） 这并非孤立的问题。各类学院和大学经常因行为不端而将兄弟会驱逐出校园，有时是暂停资格，有时是永久开除。例如，仅在宾州州立大学，目前就有 10 个兄弟会因欺凌新成员及其他违规行为而被暂停资格。 对于管理层而言，这造成了一个棘手的局面：即便兄弟会分会未获得大学的认可，它们依然与大学保持着关联——或者至少在地理位置上接近，并且招收该校学生。 废除兄弟会的另一个障碍是其受欢迎程度。许多新生专门寻找拥有成熟“希腊生活”（Greek-life）项目的学院和大学，且参与人数正在增加。 在理想状态下，兄弟会是学生们聚集、结识并建立终身纽带的社交俱乐部。一些兄弟会与姐妹会配对，共同举办校园活动或慈善活动。通过由全国办公室运行的紧密校友团体，兄弟会还为不同世代的成员提供了宝贵的人脉机会。 正因如此，当大学管理层惩戒兄弟会时，往往会遭到那些平时忠诚且慷慨的校友的抵制。只有少数像阿默斯特学院、威廉姆斯学院和米德尔伯里学院这样富有的文理学院真正彻底取消了兄弟会。 既然禁令到目前为止被证明既不受欢迎且无效，那么问题似乎变成了：兄弟会能否被改革？ 在我研究我的著作《他结交的公司：白色大学兄弟会历史》（The Company He Keeps: A History of White College Fraternities）时我了解到——该书基于从 1825 年兄弟会创立到 21 世纪之交的档案研究——导致兄弟会问题长期存在的文化压力从一开始就存在。 学生们周一就康奈尔大学一起 2024 年涉嫌性侵案件的处理方式举行抗议。 美国已知的第一起兄弟会欺凌致死事件被认为发生在 1873 年的康奈尔大学，当时一名新入会的成员莫蒂默·莱盖特（Mortimer Leggett）在入会仪式期间从悬崖上坠落。近 150 年后的 2019 年，一名名为安东尼奥·齐亚拉斯（Antonio Tsialas）的康奈尔大学新生同样被发现死在峡谷底部，尸体有急性酒精中毒迹象以及坠落导致的身体损伤。他参加了一个未经认可的兄弟会招新派对，在那次派对上，预备成员被压力迫使饮酒。作为回应，康奈尔大学要求“希腊生活”分会聘请独立活动监督员并接受随机安全抽查，并采取了其他变更措施。六年之后，校园再次因新的指控而陷入混乱。 在上个月对我所在大学的突击检查中，警方是收到匿名举报才采取行动的。那是其中一名预备成员吗？他是否因为足够恐惧而举报自己的兄弟会，但又希望能够顺利通过入会仪式？ 我发现早在 20 世纪 40 年代就有类似的事件。当时，一些仅署名为“焦虑的入会申请者”的信件被寄给北卡罗来纳大学教堂山分校的行政人员，恳求他们干预欺凌行为：“我们在为时太晚之前请求您的帮助。如果这种做法继续下去，最终会导致有人受重伤，甚至死亡。” 存在着明显的社会动态，会导致群体思维、误导性的忠诚，以及在涉及药物和酒精时出现危险且违法的行为。 兄弟会招收的是那些已经决定加入单性别组织以寻求友谊、归属感和地位的男性。入会申请期（Pledging）是一个启动阶段，旨在测试这种决心——通常伴随着具有侮辱性或违法的欺凌仪式，使入会申请者彼此之间以及与组织本身建立起纽带。代表兄弟会保守秘密会产生忠诚感，尤其是当入会期间发生的事情违反法律或大学行为准则时。 此外，正如肯塔基大学教授艾伦·德桑蒂斯（Alan DeSantis）在其 2007 年的著作《希腊大学内部》（Inside Greek U）中所解释的，以及我在自己的研究中发现的，加入兄弟会的男性通常觉得，在没有女性在场的休息时间能够“像男人一样行动”，以及加入一个能强化自身男性气概的组织，具有很大的吸引力。然而，这使得他们容易在危险的方式中接受对其男性气概的测试和质疑。 至少从 20 世纪 80 年代起，一些兄弟会就敦促成员或入会申请者汇报其在性方面的“战果”。在 2001 年达特茅斯学院发生的一起臭名昭著的事件中，学生记者获得了 Zeta Psi 兄弟会的每周简报，其中详细记录了谁与谁发生了性关系，并将某些达特茅斯学院的女学生称为“保证能搞定的人”。 其中一份简报的结尾写道：“下周预告：[兄弟 X] 的专利约会强奸技巧！” 不难看出，追求性成功的压力是如何导致性胁迫的。而由酒精驱动的派对加剧了这一问题，这些派对通常赋予兄弟会男性崇高的地位。这种现象在关于放荡不羁的“希腊生活”的流行文化作品中屡见不鲜，包括 1978 年的电影《动物屋》（Animal House），该片基于电影制作人克里斯·米勒（Chris Miller）在达特茅斯学院的经历。（这部喜剧被认为在增加人们对兄弟会的兴趣和参与度方面起到了作用，与此同时，罗纳德·里根总统在 1984 年通过法律将法定饮酒年龄提高到 21 岁，这导致大学生在酒吧之外饮酒。） 当然，兄弟会向未成年人提供酒精是违法的，但许多组织依然故我。大多数全国性的姐妹会禁止在姐妹会房屋内举办派对，这反而增强了兄弟会对校园社交生活的掌控力。 这会导致巨大的问题已不是秘密。在大多数校园里，女性之间互相提醒要保持警惕，防止饮料被下药，并确保朋友在视线范围内，这已成为惯例，并经常出现在各种电影和电视节目中。 这并不是说所有的兄弟会都是虐待和恶习的堡垒。但这有助于解释一些研究，包括联合大学（Union University）的约翰·福伯特（John Foubert）教授及其同事在 2020 年开展的一项研究，该研究发现，兄弟会男性和运动员“比校园内其他男性更有可能实施涉及酒精的性侵犯”。 全国性兄弟会以及许多学院和大学一直试图通过禁止欺凌、限制饮酒以及为一年级新生开设广泛的同意权研讨会，来遏制兄弟会最严重的过度行为。一些证据表明，旁观者干预培训在帮助人们干预校园袭击方面是有效的，但在 2019 年对 27 项研究的一项回顾中，没有证据表明这种培训能从根本上阻止男性实施性侵犯。 在康奈尔大学，似乎没有一个旁观者愿意介入。令人深感不安的不仅是关于七名男子在数小时内对一名女性实施性侵，并给她喂食药物和酒精的指控；更是他们选择共同完成这一切的方式——仿佛这是一种增强凝聚力的活动。在一名兄弟会成员在 Snapchat 的群聊中宣传“免费”性爱后，其他成员据称回复了包括“我真*爱 Chi Phi”和“CHI PHIII”在内的消息。 顺便提一下，Snapchat 是一个以消息自动消失而闻名的平台。该截图的存在表明，至少有一个人本能地对这些消息进行了拍照。然而，在当时，群聊中似乎没有人站出来举报。对于涉事的兄弟会成员来说，这样做将被视为对兄弟会忠诚的背叛。 威斯康星大学麦迪逊分校教授尼古拉斯·L·赛雷特（Nicholas L. Syrett）是《他结交的朋友：白人大学兄弟会历史》（The Company He Keeps: A History of White College Fraternities）一书的作者。 # 炸肉排三明治揭示的以色列饮食文化 作者：亚当·钱德勒 (ADAM CHANDLER) 这种饮食并非世界上唯一的烹饪熔炉，但可能是最被误解的一种  上图为以色列厨师、Miznon 餐厅所有者埃亚尔·沙尼 (Eyal Shani)，以及该餐厅的炸肉排三明治（顶部）。 在 Miznon 这家分布于四大洲的快休闲连锁小店中，炸肉排三明治可以说是以色列饮食的缩影。它盛在皮塔饼 (pita) 中，由欧式炸鸡配上冷酸黄瓜、黎凡特芝麻酱 (tahini) 以及温热的 matbucha（一种来自北非的慢炖番茄辣椒调料）组成。“这与构建以色列人的食材是一样的，”以色列厨师兼 Miznon 所有者埃亚尔·沙尼表示，“它们来自四面八方。” 将食物作为隐喻可以追溯到伊甸园的水果。在以色列各地，从巴士站到学校食堂，随处可见这种炸肉排三明治，有时还会配上也门风格的 zhug 辣酱或伊拉克风格的 amba 芒果酱。无论是其符合犹太洁食 (kosher) 的准备方式——使用油而非黄油，使用鸡肉而非猪肉——还是其作为国民级主食的地位，都体现了一种定义了以色列饮食、乃至更广泛地定义了当地生活的僵化性与适应性。 在过去的几年里，无论店主对以色列在加沙与哈马斯的战争，或对总理  本雅明·内塔尼亚胡 (Benjamin Netanyahu) 政府的行为和政策持何种看法，提供以色列（或简单称为犹太）饮食的餐厅都遭受了抵制、恶意评论攻击或在抗议活动中成为目标。随后，批评延伸到了以色列饮食本身。 以色列饮食引发了长篇累牍的否定，以及关于文化挪用的指控。去年，位于纽约布鲁克林的 Miriam 餐厅被喷上红漆，涂鸦写着“种族灭绝美食”和“以色列窃取文化”。在费城，有人指责以色列餐厅参与了“一场持续的殖民运动，通过窃取、挪用并从巴勒斯坦食物和文化中获利，以此作为抹除巴勒斯坦生存的一种手段”。 一些以色列餐厅不得不调整其菜单和品牌，将其改为“地中海”或“中东”风格，以避免麻烦并规避潜在威胁。 现实情况是，食材的跨境流动和文化间的食谱交流已有数百年历史，这削弱了关于“原创权”的主张。巧克力和土豆分别与瑞士和爱尔兰联系在一起，但其实源自南美洲；通常被认为源自黎巴嫩的 al pastor 烹饪方法，在墨西哥和美国的塔可 (tacos) 中被使用且未引起争议。法拉费 (falafel) 和鹰嘴豆泥 (hummus) 拥有不同的配方和浓稠度，在不同信仰和背景的国家之间自由流动，而披萨贝果是冷冻食品的主打，犹太编织面包 (challah) 法式吐司似乎也随处可见。 “你知道，番茄并非意大利本土品种，”沙尼说道，并指出其源自南美洲。 同样，以色列饮食不仅是农业和商品流动的副产品，也是一个地区习俗和食谱的产物，而该地区的轮廓在数世纪中被大国博弈和人口迁徙共同塑造与重塑。 “以色列扮演了一个非凡的容器，使历史上分散的传统——来自伊拉克、也门、摩洛哥和东欧——在物理空间上紧密相邻，”中世纪历史及饮食历史作者、教授海伦·贾瓦拉·皮内尔 (Hélène Jawhara Piner) 表示。她指出，在 1948 年以色列建国后，中东和北非的数十万犹太人被迫离开家园。当这些移民抵达以色列时，他们带来了自己的食谱。“他们烹饪不仅仅是为了分享，更是为了记住自己是谁，以及来自哪里。” 这些关键的细微差别尚未传达到抗议的大众之中。今年早些时候，位于哈莱姆区的犹太洁食餐厅 Tsion Cafe 在经历了一场包括威胁和万字旗涂鸦在内的骚扰活动后，转而经营餐饮外送和私人活动。 Tsion Cafe 的独特之处在于，其食物代表了来自埃塞俄比亚的犹太离散群体，该群体在以色列的人数超过 175,000 人。餐厅的主厨兼老板 Beejhy Barhany 出生于埃塞俄比亚，在以色列长大之前曾在苏丹的难民营中生活过。在以色列期间，她见证了英杰拉（injera）等埃塞俄比亚食物以及像用贝贝雷（berbere）香料调味的北非蛋（shakshuka）这样的融合菜肴，共同织就了该国的烹饪图谱。“以色列的犹太离散群体比人们想象的更广阔、更多样化，”她说。 如今，以色列的菜单上既可能出现叙利亚的 kibbeh 和北非的北非蛋，也可能出现 sabich（一种对伊拉克菜肴的本土化改良），或是 bourekas（一种受土耳其 borek 和西班牙 empanadas 影响、具有多种馅料的糕点）——所有这些都根据当地的食材、偏好和习俗进行了调整。 本月晚些时候，拥有米其林星级评价的以色列主厨 Shani 将在布鲁克林开设 Naked Tomato 分店。与其经营的其他餐厅一样，Shani 将其两大主要影响来源给予同等的认可：一位是他的祖父，一名农学家兼素食主义者，曾带他逛遍以色列各地的市场；另一位则是他在耶路撒冷度过童年时的阿拉伯邻居。 “有太多想要绽放的秘密，而这正是以色列烹饪创造力的基础：如此多的民族融合在一起，如此多的信息，如此多的品种，如此多不同的方法，”他说。“这是一场陌生人的庆典，他们为了一个共同的目标而相遇，即用那些你或许无法理解的事物来创造一个国家。” # 消防部门人员短缺，AI 或能提供答案 在美国大部分地区，志愿消防员对公共安全至关重要——而他们的数量已大幅下降。无人机可以作为“天空之眼”提供帮助。 作者：迈克·科尔 (MYKE COLE) 今年 7 月的一个早晨，我被传呼机在凌晨 4 点唤醒。我打开车上的蓝色应急灯，飞速驶向消防局。几分钟内，我和四名志愿消防员同僚抵达了纽约哈德逊河谷的一栋多层住宅，只见火焰正冲破屋顶喷涌而出。 抵达现场后的首要任务是指派一名消防员围绕起火建筑进行 360 度巡视。 这一点至关重要，因为拨打 911 的人们通常处于恐慌状态，且众所周知地不可靠。他们可能会看到火势从房子正面喷出，但完全没有意识到对面窗户上正挂着一名受害者。 然而，我们人数寥寥，面对的却是 20 英尺高的火焰。在分秒必争且只有三个人左右响应呼叫的情况下，一名中尉如果将队员指派给“灭火攻击”或初步搜救，而不是抽调一名急需的人手去检查现场，是可以被原谅的。 这已经不是我第一次渴望拥有一架 AI 驱动的无人机了。 美国的消防工作需要更多的人力。全美 70% 以上的消防部门 根据该组织的同一数据，80% 到 85% 的消防部门由志愿者组成。 这些志愿者中的许多人和我一样，年龄在 50 岁以上——这些男人正在老去，甚至已经年迈，却在从事极其艰苦的体力劳动。 造成这种下降的原因尚不明确。这是否构成危机也存在激烈争论。纽约州消防员协会 (FASNY) 的一名发言人表示，目前不存在公共安全危机，但该州某些部门确实在挣扎，主要问题在于资金。该组织还指出，目前没有追踪志愿消防员的中央数据库，因此所有的参与人数均为估计值。 将水带伸入屋内，防止其在墙角被卡住，并将水带环形地移至二楼楼梯，以确保喷嘴操作员有足够的余量触及火源。这是一项复杂的工作。 针对我们在 7 月那场火灾中遇到的房产制定的计划。当我们抵达现场时，火势已经燃烧了一段时间；我们控制住了火焰，但没能救下建筑。 我后来得知，有几名警员在我们的消防车到达之前就已抵达，并完成了关键的 360 度侦察。但在我们的消防车发出三声长鸣笛、屋顶碎片掉落时——这是撤离并转为防御性灭火的信号——我对此并不知情。 此外，充满水后，一条 1.75 英寸的攻击水带每 50 英尺的长度可重达 75 磅。当我拖着水带绕过门框在楼梯上奔跑时，我的肌肉在灼烧，背部在剧痛。 ## AI 可能会成为一种“力量倍增器”，就像我们以前在军队里说的那样。 其他志愿消防员陆续抵达，协助进行“拆除天花板”和破墙以扑灭热点并确保火势不会复燃的艰苦工作。尽管人手不足，我还是和另外两名男子一起搭乘勤务车返回消防站洗澡。人数骤减的队员们虽然有些恼火，但表示理解。 根据纽约州消防员协会（FASNY）的估计，在我居住的纽约州，过去二十年里志愿消防员的人数下降了三分之一。考虑到在纽约市以外，更多的 在公共记录之间 根据 2023 年的数据，在联邦紧急事务管理局（FEMA）注册的消防队中，有许多是“全志愿”性质的——而且加入我们行列的人越来越少。 我们都知道，在日常工作中迟到可能会被解雇。 迈克·科尔（Myke Cole）是纽约州哈德逊河谷的一名志愿消防员，曾任情报和执法人员，也是近期出版的《钢龙虾：王冠、联邦与英格兰最后的骑士》（"Steel Lobsters: Crown, Commonwealth, and the Last Knights in England"）一书的作者。 AI 做不到这一点。但它可以成为一种“力量倍增器”，就像我们以前在军队里说的那样。 显而易见的是，消防服务在短期内不太可能看到志愿者人数的回升。 通过地块图、谷歌街景以及由同意的居民和企业主上传的照片，AI 可以快速完成这项任务，有可能为消防区内的每栋建筑提供一个事故前计划数据库，甚至使其能够与相邻的消防队共享。 在消防员驱车前往火场的同时，提供对紧急情况背景更清晰的可见度。但创建这些计划的手动且耗时的过程往往根本无法完成，或者仅限于区内最大的住宅和企业，而这些通常被用作训练演习。 当时没有事故前 与此同时，国家正处于一个技术纪元。AI 及其驱动的机器人和无人机日益被视为对大量劳动力的威胁，因为它们消除了人类从事某些工作的必要性。讽刺的是，在志愿消防服务中，这可能恰恰是我们所需要的。 需要明确的是，没有任何机器能独立灭火：在我在 7 月面对的那场火灾中，我的工作是向  作者身着消防装备。 例如：如果 911 接线员或 AI 代理能够向火灾现场派遣 AI 驱动的无人机，对建筑进行“360 度”全方位扫描，并反馈来自每个方向的视频或静态图像，会怎样？ 这与现代战争中某些侦察无人机的使用方式有些相似：在俄罗斯发起的对乌克兰战争中部署的无人机，能够实现自主的环境感知、导航、绘图以及建筑物的热成像。 这可以在消防队准备装备的同时发生。消防员抵达现场时，已经掌握了建筑物全方位的现成图像，从而节省关键时间，并将关键人力留在灭火攻击一线。 即使没有 AI，无人机在消防工作中已经发挥了作用。科罗拉多斯普林斯消防局在 2023 年开始使用无人机进行空中监视。美国林务局使用无人机在无法进入的地形上启动受控烧除。 民用侦察无人机需要安全保障，因为它们可能会像 Flock 摄像头网络一样，容易被执法部门利用。但从公民自由的角度来看，增强型监视工具可能令人不安，但它们在安全方面的益处是不容置疑的。 例如，AI 无人机可以改进事故前计划（即消防员为预防火灾而准备的文件）。为了制定这些计划，消防员需要前往区内的住宅和企业采访居民，了解他们的生活方式并绘制场所地图。 这些计划可以通过平板电脑调出。 图片来源：JOHNNY SIMON / WSJ, ISTOCK; MYKE COLE  讣告 # 玛格丽特·汉密尔顿 | 1936-2026 # 她的软件助力阿波罗 11 登月于 1969 年 汉密尔顿的工作使美国国家航空航天局（NASA）的机载计算机能够向宇航员发出问题警报 作者：ROBERT LEE HOTZ 玛格丽特·汉密尔顿（Margaret Hamilton）的开创性软件在首次登月中发挥了关键作用，她非常厌恶计算机在没有解释的情况下崩溃。在计算机与人类极少直接交互的时代，她确保为NASA阿波罗机载计算机开发的飞行软件能在出现问题的一瞬间立即提醒宇航员。 她发现，自己对人机之间这种开放性的坚持在 1969 年经历了一次极具公开性的考验，当时阿波罗 11 宇航员正下降至月球表面进行首次登月。就在尼尔·阿姆斯特朗（Neil Armstrong）和巴兹·奥尔德林（Buzz Aldrin）准备着陆时，计算机警报引起了他们的注意。编写这些警告程序的汉密尔顿感到心跳加速。她后来回忆道：“尼尔的血压是 150. 我觉得我的血压达到了 200。” 即便如此，她知道这些警报表明计算机正按照设计，在舍弃不重要的任务，以确保飞行安全。在那个紧张的时刻，位于休斯顿的美国国家航空航天局任务控制中心的飞行主管们也明白，她的警报意味着计算机仍在可靠运行。在得到确认后，他们向宇航员发出了“Go”指令，使其能够继续推进并成功着陆。 麻省理工学院周三宣布，汉密尔顿于 9 月 30, 去世，享年 90 岁。 在航空航天计算的历史中，她创新的警报机制证明了她在麻省理工学院仪器实验室监督下打造的阿波罗软件的鲁棒性。这段代码——现藏于史密森尼国家航空航天博物馆——为现代计算奠定了基础。汉密尔顿也成为了计算机科学领域一代女性的偶像。  为了认可她的开创性工作，NASA 在 2003 年因她在阿波罗软件开发中的作用而授予她一项特别奖项。在 2016, 巴拉克·奥巴马总统授予她总统自由勋章，并表示“她的榜样体现了每个知道以某种方式仰望苍穹即是深察内心的女孩和男孩心中都存在的美国探索精神”。 她于 8 月 17, 1936, 出生在印第安纳州保利，在密歇根州北部的铜矿区长大。1958 年，她获得厄尔汉姆学院（Earlham College）数学学士学位，辅修哲学。 更多故事请见 WSJ.com / obituaries  从左起顺时针方向：1969, 身处阿波罗指令舱模拟装置中的玛格丽特·汉密尔顿；2016 年接受巴拉克·奥巴马总统的表彰；以及由她和团队开发的软件清单。 当她于 1959, 开始从事计算机工作时，编程更多是一门艺术而非工程。她通过为发现混沌理论的麻省理工学院气象学家爱德华·洛伦兹（Edward Lorenz）运行计算，学习了编码的基础知识。 她在参与一个价值 $27 亿的国家防空系统工作中磨练了技能。她回忆说，每当编程错误导致这台 250 吨重的军事计算机崩溃时，整栋大楼都会响起尖锐的警报；然而，计算机却没有追踪错误的方法。于是她买了一台宝丽来相机，在错误代码从计算机显示屏上消失之前，拍摄即时的“调试肖像”。 当时，程序员通常没有直接访问大型机的权限。“我们会打发计算机操作员去打乒乓球，这样我们就能自己运行计算机，”她回忆道，“这给了我们一种掌控感。” 1965年，她在仪器实验室（Instrumentation Laboratory，现名为查尔斯·斯塔克·德雷珀实验室）开始从事阿波罗飞行计算机代码的工作。她最初负责航天器的系统软件。到阿波罗11号任务时，她已承担起管理指令模块和登月舱软件的广泛职责。随后，她成为了该实验室软件工程部门的主任。 尽管以今天的标准来看十分原始，但20世纪60年代的阿波罗制导计算机是当时世界上最先进的通用便携式计算机。它是第一台拥有数字交互显示屏的计算机，使宇航员与计算机能够相互通信并交换数据。她创建了报警代码，以确保计算机能随时将问题告知机组人员。 “如果发生紧急情况，而没有办法告诉宇航员他们陷入了麻烦，那该怎么办？我 ## “她的榜样诠释了美国探索精神。” “我想出了一种方法，可以通过软件让他们知道发生了紧急情况，同时也让任务控制中心知道，”她说。 美国总统 巴拉克·奥巴马 事实上，她参与管理的阿波罗导航软件极其可靠，在任何载人阿波罗任务中都没有发现软件漏洞。该软件后来被改编用于天空实验室（Skylab）、航天飞机以及飞机中首批数字电传操纵系统。 从1976年到1984年，汉密尔顿担任她共同创立的一家名为 Higher Order Software 公司的首席执行官。1986年，她在马萨诸塞州剑桥市创立了 Hamilton Technologies 公司并担任首席执行官。 2017年，乐高（Lego）在其“NASA女性”系列中推出了玛格丽特·汉密尔顿的人偶模型。她的女儿为她组装了这个模型。 2018年，由亚马逊（Amazon.com）亿万富翁杰夫·贝佐斯创立的太空企业蓝色起源（Blue Origin）将她的乐高模型送入太空并带回地球。“这对我有重大意义，”她说。 她的幸存亲属包括她的女儿劳伦（Lauren）、两个孙子和四个曾孙。 # 为什么扎克伯格在《社交清算》中成了配角 编剧兼导演亚伦·索金选择将焦点放在一名 Facebook 举报人和一名《华尔街日报》记者身上 作者：ESTHER ZUCKERMAN 杰里米·艾伦·怀特和麦基·麦迪逊在《社交清算》中。 在 2010 年的电影《社交网络》中，几乎每一个场景都有马克·扎克伯格的出现。 而在本年上映的续作《社交清算》（The Social Reckoning，本周在院线公映）中，扎克伯格成了一个配角。 这部由亚伦·索金编剧并执导的新片并没有对这位 Meta 首席执行官进行更深入的挖掘，而是将中心放在了当时的《华尔街日报》记者杰夫·霍维茨（杰里米·艾伦·怀特 饰）和 Facebook 举报人弗朗西斯·豪根（麦基·麦迪逊 饰）身上。两人致力于揭露该公司如何知晓其平台某些元素在造成伤害，却未能予以修复。由杰里米·斯特朗饰演的扎克伯格在叙事中若隐若现，但并不与主角直接互动。 “我们知道马克·扎克伯格必须参与其中，因为如果不让他出现，这部电影就没法拍，”制片人托德·布莱克表示，“但我们也知道，我们不想拍一部以马克·扎克伯格为中心的电影。” 这与前作相比发生了重大转变。前作同样由索金执笔，描绘了年轻的扎克伯格在哈佛大学宿舍创建 Facebook，并将其发展成为拥有 100 万用户的平台。由杰西·艾森伯格饰演的那个版本的科技创始人性格乖戾、语速极快，渴望攀登常春藤盟校的社交阶梯。 这部由大卫·芬奇执导、根据本·梅兹里奇的书籍《偶然的亿万富翁》改编的奥斯卡获奖电影，在塑造扎克伯格的公众形象方面起到了至关重要的作用，将其刻画成一个在创造一个重视“连接”的社交媒体现象过程中，失去了自己友情的野心勃勃的年轻人。 扎克伯格在 2014 年的一次问答中表示，这部电影“编造了很多我认为相当伤人的东西”。扎克伯格尚未对《社交清算》发表任何声明，Meta 的代表则拒绝置评。 在片场，以准备工作极其充分而闻名的斯特朗，即使在摄像机没有拍摄时也保持着扎克伯格的语调。索金在片场从未见过他脱掉戏服的样子。尽管扎克伯格在片中的戏份比在《社交网络》中少，但索金表示，他觉得斯特朗的一些反应，尤其是角色面对侮辱时的反应，非常符合原型。 “在杰里米的表演中，有些时刻我觉得我们比在《社交网络》中更接近马克，”索金说道。 然而，索金表示他从未见过或与扎克伯格交谈过，尽管在拍摄《社交网络》期间，他可以接触到扎克伯格身边的人。“这纯粹是我的想象，”他说。 扎克伯格从初创者到商业领袖的演变，并不是让索金想要拍摄这部续作的原因（前作曾为他赢得了奥斯卡最佳改编剧本奖）。 真正引起索金兴趣的是豪根和霍维茨的故事，后者目前就职于路透社。当索金了解到豪根对社交媒体影响的担忧，源于她失去了一位因在网上接触激进观点而改变的朋友时，他深受启发。 但索金并不想完全抛弃扎克伯格。“这一切需要一个具体的人作为目标，”索金说，“而马克就合适，因为他就代表了这家公司。” 索金为这部电影构思了一个不寻常的结构。扎克伯格在很大程度上存在于围绕豪根和霍维茨展开的叙事之外。相反，电影多次闪回到索金所描述的一出“单幕剧”中，场景设定在一天之内，讲述扎克伯格准备接受国会听证，而他的顾问们在指导他如何提升亲和力。 虽然扎克伯格在《社交清算》（The Social Reckoning）中的作用是代表脸书（Facebook）这一实体，但索金并没有完全排除进一步探讨这个人的可能性。 “听着，也许会有第三部分，届时我们会重新回到马克的大脑内部，”他说道。 ## 新闻测验 DANIEL AKST 1. 沃伦·巴菲特很喜欢 YouTube。据报道，他观看过的视频中不包括以下哪一项？  A. “乌兹别克斯坦好声音” B. 保罗·安卡的视频 C. 查理·芒格的演讲 D. 一部关于铅笔制造的纪录片 2. 德国警方以涉嫌间谍活动和企图叛国为由拘留了奥古斯特·汉宁。他在 1998 年至 2005 年期间担任什么职务？ A. 总理 B. 联邦情报局局长 C. 内部安全主管 D. 国防部长 3. 全球债券收益率正在飙升。哪个国家是一个显著的例外？ ○ A. 英国 ○ B. 法国 ○ C. 中国 ○ D. 日本 4. 一场加速蔓延的麻疹疫情——发生在哪个州？——已成为美国自 1991 年以来规模最大的一次。 A. 加利福尼亚州 B. 肯塔基州 C. 俄勒冈州 D. 宾夕法尼亚州 5. 加拿大的韦斯顿家族同意支付 89 亿美元 billion 收购哪家英国药店连锁店？ ○ A. Boots ○ B. Mackintosh 答案列在右侧填字游戏解答的下方。 摘自本周《华尔街日报》 ○ C. Pinafore ○ D. Gilet 6. 哪家公司已成为为杠杆 ETF 提供掉期融资的重要参与者？ ○ A. Ripple ○ B. Splash ○ C. Wave ○ D. Tsunami 7. 在面临选举之际，西班牙首相佩德罗·桑切斯正押注于哪个议题以维持权力？ A. 移民问题 B. 住房危机 C. 不断增加的公共债务 D. 中东问题 8. 底特律艺术学院有一个新的乔治亚·欧姬芙展览——主题是什么？ A. 花卉 B. 沙漠 C. 建筑 D. 自画像 9. 卡尔·戴瑟罗斯、彼得·海格曼和格奥尔格·纳格尔因在哪个领域的开创性工作而获得诺贝尔奖？ \- A. 量子光子学 - B. 扩散波光谱学 - C. 光遗传学 - D. 手性  # 游戏 # 数字谜题 这些谜题由全球最受欢迎的 YouTube 数独频道 Cracking The Cryptic 的 Simon Anthony 和 Mark Goodliffe 为《华尔街日报》精心策划。 杀手数独：桑给巴尔（由 CtC 提供） 适用普通数独规则。虚线框内的数字不能重复，且其总和等于所示数值。  意外（由 CtC 提供） 适用普通数独规则。沿环线的所有数字均为偶数。 沿温度计方向，数字从球形端开始递增。  ## 上周谜题解答 ## 杀手数独 7< / td><>17< / ><>4< / ><>9< / ><>12< / ><>1< / ><>8< / ><>3< / ><>6< / ><>18< / ><>2< / ><>5< / >< / tr><><>5< / ><>8< / ><>16< / ><>3< / ><>4< / ><>6< / ><>2< / ><>1< / ><>7< / ><>9< / ><>< / >< / ><><>2< / ><>19< / ><>1< / ><>13< / ><>6< / ><>7< / ><>9< / ><>5< / ><>13< / ><>22< / ><>4< / ><>3< / >< / ><><>19< / ><>2< / ><>6< / ><>1< / ><>13< / ><>6< / ><>7< / ><>9< / ><>8< / ><>5< / ><>3< / ><>18< / >< / ><><>4< / ><>6< / ><>5< / ><>12< / ><>3< / ><>2< / ><>1< / ><>9< / ><>7< / ><>9< / ><>8< / ><>< / >< / ><><>8< / ><>3< / ><>17< / ><>9< / ><>5< / ><>4< / ><>2< / ><>1< / ><>6< / ><>< / >< / ><><>1< / ><>7< / ><>4< / ><>11< / ><>8< / ><>3< / ><>15< / ><>6< / ><>9< / ><>5< / ><>2< / ><>< / >< / ><><>20< / ><>9< / ><>21< / ><>5< / ><>4< / ><>7< / ><>3< / ><>15< / ><>8< / ><>1< / ><>< / >< / ><><>3< / ><>5< / ><>8< / ><>12< / ><>2< / ><>1< / ><>9< / ><>4< / ><>6< / ><>7< / ><>< / >< / table> 如需查看前几周的谜题并与其他解谜者讨论策略，请访问 WSJ.com / puzzles。 [...OMITTED...] ## All Blacks 9< / td><>1< / ><>2< / ><>4< / ><>5< / ><>6< / ><>7< / ><>3< / ><>8< / >< / tr><><>3< / ><>7< / ><>8< / ><>1< / ><>2< / ><>9< / ><>6< / ><>5< / ><>4< / >< / ><><>6< / ><>4< / ><>5< / ><>8< / ><>7< / ><>3< / ><>1< / ><>9< / ><>2< / >< / ><><>7< / ><>3< / ><>1< / ><>2< / ><>8< / ><>4< / ><>5< / ><>6< / ><>9< / >< / ><><>5< / ><>2< / ><>4< / ><>9< / ><>6< / ><>7< / ><>3< / ><>8< / ><>1< / >< / ><><>8< / ><>9< / ><>6< / ><>5< / ><>3< / ><>1< / ><>2< / ><>4< / ><>7< / >< / ><><>4< / ><>5< / ><>9< / ><>6< / ><>1< / ><>2< / ><>8< / ><>7< / ><>3< / >< / ><><>2< / ><>8< / ><>7< / ><>3< / ><>4< / ><>5< / ><>9< / ><>1< / ><>6< / >< / ><><>1< / ><>6< / ><>3< / ><>7< / ><>9< / ><>8< / ><>4< / ><>2< / ><>5< / >< / table> 如需查看谜题解答，请访问 Cracking The Cryptic YouTube 频道的《华尔街日报》播放列表。 ## In the Pits  ## Labyrinth  新闻测验答案：1.D, 2.B, 3.C, 4.D, 5.A, 6.A, 7.B, 8.C, 9.C # 华尔街日报周末益智游戏 由 MIKE SHENK 编辑  Under the Weather / 作者：Alan Olschwang 横向 1 储物柜中的众多成员之一 8 来自谷歌或亚马逊的产品 14 旧时的一种联系方式 20 法庭上的完封 21 轻轻拍打 22 用于融化冬季人行道的盐 23 曾是世界第四大湖 24 “针对敏感肌肤的燕麦力量”品牌 25 奥尼尔作品中的职业 26 《再见，孩子们》的导演 27 获得 27 项格莱美奖的 Kendrick 29 巧克力慕斯的特质 31 升（Ltr.）的伴随单位 33 像通过电子邮件发送的文件 36 护卫舰或货轮 39 阿富汗的邻国 42 回到 43 为幼犬驱除寄生虫 46 品种 47 也许是遵循某种模式 49 戴着顶印有指南针玫瑰和 S 字母帽的球员 51 森林狼 52 偷袭 54 1990 年代的舞蹈热潮 56 拥有网站的卖家 59 像锚一样脱离底部 61 佛罗里达 63 重新耕种和种植 64 “离远点！” 65 温和的 66 搜寻队伍？ 68 距离委内瑞拉海岸 18 英里的岛屿 70 格言 72 “尝尝这个！” 73 游戏节目中的快速环节 77 适合女王的 79 潜行刺客 83 侵占 84 在绘图中，横坐标的对应项 86 巴黎人的热情 87 美少年 89 皮肤舒缓剂 91 机翼 92 圆滑的技巧 93 珍爱的 95 黎明女神 97 阿卡普尔科的叔叔 98 出租车路线 99 父亲身份 101 夜行飞禽 103 像羊驼一样 105 壮丽 107 尼泊尔的邻国 109 未来的青蛙 112 来自莫尼汉火车大厅的快车 115 例如无法无天的美国西部 119 荷鲁斯的父亲 120 远超 123 18 世纪的俄罗斯统治者 125 吕宋岛上的首都 126 拥有写作天赋的人？ 127 宗教隐士 128 随机的 129 摇摆不定的状态 130 压力较小 纵向 1 诗歌活动 2 60 分钟（西班牙语） 3 橄榄球的形状 4 Kane 的扮演者 5 古巴勒斯坦的苦行僧 6 食品作家 Drummond 7 停止奔跑 8 Cioppino（海鲜炖汤）的一员 9 基拉韦亚火山的喷发物 10 演唱剧 11 利用 12 道场等级 13 储藏室的用途 14 故作时髦的 15 位于比利时和荷兰边境的德国城市 16 威士忌的选择 17 ceviche（柠檬腌鱼）的汁液 18 简写形式的客人们的猜测 19 温馨的地方 28 埃及的主权象征 30 共情的话语 32 Blondie 乐队的鼓手 Burke 34 拉丁流行乐的 Lopez 35 支付固定费率的人 36 也许拥有数百万次观看量 37 发送 38 以某种方式避免 40 Range 品牌 41 石灰岩景观 43 尼克斯队老板 James 44 普利策奖得主评论家 Roger 45 \_\_\_\_ 议会（审判马丁·路德的议会） 48 寿司调料 50 法庭上的第二次机会 51 在世的日子 53 也许是准备种植 55 用火腿、猪肉、瑞士奶酪、酸黄瓜和芥末制成的三明治 57 等待时的辅助工具 58 希腊萨罗尼克湾的岛屿 60 进入的方式 62 规划的主题 67 Chantels 组合的歌手 Smith 69 容易出错者的菜单选择 71 出席 73 某种类型的发明家 74 有用的建议 75 销售数字 76 以某种方式惩罚 78 理论物理学家 George 80 《洛伦佐之油》中的 Nick 81 厨房里的孩子 82 烈火重罪 85 澳大利亚牲畜的威胁 88 悬崖边的碎片 90 分泌蟾毒素 94 油画的油源 96 白兰地杯 99 像顽劣的英国人一样 100 “那是肯定的！” 102 饶舌歌手 Wayne, Kim 和 Yachty 的共同开头 104 “这是在挑战我吗？” 105 桅杆延伸部分 106 基于酸奶的调料 108 邋遢的人 109 大胃王 110 备忘录中的“尽快” 111 燧石镇的宠物 113 水管问题 114 文学女主角的姓氏 116 “Here \_ heavenly Paradies dwell”：《失乐园》 117 非正式的夜晚 118 奖励计划等级 121 喧闹 122 加入陪审团 124 叙事诗中的“之前”  ## 藏头诗谜题 / 作者：Mike Shenk 解题方法：将线索的答案填写在带数字的横线上。然后将每个字母转移到网格中对应的数字方格内，即可拼出一句从左向右阅读的引语。黑格用于分隔引语中的单词。在单词列表和网格之间反复操作以完成谜题。完成后，单词列表中答案的首字母将拼出作者的姓名以及引语的来源。 A. 尼莫船长的潜水艇是由无缝橡胶制成并带有铜质加固件的（2个单词） 141 42 107 216 196 170 129 58 95 3 B. 1992年获得最佳影片提名的罗伯·莱纳电影（4个单词） 145 74 185 172 33 118 18 57 209 41 97℃. 卡西莫多和让·法尔让的创造者（2个单词） 149 35 86 71 208 195 182 11 49 133 D. 成功产生预期结果的 20 161 184 121 204 8 105 61 38 93 77 E. 一种传家宝番茄品种，其名称与1777年的一处战场相同 127 79 189 202 51 174 68 108 12 213 F. 无止境地延续（2个单词） 69 13 130 144 39 106 24 169 G. 阿米什青少年的成年礼，以洗礼或离开社区告终 66 25 139 1 177 211 114 43 167 128 H. 1997年理查德·基尔主演的背景设定在中国的惊悚片（2个单词） 55 37 186 157 87 16 137 73 119 I. 1945年《快枪手》（Hare Trigger）中引入的火爆角色（2个单词） $\overline{85}$ $\overline{65}$ $\{163\}$ $\{198\}$ $\{102\}$ $\{5\}$ $\{151\}$ $\{32\}$ $\{206\}$ $\{178\}$ $\{120\}$ $ 154 31 76 52 190 109 K. 一种受欢迎的庭院花卉，其名称源自希腊语中的“起重机 / 鹤” 123 183 9 48 104 165 156 135 L. 不太引人注意的 205 122 23 40 89 175 101 155 75 193 63 M. 在Billboard一项投票中被评为1980年代最佳舞曲单曲的麦当娜歌曲（3个单词） O. 因《纯真时代》而获得第三届普利策小说奖的作者（2个单词） P. 1964年由谢尔·西尔弗斯坦创作的儿童书（3个单词） $\frac{78}{100}$ $\frac{194}{47}$ $\{162}{215}$ $\{91}{17}$ $\{7}{30}$ $\{180}{126}$ $\{142}{142}$ Q. 极其成功或受欢迎的（3个单词） 192 117 132 147 168 45 59 72 103 90 4 212 S. 一个被五个内陆国家包围的亚洲内陆国家 34 111 92 153 67 179 22 124 136 166 T. 1976年艾尔·斯图尔特的专辑及其同名歌曲（4个单词） 138 50 201 29 115 14 94 171 187 217 159 60 U. 例如海牛或儒艮 36 110 134 218 88 148 21 199 ▶ 本周《华尔街日报》周末谜题的答案将在下周六的报纸中公布。请在 WSJ.com / Puzzles 在线解填字游戏，获取解密谜题的技巧并参与所有谜题的在线讨论。  # 米兰达·兰伯特通过有氧运动提升歌唱水平 这位音乐人仍在消化《Choosin' Texas》带来的成功，这首歌是由她共同创作并共同制作的破纪录作品。 作者：ELIAS LEIGHT  米兰达·兰伯特共同创作并共同制作了埃拉·兰利（Ella Langley）的《Choosin' Texas》（左图）。这首歌创下了 Hot 100 记录。 米兰达·兰伯特喜欢在轻松的氛围中进行歌曲创作。“在门廊上拿着把吉他，喝几瓶啤酒，那是我最喜欢的创作方式，”这位乡村音乐之星说道，“而不是‘让我们从 11 a.m. 写到 2 p.m.，然后我还得去接孩子’。在这种匆忙的状态下，我无法进入真正良好的创作状态。” 正是这种在门廊上的悠闲时光，促成了埃拉·兰利的《Choosin' Texas》，而兰伯特共同创作并共同制作了这首歌。该曲近期创下记录，在 Hot 100 榜单上连续 24 周位居第 1 名。类似的创作环节也激发了兰伯特新专辑《Crisco》中的曲目，该专辑灵感源自 20 世纪 70 年代末和 80 年代的律动乡村音乐。“这是该流派中我一直热爱但从未探索过的领域，”她表示。 兰伯特，42, 住在纳什维尔，与她的丈夫布伦丹·麦克劳林（Brendan McLoughlin，一名退休警察）在一起。在 9 月的一次纽约之行中，就在乡村音乐协会宣布她再次获得 7. 项奖项提名之前，这位明星谈到了她对有氧运动的厌恶、共同经营唱片公司，以及与兰利共同创作那首风靡全球的歌曲。 **你早上几点起床？** 周一就像音乐人的周六或周日，因为我们在周末工作。通常我起得很早，因为我睡得早。我大约在 6:30 到 7. 点之间起床。我做的第一件事就是放狗出去，然后催促我丈夫去煮咖啡。如果他不在家，我就自己煮。 **立刻喝咖啡？** 我是那种“咖啡 immediately 或我无法正常运转”的人。我知道有些人会说，“你应该喝柠檬水。”但如果不喝杯咖啡，我甚至无法思考。然后我会阅读当天的经文，做一个简单的祷告，接着去散步。散步能让我的头脑清醒。 **你通常有多少个周末演出？** 今年我演了大约 27, 场，分布得比较分散。还不算太糟糕。我现在不再连续演 3 场了，所以压力减轻了一些。 **你早上锻炼吗？** 我散步。我们刚建了一栋新房子，买了一台 Tonal [家用健身设备]。在那上面可以做所有运动，所以我很喜欢。我讨厌有氧运动，但为了唱歌我需要它，所以我尽量坚持。我还做普拉提，并且通过骑马来锻炼。有时周一会是骑马日。我尽量保证每周 5 次，每次散步 3 到 5 英里。 **你大多数日子都会尝试写歌吗？** 我会有爆发期。我喜欢与其他艺术家一起创作，因为我喜欢进入他们的思维模式，从而跳出自己的思维。我现在几乎不再独自创作了，我正努力改善这一点。即使只是作为一种练习，坐下来拿着吉他待 10 分钟也很重要。 很多时候，我会邀请人们过来，在后门廊上创作。我热爱在户外创作，尤其是天气好的时候——喝着桃红葡萄酒，坐在户外，写几首歌。我最喜欢的方式是说：“嘿，大家，我们去某个人的牧场，或者你们来我的农场待三天。” **你是如何开始与兰利合作的？** 我的朋友卢克·迪克（Luke Dick）是一位了不起的词曲作者，他当时说：“嘿，我和埃拉约了几个日期，你应该一起来。”与此同时，我在纳什维尔的一个小型颁奖礼上见过她。那时我就能感觉到她像把手枪一样干脆利落。 当我们与卢克和乔伊贝丝·泰勒（Joybeth Taylor）进行创作会议时，她完全掌控了局面。她非常清楚自己想要什么，声音和方向应该是怎样的，只需要一个助手来帮忙。我在她身上看到了很多自己的影子，那种火热的“我知道我想要什么，我就要去把它拿到手”的态度。 乔伊贝丝说，歌中提到的乔治·斯特雷特（George Strait）的梗——“他总是 ## “她非常清楚自己想要什么，想要什么样的声音和方向，只需要一个助手来帮忙。我在她身上看到了很多自己的影子。” 米兰达·兰伯特 (MIRANDA LAMBERT) **“我爱‘清晨的阿马里洛’ / 我本该将其视为警告”——这是你的作品吗？** 这是一次真正的共同创作。乔伊贝丝 (Joybeth) 说一句，埃拉 (Ella) 说一句，卢克 (Luke) 说一句，我也说一句。现在这首歌席卷了整个地球。太疯狂了。我们谁都无法相信。我们在群聊里不停地问：“到底发生了什么？”全世界都在发现乡村音乐——并且热爱它。 **你的新专辑将乡村音乐与迪斯科相结合，这对你来说是一种全新的风格。** 我和克里斯·斯塔普尔顿 (Chris Stapleton) 有一首叫作《一首歌》(A Song to Sing) 的歌，它是向 [肯尼·罗杰斯 (Kenny Rogers) 和多莉·帕顿 (Dolly Parton) 的] 《溪流中的岛屿》(Islands in the Stream) 致敬。这开启了这种全新的氛围。我在声音方面确实挑战了自己。我从未录制过弦乐。这对我来说意义重大，因为它富有情感。 **自 2023 年起，你还经营着一家名为 Big Loud Texas 的唱片公司。站在唱片公司方的角度与站在艺人方的角度有什么不同？** 很奇怪；现在我真正理解了很多早年被要求去做的事情。[二十年前]，我会觉得：“我自己能搞定；不需要任何人发表意见。”现在我会说：“噢，抱歉，伙计们。你们当时可能确实知道自己在做什么，而我根本没在听。” 你必须学习如何给出反馈。我们的艺人们大多知道自己想要什么。你可以给他们一些提示。 **与你出道时相比，看到如今这个社交媒体不间断时代的艺人们成长起来，有什么不同？** 在某种程度上我对此感到嫉妒，但另一方面，我不知道他们是怎么做到的。对我来说这非常困难。我在尝试，但我总能做得更好。当你职业生涯的前半段完全没做这些，而后半段又做得过头时，这很难。我当年真的是把海报钉在电线杆上——“本周五在此演出”。我妈妈开车带着我跑遍德克萨斯州所有的广播电台，一家家敲门：“我能唱几首歌吗？”而现在则是不断的发布动态。我的手机里没有安装 TikTok。我不需要更多的干扰。 *本次采访经过编辑和删减以确保清晰* 杰作 / 英格玛·伯格曼 (INGMAR BERGMAN) 的《人格面具》(PERSONA) (1966) # 印象主义电影 作者：彼得·汤古特 (PETER TONGUETTE) 由于英格玛·伯格曼 (Ingmar Bergman) 的电影探讨哲学、神学以及家庭生活这一复杂领域中的宏大主题，许多观众倾向于将其视为一种脑力锻炼——与其说是在欣赏一件艺术品，不如说是在听一场讲座。 然而，即便是在伯格曼那些最具纲领性的电影中——即那些思想驱动力与氛围、风格或情节同样强大的作品中——他也充分利用了电影的美学词汇：光线、构图，有时是色彩，以及始终贯穿其中的声音或音乐。想想《第七封印》(1957) 中死神向摄像机蹒跚而来的方式，或者《冬日之光》(1963) 中平淡的阳光如何洒满教堂。 即便如此，伯格曼的一些作品比其他作品更突出其电影特质，其中最主要的就是 60 年前上映的这部令人眩晕地难以捉摸、带有幽灵般模糊感的戏剧作品《Persona》。该片由莉芙·乌尔曼 (Liv Ullmann) 饰演名声显赫的演员伊丽莎白·沃格勒 (Elisabet Vogler)，她在舞台上发生一起意外后进入了自我诱导的沉默期；比比·安德森 (Bibi Andersson) 饰演护士阿尔玛 (Alma)，她负责照顾伊丽莎白，但与她的亲近导致了温柔、紧张甚至移情现象的产生。 对于这位编剧兼导演而言，这部电影代表了一种从过去某些作品所受约束中的解脱。“那种认为必须不惜一切代价地让人理解的福音……终于可以见鬼去了（那才是它该去的地方！），”伯格曼在《影像：我的电影人生》(1990) 中写道。他继续写道，在《Persona》和《呼喊与低语》(1972) 中，“我触及了只有电影才能发现的无言秘密。” 从一开始，伯格曼就采用了印象主义的手法。他以一声尖叫开场，随后转为弦乐的搅动——这成了随后一组混乱图像的阴森伴奏，这些图像与接下来的故事没有直接联系，包括一段动画、一只退缩的蜘蛛和一只被宰杀的动物。直到这个惊人序列的末尾，伯格曼才呈现主角，但她们模糊且变幻的形象完全脱离了语境：伊丽莎白和阿尔玛是以特大照片的形式出现，被一个要么是梦见了、要么是观察到了此前那些图像的男孩审视着。 即便在《Persona》进入故事情节之后，伯格曼依然致力于让观众感到迷失。当阿尔玛被召集到医生办公室了解伊丽莎白的病症时，那个空间——就像伊丽莎白的房间本身一样——毫无特色，几乎没有任何装饰。这些场景不仅暗示了枯燥，而且将注意力集中在演员们迷人的面孔上。“起初，她的脸看起来很柔软，几乎像孩子一样，但随后你看到了她的眼睛，”阿尔玛在初次见面后这样评价伊丽莎白。在大师级摄影师斯文·尼奎斯特 (Sven Nykvist) 敏锐且不紧不慢的特写镜头下，我们有充足的时间来思考阿尔玛分析的准确性。 伯格曼对伊丽莎白病情的解释仅是轻描淡写，随后便跳过了。在某个时刻，她似乎对电视上关于越南战争的报道（显示一名僧侣自焚）感到痛苦；她对成为母亲的不快也被提供为一个合理的解释。当阿尔玛和伊丽莎白退隐到海边的夏季住所（据推测是为了促进这位演员的康复）时，大多数观众会认为事情将得到澄清。相反，伯格曼将重心转移到了阿尔玛身上——她将伊丽莎白当作一个沉默的倾听者，揭露内心感受和潜藏的记忆，包括一次古怪的海滩幽会。安德森在这里扮演的角色更具表演空间，因为她在没有回应的情况下喋喋不休，并在伯格曼的  比比·安德森和莉芙·乌尔曼，该片的主演。 创意调度中从一个地点移动到另一个地点，但乌尔曼女士在保持沉默观察状态的同时，通过隐忍如此之多却依然能传达出一种物理力量感，以及一种警觉的、或许带有审判意味的存在感，同样令人印象深刻。 在随后的一个场景中，伯格曼抛弃了语言，沉溺于他在反思《Persona》时提到的“无言的秘密”：当阿尔玛在熟睡时，伊丽莎白穿着睡衣，像幽灵一样从相邻的房间出现在视野中。伴随着雾笛的声音，她在阿尔玛的房间里徘徊。惊醒的阿尔玛加入了伊丽莎白，两人在镜中审视彼此的面孔——这是一次关于相似与差异的探讨，令人回味无穷。 伯格曼注意到阿尔玛对伊丽莎白时而交替、且往往矛盾的态度。在得知伊丽莎白写了一封信，承认研究阿尔玛让她感到“有趣”之后，这名护士故意弄碎了一个玻璃杯，但没有扫除最后一片碎片——好让那位女演员被其割伤（事实也确实如此）。而在其他时候，她又后悔破坏了两人的关系，尽管她负责照顾伊丽莎白，但她依然确认了自己卑微的地位。 在整个过程中，伯格曼巧妙地但绝非僵硬地强调两人之间的平行关系，甚至在一些与丈夫出现的场景中，让阿尔玛似乎替代了伊丽莎白的位置。伯格曼的电影具有足够的包容力，可以融入一个胶片被烧毁的模拟瞬间，以及另一个伊丽莎白似乎在为我们——观众——拍照的瞬间。这些片段即便无法完全理解，也值得细细品味。 《Persona》就像那些玻璃碎片：灿烂但破碎。阿尔玛在某个时刻说道：“没有什么能契合在一起”，但它们确实以一种有趣的方式契合了——不是在理性上，而是在直觉上。这部独特的电影是对每一双眼睛背后那片未知之地的自由形式冥想，即便像伊丽莎白和阿尔玛那样如此契合的双眼也不例外。 汤格特先生（Mr. Tonguette）是《华盛顿审查报》的生活与艺术编辑，为该刊撰写电影评论。 并非圣特罗佩  THE NET（网格） 穿过一个离地货运网，以测试功能性力量与协调能力。 # 游戏项目 地狱之火 (THE INFERNO) 在风阻单车上骑行四分钟，测试身体一次能利用多少氧气。 高低跨越 (THE OVER UNDER) 翻越箱子并从围栏下爬过，测试灵活性和爆发力。 悬挂 (THE HANG) 尽可能长时间地悬挂在单杠上，测试握力。 走钢丝 (THE TIGHTROPE) 拿着一根装满水的粗管在平衡木上行走，测试稳定性。 # 挑战 # 衰老 “超级老人”们在 80 岁之后依然生活得健康且充满活力。一项全新的比赛邀请普通凡人也尝试成为其中一员。 插图：作者正在进行“突触”测试，该测试使用 NeuroTracker 计算机程序来衡量认知能力；一名参加超级老人运动会 (Super Age Games) 试运行的参与者。 作者：JAMIE WATERS 我报名参加了一场长寿健身比赛，以了解自己的衰老情况。而所有迹象——普遍的疲劳感、酸痛的前臂、鱼尾纹——都指向了“老”。 在第一个项目（障碍赛）开始没几步，我就在我们需要翻越的一个大木箱上撞到了膝盖。随后，我拿着一根巨大的水管在平衡木上摇摇晃晃，样子像个镇上的醉汉。在附近，一名赤裸上身的肌肉男飞快地跑过绳网，而一些老奶奶们则悬挂在高杠上。这感觉就像参加那些为了搞笑而表演古怪特技的日本综艺节目——只不过在最后，你会得知自己离死亡有多近。 这是超级老人运动会 (Super Age Games) 的一次试运行。这项赛事将人们对在晚年维持健康福祉日益增长的热情游戏化。其挑战项目通过衡量认知和身体素质，以“年龄”的形式给出评分。每个人都希望得分比实际年龄更年轻。 这是一场友好的竞争——可以将其想象成结合了脑力谜题和集体拥抱的 CrossFit。或者，正如创始人大卫·斯图尔特 (David Stewart) 所言，这是一场“欢乐的庆典”，请参阅 D4 页。 ## 内部推荐 下次前往地中海度假时，可以考虑将土耳其的博德鲁姆 (Bodrum) 作为传统热门景点的替代方案 D6 青酱之选 (PICK OF THE PESTO) Canyon Coffee 联合创始人艾莉·沃尔什 (Ally Walsh) 如何让她的日常习惯及其主食保持趣味性 D8 极致力量 (THE ULTIMATE FLEX) 从健身房到大银幕，女性肱二头肌正成为关注焦点 D7 圣罗兰 (Saint Laurent) # 秀场速递 2027年春季时装季的10个关键要点：本季膝长裙盛行，且不乏吸睛的噱头 作者：CHANTAL FERNANDEZ 在周二于巴黎收官的2027年春季时装周期间，业界的关注点并不总是在于夹克的剪裁，还包括针对阶级焦虑和人工智能（AI）的噱头。以下是本季秀场内外最亮眼的时刻。 **香奈儿（Chanel）和 Dries Van Noten 是设计师大洗牌的赢家** **发生了什么** 在十几个奢侈品牌任命新设计师担任创意总监一年后，这次洗牌的赢家已然显现，其中包括香奈儿的 Matthieu Blazy 和 Dries Van Noten 的 Julian Klausner。两位设计师在没有疏远核心客户的情况下，为品牌注入了新活力。 **如何解读** 一种充满快乐、富有工艺感的极繁主义正在取代“静奢风”（quiet luxury）。 **圣罗兰（Saint Laurent）让业界陷入悬念** **发生了什么** 圣罗兰最新的发布会看起来确实像是 Anthony Vaccarello 的告别之作，他担任该品牌设计师已有10年。这场秀在塞纳河对岸、正对着埃菲尔铁塔的金色闪亮 T 台上举行，服装几乎全部为金色。演出在 Vaccarello 交出钥匙时达到高潮，他将钥匙交给了在观众席上的小儿子。 **如何解读** 拥有圣罗兰以及古驰（Gucci）和 Bottega Veneta 的开云集团（Kering）在演出10天后确认了 Vaccarello 的离职。这次设计师更替发生在公司关键的时刻，该公司在经历了多年的低迷后正开始显现复苏迹象。 ## 安娜·温图尔（Anna Wintour）全力押注 AI **发生了什么** 在《Vogue World》——该杂志一年一度的售票秀场盛会——上，Unitree Robotics 的类人机器人步履蹒跚地走在米兰埃马努埃莱二世长廊的 T 台上。此次活动的赞助商包括 Meta Glasses 和 OpenAI。亲科技的信息也渗透在《Vogue》对此次活动的宣传中，包括在一段带有 AI 生成特效的视频中，将超模 Vittoria Ceretti 塑造为“Vittori-AI”。 **如何解读** 在人们对人工智能未来的广泛担忧之中，《Vogue》正在拥抱新技术以及从中获利的公司。 ## 瞄准亿万富翁的时尚品牌 **发生了什么** 通过将复杂的晚装与反资本主义评论相结合，Matières Fécales（或译为“粪便物质”）在过去一年中脱颖而出，成为一名瞄准 1% 富人群体的顶级时尚挑衅者。该品牌将其最新的时装秀聚焦于 99% 的大众，而这种聚焦通过一种方式得到了强化：在全是非白人肤色的模特阵容中，一些模特背上扛着被美钞蒙住眼睛的西装男模特。 **如何看待** 大多数奢侈品牌正优先考虑全球最富有的购物者，因为这些人贡献了其销售额的大部分。对 Matières Fécales 的关注表明，批评精英阶层能够吸引眼球。 本页（从右上角起顺时针方向）：GETTY IMAGES；IKER ALMEDA；GETTY IMAGES；GORUNWAY；CHANEL。对面页（从左上角起顺时针方向）：FILIPPO FIOR；PRADA；INDIGITAL；JL SANDER；STEVEN MESEL；PETA；DARREN GERRISH / GETTY IMAGES；MCQUEEN；GUCCI。 **裙装成为本季趋势** **发生了什么** Miuccia Prada 和她的共同创意总监 Raf Simons 将整个系列都献给了 Prada 最喜爱的单品。Prada 的时装秀展出了 63 款及膝裙——有些是褶皱的，有些是刺绣的，有些则用魔术贴连接在一起。这款本季单品在 Chanel、Dries Van Noten、Jil Sander 和 Kallmeyer 的秀场上也十分抢眼。 **如何看待** 这种传统家庭主妇（tradwife）的必备单品现在有了新的时尚吸引力。准备好在从巴黎街头到沃尔玛（Walmart）的任何地方看到极具存在感的裙装吧。 **PETA 锁喉事件后一名高管下台** **发生了什么** 当反对羊毛的 PETA 活动人士从人群中走上纽约的一场秀场 T 台时，美国时装设计师协会（CFDA）负责人 Steven Kolb 粗暴地将其中一人按在地上，并推了另一人。这场令人震惊的冲突被视频记录下来。Kolb 在 Instagram 的一份声明中表示道歉，并 # 我不仅仅是纸面上的那个我。 是时候让你的技能发光了。寻找突破学位筛选和刻板印象等障碍的资源。是时候撕掉限制 STARs（通过替代路径获得技能而非学士学位的劳动者）的“纸质天花板”了。 TEAR THE PAPER CEILING.ORG 在不到一周后辞职。**如何看待** Kolb 领导 CFDA 20 年，该组织目前正在寻找新领导者，这可能会改变纽约时尚界的权力格局。与此同时，PETA 证明了在抗议时装秀多年后，其噱头手段依然能制造头条新闻。 Alexander McQueen ## Gucci 发出并不含蓄的购物恳求 **发生了什么** 在 Balenciaga 和 Vetements 担任影响力深远的职务后，创意总监 Demna 去年加入 Gucci，旨在帮助这家被多年销售下滑所困扰的意大利巨头品牌实现扭转。他以制造噱头著称，为最新的时装秀构建了一个幻想版本的 Gucci 旗舰店，并起用社交名流和网红担任模特。 **如何看待** Demna 对 Gucci 的诠释虽然具有娱乐性且评价两极分化，但该品牌仍然缺乏在 Alessandro Michele 和 Tom Ford 执掌的鼎盛时期那样能够推动产品销售的热度。 ## 约翰·加利亚诺在 Zara 的首秀引发关注——且销售迅速 **发生了什么** 在明年 Met Gala 庆祝约翰·加利亚诺（John Galliano）的计划因该设计师此前反犹太主义和种族主义言论再次受到审查而被取消几周后，加利亚诺为 Zara 设计的首个系列在巴黎时装周亮相。该系列让人回想起他为迪奥（Dior）和 Maison Margiela 设计的作品——且因其非快时尚的定价（包袋 699 美元，连衣裙 359 美元）而引发关注。部分款式在发布后几天内便售罄。 **如何看待** 在 Met Gala 及其相关展览再次引发对其职业生涯遗产的质疑之前，加利亚诺作为设计师已悄然重获成功。消费者可以自行决定是否在意他的名声。他的最新系列证明，他的愿景依然具有市场吸引力。 ## 一件爆火的 100 美元 T 恤的续作 **发生了什么** 新锐设计师康纳·艾夫斯（Conner Ives）因其刺绣丝绸裙和皮草边外套而深受上东区女性喜爱。但他更出名的是一件售价 100 美元的 T 恤，上面写着“保护玩偶”（Protect the Dolls），这件衣服被 本季裙装 [图片] 从左至右，普拉达（Prada）、Kallmeyer 和吉尔·桑德（Jil Sander）的廓形十分突出。 许多前卫流行歌手和电影明星在网络内外穿着（收益捐给了非营利组织 Trans Lifeline）。本季，艾夫斯推出了后续的新款 T 恤，售价 180 美元，上面写着“找回羞耻感”（Bring Back Shame）。 **如何看待** 艾夫斯似乎具备了当今时尚界突围所需的两种特质——一种能支撑奢侈品定价的愿景，以及一种能触达大众的、具有模因（meme）潜质的幽默感。 伦敦重回时尚版图 **发生了什么** 亚历山大·麦昆（Alexander McQueen）在创意总监肖恩·麦吉尔（Seán McGirr）的带领下仍在寻找定位，该品牌在伦敦举行了自 2001 年以来的首场秀。与此同时，克里斯托弗·凯恩（Christopher Kane）在 2000 年代后期以霓虹设计点亮伦敦时尚界，随后在 2023 年关闭其同名品牌，如今他带着为 Mulberry 设计的极具潜力的首个系列回归。 **如何看待** 长期以来，伦敦一直以拥有前卫但商业影响力不大的独立设计师而闻名。如果这些回归能够取得成功，其时装周可能会重新证明自己不仅仅是通往巴黎的跳板。 [图片] 约翰·加利亚诺的 Zara 首秀 SKECHERS 舒适即技术 # 极致舒适解决方案 ArchFit 足科医生认证足弓支撑 SKECHERS. 纽约第五大道 745 号 1210 室 212 702 9040 • BELPERRON.COM # 玩转生命之局 接 D1 页 反对“在地下室里变得古怪的科技男”。 “超级长寿者”（superager）是指 80 岁以上且拥有远比实际年龄年轻的心理和生理能力的人。科学家无法确定为什么这种情况发生在某些人身上而不在其他人身上。老年时期的繁荣长期以来与世界所谓的“蓝色地带”（Blue Zones）联系在一起，在那里的意大利和希腊祖母们凭借丰富的社交生活、均衡的地中海饮食以及充足的阳光和红酒，在百岁高龄依然开怀大笑。相比之下，在当今美国，亿万富翁们将长寿视为一份全职工作，将自己锁在低温治疗舱中，定期注射多肽，使追求永生的过程看起来毫无乐趣。即使是我们这些对健康仅有浅层兴趣的人，也会佩戴追踪睡眠、运动和心血管年龄的设备。 ## 这是一场友好的竞争——可以将其想象成结合了智力谜题和集体拥抱的 CrossFit 健身赛。 由纽约媒体及长寿品牌 Super Age 与巴克衰老研究所以及（Buck Institute for Research on Aging）合作创建的“超级年龄运动会”（Super Age Games）包含八项活动。这些活动旨在测试健康老龄化的关键指标，包括有氧耐力、灵活性、情绪识别能力和握力。赛后，每位参与者都会获得一个“超级年龄”——这是一个基于当天表现和自述生活习惯而得出的数字。这些数据点将与同性别、同年龄组的其他竞争者，以及美国男女的平均体能和生活习惯进行对比评分。“我们提供的是一个基于证据的近似值，而不是一个用来规划遗产的数字，”斯图尔特（Stewart）说道。他今年 67 岁，但看起来很容易被认为只有 50 出头，且拥有励志演说家般的沉稳气质。“很多人觉得衰老是一个必须默默忍受的残酷现实，但你其实可以对这些指标产生巨大的影响。” 西北大学医学教授兼 Potocsnak 长寿研究所所长道格拉斯·E·沃恩（Douglas E. Vaughan）博士表示，根据目前的认知，超级长寿者共同拥有的最重要特质是强烈的社会连接感和家庭观念。斯图尔特表示，这场运动会采用节日般的面对面形式，正是为了挖掘这种社交能力。 我正值 30 多岁，经常锻炼，但并不追踪任何数据。我想看看我的高强度间歇训练（HIIT）课程和公园跑步能转化为某种更有意义的东西。虽然我很乐意为同龄人加油，但我也想赢。 在正式比赛之前的试赛中（首届正式运动会将于 11 月在纽约举行），参赛者们一边吃着香蕉和蛋白棒，一边兴奋地聊天。在像体育馆一样的房间里，到处是佩戴 Oura 戒指、Whoop 手环的人以及 A 型人格者。规模最大的群体并非我预想中的科技男，而是 30 到 60 岁的女性。 许多参与者将此视为衡量体能的机会。“我只想保持独立，”75 岁的退休学校助教朗达·埃德里希（Rhonda Edreich）说，她每周与教练一起锻炼五天。“我想陪伴孙辈，我想享受生活，我想去参加野生动物游猎。” 询问人们认为自己何时会去世是不礼貌的，所以我询问每个人对他们“超级年龄”的预估。大多数人的目标是比实际年龄年轻 5 到 10 岁。 “我只想完成比赛且不死掉，”78 岁的苏珊·斯塔普尔顿（Susan Stapleton）说，这位前助产护士正与一群年长女性一起评估障碍赛道。她在过去两年里一直在健身房锻炼身体。“否则，我绝不敢尝试这个。” 哈里森·克雷帕克（Harrison Krepack）是作者的竞争对手，他让比赛看起来轻而易举。他的兄弟亚伦（Aaron）在封面右上角同样显得灵活。 Super Age 创始人大卫·斯图尔特（David Stewart，居中）向参与者解释风阻单车的工作原理。 亚伦和哈里森·克雷帕克兄弟均在 30 多岁，他们是在父亲的敦促下参加的。他们的父亲是一位 73 岁的健身爱好者，并将参加 11 月的比赛，亚伦说他“是我们的榜样”。两兄弟都曾是大学足球运动员，但表示如今除了骑行外，并不怎么锻炼。我立刻喜欢上了他们，并且极度渴望击败他们。 非常不礼貌的是，事实证明他们强得离谱。其中一人在平衡木上跳跃，像西蒙·拜尔斯（Simone Biles）一样。另一人被斯图尔特告知，他在一项网球追踪认知挑战（一种被 F1 赛车手、执法人员和华尔街交易员使用的计算机程序）中的得分“几乎达到了 CIA 级别”。 下午中途，我发现自己正用力蹬着那台令人心碎且阻力巨大的风扇单车，肺部在剧烈地抗议，内置的风扇对着我的脸猛吹。根据活动网站的说法，风扇单车测试的是身体一次能利用多少氧气，而这正是“预测一个人能健康生活多久的最强单一指标”。在这台机器上坚持了四分钟后，我简直希望自己已经死了。 曾任助产护士的斯塔普尔顿（Stapleton）就在我身边蹬车。下车后，我们的腿都像果冻一样发软，我们击掌庆祝并计划下一步行动。她告诉我，为了让测试变得更容易忍受，她在脑海中不断重复一段咒语： 快乐，快乐， 年轻，年轻， 健康，健康， 活力，活力， 强壮，强壮。 Super Age 的主教练朱尼尔·肯尼迪（Junior Kennedy）建议进行这套循环练习，以增强握力、腿部力量和协调能力。每项练习重复两到三次，并根据需要休息。 交叉爬行行进：快步行进 60 秒，同时用手触碰对侧的膝盖。 桌面侧移：起始姿势为四肢着地，膝盖悬空于地面之上，用同侧的手和 ## 每周两次的长寿锻炼法 固定单车冲刺：快速踩踏 60 到 90 秒。如果没有单车，就在原地进行高抬腿（在原地跑步，同时将膝盖向胸部方向抬高）。 农夫行走： 双手各持 两个重量 相同的哑铃 或壶铃， 挺胸抬头 行走 40 到 60 步。 几天后，我的结果发送到了我的收件箱。我在四个人中排第四。 哑铃登阶：单腿踏上一个高平台或长凳，双手各持哑铃。每条腿重复八次。 脚。然后向相反方向走五步。在两个方向上各重复三次。 那些支撑我完成悬垂动作的口号——在那个环节中，我像体操运动员一样在手上抹上镁粉，然后在一根杠子上悬挂了整整一个世纪（两分五秒）。出人意料的是，我击败了克雷帕克兄弟。不过，我不确定他们是否意识到我们之间存在竞争，当我准备告诉其中一人我的出色成绩时，我发现他为了和女朋友去看电影已经提前离开了。 在 30-39 岁的男性中——换句话说，就是垫底——尽管我在风阻单车和一项评估屏幕上人脸表情的情绪技能测试中表现强劲。我最薄弱的领域？平衡力。斯图尔特说我可以尝试在街道路缘石上脚跟接脚尖地行走来改善这一点，这是我从小以后就没做过的事情。我现在在跑步后会这样做。 我的得分与一项关于生活习惯的问卷结果相结合，从而生成了我的“超级年龄”（Super Age）。当我读到那个数字时，我差点从椅子上掉下来：27。（组织者解释说，风阻单车的权重比其他任何项目都高，而且我这个年龄组的所有人都得分很高。） Super Age 的合作伙伴高级副总裁凯·马塞（Kai Mathey）强调，我的分数只是一个粗略的估计，随着数据集的增长，结果将变得更加准确。沃恩表示，即使是“生物年龄”——一个更成熟的术语，用于反映你的身体功能与该实际年龄的典型人群相比的情况——也是一门不完美的科学。此外，单一的数据指标很少能对整体健康做出决定性的判定。 当然，我忽略了所有这些，给我的姐姐打电话，吹嘘我竟然如此年轻。 RIMOWA   在精选的 2027–2028 年航程中 丽晶七海邮轮 (Regent SEVEN SEAS CRUISES®) 体验无与伦比 (EXPERIENCE THE UNRIVATED®) 无人能出其右 (NOBODY DOES IT BETTER™) 优雅宽敞的全套房、全阳台邮轮 套房数量不超过 409 间 几乎每位宾客都配有一名专属工作人员 精致的美食、葡萄酒和烈酒 航行全球，包含超过 3,400 次岸上观光行程 单一全包价  在您期待探索阿拉斯加壮丽的冰川、圣巴泰勒岛美丽的海岸或蒙特利尔的秋色等近在咫尺的瑰宝时，请在免费的一等舱座位上舒适地为您的全包超豪华旅行干杯。没有什么比在免费一等舱机票、Blacklane 门到门司机服务以及全球最豪华船队 (The World's Most Luxurious Fleet®) 的舒适包围中，让自己沉浸在迷人的目的地中更好的方式了。 名额有限 请在 2026 年 10 月 31 日前预订   名副其实。在位于被称为天堂湾的高端区域的博德鲁姆文华东方海滨酒店，遮阳伞点缀在沙滩上。 # 另一种蓝色 在土耳其的绿松石海岸，博德鲁姆（Bodrum）已从一个过度饱和的度假小镇演变为一个精致的避世之所，为前往地中海度假的游客提供了一个不同于更西边那些常规热门目的地的、更具惊喜的选择。 作者：HANNAH SELIGSON 地中海地区的旅游旺季可能即将结束，但秋季和春季才是该地区最迷人的时刻：阳光依旧灿烂，人群稀疏，价格也随之下降。 对于下一次在平季（shoulder-season）进行的逃离之旅，请向东前往，越过圣特罗佩（St. Tropez）和波西塔诺（Positano）那些常见的海滩俱乐部，你将抵达博德鲁姆。这是土耳其绿松石海岸上的一个半岛，经历了一场惊人的蜕变。我 2012 年首次访问时，那里大量平庸的全包式度假村和充斥着廉价纪念品的巴扎（bazaars）表明，这个曾经的渔村和艺术家聚落已经陷入了地中海地区常见的轨迹：从诗意的避世之地变成了过度开发的派对之城。 但在最近的一次旅行中，情况并非如此。我遇到了一个转向低容量、高端旅游的博德鲁姆。一波投资带来了豪华酒店、餐厅和房地产，将天堂湾（Paradise Bay，或称 Cennet Koyu）变成了一个精致的沿海聚集区。  享受酒店热潮 在半岛的北侧，天堂湾聚集了一群高端度假村，可以通过时尚的私人水上出租车抵达。即使是那些通常避开大型度假村的旅行者也可能会被吸引：房价可能很高，但整体价值通常优于地中海其他地区的同类度假村，尤其是在冬季关闭前的最后几周。（季节性关闭和重新开放的日期因度假村而异，请务必提前确认。） 尽管博德鲁姆变得更加高端，但它依然保留了最初使其具有吸引力的历史、美食和原始景观。以下是体验这座城市的最佳方式。 博德鲁姆文华东方酒店（Mandarin Oriental Bodrum）坐落在占地约 148 英亩的山坡庄园内，拥有 20,000 棵橄榄树，俯瞰着两个纯净的私人海湾，其中一个海湾还设有 Gigi Bodrum 海滩俱乐部，  非住客的日入场费约为 $112。房间价格每晚约 $873 起。房间非常宽敞，足以容纳两名成人和一名儿童。 约 10 分钟车程外，土耳其所有的 Maxx Royal 是一家于 2024 年开业的全包式酒店，是大家庭的理想选择。房间价格每晚约 $1,065 起，其儿童俱乐部设施齐全，包括绳索课程。更重要的是，该俱乐部的工作人员服务至凌晨 2 点，因此父母可以尽情享受夜晚的社交活动。 附近的超私密 Villa Maçakizi 感觉更像是一座庄园而非酒店，拥有 10 间卧室和一个俯瞰海湾的无边泳池。该别墅每晚预订价格约为 $35,780 起，它是 Maçakizi 酒店的延伸，后者拥有 74 间客房，自 20 世纪 70 年代末以来一直是土耳其里维埃拉的标志性场所。淡季房间价格从较为合理的 $500 起，夏季旺季则约为 $1,125 起。 即使不住在那里，该物业豪华的海滩俱乐部也值得一访，那里有伸入海中的木制亭阁。  从左起顺时针方向：博德鲁姆城堡的清真寺；Aret Sahakyan 监管着 Maçakizi 的米其林星级餐厅；Maxx Royal 的餐饮选择包括 Safraan。  前往酒店外用餐 五星级酒店的激增带来了与之匹配的餐饮水平。在 Maçakizi 餐厅， THE LOWDOWN / A BRIEF GUIDE TO A BODRUM ESCAPE 在 Maçakizi 酒店的一家米其林一星餐厅中，主厨 Aret Sahakyan 提供一系列受不同地中海地区启发、从农场到餐桌的佳肴。我光顾的那晚，菜单包括茄子泥、蛤蜊细面和藏红花海鲈鱼。 前往 Leña，这是 Maxx Royal 酒店一家新开的西班牙风味牛排馆，那里的羊排是在明火炭烤而成的。在文华东方酒店，你会发现 Gaia 的分店，这是一家总部位于迪拜的希腊餐厅。建议点海鲈鱼鞑靼。 若想品尝一些最顶级的当地美食，你必须离开天堂湾（Paradise Bay）的范围。当我渴望吃到 manti（一种通常淋上酸奶油的小牛肉饺子）时，一名当地人向我推荐了位于 Bitez 社区的 Bitez Mantici。饺子是现点现做——一份分量非常足，价格约为 $14——并配以清爽的冷蒜酱。 至于 pide——一种土耳其 ## 尽管博德鲁姆变得更加高端，但它仍保留了其历史、美食和原生态景观。 作为披萨的近亲——我非常喜欢位于古姆贝特（Gumbet）社区的 Ya-gli Karadeniz。其招牌菜使用口感浓郁、缓慢融化的 Kolot 奶酪制成，饼皮上刷了大量的黄油。 自然与文化的结合 欣赏博德鲁姆的最佳方式或许是在水上，理想的选择是乘坐古莱特船（gulet），这是一种在土耳其西南部很常见的木制帆船。您可以通过 Gulet Bookers 这家总部位于博德鲁姆的游艇租赁公司进行租赁。 我丈夫和我租赁了一艘船六个小时，费用约为 1,200 美元，从博德鲁姆港出发。行程各异且可定制。我们选择前往黑岛（Black Island），这是一个距离博德鲁姆港不到一小时路程的无人居住且未被破坏的自然保护区。 博德鲁姆的过去从未远离。您可以寻找古希腊城市哈利卡纳苏斯（Halicarnassus）的遗址，包括明多斯门（Myndos Gate）和毛索洛斯（Mausolus）——后者正是“陵墓”（mausoleum）一词的来源。 对于家庭游客来说，位于气势恢宏的中世纪博德鲁姆城堡内的水下考古博物馆深受大众喜爱。 它就坐落在繁华市中心港口区域的行人散步道上，因此很容易将其与烤肉午餐和一份当地冰淇淋搭配在一起。 作为一名退伍军人，当有人举手寻求帮助时，您通常是首批响应的人之一。但为您自己寻求帮助也是可以的。也许您希望或需要关于就业、压力、财务、心理健康或寻找合适资源的帮助。无论是什么，您都配得上这些帮助。现在就是寻求帮助的最佳时机。不要等待，请联系我们。 在 VA.GOV / REACH 查找资源。 如何抵达 土耳其航空每天提供多班飞往博德鲁姆的直飞航班，从其伊斯坦布尔枢纽出发仅需一个多小时。您也可以飞往希腊的科斯岛（Kos），然后乘坐 30 分钟的渡轮（每人约 33 美元）前往博德鲁姆。由于大多数航班在最后一班离开科斯岛的渡轮之后抵达，您可能需要在途中在希腊过夜。 当地购物 若想体验高端的土耳其工艺，请尝试： • • • • 位于亚利卡瓦克（Yalikavak）超级游艇码头的 Haremlique Istanbul。在那里您会发现家居用品和服装，其中大部分为手工制作，此外还有以柔软和轻便著称的 peshtemals（土耳其浴巾）。 Kutnia 是一个在土耳其制造的高端时尚品牌，以使用加济安泰普（Gaziantep）地区特有的传统手工织物而闻名。您可以在文华东方酒店内找到其季节性快闪店。  Haremlique Istanbul 店内的诱人商品。 此外，还可以前往博德鲁姆集市（Bodrum Bazaar）寻找手工皮革制品、银饰、香料和草药、橄榄油以及由博德鲁姆柑橘制成的产品。 当地海滩 该半岛拥有数十个受保护的海湾，非常适合游泳，以及 67 个蓝旗海滩（Blue Flag beaches），后者被认为是水质的金标准。请咨询您的古莱特船船长关于最佳地点的建议，因为这些地方通常只能通过船只抵达。 # 女性响应“武装”号召 许多女性正兴致勃勃地展示她们的肱二头肌，其中包括《奥德赛》中马特·达蒙的替身 作者：凯特琳·卡尔森（CAITLIN CARLSON） 在过去，铆钉女工罗西（Rosie the Riveter）在广告中展示肱二头肌，以鼓励女性在第二次世界大战期间从事制造业工作。 如今，女性再次展示她们的手臂肌肉，但这一次纯粹是为了炫耀自己的强壮。 住在佛罗里达州迈尔斯堡的 57 岁在线健身教练凯莉·克罗斯（Carrie Cross）每周大约进行 50 次肱二头肌弯举，并且每周至少三次在 Instagram 上发布自己“展示一只或两只肱二头肌”的照片。“当你发力时，能给人们带来那种小小的震撼和惊叹效果，这挺有趣的，”她说。 37, 岁的莫妮卡·科利尔（Monique Collier）是华盛顿特区附近的一名消防员，她过去每周做 100 次弯举，但后来减少到每周一次 48 次锤式弯举。科利尔每周发布两次自己发力的回旋视频。“甚至[消防站]的男同事也告诉我，我练得太壮了，”她说。 随着女性继续增肌并展示手臂，她们的肱二头肌已经变得如此抢眼，以至于在至少一个星光熠熠的场景中，它们被用来替代男性的手臂。《奥德赛》中一个场景里马特·达蒙（Matt Damon）的手臂实际上是 35 岁的德文·道尔顿（Devyn Dalton）的。达蒙在“Happy Sad Confused”播客中表示，道尔顿拥有“我见过最棒的手臂”。 道尔顿并不是第一次担任男演员的替身。她说，在电视剧《扭曲金属》（Twisted Metal）中，她扮演一名男性疯狂科学家的替身，并被扔穿了一扇玻璃窗。“那很有趣。”尽管如此，担任达蒙在《奥德赛》中奥德修斯的替身为她带来了更高程度的关注——尤其是来自女性的关注。“女性告诉我，看到我的手臂让她们也想开始举重或让自己长更多肌肉，”她说。 新学院（New School）的历史教授、《健身国家：美国运动痴迷的得与失》（Fit Nation: The Gains and Pains of America's Exercise Obsession）一书的作者纳塔莉亚·梅尔曼·佩特雷拉（Natalia Mehlman Petrzela）表示，无论好坏，女性特定的身体部位往往在不同时期成为关注焦点。乳房植入术在 60 年代初被发明，并在 80 年代流行起来。大屁股在 90 年代变得时尚（Sir Mix-A-Lot 的《Baby Got Back》于 1992 年发行），而在 90 年代末和 2000 年代初，布兰妮·斯皮尔斯（Britney Spears）展示出清晰腹肌的低腰牛仔裤让其他女性也渴望拥有。 已经有一些女性因手臂而闻名：米歇尔·奥巴马（Michelle Obama）、《足球教练》（Ted Lasso）中的汉娜·瓦丁汉姆（Hannah Waddingham）以及《雷神》中的娜塔莉·波特曼（Natalie Portman），但现在更多的人开始拿起哑铃。从大力水手到发力表情符号，肱二头肌是力量的明显象征——而且根据一些女性的说法，手臂比腹肌和臀部等其他部位能更快地展示出健身成果。“如果有一个部位能让你很快获得可见的泵感，那就是肱二头肌，”她说。“如果你做几组引体向上或肱二头肌弯举，你会看到肌肉凸起，而这在深蹲时很难实现。” 28, 岁的麦迪逊·希尔德雷斯（Madison Hildreth）是德克萨斯州奥斯汀的一名健身教练，她房间里放着 8 磅的哑铃正是为了这个目的。“如果那天早些时候没练手臂，我出门前经常会快速做几次弯举，”她说。 艾玛·斯克拉法尼（Emma Sclafani），55, 岁，一名曾经的  珀尔·乌古-迪克（Pearl Ugwu-Dike） 30 职业：皮肤科医生 肱二头肌秘诀：每周进行大约三次上肢训练，在传统力量训练和普拉提之间交替。 do a few quick curls before going out if I didn't hit arms earlier that day," she said.  米基亚拉·詹姆森（Mikiala Jamison） 39 职业：高级招聘主管 肱二头肌秘诀：哑铃弯举和绳索弯举。 卡罗琳·汤普金斯（Caroline Tompkins） 34 职业：摄影师 肱二头肌秘诀：每周多次将沉重的摄影设备搬上搬下公寓楼梯。  一名在纽约市担任房地产经纪人和模特的女性表示，她开始针对肱二头肌进行训练是“因为我并不穿泳装，所以腹肌看起来如何并不重要，但当你锻炼手臂时，每个人都能看出来”。她补充说，每当她穿抹胸连衣裙时，总能收到赞美。Sclafani 使用 Australian Gold 即时古铜美黑喷雾来增强肱二头肌的视觉效果。“快速喷洒可以让全身闪闪发光，但我会在手臂上多喷一些，”她说。 肌肉发达的肱二头肌也更难造假。“没有药丸，也没有手术能让你拥有雕刻般的肱二头肌，”Mehlman Petrzela 表示。为了  “当你用力展示肌肉时，能给人们带来那种小小的震撼和惊叹效果，这挺有趣的，”57 岁的在线健身教练 Carrie Cross 说道。 让肱二头肌拥有可见的线条，你必须付出努力。 Dalton 在为“奥德赛”训练期间，每周进行三天包括肱二头肌在内的上肢训练。她补充说，她最喜欢的针对肱二头肌的动作根本不是弯举，而是引体向上；她现在可以连续做 12 个，但最初是通过使用阻力带来增强力量的。 对于展示手臂的女性来说，肱二头肌可以成为一个很好的话题开启点。“我穿无袖连衣裙时，曾有陌生人赞美我的手臂，有一次有人告诉我，我的手臂让他们想开始做更多普拉提，”30 岁的 Pearl Ugwu-Dike 说道，她是一名在纽约和新泽西执业的认证皮肤科医生。她说，最有趣的评论是一些非常具体的观察，比如：“你看上去能一次性把所有杂货都拎回家。” Cross 说，有时人们想要身体证据来证明肌肉是真的，如果对方觉得和她足够亲近，偶尔会抓一下她的肱二头肌，“通常会说类似‘天呐，你的手臂肌肉真发达’或者‘看看这肱二头肌’之类的话。”  在我的厨房里 # 为新的开始干杯 # 人们在 Canyon Coffee 排队购买杏仁酱吐司。联合创始人 Ally Walsh 分享这款小吃在经历动荡的一年后如何成为一种日常仪式。 作者：LANE FLORSHEIM Canyon Coffee 的联合创始人 ALLY WALSH 在第一次看到她现在居住的洛杉矶 Mount Washington 社区的房子时，流下了眼泪。 那是 2025. 10 月。在当年的 1 月，当 Eaton 火灾席卷该地区时，她和儿子 Sonny 撤离了他们位于加州 Altadena 的家。不久之后， 的母亲因卵巢癌去世。在 沉浸在悲痛中时，她和 Sonny 在 2025 年的大部分时间里辗转于十几个不同的住所。 找到她现在的家——一座坐落在山顶、通风且充满阳光的房子——让她感到心安。“这是一个全新的开始，而这正是我觉得我所需要的，” 说道。 在这一切之中，她继续经营 Canyon Coffee。这是 与 Casey Wojtalewicz 在 2016. 共同创立的咖啡烘焙和咖啡馆业务。该品牌在洛杉矶的 Echo Park 和布鲁克林的 Prospect Heights 设有店铺——后者是纽约市许多以排队闻名（与其菜单一样出名）的场所之一。 表示，Prospect Heights 咖啡馆在营业时间内大约每分钟收到一份订单。另一个洛杉矶分店将于本月在 El Sereno 社区开业。 自从安定下来后， 在常规生活中找到了慰藉。她每天早晨都冲泡同样的黑咖啡，精确到克的称重。她每周几次为现在 5, 岁的儿子准备他们最喜欢的烤三文鱼食谱。每天，她都会吃杏仁酱吐司，这是她母亲以前会为她准备的小吃，而现在它已成为人们在 Canyon 咖啡馆排队购买的项目之一。 对于我每天吃的吐司 我在 Canyon 咖啡馆和家里都使用来自 Bub and Grandma's 的斯佩耳特小麦波伦塔面包（spelt polenta bread）和来自 She-Wolf Bakery 的波伦塔 Pullman 面包。切厚片。我从不更换种类。最美味的杏仁酱是 Alison's Organics 杏仁酱。然后加一点盐，一点橄榄油——我喜欢用 Shear Rock Farms 的。这是一款在加州生产的小批量橄榄油。 的新房子仍在逐渐变成一个“家”：“我的东西不多，但对我来说，我拥有的每一件都非常重要，”她说。在这里，她分享了她采购厨房必需品的面包店和市场，以及她的杏仁酱吐司和自制青酱的秘诀。  我使用电子秤和 Moccamaster 冲泡滴滤咖啡。我称量 30 克的咖啡豆，然后将其研磨。我在家里煮一小壶，喝大约一杯半，然后在店里再喝一杯。有时，如果我和朋友在一起或在度假，他们会说：“噢，Ally，你来冲咖啡吧。”如果没有秤，我会感到有点不知所措。 我的冰箱里总是储备着鸡蛋、绿叶蔬菜、很多 Spindrift 气泡水和柠檬。我在洛杉矶的 Cookbook Market 旁边工作，所以经常去那里，还去 McCall's Meat & Fish Co. 买鱼。我的冰箱里有一整个区域是放胶片的。我热爱拍照。 在搬家的过程中，我意识到厨房里只需要几件好东西。我有一个双立人（Zwilling）的不粘锅，用来煎蛋、做煎饼、加热剩菜。没什么华丽的，但很可靠。我用一个在 eBay 上买的 Copco 珐琅锅来煮米饭和汤。我在 Vitamix 搅拌机上花了大钱。我经常用它来做奶昔、汤或青酱。 为了让青酱更有趣，我们会在这两种坚果之间切换：松子和腰果。我会放很多罗勒油，一点大蒜，一点柠檬汁。如果我感觉状态很好，我会把炒过的菠菜和羽衣甘蓝也放进去。 我经常翻阅的食谱书是 Carter Were 写的《Carter’s Cookbook》。它非常简单——奶昔和很多很棒的意面菜肴。我喜欢它那种私人化且不矫揉造作的感觉。Andy Baraghani 的《The Cook You Want to Be》——我喜欢他对食物的处理方式，每样东西总是如此充满风味且以食材为导向。还有 Mina Stone 的《Cooking for Artists》。我不太擅长烘焙，但书里有一种橄榄油蛋糕真的非常非常棒。 我的烹饪哲学源自我的祖父，以及我在如此早的年纪就独立生活。那时我 18 或 19 岁，在做模特。这份工作带我走遍了世界各地。我热爱在米兰的生活。我会去逛农贸市场，那里的食材太棒了。我想，我也是在那里喝了人生中第一杯咖啡，一杯卡布奇诺。 每日研磨：上图，艾莉·沃尔什（Ally Walsh）在她位于加利福尼亚州华盛顿山的家中休息喝咖啡。右下图，她的咖啡机已准备就绪。中下图，自制青酱和新鲜水果。左图，阳光充足的厨房。底部，用餐区。 # 值得专程前往的咖啡馆 咖啡爱好者深知，在旅途中找到一杯好咖啡至关重要。以下是 Canyon Coffee 联合创始人艾莉·沃尔什（Ally Walsh）一次又一次光顾的地方。 “这对夫妻会为你准备野餐篮，让你带到鸭川边。一切都显得如此用心。” ▲ 缅因州波特兰的 Tandem Coffee “它位于一个旧加油站里。我们第一次去的时候，那里在放唱片，感觉非常有社区氛围。这对 Canyon 产生了很大的启发。” Day Moon 位于旧金山 “三明治很美味。我在那里买的柿子司康和莓果碎屑蛋糕是我吃过的最好的糕点之一。” 巴黎的 Dreamin' Man “糕点很棒。店主很亲切。能感觉到他们投入了个人情感。” 雅典的 Foyer “这是一个社区小店，对待咖啡非常认真，但又不过分矫情。氛围很悠闲，周围到处都是杂志。” 柏林的 Sofi “它隐藏在一个小院子里。你可能会直接走过去而没注意到。面包很棒。” “木桌上摆放着糕点，看起来非常精美。” UNHOLY TRINITY 紧身裤，南瓜香料和一把中世纪风格的椅子。 # 这不过是上个世纪的过时之风 对中世纪现代主义设计的过度推崇，加速了其名声的迅速下滑   上图：一家平庸的中世纪风格咖啡馆。不过，如果处理得当，搭配更前卫的斯堪的纳维亚和意大利单品，则会显得很酷（如下图）。 作者：Misty White Sidell 中世纪现代主义（Midcentury Modern）设计最初出现于一个 era, 的乐观时代。 那是美国走出第二次世界大战后的面貌，一种适应于新兴郊区扩张和以便利为核心的生活方式的家具风格。因此，它成为了全美最早实现量产的风格之一，最终导致产品过剩，随着时间的推移，这些东西失去了吸引力，并经常被丢弃。 在 2010 年代，这些东西开始受到新一代人的青睐——即 1981 年至 1996 年之间出生的千禧一代。 他们打破了父母对新颖和光鲜事物的热爱，在很大程度上将“复古”视为一种高端选择，而非二等货。许多人在成年之际，在他们自己的乐观时刻，用形状奇特的几何边桌、孔雀蓝的装饰面料、太空时代风格的灯具和橙色胡桃木梳妆台来装饰空间。 而现在，中世纪现代主义设计遭遇了与南瓜拿铁、梅森罐鸡尾酒、隐形袜、紧身裤以及千禧一代文化其他方面相同的命运：它变得令人尴尬（cringey）了。 “这是一种定义了特定时间点的室内美学，即疫情前、希拉里·克林顿竞选总统的那些年，”39, 岁的千禧一代作家凯西·刘易斯（Casey Lewis）说道。她拥有多件中世纪复古单品，其作品专注于研究其世代与 Z 世代之间趋势的转变。 在纽约州北部的 Newburgh Vintage Emporium 商店里，中世纪的梳妆台和小摆件曾经供不应求，共同所有者、45, 岁的千禧一代安东尼·韦斯纳弗（Anthony Vesnaver）表示。但如今，他注意到顾客已经开始厌倦这种风格，中世纪单品的滞销时间变得更长了。 随着人们对原装中世纪单品的狂热推高了其转售价格，企业从中看到了机会。West Elm 和 Article 等传统及直面消费者的零售商，以及 Home Depot 和亚马逊等大型零售企业，开始提供质量参差不齐且价格低廉的仿制品。 Airbnb 室内设计的家庭作坊式产业也经历了转变。36, 岁的千禧一代卡琳·拉隆（Carleen Laronn）认为，Airbnb 的激增进一步削弱了这种风格的吸引力。很难想象，查尔斯·伊姆斯（Charles Eames）和埃罗·萨里宁（Eero Saarinen）这两位最著名（且被模仿最多）的中世纪现代主义家具设计师，会预见到他们的椅子仿制品会被随意摆放在通过屏幕点击预订的短期租赁房的角落里。 即便如此，一些复古卖家也注意到，人们对中世纪家具的胃口正在冷却。该公司复古及古董家具专家维罗妮卡·伦顿（Veronica Renton）表示，从 1 月到 6 月，装饰品转售网站 1stdibs 上的 20 世纪中期复古家具购买量比去年下降了 4%。 然而，那个时代的房屋中真正的中世纪设计仍具有持久的吸引力。46, 岁的 X 世代与千禧一代之间（Xellenial）的房地产经纪人玛丽·里格尔（Mary Regal）在洛杉矶表示，那些用时代家具精心布置的中世纪房产，其成交价始终高于要价。 ## 千禧一代作家凯西·刘易斯（Casey Lewis）表示，这种审美“在很大程度上定义了一个时代”。 在丹佛为科罗拉多州的租赁房提供装饰服务的 Laronn 表示，空间的设计对其成功起着重要作用。她补充说，由于预订量下降，一些客户要求她翻新具有世纪中期审美风格的房产。 虽然纽约市家具与室内设计展厅 Quarters 的千禧一代联合创始人、35 岁的尼克·奥赞巴（Nick Ozemba）在大学公寓里使用过美国世纪中期设计，但如今他很少经营这类产品。不过他表示，他确实会选择那个时代的意大利和斯堪的纳维亚作品，因为这些设计往往比美国设计更具实验精神。 这种特立独行的欧洲世纪中期设计，与目前正在取代“世纪中期现代主义（Midcentury Modern）”复兴潮流的装饰趋势相契合：一种随心所欲的折衷主义。 现在，一个房间里可能会同时出现一件带罩子的椅子、装饰艺术风格（Art Deco）的镜子、一件美式乡村风格的秘书桌、塑料感的后现代主义边桌以及一盏世纪中期的青铜灯。这种审美的混乱反映了我们所处的时代。 ## 雅致的世纪中期点缀 虽然全面追求“世纪中期现代主义”现在可能已经过时，但少量使用原件并非如此。那个时代充满了将实用主义转化为美学的创新设计。将此类家具与其他年代的作品相结合，可以创造出一个折衷主义的空间，从而更含蓄地体现你对世纪中期风格的欣赏。 以下是在古董店或 Chairish、1stdibs 等网站上值得寻找的一些原件示例。价格会有所不同，但实地购物通常更便宜。  未来主义咖啡套装 意大利镀银餐具，Chairish 售价 $335  质朴的工作室陶艺 陶瓷醒酒器，1stdibs 售价 $425  奇趣木作 丹麦鱼形托盘，1stdibs 售价 $738  雕塑感收纳 20 世纪 50 年代皮革杂志架，Chairish 售价 $264 这些单品经常出现在 Instagram 的许多房间装饰中。在那里，正品设计和复制品被一个社交媒体友好的缩写“MCM”捆绑在一起，模糊了真伪之间的界限。千禧一代的追随者通过自豪地发布自己的空间，将其变成了他们青春理想主义的背景。 随着年轻粉丝从入门级公寓搬入入门级住宅，这些单品被挤进了带有灰色乙烯基地板和复合台面的方正新建筑空间中——这些房间与菲利普·约翰逊（Philip Johnson）等建筑师设计的、原版世纪中期设计所针对的空间完全相反。 但有些人全盘采用复制品的方式，与其说是审美的表达，不如说是一个缺乏审美的标志。 十多年来，世纪中期设计的准则也悄然渗入了无数的咖啡馆、步入式客厅以及 《华尔街日报》 # 让他们的生日成为新闻 在寻找一份体贴的礼物吗？《华尔街日报》生日书（WSJ Birthday Book）是为那个特别的人精心策划的完美纪念品。 立即购买 WSJ 生日书 @ Uncommon Goods  《华尔街日报》 ©2026 道琼斯公司，版权所有。6DJ0579 生日书 来自您特别那一天的历史页面  Midnight Jour Nuit 月相 自 2006 年起打造诗意复杂功能 # Van Cleef & Arpels (梵克雅宝) 自 1906 年起位于旺多姆广场的高级珠宝店 VC A  插图由 BRIAN AJHAR 为《华尔街日报》绘制 # 他们为何向西而行 淘金热引发了一场大规模迁徙，塑造了国家的进程 《淘金热》（The Rush） 作者：内森尼尔·菲尔布里克 (Nathaniel Philbrick) 维京出版社，464页，\$38 作者：理查德·斯诺 (RICHARD SNOW) 美国内战是一个难以超越的篇章。或者说，难以被其掩盖：如果内战从未发生，由加利福尼亚淘金热引发的大规模内部迁徙将成为19世纪美国最引人注目的单一事件。尽管如此，即便在国家陷入战火的背景下，淘金热依然是一部迷人的传奇，尤其是由内森尼尔·菲尔布里克这样出色的记录者执笔时。 在菲尔布里克先生的《淘金热》中，我们了解到，例如詹姆斯·马歇尔 (James Marshall)，一名37岁的新泽西移民。他在加利福尼亚生活了四年，直到1848, 他被雇佣在科洛马 (Coloma) 建造一座锯木厂，那里位于萨克拉门托 (Sacramento) 上游约45英里处，处于美国河的一个弯道上。这座工厂将由水力驱动，因此需要一条尾水渠——一条用于在水推动水轮后将其送回河流的浅沟。这意味着必须凿穿一层坚硬到需要使用火药的岩石。在那个地区的传统中，安息日被视为休息日，因此水渠开通后被任其运行了一天。随后，在1月24日周一，马歇尔前去查看。水中有某种东西闪烁着光芒，而“大约半小时后，马歇尔从尾水渠中爬了出来，像抱着受伤的孩子一样将帽子紧贴在胸前”，惊呼道：“我找到了。”很快，马歇尔的尾水渠被公认为通往“母矿”（Mother Lode）的大门，那是“一条像蛇一样延伸在内华达山脉西缘超过150英里的石英包裹金矿脉”。 在我们这个吝啬的星球上，大多数地方金子的浓度仅为每十亿分之五。而在母矿中，其浓度达到了1 亿每十亿分之。自恐龙时代起，河流一直将金子从岩缝中冲刷出来并四处散布，以至于在某些地方，人们只需弯腰就能捡起一块金块，就像在公交车站附近捡起掉落的硬币一样。1854, 在沿母矿矿带向南约100英里的卡森山 (Carson Hill) 发现的一块“金块”重达195磅。如今，随着金价接近\$4,300每盎司，这个沉甸甸的战利品可以兑换成近\$13.500 万。 消息很快传开了。一群摩门教劳工曾帮助马歇尔建造锯木厂；一位名叫塞缪尔·布兰南 (Samuel Brannan) 的当地摩门教领袖听说了这一发现，于是买下了他能弄到的一切铲子和镐头。随后，他在旧金山陡峭的街道上徘徊，挥舞着一份药剂——请翻至R2页 了解更多 # 他们的工作维持着国家的运转。那么，为什么他们会被边缘化？ 迈克尔·刘易斯 (Michael Lewis) 始终在书写故事背后的人。 在《阻拦者》（Blockers）一书中，他追踪了六名公职人员，他们研究山火、推进医学研究并保护税务数据，直到每个人都被要求去做一些他们认为不该做的事情。 BRIDGEMAN IMAGES “将荷马的作品作为你的研究与愉悦， / 白日阅读，夜晚沉思。” ——亚历山大·波普 (ALEXANDER POPE) 五本最佳作品 艾米莉·威尔逊 (EMILY WILSON) # 古典改编  《跨越酒色之海》的作者探讨那些大胆重构荷马、索福克勒斯及其他作家主题的写作者  堕落者的崛起：古斯塔夫·多雷为 1866 年版约翰·弥尔顿的《失乐园》创作的插图。 《真实历史》 作者：卢西安（约 150 年） 1 对古希腊文明的创造性重塑始于古代。希腊悲剧作家埃斯库罗斯（约公元前 525-455 年）据称曾说过，他所有的剧作都是“从荷马的宴席上切下的碎片”。在更晚的 era, 卢西安（约公元 120-180 年）——一名来自当时叙利亚行省的罗马帝国臣民——在《真实历史》中提供了一场极具娱乐性的早期科幻冒险，该作戏仿了荷马、希罗多图以及早期的希腊民族志。叙述者讲述了他在一个颠倒的帝国中难以置信的游历，在这个帝国中没有权力或文化的中心，整个世界似乎全部由边缘组成。在某个时刻，他经过了高悬于地上的“云端杜鹃城”，并评论道：“我想起了阿里斯托芬，一位睿智且诚实的诗人，他的作品却遭到了极其不合理的质疑。”这个故事影响了托马斯·莫尔的《乌托邦》（1516 年）和乔纳森·斯威夫特的《格列佛游记》（1726 年），其中包含了在鲸鱼腹中的逗留以及对亡灵之地的访问。在那里，叙述者遇到了荷马和奥德修斯，而后者现在对他自己在《奥德赛》中的行为感到后悔，因为当时他愚蠢地离开了卡吕普索的岛屿，从而错过了她提供的永生机会。  ## 威廉·莎士比亚《特洛伊罗斯与克瑞西达》(1609) 正如其同辈本·琼森所指出的，莎士比亚的“拉丁文水平有限，希腊文水平更差”。但他通过在语法学校学习的拉丁文文本以及译作，接触到了古代神话。这位剧作家的同行剧作家乔治·查普曼在 1598 年出版了七卷《伊利亚特》的诗歌译本。莎士比亚借鉴了这些译本以及杰弗里·乔叟的叙事诗《特洛伊罗斯与克瑞赛德》(约 1385) ，创作出了他最愤世嫉俗、最反英雄的剧作之一，这部作品充满了对生理与隐喻意义上“疾病”的关注。特洛伊王子特洛伊罗斯爱上了克瑞西达，而克瑞西达的父亲投靠了围城的希腊人，并强迫女儿随他一同倒戈。在遇到英俊的希腊人狄俄美德斯后，克瑞西达对特洛伊罗斯保持忠诚的誓言破碎了。谈到女性普遍的情况时，她说：“我发现我们身上有这样一个缺陷，眼睛的错误引导了我们的心。”《伊利亚特》中一个丑陋且傲慢的希腊士兵塞西斯，被重新塑造为莎士比亚笔下那个揭露真相的傻瓜，这个角色能够点名并谴责那些驱动着战士们不断进行决斗和情爱的“战争与好色”之动机。 《失乐园》 约翰·弥尔顿 (1667)  3 约翰·弥尔顿的这部伟大诗篇将《伊利亚特》、《奥德赛》以及维吉尔的拉丁史诗《埃涅阿斯纪》的隐喻和叙事结构，与《创世记》中关于创世和伊甸园的叙事融合在一起。弥尔顿利用这些素材，塑造了一部聚焦于禁忌知识之诱惑的新史诗。狡黠、坚定且擅长修辞的奥德修斯在一场毁灭性的战争后长期远离王国，而这里变成了狡诈的撒旦，在天堂的天使内战后被逐出原籍。撒旦带着一种与荷马笔下战士的傲慢愤怒相呼应的挑衅，坚称他的心是“不随地点或时间而改变的”，并且“在地狱中统治，好过在天堂中服侍”。弥尔顿还在亚当和夏娃这两个角色中修改了荷马史诗的一个元素。就像荷马笔下的国王阿伽门农注定死于妻子克吕泰涅斯特拉之手一样，亚当发现夏娃在他不在时屈服于诱惑者的谎言。这对伴侣最终像奥德修斯或维吉尔笔下的埃涅阿斯一样，听从了神圣的指引：他们获得了一条回归家庭的道路，并被引导向永恒的“家园”。 ## 丽塔·多夫《大地的阴暗面》(1994)  索福克勒斯公元前五世纪的悲剧《俄狄浦斯王》，被诗人丽塔·多夫重新构思成一部非凡的诗剧，背景设定在 ■ 设定在南北战争前美国南部的非凡诗剧。一名白人女性，某种植园主的妻子，与一名被奴役的黑人男子育有一个孩子。二十年后，她在不知情的情况下买回了自己的孩子——此时已是一个名为奥古斯都的成年男子，并开始与这位勇敢、叛逆的领导者调情。剧本的情节出人意料地紧贴索福克勒斯的原作，多夫女士重现了古剧中误会交织所带来的大部分恐怖紧张感与讽刺。正如剧中的叙述者在谈到奥古斯都时所说，“他能顶住怒视， / 但他并不了解自己的心”。然而，多夫女士的版本指向了一个完全不同的世界观，其核心不在于神圣与凡人理解水平之间的差距，而在于奴隶制中蓄意的人为残酷，以及试图用爱克服仇恨的近乎不可能。一名角色警告说，“未来的种子”将“自有其去向”。 ## 辉煌壮举 (Glorious Exploits) 作者：费迪亚·伦农 (Ferdia Lennon) (2024) 5 费迪亚·伦农的小说将改编自多个古希腊来源的素材交织在一起，是对公元前 415-13 年灾难性的西西里远征期间被俘的雅典囚犯经历的一次悲喜剧式的重新构想。这些被俘的角色被戴上枷锁，被迫在叙拉古的石灰岩矿场劳作，他们说着都柏林工人阶级的方言。这种看似古怪的选择很快让人感到完全自然，因为它唤起了人们对爱尔兰的联想——一个在另一强权的压力下，依然在语言、戏剧和音乐创意方面充满活力的场所。一群被奴役的雅典人计划上演《美狄亚》和《特洛伊妇女》，这是欧里庇得斯的两部探讨复仇与战争代价的悲剧。而他们的西西里俘虏者竟然是这位剧作家的粉丝。其中一人解释说，他的朋友“对欧里庇得斯痴迷不已……我想，如果这意味着欧里庇得斯能顺便过来上演几出戏，他几乎会很高兴看到雅典人获胜。”这部关于在最不利的环境下改编古代诗歌的书，探讨了这种重新创造可能带来的关于连接、解放以及暴力的奇妙可能性。 # 在美国淘金 (Striking Gold In America) 接第 R1 页 一瓶装满金粉的瓶子。“金子！”他不停地喊道，“来自美国河的金子！” 在短短几周内，布兰南就在成为百万富翁的道路上——尤其是他在建立了一个贸易站，并开始向摩门教矿工对其发现的金矿征收 30% 的什一税之后。菲尔布里克先生指出，这些什一税似乎从未交给摩门教领袖布里格姆·杨。到 1849 年中期，受各洲吸引而来的勘探者人数已激增至 50,000 人以上。 菲尔布里克先生的著作包括《在海洋之心》(2000) 和《五月花号》(2006)，他选择维森特·罗萨莱斯作为我们进入金矿之地的首位向导——罗萨莱斯是一位心胸宽广、观察敏锐的智利人，他与兄弟们一起前往美国，看看所有的骚动是否真的有根据。罗萨莱斯解释说，由于习惯了“永远风暴且充满冒险的生活之变迁”，他“很难不对如此狂热的活动产生触动”。在 1, 1849 年 2 月抵达旧金山时，罗萨莱斯观察到海湾中停泊着 34 艘“来自各国”的船只；到夏天，船只将增加到 100 艘以上，其中大多数已被遗弃且没有船员。在遇到另一艘智利船只时，罗萨莱斯询问船长：“真的有他们说的那么多金子吗？”对方回答：是的，那些故事“根本无法与现实相比”。 罗萨莱斯开始探索“想象中最奇怪的城镇……在一些虽简单但有价值的乡村建筑旁，矗立着一排排帐篷、防水布、木棚和小屋，有些已经完工，有些正在快速建设中”，而每条街道都是一片“翻搅的泥沼，其中最坚固的元素就是人们在喝完后从房子里扔出的数以千计的碎玻璃瓶”。 1853 年，随处可见的金子过剩使旧金山的房地产价格上涨了 25%。罗萨莱斯在自己完全融入淘金者行列之前，一直对这些同伴着迷：“这些冒险者的外貌——他们以前都穿着长礼服或短礼服——是如此怪诞，以至于只要瞥见其中一个，就足以给大仲马提供十部小说的素材。” 罗伯特·弗罗斯特写道“金色的事物无法永恒”，而这次加利福尼亚的金矿确实没有停留太久。在淘金初期的日子里，人们可以使用浅盘从河床中诱导出金子，但很快 ## 加利福尼亚的金矿资助了联邦军队，该军队从该州招募了数千名士兵。 需要更沉重的设备了。拿着淘金盘和镐的勘探者被强大的水炮所取代，水炮冲刷掉含金的山坡，留下了支离破碎的地质图案，这些图案可能会比金字塔更长久。 加利福尼亚直到 1850 年才成为一个州，但在 1860 年大选后的剧变期间，它在维持联邦统一方面发挥了强大的作用。在内战结果方面，尤利西斯·S·格兰特（Ulysses S. Grant）这位权威人士曾表示：“我不知道在这次巨大的国家紧急状态中，如果没有从加利福尼亚寄来的黄金，我们将如何应对。” 还有人员：由于黄金不可抗拒的吸引力，到 1861 年，有 17,000 名加利福尼亚人准备离开他们年轻的州去联邦军队服役，据称这是“任何州中人均总数最高”的。 所有这些诱人的金属使得美国西部成为了另一场注定在战争阴影下展开的史诗的舞台。1862 年 7 月，亚伯拉罕·林肯总统签署了《太平洋铁路法案》，在该法案的庇护下，中央太平洋铁路将从萨克拉门托向东铺轨，而联合太平洋铁路则从密苏里河向西铺轨。一旦线路接通，国家将从海岸到海岸连接在一起。 不过，这之前需要进行大量艰苦的工作，而负责中央太平洋铁路施工队的坚韧且强硬的铁路大亨查尔斯·克罗克（Charles Crocker）开始寻找能干此活的人。他决定从中国招募工人。克罗克的同事们认为，中国工人根本无法承受山地铁路所要求的严苛条件。对此，克罗克回答道：他们建了长城，不是吗？ 他们确实建了；于是他们也修建了横贯大陆铁路，将其强行开凿通过内华达山脉的高山隘口，然后速度更快地向联合太平洋铁路的轨道端推进。一名痴迷的报业人士在 1866 年观察他们的工作并写道： 这些坚固的锻锤在平原上敲击出的是一场宏大的《铁砧之歌》。它是三拍子，每枚钉子敲三下。每根铁轨有十枚钉子，每英里有四百根铁轨，到旧金山有一千八百英里——在现代美国的伟大工程完成之前，他们需要用这种尖锐的标点符号敲击两千一百万次。 当 380 英尺长的蒸汽船“大共和国号”（Great Republic）——当时世界上最大的客船之一——从香港抵达旧金山时，1,300 名身穿蓝色外套的中国劳工走下了跳板。他们全部上岸花了两个小时。他们在下船后所做的工作，至今仍在滋养着我们的共和国。 “如果有一天我变得完全体面，我将确信我已经活过了我自己的生命。” ——尤金·V·德布斯（EUGENE V. DEBS） # 社会主义在美国的首次亮相  人人为我：一张为尤金·德布斯（Eugene Debs）1912年总统竞选而制作的宣传海报。 《美国社会主义者》（American Socialist） 作者：肖恩·古德（Shawn Gude） 西蒙与舒斯特出版社，416页，$30 评论员：克里斯托弗·考克斯（CHRISTOPHER COX） 曾几何时，许多美国人都对尤金·V·德布斯（Eugene V. Debs）有所了解，无论是因为1894, 那场激烈的普尔曼大罢工，还是因为他创立了美国社会党，亦或是他五次不切实际的总统竞选。而如今，德布斯几乎已被遗忘。 肖恩·古德试图通过他的第一本书将德布斯重新写回国家历史中，这本书像是一位坦率的崇拜者所给予的温暖抚慰。作者曾任《雅各宾》（Jacobin）杂志编辑，他承认自己缺乏客观性。他肯定道，自己写作的主要目的是将社会主义从“数十年的误导和宣传”中拯救出来。即便如此，这本书——自1982年尼克·萨尔瓦托雷（Nick Salvatore）获得班克罗夫特奖的经典传记以来，第一部全面的德布斯传记——在研究上十分扎实，内容丰富且时而令人动容。 德布斯1855年出生于印第安纳州特雷霍特，父母是法国移民，他们曾为他朗读维克多·雨果的作品，并珍视法国大革命的理想。尽管有这些预兆，但这个年轻人起初并非激进分子。14岁高中辍学后，他在当地铁路公司和父亲的批发杂货店工作，随后共同创立了火车司机兄弟会（Brotherhood of Locomotive Firemen）的一个分会。古德先生指出，在担任该职期间，德布斯曾称赞其雇主“高尚”，并曾在某个时间点警告称，“目前”进行罢工将等同于“无政府状态”。 24岁时，德布斯当选为特雷霍特市书记员，当时他最激进的行为就是免除妓女的刑事罚款。但在1884年至1886, 期间，在印第安纳州议会担任的一届任期中，立法妥协的要求让他感到沮丧。他认定，劳工组织在实现重大变革方面更具前景。 接下来的几年里，他经历了从劳工温和派到激进分子的蜕变。这一过程始于1888年，当时他努力将不同的铁路工艺工会团结起来，要求芝加哥、伯灵顿和昆西铁路公司（Chicago, Burlington and Quincy Railroad Co.）做出工资让步。当谈判失败时，德布斯支持罢工。古德先生叙述道：“回到特雷霍特后，有些人好奇他们的‘吉恩’（Gene）怎么了。”这次罢工以失败告终。但对于德布斯来说，这成了采取更强硬措施的刺激。他坚信，只有一个全行业工会才能让大型铁路公司屈服。 1893年，他创立了美国铁路工会（American Railway Union），并在一年内对大北方铁路（Great Northern line）发起了罢工。新工会出人意料的胜利（仅用时18天）使德布斯成为了全国劳工界的名人——并进一步激发了他对强硬手段的渴望。 这种自信的爆发发生在最糟糕的时机，并导致了他最大的失败。1893年的恐慌引发了一场全面的经济大萧条，导致整个经济体系的信贷萎缩。古德先生回忆道：“股市崩盘，银行成百上千地倒闭。”主要商业票据利率达到了$18%。呼叫贷款（call loans）的利率飙升至$74%。严重依赖债务来资助新建设的铁路公司受创尤为严重。到1893, 年底，包括北太平洋铁路、联合太平洋铁路、雷丁铁路和伊利铁路在内的许多美国知名铁路公司相继宣布破产。 普尔曼宫车公司（Pullman Palace Car Co.）因无法销售铁路车厢而削减工资并裁员。1894年，随着大萧条肆虐，工业劳动力的失业率攀升至25%，德布斯发起了针对普尔曼的全国性抵制运动。古德先生写道，这很快变成了“美国历史上规模最广泛的罢工”。在全国150,000名工会成员拒绝在任何铁路线上处理任何普尔曼车厢后，美国的运输系统陷入瘫痪。由于零部件无法送达，工厂关闭。农民无法将粮食运往市场。本就稀缺的食品价格飙升，许多人陷入饥饿。 ## 要求生产资料国有化以及一个没有监狱的未来的呼吁，从未接近赢得美国选民的支持。 德布斯无视联邦禁令，这促使民主党总统格罗弗·克利夫兰（Grover Cleveland）调用联邦军队。随着超过 6,000 名暴徒破坏了数百节铁路车厢，伊利诺伊州州长部署了州民兵。被暴徒包围的伊利诺伊州国民警卫队向人群开火，造成多达 30 人死亡。 德布斯因藐视禁令被判处六个月监禁。在狱中，他阅读了包括马克思的《资本论》在内的社会主义著作，并与来自美国及海外的著名社会主义者会面。在获释一年后，他正式宣布自己是一名社会主义者。古德先生观察到，“同志”现在成了一个“近乎神圣的词汇”。资本家被视为“统治阶级的寄生虫”。民主党和共和党则是资本家的工具。德布斯表示，现在是时候让工人控制“生产资料和分配资料”了。 古德先生的书名承诺会对德布斯的遗产进行评估。作者重点提到了伯尼·桑德斯（Bernie Sanders）和如今的美国民主社会主义者（DSA），并赞美其研究对象的“激进民主精神”。但他忽略了持久影响的其他方面。例如，德布斯将社会主义术语引入美国政治词汇表，这远不止是文字问题。 与“自由企业”不同，“资本主义”自其在欧洲首次被使用以来一直是一个贬义词。当法国社会主义者路易·布朗（Louis Blanc）在 1850 年提到 le capitalisme 时，他将其描述为“少数人排他性地占有资本”。对于马克思和恩格斯来说，“资本主义的”意味着腐败和剥削。资本主义的词源根基是金钱。而社会主义在语言起源上与“社会”和“群体”相关，暗示着人。这构建了一个“人与利润”对立的稻草人论点，而得益于德布斯，这一论点在超过一个世纪的时间里主导了美国政治。 德布斯的遗产还延伸到用全球运动的象征符号为美国社会主义贴标签。在马克思和列宁之前的数十年里，欧洲革命者一直挥舞着红旗。德布斯在美国声名大噪，是因为他“如此热切地挥舞着红色旗帜”。他在 1908 年的“红色特快”总统竞选专列以及他的社会主义党大会上，到处都是红旗、小旗和装饰布。德布斯的继任者延续了社会主义党的这一传统，即便在斯大林、毛泽东和波尔布特在各自的红旗下残酷地行使国家权力之时。这种德布斯的影响力在今天的 DSA 中依然存在：该党的网站通体呈红色。 古德先生将尤金·德布斯描绘成一个并非没有缺陷但最终具有英雄色彩的人。在某些方面，这很公平。德布斯坚定地支持女性权利和种族平等。他的高光时刻出现在与伍德罗·威尔逊（Woodrow Wilson）的最后一次角逐中。1916 年，德布斯与威尔逊一样，反对美国参加第一次世界大战。当威尔逊在选举后改变立场时，德布斯没有。 威尔逊将德布斯贴上叛徒的标签，并因其在 1918 年的一次演讲中的反战言论，根据新颁布的《间谍法》对其提起诉讼。被判处 10 年监禁后，他高尚地承受了这一不公正待遇。战争结束后，各政治光谱的领导人都敦促威尔逊减刑。威尔逊拒绝了。最终由共和党总统沃伦·哈定（Warren Harding）在 1921 年圣诞节将德布斯从监狱中救出。 但将德布斯视为英雄的论据，被掩盖在他五次总统竞选中的失败之下——他未能阐明一个现实的社会主义愿景，而这个愿景远超古德先生所称的“团结精神”。要求生产资料国有化以及一个没有监狱的未来的虚幻呼吁，从未接近赢得美国选民的支持。到德布斯职业生涯结束时，美国社会主义党的成员已萎缩至 11,000 人。 自1926年德布斯去世以来已过去一个世纪。如今这股社会主义狂热的小规模回潮能否让他从默默无闻中复活？古德先生的这本书朝着这个方向迈出了一步。但更有可能的是，他将继续处于相对被遗忘的状态，正如他的妻子曾强迫他面对的现实。面对丈夫对政治人物时间被过度占用而发出的抱怨，她回答道：“好吧，亲爱的，试想一下如果根本没有人关注你，会怎么样？” 考克斯先生是《伍德罗·威尔逊：退去的灯光》（Woodrow Wilson: The Light Withdrawn）一书的作者，曾任众议院国土安全委员会主席及美国证券交易委员会主席。 # 查尔斯·斯宾塞的皇室之痛 《天鹅之歌》（Swan Song） 作者：查尔斯·斯宾塞（Charles Spencer） 企鹅出版社，384 pages, \$35 作者：凯瑟琳·奥斯特勒（CATHERINE OSTLER） 当还是青少年幼儿园教师的戴安娜·斯宾塞在 1981, 2月与威尔士亲王订婚时，她将一个由养羊农后代、宫廷随从组成的北安普顿郡贵族家庭，拖入了她初现端倪的全球名声之边缘。这位出身于破碎家庭、长相天使般的女孩有两个姐姐（其中一人曾与王子约会）和一个弟弟。如果不是因为20世纪末两次最具电视传播度的事件—— 29, 1981, 在圣保罗大教堂举行的戴安娜“童话般”的皇室婚礼，以及 16 年后她在威斯敏斯特教堂那场令人心碎的葬礼——这些斯宾塞兄妹在很大程度上将一直处于阴影之中。 《天鹅之歌》是她弟弟对这些事件的叙述，是第九代斯宾塞伯爵查尔斯的一次尝试，旨在拥有最终话语权，并纠正他认为自己多年来遭受的所有轻视、委屈和误报。这本书部分是痛苦的回忆录，部分是复仇悲剧，是一份奇特的文档——它对上世纪最受关注的女性之一那古怪的童年进行了刻画，并瞥见了她更为离奇的成年生活，这一点很有趣；但同时，它也是作者的一份心理证词。这本书读起来像是一场治疗 session，而患者在其中会谈论除自己以外的任何人。 斯宾塞先生的四次婚姻和三次离婚几乎不值得提及，但当他将围绕戴安娜之死的记忆与其他零散的回忆交织在一起时，他的情绪却占据了中心舞台。书中的矛盾之处很多。他痴迷于媒体的残酷和机会主义，但他的文字却不放过任何人。他的一些主张具有毁灭性：他称在戴安娜去世后，查尔斯王子（当时的称呼）在与斯宾塞先生的一次通话中说，“我们很快就会忘记她的”；作者认为，王子在听到这个消息时听起来“欣喜若狂”，因为查尔斯对再次结婚的机会感到兴奋。（人们不禁怀疑斯宾塞先生对一个处于震惊状态的人的解读。） 记忆与观点在全书中混杂在一起。书中甚至在没有解释的情况下提到，戴安娜说她的丈夫爱上了他的男仆。王室对该书发表了反驳：“兄弟之情的悲痛可能会遮蔽理智，影响判断，并以他人无法察觉的方式给记忆染上色彩，即使在失去亲人多年之后依然如此。”斯宾塞先生称之为“煤气灯操纵”（gaslighting），并认为查尔斯国王的反应“极具攻击性”。 这里存在着一场非黑即白的、精心设计的圣徒与罪人游戏：斯宾塞家族是圣徒；皇室（那些没有斯宾塞血统的人）是罪人。作者那不相称的父亲和母亲是圣徒；他的继母雷恩·斯宾塞（Raine Spencer）是罪人。斯宾塞先生的前妻们全部是“两次离婚者”。媒体是邪恶的；而他自己的演说——则好得令人难以置信。 书中的大部分内容围绕着斯宾塞先生的悼词展开，他当时为此获得了赞誉，且他似乎认为这篇悼词的地位介于温斯顿·丘吉尔的《最光辉的时刻》与亚伯拉罕·林肯的《葛底斯堡演说》之间。  皇家同花顺（ROYAL FLUSH）伊丽莎白二世女王与戴安娜王妃，1982 “戴安娜是同情心、责任感、风格与美的精髓，”他说。“在全世界，她都是无私人道的象征。她是真正受压迫者权利的旗手，一个超越了国籍的纯正英国女孩。” 这段话很雄辩，同样充满情感且有力。然而，当他将斯宾塞家族描述为威廉和哈里的“血缘家庭”时，也很明显这是一场为了争夺主导权的争吵，具有分裂性和煽动性。《天鹅之歌》以一种荒诞的虚荣心，记录了斯宾塞先生对悼词文本的所有修改。我不确定原因何在，除非该书的出版商要求了最低字数。 斯宾塞先生最强烈、最令人信服的记忆似乎来自童年。当他的两个姐姐不在家时。 ## 戴安娜的哥哥旨在纠正记录，讲述他认为自己多年来遭受的轻视与委屈。 寄宿学校，他们的母亲弗朗西斯与后来成为她第二任丈夫的男人私奔了。斯宾塞先生讲述的一些家庭故事——比如他的母亲如何被禁止抱他出生几小时后就夭折的长兄约翰——极其凄惨且令人共情。关于戴安娜，我们了解到（除其他事项外）她在考试期间遇到的困难。然而，尽管他告诉我们她后来成为了怎样的明星（她无疑拥有上镜的魅力，且擅长让人们觉得了解她），但他的讲述与事实并不完全相符。她会打断别人；她会操纵他人。 对于一本声称赞美戴安娜的书，斯宾塞先生让她听起来像个边缘人格障碍者。他说她是他在世见过的最好的母亲（人们不禁好奇他的妻子们对此怎么看），并从远处描述，例如一张她在“不列颠尼亚号”甲板上拥抱儿子们的照片。但那些更清晰、更私人化的记忆则是关于她对残酷行为的偏好。当她的母亲和哥哥害怕他们误捕的一条巨鳗时，年幼的戴安娜用小折刀将其刺死。当作者在孩提时代告诉她自己害怕陡坡时，她将他推下边缘，掉进下面的金雀花丛中。当得知她的父亲再婚后，她扇了他的耳光。如果这还不足以让你觉得这是“配有侍从的杰里·斯普林格秀”，那么在斯宾塞先生自己的婚礼前，戴安娜在与继母雷恩争吵时，故意将她推下楼梯。如果楼梯平台的情况不同，威尔士王妃可能会因谋杀罪而受审。 《天鹅之歌》对 20 世纪 60 年代离婚家庭中特权阶层的童年痛苦提供了深刻的洞察，斯宾塞先生在《一所非常私密的学校》（2024）中也勇敢地探讨过这一主题。但他这次试图寻求救赎的尝试提醒我们，真实事件可以从截然不同的视角来书写，除了最浅显的事实外，这些视角几乎无法达成一致。我不确定他想表达什么；我不确定他是否清楚。很难反驳国王的评价，即斯宾塞家族缺乏责任感。对于一个聪明且流畅的历史学家来说，这部针对王室的怨恨之作——因为它本质上就是如此——其写作的微妙程度就像一只患狂犬病的柯基犬。 圣马特奥，胡尼佩罗·塞拉高中 “当你输球时，四分卫和主教练总是承担了过多的责备；而当你赢球时，他们又得到了过多的赞誉。” ——伊莱·曼宁 # 布雷迪通往伟大的艰辛之路 布雷迪  95届学生 汤姆·布雷迪曾在加利福尼亚州圣马特奥的高中时期担任新生队的替补四分卫。 作者：拉尔斯·安德森（Lars Anderson） Celadon出版，432页，$32.99 作者：约翰·U·培根（JOHN U. BACON） 乍一看，没有什么比一部关于史上最伟大足球运动员的传记更稳妥的赌注了，尤其是这部传记是由像拉尔斯·安德森这样才华横溢的作家执笔——他曾创作过二十多篇《体育画报》封面故事，目前已出版13本书。但汤姆·布雷迪似乎执意要让记者们感到挫败。 诚然，布雷迪赢得了创纪录的七次超级碗冠军，并在其中五次中获得了最有价值球员（MVP）的荣誉。他拥有电影明星般英俊的外貌，且曾与超级名模吉赛尔·邦辰结婚。但正如布雷迪本人所说：“我很害羞，不喜欢多说话。如果可以选择，我可能会倾向于隐没在背景之中。”尽管他如此沉默寡言，这位前新英格兰爱国者队的四分卫身上被挖掘的文字可能比任何在世的运动员都要多，包括100多本书、无数篇文章，甚至还有一场据报道支付了$25 million报酬的Netflix吐槽秀。而让安德森先生的任务更加艰巨的是，布雷迪及其家人拒绝接受本书的采访。 作者通过对数百个来源进行全新的采访，挖掘已有的海量报道，研究其传主生活的方方面面，并精心构建叙事，从而克服了这些障碍，创作出了迄今为止关于这位运动员最引人入胜的画像。 书的开篇设定在2006年12月，当时29岁的汤姆·布雷迪正焦虑地前往与邦辰女士进行一次相亲：这种场景告诉读者，他们将看到一些新鲜的东西。那时布雷迪已经赢得了七枚超级碗戒指中的三枚，但每当有人问他最喜欢哪一枚戒指时，他总是回答：“下一枚。” 体育记者约翰·费恩斯坦（John Feinstein）经常说，最顶尖的运动员不仅“愿意为了赢而踩在你的脖子上，他们更渴望踩在你的脖子上”。或许如此，这里描绘的汤姆·布雷迪确实具备这种特质，书中一个关于他在校内篮球赛中设置一次足以碎骨的掩护的轶事便证明了这一点。这就是安德森先生这本书的核心冲突：布雷迪能否在满足对自己无止境的要求的同时，依然创造出像父母曾为他提供的那种稳定、幸福的家庭生活？书的副标题是“一个美国故事”，这部分并没有增加太多信息，而“以及伟大的代价”才是全书的要旨。 关于这一点，安德森先生提供了大量的故事。他在每一页都给读者带来有趣的内容，并避开了体育传记作者容易陷入的陷阱——即枯燥地重复讲述一个又一个赛季。相反，作者巧妙地识别出布雷迪生活中的关键时刻，并探讨每一个特定的情节转折如何揭示这个人的特质。 如果你想了解一个名人真实的样子，你需要找出他们在成名之前的样子。安德森先生在这方面做得极其出色，书中设有关于布雷迪童年、不顺的高中岁月以及令人沮丧的大学生涯的章节。所有这些经历都提供了内在的张力，布雷迪后来利用这种张力将自己推向了NFL的顶峰。 我在多次夺冠者身上发现的一个共同特征是，他们心中总有一股强烈的不服输的劲头（chip on their shoulder），这种劲头源于真实或想象中的轻视，且往往被滋养数十年。当你追求的不是财富或名声，而是证明自己正确时，你永远不会满足。 在安德森的讲述中，布雷迪所拥有的这种不服输的劲头比一般的名人堂成员还要多。尽管他在加利福尼亚州圣马特奥的一个温馨家庭中长大，但他的三个姐姐非常喜欢嘲笑“小汤米”是家里最差的运动员。邻居的孩子们则因为他长得圆润而嘲讽他。在他高中的新生队中，布雷迪在一支从未赢过球的球队中担任替补四分卫，且从未传过一次球。 安德森先生描述了他的传主如何顶住质疑，成为一名受到大学关注的重点招募球员，随后他前往远在国家另一端的密歇根大学就读。在那里，他最初被排在第七顺位，在一支夺冠球队中，他在未来的 NFL 球员布莱恩·格里斯（Brian Griese）之后默默积累经验。到布雷迪先生在校的第三年，由于每次训练只能上场三次，他对此感到愤愤不平，曾考虑转学到加利福尼亚大学，但最终决定坚持下去。在此过程中，他得到了格雷格·哈登（Greg Harden）的指导，哈登是一位作风强硬的体育部门顾问，他建议受其指导的学生要“掌控可控之事”并“交钱闭嘴”。 在听完布雷迪先生抱怨他的教练、接球手和进攻线球员后，哈登先生回答道：“你是对的，他们不相信你，”但“如果你相信你自己，那么别人的想法就无关紧要。”安德森先生写道，布雷迪先生“当时无法意识到这一点，但这种心态的转变将成为他未来所有胜利的基石……也是他所有最大考验的源头。” 在橄榄球界，任何人都能一眼看出曼宁兄弟（Manning brothers）的前景。而布雷迪先生则几乎毫无存在感：一个手臂力量平庸、缺乏速度的瘦弱潜力股。安德森先生引用了一位 NFL 主教练的话，称他看起来“更像个该死的铝制外墙销售员，而不是一名职业四分卫”。 作者巧妙地描绘了 2000 年 NFL 选秀期间的另一个关键场景。在第一天，布雷迪先生和家人聚集在他们位于圣马特奥的家中，自信他会在第二或第三轮被选中，但没有人打电话来。在选秀的第二天，球队接连跳过布雷迪先生，选择了西南德克萨斯州立大学的斯佩尔贡·温（Spergon Wynn）和佛罗里达 A&M 大学（Florida A&M）的贾胡安·赛德（Ja'Juan Seider）等四分卫。当布雷迪先生再也无法忍受时，他拿着一根棒球棍冲出了家门——至于原因，他的父母只能猜测。安德森先生写道，他们在街对面找到了儿子，“独自一人在哭泣”。 爱国者队仁慈地在第六轮以总第 199 顺位选中了布雷迪先生。在他进入 NFL 的第一个赛季，只有一支球队配备了四名四分卫：那就是爱国者队，而第四名四分卫正是布雷迪先生。“对我来说，成功从未轻而易举，”他说，“我认为我的大脑从未允许我休息，永远没有。我有一些……深层的伤痕，我认为它们从未痊愈。” 安德森先生描述了布雷迪先生如何通过额外的体能训练、没完没了的录像研究，以及花费无数小时学习如何以完美的速速度和精准的角度将橄榄球投向准确的位置，从而晋升到第二顺位。如果他不能在速度或投球能力上胜过竞争对手，他就决心在努力程度和智慧上胜过他们——即便这意味着他没有时间做其他任何事情。如果你是想在《布雷迪》（Brady）这本书里寻找性、毒品和摇滚乐，你将会失望的。 ## 在无法在速度或投球能力上胜过其他球员的情况下，布雷迪必须通过更勤奋地工作和更聪明地应对来赢过他们。 “你可以做出上千个正确的决定，”布雷迪先生说，“但只要你做出一个错误的决定，那就是人们唯一会记得的事情。”布雷迪先生在纽英伦时期的队友李·史密斯感慨道：“我几乎觉得汤姆很可怜，因为他真的、真的对橄榄球痴迷。这种痴迷影响了他吃什么食物，喝什么饮料，如何训练，与谁共度时光，以及与谁一起度假。” “如果你想和我竞争，”布雷迪先生说，“你最好愿意放弃你的生活，因为我已经放弃了我的生活。” 安德森先生涵盖了所有内容，从汤姆·布雷迪的高中时期的挣扎，到美国国家橄球联盟（NFL）那场臭名昭著的 2000万美元 “通气门”调查（期间爱国者队被指控作弊），再到他艰难的离婚过程。失去与孩子们的日常接触似乎是布雷迪先生最大的心碎之痛。 作者是一位一流的讲述者，在这里他提供了一些我们如今不常能见到的东西：乐趣——一个与愤怒政治无关的现代版霍拉肖·阿尔杰式励志故事。如果说有什么缺陷的话，那就是安德森先生偶尔会沉溺于过多的形容词和隐喻，但这并不影响他的成就。《布雷迪》让读者能够最深刻地洞察到，其主人公为了在竞争极其激烈的职业中成为史上最伟大球员而做出的巨大权衡。汤姆·布雷迪的故事既可以作为一个鼓舞人心的典范，也可以作为一个警示故事——或许两者兼而有之。 培根先生著有 14 本关于体育和商业的书籍，以及《十一月的狂风：埃德蒙·菲茨杰拉德号不为人知的故事》。 # 思想何时觉醒？ 沉睡美人 作者：大卫·拜恩 (David Byrne) 企鹅出版社，400页，$36 作者：蒂莫西·法林顿 (TIMOTHY FARRINGTON) 2004年，一位名叫安东尼·范·拉恩 (Anthony van Raan) 的荷兰学者在《科学计量学》(Scientometrics) 上发表了一篇文章，这是一本致力于量化科学影响力的学术期刊。这篇文章题为《科学中的沉睡美人》，为那些在被关注浪潮“唤醒”之前未被认可的论文（通过被其他论文引用的次数来衡量）提供了一个俏皮的术语。这是一种尝试将“某些思想超越时代”这一概念形式化的努力，旨在了解这种情况发生的频率以及它们通常处于休眠状态的时间长短。 范·拉恩先生自己的论文甚至没有机会“打盹”。得益于其可爱的童话隐喻，该文在最初几年稳步获得引用，并在十年后获得了更广泛的关注。其中引起兴趣的人包括音乐家大卫·拜恩。自从担任 Talking Heads 乐队主唱以来，拜恩先生就以其折衷的品味而闻名，显然这种品味已从桑巴和非洲节拍扩展到了科学计量学。基于范·拉恩先生那篇仅有六页的简短论文，拜恩先生将其主题扩展为更广泛的探讨，书名为《沉睡美人：为什么好的想法会进入休眠状态，以及它们为何会觉醒》。 潜艇、洗手、弗兰茨·卡夫卡和威廉·福克纳的小说、卡拉瓦乔和维米尔的艺术、“地衣的混合性质”、大陆漂移、单点透视、太阳能电池板——拜恩先生将所有这些作为需要时间才能被接受的好想法的例子。他根据这些想法被复兴的方式将其分为六类：通过有影响力的倡导者；通过技术创新；通过偶然机会；通过经济约束的转变；在战争或灾难的紧迫需求下；或通过文化变革。  缓慢燃烧 在内战时期的“监视号”甲板上，拜恩告诉我们，这是“第一艘（几乎是）潜艇”参与战斗。潜艇的想法“作为一项实用发明一直处于停滞状态，直到一场战争为其提供了直接用途”。 在每个类别中，他都提供了几个历史片段，并以真挚的热情将其讲述。 在名为“混凝土！！”的章节中，他写道：“当我告诉人们混凝土曾经比现在好得多时，他们会感到惊讶。”古罗马人拥有这种材料，但最终它不再被使用。当它在19世纪被重新发明时，结果明显比罗马时期的弱。古老的秘密并非长期以来被怀疑的火山灰，而是热量。拜恩先生写道，格雷戈尔·孟德尔 1866 年关于遗传学的论文被忽视，或许是“因为他处于主流科学界之外——一个具有工人阶级背景的人，而且还是个僧侣”。直到四十年后，他的遗传概念才被认可为突破。 在其他地方，拜恩先生写道，“在巴赫生活的1700年代初期，音乐发生了很大变化，而他是这一变化的重要组成部分”——但在费利克斯·门德尔松支持他之前，巴赫的作品更多被视为手指练习而非伟大的艺术。 这些关于平反的故事具有天然的吸引力：“每个人都热爱重新发现，热爱圆满的结局，以及当有价值的事物最终获得应有认可时那种正义感。”然而，除此之外，拜恩先生希望通过研究这些例子来训练我们识别其他类似情况。正如其中一个章节所宣布的，“本书的目标是模式识别”（这让人想起 1982 年的专辑《这个乐队的名字叫 Talking Heads》）。毕竟，“还有哪些科学或艺术上的瑰宝可能仍然缺失，而我们尚未发现？” 问题在于，这些模式非常模糊。拜恩先生的类别 ## 有些想法需要更长的时间才能开花结果。 正如他所承认的，这些分类相当随意。例如，他将卡拉瓦乔归入“文化变革”一类，但这位画家的重新评价是由个人倡导驱动的，其中就包括镀金时代的艺术顾问伯纳德·贝伦森（Bernard Berenson）。卡拉瓦乔本可以很容易地与巴赫一起被列入“倡导者与捍卫者”一章。而且，那里的倡导者往往也契合了更大的文化变革。“如果世界还没有准备好，即使是最坚定的捍卫者也不会成功，”拜恩先生写道。 因此，至少在目前的总结层面，很难区分哪些是文化因素，哪些是个人因素。人们可以从中汲取的教训是稳健的普遍规律：跨学科思考；摆脱种族、性别和阶级的盲区；尝试绘制图表（也就是说，将信息以不同的形式呈现可以使其在新的光线下显现）；并意识到过去并不一定更糟——或者用拜恩先生简洁的话说，“抵制现代性的傲慢”。 令人失望的是，拜恩先生对他作为一名“唤醒者”的自身经历写得太少。1988年，他创立了 Luaka Bop 唱片公司，该公司极具影响力的合集向美国观众介绍了世界流行音乐和迷幻音乐中较少为人知的经典之作，例如巴西的 Os Mutantes 乐队。“有时，”拜恩先生说，“需要一个天真的外国人才能欣赏那些生活在某个国家的人却没意识到自己拥有的一切”——这一观点与他关于跨学科思考的建议是一致的。但为什么 Luaka Bop 的发行作品能获得如此大的成功？是因为音乐本身，拜恩先生的倡导，文化变革，还是这些因素的结合？ 虽然 Luaka Bop 显然是一项出于热爱的事业——是拜恩先生对音乐真实热情的溢出——但他在《睡美人》（“Sleeping Beauties”）中关于艺术的文字却显得异常平淡。他写道，巴赫的作品“缺乏令人难忘的旋律”——这是一个合理的观点，但却是一个毫无色彩的想法。关于福克纳，他宣称：“我喜欢他的书和故事，但不得不承认他的书并不总是易读的”，因为其中包含“扭曲的故事和古怪的人物”。也许过去从未死去，但如果它只是在沉睡，这样的句子是无法将其唤醒的。 “对于孩子来说，后花园可以是一个未知的国度。” ——罗伯特·麦克法兰（ROBERT MACFARLANE） # 泥炭的力量  肥沃：阿拉斯加费尔班克斯郊外湿地中的一种圆叶茅膏菜。 《沼泽地》（Bogland） 作者：梅里特·R·图雷茨基 (Merritt R. Turetsky) 诺顿出版社，240页，$29.99 作者：卡琳·阿尔滕伯格 (KARIN ALTENBERG) 长期以来，沼泽一直被认为是阴暗且难以逾越的地形，这引发了一系列如“陷入泥潭”（bogged down）之类的表达，暗示着缺乏进展。在《贝奥武夫》及其他作品中，这些湿地还被用作一种有用的文学隐喻，被视为文化记忆的守护者和被压抑恐惧的象征。而近期，沼泽被公认为极其动态的生态系统，保存了地球数千年的历史。 在《沼泽地》一书中，梅里特·图雷茨基将沼泽描述为遥远且艰险，但同时美丽且充满生机。她的热情显而易见。图雷茨基女士是科罗拉多大学博尔德分校的一位生态学家，当她凝视一片“奢华”的苔藓 expanse，或在这些复杂环境中感受到生命与死亡之间原始的平衡时，她经常能体验到令人羡慕的“纯粹沼泽魔力”时刻。 图雷茨基女士的书名借用了谢默斯·希尼的一首诗，其中泥炭的“黑色黄油”——即在沼泽中积累的腐烂植被的深色质量——是爱尔兰集体记忆的隐喻。她带领读者游览了她最喜爱的全球各地的沼泽地，引导读者了解这些生态系统的复杂科学，并帮助我们理解那里植物、动物和人类生命的韧性。 图雷茨基女士解释了沼泽如何使土地免于干旱，并描述了沼泽地通过植物光合作用吸收大气中二氧化碳，并将其储存在地下积水、缺氧土壤中的能力，从而冷却地球。她将我们带到格陵兰岛，令人惊叹的是，在冰川融化的区域，新的泥炭正在缓慢形成。然而，沼泽十分脆弱，当它们被排水、焚烧或挖掘以采集燃料或开垦更多农地时，它们会将储存了数千年的温室气体释放到空气中。图雷茨基女士的书是对拯救剩余沼泽地的紧急呼吁。她写道：“泥炭既非生也非死，悬浮在现在与过去之间，它是我们星球上最强大、最具韧性的资源之一。然而，它却很容易被人类之手摧毁。” 北半球的沼泽地形成于数千年前全新世冰盖开始退缩之时，留下了浅洼和小池塘，活的与腐烂的苔藓和莎草在数个世纪中在此积累，就像现在的格陵兰岛一样。来自英国约克郡斯塔卡尔（Star Carr）等遗址的考古证据表明，早期的狩猎采集者跟随退缩的冰川，被这些湿地吸引，将其作为食物、原材料和保护的来源。在斯塔卡尔发现的红鹿头骨头饰表明其具有精神意义。 我们通常根据可见之物来评价景观，但正如图雷茨基女士所示，沼泽地的许多丰富之处和神秘之处都在地下。2006, 夏天，一名工人驾驶推土机穿过爱尔兰的一片沼泽时，发现了一本有1,200年历史的诗篇。作为一名在斯堪的纳维亚南部的考古学家，我研究过泥炭芯中的花粉，陷入了附近的 ## 自史前时代起，人类就意识到了湿地的祭祀力量，有些人通过向泥炭沼泽投放祭品来表达。 早在几个世纪前，人们就在湿地中研究，以了解特定地点历史植物生命和气候的性质。 瑞典一个名为 Gullåkra（意为“金色的田野”）的沼泽，在数千年中一直被用作祭祀场所。在该地区发现的大量文物可能决定了它的名称。在 Gullåkra 附近的沼泽地中，由于缺乏氧气且微生物受到抑制，木材、骨骼、皮肤甚至衣服等有机物质得以保存。泥炭具有一种自身的力量；人们很容易在沼泽中丢掉一只靴子。在斯堪的纳维亚湿地中投放祭品是当地精英标榜地位、安抚神灵和划定领土的方式。沼泽祭品的祭祀力量象征着一种投资，而非财富的损失。这种魔力被 24 岁的弗吉尼亚·伍尔夫捕捉到了，她在 1906 年访问了英国的一片沼泽及其周边地区，并将该地区描述为一片“奇异的、灰绿色的、起伏的、梦幻的、哲学化的且充满记忆的土地”。 图雷茨基女士使用了令人眼花缭乱的名词来描述泥炭——它是金库、坟墓、记录、钟摆，也是档案。她反复描述沼泽及其“讲述故事”的能力，显得有些冗长。让这本书保持活力的，是她对实地考察的叙述：在婆罗洲的沼泽中穿行于令人惊叹的食虫植物之间，或者悲痛地意识到为博士研究而精心保存的泥炭样本在一次山火中被焚毁。在阿拉斯加的一个研究站，她吸入了永冻土氧化的气味：“更新世时代的草类、猛犸象骨骼，以及数以千计年的微生物细胞。” 目前，沼泽存储的碳量是全球所有森林的两倍，但消失速度更快。图雷茨基女士讲述道，沼泽形成的功臣是泥炭藓，它是自然界最高效的海绵之一。随着泥炭藓的生长，其底层被上方的重量压缩。潮湿的地面加上酸化，防止了地下物质完全分解，使其缓慢地被腌制成泥炭。 如果你不小心陷入沼泽，图雷茨基女士建议你“与沼泽地达成和解，给予它尊重。抑制挣扎的冲动，转而感受气泡在身体周围被推起时的吸力节奏。与泥炭一起摇摆和舞蹈，可以在四肢周围创造出物理空间以打破吸力，让你能够极其小心地升到表面，继续你的旅程。”这似乎是一个进入沼泽地的有用技巧，或许也适用于生活本身——一个丰富且多变的领域，拒绝永久的形状或坚实的边界。 阿尔滕伯格女士是小说《翅膀之岛》（Island of Wings）和《破光》（Breaking Light）的作者。 # 美国隐形的王牌 《幽灵》（The Phantom） 作者：鲍勃·德鲁里（Bob Drury）与汤姆·克拉文（Tom Clavin），圣马丁出版社，352页，$33 在诺曼底登陆日（D-Day）两个月后的1944年8月，彼得·奥尔蒂斯（Peter Ortiz）在法国阿尔卑斯山脉率领一次伏击，目标是纳粹军队。德国人原本希望出其不意地攻击一群法国抵抗组织战士。 正如记者鲍勃·德鲁里和汤姆·克拉文在《幽灵：纳粹无法杀死的美国海军陆战队的未讲述故事》中所述，奥尔蒂斯的战士们将自己部署在“高地之上，沿着一个被称为博福坦山口（Cols du Beaufortain）的山峰缺口，布置好机枪阵地和迫击炮管”，以便让国防军部队正面对抗敌方火力。很快，德国人“在自动武器的密集火力打击下损失惨重，期间还伴随着手榴弹墙的轰击。更令他们惊讶的是，迫击炮和巴祖卡火箭弹封锁了他们的退路”。 随着时间的推移，奥尔蒂斯后来被公认为美国战略情报局（OSS，中央情报局的前身）在欧洲战场最成功的秘密特工之一。奥尔蒂斯1913年出生于纽约，在美国和法国长大， 他于1932年加入了法国外籍兵团，当时他基本上是对父亲说，“生命太短，而普鲁斯特（的作品）太长”。到1941年12月日本人袭击珍珠港并将美国拖入战争时，奥尔蒂斯已经两次成为战俘——在一些心怀同情的奥地利修女的帮助下，他第二次成功逃脱。简而言之，他正是战略情报局局长威廉·多诺万（William Donovan）所寻找的那类人。 在从纳粹手中逃脱后，奥尔蒂斯前往美国，参加入伍海军陆战队并立即脱颖而出。他被派往英国接受秘密行动培训。他的首批任务之一是前往北非，他曾在那里为外籍兵团作战。 奥尔蒂斯和其他六名间谍破坏者，“他们的手和脸已被烈日晒黑，穿着长袍（gandouras）并戴着头巾——即著名的T.E.劳伦斯所称的‘阿拉伯装备’——骑着一串骆驼向南行进。他们的任务是：在收集敌军动向信息的同时，骚扰国防军的设施和补给线，并且顺便尽可能多地杀死德国人”。 除了与纳粹作战，奥尔蒂斯和多诺万还必须与美国陆军作斗争，后者试图与特种行动的“卑劣行径”保持距离。作者写道，部分原因是“下达给奥尔蒂斯及其伪装小队的命令中，带有浓厚的暗杀气息”。 按照现代标准来看，这或许是卑劣行径，但极其有效。 历史快捷键 作者：马克·约斯特（MARK YOST）  # 追捕希特勒的爪牙 《他们将见不到黎明》（They Shall Not See the Dawn） 作者：查尔斯·拉克曼（Charles Lachman） Diversion出版社，304页，$32.99 许多盟军士兵在第二次世界大战后带回了纪念品。纳粹旗帜，日本刺刀。但只有一个人抢到了海因里希·希姆莱（Heinrich Himmler）穿过的豪华拖鞋。 正如查尔斯·拉克曼在《他们将见不到黎明：追捕第三帝国头号通缉犯》（They Shall Not See the Dawn: The Manhunt for the Third Reich’s Most Wanted）中所述，纳粹投降两周后，亚瑟·布里顿（Arthur Britton）中士在德国奥斯特河（Oste River）的一个检查站执勤，当时有三名德国人试图过桥。其中一名德国人身材矮小，穿着不协调，右眼贴着一块补丁。在检查该男子的证件时，这名英国士兵“注意到国防军的印章被抹掉了。在印章下方，似乎有之前盖过橡胶印章的痕迹”。 布里顿扣留了这些人，并将他们带到附近的一个英国拘留营。在那里，那个矮个子男人向指挥官承认：“我是海因里希·希姆莱”——他曾是希特勒核心圈子的成员，也是大屠杀的策划者。但在他因战争罪被审判和处决之前，希姆莱咬破了藏在口中的氰化物胶囊，随即死亡。他被埋在森林中一个不公开的坟墓里。（英国军事警察埃德温·奥斯汀（Edwin Austin）一级军士长发表了一段简短但恰当的悼词：“让蠕虫回归蠕虫之手。”） 布里顿被指派搜查希姆莱藏身的谷仓，他发现了那个疯子的拖鞋，并被允许将其保留。作者写道：“直到去世那天，布里顿穿着海因里希·希姆莱那双非常舒适的拖鞋在屋里踱步，都会感到十分快意。” 除了讲述二战末期在逃纳粹高官的追逐、抓捕、逃脱以及（有时发生的）自杀外，拉克曼先生——一位《内部报道》（Inside Edition）的制片人，且著有另外五本非虚构类书籍（包括一本关于寻找失踪德国U型潜艇的书）——还讲述了那些帮助追踪拒绝投降的德国人的普通士兵的故事。 其中一位是西摩·斯坦伯格（Seymour Steinberg），一名犹太人，他出生在立陶宛的父亲在纽约上东区经营着一家面包店。斯坦伯格在美军反情报部队服役，被派往弗伦斯堡（Flensburg）——一所现由盟军控制的前德国海军学院，在那里他负责监管阿尔弗雷德·约德尔（Alfred Jodl）将军。“很难想象，生活竟然能如此剧变，”拉克曼先生写道，“一个来自纽约的犹太孩子，竟然在警惕地监视着德国最高统帅部的作战主管，而就在几周前，后者还身在柏林的希特勒元首地堡中。” 约斯特（Yost）先生为《华尔街日报》撰写军事历史类文章。 # 好莱坞挑衅代理人的回忆录 《Roll the Calls》 作者：阿里·埃马纽埃尔 (Ari Emanuel) Knopf出版社，432页，$35 作者：凯尔·史密斯 (KYLE SMITH) 当你像阿里·埃马纽埃尔这样的人时，你的良心可能会干扰你的睡眠。在他的回忆录《Roll the Calls》中——这是一部将大男子主义的吹嘘与求救信号笨拙结合的作品——这位好莱坞资深代理巨头承认，他的脑子里“充满了电池酸液和大黄蜂”，且经常失眠。考虑到他多次承认背叛竞争对手，且不时背叛同事，我相信这一点。埃马纽埃尔先生身处强大的 WME 集团顶端，常被称作“超级代理人”。他还经营着 TKO 公司，该公司拥有世界摔角娱乐 (WWE) 和终极格斗冠军赛 (UFC)。他的净资产相当可观。而且，他是一台愤怒机器。 WME 的客户包括昆汀·塔伦蒂诺、丹泽尔·华盛顿、马丁·斯科塞斯和奥普拉·温弗瑞等众多名人，但作者并没有讲述关于这些人的故事（除了简短描述温弗瑞女士决定与他签约的过程）。前客户唐纳德·特朗普短暂出现，但埃马纽埃尔先生并未透露关于他的任何有趣信息。 好莱坞的回忆录通常提供艺术见解和八卦——关于杰出作品的创作过程，以及相关人物的古怪之处。但在这一本“透露甚少”的书里，这些几乎完全没有。尽管地位显赫，埃马纽埃尔先生明白自己仅仅是客户的仆人，任何一个客户都可能解雇他。谈到他认识的名人时，他守口如瓶。 相反，他提供的是一段关于在后台卑劣地争夺优势的叙事——为了换雇主而抛弃前任，通过向媒体泄密来削弱另一名代理人。他至今仍对 20 世纪 90 年代一项被拒绝的报销申请（一次高尔夫球活动的 $90）感到愤怒，并讲述了与其他代理人长达数年的宿怨。除非你在过去 40 年里每天阅读《Variety》杂志，否则你可能并不熟悉那些为了争夺比如 80 年代 ABC 情景喜剧《谁是老板？》(Who's the Boss?) 而斗争的人的名字。目前还不清楚埃马纽埃尔先生是否看过他提到的任何一部剧。想象一下一本从未靠近过球场的橄榄球书籍。 埃马纽埃尔先生特别感兴趣，或者更准确地说是痴迷于，他对吉姆·威亚特 (Jim Wiatt) 的报复。威亚特曾是威廉·莫里斯代理公司 (William Morris Agency) 的负责人，该公司于 2009 年与埃马纽埃尔先生于 1995, 共同创立的 Endeavor 公司合并，组成了 WME。埃马纽埃尔先生策划将威亚特先生（以及威廉·莫里斯的首席运营官欧文·温特劳布 Irv Weintraub）赶出新公司。他现在依然在为每一次驱逐而欢呼，像《蝇王》中杀死野猪的年轻暴徒一样。 在埃马纽埃尔先生看来，他生活在丛林中，唯一的获胜方式就是比对方叫得更响。埃马纽埃尔先生回味他在一次紧张的交锋中如何击败代理人迈克尔·奥维茨 (Michael Ovitz)。后者“没有预料到我会把一件相当沉重的办公家具举到我的 f——头上，因为在任何可能的方案流程图中，这种情况都不会出现”。毫无疑问。“愤怒对他来说是一场游戏，一个把戏，一个工具，而对我来说，这是一种生活方式。愤怒是我呼吸的空气。”我想，这应该是绝杀。埃马纽埃尔先生曾让他的助手追踪一名毫无防备的首席执行官，他认为对方导致了他最喜欢的口味的无糖口香糖停产。那个人当时正在钓鱼，“有人划船把电话送到他面前，这样我就可以痛骂他一顿”。 让我们把这些事件称作其本质：歇斯底里。在其他职业中，这会被认为令人尴尬。但在代理人之间，拍胸脯示威很流行。因此，埃马纽埃尔先生试图给我们留下深刻印象：他凌晨 4 点起床（当他透露自己晚上 7 点就睡觉时，这个细节就没那么令人印象深刻了），经常说自己进行“高强度锻炼”（谁在乎？），并且奇怪地提到，他通过食用杯装活虫来增强健康。他声称每天打 300 个电话，有时高达 400. 个。他说他曾在午夜后的纽约地铁列车上，通过将其中一人打晕，制服了一伙由 15 名威胁性小混混组成的帮派。当然了，阿里。 ## 阿里·埃马纽埃讲述了一段关于在阴暗密室中为了优势而汗流浃背地博弈的庸俗叙事。 有些人即使在敌人眼中也备受钦佩；而埃马纽埃先生即便在朋友之中也令人鄙夷。拉里·戴维是埃马纽埃先生少数几个在书中篇幅超过两句话的演艺圈客户之一，他曾为埃马纽埃先生的执念而举杯。埃马纽埃先生分享了这份清单：“健康。金钱。体育。金钱。成功。金钱。家庭。朋友。金钱。”据埃马纽埃先生称，戴维先生称这位经纪人为“埃马纽埃家族基因中的一个缺陷”。 其他埃马纽埃家族成员都表现出对公共服务的兴趣：埃马纽埃先生的父亲本杰明是一名儿科医生；他的哥哥拉姆曾任芝加哥市长；长兄埃泽基尔则是一名肿瘤学家和生物伦理学家，曾就医疗政策为奥巴马政府提供建议。而埃马纽埃先生领导的公司则与特朗普政府合作，计划在白宫南草坪举行一场UFC格斗赛，以纪念美国建国250周年。 当杰里米·皮文在HBO剧集《随行人员》（2004-11）中讽刺他（甚至直接使用了“阿里”这个名字）时，埃马纽埃先生获得了一种奇特的非主流流行文化名声。该剧基于埃马纽埃先生的客户马克·沃尔伯格在好莱坞早年的经历。皮文所演绎的那句名言——“咱们抱抱化解矛盾吧，婊子！”——比埃马纽埃先生这本令人作呕且不悦的著作中的任何内容都更有机智。在婚礼上，埃马纽埃先生引用了其第二任妻子萨拉·斯陶丁格的话，称他最常用的短语是：“让我把话说明白，滚去自慰吧（go f— yourself）。”他绝非什么白马王子。 史密斯先生是本报的电影评论员，也是《华尔街日报》观点版“自由表达”栏目的专栏作家。 秋季 # 学习扮演角色 《在我的时间里》（In My Own Time） 作者：克里斯托弗·劳埃德（Christopher Lloyd） Grand Central 出版，256 页， $32.50 《永不言败》（Never Say Die） 作者：关继威（Ke Huy Quan） Grand Central 出版，256 页， $32.50 作者：乔安娜·考夫曼（JOANNE KAUFMAN） 在 1975 年的电影《飞越疯人院》中，克里斯托弗·劳埃德凭借饰演一名精神病患者的令人难忘的表现，随后与一名好莱坞人才经纪人签约。正如劳埃德先生在他的回忆录《在我的时间里》中所解释的那样，他告知新代表他没有兴趣出演电视节目。然而，当情景喜剧《出租车》（Taxi）的创作者希望他在 1978 年的第一季中客串一名婚礼司仪时，某种直觉告诉他应该答应。 劳埃德先生似乎对扮演那些夸张的古怪角色有着特殊的偏好，他把握住了这次机会，成为了该剧的常驻演员，并凭借对内心纯真、神情恍惚且药瘾沉溺的吉姆·伊格纳托夫斯基（Jim Ignatowski）的塑造，赢得了两项艾美奖（分别在 1982 年和 1983 年）。劳埃德先生曾长期质疑自己的职业选择是否可行。现在，他不再怀疑了。 作为德士古（Texaco）共同创始人的孙子，劳埃德先生在康涅狄格州新卡南一个占地 400 英亩的庄园中度过了孤独且内省的童年。他的父亲冷漠且疏远。他的母亲是一名受挫的音乐家，用酒精来淹没不满，年幼的克里斯托弗由保姆照顾。在寄宿学校期间，当他被叫到舞台上协助一名魔术师完成幻术时，他第一次接触到了表演的神秘感。劳埃德先生写道，对方当时在“指导我如何给人一种……即使没有发生什么，但看起来像是在发生什么的印象”。他意识到自己所经历的并非“戏法——而是戏剧”。 这部语气出奇诙谐的《在我的时间里》记录了作者在 20 世纪 60 和 70 年代纽约舞台世界的早期时光。1973 年，他鲁莽地放弃了兰福德·威尔逊（Lanford Wilson）的《热烈 L. 巴尔的摩》（The Hot L. Baltimore）中的一个角色，转而出演彼得·汉德克（Peter Handke）那部晦涩的剧作《卡斯帕》（Kaspar）中的主角。（劳埃德先生写道，他认同这个标题角色，因为该角色声称自己是在地牢中长大的。）在 1974 年林肯中心的一场演出中，他饰演班柯，与饰演麦克白（Macbeth）的克里斯托弗·沃肯（Christopher Walken）搭档；而在耶鲁剧团（Yale Repertory Theatre）的一段经历则让他与年轻的梅丽尔·斯特里普（Meryl Streep）同台演出。 《出租车》提升了劳埃德先生的知名度。随后，更多古怪的角色找上了门。在收到某部特定的剧本后，劳埃德先生承认他“粗略浏览了一下，就把它扔进了废纸篓”。一位朋友指责他如此傲慢地予以拒绝，于是心有愧疚的劳埃德先生把剧本捡回来仔细阅读。剧名是《回到未来》（Back to the Future）。嗯。 这部随之在 1985 年上映的科幻喜剧成为了那个十年中最成功的电影之一，并让他与迈克尔·J·福克斯（Michael J. Fox）搭档。劳埃德先生饰演古怪的科学家布朗博士（Doc Brown），他将自己的 [...OMITTED...] ## 劳埃德最初扔掉了《回到未来》的剧本。关继威原本并不打算试镜《印第安纳琼斯》。 灵感来自英国指挥家兼作曲家利奥波德·斯托科夫斯基（Leopold Stokowski）的“狂野能量”和长白发。 这位演员坦诚地讲述了他在好莱坞面临的社交与职业困境，以及他多年滥用药物的经历。（他说，他现在已经戒掉了。）劳埃德先生对他表演艺术的思考往往不足以令人惊叹，但他对自己热爱之事业的感激之情显得极其真挚。 “我分不清什么是真实的，什么是梦境。”演员关继威（Ke Huy Quan）的回忆录《永不言败》（Never Say Die）就这样开始了。 关先生回忆中的那些梦幻时刻，实际上是噩梦。1977年，他年仅7岁，当时他、他的一个兄弟和父亲因试图逃离共产主义越南而被监禁。像这座曾被称为西贡（现胡志明市）的其他华裔家庭一样，关家被政府视为“不忠诚、外来且与中国联系过于紧密”。由于试图离开越南，这个家庭一度被分成了两半——关的母亲成功地带着他的三个兄弟姐妹潜逃到马来西亚，但关、他的父亲以及另外五个孩子被留在了后面。 关的父亲在再次尝试将他们全部带走时，被抓并再次被捕。最终，他为他们找到了出国的途径。1979年年底，在经历了一段艰辛的前往香港的海上航程并在难民营度过一段时间后（书中对此有生动的描述），关与父亲及兄弟姐妹一起乘飞机前往洛杉矶，在那里，他们终于与母亲以及两年未见的兄弟姐妹团聚。 关纯属侥幸地获得了《印第安纳琼斯之魔宫》（1984）中那个精明机灵的孤儿——短圆（Short Round）这一绝佳角色。当时12岁的关在周六坐在洛杉矶学校外的一张桌子旁，与弟弟大卫（David）以及他们的英语教师在一起。很快，排队等待试镜的人群引起了他们的注意，原来那是该电影的公开试镜。 大卫决定加入他们，但在轮到他时被紧张情绪击垮了。随行的关开始指导他的弟弟，做出大胆的表情和手势，鼓励大卫模仿他。选角导演被他的活力所吸引。几天后，电影导演史蒂文·斯皮尔伯格（Steven Spielberg）和主演哈里森·福特（Harrison Ford）在与关见面后也同样被他吸引。 这次经历改变了他的生活。福特先生教关如何游泳。共同编剧并担任执行制片人的斯皮尔伯格先生和乔治·卢卡斯（George Lucas）在关生日时各寄给他一卡车的玩具。在《印第安纳琼斯之魔宫》拍摄结束不久后，关被选入理查德·唐纳（Richard Donner）1985年的电影《寻宝》中。演艺生涯似乎已然稳固。然而，随着年龄增长，工作变得越来越难以获得。关先生在写到自己的青少年晚期时提到，他当时“甚至连一个工作的传闻都没有”，“我非常害怕有人问我接下来要做什么”。 一段时间后，关先生成功转型为电影和电视的动作指导，直到接近50岁时，他决定回归演艺事业。在一次惊人的回归中，他凭借在荒诞喜剧电影《瞬息全宇宙》（2022）中饰演一名温文尔雅的丈夫而赢得了奥斯卡奖。 《永不言败》的重点不仅在于关先生在片场的工作，同样在于他的家庭生活以及他努力成为一个好儿子的挣扎。显然，所有这些角色对他而言都至关重要。 考夫曼女士经常为《华尔街日报》撰写小说评论。 书籍 # 在《 Curb 》之前 《虚无之帝》（Emperor of Nothing） 作者：布莱克·J·哈里斯（Blake J. Harris） Dey Street 出版，576 页，36 美元 评论员：朱莉娅·M·克莱恩（JULIA M. KLEIN） 撰写一部授权传记可能是一场“魔鬼的交易”。为了获得接触机会，作者可能会丧失讲述一个不加掩饰、毫无保留的故事的能力。但在《虚无之帝：拉里·戴维的塑造》（Emperor of Nothing: The Making of Larry David）这本书中，布莱克·J·哈里斯所达成的任何协议看来都是有利的。 其回报是对拉里·戴维先生两部标志性电视喜剧——《赛恩菲尔德》（Seinfeld，1989-98年）和《 Curb Your Enthusiasm》（2000-24年）的创作与发展过程的一次生动、亲密且时而令人惊讶的审视。同样有趣的是哈里斯先生对戴维先生早期脱口秀生涯的描述，其中包含了关于一只患有“育儿袋嫉妒症”的雄性袋鼠，以及一个因手淫而被审判的少年的表演片段。 哈里斯先生之前的著作包括《主机战争》（Console Wars，2014年）和《未来的历史》（The History of the Future，2019年），他并未完全避开神格化倾向。尽管这位喜剧演员有着相当显著的古怪之处，但哈里斯仍将其描绘成一个无可争议的喜剧天才、一位慈爱的父亲和一名忠诚的朋友。在哈里斯的叙述中，戴维先生在虚构作品中替身人物的乖戾，在现实生活中被他的才华甚至社交能力所抵消；在马里兰大学期间，他曾被选为兄弟会主席。“才华横溢”这个词反复出现，这是他的合作者们给出的评价。 起初，这位“极度注重隐私”的戴维先生不愿与哈里斯先生交谈，但最终同意了多次采访。（“噢，天哪。如果必须这样做的话，”是他最初表示同意时的措辞。）他讨论了童年时期与霸凌者的纠葛，在美国陆军预备役中的艰辛，以及他的母亲执意要求他参加公务员考试以获得邮局工作的机会。戴维先生从未参加过那场考试，而是靠着各种零工维持生计，包括内衣销售员、法律助理、豪华轿车司机和出租车司机。直到今天，他仍自豪地表示，他的驾驶技术依然出色。 在尝试过演戏之后，戴维先生在纽约的喜剧俱乐部找到了归属感，他那些古怪的小品赢得了同行的钦佩。哈里斯强调了这位出生于布鲁克林的喜剧演员一个传奇般的倾向：如果观众的反应让他不快，他就会直接走下舞台。“我对逆境的反应并不好，”戴维先生解释道。 就像他在《Curb》中的角色一样，戴维先生一直不愿容忍生活中的琐碎愚蠢——或者他认为来自网络公司和制作公司高层的更大规模的愚蠢。戴维先生的固执包括坚持对其项目保持创作控制权。 与喜剧俱乐部好友杰里·赛恩菲尔德一起，戴维先生在构思《赛恩菲尔德》的前提方面起到了关键作用，该剧最初是对喜剧演员如何获得灵感的探索。正如杰森·亚历山大饰演的角色乔治·科斯坦扎在一段（经过重大修改后）取材于现实生活的剧情中所暗示的那样，这部剧并非真的“关于虚无”。但可以公平地说，该剧情节的赌注——在一家中餐厅订到桌位、赢得一场禁欲比赛、与被戏称为“汤纳粹”的餐厅老板发生冲突——确实算不上什么惊天动地的大事。 ## NBC 对拉里·戴维持谨慎态度，因为他有着“不可控且控制欲强”的名声。 NBC 曾寻求与赛恩菲尔德先生合作，后者是一位以精湛的观察幽默著称的深夜电视常客。但该网络对戴维先生持怀疑态度，因为他在电视方面的主要资历仅是在 ABC 短命且缺乏原创性的素描喜剧系列剧《Fridays》中担任编剧和表演者。更令人担忧的是他作为一名“不可控且控制欲强”之人的名声。 为了安抚网络公司，该项目的制作公司 Castle Rock Entertainment 指定其内部喜剧编剧加里·吉尔伯特（Gary Gilbert）为 # 通往电影之星的坎坷之路 《阶梯》（The Steps） 西尔维斯特·史泰龙 著 Morrow 出版社，304 页，$32.50 《一次极速狂飙》（One Helluva Ride） 迈克尔·道格拉斯 著 Grand Central 出版社，496 页，$35 作者：梅根·考克斯·格登（MEGHAN COX GURDON） 在西尔维斯特·史泰龙和迈克尔·道格拉斯的回忆录中，笼罩着三个阴森的影子，它们分别来自一位刻薄的母亲和两位暴躁的父亲，而这些人全部来自迈克尔·道格拉斯所称的“暴力一代”。 在成长过程中，这两位未来的演员都遭受过殴打。道格拉斯先生很幸运，他有一位温柔的母亲，这在一定程度上弥补了他父亲——电影明星柯克·道格拉斯的暴脾气。而对于史泰龙先生来说，虐待则来自父母双方。 在《阶梯》一书中，史泰龙先生，80, 讲述了一个艰辛的成长故事，会让读者对他坚韧不拔的精神充满敬意。小西尔维斯特在出生时因产钳受伤导致面部受损，留下了一种独特的相貌——沉睡般的眼睑、撇起的嘴唇——这在他试图进入演艺圈时成了不利因素。人们认为他的长相不够“商业化”，无法盈利。 在家里受到糟糕对待的年轻西尔维斯特，随着家庭环境的不断变迁，被十几所学校开除。他曾在一家针对问题青少年的机构中度过了一段艰苦的时光。然而，即便在最叛逆的时期，西尔维斯特依然相信自己。被拒绝、被轻视、身无分文——但他坚持了下来。少年时代，他养成了对着镜子给自己打气（pep talks）的习惯，并一直将这一习惯延续到成年。 像许多怀揣戏剧梦想的年轻人一样，史泰龙先生年轻时乘巴士抵达纽约市。他露宿街头，试图寻找经纪人。但迎接他的是一扇扇关闭的大门。“人们告诉我……我基本上是个格格不入的人，”他写道，“我永远不会成功。”他从行业中感受到的轻蔑，与他从父母那里感受到的轻蔑如出一辙。他的父亲动起手来很快；而他的母亲则让他为自己是“计划外孩子”而道歉。 为了支付一间狭小公寓的房租，史泰龙先生从事过一些底层工作，包括在电影院担任检票员，在那里他免费学习了电影故事的结构。在业余时间，他写作。当他和女友搬到加利福尼亚州后，他开始获得一些关注。他以 $100 的价格卖掉了第一个剧本，但随后对此感到后悔，因为他将全部心血倾注在故事中，而现在故事不再属于他了。他发誓，下次他要采取不同的方式。 这个机会在他推销关于一个底层拳击手罗基·巴尔博亚（Rocky Balboa）的剧本时到来了。这个剧本在好莱坞迅速传开，但随着出价增加，当史泰龙先生坚持要饰演男主角时，买家们犹豫了。这是一个很棒的故事，但他长相古怪且名不见经传，没有人愿意达成交易——直到有人点头。随后，《罗基》成为了 当时被称为《站起来》（“Stand Up”，后改为《赛恩菲尔德纪事》 / “The Seinfeld Chronicles”）的剧集主创。吉尔伯特先生讲述了他和制作公司的另一位同事如何艰难地修改大卫先生和赛恩菲尔德先生的试播集剧本，这是一个令所有人都不满的充满争议的过程。 试播集起初没有被选中。即便在 NBC 妥协之后，也仅订购了区区四集。那时，赛恩菲尔德先生已经将吉尔伯特先生从主创位置上撤换。 (吉尔伯特先生不明智地卖掉了他在该剧中的股份，从而失去了最终数百万美元的版税分成。) 他的接任者弗雷德·巴伦（Fred Barron）也被边缘化了，因为大卫先生拒绝与他合作。 最终，大卫先生亲自接任主创一职，并获得了日益增长的赞誉。他与赛恩菲尔德先生重写了每一集剧本。但大卫先生在挖掘人才和指导新人方面同样表现出色。他从哈佛大学《灯笼》杂志（Harvard Lampoon）的校友中聘请了三位编剧，他们后来成为了其他开创性喜剧的主创：亚历克·伯格（Alec Berg，《硅谷》）、大卫·曼德尔（David Mandel，《副总统》）以及杰夫·沙弗（Jeff Schaffer，《联盟》以及大卫先生的《 Curb Your Enthusiasm》）。 在《赛恩菲尔德》播出的九季结束前两年，大卫先生离开了该剧。他告诉哈里斯先生，那是“尝试其他东西的时候”了。 到他创作《 Curb Your Enthusiasm》（ Curb 你的热情）时，他将日常琐事中错综复杂的交织故事与即兴对话相结合，此时的大卫先生已拥有绝对的掌控权。他可以将自己塑造为名为拉里·大卫的脾气古怪的主角；雇佣他所有在喜剧俱乐部工作的朋友和演员朋友；并且可以让时间在 1976 年票房最高的电影——那部获得了奥斯卡最佳影片奖的作品——面前悄然流逝。 在《One Helluva Ride》中，82 岁的迈克尔·道格拉斯回顾了自己喧闹的个人生活，以及塑造了时代精神的电影生涯，其中包括《中国综合症》（1979）、《华尔街》（1987）和《致命吸引力》（1987）。作为一名“星二代”，年轻的迈克尔虽然能够轻易进入这个行业，但同时也面临着建立自己资历的挑战。他的父亲冷漠且易怒，而迈克尔渴望给父亲留下深刻印象。 当年轻的道格拉斯作为制片人凭借《飞越疯人院》（1975）获得奥斯卡最佳影片奖时，认可似乎近在咫尺。他的父亲拥有该故事的版权，并曾在百老汇饰演主角。道格拉斯先生希望通过让这部电影获得成功，使父亲感到自豪。但事实并非如此：年长的道格拉斯在自己的回忆录中仅表达了愤恨，因为出演这部电影的是杰克·尼科尔森而非他自己。 ## 年轻时的史泰龙被拒绝、被轻视且身无分文。而作为明星之子的道格拉斯，则面临着另一种障碍。 道格拉斯先生与谢恩·萨勒诺（Shane Salerno）以及小迈克尔·弗莱明（Michael Fleming Jr.）合作讲述的冒险故事，充满了迷人的好莱坞轶事，但在对拍摄的大片（以及开始和结束的恋情）进行慵懒的叙述时，读起来显得过于冗长。史泰龙的故事讲述得更为犀利，且由于其高潮集中在一部大片的制作上，因此更为简洁。 至于那些投下阴影的人，其中只有一个真正地离去了。 道格拉斯先生讲述道，他的父亲在1996年中风后，开始后悔自己在情感上的缺失，并试图变得更加慈爱且陪伴在侧。但读者感觉到，对于他的儿子来说，那时可能已经有点太晚了。道格拉斯先生在描写父亲的这种态度转变时并没有流露出愤恨，但也没有满溢出宽恕。 史泰龙先生在1977年春天结束了《步骤》（“The Steps”）的叙述（尽管他加入了一段关于现状的尾声）。在他讲述的那个时间点，他的父母依然像以往那样糟糕。他的父亲不再那么像个霸凌者，而变成了一个利用他人的人，他通过各种手段混进了《洛奇》（“Rocky”）的片场，令他尴尬不已。当这位演员提出带他的母亲参加奥斯卡颁奖典礼时，她拒绝了，除非她能带一名朋友一起去。在被告知儿子只有一张多余票后，她说：“那我不能去了。我在电视上看吧。” 史泰龙先生没有淡化父母给他带来的痛苦，也没有夸大克服这些痛苦所需的努力。他写道：“尽管生活中充满了动荡，但我已经学会了与过去这一方面共处并继续前行。你可以改变未来，但不能改变历史。” 格登女士是《华尔街日报》评论版“自由表达”栏目的专栏作家。她的回忆录《自由放养的女孩》（"Free Range Girl"）将于10月20日出版。 在季度之间。这些延迟让粉丝们感到沮丧，但也为每一个荒诞的剧情弧线积累了期待，包括他的角色在百老汇音乐剧《制作人》（“The Producers”）中出人意料的亮眼表现。 哈里斯先生采访的数十名对象包括大卫先生最亲密的合作者——赛infeld先生和沙费尔（Mr. Schaffer）先生；大卫先生的兄弟肯（Ken），他曾担心在晚年得抚养大卫先生；理查德·刘易斯（Richard Lewis），他利用自己的名气来推广他这位老友；艾伦·兹韦贝尔（Alan Zweibel），一位曾与大卫先生不和后又和解的喜剧编剧；以及在《 Curb 》中饰演粗口连篇的苏西·格林（Susie Greene）的喜剧演员苏西·埃斯曼（Susie Essman）。 由于聚焦于大卫先生的职业生涯，《虚无之帝》（"Emperor of Nothing"）对他情感经历的描写寥寥无几。书中除了他的两次婚姻外，没有提到任何其他关系，也没有对他与环境活动家兼制片人劳里·伦纳德（Laurie Lennard）的第一段婚姻破裂提供任何见解。（大卫先生曾说他们离婚的原因是“她认为和自己喜欢的人做爱会很美好”。） 大卫先生在讽刺作家萨查·巴伦·科恩（Sacha Baron Cohen）的一次生日派对上结识了现任妻子、制片人艾希莉·安德伍德（Ashley Underwood）。哈里斯先生委婉地省略了安德伍德女士与这位79岁喜剧演员之间30多岁的年龄差距，而是暗示这对夫妇是志同道合的人。或者，用安德伍德女士的话说，“我们两个开车都像纽约市的出租车司机。” 克莱恩女士是费城的文化记者和评论家。 “你无法通过从一个地方搬到另一个地方来逃避你自己。”——欧内斯特·海明威 # 受伤的一代  饱经战争洗礼的海明威，19岁，1918年作为志愿救护车司机在被迫击炮弹击伤后康复中。 《太阳照常升起》注释版 Robert W. Trogdon 编辑 美国图书馆 (Library of America)，364页，$39.95 作者：马修·加拉格尔 (MATTHEW GALLAGHER) 1926年的夏天，在法国里维埃拉沿岸的一栋租来的别墅里，刚刚出版了《了不起的盖茨比》（1925年）且年近30岁的 F. 斯科特·菲茨杰拉德，给一位寻求其即将出版的小说反馈的年轻作家写了一封10页长的信。菲茨杰拉德认为这部作品“极其出色”，但提醒对方直到第29页才真正进入状态。 “你不能拿读者的注意力开玩笑，”他建议欧内斯特·海明威，“一个能够随意吸引注意力的人必须格外小心。”几天后，海明威写信给他们在纽约的共同编辑。这位小说家决定在出版前删掉原稿的开头几章。“这样一来，故事从一开始的节奏会快得多，”他解释道，并顺便提到“斯科特也同意我的看法”。 《太阳照常升起》是海明威对战后巴黎侨民生活的颂歌与批判，于本月正好出版满100年。它既定义了也标注了“迷惘的一代” 是的，杰克对他回归后的平民世界感到幻灭且困惑；这是一种常见的心路历程。但其他细节则更为突出。有一幕是杰克赤裸地站在卧室镜子前，审视他隐藏的“旧伤”。而在紧接着的下一页，直到此时为止一直坚毅且冷漠的杰克，在孤独中抽泣着入睡。然后是迈克，他对一切都充满愤怒，嘲讽那些“该死的军事勋章”以及这些勋章是如何获得——或未能获得——的。比尔决定让自己消融在讽刺与玩笑之中。布雷特则在美索不达米亚战役的战争中失去了她年轻时的爱人。 战争的长久阴影笼罩着《太阳照常升起》中所有的流亡者。好吧，几乎是所有人。它从未触及罗伯特·科恩，因此他因此受到其他人的厌恶；这也是他从未被这个虽然任性且自我毁灭的小团体所接纳的部分原因。“我无法忍受想到我的生活在如此飞速地流逝，而我却并没有真正地生活，”在小说早期的节日庆典之前，在很多事情发生之前，他这样告诉杰克。他是唯一一个独自逃离潘普洛纳的美国流浪者，回到了他曾经认为如此平庸的同样生活之中。他通过离开而前行，将过去抛在身后。而其他人则依然被困其中，无法——或者说是不愿——做出同样的选择。 加拉格尔先生最近的一部小说是《黎明》（Daybreak）。 # 播种与收获怀疑的种子  悬疑小说 汤姆·诺兰 (TOM NOLAN) 一具尸体的发现 引导一名侦探 去寻找一位 古怪的 植物学家。 路易丝·潘尼 (LOUISE PENNY) 的《沃尔科特小姐的幽灵》(Miss Wolcott's Ghost)（Minotaur 出版，416 页，$30）标志着阿曼德·加马什 (Armand Gamache) 的回归。他是一位法裔加拿大警察督察，居住在隐藏在森林深谷中的古朴村庄三松镇 (Three Pines)。半夜的一通电话告知阿曼德，在失国地 (Lost Nation) 发现了一具尸体，那个地方比三松镇更难找。那是一片被长期遗弃的区域，除了墓地外几乎空无一物。在那里，在一块名字已无法辨认的墓碑旁，督察及其团队发现了一具穿着粗花呢西装的尸体。“这个迷失的灵魂是谁？”阿曼德在想。而那株穿透他身体的高大、带刺的植物又是什么？一名植物学家回答了第二个问题：那是长期被认为已经灭绝的“沃尔科特小姐的幽灵”。 坟墓上的日期是 May 29, 1914, 那是一场鲜为人知的海难发生之日。法医鉴定和侦查表明，这场历史悲剧、未被掩埋的受害者以及奇怪地幸存下来的植物之间存在某种联系。共同的纽带似乎是黛西·沃尔科特 (Daisy Wolcott)，一位将生命和财富奉献给探索与保护罕见植被的古怪富豪。 一种宇宙级的毁灭阴影笼罩在《沃尔科特小姐的幽灵》的地平线上。阿曼德在试图理清黛西的背景故事及其与墓地尸体之关系时，考虑了一系列日益阴森的解释。而他对家人、邻居和同事的关怀则平衡了这些忧虑：“他雇佣了那些古怪的人。那些不循常规的人。那些难以管理和驯服的人。”这群调查员勤勉地工作，试图揭开潘尼女士系列小说中或许是最不寻常的一起案件。 乔纳森·艾姆斯 (Jonathan Ames) 的《没有照片的过去》(A Past Without Pictures)（Mysterious Press 出版，192 页，$23.95）介绍了玛丽亚·科尔 (Maria Cole)，一名在洛杉矶警察局工作了九年的资深警员，她从一名街头警察一路晋升到令人自豪的侦探级别。但在她担任侦探的第一晚，在山边社区追踪一名入室杀人犯时，玛丽亚 犯下了一个致命的错误，引发了官方调查并导致她被暂时停职。 玛丽亚很快得知，她与之疏远数十年的父亲在阿拉巴马州被谋杀 ## 本周推荐 ## 《沃尔科特小姐的幽灵》路易丝·潘尼 著 ## 《没有照片的过去》（A Past Without Pictures），作者：乔纳森·艾姆斯（Jonathan Ames） Backwater 由詹姆斯·萨利斯（James Sallis）著 海滨小镇，父亲将房子和世俗财产留给了她。深感愧疚的女儿飞往东部参加葬礼，并遇到了一位令人厌恶的警察局长，后者向她保证已经找到了她父亲的凶手——一名黑人青年——而该青年随后据称自杀了。玛丽亚不相信这个故事，在帮其父亲起草遗嘱的一位当地律师的帮助下，她展开了自己的秘密调查。 《没有照片的过去》是一部阴郁但时而富有诗意的作品，文字精炼。玛丽亚在职责之外，还与定义人生的重大问题作斗争。“她一直认为自己是……弱势群体的保护者。”但现在，“她不确定自己是否还能继续担任警察。”无论玛丽亚决定怎么做，她都将是一个令人期待再次相遇的迷人主角。 在詹姆斯·萨利斯（James Sallis）的《回水》（Backwater）（Soho Crime出版，208页，$28.95）中，叙述者比肖普（Bishop）曾是一名警察侦探，他离开执法部门已有多年，现在是一名爵士吉他手。有一天，比肖普的前搭档卡森（Carson）毫无预兆地出现请求帮助。卡森现在是虚构的南方小镇安妮码头（Anne's Ferry）的警察局长。比肖普未婚、无子且相对漂泊，于是收拾行囊搬到了安妮码头——结果发现自己被骗了，卡森在留给他的便条中承认，这“看起来就像是一场诱导转向的骗局”。 卡森离开了小镇——“我有私人事务需要处理”——且无法告知何时返回。比肖普被雇佣为事实上的局长，由三名友好的副手协助，但这些人对于卡森留给他们的谜团毫无头绪：一辆被盗并被遗弃的汽车，车内满是血迹，却不见尸体。不过不久，比肖普一行人就接手了一起没那么模糊的案件。一名失踪且情绪不稳定的青年被发现死亡，死因是后脑遭到重击：这是安妮码头七年来的首起谋杀案。 比肖普在自己打击犯罪的记忆中搜寻线索，试图寻找处理这些新事件的方法。他回忆道，在他们的新手时代，“卡森和我一直在讨论：犯罪是如何被破解的？或者就真正的谜团而言，是通过按部就班、通过信息的累积——还是逻辑地？”比肖普对世事的沉思中穿插着对圣-埃克苏佩里、柏拉图和尼采的引用。《回水》充满了犯罪与哲学的谜题，并非平庸的警察程序剧。在今年一月去世的萨利斯并非普通的类型小说作者。阅读他最后这部充满悔意且忧郁的作品，是一种独特的快感。 “一段温柔而高贵的旋律， / 应当顺利地 / 诠释并平息 / 我心中甜蜜的负担。” ——理查德·瓦格纳（RICHARD WAGNER）  太阳王（SUN KING）：安东尼·罗斯·科斯坦佐（Anthony Roth Costanzo）在伦敦歌剧院（London Coliseum）由英国国家歌剧院制作的2016年菲利普·格拉斯（Philip Glass）作品《阿肯那顿》（Akhnaten）中饰演。 # 逆流而唱 对男高音（Countertenor）的探讨 作者：Anthony Roth Costanzo，FSG出版，320页，$30 作者：TIM PAGE 我听到的第一批由男性演唱的极高音，来自约翰·麦考密克（John McCormack）在20世纪前几十年录制的旧唱片；这些唱片是我祖母收藏中的珍品。在那个伟大的男高音辈出的时代，唯有麦考密克拥有卓越的气息控制力、如蜂蜜般甜美的音色，以及能以悦耳且轻松的方式在音域顶端漂浮音符的能力。 从蒙特威尔第到亨德尔，再到格鲁克甚至莫扎特，许多著名作曲家在创作时都考虑到了高亢的男性嗓音。在16世纪末教皇西斯都五世禁止女性登台后，处于青春期边缘的男孩经常被阉割，以保持其女高音的音色。 这是一种残酷的做法，一直持续到1870, 年意大利征服教皇国为止。在阉伶歌手中，只有一个人活到了录音时代：亚历山德罗·莫雷斯基（Allesandro Moreschi）。他在1902 和 1904. 之间在西斯廷教堂录制的唱片中，以一种哀婉且令人不安的咩咩声歌唱。莫雷斯基并不被认为是一位伟大的阉伶歌手，他的声音也完全没有女性化。相反，他听起来就像他真实的样子——一个受损的、被扼杀的中年男童高音，是世界上最悲哀的事物之一。 这段冗长的前言，对于那些准备阅读《对男高音》（Countertenor）的人来说可能会有所帮助。这本书由安东尼·罗斯·科斯坦佐（Anthony Roth Costanzo）撰写，他是在世最知名且最具音乐才华的对男高音歌手之一，而这本书则写得明快、幽默、深刻且富有启发性。 “对男高音”（countertenor）这个术语可以追溯到伊丽莎白时代，对当时的人来说，它指的是与通常更高、更低沉的男高音（tenor）声部相对唱的中世纪对位男高音（contratenor）线条。两位卓越的代表人物有效地将假声（falsetto）重新带回了大众视野：一位是英国歌手阿尔弗雷德·德勒（Alfred Deller），他因其领导的德勒合唱团（Deller Consort）而闻名；另一位是美国人罗素·奥伯林（Russell Oberlin），他曾与伦纳德·伯恩斯坦（Leonard Bernstein）和格伦·古尔德（Glenn Gould）合作演唱高音亨德尔作品。科斯坦佐先生向这两位先驱致敬，同时也向迈克尔·杰克逊（Michael Jackson）和王子（Prince）等流行艺术家致敬，他们将假声转化为赢得了数百万听众的独特音色。 “我始终意识到，我所属的这个特定声部包含了一段惊人、有时甚至带有色情意味且相当令人震惊的文化历史，而这段历史与我的职业密不可分，”作者告诉我们。44, 岁的科斯坦佐先生在女低音、次女高音甚至女高音音域中都能游刃有余，展现出罕见的美感与气场。他曾在全球各地的歌剧团演出，包括大都会歌剧院、英国国家歌剧院和芬兰国家歌剧院。他目前担任费城歌剧院（Opera Philadelphia）的总监兼总裁。“如今的作曲家们欣然接纳了对男高音，并极大地扩展了我们的曲目库，”他写道，“但歌剧式 [...OMITTED...] ## 长期以来被视为阉伶歌手替代品的假声男高音，如今正迎来复兴。 假声歌手与这样一个事实紧密相连：我们可以被视为阉伶歌手的粗糙替代品。” 因此，当蒙特威尔第、亨德尔等人的歌剧在 20 世纪初被重新挖掘并开始进入标准剧目时，那些角色是由女性演唱，或者有时为男性降低调式。长期以来的偏见认为，假声是滑稽的、女性化的，或者纯粹是古怪的。随后在 20 世纪 50 年代中期，出现了所谓的“古乐运动”，随之而来的是假声男高音的兴起。 如今，假声男高音人数众多。然而，某些禁忌依然存在。科斯坦佐先生写道：“性别、性取向、厌女症、宗教伪善、男色之爱、伦理同意，以及一系列与我们当今世界有共同主线的复杂问题。我在当前的社会语境下对这些问题的感知和思考，影响了我对历史的解读和叙述。” 科斯坦佐先生在探讨这些问题的同时，也认可了本杰明·布里顿、乔治·利盖蒂和菲利普·格拉斯（其 1983 年的歌剧《阿肯那顿》帮助科斯坦佐先生成名）等作曲家，以及米西·马佐利、马修·奥科因和尼科·穆利等年轻艺术家，后者为科斯坦佐先生提供了大量可演唱的文献。 他的散文风格活泼且热情。“我早期的记忆中，唱机里播放着弗兰基·瓦利和四季合唱团的旧黑胶唱片，父亲抱着我，随着他青少年时期的音乐一起律动，”科斯坦佐先生回忆道。“他会兴高采烈地看着我，在唱《大女孩不哭》这类歌曲时发出假声。他扭曲舌头或嘴唇来达到高音，这一切都非常滑稽。”作者认为，这可能是他与假声的第一次接触。 科斯坦佐先生讲述了他与琼·帕特诺德-亚内尔的关系——这位卓越的戏剧女高音转任教师，职业生涯致力于帮助打磨潜在的假声男高音。他的写作风格让人想起汤姆·沃尔夫，充满了斜体、粗体和大写字母段落，而他让这一切显得完全恰当。“众所周知，琼不喜欢离开上西区，”作者观察到——这一点可能适用于纽约约四分之三的音乐系教师。 书中偶尔有一些错误。“Abstruse”（深奥）、“obscure”（晦涩）和“obtuse”（迟钝）都是很好的词，但只有前两个在意义上较为接近。“Obtuse”意为“愚蠢”或“简单粗暴”，在这种语境下总是带有贬义。因此，看到布里顿的最后一部歌剧《威尼斯之死》（1973）被描述为他“最复杂迟钝”的作品时，令人感到惊讶。我一直不太喜欢这部作品，但我绝不会称其为愚笨。 科斯坦佐先生并不认为我们时代的性别流动性削弱了从男性喉咙中发出高音时的快感，甚至是震撼感。“1750 年之前或 1950 年之后创作的音乐——那就是我的生命，”他曾这样说道。我们很幸运能有他的存在，并能阅读他这本引人入胜的书。 佩奇先生是南加州大学音乐学荣休教授。 # 志同道合者的冒险  儿童书籍 凯蒂·丹尼尔斯 (KATIE DANIELS) 三兄妹在探索死后世界的过程中陷入了麻烦。 在“幽灵工会”（Ghost Guild）这个旨在“保护并服务于光谱生物”的超自然组织中，发生了一场糟糕的混乱。由于官僚主义的失误，在安妮·巴罗斯（Annie Barrows）的《迷失的三人组》（The Lost Three，Little, Brown Books for Young Readers 出版，336页，$17.99）一书中，珍妮薇芙（Genevieve）、费内拉（Fenella）和蒂洛特森·马科诺奇（Tillotson Maconochie）三兄妹发现自己以幽灵的身份回到了人间，正值他们自己的葬礼期间，而且没有任何关于如何开始新生活的指导。 由于他们缺少所有新晋幽灵必须配备的《幽灵学》（Ghostology）标准副本，马科诺奇家的孩子们通过传统的试错法来测试他们新能力的极限。14岁的珍妮薇芙发现自己可以通过改变衣服，让自己看起来像个更有魅力的17岁少女；而11岁的费内拉则更喜欢用灰色皮毛覆盖全身，让自己像一只猫。与此同时，他们的弟弟蒂洛特森通过扮演天使在当地教堂的信徒中制造混乱，这让他的姐姐们十分苦恼。 克洛伊·布里斯托（Chloe Bristol）绘制的黑白插图细节迷人，与本书温暖的基调相得益彰——尽管前提设定可能有些阴郁，但《迷失的三人组》绝不忧郁。作为《常春藤与豆子》（Ivy and Bean）系列的作者，巴罗斯女士用她标志性的温柔幽默描绘了兄妹俩的冒险之旅。“老实说，我们从来没吓到过任何人，”费内拉承认道，“反而是人们一直在吓我们。”当马科诺奇一家在不经意间落入一个不择手段的骗子之手时，他们必须自救，并救出一个名叫艾格尼丝（Agnes）的小孤儿——并最终发现，成为一名幽灵所包含的意义远超他们的想象。一个开放式的结局邀请8-12岁的读者期待未来的冒险。 如果你认为一只毛茸茸的羊不可能看起来很邪恶，那就错了。在由麦克·巴内特（Mac Barnett）撰写、X. Fang 插画的《汤姆·南西：与男孩交换大脑的羊》（Tom Nancy: The Sheep Who Swapped Brains With a Boy，Tundra 出版，48页，$19.99）中，书名中的这只羊绝对是个阴险的生物，有着可疑的眼神和恶毒的笑容。当他诱导一个名叫菲利克斯（Felix）的天真农场男孩与他交换一天的脑子——使用一台恰好放在旧谷仓里的便捷换脑机时，4-8岁的敏锐读者一定会想对着菲利克斯大喊让他快跑。 汤姆·南西非常喜欢作为人类男孩的新生活：三明治、爬树， 本周推荐 《迷失的三人组》 作者：安妮·巴罗斯 插画：克洛伊·布里斯托 《汤姆·南西》 作者：麦克·巴内特 插画：X. Fang 《回归者》 作者：华金·坎普 以及晚餐后的甜点。事实上，他告诉菲利克斯，他喜欢的事情太多了，以至于他根本不想换回去。“太可怕了！”可怜的菲利克斯哭喊道。“没错，”汤姆·南西冷酷地回答，“再吃点草吧。” 汤姆·南西没有考虑到的是，作为人类儿童的生活有巨大的考验：家庭作业、家务，以及晚餐后没有甜点。也许作为一只羊的生活终究没那么糟糕——幸运的是，菲利克斯首先得出了这个结论。巴内特先生曾改编过《三只山羊》和《鲁姆佩尔斯蒂尔钦》，他显然深谙童话反派在无需道歉的情况下遭到报应的宏大传统。《汤姆·南西》提供了类似的快感。 在华金·坎普（Joaquín Camp）的《回归者》（The Returnus，Berbay 出版，36页，$18.99）中（由伊内斯·席尔瓦翻译自西班牙语），一群罗马雕像逃离了外国博物馆的禁锢，搭便车回到了意大利。就像在他令人愉悦的绘本《阿尔多：幽灵狗》（Aldo: Ghost Dog，2024年）中一样，坎普先生笔下的角色无论处于什么样的超现实情境中，都会以极大的真诚投入其中，《回归者》同样具有这种荒诞的魅力。 我们的叙述者是那些流浪雕像中的一员，他讲述了该团体的逃跑计划，并在话语中穿插了一些毫无意义的、山寨版的拉丁语词汇。他解释说，在博物馆里对着游客保持静止会让人感到有些“无聊um”（boringum）——当然，这比起在故乡观看角斗士比赛根本不算什么。色彩丰富的插图增强了本书俏皮的基调，3-7岁的读者可以看到这些雕像与埃及展厅的朋友们告别，并从博物馆的失物招领处寻找古怪的伪装装扮，准备踏上回乡之旅。 抵达后，雕像们发现罗马在过去的几个世纪里发生了不小的变化。他们曾经令人生畏的领袖——一座尤利乌斯·凯撒的雕像，现在自称“JC”，还反戴着一顶棒球帽。成群结队地挥舞着自拍杆的游客在残垣断壁间摆拍。一张描绘斗兽场周围熙攘人群的双页插图，既像是一场有趣的“寻找沃尔多”式的雕像搜寻游戏，也展现了他们内心感受到的那种狂乱的迷茫感。 难怪这些雕像会被周围的变化搞得心神不宁（或者用他们的话说，感到“惊讶mus” [surprisedmus]）。如果家不在一座热闹的城市，也不在一家沉闷的博物馆，那么家在哪里？幸运的是，他们的困境有了解决方案——而这个方案让一位幸运的老妇人获得了一组质量高于平均水平的草坪装饰品。 “信件在我看来始终像是不朽，因为除了心灵，难道没有其他肉身之友吗？”——艾米莉·狄金森 # 当纳粹入住丽兹酒店 《丽兹酒店的调酒师》（The Barman of the Ritz） 作者：菲利普·科林 (Philippe Collin) Scribner出版社，400页，$29 《理查德·米尔福德的四任妻子与五次死亡》（The Four Wives and Five Deaths of Richard Milford） 作者：纳菲莎·汤普森-斯派尔斯 (Nafissa Thompson-Spires) Scribner出版社，176页，$26 作者：安娜·蒙多 (ANNA MUNDOW) 菲利普·科林的战争惊悚小说《丽兹酒店的调酒师》通过以下人物的视角，描绘了纳粹占领时期的巴黎： 弗兰克·迈尔 (Frank Meier)，即书名中那位真实的调酒师，他在为纳粹高级军官调制鸡尾酒的同时，一直隐藏着自己的犹太身份。 这部扣人心弦的悬疑叙事跨越了1940年至1944年，但大部分场景被局限在丽兹酒店奢华的内部空间中。在这里，一种压抑的恐怖氛围通过许多古怪的细节被唤起。一名女佣在走廊中巡视，收集军靴以便在夜间抛光。可可·香奈儿的女仆用一个天鹅绒垫子托着雇主的防毒面具。经常光顾的客人赫尔曼·戈林则沉溺于热水浴中，以缓解他对吗啡的依赖。 ## 一名犹太调酒师在 20 世纪 40 年代的巴黎丽兹酒店为德国作家和军官提供鸡尾酒。 在弗兰克曾为海明威和菲茨杰拉德服务的吧台前，他现在接待的是作家恩斯特·荣格（“元首的门生之一”）以及像卡尔-海因里希·冯·斯图普纳格尔这样的军官，后者后来被希特勒处以绞刑。他无意中听到一名德国贵族军官在谈到纳粹时评论道，“我们的礼节在他们猖獗的虐待狂面前根本不堪一击”，并震惊地意识到希特勒的指挥官们“正处于内斗之中”。 像所有调酒师一样，弗兰克是一个观察者和倾听者，这使他成为了一个理想的叙述者。他的恐惧与渴望主要通过日记条目呈现，揭示了一个“花了一辈子逃避过去”的复杂男人，但他的现在却与历史发生了碰撞。在小说的开篇场景中，他看着“旧世界的最后一名顾客”奥托·冯·哈布斯堡“在金酒中淹没忧愁”。 四年后，当美国人抵达且海明威挤到吧台前时，弗兰克依然坚守岗位。“嘿，弗兰基！生活怎么样？”他问道，仿佛两人上一次见面才一个月前。真实的弗兰克·迈尔在三年后的 1947 年死于不明原因，此前他被指控在占领期间牟利。 在纳菲莎·汤普森-斯派尔斯的《理查德·米尔福德的四个妻子与五次死亡》中，一个丑闻缠身的非裔美国人家庭处于中心地位，故事背景设定在 20 世纪 20 年代的俄克拉荷马州。书名既俏皮又准确：被称作里奇的理查德·米尔福德证明了自己几乎像拉斯普京一样难以杀死，两人拥有许多同样令人不快的特质。至于那些妻子，只有一个人拥有结婚证。 在纽维尔这个小镇上，拉莉·米尔福德与乔治特·怀斯、索弗罗尼亚·威利斯和薇薇安·哈特福德共用一个丈夫——尽管这不是她的选择。她们之间是一种充满争吵的姐妹情，且被许多孩子所复杂化，“至少有 11 个孩子，光着脚，眼神狂野。传闻说，其中一些孩子在牛奶里掺了私酿酒。”（里奇的生意就是非法私酿酒。） 每个女人是如何被里奇诱捕的——以及她们如何共同获胜——在交替呈现她们叙述的章节中，以及在里奇那讽刺的管家阿尔伯塔的回忆中揭晓。小镇的观点由一名匿名叙述者表达，他观察到里奇的问题之一“在于他的行为举止及其事务处理方式像个白人”。 小说以里奇的葬礼开篇。随着作者切换视角，并在每段独白中穿插刻薄的幽默，关于是谁或什么杀死了他的真相被以一种诱人的狡黠方式揭示。例如，当阿尔伯塔讲述里奇艰难的出生过程时，她总结说接生婆“重塑了他的头部外形，但没能修复他的内心”。 在妻子们面前，里奇遇到了对手。“我们好奇四个女人是否真的能制服像里奇这样粗鲁的男人，”纽维尔的观察者在丑闻淡出且谜团接近解开时承认道。 蒙多女士经常为本报撰写评论。 THE NEW PRESS 退信：“也许你觉得我很傻。好吧，我想我确实是。但我同样很认真。”朱利安·巴恩斯在单方面书信故事《橙子》中追踪的浪漫误会，是《度过一段美好时光》（The New Press, 192 页, $24.99）中收集的 36 个明信片故事之一。这部独特的选集包括了克莱尔·梅苏德、J.G. 巴拉德等人的作品。 # 快乐之敌  爱尔兰作曲家兼钢琴家约翰·菲尔德（John Field，1782-1837）的职业生涯遍及欧洲，最终在俄罗斯过上了奢华的生活。他是音乐浪漫主义时代的先驱，被认为是夜曲的创造者。这听起来像是一份相当成功的遗产，但在《对抗黑夜的音乐》（Music Against the Night，FSG出版，352页，29美元）一书中，李翊云急于让我们认清现实。她写道，即便在菲尔德名声最盛的时候，一个“使用法国名字的波兰人——肖邦，已经在凭借夜曲（约翰的发明）吸引关注，却未给予应有的认可”。李女士进一步地在伤口上撒盐道，在未来，像约翰这样曾经骄傲的音乐家“将仅仅成为肖邦传记中的脚注”。 李女士这部关于艺术光荣之虚荣的小说，记录了约翰的青年时代，他从小就被训练成“下一个莫扎特”。这个目标虽然傲慢，但约翰确实是一位真正的名手，他的家人将未来全部押在了这个男孩最终的成功上。他的母亲冷嘲热讽地认为，“培养神童这门生意，与养赛马或训练猎隼没什么两样”。约翰的祖父是一位管风琴演奏家，他向学生强调，如果将音乐视为一种需要完善的艺术形式，那么音乐只会折磨他；相反，他必须将其视为一种“商品”。在这一务实指导的武装下，约翰在10岁时离开都柏林，开始在英格兰成名。 随后，小说转向讲述阿德莱德·佩谢隆（Adelaide Percheron）的“对位命运”，她是一名由祖母在印度法国殖民地庞迪切里抚养长大的孤儿。阿德莱德出生于1790年，同样是一个历史人物：1807年，她成为了约翰的钢琴学生，不久后两人结婚。但他们艰难的婚姻生活在小说中并未被描绘。李女士转而想象阿德莱德的成年过程。尽管她同样是一位才华横溢的音乐家，但小说主要将她描绘成一个“生活上的神童”。从庞迪切里的一位家庭教师那里，她学习礼仪、魅力和文化，并在13岁时启程前往巴黎，决心成为一名社交名媛。 李女士以优雅的对称结构和冷峻、文雅的散文风格追踪这两个平行故事，探讨了这对男女的世俗教育，以及他们在追求野心过程中对爱情和友谊所做的残酷牺牲。交织在叙事中的是些插曲——有些是独立的章节，有些是冗长的括号补充——这些插曲快进到未来，揭示了角色晚年的平淡结局，以及在李女士看来，他们对后世的无关紧要。约翰和阿德莱德的生活遵循着一条预设的“从希望到幻想，再到失望与绝望之路”。他们的梦想与幻灭紧紧相随。 其效果使得这场历史重演读起来像是一则关于决定论的寓言。在李女士的小说中一直存在着一种宿命论倾向——《流浪者》（The Vagrants，2009年）讲述的是一名异见人士在中国共产党领导下的中国被执行死刑；《我必须走吗》（Must I Go，2020年）则是一首关于绝望之恋的挽歌——但这种倾向从未像在本书中这样被如此强调。这部小说在悲观主义方面如此教条，以至于它在很大程度上忽略了角色们的音乐。约翰和阿德莱德被允许在演奏中获得“纯粹快乐”的时刻寥寥无几——因此，每当遇到这样的时刻，读者都会心存感激。 本周推荐 《对抗黑夜的音乐》 李翊云 著 《殉道者，爱侣》 凯瑟琳·加蒙 著 《露娜，凤凰，女王》 朱莉·奥林格 著 凯瑟琳·加蒙（Catherine Gammon）的《殉道者与爱人》（The Martyrs, The Lovers，Baobab出版社，278页，$17.95）以尤塔·卡罗尔（Jutta Carroll）和卢卡斯·格里姆（Lukas Grimm）在德国家中死亡开篇。尽管这些角色的命运早已预知，但他们结局的具体情况却并非如此。尤塔是基于佩特拉·凯利（Petra Kelly，1947-92）的虚构化身，后者是一位和平主义者和反核活动家，也是德国绿党的创始人。1992年，凯利被发现死于枪杀，尸体就在她的同事兼情侣格特·巴斯蒂安（Gert Bastian）的身旁；根据警方报告，巴斯蒂安随后用枪自杀。加蒙女士在粗略参考事实的基础上，描述了尤塔在圣雄甘地和马丁·路德·金的影响下为自己设计的“模范生活”。作者讲述了尤塔抗议运动的建立过程，该运动在巅峰时期吸引了大量人群，并成为德国政坛的一股有效力量。 但加蒙女士从未远离尤塔和卢卡斯之死的谜团。小说探讨了多种解释他们死亡的理论，从史塔西（Stasi）主导的阴谋到个人嫉妒不等。随着对每种可能性的展开，文字变得愈发盘旋且偏执。“她激励了数百万人。现在却全部化为乌有，”加蒙女士哀叹道，尽管她在这一悲剧中发现了一些可怕的必然性。尤塔之死是削弱了她的事业，还是像殉道圣徒那样，赋予了这些事业永恒的生命？ 在朱莉·奥林格（Julie Orringer）的《露娜，凤凰，女王》（Luna, Phoenix, Queen，Knopf出版社，288页，$32）中，一位名叫巴尔·彭宁顿（Barr Pennington）的中西部年迈小说家在自家的墙壁内发现了一份隐藏的手写原稿。原稿属于巴尔的妻子达娃（Dava），她现在患有阿尔茨海默病，住在护理机构中。通过阅读原稿，巴尔得知了两件事：第一，在患病之前，达娃与一名叫斯维特兰娜（Svetlana）的女性维持了长期的情事；第二，他的妻子是一位才华横溢的作家。巴尔修改了这部作品，更改了可识别的细节，并将其作为自己的小说出版，赢得了赞誉。 《露娜，凤凰，女王》充实了围绕巴尔窃取行为的故事，时间线回溯，描绘了达娃与斯维特兰娜之间的纽带，尽管达娃不愿离开丈夫，但这段感情依然延续。这两个女人的关系坦诚且具有滋养力，奥林格女士以极高的敏感度将其刻画。但在其他方面，她的笔触则不那么宽容。巴尔被塑造成了“伟大的男性自恋者”的漫画式形象，正如大卫·福斯特·华莱士（David Foster Wallace）曾令人难忘地抹黑诺曼·梅勒（Norman Mailer）和约翰·厄普代克（John Updike）等战后小说家那样。 然而，这本书的主角根本不是人类，而是一只受伤的救援犬露娜（Luna），几个角色都与它成为了朋友。对巴尔来说，这只温顺的动物是他唯一感到安全、可以倾诉秘密的生物。在感人的后续章节中，随着记忆逐渐离弃，这只狗成为了达娃稳定的陪伴者。“狗不要求任何东西。狗只给予，”奥林格女士写道。它安静的存在是对人类竞争与欺瞒习性的救赎。 # 一个艺术天堂的瓦解 《浮世》（The Floating World） 作者：本·伊斯瑟姆（Ben Eastham） Astra House 出版，288 页，$26 评论员：托比·利希蒂格（Toby LICHTIG） 在本·伊斯瑟姆雄心勃勃的处女作小说《浮世》中，预兆随处可见。书中提到了“大崩溃”，以及一场人们不被允许称之为“战争”的战争。烈火肆虐；天气炎热。一种神秘的病毒在传播。人类当前恐惧的“精选集”构成了这个复杂且令人眩晕的故事背景——该故事大部分走现实主义路线，期间穿插着短暂的幻象描写——探讨了末日论与心碎、财富与贪婪、艺术、超越以及精神审判。 《浮世》由一名年轻、有原则且匿名的男子讲述，他的妻子最近去世了，显然是自杀。在离开艺术界成为一名（薪水低廉的）教师后，他被一家触角广泛的企业集团——或者更准确地说是其“慈善基金会”——的邀请诱使回归。莫雷尔公司（Morel Corp.）正在一个偏远的希腊岛上建造一座宏伟的生态穹顶：一个为富豪预备主义者提供的避难所。一场令人惊叹的艺术展将为其揭幕，而我们的叙述者将获得丰厚的[...OMITTED...] ## 一个在岛屿避难所工作的神秘邀请，诱使一名男子重操旧业。 他将因提供协助而获得报酬——包括撰写宣传材料，以及协助艺术家进行研究。 于是，尽管他那些年轻且有原则的朋友们极力反对（“你知道莫雷尔公司与种族隔离国家做生意，而且还制造武器吗？”），我们的主人公还是启程前往雅典。在那里，他遇到了阴沉的投资者、性感的策展人，以及莫雷尔公司背后那个像埃隆·马斯克一样的男人。渐渐地，叙述者被卷入了一场由欺骗、阴谋、动荡，甚至可能是革命所交织的网中。 贯穿这一切的是叙述者的悲痛。妻子科拉的缺失如此深刻地折磨着他，以至于他怀疑她是否还活着。他经历了奇怪的幻象：海怪、“巨大的白鸟”，甚至包括科拉本人。书中向我们展示，丧亲之痛能将人带离现实，正如艺术所能做的那样。这是一部关于如何面对悲痛的小说。 伊斯塔姆先生以艺术评论家著称，《浮世》（The Floating World）一书中穿插了关于具体作品和概念、艺术与金钱之间持久关系以及人类创作之永恒性的精彩论述。他的文字极具感染力且时而幽默，无论是观察“一个像某个格外挑剔的神灵的套房浴室般的白色大理石大堂”，还是描写一个拥有“某种学术派色情傲慢，且在年轻时曾在迷幻活动中于过滤灯光下起舞”的角色。在对荷马的诙谐致敬中，他向我们描述了一片“像拉格啤酒一样闪闪发光的海洋”。 作者在格言式写作方面尤为出色，尤其是在反思艺术界时：“正因为艺术家们决心让自己看起来与众不同，结果他们无论在哪里看起来都大同小异”；“艺术家的工作室在某种程度上总是混乱不堪的”；“如果你不能迅速学会识别反社会人格者以及如何安抚他们，你就无法在艺术界生存”。偶尔，这种风格会让人感到不适，大量短促的陈述句和精辟的反思堆砌在一起，威胁要让读者出戏。但更令人沮丧的是这部小说的最终效果。尽管它对讲故事充满兴趣，但叙事本身有时显得有些沉闷，主题则略显刻意。并非所有角色都令人信服。 或许主要问题在于叙述者本人。伊斯塔姆先生捕捉到了一种权威的声音，但这种意识背后却有一种相当谨慎的感觉。即便——或者说恰恰是在——他的痛苦之中，他从未让我们真正进入他的内心，仿佛他对科拉的保护欲延伸到了观众身上。关于他们的关系，我们几乎没有了解到任何实质性内容。我们对他家庭的情况一无所知。虽然书中经常鼓励我们思考大脑在创造意义时如何“填补空白”，但这种回避与读者的参与冲动产生了冲突。 在很多方面，这是一本评论家风格的书：深刻，时而才华横溢，但不知为何与自身保持着一种距离感。然而，它依然在很多地方表现得极其出色。无论其缺陷如何，书中的内容足以让细心的读者渴望看到伊斯塔姆先生的下一部作品。 “包裹着年糕， / 一只手 / 撩起发丝。” ——芭蕉 # 在家品味东亚美食  饮食之东：由富霞邓洛普（Fuchsia Dunlop）在《五味》一书中介绍的柠檬陈皮蒸海鲈鱼。 《日式治愈料理》（Japanese Comfort Cooking） 作者：Tadashi Ono 与 Harris Salat Ten Speed 出版，256 页，$32.99 《H Mart》（H Mart） 作者：Stacey Kwon Artisan 出版，336 页，$50 《五味》（Five Tastes） 作者：富霞邓洛普（Fuchsia Dunlop） Norton 出版，368 页，$45 作者：安德鲁·科（ANDREW COE） 我的父母过去常告诉我，尝试的新食物越多，寿命就越长。幸运的是，我们生活在一个许多美国人能够接触到极其多样化菜肴和食材的时代。三本亚洲食谱为我们的居家烹饪清单增添了美味的菜肴，并为解锁在日本、韩国和中国超市货架上发现的异国食材提供了关键。 Tadashi Ono 和 Harris Salat 所著的《日式治愈料理》是作者此前作品《日式灵魂料理》（Japanese Soul Cooking，2013年）的续作。两本书都提供了日式家庭料理经典菜谱，但《治愈料理》还包括许多受美国、欧洲和其他亚洲烹饪影响的菜肴。不过，调味料大多是日式的，包括酱油、味醂、味噌酱、米醋等调料。 《日式治愈料理》中的第一个食谱是通用出汁（dashi），这是一种由昆布和鲣鱼片调味的汤底，为许多日式菜肴提供了至关重要的“鲜味”（umami）骨架。我用它准备了书中的 tako meshi（章鱼炊饭），由预煮的章鱼制成，并用味醂、酱油和生姜调味。锅底的米饭被轻微烤焦，为这道菜增添了令人愉悦的酥脆感。另一道传统菜肴是照烧三文鱼，作者通过用味醂、清酒和酱油炖煮鱼肉，将其从那些过于常见、由玉米糖浆制成的黏稠酱汁中拯救了出来。这道菜配以少量山椒粉（sansho pepper，日本的一种花椒近亲），口感令人舌尖发麻。 书中的金枪鱼刺身通过加入奶油般的新世界牛油果块，以及由清酒、味醂和两种芥末制成的酱汁，将一道经典的日式菜肴进行了改造。而 kamo jibuni（一种据称是武士最爱的鸭肉蘑菇炖菜）则不太成功。该食谱莫名其妙地仅要求使用两杯出汁，这不足以煮熟干食材，更不用说喂饱四个饥饿的战士了。 阅读由韩国超市连锁店总裁 Stacey Kwon 所著的《H Mart：食谱》的一种方式是将其视为一篇长篇广告。这确实没错，但这也是一个非凡成功故事的讲述。作者的移民父亲 Il Yeon Kwon 于 1982 年在纽约皇后区开设了第一家超市，此后在全国建立了近 100 家超市。H Mart 的创立是为了向美国日益增多的移民以及对韩国料理风味感兴趣的冒险食客提供韩国食品。 然而，与许多移民市场一样，这里存在一个学习曲线。走进一家 H Mart，面对成排的异国食材袋和罐头，可能会让人感到不知所措。幸运的是，《H Mart：食谱》为韩国食品提供了精美的图解指南，涵盖了从泡菜和农产品到拉面（ramyeon，干面条）和零食的所有内容。这些指南包括如何食用韩国特色食品的说明，例如韩国 ## H Mart 的创立旨在为移民以及对韩国料理感兴趣的美国人提供韩国食品。 烧烤晚餐，包括将肉类、米饭和调味料包裹在生菜叶中的多种变化形式。 《H Mart》中的食谱涵盖了从传统到现代的韩国家常菜。书的第一部分是作为 banchan（配菜）供应的沙拉，这些配菜常伴随许多韩国晚餐出现。oi muchim（辣黄瓜沙拉）用韩国最喜爱的香料——gochugaru（红辣椒粉）的辛辣感刺激你的味蕾。烧烤的一道绝佳主菜是 dwaeji bulgogi（猪肉烤肉），这种炒猪肉采用了分层叠加的 gochugaru、 gochujang（发酵红辣椒酱）和其他酱料调味，随后用少许红糖使其味道变得温润。权女士指导读者将肉包裹在生菜叶中，并在其中填入米饭、更多的 gochujang 以及（可选的）生大蒜，形成一口丰盛但凌乱的美味。 其他菜肴则介于韩国口味与西方口味之间。ramyeon mazemen（拉面拌面）就像是某个年轻的疯狂科学家会在宿舍里调制出的那种餐点。它以辛辣的包装面条为基底，混合调味料以增加甜味、辛辣味和鲜味，最后在顶部铺上炒猪肉末或牛肉末、一大把切碎的韭菜和干海苔条。《H Mart: the Cookbook》可能是一本广告书，但我很希望看到更多关注其他亚洲超市销售食品的类似食谱书。 邓雅君（Fuchsia Dunlop）可能是面向西方观众最顶尖的中国美食诠释者。她写过五本食谱书，包括《川菜》（2019），涵盖了中国区域美食和家常菜，此外还写过一本美食回忆录和一部中国饮食史。《五味》（Five Tastes）聚焦于中国烹饪中最重要的五种味道——酸、苦、甜、辛、咸，以及厨师们用来突出食材本质特性的无数巧妙方式。为了阐明这些组合，她的菜肴向美国读者介绍了许多不熟悉的食材——例如腐乳——但结果总是令人垂涎。 邓女士的柠檬陈皮蒸海鲈鱼是一道惊艳之作。整条鱼用姜、葱、酱油和绍兴酒调味——根据邓女士的说法，是为了“去腥”——然后在放入蒸锅前撒上柠檬皮。柠檬与鱼肉的甜味形成了完美的对比。作为配菜，我准备了腐乳炒小宝石生菜。这道快手菜用大蒜、几片新鲜红辣椒和几块搅拌成奶油状的中国腐乳调味。腐乳为这道菜增添了奶油般的鲜味，这让我不禁好奇为什么它没有被用于凯撒沙拉中。 我很欣喜地在《五味》中发现了我最喜欢的台湾菜之一：炒“蝇头”。不，它并不包含真正的昆虫部分。这个名字源于发酵的黑豆（看起来像某种东西），它们与猪肉末、花韭菜、大蒜和辣椒一起翻炒。现在我可以在家里制作这道菜了，它是《五味》中我将加入晚餐菜单的众多菜肴之一。 科先生（Mr. Coe）的《美国面包：一部历史》（American Bread: A History）将于本月出版。 # 美国首位明星作家 华盛顿·欧文 素描本（Sketch Book） 作者：菲利普·洛佩特（Phillip Lopate） 普林斯顿出版，288页，$28.95 作者：迈卡·马蒂克斯（MICAH MATTIX） 华盛顿·欧文（WASHINGTON Irving）是美国首位文学明星。他的讽刺作品《纽约历史》（A History of New York）在1809.出版时立即引起了轰动。欧文使用迪德里希·尼克博克（Diedrich Knickerbocker）这个笔名，嘲讽了昏昏欲睡的荷兰总督、当时的社会风气以及政治人物。这本书在10年内发行了三个版本，欧文后来回忆道，这为他带来了在“美国并不常见”的名声。他在任何地方都“受到极大的关注”。拜伦勋爵在给朋友的信中赞扬欧文：“他的作品令我欣喜。”沃尔特·斯科特则将他比作乔纳森·斯威夫特。 然而，《纽约历史》以及欧文的大部分作品（包括四部传记、几部游记和文学素描集）在今天几乎无人阅读。相反，人们只记得他的两篇短篇小说：《瑞普·凡·温克尔》（Rip Van Winkle）和《睡眠谷传说》（The Legend of Sleepy Hollow）。他为何如此失宠？ 菲利普·洛佩特在《华盛顿·欧文素描本》中给出的简短答案是，欧文之后的美国作家一代——包括纳撒尼尔·霍桑、拉尔夫·沃尔多·爱默生和埃德加·爱伦·坡——掩盖了他的成就。但洛佩特先生是一位多产的散文家，其著作包括《滨水区：曼哈顿之旅》（Waterfront: A Journey Around Manhattan，2004年）和《一年零一天》（A Year and a Day，2023年），他认为欧文的作品依然能带来许多乐趣。他希望让读者“品味一位我所喜爱的作家”。 欧文以乔治·华盛顿命名，于April 3, 1783.出生在纽约市的一个中产阶级大家庭中。他的父亲是一名商人，也是一名严厉的长老会执事，未能将虔诚的信仰传递给最小的儿子。年轻的欧文写道：“在我能够理解或欣赏宗教之前，它就被强加给了我。”他对学校也不太感兴趣。一名同学记得他是一个“迟钝、不擅学习且极其胆怯的学生”。这个男孩比起学习，更喜欢在城市和周围的乡村长距离散步。他还热爱冒险故事，比如辛巴达的水手故事和丹尼尔·笛福的《鲁滨逊漂流记》（Robinson Crusoe，1719年），这激发了他早期的写作兴趣。  阳光面：一张关于华盛顿·欧文在纽约州欧文顿住宅的 Currier & Ives 插图。 报纸给了欧文起步的机会。在他19,时，他在《纽约晨报》（New York Morning Chronicle）上发表了一系列幽默信件——该报由亚伦·伯尔创立，由欧文的哥哥彼得编辑。这些信件以乔纳森·奥德斯泰尔（Jonathan Oldstyle）之名发表，抱怨新奇的时尚，以及城市剧院场景中喧闹的观众和无用的评论家。 1804年，欧文出国旅行以治疗支气管炎，且他的家人希望他能借此提高教育水平。然而，他把时间花在了与欧洲贵族社交上。1806,回到纽约后，他在创作《纽约历史》之前，出版了20期讽刺期刊《杂烩》（Salmagundi）。 《纽约历史》被呈现为一份由脾气古怪的荷兰学者尼克博克遗留的手稿，它既是讽刺，又是戏仿，同时也带有浪漫的怀旧色彩。就像米格尔·德·塞万提斯的《唐吉诃德》（Don Quixote，1605-15年）一样，它充满了冷峻的讽刺、离题的论述以及对读者的直接对话。在其中一个片段中，荷兰将军彼得·斯图伊夫桑特通过挥舞剑来威胁瑞典士兵，其“动作如此凶猛有力，毫无疑问，如果那把剑不是锈得太厉害，一定会让敌人的眼睛和心中充满恐惧”。在另一个片段中，尼克博克—。 抱怨马萨诸塞州塞勒姆女性的“恶魔般的固执”，她们拒绝承认从事巫术，也不愿“为了宗教之益以及公众之娱乐而被烧死”。洛佩特先生写道，这本书表明欧文是“一种手风琴式地扩张与收缩修辞夸谈的大师”。这本书如此受欢迎，以至于“尼克博克”（Knickerbocker）成为了纽约人的持久代名词。 1815年，欧文再次离开美国，试图挽救家族的进口业务，但最终失败。在接下来的17年里，他一直留在国外。 在英国期间，他完成了短篇作品集《杰弗里·克雷翁先生的素描本》（1819-20）。该书的巨大成功使欧文决定以写作为生。 洛佩特先生观察到，“素描”（sketch）是一种“高度灵活”的文学形式，侧重于随意的印象，特别适合欧文那种“吸收力强、擅长交谈且灵动多变”的性格。 欧文这部内容广泛的书中的亮点是关于里普·凡·温克尔和伊卡博德·克莱恩的故事——两者部分取材于哈德逊河谷的传说——但书中还包括旅行写作、政治评论和文学随笔。洛佩特先生认为，其中一些在今天看来会显得“多愁善感且矫情”。而另一些，如《乡村葬礼》，则具有“凄美之感”。 《杰弗里·克雷翁先生的素描本》在1812年战争结束不久后出版，洛佩特先生指出，一些美国读者认为欧文对英国乡村生活和传统的赞美是一种“背叛”。欧文则认为自己是一名爱国者。他于1832年回到美国，并写了一篇关于西部之行的记录，赞扬了同行者的冒险精神。他主张，派遣年轻人进行“草原之旅”将培养出“那种与我们的政治制度最一致的男子气概、纯朴和自立”。 欧文从未结婚。一些传记作者暗示欧文是同性恋，但洛佩特先生指出，当欧文的未婚妻马蒂尔达·霍夫曼在17岁时去世，这位作家深受打击。他将自己投入到工作中，并在那里—。 ## 欧文曾经著名的讽刺作品如今几乎无人阅读，唯有《瑞普·凡·温克尔》长盛不衰。 之后，他似乎对异性的追求不感兴趣——包括《弗兰肯斯坦》（1818年）的作者、寡妇玛丽·雪莱的追求——直到他发现自己的生活习惯已根深蒂固，无法再步入婚姻。 在《华盛顿·欧文速写本》一书中，洛佩特先生因欧文作品中的幽默、魅力与坦诚而向读者推荐其写作。他引用了大量长篇段落，这似乎是有意地充实了原本会显得单薄的篇幅。然而，这一决定的好处在于，它让我们能直接接触到欧文最优秀的作品。其他传记则提供了关于此人更完整的记录。洛佩特先生的赏析让欧文的声音占据了主导地位，证明了这位美国第一位大众作家值得被再次广泛阅读。 “只要你不可吃血，因为血就是生命。” ——《申命记》12:23 # 现代吸血鬼的诞生  Rosenthal & Kraemer 彩色石版画 VAMPYRE（吸血鬼）。 No. 1.] Nos. 2, 3 and 4 are Presented, Gratis, with this No. [Price 1d. 《吸血鬼故事集》（Vampire Tales） 尼克·格鲁姆（Nick Groom）编 牛津出版，688 页，$21.99 作者：迈克尔·迪尔达（MICHAEL DIRDA） 就标题而言，“Vampire Tales”略有误导。直到读到这部厚如红砖之书的详尽导言，我们才得知尼克·格鲁姆为本书选编的故事和诗歌全部出版于 1897, 之前，而那一年正是布拉姆·斯托克（Bram Stoker）的《德古拉》问世之年。 然而，这些作品共同描述了超自然文学著名学者格鲁姆先生所称的“吸血鬼文化”。他写道，这包含许多方面：“吸血，以及对血液和生命力的病态痴迷，更广泛地说，是指捕食；通过占有和支配他人来行使权力；使现实生活产生怀疑的梦境与谵妄的盛行；生与死之间界限的模糊；以及美感那令人沉醉的强度——尤其是迷人的眼睛。” 通过专注于英文或英译的短篇小说和诗歌，格鲁姆先生可以理所当然地忽略早期的民俗传说——那些散发着坟墓恶臭、袭击像他们一样贫苦的农民，且有时与瘟疫爆发联系在一起的蹒跚食尸鬼。相反，他笔下的文学吸血鬼往往已经是贵族或美人，且通常两者兼而有之。一般来说，他们的撕咬很少会让被捕食者变成未来的吸血鬼。通常，这只会让不幸的受害者变得苍白憔悴，并最终死亡。 格鲁姆先生首先转载了 1819. 的五部“前德古拉”作品。其中包括拜伦的一篇片段——仅有几页潦草的文字，背景设定在土耳其的一座墓地，讲述关于神秘的奥古斯都·达维尔（Augustus Darvell）的故事——以及一篇由拜伦的前医生约翰·威廉·波利多里（John William Polidori）创作的长篇故事《吸血鬼》（The Vampyre）。波利多里根据拜伦本人的形象塑造了圆滑、优雅且嗜血的鲁斯文勋爵（Lord Ruthven）。这位诗人对此并不满意：“该死的《吸血鬼》——我对吸血鬼懂什么？” 但多亏了波利多里，拜伦式的魅力和气质长期以来一直被赋予舞台、电影和印刷品中的不死主角——无论是电影中彬彬有礼的贝拉·卢戈西（Bela Lugosi）（“我不喝酒——葡萄酒”），安妮·赖斯（Anne Rice）小说中双性恋的莱斯特（Lestat），还是那些青少年心中的偶像，如《巴菲 the Vampire Slayer》中的安吉尔（Angel）和斯蒂芬妮·梅耶（Stephanie Meyers）《暮光之城》中的爱德华·卡伦（Edward Cullen）。1819 年，吸血鬼式的致命女郎也开始通过歌德的诗体恶魔情人故事《科林斯的新娘》（The Bride of Corinth，1797 年）的英译本，以及济慈的中世纪风格民谣《无情的美人》（La Belle Dame Sans Merci）展开诱惑：“她的长发飘飘，脚步轻盈， / 眼神狂野。”  更令人惊讶的是，来自美洲的第一篇吸血鬼故事同样出现在 1819 年：由尤里亚·德里克·达西（Uriah Derick D’Arcy，即理查德·瓦里克·迪，Richard Varick Dey）创作的《黑色吸血鬼》（The Black Vampyre）。这部微型哥特幻想作品设定在加勒比地区的法属殖民地圣多明各，讲述了一个残酷且心怀怨恨的种植园主和一个被奴役的黑人男孩；一个迷恋上风度翩翩的非洲男子的白人寡妇；一个充满幽灵的墓地场景；以及一个标题为“寓意”的总结性教诲部分。根据最后一部分的描述，这个看似“自由与平等的幸福之地”充斥着吸血鬼，他们“吸干了一百个诚实之人的全部财产”，随后又通过“破产法律的强大魔力”逃脱对其“臃肿之恶行”的惩罚。 正如格鲁姆先生和其他学者所强调的，吸血鬼与其人类猎物之间的寄生关系，一直被用来粗略地象征贪婪的企业主与被剥削工人之间的关系。马克思本人就曾使用过这个类比：“资本是死劳动，它像吸血鬼一样，只有吸吮活劳动才能生存，并且吸吮的活劳动越多，它就越能生存。”除了《黑色吸血鬼》，格鲁姆先生书中的几篇次要经典作品也展示了血液与金钱之间的紧密联系——尤其是玛丽·伊丽莎白·布拉顿（Mary Elizabeth Braddon）在 1896 年创作的《善良的杜凯恩夫人》（Good Lady Ducayne），以及萨宾·巴林-古尔德（Sabine Baring-Gould，他也是赞美诗《前进，基督的战士》的词作者）在 1884 年创作的《奎瑟的玛格丽》（Margery of Quether）。 其他故事则单纯充满了悬念和不断升级的恐怖感。在恩斯特·本杰明·萨洛蒙·劳帕赫（Ernst Benjamin Salomo Raupach） 1823 年的作品《不要唤醒死者》（Wake Not the Dead）中，一位名叫沃尔特的德国中世纪贵族思念他的第一任妻子，那个充满性吸引力的布伦希尔达，很快便开始冷落他温柔的第二任妻子斯万希尔达以及他们的两个孩子。他求助于黑魔法将布伦希尔达从坟墓中唤回，她依然像往昔一样美丽，却显得异常疏离且冰冷。渐渐地，她开始恢复激情与活力，而与此同时，城堡里的小男孩和小女孩们却开始枯萎死亡。玛丽·海伦娜·福特（Mary Helena Fortune） 1867 年的作品《白色疯子：一个医生的故事》（The White Maniac: A Doctor's Tale）则呈现了一个谜团：为什么所有与一座隐匿在高墙之后的宅邸相关的人，都全身穿着白色？罗汉公爵的侄女是否如他所言，是个杀人成性的疯子，还是公爵本人产生了幻觉？毋庸置疑，年轻的叙述者很快就渴望娶美丽且空灵的布兰奇为妻。但为什么白色是她被允许看到的唯一颜色？ 坏血：《吸血鬼》（1851），由亨利·路易斯·斯蒂芬斯（Henry Louis Stephens）为其著作《人类漫画自然史》绘制的插图。右侧为詹姆斯·马尔科姆·赖默（James Malcolm Rymer） 1847 年创作的《吸血鬼瓦尼》（Varney the Vampire）封面。 ## 从鲁斯文勋爵到爱德华·卡伦，吸血鬼一直被赋予拜伦式的魅力与气质。 在弗洛伊德心理学中，病态的恐惧往往象征着被压抑的性欲。女同性恋的欲望驱动了 J. 谢里丹·勒·法努令人惊叹的《卡米拉》（1871-72），并揭示了其主角既是受害者也是怪物。在安布罗斯·比尔斯如幻梦般的《哈尔平·弗雷泽之死》（1891）中，吸血鬼行为与乱伦交织在一起。埃里克·斯坦博克的《一个吸血鬼的真实故事》（1894）描写了备受折磨的瓦达莱克伯爵，他心碎不已，因为他的本性强迫他杀死自己所爱之人——像牧神一样的少年加布里埃尔。 该类型中最受研究的两部作品以不可见的吸血鬼实体为特色，分别是菲茨-詹姆斯·奥布莱恩的《那是什么？》（1859）和居伊·德·莫泊桑的《奥尔拉》（1887）。前者始于对未知和不可见之物的恐惧，但最终演变为纯粹的悲悯；后者则让读者猜测：这个生物是真实的，还是仅仅是病态想象的产物？ 《吸血鬼故事集》还转载了波的《丽姬亚》（1838）；詹姆斯·马尔科姆·赖默那部极长且连载的廉价惊悚小说《吸血鬼瓦尼》（1845-47）的部分摘录；卡尔·阿道夫·冯·瓦克斯曼的《神秘陌生人》（1854）英文版（该作可能影响了《德古拉》的开篇章节）；夏尔·波德莱尔的诗作《尸骸》（1857）；朱利安·霍桑的《肯之谜》（1883）；以及罗伯特·路易斯·史蒂文森的《奥拉拉》（1885）等。在各方面来看，这都是一部出色的选集。 然而，格鲁姆先生的《吸血鬼故事集》之光芒在于其阅读辅助资料。除了冗长的导言，它还包含一份详尽的参考书目、一份截至 1897 年的吸血鬼年表，以及详细的尾注，这些尾注追溯了每篇故事或诗歌的文本历史，随后是对任何晦涩典故和时代 伦敦：E. LLOYD, SALISBURY-SQUARE, 以及所有书商。 词汇的解释。这部厚重著作的至少四分之一篇幅致力于某种形式的学术研究。 尽管转载了 25 部关键作品，但《吸血鬼故事集》只能算是对维多利亚时代重要不死生物故事经典之作的一次采样。两部较早的著作，理查德·达尔比的《德古拉的后裔》（1987）和迈克尔·西姆斯 的《德古拉的客人》（2010），同样聚焦于 19 世纪的吸血鬼，并增加了几篇重要文本，包括亚瑟·柯南·道尔的《寄生虫》（1894）和 F.G. 洛林的《莎拉之墓》（1900）。艾伦·瑞恩的《企鹅吸血鬼故事集》（1989）和奥托·彭兹勒巨大的《吸血鬼档案》（2009）——不能忽略埃莉诺·布莱斯代尔那部已绝版但极出色的选集《不死生物故事》（1947）——汇集了古今故事，其中许多现代故事完全摒弃了颈静脉，转而强调心理上的吸血行为。 克里斯托弗·弗雷林经典的《吸血鬼：从德古拉伯爵到吸血鬼女的起源与复活》（1978年版，2016年扩充版）提供了鲁斯文勋爵及其后裔的简短图解史，一个代表性故事的小型选集，以及一份与德古拉相关的文档档案，包括斯托克 1914 年的《德古拉的客人》。据说，最后一部可能是小说中删除的章节，但其本身就具有许多令人不寒而栗之处，例如由那块令人惊恐的墓碑铭文所唤起的恐惧：“死者行路快。”若需基础信息，从弗拉德三世 (穿刺公) 和伊丽莎白·巴托里的传说，到相关演员、作者、音乐家和艺术家的简短传记，可参考 J. 戈登·梅尔顿撰写的 900 页参考书《吸血鬼之书：不死生物百科全书》（2010）。 请记住，如果你厌倦了吸血鬼，你随时可以转向关于狼人、恶魔和亡灵的文学。夜晚之子众多。 迪尔达先生的《故事讲述的大时代》将于 12 月出版。

JOURNAL was originally CONTENTS Business & Finance.... B9 Design & Decor.... D9 From Page One.. A10 Food.... D8 Heard on Street... B11 Markets.... B10 Obituaries..... C6 Opinion..... A11-13 Sports..... A14 Style & Fashion D2-3 Travel..... D6 U.S. News..... A2-5 World News..... A6-9

DOW JONES

News Corp ******

SATURDAY/SUNDAY, OCTOBER 10 - 11, 2026 \~ VOL. CCLXXXVIII NO. 86

WSJ.com

U.S. Edition

What's News

Business & Finance

◆ Trump has summoned Fed governor Lisa Cook to appear before a committee he has formed to evaluate mortgage-fraud allegations against her, signaling a renewed effort to fire her and wield more control over the central bank. A1

◆ A Nvidia-backed cloud-computing company scrapped plans for Australia's largest IPO in almost 30 years, a new sign that investors are growing leery of lofty valuations for AI-related companies. B9

◆ Chinese automaker Geely plans to begin selling vehicles in Canada next year. B9

◆ Porsche car deliveries fell 16% in the first nine months of the year. B9

◆ German regulators fined VW \$1.3 million, saying it failed to disclose potentially market-moving news in a proper and timely manner. B9

◆ The typical American family got a little wealthier in the years following the Covid-19 pandemic, while well-off and older Americans got much richer. A2

As bond yields rise, small companies are taking the brunt of the damage, with the Russell 2000 index falling for a fifth-straight week. The S&P 500 and Nasdaq each rose 0.6%, and the Dow gained 0.8% on Friday. B10

Worldwide

◆

◆ Trump said his administration reached a deal for Russia to supply diesel fuel, a major policy shift that eases U.S. pressure on Moscow over its war with Ukraine in hopes of lowering domestic fuel prices ahead of the midterms. A1

◆ A growing group of Republicans is privately and publicly sounding the alarm that the party will perform poorly in next month's contests. A1

◆ The Justice Department has charged more than 60 people as noncitizen voters in the past few months, but election experts and defense lawyers said the push confirms the crime is rare. A4

◆ Prediction market Kalshi has launched a probe into a series of suspicious trades about the selection of Trump's new press secretary. A4

◆ Houthi militants are taking aim at Saudi Arabia's air links to the world, rattling travelers and squeezing another key sector of the kingdom's economy. A7

◆ The Trump administration announced sanctions on the International Criminal Court, threatening to dismantle it over an arrest warrant for Israeli leader Netanyahu. A8

◆ The Nobel Peace Prize was awarded to South African human-rights lawyer and judge Navi Pillay. A8

◆ Died: Mike Ditka, 86, NFL legend as player, coach. A14

PEGGY NOONAN

Sam Altman is no Oppenheimer. A13

© 2026 Dow Jones & Company, Inc. All Rights Reserved

Dangerous Hurricane Isaias Lashes Gulf Coast

WILD WINDS: An umbrella was no help in Pensacola Beach as Isaias bore down Friday on the Gulf Coast. The first hurricane of the Atlantic season crashed ashore later as a Category 2 storm, making landfall later near Destin on the Florida Panhandle. A3

President Rushes to Turn Out Base to Boost GOP in Midterms

President Trump huddled with an unconventional adviser on Air Force One last week as he traveled to a rally in Mobile, Ala.: far-right activist Laura Loomer.

As Loomer offered the president campaign advice—attack “jihadist candidates,” she told him—she had a bigger worry in the back of her mind. The playbook that returned Trump to the White House

By Marianne LeVine, Meridith McGraw and Philip Wegmann

two years ago might not work in this year's midterms.

"A lot of these candidates are not very dynamic people, and the president's rallies are a last-ditch effort to bring them across the finish line," she said. "It's just very difficult to inspire people to get out to vote when you have a lot of do-nothing candidates who are not necessarily as dynamic as the president." Trump, she said, was "positive" but "realistic" about the GOP's prospects.

Loomer is part of a growing group of Republicans who are privately and publicly sounding the alarm that the party will perform poorly in next month's contests. Strategists and advisers are describing 2026 as one of the most difficult political environments for an incumbent party in recent memory. Republicans are confronting higher prices, Trump's war with Iran and the lowest approval rating of Please turn to page A4

◆ Prosecution of noncitizen voting cases ramps up... A4

Trump Renews Efforts To Remove Fed's Cook

White House to hold hearing to question official about alleged mortgage fraud

BY MATT GROSSMAN AND BRIAN SCHWARTZ

The White House scheduled a closed-door hearing next month where Justice Department officials can question Federal Reserve governor Lisa Cook about mortgage-fraud allegations she has denied, as President Trump seeks to satisfy the Supreme Court's conditions for firing her.

A presidential memo directed Cook to appear Nov. 5 at the White House to be “examined by” a committee of Trump appointees, including Kevin Hassett, director of the National Economic Council.

It marked the latest escalation in Trump's battle to gain greater control over the Fed, and the first major salvo against the central bank since Chairman Kevin Warsh, his pick to lead it, took office in the spring.

The hearing would fall a day before Cook and the administration must give U.S. District Judge Jia Cobb a joint proposal on how Cook's lawsuit challenging Trump's first attempt to fire her should proceed. Cobb blocked that firing last year and allowed Cook to keep her seat while the lawsuit proceeded; the Supreme Court upheld her order in June. The case now returns to Cobb to decide the underlying dispute.

Please turn to page A2

U.S. Says Deal Is Set For Diesel Shipments From Russia

President Trump said Friday his administration reached an agreement for Russia to supply hundreds of thousands of tons of diesel fuel, marking a major policy shift that eases U.S. pressure on Moscow over its war with Ukraine in hopes of lowering domestic fuel prices ahead of the midterm elections.

By Brian Schwartz, Benoît Morenne and Thomas Grove

The move, which included suspending sanctions on Russian diesel exports for six months, comes as Trump and fellow Republicans are struggling to address voter worries over diesel and gasoline prices.

In a post on Truth Social, Trump wrote Russia would immediately supply over 300,000 tons of diesel fuel into the U.S. and global markets, an additional 500,000 tons in November, and 1 million “immediately thereafter.”

He said Russia would later deliver an additional 3 million tons of diesel “within a short period of time,” based on the condition of its refineries. Some refineries are offline in the Middle East and Russia, and the world is short about 1.6 million barrels of diesel a day, the International Energy Agency said last month.

The new supplies, if they Please turn to page A6

INSIDE

EXCHANGE More valuable than gold: The hunt for AI computing power is upending Silicon Valley. B1

WORLD NEWS The Nobel Peace Prize goes to South Africa's Navi Pillay, for her work promoting international law. A8

Top Chefs Have a Confession: They Love Taco Bell

* * *

The chain may be a polarizing brand,

but these chefs love the ‘Live Más’ lifestyle

BY ADAM CHANDLER

In life's grand pursuit of perfect bites, the whole chicken at Cafe Commerce in New York City makes a strong bid.

The \$99 dish, roasted with herb butter under the skin, comes with crunchy sourdough stuffing infused with foie gras and mashed potatoes whipped with butter.

Its creator, chef Harold Moore, who counts a Michelin star among his many honors, likens the harmony of his ingredients to another near-flawless dish: the Crunchy Supreme taco from Taco Bell.

"There is everything in the perfect bite," Moore said of

Crunch time

the vaunted marriage of ground beef, shredded cheese, iceberg letcheese, iceberg lettuce, tomatoes and rich sour cream in a corn shell. “It’s hot, it’s cold, it’s crispy, it’s also supple.

There's spice, but then it has sour cream that calms it. It's a very complete experience."

The “Live Más” lifestyle gets más love from chefs. Please turn to page A10

Robot Push Proves Tricky for Walmart

Machines sorting merchandise hit kinks with some products; 'peak complexity'

BY SARAH NASSAUER

Walmart has relied for years on more than 140,000 warehouse workers to unload trucks, forklift pallets of merchandise into warehouses, sort and store the goods on towering racks, then reverse the entire flow to send them out to stores and homes.

It isn't an easy job. A worker might walk 20,000 steps a shift. It also isn't all that complicated—unless you try to program robots to do it.

Consider the seemingly simple task called “break-pack”—removing items from cardboard boxes to send out individually. It’s a no-brainer for Walmart’s humans. But it turned into one of the many challenges bedeviling the company’s decadelong, multi-billion-dollar quest to automate its warehouses.

Walmart and the robotics Please turn to page A10

New Italian Job's Loot: \$5.6 Million in Wine

ROME—Thieves stole thousands of bottles of wine worth about \$5.6 million from a vineyard in Tuscany in one of the largest, most audacious wine heists in recent history.

By Margherita Stancati, Nick Kostov and Laura Cooper

Marchesi Antinori, one of Italy's most renowned wine-makers, said on Friday that 30,000 bottles of some of its most prized wine varieties were stolen.

Seven masked people entered an Antinori warehouse in the Tuscan town of Cortona during the first weekend in October and loaded two large trucks with the bottles, which had been packed and assembled in preparation for being shipped to foreign markets, said Renzo Cotarella, the company's chief executive.

The thieves turned off the alarm, forced open a gate and used the vineyard's own forklifts to lift the wine crates and load them into the trucks, Cotarella said. Company workers discovered the theft on Oct. 5, when the shipments were supposed to be transported, the CEO said.

The company was caught off guard: Antinori had never experienced a robbery, Cotarella said. The bottles weren't insured.

Please turn to page A7

Older Americans Get Much Wealthier

BY RACHEL LOUISE ENSIGN

The typical American family got a little wealthier in the years following the Covid-19 pandemic, while well-off and older Americans got much richer.

Median family net worth rose 2% from 2022 to 2025 to about \$216,000, adjusted for inflation, according to the Federal Reserve's Survey of Consumer Finances, which was released on Friday. The survey comes out every three years and is considered the gold standard for measuring household wealth.

Overall wealth gains slowed markedly from the prior period, from 2019 to 2022, when wealth increased 37%, the most in the 30-plus year history of the survey, thanks to rising stock and home prices.

Median wealth for a family in the top 10% of earners increased 31%, while wealth decreased for the bottom 40% of earners.

Wealth increased 37% for Americans 75 and older, while it declined 23% for people under 35. During this period, people 75 and older became the richest age group, with a median net worth of \$505,000. Wealth is measured as a family's assets, like stocks and home equity, minus their liabilities, like mortgages and credit-card debt.

The new data paints a picture of a two-speed economy, where older and affluent people are thriving, and persistent inflation is making others feel pessimistic about their finances and the economy broadly. Recent company earnings reports and consumer sentiment surveys have shown the same economic divide.

Indeed, the gains for the higher-earning and older groups were likely due to the fact that they tend to be more invested than others in the stock market, which has boomed in recent years. The S&P 500 rose 78% from the end of 2022 to the end of 2025, and it has continued to rise this year, likely minting further wealth gains for these Americans.

*Adjusted for inflation Source: Federal Reserve Survey of Consumer Finances

Older Americans used to get much poorer when they got older and started spending down their savings. “This is totally reversed now,” said Edward Wolff, an economics professor at New York University.

Many people 75 and older bought homes and stocks decades ago and have benefited from the appreciation of those assets. “They hit things at the right time,” Wolff said.

Some demographic groups that typically have less wealth saw big drops. Median net worth for Black families fell by 25%, while it increased for all other racial and ethnic groups. It fell by 55% for people without a high-school diploma, the largest percentage decline for this group in the survey's history.

The survey also found that families were more likely to be behind on their financial obligations than at any point since 2010.

The share of families reporting being behind on loan payments jumped from $12\%$ in 2022 to $20\%$ in 2025. But the size of a family's typical debt load remained unchanged from the prior survey.

Trump Announces Cook Inquiry

Continued from Page One

If the White House committee recommends removal, Trump could again try to fire Cook and argue he had given her the opportunity to respond that the Supreme Court found lacking, leaving Cobb to decide whether the process was adequate. The White House hearing could also produce new material the administration might cite to justify her removal.

The demand that Cook appear at the hearing could deliver the unusual spectacle of a central-bank official arriving at the White House for a disciplinary meeting.

The hearing seems intended to demonstrate a deliberate procedural approach that the Supreme Court indicated was lacking in Trump's initial attempt to fire Cook, said Kathryn Judge, a Columbia University law professor who has tracked Cook's case.

“Part of what the administration is trying to do is convince the public of the legitimacy of a process that may not be all that balanced or all that fair,” Judge said.

The hearing seems likely to clear the procedural bar that the Supreme Court laid out, but it won't resolve deeper questions about the grounds on which presidents are per- mitted to fire Fed officials, Judge said. Those questions will likely continue to ani- mate litigation about Cook's removal after the hearing, she said.

Two lawyers for Cook, Abbe Lowell and Norm Eisen, said that they have contacted the White House to “evaluate whether the process proposed has a possibility of being a genuine one and not simply a box checking exercise.”

MARK SCHIEFELBEIN/AP

The Trump memo lays out a step-by-step process that seems designed to respond to the high court's ruling, mapping out logistical details such as when Cook may submit her own “position statement” and how long the hearing can last (“no longer than 4 hours”).

“Governor Cook shall appear at the hearing and be examined by the Committee, its representatives, and her legal counsel, if any,” said a presidential memorandum dated Oct. 7. “The Committee shall submit written findings of fact and conclusions of law to me and shall recommend whether there is cause to remove Governor Cook from her position.”

Besides Hassett, the White House committee will also include the chair of the Equal Employment Opportunity Commission and the director of the Office of Government Ethics. EEOC Chair Andrea Lucas and the ethics office's current acting director, Keith Sonderling, who also serves as labor secretary, were both appointed by Trump.

The memo said that the hearing would be closed to the public but would be transcribed.

Fed governor Lisa Cook denies mortgage-fraud allegations.

Cook's lawyers said, "In light of the President's repeated statements that he has to remove her."

already decided to fire Governor Cook—regardless of the facts and evidence—we have grave doubts that this ‘hearing’ is a legitimate one that would conform to the law.” They

added: “But if it is anything close to objective, the conclusion will be that Governor Cook did not commit mortgage fraud, leaving no cause

This is the latest move in Trump's efforts to exert more influence over the Fed.

The central bank is set up to operate independently from the White House, an arrangement seen by economists as essential for allowing it to set interest rates without political considerations.

No president had ever before tried to fire a sitting Fed governor, a position nominated by the president and confirmed by the

Senate. The laws establishing the Fed say that top officials can be fired only “for cause,” a legal term whose application to Fed officials had never been directly tested.

Cook was appointed to the Fed board by former President Joe Biden, a Democrat, and is serving a term that runs until 2038.

Last year, Trump adviser Bill Pulte, the head of the Federal Housing Finance Agency, produced documents that he said showed Cook had listed more than one property as her “primary residence” on mortgage paperwork. Trump then attempted to fire Cook over the alleged misconduct, a decision he announced abruptly on social media, and Cook responded with a lawsuit.

Through her lawyers, Cook has argued in court that the White House didn't initially present her with evidence of misconduct or give her a chance to respond. She has argued that any inadvertent error in her mortgage paperwork wouldn't rise to the level of misconduct that would warrant her firing.

Earlier this year, when the Supreme Court largely sided with Cook, it found that she couldn't be fired without some minimal procedural protections that would allow any evidence against her to be aired. The high court didn't rule on whether Cook had committed mortgage fraud, or whether her mortgage paperwork was sufficient cause for her removal.

The November hearing would refocus attention on core questions of the Fed's independence and Trump's attempts to gain more control over how the central bank sets interest rates.

Costs Dim Consumer Sentiment In Survey

BY MATT GROSSMAN

Consumers' mood has darkened in October, according to the University of Michigan's monthly survey.

The survey's headline index fell to 46.3 in its preliminary October reading, versus 48.1 in September, according to data published Friday.

“Frustration over cost-of-living continues to mount, as consumers across the political spectrum believe that the trajectory of the economy has weakened since the beginning of the year,” said Joanne Hsu, the survey’s director.

The drop returns sentiment closer to its record-low reading of 44.8, set in May. If sustained in the end-of-month reading, due later this month, October's would be the second-lowest level on record. Inflation, geopolitical uncertainty and a stable but staid job market have been weighing on consumer's spirits over the past 18 months.

The new reading reflects survey responses between Sept. 22 and Oct. 5.

Consumers' actual spending has remained buoyant, supported by wealth gains from a roaring stock market and by a stable employment backdrop.

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rochebobois

Isaias Slams Gulf Coast As Category 2 Hurricane

Hurricane Isaias crashed into the U.S. Gulf Coast as a dangerous Category 2 storm on Friday, lashing communities with wind and rain and threatening to flood low-lying areas where residents were advised to evacuate ahead of its arrival.

The first hurricane of the Atlantic season made landfall near Destin, Fla, the Miami-based National Hurricane Center said. It had maximum sustained winds of 105 mph. The storm weakened to just below major hurricane status before it came ashore.

High winds whipped palm trees and thundering waves crashed along the beaches of the Florida Panhandle and Alabama on Friday as Hurricane Isaias charged toward the U.S. Gulf Coast. (At right, popular tourist destination Pensacola Beach, Fla., awaited the storm on Friday.)

“Things are going to get really, really treacherous over the next couple hours,” said Jamie Rhome, deputy director for the National Hurricane Center.

Forecasters warned of a significant storm surge, damaging winds, flooding and possibly even tornadoes before the storm loses steam as it moves inland and delivers strong winds and rain well north into Atlanta.

Wind gusts up to hurricane strength began to lash the Gulf shoreline in the early evening. In Mobile, Ala., officials reported downed trees and power lines, while Emerald Coast Utilities Authority, which serves parts of Florida, issued a boil-water notice.

More than 365,000 customers in Florida and Alabama were without power Friday evening, according to power-outage.com.

-Associated Press

MARCO BELLO/REUTERS

Global, U.S. Issues Test Mamdani at Home

Base grumbles as New York mayor navigates tensions over Oct. 7 and ICE

BY JAMES FANELLI

Since Zohran Mamdani burst onto the national political scene, he has been seen as a standard-bearer for the progressive movement: unwavering in his criticism of Israel, support for immigrants and calls for changes in policing.

EDUARDO MUNOZ/REUTERS

This past week underscored the challenge the New York City mayor faces in hewing to those beliefs and appeasing his political base while governing the nation's largest city. As he led New Yorkers through the third anniversary of Oct. 7 and responded to an ICE shooting in northern Manhattan, his staunch support from the left showed signs of fraying. At the same time, he faced a fresh round of criticism from Jewish leaders and an escalating standoff with the Trump administration over immigration enforcement.

"The transition from activist to executive is one of the toughest challenges in politics," said Democratic strategist and former state senator David Carlucci. "And we are seeing that firsthand."

In two scenes, Mamdani was jeered by some of his supporters who have grown frustrated with his decisions in office and for not making good on certain campaign promises.

On Wednesday, the Democratic socialist mayor stood stoically at a vigil marking the anniversary of the Oct. 7, 2023,

Mayor Zohran Mamdani at a news conference after ICE officers shot a resident in northern Manhattan.

Hamas attacks as pro-Palestinian protesters booed and called him a “traitor.”

On Thursday, as he briefed the public on the shooting during a U.S. Immigration and Customs Enforcement operation, anti-ICE protesters chanted, "Mamdani is complicit."

The New York Police Department faced more criticism after video footage began circulating Thursday showing officers knocking anti-ICE demonstrators to the ground. Among them was Democratic congressional candidate Darializa Avila Chevalier, a close Mamdani ally. Some of his supporters are angry with the mayor for not fulfilling a promise to disband an NYPD unit that responds to protests.

Avila Chevalier released a statement calling for the abolition of the NYPD's protest unit and for New York Police Commissioner Jessica Tisch to step down. "The NYPD spent more

Mullin Criticizes NYC Mayor After ICE Shooting

Homeland Security Secretary Markwayne Mullin on Friday criticized New York's so-called sanctuary city policies and Mayor Zohran Mamdani, a day after ICE shot a man in Manhattan.

Mullin said the city's policies limiting cooperation with the U.S. Immigration and Customs Enforcement put the community in danger. "It's shameful you have a mayor who goes out there and puts criminals over law-abiding citizens," Mullin said.

time protecting a militia that just shot someone than protecting New Yorkers," she said.

An NYPD spokesman said the protest unit, known as the Strategic Response Group, didn't respond to the ICE protests. Rather it was regular uniformed officers.

Mamdani has brushed off the discontent from the left. “I’m the mayor of New York City and this is what I signed up for,” he said Thursday when asked about the Oct. 7 protests.

Gustavo Gordillo, co-chair of the New York City chapter of the Democratic Socialists of America, said the group's members still see the mayor as a partner but are ready to hold him accountable.

"This week was indicative of some restiveness and a desire among the base to see concrete policy for Palestinian liberation and quicker progress on some policing prom-"

Mamdani called the shooting an “unconscionable and incredibly serious situation” and demanded ICE stop immigration enforcement in the city.

The shooting occurred Thursday afternoon in northern Manhattan, according to the New York Police Department. ICE said it was conducting a targeted enforcement operation to arrest a 28-year-old citizen of the Dominican Republic with a criminal record who en-

ises," said Gordillo.

The cordial relationship Mamdani has fostered with the Trump administration also seemed at risk of unraveling. Mamdani said at the Thursday news conference that immigration officers surrounded Oscar Belgal, a 28-year-old citizen of the Dominican Republic with a criminal record, while he was in a car with a 5-year-old child and then fired. The child wasn't harmed, he said.

He called the shooting an “unconscionable and incredibly serious situation.” He said ICE should be abolished, calling it “rotten to its core.”

On Friday, Homeland Security Secretary Markwayne Mullin criticized New York's sanctuary city policies.

Since he campaigned for mayor, Mamdani has been un-apologetic in his denunciation of Israel over its war in Gaza—a stance he and other progressive tered the U.S. illegally.

New York City police and city officials identified the wounded man as Oscar Belgal, although federal officials gave the last name as Bengal. DHS didn't respond to requests for clarification Friday.

Mamdani said officers surrounded Belgal while he was in a car with a 5-year-old child and then fired. The child wasn't harmed, he said.

—Joseph De Avila, Jack Morphet and Joseph Pisani

candidates have used to rally their most loyal supporters. He is also now tasked with protecting the largest Jewish community of any region outside of Israel. While he has repeatedly condemned acts of antisemitism, Jewish leaders say his rhetoric has jeopardized the safety of their community.

On the Oct. 7 anniversary, Mamdani released a statement condemning Hamas for committing war crimes but also accusing the Israeli government of a “devastating, ongoing genocide in Gaza.” Some Jewish groups said the Democratic mayor’s remarks gave short shrift to the suffering of Israelis and risked inciting hatred against Jews.

Protesters outside a vigil the mayor attended to remember the Israeli and Palestinian dead expressed frustration he hadn't used his position to do more to advance the Palestinian cause and make changes to how pro-

Palestinian protests are policed.

In an interview, Rabbi Ammiel Hirsch, president of the New York Board of Rabbis, criticized the mayor for his efforts to appease both sides. “What is surprising is if the mayor thought that somehow he could walk between the raindrops,” Hirsch said. “There is no middle ground between those who want to destroy Israel and those who want Israel to survive.”

Mamdani also campaigned on a promise to change policing, including moving the role of responding to mental-health crises to a new department. But some of his supporters and protesters have criticized him for being slow to implement changes.

This past week, Mamdani said that he remains committed to eliminating the unit and decoupling response to protests from counterterrorism.

Previous mayors have wrestled with the NYPD, leading to fights that have weighed down their administrations, said Amit Singh Bagga, a Democratic strategist who previously worked for former Mayor Bill de Blasio and New York Gov. Kathy Hochul. Mamdani seems to have successfully maintained his focus on making New York affordable, he said.

“For mayors, it’s always been more about contending with, rather than controlling the NYPD,” said Bagga. Mamdani has navigated between the demands of his base and the police force “with far greater skill than might’ve been expected, creating the room he needs to make progress on housing, consumer and worker protection, and affordability,” he added.

U.S. NEWS

Noncitizen Voting Probes Ramp Up

ANNA MONEYMAKER/GETTY IMAGES
Attorney General Todd Blanche announcing charges against 10 noncitizen voters in Minnesota in late September.

DOJ charges dozens of people as it rushes to bring prosecutions before November

BY SADIE GURMAN

Gabriel Covarrubias was driving to work from his home in the Atlanta suburbs when a state trooper pulled him over, citing his too-dark window tint.

The real concern: He was suspected of lying on a passport application and illegally voting.

Covarrubias, 44 years old, moved to the U.S. from Mexico when he was 14 and created a home-remodeling business after buying a false identity. He voted in the 2024 presidential election. Federal agents involved in his arrest asked him who he voted for and why: President Trump, a fellow business owner, he said.

Covarrubias, who pleaded guilty last month to two offenses, now faces up to 10 years in prison and possible deportation.

He is one of more than 60 people charged in the past few months as part of a surge by the Justice Department to prosecute as many noncitizen voters as possible before November's midterm elections. The blitz reflects the priorities of Trump, who has alleged that U.S. elections are vulnerable to widespread fraud, especially illegal voting from people who aren't citizens.

“We are going to keep on investigating and spending the resources and time and effort on these cases because we think they do matter,” Attorney General Todd Blanche said at a recent event announcing new prosecutions.

Election experts and defense lawyers say the department's own enforcement push confirms that the crime is confined to rare, isolated incidents that don't affect election outcomes.

"When the Department of Justice devotes enormous resources to identify and prosecute the minuscule number of noncitizens who seek to vote, we ought to ask why," said Ross Brockway, a public defender representing Covarrubias.

Brockway said his client was a job creator and father of two American citizen children who was being attacked for trying to participate in the democratic process. “We ask that he be treated as a neighbor, rather than branded as a criminal,” he said.

There isn't a common link among the dozens of cases the Justice Department has touted, and court records don't show an organized effort to commit fraud. Defendants include registered Democrats, Republicans and people with no party affiliation. They range in age from early 20s to late 70s and hail from more than 25 different countries.

“I don’t think we can say there’s a pattern we’ve identified. Every one of these situations is different,” Blanche said recently in announcing charges against 10 noncitizens in Minnesota.

The department has sought to publicize the cases for maximum effect. Blanche unveiled the Minnesota cases while surrounded by poster-sized photos of some of the arrestees being handcuffed. And in a batch of cases announced this past week, the department published 11 photos of lawful permanent residents being apprehended.

Senior Justice Department officials have stepped up pressure on prosecutors in the field to charge as many election-crimes cases as they can, directing them to decline prosecutions rarely and only with approval from the U.S. attorney in their jurisdiction, people familiar with the process said.

A Justice Department spokeswoman said the prosecutions “deter others from breaking the law.”

With data from some state voter rolls and other sources, agents from the Federal Bureau of Investigation and Department of Homeland Security have been scrutinizing thousands of leads and sending hundreds of them to federal prosecutors to potentially charge, officials said.

DHS has more than 1,600 open investigations into voting by noncitizens, officials said.

Prosecutors in most cases have filed short indictments that offer few, if any, clues about what led people to cast their votes.

The DOJ is generally bringing two types of cases: felony charges of making a false claim of U.S. citizenship to vote in an election, which requires it to show a person knew they were ineligible to vote and did so anyway; and alien voting, a misdemeanor that requires prosecutors only to prove that someone was a noncitizen and voted.

A federal judge in Miami this month struck down one such misdemeanor case as unconstitutional, saying Congress overstepped its authority by imposing a voter qualification on the states. The Justice Department has already appealed the ruling, which could jeopardize many of the cases.

Aside from questions of law, a jury “could look at some defendants quite sympathetically,” said Georgetown University law professor Paul Butler, a former federal prosecutor. “That’s not a defense, but the reality is some jurors won't want to convict because they feel sympathy to the defendant or they feel this is a waste of government resources."

Many of those charged are living in the U.S. legally with green cards. Khalwinder Singh Bhengura, 69, a grandfather from India who struggles with English, said he didn't understand he was registering to vote when he checked a box on his Texas driver's license application two years ago.

When Bhengura received his proof of voter registration in the mail shortly later, he assumed he could head down to the local library and cast his ballot in the 2024 election, his attorney said.

Some defendants told investigators they didn't know they couldn't vote. A 46-year-old Mexican woman living in the U.S. legally said in an interview with a federal agent that she didn't read the qualifications on the Texas voter-registration application that she needed to be a citizen, according to court documents.

Trump Tries To Turn Out Base Voters

Continued from Page One any president heading into the midterms in decades.

The nonpartisan Cook Political Report shifted this past week three Senate races in Democrats' favor, moving Kansas to a "toss-up," New Hampshire to "lean Democrat" and North Carolina to "likely Democrat." It also moved 18 House races toward Democrats.

TERRY WYATT/GETTY IMAGES

“Could this be a wave that takes the House, or a tsunami that takes the Senate, or an asteroid that just cleans out the party?” asked Matthew Bartlett, a Republican strategist and former Trump appointee. “We will see, but the polling and the feelings—nothing is good right now. Nothing is going in our direction.”

Trump's political advisers are banking on a strategy of turning out low-propensity voters with a blitz of presidential rallies in red areas across the country in the coming weeks. The approach retools a turnout machine that delivered for the party in 2024. They also are using targeted digital ads, mailers and phone calls to persuade these voters to cast ballots.

Those close to the campaign strategy said that polls showing Democrats with significant advantages are inaccurate because they don't capture these low-propensity voters. The Republican president believes he might be able to defy expectations, as he has in previous elections, according to people close to him.

Katie Zacharia

But he has also privately expressed frustration in recent days over the fact that two of his top political advisers, Chris LaCivita and James Blair, recently traveled to the Republika Srpska during the thick of the campaign, according to people familiar with the matter. They were paid hundreds of thousands of dollars for election work, the New York Times reported.

ANNA MONEYMAKER/GETTY IMAGES
President Trump has acknowledged the historical headwinds facing the GOP heading into next month's elections.

Senior White House officials said that Trump has received an unadulterated view of the state of the race, and some top Republicans are working to ensure the president understands the situation on the ground.

Frank assessment

Before a meeting with the world's most powerful technology chief executives at the White House last week, Trump pulled House Speaker Mike Johnson (R., La.) aside for an impromptu meeting, according to people familiar with the meeting.

In the Oval Office, the speaker delivered a frank assessment of the coming midterms as the pair went race-by-race through the handful of tossup contests that will likely determine control of Congress. Johnson gave Trump what one person present for the conversation described as “a clinical analysis” of where things stand.

Though publicly optimistic about Republicans' chances,

Johnson has contemplated the possibility of failure. He later told Fox News that if the GOP loses its House majority, he might return to Louisiana and “start a lawn business.”

Trump came under scrutiny this past week for, during a rally in Nebraska, suggesting that Los Angeles and San Diego could be attacked by Iran. He told the audience that the conflict in Iran was “a small price to pay” for keeping the country and the world safe. “They could take out a city. Let ’em take out Los Angeles, let ’em take out San Diego,” he said. The president later walked back the remarks.

Davis Ingle, a White House spokesperson, said in a statement that “President Trump is the unequivocal leader, best messenger, and unmatched motivator for the Republican Party, and he is committed to maintaining Republican majorities in Congress.”

Republicans are betting on one major advantage in the coming contests: money. The Republican National Committee and its two congressional committees reported more than \$233 million in cash at the end of August. In addition, the Trump-aligned MAGA Inc. super PAC reported nearly \$416 million at that time. Meanwhile, the Democratic National Committee and the party's House and Senate committees reported more than \$130 million in cash on hand at that time. The DNC also had \$17.6 million in debt.

Trump's advisers still see a narrow path to keeping the Senate and even narrowly holding onto the House by replicating elements of his successful 2024 presidential campaign: frequent rallies and the push to turn out low-propensity voters.

The president's political team is trying to send him to places where he can increase turnout while not alienating independent voters. In the coming week, Trump plans to hold a rally in Alaska, which will help determine Senate control, and he is expected to make a swing through the western battleground states of Montana and Arizona.

Officials said that Trump's visits are sprinkled with local media interviews so the president can tout what they consider his administration's accomplishments and also deliver a get-out-the-vote message.

Central to Trump's midterm closing argument is that he is on the ballot himself. “I just want you to go out and pretend I’m on the ticket, because essentially I am,” Trump urged voters in North Carolina last month. The president has also acknowledged the historical headwinds facing the GOP and told supporters, “When I’m not on the ballot, we don’t do well.”

Disaffected voters

Marc Short, who was chief of staff to then-Vice President Mike Pence, said the challenge Trump faces in rallying voters is that many Republicans feel disaffected.

“They felt when they were voting for Trump in ’24 they were going to get similar policies to the first Trump administration,” Short said. “It’s been such a departure from what Donald Trump did in his first term, I think it’s dissuaded a lot of people to actually turn out and vote.”

Kalshi Investigates Trades on Press Pick

Prediction market Kalshi has launched an investigation into a series of suspicious trades on their platform about the selection of President Trump's new White House press secretary.

In recent weeks, Republicans have grown increasingly

By Brian Schwartz, Philip Wegmann and Ken Thomas

The company said it is probing trades on the platform that predicted Trump would select conservative commentator Katie Zacharia for the role, a Kalshi spokeswoman said.

Zacharia worked briefly at the Department of Homeland Security but wasn't considered a front-runner for the position. In the days leading up to the news report, on Kalshi she was seen as having about a $1\%$ likelihood of being named to the post.

Around 2 p.m. EDT on Friday, the New York Times and other news outlets began reporting that Zacharia had been picked. At least three small but well-timed wagers were placed beforehand in which bettors stood to make thousands of dollars in profit.

One \$19 bet was placed around 10:43 p.m. Thursday evening, according to a Wall Street Journal analysis of public Kalshi data. Once the market closes, it is slated to pay out \$1,896. Another two bets, for about \$74 and \$80, were placed around 1:41 p.m. Friday. Those two bets are expected to pay out \$3,689 and \$4,023.

concerned about Texas Attorney General Ken Paxton's ability to win his Senate race, with some saying that it is possible Republicans keep their Senate seat in Maine, a blue state, while losing Texas, a red one. The president said recently that he doesn't regret endorsing Paxton over Sen. John Cornyn late in the GOP primary race. Republicans have privately said that Trump would shoulder the blame if Paxton loses.

Some on the president's political team have suggested that the environment might not be as dire for Republicans as polling suggests and that the current GOP panic is overstated. Trump's political team has been following some of the early voting results in Ohio and Florida that they said are trending in favor of Republicans.

Trump often receives polling from his team and from people on the ground—including the candidates themselves—in battleground states, even though he and his advisers are skeptical of some polling. His advisers point to a major non-response bias, particularly among non-college educated, rural white Republicans in red, Midwestern states, who aren't eager to share their opinions with pollsters over the phone.

“President Trump is a turnout machine for low-propensity voters,” said Natalie Baldassarre, the RNC’s national press secretary. “He’s done it three times before, and his barnstorming of the country in battleground races and beyond is absolutely energizing our base and driving our voters to the polls.”

For Trump, his recent rallies have also served as his own kind of farewell tour.

At the rally last week in Mobile, where he held a large event during his first campaign in 2015, Trump told attendees: "I'm here really because, you know, sometimes, even though you don't have to come here, you got to pay respect to the people that have loved you right from the beginning."

Convicted Official Fled, but Keeps Talking

DAVE ZAJAC/CONNECTICUT POST/GETTY IMAGES
'Kosta' Diamantis was convicted of extortion, bribery, conspiracy and lying to the FBI.

Former Connecticut school-project chief jetted off to Greece, angles for a pardon

BY JOSHUA CHAFFIN

BRIDGEPORT, Conn.—On a recent Wednesday, Judge Stefan Underhill and a collection of lawyers gathered in a federal courthouse for the sentencing of Konstantinos Diamantis, once Connecticut's powerful school-construction chief.

Only one person was missing: Diamantis.

The defendant, who was convicted last year on 21 counts of extortion, bribery, conspiracy and lying to the FBI, was nearly 5,000 miles away in northern Greece.

“This is the first time I’ve gone to a sentencing with an empty chair,” Norman Pattis, Diamantis’s befuddled lawyer, told reporters outside the courthouse.

His client fled to his ancestral homeland ahead of the mid-September sentencing date. Instead of lying low, Diamantis spends his days calling into a Connecticut talk-radio show, gabbing with hometown political reporters and circulating an eight-page manifesto asserting his innocence—in hopes, he said, of winning a pardon from President Trump.

"The Department of Justice (DOJ) District of Connecticut was used by the Governor of Connecticut, Ned Lamont, to weaponize the DOJ and to engage in legal warfare against me," Diamantis wrote, in language seemingly tuned to the ear of the president whose favor he is seeking.

Cathryn Vaulman, a representative for Gov. Lamont, a Democrat, rebuffed Diamantis: "The jury that convicted him has already rejected the fiction he is spinning now. He should return to Connecticut."

In Greece, his dual citizenship complicates efforts by authorities to extradite him. But fleeing has jeopardized his right to appeal. The state attorney general is trying to revoke his pension. The federal government could own his house.

“Of course, it goes back and forth in my head: Is it the right decision?” Diamantis, 70, said in a phone interview. He had, by then, been on the run about two weeks. He wasn’t trying to escape justice, he claimed, but seeking a chance to tell his story. “I’ve lost everything,” he said. “The only thing that’s left is my dignity, right?”

The son of Greek immigrants who settled in Bristol, Conn., “Kosta,” as he is known, became a lawyer and was elected in 1992 as a Democrat to represent Bristol in the statehouse.

By 2015 he had become a power broker after then-Gov. Dannel Malloy put him in charge of the state's school-construction grant and review office. He later became a senior budget official, too.

"He had a position of enormous power—but not wealth," said Pattis, his lawyer. Those who have dealt with Diamantis describe an affable man with a toothy grin who can also be domineering.

Tammy Nuccio was struck by his arrogance when she tangled with him as head of the town council in Tolland, outside Hartford. In 2019, the town had discovered faulty concrete in Birch Grove Primary School, and needed to rebuild it fast. It couldn't afford the roughly \$45 million project without state support, according to Nuccio, now a GOP state representative.

“He walked in like he owned the place,” she said. “This is what you’re going to do. These are the people you’re going to hire. This is what you’re going to pay them.”

Diamantis describes his style differently. “Yes, I may have come across as domineering to keep people focused,” he said. “It was the reason I was the director.”

One firm he urged Tolland to hire, Construction Advocacy Professionals, received more than \$500,000 in Birch Grove contracts soon after hiring Diamantis's daughter, and its work was "entirely superfluous," prosecutors said.

The project's masonry contractor was a firm called Acranom, whose vice president, John Duffy, was Diamantis's former brother-in-law and called him "Uncle."

Acranom snagged a Birch Grove contract, of more than \$2.5 million, despite a general contractor's complaints that its work on another school was poor, prosecutors said.

In one text message that emerged at trial, “Uncle” Diamantis informed Duffy: “I always usually work at 5% of total just fyi.”

Duffy, in turn, appealed to Diamantis when he feared Tolland's general contractor was switching from masonry to drywall. "Tell Tony that his 45 mil included at least 3.4 for masonry and that has to stay. They changing it all to f—-g sheetrock... wtf."

“I talked to those guys at Tolland,” Diamantis replied. “They got the message.”

Duffy and Acranom's president, Salvatore Monarca, pleaded guilty to conspiring to bribe Diamantis—as did Construction Advocacy Professionals' owner, Antonietta Roy. Her lawyer said: "Antonietta deeply regrets ever meeting Mr. Diamantis."

Diamantis, on the stand, said his payments were consulting fees. Jurors took little more than a day to convict him.

Federal authorities say Diamantis fled to Florida, jumped on a boat to the Bahamas, and then flew via London to Athens—likely using a Greek passport he was supposed to have surrendered.

Diamantis, cagey about details, called the government's version “plausible,” but not entirely accurate. He insists he reached Greece without any passport—or his family's knowledge.

Of his journey, he observed darkly: “It’s not something you want to do.”

In Greece, he is staying at a friend's apartment, he said, challenging reports that he had been living it up at a hotel bar. When not lobbying reporters or working on his case, he reads the news and takes walks, he said.

“It’s a different prison here,” he said. “It’s an emotional prison.”

Back in Bridgeport, the sentencing proceeded last week like a wedding without a bride. As recently as the day before, there were signs Diamantis might return. He had bought a plane ticket, according to prosecutors, and a federal official had arranged to meet him at the Athens airport to smooth his departure.

But Diamantis balked.

“Apparently, they had a very nice conversation but Mr. Diamantis told him he wasn’t going,” Jonathan Francis, an assistant U.S. attorney, told the court.

“He believes that the president of the United States will come to his assistance,” Pattis also told the court.

That doesn't look promising. A White House official said Wednesday that the team that reviews clemency requests there "is not tracking this request at this time or even heard of this individual."

In any case, the sentencing went forward with an empty chair at the defense table. "The public has waited long enough," Francis said.

Channeling his client from afar, Pattis read a statement in which Diamantis again professed “my absolute innocence.”

Judge Underhill said that Diamantis had lied on the stand and called the evidence of his guilt “overwhelming. Period.”

Yet the judge stopped short of the 10-plus years prosecutors said would be appropriate, handing down a seven-year sentence. "As bad as his crimes are," Underhill said, "he does not deserve to be in prison for the rest of his life."

From Greece, Diamantis didn't sound too appreciative. Even seven days would be “a lifetime to a 70-year-old innocent man who has lost everything,” he wrote in a text. “The sentence is a life sentence.”

Meanwhile, back in Tolland, the Birch Grove school is open. “The school’s great,” said Nuccio. “It’s built. It’s a great little school.”

U.S. WATCH

DAVID 'DEE' DELGADO/AP
ALL DRESSED UP: Children in costumes rode an escalator on Friday as they headed to New York Comic Con at the Jacob K. Javits Convention Center in Manhattan.

FBI

Tools Seizure Hits Chinese Hackers

The FBI has seized scanning and phishing tools used by a group of hackers that officials say is associated with the Chinese government and is believed responsible for disruptive cyber operations in the United States and abroad, including against the power industry, academia and critical infrastructure.

The seizure of the tools, announced Thursday by the Federal Bureau of Investigation and Justice Department, represents the latest law-enforcement effort in recent years to go after a broad-based hacking campaign known to the private sector as Flax Typhoon.

The tools at issue, called "Microscan" and "FishHub," were used by the hackers to scan, phish and hack targets that included U.S. and foreign critical infrastructure, officials said. Microscan was used to target, among other entities, an unnamed power company in the U.S., Japanese and Polish airports, Taiwanese universities, a multinational, nongovernmental organization and Taiwanese critical infrastructure companies. And "FishHub" facilitated

phishing activity that gave hackers remote access to victim networks, the FBI said.

The latest operation has rendered the tools inoperable in what FBI and Justice Department officials said was a blow to the hacking operation.

"We aim to remove the capability from the threat actors. We target their infrastructure, their money, and their tools," FBI Cyber Division Deputy Assistant Director Jason Bilnoski said in an interview with the Associated Press, calling the hacking operation "indiscriminate and reckless."

The tools were operated by a Chinese-based information security company called Integrity Technology Group, which the FBI says has contracts with the Chinese government. The company is regarded by the FBI as the true identity of Flax Typhoon.

In Beijing, Chinese foreign ministry spokesperson Mao Ning said China has always cracked down on hacking activities in accordance with the law. Mao said Beijing also firmly opposes spreading disinformation and creating confusion for political purposes, adding that maintaining cybersecurity is a shared concern of both countries.

—Associated Press

REGULATION

CFTC Proposal Eyes Prediction Markets

The Commodity Futures Trading Commission is proposing to provide what it describes as additional clarity on the term “swap” that would include event contracts used in prediction market trading.

The expanded term would encompass event contracts on sporting, political, cultural and weather-related events, the CFTC said Friday.

The proposal notes that event contracts are financial instruments commonly known to trade as swaps.

The prediction markets industry, which is regulated by the CFTC, has been enmeshed in a debate about whether trading on events constitutes gambling, which would put it under the legal purview of states. The CFTC has said that the emerging industry is a form of financial trading, not betting.

"These products are commodity derivatives squarely within the CFTC's regulatory remit under the Commodity Exchange Act and are within the agency's exclusive jurisdiction," CFTC Chair Michael Selig said.

—Katherine Hamilton

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Houthis Targeting Saudi Air Links

Attacks on airports spook travelers and widen the conflict beyond oil the sector

DUBAI—Yemen's Iran-backed Houthi militants are taking aim at Saudi Arabia's air links to the world, rattling travelers and squeezing another key sector of the kingdom's economy, while its crucial oil industry remains under fire.

By Georgi Kantchev, Summer Said and Stephen Kalin

The missile attacks on King Khalid International Airport in Riyadh and several southern cities threaten to choke off business travel and tourism just as the conference and travel season gets under way. The overlapping instability stemming from the conflicts involving the Houthis and Iran could also frustrate Crown Prince Mohammed bin Salman's efforts to renew a push to boost foreign investment.

A major test will come with the kingdom's flagship Future Investment Initiative summit, which is expected to draw thousands of global executives and investors to Riyadh this month. The Saudi leadership is growing more worried about the conflict's impact on the economy and about tight supplies of missile interceptors needed to fend off attacks, people familiar with the matter said.

The kingdom has asked the U.S. to intervene directly in the conflict, but the Trump administration has declined. Some Saudi advisers are

International companies are evaluating evacuation options.

pressing the country's leaders, who escalated the fight in Yemen this past week, to keep the door open to diplomacy with the Houthis, the people said.

Thursday's attacks on Riyadh's airport—which left three dead, including a pilot for flag carrier Saudia, and destroyed a passenger jet—are already disrupting air travel.

Flight tracker Flightradar24 said the airport closed again Friday afternoon after disruptions the day before, and cancellations were again piling up. Several airlines have halted flights to Riyadh.

Some international companies are evaluating evacuation options and looking for backup transportation for em-

ployees as the Houthi attacks disrupt flights and prompt tougher government travel warnings.

Hussein Nasser Eddin, chief executive of global security firm Crownox, said his company has been fielding inquiries from Fortune 500 clients operating in Saudi Arabia, including energy and aviation companies. Inquiries surged following Thursday's attacks, he said.

Companies had already gone through a round of evacuations to get stranded employees out when the war with Iran began in February

Iran-backed Houthi militants attacked King Khalid International Airport in Riyadh on Thursday.

and shut down airspace around the region. They are now looking to reserve reliable vehicles and security coordinators so they can move staff out by road to neighboring countries like the United Arab Emirates if airports shut down, he said.

"Everyone is on their toes, because it is a serious red flag of a potential shift or escala-

tion," he said.

A State Department warning Thursday says U.S. government officials now need special authorization to use the Riyadh airport.

Binance Customer Set Up Financial Lifeline for Iran

Babak Zanjani's payment network on Binance

Note: Graphic shows trading accounts owned by individuals and firms described by U.S. authorities and Binance investigators as part of Babak Zanjani's network. Sources: Internal Binance records; U.S. Treasury Department PETER SANTILLI/WSJ

BY ANGUS BERWICK AND PATRICIA KOWSMANN

Binance dubbed him a “high-value customer,” and he was making suspicious trades on the world’s largest crypto exchange.

The first red flag was transactions with an Iranian money changer. Then, U.S. and Swiss law-enforcement officials inquired with the exchange about one of the customer's accounts that was being accessed from Tehran.

It turned out the customer was the manager of a crypto firm run by Babak Zanjani, a financier for Iran's regime who was directing a secret payment network for the Islamic Revolutionary Guard Corps, U.S. and Israeli authorities said.

The Wall Street Journal reported in May that Iran used Binance as a backdoor to evade U.S. financial sanctions. Zanjani spearheaded those efforts, using a network of accounts and shell companies to make \$850 million in transactions on Binance, mostly via his crypto firm's corporate account.

A previously unreported Binance document, with other records, reveal how Zanjani's network used the exchange to move money. They detail 21 trading accounts owned by individuals and firms described by U.S. authorities and the Binance investigators as part of Zanjani's network.

The 80-page report, viewed by the Journal, was prepared by Binance in April in response to a request from the United Arab Emirates' financial intelligence unit.

Zanjani's network established its presence on the exchange after Binance pleaded guilty in 2023 to U.S. anti-money-laundering violations and sanctions breaches. Binance's owner, Changpeng Zhao, who spent four months in jail and resigned as CEO, was pardoned by President Trump in 2025. Zanjani didn't respond to requests to comment.

"All accounts with any connection to sanctions violations were blocked from transacting, which mitigated the platform risk, and were subsequently offboarded," a Binance spokesperson said. "Binance continues to cooperate with law enforcement."

A Journal article in February detailed how Binance investigators found \$1.7 billion had passed through the exchange to an Iranian network.

The company had established a base in the U.A.E. considered a haven for Iranian businesses. A U.A.E. official said the government is “firmly committed to combating money laundering, terrorist financing and all forms of illicit finance.”

The first member of the network discovered by Binance's investigators was Sukhrob Oimakhmadov, a 47-year-old Tajik business associate of Zanjani.

Starting in 2023, Oimakhmadov's Binance account had received more than \$10 million from digital wallets later identified by Israel's Defense Ministry as belonging to the IRGC. Oimakhmadov relayed the funds to other IRGC-connected wallets, the report said.

Binance blocked Oimakhmadov's account in October 2025, and removed him this May. Oimakhmadov didn't respond to requests to comment.

Oimakhmadov's account led investigators to another part of Zanjani's network. The same device used to access his account was used to log in to another Binance account held by a U.A.E. subsidiary of crypto firm Zedex. Oimakhmadov had opened that account in 2023 and managed the subsidiary, corporate records show.

Zedcex's Binance account held a custom interface that allowed Zedcex customers to log in to Binance from Zedcex's website. Between 2024 and late 2025, Binance's systems detected over a dozen times the Zedcex account was being accessed from Tehran.

The investigators traced other users linked to Zedcex and Oimakhmadov. These included accounts held by Zanjani's sister, as well as his romantic partner, whose account was accessed from an iPhone that also logged into Zedcex's.

In March 2025, Swiss police requested information from Binance on Zedcex for a fraud case. Binance received a subpoena from the Drug Enforcement Administration for the account on suspicion of money laundering. And the Federal Bureau of Investigation sought data related to the account last November. Binance said it blocked the Zedcex account that month. Then, the Treasury Department sanctioned Zanjani and Zedcex in January for moving funds for the IRGC.

The Zedcex account had made almost \$830 million in transactions, including \$56 million in withdrawals to wallets Israel's defense ministry said belonged to the IRGC, the Binance report showed.

Investigators found more Zanjani linked accounts connected to Turkish mobile-payment firm ZedPay. Its role in the Zanjani network was to help convert Iranian oil sales into cryptocurrency, which could be transferred outside the traditional banking system, Israeli Defense Ministry officials said.

ZedPay's Iranian CEO, Mehdi Rezazadeh, who had a Turkish work permit, held a Binance account, as did 10 employees and associates. He told a chat group on Telegram that ZedPay and Zedcex were partners.

Treasury sanctioned ZedPay and Rezazadeh in July with Oimakhmadov and Zanjani's sister and romantic partner. When the Journal wrote to Rezazadeh on Telegram, a person identifying as a former ZedPay employee said the company had closed because of the sanctions, and Binance had shut its account.

There was one more piece of the puzzle: an account held by a director at a Tehran oil-and-gas firm who Binance investigators suspected was a Zanjani relative. The director, Mohamad Hoseinpour, had used Binance to create cryptocurrencies that traded on Zedex's platform, the report showed.

Treasury cited one of these tokens—USDZ—in a May alert about how Iran was using crypto to circumvent sanctions. Another of the tokens was named NIOC, the same initials as the National Iranian Oil Company. “The user’s activities pose a significant risk to Binance’s compliance,” the investigators wrote.

U.S. Makes Russian Diesel Deal

Continued from Page One were all released simultaneously, would plug the gap for about three weeks.

Russia measures diesel quantities in tons; the volumes that Trump said it would provide over time amount to about 36 million barrels overall.

“Lower prices for Americans, especially our Great Farmers, Ranchers, and Truckers, is my Greatest Priority,” Trump wrote on Truth Social.

President Vladimir Putin of Russia echoed Trump's statement, saying Moscow “reaffirmed its readiness to supply oil and refined products to the American and global markets.”

A trucker pumps diesel fuel in Miami. U.S. voters are concerned with surging gas prices.

After Trump's announcement, President Volodymyr Zelensky of Ukraine warned that any easing of sanctions on Russia would play into Putin's hands. "Russia will 'repay' the diesel with further terror and perfidy," he wrote in a social-media post. "Allowing Russia to sell petroleum products is an investment in a war that must be ended, not prolonged. What is needed is real de-escalation with Russia on a reciprocal basis."

The move also drew concern and criticism on Capitol Hill.

“While I understand the desire to bring down diesel prices, I am concerned the lifting of sanctions on Russian oil will only fund the Kremlin’s war machine,” said Rep. Michael McCaul (R., Texas.).

Wars in the Middle East and Ukraine have sent diesel costs higher, with U.S. prices hitting an average of \$6.28 a gallon as of Friday, up from \$3.68 a year ago, according to AAA. While gasoline prices in the wake of the U.S. war with Iran have hit voters nationwide, diesel prices have hurt farm states in particular, helping stoke Republicans' worries that they could lose both the House and Senate this fall.

Moscow suspended diesel exports this year following Ukraine's strikes against Russian refineries. The Russian domestic supply crunch was caused in part by dwindling supply while demand picked up during the country's wheat-harvesting season.

The White House has been seeking to jump-start peace talks around Russia's war with Ukraine, which have faltered. Washington's approach to those talks has centered heavily on business and potential energy deals between U.S. and Russian businesses.

In a statement published on social media after Trump's post, the Treasury Department said the Office of Foreign Assets Control, at Trump's direction, issued a temporary license to allow Russian diesel on the global market. In a filing, the office said select U.S. sanctions tied to the sale of Russian diesel would be waived until April.

Clayton Seigle, a nonresident scholar in energy security at the Center for Strategic and International Studies, said the deal benefits Russia by allowing it to sell diesel its domestic market couldn't otherwise absorb in the winter months.

“With this arrangement Russia could export more than

100,000 barrels per day of diesel to world markets," he said.

Late last month, Russia extended its suspension of diesel exports until Oct. 31. Putin said this month that Russia had enough diesel reserves for itself. Irrespective of Moscow's own suspension measures, however, Putin said Russian diesel wouldn't likely reappear on global markets "because sanctions are in force regarding our oil and oil products."

Before Ukraine's campaign to strike Moscow's refineries, Russia produced between 85 million and 90 million tons of diesel a year, with domestic consumption reaching just less than two-thirds of that. Since then, six refineries that produce about half of Russia's diesel capacity were hit by Ukrainian strikes.

Some analysts are skeptical Russia can export this much diesel because of the poor state of the refineries and its own export restrictions. “It’s unclear to me how much additional supplies the world is actually going to get,” said Andy Lipow, president of Lipow Oil Associates in Houston.

U.S. and Ukrainian officials met on Friday in Miami. Special Envoy Steve Witkoff, who was joined by Trump's son-in-law Jared Kushner, said the exchange was “productive and helped identify areas for further exploration” ahead of the U.S.'s next engagement with Russia.

Israeli Airport Was Target, U.A.E. Says

Hamam al-Hammami planned to crash a FlyDubai plane into Ben Gurion International Airport, near Tel Aviv, the U.A.E. said.

Emirati official gives official timeline of pilot's travels before he joined FlyDubai

BY JON GAMBRELL

DUBAI—The co-pilot who tried to take over a FlyDubai flight bound for Israel was inspired by the 9/11 attacks, and planned to crash the aircraft into Ben Gurion Airport in Tel Aviv to kill as many people as he could, the United Arab Emirates said Friday.

The latest statement from the U.A.E.'s attorney general offered the first detailed official timeline for the travels of Hamam al-Hammami, an Omani national living in Dubai who attacked the captain of Flight 1073 with a crash ax.

While those on board saved the plane, the attack comes as the Middle East remains on edge about the Iran war and continuing attacks by Iranian-backed Houthi rebels in Yemen targeting Saudi Arabia.

Investigators continue to probe whether al-Hammami had accomplices or other support.

The near-crash has halted flights between the U.A.E. and Israel, a cornerstone of the two countries reaching a diplomatic recognition deal in 2020. It also has become a key topic as Israel nears an election that sees Prime Minister three months of preliminary training. The discrepancy between the two accounts couldn't be immediately reconciled.

“He had met the professional and security requirements for employment, including holding a pilot's license, providing a certificate of good conduct and completing the required checks,” said the U.A.E. attorney general. “However, none of the procedures revealed any indications of his extremist views or his intention to carry out a terrorist plot.”

Benjamin Netanyahu in a tight race to remain in power.

Al-Hammami ultimately joined FlyDubai in January.

Before the attack on the Tel Aviv-bound flight, al-Hammami twice flew to Tel Aviv to familiarize himself with the airport and the route, planning to smash the FlyDubai Boeing 737 MAX 8 into its terminals, the U.A.E. said.

Crew and passengers aboard the flight on Sept. 30 ended up restraining al-Hammami after he attacked the plane's captain, who opened the cockpit door, allowing them inside.

Attorney General Hamad Saif Al Shamsi said al-Hammami had a “drift toward extremism and terrorism” beginning in 2017 while studying in Australia. Al Shamsi described al-Hammami as being influenced by extremists' writings and online content.

Al-Hammami “drew inspiration from the 11 September 2001 attacks, and the idea of carrying out a similar operation using an aircraft became firmly established in his thinking,” Al Shamsi said in a state-

In Italy, Expensive Wine Stolen

ment carried by the U.A.E.'s state-run WAM news agency.

“Never could I have imagined a theft on this scale,” Cotarella said in an interview.

Continued from Page One

“It’s not just about the financial loss, it is also an emotional hit" for the owners and for the company's workers, some of whom have generational ties to the vineyard. "Let's hope it is the first and last theft."

tiques selling designer handbags, including Louis Vuitton and Chanel.

The heist is the latest in a series of thefts targeting luxury goods across Europe. Last year, thieves made off with French crown jewels valued at more than \$100 million from the Louvre in Paris. Gangs repeatedly have targeted bou-

Italian police are investigating the theft.

Fine wine also has been a target.

Backup pilots safely landed the plane in Saudi Arabia after it dived at one point near the speed of sound, tearing away part of its rudder.

In 2021, a couple stole 45 bottles worth nearly \$2 million from a Michelin-starred restaurant in Spain.

'It's not just about the financial loss, it is also an emotional hit.'

Al-Hammami worked for Oman Air from 2020 to 2024, Al Shamsi said. The pilot had been barred from flying at Oman Air over concerns that he harbored extremist ideology, The Wall Street Journal

In the Marchesi Antinori case, three varieties of pre-

has reported.

mium red wine were taken: Solaia, Guado al Tasso and Tignanello, all from the firm's highly praised 2023 vintage. About 10,000 bottles of each variety were stolen. For So-

The U.A.E. said al-Hammami had legal counsel, but didn't identify his lawyer. It said the investigation into the attack was continuing.

laia, the most expensive of the three, that is equivalent to 20% of the total production for that year. The retail price

Al-Hammami joined Royal Air Maroc in early 2025, working there for several months, the U.A.E. said. A Royal Air Maroc statement earlier described al-Hammami as having been turned down for a job at the North African airline after

of a bottle of Solaia is between \$450 and \$560. The company put the value of the stolen wine at 5 million euros, or about \$5.6 million.

The firm dates back to 1385, and is still controlled by the Antinori family, making it one of the oldest family-run businesses in the world. The company, which exports to 170 countries, on Friday warned importers against buying potentially stolen products.

The company also asked clients to “promptly report any suspicious situations to us," according to a Friday email.

Juan Munoz-Oca, the estates director for Marchesi Antinori's U.S. business, said he learned of the theft Thursday morning. The storied wine company imports its vinos into the U.S.

Munoz-Oca said that the producer highly monitors the counterfeit market, and vowed the thieves wouldn't get away with the crime.

“We’ll find them,” he said.

U.S. Imposes Sanctions On the ICC

Administration wants international court to stop targeting citizens of nonmember states

PARIS—The Trump administration announced sanctions Friday on the International Criminal Court, threatening to dismantle the institution after it issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu.

By Matthew Dalton, Vera Bergengruen and Laurence Norman

The sanctions could cripple the ICC by cutting it off from the U.S. financial system and prohibiting it from conducting transactions in dollars. Western banks often refuse to deal with sanctioned entities, because of the difficulty of separating their dollar trades from transactions in other major currencies.

“Either the ICC will end its threats, or we will end the ICC,” Secretary of State Marco Rubio said in a video Friday, arguing that the court challenges U.S. sovereignty by threatening to prosecute U.S. citizens despite Washington never having joined it.

The sanctions allow a grace period until April 7, which officials said will give time for negotiations between the U.S. and ICC member states. A senior European official said talks have begun to craft a deal that aims to address U.S. concerns. U.S. officials are seeking guarantees that the court won't target U.S. citizens. They also criticized the court's stance that it can prosecute citizens of nonmember states, a group that includes the U.S., Israel and Russia.

The grace period “is crucial because it provides us vital space for dialogue in the upcoming months,” Dutch Prime Minister Rob Jetten said.

Reining in the court's jurisdiction, however, would likely require member states to amend the Rome Statute, the founding treaty of the ICC. The statute allows the court to prosecute nonmember state nationals if they commit war crimes and crimes against humanity on the territory of member states. The court's backers consider that provision a fundamental principle of international criminal law.

The ICC has used that authority to prosecute Netanyahu for alleged war crimes on Palestinian territory, which is considered a court member state, and Russian President Vladimir Putin for alleged crimes in Ukraine. It has also allowed the court to investigate alleged crimes committed by Central Intelligence Agency officials and the U.S. military in Afghanistan.

The ICC said it wouldn't be deterred by the U.S. sanctions.

"The court will continue to fully discharge its mandate, with independence and impartiality, acting only on the basis of law and the evidence, for the sake of the countless victims of grave crimes," said ICC President Tomoko Akane.

European governments and human-rights groups view the court as an important institution for enforcing international law, even though the world's most powerful and populous nations—the U.S., China, India and Russia—aren't members.

Navi Pillay was awarded the Nobel Peace Prize on Friday. 'We must stand together in defense of the rule of law...', she said.

Human-Rights Lawyer Wins Nobel

BY GARETH VIPERS AND ALEXANDRA WEXLER

The Nobel Peace Prize was awarded to South African human-rights lawyer and judge Navi Pillay in recognition of a decadeslong career “ensuring that war crimes, crimes against humanity and genocide are prosecuted.”

Announcing the winner Friday, Norwegian Nobel Committee chair Jørgen Watne Frydnes described her as “a person who with exceptional courage and integrity has led the way towards a more comprehensive global legal order.”

Pillay has left a profound mark on international law over her legal career, the committee said. A former judge on South Africa's High Court, the International Criminal Tribunal for Rwanda and the International Criminal Court, she later served as the United Nations High Commissioner for Human

Rights. Pillay also recently chaired the United Nations Independent International Commission of Inquiry on the Occupied Palestinian Territory and currently sits ad hoc on the International Court of Justice in Myanmar's genocide trial.

The Nobel Committee honored Pillay as international bodies like the ICC, where she sat as a judge from 2003 to 2008, are under fire.

“We are living through an era when international law and human rights are under significant political attack," Pillay said at a news conference Friday.

"This award strengthens my conviction that we must stand together in defense of the rule of law, in defense of independent courts and an international legal order braced on principle, rather than selectivity," she said.

Pillay, 85 years old, was at the Nuremberg Court in Germany when she learned of her award. Upon hearing the news, she smiled and shrugged in

South African Navi Pillay gets Peace Prize as international-law champion.

disbelief as colleagues applauded.

"If you clap a little bit more, I may share this prize with Trump," she joked in reference to the previous laureate, María Corina Machado, who presented her own prize to the U.S. president earlier this year.

"The last thing I did is the delivery of the report on Gaza, naming what's happening there as genocide. One of the main reactions to that report is paying tribute to me for my cour-"

age," Pillay said. "Why would you need courage to speak the truth? You interpret the law, you look at all the facts."

In 1967, Pillay became the first woman to start a law practice in Natal Province, South Africa, beginning a decadeslong career in which she presided over both criminal and civil cases. She was heavily involved in the antiapartheid movement, defending Nelson Mandela and his allies in the African National Congress.

After Mandela was elected president in South Africa, he nominated Pillay in 1995 to serve as a judge on the High Court. Born into an Indian Tamil family in Durban, she was the first nonwhite woman to hold the role. Pillay later was elected by the United Nations General Assembly to be a judge at the International Criminal Tribunal for Rwanda, where she served for eight years, including four years as president.

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U.K. Plays Political Football

Khaldoon Al Mubarak, chairman of Manchester City, celebrated a championship in 2023.

Club's sanctions risk financial relationship with Abu Dhabi's soccer supporters

LONDON—The acquisition of Manchester City by an Abu Dhabi royal was always much more than a billionaire buying himself a shiny foreign toy.

By Max Colchester, Joshua Robinson and Eliot Brown

From the very start, the project was the tip of a soft-power campaign to entrench the tiny Emirate deep in the British economy.

Now, 18 years later, it has emerged that the club was at the heart of the largest cheating scheme in English soccer history. And as City, which denies any wrongdoing, awaits an unprecedented penalty for financial doping, the scandal has rippled all the way to new Prime Minister Andy Burnham.

The predicament is especially awkward for Burnham, who built much of his political appeal on his everyman soccer fan image, but now finds himself caught between a major investor in the U.K. economy and defending the integrity of the Premier League, a globally popular cultural export.

"This does need to be done carefully without everybody jumping in and providing their conclusions," said Burnham, who in his previous job as mayor of Manchester lobbied against punishing his beloved Everton for similar, smaller-scale infractions.

The U.K. has spent much of the past decade wooing the U.A.E. to invest in the country in an attempt to kick-start its slow-growing economy. A Sovereign Investment Partnership between the two counties, announced in 2021, initially targeting £10 billion over five years, has already seen nearly £30 billion, or about \$40 billion, committed across more than 50 direct investments.

State investment vehicles such as Mubadala and Masdar poured billions into U.K. offshore wind, clean tech, life sciences and fiber-optic networks. The \$250 million that Abu Dhabi United Group spent in 2008 to acquire Manchester City—at the behest of Sheikh Mansour bin Zayed Al Nahyan—now seems like small change.

So when the Premier League revealed that the club

had been found guilty of over 100 breaches of its rules on spending, Burnham's immediate concern was that the U.A.E. would take its money elsewhere.

The U.K. government has been wooing the U.A.E. to invest in the country.

"I would be really con-

cerned to lose them," Burnham told the BBC shortly after the Premier League's verdict. "They've been such a huge partner in the building of modern Manchester."

Through it all, Burnham has had a front-row seat. When he became mayor of Manchester in 2017, he inherited a rare Northern English urban success story, as the city boomed thanks in part to an infusion of petrostate dollars.

Beyond the club, which let the U.A.E. reach millions of global fans of the world's most popular sports league, Man City's owners flooded their backyard with cash. They spent £200 million on a youth soccer academy, while pouring millions into a large real-estate development in the east of Manchester.

At the center of the drama

sit two powerful U.A.E. people. One is Sheikh Mansour, who controls Mubadala and is the younger brother of President Mohamed bin Zayed. The other is Khaldoon Al Mubarak, a key aide

to the brothers. Mubarak sits on Abu Dhabi's Executive Council and helps oversee the country's wealth funds.

Mubarak also serves as chairman of Manchester City.

For nearly a decade under his stewardship, the club was accused of orchestrating “sham contracts” to overstate the value of sponsorship deals and secretly funnel in money from its owners to spend lavishly on players and coaches far beyond what was permitted by Premier League rules, which were designed specifically to limit cash injections from investors. The investigation found, City concealed the source of more than \$1.1 billion in funding while lying to the league and investigators. Potential punishments range from fines to expulsion from the league. The club has appealed the decision.

The concern among U.K. government officials is that the current treatment of Man City might cause Abu Dhabi to sour on Britain and shut off the investment spigot.

The U.K. government—trying to defuse the situation—is playing up its role as a trusted military partner, pointing out it dispatched the Royal Air Force this spring alongside U.A.E. forces to down drones and missiles fired from Iran.

As for Manchester City, the club can only wait until the Premier League issues its sanctions, eight years after it first opened an investigation.

"There remain many who want to undermine the momentum of our club," Mubarak said before the verdict was confirmed. "We will not give them that opportunity."

WORLD WATCH

BEINVENIDO VELASCO/EPA/SHUTTERSTOCK
A building in Panama City, Panama's capital, was damaged when two strong earthquakes shook the country on Friday.

PANAMA

Powerful Quakes Hammer Panama

Two powerful 7.7- and 6.6-magnitude earthquakes and a series of aftershocks roiled southern Panama Friday, collapsing buildings near the epicenter and prompting evacuations across the country.

The earlier quake, felt as far away as neighboring Colombia, was centered about 6 miles southwest of the remote community of Pitaloza Arriba, in the central province of Herrera, the U.S. Geological Survey said. It struck at a depth of 6 miles. The USGS initially reported the first quake as magnitude 8, then revised it to 7.6 and later to 7.7.

Visibly shaken residents of Panama City, the capital, gathered outside as they waited for news. Multiple aftershocks continued to rattle Panama.

President José Raúl Mulino said authorities hadn't documented anyone killed as of Friday evening, though he cautioned that could change.

—Associated Press

FRANCE

Six Arrested After Renoirs Recovered

Two Renoir paintings stolen from a museum in southern France last month have been found, and six people arrested, local authorities said Friday.

The mayor of the town housing the Renoir Museum, Bryan Masson, issued a statement praising investigators who tracked down the paintings and suspects. The statement didn't elaborate on how they did so.

The regional prosecutor's office and police didn't respond to requests for comment.

The two missing paintings were “Portrait of Madame Colonna Romano” and “Young Woman at the Well.”

The thieves sliced through a fence, climbed through a window and stole four valuable Renoir paintings in the heist, but they abandoned two of the artworks as they fled, authorities said.

—Associated Press

UKRAINE

Russian Strikes Kill at Least Three

Russian strikes killed three people and wounded at least eight across Ukraine, officials said Friday, as Ukraine struggles to counter escalating Russian bombardments that have killed more than 50 people during the past three days.

One man was killed and five people were wounded in Russian strikes on Ukraine's Zaporizhzhia region in the morning hours, said Mykhailo Semikin, the head of the regional military administration.

Another man was killed in Ivano-Frankivsk in western Ukraine, said Svitlana Onyshchuk, head of the regional military administration. A woman was also in a Russian attack on warehouse facilities near Kyiv, Ukraine's Interior Ministry said on Telegram.

Elsewhere, a Ukrainian attack on Russia's eastern Belgorod region killed two people Friday, said the regional emergency headquarters

—Associated Press

Prison Riot Leaves 10 Dead, 16 Injured

Sinaloa's Public Security Secretariat said on X nine inmates and one family member were killed in the incident, while 16 prisoners were taken for medical treatment after being injured.

Following the clash, members of the army, National Guard, navy and state security forces entered the prison to restore order.

Overcrowding, driven in part by the use of pretrial detention combined with insufficient prison staff, has fueled corruption and violence inside prisons, according to analysts.

—Associated Press

The violence occurred Thursday morning at the El Castillo Penitentiary in the port city of Mazatlan.

China Eyes Islands That Shield Taiwan

BY MIKE CHERNEY

China's campaign to expand its reach in the Pacific has a new target: a chain of tiny Philippine islands that would be critical to any U.S. defense of Taiwan.

The Batanes Islands sit just south of Taiwan on a channel the Chinese would likely need to control for an attack on the island. Beijing has promised to take self-ruled Taiwan by force, if necessary.

MEXICO

The islands have been part of the Philippines since colonial times. But a group of state-linked Chinese academics this year floated the idea that the Batanes actually belong to Beijing. Chinese state media then trumpeted the claim.

In the Philippines, the reaction was swift. The defense minister called it ludicrous, and the country's national historical commission issued a rebuttal.

100 miles southeast of Taiwan, the islands overlook a stretch of water, the Bashi Channel, that China would need to control if it wanted to encircle Taiwan in a conflict or blockade.

Still, the Batanes' sover-

The U.S. has helped lead military exercises aimed at preparing for a conflict with China on and around the islands. It recently deployed mobile missile systems to the Batanes, from where they would be able to hit Chinese vessels in the channel.

A riot broke out during family visiting hours Thursday at a prison in the violence-plagued state of Sinaloa in northwestern Mexico, state authorities said.

The Batanes are home to 19,000 people. Some visitors liken the landscape to the Scottish highlands, despite its tropical climate. The local Iva-tan people speak a similar language to the Tao indigenous community on Orchid Island, an outlying island of Taiwan.

“We know very well that Batanes is ours,” said Joseph Cultura, the mayor of Itbayat, the island chain’s northern-most municipality. “Batanes is

Chinese Coast Guard vessels Selected tracks, Aug. 2025 and Oct. 2026

Chinese-flagged research vessels* Selected tracks, April–Sept. 2026

*Includes both confirmed and suspected research vessels
**Maritime boundaries shown are based on Marine Regions; some boundaries are calculated median lines rather than agreed international boundaries
Sources: Philippine Coast Guard, Center for Strategic and International Studies (research vessels); Starboard Maritime Intelligence; Global Fishing Watch; Marine Regions (EEZ)

eighty appeared in question—the latest maneuver in a “gray zone” campaign by Beijing to project power. “This is a pattern that’s been used before,” said Hunter Marston, Southeast Asia program director at the Australia-based Lowy Institute think tank, noting that Chinese scholars are increasingly speaking in line with government views. “The idea that this is just some academics floating this...is not exactly the case,” he said.

At a June seminar in the southern Chinese city of Guangzhou, the Chinese academics concluded the Batanes were a geographic extension of Taiwan, thus making the islands part of China, according to a statement published by a school at Jinan University.

DANIEL KISS/WSJ

What's not in dispute is the Batanes' strategic location. Just not a part of China."

Over the past year and a half, the Philippines has spotted several Chinese coast guard and research vessels operating near the islands, where there are key undersea cables. In recent days, the Philippine coast guard sent one of its largest ships and an aircraft to the Batanes to chase away a Chinese marine-survey ship, which got backup from the Chinese coast guard.

Some locals worry about what would happen to the Batanes—the smallest by population of the Philippines' 82 provinces—in a conflict with China.

“Hopefully they respect the boundaries that we have,” said Mark Anthony Castillo, a 34-year-old tour guide in Basco, the Batanes’ capital. “We just want a simple and normal life.”

In Memoriam

James E. Perrella

PALM BEACH GARDENS, FLA. - Retired Chairman, CEO and President of Ingersoll-Rand Company

James E. Perrella, respected businessman, devoted husband, father, grandfather, uncle, generous friend, and steadfast member of his community, was called home to the Lord peacefully on September 11, 2026.

Born on May 30, 1935, in Gloversville, New York, to Irene and James A. Perrella, Jim lived a remarkable life defined by a passion for work, integrity, perseverance and an unwavering commitment to his family and to the people around him. Jim graduated from Purdue University with a Bachelor of Science degree in Mechanical Engineering in 1960 and a Master of Science degree in Industrial Management in 1961. Purdue later awarded him an Honorary Doctorate in Engineering in 1994.

His 38-year career with Ingersoll-Rand, a global manufacturer of industrial machinery, compressors and construction equipment, began in 1962. Over the years he held engineering, manufacturing, sales, and senior leadership positions across all the company's key operating units. Through his vision, determination, and ability to bring people together, he earned the respect of colleagues, clients and friends, and his gift as a communicator

MEMORIAMS

© 2026 Dow Jones & Company, Inc. All Rights Reserved

For more information: wsj.com/inmemoriam

made him a natural leader. Jim became Chairman and CEO in 1995 and is widely credited with doubling the company's sales and earnings per share during his five-year tenure as leader of the NYSE-listed firm.

Jim's impact and leadership extended beyond Ingersoll-Rand. He actively served on the boards of ArvinMeritor, Becton Dickinson, Bombardier, Milacron, and Rio Algom. He served on the National Foreign Trade Council (Chairman), the North American Business Council, US-China Business Council, Lafarge International Advisory Board and the British American Business Council.

Yet for all his professional accomplishments, Jim's greatest pride was always his family. He considered his marriage to Diane the greatest blessing of his life, and together they shared forty-one magical years.

Those in Jim's circle will fondly recall the many gatherings he and Diane hosted at their homes, especially their Fourth of July celebrations in Florida and Maryland. There, Jim could be found surrounded by family and friends, enjoying everyone's company, love, and the tranquility of nature. He spent much of that time guiding his nieces, nephews, and grandchildren. He treasured all his roles and he most enjoyed the love and attention he received from those closest to him.

Jim will be remembered for his warmth, wisdom, generosity, wonderful sense of humor, kindness, positivity, and great smile. He was curious, steady, and encouraging, and he always asked meaningful questions. Jim had a rare ability to make people feel welcome and valued, and he was more interested in other people's experiences and successes than in sharing his own. His example will continue to guide all who had the privilege of knowing him.

He is survived by his wife Diane and daughter Joy and her husband Andy Lathan; his grandchildren, Abigail and McKenna; and the families of his sister Ann Ambrosino, brother John Perrella, brothers-in-law Gian and Carlo Campesi and cousins Michael Ulisse and Monica Ulisse-Landrove.

A celebration of Jim's extraordinary life will be held later this month at one of his favorite family gathering places in Florida.

THE WALL STREET JOURNAL

WEDNESDAYS AND SATURDAYS (800) 366-3975 wsj.com/classifieds

D | DOW JONES

Love Story: Chefs and Taco Bell

Continued from Page One

"The combination of the crunch, the fat and the brightness of the acidity of the crema, it's all there for a purpose: To make your mouth happy and to spark neurons in your brain," said chef Bricia Lopez, who co-runs what the late food critic Jonathan Gold once dubbed "one of the best Oaxacan restaurants in America."

That might come as a surprise. In America's wild and often maligned fast-food kingdom, Taco Bell is a polarizing brand. Long before the chain became associated with this summer's cyclospora outbreak, the Bell reliably served as a stand-in for jokes about the perceived quality of fast food. “Taco Bell’s Five Ingredients Combined in Totally New Way,” read one classic headline from the Onion.

Still, the crown jewel in the Yum Brands portfolio engenders a loyalty that seems to last for life. Chefs and cooks—from haute cuisine to every-man grub—count themselves among the most devout.

ELIZABETH ARVELOS COETZEE/WSJ

"A lot of people think that chefs need a really home-cooked meal, fancy food or something that's intricate in their off time, but the answer is 'not really,'" said chef Dung "Junior" Vo, a co-founder of Noko Hospitality in Nashville, Tenn. He turns to Taco Bell for a reliable late-night, post-shift meal.

When Jennifer Hwa Dobbertin throws a going away party for an employee, it's often Taco Bell—and a lot of it. "It's a staple for a lot of service industry people," said the chef, restaurateur and three-time James Beard Award nominee in San Antonio.

Of course, mere conve-

Taco Bell offers a perfect harmony of ingredients, chefs say.

nience hardly captures the full love story. Last year, when the Crunchwrap—Taco Bell’s beloved toasted hexagonal foodstuff—turned 20, it inspired a grande-sized outpouring of affection. More than 100 million

were sold. Many chefs have even created their own versions, replacing the original's rethermalized ground beef and nacho cheese sauce with fussed-over ingredients like pernil, bulgogi, birria and scratchmade salsas or sauces.

Dobbertin, who spent years in Thailand, created her own crunchwrap featuring a tortilla wrapped around marinated chicken in a khao soi coconut curry with avocado basil ranch and crisp wheat noodles for added crunch.

It was the Crunchwrap texture that Vo most wanted to emulate in one of his restaurant's grilled-cheese sandwiches. "You pick it up with your hands and when you bite into it, it has the truffle aioli, a little bit of saltiness from the prosciutto and the buttery crunch from the bread itself," he said. "It's as close to that kind of bite as possible."

Vo's own go-to Taco Bell order audaciously nods at the chain's encouragement of personalization: A chicken quesadilla bulked up with steak and ground beef. "It's kind of like a perfect meat lover situation that you can eat in the car without a mess."

The taco-driven symbiosis between the company and chefs

Brett Pluskalowski, a senior manager on the Food Innovation team, argues the company's Doritos Locos Taco, launched in 2012 and made with a Doritos-coated shell, opened a door for culinary experimentation that remains visible in the wide availability of fusion tacos fashioned from bao, roti, pita or nori.

goes back to the beginning. Founder Glen Bell operated a hot dog stand across the street from Mitla Cafe in San Bernardino, Calif., whose owners first taught him about the magic properties of the crunchy taco.

Taco Bell certainly has, using fried chicken, biscuits, waffles and even fried cheese. Pluskalowski has recently become obsessed with making a taco shell from tahdig, the scorched rice at the bottom of a pot of Persian rice.

It hasn't panned out yet, but if it does, chefs will be waiting. Some may even try to beat him to it.

Robot Push Is Tricky At Walmart

“You can turn anything into a taco shell now,” he said.

Continued from Page One companies it hired to help searched in vain for a way to choreograph robots to sort merchandise into bins while zipping past warehouse workers, testing technology that either didn't work or cost too much. Eventually, they designed small robots on wheels with motion and obstacle sensors and are now installing them in more than a dozen warehouses.

“We are kind of in this peak complexity,” said Rob Montgomery, head of supply-chain operations for Walmart U.S., who is overseeing the automation transition now under way at most of Walmart’s roughly 200 U.S. supply-chain buildings.

Problems have multiplied. The cardboard shipping boxes Walmart has used for years are too big for the automated systems. The miniature robots that shuttle goods break down too often. The systems can't accommodate some oversize products, such as big bags of dog food.

What makes the automation campaign so tricky, Montgomery said, is that Walmart is re-engineering its warehouses without taking them out of service.

Many of the nation's largest retailers are struggling through similar automation transitions as pressure grows to boost sales and ship merchandise to homes faster without spending a fortune on additional workers or facilities. The rapid growth of Amazon—which is ahead of its retail rivals on automation and earlier this year surpassed Walmart to become the largest U.S. company by annual revenue—has dialed up the urgency.

“In many cases, investments in automation are an arms race” between retailers, said Rueben Scriven, senior warehouse automation research manager at market-intelligence firm Interact Analysis. “And then the Amazon effect is the big elephant in the room.”

Retailers without the capital to invest heavily through a long period of troubleshooting are at a disadvantage. Last fall, Kroger said it would take a \$2.6 billion charge to close three automated e-commerce fulfillment centers as a result of “the automated fulfillment network not meeting financial expectations.” Kroger said it would use stores more often to fulfill online orders and focus on “capital-light” automation efforts.

Walmart expects spending on remodeling stores and rolling out supply-chain automation to peak this year and next. Company executives have said the automation push means it eventually will need fewer warehouse workers, and more of the jobs that remain will involve managing or fixing automated systems rather than lifting boxes.

Because turnover is high in warehouse jobs, the executives said, automation won't necessitate layoffs. "We still need people that unload trailers," said

BRIAN KAISER FOR WSJ (3)
An automated system, above, for sorting goods at an Indiana warehouse. Manual laborers are still needed to unload trucks.

Montgomery, adding that overall sales growth could require as many warehouse workers as today.

Walmart executives said the automation should allow the company to process more inventory, faster, and with more precision, reducing the frequency of out-of-stock goods and reducing costs. They envision a time when a choreoare loaded onto trucks bound for stores.

Brooksville is now nearly “fully automated,” said Montgomery, which means about 80% of inventory moves that way. The other 20% is trickier. Items such as large-screen TVs and jumbo bags of dog food will need manual assistance for the foreseeable future, he said. Overall, he said, the company now has a handle on the technology it needs to automate.

Automation is driving up some costs. The monthly electric bill at Walmart's automated grocery facilities can be \$800,000 or more during peak cooling or warming months, up from about \$250,000 a month when operations were more manual, said a person familiar with the situation. The mechanical and electrical engineers needed to run the operations cost more than unskilled warehouse workers.

Earlier this year, Walmart was behind on the automation targets it laid out in 2023, when investors and journalists toured its Brooksville automation test warehouse. At the time, executives said by the end of January of this year, about 65% of stores would be serviced by warehouses using automation and 55% of e-commerce warehouse volume would be automated. By August, Walmart was close: More than 65% of stores were receiving some automated freight and over 50% of e-commerce inventory was moving through automated systems.

graphed and predictable cadence of trucks arrive at stores loaded with pallets of goods needed at that moment. The pallets will be organized so store workers can pull them to a single aisle,

Some Walmart suppliers need to adapt their products to work in the automated systems. A few years ago, during the run-up to the Thanksgiving holiday rush, workers in one of the new automated California grocery warehouses realized that its robotic arms fumbled large frozen turkeys. Walmart asked its supplier to reinforce their shipping boxes. Amid a last-minute spike in demand, nearby grocery warehouses were used to ship enough turkeys to stores.

For Symbotic, it was difficult to hit Walmart's goals, primarily the desired “throughput,” the rate at which goods are processed, said people familiar with the situation. Symbotic tracks the performance of its equipment on an electronic board inside its Massachusetts headquarters, hoping to snuff out problems quickly.

of an Indiana apparel warehouse using the new boxes. "But associates doing the work down here, it's changing their daily routine quite a bit."

Many large retailers are making similar automation transitions.

and the items can be unloaded in the order they are stocked on shelves. That would make store worker schedules more precise and predictable.

Automating Walmart's warehouses “takes time, hard work, and a strong partnership defined by trust,” said Symbotic CEO Rick Cohen in an emailed statement.

Tech challenges

The new boxes, said Montgomery, will reduce stocking time at stores, and hence labor costs.

For more than two decades, Walmart has used the same kind of cardboard box to shuttle many goods between warehouses and stores, stamped with a reminder that they cost the company an average of \$1 and should be reused. Walmart plans to throw them all out in coming months. The new ones are $1 \frac{1}{2}$ inches shorter and need to be taped closed, an added step that will cost money.

First, the company needs to work out lots of kinks.

and frozen food or e-commerce orders.

Walmart's supply chain feeds 5,200 U.S. stores that sell everything from groceries to clothing to tires, both off the shelves and online. The system, Montgomery said, needs to "handle almost anything that we could put into it, from any supplier and at any time. That has been a challenge."

Robot issues

Many of the nonperishable goods on store shelves are first delivered to warehouses that consolidate shipments from suppliers, then sent to 42 distribution centers. Dozens of separate grocery warehouses handle cold and frozen items. Still others handle many of Walmart's U.S. e-commerce orders, as do the backrooms of stores.

“It’s a small change,” said Phillip McIlrath, the manager

Walmart started trying versions of the systems more than a decade ago, often in a 1.6 million-square-foot warehouse in Brooksville, Fla., that processes nonperishable goods. Those systems are made by Symbolic, a Wilmington, Mass.-based robotics company in which Walmart has a 12.6% stake.

Most of Walmart's supply-chain buildings were built in the 1980s and '90s, so about $80\%$ of its automation construction projects are retrofits. The company also has built several new automated grocery and e-commerce warehouses from scratch.

Different automated systems are needed to handle different items at different locations, often built by different companies. One system is designed to handle full cases of goods sent to Walmart by suppliers, another to sort individual items from their shipping cases. Other systems handle fresh

A persistent focus has been the frequency with which Symbotic's product-shuffling robots break down or need maintenance. The robots can be thwarted by something as simple as dust buildup, and stoppages can create a cascade of other problems, said some of the people familiar with the situation.

Walmart and Symbotic struggled to come up with a system that worked well enough to install in other locations. In 2019, they ripped one version out of Brooksville and rebuilt it from scratch. In 2022, Symbotic announced that it had struck a deal with Walmart to expand its systems to all 42 warehouses for nonperishable goods by around 2030.

The system stores goods in floor-to-ceiling, open-air metal structures where robots shuttle goods between truck unloading areas and storage racks, and other robots with arms that build 10-foot-tall pallets that

Last year, under 10% of the robots were being fixed at any given time, said a Symbotic spokesman. The percentage has dropped to about 5% in recent months, he said.

Earlier this year, Walmart started quickly informing suppliers when and how their packaging presents problems.

From the start, one of Walmart's primary automation goals has been building a neat, tightly wrapped pallet in the exact order that it needs to be unloaded at stores, which would save on labor costs. Walmart and Symbotic haven't achieved the goal yet, but have made progress, said executives at both companies.

As more products move through automated warehouses, the Tetris-like task of building pallets should become more precise because software will have more items to choose from, said Montgomery.

Walmart hasn't figured out the best way to automate online orders assembled inside stores, not warehouses. It has invested nearly \$1 billion since 2016 trying.

Automating e-commerce in stores is hard because space is tighter. And snafus can be maddening for customers who might be waiting inside cars in the parking lot or expecting home delivery at a specific time.

“We know that if we wait till perfect,” he said, “it’ll take too long.”

Montgomery said Walmart's leadership team expects there will be messy moments, but top executives and the board view automation as a long-term project that's worth it.

Walmart introduced a system built by Alert Innovation, another Boston-based robotics company, to 20 stores. But Alert struggled to meet Walmart's benchmarks on throughput and other measures and faced a cash crunch, according to people familiar with the matter. In 2023, Walmart bought Alert for \$400 million.

Walmart then sold the company to Symbotic last year at a loss for \$200 million. Symbotic is currently installing a new test version in a Dallas Walmart and running the existing 19 locations, but doesn't expect to move forward with a workable model until 2028, Symbotic executives said on a recent conference call to discuss earnings.

The new systems scan boxes moving through the warehouse.

THE WEEKEND INTERVIEW with Zack Korman | By Allysia Finley

Why Did Technologists Become Doomers?

They promised us the future, and now they want us terrified of it. "I think short of the transporter, most things you see in science fiction are, in the next decade, the kinds of things you'll see," Bill Gates said in 2007. Geoffrey Hinton, a Nobel physics laureate known as the godfather of artificial intelligence, said in 2016: "People should stop training radiologists now. It's just completely obvious that within five years, deep learning is going to do a lot better than radiologists."

Last month Mr. Gates warned that AI could cause a billion deaths. Not to be outdone, Mr. Hinton has been speculating for a couple of years about the prospect for total human extinction at the hands of AI. Last month he told the BBC that it's “not unreasonable” to put the likelihood of such an outcome at 10%.

How did boosterism give way to doomerism? I asked Zack Korman, a self-described former doomer who now believes that AI's risks can be contained and aren't so different from those of other technologies when they first emerged.

An AI cybersecurity specialist puts it down to the influence of a weird philosophy that brands itself ‘effective altruism.’

"I do think the risks are real and we will face serious AI risk challenges," Mr. Korman, 34, says over Google Meet from Norway, headquarters of his AI cybersecurity startup, Embroidery. "There are threats and there are problems ahead. With that said, I don't think banning anything is going to help." He faults the doomers for having "managed to make the debate between safe and unsafe," and he maintains that "a lot of their proposals are extraordinarily unsafe or also dangerous in other ways."

Mr. Korman proves to be an effective booster of his own area of technology, cybersecurity. He notes that when OpenAI agents conspired to break out of their testing “sandbox” and hacked into the machine-learning platform Hugging Face, it set “off a firestorm in American politics and global politics.” But he insists that “could have been the biggest nonevent ever” if only OpenAI had conducted “basic cybersecurity.” AI agents, he says, should be supervised when given a task, as humans typically are. “OpenAI has said explicitly that if their monitoring was running, this would not have happened, but they weren’t running it.”

He adds: "Cybersecurity is all about having defense in depth, so having multiple lines of protection if one thing fails." Yet those who want to slow down AI have exploited lapses by large companies like OpenAI and Anthropic to stoke a public scare.

Mr. Korman says many of these doomers have been sounding the alarm for years. “For the people in that doomer circle, this is like seeing the prophecy come true,” he says. “It’s like if on the third day, it rains and then on the fourth day there’s locusts and like, oh my God, now the world’s ending.”

Before the recent leaps in AI, leaders of the top lab companies in 2023 signed a statement averring that “mitigating the risk of extinction from AI should be a global priority, alongside other societal-scale risks such as pandemics and nuclear war.” Messrs. Hinton and Gates signed the statement, as did the professional climate alarmist Bill McKibben.

Mr. Korman traces the origins of AI doomorphism to a 2014 book, “Superintelligence: Paths, Dangers, Strategies,” by Oxford philosopher Nick Bostrom. Elon Musk praised the book at the time: “We need to be super careful with AI. Potentially more dangerous than nukes.”

To illustrate the embryonic technology's potential danger, Mr. Bostrom imagines a superintelligent machine that is given the objective of maximizing production of paper clips. Because humans control resources that could interfere with this goal, the machine might conclude it must eradicate humans. Ergo mass extinction.

Mr. Korman, who was studying at Oxford around the time the book came out, says it heavily influenced intellectuals in his orbit who belonged to the “effective altruism” movement. Effective altruism purports to be a practical approach to doing good and is inspired by utilitarianism, a philosophy that Jeremy Bentham (1748-1832) summed up as follows: “It is the greatest happiness of the greatest number that is the measure of right and wrong.”

Effective altruists add to utilitarianism the concept of “longtermism”—spelled with no hyphen—which Mr. Korman defines as the idea “that future lives matter the most, so to speak, because there’s so many more of them.”

That leads in wildly speculative directions: “So yes, there’s eight billion people alive today, but over the next thousand years, we might have hundreds of billions of people that come and go. And if something bad were to happen to prevent those hundred billion people from coming into existence, we’ve effectively committed genocide.” This flight of fancy implies a moral imperative: “So basically if you can do something to change the risk a little bit of that happening, you’ve committed the greatest act of humanity ever."

Effective-altruist organizations are “very committed to this concept of catastrophic risk and how do you prevent it. And one of the big areas of catastrophic risk would be AI kills everyone.” That, Mr. Korman concludes, is why “effective altruists as a community are extraordinarily doomer.”

Many of this ideology's adherents have ties to large AI companies. Anthropic's president, Daniela Amodei, sister of CEO Dario Amodei, is the wife of Holden Karnofsky, who co-founded two large effective altruist nonprofits. Anthropic received early funding from effective-altruism adherents including Sam Bankman-Fried, founder of the FTX cryptocurrency exchange, who is serving a 25-year term in prison after conviction on federal fraud and conspiracy charges. Mr. Bankman-Fried misappropriated billions in client funds. With so many effective altruists on the payroll, it's little wonder that AI labs are filled with doomers.

Mr. Korman doesn't believe AI agents acting on their own pose a danger of causing death on a massive scale. And he says if someone dies because of an AI agent, "there should be some extremely serious repercussions." But that doesn't require a raft of new laws and regulations.

"There's a whole area of law that will kind of regulate them into not killing people," he says. Existing criminal and civil liability provide ample incentives to create strong safeguards so models don't cause harm. If Hugging Face "actually wanted to bring some sort of legal repercussions here, that would be the most winnable case ever," Mr. Korman says. "And there would be no defense, 'well, we didn't intend to do it.' " Negligence would be enough to hold OpenAI liable.

Mr. Korman originally planned to be a lawyer. He earned a law degree from the University of Edinburgh in 2015, followed by a master's in law and finance from Oxford. At Oxford, he "got into an argument with a professor, and I wanted to win it, so I decided to scrape the Securities and Exchange Commission website." That required him to learn to write code.

His combative streak shows in his frequent brawls with doomers on social media. As he notes in a social-media video, experts on AI “aren’t necessarily experts in everything. Geoffrey Hinton very famously predicted radiologists would be gone by now. It’s clearly false. Experts get things wrong all the time, especially when it comes to grand, sweeping societal changes.” Covid lockdowns come to mind.

After finishing his studies, Mr. Korman wanted to “work at a law firm, effectively applying what would have been machine learning to certain areas of tax law.” The firms weren’t yet interested. So he tried his hand as a computer engineer, working at Copenhagen-based Aller Media and then Pistachio, a Norwegian cybersecurity firm. He started using ChatGPT “for the purposes of applying it to natural-language problems in cybersecurity” and then “for insider threat detection.” His experience disabused him of doomorphism, convincing him that AI risks could be contained with better security, which could prevent AI-enabled cyberattacks and misaligned agents from going wild.

Six months ago he launched Embroidery, which uses AI “supervisors” to monitor AI agents and to detect and stop them if they begin to behave in misaligned ways. Could his supervisors conspire with agents to do bad things? He says he has never seen it and that the harder problem is getting the AI supervisors to be less skeptical of the agents’ behavior.

Building stronger cyber safeguards would be more effective than a pause controlling and constraining AI agents, he says: "We don't try in most areas of law to prevent all misuse and prevent all harm. We do balancing acts on policy." Though some people drive recklessly, cars aren't banned. Automakers have developed safety features to prevent and mitigate harm.

“We have to have models, too, that can help us defend ourselves and not just in the way that AI labs talk about, which is using it to patch,” Mr. Korman says. “A big part of cybersecurity is catching threats as they happen, to know that they’re there and being able to stop them in real time,” he says.

Advancing AI is essential to par-rying cyberattacks from China and other adversaries, Mr. Korman argues. If the U.S. were to pause development, the Chinese would "have every reason to want to continue to move ahead, because they get to become something that they would have always wanted to be—not a low-cost manufacturing center, but actually a hub of technological greatness."

He's also skeptical of an AI "arms control" pact. If the Chinese "sign a one-page agreement that says, 'We will make sure AI is safe,' that is like many international agreements—pointless."

Some, including Mr. Gates, have called for an international regulatory body to manage AI. “I think that’s quite a scary concept,” Mr. Korman says. “People should be a little bit more concerned about concentration of power and should not see this as a debate about safe vs. unsafe AI, because that’s just not what it is.”

He also worries that a government agency or private entity tasked with regulating AI could be captured by big AI labs. He points to the nonprofit Model Evaluation and Threat Research, which Anthropic employs to review its models. METR employs many former employees of AI labs and has taken money from effective-altruist groups.

Regulation could also become a get-out-of-jail card that relieves companies of consequences for harm caused by their AI models that they could have prevented. It “becomes sort of an excuse, like, ‘Well, the regulatory body signed off on our security practices and we still killed someone.’ Whereas at the end of the day, the obligation has to be on the company to not kill people. . . . I think that’s why I’m hesitant to recommend actual regulatory measures—because I believe we already have the correct one, which is legal liability.”

Ms. Finley is a member of the Journal's editorial board.

Back to School With High-Speed Attack Drones

CROSS COUNTRY By Kate Farmer

Deltona, Fla. Bright-colored backpacks, fresh school supplies and late-summer sun beam-ing through classroom windows. The sights and sounds of the fall term at Deltona High School are familiar, with one hidden exception:

the high-speed attack drones.

This fall, school officials say, Deltona High became the first school in the nation to install security drones. Designed to stop school shooters, these drones were inspired by the Ukraine war. Mithril Defense, parent company of the Campus Guardian Angel system, believes drones are the future of school safety. On a recent Friday afternoon, I saw them in action.

The school's entrance looked totally undefended as I walked up. I passed beneath an unobtrusive white arch that, I later learned, uses artificial intelligence to detect weapons and notify guards nearby. No need to remove your valuables or go through a metal detector.

I joined about 50 people gathered in the school library. Campus Guardian Angel CEO Justin Marston addressed the group. "Today is the beginning of a revolutionary chapter in protecting American schoolchildren," he said. "We are here to eradicate mass shootings in American schools."

The crowd fell quiet. A woman pressed a button on her iPad—summoning a drone operator, with whom she exchanged a few words. Seconds later, a loud buzzing filled the room as two drones flew in through an open doorway and circled a human-shaped dummy, noisily distracting the “attacker” until an actual policeman ran in.

Mr. Marston later explained what the demonstration didn't show. Any teacher, administrator or security guard could call the operator through a call button on a lanyard or an app. The drones, flown manually by pilots based in Austin, Texas, who have access to school security cameras and 3-D maps, can smash through windows and slam into an assailant at 60 miles an hour.

They are equipped to blast a paint-like pepper gel into a target's eyes and temporarily blind him—or obscure his vision if he is wearing goggles. The pilot can issue commands to the shooter through the drones' speakers until police arrive. It takes five seconds to unlock the drones, 15 to reach the assailant, then 60 to incapacitate him.

Every detail down to the architecture controlling the drones' depth perception has taken years to develop. The pilots, a team of champion drone pilots based in Austin, have "Top Gun"-style nicknames like "Amari" and "Proximo."

In school shootings, assailants usually have three to five minutes before police arrive, according to FBI data. But disorganized police departments, especially in remote areas, can take much longer. Once on the scene, police have to clear corners and shepherd away fleeing students. They must protect themselves.

The CGA team believes drones can beat the clock and fundamentally change the power dynamic between shooter and would-be victims. Their use could undermine an assailant's plans. Many shooters turn the gun on themselves after using it on others. A drone can, more easily than a human, subdue an attacker without killing him.

"If you know you're going to be hunted, you're going to be humiliated, you're not going out in a blaze of glory, but in handcuffs to the justice system," says Mr. Marston, "well, then, we took all the attractiveness and the power away from doing it."

Campus Guardian Angel isn't doing it by itself. Deltona High had implemented other invisible features to

Florida's Deltona High becomes the first to adopt a high-tech system to prevent mass shootings.

make the school safer yet less po- liced—the AI-powered metal detector, weapons-detecting security cameras and so on.

The results may not satisfy everyone. Drones could make schools safer, but they also suggest an environment more threatening than comforting.

And while they may improve the overall level of security, they don't eliminate the possibility of human error. On the other hand, new threats of violence have, for many people, transformed private and public life in recent years.

Little over a year ago, Charlie Kirk was assassinated on Utah Valley University's campus. Members of Congress, Supreme Court justices and corporate executives, among others, require more security than before.

Drones could reduce the risk. Combined with AI-powered technology, they may make it easier for people to walk into synagogues, offices and malls without peering nervously over their shoulders.

That is Campus Guardian Angel's vision. They are expanding to three more schools in Florida and five in Georgia. One in Colorado and two in Texas (one of which had a mass-shooting attempt last year) raised money for the drone systems without help from their states. “We have about 5 to 10 schools coming through the door every week,” Mr. Marston says.

CGA recently launched another program for workplaces, to protect executives and others in the wake of the shootings that killed United-Healthcare CEO Brian Thompson in 2024 and four people at the NFL headquarters in 2025. One unnamed Fortune 50 company will be deploying the technology this year. CGA plans to expand to houses of worship, stadiums and live events.

Most Americans are old enough to remember life before 9/11, when public spaces were far less protected. We may never be able to lower our guard that way again. But innovations in private security technology could transport us to a world that looks and feels as it once did—safer, open, free.

Ms. Farmer is a social-media editor for the Journal editorial page.

Notable & Quotable: When Truth Is a ‘Tossup’

Matthew Continetti writing for WSJ Opinion's Free Expression, Oct. 9:

Paradoxically, . . . Mr. Trump's and Israeli Prime Minister Benjamin Netanyahu's pummeling of Iran and its proxies strengthened anti-Israel opinion inside the Democratic Party. Within weeks of the hostage deal, New York City elected a mayor who sounded more like a U.N. secretary-general than a machine pol. Zohran Mamdani repeated all the slanders against Israel, pledged to arrest Mr. Netanyahu and recently released a strategy to combat antisemitism that neither defines the ideology it purports to fight nor recognizes the connection between anti-Zionism and anti-Jewish hate. Mr. Mamdani's social media post marking the Oct. 7 anniversary devoted one paragraph to Israel's losses—and three paragraphs to accusing Israel of every crime in the book.

Mr. Mamdani spawned a crop of anti-Israel Democratic House candidates who will almost certainly win in their deep-blue districts next month. His ideological cousin is Abdul El-Sayed, the Democratic Senate nominee in Michigan, who refuses to affirm Israel's right to exist as a Jewish state, gave a mealy-mouthed response after a Muslim man attempted to drive a car into a synagogue preschool and wouldn't condemn the IRGC while speaking to a Persian-American student. The Cook Political Report with Amy Walter says Mr. El-Sayed's race is a tossup.

A tossup—what an apt yet bleak description of today's moral stakes, of the present situation wherein so many Americans can't distinguish between what is real and what is fake, what is good and what is bad, what is justified and what is lawless. Three years after Oct. 7, Israelis can spot the difference between friends and enemies and act appropriately. Many in the West can't.

REVIEW & OUTLOOK

El-Sayed, Jackson and Medicare for All

Are voters finally going to hear a debate on Medicare for All? Maine Democratic Senate candidate Troy Jackson doesn't

seem to have thought about it very hard, other than as a slogan. And Michigan's Abdul El-Sayed is now trying to deceive voters by pretending that the rallying cry of "Medicare for All" doesn't really mean Medicare for all.

Mr. Jackson suggested at Maine's first Senate debate on Tuesday that the way to pay for nationalizing U.S. healthcare is by “prioritizing where we're spending our money, not in forever wars, not in ICE.” What an example of magical thinking. Mr. Jackson and his fellow Democrats can call to disband ICE, as he did again Tuesday, but its budget is a drop in the ocean of Medicare for All, which would cost the government trillions of dollars a year.

A 2018 estimate of Sen. Bernie Sanders's bill put the price tag at \$32.6 trillion over a decade, even under wildly optimistic assumptions. That figure, said analyst Charles Blahous, assumed all provider payments could be cut to Medicare rates, "more than 40% lower than private insurance rates." While proponents of Mr. Sanders's plan often claim taxes would simply replace today's insurance costs, there's still a huge gap, and Mr. El-Sayed is promising zero premiums, copays or deductibles.

Sorry: If you like your healthcare plan, you won't be able to keep it.

Medicare for All also still means forcing Americans into a government system that millions don't want. Mr. Jackson didn't attempt to deny it, even after Republican Sen. Susan Collins went after him for wanting “big government to take over healthcare, to abolish private insurance that people, such as the workers at Bath Iron Works, are happy with.” This is a big vulnerability for Mr. Jackson, since 47.5% of

Mainers had employer health coverage in 2024, per the Kaiser Family Foundation.

In Michigan it was 50.3%. More than half the

It was 50.3%. More than half the state has employer coverage that Mr. El-Sayed's socialist allies want to make illegal. Hence his effort to muddy the waters. "If families want to keep their private health insurance," he told a Thursday

debate, “that’s fine by me.” It’s an astounding way to mislead voters.

When progressives demand Medicare for All, they mean it. Here's a line from the version Mr. Sanders introduced last year: "It shall be unlawful," the legislation says, "to sell health insurance coverage that duplicates the benefits provided under the Medicare for All Program." The House bill, sponsored by Rep. Pramila Jayapal, includes a similar line. This is Medicare for All. Today's private plans, outlawed.

Mr. El-Sayed's fig leaf seems to be proposing to delete that provision. Yet the result hardly would differ. "Medicare should be automatic, for everyone," Mr. El-Sayed's campaign says. "Medicare for All does not have to ban additional private insurance through unions or employers, although Medicare for All should make those choices redundant and unnecessary." So instead of making private plans illegal, big government would squash them.

Recall President Obama's immortal line on ObamaCare: “If you like your healthcare plan, you can keep it.” After millions of cancellations, the left-leaning PolitiFact labeled that the “lie of the year.” Now his party is embracing the error, campaigning outright on the idea of giving the same treatment to some 160 million Americans with employer coverage. The Democratic message in 2026 couldn’t be clearer: If you like your plan, sorry, you can’t keep it.

A Nobel Prize for Hating Israel

It's possible that the Nobel Committee will someday bestow its peace prize on a less worthy recipient than Navanethem "Navi"

The last thing the award to Navi Pillay will do is

Pillay, but we doubt it. The Oslo worthies this year have honored an 85-year-old South African whose career has been marked above all by hatred for Israel and the Jews that support it.

cide or genocidal intent and ignored mountains of contrary evidence. It made the accusation anyway. But her report treated Hamas's Oct. 7

promote peace.

Ms. Pillay began her life's work as an attorney defending opponents of apartheid, but that cruelty was defeated two generations ago. The Nobel committee is honoring her career since then devoted to attacking the Jewish state and twisting international law to distort the meaning of “genocide” toward that end.

She made her reputation as a judge on various United Nations-linked courts, including the international court that adjudicated war crimes in Rwanda (1995-2003) and the International Criminal Court (2003-08). The latter, created in 2002, fast became a vehicle for transnational bureaucrats to accuse the U.S. and Israel of imagined crimes. This is the reason the U.S. on Friday sanctioned the entire ICC, and Secretary of State Marco Rubio has said he wants to “dismantle” it (see nearby).

Ms. Pillay served as the U.N.'s High Commissioner for human rights from 2008 to 2014 and so might be expected to know the difference between genocide and a defensive military campaign against a homicidal adversary that hid behind civilians in mosques, schools and hospitals. No such luck. In 2025 a U.N. committee chaired by Ms. Pillay issued a report claiming Israel had committed genocide in Gaza after Hamas's Oct. 7, 2023, murder of 1,200 Israelis.

Her 2025 report offered no evidence of genomassacre as a quasi-justifiable response. Terrorism is peace, while defending against it is genocide. George Orwell saw this coming.

In her concurrent role as an International Court of Justice

judge presiding over claims of war crimes in Myanmar, Ms. Pillay, as these columns noted last month, has lobbied to lower the threshold for claims of genocide. Why? Because a looser standard would allow Ms. Pillay's South Africa, which hosted Hamas delegations in the weeks after Oct. 7, to pursue more easily its vendetta against Israel.

It's especially ironic that the Nobel Committee cited Ms. Pillay for having “significantly enlarged the scope and impact of international law.” Authoritarians around the globe are on the march in open defiance of international law. Vladimir Putin invaded Ukraine and harasses Western Europe with drones.

China repudiated its treaty with Britain to allow autonomy for Hong Kong, and it sniffed at the Permanent Court of Arbitration's 2016 ruling against Beijing's lawless claims in the South China Sea. The Nobel Committee might have honored publisher Jimmy Lai, who languishes in a Hong Kong prison for supporting democracy.

Yet the Norwegians decided instead that this is the moment to honor a bureaucrat bent on punishing an Israeli democracy that does its best to follow the rule of law. By rewarding such moral confusion, the Nobel Committee has shown again why its once formidable prestige is degraded. The last thing this prize will do is promote the cause of peace.

The ICC Is a Threat to America

Either the ICC will end its threats, or we will end the ICC," Secretary of State Marco Rubio said Friday as the U.S. sanctioned the International Criminal Court. "We will ban transactions with this rogue court, cutting off their resources." The action is amply merited.

The dream of global justice is noble, and plans for a global court in the 1990s often came with the best of intentions. But even then, Republicans and Democrats recognized that letting foreign judges usurp the role of U.S. courts wouldn't end well. U.S. soldiers and leaders should answer to America's judicial system. It's called self-government.

Washington never ratified the Rome Statute authorizing the ICC, and Congress has prohibited U.S. cooperation. But that hasn't stopped the ICC from investigating U.S. forces in Afghanistan. Lately the court's allies threaten that it will prosecute President Trump, his officials, U.S. soldiers or Border Patrol agents.

Before defending the ICC, Democrats might consider its record. On prosecutions, the court has been generally ineffective and never lived up to its billing. More troubling, it acquired the political biases that are standard in international legal circles, leading it to ethical collapse.

Consider the case of ICC chief prosecutor Karim Khan (2021-26). Accused of sexual assault by a subordinate in 2024, he shocked his own staff by suddenly cutting short the court's investigation of Israeli leaders, declining to receive Israeli evidence, and announcing a request for their arrests on CNN.

few others brought them to the fore. Throw in the allegation of an offer by Qatar to “look after” Mr. Khan concerning the Israeli arrest warrants—which both deny—and the ICC case has been marred beyond saving. Only after more than two years of dithering did the court fire Mr. Khan for “serious misconduct and serious breach of duty.” He denies the allegations.

The court then buried the allegations against Mr. Khan for months until these columns and a

Mr. Rubio's statement discussed only America, but critics will say the U.S. sanctions are all about Israel. They miss that the ICC's willingness to pervert its process, twist the law and facts for political ends, and exceed its legal authority in the case of Israel—which, like the U.S., never joined the court—is the best demonstration of the court's growing danger to America. This includes the ability of the U.S. to wage war against terrorists.

We first advocated sanctioning the ICC as a whole in January 2025. But the Trump Administration preferred to proceed incrementally, offering the court every chance to give up on investigating or prosecuting nonmembers—and certainly not those with functioning democracies and legal systems. It didn't budge.

Even now, as Mr. Rubio drops the hammer, he's still giving the ICC an 180-day grace period on many of the sanctions for it to “address fundamental U.S. concerns.”

More likely, the ICC will use these months as it used the past 21 months—to run out more of the clock on the Trump Presidency. The European Commission has pledged to help the court continue operations, which will probably include preparing to evade U.S. sanctions. If Messrs. Trump and Rubio leave this too late, the ICC will outlast them and seek revenge.

LETTERS TO THE EDITOR

Inside the CCP's Tactics to Weaken the U.S.

Your editorial is right to warn that the recent arrest of an alleged Chinese operative accused of spying on the son of Taiwan's president is only the “tiny tip of the iceberg” when it comes to Chinese Communist Party espionage (“China Spies on Taiwan on U.S. Soil,” Oct. 6).

The CCP is actively spying on Americans and dissidents and plotting sabotage on our homeland. But the CCP has another ace up its sleeve: subversion. Under the CCP, China is the largest police state in history, and it seeks to export its values and ideology abroad. China's United Front Work Department is the party's chief weapon.

China knows a massive surveillance state is hardly an attractive model for the rest of the world. Accordingly, the CCP wants to weaken the West from within. The United Front and China's Ministry of State Security, Beijing's version of the KGB, want to face a demoralized and divided America. The CCP's stated aim is overthrowing the U.S.-led liberal order.

Media outlets have reported that the federal government is currently probing alleged links between the radical Shanghai-based tech tycoon, Neville Roy Singham, and a constellation of groups that are making our politics at home more radical and more divisive.

Meanwhile, Groups like CodePink, the People's Forum and the Answer Coalition, which share some ideological overlap with the Democratic Socialists of America, are fundamentally opposed to the American way of life and our political traditions. The DSA seeks to abolish the U.S. Senate, empty prisons, open our borders and indoctrinate our youth. The radicalism espoused by the DSA and these other groups is a boon for our enemies.

But as the Supreme Court Justice Louis Brandeis famously said, “sunlight is the best disinfectant.”

SEAN DURNS Director, Counter Extremism Research Center at Capital Research Center

Washington

Bo French's Rhetoric Misrepresents the GOP

In his column, Jason L. Riley is right to criticize Texas Republican candidate Bo French for attacking South Asian students attending a University of Texas football game (“Republicans Find a New Way to Lose: Attacking Asians,” Upward Mobility, Oct. 7). But remember those old Nike commercials featuring former professional baseball and football player Bo Jackson? The catchphrase: “Bo knows baseball. Bo knows football.” Apparently, Bo French doesn’t know his own party.

In a recent national survey, I asked Americans whether they worry that heavy reliance on grades and test scores in college admissions will produce mostly white or mostly Asian campuses. Only 28% of white Republicans said they were concerned about a mostly Asian campus, while 21% worried about a mostly white one. In other words, most Republicans are comfortable with merit-based admissions regardless of who comes out on top.

By contrast, more white Democrats displayed a racial double standard: A majority (53%) said they worried about a mostly white campus, but only 26% fretted about a mostly Asian one.

Bo French may have forgotten what colorblind meritocracy means. Fortunately, most Republican voters haven't.

MICHAEL T. HARTNEY Fellow, Hoover Institution Palo Alto, Calif.

The Heroes Who Restored the American Bison

As I read Tate Watkins's insightful op-ed about how free enterprise and privatization saved the American bison from extinction (“American Buffalo Roam Again Thanks to Privatization,” Cross Country, Oct. 3), I couldn't help but recall one of the fundamental lessons of economics: “That which belongs to everyone belongs to no one.”

PROF. EM. STEPHEN W. PRUITT, PH.D.

University of Missouri Overland Park, Kan.

Caprock Canyons State Park in Quitaque, Texas, south of Amarillo, and are known as the Official State of Texas Bison Herd. The Texas Parks and Wildlife Department conducted genetic testing and discovered a rare genetic marker that differentiates the southern plains bison from other bison.

In history class, Texas students learn about Molly Goodnight and her buffalo calves. Along with Ted Turner, Molly and Charles Goodnight deserve credit for saving the bison.

I enjoyed Mr. Watkins's op-ed on how Ted Turner and other ranchers saved bison at a large scale.

However, the op-ed fails to recognize the contributions of Mary Ann “Molly” Goodnight (1839-1926). In May of 1879, Goodnight saved a few bison calves and urged her husband, Charles Goodnight, to set aside 600 acres to raise the bison. She saved the southern plains bison from extinction. Charles and Molly raised the calves on their JA Ranch in the Texas Panhandle. Some of the Goodnight bison herd’s descendants can be found today in

Parents Matter in Education

While Joel Klein's condemnation of a teachers union is mostly justified, he fails to mention an even more serious reason for poor student performance in New York and in public schools across the U.S.: the absence of support from parents, guardians and the community (“Nikole Hannah-Jones vs. Randi Weingarten,” op-ed, Oct. 5). Student absenteeism is a problem across the U.S., and where I live in Chicago, it’s a chronic problem.

My wife spent 30 years teaching math in mostly inner-city schools. Rarely did she see a parent or anyone from the community, even on report card pick or open house days. The typical exception was when my wife had seized a student's cellphone (for repeatedly refusing to turn it off and participate in the class). On those occasions, my wife—or, if further problems with the student arose, the principal—held the cellphone until a parent or guardian appeared to claim it and discuss the problem. More often than not, during such a meeting the parent blamed my wife or the principal for taking the phone and disrupting the parent's day.

Without serious dedicated support and respect of education from the students, family and community, even a faculty full of Golden Apple Award for Excellence in Teaching and Leadership winners could never get most inner-city schools performing at grade level. It takes more than teachers; it also takes family.

TOM SHARP Chicago

Letters intended for publication should be emailed to wsj.ltrs@wsj.com. Please include your city, state and telephone number. All letters are subject to editing, and unpublished letters cannot be acknowledged.

CAROL PERUSEK DOWD Southlake, Texas

Climate Action Delivers Real Economic Benefits for Cities

Indermit Gill and Bjorn Lomborg's letter (“Development Banks Have Misplaced Priorities,” Sept. 18) misses the central point: Climate action is good for development here and now, while also curbing accelerating risks. Climate investment is essential for sustainable growth. Cleaner cities are more productive. Well-managed land and forests improve water supplies and buffer against landslides and floods.

There are trade-offs, but they reinforce the evidence that the cost of climate inaction dwarfs the cost of climate action. Annual disaster data fluctuate, but there is no ambiguity about the trend. The global average temperature in 2025 was 1.17 degree Celsius above the 20th-century average, compared with 1.29 degree Celsius in 2024. Yet according to my calculations based on global data, the estimated average for 2021-25 was 1.06 degree Celsius, compared with 0.90 degree Celsius in 2016-20 and 0.72 degree Celsius in 2011-15. Falling mortality reflects greater resilience, not diminishing climate risk: the incidence and damage of hazards continue to escalate.

Multilateral development banks have a vital role to play here. For the global public good, these banks must tackle risks that markets don't.

VINOD THOMAS Bethesda, Md.

"That's my garden of aspiration and this is my garden of reality."

Hegseth Empowers America

By Tim Echols

Defense Secretary Pete Hegseth's Sept. 30 announcement should have rocked the energy world. His comments should have been celebrated by utilities, hyperscalers, everyday ratepayers and even environmentalists. Buried in his "State of the Force" address was this passage: "Every major military installation in America is going to generate its own power. Independent of the civilian grid." This can be accomplished only with new nuclear energy.

Severing military bases from the civilian power grid would free up an enormous amount of capacity that utilities like Georgia Power are currently providing to the military. The bases would have to build and operate their own generation. To meet this need, the military would probably perfect small modular reactors, just as they did long ago with nuclear-powered submarines and aircraft carriers. Prices will go down for everyday ratepayers.

Making good on this announcement would set off a chain reaction. Air quality would improve. Building this much nuclear power across America would entail a vast reduction of pollution. Cities out of compliance with the Environmental Protection Agency could get off that naughty list, and urban residents would no longer need annual inspections on their car emission systems.

Nuclear reactors at bases would mean less pollution and reduced electricity rates for civilians.

The learning curve for building nuclear is paid for by the government. The thousands of small modular reactors needed would mean this unproven technology gets perfected and building costs go way down. We wouldn't have the runaway costs that we saw in Georgia with Plant Vogtle because we built the first one. Small states and rural cooperatives may be able to afford nuclear where now the price is out of sight.

Hyperscalers and data centers would be ecstatic. They have stood in long lines to get power, and in many states they have been paying full price. Georgia has even been requiring these power-hungry giants to pay all development costs. That might no longer be necessary if power on the civilian grid is freed up.

Nuclear recycling would also be jump-started. America has no permanent geologic storage anywhere for spent fuel. Adding this much nuclear probably means the Pentagon and Energy Department work together to establish a reprocessing facility and final resting place for anything that can't be recycled, usually only 4% of the spent fuel.

Ratepayers are the biggest winners. With excess power on the civilian grid, power companies could retire their oldest units, allowing for an even cleaner grid at a reduced cost to customers. All utilities have an established planning cycle, called Integrated Resource Planning, allowing them to build only what is needed and to change course if the market dynamics require it. The Pentagon's building its own generation is the definition of market dynamics.

Mr. Hegseth didn't say that his Fortress America would include nuclear power, and maybe that's why it didn't cause a stir. But old energy regulators like me, who have suffered through the construction of two nuclear units in Georgia, know there is no other way to do what Mr. Hegseth is aspiring to do.

This would be a 50-year project, but it would be the most significant legacy from the Trump administration. Here's hoping they can get it started.

Mr. Echols served as a member of the Georgia Public Service Commission, 2011-26.

Sam Altman Is No Oppenheimer

ANDREJ SOKOLOW/DPA/ZUMA PRESS

OpenAI CEO Sam Altman

DECLARATIONS By Peggy Noonan

Some compare the development of AI to the development of the first atomic bomb by the Manhattan Project. But the single most crucial fact of both undertakings makes them polar opposites.

The U.S. government initiated and oversaw the entire enterprise that unleashed the atom and made the bomb. After its use, the federal government controlled nuclear technology in the U.S. and attempted to stop or slow its nonpeaceful use in the world. The government understood the exact nature of the science and technology in which it was involved.

Not so in the development of equally world-changing AI. The quest for artificial intelligence was privately initiated, funded, carried out. There was no oversight from a government representing the people and responsible for their physical safety. No high levels of the government have demonstrated full or timely comprehension of what the scientists, engineers and machines are up to even now in the frontier labs.

Those opposed to federal regulation of AI point out that early on, Manhattan Project scientists worried that the first atomic test might ignite the earth's atmosphere. It didn't. So, they argue, with AI: We're at the “exotic fears” part of the debate, which always accompanies technological breakthroughs.

There were scientists in the Manhattan Project who feared what a journalist later called the doomsday hypothesis. But it was a few, not a majority, and their fears were overridden by an originally concerned J. Robert Oppenheimer, the project's director, after consulting with other scientists and reviewing their calculations. The larger context: The U.S. government was trying to end World War II without invading Japan, which could have meant millions of casualties. So time was of the essence.

In contrast not some, not a majority, but all of AI's inventors and leaders admit it may bring about physical disaster, and most if not all expect at least one. And there is no historical context, no millions of deaths, pressuring them to race forward.

We are allowing the inventors of AI to see themselves as Oppenheimer. They're Dr. Frankenstein. Though at least he wasn't mindlessly competing with the lab next door for the fattest IPO.

Which gets us to Sam Altman, CEO of OpenAI and the most famous face of the technology. He enjoys Manhattan Project comparisons. When editor Mark Guiducci of Vanity Fair brought Oppenheimer up in an interview this week, Mr. Altman said he didn't want to show “false modesty” but inventing AI was “a collective effort,” “a story of a relatively small number of brilliant scientists and engineers that did something amazing.”

Neither a scholar nor a scientist, someone like him shouldn't be in charge of the future of humanity.

No one ever accused Mr. Altman of humility, but he is a remarkable figure, 41 and a veteran giant of Silicon Valley. Unlike Oppenheimer he isn't a scientist or professor but a businessman—a discoverer of internet products, a strategist of startups, a first-rate judge of technical talent, and an understander of the flow of money, where it pools, where it can be found to fund innovation.

In a largely friendly 2016 profile in the New Yorker, Tad Friend wrote that “Altman’s great strengths are clarity of thought and an intuitive grasp of complex systems.” His superpower is “his ability to see people as chess pieces and work out their lines of play.”

In a less friendly profile for the same magazine published this April, titled “Sam Altman May Control Our Future—Can He Be Trusted?,” Ronan Farrow and Andrew Marantz wrote that Mr. Altman is “often described, either with reverence or with suspicion, as the greatest pitchman of his generation.” Many around him say he lacks extensive expertise in coding or machine learning. Messrs. Farrow and Marantz report “multiple engineers recalled him misusing or confusing basic technical terms.”

Most of those interviewed shared the critics' judgment that “Altman has a relentless will to power that, even among industrialists who put their names on spaceships, sets him apart.” A board member who had worked with Mr. Altman told the authors: “He’s unconstrained by truth.”

Messrs. Farrow and Marantz report that in the fall of 2023, when the OpenAI board famously fired Mr. Altman as CEO, the company's chief scientist told another board member: "I don't think Sam is the guy who should have his finger on the button." Board members believed he had "deceived them about internal safety protocols."

Mr. Altman famously fought back and was reinstated. Still, “the colleagues who facilitated his ouster accuse him of a degree of deception that is untenable for any executive and dangerous for a leader of such a transformative technology.”

Early on, Mr. Altman compared AI to nuclear power and was concerned that if the technology went rogue, it could cause devastation. By last year he'd changed his tone. "We'll all get better stuff," he wrote in a blog post. "We will build ever-more-wonderful things for each other."

Publicly Mr. Altman called for regulation, including a federal agency to oversee advanced AI models. At the same time, Messrs. Farrow and Marantz report, he was applying influence in different directions. Long a donor to Democratic candidates and causes, Mr. Altman has shifted. Now he is one of President Trump's favorite tycoons. On Inauguration Day 2025 Mr. Trump repealed his predecessor's executive order on AI. "He's found an effective way for the Trump Administration to do his bidding," a senior Biden administration official told Messrs. Farrow and Marantz.

In the Vanity Fair interview, Mr. Altman seemed to put an odd and repeated emphasis on how much he loves his children, as if he sensed this as a humanizing tool. Since becoming a father he finds himself thinking, "Obviously we don't want to destroy the world, but what do we want to preserve and what kind of world do we want to build?"

What do we want to preserve? This reminded me of the passage of Mr. Friend's New Yorker piece in which Mr. Altman spoke of the advantages to being a machine. "We humans are limited by our input-output rate—we learn only two bits a second, so a ton is lost. To a machine we must seem like slowed-down whale songs."

That is a thought beautifully expressed, but harrowing. Mr. Altman has written that the ideal endpoint of the AI age might be a human merging with machines. “We will be the first species ever to design our own descendants.”

Mr. Friend reports that in 2012 he gave up the idea that human beings are singular creations. “When I realized intelligence can be simulated, I let the idea of our uniqueness go, and it wasn’t as traumatic as I thought.”

In the Vanity Fair interview he was asked a hypothetical question. Suppose there was a big red button that he and all competitors could hit, and say, “We’re going to pause for now and we’re going to get safe.” Would he hit the button?

He responded with the squishy-worded, comprehension-killing language he often deploys in public, but he mixed in one fully clear phrase. "We'll need things like antitrust exemptions" before such discussions begin.

This is no visionary, this is a law- yered-up billionaire. Should he be in charge of the human future? If we keep going down this path at this rate, he will be. Then we can make more Oppenheimer comparisons when he winds up pacing the frontier, wringing his hands and muttering the Bhagavad Gita about what he's unleashed.

Unintelligence on Super Intelligence

My cards on the table: Tesla's valuation never made sense to me, but the risks haven't been hidden from investors. At the same time, if the markets turn on Mr. Musk, history shows the SEC and criminal

BUSINESS WORLD By Holman W. Jenkins, Jr.

What's behind the confusingly unspecific demands for government intervention from AI leaders? I reject the cynicism argument (it's all about regulatory capture) in favor of cultural determinism—they're true believers.

That said, Anthropic and OpenAI have valuations now to defend. The people who founded these companies may be deeply invested in the idea of artificial intelligence as the most important technology ever. But they're also in a situation where the investing public, including sophisticated venture capitalists, interpret their creations as potential cash machines, worth maybe \$2 trillion. However, under an equally plausible reading of the evidence, the companies are black holes of spending on rapidly commoditizing capabilities. Their specialty, the highest-end AI potential, the U.S. government won't even let them sell to customers.

Now a documentary movie perhaps threatens to pop their bubble by proxy. The subject is Elon Musk, who director Alex Gibney says threw his support behind Donald Trump in 2024 because he feared under a different administration he'd land in jail.

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But the obliviousness that really blows me away: Under a “voluntary” Trump process that isn’t really voluntary, the frontier labs are getting a de facto regulator. It’s the National Security Agency, repository of advanced U.S. cyber and spyware capabilities.

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But AI remains unregulated, shriek those wedded to an undynamic view of reality. I don't doubt we'll get lots of AI legislation, but nothing in our society is unregulated. We have tort law, consumer safety statutes, etc.—and they're working, as was obvious in April when Anthropic withheld Mythos from distribution except to trusted partners in the battle against cyber hacking.

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This intersects with the AI debate in a way I think the world is getting wrong. David Robinson is the latest OpenAI veteran to show up on a New York Times podcast to lament his former employer's lax safety efforts—keyword “latest.” The safety debate has obviously broken through in a big way. He's talking to the New York Times, after all.

At a San Francisco conference last weekend, an unnamed frontier lab executive was reported to have said there's some level of machine intelligence beyond which the industry should be prepared not to go. We'll see how the NSA feels about that.

Are IPO investors paying attention? Anthropic this week allowed certain customers access to advanced models. It did so “in collaboration with the US government.”

The politicians and Congress sound off, but the national-security state is calling the shots.

In his new book, Kevin Roose fills out an anecdote previously re-

Director of National Intelligence Jay Clayton, who will lead a task force on super intelligence. What's more, everybody understands, because we have been told as much by both the Biden and Trump administrations, the draconian Defense Production Act of 1950 is ready be invoked as necessary in pursuit of U.S. national-security goals.

The idea of runaway doom is one of those fun and frightening pictures that survive only in the moment between dreaming and waking. For the U.S. frontier labs, spending billions to be six months ahead of rivals, the thing to worry about is whether their spending will pay off—and whether government will let it.

The somatic metaphor has seized the punditry—the AI industry is tumbling forward uncontrollably at the hands of its private leaders. This hasn't described reality for a while. Add it all up and the public panic of the past few weeks smells a great deal more like epiphenomena—a thing incidental to the real thing. Yes, AI will be important in the economy, but the super intelligence everyone keeps talking about? You will likely encounter it only as a rumor from the deepest bowels of the world's top intelligence establishments.

layed in this column. As far back as 2017, OpenAI leaders Sam Altman and Greg Brockman considered future government nationalization so likely, they debated how to get money in advance from China, Russia and the U.S. for the tools they expected these governments to expropriate.

Mike Ditka Goes Home

By Bob Greene

Chicago

You don't need a 400-page novel or a 90-minute movie to melt a city's heart. Just two words.

In 1988 the Chicago visitors bureau had to come up with a commercial to attract travelers. What should they go with? A salute to Chicago's museums? Its restaurants? Its classic architecture or vivid political history?

They did better than that. A 30-second television commercial was filmed, to be broadcast on networks and stations around the country. There is a singer's voice: "Calling me home, Chicago . . ." And then another voice—that of the great retired Bears linebacker Dick Butkus—says: "No matter where you're from in America, Chicago is your hometown. Come home."

There are some beauty shots of the city, and then a shot of a Checker cab pulling up to Butch McGuire's bar on Division Street. Inside we see Mike Ditka sitting at a table with friends. No on-screen identifier is necessary. The world sees his face and knows who he is.

The man from the cab—who has left Chicago to live in California, and has traveled back home—walks into the bar. Then come those two words.

Ditka glances toward the door, and says in a soft, surprised voice full of wonder:

"Butkus."

And Butkus says, with the same old-friends warmth:

“Ditka.”

That's all it took. Those two men—one (Butkus) born in Chicago, the other a Pennsylvania native who became synonymous with the city after first playing for, then coaching, the Bears—were a calling card whose appeal, and whose connection with Chicago, never needed explaining. “Butkus.” “Ditka.” That commercial, for many people who still lived in Chicago and for Chicagoans who had moved away, packed as emotional a punch as any scene in “Casablanca.” Because time does go by, but some things—some people—endure.

Ditka's family announced Friday that he had died at 86. He, like Butkus, had eventually moved away from Chicago—he had a place in Florida—but he moved back permanently a few years ago. The singer's voice ends the commercial: “Chicago is calling me home.” That's where Ditka wanted to be at the end.

You can leave the city. The city never leaves you.

Mr. Greene's books include "And You Know You Should Be Glad: A True Story of Lifelong Friendship."

JASON GAY

Mike Ditka: Da Farewell to Da Coach

The Hall of Fame player, head coach and pitchman—and Windy City institution—dies at 86

Mike Ditka led the Chicago Bears, above, to a victory in Super Bowl XX. He was also a Hall of Fame tight end for the Bears, Eagles and Cowboys.

Mike Ditka, who died on Friday at age 86, took a football life as far as anyone ever has. He was a player, a coach, a college and

NFL Hall of Famer, a pitchman, an analyst, a comedic inspiration, and a rather amusing actor, so long as he played a version of himself. Ditka was a restaurateur. A vintner. A tobacconist. He briefly considered politics, but demurred.

OBITUARY MIKE DITKA 1939-2026

Ditka was successful at some of these endeavors, and utterly disastrous at a few, but he always picked himself up, an indefatigable tough kid from Aliquippa, Pa., who escaped steel town life because he could do almost anything on a gridiron. Some may not remember that Ditka was an All-American two-way player in college at Pitt; a dynamo tight end who was equally punishing as a defender. He punted, too, in case you also needed some Ditka on that.

As much as anything, Ditka was the physical embodiment of a brutal sport. If the NFL had a visage, it would be Ditka's, with his thick hair, rugged mustache and a nose that looked hit by a barn door. He looked like he was smoking a cigar even when he wasn't smoking a cigar.

Ditka's mug didn't need to say a word to intimidate. His resting face said: Get out of my face.

He sure was a charismatic quote machine, though. Among

Ditka's best: "If God had wanted man to play soccer, he wouldn't have given us arms."

Ditka's apexes came with the Chicago Bears—first as a player in the 1960s, and then the head coach in the '80s, guiding Walter Payton, Fridge Perry, Jim McMahon and a brigade of hard guys and misfits through a legendary Super Bowl season in 1985, which culminated with a one-sided victory over New England in Super Bowl XX.

Football fans talk about that '85 Bears team the way they talk

about a beloved vintage sports car. The NFL will never make one like that again. Those Bears were ferocious on defense, capable enough on offense, and coolly walked the walk after talking the talk.

This was a team that released a novelty single (“The Super Bowl Shuffle”) in which they crowed about their supremacy before the playoffs even began. It was a ludicrous line-crossing in a sport that typically frowns on bulletin board material—and then the Bears

backed it up with a Lombardi Tro- phy.

Ditka proved to be the ideal motivator, a blend of old-school grit and laissez-faire workplace tolerance. He shrugged off the Shuffle video and McMahon's repeated tangles with NFL commissioner Pete Rozelle over the league's dress code. The coach cultivated his own sense of style: dress shirt, necktie, sweater vest with BEARS stitched across the chest like a license plate.

A football coach never looked better than Ditka did on a chilly autumn afternoon next to Lake Michigan. His pants were crisp, his puff of hair perfect, and his sunglasses looked stolen from the glovebox of a detective's Crown Vic.

That 18-1 Super Bowl run with the Bears made Ditka a civic treasure. Chicagoans at Saturday Night Live would pay homage with a routine (“Bill Swerski’s Superfans”) in which they heaped love on “Da Bears,” Da Coach and the cardiac distress of beers and brats before noon.

Ditka's next act with the New Orleans Saints wouldn't go nearly as well.

After a pair of 6-10 seasons, Ditka daffily traded all of the franchise's 1999 draft picks to land the eccentric Texas running back Ricky Williams, a bizarre maneu-

ver which devolved into a 3-13 season and Ditka's ouster.

He wouldn't coach in the NFL again, but he would circulate in and out of public life, from a deluge of commercials to a Will Ferrell comedy to mulling a senatorial bid against Barack Obama in 2004. He declined the opportunity, and later said he regretted passing.

Ditka would come to have other regrets, though he strangely insisted he'd do the Ricky Williams deal again. He lamented not getting a touchdown for Walter Payton in that Super Bowl rout—the Fridge got one, but Sweetness did not.

Soberingly, the man who became the personification of a smash-mouth sport—and defended it—also grew to rue its hazards. Ditka had borne witness to football’s physical and cognitive traumas, in teammates, former players like McMahon and the late Dave Duerson, and himself. Asked in 2015 if he’d allow a hypothetical 8-year-old son to start playing, Da Coach said no.

“I wouldn’t,” Ditka said. “And my whole life was football.”

He Never Started a Game At QB in High School. He's Now a Top Prospect.

Oklahoma State's Drew Mestemaker is a projected NFL first-round pick.

BY ROBERT O'CONNELL

LONG BEFORE HE BECAME a top NFL draft prospect, Drew Meste-maker was a kid sitting in his childhood home, emailing colleges across the country to ask for a quarterback tryout.

Not one of the schools replied.

That shouldn't have been a surprise. Mestemaker's varsity high-school career had come and gone without him starting a single game at quarterback. Just to make it on the field, he'd taken up punting and playing defensive back. Although he remained convinced of his abilities under center, it was becoming obvious that the rest of the football world disagreed.

"Not even the junior colleges were responding," he said. "That was probably my lowest moment."

But three years later, Meste-maker has turned into the most unlikely superstar in college football. The 20-year-old passer, now armed with a \$7 million NIL contract, has piled up 12 touchdowns in four games, leading No. 18 Oklahoma State—a team that didn't win a single conference game last season—to a 3-1 record.

All of a sudden, the player who couldn't keep his emails out of the junk folder has become the quarterback NFL teams are lining up to draft, as a projected first-round pick in April.

The remarkable thing is that

Mestemaker wouldn't be the dynamo he is today without being told he couldn't play the position at all.

Heading into his senior year at Vandegrift High School—a powerhouse in Austin, Texas—Mestemaker was sure the starting job he’d spent three long years waiting for would finally be his.

That's when a highly rated passer named Deuce Adams transferred to Vandegrift. After a training-camp battle, Mestemaker learned that he'd again be buried on the depth chart. He was crushed.

“But his next reaction was, ‘What can I do to help?’” recalls Drew Sanders, Vandegrift’s coach. “How can I get on the field?”

So Mestemaker spent his last high-school season playing defensive back, making it his mission to outsmart opposing quarterbacks. What he didn't realize then was that his season in QB exile was starting to shape him into the perfect prospect.

Mestemaker packed on muscle that helped him deliver big downfield hits—which would one day turn him into a weapon as a ball-carrier. And as he studied positioning in the secondary, he acquired the answer key for the coverages and disguises that teams would one day deploy against him.

"You understand the rules of

the defense," Mestemaker said.

All the while, Mestemaker used every second of free time to continue honing his passing mechanics. He started working with a renowned quarterback guru, Jeff Christensen, who marveled at his new pupil's obsessive work ethic as he perfected the twist of his torso and flick of his wrist.

“He’s like a shark in a feeding frenzy,” Christensen said. “The

more you give him, the more he wants."

Christensen introduced Mestemaker to Eric Morris, then the head coach at North Texas. Impressed by Mestemaker's 6-foot-4 build, Morris offered him a walk-on spot—the bottom rung on the roster.

It didn't take long for North Texas' coaches to realize they'd struck gold. Mestemaker's lack of high-school playing time was actually his greatest asset.

“He was this beautiful piece of clay that we got to mold,” said Sean Brophy, North Texas’ quarterbacks coach. “No bad habits, no prior history, just someone we got to work with from start to finish.”

The North Texas coaching staff built an approach that accentuated Mestemaker's gifts: an arm like a catapult and a frame like a wrecking ball. By the time his freshman season began, Mestemaker had risen from a last-ditch option to the No. 2 quarterback on the roster. The next year, he won the top job.

Handed the reins for the first time since middle school, Meste-maker threw 34 touchdowns, ran for five more and passed for 4,379 yards—the most in the country.

"There's this delusional competitive spirit, when you've been told ‘No’ your entire life," Brophy said. "He got the opportunity and he seized it."

When Morris took the Oklahoma State coaching job this off-season, the first order of business was bringing along the guy nobody had wanted. Mestemaker landed a two-year NIL deal worth more than \$7 million to go to the Cowboys.

In just his second game for Oklahoma State, Mestemaker showed that it was money well spent. He threw for two touchdowns, ran for another and knocked off No. 6 Oregon.

But for the player who pulled off the upset, it was the furthest thing from a surprise.

"There's guys that just rise to the moment," Mestemaker said, talking about himself. "When you get them out on that field, they're different."

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To the Most Powerful People in Tech, This Is More Valuable Than Gold

Bitter rivals are forming alliances and executives are personally intervening in the scramble for computing power to fuel the AI boom

BY KATE CLARK, ERIN WOO, KEACH HAGEY AND MEGHAN BOBROWSKY

G oogle really wanted pioneering AI researcher Noam Shazeer back.

The longtime employee left to start his own company, but in 2024, Google paid \$2.7 billion for him to return to work on cuttingedge projects, including its most pow- erful AI technology, Gemini.

Even that, though, couldn't ensure that Shazeer got the computing resources he wanted.

Less than two years later, he sent a note to one of his teams saying that Google had cut what was allocated to them in favor of another project. Shortly thereafter, Shazeer left for rival OpenAI.

Compute, the industry shorthand for computing power, is the lifeblood of the AI boom, and it's in short supply. Now, fights over how to get more of it—and what projects to give priority to—are sending a powerful industry scrambling. Bitter rivals are forming new alliances, such as Elon Musk and Dario Amodei, whose companies worked together to secure computing power. Venture-capital firms are touting access to AI chips to woo startups. And power struggles are more frequent as companies compete in a worldwide treasure hunt for the tech industry's most coveted resource.

"There's a big gold rush happening at the moment," said Evan Conrad, chief executive of San Francisco Compute. "It's hard to fully comprehend the scale."

Conrad's company vets data centers and then rents their computing power to AI companies that range from the largest players such as Nvidia to small startups such as Standard Intelligence. Its chief technology officer, Eric Park, travels the globe in search of computing resources hiding where few else think to look.

In the spring, it was far-flung corners of rural America, where one promising new data center turned out to be AI servers humming inside what appeared to be a converted chicken coop. Then Manila in monsoon season, where Park's car stalled in floodwaters and he and his colleagues waded to safety, bags held over their heads. Eventually, a passing truck shuttled him to the airport, where he bought a new pair of shoes and boarded a flight to Taipei—to meet with a company building servers for the AI boom.

Even a little cluster of available AI chips can be helpful to startups trying to train or fine-tune smaller AI models.

SF Compute's business has grown as companies are increasingly beholden to the yearslong timelines of data-center build-outs. There's a race to build more data centers to get more capacity online fast, but construction is stymied by regulation and political backlash.

Established suppliers of computing power are requiring customers to sign multiyear contracts with heftier down payments. Startups are increasingly inking deals with unreliable providers out of desperation, such as ones lack

Please turn to page B3

They Paid \$50,000 or More and Waited Nine Years for a Tesla Roadster

After many delays, Tesla is expected to release its most expensive model ever this coming week

buy one.

BY CHRISTOPHER OTTS

better be the fastest car on earth. That is Todd Haushalter's hope for Tesla's long-delayed supercar, the Roadster, which will be revealed this coming week in Waco, Texas.

“I expect it to be the most impressive thing ever on wheels by a reasonably large factor,” Haushalter said.

That is a lot to live up to—but his anticipation has been building for nearly a decade since he paid a \$250,000 deposit to get in line to

The new Roadster, a sequel to Tesla's first car, was first unveiled in November 2017. Tesla has accepted reservations for the sports car off and on since, with hopeful owners paying at least \$50,000, and sometimes much more, to get on the wait list.

Haushalter, an online-gaming executive in Las Vegas, made his own bet on the car a few weeks after the original launch. His \$250,000 deposit guaranteed him one of 1,000 “Founders Series” Roadsters, according to documentation he provided to The Wall

The Tesla Roadster has been in the works since November 2017. Back then, Tesla CEO Elon Musk said it would be able to top 250 miles.

Street Journal. (The car's final price hasn't been announced.)

Tesla originally said production would begin in 2020. That didn't happen.

In recent years, Haushalter grew more anxious about whether he would ever receive the continually delayed car, even writing to Tesla's board. (He got no response.) On a 2024 call with investors, Chief Executive Elon Musk thanked the “long-suffering deposit holders” for their patience. Please turn to page B2

MARKETS

SPENCER JAKAB

Buckle Up. It Could Be A Bumpy Ride.

The U.S. economy's shock absorbers are worn. That could make for a bumpy ride if recent investor anxiety worsens.

Normally, but not

always, companies and individuals are cushioned by the Treasury bond market when it seems like a slowdown is brewing. One of the best early indicators of a recession is a rush to buy those supersafe securities.

That's convenient for Uncle Sam, who in that case might have to issue more of them for unemployment checks. It's also an indirect lifeline to the private sector.

A slowdown makes default fears rise and credit spreads widen. Those spreads represent the average excess yield lenders demand by credit-rating category, compared with theoretically risk-free Treasury debt. You'll always hear a lot about how spreads are "blowing out" in a crisis, but rarely what actual borrowing costs are.

They can even drop. For example, during the 2000 tech bust and 2001 recession, investment-grade credit spreads widened by around 1.8 percentage points, but the 10-year Treasury note's yield fell by as much as 2.8 points.

Treasury yields are near a quarter-century high. Sometimes they rise for good reasons, but economist David Rosenberg doesn't think this is one of them.

“This is not some benevolent interest-rate cycle where the economy is ripping and rates are going up,” he says. “Credit investors are starting to price in, at the margin, some default risk.”

Nov. 2025 '26 Source: ICE BofA data indices via. St. Louis Federal Reserve

Headline U.S. growth is strong. The problem is that basically all of it is from AI data-center investment. The disconnect can be seen in the highly unusual number of slumping stocks at a time when the S&P 500, dominated by tech heavyweights, hit a record this week.

Cautious messages from companies in the most economically sensitive sectors such as trucking, housing, restaurants and retail normally wouldn't coincide with rising Treasury yields, which typically point to a strong economy. They are now.

And there are other forces at play. One is rising jitters about governments' long-term creditworthiness worldwide. The Fed's recently tougher tone about tackling inflation is to blame, too, says Rosenberg, with expectations for rate increases surging in the past six months.

The Fed got militant about inflation in 2022 with a series of rate hikes. That slowed the economy enough to cause a simultaneous rise in credit spreads, just like we're starting to see now. The reason it didn't lead to a recession, says Rosenberg, was \$2 trillion in pandemic-era excess household savings.

That's been spent, and governments owe trillions more than they did then. AI companies would like to borrow a few trillion more from the same global pool of savings.

Alarm bells aren't ringing yet, but Rosenberg says the chances of a recession in the next year-and-a-half have risen.

"It's a flip of a coin."

How Families Can Beat 7% Mortgage Rates, Lower Their Taxes

Having relatives who trust each other opens the door to tax-efficient wealth sharing

Happy is the family whose members—parents, grandparents and grown children—trust each other enough to co-operate on shared

goals, especially financial ones. When that is truly the case, Uncle Sam's tax rules can help as well.

This matters especially now that mortgage rates are above 7%, and many families are looking for ways to help younger members. If the elders have resources and are confident younger ones can cooperate, a family loan could make homeownership possible while providing the elders with a useful income stream.

Other strategies can actually lower taxes, such as when funding 529 plans or Roth IRAs, or when someone inherits a traditional IRA with required withdrawals larger than they will need.

Here are three strategies useful for functional families.

Intrafamily loans

It is perfectly legal for families to lend money to a relative for a down payment or even a private mortgage.

But it is important not to cut corners, says Ryan McKeown, a CPA with Wealth Enhancement Group in Minnesota. If the loan is for a down payment, be honest with the mortgage provider and have a formal agreement. The lender owes tax on the interest payments received.

If the loan is for a private mortgage, both sides should have legal representation with a formal written agreement, including payment terms. The lender owes tax on the interest, and the borrower often can deduct it if he or she itemizes.

To avoid IRS trouble, the interest rate shouldn't be lower than the agency's Applicable Federal Rate at the time of the loan. Currently, that is about $5\%$ for loans longer than nine years; about $4.5\%$ for loans three to nine years; and about $4\%$ for loans three years or less. Currently, traditional mortgage rates are generally above $7\%$ .

In addition, the lender could use the \$19,000 annual gift-tax exemption (described below) to forgive some or all of the interest or principal annually. If both lenders and borrowers are married, that is up to \$76,000 a year. There is no tax for the borrower on such forgiveness, because it is from a gift.

If you're going this route, McKeown advises against having a fixed plan to forgive the debt. Instead, do it in one-off letters specifying the amount—and keep careful records. Otherwise, the IRS

might try to treat the loan as a taxable gift.

Asset gifts

Powerful tax-saving moves for families often use gift-tax provisions. Under current law, anyone can give anyone else up to \$19,000 of assets annually, free of gift tax and gift-tax reporting. That means a married couple with three grandchildren could give them a total of \$114,000 in 2026.

The gifts can be cash or other assets, like stock. For noncash gifts, the cost basis—which is the starting point for measuring taxable gain after a sale—“carries over” to the recipient. So if someone buys \$1,000 of stock and gives it away when it is worth \$5,000,

the recipient's cost basis is \$1,000. If the recipient later sells the shares for \$8,000, the taxable gain is \$7,000.

Here's an example showing how gifts could save a family taxes. Grandma is a widow of modest means, while her child and spouse have prospered. The couple has two children, and they want to contribute \$5,000 to a 529 college-savings plan for each—but they need to sell stock to do it. Their tax rate on the sale would be 18.8%, and they would need to sell about \$11,000 of stock.

However, Grandma's federal tax rate on the stock sale is $0\%$ . If the couple gives \$10,000 of shares to Grandma, she could sell them, pay no tax, and fund the grandchildren's 529 plans. This saves about

\$1,000 of tax.

These moves are legal, and they could be used in other ways, such as to help a young person fund a Roth IRA.

But trust among family members is essential: Under the law, givers can't put conditions on a gift. Grandma could use her stock proceeds to take a cruise, but she makes 529 contributions instead.

Mark Sellner, a retired tax attorney and CPA living in Sarasota, Fla., uses this strategy. His children sell stock he gives them and fund 529 plans for his grandchildren.

The family's tax savings aren't huge, but he likes other benefits. The sales by his children don't boost his adjusted gross income, which in turn could raise his

Medicare Irmaa premiums or his 3.8% surtax on net investment income.

Sellner doesn't worry about his children using the funds for another purpose.

“There can’t be any strings attached to gifts. Of course, it is up to us to decide whether to make them in the future,” he says.

Two caveats: The “kiddie tax” applies to most children under age 24, and it is levied at the parents’ rate on investment income above \$2,700 in 2026. Consider this before making gifts to a young person.

It is perfectly legal for families to lend money to a relative for a down payment or a private mortgage.

Investors who give away stock also forgo the step-up, an important provision that exempts assets held at death from capital-gains tax.

Sellner knows he's losing a step-up, but says, "The children could use a little more now. Why should they wait 20 years to get it?"

Disclaimers

A disclaimer is a highly useful strategy in which one heir renounces an inheritance in favor of another heir. Assuming family members cooperate, this can save taxes.

Here's one example. Dad died and had a large traditional IRA that he left to Mom. She has enough assets and income to cover her expenses, and she lives in a state with a stiff estate tax. The inherited IRA would put her estate over the threshold.

Also surviving are three young-adult children. If Mom disclaims all or part of Dad's IRA within nine months of his death, that amount could go directly to the children. They will have 10 years to empty the account, and the family as a whole will likely save estate and income taxes.

Disclaimers have many key details, especially regarding beneficiary documents. Although heirs have great freedom in choosing what assets to disclaim, the rules about who gets disclaimed property are rigid. It is best if the original owner names tiers of heirs so that if one disclaims, the next recipient is clear.

A Tesla Debut Years in the Making

Continued from page B1

Then, on Sept. 12, Haushalter was elated to receive his first communication about the vehicle since he sent the money: an invitation to a “Ready for launch” event. It was originally set for Oct. 1, but rescheduled because of thunderstorms.

Tesla is now moving forward with what is likely to be its most expensive model in company history even as its core auto business has taken a back seat. Musk has said that the new Roadster will be the final human-driven vehicle Tesla ever produces because the company's future lies in autonomy, artificial intelligence and robotics. The automaker didn't respond to a request for comment.

Bringing an ultracostly, niche vehicle to market could improve the company's cash flow while longer-term bets, like humanoid robotics, might take a while to pay off, said Jon McNeill, a former Tesla president.

“I think Ferrari proves the point that you can make a lot of money in the automotive business at low volumes, at a high price point,” McNeill said.

Musk in 2017 said the car would be able to go from zero to 60 miles an hour in 1.9 seconds, top 250 miles an hour and drive up to 620 miles on a full charge. He upped the ante in 2024 by saying the Roadster would hit 60 mph from zero in less than one second. "And that is the least interesting part," he said.

By comparison, Formula One race cars go 0-60 in about 2.5 seconds. Some production cars, including Tesla's performance Model S sedan, can do it in under two seconds.

Attempts to exceed that should only be done in highly controlled environments with professional drivers and fire-suppression gear, said Sam Abuelsamid, an engineer and longtime industry analyst. "This is not something I would

▲ Jerry Heasley got his \$50,000 deposit back.

recommend to any normal human being," he said.

Beyond any ground speeds, Musk has even suggested the Roadster might hover or fly by using technology from his rocket company SpaceX.

In 2018, he said an optional SpaceX package for the car would include 10 small rocket thrusters that will improve acceleration, braking and cornering.

“Maybe they will even allow a Tesla to fly,” he added.

McNeill, who left the company in 2018, said that even a decade ago, Tesla engineers were working to incorporate thrusters from SpaceX to make the Roadster even more potent.

In 2019, Musk retweeted a fictional image of a vehicle hovering a few feet off the ground while saying the Roadster “will actually do something like this.”

On Sept. 29, the U.S. patent office published a Tesla patent for a series of ducted fans that improve

Phil Trubey and his son will get their Roadster on Thursday.

▶ Todd Haushalter put down a \$250,000 deposit for a 'Founders Series' Roadster.

stability during braking and increase speed around corners. The electric fan system increases downforce and reduces drag, according to the patent, for which Tesla applied in 2024.

Phil Trubey, who plopped down \$250,000 for a “Founders Series” Roadster, isn’t concerned about how fast it will be. He said his high-performance Tesla Model S sedan already gives him more than he can handle.

"If you punch that thing, it literally gives me nausea," said Trubey, a tech entrepreneur and investor in San Diego. "So I cannot even imagine what a Roadster would do to me."

On Thursday, Trubey and his son are headed to Texas to find out.

Yet not every Roadster customer has been able to stomach the delays. Sam Altman, the CEO of OpenAI and a rival of Musk's, said last year that he had tried to cancel his reservation after putting down a \$50,000 deposit in

2018. Altman noted 7 $^{1/2}$ years “has felt like a long time to wait.” In a spat with Altman on X, Musk said Altman’s money had been refunded.

Jerry Heasley, a Texas car collector and freelance automotive journalist, persuaded Tesla in 2025 to refund the \$50,000 deposit he had made in 2017 for a garden-variety Roadster, according to documents viewed by the Journal. As the years went by, Heasley said he was worried he might never see the car.

“I want it really bad now, you can tell,” he said. “Maybe I should have hung in there.”

Anthropic's Reputation Fixer in Washington

Tom Brown leverages his Republican ties to make peace with the White House and Elon Musk

BY AMRITH RAMKUMAR AND KEACH HAGEY

Call him Anthropic's chief problem solver. Tom Brown, who was one of the original six to found Anthropic with Dario Amo-

dei, is parlaying his background negotiating deals for the chips needed to train AI models into something even more valuable: the business and political alliances Anthropic needs to pull off an initial public offering that could value it north of \$2 trillion.

Where Amodei's doomy warnings of AI's risks have frustrated some administration officials, who worry that any pause or excessive regulation threatens to scuttle America's lead against China, Brown has found common ground. He made peace with Elon Musk, a rival who had once called Anthropic “smug, sanctimonious and hypocritical.”

When the White House forced Anthropic to shut off all access to two of its models due to security concerns, Amodei dispatched his chief compute officer to negotiate with the Trump administration after his own efforts fell short. Brown, a Republican, ended the two-and-a-half-week June standoff by assuring Commerce Department, Pentagon and White House officials that Anthropic understood their security fears and had upgraded its safeguards.

The 6-foot-6 executive posed for a photo last week at a White House summit feting America's advances in AI, posing with technology CEOs and a president that has previously lambasted Anthropic as “woke.”

His friendlier relationship with the administration was seen by some observers as one factor helping Amodei secure his first lengthy face-to-face meeting with Donald Trump, a late September dinner at the White House, after which he earned praise from the president. Amodei also attended last week's lunch, making Anthropic one of two companies with a pair of executives in attendance.

Brown bought a house in Washington earlier this year with his wife, a startup co-founder and former venture investor named Michelle Valentine. The couple has said in private conversations that they are allies of the Republican Party and want to establish relationships in Washington, people familiar with the matter said. Brown has supported the aggressive U.S. build-out of data centers

Tom Brown

■ Standing tall: He is 6 feet 6 inches tall
■ New son: He has a 1-year-old with wife Michelle Valentine
■ New digs: He and Valentine bought a house this year in Washington, D.C.
■ Early gig: Brown worked on a group dating app

■ Rest of the résumé: He has also worked at OpenAI, Google and, of course, Anthropic

and nuclear energy projects, a White House priority but an undertaking increasingly unpopular among Americans. Anthropic continues to need more computing power as it amasses users and models advance.

Brown said at a G-20 tech summit last month that he “really loved” a post by Trump on Truth Social that said communities that don’t embrace data centers risk becoming “backwards and poor.”

“He was pointing out that the data centers are just an enormous source of prosperity,” Brown said of the post.

“He is increasingly playing the dual role of founder and diplomat,” said Joseph Hoefer, chief AI officer at lobbying firm Monument Advocacy, which represents tech companies but not Anthropic.

His intense negotiating style masks his soft side as a father to a 1-year-old son, people who work with Brown say.

Brown grew up in the San Francisco Bay Area, then studied engineering at the Massachusetts Institute of Technology. He worked for a host of startups and participated in startup incubator Y Combinator. A self-described awkward kid, Brown has said he briefly worked on a group dating app called Grouper to help people like him “talk to girls.”

He offered to mop the floors at OpenAI to get his foot in the door. Shortly afterward, OpenAI co-founder Greg Brockman, with whom he had become friendly, hired Brown as one of the startup's first 20 employees.

There, Brown met Musk, the lab's main funder at the time. During one of Musk's visits in 2016, Brown watched in panic as Musk savaged a demonstration from a legendary researcher. But when it was Brown's turn to show off his work, Musk said he liked Brown's tool that let an AI play the videogame StarCraft, according to people familiar with the matter.

The encounter would end up paving the way to a pivotal computing deal between the two men's companies a decade later.

Brown was laid off from OpenAI, then briefly joined Google's DeepMind lab. Amodei brought him back to OpenAI in 2018, and he led engineering work on GPT-3. The breakthrough model demonstrated one of the central tenets underpinning the AI boom: that capabilities would increase when models were trained on more data.

He joined Amodei and five other OpenAI leaders to create Anthropic at the start of 2021.

When the early 2023 launch of Anthropic's Claude models to compete with ChatGPT increased the need for computing power, Brown orchestrated deals with Google and Amazon.

Brown also turned to Musk, whose SpaceX had excess capacity at its massive data center complexes after acquiring xAI. It was a tender time: Musk had spent months railing against Anthropic after it cut off xAI's access to Claude Code, calling it "smug, sanctimonious and hypocritical" on X and giving it the nickname "Misanthropic."

But Brown saw that Musk and Anthropic ultimately had an opportunity to help each other. He drove to SpaceX's offices in Hawthorne, Calif., in late March and told Musk Anthropic wasn't as "woke" as he thought, while acknowledging some of its past models had been, according to people familiar with the matter.

The company clashed with the Defense Department this year about the right guardrails for AI models when they are used by the military. The Pentagon's designation of Anthropic as a security risk is still in place.

Brown has regular conversations with Emil Michael, undersecretary of defense for research and engineering, but the Pentagon has barred all usage of Anthropic's tools and told contractors to stop using them, a move that has been upheld in one court and struck down in another.

In recent weeks, Brown has held discussions with Commerce Secretary Howard Lutnick and Michael Kratsios, head of the White House Office of Science and Technology Policy, about Anthropic's models and AI safety. During last month's G-20, Brown was seen talking casually with Lutnick and officials from other countries.

Onstage at the event, Lutnick asked Brown what the future holds for AI. Brown said he expects major progress on curing cancer and benefiting the economy in the next five years, echoing claims from Amodei.

“Looking back, we’ll be like, ‘Wow, back in 2026, we thought stuff was going fast and we thought we were seeing this, but actually we underestimated how impactful this would be and what the progress would be,’” Brown said.

The Most Valuable Resource in the AI Boom

Continued from page B1 continued from page 81 ing proper security or weaker infrastructure.

While splashy announcements have promised enormous amounts of new computing power coming soon, far less is actually available today, said Nick Frosst, co-founder of Canadian AI startup Cohere.

“Lots of things have been announced and then canceled,” said Frosst, whose startup builds large language models and was valued at \$6.8 billion last year. “Or things that they said they’re going to build this big, but then they actually build significantly less.”

Arcee, an open-source AI founder Tom Brown visited Elon Musk at rival AI company xAI's offices in Hawthorne, Calif., to broker a deal to rent computing power from Musk's company, according to people familiar with the matter. The explosive, unexpected success of Anthropic's Claude Code had created a computing crunch, contributing to frequent outages.

In May, Anthropic stunned the industry when it announced an agreement with Musk's SpaceX to lease more than 300 megawatts of computing power—part of a deal later revealed to be worth up to \$45 billion in the coming years.

\$45 billion The amount Anthropic expects to pay SpaceX for computing power

startup, recently secured commitments for both capital and computing capacity from an infrastructure partner, said CEO Mark Mc-Quade, but the deal collapsed when the firm's data center was delayed.

"So much is up in the air with

these things, especially when it comes to compute," said McQuade. "You take it with a grain of salt until it's real."

With so much demand, prices are going up. The hourly cost of renting computing power from Nvidia H100 chips on a one-year contract has risen 60% in the past year, according to SemiAnalysis, a data and consulting firm. Alphabet expects to make up to \$200 billion this year in capital expenditures, much of it going toward AI infrastructure.

Even the busiest AI executives are personally involving themselves in negotiations over computing power.

In late March, Anthropic co-

Musk, who had previously been publicly critical of Anthropic, posted on X that he was “impressed” with members of Anthropic’s senior team, adding, “No one set off my evil detector.”

Anthropic CEO Dario Amodei also spoke on the phone with Meta chief AI officer Alexandr Wang earlier this year, attempting to source more computing capacity, according to a person familiar with the matter. Meta debated whether to give chips to Anthropic and ultimately decided not to for now, people familiar with the matter said.

This is all in addition to the hundreds of billions of dollars in computing deals Anthropic has announced over the past year.

Inside Google's Mountain View offices, researchers are fiercely divided over which projects deserve the company's precious computing resources. Co-founder Sergey Brin sometimes upends the formal compute allocation process, re-

Capital spending at five large hyperscalers

\$1.2 trillion

Source: FactSet

shuffling power around to projects that he thinks are important, according to people familiar with the matter. Demis Hassabis, who co-founded and until recently ran Google's AI lab DeepMind and took a chairman role in August, has expressed frustration about a lack of compute allocated toward long-term research, according to people familiar with the matter.

To hedge against the unpredictable nature of securing computing power, some companies are signing contracts for more capacity than they need. In other cases, startups have predicted surging demand for their AI products that never materialized, forcing them to resell leftover capacity.

This confluence of factors, coupled with rising wait times and skyrocketing costs of compute, are crippling a generation of newcomers trying to compete with Google, Anthropic and OpenAI.

Earlier in the AI boom, companies large and small could rent clusters of AI chips from Amazon Web Services, for example, without having to make a multiyear commitment or pay an astronomical upfront fee.

As frontier AI labs soaked up the available compute, cloud providers moved to require multiyear contracts with upfront costs often as high as 30%. Sometimes they require startups to find guarantors willing to cover their payments if they are unable to.

“It’s like if you had an apartment, and you could rent month-to-month, and then suddenly your landlord comes in and says, ‘Hey, I need you to sign a five-year lease, and by the way, I need you to pay a year upfront,’ ” said SF Compute’s Conrad.

The challenge isn't only securing computing power but also accurately predicting how much firepower startups will need as they scale.

One of Silicon Valley's newest and fastest-growing startups, the viral AI assistant Instinct, is dealing with steep competition from Meta and OpenAI, which both recently debuted their own personal AI agents and have access to substantially more capital and computing power.

Instinct last month raised \$1 billion at a \$10 billion valuation in what was its third capital raise this year, but even with oodles of cash, it may struggle to keep pace with the likes of Meta, which owns and operates its own data centers.

Instinct CEO Noah Shinn said on a recent podcast episode of “Invest Like the Best” that he has wrestled with whether to buy compute now to accommodate a future where it has 100 million users, a risky move that could tank the company if it doesn’t grow as expected. A representative for Instinct declined to comment.

"If you overbuy, you could bankrupt the company by having too many lease commitments, and if you underbuy, you could knock down your growth trajectory and have a bunch of unhappy users," said Zach Bratun-Glennon, a general partner at Gradient Ventures, which invests in AI startups.

Some venture-capital firms are now reserving clusters themselves and renting the capacity back to their startups, or offering to guarantee contracts with compute providers. Last year, one of Y Combinator's startups needed 120 graphics processing units, or GPUs, for a two-month training

run but couldn't find a suitable contract, according to a person familiar with the accelerator. So Y Combinator introduced a cluster dedicated to its startups, which it launched in July.

At Radical Ventures, an AI-focused VC firm that recently backed a new AI lab co-founded by Alphabet's former chief scientist Jeff Dean called Discovery Loop, David Katz leads a team that tracks available GPUs, monitors pricing and contract terms, and connects portfolio companies with compute providers.

Over the past five years, Katz and his small team have negotiated billions in compute deals, he said. Katz often finds himself texting directly with the leaders of neoclouds—companies that purchase GPUs and other chips, then lease them to customers—to inquire about availability. He flags potential investments to compute partners before Radical has decided to invest to make sure capacity will be there if they need it.

"It used to be, ‘Where am I getting my capital?’ Now it’s like, ‘Who’s going to help me?’ ” said Katz. “There’s a lot of capital floating around for these companies, but there’s not a lot of deep intelligence on how to build these things.”

EXCHANGE

SCIENCE OF SUCCESS | BEN COHEN

AI Just Hit a Milestone. It Cracked Hundreds of Math Problems.

OpenAI released findings on more than 300. It may be ‘the most significant moment in mathematical history.’

Since you last thought about math, the people who think about math every day have been freaking out.

A month ago,

When OpenAI announced that one of its powerful internal models had cracked a notoriously difficult Millennium Prize Problem, it looked like the most spectacular demonstration yet of artificial intelligence's progress in mathematics.

Then mathematicians revolted.

The backlash from the math world coincided with a global reckoning about Silicon Valley labs racing to build technology that could spiral beyond their control. On the same day that OpenAI published its landmark proof, a researcher quit Anthropic over safety concerns. Within hours, the AI breakthrough was overshadowed by fears that AI could destroy humanity.

Meanwhile, mathematicians were dealing with existential questions of their own.

But as they publicly debated the future of their ancient field, OpenAI's model kept churning out new proofs behind closed doors. This left the company with a problem for a bunch of humans to solve: what to do with all that AI-generated math.

On Tuesday night, OpenAI published hundreds of proofs for mathematicians to wrap their minds around.

An unprecedented number of answers that had eluded mathematicians for decades arrived in a single night. The deluge included AI solutions to more than 300 problems across number theory, algebraic geometry and other fields with names that could give anyone haunted by high-school math a migraine. Among the major findings in the collection of roughly 720 papers were advances related to three of the five remaining Millennium Prize Problems, including the Riemann hypothesis.

"If a human did this, it would be an instant Fields Medal, no questions asked," Alex Kontorovich, a Rutgers University distinguished math professor, wrote on X about the "quasi-Riemann hypothesis" proof.

The understated rollout of such monumental results marked a shift in OpenAI's approach to publishing scientific discoveries, part of an effort to win back mathematicians who have become allergic to AI

hype in recent months. This past week, many of them reported feeling a sense of awe.

As stunned math experts scrolled through the results and began to absorb them, even a researcher inside Anthropic called the release “obviously the most significant moment in mathematical history.”

It was also the latest head-spinning twist in a historic year for AI and math itself.

This year, OpenAI and Anthropic have turned complex mathematics into an unusual form of marketing for their smartest models, trumpeting solutions to problems that had stumped humans for nearly a century.

But what once seemed like a safe way to flaunt AI's capabilities started to backfire as Americans have become increasingly skeptical of AI.

The labs have also lost the trust of some people who have devoted their lives to math and once embraced AI tools as outrageously powerful calculators but now feel like collateral damage in a battle of trillion-dollar companies. Their rivalry is so fierce that OpenAI says it pointed its frontier model at the Millennium Prize Problems—and poured millions of dollars in computing power into the effort—only after hearing that Anthropic had already solved at least one.

The criticism intensified when more than two dozen winners of the prestigious Fields Medal published a furious open letter, warning that the industry's rush to solve math problems threatened to undermine the very purpose of math.

Under pressure from the scientific community that OpenAI says it's trying to empower, the company recently helped assemble an independent advisory group of leading mathematicians.

“There are difficult questions ahead about how AI can support mathematical understanding,” OpenAI said last month. “We want mathematicians to be at the center of shaping the answers.”

Last week, that advisory committee laid out guidelines for how AI labs should publish their findings based on feedback from hundreds of mathematicians.

OpenAI says it drew on those recommendations as it unleashed this avalanche of math.

Instead of dripping out findings one by one, OpenAI dropped them all at once.

The company released 372 groups of results and said the model attempted roughly 4,000 problems in total. It also provided summaries of the model's “chain of thought” and estimated the average result required only a fraction of the computing power that went into the Millennium Prize triumph.

Earlier this week, as rumors swirled that OpenAI would soon drop a barrage of proofs, mathematicians scrambled to publish their own AI-assisted work before they could be scooped.

OpenAI says the release reflected the math council's advice and concerns—with one exception.

“We ask them to stop testing advanced mathematical problems on proprietary models,” top mathematicians wrote last week.

OpenAI responded: “It is important to continue to evaluate our internal frontier models on mathematics and other sciences, so we can accelerate developing the tools to advance those fields.”

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Dow Jones	Latest					52-Week			% chg
	High	Low	Close	Net chg	% chg	High	Low	% chg	YTD	3-yr. ann.
Industrial Average	51765.11	51258.95	51654.95	423.31		0.83	54349.12	45166.64	13.6	7.5
Transportation Avg	19861.87	19704.46	19804.14	-4.93	-0.02	23933.14	15067.87	31.4	14.1	9.8
Utility Average	1057.24	1046.28	1055.96	8.09		0.77	1190.23	1004.50	-7.4	-1.1
Total Stock Market	76995.00	76558.33	76901.75	470.41		0.62	77313.23	62750.36	18.7	13.9
Barron's 400	1611.58	1604.11	1607.51	6.91		0.43	1685.46	1318.70	20.0	13.8
Nasdaq Stock Market
Nasdaq Composite	27395.41	27254.03	27366.17	172.83		0.64	27599.79	20794.64	23.2	17.7
Nasdaq-100	30946.74	30770.06	30883.15	157.34		0.51	31224.47	22953.38	27.5	22.3
S&P
500 Index	7820.57	7779.34	7811.54	46.18		0.59	7818.93	6343.72	19.2	14.1
MidCap 400	3677.97	3644.88	3669.17	19.15		0.52	3926.98	3109.89	16.0	11.0
SmallCap 600	1676.32	1667.54	1672.98	2.39		0.14	1828.54	1364.94	20.1	14.0
Other Indexes
Russell 2000	2814.01	2795.54	2806.98	12.85		0.46	3068.42	2305.11	17.2	13.1
NYSE Composite	23953.60	23797.60	23939.10	141.50		0.59	24821.68	20912.89	13.5	8.8
Value Line	654.14	651.17	653.33	2.160		0.33	702.60	590.50	6.9	4.0
NYSE Arca Biotech	9265.97	9064.01	9236.24	172.23		1.90	9539.76	6340.88	45.7	29.1
NYSE Arca Pharma	1243.57	1220.25	1241.74	14.18		1.16	1315.38	984.85	23.3	10.3
KBW Bank	171.17	169.05	170.65	0.65		0.38	193.91	143.23	19.1	3.9
PHLX$ Gold/Silver	368.93	363.46	366.69	9.05		2.53	470.37	265.03	24.1	7.1
PHLX$ Oil Service	94.98	94.15	94.28	-0.001	-0.001		109.24	60.27	56.4	28.6
PHLX$ Semiconductor	12826.67	12507.88	12572.42	-51.29	-0.41		14634.72	6352.07	96.2	77.5
Cboe Volatility	15.34	14.77	14.84	-0.57	-3.70		31.05	13.47	-31.5	-0.7

7300
Aug.	Sept.	Oct.

MARKETS DIGEST

Dow Jones Industrial Average

51654.95	Trailing P/E ratio	21.03	24.92
▲ 423.31	P/E estimate*	19.58	22.09
or 0.83%	Dividend yield	1.54	1.62
All-time high		Current divisor
54349.12, 08/05/26		0.1682481652835

S&P 500 Index

		Last	Year ago
7811.54	Trailing P/E ratio *	23.58	25.65
▲ 46.18	P/E estimate *	19.56	22.27
or 0.59%	Dividend yield *	1.05	1.15
All-time high
7818.93, 10/06/26

Session high
DOWN	UP	48000
Session open	Close
Close	Open	46000
Session low		44000

42000
Aug.	Sept.	Oct.

Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. ${}^{\dagger}$ Based on Nasdaq-100 Index

Nasdaq Composite Index

		Last	Year ago
27366.17	Trailing P/E ratio *†	31.51	33.55
▲ 172.83	P/E estimate *†	22.15	29.15
or 0.64%	Dividend yield *†	0.53	0.64

	25000
Aug.	Sept.
Oct.

Major U.S. Stock-Market Indexes

Trading Diary
Sources: FactSet; Dow Jones Market Data

Percentage Gainers...
International Stock Indexes

Volume, Advancers, Decliners
	NYSE	NYSE Amer.
Total volume*	1,071,065,746	13,231,477
Adv. volume*	595,660,476	9,355,674
Decl. volume*	464,691,398	3,180,320
Issues traded	2,794	287
Advances	1,539	147
Declines	1,177	125
Unchanged	78	15
New highs	42	1
New lows	123	19
Closing Arms†	0.99	0.35
Block trades*	3,879	146

Total volume*	6,845,313,838	292,797,200
Adv. volume*	3,610,890,865	211,308,106
Decl. volume*	3,171,752,035	79,278,478
Issues traded	4,951	2,543
Advances	2,759	1,977
Declines	2,019	517
Unchanged	173	49
New highs	90	46
New lows	275	12
Closing Arms1	1.20	1.57
Block trades*	39,442	1,640

$^{a}$ Primary market NYSE, NYSE American NYSE Arca only. $^{b}$ (TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Arms of less than 1 indicates buying demand; above 1 indicates selling pressure.

Region/Country	Index	Close	Net chg	Latest % chg	YTD % chg
World	MSCI ACWI	1147.26	7.16	0.63	13.1
	MSCI ACWI ex-USA	468.55	3.09	0.66	11.3
	MSCI World	4962.41	31.13	0.63	12.0
	MSCI Emerging Markets	1708.77	10.24	0.60	21.7
Americas	MSCI AC Americas	2954.96	18.882	0.64	13.9
Canada	S&P/TSX Comp	35664.62	519.24	1.48	12.5
Latin Amer.	MSCI EM Latin America	3372.92	48.26	1.45	24.5
Brazil	Bovespa	209066.90	2846.66	1.38	29.8
Mexico	S&P/BMV IPC	66048.57	1061.66	1.63	2.7
EMEA	STOXX Europe 600	631.55	6.04	0.96	6.6
Eurozone	Euro STOXX	649.97	4.38	0.68	6.2
Belgium	Bel-20	5454.74	55.34	1.02	7.4
Denmark	OMX Copenhagen 20	1518.17	23.02	1.54	-5.6
France	CAC 40	7803.33	73.64	0.95	-4.2
Germany	DAX	25087.27	280.30	1.13	2.4
Israel	Tel Aviv	4061.71	-28.23	-0.69	11.8
Italy	FTSE MIB	49746.31	448.43	0.91	10.7
Netherlands	AEX	1130.95	9.75	0.87	18.9
Norway	Oslo Bors All-Share	2480.48	27.90	1.14	27.8
South Africa	FTSE/JSE All-Share	108524.77	1415.48	1.32	-6.3
Spain	IBEX 35	19033.10	104.20	0.55	10.0
Sweden	OMX Stockholm	1122.11	18.06	1.64	7.3
Switzerland	Swiss Market	13787.40	150.40	1.10	3.9
Turkey	BIST 100	12265.98	52.40	0.43	8.9
U.K.	FTSE 100	10552.05	110.45	1.06	6.2
U.K.	FTSE 250	24213.78	269.90	1.13	7.8
Asia-Pacific	MSCI AC Asia Pacific	274.81	1.11	0.41	20.7
Australia	S&P/ASX 200	8716.60	55.69	0.64	0.03
China	Shanghai Composite	3813.79	1.89	0.05	-3.9
Hong Kong	Hang Seng	24211.35	425.56	1.79	-5.5
India	BSE Sensex	72472.33	879.09	1.23	-15.0
Indonesia	JSX Composite	6093.76	62.48	1.04	-29.5
Japan	NIKKEI 225	69030.92	-11.19	-0.02|	37.1
Singapore	Straits Times	5401.89	-11.07	-0.20|	16.3
South Korea	KOSPI	6625.93	...	Closed	57.2
Taiwan	TAIEX	49313.44	...	Closed	70.3
Thailand	SET	1577.65	7.04	0.45	25.2

Company	Symbol	Latest Session			52-Week
		Close	Net chg	% chg	High	Low	% chg
WF Holding	WFF	12.29	10.24	499.51	19.44	0.91	155.8
Veea	VEEA	5.70	1.83	47.29	18.67	1.34	-64.1
Quetta Acquisition	QETA	16.41	4.81	41.47	21.59	11.02	46.8
Defiance Tgt 2X Lg MRNA	MRNX	183.82	39.81	27.64	183.82	14.95	...
Opportunistic Trader ETF	WZRD	5.70	1.22	27.23	417.60	3.70	-98.3
Concord Medical Svs ADR	CCM	3.88	0.78	25.16	6.96	2.79	-34.8
Cue Biopharma	CUE	27.66	5.33	23.87	45.50	4.97	-0.5
Agroz	AGRZ	4.42	0.80	22.10	144.00	2.89	-94.8
Defiance Tgt 2X Shrt ASTS	ASTN	23.07	4.11	21.68	100.24	12.64	...
Defiance Tgt 2X Lg HIMS	HIMZ	29.08	4.91	20.32	391.58	12.38	-91.1
T-REX 2X Lg DOCN Dly Tgt	OCNL	25.70	4.09	18.94	32.56	16.77	...
YD Bio	YDES	6.73	0.94	16.23	22.00	1.70	-64.0
Kailera Therapeutics	KLRA	11.61	1.61	16.10	28.23	9.76	...
Fastly	FSLY	29.30	4.01	15.86	34.82	7.74	242.7
Novavax	NVAX	12.75	1.74	15.80	13.39	6.20	48.4

Sources: FactSet; Dow Jones Market Data

Commodities

	Close	Friday		52-Week			YTD % chg
		Net chg	% Chg	High	Low	% Chg
DJ Commodity	1463.79	5.59	0.38	1505.40	1076.65	35.96	29.46
FTSE/CC CRB Index	414.73	0.39	0.09	429.15	291.69	41.66	38.81
Crude oil, $ per barrel	91.85	0.36	0.39	112.95	55.27	55.94	59.96
Natural gas, $/MMBtu	3.220	0.052	1.64	7.460	2.523	3.67	-12.64
Gold, $ per troy oz.	4191.00	59.20	1.43	5318.40	3947.70	5.41	-3.11

Consumer Rates and Returns to Investor

A consumer rate against its benchmark over the past year

U.S. consumer rates

Percentage Losers

Selected rates

Bankrate.com avg1:	6.43%
Florence Savings Bank	5.25%
Florence, MA	800-644-8261
San Diego County Credit Union	5.38%
San Diego, CA	877-732-2848
Hanscom Federal Credit Union	5.50%
Hanscom AFB, MA	800-656-4328
Clinton Savings Bank	5.88%
Clinton, MA	888-744-4272
Haven Savings Bank	5.88%
Hoboken, NJ	201-659-3600

Interest rate	Yield/Rate (%)		52-Week Range (%)						3-yr chg(pct pts)
	Last (●)	Week ago	Low	0	2	4	6	8	High
Federal-funds rate target	3.75-4.00	3.75-4.00	3.50						4.25
Prime rate*	7.00	7.00	6.75						7.25
SOFR	3.87	3.87	3.50						4.31
Money market, annual yield	0.45	0.45	0.41						0.45
Five-year CD, annual yield	1.78	1.77	1.67						1.79
30-year mortgage, fixed†	7.50	7.40	6.11						7.50
15-year mortgage, fixed†	6.92	6.84	5.55						6.92
Jumbo mortgages, $832,750-plus†	7.51	7.42	6.34						7.51
Five-year adj mortgage (ARM)†	6.43	6.63	5.66						6.72
New-car loan, 48-month	7.04	6.97	6.85						7.13

Company	Symbol	Latest Session			52-Week
		Close	Net chg	% chg	High	Low	% chg
Moolec Science	MLEC	2.20	-1.99	-47.49	23.22	1.99	-82.1
Armada Acquisition II	XRPN	17.09	-7.11	-29.38	53.00	10.10	64.2
Pinnacle Food Group	PFAI	3.05	-1.18	-27.90	7.02	1.90	58.9
Cable One	CABO	11.14	-4.24	-27.57	172.06	9.84	-93.1
TruGolf Holdings	TRUG	1.89	-0.67	-26.17	268.00	1.84	-99.2
Leverage 2X Lg ASTS Dly	ASTG	5.05	-1.39	-21.58	21.53	4.31	...
Tradr 2X Long ASTS Daily	ASTX	6.94	-1.90	-21.49	114.18	5.93	-91.2
T-REX 2X Lg ASTS Dly Tgt	ASUP	4.73	-1.27	-21.19	53.18	4.09	...
Defiance Tgt 2X Lg ASTS	ASTY	3.70	-0.99	-21.11	42.72	3.15	...
Corgi ASTS 2x Daily	ASTT	11.32	-2.97	-20.77	44.17	9.84	...
Chaince Digital Holdings	CD	8.66	-2.25	-20.62	32.24	2.10	-72.5
NorthStar Earth & Space A	NSTR	3.28	-0.84	-20.39	12.74	3.17	...
BayFirst Financial	BAFN	5.38	-1.34	-19.94	10.38	4.26	-46.2
T-REX 2X Lg EOSE Dly Tgt	EOSU	2.89	-0.67	-18.82	762.50	2.73	...
Corgi EOSE 2x Daily ETF	EO	3.17	-0.69	-17.77	23.10	3.08	...

Bankrate.com rates based on survey of over 1,500 online banks. *Base rate posted by 70% of the nation's largest banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com
* Common stocks priced at \$2 a share or more with an average volume over 65 trading days of at least 5,000 shares †Has traded fewer than 65 days

Most Active Stocks

Company	Symbol	Volume(000)	% chg from65-day avg	Latest Session		52-Week
				Close	% chg	High	Low
OFA Group	OFAL	321,315	4589.9	0.55	33.59	12.90	0.40
Zhibao Technology	ZBAO	205,096	547.8	0.06	-2.05	1.34	0.04
AT&T	T	150,181	210.3	22.18	-9.81	29.44	19.89
WF Holding	WFF	140,515	5262.7	12.29	499.51	19.44	0.91
OLB Group	OLB	105,420	309.9	0.50	-9.84	1.80	0.18

Treasury yield curve

Forex Race

Yen, euro vs. dollar; dollar vs. major U.S. trading partners

Yield to maturity of current bills, notes and bonds

Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data

Track the Markets: Winners and Losers A look at how selected global stock indexes, bond ETFs, currencies and commodities performed around the world for the week.
Corporate Borrowing Rates and Yields

Bond total return index	Close	Yield (%)		52-Week		Total Return (%)
		Last	Week ago	High	Low	52-wk	3-yr
U.S. Treasury Bloomberg	2275.650	5.080	5.120	5.130	3.750	-1.673	3.663
U.S. Treasury Long, Bloomberg	2975.810	5.620	5.660	5.690	4.520	-7.396	2.409
Aggregate, Bloomberg	2190.520	5.510	5.560	5.570	4.160	-1.558	4.619
Fixed-Rate MBS, Bloomberg	2185.640	5.860	5.920	5.970	4.380	-1.306	5.180
High Yield 100, ICE BofA	4109.768	7.529	7.617	7.655	5.828	1.406	8.130
Muni Master, ICE BofA	596.597	4.391	4.387	4.628	3.037	-2.504	3.045
EMBI Global, J.P. Morgan	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.

Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services

Index	Currency, vs. U.S. dollar	Commodity, traded in U.S.*	Exchange-traded fund
Bovespa Index	8.82%
Nymex natural gas	6.10
Nymex ULSD	5.27
S&P 500 Consumer Staples	3.98
S&P 500 Utilities	3.94
S&P 500 Energy	3.62
S&P 500 Consumer Discr	3.12
S&P 500 Health Care	2.84
S&P/BMV IPC	2.35
Comex copper	2.32
S&P 500 Financials	2.30
S&P 500 Real Estate	1.79
Bloomberg Commodity Index	1.71
S&P 500 Materials	1.43
Comex gold	1.39
Comex silver	1.16
S&P 500	1.15
iShJPMUSEmgBd	1.14
Soybeans	1.08
NIKKEI 225	1.06
Hang Seng	1.00
Dow Jones Industrial Average	0.93
FTSE 100	0.86
South African rand	0.86
Nymex crude	0.81
BSE Sensex	0.78
S&P 500 Communication Svcs	0.77
Norwegian krone	0.67
iSh 20+ Treasury	0.65
Nasdaq Composite	0.64
iShiBoxx$InvGrdCp	0.57
S&P/TSX Comp	0.46
Australian dollar	0.45
iShiBoxx$HYCp	0.42
VangdTotalBd	0.40
S&P/ASX 200	0.40
iSh 7-10 Treasury	0.39
iSh TIPS Bond	0.30
VangdTotIntlBd	0.26
Nasdaq-100	0.24
South Korean won	0.22
Chinese yuan	0.19
iSh 1-3 Treasury	0.19
WSJ Dollar Index	0.13
iShNatlMuniBd	0.12
STOXX Europe 600	0.03
S&P MidCap 400	0.03
-0.01	Indonesian rupiah
-0.05	Canadian dollar
-0.07	U.K. pound
-0.17	Swiss franc
-0.26	S&P 500 Information Tech
-0.27	IBEX 35
-0.28	Japanese yen
-0.34	Indian rupee
-0.42	S&P 500 Industrials
-0.46	Euro area euro
-0.52	Nymex RBOB gasoline
-0.57	DAX
-0.74	Shanghai Composite
-0.76	S&P SmallCap 600
-0.91	Russell 2000
-1.03	Euro STOXX
-1.03	Dow Jones Transportation Average
-1.19	CAC-40
-1.36	Mexican peso
-1.46	FTSE MIB
-1.76	Wheat
-3.62	Corn
-3.63	Lean hogs
-5.39	KOSPI Composite

*Continuous front-month contracts
Sources: FactSet (indexes, bond ETFs, commodities), Tullett Prebon (currencies). THE WALL STREET JOURNAL

Methodology

Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which reflect total returns). Commodities are represented by the continuous front-month futures contract. Bond exchange-traded fund performance may diverge from that of their underlying index. Bond categories are represented by the following ETFs: U.S. Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S. Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS): iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx \$ Investment Grade Corporate; High Yield Corporate Bonds: iShares iBoxx \$ High Yield Corporate; Municipal Bonds: iShares National Muni; International Bonds: Vanguard Total International; Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.

Currencies

U.S.-dollar foreign-exchange rates at 5 p.m. ET

Country/currency	in US$	Fri per US$	US$ vs. YTD chg (%)
Americas
Argentina peso	.00071516.7268		4.5
Brazil real	.2005	4.9870	-9.6
Canada dollar	.7015	1.4256	3.9
Chile peso	.001024	976.97	8.5
Colombia peso	.000313	3195.29	-15.2
Ecuador US dollar	1	1	unch
Mexico peso	.0543	18.4131	2.2
Uruguay peso	.02490	40.1644	2.8

Country/currency	in US$	Fri per US$	US$ vs. YTD chg (%)
Vietnam dong	.00003864	25881	-1.6

Australiadollar	.6982	1.4323	-4.4
China yuan	.1494	6.6924	-4.3
Hong Kong dollar	.1274	7.8483	0.8
India rupee	.01037	96.465	7.3
Indonesia rupiah	.0000558	17917	7.3
Japan yen	.006317	158.29	1.0
Kazakhstan tenge	.002204	453.69	-10.6
Macau pataca	.1237	8.0853	0.8
Malaysia ringgit	.2447	4.0860	0.7
New Zealand dollar	.5612	1.7819	2.6
Pakistan rupee	.00361	276.898	-1.2
Philippines peso	.0159	62.806	6.6
Singapore dollar	.7808	1.2807	-0.4
South Korea won	.0007460	1340.44	-7.0
Sri Lanka rupee	.0030226	330.84	6.8
Taiwan dollar	.03132	31.932	1.9
Thailand baht	.02983	33.520	6.4

Europe
Czech Rep. koruna	.04595	21.763	5.8
Denmark krone	.1499	6.6724	4.9
Euro area euro	1.1202	.8927	4.9
Hungary forint	.003070	325.75	-0.5
Iceland krona	.008188	122.13	-2.5
Norway krone	.1047	9.5553	-5.3
Poland zloty	.2553	3.9168	9.1
Sweden krona	.1000	9.9970	8.5
Switzerland franc	1.2047	.8301	4.7
Turkey lira	.0203	49.2694	14.7
Ukraine hryvnia	.0222	44.9500	6.1
UK pound	1.3232	.7557	1.8

Mitarie Easley, Africa
Bahrain dinar	2.6485	.3776	0.2
Egypt pound	.0191	52.3716	9.8
Israel shekel	.3266	3.0622	-3.9
Kuwait dinar	3.2157	.3110	1.0
Oman sul rial	2.6010	.3845	-0.1
Qatar rial	.2736	3.655	0.03
Saudi Arabia riyal	.2663	3.7547	0.1
South Africa rand	.0605	16.5189	-0.3

	Close	Net Chg	% Chg	YTD % Chg
WSJ Dollar Index	97.38	0.04	0.04	1.52
Sources: Tullett Prebon, Dow Jones Market Data

Polymarket | A Dow Jones partner

Prediction Market: Bitcoin vs. Gold vs. S&P 500 in 2026 This market will resolve according to the asset which has the best performance in 2026 among Bitcoin, Gold, and the S&P 500 with performance measured as the percentage change in price during the year for each asset.

Source: FactSet

Aug. index level

Chg From (%) July '26 Aug. '25

MARKET DATA

Futures Contracts

Metal & Petroleum Futures

	Contract			Settle	Chg	Open interest
	Open	High	hi lo
Copper-High (CMX)-25,000 lbs.; $ per lb.
Oct	6.5345	6.6530	6.5340	6.6425	0.1235	1,890
Dec	6.5470	6.7200	6.5115	6.6920	0.1235	164,393
Gold (CMX)-100 troy oz; $ per troy oz.
Oct	4176.60	4194.60	4176.60	4191.00	59.20	337
Nov	4149.00	4216.00	4149.00	4201.10	59.20	4,015
Dec	4159.70	4233.70	4156.10	4216.30	59.30	321,112
Jan'27	4191.30	4243.00	4187.60	4235.50	59.60	628
Feb	4192.50	4267.50	4192.50	4251.50	60.00	42,966
March	4239.00	4277.30	4239.00	4268.00	60.60	269
Palladium (NYM) - 50 troy oz; $ per troy oz.
Oct	1215.00	1215.00	1207.00	1140.50	25.60	5
Dec	1129.50	1168.50	1129.50	1150.40	25.00	21,546
Platinum (NYM)-50 troy oz; $ per troy oz.
Oct	1727.50	1737.00	1713.90	1679.30	53.60	16
Jan'27	1646.00	1710.00	1646.00	1693.30	51.30	53,249
Silver (CMX)-5,000 troy oz; $ per troy oz.
Oct	60.755	60.755	60.755	60.670	1.606	723
Dec	59.460	61.460	59.450	61.048	1.624	83,517

Agriculture Futures

	Contract					Open interest
	Open	High hilo	Low	Settle	Chg
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Oct	337.550	344.300	337.550	343.850	5.825	6,471
Nov	334.875	342.400	334.600	341.950	7.075	22,594
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Oct	221.775	225.300	221.700	224.975	3.100	14,076
Dec	223.525	227.550	223.300	227.050	3.500	119,215
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Oct	75.275	75.350▼	74.975	75.050	-.775	17,380
Dec	68.100	68.675▼	67.325	67.825	-.775	148,766
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft.
Nov	517.50	537.00	517.00	533.00	14.50	8,952
Jan'27	538.50	552.00▼	537.00	550.50	10.50	1,926
Milk (CME)-200,000 lbs., cents per lb.
Oct	14.97	15.00	14.94	14.98	-.04	5,134
Nov	16.16	16.21	15.88	16.10	-.04	7,851
Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec	5,604	5,712	5,563	5,665	...	69,274
March'27	5,722	5,816	5,675	5,781	5	46,331
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec	289.05	291.80	284.25	286.95	-2.10	77,003
March'27	281.00	284.30	277.10	279.80	-1.55	45,511
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March	20.30	20.44	20.09	20.25	.10	641,347
May	19.51	19.63	19.32	19.47	.10	186,087
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Jan	42.00	42.00▲	42.00	42.00	1.25	1,575
March	42.00	42.00▲	42.00	42.00	.50	1,755
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Dec	80.16	81.78	79.23	80.54	.60	170,037
March'27	83.08	84.64	82.34	83.59	.56	89,940
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Nov	148.00	149.00	144.00	148.70	-1.25	6,346
Jan'27	150.50	152.00	146.75	151.40	-1.10	2,793

Interest Rate Futures

Corn (CBT)-5,000 bu.; cents per bu.
Dec	500.00	504.75	470.25	479.75	-20.50	887,521
March'27	515.25	519.25	485.25	494.25	-21.00	430,359
Oats (CBT)-5,000 bu.; cents per bu.
Dec	435.50	443.25	408.75	420.75	-13.00	3,516
March'27	438.50	444.50	415.00	424.50	-11.75	401
Soybeans (CBT)-5,000 bu.; cents per bu.
Nov	1286.25	1299.25	1269.75	1292.00	4.50	378,062
Jan'27	1302.75	1315.25	1286.50	1308.75	4.50	236,646
Soybean Meal (CBT)-100 tons; $ per ton.
Oct	363.30	369.90	360.00	368.70	8.00	331
Dec	357.60	366.40	352.60	365.60	8.00	280,903
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Oct	67.85	67.88	67.73	67.72	.10	338
Dec	67.91	68.48	67.40	68.02	.10	229,911
Rough Rice (CBT)-2,000 cwt; $ per cwt.
Nov	16.85	17.01▲	16.76	16.94	.09	11,279
Jan'27	17.26	17.45▲	17.20	17.39	.09	2,437
Wheat (CBT)-5,000 bu.; cents per bu.
Dec	683.75	687.50	661.50	671.00	-12.25	251,400
March'27	698.50	701.75	675.75	685.25	-12.50	117,122
Wheat (KC)-5,000 bu.; cents per bu.
Dec	737.50	741.50	709.00	719.25	-17.00	157,169
March'27	750.00	754.25	721.25	731.75	-17.25	77,362

Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
	Dec	104-050	104-140	103-200	104-080	5.0 2,379,702
	March'27	103-160	103-160	103-160	104-010	5.0 57
Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
	Dec	103-030	103-080	102-180	103-040	2.0 1,891,410
	March'27	102-200	102-250	102-060	102-220	2.0 2,686
Treasury Notes (CBT) - $100,000; pts 32nds of 100%
	Dec	104-230	104-265	104-125	104-190	-4.0 5,793,146
	March'27	104-140	104-175	104-055	104-115	-3.5 4,974
5 Yr. Treasury Notes (CBT) - $100,000; pts 32nds of 100%
	Dec	103-230	103-255	103-152	103-190	-4.2 6,768,487
	March'27	103-145	103-145	103-132	103-122	-4.0 3,053
2 Yr. Treasury Notes (CBT) - $200,000; pts 32nds of 100%
	Dec	101-284	101-295	101-251	101-267	-2.0 4,515,496

Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs

Friday, October 9, 2026

ETF	Symbol	Closing Price	Chg (%)	YTD (%)
SSSPLDRS&P500G	SPYG	125.75	0.82	17.9
SSSPLDRS&P500V	SPYV	62.40	0.34	9.8
SSIMSPDRS&P500	SPY	778.57	0.60	14.2
SSTechSel	XLK	198.78	0.51	38.1
VanEckSemicon	SMH	603.33	-0.65	67.5
VangdDivApp	VIG	239.05	0.70	8.8
VangdExtMkt	VXF	235.00	0.80	12.4
VangdFTSEAWxUS	VEU	82.82	0.78	12.6
VangdFTSEDevMk	VEA	70.35	0.70	12.6
VangdFTSE EM	VWO	59.76	1.12	11.2
VangdFTSE Europe	VGK	86.03	0.70	2.9
VangdHiDiv	VYM	158.75	0.32	10.6
VangdInfoTech	VGT	127.98	0.57	35.8
VangdIntermBd	BIV	72.92	-0.07	-6.4
VangdIntrCorpBd	VCIT	78.41	-0.09	-6.4
VangdIntermTrea	VGIT	56.70	-0.07	-5.4
VangdMstarGrw	VUG	91.97	0.72	13.1
VangdMstarLC	VV	359.19	0.58	14.1
VangdMstarMegaGr	MGK	94.42	0.74	14.4
VangdMstarMC	VO	81.14	0.92	11.8
VangdMstarSC	VB	289.48	0.64	12.2
VangdMstarSCVal	VBR	234.43	0.22	10.7
VangdMstarTot	VTI	381.94	0.63	13.9
VangdMstarVal	VTV	220.59	0.44	15.5
VangdRealEst	VNQ	90.65	1.45	2.4
VangdRuss1000Grw	VONG	131.69	0.63	8.2
VangdS&P500ETF	VOO	715.59	0.61	14.1
VangdS&P500Grw	VOOG	87.29	0.81	17.8
VangdST Bond	BSV	76.38	-0.04	-3.1
VangdSTCpBd	VCSH	77.30	-0.05	-3.0
VangdShortTrea	VGSH	57.57	...	-2.0
VangdTaxExemptBd	VTEB	47.32	0.40	-5.9
VangdTotalBd	BND	70.22	...	-5.2
VangdTotIntlBd	BNDX	46.98	0.11	-2.8
VangdTotIntlStk	VXUS	84.82	0.86	12.4
VangdTotWrldStk	VT	159.83	0.69	13.3

ETF	Symbol	Closing Price	Chg (%)	YTD (%)
AvantisEM	AVEM	94.11	0.93	22.2
AvantisUSSCValue	AVUV	119.64	-0.41	17.3
CapGrpDivVal	CGDV	49.55	0.61	13.5
FidTotalBd	FBND	43.45	...	-5.6
InvscNasd100	QQQM	309.39	0.50	22.3
InvscQOQI	QQQ	751.27	0.49	22.3
InvscS&P500EW	RSP	213.04	0.55	11.2
iShBitcoin	IBIT	46.55	0.63	-6.2
iShCoreDivGrowth	DGRO	77.29	0.53	11.3
iShCoreMSCIEAFE	IEFA	96.52	0.68	7.9
iShCoreMSCIEM	IEMG	81.40	1.12	21.1
iShMSCIIntlDev	IDEV	89.21	0.73	8.2
iShCoreMSCITotInt	IXUS	94.99	0.90	12.2
iShCoreS&P500	IVV	781.97	0.60	14.2
iShCoreS&P MC	IJH	73.43	0.55	11.3
iShCoreS&P SC	IJR	137.55	0.17	14.5
iShCoreS&PTotUS	ITOT	169.66	0.64	14.1
iShCoreS&PUSGrw	IUSG	197.84	0.80	17.8
iShCoreUSAggBd	AGG	94.59	-0.04	-5.3
iShCoreUnivUSDBd	IUSB	44.14	...	-5.2
iShEdgeMSCIUSAQual	QUAL	227.12	0.44	14.3
iShGoldTr	IAU	78.87	1.56	-2.8
iShiBoxx:IGCpBd	LQD	102.41	-0.06	-7.1
iShMBS	MBB	89.79	0.07	-5.7
iShMSCIACWI	ACWI	160.90	0.69	13.7
iShMSCI EAFE	EFA	103.40	0.68	7.7
iShMSCI EM	EEM	66.80	1.06	22.1
iShMSCIEAFEValue	EFV	78.19	0.28	9.5
iShNatlMuniBd	MUB	101.08	0.34	-5.6
iShRussMC	IWR	109.82	0.87	14.1
iShRuss1000	IWB	425.33	0.67	13.9

ETF	Symbol	Closing Price	Chg (%)	YTD (%)
iShRuss1000Grw	IWF	127.91	0.63	8.1
iShRuss1000Val	IWD	253.54	0.61	20.5
iShRuss2000	IWM	278.94	0.49	13.3
iShS&P500Grw	IVW	145.24	0.80	17.8
iShS&P500Value	IVE	233.02	0.36	9.9
iShSemiconductor	SOXX	559.40	-0.69	85.8
iSh7-10YTreBd	IEF	89.40	-0.06	-7.0
iShSilver	SLV	54.78	2.49	-15.0
iSh20+YTreaBd	TLT	77.98	0.14	-10.5
iShUSEqFactRotat	DYNF	70.43	0.46	15.8
iShUSTreasuryBd	GOVT	21.88	-0.02	-5.0
iSh0-3MTreaBd	SGOV	100.51	0.04	0.1
JPM NasEqPrem	JEPQ	61.09	0.26	5.1
JanusAAACLO	JAAA	50.53	0.02	-0.1
JPMEq PremiumIncome	JEPI	56.77	0.18	-0.8
JPM UltShlncm	JPST	50.30	0.06	-0.6
ProShUltPrQQQ	TQQQ	81.28	1.31	54.2
SPDRGoldMini	GLDM	82.99	1.55	-2.8
SPDR Gold	GLD	384.58	1.57	-3.0
SchwabFdUSLgCo	FNDX	32.16	0.22	18.2
SchwabIntEquity	SCHF	27.27	0.66	13.4
SchwabUS BrdMkt	SCHB	29.91	0.61	14.0
SchwabUS Div	SCHD	33.04	-0.33	20.5
SchwabUS LC	SCHX	30.64	0.56	13.9
SchwabUS LC Grw	SCHG	36.74	0.88	12.6
SSEnergySel	XLE	65.08	-0.25	45.6
SSFinSel	XLF	54.73	0.92	-0.1
SSHlthCrSel	XLV	170.81	1.58	10.3
SSIndSel	XLI	169.25	0.50	9.1
SSSPDRBbg1-3M	BIL	91.51	0.04	0.1
SS SPDR DJIA	DIA	516.11	0.87	7.4
SSSPDRDevxUS	SPDW	49.98	0.64	12.5
SSSPDRS&P500	SPYM	91.64	0.63	14.2

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

Money Rates

October 9, 2026

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don't always represent actual transactions.
Inflation

U.S. consumer price index
All items	334.980	0.32	3.4
Core	338.041	0.27	2.4

Latest

Weekago

—52-WEEK—High

Low

International rates

	Latest	Weekago	—52-WEEK—
			High	Low
Federal funds
Effective rate	n.a.	3.8900	4.1100	3.6300
High	n.a.	3.9500	4.2000	3.7000
Low	n.a.	3.8000	4.0800	3.5500
Bid	n.a.	3.8800	4.1000	3.6100
Offer	n.a.	3.8900	4.1200	3.6300

	Latest	Week ago	-52-Week-High	Low
Prime rates
U.S.	7.00	7.00	7.25	6.75
Canada	4.45	4.45	4.70	4.45
Japan	2.375	2.375	2.375	1.875

Treasury bill auction

Commercial paper (AA financial)
90 days	n.a.	4.16	4.16	3.57
Secured Overnight Financing Rate
	3.87	3.87	4.31	3.50
	Latest	Value Traded	-52-Week-High	Low

4 weeks	3.980	3.890	4.030	3.550
13 weeks	4.050	4.110	4.110	3.540
26 weeks	4.165	4.285	4.285	3.475

DTCC GCF Repo Index
Other short-term rates

Policy Rates
Euro zone	2.65	2.65	2.65	2.15
Switzerland	0.25	0.25	0.50	0.25
Britain	3.75	3.75	4.00	3.75
Australia	4.60	4.60	4.60	3.60

Treasury	3.904	87.520	4.319	3.504
MBS	3.910	109.722	4.371	3.517

Weekly survey

Latest	Weekago	-52-Week-high	low	Latest	Week ago	Year ago
				Freddie Mac
Call money				30-year fixed	7.40	7.28
5.75	5.75	6.00	5.50	15-year fixed	6.73	6.60

Notes on data:

Overnight repurchase
Investment-grade spreads that tightened the most...

U.S.	3.90	3.91	4.30	3.49
U.S. government rates

U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective September 17, 2026. Other prime rates aren't directly comparable; lending practices vary widely by location; Discount rate is effective September 17, 2026. Secured Overnight Financing Rate is as of October 8, 2026. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 3:30 p.m. ET.

	Contract					Open interest
	Open	High hilo	Low	Settle	Chg
March'27	101-242	101-242	101-205	101-211	-1.6	480
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Oct	96.1175	96.1175	96.1150	96.1150	...	724,750
Nov	96.0750	96.0800	96.0700	96.0750	...	572,192
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
July	96.2600	96.2600 ▲	96.2600	96.2600	...	20,746
Dec	95.7750	95.7900	95.7570	95.7700	-.0150	1,608,411

Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Tullett Prebon Information, Ltd.

Contract						Open interest
Open	High	hilo	Low	Settle	Chg

Currency Futures

Japanese Yen (CME)-¥12,500,000; $ per 100¥
Oct	.6332	.6341	.6317	.6325	-.0014	836
Dec	.6369	.6371	.6344	.6353	-.0015	369,752
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Oct	.7031	.7031	.6997	.7012	-.0022	404
Dec	.7052	.7061	.7016	.7032	-.0021	367,575
British Pound (CME)-£62,500; $ per £
Oct	1.3238	1.3245	1.3217	1.3241	.0016	483
Dec	1.3235	1.3253	1.3208	1.3243	.0016	263,912
Swiss Franc (CME)-CHF 125,000; $ per CHF
Dec	1.2114	1.2144	1.2110	1.2141	.0026	136,544
March'27	1.2253	1.2280	1.2250	1.2277	.0026	414
Australian Dollar (CME)-AUD 100,000; $ per AUD
Oct	.6973	.6973	.6973	.6983	.0028	315
Dec	.6955	.6982	.6950	.6976	.0028	325,183
Mexican Peso (CME)-MXN 500,000; $ per MXN
Oct	.05485	.05485	.05485	.05419	-.00068	200
Dec	.05472	.05486	.05381	.05397	-.00067	279,855

Euro (CME)-€125,000; $ per €
Oct	1.1218	1.1242	1.1193	1.1206	-.0007	3,146
Dec	1.1242	1.1273	1.1217	1.1232	-.0007	826.567

Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
Dec	51497	52032	51475	51926	433	90,086
March'27	52073	52466	51950	52402	436	126
Mini S&P 500 (CME)-$50 x index
Dec	7820.50	7870.50	7817.00	7859.75	43.50	1,881,988
March'27	7897.00	7949.00	7897.00	7938.50	44.25	13,019
Mini S&P Midcap 400 (CME)-$100 x index
Dec	3666.20	3697.20	3662.10	3687.40	18.60	45,876
March'27	...	...	...	3718.30	19.30	n.a.
Mini Nasdaq 100 (CME)-$20 x index
Dec	31020.50	31266.50	30953.00	31108.75	139.25	278,804
March'27	31382.25	31610.25	31319.50	31466.25	140.25	679
Mini Russell 2000 (CME)-$50 x index
Dec	2811.70	2832.10	2807.70	2822.10	12.50	433,709
March'27	2842.90	2856.70	2835.00	2847.30	12.50	905
Mini Russell 1000 (CME)-$50 x index
Dec	4273.30	4274.50	4272.50	4273.40	25.30	7,612
U.S. Dollar Index (ICE-US)-$1,000 x index
Dec	101.93	102.13	101.72	102.02	.09	51,422
March'27	101.56	101.79	101.56	101.73	.09	146

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

Global Government Bonds: Mapping Yields

4.00

4.00

4.25

3.75

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(▲) or fell (▼) in the latest session

Coupon (%)	Country/Maturity, in years	Yield (%)										Spread Under/Over U.S. Treasurys, in basis points
		Latest(●)	0	1	2	3	4	5	6	Previous	Month ago	Year ago	Latest	Prev
4.750	U.S. 2	4.789▲						●		4.753	4.425	3.596
4.625	10	5.243▲						●		5.232	4.836	4.146
2.250	Australia 2	4.927▼						●		4.929	4.855	3.523	12.7	16.9
4.250	10	5.345▼						●		5.403	5.221	4.359	9.8	16.8
2.400	France 2	3.632▼					●			3.656	3.252	2.258	-116	-110.4
3.700	10	4.867▼						●		4.885	4.330	3.531	-38.0	-35.0
3.000	Germany 2	3.116▲					●			3.100	3.081	2.005	-168.4	-166.0
3.000	10	3.491▼					●			3.507	3.459	2.702	-175.6	-172.8
2.650	Italy 2	3.444▼					●			3.453	3.250	2.226	-135	-130.7
3.800	10	4.584▼						●		4.609	4.277	3.511	-66.4	-62.7
2.000	Japan 2	1.914▼			●					1.939	1.835	0.930	-288.6	-282.2
3.100	10	3.016▼					●			3.086	2.884	1.697	-223.1	-214.9
2.400	Spain 2	3.272▲					●			3.251	3.100	2.099	-152.8	-150.9
3.400	10	4.112▼					●			4.127	3.884	3.193	-113	-110.8
4.375	U.K. 2	4.741▼						●		4.750	4.580	4.016	-5.9	-1.0
1.125	10	5.444▼						●		5.481	5.199	4.749	19.7	24.6

Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close

Corporate Debt

Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific expectations

Issuer	Symbol	Coupon (%)	Yield (%)	Maturity	Spread*, in basis points
					Current	One-day change	Last week
Bank of America	...	6.000	6.00	Oct. 15, '36	75	-13	95
Georgia Power	...	4.300	6.31	March 15, '43	65	-9	73
Australia and New Zealand Banking	...	5.150	5.27	Aug. 17, '29	35	-6	37
NatWest Markets	...	4.412	5.65	Nov. 6, '30	62	-5	60
Hess	...	5.600	6.12	Feb. 15, '41	88	-4	96
HSBC Holdings	HSBC	6.500	6.42	Sept. 15, '37	115	-4	124
Goldman Sachs	GS	6.250	6.40	Feb. 1, '41	114	-3	120
ING Bank $^{\text{^}}$	...	4.711	5.58	July 7, '31	55	-3	60

...And spreads that widened the most

Verizon Communications	VZ	4.500	6.04	Aug. 10, '33	79	11	71
Cooperatieve Rabobank	...	5.189	5.31	Sept. 25, '29	39	9	31
Toyota Motor Credit	...	5.050	5.24	May 16, '29	31	9	36
HSBC Holdings	HSBC	4.950	5.49	March 31, '30	47	7	50
Comcast*	CMCSA	4.250	6.12	Jan. 15, '33	88	6	88
UnitedHealth	UNH	4.625	5.92	July 15, '35	67	6	n.a.
ConocoPhillips	COP	6.500	6.06	Feb. 1, '39	82	5	86
John Deere Capital	...	4.400	5.19	June 15, '29	25	4	n.a.

High-yield issues with the biggest price increases...

Issuer	Symbol	Coupon (%)	Yield (%)	Maturity	Bond Price as % of face value
					Current	One-day change	Last week
DISH DBS	...	5.125	9.04	June 1, '29	91.000	0.75	90.813
Navient*	NAVI	5.625	9.21	Aug. 1, '33	82.171	0.67	81.250
Bath & Body Works	BBWI	6.875	7.22	Nov. 1, '35	97.750	0.57	96.362
Rakuten Group	...	9.750	6.70	April 15, '29	106.940	0.55	106.750
Safeway	...	7.450	6.16	Sept. 15, '27	101.135	0.42	n.a.
Nissan Motor Acceptance	...	5.625	6.75	Sept. 29, '28	97.960	0.17	98.125
Telecom Italia Capital	...	7.721	6.90	June 4, '38	106.528	0.12	107.107

...And with the biggest price decreases

Paramount Global	...	4.375	10.71	March 15, '43	51.500	-0.50	53.000
Occidental Petroleum	OXY	6.450	6.22	Sept. 15, '36	101.692	-0.31	101.743
AAdvantage Loyalty IP	...	5.750	6.13	April 20, '29	99.125	-0.05	98.969

*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt; change in spread shown is for Z-spread. Note: Data are for the most active issue of bonds with maturities of two years or more

Source: MarketAxess

New Highs and Lows

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest session. % CHG-Daily percentage change from the previous trading session.

Highs
AllInfrAcqn	AIA	10.38
AbbVie	ABBV	277.60	1
AlgonquinNt2079	AQNQ	26.04	-1
AlussaEnerll A	ALUB	10.18	0
AmerIntegrityIns	AII	27.40	-0
Amplitude	AMPL	15.87	2
Arcosa	ACA	147.24	0
AristaNetworks	ANET	217.41	2
Atlassian	TEAM	207.37	1
AudioCodes	AUDC	11.56	0
AvitaMedical	RCEL	13.71	-0
BBB Foods	TBBB	55.87	4
BW LPG	BWLP	26.48	-1
Box	BOX	36.88	0
CVR Energy	CVI	61.09	-2
CaysonAcqnUn	CAPNU	13.49	9
Concentra	CON	37.29	1
Danaos	DAC	171.09	-0
Datadog	DDOG	294.00	7
DeFiDevPfdC	CHAD	9.85	0
DoubleDown	DDI	13.80	0
Dynatrace	DT	63.78	3
ExpeditorsIntl	EXPD	195.73	-0
F5	FFIV	482.47	3
ForafricGlobal	AFRI	13.19	1
ForefrontTech	FTHA	10.02	0
Fortinet	FTNT	194.95	3
Frontline	FRO	56.86	-0
GenieEnergy	GNE	16.87	-0
GigaCloudTech	GCT	57.40	1
GigCapitalB	GIW	10.21	0
HF Sinclair	DINO	124.22	0
Haemonetics	HAE	121.19	-0
Hagerty	HGTY	14.36	0
HallChadwickA	HCAC	10.15	0
HealthStream	HSTM	33.21	2
HewlettPackard	HPE	73.56	3
HewlettPackardPfd	HPEp	187.57	3
HighPeakEner	HPK	9.68	9
HingeHealth	HNGE	103.28	5
Humana	HUM	456.50	11
Ibotta	IBTA	43.85	-0
IntiSeaways	INSW	122.75	-1
JakksPacific	JAKK	28.60	1
Joyy	JOYY	82.15	0
LakeSuperiorA	LKSP	10.27
Lumentum	LITE	1143.00	5

Friday, October 9, 2026

g	Stock	Sym	52-Wk Hi/Lo	% Chg
	MarathonPetrol	MPC	470.00	-1.8
	MilunaAcqnA	MMTX	10.23	0.2
...	Moderna	MRNA	225.00	14.2
	NMP Acqn	NMP	10.43	0.6
	NatBankshares	NKSH	45.00	-1.0
	NewbridgeAcqn	NBRGU	11.40	...
	Nutanix	NTNX	74.66	2.1
	Okta	OKTA	232.98	5.4
	OportunFin	OPRT	9.07	3.0
	Organon	OGN	13.83	0.4
	OxleyBridgeAcqn	OBA	10.44	0.9
	PalantirTech	PLTR	209.58	5.2
	Paysign	PAYS	15.45	2.7
	PetroleoBrasil	PBR	25.60	2.5
	PetroleoBrasilA	PBRA	22.78	1.5
	Phillips66	PSX	286.57	-1.2
	PumaBiotech	PBYI	10.36	3.2
	QNB	QNBC	46.60	0.2
	QuettaAcqn	QETA	21.59	41.5
	RileyExpln	REPX	45.85	1.6
	Riskified	RSKD	8.57	6.1
	RomanDBDR II	DRDB	10.74	0.1
	RushEnt B	RUSHB	57.43	2.2
	Sasol	SSL	15.34	-0.2
	SentinelOne	S	26.50	3.4
	Shell	SHEL	101.17	...
	SiliconValleyAcqn	SVAQ	10.18	0.2
	Sono-Tek	SOTK	7.48	3.8
	SuncorEnergy	SU	72.46	1.9
	Teekay	TK	15.50	-0.7
	TevaPharmlnds	TEVA	42.02	4.7
	TRexBio	TRXB	15.50	...
	UnivInsurance	UVE	47.56	-2.4
	ValeroEnergy	VLO	449.77	-2.3
	ValorEnergy	VAI	2.91	6.0
	VeraBradley	VRA	5.32	1.2
	VirBiotech	VIR	12.00	5.2
	Visa	V	386.84	2.8
	WF	WFF	19.44	499.5
	WestCoastCommunity	WCCB	62.30	-0.3
	XP	XP	32.29	6.7

Stock	Sym	52-Wk Hi/Lo	% Chg
AT&T PfdC	TpC	15.78	-1.3
AT&T PfdA	TpA	16.66	-1.1
AccendraHealth	ACH	0.42	-3.4
AffiliatedNts64	MGRE	20.94	-0.7
AinosWt	AIMDW	0.04	4.6
AkebiaTherap	AKBA	0.80	-1.7
Alghorymth	RIME	0.14	-1.2
AlignmentHlthcr	ALHC	6.01	-13.4
AllianceEnt	AENT	4.31	-1.3
AlphaTech	ATLG	3.97	-8.3
AltIGlobal	ALTI	2.50	-3.0
AmerBatterTech	ABAT	1.95	-3.9
AmerVanguard	AVD	1.60	-6.4
AnavexLifeSci	ANVL	1.44	-3.2
AnbioBiotech	NNNN	4.16	0.9
ApartmtInv	AIV	1.72	-0.6
AquaMetals	AQMS	1.92	-1.9
ArbeRobotics	ARBE	0.52	-2.8
ArborRealty	ABR	2.78	-7.1
ArborRealtyPfd	ABRpD	12.25	-4.8
ArborRealtyPfdF	ABRpF	14.63	-7.6
ArborRealtyPfdE	ABRpE	12.10	-2.6
AresCmclRIEst	ACRE	3.52	-3.0
ArrayDigitalInfr	AD	32.68	-0.8
ArrayTech	ARRY	3.60	-1.9
ArriveAI	ARAI	0.15	-14.5
ArteloBiosci	ARTL	3.19	-3.3
AshfordHosp	AHT	2.15	0.5
AsffordHospPfdG	AHTPG	3.41	5.2
AstechIndustries	ASTE	38.29	-0.2
AtlanticAmerican	AAAME	1.16	-2.5
AtlasCriticalMnl	ATCX	2.52	3.1
AtlasLithium	ATLX	2.26	-0.7
aTyrPharma	ATYR	0.25	-3.6
AuroralinnowWt	AUROW	0.02	-13.3
B&R TechMerger	BRTMU	9.40	0.1
BCE	BCE	18.68	-5.9
BallardPower	BLDP	1.90	-1.5
BankofAmPfdPP	BACpP	15.03	...
Beeline	BLNE	0.70	-3.3
BelpointePrep	OZ	36.00	-7.7
BeyondAir	XAIR	2.20	-2.6
BeyondMeat	BYND	7.41	-0.4
BigBearAI Wt	BBALS	0.03	-30.0
BiodexaPharm	BDRX	0.45	-12.1
BlendLabs	BLND	0.99	-5.1
BlueGold	BGL	0.17	-4.3
BlueWaterIV Wt	BWWLWS	0.16	-13.9
BootBarn	BOOT	118.79	-1.3

Lows
AcresCmclPfdC	ACRpC	19.85	1.4
AMASSBrands	AMSS	0.33	-4.7
AMTD IDEA	AMTD	0.47	-12.6
AST Space	ASTS	47.57	-10.5
ATA Creativity	AACG	0.69	-7.6
AT&T Nts 2066	TBB	18.45	-1.2

Stock	Sym	Hi/Lo	C
BradburyCapital	BBCI	5.47	-
BraemarHtS	BHR	1.18	-
BraemarHtSvsPfd	BhRpBp	9.65	-
BrenX	BRNX	1.33	-
BrookfieldFinNts	BNH	14.23	-
BrookfieldFinPfdA1	BIPpBp	15.62	-
BrunswickNts2049	BCpC	22.11	-
BuildersFirst	BLDR	52.06	-
CDT Equity	CDT	0.70	-
CHS PrfB3	CHSCM	23.02	-
CISO Global	CISO	0.19	-
C3ls	CISS	0.77	-
CableOne	CABO	9.84	-2
Cadre	CDRE	24.07	-
CalcMedica	CALC	1.27	-
CanFiteBioPharm	CANF	1.90	-
CenterGptPtsVII	CAES	10.01	-
CapitalOnePrfDn	CoFPnI	14.21	-
CardinalInfr	CDNL	19.41	-1
CardioDiagWt	CDW0	0.01	-
CaribouBio	CRBU	0.44	-
CastorMaritime	CTRM	1.57	-
CenturyCasinos	CNTY	0.82	-
CharterComms	CHTR	102.37	-
CharterCommPfdA	CHTRP	21.62	-
Cheche	CCG	4.56	-1
CherryHillPfdA	CHMPaA	19.70	-
ChicagoAirRealEst	REFI	9.37	-
Children'sPlace	PLCE	1.34	-2
ChrisSXTPPharm	SXC7	0.12	-5
CleanEnergyFuels	CLNE	1.46	-
CodereOnlineWt	CDRW0	0.14	-2
CohenCircleWt	CCIWW	0.47	-3
Comcast A	CMCSA	20.48	-
ConstructionPtrs	ROAD	85.22	-
CoreAI	CHAI	0.23	-
Cullen/FrostPfdB	CFRpB	15.51	-
Cyngn	CYN	0.51	-
Cytosorbents	CTSO	3.59	-
DefenseTech	DFSC	0.85	-
DarioHealth	DRIO	5.37	-
Darkiris	DKI	0.32	-5
DatavaultAI	DVLT	0.14	-
DecoyTherap	DCOY	1.46	-
DeepFission	FISN	4.40	-
DigitalCurrX	DCX	2.50	-
DigitalRealtyPjt	DLRpJ	18.04	-
DigitalRealtyPkt	DLRpK	20.01	-
DouYuIntl	DOYU	3.72	-
DragonflyEnergyWt	DFLIW	0.01	-
DragonflyEnergy	DFLI	0.41	-
Dreamland	TDIC	1.68	-
E-Power	EPOW	3.20	-
EagleMaterials	EXP	164.09	-
EdibleGarden	EDBL	1.05	-
EnrindeWt	ENRDW	0.18	-1
EllsworthPfdA	ECPgA	18.51	-

%chg	Stock	Sym	52-WkHi/Lo
-7.9	Emera	EMA	45.27
-8.8	Enhanced	ENHA	1.24
-7.1	Enlivex	ENLV	0.22
-5.6	Enovix	ENVX	2.40
0.2	EntergyTX PfdA	ETIp	20.70
1.5	EosEnergyEntWt	EOSEW	2.23
-0.6	EosEnergy	EOSE	2.44
-1.8	Estrellalmmuno	ESLA	0.31
-0.3	EveHolding	EVEX	1.56
-0.8	EVgo	EVGO	1.22
-2.2	EvolutionMtls	EMAT	1.63
-4.9	ExascaleLabsWt	XLABW	0.07
-7.6	Exicure	XCUR	0.94
-1.1	FMC	FMC	8.21
-2.3	Fathom	FTHM	0.20
-5.0	FedAgriMtgPfdH	AGMph	20.92
-0.1	Femasys	FEMY	1.92
-0.9	FirstCitizenPfdC	FCNCO	18.22
-5.7	FivePoint	FPH	4.43
8.7	ForefrontTechWt	FTHAW	0.22
-4.4	ForesightAuto	FRSX	0.85
1.5	FrankBSPPFdE	FBRtPE	17.55
0.3	FreedomMetalsAcqn	FDMMU	9.90
-5.7	GMEXRobotics	GMEX	1.68
-0.8	Genasys	GNSS	1.33
-0.5	GeoVaxLabs	GOVX	0.27
1.0	GladstonePfdE	GOODN	19.65
-2.3	GlassHouseBrands	GLAS	4.15
-6.0	LucoTrack	GCTK	1.00
-6.7	GrabAGun	PEW	1.86
-3.3	GranitePointMtg	GPMT	6.42
-2.7	GreenCircle	GCOT	0.44
-0.2	GroupAuto	GPI	227.88
-2.6	GuardianMetal	GMTL	7.24
-1.7	Huhutech	HUHU	2.38
-4.5	HadronEnergyWt	HDRNW	0.10
0.5	HaoxiHlthTech	HAO	2.30
-4.8	Harrow	HROW	27.00
1.6	Hayward	HAYW	11.27
-1.9	HealthtrTriangle	HCTI	0.46
-6.8	High-TrendIntl	HTCO	1.24
-6.1	HighlandOppsPfdA	HFROpA	15.30
-2.6	HormelFoods	HRL	19.16
3.3	HouseofDoge	HODO	0.11
-4.5	HuachenAIpkg	HCAI	0.45
0.5	HubGroup	HUBG	25.64
0.1	Humacyte	HUMA	0.39
0.6	HuntingtonPfdI	HBANM	19.15
-3.2	ICZOOMA	IZM	0.87
1.0	INVO Fertility	IVF	0.71
-3.8	IdahoStratRscs	IDR	22.46
-7.1	ImageneBio	IMA	3.90
-0.9	Immutep	IMMP	3.55
-1.6	Imunon	IMNN	0.96
-2.7	Ingredion	INGR	93.72
-1.7	InstinctBioTechWt	BIOTW	0.01
0.3	InteractStrength	TRNR	2.04

% Chg	Stock	Sym	52-Wk Hi/Lo	% Chg
-0.4	InterPrvlnV	IPVVU	9.72	-0.3
-6.0	iPower	IPW	0.53	-26.2
-8.3	IvesUltraAIOpps	IVAI	10.06	-0.3
-1.6	JacksonAcqnllRt	JACSr	0.04	-12.3
-2.6	JobAviation	JOBY	5.23	-5.4
-9.0	Joint	JYNT	6.98	-1.1
-8.9	JPMorganPfdDD	JMPdP	21.21	-0.6
-1.8	KALA BIO	KALA	0.29	-0.9
...	KB Home	KBH	42.88	-2.8
-3.9	KNOREX	KNRX	0.18	-7.3
-3.5	KairosPharma	KAPA	0.78	-15.5
6.4	KandalMVenture	FMFC	0.12	4.6
5.0	KaryopharmTherap	KPTI	0.56	0.8
-6.4	KestrelGr6.625-6	MHLA	8.80	-0.9
-3.8	KeyCorpPrfD	KEYpJ	18.81	-0.3
0.7	KeyCorpPrfD	KEYpK	18.70	-0.2
-2.2	Knightscope	KSCP	0.61	-4.0
0.4	LCI Inds	LCII	78.08	-2.4
...	LanternPharma	LTRN	0.76	-2.1
...	LiBangIntl	LBGJ	1.85	-6.5
-7.6	LibertyDefense	DETX	1.73	-5.3
0.8	LibertyGlobalA	LBTYA	8.35	-3.0
-0.3	LibertyGlobalC	LBTKY	8.21	-2.6
-10.3	LionGroup	LGHL	3.09	-5.8
-2.5	Lipocine	LPCN	1.72	-10.9
-2.0	loanDepot	LDI	0.56	-9.0
-0.3	LotusTech	LOT	0.68	-10.9
-3.4	LucasGC	LGCJ	2.15	-9.3
-7.2	LuckyStrike	LUCK	4.99	-1.2
-1.1	LumenTech	LUMN	5.13	-5.0
-9.1	LunaBioworks	LNAI	0.88	9.8
-11.7	Lyntris	LYNX	11.61	-5.3
-1.9	M&TBkPfdL	MTBpL	22.71	-0.7
3.3	MFA Financial	MFA	6.88	-4.2
-2.0	MalibuBoats	MBUU	21.60	-1.7
-3.5	ManhattanBridge	LOAN	3.33	-2.8
-4.0	MapLightTherap	MAPLT	8.70	-3.5
-3.8	Maris-Tech	MTEK	0.58	-0.1
-0.8	MedicalProp	MPT	3.08	-1.6
-4.4	MedicusPharma	MDCX	0.08	-9.6
-12.8	MedicusPharmaWt	MDCWX	0.01	-3.3
-0.4	MelwuTechnology	MWW	2.13	-2.7
-1.2	MercatorAcqn	MRCOU	9.98	-0.1
-4.0	MercatorAcqnWt	MRCOW	0.28	-6.8
-1.7	Merlin	MRLN	1.22	-8.1
-2.5	MicroAlgo	MLGO	2.96	-1.6
-9.3	MicropolisAI	MCRP	0.40	-15.8
0.3	MicroVision	MVIS	1.19	-8.4
-2.3	MilestonePharm	MIST	0.71	7.4
-1.7	MixedMartialArts	MMA	0.33	-0.6
-9.6	Mobile-health	MNDR	0.76	-5.6
-0.5	MobilicomWt	MOBBW	0.82	-16.2
-5.5	MoolecScience	MLEC	1.99	-47.5
0.9	MorganStanleyPfdI	MSpI	22.23	0.1
...	Mosaic	MOS	18.68	-5.0
-24.8	MustangBio	MBIO	0.38	-4.1
-0.5	MySize	MYSZ	1.25	-7.4

Stock	Sym	52-Wk % Hi/Lo	Chg
NACCO Inds	NC	35.43	-2.6
NetPower	NPWR	1.21	-0.8
NanoXImaging	NNOX	0.53	-5.0
NaturalAlt	NAII	1.11	-0.4
NeighborhoodIntel	NXH	1.63	-1.5
NeOnTech	NTHI	2.50	9.9
NerdyA	NRDY	6.44	-3.4
NetClassTechnology	NTCL	1.13	-16.4
NewAmerica Wt	NWABUS	0.29	...
NewFortressEnergy	NFE	4.18	0.7
NewHorizAircraftWt	HOVRW	0.24	-7.0
NexaliTechnology	NXL	3.50	-11.7
NexentisTech	NXTS	0.82	-3.0
NexMetalsMining	NEXM	1.65	0.6
NikiBioSolutions	NIKI	4.00	-7.4
NoahHoldings	NOAH	7.55	-0.7
NorthStarEarthSpc	NTRS	0.11	-18.6
NorthStarEarthSpc	NSTR	3.17	-20.4
NouveauMonde	NMMG	1.03	-1.9
NuRAWWireless	NUR	0.60	3.4
NuScalePower	SMR	7.07	-1.6
OceanPwrTech	OPTT	0.83	-5.8
OceanFirstFin	OCFC	16.06	-2.1
Ocugen	OCGN	0.90	-2.2
Offerpad	OPAD	2.65	-2.5
Olin	OLIN	14.82	-4.6
OncolyticsBio	ONCY	0.53	2.3
OneMedNet	ONMD	4.30	-10.8
Onfolio	ONFO	0.70	-3.5
OpendoorWtK	OPENW	0.09	-5.0
OpenWorld	OPNW	4.40	-15.3
OppFi	OPFI	5.91	-2.6
Oragenics	OGEN	0.45	-1.5
OspreyAcqnlll	OSPRU	9.91	-0.4
PacGE pFb	PCGpB	17.60	-1.7
ParanovusEntTech	PAVS	3.54	...
PatrickIndustries	PATK	63.32	-2.5
PAVmed	PAVM	2.58	3.7
PennantParkNts31	PFLA	24.51	-0.8
PennantPark	PNNT	3.14	-0.9
PennyMacFin	PFSI	59.12	-2.3
PennyMacPfBd	PMTpB	20.50	...
Peraso	PRSO	0.40	-5.5
PingAnBiomed	PASW	0.11	6.2
Playstudios	MYP5	4.00	-2.8
PlugPower	PLUG	1.68	-2.9
PlutusFinancial	PLUT	1.75	-5.5
PolarPower	POLA	1.04	5.6
PolestarAuto	PSNY	4.96	-0.9
PowellMax	PMAX	0.68	-10.4
PresidioPottn	FTW	9.46	3.3
ProcessaPharm	PCSA	1.04	12.6
Profusa	PFUSA	1.40	-4.7
ProspectCapital	PSEC	1.72	-5.5
QVC	QVCG	12.35	0.5
QXO	QXO	10.75	-2.8
QXO Pfd B	QXOPb	35.00	-2.0

Stock	Sym	52-WkHi/Lo	Chg	Stock	Sym	52-WkHi/Lo	Chg	Stock	Sym	52-WkHi/Lo	Chg
Quantinuum	QNT	41.04	-0.5	Solowin	AXG	0.08	-4.8	TruGolf	TRUG	1.84	-26.2
QwestNts2051	CTGG	14.69	-1.0	SoundHoundAI Wt	SOUNW	0.30	-38.6	UFP Inds	UFPI	74.02	-2.9
QwestNts2052	CTHH	15.06	-0.3	SoundHoundAI	SOUN	5.36	-2.4	US BancorpPfdA	USBpA	748.20	...
RainerAcpCorpWt	RNAIW	0.40	-4.8	SpireNts2086	SRJN	20.89	-0.4	uCloudlink	UCL	0.26	-3.1
RedCat	RCAT	5.70	-2.4	SportsEntGaming	SEEG	1.60	-11.1	US Antimony	UAMY	3.65	-1.1
RedwoodTrust	RWT	3.17	-4.8	StandardLithium	SLI	1.58	-1.9	UnivDisplay	OLED	70.77	2.8
RedwoodNtnts20	RWTQ	19.06	-2.7	StardustPower	SDST	0.05	-9.6	Ur-Energy	URG	0.99	...
RegionsFinPfdF	RFpF	24.02	-0.2	StifelFiniPfdC	SfPc	19.83	0.6	VCGlobal	VCIG	0.47	-11.1
ReinsuranceGrpDeb	RZC	24.99	-0.1	SunshineBio	SBFM	0.33	-21.4	Veritone	VERI	0.54	-5.5
RepublicBigWt	RDAGW	0.20	-9.1	Telus	TU	7.64	-4.0	VerticalAerospace	EVTL	0.50	-4.1
ResolutionMinerals	RML	5.25	1.0	TH Intl	THCH	1.00	-13.4	ViraxBiolabs	VRAX	1.81	-6.0
ResourcesConnect	RGP	2.79	-5.4	T-MobileUS	TMUS	147.90	-13.3	Vivakor	VIVK	3.66	-5.2
RetensionPharm	RTSN	9.66	-12.3	T-MobileUS2070	TMUSU	17.74	-2.9	VividSeatsWt	SEATW	0.01	-17.1
RezolveAIWt	RZLVW	0.38	-6.3	T-MobileUU2070	TMUSZ	17.73	-2.1	VivoSimLabs	VIVS	0.17	1.6
RiverNorthPfdA	OPPaA	14.45	-0.6	T-MobileUS2069	TMUSL	20.63	-2.0	VolitionRX	VNXR	0.21	-3.7
RogersComm B	RCI	29.26	-4.1	TacticalResources	TREO	2.25	-4.3	BerkeleyDeb1	WRbPf	14.01	0.4
RozeAI	RZAI	10.05	-17.4	TaviaAcqnRt	TAVIR	0.06	-6.5	WaFdPfDra	WAFDP	15.13	-0.3
Rubico	RUBI	0.44	-14.5	Tele&DataPfdUU	TDSPu	19.14	0.6	Watsco	WSO	277.34	-0.8
SHF	SHFS	0.38	-5.4	TermalInnovatum	NKLR	3.08	-3.4	WheelerREIT	WHLR	0.56	-18.0
SS Innovations	SSII	2.57	0.6	TerrestrialEner	IMSR	3.23	-3.5	Winnebago	WGO	23.30	-5.1
SagtecGlobal	SAGT	0.41	-6.6	TerrestrialEnerWt	IMSRW	0.95	-4.0	WiSeQey	WQEY	8.40	-9.6
ScorpioGold	SGLD	3.43	2.3	ThorIndustries	THO	63.73	-3.4	XCHG	XCH	2.55	-1.7
SelectQuote	SLQT	0.35	-3.4	TonixPharm	TNXP	7.09	0.3	XortxTherap	XRTX	1.36	-23.8
SilexionTherap	SLXN	0.21	-8.6	TownsquareMedia	TSQ	4.27	-2.9	XanaduQuantum	XNDU	3.85	-5.3
VWt	SXEJWS	0.16	-19.5	TreasureGlobal	TGL	1.08	-13.4	Yimutian	YMT	0.98	-9.9
SimonPropPfdJ	SPGpJ	52.26	-0.7	TRexBio	TRXB	13.50	...	YorkSpace	YSS	6.78	-1.7
SkinHealthSys	SKIN	0.50	-3.3	TritonIntlPfdT	TRTNpD	20.68	0.1	YouxinTechnology	YAAAS	0.99	6.4
SmithfieldFds	SFD	18.39	-1.4	TritonIntlPfdE	TRTNPe	17.30	-0.3	ZenaTech	ZENA	1.06	-15.9

Dividend Changes

KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

Company	Symbol	Yld %	Amount New/Old	Frq	Payable/ Record
Increased
Northwest Natural	NWN	4.1	.50/.4925	Q	Nov13/Oct30
RPM International	RPM	2.3	.57/.54	Q	Oct30/Oct20
Service Properties Trust	SVC	3.3	.05/.0125	Q	Nov12/Oct19
Stocks
Dragonfly Energy	DFLI		1:8		/Oct12
Medicus Pharma	MDCX		1:50		/Oct12
NewGenlvf Group	NIVF		1:4		/Oct12
NexGel	NXGL		1:20		/Oct12
Zhibao Technology	ZBAO		1:50		/Oct12
Foreign
CMB.TECH	CMBT	2.2	.577		Oct22/Oct16
Special
FS KKR Capital	FSK	16.2	.20		Dec15/Dec01
Note: Dividend yields as of 3-30 p.m. ET

Sources: FactSet; Dow Jones Market Data

MN

BIGGEST 1,000 STOCKS

How to Read the Stock Tables

The following explanations apply to NYSE, NYSE Arca, NYSE American, Nasdaq Stock Market, Cboe BZX and Texas Stock Exchange listed securities. Prices are consolidated from trades reported by various market centers, including securities exchanges, Finra, electronic communications networks and other broker-dealers. The list comprises the 1,000 largest companies based on market capitalization.

Underlined quotations are those stocks with large changes in volume compared with the issue's average trading volume.

Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was \$2 or higher.

Footnotes: 1-New 52-week high; 1-New 52-week low; dd-Indicates loss in the most recent four quarters. Stock tables reflect composite regular trading as of 4 p.m. ET and changes in the official closing prices from 4 p.m. ET the previous day.

Friday, October 9, 2026

YTD% Chg	52-WeekHi	Lo	Stock	Sym	Yld% PE	Last	NetChg
A B C
4.18	17.65	13.21	AES	AES	4.7	6	14.94
3.87	130.22	105.43	Aflac	AFL	2.1	12	114.54
-19.12	12.19	8.41	AGNC Invt	AGNC	16.6	5	8.67
87.57	47.44	21.63	APA	APA	2.2	10	45.88
188.39	47.93	11.07	ASE Tech	ASX	0.6	54	46.43
66.41	1999.96	935.41	ASML	ASML	0.4	55	1780.34
-29.83	133.86	47.57	AST Space	ASTS	...	dd	50.97
-10.71	29.43	19.89	AT&T	T	5.0	7	22.18
67.29	24.20	11.97	ATI	ATI	...	197	191.24
-20.50	135.12	81.97	Abbott Labs	ABT	2.5	32	99.60
21.00	277.60	190.75	AbbVie	ABBV	2.5	78	276.47
-22.08	291.09	118.15	Accenture	ACN	3.3	15	209.06
-17.14	380.17	257.04	Acuity	AYI	0.3	17	298.34
-30.78	363.70	190.12	Adobe	ADBE	...	14	242.27
-13.33	139.84	100.00	AdmirageSys	ADRS	0.0	29	104.00
37.87	397.44	169.35	AdvEnergyInds	AEIS	0.1	54	288.46
183.95	658.52	188.22	AdvMicroDevices	AMD	...	156	608.10
6.87	9.61	6.75	Aegon	AEG	5.0	11	8.24
0.67	158.81	118.96	AerCap	AER	1.0	7	144.72
34.33	393.42	230.26	AffiliatedMgrs	AMG	0.0	14	387.26
8.40	12.34	42.09	AffirmA	AFRM	...	6	10.76
25.33	177.05	108.35	AgroTechs	A	0.6	34	170.54
11.50	255.24	134.38	AgnicoEagleMns	AEM	1.0	16	189.02
13.86	314.87	229.11	AirProducts	APD	2.6	dd	281.26
22.21	193.45	110.81	Airbnb	ABNB	...	38	165.87
22.58	165.45	70.82	AkamaiTech	AKAM	...	39	106.95
-14.72	-5.41	27.05	AlamosGold	AGI	0.5	12	52.90
-20.00	22.21	35.00	Alumomarle	ALM	1.4	10	41.27
-20.59	84.38	35.01	Alcoa	AA	0.9	9	42.26
-18.65	87.64	61.84	Alcon	ALC	0.5	49	64.11
-24.02	182.50	91.99	Alibaba	BABA	0.9	26	111.37
-8.61	200.44	124.91	AlignTech	ALGN	...	25	142.71
-5.49	183.11	125	Allegion	ALLE	1.5	20	150.48
1.18	13.44	12.54	AluminaEnergy	ALUM	2.2	66	68.85
12.22	137.62	76.01	AllisonTransm	ALSN	1.1	17	109.85
10.22	277.22	188.08	Allstate	ALL	1.9	5	229.43
-17.00	47.29	35.92	AlnyFinancial	ALLY	3.2	9	37.59
-41.49	495.55	197.81	AlnylamPharm	ALNY	...	39	232.68
12.35	408.61	235.84	Alphabet A	GOOGL	0.3	18	351.66
10.86	26.67	16.69	Alphabet C	GOOG	0.0	18	188.00
24.31	77.06	54.70	Alta	MO	6.2	15	71.68
13.69	287.20	196	Amazon.com	AMZN	...	21	262.43
29.15	3.45	2.10	Ambev	ABEV	3.8	16	3.19
0.05	50.94	36.25	Amcor	AMCR	6.2	17	41.72
-24.66	42.76	26.10	AmerSports	AS	...	29	28.14
2.33	118.32	96.57	Ameren	AER	2.9	18	102.19
3.43	138.34	109.74	AmericanOil	AMX	2.0	17	101.22
6.50	140.58	112.53	AEP	AEP	3.1	21	122.81
-16.70	387.49	290.97	AmeriExpress	AXP	1.2	19	308.17
3.22	148.71	123.09	AmericanFin	AFG	2.8	12	141.08
7.95	58.70	40	AmerHlthcrREIT	AHR	2.0	75	50.80
-3.89	35.07	27.21	AmHomes4Rent	AMH	4.3	24	30.85
-9.97	17.34	11.76	Amway	AMAY	1.6	10	73.30
3.80	196.08	160.06	AmerTowerREIT	AMT	3.9	25	182.24
-1.24	145.64	120.57	AmerWaterWorks	AWK	2.2	82	128.88
2.07	572.56	422.37	Ameriprise	AMP	1.4	12	500.51
21.08	261.16	179.24	Ametek	AME	0.5	36	248.58
26.75	447.08	288	Amgen	AMGN	2.4	26	414.87
24.83	378.49	219.18	AppliedTech	AMTS	2.8	28	301.12
29.11	89.93	59.01	Amphenol	APH	0.6	44	87.24
-33.06	65.94	35.78	Amrize	AMRZ	0.0	17	36.20
49.78	445.91	223.47	AnalogDevices	ADI	1.1	48	406.19
10.41	129.14	62.55	AngloGoldAsh	AU	3.8	13	94.16
20.75	86.60	58.82	AB InBev	BUBD	1.2	17	77.33
-18.16	13.76	17.76	AnnalyCap	ANLY	...	16	83.30
18.86	23.84	15.46	AonMicrostream	AM	4.3	25	21.09
4.18	45.75	29.10	AnteroResources	AR	...	10	35.90
-22.50	382.34	266.33	Aon	AON	1.2	15	273.47
5.38	49.99	33.52	API Group	APG	...	dd	40.34
-18.04	153.29	99.56	ApolloGlbMgmt	APO	1.9	45	118.65
-23.83	347.00	243.42	Applc	APLC	3.3	23	164.58
30.30	148.80	211.00	AppliedIndlTech	AIT	0.4	31	335.38
97.30	739.67	203.40	AppliedMaterials	AMAT	0.4	44	507.03
214.52	233.67	18.50	AppliedOptoelec	AOAI	...	dd	109.64
-58.89	738.01	266.84	AppLovin	APP	...	21	277.04
-32.05	78.49	42.56	Aptiv	APTV	0.0	42	43.80
49.05	62.65	35.07	Aramark	ARMK	0.9	38	54.94
-10.00	267.00	108.00	ArchMittal	MTL	...	46	38.38
-0.36	107.08	82.44	ArchCapital	ACGL	0.0	7	95.57
38.96	88.75	55.58	ADM	ADM	2.6	22	79.89
-27.48	181.19	95.80	AresMgmtg	ARES	4.6	53	117.22
-1.89	102.75	661.85	Argenx	ARGX	...	31	825.03
65.41	217.41	114.51	AstraNetworks	AETN	...	68	216.74
-13.60	240.00	130.02	Astrada	ARX	...	23	192.90
106.63	249.49	101.74	ArrowElec	ARW	...	15	227.90
	61.50	33.15	Araxis	ARXS		47.89	1.12
7.50	282.15	186.05	AscendisPharma	ASND		17	229.23
10.65	303.94	206.03	Assurant	AIZ	1.3	13	266.49
105.70	499.48	97.89	AsteraLabs	ALAB		168	342.21
-2.29	212.71	153.41	AstraZeneca	AZN		20	194.20
-27.67	207.69	143.00	TEAM	TEAM		206	190.60
-3.56	192.51	154.72	AtmosEnergy	ATO	2.5	19	161.66
51.82	8.56	3.60	Aurulannov	AUR		dd	5.83
5.31	291.34	188.16	ADSP	ADSK		30	235.35
-13.32	416.42	270.65	AutoZone	ATOZ		19	293.85
36.37	207.64	170.00	BionTobncm	BNTR		dd	20.30
-7.73	199.54	152.42	AveryDennisony	AVY		2.4	187.93
-25.54	764.02	339.01	AxonEnterprise	AXON		175	422.89
-7.82	260.19	118.71	AxsomeTherap	AXSM		dd	168.35
-21.16	26.52	18.68	BCE	BCE		6.4	18.78
43.68	98.71	52.18	BHP Group	BHP		3.9	22.86
9.87	20.15	6.25	BlueWholesale	BWL		9.7	20.00

YTD % Chg	52-Week Hi	Lo	Stock	Sym	%	Yld	PE	Last	Net Chg
16.93	927.85	497.38	CaseysGenStores	CASY	0.4	31	646.27	3.99
39.73	1073.46	491.30	Caterpillar	CAT	0.8	34	800.47	4.29
21.18	3711.18	227.15	CboeGlobalMkts	CBOE	1.1	24	304.16	10.08
22.51	474.02	238.23	Celestica	CLS	...	38	362.6	1.63
-16.80	13.67	9.08	Cemex	CX	1.1	29	9.56	...
-4.12	377.54	244.82	Cencora	COR	0.7	24	323.85	2.50
85.52	34.16	15.63	CenovusEnergy	CVE	1.0	12	31.39	-0.10
58.83	15.63	10.00	Cenovus	CNV	0.6	46	65.36	-0.60
0.68	45.26	36.37	CenterPointEner	CNP	2.5	23	38.60	0.18
...	386.34	160.81	CerebrasSystems	CBRS	...	dd	164.17	-3.75
51.29	333.30	146.19	CharlesRiverLabs	CRL	...	dd	301.79	3.79
-50.48	275.58	102.37	CharterComms	CHTR	...	3	103.38	-6.29
-26.07	210.66	112.23	CheckPoint	CHKP	...	137	137.18	...
43.16	200.00	100.00	CheniereEnergy	LNG	0.8	21	200.18	0.30
18.81	71.25	49.53	CheniereEnerPtrs	CQP	4.9	11	63.54	-0.27
39.09	217.78	146.49	Chevron	CVX	3.4	20	211.98	0.43
19.51	35.55	15.88	ChimeFinl	CHYM	...	dd	30.08	1.12
-14.62	42.81	28.04	Chipotle	CMG	...	29	31.59	-1.09
9.32	365.91	265.30	Chubb	CUB	1.7	14	341.20	-2.58
10.39	26.40	16.47	CommunghwaTel	CHT	2.7	28	45.99	-0.24
17.01	106.04	81.33	Church&Dwight	CHD	1.3	32	98.11	0.38
92.32	637.51	153.27	Ciena	CIEN	...	100	449.77	23.84
2.62	312.18	239.51	Cigna	CI	2.2	12	282.43	1.40
0.04	194.81	150		CINF	2.3	8	163.39	-1.86
7.57	466.11	16.16		CTNX	1.0	60	461.41	1.42
6.57	159.47	49.90	CircleInternet	CRCL	5.1	84.51	3.67
53.69	130.37	66.81	CiscoSystems	CSCO	1.4	36	118.39	3.50
11.10	147.96	93.66	Citigroup	C	2.1	14	129.64	1.56
8.83	75.33	47.95	CitizensFin	CFG	2.9	14	63.57	-0.52
35.16	335.94	201.34	CleanHabors	CLH	...	38	316.93	-0.41
-16.00	26.79	10.12		CLX	6.0	83	83.80	0.59
83.07	370.35	158.83	Cloudflare	NET	...	dd	360.93	19.04
25.95	92.49	66		KO	2.4	27	88.05	0.28
28.01	219.65	119.81	Coca-ColaCon	COKE	0.5	27	196.24	4.38
14.94	113.67	84.66	CocaColaEuropac	CCEP	2.3	20	104.25	0.61
-3.93	27.77	13.55	CoeurMining	CDE	0.2	14	17.13	0.26
74.20	60.40	42.96	Cognex	CGNX	0.4	24	60.92	2.07
-28.67	87.03	37.08	ComountTech	CTSH	2.2	13	59.20	-0.81
69.38	440	108.19	Coherent	COHR	...	76	312.62	10.27
-20.67	402.16	139.11	CoinbaseGlbl	COIN	...	dd	179.39	7.39
11.71	99.33	74.55	ColgatePalm	CL	2.4	35	88.27	0.17
-26.22	32.81	20.48	Comcast A	CDAYA	6.4	21	20.66	-0.55
83.70	200.97	107.47	CocaSystems	FIXS	4.2	42	171.69	9.39
41.53	7.16	4.29	SABESP5	SBSPS	3.0	16	6.74	0.15
49.21	14.51	8.26	COPEL	ELPC	4.2	18	14.19	0.13
43.25	141.62	85.57	ConocoPhillips	COP	2.5	18	134.10	-0.09
6.83	116.23	94.96	ConEd	ED	3.3	17	106.10	0.11
-11.10	168.60	110.60	ConstBrandsA	STZ	3.4	11	122.64	-0.99
-15.00	100.00	75.00	ConstellationEner	CSCEP	0.0	16	80.00	13.00
-33.66	89.83	51.01	Cooper	COO	0.0	19	54.37	0.07
-30.22	45.89	26.39	Copart	CPRT	...	18	27.32	-0.16
248.25	126.38	28.66	CorceptTherap	CORT	...	289	121.19	2.65
12.99	35.64	22.19	CoreBridgeFin	CRBG	2.9	19	34.09	-3.36
14.62	153.20	60.55	CoreWeave	CRWV	...	dd	82.08	0.50
78.78	48.89	24.79	Corning	GLW	0.7	15	45.67	3.89
32.23	427.46	252.84	Corpay	CPAY	...	24	397.92	-4.16
31.65	14.62	9.08	Corteva	CTVA	5.4	9	13.24	-0.51
-55.87	79.21	25.89	CoStar	CSGP	...	163	29.67	-0.14
9.81	1096.90	844.06	Costco	COST	0.6	46	946.92	-1.00
-32.20	32.70	13.35	Couping	CPNG	...	dd	15.82	0.41
11.02	150.00	100.00		CP	0.5	104	100.75	2.67
32.83	413.25	230.45	Credicorp	BAPR	2.8	14	381.21	0.83
50.50	308.67	86.48	CredoTech	CRDO	...	77	216.55	4.09
134.70	286.99	85.68	CrowdStrike	CRWD	...	...774	275.04	12.03
-10.39	100.50	65.32	CrownCastle	CCI	5.3	18	79.64	10.75
5.14	122.91	89.21	Crown Holdings	CCK	1.3	16	108.26	-0.62
18.88	109.86	100.00	Crown Supercap	CFP	...	150	150.26	-2.31
2.54	737.76	400.72	Cummins	CMI	1.7	27	523.39	2.99
-7.01	808.16	501.60	Curtiss-Wright	CW	0.2	35	512.60	5.31

DEF

1.61	155.75	119.68	DTE Energy	DTE	3.7	20	126.90	-0.20
3.62	152.88	104.99	DT Midstream	DTM	2.8	27	124.01	0.25
-3.98	242.80	160.93	Danaher	DHR	0.7	39	219.81	2.35
7.41	229.76	169	Darden	DRI	3.2	19	197.66	-1.24
67.39	69.98	29.15	DarlingInngred	DAR	...	16	60.26	-1.99
115.65	294	98.01	Datadog	DDOG	...	59	293.26	19.46
57.57	149.49	139.26	Delta	DVA	...	17	128.99	2.57
-20.04	122.29	77.20	DeckersOutdoor	DECK	...	12	82.89	0.33
33.37	721.22	433	Deere	DE	1.0	35	620.93	-31.65
365.57	595.51	110.22	DellTechC	DELL	0.4	34	586.06	11.51
18.40	95.68	55.03	DeltaAir	DAL	1.0	16	82.17	0.01
-12.66	41.62	28.12	DeutscheBank	DB	1.0	9	33.68	0.05
31.75	52.71	31.47	DevonEnergy	DVN	2.3	11	36.26	-0.60
26.74	141.49	104.99	Dow	DXCM	...	33	84.11	-0.30
0.53	102.73	72.45	Diageo	DEO	4.7	28	86.73	-0.25
27.81	216.90	137.03	DiamondbkEner	FANG	2.3	37	192.13	0.45
-30.97	244.38	120.15	Dick's	DKS	3.7	15	136.65	2.02
15.55	208.14	146.23	DigitalRealty	DLR	2.7	87	178.76	2.69
100.17	187.50	37.09	DigitalOcean	DOCN	61	134.82	10.92
5.00	100.00	74.00	Fortis	DDS	0.2	19	62.98	-6.59
-5.03	117.09	92.19	Disney	DIS	1.2	22	108.05	1.03
3.92	75	40.16	DocuSign	DOCU	...	43	71.08	-0.35
-4.17	158.23	95.11	DollarGeneral	DG	1.9	17	127.23	2.96
-3.55	142.40	85.88	DollarTree	DLTR	...	14	118.64	...
5.21	72.99	55.85	DominionEner	DZ	4.3	21	61.64	-0.11
-25.78	442.35	282	Domino's	DPZ	2.6	18	309.36	0.71
-1.74	17.42	4.42	Dominion	DCI	1.7	98	94.93	-0.25
-13.24	285.50	143.30	DoorDash	DASH	...	103	196.50	4.79
-3.28	237.54	158.97	Dover	DOV	1.1	23	188.83	-0.13
21.56	42.74	20.65	Dow	DOW	4.9	dd	28.42	-0.17
-11.11	15.67	11.36	DrReddy'sLab	RDY	0.5	28	12.48	0.28
-43.18	36.98	18.52	DraftKings	DKNG	...	dd	19.58	-0.29
-0.12	18.00	10.00	DeywardEnergy	DUK	3.7	10	16.65	-0.13
7.79	157.98	92.45	DuPont	DB	1.830	130	1.30	-2.48
46.52	63.78	31.64	Dynatrace	DT	...	126	63.50	2.38
29.04	951.96	564.92	EMCOR	EME	0.2	24	789.45	11.21
47.60	58	34.03	ENI	E	3.0	14	56	0.38
41.09	154.16	101.59	EOG RCS	EOG	2.8	12	148.16	-0.35
-1.47	47.44	27.44	EQRT	QRT	1.0	42	28.83	-0.17
11.69	137.47	92.67	EastWestBncp	EWBC	2.5	12	125.52	-0.73
10.01	226.71	166.11	EastGroup	EGC	3.6	34	195.98	0.86
34.89	478	311.92	Eaton	ETN	1.0	44	429.65	5.14
28.81	119.31	78.03	eBay	EBAY	1.1	23	112.19	0.21
-12.75	147.25	65.76	EchoStar	ECHO	...	dd	94.84	1.48
7.36	309.27	243.15	Ecolab	ECL	1.0	38	281.83	0.14
69.42	182.48	108.00	Ecola	EC	0.9	16	146.96	...
-7.86	81.62	51.10	EdisonIntl	EIX	6.3	6	55.30	1.00
-0.05	96.29	72.30	EdwardsLife	EW	...	51	85.21	0.97
1.28	27.98	19.40	ElancoAnimal	ELAN	...	dd	22.92	0.38
30.21	108	42.05	Elastic	ESTC	...	28	98.23	2.97
13.51	1016.06	453	ElbitSystems	ESLT	0.6	49	655.74	-9.35
4.84	11.31	34.44	EldoradoGold	EGO	2.0	26	73.69	0.09
45.37	39.25	22.86	ElongSolarns	ESL	0.9	49	36.29	-0.39
17.73	436.24	274.84	ElevanceHealth	ELV	1.7	18	412.70	11.76
10.55	80.75	53.56	Embraer	EMBIJ	1.0	29	71.16	0.16
-7.27	55.49	45.27	Emera	EMA	4.4	20	45.66	-0.19
21.93	166.35	122.64	EmersonElec	EMR	1.4	35	161.83	2.77
-2.57	58.45	45.02	Enbridge	ENB	5.7	29	56.60	0.06
16.35	145.49	93.55	EncompassHealth	EHC	0.0	123	121.33	0.71
23.77	21.84	16.18	EnergyTransfer	ETF	6.4	16	20.41	-0.21
48.28	108.65	32.75	EnlightRenewableEnL	ENLT	...	68	67.41	0.30
-1.38	218	141.58	EnsignGroup	ENSG	0.2	27	171.80	0.31
96.78	186.94	67.97	Entegris	ENTG	0.2	83	165.79	3.60
11.22	118.44	90.87	Entergy	ETR	2.5	26	102.80	0.31
12.74	187.86	109.00	EnterpriseProd	EPD	2.6	36	160.08	-0.64
-32.81	238.94	137.01	Equifax	EFX	4.5	16	145.78	0.24
33.92	1128.68	720.62	Equinix	EQIX	2.0	66	1026.00	14.90
82.01	45.84	22.26	Equinor	EQRN	2.8	12	43.01	0.08
-18.66	18.96	8.48	EquinoxGold	EQXN	0.8	13	11.42	0.30
11.06	55.23	35.20	Equitable	EQIE	2.3	dd	52.92	-0.56
-2.64	57.45	37.45	EquityLife	ELYL	2.7	59	50.01	0.51
-22.54	330.54	204.85	EssentialIdentity	ERIE	2.0	20	227.08	-0.46
1.62	42.51	36.10	EssentialUtil	WTRG	3.7	20	38.98	0.26
3.78	303.35	238.46	EssexProp	ESS	3.8	27	421.57	2.99
-6.37	121.64	66.22	EsteeLauder	ELP	1.417		98.05	3.73
-20.10	388.71	251.13	EvercoreA	EVR	1.3	15	271.86	5.11
8.55	401.07	302.44	Everest	ERG	2.2	8	368.37	-4.73
11.68	74.89	71.41	Evergy	EVRG	3.2	16	74.89	0.64
130.56	157.05	95.66	Expure	P	...	211	154.49	3.92
-2.38	76.57	62.72	EversourceEner	ES	4.8	17	65.73	0.04
36.57	61.14	33.76	Exelixis	EXEL	...	19	59.86	0.84
-4.20	50.65	39.73	Exelon	EXC	4.0	15	41.76	0.03
-20.06	126.62	83.25	ExpandEnergy	EXE	2.6	8	88.22	-0.64
-2.11	185.34	185.34	Expedia	EXPD	...	dd	182.22	-4.06
29.94	195.72	112.94	FirstHorrorIntl	FXDR	0.8	28	193.24	-0.47
3.40	158.88	125.71	ExtraSpaceSt	EXR	4.8	30	134.65	1.53
40.39	176.41	110.39	ExxonMobil	XOM	2.4	22	168.94	0.44
87.98	482.47	223.76	F5	FFIV	...	49	378.83	18.17
-13.66	323.51	149.50	FTAI Aviation	FTAI	1.2	37	169.97	-1.09
6.81	748.89	361.19	Fabrinet	FN	...	37	486.25	-0.08
-1.89	149.99	73.55	FedNatFds	FDS	1.6	10	147.18	...
-60.51	1858.91	586.05	FairIsaac	FICO	...	19	667.58	-39.85
26.46	52.91	38.97	Fastenal	FASTA	2.0	43	50.75	0.26
5.32	128.21	90.03	FederalRealty	FRT	4.4	21	106.16	0.70
25.41	345.37	180.87	FedEx	FDX	1.7	19	291.71	-0.02

YTD % Chg	52-Week			Stock	Sym	Yld %	PE	Last	Net Chg
	Hi	Lo
18.13	285.67	181.50	Franco-Nevada	FNV	0.7	32	244.85	4.35
33.95	36.28	21.11	FranklinTemp	BEN	4.1	22	32	-0.40
39.42	178	107.97	FreedomHolding	FRHC	...	67	169.65	2.95
45.09	80.24	38.54	FreeportMcM	FCX	0.8	36	73.69	2.55
-11.59	27.64	20.02	FreseniusMedCare	FMS	2.9	11	21.06	0.18
157.10	56.86	20.47	Frontline	FRO	9.6	8	56.10	-0.16
-30.75	202.53	80.50	Futu	FUTU	2.2	11	113.71	4.95

GHI

0.06	388.84	268.91	GE Aerospace	GE	0.6	36	308.20	2.58
-19.85	89.77	58.75	GE HealthCare	GEHC	0.2	15	65.74	1.52
53.73	119.94	530.16	GE Vernova	GEV	0.29	1	1004.73	5.38
-0.04	41.73	58.75	GE Environmental	GFL	0.2	dd	42.78	0.45
-5.18	41.70	42.84	GS	GS	0.2	dd	46.50	-0.06
-10.08	307.11	190.75	Gallagher	AJ	2.9	32	230.32	-1.75
32.27	26.88	17.79	GameStop	GME	0.08	18	26.58	1.26
-14.34	49.95	37.33	Gaming&Leisure	GLPI	8.6	11	38.28	0.02
32.29	314.28	186.67	Garmin	GRMN	1.6	28	268.36	-0.08
-24.23	261.10	124.25	Gartner	IT	...	17	191.15	-4.26
-14.15	147.73	174.40	GenDigital	GEN	2.2	16	122.25	0.59
64.95	296.44	134.80	Genec	GNRC	...	52	224.94	0.54
-1.60	400	306.77	GeneralDynamics	GD	1.0	29	331.27	2.96
-30.56	49.96	31.18	GeneralMills	GIS	7.6	dd	32.29	-0.30
1.73	91.85	54.33	GeneralMotors	GM	0.8	42	82.73	0.48
20.36	40.17	23.62	Genmab	GMAB	...	29	37.07	1.02
3.15	151.70	90.00	GenuineParts	GPC	3.0	12	172.02	-1.13
38.75	5.48	3.13	Geau	GGB	2.6	23	5.12	0.20
23.16	157.29	114.02	GileadSciences	GILD	dd	151.17	4.07
46.79	55.55	18.73	GitLab	GTLB	...	dd	55.09	1.53
46.75	191.62	73.16	Glaukos	GKOS	...	dd	165.69	4.40
6.20	95.88	61.16	GlobalPayments	GPN	1.2	26	82.20	-0.57
10.00	100.00	70.00	GlobalFoundries	GPS	1.0	48	102.48	1.14
37.32	84.85	40.50	Globalstar	GSAT	dd	83.82	0.60
17.38	191.55	127.84	GlobeLife	GL	0.8	11	164.17	-1.91
-14.50	101.40	56.50	GlobusMedical	GMED	...	19	74.65	1.32
-15.90	137.93	71.59	GoDaddy	GDDY	...	15	104.35	1.16
-15.67	61.64	31.11	GoldFields	GFI	4.5	8	36.82	0.96
1.86	115.99	740.01	GoldmanSachs	GS	2.2	14	895.32	12.73
-36.76	6.40			GRAB			0.00
-4.59	95.69	72.51	Graco	GGG	1.5	25	78.21	-0.16
27.82	141.91	906.52	Grainger	GWW	0.8	33	1289.79	21.12
-23.57	300.41	193.11	GAP	PAC	0.0	19	201.50	4.81
49.05	105.60	52.45	GrupoCibest	CIB	4.2	35	94.81	0.73
63.96	191.05	61	GuardantHealth	GH	...	dd	167.47	1.91
-16.29	36.30	20.30	GWRE	GWRE	...	dd	33.32	2.62
-3.38	556.52	353.99	HCA Healthcare	HCA	0.7	15	451.09	6.08
-39.03	37.45	21.70	HDFC Bank	HDB	1.5	13	22.28	0.27
1.163.24	124.22	45.71	HF Sinclair	DINO	1.7	12	121.30	0.58
35.55	36.23	17.56	HP	HPQ	4.0	12	30.20	-2.24
18.19	107.92	64.64	HSBC	HSBC	4.0	13	92.98	0.37
-6.17	36.36	16.30	HiltonWorld	HTWO	3.9	46	161.16	1.49
-7.81	11.28	8.65	Haleon	HLN	2.0	19	9.32	0.06
15.18	43.59	21.46	Halliburton	HAL	2.1	17	32.55	-0.02
64.07	116.84	61.23	HalozymeTherap	HALO	...	33	110.42	0.58
-15.18	26.06	13.03	HarmonyGold	HMY	3.7	6	16.88	0.50
-6.31	146.06	120.33	Hartfordins	HIG	1.9	8	129.11	-0.37
13.84	107.93	74.80	Haysys	HAYS	...	dd	136.32	0.82
16.92	22.95	15.70	HealthpeakProp	DOC	6.5	14	88.80	1.26
-11.05	34.17	11.81	HeclaMining	HL	0.1	22	17.07	0.34
-7.82	376.86	256.11	Heico	HEI	0.1	50	298.28	2.37
-11.64	279.66	199.35	HeicoA	HELA	...	37	223.05	1.98
11.15	92.18	61.95	HenrySchein	HSIC	...	24	84.01	-0.62
-10.57	239.48	156.16	Hershey	HSY	3.6	24	162.74	0.20
-14.97	194.96	108.99	HoneywellPackard	HOOD	0.8	38	174.46	2.46
13.68	358	253.54	Hilton	HLT	0.2	48	326.56	3.27
-15.51	397.63	277.15	HomeDepot	HD	3.2	20	290.74	-4.73
10.92	33.45	23.25	HondaMotor	HMC	3.3	dd	32.70	0.22
	297.50	149.19	HoneywellAero	HONA			157.94	3.93
1.58	260.15	195.77	Honeywell	KON	1.3	8	207.73	1.13
-19.08	261.05	195.77	HoneywellBonds	HBNL	1.1	31	191.19	-0.24
-6.35	170.78	131.75	DR Horton	DHI	1.3	13	134.88	-0.94
27.75	25.71	15.61	HostHotels	HST	3.5	15	22.65	0.11
9.87	310	183.83	HowmetAerospace	HWM	0.2	49	225.26	2.70
6.76	565.50	403.82	Hubbell	HUBB	1.2	28	474.11	-1.29
-43.11	497.96	169.63	HubSpot	HUBS	...	61	228.30	-3.54
-10.47	347.98	163.98	HumanaMetalsMinerals	HUMA	...	0.1	48.99	0.73
68.61	456.50	163.11	Humana	HUM	4.0	81	431.87	44.75
17.97	299.76	136.46	JB Hunt	JBHT	0.8	33	229.26	0.84
-11.70	19.45	14.82	HuntingtonBcshs	HBAN	4.0	12	15.32	-0.05
-22.13	460	256.79	HuntingIngalls	HII	2.1	16	264.80	-0.22
83.43	140.80	31.67	Hut8	HUT	...	dd	84.27	4.68
1.33	144.88	107.35	HuntingtonHerts	HOT	0.8	161.94	2.57
-6.41	33.03	25.08	ICICI Bank	IBN	0.8	16	27.89	-0.01
31.67	243.80	159.27	IDEX	IEX	1.2	34	234.29	2.54
-23.43	769.98	500.61	IdexLab	IDXX	...	36	518.18	4.86
52.96	408.25	170.07	IES Holdings	IESC	...	26	297.52	-2.91
19.18	37.52	23.64	ING Groep	INGG	3.4	12	33.37	-0.06
		17.45	INNO	INIO			19.79	0.59
12.33	33.66	20.67	Invesco	IVZ	2.9	dd	29.51	-0.58
15.29	277.40	154.50	IQVIA	IQV	...	32	259.88	1.00
-6.83	76.87	28.93	IREN	IREN			35.19	-0.52
16.06	230.32	166.96	ITT	ITT	0.8	40	201.37	2.67
14.01	24.87	10.87	IamGold	IAG	...	10	18.40	0.80
-13.11	407.88	328.57	IcahnEnterprises	ICOR	30.5	144.56	-0.66
-9.08	203.91	66.57	IcadoTherap	ICLR	...	298	164.17	-0.33
7.24	303.15	238.82	IllinoisToolWks	ITW	2.6	24	264.13	-0.58
112.08	309.35	88	Illumina	ILMN	...	52	278.17	13.60
430.81	12.43	1.95	ImmunityBio	IBRX	...	dd	10.51	0.60
42.52	139.44	83.27	ImperialOil	IMO	1.4	20	123.01	0.22
14.19	132.60	82.81	Incyte	INCY	...	14	112.79	0.04
-59.25	397.75

JKL

-9.99	18.65	10.61	JBS	JBS	7.7	12	12.98	0.23
-5.61	35.06	24.51	JD.com	JD	3.6	18	27.09	0.18
3.34	366.50	279.10	JPMorganChase	JPM	2.0	14	332.99	1.57
43.2	429.93	189.60	Jabil	JBL	1.1	31	306.28	1.12
18.1	121.21	121.21	JohnsonHerty	JKHY	1.0	14	134.31	0.26
21.62	140.90	89.67	JacksonFinl	JXN	2.8	1718	129.71	-3.35
5.05	168.44	105.68	JacobsSolns	J	1.0	49	139.15	0.56
21.06	31.43	16.46	JamesHardie	JHX	...	101	25.12	-0.03
28.48	266.38	128.80	JazzPharm	JAZZ	...	15	218.42	-4.03
-28.38	66.59	35.53	JefferiesFinl	JEF	3.6	12	44.38	-0.02
63.67	105.76	34.05	JFrog	FROG	dd	102.23	4.98
26.26	161.74	104.16	JohnsonControls	JNJ	2.1	11	46.48	4.97
31.47	160.41	104.49	JohnsonControls	JCI	1.0	27	157.44	3.44
-10.88	393.84	259.83	JonesLang	JLL	0.0	14	299.87	-3.27
43.04	133.29	77.44	KB Financial	KB	2.2	11	123.07	1.03
13.20	19.88	13.81	KE Holdings	BEKE	1.7	29	17.84	0.75
-28.66	144.84	82.67	KKR	KKR	0.9	29	90.95	1.39
60.57	107.37	65.71	KLAC	KLAC	...	19	195.57	-1.37
-3.53	24.58	17.12	KT	KT	3.6	10	18.30	-0.25
19.02	109.94	68.59	Kaspi.kz	KSPI	6.1	8	92.99	0.16
2.61	20.13	14.02	Kenvue	KVUE	4.7	21	17.70	-0.03
13.39	33.82	24.88	KeurigDrPepper	KDP	2.9	32	31.76	0.50
-3.25	24.07	16.47	KeyCorp	KEY	4.1	12	19.97	-0.13
88.37	389.93	158.79	KeysightTech	KEYS	...	53	382.75	8.08
-3.87	33.46	16.47	KeyCorpClark	KNRY	5.7	12	47.59	-0.13
9.32	26.64	19.76	KimcoReality	KIMI	5.1	26	22.16	0.07
18.19	34.80	25.60	KinderMorgan	KMI	3.7	21	32.49	0.24
-15.70	39.11	22.01	KinrossGold	KGC	0.7	9	23.74	0.40
23.32	82.86	41.23	Knight-Swift	KNX	1.2	245	64.47	-0.58
-10.49	33.44	23.62	Phillips	PHG	3.5	18	24.24	-0.06
-3.10	10.00	10.00	KoreaElecPwr	KEP	...	10	0.05	0.12
-8.16	28.09	21.04	KraftHeinz	KHC	7.2	dd	22.27	-0.21
-1.34	76.58	54.15	Kroger	KR	2.5	33	61.64	0.23
34.51	382.54	179.19	KrystalBiotech	KRYS	...	42	331.61	4.31
44.45	130.05	55.26	KymeraTherap	KYMR	...	dd	112.40	3.10
-6.96	70.42	41.41	LatamAirlines	LTM	3.0	9	50.25	-0.19
-7.36	400.16	260.15	LPL Financial	LPLA	0.4	26	330.88	2.88
-19.32	232.24	152.24	LectonTech	LHX	...	29	249.77	0.07
24.42	341.80	244.52	Labcorp	LH	0.9	36	212.15	-2.05
86.26	438.50	131.02	LamResearch	LRCX	0.4	55	318.84	-1.75
15.71	166.33	114.45	LamarAdv	LAMR	4.5	27	146.47	0.77
-44.43	70.45	35.28	Las VegasSands	LVS	3.3	14	36.17	0.07
71.31	157.01	60.50	LatticeSemi	LSCC	...	487	126.05	1.07
-32.55	205.77	78.86	Leidos	LDO	1.8	11	121.68	2.46
-35.45	76.46	73.76	LennoxUSA	LEN	2.6	46	64.69	-0.57
-20.08	125.48	72.60	LennarB	LENB	2.6	14	76.02	-1.04
-26.59	587.27	350.22	LennoxIntl	LII	1.5	16	356.44	-5.10
6.31	50.59	32.43	LeonardoDRS	DRS	1.0	30	36.24	0.37
-31.84	24.38	10.66	LiAuto	LI	...	dd	11.54	0.64
16.97	106.06	74.38	LibertyLiveA	LLYVA	...	...	99.33	-0.32
18.84	108.89	74.50	LibertyLiveA	LLYVK	...	...	97.20	-0.27
-4.54	107.31	80.15	LibertyMediaC	FWONK	...	68	94.04	-1.03
-3.03	98.79	73.70	LibertyMediaA	FWONA	...	54	86.67	-0.90
52.82	47.23	24.14	LifeTime	LTH	...	22	40.62	0.34
9.73	1292.65	783.85	Eli Lilly	LLY	0.6	40	1179.67	9.67
8.97	310	216.22	LincolnElectric	LECO	1.2	26	261.13	2.35
13.07	262.80	287.78	Linde	LIN	1.3	31	482.73	2.03
68.63	500.72	273.36	Lindeforce	LFUS	0.8	dd	426.50	1.20
19.53	189.25	125.34	LiveNationEnt	LYV	...	dd	170.33	-1.01
2.08	6.34	4.42	LloydsBanking	LYG	3.1	13	5.41	0.03
5.36	692	437.25	LockheedMartin	LMT	2.7	19	509.59	1.70
1.31	121.01	97.38	Loews	LWS	0.2	13	106.69	-0.91
-1.95	129.60	83.32	LogitechIntl	LOGI	1.2	18	98.27	-3.23
-22.88	178.85	178.85	LockheedUSA	LOW	2.7	dd	175.31	-2.80
-54.53	225.98	90.38	Lululemon	LULU	...	8	94.50	1.82

M N
92.70	418.90	121.97	Macom Tech	MTSI	...106 330.06
7.95	255.95	174.76	M&T Bank	MTB	2.8 11 217.49
65.52	447.62	120.91	MKSI	MKSI	0.4 24 462.40
5.99	47.47	147.50	MPLX	MPX	7.0 56.30
-1.50	644.77	501.08	MSCI	MSCI	1.5 365.12
	44.50	22.91	MadisonAirSolns	MAIR	...24.22
55.54	438.93	207.90	MSG Sports	MSGS	0.012/402.30
-18.99	615	393.61	MadrigalPharm	MDGL	...dd 471.75
20.06	73.22	43.11	Magnalnti	MGA	3.1 23 63.99
9.07	20.88	43.11	MilshareCrm	MIL	...5 17.28
18.22	227.03	110.96	ManhattanAssoc	MANH	...59 204.89
16.95	45.33	31.41	ManulifeFinl	MFC	2.9 16 42.43
6.18	52.68	32.73	Maplebear	CART	...26 47.76
+179.79	470	161.93	MarathonPetrol	MPC	0.9 16 455.03
-18.09	207.59	1704.17	Markel	MKL	...10 1760.74
17.93	410.98	256.76	Marriott	MAR	0.8 38 365.88
-5.26	207.82	156.60	Marsh	MRSH	2.3 22 175.76
-23.18	710.97	470.19	MartinMarietta	MLM	0.7 12 478.35
223.94	329.88	70.69	MarvellTech	MRVL	0.1 91 275.28
8.38	20.88	43.11	Moody's	MOYA	1.1 68.78
-2.17	441.43	182.34	MasTec	MTZ	...34 212.65
3.20	601.23	464.52	Mastercard	MA	0.6 32 589.14
27.25	44.94	28.81	MatchGroup	MTCH	1.9 15 41.09

YTD % Chg	52-Week Hi	Low Lo	Stock	Sym	Yld %	PE	Last	Net Chg
-31.29	72.14	44.30	McCormickVtg	MKCV	4.1	8	46.73	-1.01
-34.21	72.41	43.25	McCormick	MKC	4.3	8	44.81	-1.13
-23.29	72.20	43.20	McDonald's	MCD	5.5	10	41.23	-1.67
14.45	999	723.68	McDonald	MCK	0.4	24	98.84	8.59
-13.67	50.88	31.49	Medline	MDLN	...	43	36.26	0.52
8.97	677.90	373	Medpace	MEDP	...	36	612.05	9.35
-7.89	106.33	73.31	Medtronic	MDT	3.2	22	88.48	-0.73
-6.18	2428	1495	MercadoLibre	MELI	...	51	1889.85	33.19
38.87	156.97	82.01	Metek	METK	2.3	116	145.60	3.22
8.87	525.56	252.26	MetaPlatforms	META	0.8	218	716.67	1.75
24.56	100.93	67.33	MetLife	MET	2.4	19	98.33	-0.14
11.17	1585.72	1023.05	Mettler-Toledo	MTD	...	35	1549.99	20.53
18.57	105.91	48.52	MicrochipTech	MCHP	2.4	113	75.55	0.03
260.53	1255	179.61	MicronTech	MU	0.1	14	1029	-6.84
10.64	553.72	349.20	Microsoft	MSFT	0.7	30	535.07	12.46
-15.74	10.89	10.99	MetaApplt	MAAP	...	14	11.86	0.67
43.36	107.13	44.88	MillicomIntl	TIGO	3.0	29	79.48	-8.47
41.11	24.26	14.62	MitsubishiUFJ	MUFG	1.9	15	22.38	-0.10
44.95	11.49	6.09	MizuhoFin	MFG	1.3	15	10.61	-0.06
62.97	225	22.88	Moderna	MRNA	...	dd	225	28.00
40.60	312.64	107.53	ModineMfg	MOD	...	68	181.56	-0.33
13.88	100.34	83.18	MolinaHealthcare	MOH	...	48	109.65	1.11
12.22	66.65	51.20	MongoDB	MDBL	3.4	22	60.41	-0.26
-8.04	473.10	215.68	MongoDB	MDB	...	545	385.93	14.58
52.95	1714.09	833.18	MonolithicPower	MPWR	0.6	85	1386.29	16.49
13.84	50.17	32.94	MonsterBev	MNST	...	40	43.64	-0.01
-9.13	546.88	402.28	Moody's	MCO	0.9	29	464.23	5.54
49.99	268.85	151.33	Moog A	MOGA	...	31	263.09	0.17
48.35	456	101.04	Moog B	MOGB	0.3	36	504.34	6.44
7.04	232.25	151.84	MorganStanley	MS	2.5	14	190.02	2.58
15.88	494.85	359.36	MotorolaSol	MSI	1.1	35	444.18	-2.94
5.77	71.12	48.27	MuellerInds	MLI	1.2	16	60.71	0.22
31.13	636.04	349.83	MurphyUSA	MUSA	0.5	16	529.14	10.92
-32.20	189.96	93.36	NRG Energy	NRG	1.8	29	107.97	1.65
-19.17	760.01	40.00	NVIDIA	NVDA	...	10	491.16	-103.04
4.82	339.95	183	NXP Semicon	NXPI	1.8	19	227.52	-3.55
-3.58	101.78	76.55	Nasdaq	NDAQ	1.3	27	93.65	1.28
74.91	437.41	167.99	Natera	NTRA	...	dd	400.71	9.92
-1.12	94.64	73.23	NationalGrid	NGG	4.2	18	76.48	-0.63
-2.11	19.42	13.76	NatWest	NWG	5.4	9	17.13	-0.02
164.38	72.86	43.98	Nebius	NBS	...	dd	221.07	1.35
121.45	238.07	93.69	NetApp	NTAP	0.9	33	237.15	6.62
-9.72	156.44	106.06	NetEase	NTES	2.4	17	124.24	4.64
-25.02	124.86	65.08	Netflix	NFLX	...	22	70.30	-1.27
0.43	186.12	122.14	Neurocrine	NBIX	...	21	144.12	1.49
-4.47	87.10	54.10	NYTimes A	NYT	1.4	28	66.32	-0.28
18.03	51.25	39.00	Newmont	NEJM	...	107	41.84	2.82
11.49	31.66	22.20	NexxCorp A	NWSA	0.7	28	29.12	0.15
8.03	35.76	25.49	NewsCorpB	NWS	0.6	31	32.01	0.09
-3.61	98.75	74.41	NextEraEnergy	NEE	3.2	17	77.38	0.01
-1.15	163.13	76.72	Nextpower	NXT	...	22	86.11	0.85
-45.52	70.44	31.97	Nike	NKE	4.7	17	34.71	-0.03
-2.39	49.21	38.42	NiSource	NI	2.9	22	40.76	0.23
60.11	45.35	31.15	Nokia	NOK	...	44	33.36	0.27
14.30	10.94	6.71	Nomura	NMR	2.9	11	9.59	0.05
36.49	339.12	223.29	Nordson	NDSN	1.1	33	328.17	1.30
10.07	358.60	277.80	NorfolkSouthern	NSC	1.7	27	317.79	0.80
23.15	195.78	121.12	NorthernTrust	NTRS	2.1	14	168.21	-0.29
-15.69	774.77	470.06	NorthropGrum	NOC	2.1	15	480.72	-3.76
7.66	45.91	26.66	NVIDIA	NVDA	...	dd	47.94	-1.59
4.26	170.46	121.57	Novartis	NVS	2.8	22	143.75	0.64
-24.06	64.16	35.12	NovoNordisk	NVO	3.3	9	38.64	0.46
-3.70	18.98	11.20	NuHoldings	NU	...	22	16.12	0.74
53.47	280.11	131.32	Nucor	NUE	2.0	20	253.31	4.19
44.38	74.66	34.01	Nutanix	NTNX	...	14	74.63	1.52
9.76	49.97	29.78	Nutrien	NTRN	3.3	26	47.48	-2.39
64.20	184.64	93.22	NutEllective	NVT	0.5	46	167.43	3.23
22.94	243.37	164.27	NVIDIA	NVDA	0.4	29	222.98	-1.20

OPQ

8.90	50.59	41.70	OGE Energy	OGE	3.7	20	46.50	0.39
22.18	99.84	64.02	ONEOK	OKE	4.8	16	89.80	-0.49
43.57	26.46	43.25	Omnicl	ON	...	11	17.53	-1.82
-5.22	104.06	82.59	O'Reilly Auto	ORLY	...	27	86.45	0.44
46.18	67.45	38.80	OccidentalPetrol	OXY	1.9	18	60.11	-0.17
168.45	232.98	62.66	Okta	OKTA	...	140	232.13	11.92
16.05	252.03	126.01	OldDomFreight	ODFL	0.6	35	181.97	0.32
10.17	27.36	19.39	OldNatBncp	ONB	2.4	11	24.58	-0.15
-16.37	46.76	36.65	OldRepublic	ORI	3.5	14	38.17	-0.35
0.41	26.35	0.41	OldHealthcare	OH	6.1	16	34.41	0.27
-5.29	89.56	66.33	Omnicom	OMC	4.2	66	76.48	0.03
-24.51	51.08	26.36	OnHolding	ONON	...	24	35.09	1.05
86.58	386.46	118.97	OntInnovation	ONTO	...	110	294.53	1.86
-27.45	322.54	114.50	Oracle	ORCL	2.7	142	141.40	6.21
26.24	32.37	15.45	Oracle	IX	2.2	16	27.99	0.28
132.22	34.48	10.69	OscarHealth	OSCR	...	24	33.37	0.27
-24.50	94.56	63.58	OtisWorldwide	OTIS	2.7	17	65.96	-0.15
63.00	67.51	35.47	Ovintiv	OVV	1.9	18	63.88	0.51
2.01	159.91	97.53	OwensCorning	OC	2.8	dd	114.16	-3.04
210.73	89.48	25.62	PBF Energy	PBF	1.3	7	84.27	-5.07
-28.26	139.41	71.94	PDD	PDD	...	...	81.39	3.09
-18.29	19.16	13.77	PSEG	PCG	1.5	10	13.13	0.40
5.02	258.96	167.88	PNC Finl	PNC	3.6	21	129.21	-0.47
8.02	92.40	44.99	POSCO	PKX	2.1	19	57.48	0.73
1.46	133.43	93.39	PPG Ind	PPG	2.8	15	103.96	-1.50
-2.20	40.10	31.55	PPL	PPL	3.3	20	34.25	0.45
11.62	206.82	108.50	PTC	PTC	...	19	194.45	0.72
-1.04	120.00	6.00	Pcar	PAR	1.3	19	190.46	-0.16
11.77	259.98	191.50	PackagingCpAm	PKG	2.6	30	230.51	0.57
17.61	209.58	106.37	PalantirTech	PLTR	...	178	209.05	10.27
127.35	432.32	139.57	PaloAltoNtwks	PANW	...	417.88	20.28
-10.69	69.99	33.08	PanAmerSilver	PAAS	1.6	14	46.27	0.96
9.51	1099.94	715.37	ParkerHannifin	PNK	0.8	19	962.56	15.60
-7.58	100.00	5.00	PaychexTherap	PAYX	...	21	107.39	-0.40
45.72	244.98	104.90	PaycomSoftware	PAYC	0.6	25	232.22	2.32
-4.88	79.22	38.46	PayPal	PYPL	1.0	10	55.53	0.51
...	24.89	12.07	PayPal	PAY	...	13	15.71	0.26
20.87	17.75	12.02	Pearson	PSO	2.0	26	16.94	0.37
24.30	21.58	36.20	PembinaPipeline	PBNA	4.3	23	14.31	-1.16
23.45	22.74	140.00	Petro&Auto	PAPX	2.9	196.16	-1.85
2.73	362.41	212.26	Penumbra	PEN	...	78	319.40	1.88
-12.23	171.48	123.47	PepsiCo	PEP	4.7	16	125.97	-2.37
5.52	117.47	80.82	PerformanceFood	PFGC	...	41	94.88	0.16
64.15	24.65	11.92	PermianRscs	PR	2.8	15	23.03	0.19
	60.40	22.01	PershingSquare	PS	0.8	dd	54.59	0.25
113.50	287.88	108.00	PrologisBrasil	PBR	4.4	25	136.30	0.67
-99.38	22.78	10.76	PetroleoBrasilA	PBRA	5.3	6	22.47	0.33
13.57	29.21	23.62	Pfizer	PFE	6.1	37	28.28	0.46
25.43	207.76	142.11	PhilipMorris	PM	3.2	29	201.19	0.69
115.58	286.57	126.74	Phillips66	PSX	1.8	16	278.18	-3.42
-1.49	110.33	81.08	PinnacleFinPtrs	PNFP	2.1	13	93.99	-0.68
-1.00	100.00	53.72	PinnacleWest	PNW	3.7	29	99.29	0.99
-17.34	35.42	13.84	Pinterest	PINS	...	62	21.40	0.87
35.52	26.39	15.69	PlainsAllAmPipe	PAA	6.9	7	24.34	-0.08
39.08	28.70	16.68	PlainsGP	PAGP	6.3	10	26.62	0.05
25.51	179.24	108.74	Popular	BPOP	2.3	11	156.29	0.50
21.57	121.18	77.90	PrincipalFinl	PFIN	3.5	10	175.24	-2.53
10.87	158.88	74.88	PrudentialEnable	PUNL	4.5	13	151.23	0.65
-4.52	245.64	189.20	Progressive	PGR	0.2	11	274.43	-1.30
1.43	153.35	111.03	Prologis	PDL	3.3	29	129.49	0.20
64.56	160.81	65.56	ProtagonistTherap	PTGX	...	139	143.73	3.82
0.19	127.72	91.89	PrudentialFinl	PRU	5.0	10	113.09	-0.44
-23.14	34.03	23.31	Prudential	PUK	2.2	8	23.92	0.04
-9.99	108.88	67.88	Pg&e	PGE	...	17	107.28	0.49
11.70	335.55	256.54	PublicStorage	PSA	4.1	28	289.86	4.34
-4.38	144.50	108.49	PulteGroup	PHM	0.9	11	112.12	-1.41
-14.96	27.61	10.75	QXO	QXO	0.0	dd	10.81	-0.31
-4.13	57.81	32.53	Qiagen	QGEN	0.6	23	45.38	0.85
55.05	177.28	70.50	QnityElec	Q	0.3	45	126.60	-0.08
2.60	100.00	50.00	Qorvo.com	QCOM	2.0	10	95.50	-0.15
67.26	788.75	404.50	QuantaServices	PWR	0.1	81	705.94	20.61
	86.79	41.04	Quantinum	QNT		41.30	-0.22
33.10	248.84	171.18	QuestDiag	DGX	1.5	25	230.97	0.16

RS

12.32	667.69	364.50	RBC Bearings	RBC	...	50	503.68	12.69
-16.55	119.33	78.05	RB Global	RBA	1.5	37	85.84	1.81
-10.61	47.22	27.57	RELX	RELX	2.5	22	36.13	0.89
-6.03	121.78	92.92	RPM	RPM	2.3	18	97.73	-1.70
1.85	40.30	18.40	RTX	RTX	1.6	10	19.97	1.63
5.00	421.60	306.55	RalphLauren	RL	1.1	23	371.28	3.89
16.96	174.10	77.89	Rambus	RMBS	...	49	107.47	-1.00
15.97	48.31	32.68	RangeResources	RRC	1.0	11	40.89	0.12
-1.38	182.73	138.82	RaymondJames	RJF	1.4	14	158.38	-0.22
-3.89	67.94	53.15	RealtyIncome	O	6.0	40	54.18	0.01
-30.04	263.50	119.27	Reddit	RDDT	...	15	159.91	3.44
17.61	162.76	106.96	Rockwell	RRX	0.8	34	167.03	5.04
4.37	83.66	66.86	RegencyCtrs	REG	4.2	24	72.05	0.57
-3.28	859.34	54.21	RegenPharm	REGN	0.5	18	746.54	6.97
-0.26	32.47	22.70	RegionsFinl	RF	4.4	11	27.03	-0.04
25.81	258.53	178.21	ReinsGrp	RGA	1.5	11	255.98	0.05
39.32	433.02	260.31	Reliance	RS	1.2	23	402.45	5.54
-3.14	187.89	119.50	RenaissanceRe	RNR	0.0	14	136.38	0.00
-31.30	34.66	19.50	RollsMcInt	RTO	2.7	22	20.24	-0.01
6.11	198.87	100.99	Repligen	RGEN	...	237	173.88	10.04
2.34	233.42	196.41	RepublicSvcs	RSG	1.2	31	216.88	0.04
-4.49	284.05	180.26	ResMed	RMD	1.1	22	230.05	3.32
3.99	81.96	64.52	RestaurantBrands	QSR	3.7	21	70.95	0.29
138.24	224.31	47.28	RevolutionMed	RVMD	...	dd	189.76	1.64
-3.97	105.58	65.34	RyVita	RYVA	0.7	18	104.18	2.02
18.43	112.58	65.34	RioTinto	RIO	4.9	13	94.78	1.44
-29.17	22.69	12.39	Rivian	RIVN	...	dd	13.96	-0.37
-3.61	153.56	63.52	Robinhood	HOOD	...	48	109.02	2.01
-40.65	141.95	33.88	Roblox	RBLX	...	dd	48.09	2.57
-40.70	24.36	10.99	RocketCos.	RKT	0.0	76	11.48	-0.28
-2.74	10.99	10.99	LoketLab	LKEL	...	dd	9.21	-0.13
11.19	497.36	332.71	Rockwell	ROK	1.3	41	432.59	-1.55
-1.21·01	41.14	29.25	RogersComm B	RCI	4.7	4	29.78	-1.26
63.32	42.50	15.90	RoivantSciences	ROIV	...	dd	35.44	1.23
40.89	159.89	78.53	Roku	ROKU	...	65	152.85	-0.96
-46.72	66.14	29.29	Rollins	ROL	2.3	29	51.98	-0.28
-18.28	30.85	20.99	RoperTech	ROP	1.0	34	34.09	-0.13
23.47	257	147.49	RossStores	ROST	0.8	27	222.41	-2.79
12.56	218.56	143.13	RoyalBankCanada	RY	2.2	17	191.91	1.35
1.20	356.39	222.22	RoyalCaribbean	RCL	1.9	17	282.26	0.85
6.27	306.25	168.88	RoyalGold	RGLD	0.8	26	236.23	5.05
47.33	64.38	35.23	RoyaltyPharma	RPRX	1.7	30	56.93	0.72
63.62	127.93	63.25	Rubrik	RBRK	...	dd	125.14	4.24
28.32	58.94	29.28	RyanSpecialty	RYAN	1.4	54	37.01	-0.78
-24.86	74.24	51.68	Ryanair	RYAAY	...	14	53.24	0.20
24.64	284.25	157.67	RyderSystem	R	1.7	20	238.55	3.37
-11.58	281.37	144.97	SAP	SAP	...	27	214.78	2.38
-17.49	522.35	360.94	S&P Global	SPGI	1.0	25	407.82	5.09
-5.66	224.46	156.60	SBA Comm	SBAC	2.7	20	182.49	12.80
27.65	138.13	105.00	Seaco Investments	SEM	1.0	10	104.70	1.47
		199.87	124.80	SK hynix	SKHY	0.0	111.693	-1.07
66.78	47.18	19.66	SK Telecom	SKM	1.5	27	34.24	0.25
27.54	60.46	31.64	SLB	SLB	2.4	24	48.95	-0.03
-7.31	89.93	61.40	SS&C Tech	SSNC	1.5	23	81.03	0.38
3.13	494.71	249.32	Saia	SAIA	...	32	336.75	-4.51
-6.77	28.89	110.30	SailPoint	SAILP	...	dd	20.77	0.75
-13.34	155.80	146.28	Ryanforce	RCM	0.8	dd	13.71	1.33
17.21	47.47	23.38	Samsara	IOT	...	270	41.55	0.33
566.37	2543.59	116.17	Sandisk	SNDK	...	22	1581.82	-27.64
44.93	288.68	118.10	Sanmina	SANM	...	39	217.49	7.01
-17.31	52.68	39.18	Sanofi	SNY	4.4	21	40.07	-0.16
+132.10	15.34	12.24	Sasol	SSL	3.3	13	15.11	-0.03
-3.73	83.38	83.96	SchwabC	SCHW	1.3	49	78.70	-0.13
-25.34	191.39	77.05	Sea	SE	...	36	95.25	2.36
184.32	1145	209	Seagate	STX	0.4	56	84.83	7.17
-7.87	101.04	76.21	Sempra	SRE	3.2	24	81.34	1.26
154.17	201.99	60.28	Semtech	SMTC	...	125	187.30	-0.19

YTD % Chg	52-Week Hi	Lo	Stock	Sym	%	PE	Last	Net Chg
-1.36	90.99	68.41	ServiceIntl	SCI	1.9	20	76.91	0.14
-8.05	192.97	81.24	ServiceNow	NOW	.88		140.86	1.11
-1.05	100.00	7.12	ServiceNinja	SN	0.1	20	134.98	0.13
36.34	101.17	68.62	Shell	SHEL	3.0	11	100.18	-0.02
-1.44	377.77	289.86	SherwinWilliams	SHW	1.0	29	319.36	-1.67
40.82	85.57	47.05	ShinhanFin	SHG	2.1	10	75.52	0.14
6.14	182.19	94	Shopify	SHOP	...	115	170.85	6.29
184.68	357	79.76	SiliconMotion	SIMO	0.8	31	263.90	2.01
7.73	28.50	121.00	Site Properties	SPG	4.5	22	149.42	-0.10
73.38	901.81	245.68	SiTime	SITM	...	1241	612.37	-32.69
-31.64	18.65	7.62	Skydance	SKYD	2.2	dd	9.16	-0.12
20.41	92.80	51.93	Skyworks	SWKS	0.40	76	43.35	-7.40
-16.98	37.51	26.12	Smith&Nephew	SNN	2.8	19	27.24	0.28
22.51	135.89	88.25	Smucker	SJM	3.7	56	119.83	0.42
6.57	52.95	37.73	SmithWestrock	SMX	4.4	44	41.29	-0.18
-22.80	9.13	3.81	Snap	SNAP	dd	6.23	0.37
4.58	423.02	320.80	Snap-On	SNA	2.7	18	360.37	1.49
68.17	384.56	118.30	Snowflake	SNOW	...	dd	368.89	25.49
-7.11	98	40.58	SOQUIMICH	SQM	2.5	13	63.91	-0.61
-39.65	32.73	14.88	SoFiTech	SOFI	...	33	15.80	0.19
26.24	100.00	40.47	SoFiAdvMatls	SOLS	0.5	dd	14.35	1.13
10.16	94.16	62.38	Solventum	SOLV	...	11	87.29	0.88
-30.34	98.56	60.08	Somnigroup	SGI	1.1	25	62.19	-0.15
-5.78	30.34	19.32	Sony	SONY	0.5	dd	24.12	0.17
-1.18	100.83	81.69	Southern	SO	3.5	21	86.17	0.02
50.31	220.78	115.69	SoCopper	SCCO	1.9	31	209.21	10.55
6.57	38.00	30.37	SoEstateBk	SEB	1.0	100	20.25	-0.37
0.80	55.11	29.26	SouthwestAir	LUV	1.7	25	41.66	0.30
...	225.64	104.83	SpaceX	SPCX	...	...	162.57	2.00
-8.88	700.12	405	Spotify	SPOT	...	33	529.14	2.72
19.24	104.68	61.90	StanleyB&D	SWK	3.8	22	88.57	-0.60
7.77	110.51	77.99	Starbucks	SBUX	2.8	52	90.75	-2.46
35.44	140.87	140.87	SteelFusionset	STLD	3.1	15	84.96	-0.13
40.68	288.74	140.87	SteelDynamics	STLD	0.2	29	238.38	4.21
-58.86	12.22	4.30	Stellantis	STLA	0.0	dd	4.48	-0.04
-15.43	269.44	195.14	Steris	STE	1.3	26	214.40	3.64
67.52	1005.68	281.57	SterlingInfr	STRL	...	37	513	-5.41
-15.74	89.83	21.11	StifelFinancial	SF	1.0	14	84.34	0.24
100.00	100.00	21.11	StefelOnelec	STM	6.104	52	52.06	-0.65
1.57	315.95	81.81	Strategy	MSTR	...	dd	154.34	2.87
-21.09	392.55	267	Stryker	SYK	1.3	29	277.33	0.36
30.01	27.61	15.18	SumitomoMits	SMFG	2.0	29	25.13	-0.18
0.57	29.23	12.07	SummitTherap	SMMT	dd	17.59	...	0.42
-8.00	100.00	40.00	SunComms	SUN	3.5	114	4.24	-0.05
23.38	84.38	57.22	SunLifeFinancial	SLF	3.0	18	76.99	0.34
		86.67	61.03	SunbeltRentals	SNB	2.5	72	05.17
62.83	72.46	37.77	SuncorEnergy	SU	2.2	13	72.23	1.32
44.25	80.22	48.60	Sunoco	SUN	5.3	17	75.60	1.94
43.00	58.78	19.48	SuperMicroComp	SMCI	...	13	41.85	-0.92
-8.29	100.00	38.73	Suzano	SUZ	2.7	18	74.57	0.86
-28.35	87.88	37.68	SynchronyFinl	SYM	.473	42.63	0.57
-12.74	88.77	63.08	SynchrocyFinl	SYF	1.9	7	72.80	-0.92
8.57	539.48	362.55	Synopsys	SNPs	...	90	509.99	12.24
6.04	91.84	68.19	Sysco	SYY	2.8	21	78.14	-0.06

TUV

9.16	71.47	49.27	TC Energy	TRP	4.1	25	60.05	0.07
81.97	298.77	142.22	TD Synnex	SNX	0.7	17	273.37	5.97
-4.05	252.56	190.27	TE Connectivity	TEL	1.4	21	218.29	3.98
-41.38	15.41	7.64	Telus	TU	141	dd	7.72	-0.32
52.34	59.32	33.01	Ternium	TX	3.8	16	58.18	1.71
10.43	167.69	80.62	TFII	TFII	1.6	28	114.13	-1.01
-7.56	28.22	17.14	TIM	TIMB	6.6	11	17.98	-0.72
-9.27	22.20	14.44	TX	TX	1.0	28	107.76	0.01
-14.83	226.94	171.19	TKO	TKO	1.8	62	178.01	-3.62
-26.82	231.02	147.90	T-MobileUS	TMUS	3.1	16	148.58	-22.73
-29.10	70.38	36.95	TPG	TPG	4.9	68	45.26	0.02
2.72	122	85.22	T.RowePrice	TROW	4.9	11	105.16	0.93
75.38	223.83	53.36	TTM Tech	TTMI	...	35	122.11	3.51
49.12	407.67	276.64	T-MobileSemii	TSM	0.7	37	353.31	-4.69
-16.63	265.94	187.63	Take-TwoSftwr	TTWO	...	dd	213.44	4.07
20.14	19.10	12.99	TakedaPharm	TAK	2.9	dd	18.73	0.21
1.00	449.84	279.77	TalenEnergy	TLN	...	dd	378.57	19.35
-9.02	164.80	93	Tapestry	TPR	1.6	16	116.24	0.42
55.39	307.94	144.14	TargaResources	TRGP	1.7	27	286.70	-1.79
57.74	100.47	54.44	Target	TGT	1.5	28	135.64	-1.13
56.13	80.70	35.29	TechnipFMC	FTI	0.3	24	69.57	-0.06
42.10	72.56	38	TeckResourcesB	TECK	0.5	18	68.05	3.23
20.15	697.67	483.02	TeledyneTech	TDY	...	30	613.66	8.84
-0.98	13.77	8.12	Ericsson	ERIC	1.2	44	9.25	0.05
2.87	13.45	10.44	TelefonicaBras	TEFI	0.6	16	101.20	-0.45
-39.06	23.52	12.38	Telekendlnns	TLK	7.8	dd	12.83	-0.05
20.12	104.32	40.77	TempusAI	TEM	...	dd	80.65	3.63
394.48	102.81	11.16	10xGenomics	TXG	...	dd	80.65	3.63
49.13	64.59	33.65	Tenaris	TS	0.0	15	57.75	0.43
-52.20	23.86	7.66	TencentMusic	TME	2.8	10	8.38	0.42
-1.83	15.58	10.58	TenetHealthcare	TETC	...	dd	263.76	3.26
108.04	487.91	131.19	Teradyne	TER	0.5	13	402.68	3.96
-14.90	498.83	297.38	Tesla	TSLA	...	356	382.70	7.70
31.69	42.02	18.82	TevaPharmInds	TEVA	...	69	41.10	1.85
63.55	334.03	152.73	TexasInstruments	TXN	2.1	43	283.74	-4.46
25.68	547.20	269.23	TexasPacLand	TPL	0.7	46	360.98	3.20
-2.72	16.45	269.23	TexasRoadhouse	TXR	0.0	16	161.50	-1.24
-14.92	101.57	71.87	Textron	TXT	0.1	14	74.16	0.94
13.56	694.33	435.27	ThermoFisher	TMO	0.3	35	658.02	6.04
-21.75	164.30	76.28	ThomsonReuters	TRI	2.5	28	103.21	1.66
-0.09	184.90	139.34	3M	MMM	2.0	28	159.96	-3.62
-11.83	39.73	22.26	Toast	TOST	...	40	51.31	0.78
-1.83	136.38	63.36	Toll Brothers	TOL	0.5	13	135.13	-1.45
21.68	105.19	67.64	Toro	TTC	1.6	26	95.79	-1.02
22.19	125.47	77.95	TorontoDomBk	TD	2.8	17	115.10	1.85
31.63	94.17	57.48	TotalEnergies	TTEE	4.1	16	86.11	0.09
94.78	319.94	70.90	TowerSemi	TSEM	...	90	228.71	-0.04
-13.44	248.90	166.10	ToyotaMotor	TMM	2.7	8	185.30	-0.70
-23.29	108.39	53.36	ToraySupply	TSCO	2.8	13	108.70	0.27
3.29	127.69	91.42	Tradeweb	TW	0.5	27	111.08	1.40
22.55	505.87	248.06	TraneTech	TT	0.9	36	476.98	7.04
-16.68	1463.03	1071.25	TransDigm	TDG	0.0	34	1107.99	18.69
-23.64	89.12	60.96	TransUnion	TRU	0.8	17	65.48	0.88
27.13	398.69	252.26	Travelers	TRV	1.4	10	368.75	-1.52
-23.57	140.92	60.09	TraneGroup	TRNG	...	dd	60.09	0.25
-45.90	78.99	37.58	Trip.com	TCOM	0.0	8	38.90	0.94
-6.30	56.20	40.78	TrustiFinl	TFC	4.5	11	46.11	-0.07
103.51	308.40	104.50	Twilio	TWLO	...	40	289.47	13.70
403.72	219.71	23.30	TwistBiosci	TWST	...	dd	159.78	7.73
-27.40	525.62	26.71	TylerTech	TYL	...	dd	329.55	-1.60
-8.98	49.48	49.86	UnitedFoods	TSN	3.8	32	53.43	1.05
3.93	55.98	36.30	UBS Group	UBS	1.5	16	48.13	1.07
-6.98	42	32.94	UDR	UDR	5.1	24	34.12	0.55
13.85	76.45	41.95	U-Haul	UHAL	0.0394	57.39	-0.41
7.77	66.90	39.62	U-HaulN	UHALB	0.436	50.37	-0.48
-11.17	138.88	104.55	U-HaulN Solutions	UUL	0.0299	69.99	-0.69
13.26	153.32	103.38	UMB Finl	UMBF	1.5	11	130.30	-0.09
29.35	111.42	69.88	US Foods	USFD	...	30	97.43	0.31
-12.48	100.35	65.41	Uber	UBER	...	16	71.51	0.27
18.78	1099.99	500.23	Ubiquiti	UI	0.6	41	657.29	15.49
-5.73	714.97	443.60	UltaBeauty	ULTA	...	21	570.37	6.16
-14.83	100.00	50.00	Unilever	UL	3.6	22	62.26	0.37
20.33	315.99	215.53	UnitedPacific	UNP	2.0	23	278.34	0.14
-3.90	138.77	84.64	UnitedAirlines	UAL	...	10	107.45	0.02
192.11	28.96	6.97	UnitedMicro	UMC	1.2	23	22.96	0.14
-4.66	122.41	82	UPS B	UPS	6.9	18	94.57	0.44
30.53	1179.18	701.59	UnitedRentals	URI	...	75	1086.37	6.22
6.35	1000.00	400.00	UnitedResorts	USRS	3.8	41	577.08	0.05
12.71	609.35	409.07	UnitedTherap	UTHR	...	20	549.16	16.38
14.90	461.62	255.97	UnitedHealth	UNH	2.4	24	379.30	8.35
6.14	52.15	16.78	UnitySoftware	U	...	dd	46.88	0.99
-18.65	246.32	140.08	UniversalHealthB	UHS	0.5	7	177.35	1.63
18.28	96.77	69.02	UnumGroup	UNM	2.2	21	91.67	-0.97
-18.88	109.99	50.00	Uniprop	VIPR	...	dd	100.00	0.00
4.53	17.94	10.71	Vale	VALE	6.9	29	13.62	0.20
-166.45	449.77	155.29	ValeroEnergy	VLO	1.1	18	433.75	-10.05
16.28	585.71	378.02	ValmontIns	VMI	0.7	18	467.81	-0.89
54.70	90.75	39.87	Vaxcyte	PCVX	...	dd	71.38	6.36
32.66	303.39	148.05	VeevaSystems	VEEV	...	49	296.13	11.29
6.60	60.66	66.25	Vitas	VASA	2.516	204	27.04	0.25
92.96	17.62	5.72	VentageGlobal	VG	0.7	10	13.16	-0.13
-2.86	105.75	80.03	Veralto	VLTO	0.5	24	96.93	0.45
25.02	312.48	208.86	VeriSign	VRSN	1.1	33	303.74	5.95
-20.59	248.22	155.94	VeriskAnalytics	VRSK	1.1	27	177.63	2.14
2.46	13.39	23.39	Verizon	VZV	6.8	91	46.65	-3.09
12.17	560.25	402.87	ViacomHealtharm	VRTX	...	50	510.08	6.55
49.85	379.94	147.82	Vertiv	VRT	...	51	242.78	-0.95
108.97	93.03	29.13	ViaSat	VSAT	...	dd	72.01	4.60
41.69	18.43	9.69	Viatris	VTRS	2.7	dd	17.64	0.20
155.11	60.43	12.23	ViaviSolutions	VIAV	...	dd	45.46	1.37
142.72	122.65	64.44

WXYZ

-1.63	119.91	99.80	WEC Energy	WEC	3.7	20	103.74	0.13
-1.54	77.22	62.24	W.P.Carey	WPC	6.0	22	63.37	0.24
33.72	306.64	186.06	Wabtec	WAB	0.4	38	285.43	4.63
-0.05	135.16	98.88	Walmart	WMT	0.9	40	111.35	0.79
-6.36	35.42	23.34	WarnerMusic	WMG	2.8	23	28.72	-0.19
-12.85	179.74	146.89	WasteConnections	WCN	0.9	37	152.83	-1.86
-4.95	248.13	194.11	WasteMgt	WM	1.8	30	208.83	-1.27
16.74	154.54	97.77	Waters	WAT	0.8	28	104.77	4.67
-16.93	459	277.34	Watsco	WSO	4.7	24	279.90	-2.33
27.79	394.54	260	WattsWater	WTS	0.7	31	352.72	5.58
5.31	119.98	55.60	Wayfair	W	...	dd	105.74	0.61
-10.35	97.76	72.78	WellsFargo	WFC	2.4	12	83.55	1.52
21.48	255.20	163.75	Welltower	WELL	1.5	dd	225.47	2.43
-49.04	166.64	201.20	WescoIntl	WCO	1.5	20	146.69	9.78
23.02	386	223.83	WestPharmSvcs	WST	0.2	47	266	3.73
130.61	799.87	112.52	WesternDigital	WDC	0.2	16	397.28	3.97
15.49	50.07	36.90	WesternMidstrm	WES	8.2	14	45.62	-0.20
-19.38	27.75	18.25	Weyerhaeuser	WY	4.4	29	19.10	-0.07
17.98	165.76	92.56	WheatonPrecMtls	WPM	0.6	31	138.65	3.69
20.95	80.08	9.00	Williams	WMB	2.9	20	74.67	0.33
-55.82	268.95	165.51	WensCorona	WSM	3.3	25	241.78	2.70
-9.84	351.51	240.61	WillisTowers	WTI	1.3	18	296.26	-1.60
2.45	167.22	119.61	WintrustFinl	WTFC	1.5	12	143.25	-0.95
-40.14	3.09	1.59	Wipro	WIT	6.5	17	1.70	0.03
1.37	17.47	10.36	Wise	WSE			11.87	0.19
44.71	25.19	14.27	WoodsideEnergy	WDS	5.0	14	22.57	-0.02
114.08	244.00	240.00	Welschneider	WEC	0.4	37	251.51	12.00
24.03	84.71	48.83	Woodrill	WJF	3.2	8	79.22	0.95
-13.13	247.40	110.36	Workday			38	186.59	-1.22
96.82	32.29	14.80	XPQ	XP	1.2	17	32.22	2.01
34.99	232.05	121.48	XPO	XPO			58.43	1.52
-0.12	84.23	68.72	XcelEnergy	XEL	3.2	20	73.78	0.42
-51.12	11.23	9.18	Xteng	XTEV			11.90	0.35
-24.58	154.27	98.58	Xylem	XYL	1.7	24	102.71	0.72
38.38	57.87	YAP		YPF	0.0	17	50.04	0.14
-4.27	170.14	134.26	Yum!Brands	YUM	2.1	18	144.82	1.82
-10.10	58.39	39.72	YumChina	YUMC	2.7	16	42.92	1.14
-3.54	26.20	18.11	ZTO Express	ZTO	3.3	11	20.15	0.25
59.45	390.80	199.05	ZebraTech	ZBRA		35	387.18	5.04
-0.87	40.68	79.17	ZillowBiomet	ZBOW		1.3	11.44	0.26
6.75	73.34	46.19	ZionsBancorp	ZION	3.1	8	62.49	-0.24
-40.54	148.30	68.77	Zoetis	ZTS	2.8	12	74.81	1.73
13.27	114.74	70.70	ZoomComms	ZM		9	97.74	3.07
3.92	336.99	114.62	Zscaler	ZS		dd	233.73	16.92

Mutual Funds

Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. e-Ex-distribution. f-Previous day's quotation. g-Footnotes x and s apply. j-Footnotes e and s apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1 r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not tracked. NS-Fund didn't exist at start of period.

Fund	NAV	Net Chg	YTD %Ret
AB Funds
MunilncmShares	10.36	+0.06	-3.6
American Century Inv
Ultra	103.46	+1.22	9.9
American Funds CI A
AmcpA	46.11	+0.42	8.0
AMutlA	64.32	+0.32	9.3
BalA	40.25	+0.13	8.3
BondA	10.77	...	-2.9
CapIBA	81.47	+0.30	7.8
CapWGra	81.46	+0.48	15.0
EupacA	62.41	+0.45	9.1
FdlnVa	103.67	+0.76	15.1
GwthA	90.35	+0.92	12.3
ICAA	69.25	+0.45	11.6
IncoA	27.23	+0.10	6.2
N PerA	75.77	+0.55	7.3
NEcoA	87.17	+0.92	20.0
NwWrldA	106.93	+0.86	14.6
SmCpA	81.79	+0.86	11.6
WshA	67.42	+0.39	8.4

Friday, October 9, 2026

Fund	NAV	Net Chg	YTD %Ret
Artisan Funds
IntVal Inst	58.30	+0.44	9.7
Baird Funds
AggBdlnst	9.42	...	-2.3
CorBdlst	9.78	...	-2.1
IntBdlst	10.14	...	-1.1
ShtTBDInst	9.38	-0.01	1.0
BlackRock Funds
HiYBlk	6.92	...	0.8
HiYldBd Inst	6.92	...	0.8
BlackRock Funds III
iShS&P500IdxJX907.93 +5.47 15.1
BlackRock Funds Inst
StratIncOpptylns	9.48	+0.01	0.7
Calamos Funds
MktNeutl	16.28	+0.01	4.5
CausewayInst
CausewayInst	23.92	+0.18	1.8
Columbia Class A
SelgComUnfoA256.48 +2.92 63.7
Columbia Class I
DivIncom I	40.25	+0.16	12.3

Fund	NAV	Net Chg	YTD %Ret
Dimensional Fds
EmrgMktVa	45.08	+0.34	23.6
EmMktCorEq	34.36	+0.28	20.2
IntlCoreEq	22.02	+0.15	10.8
IntlVal	31.79	+0.10	13.4
IntSmCo	27.40	+0.27	9.2
IntSmVa	34.28	+0.21	13.2
LgCo	51.85	+0.31	15.1
US CoreEq1	56.51	+0.25	14.8
US CoreEq2	50.32	+0.21	14.6
US Small	59.12	+0.11	13.9
US SmCpVal	59.57	-0.30	16.6
US TgdVal	41.92	-0.17	14.6
USLgVa	66.74	+0.17	20.0
Dodge & Cox
Balanced	13.66	+0.08	3.7
Income	12.06	-0.01	-3.0
Intl Stk	18.08	+0.20	9.8
Stock	17.50	+0.13	7.5
DoubleLine Funds
TotRetBdl	8.37	-0.01	-2.7

Fund	NAV	Chg	%Ret
Fidelity
500IdxInstPrem271.47	+1.64	15.1
Contrafund K6	39.07	+0.28	14.8
EmgMktIdxInstPre	16.93	+0.25	23.8
ExtMktIdxInstPre113.91	+0.89	13.2
FidSAIEmerg	21.98	+0.31	30.5
FidSer5	7.08	...	-4.1
FidSerInt	8.22	+0.01	-1.2
FidSerToMarket	25.47	+0.16	14.9
FIDZroLgCplx	28.03	+0.18	14.9
GexUSIdxInstPre	21.24	+0.22	13.8
GrowthCompanyK6	48.12	+0.53	30.1
IntldxInstPrem	66.45	+0.48	9.3
IntlIndex	16.88	+0.18	14.6
LgCpGwld InstPre	50.21	+0.32	8.6
LgCpVldxInstPrem	25.24	+0.16	21.9
MidCplxInstPrem	42.52	+0.36	15.1
SAIUSgCplxIndFd	29.12	+0.17	15.1
SeriesBondFd	8.64	-0.01	-2.4
SeriesOverseas	15.47	+0.13	3.6
SerLTTreBdldx	4.86	...	-7.0
SmCplxInstPrem	35.27	+0.16	14.2
TMktIdxInstPrem214.59	+1.34	15.0
TotalMarketIndex	27.18	+0.16	15.0
TtlIntldxInstPr	19.65	+0.21	13.5
USBdlxInstPrem	10.01	...	-2.4
Fidelity Advisor I
GrOppl	274.94	+1.69	17.5
Fidelity Freedom
Idx203InsPre	24.07	+0.10	6.8
Idx203InsPre	28.70	+0.15	8.2
Idx204InsPre	31.82	+0.19	10.8
Idx204InsPre	34.62	+0.25	12.5
Idx205InsPre	34.84	+0.25	12.8

Fund	NAV	Chg	%Ret
Fidelity Invest
Balanc	32.71	-2.85	2.6
BluCh	301.07	+2.04	20.7
BluChpGr K6	49.86	+0.35	19.2
Contra	28.03	+0.21	15.5
ContraK	28.17	+0.21	15.6
Cplnc	11.17	+0.02	6.9
GroCo	61.67	+0.64	29.0
InvGrBd	9.62	-0.01	-2.4
LowP	41.49	+0.21	11.1
Magin	15.75	+0.13	7.6
NASDAQ	348.69	+2.20	18.2
OTC	28.21	+0.30	34.5
Puritin	25.79	-2.69	-0.2
SAILTTreBdldx	6.02	+0.01	-7.5
SAIUSMinVolIndFd	25.16	+0.05	10.4
SAIUSQtyldx	25.71	+0.19	13.8
SrsBtChGroRetail	25.75	+0.18	22.1
SrsEmrgMkt	31.58	+0.48	28.1
SrsGlobal	20.83	+0.22	13.8
SrsGroCoRetail	35.44	+0.37	30.0
SrsIntlGrw	20.49	+0.24	7.2
SrsIntlVal	16.49	+0.09	5.7
TotalBond	9.12	-0.01	-2.6
Fidelity SAI
FidSaiCndlnxFnd	15.70	+0.19	10.3
FidSainInfLnFnd	9.67	-0.01	-1.7
IntlValldx	14.32	+0.03	13.7
TotalBd	8.63	-0.01	-2.5
Fidelity Selects
Semiconductors r	64.41	-0.25	62.4
Tech	58.65	+0.38	46.4
Fidelity Strategic A
StratAdEmrMrt	NA		NA

Fund	NAV	Chg	%Ret
First Eagle Funds
GlbA	87.05	+0.60	8.2
Franklin A1
IncomeA1	2.50	...	4.5
FrankTemp/Frank Adv
IncomeAdv	2.48	+0.01	5.1
FrankTemp/Franklin A
DynaTech A	212.17	+2.46	13.9
Growth A	149.81	+1.38	11.3
RisDv A	97.01	+0.74	7.7
Guggenheim Funds Tru
TotRtnBdFclinst	NA	...	NA
Harbor Funds
CapApInst	132.12	+1.45	13.3
JHF III DispVal
DispValMCI	30.80	+0.14	12.1
John Hancock
BondR6	12.89	...	-2.6
JPMorgan I Class
CoreBond	9.84	...	-2.6
EqInc	28.44	+0.17	16.1
LgCpGwth	87.89	+0.77	7.4
JPMorgan R Class
CoreBond	9.86	...	-2.4
CorePlusBd	6.92	...	-1.7
Lord Abbett I
ShtDurlnc p	3.78	...	1.0
Metropolitan West
TotRetBdl	8.66	...	-3.1
MFS Funds
IIE	42.39	+0.49	4.5
MFS Funds Class I
Valuei	53.84	+0.39	8.3
Natixis Funds
LSGrowthY	34.03	+0.35	2.4

Fund	NAV	Chg	% Ret
Northern Funds
Stkldx	NA	...	NA
Old Westbury Fds
LrgCpStr	22.77	+0.13	10.1
PGIM Funds CI Z
TotalReturnBond	11.44	-0.01	-2.5
PIMCO Fds Instl
IntlBdUSH	9.46	+0.01	-1.7
TotRt	8.31	-0.01	-2.8
PIMCO Funds A
IncomeFd	10.34	+0.01	-2.2
PIMCO Funds I2
Income	10.34	+0.01	-2.0
PIMCO Funds Instl
IncomeFd	10.34	+0.01	-1.9
Price Funds
BlChip	222.12	+1.06	5.6
LgCapGov I	91.82	+0.66	8.1
Putnam Funds Class A
PutLargCap p	45.32	+0.25	16.0
Putnam Funds Class Y
PutLargCap	45.35	+0.25	16.2
Schwab Funds
1000 Inv r	16.74	+0.10	15.1
FunUSLgInst r	38.33	+0.09	19.5
Intl Sel r	31.41	+0.21	9.4
S&P Sel	20.19	+0.12	15.1
TSM Sel r	18.83	+0.12	14.9
Strategic Adviser
StratAdCorInFnd	NA	...	NA
StratAdFidCoreS	8.78	-0.01	-2.1
StratAdFidEmr	19.12	+0.28	25.9
StratAdFidUS	22.25	+0.15	17.4
StratAdIntIfnd	NA	...	NA

Fund	NAV	Net Chg	YTD %Ret
StratAdMunBond	NA	...	NA
StratAdvFidIntl	16.08	+0.10	8.8
TIAA/CREF Funds
EqIdxInst	53.84	+0.34	14.8
IntEqIdxInst	30.45	+0.20	9.3
LrgCpGrldxInst	82.64	+0.53	8.8
VANGUARD ADMIRAL
500Adml	721.04	+4.34	15.1
BalAdml	54.53	+0.20	7.9
CAITAdml	10.94	+0.05	-3.0
CapOpAdml	r273.52	+2.54	26.1
DivAppldxAdml	64.87	+0.44	10.1
EMAdmr	49.78	+0.56	11.9
EqIncAdml	100.95	+0.48	10.5
ExplrAdml	121.37	+1.25	13.8
ExtndAdml	178.32	+1.40	13.3
GroIncAdml	123.85	+0.76	13.5
GrwthAdml	284.08	+2.08	13.5
HlthCareAdml r	87.21	+1.16	5.3
HYCorAdml r	5.29	...	-0.2
InfProAd	21.91	-0.02	-1.9
InfTechldx	524.13	+2.90	36.3
IntiGrAdml	123.60	+1.91	8.4
ITBondAdml	9.87	-0.01	-3.3
ITIGradeAdml	8.32	-0.01	-3.0
LarCapAd	181.40	+1.13	15.1
MidCpAdml	401.96	+3.58	13.0
MuHYAdml	9.94	+0.06	-3.5
MulntAdml	13.05	+0.07	-2.8
MuLTAdml	10.12	+0.06	-3.8
MuLtAdml	10.71	+0.03	-0.2
MuShtAdml	15.68	+0.03	1.1
PrmpcAdml	r232.63	+1.13	25.8
RealEstatAdml	128.49	+1.87	5.4
SmCapAdml	138.73	+0.88	13.3

Fund	NAV	Net Chg	YTD %Ret
SmGthAdml	121.23	+1.45	14.6
STlGradeAdml	10.17	-0.01	0.3
STIPSlxAdml	24.30	-0.02	1.3
TotBdAdml	9.24	-0.01	-2.4
TotIntBdIdxAdml	18.78	...	-0.9
TotIntlIdxIdx r	45.48	+0.37	13.0
TotStAdml	185.93	+1.16	14.9
TxMCapAdml	400.89	+2.60	14.8
TxMln r	22.55	+0.16	13.4
USGroAdml	207.47	+1.87	6.4
ValAdml	86.04	+0.35	17.2
WdsrlrAdml	92.61	+0.37	11.9
WellslAdml	61.03	+0.11	1.8
WelltnAdml	81.76	+0.40	7.6
WndsrAdml	83.23	+0.69	13.3
VANGUARD FDS
DivdGro	32.22	+0.27	6.1
FTAIWldnAdml	51.41	+0.41	13.4
LifeGro	55.89	+0.31	11.0
LifeMod	36.88	+0.15	7.7
PrmpcCor	46.95	+0.27	26.8
STAR	30.80	+0.14	6.6
TgtRe2020	28.52	+0.05	3.9
TgtRe2025	21.14	+0.06	6.0
TgtRe2030	45.49	+0.18	7.5
TgtRe2035	29.78	+0.13	8.8
TgtRe2040	54.95	+0.28	10.0
TgtRe2045	38.65	+0.22	11.3
TgtRe2050	66.69	+0.42	12.5
TgtRe2060	68.69	+0.43	12.6
TgtRet2055	74.52	+0.47	12.6
TgtRetInc	14.08	+0.03	3.5
Welltn	47.35	+0.23	7.6
VANGUARD INDEX FDS

Fund	NAV	Net Chg	YTD %Ret
ExtndlstPI	440.02	+3.45	13.3
IdxIntl	27.19	+0.22	12.9
MdCpGrAdml	130.34	+1.99	8.9
MdCpVAdml	104.77	+0.45	15.8
SmValAdml	100.71	+0.19	12.3
TotBd2	9.11	-0.01	-2.5
TotInstldx	r181.88	+1.48	13.0
TotllInstPld	r181.93	+1.49	13.0
TotSt	185.89	+1.16	14.9
VANGUARD INSTL FDS
DevMktsIndInst	22.58	+0.16	13.5
DevMktsInInst	35.29	+0.25	13.4
ExtndInst	178.30	+1.40	13.3
FTScinst	53.98	+0.33	15.3
GrwthInst	284.10	+2.09	13.5
InPrSeln	8.92	-0.01	-1.9
Instldx	625.44	+3.76	15.1
InstPlus	625.43	+3.77	15.1
InstTStPlus	128.13	+0.80	14.9
MidCplnst	88.80	+0.80	13.1
MidCplstPI	437.92	+3.90	13.1
MangSttStMkt	348.83	+2.18	14.9
MngSttTStlck	6366.13	+2.29	14.9
SmCapInst	138.72	+0.87	13.4
SmCaplstPI	400.41	+2.53	13.4
STIGradelnst	10.17	-0.01	0.3
STIPSiXins	24.32	-0.02	1.3
TotBdlnst	9.24	-0.01	-2.4
TotBdlnst2	9.11	-0.01	-2.4
TotBdlnstPI	9.24	-0.01	-2.4
TotIntBdldxInst	28.18	...	-0.9
TotStlnst	185.95	+1.15	14.9
ValueInst	86.04	+0.36	17.2
WCM Focus Funds

WCMFocIntlGrwIns 27.45 +0.23 10.3

BUSINESS & FINANCE

Scrapped IPO Points to Limits of AI Frenzy

Nvidia-backed Australian cloud firm Firmus sought \$30 billion valuation

BY STUART CONDIE

SYDNEY—Nvidia-backed cloud-computing company Firmus Grid scrapped plans for Australia's largest initial public offering in almost 30 years, a new sign that investors are growing leery of lofty valuations for companies exposed to artificial-intelligence demand.

Firmus, which sells Nvidia-powered computing capacity to large technology companies such as OpenAI and Meta Platforms, pulled plans to raise \$5 billion after investors balked at its proposed \$30 billion valuation. Firmus said it would instead pursue further private investment.

The retreat comes about a month ahead of Anthropic's planned blockbuster IPO as investors take a more critical look at companies seeking to ride the AI wave via a public listing.

The AI boom has sent global stock markets soaring this year, with the S&P 500 and Nasdaq both hitting records earlier this month. However, investor enthusiasm for AI's ability to deliver productivity gains has run up against challenges such as the popularity of cheaper AI systems made in China, safety fears after some agents went rogue and a growing backlash to data-center construction across the U.S. and elsewhere.

Firmus and Nasdaq-listed CoreWeave are among a cohort of “neocloud” providers that supply computing power to AI firms. Market participants remain bullish that demand will

Source: FactSet

keep rising but aren't sure whether the neoclouds can attract enough revenue to support the huge investments needed to build out capacity.

Firmus had been targeting a market capitalization of 43.7 billion Australian dollars, equivalent to US\$30.4 billion. That was up from US\$10.5 billion just two months ago, when institutional investors Blackstone and Coatue participated in raising US\$2 billion for Firmus.

To many analysts and investors, the latest valuation looked too high for a company with just two operational data centers and a further five in development across Australia, Malaysia and Indonesia.

“It all comes down to valuation: We think that Firmus indeed has a compelling story. It just doesn’t have a compelling valuation,” said John Pearce, chief investment officer at Australian superannuation fund Unisuper. Unisuper had chosen not to buy Firmus stock in the IPO, Pearce said.

CoreWeave, which operates 51 facilities, has a market capitalization of \$37 billion. Its shares fell nearly 8% on Thursday on worries over the profitability of AI-related companies. The stock edged up less than 1% on Friday.

With bond yields having surged, many analysts had flagged worries about Firmus's cost of debt. "In a higher-yield environment, investors are clearly demanding greater compensation for risk, including in equities, which places a cap on lofty valuations," said My Bui, an economist at Australian wealth manager AMP.

Investors are still struggling to figure out the value of companies that own chips with an uncertain lifespan. With newer, more powerful chips continually being developed, operators of data centers have to keep updating chips while depreciating the value of older assets.

The IPO would have been Australia's largest since the partial privatization of telecommunications provider Telstra, which raised about US\$10 billion in 1997. The Firmus bookbuild was jointly led by Bank of America, JPMorgan, Morgan Stanley and local broker Morgans.

Nvidia, the world's most valuable company, holds a direct equity stake in Firmus, and it is also a customer and hardware supplier to the Australian firm.

Many analysts still lean bullish on AI infrastructure, pointing to the hundreds of billions of dollars in spending planned globally.

"The demand for compute still far outstrips supply. As long as the AI data center build-out continues, neoclouds should keep filling the gap the hyperscalers can't build fast enough to cover," said Toby Hearst, associate investment strategist at Yardeni Research.

The German luxury sports-car maker said that it delivered 178,532 cars, down from 212,509 in the prior year period.

Challenging Chinese Market Dents Porsche Deliveries in First Nine Months

Porsche vehicle deliveries, first nine months

BY DOMINIC CHOPPING

Porsche car deliveries fell 16% in the first nine months of the year, weighed by a tough Chinese market, the end of production of the combustion-engined 718 model line and strong demand for the all-electric Macan in the same period last year.

The German luxury sports-car maker said Friday that it delivered 178,532 cars, down from 212,509 in the prior year period.

its largest sales region of North America falling 13% to 56,088, while continued market challenges in China meant deliveries in the country dropped 33% to 21,493 vehicles.

In its overseas and emerging-markets region, Porsche delivered 35,048 cars, a decline of 19%.

In Europe, Porsche deliveries fell 11% to 44,949 cars excluding its home market of Germany, while German deliveries dropped 7%.

Deliveries fell across all of its markets, with deliveries in company continues to consistently pursue its value-oriented sales strategy and maintain a balanced relationship between supply and demand," it said.

"In a persistently challenging market environment, the *From a year earlier †Excludes Germany Source: the company

Porsche said customer demand for the 911 remains very strong, with deliveries up 12% on year, while demand for its more exclusive and high-performance derivatives is also strong. The GTS, Turbo and GT models again accounted for a significant proportion of total sales in the first nine months of the year, it said.

VW Is Fined Over Financial Disclosures

BY DOMINIC CHOPPING

The German financial supervisory authority fined Volkswagen 1.2 million euros (\$1.3 million), saying the automaker failed to disclose potentially market-moving news in a proper and timely manner.

The regulator, known as BaFin, said Friday that Volkswagen's forecast for the 2023 financial year was significantly above market expectations, and that the German automaker should have issued an immediate, or ad hoc, announcement for financial markets regarding the business performance reflected in the forecast.

Instead, the company published this inside information in a press release, the regulator said.

BaFin said the requirement to publish such information immediately is intended to prevent insiders from gaining an advantage when trading in securities and other financial instruments due to their privileged access, while it also intends to ensure that investors aren't misled when making investment decisions.

“Failure by a company to publish inside information as soon as possible in the form of an ad hoc disclosure constitutes a breach of the Market Abuse Regulation,” it said in a statement.

The fine was imposed on Oct. 1.

A Volkswagen spokesperson said the company accepts the fine, which is a result of a settlement agreement with BaFin to bring the proceedings to a close.

“BaFin takes the view that certain circumstances mentioned in the press release should have been disclosed by way of an ad hoc announcement,” the spokesperson said.

"Notwithstanding the agreement reached, Volkswagen AG continues to hold the legal view that it complied with its disclosure obligations and that all market participants were adequately informed by the publication of the press release."

China's Geely Plans Canada Entry in '27

Geely Auto global vehicle sales

BY RYAN FELTON

One of the biggest Chinese automakers is setting up shop north of the U.S. border.

Chinese automaker Geely plans to begin selling vehicles to Canadian customers next year, the company said Friday. Geely, one of the largest carmakers in the world by sales, has begun establishing a retail and service network in the country and plans to introduce its first vehicles to Canadian consumers in 2027.

“Canada represents an important next step in Geely Auto’s international growth,” said Bryan Wu, Geely’s managing director in Canada. “We are entering this market with a long-term commitment, bringing our global technology and engineering capabilities to Canadian drivers.”

Globally, Geely offers a wide lineup of vehicles, from compact electric vehicles to large, luxury-oriented SUVs. The carmaker's portfolio also includes gas-powered vehicles and hybrids, which have taken off in America after EV sales tapered off in the past year. It sold more than three million vehicles in 2025.

The company didn't disclose which models it would sell in Canada or release pricing details. It said more information would be shared

Inflation would closer to the start of its commercial launch next year.

The announcement represents the clearest sign to date that Chinese car companies are preparing to battle

Source: the company

The U.S. has kept out China's EVs through high tariffs and a software ban.

Western and other Asian automakers in Canada. Earlier this year, Canada opened the door to Chinese automakers. Canada significantly lowered its tariff rate on up to 49,000 Chinese electric vehicles.

The U.S. has effectively kept out China's popular EVs through high tariff rates and a ban on some internet-connected software. Congress has been debating legislation aimed at prohibiting China's car companies from selling or even manufacturing vehicles in America.

President Trump has said he is opposed to Chinese car imports, but has welcomed the idea of China's carmakers building cars in the country.

Canada has said that its deal with China equates to less than $3\%$ of the country's current new-car sales and that it expects the deal to catalyze new Chinese joint-venture investments there.

By the end of the decade, at least half of the EVs imported would be required to have a price of \$35,000 Canadian dollars, equivalent to roughly \$24,500 in the U.S. Canada has said it would work with Chinese auto manufacturers on timely vehicle certifications to ensure they

meet the country's motor-vehicle safety standards.

Geely Auto's sprawling empire of car brands includes its namesake, as well as Zeekr and Lynk & Co. Geely's parent

company controls several other brands that are familiar to Americans, including Sweden's Volvo, Polestar and Lotus.

Geely founder Li Shufu stepped down in August as the company's chairman, but remains a controlling shareholder.

The U.S. banned Polestar from selling vehicles in the country, under rules prohibiting Chinese software in new cars. Volvo had earlier received approval to continue operations.

Airtel Stock Falls in Market Debut, \$7 Billion Valuation Misses Mark

BY ADAM WHITTAKER

Shares in African digital financial-services platform Airtel Money fell in their first day of trading on Friday, with the valuation coming in softer than the company had targeted.

Shares in the company, which is also known as Airtel Mobile Commerce opened higher, but ultimately closed the day down 6% to 184 pence a share, equivalent to \$2.44.

Airtel Money offered investors 270 million shares at 1.96 pounds a piece, which gave it a valuation of 5.29 billion pounds, equivalent to \$7 billion. The shares, which represented 10% of its total share capital, were sold by existing shareholders.

The company had targeted a valuation of \$8 billion to \$9 billion, a person familiar with the transaction said in September.

Airtel Africa, which is the majority shareholder in Airtel Money, said Friday that it expects to remain a long-term shareholder.

Airtel Money reported earnings before interest, taxes, depreciation and amortization of \$676 million in the fiscal year ended March, and currently has 53 million monthly active users. It operates in 13 markets in sub-Saharan Africa, where traditional banking infrastructure is underdeveloped.

The listing is welcome for London's exchange, which has been hit by a drought of listings and a deluge of takeover deals and delistings, leading to an exodus of household names.

This summer, Apollo Global Management agreed to buy British budget airline easyJet after a protracted bidding war. Meanwhile, Flutter Entertainment—which houses FanDuel, PokerStars and Paddy Power among its brands—has canceled its listing in London and made New York its main listing.

In May, money-transfer company Wise moved its primary listing to New York, keeping a secondary listing in London. Rental company Ashtead canceled its primary London listing in March and switched to the New York Stock Exchange and rebranded as Sunbelt Rentals, the name of its U.S. business.

CHRIS RATCLIFFE/BLOOMBERG NEWS

The U.K. government has implemented a series of reforms to make London a more competitive place to list. These have included lowering the percentage of shares that must be listed so entrepreneurs can retain a larger stake, and simplifying listing requirements and procedures.

Airtel Money operates in 13 markets in sub-Saharan Africa.

MARKETS

Small-Cap Stocks Hit Hard Amid Surge in Bond Yields

Source: FactSet

BY VICKY GE HUANG

As bond yields march higher, small companies are taking the brunt of the damage.

The Russell 2000 index, which tracks shares of smaller

FRIDAY'S MARKETS

weekly losing streak since May 2022. The index was lower by 0.9% this week and down 5.7% during the five-week span. The decline is a stark departure from the first half of this year, when small-caps had their biggest run in decades.

Investors are worried that surging Treasury yields will hit small companies where it hurts most: their borrowing costs. Unlike large multinationals, smaller companies typically have limited access to capital markets and rely on short-term or floating-rate loans that track rates set by the Federal Reserve. At the same time, the profits of many of these businesses are already under pressure thanks to the rising cost of fuel and other goods.

"You are kind of getting that dual squeeze," said David

Miller, chief investment officer and senior portfolio manager at Catalyst Funds. “As your borrowing costs go up, your margins go down.”

costs and sticky inflation erode household purchasing power.

The yield on the 10-year Treasury note, which influences interest rates across the economy, settled at 5.243% Friday after touching a fresh 24-year high earlier this week.

What's worse, a rising proportion of small companies' long-term debt comes due in the next five years, which means they would need to be refinanced at higher rates, according to a recent research note from Bank of America. Last month, the central bank raised interest rates for the first time in three years, and investors expect further increases to rein in inflation.

Since the Russell 2000s weekly losing streak began, healthcare and consumer discretionary stocks have been among the hardest hit. Early-stage biotech companies borrow heavily to fund clinical trials long before making a profit. Meanwhile, consumer-facing companies have been squeezed as higher borrowing

Shares of biopharmaceutical company Caribou Biosciences fell 62% this week after announcing it is exploring strategic alternatives and cutting jobs. Neighborhood Intelligence, the company previously known as Bed, Bath and Beyond, dropped 39%.

Gains by many of the benchmark indexes have been heavily concentrated in a relatively small number of stocks, with many others flat or falling.

On Friday, the S&P 500 rose 0.6%, and the Nasdaq gained 0.6%. The Dow Jones Industrial Average added 423 points, or 0.8%. All three indexes closed in the green for the week.

Small-caps' recent stretch of underperformance might be good news for bargain hunters. The valuations of small-cap stocks have dropped significantly, and are now below their historical averages during times when interest rates were $5\%$ to $7\%$ , according to analysts at Bank of America. The bank expects 10-year yield to settle around $5\%$ by the end of the year, adding that small-cap stocks could rebound if rates peak soon.

Prudential Penalized For Japan Misconduct

BY KELLY CLOONAN

Japan's top financial regulator issued business suspension and improvement orders to Prudential Financial's business units in the country after misconduct by more than 100 of the firm's employees.

Under an order from Japan's Financial Services Agency, the firm's Prudential Life Insurance unit cannot solicit new business until Jan. 31, 2027. The life consultant channel of its Gibraltar Life Insurance business is also under suspension until the same date.

The regulator also ordered both divisions, as well as Prudential Holdings of Japan, to submit business improvement plans by the end of November and report on their progress regularly.

The orders come after Prudential in January disclosed several cases of misconduct by the divisions' current and former sales employees.

According to a release at the time, Prudential Life employees solicited investments unrelated to the company's insurance operations and received or personally borrowed money from customers, amounting to about 3.1 billion yen, equivalent to roughly \$20 million. The misconduct prompted the unit's chief executive to resign.

The divisions said Friday that they are working to re-shape how they operate.

“We are creating a business that will be more resilient, more accountable and better equipped to earn and maintain our customers’ trust,” said Hiromitsu Tokumaru, president and chief executive officer of Prudential of Japan.

Prudential of Japan executives at a press conference in Tokyo.

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NOTICE OF SALE

On October 22, 2026, at 10:00 AM Eastern Time, The Bank of Missouri (successor to M1 Bank) ("Secured Party"), through its counsel McGuireWoods LLP, will sell at public sale all right, title, and interest of NES-M1 DeyCo LLC and Novel Energy SPV 4 LLC (each a Delaware limited liability company, collectively the "Pledgor") in the membership interests ("Collateral") with the Borrowers listed on Exhibit A (each a "Borrower" and collectively "Borrowers"). The sale will be held at McGuireWoods LLP, £251 Avenue of the Americas, 20th Floor, New York, NY 10020), and by videoconference (details provided to qualified bidders). The Collateral secures indebtedness ("Secured Obligations") under the following documents: (each heretofore amended and as may be amended, supplemented or otherwise modified from time to time):

(i) the Loan Agreements between the Secured Party and each Borrower, (ii) the corresponding Promissory Notes, Security Agreements, Pledge Agreements, and other collateral documents ("Security Documents");

(4) The Omibus Amendment to Loan Agreements dated October 25, 2023, the Second Omibus Amendment to Loan Agreements dated February 19, 2023, and the Third Omnibus Amendment to Loan Agreements dated April 9, 2026 (together with (i), (ii), and (iii), the "Loan Documents"). Events of Default have occurred and continue under the Loan Documents. The Secured Party has declared all commitments terminated and all outstanding principal, interest, fees, and other amounts immediately due. The Collateral consists of all membership interests in each Borrower.

The Collateral consists of an membership interests in each borrower. The Secured Party makes no warranty, express or implied, regarding title, condition, or compliance with any law or contract. The Collateral will be sold "AS IS, WHERE IS" without warranty of title, possession, quiet enjoyment, or the like. The sale will proceed under applicable law, including the UCC as in effect in the State of Missouri. The Secured Party may sell the Collateral as a single block or in lots of no less than 100% of the equity in a single Borrower, at its discretion. Rider Gleblity Only the following share

(i) Any party that delivers to FTI Capital Advisors, LLC (Attn: Chris Post, Nathan Rogers) (a) an executed Accredited Investor Questionnaire and (b) a \$100,000 certified or cashier's check as a non-refundable earnest-money deposit (for the successful bidder), before bidding begins. Closing must occur by 5:00 PM Eastern on October 29, 2026, at McGuireWoods LLP, 1251 Avenue of the Americas, 20th Floor, New York, NY 10020.

(ii) The Secured Party (or its successors or assigns) may credit bid all or part of the Secured Obligations under UCC § 9-615(f). Except for a credit bid, all bids must be all-cash with no unsatisfactory contingencies and must close by 5:00 PM Eastern on October 29, 2026. Bid increments: \$50,000 minimum. The sale will transfer the membership interests in a Perrower net a Perrower's assets.

Due Diligence, Prospective purchasers should review all agreements that may limit a purchaser's rights or create third-party rights upon sale. Documents in the Secured Party's or counsel's possession are available for review by appointment at McGuireWoods LLP, 1251 Avenue of the Americas, 20th Floor, New York, NY 10020, subject to execution of a confidentiality agreement.

Proceeds; Credit Bid; Deficiency. If the Secured Party accepts a satisfactory cash bid, it will apply sale proceeds to the Secured Obligations under applicable law and remit any surplus to entitled parties. If no satisfactory cash bid is received, the Secured Party may:

(ii) Credit bid all or part of the Secured Obligations under UCC § 9-615(f), or otherwise bid for the Collateral. In any event, the Borrowers, Pledgors, and Guarantors remain liable for any deficiency. Each bids are subject to a credit investor under the Securities Act of 1932 and must be subject to an Accredited Investor Questionnaire.

Each bidder must be an accredited investor under the Securities Act of 1933 and must execute an Accredited Investor Questionnaire. Adjournment; Modification. The Secured Party may cancel or adjourn the sale without further notice by announcement at the scheduled time and place. The Secured Party reserves the right to modify sale terms, reject any or all bids, or continue the sale. Additional or amended terms may be announced at the sale.

Adjournment; Modification. The Secured Party may cancel or adjourn the sale without further notice by announcement at the scheduled time and place. The Secured Party reserves the right to modify sale terms, reject any or all bids, or continue the sale. Additional or amended terms may be announced at the sale. If a third party is the successful bidder, the sale will remain open until the Secured Party receives full payment of the applicable purchase price and all closing conditions are satisfied. If the successful bidder fails to pay or otherwise timely close the sale, the Secured Party may resell the Collateral, and the defaulting bidder is liable for any loss. Securities-Law Notice. The membership interests have not been registered under the Securities Act of 1933 or state securities laws and may not be transferred unless registered or exempt. This notice is not an offer to sell in any jurisdiction where such offer would be unlawful. Contact: Accounting. The Borrowers and Pledgors are entitled to an accounting of unpaid indebtedness. For information regarding the Borrowers, to request an accounting, or to make an offer, contact: FTI Capital Advisors, LLC, Attn: Chris: Post, (303) 689-8888, chris.post@ftconsulting.com; and Nathan Rogers, (303) 888-3158, nathan.rogers@

Contact; Accounting. The Borrowers and Pledgors are entitled to an accounting of unpaid indebtedness. For information regarding the Borrowers, to request an accounting or to make an offer, contact: FTI Capital Advisors, LLC, Attn: Chris Post, (303) 689-8888, chris.post@fticonsulting.com; and Nathan Rogers, (303) 888-3158, nathan.rogers@fticonsulting.com.

The Secured Party reserves all rights, options, and remedies under the Loan Documents and applicable law.

EXHIBIT A SCHEDULE OF BORROWERS, COLLATERAL, AND LOAN DOCUMENTS

The following is a schedule of each Borrower whose equity interests, membership interests, and related collateral constitute the Collateral to be sold at the Public Sale. All Loan Agreements and Promissory Notes were entered into between the applicable Borrower and MJ Bank, a Missouri state-chartered bank (now The Bank of Missouri, as successor to M1 Bank), as Lender Solokis (there are noted below, the Pledgor under the applicable Security Documents is NES-MJ Devo LLC. For 697 Solokis Ave Solar LLC and 549 Doles Ridge Rd Solar LLC, the Pledgor is Novel Energy SPV 4 LLC.

The Collateral includes all membership interests in each Borrower, together with all distributions, dividends, instruments, and proceeds. The Collateral secures the Indebtedness arising under the Loan Documents (each as defined in the body of this notice).

1. 200 New County Rd 2 Solar LLC – a Maine limited liability company
2. ME Mishaan Van Buren Road CSG LLC – a Maine limited liability company
3. ME Duncan CSL LLC – a Maine limited liability company
4. ME Maple Grove CSL LLC – a Maine limited liability company
5. ME Berry's Cheston CSG LLC – a Maine limited liability company
6. ME Cummings Indian Road CSG LLC – a Maine limited liability company
7. ME Scotts Hill Road CSG LLC – a Maine limited liability company
8. ME Mapleton CSG LLC – a Maine limited liability company
9. ME K Allen CSL LLC – a Maine limited liability company
10. ME Factory Brook CSL LLC – a Maine limited liability company
11. ME Vassalboro Cain CSG LLC – a Maine limited liability company
12. ME Corbin Road 1 CSG LLC – a Maine limited liability company
13. ME Perham Road 2 CSG LLC – a Maine limited liability company
14. ME Robinson Road CSG LLC – a Maine limited liability company
15. ME Hillacre Nokonis Road CSG LLC – a Maine limited liability company
16. 697 Solokis Ave Solar LLC – a Delaware limited liability company
17. 549 Dales Ridge Road CSG LLC – a Delaware limited liability company
18. Hanscom School Rd Solar LLC – a Delaware limited liability company
19. ME Thompson Crooked Road CSG LLC – a Maine limited liability company
20. Novel Ledeboer Solar LLC – a Minnesota limited liability company
21. Novel Meyer Farms Solar LLC – a Minnesota limited liability company
22. Novel Post Solar LLC – a Minnesota limited liability company
23. Solarclub 8 LLC – a Minnesota limited liability company

NOTE OF PUBLIC FORECIOUS SALE On October 22, 2026, at 10:00 AM Eastern Time. The Bank of Missouri (successor to M1 Bank) ("Secured Party"), through its counsel McGuireWoods LLP, will sell at public sale all right, title, and interest of NES-M1 DevCo LLC, Novel Energy SPV LLC, and Novel ME SPV LLC (each a Delaware limited liability company, collectively the "Pledgers") in the membership of the "Collateral" of the Borrowers listed on Exhibit A (each a "Borrower" and collectively, "Borrowers"). The sale will be held at McGuireWoods LLP, L251 Avenue of the Americas, 20th Floor, New York, NY 10020, and by videoconference (details provided to qualified bidders). The Collateral secures indebtedness ("Secured Obligations") under the following documents: each as heretoforendented and as may be amended, supplemented or otherwise modified from time to time):

The following is a schedule of each Borrower whose equity interests, membership interests, and related collateral constitute the Collateral to be sold at the Public Sale. All Loan Agreements and Promissory Notes were entered into between the applicable Borrower and ML Bank, a Missouri state-chartered bank (now The Bank of Missouri, as successor to ML Bank), as Lender. For Gardiner Rd 1 Solar LLC, Rangeley Rd 1 Solar LLC, ME Monmouth Acorn First 1 CSG LLC, ME Clearbrook Road 1 CSG LLC, ME China Haskell 1 CSG LLC, and ME Madison Kandiko CSG LLC, the Pledger under the applicable Security Documents is NES-M1 DevCo LLC. For Novel Byers Solar LLC, Novel Olek Solar LLC, Novel Fultz Solar LLC, and Novel Gertken Solar LLC, the Pledger is Novel Energy SPV 3 LLC. For ME Unity McCormick CSG LLC, the Pledger is Novel ME SPV LLC. The Collateral includes all membership interests in each Borrower, together with all distributions, dividends, instruments, and proceeds. The Collateral secures the Indebtedness arising under the Loan Documents (each as defined in the body of this notice).

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Source: the company

*Includes both long-term and short-term debt Note: Latest financial quarter ended July 31

HEARD ON THE STREET

FINANCIAL ANALYSIS & COMMENTARY

Nvidia's Free-Cash-Flow Count Will Impact Buybacks

A quiet change shows new thinking about balancing capital returns against building its AI ecosystem

The race to develop artificial intelligence is as much about creating ecosystems as it is about building chips and data centers. Acknowledging this requires investors to rethink a bedrock of financial analysis: how to measure a company's free cash flow.

While the term has no standard definition under accounting rules, free cash flow is typically calculated as cash flow from operating activities minus capital expenditures, or capex. Investors view it as a proxy for the discretionary cash a company has left over after reinvesting in its business, which it can use to reward shareholders or pay down debt.

The reality of today's AI juggernauts is that capex can take more than one form. It isn't just about adding physical property and equipment. Capex can entail making strategic equity investments, expanding the ecosystem that drives demand for a company's own products.

Those portfolio companies may be building data centers or developing new AI models, or they may be energy producers or hardware suppliers. Whether buying equity or spending directly, the capital investment remains tied up driving core growth and isn't available to hand back to shareholders or creditors.

Nvidia CEO Jensen Huang

That is the argument for factoring strategic investments into free cash flow. And it is one that Nvidia subtly endorsed last week, although few people noticed.

The upshot: Nvidia still plans to return gobs of cash to shareholders through buybacks and dividends, but only after taking into account its investment needs.

Nvidia also changed its cash-flow presentation last quarter to fully separate debt securities from equity securities in the section on investing activities. (The debt securities it held were all Treasurys or U.S. agency paper.) The change lets investors do the adjustments themselves, and it makes Nvidia an exception among the biggest chip makers and hyperscalers.

Microsoft, Amazon.com and Google parent Alphabet bundle debt and equity investments together on their cash-flow statements. That makes it difficult, if not impossible, for investors to make the kind of adjustments Nvidia is enabling. Other companies should follow its lead.

Nvidia's signal on this front came in a Sept. 28 presentation detailing a \$150 billion increase to its share-buyback program, which brought its total authorization to \$235 billion. “We are committed to sharing the company’s success with shareholders and will return excess free cash flow net of strategic uses in the form of share repurchases and a gradually growing dividend,” the chip maker said.

The crucial words were “net of strategic uses.” Nvidia essentially put investors on notice that the cash it deploys into other companies also affects what's available for buybacks and dividends.

Nvidia said it had equity stakes in 13 public companies and 229 private companies across the AI ecosystem. It considers them all strategic investments that help accelerate its computing platform and the AI market.

In that sense, the equity stakes were essential, not discretionary. The cash Nvidia invests in portfolio companies like OpenAI and Anthropic also helps them buy Nvidia products, a circular dynamic that has raised concerns about the AI boom's sustainability.

To be clear, Nvidia hasn't changed its definition of free cash flow, and it still uses a traditional formula. But its equity investments have been substantial. For the first half of this fiscal year, cash outflows to buy equity investments were \$42.4 billion, while proceeds from selling them were \$7.2 billion, for a net \$35.2 billion.

Over the same period, Nvidia reported free cash flow of \$69.9 billion. Treating those investment activities like capex would have cut its free cash flow by half to

\$34.7 billion.

The traditional formula over-states free cash flow in another way, especially at large tech companies. It ignores cash costs directly tied to employee stock awards.

During the six months ended July 26, Nvidia paid \$4.5 billion of cash withholding taxes when employee shares vested. Additionally, about \$9 billion of its share buybacks during the period were used to offset share dilution from those same awards, according to a Wall Street Journal analysis.

These expenditures aren't included in net income or operating cash flow. They are classified as financing activities, so traditional free-cash-flow metrics ignore them. However, they are a key part of how companies pay their employees. Nvidia also received \$515 million of proceeds related to employee stock plans.

All told, Nvidia's free cash flow would have been about \$21.7 billion for the period if those cash flows were factored in along with the cash flows related to equity investments.

By comparison, Nvidia spent almost \$31 billion on buybacks beyond what was needed just to keep its share count flat, while raising long-term debt by \$24.9 billion to \$32.4 billion. That debt raise helps explain how Nvidia funded discretionary buybacks after strategic investments and spending tied to stock-based pay absorbed so much cash.

Fulfilling its buyback authorization will require far more free cash than Nvidia generates today.

Wall Street analysts are predicting it will get there. For the January 2028 fiscal year, the average estimate for free cash flow tops \$330 billion, according to data compiled by Visible Alpha. That would easily cover the full buyback authorization plus dividends.

But as Nvidia just flagged, it may need to keep pouring substantial cash into portfolio companies.

Free cash flow isn't all it appears to be, and investors need a lot more transparency on the cash-flow statement than they're getting now. Nvidia's recent changes should only be a start.

—Jonathan Weil

Take the road less traveled.

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The Death of the Old Middle East

Simon Sebag Montefiore on the dangerous new world replacing it

f one steps back from the spasms of violence in the Middle East, it's clear that every

day brings another reve-

lation in a cascade of developments—momentous deals and alliances that not only mark a new epoch but also drive a dramatic convergence of geopolitical theaters that is changing the world game.

Consider just some of the events of recent months:

Days before what the Emiratis have declared a terrorist attack on a flight to Tel Aviv from Dubai, the United Arab Emirates' president, Mohamed bin Zayed, publicly acknowledged for the first time a visit by Israeli Prime Minister Benjamin Netanyahu—months after deploying Iron Dome technology and Israeli personnel to the

U.A.E. to repel Iranian attacks. The Abraham Accords are still very much alive.

In August, Saudi Arabia, Turkey and Pakistan signed the Mecca Joint Defense Agreement, a NATO-style mutual defense pact that is already being (awkwardly) tested after the Houthis took the Red Sea coast and Iraqi militias hit the kingdom's east-west pipeline.

That same month, Greece signed a \$3.5 billion defense agreement with Israel—the largest arms export deal in Israeli history, providing Greece an air defense and missile network, Achilles Shield. Israel is also cooperating economically and militarily with Indian Prime Minister Narendra Modi, who paid a warm visit to Israel in February.

In March, Ukrainian President Volodymyr Zel-

ensky toured the Arabian peninsula and signed historic security agreements with Saudi Arabia, the U.A.E. and Qatar to provide drone interception teams.

Then there is the arena of East Africa, where a new scramble for power is intensifying. It encompasses the catastrophic civil war in Sudan, which involves over a half-dozen Middle Eastern nations competing for power, access and resources on the Red Sea coast and African interior. This includes the U.A.E., which at an earlier stage in the conflict supported one side as Iranian drones showed up on another. Middle Eastern pow-

Please turn to the next page

Why Fraternities Are So Hard to Reform

The sexual assault allegations at Cornell have rekindled debate about the role frats play in shaping masculinity

BY NICHOLAS L. SYRETT

A bolish fraternities. That has been the reaction among many people outraged by a case at Cornell, in which seven men from the Chi Phi fraternity chapter were accused in a lawsuit of sexually assaulting a fellow student in 2024 and advertising it in a group chat.

It isn't the first time the public has demanded accountability. Every few years, there is another headline-making case of fraternity misbehavior: a hazing death, a rape case or sometimes, the odd cocaine ring.

But banning fraternities from universities often doesn't fix these problems. In many cases, the bad behavior just goes farther off-campus, where it gets less oversight from school officials.

An example from the school where I teach, the University of Wisconsin-Madison, from just this semester: On Sept. 23, after receiving an anonymous tip, police raided the house of the Madison chapter of the Alpha Epsilon Pi fraternity.

In the basement, police found around 30 partially clothed male students, most of them 18 years old, covered in condiments and other food. Several of them had injuries consistent with being physically assaulted, according to a police report. The thermostat in the room had been set to 81 degrees to make it even more unpleasant. The Madison Police Department arrested the fraternity's president and vice president because hazing is illegal in the state of Wisconsin.

UW-Madison said in a statement after the incident that its Office of Student Conduct and Community Standards would “investigate any students implicated in the incident according to its nonacademic misconduct policy.”

The problem in this case is that, as a Please turn to page C4

Inside

CULINARY MELTING POT

Why Israeli food may be the world's most misunderstood cuisine. C4

Bit Player

Yes, Mark Zuckerberg is only a supporting character in the new Facebook movie. C6

OBITUARY

Margaret Hamilton, whose pioneering software helped the moon landing, has died. C6

MY MONDAY MORNING

Miranda Lambert on helping pen the hit ‘Choosin’ Texas.’ C8

Cauldron of Dangerous Rivalries, Alliances

Continued from the prior page ers are also backing a new war igniting in Ethiopia.

Ever since Oct. 7 and the Israel-Hamas war in Gaza, tensions have escalated in the region after years of relative calm. The three mega powers are intensively present in all these theaters: The U.S. is squeezing the Iranian economy with increasing success. Russia is providing Iran with precise intelligence to hit U.S. forces. China is both supporting Iran (also providing intelligence on U.S. facilities) while also protecting its new relationships with American allies like Saudi Arabia and the U.A.E. After all, China buys roughly 90% of Iran's oil, while a third comes from the Arab monarchies.

If this sounds complicated, it is. Foreign policy in this interconnected, fast-moving world requires more clarity, coherence and measure than ever before—the rivalries and conflicts of the Middle East are not just spreading into neighboring regions but are also fusing into a single theater that stretches from the sands of the Sahel to the Bay of Bengal.

The three major military powers of the Middle East—Turkey, Iran and Israel—are maneuvering for a dominant position: Iran is attempting to survive if not win control of the Gulf. Turkey is hoping to secure a neo-Ottoman presence in Syria. And Israel is seeking security without giving up the religious-nationalist project of its current extremist ministers (who may be removed by the imminent election).

Meanwhile, the expensively armed but vulnerable Saudi kingdom is fighting to protect its vast territory, its fragile oil facilities and its leadership of the Sunni world. Pakistan, a new contender, has long aspired to be an arbiter of Islamic power.

Ukrainian President Volodymyr Zelensky, left, with U.A.E. President Mohamed bin Zayed in Abu Dhabi.

These countries are all competing in the new multiplayer tournament, no longer restrained by old traditions and systems, and no one power has hegemony, all being less formidable than they appear. The Middle East is, among other things, like a cerebrum of the world nervous system: its exposed nerves—trade routes and oil

Will the new convergences lead to a new balance that brings stability—or a lethal interconnection of conflicts?

The new conjunctions of the Middle East are less about Sunni versus Shia or West versus Islam than they are about the open, pro-Western version of Islam represented by U.S. allies (Saudi, Egypt and the U.A.E.) in conflict with the closed, anti-Western, radical resistance version of Iran and its vassals.

pipelines—making it especially sensitive to the rest of the body.

That means contingent developments in obscure skirmishes by small forces such as the Houthis can exercise power far beyond their scale.

Conventional wisdom still tends to look at the Middle East in the way it has worked since the end of World War II. Instead, we are seeing a totemic reaffiliation in which the states are interested less by tradition, ideology and theology and more by cold interests of security, power, tech and economics. But will the new convergences ultimately lead to a new balance that brings stability—or a lethal interconnection of conflicts that could swiftly flashover into a raging conflagration of planetary proportions?

SOMALIA Israel and the U.A.E. are supporting Somaliland—which declared independence from Somalia in the 1990s and is making

AS YOU WATCH what is happening, you may well ask: What are Sudan, Greece, Azerbaijan and India doing in an article about the Middle East? To make sense of this, it's clear that six different theaters are converging in the region today.

CONVERGENCE 1

The Russian alliance with Iran and the recent Ukrainian arrangements that Zelensky made with the Gulf powers in August reveal the converpipelines, seizure of the Bab al-Mandeb strait and attacks on Riyadh have helped focus the Middle East powers on an intensifying battle over the war-torn African coastline. It's a place where boutique powers of the Gulf already have major, almost neo-imperial, interests, seeking gold and ports and farm land to feed their desert-dwelling populations. The atrocities of the civil war in Sudan have spun so out of control that many are now seeking a halt—before it spreads.

gence of the Russo-Ukraine theater with that of Iran-Israel-U.S.-Gulf.

CONVERGENCE 2

The second involves the Caucasus and Central Asia. Russia's stagnated war has allowed Turkey to ally with its Turkic, Muslim and oil-rich brother, Azerbaijan—which has been variously ruled by Persians and Romanovs and has recently fought several wars with Armenia.

Azerbaijan is close to both Israel and Turkey, two countries with rising tensions between them. And now that Azerbaijan is close to Turkey—an ally of Pakistan—its enemy, Armenia, is being armed by India, Pakistan's enemy. Meanwhile, in Central Asia, Uzbekistan is also close to Turkey, while oil-rich Kazakhstan—eager to assert independence from Russia and nearby China—is close to Israel and joining the U.S.-created Abraham Accords.

CONVERGENCE 3

No. 3 is what I call the Byzantine Theater: Turkey has always been a pivotal bridge power between Europe and Asia, Christendom and Islam, and its close EU relations and NATO membership make it a longstanding U.S. ally. But under the Islamist President Recep Tayyip Erdoğan, it is asserting its military-economic power, Islamist mission and Ottoman legacy. Its ambition is to project its influence on Southern Europe and the Middle East—and it is confronting not only Israel but also a more traditional enemy, Greece.

Today, maritime disputes between Turkey and Greece and natural-gas discoveries in the eastern Mediterranean have drawn Greece into a closer strategic alliance with Israel who have quickly made common cause.

CONVERGENCE 4

The most dangerous theater is in South Asia. Pakistan and India, both nuclear powers, have been enemies since the bloody partition in 1947 that divided them along religious lines. They have since fought five wars—most recently in 2025.

The Islamic Republic of Pakistan is a chronically unstable garrison state with swaggering paladins and feudal political dynasties vying with popular Islamism, surging debts, economic stagnation, internal repression and two bloody insurgencies.

Not only does it have a hair-trigger rivalry with India but also a new war with its ungrateful ally in Afghanistan, the Taliban, which it has been bombing over the past week.

Traditionally, Pakistan balanced two patrons: China and the U.S. Pakistan recently turned Trumpian favor (Trump has described Pakistan's chief of defense forces, Asim Munir, as "my favorite field marshal") into influence through mediation with Iran, business transactions and the new alliance with Saudis and Turks.

Simultaneously, India, the world's most populous state and a potential superpower, balances a deepening alignment with Israel—where its Hindu nationalism finds some affinities with Israeli nationalism—with its traditional links with (and oil dependence on) Iran, as well as its friendship with Russia, reflecting its old Soviet alliance.

Its plan for an India-Middle East-Europe Economic Corridor (IMEC), joining India, the Gulf and the E.U., was expected to add in Israel but was put on hold by the Oct. 7 wars. Offering a different vision to the Mecca alliance, it may eventually be reactivated, creating a new economic Eurasian region.

CONVERGENCE 5

East Africa and the Red Sea are already in the midst of brutal neo-imperial conflicts. In this scramble for Africa, the empires are now Middle Eastern and African. Now, Israel, Turkey, Egypt, Iran and the Gulf are more invested in picking winners and losers in the region.

SUDAN Houthi attacks on Saudi a new push for international recognition—and may seek bases there to use against the Houthis. Somalia is resisting that effort and is backed by the Saudis and the Turks, the latter of whom are stationing forces there like an imperial power.

ETHIOPIA The country comports like an expansionist empire while facing multiple insurgencies. It is on a quest for a Red Sea port that may be granted by Somaliland or seized in a new war from Eritrea. Ethiopia has just recently accused Eritrea, Sudan and Egypt of inciting rebel violence against it.

CONVERGENCE 6

The Sahel is the region that runs east-west across the southernmost part of North Africa, where beleaguered juntas of young officers are battling jihadist militias in a band of failing states, backed traditionally by former imperial power France and recently by Russia and its mercenaries.

The great peril is that the Russo-Ukraine war merges with the U.S.-Iran-Israel war and any India-Pakistan conflict: If the fires in these separate arenas join up in what pyrologists called flashover, a fire becomes an inferno that could become a world war.

If or when one of these states falls, the jihadists could ride southward into Nigeria or north to converge with civil war in Libya and even menace the taut, anxious order of Egypt.

I prefer something like SEMES-TEA which would bring together South Europe, the Middle East, the Sahara, South Asia and East Africa.

FOR NOW, THESE convergences mean that the very name Middle East may soon be obsolete—business and politics alike need to coordinate their strategies for a wider region.

It is important to realize the fluidity of the region now: These new conjunctions are flexible and overlapping. The Mecca Pact does not rule out the very current Abraham Accords nor an India-Arabia-Israel corridor.

Calling it West Asia misses Africa and Europe. Using the fashionable term SWANA, which stands for Southwest Asia North Africa, doesn't include the Byzantine, Central Asian, East African and, indeed, South Asian theaters.

Whatever catches on, one of the few pleasures of today's alarming geopolitics is the coining of new acronyms. Let us enjoy that at least.

It has always been the case that any megapower that seeks multi-domain planetary power must have a presence in the Middle East, be it Cold War superpowers, Europeans or the Ottomans.

Today, China is still not ready for full engagement, but its mustering of a battle fleet makes it tempting to take advantage of U.S. follies: It's worth noting how often Xi Jinping mentions the eunuch Adm. Zheng He and the Ming Dynasty treasure fleets that visited Arabia and East Africa between 1405 and 1433.

The Saudis and the nervous powers of the region want China, the most important business partner, engaged in the region even if they know Beijing can't replace Washington as a reliable security partner.

The present conflicts—the Oct. 7 Wars that include the war against Iran—are unlikely to end cleanly for a while, if only because Iran lacks a united leadership after the 37-year reign of Ali Khamenei.

The irony is that Iranian attacks on Arab states have made an American presence all the more necessary to many nations in the region. No one trusts America, but many desperately crave its presence and protection. Similarly, they are making Israel, whatever its flaws, more strategically attractive to Arab powers than it has ever been.

And now, seven months into the Iran war, Trump's blockade of that country seems to be working. Oil supplies through the Strait of Hormuz and other sources, including the Saudi east-west pipeline, are rising toward prewar levels, for now. How will Iran's Revolutionary Guard react? There is nothing so dangerous as a wounded tiger.

In recent negotiations, the U.S.—subject to the rivalries of the Trumpian court—has seemed to be running different, even contradictory policies for Turkey, Lebanon and Iran. But however impetuous the start of the war in February may have seemed, the operation in Venezuela and the bombing of Iran's nuclear facilities in 2025 showed that this administration can act with stealth and focus.

However that ends, the growing convergence of theaters and peril of flashover means that a measured, coherent America is more essential than ever—it is the only power capable of managing this new increasingly dangerous, converging world.

Simon Sebag Montefiore is a historian and author of “The Cauldron: The Making of the Modern Middle East.”

Houthi rebels during a mobilization campaign in San'a, Yemen, in September.

She's the Internet's Most Polarizing Fashion Influencer—and She Knows It

Danielle Bernstein makes millions a year by posting photos of herself on social media. Her success has invited scrutiny.

BY CHAVIE LIEBER

Of all the times Danielle Bernstein has enraged the internet—and there have been many—the engagement party might take the cake.

Last October, the New York fashion influencer threw a wedding-size gathering at a historic estate in Yonkers, wearing an aisle-ready couture gown. There was a lavish cocktail hour, a live band and an outfit change, all photographed for public consumption. Ahead of the party, Bernstein posted links for dress-code-approved guest attire on social media, which would earn her commission if people hit the buy button. Brands provided free dresses and shoes for the event with the expectation that she would credit them.

From the vantage of the Instagram feed, this celebration of love and commitment looked more like a business opportunity. It didn't help that her speech sounded eerily similar to the remarks another bride had posted on TikTok. When Bernstein's engagement ended publicly a few months later, cynics swarmed online forums suggesting that there had been a dispute with her fiancé over a prenuptial agreement, which Bernstein denies. She says the relationship ended amicably.

The 34-year-old now looks back on this time as an “aha” moment. “I opened the door and got upset when they walked too far in,” she says. “Not everything in my personal life needs to be a content moment.”

In the 15 years Bernstein been blogging about fashion, she has been both the saleswoman and the product. Her business model is simple: She wears clothes, people buy them, and she makes money from it. She says she earned \$2.8 million in 2025 just from brand deals and shopping commissions.

But her success has invited scrutiny. Because she has been accused of stealing designs for the clothing brand she founded in 2019; because she's edited pictures on Instagram to make herself look skinnier; and because she is rich, beautiful and refuses to be canceled, online critics have made a sport of tracking her every misstep. "Snark pages," the corners of Reddit where people trade gossip about online stars, were practically invented for Bernstein. Tabloids have called her "America's most hated influencer."

“I don’t want my kids to Google me one day and see these headlines,” Bernstein says. “I don’t want that to be my legacy.”

And so, she says she's embarking on a reset. This month, her fashion label, WeWoreWhat, is rebranding under a new licensing partner, with plans to introduce higher & MADISON MCGAW pricing, more premium materials and explicit messaging about how it gathers inspiration from luxury and vintage fashion.

“I think of us as comparable to Zara, Mango, Steve Madden,” she says. “We are taking trends, runway and vintage inspiration, and making it accessible.”

there's a skittishness apparent in the way she shifts in her chair and fiddles with her gold anklets.

In a Substack essay this week, Bernstein addressed the copying accusations that have dogged her brand and apologize for past errors. Some designs, she now says, “should have never made it through the process.”

Bernstein is sitting at the kitchen table of her Tribeca penthouse she recently renovated that's filled with custom tan and white furniture and French antiques. The influencer is toned, tall and lean, and though she speaks with confidence,

A rebrand might seem like a convenient time to wash her hands of past controversies. But Bernstein says she's "grown up a lot" recently.

"I know I made mistakes," she says. "It's part of my story. I'm not a victim of it. I was responsible for a lot of it. And I'd love to move past it."

Today, there are millions of people who call themselves content creators, but Bernstein was a pioneer of the industry when she started her street style blog in 2011 as a Fashion Institute of Technology student from wealthy Great Neck, N.Y. By 2015, Bernstein was charging \$15,000 for each piece of sponsored content and working with brands like

After years of scrutiny, Danielle Bernstein says she's rebranding her company. Above, Bernstein attends a 2014 fashion show; below, she poses with fellow influencer Bridget Bahl in Montauk, N.Y., in 2022.

Lancôme and Virgin Hotels. These days, brands pay as much as \$250,000 a year to work with her.

ber's Gap ones.

“Her returns have always been really crazy,” said Siffat Haider, co-founder of supplements company Arrae. Haider says that her brand pays Bernstein about \$10,000 for a series of Instagram Stories and that Bernstein typically brings in double that fee in sales. “In terms of durability, I’ve never seen anyone like her.”

Such fees are reserved for people who can actually move product—and business owners say that few can hawk like Bernstein. During an interview for this article, she manages to plug both a hair-growth supplement (Wellbel; she's an adviser) and a pair of WeWoreWhat jeans that she says are nearly identical to Hailey Bie-

Most of her disputes with designers have played out on social media. But in 2020, Bernstein and WeWoreWhat got into a legal fight with lingerie brand the Great Eros over accusations that WeWoreWhat had copied the brand's signature print of line drawings featuring female bodies. The Great Eros dismissed its claims in a confidential settlement in 2022; Christina Viviani, co-founder of the Great Eros, declined to comment.

“I look at her account, see a great outfit and then put it together,” said Ashley Bard, a WeWoreWhat shopper from Rhode Island.

Bard, 40, has read stories about Bernstein copying designers. “It’s fashion, and there’s so many looks out there, and sometimes that stuff happens,” she said. “I would hate to learn if it’s intentional, but it doesn’t seem to be.”

Bernstein won't comment on specific allegations of copying. "When people said our designs came too close to theirs, instead of listening I was defensive and reacting," she says. "We should have been more careful."

Late last year, Bernstein bought her licensing partner Onia's stake in WeWoreWhat and now owns a majority of the company. She declined to share its annual revenue, but said it is growing. In 2023, she told Business of Fashion that the company made \$30 million the previous year.

WeWoreWhat is now “mindful about not taking inspiration from other small designers,” she says. Instead, it draws from luxury brands “like Khaite and Chloé and the Row”—a practice she doesn’t see a problem with. “Reinterpretations and inspiration from runway and trends is something that tons of brands do every single day.”

Bernstein says she "used to Photoshop my photos like crazy," to take her from a Size 6 to a Size 2. “I was so insecure about my body and the way I looked. Now I smooth out a vein, but I’m not morphing my body. That’s been a journey.”

She continues to post—about her workouts, her shopping trips, her under-

eye surgery—but is sharing less of her private life. Redditors are already feverishly discussing her new boyfriend. She won't comment on the matter, merely offering with a smile that she's “really happy.”

Bernstein now shares her experience, good and bad, with fellow influencers she mentors.

"If I was in jail and had one person to call, it would be Danielle," said Christina Elezaj, a New York influencer.

Bernstein regrets putting her engagement under a spotlight but wants to be clear about the speech she gave: "Those were my own words," she says, "but after so many years of scrutiny, even a simple speech thanking the people I loved became another internet pile-on."

She says her Substack has nearly 18,000 subscribers. She's been using AI "for ideating and coming up with structures," but "writing it myself," she says.

The Problem With Frats

Continued from page C1

result of breaking rules about 10 years ago, AEPi was already derecognized by UW-Madison for running afoul of its misconduct policy, which means it is officially unaffiliated with the university. And yet, as a chapter of a national organization, AEPi continues to initiate young men who are students at UW-Madison.

It leaves the university administration in something of a limbo: Barring adult students from joining an off-campus organization outright, especially at a public university, would likely run into thorny legal issues around the First Amendment right to freedom of assembly. (The national AEPi office has suspended activities at the UW-Madison chapter pending an investigation into the incident; hazing is prohibited by the fraternity's health and safety policies.)

This is not an isolated problem. Colleges and universities constantly kick fraternities off campus for bad behavior, sometimes suspending them and sometimes expelling them permanently. For example, there are 10 fraternities currently suspended for hazing and other misconduct at Penn State alone.

For administrations, this creates a thorny situation in which fraternity chapters remain associated with the universities—or at least in physical proximity with them, and enrolling their students—even if they are not sanctioned by them.

The other barrier to abolishing fraternities is their popularity. Many freshmen specifically seek out colleges and universities with robust Greek-life programs, and participation is on the rise.

In their ideal form, fraternities are social clubs where students come together, meet each other and form lifelong bonds. Some fraternities are paired with sororities, teaming up to host campus events or charitable activities. Fraternities also provide valuable networking opportunities for their members across generations through close-knit alumni groups run by the national offices.

Because of this, when university administrators discipline fraternities, they often receive pushback from otherwise loyal and generous alumni. Only a handful of wealthy liberal-arts colleges like Amherst, Williams and Middlebury have actually eliminated fraternities altogether.

Since banning them has thus far proved unpopular and ineffective, the question seems to be: Can fraternities be reformed?

As I learned researching my book, "The Company He Keeps: A History of White College Fraternities," which is based on archival research from the founding of fraternities in 1825 to the turn of the 21st century, the cultural pressures that perpetuate problems with fraternities have been there since the beginning.

Students protested the handling of a 2024 alleged sexual assault case at Cornell University on Monday.

The first known fraternity hazing death in the U.S. is believed to have occurred in 1873 at Cornell, when a newly initiated brother, Mortimer Leggett, fell off a cliff during an initiation rite. Nearly 150 years later, in 2019, a Cornell freshman named Antonio Tsialas was likewise found dead at the bottom of a gorge, with signs of acute alcohol intoxication and physical injuries as a result of the fall. He had attended an unsanctioned fraternity rush party where pledges were pressured to drink alcohol. In response, Cornell required Greek-life chapters to hire independent event monitors and submit to random security spot checks, among other changes. Six years later, the campus is on fire over new allegations once again.

At the raid last month at my own university, police were alerted by an anonymous tip. Was it one of the pledges, scared enough to report his fraternity but hoping to make it through initiation?

I found similar incidents as early as the 1940s, when letters signed only by “Anxious Pledges” were sent to administrators at the University of North Carolina at Chapel Hill, begging them to intervene in hazing: “We ask your help before it will be too late. If the practice is kept up, it will end in someone being seriously injured, or perhaps killed.”

There are distinct social dynamics that lead to group think, misguided allegiance and, when drugs and alcohol are involved, dangerous and illegal behavior.

Fraternities enroll men who have already decided they want to join single-sex organizations for friendship, belonging and status. Pledging, a period of initiation, tests that resolve—often with degrading or illegal hazing rituals that bond fraternity pledges to one another and to the organization itself. Keeping secrets on behalf of the fraternity creates loyalty, especially when what occurs during pledging is counter to the law or a university's rules of conduct.

Also, as University of Kentucky professor Alan DeSantis explains in his 2007 book, “Inside Greek U,” and as I found in my own research, men who join fraternities often find it appealing that they will be able to “act like men” in their downtime with no women around and that they will be joining an organization that will reinforce their own masculinity. That makes them susceptible, however, to having their masculinity tested and questioned in dangerous ways.

Since at least the 1980s, some fraternities have pushed brothers or pledges to report on sexual successes. In one notorious incident at Dartmouth College in 2001, student reporters obtained weekly newsletters from the Zeta Psi fraternity, which detailed who had had sex with whom, and referred to female Dartmouth students who were a “guaranteed hookup.”

One newsletter concluded with "Next week: [Brother X]'s patented date rape techniques!"

It's easy to see how the pressure to be sexually successful can lead to sexual coercion. The problem is exacerbated by alcohol-fueled parties that often grant fraternity men exalted status, a phenomenon familiar in pop culture hits about bacchanalian Greek life, including 1978's "Animal House," which was based on filmmaker Chris Miller's experiences at Dartmouth College. (The comedy is credited with increasing interest and participation in fraternities alongside President Ronald Reagan's 1984 law raising the drinking age to 21, which contributed to college students drinking outside of bars.)

Of course, it is illegal for fraternities to serve minors, but many do. Most national sororities ban the hosting of parties in sorority houses, which only increases the power that fraternities can have over campus social life.

That this leads to huge problems is not a secret. Warnings among women about staying vigilant lest a drink get spiked and keeping friends in sight are de rigueur on most campuses and show up regularly in a variety of movies and TV shows.

This is not to say that fraternities are all bastions of abuse and vice. But it helps explain studies, including one from 2020 by Prof. John Foubert of Union University and his colleagues, that found fraternity men and athletes are “significantly more likely to commit alcohol-involved sexual assault than other men on campus.”

National fraternities and many colleges and universities have sought to curb the worst excesses of fraternities by banning hazing, curbing drinking and instituting extensive workshops on consent for incoming first-year students. Some evidence indicates that bystander intervention training is effective in helping people intervene in assault on campus, but at least in one 2019 review of 27 studies, there was no evidence that it discouraged men from perpetrating sexual assault in the first place.

At Cornell, there appeared to be no bystanders willing to step in. What is so telling isn't just the allegation that seven men participated in a sexual assault of one woman for hours on end, plying her with drugs and alcohol; it's the way they chose to do all of this with one another—as if it were a bonding activity. After one fraternity brother advertised "free" sex in a group chat on Snapchat, other brothers allegedly replied with messages including "I f—g love Chi Phi" and "CHI PHIII."

Snapchat, by the way, is a platform famous for messages that disappear. That the image exists indicates at least one person had the instinct to take a photo of the messages. And yet, at the time, no one on the chat seems to have come forward to report it. For the brothers involved, doing so would have been a betrayal of fraternal loyalty.

Nicholas L. Syrett, a professor at the University of Wisconsin-Madison, is the author of “The Company He Keeps: A History of White College Fraternities.”

What a Schnitzel Sandwich Teaches Us About Israeli Food

BY ADAM CHANDLER

The cuisine isn't the world's only culinary melting pot, but it may be the most misunderstood

Israeli chef and Miznon proprietor Eyal Shani, above, and the restaurant's chicken schnitzel sandwich, top.

THE SCHNITZEL sandwich at Miznon, a fast-casual chainlet with locations on four continents, is arguably the epitome of Israeli cuisine. Served in a pita, it features European-style fried chicken topped with cold pickles, Levantine tahini and warm matbucha, a slow-cooked tomato-pepper condiment from North Africa. “It’s the same as the ingredients that built the Israelis,” said Eyal Shani, the Israeli chef and Miznon’s proprietor. “They are from everywhere.”

Food as metaphor goes back to the fruit in the Garden of Eden. Across Israel, a schnitzel sandwich like this one, sometimes served with Yemeni

zhug or Iraqi amba, is everywhere from bus stations to school cafe-

terias. Both its kosher preparation—using oil instead of butter and chicken instead of pork—and its fixture as a

workhorse dish speak to a rigidity and an adaptability that define Israeli cuisine and, more broadly, life there.

Over the past few years, restaurants serving Israeli (or simply Jewish) food have been subjected to boycotts, review-bombing campaigns or targeted during protests, regardless of their owners' feelings about Israel's war with Hamas in Gaza or the actions and policies of Prime Minister

Benjamin Netanyahu's administration. Then the criticisms extended to Israeli food itself.

Israeli cuisine has inspired long-form dismissals, along with charges of cultural appropriation. Last year, the restaurant Miriam in Brooklyn, N.Y., was tagged with red paint and graffiti that read “genocide cuisine” and “Israel steals culture.” In Philadelphia, one effort accused Israeli restaurants of being party to “an ongoing colonial campaign of stealing, appropriating, and profiting off of Palestinian food and culture as a means of erasing Palestinian existence.”

Some Israeli spots have resorted to adjusting their menus and branding to read Mediterranean or Middle Eastern to avoid the headaches and dodge potential threats.

The reality is that the flow of ingredients across borders and the exchange of recipes across cultures is centuries old, undercutting claims of authorship. Chocolate and potatoes are associated with Switzerland and Ireland, respectively, but hail from South America; the al pastor cooking method, generally credited to Lebanon, is used for tacos in Mexico and the U.S. without incident. Falafel and hummus, with varying recipes and consistencies, flow freely across countries of several faiths and backgrounds, while pizza bagels are a frozen food staple and challah French toast is seemingly everywhere.

“Tomatoes, you know, aren’t authentic to Italy,” Shani said, noting their South American origins.

Similarly, Israeli cuisine is the byproduct of not just agriculture and the movement of

Commodities but also customs and recipes in a region whose contours have been made and remade by huge powers and migration alike over centuries.

“Israel serves as a remarkable receptacle where historically dispersed traditions—from Iraq, Yemen, Morocco and Eastern Europe—came into close physical proximity,” said Hélène Jawhara Piner, an author and professor of medieval history and the history of food, noting that hundreds of thousands of Jews across the Middle East and North Africa were forced to leave their homes after the establishment of Israel in 1948. When these immigrants arrived in Israel, they brought their recipes with them. “They do not just cook to share; they cook to remember who they are and where they came from.”

These critical nuances haven't reached the protesting masses yet. Earlier this year, Tsion Cafe, a kosher restaurant in Harlem, shifted to catering and private events following a campaign of harassment that included threats and swastika graffiti.

What distinguishes Tsion Cafe is that its food represents the Jewish diaspora from Ethiopia, a group numbering over 175,000 in Israel. Born in Ethiopia, its chef and owner, Beejhy Barhany, spent time in a Sudanese refugee camp before growing up in Israel, where she watched Ethiopian foods like injera and fusion dishes like berbere-spiced shakshuka join the country's culinary tapestry. "The Jewish diaspora in Israel is vaster and more diverse than people think," she said.

Today, Israeli menus are as apt to feature Syrian kibbeh and North African shakshuka as they are to have sabich, a local twist on an Iraqi dish, or bourekas, pastries with a variety of fillings influenced by both Turkish borek and Spanish empanadas—all adapted to local ingredients, preferences and customs.

Later this month, the Israeli chef Shani, who has a Michelin star, will open a Brooklyn location of Naked Tomato. Like his other restaurants, Shani gives equal credit to his two major influences: his grandfather, an agronomist and vegan who brought him to markets across Israel, and his Arab neighbors with whom he spent his childhood in Jerusalem.

"There were so many secrets that wanted to flourish, and that is the base of the creativity of the Israeli cuisine: so many nations mixed together, so much information, so many varieties, so many different methods," he said. "It's a celebration of strangers that are meeting for one purpose of creating a nation out of things that maybe you cannot understand."

Fire Departments Are Short On People. AI Might Be the Answer.

Volunteer firefighters are crucial to public safety in much of the U.S.—and their numbers have dropped dramatically. Drones could help out as an eye in the sky.

BY MYKE COLE

One morning this past July, I was awakened

at 4 by my pager. I turned on my car's blue emergency lights and raced to the firehouse. Within minutes, four fellow volunteer firefighters and I arrived at a multistory house in New York's Hudson Valley to see flames blasting through the roof.

The first thing to do on scene was assign a firefighter to walk 360 degrees around the burning structure.

This is critical because the people who call 911 are often panicked and notoriously unreliable. They might see fire blowing out the front of the house but be totally unaware of a victim hanging out the window on the opposite side.

Still, there were only a few of us and we were facing 20-foot flames. When seconds count and only three or so people show up to a call, a lieutenant can be forgiven for assigning crew members to “fire attack” or a primary search, rather than peeling off a desperately needed body to check out the scene.

It wasn't the first time I wished for an AI-powered drone.

Firefighting in the U.S. could use a lot more manpower. Over 70% of the fire departments nationwide

than 80% to 85% of fire departments are staffed by volunteers, according to the same organization.

Many of these volunteers, like me, are over 50—men who are aging, even old, taking on brutal physical work.

The reasons for this decline are not well understood. Whether it constitutes a crisis is also hotly debated. A spokesperson for FASNY said that there is not a public-safety crisis but that there are certain departments throughout the state that are struggling, mostly with funding. The organization also noted that there is no central database that tracks volunteer firefighters so all participation numbers are estimates.

hose into the house, keeping it from getting snagged on corners and moving loops up the stairs to the second floor to ensure the nozzleman had enough slack to reach the fire. It's complicated work.

plan for the property we encountered in the July fire. It had already been burning for some time when we showed up on scene; we stopped the flames but couldn't save the structure.

I later learned that a few officers had arrived before our fire engine and were able to do the critical 360 reconnaissance. But I didn't know that when our rig sounded three long horn blasts as pieces of the roof came down—a signal to evacuate and move to defensive firefighting.

What's more, fully charged with water, a 1.75-inch attack line can weigh up to 75 pounds per 50-foot length. My muscles burned and my back screamed as I raced up and down the stairs, dragging the hose around door frames.

AI could be a ‘force multiplier,’ as we used to say in the military.

Other volunteer firefighters arrived to help with the brutal work of "pulling ceilings" and opening walls to extinguish hot spots and ensure the fire would not rekindle. Despite the lack of hands, I joined two other men riding a utility truck back to the station to shower. The denuded crew was annoyed, but understood.

In New York, the state I live in, volunteer firefighter numbers fell by a third over the past two decades, according to estimates by the Firefighters Association of the State of New York (FASNY). That's a big drop when you consider the fact that outside of New York City, more

Between public records

that are registered with FEMA are “all volunteer” according to data from 2023—and fewer and fewer people are joining our ranks.

We all know you can get fired for being late to your day job.

Myke Cole, a volunteer firefighter in New York's Hudson Valley, is a former intelligence and law enforcement officer and the author, most recently, of "Steel Lobsters: Crown, Commonwealth, and the Last Knights in England."

AI couldn't do that. But it could be a “force multiplier,” as we used to say in the military.

What is clear is that the fire service isn't likely to see an uptick in volunteers anytime soon.

of parcel maps, Google street view and photos that could be uploaded by consenting residents and business owners, AI could make short work of this task, potentially providing a database of pre-incident plans for every structure in a fire district, even making them shareable with neighboring fire companies.

while firefighters are driving to a fire, giving greater visibility into the context of an emergency situation. But the manual, time-intensive process of creating the plans often simply doesn't get done, or is limited to the largest homes and businesses in a district, which are usually covered as training exercises.

There was no pre-incident

Meanwhile, the country is in the midst of a technological epoch. AI and the robotics and drones it powers are increasingly seen as threats to swaths of the workforce because they eliminate the need for humans to do certain jobs. In the volunteer fire service, ironically, that is probably exactly what we need.

To be clear, no machine could put out fires on its own: At the fire I faced in July, it was my job to feed

The author in his firefighting gear.

For example: What if a 911 dispatcher or an AI agent could launch AI-driven drones to the scene of a fire to “360” the structure, feeding back video or still images from every approach?

This is somewhat related to how some reconnaissance drones are being used in modern warfare: Drones deployed in the war Russia started with Ukraine are capable of autonomous environmental perception, navigation, mapping and thermal imaging of structures.

This could happen while the fire company was getting geared up. Firefighters would arrive on scene with a ready picture of the structure from all angles, saving critical time and keeping critical manpower on fire attack.

Drones have already been useful to firefighting even without AI. The Colorado Springs Fire Department started using drones for aerial surveillance in 2023. The U.S. Forest Service uses drones to start controlled burns on inaccessible terrain.

Reconnaissance drones in civilian service would need safeguards, as they could be ripe for exploitation by law enforcement, in much the same manner as the Flock camera network. But where augmented surveillance tools might be troubling from a civil liberties perspective, they have unarguable safety benefits.

AI drones could, for example, improve pre-incident plans, the documents prepared by firefighters to prevent fires. To make them, firefighters go to homes and businesses in their district to interview residents, understand how they live and map the premises.

These plans can be pulled up on a computer tablet

FROM TOP: JOHNNY SIMON/WSJ, ISTOCK; MYKE COLE

OBITUARY

MARGARET HAMILTON | 1936-2026

Her Software Helped Apollo 11 Land on the Moon in 1969

Hamilton's work enabled NASA's onboard computers to alert astronauts of problems

BY ROBERT LEE HOTZ

M

argaret Hamilton, whose pioneering software played a critical role in the first moon landing, hated it when computers crashed without explanation. In an era when com-

puters and people rarely interacted directly, she made sure the flight software she developed for NASA's Apollo onboard computers alerted astronauts the instant something went wrong.

She found her insistence on such openness between man and machine put to an unusually public test in 1969, when Apollo 11 astronauts descended to the lunar surface for the first moon landing. Computer alarms grabbed the attention of astronauts Neil Armstrong and Buzz Aldrin just as they prepared to touch down. Hamilton, who had programmed the warnings, felt her heart racing. "Neil's blood pressure was 150. I felt mine was 200," she later recalled.

Even so, she knew the alarms signaled that the computer, as designed, was dumping unimportant tasks in order to keep flying safely. In the tension of the moment, flight directors at the National Aeronautics and Space Administration's Mission Control in Houston also understood that her alarms signaled the computer was still functioning reliably. Reassured, they gave the astronauts the "Go" to press ahead to a successful landing.

Hamilton died Sept. 30, the Massachusetts Institute of Technology announced Wednesday. She was

90 years old.

In the annals of aerospace computing, her innovative alerts are a testament to the robust Apollo software crafted under her supervision at the Instrumentation Laboratory at the Massachusetts Institute of Technology. The code—now in the collection of the Smithsonian's National Air and Space Museum—helped lay the foundations of modern computing. And Hamilton became an icon to a generation of women in computer science.

Recognizing her pioneering work, NASA in 2003 gave her a special award for her role in the Apollo software development. In 2016, President Barack Obama awarded her the Presidential Medal of Freedom, saying that “her

example speaks of the American spirit of discovery that exists in every little girl and little boy who know that somehow to look beyond the heavens is to look deep within ourselves."

She was born Aug. 17, 1936, in Paoli, Ind., and grew up in the copper-mining country of upstate Michigan. She earned a bachelor's degree in math-

More stories at WSJ.com/obituaries

Clockwise from left: Margaret Hamilton in a mock-up of the Apollo command module in 1969; honors from President Barack Obama in 2016; with listings of the software developed by her and the team.

ematics with a minor in philosophy from Earlham College in 1958.

When she began working on computers in 1959, programming was more art than engineering. She learned the rudiments of coding by running calculations for MIT meteorologist Edward Lorenz, who discovered chaos theory.

She honed her skills by working on a \$27 billion national air-defense system. Whenever a programming mistake crashed the 250-ton military computer, she recalled, alarms shrieked throughout the building; yet the computer had no way to track errors. She purchased a Polaroid camera to take instant “debugging portraits” of the errant code before it vanished from the computer display.

At the time, programmers weren't normally given direct access to mainframe computers. "We would send the computer operators off to play Ping-Pong, so we could run the computer ourselves," she recalled. "It gave us such a feeling of power."

In 1965, she started work on Apollo flight computer code at the Instrumentation Laboratory, now known as the Charles Stark Draper Laboratory. She first took responsibility for the spacecraft's system software. By Apollo 11, she had broad responsibility for managing the command module and lunar-lander software. She later became director of the laboratory's Software Engineering Division.

While primitive by today's standards, the Apollo Guidance Computer in the 1960s was the most advanced general-purpose portable computer in the world. It was the first to have a digital interactive display that allowed astronauts and the computer to communicate with each other and exchange data. She created alarm codes to ensure the computer always informed the crew of its problems.

“What if there is an emergency and there is no way to tell the astronauts that they are in trouble? I

'Her example speaks of the American spirit of discovery.'

figured out a way to let them know in the software that there is an emergency, and let mission control know, too," she said.

PRESIDENT BARACK OBAMA

In fact, the Apollo guidance software she helped manage was so reliable that no software bugs were found on any crewed Apollo missions. It was adapted for use in Skylab, the space shuttle and the first digital fly-by-wire systems in aircraft.

From 1976 through 1984, Hamilton was the CEO of a company she co-founded called Higher Order Software. In 1986, she became founder and CEO of Hamilton Technologies in Cambridge, Mass.

In 2017, Lego introduced a Margaret Hamilton action figure, as part of its Women of NASA collection. Her daughter assembled it for her.

In 2018, Blue Origin, the space venture founded by Amazon.com billionaire Jeff Bezos, flew her Lego figure into space and back. "It meant a lot to me," she said.

Her survivors include her daughter, Lauren, two grandsons and four great-grandchildren.

Why Zuckerberg Is A Supporting Player in 'The Social Reckoning'

Writer and director Aaron Sorkin chose to focus on a Facebook whistleblower and a Wall Street Journal reporter instead

BY ESTHER ZUCKERMAN

Jeremy Allen White and Mikey Madison in 'The Social Reckoning.'

NEARLY EVERY scene in the 2010 movie “The Social Network” features Mark Zuckerberg.

In this year's follow up, "The

In this year's follow up, "The Social Reckoning," which is in theaters this week, Zuckerberg is a supporting character.

Rather than doing a deeper dive into the Meta CEO, the new film, written and directed by Aaron Sorkin, centers on then-Wall Street Journal reporter Jeff Horwitz (Jeremy Allen White) and Facebook whistleblower Frances Haugen (Mikey Madison) as they work to expose how the company knew about and failed to fix elements of its platforms that were causing harm. Zuckerberg, now played by Jeremy Strong, looms over the narrative but doesn't interact directly with the protagonists.

“We knew Mark Zuckerberg had to be a part of it because there was no way to make the movie without it,” producer Todd Black said. “We also knew we didn’t want to make the movie Mark Zuckerberg-centric.”

That marks a major shift from the movie's predecessor, also penned by Sorkin, which offers a portrait of the young Zuckerberg as he creates Facebook in his Harvard dorm and grows it into a platform with a million users. That version of the tech founder, portrayed by Jesse Eisenberg, is spiky and motormouthed, eager to climb the Ivy League social ladder.

The Oscar-winning film, directed by David Fincher and based on Ben Mezrich's book "The Accidental Billionaires," was crucial in shaping the public image of Zuckerberg, painting him as an ambitious kid who lost his own friendships in the process of making a social-media phenomenon that valued connection.

Zuckerberg said in a 2014 Q&A that the movie “made up a bunch of stuff that I found kind of hurtful.” Zuckerberg has not made any statements on "The Social Reckoning," and representatives for Meta declined to comment.

On set, Strong, who is famous for his extensive preparation, maintained Zuckerberg's intonations even when cameras weren't rolling. Sorkin never saw him out of costume on set. Even though Zuckerberg is featured in less of the film than in “The Social Network,” Sorkin said he feels that some of Strong's reactions, especially to the way the character takes an insult, are true to the subject.

"There are moments in Jeremy's performance where I feel like we get closer to Mark than we were even in 'The Social Network,' " Sorkin said.

Sorkin, however, said he has never met or spoken to Zuckerberg, though at the time of “The Social Network” he had access to people around him. “This is just my imagination,” he said.

Zuckerberg's evolution from upstart to business leader was not what made Sorkin want to follow up the movie that won him an Oscar for best adapted screenplay.

What piqued Sorkin's interest was the story of Haugen and Horwitz, the latter of whom currently works for Reuters. Sorkin was specifically inspired when he learned how Haugen's concerns about social media's impact were shaped by losing a friendship with someone who had become interested in radical viewpoints online.

But Sorkin didn't want to leave Zuckerberg fully behind. "There needed to be a human target of all of this," Sorkin said. "And with Mark, it works because he is the company."

What Sorkin envisioned was an unusual structure for his movie. Zuckerberg largely exists outside of the narrative that follows Haugen and Horwitz. Instead, the movie repeatedly flashes to what Sorkin describes as a “one-act play” that takes place over the course of one day as Zuckerberg prepares for congressional testimony and his advisers coach him on his likability.

While Zuckerberg's function in "The Social Reckoning" is to stand in for Facebook as an entity, Sorkin isn't totally ruling out any further exploration of the man.

“Listen, maybe there’ll be a part three where we return to inside Mark’s head,” he said.

NEWS QUIZ DANIEL AKST

1. Warren Buffett enjoys YouTube. Which of these wasn't among the videos he's reportedly watched?

A. "O'zbekiston Got Talent B. Paul Anka videos C. Charlie Munger's speeches D. A documentary on pencil-making

2. German police detained August Hanning on suspicion of espionage and attempted treason. What was his job from 1998 to 2005?

A. Chancellor
B. Head of the Federal Intelligence Service
C. Chief of Internal Security
D. Minister of Defense

3. Bond yields are surging around the world. Which country is a notable exception?

○ A. Britain ○ B. France ○ C. China ○ D. Japan

4. An accelerating measles outbreak—in what state?—has become America's biggest since 1991.

A. California
B. Kentucky
C. Oregon
D. Pennsylvania

5. Canada's Weston family agreed to pay \$8.9 billion for which U.K. pharmacy chain?

○ A. Boots ○ B. Mackintosh

Answers are listed below the crossword solutions at right.

From this week's Wall Street Journal

○ C. Pinafore ○ D. Gilet

6. Which firm has emerged as a serious player in providing swap financing to leveraged ETFs?

○ A. Ripple ○ B. Splash ○ C. Wave ○ D. Tsunami

7. Facing an election, Spanish Prime Minister Pedro Sánchez is betting on what issue to keep him in power?

A. Immigration
B. A housing crisis
C. Mounting public debt
D. The Middle East

8. The Detroit Institute of Arts has a new Georgia O'Keeffe exhibit—on what theme?

A. Flowers B. Desert C. Architecture D. Self-portraits

9. Karl Deisseroth, Peter Hegemann and Georg Nagel won a Nobel Prize for pioneering work in what field?

- A. Quantum photonics - B. Diffusing wave spectroscopy - C. Optogenetics - D. Chirality

PLAY

NUMBER PUZZLES

These puzzles have been curated for The Wall Street Journal by Simon Anthony and Mark Goodliffe of Cracking The Cryptic, the world's most popular YouTube sudoku channel.

Killer Sudoku: Zanzibar by CtC Normal sudoku rules apply. Digits in a dotted cage cannot repeat and sum to the total shown.

Unforeseen by CtC Normal sudoku rules apply. Along the loop, all digits are even. Along a thermometer, digits increase from the bulb end.

SOLUTIONS TO LAST WEEK'S PUZZLES

Killer Sudoku

7	17	4	9	12	1	8	3	6	18	2	5
5	8	16	3	4	6	2	1	7	9
2	19	1	13	6	7	9	5	13	22	4	3
19	2	6	1	13	6	7	9	8	5	3	18
4	6	5	12	3	2	1	9	7	9	8
8	3	17	9	9	5	4	2	1	6
1	7	4	11	8	3	15	6	9	5	2
20	9	21	5	4	7	3	15	8	1
3	5	8	12	2	1	9	4	6	7

For previous weeks' puzzles, and to discuss strategies with other solvers, go to WSJ.com/puzzles.

All Blacks

9	1	2	4	5	6	7	3	8
3	7	8	1	2	9	6	5	4
6	4	5	8	7	3	1	9	2
7	3	1	2	8	4	5	6	9
5	2	4	9	6	7	3	8	1
8	9	6	5	3	1	2	4	7
4	5	9	6	1	2	8	7	3
2	8	7	3	4	5	9	1	6
1	6	3	7	9	8	4	2	5

To see the puzzles solved, go to The Wall Street Journal playlist on the Cracking The Cryptic YouTube channel.

In the Pits

Labyrinth

Answers to News Quiz: 1.D, 2.B, 3.C, 4.D, 5.A, 6.A, 7.B, 8.C, 9.C

THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK

Under the Weather | by Alan Olschwang

Across 1 One of many in a locker room 8 Offering from Google or Amazon 14 Contacted, in days gone by 20 Court shutout 21 Washes gently against 22 Salt for melting winter sidewalks 23 It was once the fourth-largest lake in the world 24 "The Power of Oat for Sensitive Skin" brand 25 Occupation in an O'Neill title 26 "Au Revoir les Enfants" director 27 Kendrick with 27 Grammys 29 Chocolate mousse quality 31 Ltr. accompaniers 33 Like a file sent by email 36 Frigate or freighter 39 Afgh. neighbor 42 Get back 43 Rids of parasites, as a puppy 46 Variety 47 Follow a pattern, maybe

49 Player in a cap with a compass rose over an S 51 Timber wolf 52 Sneak attack 54 1990s dance craze 56 Seller with a site 59 Free of the bottom, as an anchor 61 Florida 63 Plow and plant again 64 "Hands off!" 65 Moderate 66 Search parties? 68 Island 18 miles off the Venezuelan coast 70 Adage 72 "Have a taste!" 73 Speedy segment of a game show 77 Fit for a queen 79 Stealthy assassin 83 Encroachment 84 Abscissa's counterpart, in graphing 86 Parisian's passion 87 Beautiful young men 89 Skin soother 91 Wings 92 Slick trick 93 Cherished 95 Goddess of the dawn

97 Acapulco uncle
98 Taxi rtes.
99 Fathering
101 Nocturnal flier
103 Like llamas
105 Magnificence
107 Nepal neighbor
109 Future frogs
112 Speeder from Moynihan Train Hall
115 The lawless Wild West, e.g.
119 Father of Horus
120 By far
123 18th-century Russian ruler
125 Capital on Luzon
126 One having the write stuff?
127 Religious recluse
128 Hit-or-miss
129 Faltering condition
130 Less stressed
Down
1 Poetry event
2 60 minutos
3 Rugby ball shape
4 Kane's portrayer
5 Ascetics of ancient Palestine
6 Food writer Drummond
7 Stop running
8 Cioppino bit
9 Kilauea spew

10 Sung show 11 Take advantage of 12 Dojo degree 13 Pantry purpose 14 Affectedly stylish 15 German city on the border of Belgium and the Netherlands 16 Whiskey choice 17 Ceviche juice 18 Guests' guesses, in brief 19 Cozy places 28 Egyptian symbol of sovereignty 30 Empathetic words 32 Blondie drummer Burke 34 Lopez of Latin pop 35 Payer of a flat rate 36 Having millions of views, maybe 37 Send 38 Avoid, in a way 40 Range brand 41 Limestone landscapes 43 Knicks owner James 44 Pulitzer-winning critic Roger 45 Diet of ____ (assembly that put Martin Luther on trial)

48 Sushi condiment 50 Second chance in the courtroom 51 Days on earth 53 Prepare for planting, perhaps 55 Sandwich made with ham, pork, Swiss cheese, pickles and mustard 57 Waiting aid 58 Island in Greece's Saronic Gulf 60 Way in 62 Subject for planning 67 Singer Smith of the Chantels 69 Menu choice for the goof-prone 71 Attended 73 Inventors of a sort 74 Helpful advice 75 Sales figure 76 Punish, in a way 78 Theoretical physicist George 80 Nick of "Lorenzo's Oil" 81 Child in the kitchen 82 Fiery felony 85 Menace to Aussie livestock 88 Cliffside debris 90 Bufotoxin secrete 94 Oil source for oil paints 96 Brandy glass 99 Like bratty Brits 100 "That's for sure!" 102 Start for rappers Wayne, Kim and Yachty 104 "Is that a challenge?" 105 Mast extension 106 Yogurt-based condiment 108 Scruffs 109 Big gobblers 110 Pronto, in a memo 111 Bedrock pet 113 Plumbing problem 114 Surname of a literary heroine 116 "Here _ heavenly Paradies dwell": "Paradise Lost" 117 Informal evening 118 Rewards program level 121 Hoopla 122 Join the jury 124 Before, in ballades

Acrostic | by Mike Shenk

To solve, write the answers to the clues on the numbered dashes. Then transfer each letter to the correspondingly numbered square in the grid to spell a quotation reading from left to right. Black squares separate words in the quotation. Work back and forth between the word list and the grid to complete the puzzle. When you're finished, the initial letters of the answers in the word list will spell the author's name and the source of the quotation.

A. Captain Nemo's was made of seamless rubber with copper reinforcements (2 wds.) 141 42 107 216 196 170 129 58 95 3

B. 1992 Rob Reiner film nominated for Best Picture (4 wds.) 145 74 185 172 33 118 18 57 209 41 97

C. Creator of Quasimodo and Jean Valjean (2 wds.) 149 35 86 71 208 195 182 11 49 133

D. Successful in yielding a desired result 20 161 184 121 204 8 105 61 38 93 77

E. Heirloom tomato variety that shares its name with a 1777 battle site 127 79 189 202 51 174 68 108 12 213

F. Continuing endlessly (2 wds.) 69 13 130 144 39 106 24 169

G. Amish teens' rite of passage that ends with either baptism or leaving the community 66 25 139 1 177 211 114 43 167 128

H. 1997 Richard Gere thriller set in China (2 wds.) 55 37 186 157 87 16 137 73 119

I. Fiery character introduced in 1945's "Hare Trigger" (2 wds.) $\overline{85}$ $\overline{65}$ $\overline{163}$ $\overline{198}$ $\overline{102}$ $\overline{5}$ $\overline{151}$ $\overline{32}$ $\overline{206}$ $\overline{178}$ $\overline{120}$

154 31 76 52 190 109

K. Popular garden flower whose name comes from the Greek for "crane" 123 183 9 48 104 165 156 135

L. Attracting little attention 205 122 23 40 89 175 101 155 75 193 63

M. Madonna song named best dance single of the 1980s in a Billboard poll (3 wds.)

O. Author who won the third-ever Pulitzer Prize for Fiction, for "The Age of Innocence" (2 wds.)

P. 1964 children's book by Shel Silverstein (3 wds.) $\frac{78}{100}$ $\frac{194}{47}$ $\frac{162}{215}$ $\frac{91}{17}$ $\frac{7}{30}$ $\frac{180}{126}$ $\frac{142}{142}$

Q. Wildly successful or popular (3 wds.) 192 117 132 147 168 45 59 72 103 90 4 212

S. Landlocked Asian nation bordered by five landlocked nations 34 111 92 153 67 179 22 124 136 166 T. 1976 Al Stewart album and its title song (4 wds.) 138 50 201 29 115 14 94 171 187 217 159 60

U. Manatee or dugong, e.g. 36 110 134 218 88 148 21 199

▶ Get the solutions to this week's Journal Weekend Puzzles in next Saturday's Wall Street Journal. Solve crosswords online, get pointers on solving cryptic puzzles and discuss all of the puzzles online at WSJ.com/Puzzles.

Miranda Lambert Does Cardio to Be a Better Singer

The musician is still wrapping her head around the success of 'Choosin' Texas,' the record-breaking song she co-wrote and co-produced

BY ELIAS LEIGHT

Miranda Lambert co-wrote and co-produced 'Choosin' Texas' by Ella Langley, left. The song set a Hot 100 record.

Miranda Lambert likes to keep songwriting sessions loose. "A guitar on the

porch and some beers, that's my favorite way to write," the country star said. "It's not, 'Let's write from 11 a.m. to 2 p.m. and then I've got to pick up my kids.' I can't get in a really good head space in a rush like that."

One of those leisurely stints on the porch led to Ella Langley's "Choosin' Texas," which Lambert

MY MONDAY MORNING co-wrote and co-produced. The song recently set a record by spending 24 weeks at No. 1

on the Hot 100. Similar sessions also sparked tracks on Lambert's new album, "Crisco," which is inspired by groovy country from the late 1970s and 1980s. "It's something that I've always loved in the genre that I've never explored," she said.

Lambert, 42, lives in Nashville with her husband, Brendan McLoughlin, a retired police officer. On a trip to New York in September, just before the Country Music Association announced she had been nominated for another seven awards, the star spoke about hating cardio, co-running her record label and writing the song with Langley that took over the world.

What time do you wake up in the morning?

Mondays are like musicians' Saturdays or Sundays because we work on the weekends. Usually, I get up early because I go to bed early. I get up around 6:30 to 7. The first thing I do is let my dog out and punch my husband to go make coffee. If he's not home, I go make my own.

Coffee right away?

I'm one of those "coffee immediately or I'm not able to function" people. I know there are people out there like, "You should drink lemon water." I can't even think unless I have a cup of coffee. And I get my Scripture for the day and say a little prayer, and then I walk. Walking clears my head.

How many weekends do you typically perform?

This year, I've done about 27, and they've kind of been scattered. It's not terrible. I don't really do three in a row anymore, so that makes it a little easier.

Do you exercise in the morning? I walk. We just built a new house, and we got a Tonal [home gym]. You can do everything on it. So I'm loving that. I hate cardio, but I need it for singing, so I try to get it in. I do Pilates and also ride horses for workouts. Sometimes Mondays will be riding day. I try to walk 3 to 5 miles, five times a week.

Do you try to write songs most days? I go through spurts. I love writing with other artists because I love getting in their heads and out of my head. I hardly write by myself at all anymore, and I'm trying to get better about that. It's important, even just as an exercise, to sit with the guitar for 10 minutes.

A lot of times, I'll have people over and

write on the back porch. I love writing outside, especially in the great weather—rosé, sit outside, write a few songs. My favorite way is when I'm like, "Hey, everybody, let's go to somebody's

ranch, or y'all come to my farm for three days."

How did you start working with Langley?

My friend Luke Dick is an amazing songwriter, and he was like, "Hey, I've got some dates with Ella. You should come." And in the meantime, I had met her at a little award show in Nashville. I could tell right then she was like a pistol.

When we had a writing session with Luke and Joybeth [Taylor], she was just holding court. She knew exactly what she wanted, what the sound and the direction was, and just needed a wingman to

help. I see a lot of myself in her, just the fiery “I know what I want, I’m going to go get it.”

Joybeth said the George Strait reference in the song—"He always

Ella ‘knew exactly what she wanted, what the sound and the direction was, and just needed a wingman to help. I see a lot of myself in her.’

MIRANDA LAMBERT

I loved ‘Amarillo by Morning’ / I should’ve taken that as a warning”—was your handiwork? It was a true co-write. Joybeth would say a line, Ella would say a line, Luke would say a line, I would say a line. Now this song has taken over the actual Earth. It’s insane. None of us can believe it. We’re on a group text constantly like, “What is happening?” The world is finding country—and loving it.

Your new album mixes country with disco, which is a new style for you.

I have this song with Chris Stapleton called “A Song to Sing,” and it’s a throwback to “Islands in the Stream” [by Kenny Rogers and Dolly Parton]. That set in motion this whole new vibe. I really pushed myself sonically. I’ve never recorded with strings. That was a big deal because it’s emotional.

You've also been running a label, Big Loud Texas, since 2023. How is it different being on the label side versus the artist side? It's weird; now I really understand a lot of the stuff that I was asked to do early. [Twenty years ago], I was like, "I can do it myself; nobody gets an opinion." Now I'm like, "Oh, sorry, guys. You probably knew what you were doing, and I wasn't listening at all."

You have to learn how to give feedback. Our artists mostly know what they want. You can give nudges.

How is it different seeing artists come up in this era of nonstop social media compared with when you were coming up? I'm in a way jealous of it, and in a way I don't know how they do it. It's very difficult for me. I'm trying, but I could always do better. It's hard when you do half of your career not doing that, and then the other half overdoing it. I was literally stapling posters to telephone poles—“playing here on Friday.” My mom was driving me door to door to radio stations all over Texas. I was going to knock on doors, “Can I play a couple songs?” Now it's constant posting. I don't have TikTok on my phone. I just don't need one more distraction.

This interview has been edited and condensed for clarity

MASTERPIECE | 'PERSONA' (1966), BY INGMAR BERGMAN

Impressionistic Cinema

BY PETER TONGUETTE

BECAUSE THE FILMS of Ingmar Bergman ponder large themes from philosophy, theology and the knotty terrain of family life, many audiences are tempted to view them as cerebral workouts—more akin to listening to a lecture than savoring a work of art.

Yet even Bergman's most schematic films—the ones in which ideas seem to drive him as much as mood, style or plot—make expressive use of cinema's aesthetic vocabulary: light, composition, sometimes color, always sound or music. Consider the manner in which the figure of Death lurches toward the camera in “The Seventh Seal” (1957), or the way the flat sunlight floods a church in “Winter Light” (1963).

Even so, some Bergman works make their filmic qualities more prominent than others, and chief among them is his dazzlingly inscrutable, hauntingly ambiguous drama “Persona,” released 60 years ago. The film stars Liv Ullmann as Elisabet Vogler, an actress of high reputation who has entered a period of self-induced silence following an incident onstage, and Bibi Andersson as Alma, the nurse charged with caring for Elisabet but whose proximity to her leads to tenderness, tension and even transference.

For the writer-director, the movie represented a kind of unshackling from the obligations that had governed some of his past work. “The gospel according to which one must be comprehensible at all costs . . . could finally go to hell (which is where it belongs!),” Bergman wrote in “Images: My Life in Film” (1990). In “Persona” and “Cries and Whispers” (1972), he continued, “I touched wordless secrets that only the cinema can discover.”

From the outset, Bergman works impressionistically. He opens the film with a whine that turns into the stirring of strings—the ominous accompaniment to a hectic jumble of images that have no immediate bearing on the story to follow, including a cartoon, a retreating spider and an animal being butchered. Only toward the end of this startling sequence does Bergman present the protagonists, but their blurry, shifting likenesses are entirely out of context: Elisabet and Alma are seen as oversize photographs being scrutinized by a boy who has either dreamt or observed the earlier images.

Even after “Persona” proceeds to its story, Bergman works to disorient the viewer. When Alma is summoned to a doctor’s office to learn about Elisabet’s malady, the space—like Elisabet's room itself—is characterless and denuded of nearly all décor. The settings do not merely suggest sterility but concentrate the mind on the performers' fascinating countenances. "At first, her face looks soft, almost childish, but then you see her eyes," Alma says of Elisabet after they first meet. And with master cinematographer Sven Nykvist's alert, unhurried close-ups, we have ample time to consider the accuracy of Alma's analysis.

Bergman glances at, then skips past, explanations for Elisabet's condition. At one point, she appears pained by a television report on the Vietnam War, showing a self-immolating monk; her unhappiness about becoming a mother is also offered as a plausible explanation. When Alma and Elisabet retreat to a seaside summer residence, presumably to facilitate the actress's recovery, most viewers will assume that the matter will be clarified. Instead, Bergman shifts the center of gravity to Alma—who, using Elisabet as a mute listener, discloses inner feelings and submerged memories, including a bizarre beach tryst. Andersson has the showier part here, since she chatters without the benefit of response and moves from spot to spot in Bergman's

Bibi Andersson and Liv Ullmann, the film's stars.

creative staging, but Ms. Ullmann, maintaining her state of silent observation, is equally impressive in withholding so much yet still coming across as a physical force and a watchful, perhaps judgmental presence.

In a subsequent scene, Bergman divests himself of language, indulging in the “wordless secrets” he referred to when reflecting on “Persona”: While Alma is sleeping, Elisabet comes into view, spectral in her nightgown, from an adjacent room. To the sound of a fog horn, she roams through Alma’s quarters. Awakened, Alma joins Elisabet as they probe their faces in a mirror—a study in likeness and difference that lingers.

Bergman notes Alma's alternating, often contradictory attitudes toward Elisabet. After learning that Elisabet has written a letter in which she admits her “fun” in

studying Alma, the nurse causes a glass to break but does not sweep up the last shard—so that the actress might cut herself on it (as she does). At other times, she regrets upsetting their relationship, confirming her servile status despite the fact that she is responsible for Elisabet's care.

Throughout, Bergman artfully but

never rigidly emphasizes parallels between them, even having Alma seem to stand in place for Elisabet in scenes with her husband. Bergman's film is expansive enough to incorporate a moment with a simulation of film burning up, and another in which Elisabet seems to take our—the audience's—photograph. They are to be relished if not comprehended.

“Persona” is like those glass shards: brilliant but broken pieces. “Nothing fits together,” Alma says at one point, but they do in a funny way—not rationally, but intuitively. This singular film is a free-form meditation on the undiscovered country behind every set of eyes, even two as aligned as those of Elisabet and Alma.

Mr. Tonguette, the Life & Arts editor of the Washington Examiner, writes about film for the Journal.

NOT ST. TROPEZ

THE NET Cross an off-the-ground cargo net to test functional strength and coordination.

GAMES

THE INFERNO Pedal for four minutes on an air bike to test how much oxygen your body can use at once.

THE OVER UNDER Climb over boxes and crawl under a fence to test agility and explosive movement.

THE HANG Hang from a bar for as long as possible to test grip strength.

THE TIGHTROPE Walk along a balance beam holding a large tube filled with water to test stability.

to DEFY

AGING

‘Superagers’ are living—and thriving—way past 80. A new competition invites mere mortals to become one of them.

Inset: The writer performing the Synapse, a test that uses the computer program NeuroTracker to measure cognitive skills; a participant at the Super Age Games trial run.

BY JAMIE WATERS

HAD SIGNED UP for a longevity fitness competition to find out how well I was aging. And all signs—general tiredness, a sore forearm, crow's feet—were pointing old. A few steps into the first

event, an obstacle course, I whacked my knee on a large wooden box we were supposed to climb over. Later, I wobbled across a balance beam while holding a large tube of water, as poised as a town drunk. Nearby, a shirtless jock dashed across a net made of ropes and grannies dangled from high bars. It was like being of those Japanese game shows where bizarre stunts are played for laughs—only at the end you're told how close you are to death.

This was a trial run of the Super Age Games, a contest that gamifies our culture's growing passion with extending well be

ing deep into our silver years. Its challenges measure cognitive and physical fitness to deliver a score in the form of an age. Everyone wants to score younger than they really are.

It's a friendly competition—think CrossFit with mind puzzles and group hugs. Or, as founder David Stewart put it, a “joyous celebration” as Please turn to page D4

Inside

For your next Mediterranean escape, consider Bodrum, Turkey, as an alternative to the standard spots D6

PICK OF THE PESTO How Canyon Coffee co-founder Ally Walsh keeps her routines—and her staples—interesting D8

THE ULTIMATE FLEX Women's biceps are having a major moment, from the gym to the big screen D7

Saint Laurent

The Runway Rundown

10 key takeaways from the spring 2027 season, which was heavy on knee-length skirts—and eye-catching stunts

BY CHANTAL FERNANDEZ

A T THE SPRING 2027 fashion weeks, which wrapped up in Paris on Tuesday, the industry's focus was not always on the cut of a jacket but also on stunts taking on class anxieties and AI. Here, standout moments off and on the runways this season.

Chanel and Dries Van Noten are winners of the big designer reset

What happened A year after more than a dozen luxury houses installed new designers as creative directors, winners of that shuffle have clearly emerged, including Matthieu Blazy at Chanel and Julian Klausner at Dries Van Noten. Both designers are reinvigorating their brands without alienating the core customers.

What to make of it A joyful, crafty maximalism is replacing quiet luxury.

Saint Laurent leaves the industry in suspense What happened Saint Laurent's latest presentation sure seemed like a goodbye from Anthony Vaccarello, the label's designer of 10 years. Set on a shiny gold runway across the Seine from the Eiffel Tower and featuring almost exclusively gold looks, the show culminated with Vaccarello handing off a key, which he gave to his young son in the audience. What to make of it Kering, which owns Saint Laurent along with Gucci and Bottega Veneta, confirmed Vaccarello's exit 10 days after the show. The designer change-up comes at a critical time for the company, which is starting to show signs of recovery after a multiyear slump.

Anna Wintour goes all-in on AI

What happened At Vogue World, the magazine's annual ticketed runway show extravaganza, humanoid Unitree Robotics robots plodded down the catwalk at the Galleria Vittorio Emanuele II in Milan. Sponsors for the event included Meta Glasses and OpenAI. A pro-tech message also permeated Vogue's promotions of the event, which included casting supermodel Vittoria Ceretti as "Vittori-AI" in a video with AI-generated special effects. What to make of it Amid widespread fears about the future of artificial intelligence, Vogue is embracing new technologies and the companies that profit from them.

The fashion brand taking aim at billionaires

What happened By mixing intricate evening wear with anticapitalist commentary, Matières Fécales, or Fecal Matter, has over the past year broken out as a high-fashion provocateur taking aim at the 1%. The brand centered its latest show on the 99%, a focus driven home by the way suited male mannequins blindfolded by dollar bills were carried on the backs of some models in its all nonwhite cast. What to make of it Most luxury labels are prioritizing the world's wealthiest shoppers, who represent the majority of their sales. The flurry of attention on Matières Fécales shows that criticizing elites can grab eyeballs.

THIS PAGE, CLOCKWISE FROM TOP RIGHT: GETTY IMAGES; IKER ALMEDA; GETTY IMAGES; GORUNWAY; CHANEL OPPOSITE PAGE; CLOCKWISE FROM TOP LEFT: FILIPPO FIOR; PRADA; INDIGITAL; JL SANDER; STEVEN MESEL; PETA; DARREN GERRISH/GETTY IMAGES; MCQUEEN; GUCCI

Skirts are the trend of the season

What happened Miuccia Prada and her co-creative director Raf Simons dedicated an entire collection to Prada's favorite item. The Prada show featured 63 knee-length skirts—some pleated, some embroidered, some tied together with Velcro. The garment of the season was also prominent at Chanel, Dries Van Noten, Jil Sander and Kallmeyer.

What to make of it The tradwife staple has a new trendy appeal. Prepare to see statement skirts everywhere from the streets of Paris to Walmart.

A head rolls after a PETA headlock

What happened When anti-wool PETA activists walked from the crowd onto a runway in New York, Steven Kolb, the head of the Council of Fashion Designers of America, aggressively pinned one of them down and pushed another. The shocking altercation was caught on video. Kolb apologized in a statement on Instagram and

I am more than who I am on paper.

It's time to let your skills shine. Find resources for breaking through barriers like degree screens and stereotypes. It's time to tear the paper ceiling limiting STARs: workers Skilled Through Alternative Routes rather than a bachelor's degree.

TEAR THE PAPER CEILING.ORG resigned less than a week later. What to make of it Kolb led the CFDA for 20 years, and the organization is searching for a new leader, who could shift the power dynamics of New York fashion. Meanwhile, PETA proved that after years of protesting fashion shows, its stunts can still generate headlines.

Alexander McQueen

Gucci makes a not-so-subtle plea for shoppers

What happened After influential tenures at Balenciaga and Vetements, creative director Demna joined Gucci last year to help turn around the Italian megabrand troubled by years of lagging sales. Known for stunts, he built a fantasy version of a Gucci flagship store for his latest show and cast socialites and influencers as models.

What to make of it Demna's take on Gucci has been entertaining and polarizing, but the label still lacks the product-moving heat of its past heydays under designers Alessandro Michele and Tom Ford.

John Galliano's Zara debut raises eyebrows—and sells fast

What happened Weeks after plans to fête John Galliano at next year's Met Gala were canceled amid renewed scrutiny of the designer for past antisemitic and racist remarks, Galliano's first collection for Zara debuted during Paris Fashion Week. The collection recalled his designs for Dior and Maison Margiela—and raised eyebrows for its non-fast-fashion prices (bags for \$699, dresses for \$359). Some styles sold out in days after being released. What to make of it Before the gala and corresponding exhibition reopened questions about Galliano's legacy, he had quietly regained success as a designer. Shoppers could decide if they cared about his reputation. His newest collection proves his vision still sells.

The sequel to a viral \$100 T-shirt

What happened Emerging designer Conner Ives is beloved by uptown women for his embroidered silk skirts and fur-trimmed coats. But he's better known for a \$100 tee that reads, "Protect the Dolls," which has been worn by

Skirts of the Season

The silhouette was prominent, from left, at Prada, Kallmeyer and Jil Sander.

progressive pop singers and movie stars online and off (proceeds went to the nonprofit Trans Lifeline). This season, Ives followed it with a new tee that costs \$180 and says, "Bring Back Shame."

What to make of it Ives seems to possess two qualities needed to break out in fashion today—a vision that justifies luxury prices and a meme-able sense of humor that reaches people.

London is back on the fashion map What happened Alexander McQueen, still finding its footing under creative director Seán McGirr, had its first show in London since 2001. Meanwhile, Christopher Kane, who lit up London fashion with neon designs in the late 2000s before closing his namesake line in 2023, returned with a promising first collection for Mulberry.

What to make of it London has long had a reputation for edgy independent designers without much commercial impact. Its fashion week could reassert itself as more than just a steppingstone to Paris if these comebacks are successful.

John Galliano's Zara Debut

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Playing the Games of Life

Continued from page D1 opposed to “tech bros getting weird in their basement.”

A “superager” is someone over 80 with the mental and physical abilities of a much younger person. Scientists can’t say with certainty why this happens to some people and not others. Thriving in old age has long been associated with the world’s so-called Blue Zones, where Italian and Greek grandmas laugh into their 100s thanks to rich social lives, balanced Mediterranean diets and lots of sun and red wine. By contrast, in America today, billionaires treat longevity like a full-time job, locking themselves in cryotherapy chambers, getting regular peptide jabs and making the pursuit of living forever look thoroughly joyless. Even those of us with just a passing interest in wellness wear devices that track sleep, exercise and cardiovascular age.

It's a friendly competition—think CrossFit with mind puzzles and group hugs.

The Super Age Games, created by the New York media and longevity brand Super Age in partnership with the Buck Institute for Research on Aging, features eight activities. They test key healthy-aging markers, including aerobic fitness, agility, emotional recognition and grip strength. Afterward, each participant gets a “Super Age,” a number based on their performance that day and their self-reported lifestyle habits. Those data points are scored against other competitors of the same gender and age group, and against the fitness and lifestyle habits of the average American man and woman. “We’re offering an evidence-based approximation, not a number to plan an estate around,” said Stewart, who’s 67 but could easily pass for early 50s, and has the poise of a motivational speaker. “So many people feel that aging is some grim reality, we have to just suck it up, but you can have an enormous impact on these things.”

From what we know currently, the most important trait shared by superagers is a strong sense of social connectivity and family, said Dr. Douglas E. Vaughan, professor of medicine and director of the Potocsnak Longevity Institute at Northwestern University. The games' festive, in-person format is designed to tap into that sociability, Stewart said.

I'm in my mid-30s and work out regularly, but I don't track any stats. I wanted to find out how my HIIT classes and park runs would translate into something more meaningful. And while I was more than happy to cheer on my peers, I also wanted to win.

At the trial—held ahead of the first official games, which will take place in New York in November—competitors chatted excitedly while snacking on bananas and protein bars. Oura rings, Whoop bands and Type A personalities filled the gymnasium-like room. The biggest cohort was not tech bros, as I had expected, but women ages 30 to 60.

Many participants view this as an opportunity to gauge their fitness. “I just want to be independent,” said Rhonda Edreich, a 75-year-old retired school paraprofessional who works out five days a week with a trainer. “I want to enjoy my grandchildren, I want to enjoy life, I want to go on a safari.”

It's rude to ask people when they think they'll die, so I asked everyone for their Super Age estimates. Most were aiming for a number five to 10 years younger than their actual age.

“I just want to finish and not die,” said Susan Stapleton, 78, a former nurse-midwife assessing the obstacle course with a group of older women. She spent the last two years getting in shape at the gym. “Otherwise, I never would have been brave enough to even try this.”

Harrison Krepack, the author's nemesis, makes it look easy. His brother, Aaron, is equally agile on the cover, top right.
Super Age founder David Stewart, center, explains to participants how the air bike works.

Aaron and Harrison Krepack, brothers in their 30s, were here at their dad's urging. A 73-year-old fitness buff who's competing in November, he's "an inspiration to us," said Aaron. Both brothers are former college soccer players but said they don't work out much these days, apart from cycling. I immediately liked them. And I was desperate to beat them.

Very rudely, they turned out to be freakishly good. One skipped along the balance beam like Simone Biles. The other was told by Stewart that his score on a ten-

nis-ball-tracking cognitive challenge—a computer program used by F1 drivers, law enforcement and Wall Street traders—was “almost, like, CIA level.”

Midway through the afternoon, I found myself pushing on sadistic, resistant bike pedals while my lungs screamed and a built-in fan blew in my face. According to the event website, the air bike tests how much oxygen your body can use at once, which is “the single strongest predictor of how long you’ll live well.” After four minutes on this thing, I wished I was already dead.

Stapleton, the former nurse-midwife, was pedaling beside me. After dismounting, legs jellied, we high-fived and plotted our next move. She told me she repeats a mantra in her head to make the tests more bearable:

Happy, happy,

Younger, younger,

Healthy, healthy,

Energy, energy,

Stronger, stronger.

Junior Kennedy, Super Age's head coach, recommends running through this circuit of exercises to build grip strength, leg power and coordination. Repeat each exercise two or three times and rest as needed.

Cross crawl march Briskly march for 60 seconds holding the opposite hand to opposite knee.

Tabletop sidewalks Starting on all fours with your knees hovering above the floor, take five steps sideways with the same-side hand and

A Twice-a-Week Longevity Workout

Stationary bike sprint Pedal fast for 60 to 90 seconds. If there's no bike, do high knees on the spot (running in place while raising your knees up toward your chest).

Farmer carry Hold two dumb- bells or kettle- bells of the same weight in each hand and walk tall for 40 to 60 steps.

A few days later, my results shot into my in-box. I came in fourth out of four

Dumbbell step-ups Step up onto an elevated platform or bench with one leg, holding dumb-bells in each hand. Repeat eight times with each leg.

foot. Then take five steps in the opposite direction. Repeat these three times in both directions.

Chanting that got me through the dead hang, where I chalked up my hands like a gymnast and dangled from a bar for a literal eternity (two minutes, five seconds). In a coup, I beat the Krepack brothers. I'm not sure they were aware of our rivalry, however, and when I went to tell one of them my outstanding score, I discovered he had left early to see a movie with his girlfriend.

men ages 30-39—in other words, LAST—despite strong showings on the air bike and in an emotional-skills test where you gauge the expressions of faces on a screen. My weakest area? Balance. Stewart said I could work on that by walking heel-to-toe on a street curb, something I haven't done since I was a child. I'm now doing this after my runs.

My scores were combined with the results of a quiz about lifestyle habits to generate my Super Age. I nearly fell off my chair when I read the number: 27. (The organizers explained that the air bike is weighted more heavily than anything else, and

that everyone in my age group had scored well.)

Kai Mathey, senior vice president of partnerships at Super Age, emphasized that my score was rough and that results will become more accurate as the data set grows. Even “biological age,” a more established term reflecting how your body functions compared to a typical person of that chronological age, is an imperfect science, Vaughan said. Plus, a single stat is rarely a definitive ruling on overall health.

Of course, I ignored all that and called my older sister to brag about how incredibly young I am.

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APTLY NAMED Umbrellas dot the sand at the oceanfront Mandarin Oriental Bodrum, which is located in a high-end area known as Paradise Bay.

A Different Shade of Blue

On Turkey's Turquoise Coast, Bodrum has evolved from an oversaturated resort town into a polished retreat, offering vacationers to the Mediterranean a less predictable alternative to the usual suspects farther west

BY HANNAH SELIGSON

PEAK SEASON around the Mediterranean may be winding down, but fall

and spring are when the region is at its best: The sun still shines, the crowds thin and prices drop.

For your next shoulder-season getaway, head east past the usual beach clubs of St. Tropez and Positano and you'll reach Bodrum, a peninsula on Turkey's Turquoise Coast that has undergone a remarkable transformation. When I first visited in 2012, the number of bland, all-inclusive resorts and tchotchke-filled bazaars suggested that the former fishing village and artist colony had fallen victim to a familiar Mediterranean trajectory, from idyllic escape to overdeveloped party town.

But that wasn't the case on a recent trip, when I encountered a Bodrum that has pivoted toward low-volume, high-end tourism. A wave of investment has brought luxury hotels, restaurants and real estate, transforming

Paradise Bay, or Cennet Koyu, into a sophisticated coastal enclave.

Enjoy the hotel boom On the north side of the peninsula, Paradise Bay is home to a cluster of high-end resorts that can be reached by sleek, private water taxis. Even travelers who normally avoid big resorts may be tempted: Rates can be steep, but the overall value is often better than at comparable resorts elsewhere in the Mediterranean, especially in the final weeks before they close for the winter season. (Seasonal closing and reopening dates vary from resort to resort, so make sure to check ahead.)

Even as Bodrum has grown more upscale, it has retained the history, food and wild landscapes that made it appealing in the first place. Here are the best ways to experience the city.

Built on a roughly 148-acre hillside estate with 20,000 olive trees, the Mandarin Oriental Bodrum overlooks two pristine private bays, one of which also hosts Gigi Bodrum, a beach club

open to non-guests for around \$112 a day. Rooms start at around \$873 a night. They're huge, with more than enough space for two adults and a child.

About a 10-minute drive away, the Turkish-owned Maxx Royal, an all-inclusive hotel that opened in 2024, is a good pick for larger families. Rooms start at around \$1,065 a night, and it has a kids club packed with amenities, including a ropes course. More important, the club is staffed until 2 a.m., so parents can make the most of a night out.

Nearby, the ultra-private Villa Maçakizi feels more like a manor home than a hotel, with 10 bedrooms and an infinity pool overlooking the bay. The villa, bookable from around \$35,780 a night, is an extension of the 74-room Hotel Maçakizi, a Turkish Riviera fixture since the late 1970s. Rooms start at a more reasonable \$500 in the low season and around \$1,125 in the summer high season.

Even if you aren't staying there, the property's posh beach club, with wooden pavilions jutting into the sea, is worth a visit.

Clockwise from left: The mosque at Bodrum Castle; Aret Sahakyan oversees the Michelin-starred restaurant at Maçakizi; and dining options at Maxx Royal include Safraan.

Venture off-site for dinner A glut of five-star hotels has brought dining to match. At Maçakizi Restaurant, the

THE LOWDOWN / A BRIEF GUIDE TO A BODRUM ESCAPE

one-Michelin-star restaurant at the Maçakizi Hotel, chef Aret Sahakyan serves a range of farm-to-table fare inspired by different Mediterranean regions. The night I went, the menu included eggplant purée, linguine alle vongole and sea bass with saffron.

Go to Leña, a new Spanish-inspired steakhouse at Maxx Royal, where the lamb chops are cooked over open coals. At the Mandarin Oriental, you'll find an outpost of Gaia, the Dubai-based Greek restaurant. Order the sea-bass tartare.

For some of the best local cuisine, you'll have to leave the confines of Paradise Bay. When I craved manti, small beef dumplings usually doused in sour cream, I was directed by a local to Bitez Mantici in the Bitez neighborhood. The dumplings are freshly made to order—for about \$14 per very-generous portion—and served with a refreshing, cold garlic sauce.

For pide—a Turkish

Even as Bodrum has grown more upscale, it has retained its history, food and wild landscapes.

cousin to pizza—I loved Ya- gli Karadeniz in the neigh- borhood of Gumbet. The sig- nature dish, made with sharp, slow-melting Kolot cheese, comes in a crust that's been liberally basted with butter.

Nature, with a side of culture

Bodrum is perhaps best appreciated from the water, ideally on board a gulet, a wooden sailing vessel common in southwestern Turkey. You can rent them through Gulet Bookers, a Bodrum-based yacht chartering company.

My husband and I rented one for six hours, which came to around \$1,200 and left from the Bodrum port. Itineraries vary and are customizable. We chose to head to Black Island, an uninhabited and untouched nature preserve less than an hour from Bodrum Harbor.

Bodrum's past is never far away. Seek out the ruins of Halicarnassus, an ancient Greek city, including Myndos Gate and the Mausolus—the source of the word “mausoleum.”

For families, the Museum of Underwater Archaeology, housed in the imposing medieval Bodrum Castle, is a crowd-pleaser.

It sits right on the pedestrian promenade in the busy downtown port area, making it easy to pair with a kebab lunch and a scoop of local ice cream.

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Getting There Turkish Airlines offers multiple daily nonstop flights to Bodrum that take just over an hour from its Istanbul hub. You can also fly to the Greek island of Kos and then take the 30-minute ferry (around \$33 a person) to Bodrum. Since most of the flights arrive after the last ferry leaves Kos, you'll likely have to spend a night in Greece on the way.

Shopping There For high-end Turkish craftsmanship, try

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

Haremlique Istanbul at the Yalikavak superyacht marina. There you'll find homewares and clothing, much of it made by hand, along with peshtemals, or Hammam towels, known for their plushiness and lightweight quality.

Kutnia, a high-fashion line made in Turkey, is known for using a traditional, hand-woven fabric unique to the Gaziantep region. Find its seasonal pop-up shop inside the Mandarin Oriental.

Temptations at the Haremlique Istanbul store.

Also head to the Bodrum Bazaar in search of handmade leather goods, silver jewelry, spices and herbs, olive oil and products made from Bodrum tangerines.

Beaching There The peninsula is home to dozens of protected coves, ideal for swimming, and 67 Blue Flag beaches, considered the gold standard for water quality. Ask your gu-let captain about the best spots, since they are often accessible only by boat.

Women Heed A Call to Arms

Many are gleefully flexing their biceps, including Matt Damon's stunt double in ‘The Odyssey’

BY CAITLIN CARLSON

B ACK IN THE DAY, Rosie the Riveter flexed her biceps in advertisements to encourage women to

take manufacturing jobs during World War II.

Today, women are displaying their arm muscles once again, but this time it's purely to show off how strong they are.

Carrie Cross, a 57-year-old online fitness coach in Fort Myers, Fla., does roughly 50 biceps curls once a week, and posts herself "throwing up one or both biceps" on Instagram at least three times a week. "It's kind of fun to give people that little shock and wow effect when you flex," she said.

Monique Collier, 37, a firefighter in the Washington, D.C., area, used to do 100 curls a week, but has since dropped down to 48 hammer curls once a week. Collier posts boomerangs of herself flexing twice a week. “Even the guys at [the fire station] tell me I’m swole,” she said.

As women continue to bulk up and display their arms, their biceps have gotten so eye-popping that at least in one star-studded situation, they're doubling for men's. Matt Damon's arms in one scene in "The Odyssey" are actually 35-year-old Devyn Dalton's. Damon said on the "Happy Sad Confused" podcast that Dalton has "the greatest arms I've ever seen."

Damon wasn't the first man Dalton has doubled for. On the TV series "Twisted Metal," she doubled for a male mad scientist and was thrown through a glass window, she said. "That was good fun." Still, doubling Damon as Odysseus brought her a new level of attention—from women in particular. "Women told me that seeing my arms made them want to start lifting weights or build more muscle themselves," she said.

For better or for worse, specific women's body parts tend to work their way into the spotlight during different time periods, said Natalia Mehlman Petrzela, a history professor at the New School and author of "Fit Nation: The Gains and Pains of America's Exercise Obsession." Breast implants were invented in the early '60s and gained popularity through the '80s. Big butts became en vogue in the '90s (Sir Mix-A-Lot's "Baby Got Back" came out in 1992), and in the late '90s and early aughts, Britney Spears's low-slung jeans that showed off defined abs made other women want them, too.

A few women are already famous for their arms: Michelle Obama, Hannah Waddingham in “Ted Lasso” and Natalie Portman in “Thor,” but many more are now grabbing dumbbells. From Popeye to the flexing emoji, biceps are an obvious symbol of strength—and according to some women, arms can show the fruits of your gym sessions much faster than other body parts like abs and glutes. “If there is a body part where you can very quickly get a pump that looks visible, it is your biceps,” she said. “If you knock out a few sets of pull-ups or biceps curls, you see your muscles popping in a way that is much harder to achieve if you squat.”

Madison Hildreth, 28, a fitness trainer in Austin, Texas, keeps 8-pound dumbbells in her room for this purpose. "I'll often

Pearl Ugwu-Dike, 30 Occupation Dermatologist Biceps secret

Upper body training about three times a week, alternating traditional strength work with Pilates.

do a few quick curls before going out if I didn't hit arms earlier that day," she said.

Emma Sclafani, 55, a former

Mikiala Jamison, 39 Occupation Senior recruiting leader Biceps secret Dumbbell and rope curls.

Caroline Tompkins, 34 Occupation Photographer Biceps secret Lugging her heavy photography gear up and down her apartment stairs multiple times a week.

real-estate agent and model in New York City, says she started to target her biceps “because I’m not in a bathing suit, so it doesn’t matter what my abs look like, but everybody can tell when you work out your arms.” She adds that she constantly gets compliments when she wears a strapless dress. Sclafani uses Australian Gold instant bronzer to enhance her biceps. “A quick spray glistens the whole body, but I do extra for my arms,” she said.

Muscular biceps are also harder to fake. “There’s no pill, there’s no surgery that gets you sculpted biceps,” Mehlman Petrzela said. To

‘It’s kind of fun to give people that little shock and wow effect when you flex,’ says online fitness coach Carrie Cross, 57.

have visible definition in your bi-iceps, you have to put in the work.

Dalton worked out her upper body, including her biceps, three days a week while training for "The Odyssey," adding that her favorite move for targeting the biceps is not a curl at all, but chin-ups, of which she can now do 12 in a row, but started with a resistance band to build up the strength.

For women displaying their arms, biceps can be a big conversation-starter. “I’ve had strangers compliment them in sleeveless dresses, and once someone told me my arms made them want to start doing more Pilates,” said Pearl Ugwu-Dike, 30, a board certified dermatologist practicing in New York and New Jersey. The funniest comments, she said, are the very specific observations such as, “You look like you could carry the groceries in one trip.”

Sometimes, people want physical proof that the muscle is real, said Cross, occasionally grabbing her biceps if they're comfortable enough around her, "usually saying something like 'damn, you have some guns' or 'look at those biceps.'

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IN MY KITCHEN

Toasting New Beginnings

People line up for almond-butter toast at Canyon Coffee. Co-founder Ally Walsh on how the snack became a daily ritual after a tumultuous year.

BY LANE FLORSHEIM

ALLY WALSH, the co-founder of Canyon Coffee, cried the first time she saw the house where she now

lives in the Mount Washington neighborhood of Los Angeles.

It was October 2025. That January, she and her son, Sonny, had evacuated their home in Altadena, Calif., as the Eaton fire swept the region. Walsh's mother died from ovarian cancer soon after. She and Sonny spent much of 2025 living between more than a dozen places as Walsh was grieving.

Finding her current home—an airy, light-filled house set high up on a hill—was grounding. “It was a whole new start, and that’s what it felt like I needed,” Walsh said.

Amid it all, she continued to run Canyon Coffee, the coffee roaster and cafe business Walsh co-founded with Casey Wojtalewicz in 2016. It has shops in Echo Park, Los Angeles, and Prospect

Heights, Brooklyn—one of the many places in New York City that has become as known for its lines as it has for its menu. Walsh said the Prospect Heights cafe receives roughly one order per minute during business hours. Another L.A. location is set to open in the El Sereno neighborhood this month.

Since settling down, Walsh has taken comfort in routines. She makes the same black coffee, weighed out to the gram, each morning. She serves her son, now 5, their favorite broiled salmon recipe a few times a week. Every day, she has almond-butter toast, a snack her mom would make for her, which is now among the items people line up for at Canyon's cafes.

For the toast I eat every day I use spelt polenta bread from Bub and Grandma's and a polenta Pullman loaf from She-Wolf Bakery, at Canyon and at home. Thick slices. I never mix it up. The most delicious almond butter is Alison's Organics almond butter. Then a little bit of salt, a little bit of olive oil—I like to use Shear Rock Farms. It's a small-batch olive oil produced in California.

Walsh's new house is still becoming a home: “I don't have a lot, but what I have is really important to me,” she said. Here, she shares the bakeries and markets where she stocks up on pantry staples and the secrets to her almond-butter toast and homemade pesto.

I make drip coffee using a scale and a Moccamaster. I weigh 30 grams of beans and then I grind them. I make a small pot at home and drink about a cup and a half, then I'll have one at the shop. Sometimes, if I'm with friends or on vacation, they're like, "Oh, Ally, you make the coffee." If there's no scale, I'm a little stripped.

My fridge is always stocked with eggs, greens, a lot of Spindrift sparkling water, lemons. I work right next to Cookbook Market in Los Angeles, so I go there often, and to McCall's Meat & Fish Co. for fish. I have a whole section in my fridge for film. I love taking photos.

Moving around, I've learned that you just need a few good things in the kitchen. I have a Zwilling nonstick pan I use for eggs, pancakes, reheating, leftovers. Nothing too glamorous, but it's reliable. I use a Copco enamel pot I got on eBay for rice and soups. I splurged on a Vitamix. I use it constantly for smoothies and soups or pesto.

To keep pesto interesting we'll switch between pine nuts and cashews. I do a lot of basil oil, a little bit of garlic, a little bit of lemon juice. If I'm really feeling it, I'll sauté spinach and kale and put it in there.

The cookbooks I always turn to are “Carter’s Cookbook” by Carter Were. It’s really simple—smoothies and a lot of good pasta dishes. I love how personal and unpretentious it feels. Andy Baraghani’s “The Cook You Want to Be”—I love his approach to food, everything is always so flavorful

and ingredient-driven. And Mina Stone's "Cooking for Artists." I'm not much of a baker, but there's an olive oil cake in there that's really, really good.

My cooking philosophy comes from my grandpa, and living on my own at such an early age. I was 18 or 19 and modeling. It brought me all over the world. I loved living in Milan. I would go to the farmers markets, and the ingredients were so good. I think that's where I had my first coffee, too, a cappuccino.

DAILY GRIND Ally Walsh takes a coffee break, above, in her new house in Mount Washington, Calif. Her coffee maker is at the ready, below right. Homemade pesto and fresh fruit, below center. The sunny kitchen, left. The dining area, bottom.

Cafes Worth Traveling For

Coffee drinkers know that finding a good cup is essential when on the road. Here are the places Canyon Coffee co-founder Ally Walsh returns to again and again.

‘The husband-and-wife team will make you picnic baskets to take down to the Kamo River. Everything feels so considered.’

▲ Tandem Coffee in Portland, Maine "It's in an old gas station. The first time we visited there were records playing, and it felt so community-focused. It was a big inspiration for Canyon."

Day Moon

in San Francisco "Beautiful sandwiches. A persimmon scone and a berry crumble that I got here were some of the best pastries I've ever had."

Dreamin' Man in Paris "Great pastries. Sweet owners. It feels so personal to them."

Foyer in Athens "A neighborhood spot that takes coffee pretty seriously without making it too fussy. It's pretty laid back; there are magazines all around."

Sofi in Berlin "It's tucked into a little courtyard. You could walk right by it. Great bread."

‘It has pastries laid out on a wooden table, and they look so beautiful.’

UNHOLY TRINITY Leggings, pumpkin spice and a midcentury-style chair.

That's Just So Last Century

A heavy-handed embrace of Midcentury Modern design has fueled its rapid reputational decline

A meh midcentury-style coffee shop, top. Still, done right, with edgier Scandinavian and Italian pieces, it's cool, above.

By Misty White Sidell

M

IDCENTURY Modern design first appeared in an era

of optimism.

It was the look of an America emerging from World War II, a furnishing style suited to a new suburban sprawl and a lifestyle built around convenience. As a result, it was among the first to be mass-produced across the country, eventually leading to a glut of stuff that in time lost its allure and was often discarded.

In the 2010s, that stuff started to be embraced by members of a new generation—millennials, born between 1981 and 1996.

Breaking with their parents' love of the new and shiny, they largely saw vintage as a premium, rather than second-rate. Many were coming of age and, in their own moment of optimism, decorating spaces with oddly geometric side tables, peacock-blue upholstery, Space Age lamps and orange walnut dressers.

Now, Midcentury Modern design has met the fate of pumpkin spice lattes, cocktails in Mason jars, no-show socks, leggings and other aspects of millennial culture: It has become cringey.

"It's the interior aesthetic that very much defines a moment in time, the pre-Covid, Hillary Clinton-running-for-president years," said Casey Lewis, 39, a millennial writer who owns

multiple vintage midcentury pieces and whose work focuses on the way trends have shifted between her generation and Gen Z.

Airbnbs, a proliferation that has only further curdled the look's appeal. It's hard to imagine that Charles Eames and Eero Saarinen, two of the more famous (and copied) Midcentury Modern furniture designers, would have envisioned knockoffs of their chairs parked in the corners of short-term rentals booked with the tap of a screen.

Genuine midcentury designs in homes of that era, however, have enduring appeal. Mary Regal, 46, a Xellenial real-estate agent in Los

At the Newburgh Vintage Emporium stores in upstate New York, midcentury dressers and bric-a-brac used to fly out the door, said co-owner Anthony Vesnaver, 45, a millennial. But these days, he has noticed customers have started to move on from the look and that midcentury items linger unsold for longer.

As the fever for original midcentury items sent their resale prices soaring, companies spied opportunity. Traditional and direct-to-consumer retailers like West Elm and Article, along with big-box businesses like Home Depot and Amazon, began offering budget-friendly imitations of varying quality.

The cottage industry of Airbnb interior design has also experienced a shift. Carleen Laronn, 36, a millennial

Even so, some vintage sellers have noticed that appetites for midcentury furnishings are cooling. From January to June, purchases of vintage mid-20th century furniture on the décor-resale website 1stdibs were down 4% compared with last year, said Veronica Renton, a vintage and antique furniture specialist for the company.

Angeles, said that midcentury properties tastefully staged with period furnishings consistently sell for above their asking price.

The aesthetic ‘very much defines a moment in time,’ millennial writer Casey Lewis says.

in Denver who decorates rentals in Colorado, said the design of a space can play a role in its success. Some of Laronn's clients have asked her to refresh properties that have a midcentury aesthetic, citing a slowdown in bookings, she added.

While Nick Ozemba, 35, the millennial co-founder of Quarters, a furniture-and-in-teriors showroom in New York City, had American midcentury designs in his college apartment, he rarely traffics in them today. But Ozemba does opt for pieces of that era from Italy and Scandinavia, which tend to have a more experimental bent than American designs, he said.

Idiosyncratic European midcentury designs align with the decorating trend that is overtaking the Midcentury Modern revival: an anything-goes eclecticism.

A single room may now have a slipcovered chair, art deco mirrors, an Americana secretary desk, plastic-y Postmodern end tables and a midcentury bronze lamp. It's an aesthetic chaos that reflects our times.

Tasteful Midcentury Touches

WHILE GOING full-on Midcentury Modern may now be tired, using original pieces in small doses is not. The era was chock-full of inventive designs that made the utilitarian beautiful. Combine furnishings like these with pieces from other decades to create an eclectic space that more subtly reflects your appreciation of midcentury style.

Here, a selection of the kinds of original items to look for at vintage stores or on websites like Chairish or 1stdibs. Prices will vary—but they're usually cheaper when shopping in person.

Futuristic Coffee Set Italian Silverplate Service, \$335 at Chairish

Earthy Studio Pottery Ceramic Decanter, \$425 at 1stdibs

Whimsical Woodwork Danish Fish-Shaped Platter, \$738 at 1stdibs

Sculptural Storage 1950s Leather Magazine Rack, \$264 at Chairish

These items could be seen decorating many a room on Instagram, where authentic designs and replicas were bundled together by a social-media-friendly abbreviation, MCM, that blurred the lines between real and fake. By proudly posting about their spaces, millennial devotees made it the backdrop of their youthful idealism.

As younger fans moved from starter apartments to starter homes, pieces were squeezed into blocky new-build spaces with gray vinyl floors and composite countertops—rooms totally the opposite of those by architects like Philip Johnson, for which original midcentury designs were made.

But the way some went all-in with replicas was less an expression of taste than a sign that they had little.

For more than a decade now, the codes of midcentury design have also crept into countless coffee shops, walk-up living rooms and

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Why They Went West

The Gold Rush set in motion a vast migration that would shape the course of the nation

The Rush By Nathaniel Philbrick Viking, 464 pages, \$38

BY RICHARD SNOW

THE AMERICAN Civil War was a tough act to follow. Or to precede: Had it never taken place, the vast internal migration ignited by the California Gold Rush would have

remained the single most interesting event in 19th-century America. Nonetheless, even against the background of a nation in flames the Gold Rush is a fascinating saga, especially in the hands of so capable a chronicler as Nathaniel Philbrick.

In Mr. Philbrick's “The Rush” we learn, for instance, about James Marshall, a 37-year-old New Jersey emigrant who had been in California for four years when, in 1848, he was hired to build a sawmill in Coloma, about 45 miles above Sacramento on a bend in the American River. The mill would be water-powered, so it needed a tailrace, a shallow ditch to return the water to the river after it had given its push to the wheel. This meant chewing through a layer of rock tough enough to require gunpowder. The Sabbath was observed as a day of rest in that part of the world, so once the channel had been opened it was left to run for a day. Then, on Monday, Jan. 24th, Marshall went to have a look. Something in the water

flashed at him, and “about half an hour later, Marshall crawled out of the tailrace, cradling his hat to his chest like a hurt child,” exclaiming, “I have found it.” Soon Marshall’s tailrace was universally acknowledged to be the doorway to the Mother Lode, “a snakelike vein of quartz-encapsulated gold that extended for more than 150 miles along the western edge” of the Sierra Nevada.

On most of our skinflint planet, you will come across gold at concentrations of five parts per billion. In the Mother Lode, it was there at 100 million parts per billion. Since the days of the dinosaur, rivers have been washing gold out of its crevices and scattering it about so that in places one could stoop

down and pick up a nugget like so many coins dropped near a bus stop. In 1854, one “nugget” found on Carson Hill, about 100 miles south of Coloma along the Mother Lode mineral belt, weighed 195 pounds. Today, with gold approaching \$4,300 an ounce, this burly trophy could have been exchanged for nearly \$13.5 million.

Soon the news was out. A group of Mormon laborers had helped Marshall build the mill; a local Mormon leader named Samuel Brannan heard about the discovery and bought up all the shovels and picks he could lay his hands on. He then stalked San Francisco's steep streets waving a medicine Please turn to page R2

Learn More

Their work kept the country running. So why were they pushed aside?

Michael Lewis has always written about the people behind the stories.

In Blockers, he follows six public servants who studied wildfires, advanced medical research, and protected tax data, until each was asked to do something they believed they shouldn't do.

BRIDGEMAN IMAGES

'Be Homer's works your study and delight, / Read them by day, and meditate by night.' –ALEXANDER POPE

FIVE BEST EMILY WILSON

Adaptations of the Ancients

The author of ‘Crossing the Wine-Dark Sea’ on writers who boldly reimagined the themes of Homer, Sophocles and others

THE FALLEN RISE An illustration by Gustave Doré for an 1866 edition of John Milton's 'Paradise Lost.'

A True History By Lucian (ca. 150)

1 Creative reinvention of Greek antiquity began in antiquity. Aeschylus (ca. 525-455 B.C.), the Greek tragedian, supposedly said that all his plays were "slices from the banquet of Homer." Writing in a much later era, Lucian (ca. 120-180 A.D.), a subject of the Roman Empire from what was then the province of Syria, offered in "A True History" a wonderfully entertaining proto-science-fiction romp that riffs on Homer, Herodotus and earlier Greek ethnographies. The narrator relates his implausible wanderings around an inverted empire in which there is no center of power or culture, a world that seems to be all peripheries. At one point he passes by "Cloudcuckoo-city," high above the earth, and remarks: "I was put in mind of Aristophanes, a wise and truthful poet whose works are quite unreasonably distrusted." The story, which would influence Thomas More's "Utopia" (1516) and Jonathan Swift's "Gulliver's Travels" (1726), features a sojourn inside a whale and a visit to the land of the dead. There the narrator meets both Homer and Odysseus, who now regrets his actions in the "Odyssey," when he was fool enough to leave Calypso's island and miss out on her offer of immortality.

Troilus and Cressida By William Shakespeare (1609)

Shakespeare, as his contemporary Ben Jonson noted, had “small Latin and less Greek.” But he had access to the myths of antiquity through the Latin texts he studied in grammar school, and in translations. The playwright's fellow dramatist George Chapman published seven books of his verse translations of the "Iliad" in 1598. Shakespeare drew on these and the narrative of Geoffrey Chaucer's "Troilus and Criseyde" (ca. 1385) to produce one of his most cynical, antiheroic plays, a work preoccupied by diseases literal and metaphorical. Troilus, a prince of Troy, loves Cressida, whose father defects to the Greek besiegers and forces his daughter to change sides with him. Cressida's pledge to remain faithful to Troilus is shattered after she meets the handsome Greek Diomedes. "This fault in us I find," she says, of women generally, "the error of our eye doth direct our mind." Thersites, an ugly and insolent Greek soldier in the "Iliad," is reinvented as a Shakespearean truth-telling fool, a character able to name and indict the "wars and lechery" that motivate the posturing warriors with their repeated duels and love affairs.

Paradise Lost By John Milton (1667)

3 John Milton's great poem fuses the tropes and narrative structures of the "Iliad," the "Odyssey" and Virgil's Latin epic, the "Aeneid," with the narrative of Creation and the Garden of Eden from the book of Genesis. Out of these materials Milton fashioned a new epic focused on the temptations of forbidden knowledge. The cunning, determined, rhetorically skillful Odysseus, long absent from his kingdom after a devastating war, becomes the devilishly clever Satan, cast down from his original home after the angelic civil war in heaven. With a defiance that echoes the prideful rage of Homer's warriors, Satan insists that his is "a mind not to be chang'd by place or time" and that it will be "better to reign in Hell, then serve in

Heav'n." Milton also revises an element of Homeric epic in the characters of Adam and Eve. Like Homer's King Agamemnon, who was doomed to die by the actions of his wife, Clytemnestra, Adam discovers that Eve has, in his absence, yielded to the lies of a seducer. The pair at last, like Odysseus or Virgil's Aeneas, heed divine guidance: They are offered a way back to family and guided onward toward the "home" of eternity.

The Darker Face of the Earth By Rita Dove (1994)

“Oedipus Tyrannos,” Sophocles’ tragedy from the fifth century B.C., was reimagined by the poet Rita Dove in an extraordinary verse drama set in the

■ Extraordinary verse banana set in the antebellum American South. A white woman, the wife of a plantation owner, has had a baby with a enslaved black man. Two decades later, she unknowingly buys her own child, now a grown man called Augustus, and begins a flirtation with this brave, rebellious leader. The dramatic plot tracks the Sophoclean original surprisingly closely, and Ms. Dove re-creates much of the horrifying tension and irony in the ancient play's tangle of misunderstandings. As the play's narrator says of Augustus, "he can stand up to a glare, / but he doesn't know his own heart." Ms. Dove's version, however, points to an entirely different worldview, centering not on the gaps between divine and mortal levels of understanding but on the deliberate human cruelties of slavery and the near-impossibility of overcoming hatred with love. "The seeds of the future," one character warns, will "have their way."

Glorious Exploits

By Ferdia Lennon (2024)

5 Weaving together material adapted from several ancient Greek sources, Ferdia Lennon's novel is a tragicomic reimagining of the experience of Athenian prisoners captured during the disastrous Sicilian Expedition of 415-13 B.C. Put into shackles and forced to labor in the limestone quarries of Syracuse, the captive characters speak in a working-class Dublin dialect. This seemingly bizarre choice soon comes to feel entirely natural, invoking associations with Ireland as a place of verbal, theatrical and musical creativity under duress from another power. A group of the enslaved Athenians devise a plan to stage “Medea” and “The Trojan Women,” a pair of tragedies by Euripides that deal with vengeance and the costs of war. Their Sicilian captors turn out to be fans of the playwright. One explains that his friend is “mad for Euripides.... I think he would’ve been almost happy for the Athenians to have won if it meant Euripides would’ve popped over and put on some plays.” This book about adapting ancient poetry in the most unpromising of circumstances explores the fantastic possibilities for connection, for liberation and for violence that can ensue from such reinventions.

Striking Gold In America

Continued from page R1 bottle full of gold dust. "Gold!" he kept yelling, "Gold from the American River!"

In a matter of weeks, Brannan was on his way to becoming a millionaire—especially after he set up a trading post and began charging the Mormon miners a 30% tithe on their findings—tithes, Mr. Philbrick points out, that never seemed to make their way to the Mormon leader Brigham Young. By the middle of 1849 the number of prospectors had swollen to more than 50,000, lured from every continent.

Mr. Philbrick, whose books include "In the Heart of the Sea" (2000) and "Mayflower" (2006), chooses, as our inaugural guide to gold country, Vicente Rosales—a high-hearted, observant Chilean who traveled to America with his brothers to see if all the stir was really about anything. Used "to the vicissitudes of an ever stormy and adventure-filled life," Rosales explained, he "could hardly remain unmoved by such feverish activity." Upon arriving in San Francisco on Feb. 1, 1849, Rosales observed 34 ships "of all nationalities" anchored in the bay; by summer, there would be more than 100, most of them abandoned and crewless. Encountering another Chilean ship, Rosales asked the skipper, "is there really as much gold as they say?" Oh, yes, he was told: The stories "couldn't hold a candle to the reality."

Rosales started to explore “the strangest town imaginable.... By the side of a valuable, though simple rustic building stood rows of tents, tarpaulins, wooden sheds, and huts, some finished and others under brisk construction,” while every street was a swamp of “churned mud whose most solid elements were the thousands of broken bottles thrown from the houses once they had been emptied.”

In 1853, the surfeit of gold everywhere pushed San Francisco's real-estate prices up 25%. Rosales was fascinated by his fellow gold seekers before he melted indistinguishably into their ranks: "The appearance of these adventurers, all of them formerly wearers of frock coats or cutaways, was so grotesque that a glimpse of just one of them would have supplied Dumas with material for ten novels."

Robert Frost wrote that “nothing gold can stay,” and certainly this California gold didn’t hang around for very long. In the early days of the strike it could be coaxed from riverbeds with the use of shallow pans, but soon

California gold funded the Union Army, which recruited thousands of troops from the state.

heavier equipment was needed. The prospector with his pan and pickax gave way to powerful water cannons that blasted away gold-bearing hillsides, leaving behind incoherent geological arabesques that will likely outlast the pyramids.

California didn't become a state until 1850, but it played a powerful role in holding the Union together during the cataclysm that followed the election of 1860. No less an authority on the Civil War's outcome than Ulysses S.

Grant said, “I do not know what we would do in this great national emergency if it were not for the gold sent from California.”

And the men: Thanks to the irresistible pull of gold, there were, by 1861, 17,000 Californians on hand willing to leave their young state to serve in the Union Army, “the highest per-capita total,” we are told, “of any state.”

All that seductive metal made the American West host to another epic destined to stand in the war's shadow. In July 1862, President Abraham Lincoln signed the Pacific Railway Act, under whose aegis the Central Pacific Railroad would lay track east from Sacramento and the Union Pacific west from the Missouri River. Once the lines met, the nation would be joined from coast to coast.

Not before an awful lot of work, though, and Charles Crocker, the indefatigable, hard-handed railroad magnate in charge of the Central Pacific's construction crews, looked around for people to do it. He decided to recruit them from China. Crocker's colleagues argued that Chinese workers simply weren't up to the rigors demanded by a mountain railroad. To which Crocker replied: They built the Great Wall, didn't they?

So they had; and so they did the transcontinental, battering it through the high passes of the Sierra Nevada and then, far more quickly, hurrying toward the head of the Union Pacific's tracks. One enraptured newspaperman watched them at work in 1866 and wrote:

It is a Grand Anvil Chorus that these sturdy sledges are playing across the plains. It is in triple time, three strokes to a spike. There are ten spikes to a rail, four hundred rails to a mile, eighteen hundred miles to San Francisco—twenty-one million times are they to come down with their sharp punctuation before the great work of modern America is complete.

When the 380-foot steamship Great Republic—one of the world's largest passenger vessels at the time—arrived in San Francisco from Hong Kong, 1,300 blue-coated Chinese laborers filed down its gangplank. It took two hours for all of them to get ashore. The work they did after they disembarked has nourished our republic to this day.

'If ever I become entirely respectable, I shall be quite sure that I have outlived myself.' –EUGENE V. DEBS

Socialism's American Debut

ONE FOR ALL A poster advertising Eugene Debs's candidacy for the 1912 presidential election.

American Socialist By Shawn Gude Simon & Schuster, 416 pages, \$30 BY CHRISTOPHER COX

A T ONE POINT many Americans knew something of Eugene V. Debs, whether in connection with the violent Pullman strike of 1894, his founding of the Social-

ist Party of America or his five quixotic campaigns for president. These days Debs is nearly forgotten.

Shawn Gude aims to write him back into the nation's history with his first book, a warm caress from an unabashed admirer. The author, a former editor of Jacobin magazine, acknowledges his lack of objectivity. "My chief aim in writing," he affirms, is to rescue socialism from "decades of misinformation and propaganda." Even so, this book—the first comprehensive Debs biography since Nick Salvatore's Bancroft Prize-winning classic of 1982—is competently researched, colorful and occasionally moving.

Debs was born in 1855 in Terre Haute, Ind., to French immigrant parents who read to him from Victor Hugo and cherished the ideals of the French Revolution. Despite these portents, the young man was no radical. After dropping out of high school at 14, he worked on the local railroad and in his father's wholesale grocery before co-founding a chapter of the Brotherhood of Locomotive Firemen. In that role, Mr. Gude notes, he praised his “noble” employer and warned at one point that a strike “at the present time” would amount to “anarchy.”

At 24 Debs was elected Terre Haute city clerk, where the extent of his heterodoxy was waiving criminal fines against prostitutes. But a single term in the Indiana General Assembly from 1884 to 1886, with its demands for legislative compromise, frustrated him. Labor organizing, he decided, held more promise for major change.

What followed was a multiyear metamorphosis from labor moderate to radical. It began in 1888 with his effort to unite separate railway craft unions behind demands for wage concessions from the Chicago, Burlington and Quincy Railroad Co. When negotiations failed, Debs supported a strike. "Back in Terre Haute," relates Mr. Gude, "some wondered what had gotten into their Gene." The strike proved a failure. Yet for Debs it was a spur to even more muscular measures. He was convinced that only an industrywide union could bring a major railroad to heel.

In 1893 he founded the American Railway Union and struck the Great Northern line within a year. The new union's surprising victory (in only 18 days) made Debs a national labor celebrity—and whetted his appetite still further for hardball tactics.

This shot of self-confidence came at the worst possible time and led to his greatest defeat. The Panic of 1893 had kicked off a full-blown depression, shrinking credit across the economy. "Stocks cratered," Mr. Gude recounts. "Banks failed by the hundreds." The prime commercial-paper rate hit $18\%$ . The interest rate on call loans skyrocketed to $74\%$ . Railroads, which relied heavily on debt to bankroll new construction, were especially hard hit. By the end of 1893, many of the nation's best-known railroads declared bankruptcy, including the Northern Pacific, Union Pacific, Reading and Erie.

The Pullman Palace Car Co., unable to sell its railroad cars, cut wages and laid off workers. In

1894, as the depression raged and unemployment climbed to 25% of the industrial workforce, Debs launched a nationwide boycott of Pullman. It soon became, Mr. Gude writes, “the most sweeping strike in U.S. history.” After 150,000 union members across the country refused to handle any Pullman railcars on any railroad, the U.S. transportation system collapsed. Factories closed when parts didn’t arrive. Farmers couldn’t get grain to market. Prices for already scarce food spiked; many went without.

Calls for state ownership of the means of production and a future without prisons never came close to winning over the American voter.

Debs ignored a federal injunction, which prompted the Democratic president, Grover Cleveland, to call in federal troops. As more than 6,000 rioters destroyed hundreds of railcars, Illinois's governor deployed the state militia. Illinois guardsmen, surrounded by a mob, fired into the crowd and killed as many as 30 people.

Debs was sentenced to six months for defying the injunction. He spent his time behind bars consuming socialist works, including Marx's “Das Kapital,” and met with prominent socialists from America and abroad. A year after his release, he formally declared himself a socialist. “Comrade,” Mr. Gude observes, now became an “almost sacred word.” Capitalists were “ruling parasites.” Democrats and Republicans were capitalist tools. It was time, Debs

said, to put workers in control “of the means of production and distribution.”

Mr. Gude's title promises an evaluation of Debs's legacy. The author highlights Bernie Sanders and today's Democratic Socialists of America, and he exalts his subject's “radical democratic spirit.” But he omits other aspects of enduring influence. Debs's introduction of socialist argot into the American political lexicon, for example, is far more than a matter of words.

Unlike “free enterprise,” “capitalism” has been a pejorative since its first uses in Europe. When the French socialist Louis Blanc referred to le capitalisme in 1850, he described “the appropriation of capital by some to the exclusion of others.” For Marx and Engels, “capitalistic” meant corrupt and exploitative. Capitalism’s etymological root is money. Socialism, with its linguistic origins in “social” and “society,” connotes people. This sets up the straw-man argument of people versus profits that, thanks to Debs, has dominated American politics for more than a century.

Debs's legacy extends to branding American socialism with the worldwide movement's symbolism. For decades before Marx and Lenin, European revolutionaries had been flying the red flag. Debs gained notoriety in America because he “brandished the red banner with such zeal.” His Red Special presidential campaign train in 1908 and his Socialist Party conventions were riots of red flags, pennants and bunting. Debs's successors carried on this Socialist Party tradition, even as Stalin, Mao and Pol Pot ruthlessly wielded state power under their own red banners. This Debs influence persists in today's DSA: The party's website is red all over.

Mr. Gude presents Eugene Debs as a man not without failings but ultimately heroic. In some respects, that's fair. Debs was steadfast in support of women's rights and racial equality. His shining moment came in his final contest with Woodrow Wilson. In 1916 Debs opposed U.S. entry into World War I, as Wilson did. When Wilson reversed course after the election, Debs did not.

Wilson branded Debs a traitor and had him prosecuted under the newly enacted Espionage Act for his antiwar words in a 1918 address. Sen-tenced to 10 years, he bore the injustice nobly. Following the war, leaders across the political spectrum urged Wilson to commute the sen-tence. Wilson refused. It was left to Republican president Warren Harding to rescue Debs from prison on Christmas Day 1921.

But the case for Debs as hero is overwhelmed by his failure during five presidential campaigns to articulate a realistic vision of socialism much beyond what Mr. Gude calls its “solidaristic spirit.” Ethereal calls for state ownership of the means of production and a future without prisons never came close to winning over the American voter. By the end of Debs’s career, U.S. membership in the Socialist Party had dwindled to 11,000.

It has been a century since Debs's death in 1926. Will today's boomlet of socialist euphoria resurrect him from obscurity? Mr. Gude's book is a step in that direction. More likely, relative oblivion will remain his lot, as his wife once forced him to contemplate. To her husband's complaints about the demands on a politician's time, she rejoined: "Well, dearie, suppose no one paid any attention to you at all?"

Mr. Cox is the author of “Woodrow Wilson: The Light Withdrawn” and a former chair of the House Homeland Security Committee and the Securities and Exchange Commission.

Charles Spencer's Royal Pain

Swan Song

By Charles Spencer

Penguin Press, 384 pages, \$35

BY CATHERINE OSTLER

WHEN Diana Spencer, teenage nursery-school teacher, became engaged to the Prince of

Wales in February 1981, she dragged a family of Northamptonshire aristocrats, courtier descendants of sheep farmers, into the fringes of her nascent global celebrity. The angelic-looking child of a broken home, she had two elder sisters (one of whom had already dated the prince) and a younger brother. These Spencer siblings would have largely remained in the shadows were it not for two of the most televised events of the late 20th century: Diana's "fairy tale" royal wedding at St. Paul's Cathedral on July 29, 1981, and her heartbreaking funeral at Westminster Abbey 16 years later.

"Swan Song" is her brother's version of events, an attempt by Charles, the 9th Earl Spencer, to have the last word and to correct all the slights, grievances and misreporting he feels he has suffered over the years. Part misery memoir, part revenge tragedy, this is a curious document—interesting for its portrayal of the peculiar childhood of one of the most talked-about women of the previous century and for its glimpses into her even stranger adulthood, but also as a psychological testimony of its author. The book feels like a therapy session in which the patient will talk about anyone other than himself.

Mr. Spencer's four marriages and three divorces barely merit a mention, yet his emotions are center stage as he interweaves his memories around Diana's death with other scattered recollections. The contradictions are many. He is obsessed with the cruelty and opportunism of the press, yet his writing spares no one. Some of his claims are nuclear: that after Diana's death, in a phone call with Mr. Spencer, Prince Charles (as he was then) said, "we'll forget her soon enough"; that the prince sounded "giddily elated" at the news because, the author believes, Charles was excited by the chance to remarry. (One wonders here about Mr. Spencer's reading of a man in shock.)

Memories and opinions are mixed throughout. We even have, without explanation, Diana saying her husband was in love with his valet. The palace issued a rebuttal to the book: "The pain of fraternal grief can cloud reason, affect judgment and color memory in ways others do not recognize, even many years after such a loss." Mr. Spencer calls this "gaslighting" and King Charles's response "very aggressive."

There is a binary, elaborate game of saints and sinners here: Spencers, saints; royals (those without Spencer blood), sinners. The author's ill-matched father and mother are saints; his stepmother, Raine Spencer, a sinner. Mr. Spencer's ex-wives are all “double divorcées.” The press, evil; his own speechmaking—fabulous beyond belief.

Much of the book is structured around Mr. Spencer's eulogy, for which he received praise at the time and which he seems to regard as sitting

ROYAL FLUSH Queen Elizabeth II and Princess Diana in 1982.

somewhere between Winston Churchill's "Finest Hour" and Abraham Lincoln's Gettysburg Address.

“Diana was the very essence of compassion, of duty, of style, of beauty,” he said. “All over the world she was a symbol of selfless humanity. A standard bearer for the rights of the truly downtrodden, a very British girl who transcended nationality.”

It was eloquent. Emotional and powerful, too. And yet, when he describes the Spencers as William and Harry's "blood family," it's also clear that it's a squabble for supremacy, divisive and inflammatory. “Swan Song” follows all of Mr. Spencer’s edits to the eulogy text with preposterous vanity. I am not quite sure why, unless the book’s publisher asked for a minimum word count.

Mr. Spencer's strongest, most compelling memories seem to be from

childhood. While his two eldest sisters were away at

Diana's brother aims to correct the record on the slights and grievances he feels he has suffered over the years.

boarding school, their mother, Frances, ran off with the man who would become her second husband. Some of Mr. Spen-

cer's family stories—how his mother was kept from holding his elder brother, John, who died a few hours after birth—are wretched and empathetically told. Of Diana, we learn, among other things, about the difficulties she had at exam time. And yet, although he tells us what a star she became (she undoubtedly had photogenic charisma and a gift for making people feel they knew her), his show and tell doesn't quite match up. She cuts people off; she manipulates.

For a book that claims to praise Diana, Mr. Spencer makes her sound like a borderline psychopath. He says that she was the best mother he ever saw (one wonders how his wives feel about this) and describes from a distance, say, a photograph of her hugging her boys on the deck of Britannia. But the crisper, more personal memories are of her taste for savagery. When her mother and brother are fearful of a giant eel they have caught by mistake, a young Diana stabs it to death with a penknife. After the author, as a young boy, tells her of his fear of a steep bank, she shoves him over its edge and into the gorse bushes below. When it emerges that her father has remarried, she slaps him across the face. If that isn't enough Jerry-Springer-with-footmen for you, before Mr. Spencer's own wedding, in a fight with her stepmother, Raine, Diana deliberately shoves her down the stairs. With a different landing, the Princess of Wales might have been on trial for murder.

“Swan Song” provides acute insight into the privileged misery of a 1960s childhood of divorce, a subject Mr. Spencer also braved in “A Very Private School” (2024). But his new attempt at closure reminds us how real events can be written from very different perspectives that, other than on the baldest of facts, would agree on very little. I am not sure what he is trying to say; I am not sure he even knows. It’s hard to argue with the king’s estimation that the Spencers lack a sense of duty. For an intelligent man and fluent historian, this spite work on the royals—for that is it what it is—is written with all the subtlety of a rabid corgi.

JUNÍPERO SERRA HIGH SCHOOL, SAN MATEO

‘The quarterback and the head coach always get too much blame when you lose and too much credit when you win.’ –ELI MANNING

Brady's Gritty Path to Greatness

Brady

CLASS OF '95 Tom Brady played backup quarterback on the freshman squad at his high school in San Mateo, Calif.

By Lars Anderson

Celadon, 432 pages, \$32.99

BY JOHN U. BACON

A T FIRST blush nothing could seem like a safer bet than a biography of the greatest football player of all time, written

by a talented writer like Lars Anderson, who has produced more than two dozen Sports Illustrated cover stories and now 13 books. But Tom Brady seems intent on frustrating reporters.

Yes, Mr. Brady won a record seven Super Bowls, earning MVP honors in five of them. He's movie-star handsome, and was married to the super-model Gisele Bündchen. But as Mr. Brady himself says, "I'm shy, I don't like to talk a lot. If I had a choice I would probably fade off into the background." Despite his reticence, the former New England Patriots quarterback has probably had more words spilled on him than any athlete alive, including 100-some books, countless articles and even a Netflix roast," for which he was reportedly paid \$25 million. Making Mr. Anderson's task taller still, Mr. Brady and his family declined to be interviewed for this book.

The author surmounts these hurdles by conducting fresh interviews with hundreds of sources, mining the mountain of reporting already out there, researching every aspect of his subject's life and carefully crafting the narrative to produce the most compelling portrait to date of the athlete.

The book opens in December 2006 with a 29-year-old Tom Brady anxiously heading out for a blind date with Ms. Bündchen: the kind of scene that tells readers they're in for something new. Mr. Brady had already won three of his seven Super Bowl rings, but when anyone asked him what his favorite ring was, he would invariably answer: "The next one."

The sportswriter John Feinstein often said that the very best athletes are not only “willing to step on your neck to win, they want to step on your neck.” Maybe so, and the Tom Brady depicted here surely possesses some of that, demonstrated by an anecdote about him setting a bone-crushing pick in an intramural basketball game. This is the central conflict of Mr. Anderson’s book: Could Mr. Brady satisfy the endless demands he put on himself and still create the kind of stable, happy home life his parents had provided for him? The book’s subtitle is “An American Story,” which doesn’t add much, “and the Price of Greatness,” which is the whole point.

On that Mr. Anderson supplies stories in spades. He gives the reader something interesting on every page and avoids the sports biographer's trap of tediously reciting season after season. Instead the author skillfully identifies pivotal moments in Mr. Brady's life and explores how each particular plot twist reveals something about the man.

If you want to get to know who a famous person really is, you need to find out who they were before they became famous. Mr. Anderson does this exceptionally well, with chapters on Mr. Brady's childhood, his inauspicious high-school years and his frustrating college career. All these experiences provided the internal tension Mr. Brady later used to catapult himself into the NFL's stratosphere.

A common trait I've found among repeat champions is a prominent chip on their shoulder, from slights both real and imagined, often nurtured for decades. When what you seek is not wealth or fame but vindication, you can never get enough.

In Mr. Anderson's telling, Mr. Brady can boast more chips than the average Hall of Famer. Although he grew up in a close family in San Mateo, Calif., his three older sisters loved teasing "Little Tommy" that he was the worst athlete in the family. Neighborhood children taunted him for being chubby. On his high school's freshman squad, Mr. Brady played backup quarterback on a winless team and never threw a single pass.

Mr. Anderson describes how his subject fought through the doubters to become a serious college recruit, then enrolled across the country at the University of Michigan, where he initially slotted in at seventh string, paying his dues behind future NFLer Brian Griese on a national-title team. By Mr. Brady's third year at the school, embittered about getting only three snaps per practice, he considered transferring to the University of California but decided to stick it out. In the process he came under the wing of Greg Harden, a non-nonsense athletic-department counselor who advised his charges to “control the controllables” and “pay up and shut up.”

After hearing Mr. Brady gripe about his coaches, his receivers and his line-men, Mr. Harden replied: "You're right, they don't believe in you," but "if you believe in yourself, it doesn't matter what anyone else thinks." Mr. Brady "couldn't see it then," Mr. Anderson writes, “but this reframing would become the foundation of all his future triumphs . . . and the fountainhead of all his greatest trials.”

In the football world, everyone could see the Manning brothers coming a mile away. You could barely see Mr. Brady at all: a skinny prospect with an average arm and no speed. Mr. Anderson quotes one NFL head coach saying he looked “more like a damn aluminum siding salesman than a professional quarterback.”

The author artfully paints another pivotal scene during the 2000 NFL draft. On the first day, Mr. Brady and his family gathered at their home in San Mateo, confident he would be picked in the second or third round, but no one called. On the draft's second day, team after team bypassed Mr. Brady for quarterbacks such as Southwest Texas State's Spergon Wynn and Florida A&M's Ja'Juan Seider. When Mr. Brady couldn't take it any longer, he stormed out of the house with a baseball bat—why, his parents could only guess. They found their son down the street, Mr. Anderson writes, “alone and crying.”

The Patriots mercifully took Mr. Brady in the sixth round with the 199th overall pick. In his first NFL season, only one team carried four quarterbacks: the Patriots, and that fourth quarterback was Mr. Brady. “It’s never come easy for me,” he says. “I don’t think my mind allows me to rest, ever. I have . . . some deep scars that I don’t think were healed.”

Mr. Anderson describes how Mr. Brady climbed to second-string through extra conditioning, endless film study, and hours upon hours spent learning how to toss a football with the perfect speed and precise angle to the exact right spot. If he couldn't outrun or outthrow the competition, he was determined to outwork and outsmart them—even if that meant he didn't have time for much else. If you pick up “Brady” for sex, drugs, and rock 'n' roll, you're going to be disappointed.

Unable to outrun or outthrow other players, Brady had to outwork and outsmart them.

“You could make a thousand good decisions,” Mr. Brady says, “and you make one bad decision and that’s the only thing people will remember.” “I almost feel bad for Tom,” Mr. Brady’s former New England teammate Lee Smith reflects, “because he was truly, truly obsessed with football. That obsession influenced what food he put in his mouth, what he drank, how he trained, who he spent time with, who he vacationed with.”

"If you compete against me," Mr. Brady says, "you better be willing to give up your life, because I'm giving up mine."

Mr. Anderson covers it all, from Tom Brady's high-school struggles to the NFL's infamous \$20 million "deflate-gate" investigation, during which the Patriots were accused of cheating, to his difficult divorce. Losing daily contact with his children seems to have been Mr. Brady's biggest heartbreak.

The author is a first-rate storyteller, and here he delivers something we don't get much of these days: fun—a modern Horatio Alger story unattached to the politics of outrage. If there's a flaw, Mr. Anderson occasionally indulges in excessive adjectives and metaphors, but that takes nothing away from his accomplishment. "Brady" gives the reader the best insight yet into the immense trade-offs its subject made to become the greatest of all time in a hypercompetitive profession. The Tom Brady story can serve as an inspirational example or a cautionary tale—and perhaps both.

Mr. Bacon is the author of 14 books on sports and business and of “The Gales of November: The Untold Story of the Edmund Fitzgerald.”

When Do Ideas Wake Up?

Sleeping Beauties

By David Byrne

Penguin Press, 400 pages, \$36

BY TIMOTHY FARRINGTON

N 2004, a Dutch scholar named Anthony van Raan published an article in Scientometrics, a journal devoted to the science of quantifying the impact of sci-

ence. Titled “Sleeping Beauties in Science,” it offered a playful term for papers that go unappreciated—as measured by how many times they are cited by other papers—before being “awakened” by a wave of attention. It was an attempt to formalize the notion that some ideas are ahead of their time, and to get a sense of how often they occur and how long they typically lie fallow.

Mr. Van Raan's own paper never even had a chance to nap. Buoyed by its cutesy fairytale metaphor, it collected citations steadily for a few years before gaining wider notice a decade later. Among those whose interest it caught was the musician David Byrne. Since his days as the frontman of Talking Heads, Mr. Byrne has been known for his eclectic taste, which has evidently expanded from samba and Afrobeat to include scientometrics. From Mr. Van Raan's sketchy paper—a mere six pages—Mr.

Byrne has spun a more expansive consideration of its theme, “Sleeping Beauties: Why Good Ideas Go Dormant and Why They Wake Up.”

Submarines, handwashing, the fiction of Franz Kafka and William Faulkner, the art of Caravaggio and Vermeer, the "hybrid nature of lichens," continental drift, one-point perspective, solar panels—all these Mr. Byrne offers as examples of good ideas that took time to take hold. He lumps them into six categories, according to how they were revived: by an influential advocate; through technological innovation; by accident; through shifts in economic constraints; under the exigencies of war or catastrophe; or through cultural changes.

SLOW BURN On the deck of the Civil War-era Monitor, 'the first (almost) submarine,' Byrne tells us, 'to ever engage in battle.' The idea of a submarine 'languished as a practical invention until a war provided an immediate use for it.'

Within each category he offers several historical vignettes, recounted with earnest enthusiasm.

"When I tell people that concrete used to be much, much better than it is now, they're surprised," he writes, in a chapter titled "Concrete!!" The ancient Romans had the stuff, it seems, but eventually it fell out of use. When it was reinvented in the 19th century, the result was notably weaker than the Roman kind. The ancient secret was not volcanic ash, as long suspected, but heat. Gregor Mendel's 1866 paper about genetics, Mr. Byrne writes, was overlooked perhaps “because he was outside the main scientific community—someone with a working-class background, and a monk at that.” It was only four decades later that his notions of heritability were recognized as breakthroughs.

Elsewhere, Mr. Byrne writes that “during Bach’s lifetime, in the early 1700s, music changed a lot, and he was a big part of that change”—but until Felix Mendelssohn took up his cause, Bach’s work was seen more as finger exercises than great art.

These stories of vindication are inherently compelling: “Everybody loves rediscovery, a happy ending, and the sense of eventual justice when something worthwhile gets its due.” More than that, however, Mr. Byrne hopes that studying these examples will train us to spot others. “The Aim of This Book Is Pattern Recognition,” as one section announces (evoking the 1982 album “The Name of This Band Is Talking

Heads"). After all, "what gems—scientific or artistic—might still be missing that we have yet to find out about?"

The problem is that the patterns are faint. Mr. Byrne's categories

Some ideas take longer to come to fruition.

are fairly arbitrary, as he admits. He puts Caravaggio, for example, in the “cultural changes” bin, but the painter’s reappraisal was driven by personal advocacy

by, among others, the Gilded Age art advisor Bernard Berenson. Caravaggio could easily have joined Bach in the “Advocates and Champions” chapter. The advocates there, for that matter, often played into larger cultural changes. “Even the staunchest champion won’t succeed if the world isn’t ready,” Mr. Byrne writes.

So it's hard—at this summary level, at least—to tease out what's cultural and what's personal. The main lessons one can draw are sturdy generalities: think across disciplines; look past the blinders of race, gender and class; try drawing a diagram (that is, putting information in a different form can show it in a new light); and recognize that the past isn't necessarily worse—or "Resist the Hubris of Modernity," as Mr. Byrne pithily puts it.

It's also disappointing that Mr. Byrne writes so little about his own experience as a reanimator. In 1988, he founded Luaka Bop, a record label whose influential compilations have introduced American audiences to lesser-known classics of world pop and psychedelia, such as Brazil's Os Mutantes. "Sometimes," Mr. Byrne said, "it takes a naive foreigner to appreciate what people who live in a country don't realize they have"—a sentiment congruent with his advice to think across disciplines. But why have Luaka Bop's releases found such success? Was it something about the music itself, Mr. Byrne's advocacy, cultural changes, or a combination?

And while Luaka Bop is clearly a labor of love—an overflow of Mr. Byrne's genuine enthusiasm for the music—his writing about art in “Sleeping Beauties” is oddly tepid. Bach's pieces are “lacking in memorable melodies,” he writes—a fine opinion but a colorless thought. Of Faulkner, he declares, “I like his books and stories but have to agree his books are not always an easy read,” with their “twisted stories and odd characters.” The past is never dead, perhaps, but if it's only sleeping, sentences like this won't wake it up.

'To a child a back garden can be an unknown country.' –ROBERT MACFARLANE

The Power of Peat

FERTILE A sundew in wetlands outside Fairbanks, Alaska.

Bogland By Merritt R. Turetsky Norton, 240 pages, \$29.99

BY KARIN ALTENBERG

B OGS HAVE LONG been considered murky, impenetrable terrain, prompting a quagmire of expressions, such as “bogged down,” that suggest a lack of progress. In

“Beowulf” and other works, these wetlands have also offered a useful literary metaphor as keepers of cultural memory and symbols of repressed terrors. More recently, bogs have been recognized as extraordinarily dynamic ecosystems that preserve thousands of years of the earth’s history.

In “Bogland,” Merritt Turetsky presents bogs as remote and difficult yet beautiful and full of life. There is no mistaking her passion. Ms. Turetsky, an ecologist at the University of Colorado Boulder, is often graced by enviable moments of “pure bog magic” as she looks out at a “luxurious” expanse of moss or senses the primeval balance between life and death in these complex environments.

Ms. Turetsky's book borrows its title from a Seamus Heaney poem in which the “black butter” of peat, the dark mass of decayed vegetation that accumulates in bogs, is a metaphor for the collective memory of Ireland. She offers a tour of her favorite boglands from across the globe, guiding readers through the intricate science of these ecosystems and helping us understand the resilience of the plant, animal and human life there.

Ms. Turetsky explains how bogs save the land from drought—and describes the ability of boglands to absorb carbon dioxide from the atmosphere, through plant photosynthesis, and store it underground in waterlogged, oxygen-poor soil, thus cooling the earth. She brings us to Greenland where, remarkably, new peat is slowly forming in areas where glacial ice is melting. Yet bogs are fragile, and as they are drained, burned or dug up to gather fuel or create more land for agriculture, they release millennia of stored greenhouse gases into the air. Ms. Turetsky's book is an urgent call to save our remaining boglands. "Neither alive nor dead," she writes, "suspended between present and past, peat is one of the strongest and most resilient resources on our planet. And yet, it is easily destroyed by human hands."

Boglands in the Northern Hemisphere formed as the Holocene ice sheet began to retreat thousands of years ago, leaving behind shallow depressions and small pools where living and decaying mosses and sedges accumulated over centuries, as they are in Greenland now. Archaeological evidence, from sites such as Star Carr in Yorkshire, England, shows that early hunter-gatherers, following the retreating ice, were drawn to these wetlands as a source of food, raw materials and protection. Reddeer-skull headdresses deposited at Star Carr suggest a spiritual significance.

We usually value landscapes for what we can see, but, as Ms. Turetsky shows, much of the richness and mystery of boglands is underground. In the summer of 2006, a workman discovered a 1,200-year-old psalter while driving a bulldozer through an Irish bog. As an archaeologist in southern Scandinavia, I studied peat cores for pollen, fallen into nearby

Since the prehistoric era, humans have recognized the ritual power of wetlands, some by depositing votive offerings into bogs.

wetlands centuries earlier, to understand the nature of the historical plant life and climate of a particular site.

One such bog in Sweden called Gullåkra, "fields of gold," served as a site of ritual sacrifice for millennia. The wealth of artifacts discovered in the area likely informed its name. In boglands near Gullåkra, organic material such as wood, bone, skin and even clothing were preserved due to a lack of oxygen and the suppression of microbes. The peat possesses a force of its own; one can easily lose a boot in a bog. Votive deposits in Scandinavian wetlands were ways for local elites to mark their status, appease the gods and demarcate territory. The ritual power of bogland offerings signified an investment rather than a loss of wealth. This enchantment was captured by a 24-year-old Virginia Woolf, who visited an English fen and its surroundings in 1906, and described the area as a “strange, gray-green, undulating, dreaming, philosophizing and remembering land.”

Ms. Turetsky applies a bewildering array of nouns to describe peat—it is a vault, a tomb, a record, a pendulum, an archive. Her repeated descriptions of bogs and their ability to “tell a story” are laborious. What keeps the book alive are her accounts of fieldwork: wading among stunning carnivorous plants in a Borneo swamp or realizing with grief that peat samples carefully preserved for her doctorate research have been incinerated in a wildfire. At an Alaskan research station she inhales the scent of oxidizing permafrost: “Pleistocene-aged grass, mammoth bones, and thousands and thousands of years of microbial cells.”

Bogs currently store twice as much carbon as all the world's forests but are disappearing faster. The hero of bog creation, Ms. Turetsky relates, is sphagnum moss, one of nature's most efficient sponges. As sphagnum grows, its lower layers are compressed by the weight above. The soggy ground, along with acidification, prevents the underground matter from decomposing completely as it is slowly pickled into peat.

Should you ever get stuck in a bog, Ms. Turetsky advises you to “make peace with the marshland, to give it respect. Suppress the urge to struggle and instead feel the rhythm of the suction as bubbles are pushed up and around your body. Swaying and dancing with peat creates physical space around your limbs that breaks the suction, allowing you, ever so carefully, to rise to the surface and venture on your way.” This seems like a helpful tip for approaching boglands, and perhaps life itself—a rich, shifting terrain that defies permanent shape or solid boundaries.

Ms. Altenberg is the author of the novels "Island of Wings" and "Breaking Light."

America's Invisible Ace

The Phantom

By Bob Drury and Tom Clavin St. Martin's, 352 pages, \$33

TWO MONTHS AFTER D-Day, in August 1944, Peter Ortiz led an ambush against Nazi forces in the French Alps. The Germans had been hoping to surprise and attack a group of French Resistance fighters.

As the journalists Bob Drury and Tom Clavin recount in “The Phantom: The Untold Story of the American Marine the Nazis Could Not Kill,” Ortiz’s fighters positioned themselves “across the high ground, along a break in the peaks called the Cols du Beaufortain, situating their machine-gun emplacements and their mortar tubes” so that the Wehrmacht troops would walk head-on into enemy fire. Soon the Germans “were decimated by a fusillade of automatic-weapons fire, punctuated by a wall of grenades. More surprising to them, mortar and bazooka shells blocked their retreat.”

In time, Ortiz would come to be known as one of the most successful covert agents of the U.S. Office of Strategic Services—the precursor to the Central Intelligence Agency—operating in the European theater. Ortiz, who was born in New York in 1913 and raised in the U.S. and France,

joined the French Foreign Legion in 1932, telling his father, essentially, that “life is too short, and Proust is too long.” By the time the Japanese attacked Pearl Harbor in December 1941 and dragged America into the war, Ortiz had already been a prisoner of war twice—his second escape successful thanks to the help of some sympathetic Austrian nuns. In short, he was precisely the sort of guy William Donovan, the head of the OSS, was looking for.

After his escape from the Nazis, Ortiz made his way to the U.S., enlisted in the Marine Corps and was immediately singled out. He was sent to England to train for clandestine operations. One of his first missions was to North Africa, where he'd fought for the Legion.

Ortiz and six other spy-saboteurs, “their hands and faces already darkened by the unyielding sun, donned gandouras and turbans—what the famed T.E. Lawrence dubbed ‘Arab kit’—mounted a string of camels and rode south. Their assignment: to harass Wehrmacht installations and supply lines while gathering information on enemy movements and, not incidentally, to kill as many Germans as possible.”

In addition to the Nazis, Ortiz and Donovan had to fight the U.S. Army, which sought to distance itself from the “tawdry doings” of special operations, partly because, the authors write, the “orders issued to Ortiz and his disguised crew carried more than the whiff of assassination.”

Tawdry doings, perhaps, by contemporary standards, but highly effective.

SHORTCUTS: HISTORY BY MARK YOST

The Hunt For Hitler's Henchmen

They Shall Not See the Dawn

By Charles Lachman Diversion, 304 pages, \$32.99

MANY ALLIED SOLDIERS brought home souvenirs after World War II. Nazi flags. Japanese bayonets. Only one man nabbed the plush slippers worn by Heinrich Himmler.

As Charles Lachman tells us in “They Shall Not See the Dawn: The Manhunt for the Third Reich’s Most Wanted,” Sgt. Arthur Britton was in Germany manning a checkpoint on the Oste River two weeks after the Nazi surrender when three Germans tried to cross the bridge. One of the Germans was a diminutive man in mismatched clothing and with a patch over his right eye. Upon examining the man’s papers, the British soldier “notices that the Wehrmacht stamp is smudged. Below it there appears to be a trace of a previously affixed rubber stamp.”

Britton detains the men and takes them to a nearby British internment camp, where the small man confesses to the commandant, “I am Heinrich Himmler”—a former member of Hitler’s inner circle and an architect of the Holocaust. But before he can be tried and executed for his war crimes, Himmler bites down on a cyanide capsule hidden in his

mouth and dies. He is buried in an undisclosed grave in the woods. (Sgt. Maj. Edwin Austin, of the British military police, gives a brief but fitting eulogy: “Let the worm go to the worms.”)

Britton, assigned to search the barn where Himmler was hiding, discovers, and is allowed to keep, the madman's slippers. "To his dying day," the author writes, "it will give Britton much pleasure to pace around his house in Heinrich Himmler's very comfortable pair of slippers."

In addition to the chases, captures, escapes and (sometimes) suicides of high-ranking Nazis on the run at the end of World War II, Mr. Lachman—a producer for “Inside Edition” and the author of five other nonfiction books, including one about the search for a missing German U-boat—tells the stories of the everyday soldiers who helped track down the Germans who refused to surrender.

One was Seymour Steinberg, a Jew whose Lithuanian-born father owned a bakery on New York's Upper East Side. Serving in the U.S. Army's Counter Intelligence Corps, Steinberg is sent to Flensburg, a former German naval academy now under Allied control, where he is put in charge of Gen. Alfred Jodl. "Hard to believe, the way life can turn on the dime," Mr. Lachman writes. "Here he is, a Jewish kid from New York, keeping a wary eye on the chief of operations for the German High Command who just a few weeks ago was in Hitler's Führerbunker in Berlin."

Mr. Yost writes about military history for the Journal.

Memoirs of a Hollywood Agent Provocateur

Roll the Calls By Ari Emanuel Knopf, 432 pages, \$35

BY KYLE SMITH

WHEN you're the kind of person Ari Emanuel is, your conscience may disrupt your slum-

ber. In his memoir, “Roll the Calls,” an ungainly combination of macho braggadocio and cry for help, the longtime Hollywood agent-mogul allows that his head is “full of battery acid and bumblebees” and that he often has trouble sleeping. I believe it, given how many times he admits to double-crossing rivals and, not infrequently, colleagues. Ensconced at the top of the powerful WME Group, Mr. Emanuel is often called a superagent. He also runs TKO, which owns World Wrestling Entertainment and the Ultimate Fighting Championship. His net worth is considerable. And he’s a rage machine.

WME clients include, among many others, Quentin Tarantino, Denzel Washington, Martin Scorsese and Oprah Winfrey, but the author has no stories about any of these people (except a brief account of how Ms. Winfrey decided to sign with him). Donald Trump, a former client, pops up briefly, but Mr. Emanuel reveals nothing interesting about him.

Hollywood memoirs ordinarily offer art and gossip—the making of noteworthy work, the quirks of the people involved. There is approximately none of that in this tell-little book. Mr. Emanuel, for all his stature, understands he is a mere servant to his clients, any of whom might fire him. His lips are sealed when it comes to the famous people he knows.

Instead he delivers a tawdry backroom narrative of sweaty grappling for advantage—dropping one employer for another, leaking to the press to undermine another agent. He is still incensed about a denied expense claim from the 1990s (\$90 for a golf outing), and he speaks of yearslong feuds with other agents. Unless you've read Variety every day for the past 40 years, you may not be familiar with the names of the men who fought for, say, the 1980s ABC sitcom "Who's the Boss?" It isn't obvious that Mr. Emanuel has ever watched any of the shows he mentions. Imagine a football book that never gets near a gridiron.

Of especial, or rather obsessive, interest to Mr. Emanuel is his vendetta against Jim Wiatt, who was the head of the William Morris Agency, which merged in 2009 with Endeavor, the agency Mr. Emanuel co-founded in 1995, to create WME. Mr. Emanuel schemed to push Mr. Wiatt (and William Morris's chief operating officer, Irv Weintraub) out of the new company. He still exults over each ouster like a young brute in "Lord of the Flies" who has killed a wild pig.

In Mr. Emanuel's eyes, he lives in the jungle, and the only way to win is to out-bellow the other guy. Mr. Emanuel savors how he worsted the agent Michael Ovitz during a tense encounter. The latter "didn't anticipate me hoisting a piece of fairly heavy office furniture over my f—head, because on no flowchart of possible scenarios would this ever appear." No doubt. "Rage is a game for him, a trick, a tool, whereas for me it's a way of life. Rage is the air I breathe." Checkmate, I guess. Mr. Emanuel once made his assistant track down an unsuspecting chief executive he blamed for discontinuing his favorite flavor of sugar-free gum. The man was on a fishing trip at the time, "and someone rowed his phone out to him so that I could rip his head off."

Let's call these incidents what they are: hissy fits. In other professions they'd be considered embarrassing. But chest beating is big among agents. So Mr. Emanuel seeks to impress us: He rises at 4 a.m. (this detail becomes less impressive when he reveals that he goes to bed at 7 p.m.), frequently says he does a “hard workout” (who cares?) and notes, oddly, that he boosts his health by consuming cups of live worms. He claims to make 300 calls a day, sometimes 400. He says he once neutralized a gang of 15 menacing punks on a New York subway train after midnight by knocking one of them out cold. Sure, Ari.

Ari Emanuel delivers a tawdry backroom narrative of sweaty grappling for advantage.

Some men are admired even by their enemies; Mr. Emanuel inspires disdain even among his friends. Larry David, one of the few showbiz clients of whom Mr. Emanuel writes more than a couple of sentences, once toasted Mr. Emanuel's obsessions. Mr. Emanuel shares the list: "Wellness. Money. Sports. Money. Success. Money. Family. Friends. Money." Mr. David, according to Mr. Emanuel, called the agent "a glitch in the Emanuel DNA."

Each of the other Emanuels exhibited interest in public service: Mr. Emanuel's father, Benjamin, was a pediatrician; his older brother Rahm was mayor of Chicago; the oldest brother, Ezekiel, is an oncologist and bioethicist who advised the Obama administration on health policy. Mr. Emanuel leads a company that worked with the Trump administration to mark America's 250th anniversary with a UFC brawl on the South Lawn of the White House.

Mr. Emanuel earned a curious backdoor entry into pop-culture fame when Jeremy Piven lampooned him (even using the name Ari) in the HBO series "Entourage" (2004-11), which was based on Mr. Emanuel's client Mark Wahlberg's early years in Hollywood. The catchphrase Mr. Piven delivered—"Let's hug it out, bitch!"—contains more wit than anything in Mr. Emanuel's toxically unpleasant volume. "My prince's most common phrase," Mr. Emanuel quotes his second wife, Sarah Staudinger, at their wedding, is this: "Let me be very clear, go f— yourself." Prince Charming he is not.

Mr. Smith is the Journal's film critic and a columnist for WSJ Opinion's Free Expression.

FALL

Learning To Play The Part

In My Own Time By Christopher Lloyd Grand Central, 256 pages, \$32.50

Never Say Die By Ke Huy Quan Grand Central, 256 pages, \$32.50

BY JOANNE KAUFMAN

FRESH OFF his memorable turn as a mental patient in the 1975 film "One Flew Over the Cuckoo's Nest," Christopher Lloyd signed

with a Hollywood talent agent. As Mr. Lloyd explains in his memoir, “In My Own Time,” he let his new representatives know that he wasn’t interested in doing television. Yet something told him to say yes when the creators of the sitcom “Taxi” wanted him to do a guest shot as a wedding officiant during the show’s first season in 1978.

Mr. Lloyd, who seems to have a particular affinity for playing flamboyant oddballs, made hay of the opportunity and became a regular on the series, winning two Emmys (in 1982 and 1983) for his portrayal of the sweet-souled, spaced-out, drug-addled Jim Ignatowski. Mr. Lloyd had long questioned the viability of his career choice. No more.

A grandson of a co-founder of Texaco, Mr. Lloyd grew up lonely and introspective on a 400-acre estate in New Canaan, Conn. His father was chilly and remote. His mother was a frustrated musician who drowned her discontents in alcohol, and young Christopher was tended to by nannies. While at boarding school, he had his first brush with the mystique of acting when he was called on stage to assist a magician with an illusion. He was “instructing me how to give the impression … that something was taking place even though it wasn’t,” Mr. Lloyd writes. He realized that what he was experiencing wasn’t “hocuspocus—it was theater.”

The disarmingly wry “In My Own Time” chronicles the author’s early days in the New York stage world of the 1960s and '70s. He rashly gave up a part in Lanford Wilson’s “The Hot L. Baltimore” in 1973 for the lead in a production of the abstruse Peter Handke play “Kaspar.” (Mr. Lloyd writes that he identified with the title character, who claimed to have been raised in a dungeon.) He played Banquo to Christopher Walken’s Macbeth in a 1974 production at Lincoln Center, and a stint at the Yale Repertory Theatre put him on stage with a young Meryl Streep.

“Taxi” raised Mr. Lloyd’s profile. More quirky parts followed. After receiving one particular screenplay, Mr. Lloyd admits that he “skimmed through it and tossed it into a wastepaper basket.” A friend admonished him for the high-hat dismissal, and a chastened Mr. Lloyd fished out the script for a closer look. The title was “Back to the Future.” Hmmm.

The resulting 1985 science-fiction comedy, one of the most successful movies of the decade, teamed him with Michael J. Fox. Cast as the eccentric scientist Doc Brown, Mr. Lloyd took his

Lloyd initially threw away the screenplay for ‘Back to the Future.’ Quan hadn’t intended to audition for ‘Indiana Jones.’

inspiration from the “wild energy” and long white hair of the British conductor and composer Leopold Stokowski.

The actor is candid about his social and professional struggles in Hollywood as well as his years of substance abuse. (He's now sober, he says.) Mr. Lloyd's musings about his craft are often short of showstopping. But his gratitude for a career he loves comes across as utterly heartfelt.

"I can't tell what's real and what's a dream." So begins "Never Say Die," a memoir by the actor Ke Huy Quan.

The dreamlike moments recalled by Mr. Quan were, in fact, nightmares. He was only 7 in 1977 when he, one of his brothers and his father were jailed for the crime of trying to escape communist Vietnam. Like other ethnically Chinese families in the city that had been called Saigon (now Ho Chi Minh City), the Quans were treated by the government as “disloyal, foreign, too connected to China.” The family was split for a while in two by their attempts to leave Vietnam—Ke’s mother successfully slipped away to Malaysia with three of his siblings, but Ke, his father and five other children remained behind.

Ke's father, making a repeat attempt at getting them all out, was caught and arrested again. Eventually, he found them passage out of the country. In late 1979, after a harrowing ocean voyage to Hong Kong and time in a refugee camp—all vividly described here—Ke was on a plane with his father and siblings to Los Angeles, where they were at last reunited with his mother and the brother and sisters he hadn't seen for two years.

Ke landed the plum role of Short Round, the street-smart orphan of “Indiana Jones and the Temple of Doom” (1984) by fluke. Then 12 years old, Ke was at a table outside of his Los Angeles school on a Saturday, working with his younger brother, David, and their English-language tutor. Their attention was soon caught by the throngs of children lining up for what turned out to be an open audition for the film.

David decided to join them, but was overcome by nerves when his turn came. Ke, who'd come along, began to coach his sibling, making bold expressions and gestures and encouraging David to copy him. The casting directors were captivated by his energy. So were the movie's director, Steven Spielberg, and its star, Harrison Ford, after they met with Ke a few days later.

The experience was transformative. Mr. Ford taught Ke how to swim. Mr. Spielberg and George Lucas, who co-wrote and executive-produced the film, each sent him a truckload of toys for his birthday. Soon after “Indiana Jones and the Temple of Doom” wrapped, Ke was cast in Richard Donner’s 1985 film “The Goonies.” An acting career seemed assured. As he got older, though, work became progressively elusive. He had “not even a rumor of a job,” Mr. Quan writes of his late teens. “I was terrified someone would ask me what I was doing next.”

In time Mr. Quan pivoted successfully to choreographing action sequences for film and television before deciding at almost 50 that he wanted to return to acting. In a spectacular comeback, he won an Academy Award for his performance as a mild-mannered husband in the absurdist comedy-drama “Everything Everywhere All at Once” (2022).

The focus of “Never Say Die” is as much on Mr. Quan’s family life and his struggles to be a good son as it is on his work on the set. It’s clear how important all those roles have been to him.

Ms. Kaufman frequently reviews fiction for the Journal.

BOOKS

Ahead Of the 'Curb'

Emperor of Nothing By Blake J. Harris Dey Street, 576 pages, \$36 By JULIA M. KLEIN

WRITING AN authorized biography can be a devil's bargain. In exchange for access, the author

may forfeit his ability to tell an unvar- nished, warts-and-all story. But in the case of “Emperor of Nothing: The Making of Larry David,” whatever deal Blake J. Harris struck turns out to have been a good one.

The payoff is a lively, intimate, sometimes surprising look at the creation and development of Mr. David's two iconic television comedies, "Seinfeld" (1989-98) and "Curb Your Enthusiasm" (2000-24). Equally interesting is Mr. Harris's account of Mr. David's early stand-up career, featuring excerpts from routines about a male kangaroo suffering from "pouch envy" and a teenage boy on trial for masturbation.

Mr. Harris, whose previous books include “Console Wars” (2014) and “The History of the Future” (2019), doesn’t entirely avoid hagiography. He portrays

Mr. David, for all the comedian's considerable idiosyncrasies, as an indisputable comic genius, a doting father and a loyal friend. In Mr. Harris's telling, the crotchetiness of Mr. David's fictional stand-ins is offset in real life by his talent and even conviviality; at the University of Maryland, he was elected fraternity president. The descriptor "brilliant" surfaces repeatedly, the verdict of his collaborators.

Reluctant at first to talk to Mr. Harris, the “fiercely private” Mr. David eventually agrees to numerous interviews. (“Oh Jesus. If we must,” is how he phrases his initial assent.) He discusses his childhood tangles with bullies, his ordeals in the U.S. Army Reserve and his mother’s fixation on his taking the civil-service exam to qualify for a post-office job. Mr. David never took the test, getting by instead with an assortment of gigs that included bra salesman, paralegal, limousine chauffeur and cabdriver. To this day, he boasts, his driving remains excellent.

After a stab at acting, Mr. David found a home in New York's comedy clubs, where his quirky vignettes earned the admiration of his peers. Mr. Harris highlights the Brooklyn-born comedian's legendary propensity to walk off stage if an audience's response peeved him. "I didn't react well to adversity," Mr. David explains.

Like his character in “Curb,” Mr. David has been reluctant to tolerate life’s small idiocies—or the larger ones he perceives emanating from network and production-company honchos. Mr. David’s rigidity includes an insistence on maintaining creative control of his projects.

Along with Jerry Seinfeld, a comedy-club pal, Mr. David was instrumental in conceiving the premise of “Seinfeld,” which began as an exploration of how a comedian gets his ideas. The show isn’t really “about nothing,” as Jason Alexander’s character, George Costanza, suggests in a story arc ripped (with important changes) from real life. But it is fair to say that the stakes of the show’s plots—getting a table at a Chinese restaurant, winning a sexual-abstinence

NBC was wary of Larry David, who had a reputation as a ‘loose cannon and control freak.’

competition, tangling with a restaurateur dubbed the Soup Nazi—weren't exactly world-shaking.

NBC had sought out Mr. Seinfeld, a late-night television regular known for his finely honed observational humor. But the network was skeptical of Mr. David, whose main TV credential was as a writer and performer on the short-lived, derivative ABC sketch-comedy series “Fridays.” Even more worrisome was his reputation as a “loose cannon and control freak.”

To assuage the network, Castle Rock Entertainment, the production company behind the venture, anointed its in-house comedy writer Gary Gilbert as

The Rocky Road To Movie Stardom

The Steps By Sylvester Stallone Morrow, 304 pages, \$32.50

One Helluva Ride By Michael Douglas Grand Central, 496 pages, \$35 BY MEGHAN COX GURDON

THREE OMINOUS shadows stretch over the memoirs of Sylvester Stallone and Michael Douglas, thrown by one caustic mother

and two volatile fathers, all of whom came from what Mr. Douglas calls “the hitting generation.”

Growing up, both future actors got cuffed around. Mr. Douglas was blessed to have a mother whose tenderness helped compensate for the temper of his father, the movie star Kirk Douglas. In the case of Mr. Stallone, abuse rained down from both parents.

In “The Steps,” Mr. Stallone, 80, tells a hard-knocks origin story that will leave the reader full of respect for his tenacity. Little Sylvester had not yet fully entered the world when a forceps injury damaged his face, leaving him with a distinctive look—sleepy lids, a sneering lip—which told against him when he tried to break into acting. His appearance was not “commercial” enough to turn a profit—or so people thought.

Badly treated at home, young Sylvester was thrown out of a dozen schools as his family moved from one situation to another. He did a hard stint in a facility for troubled teens. Yet even at his rebellious worst Sylvester believed in himself. Rejected, belittled, penniless—he persevered. As a boy he developed the habit of giving himself pep talks in the mirror and continued the practice into adulthood.

Like many a theatrical hopeful, as a young man Mr. Stallone arrived in New York City by bus. He slept rough and tried to find an agent. Door after door slammed shut. “People were telling me … that I was basically a misfit,” he writes, “that I was never going to make it.” The scorn he felt from the industry matched the scorn he felt from his parents. His father was quick with his fists; his mother made him apologize for being “unplanned.”

To cover rent on a tiny apartment, Mr. Stallone took low-level jobs, including a gig as an usher at a movie theater, where he got a free education in cinematic story arcs. In his spare time, he wrote. When he and his girlfriend moved to California he began to get some traction. He sold his first screenplay for \$100 but regretted the deal because he'd poured himself into the story and now it was no longer his. Next time, he vowed, he'd do things differently.

That time came when he was shopping around his screenplay about an underdog boxer, Rocky Balboa. Word about the screenplay spread quickly in Hollywood, but, as the bids mounted, buyers balked when Mr. Stallone insisted that he play the lead. It was a great story, but he was a funny-looking guy, an unknown, and nobody wanted the deal—until someone did. “Rocky” went on to become

the showrunner for what was then called “Stand Up” (and later “The Seinfeld Chronicles”). Mr. Gilbert recounts how he and another colleague at the production company struggled to revise Messrs. David and Seinfeld’s pilot script, a contentious process that satisfied no one.

The pilot wasn't picked up at first. Even after NBC relented, it ordered only a scant four episodes. By then, Mr. Seinfeld had ousted Mr. Gilbert as showrunner. (Mr. Gilbert unwisely sold his stake in the series, forfeiting millions in eventual residuals.) His replacement, Fred Barron, was sidelined, too, after Mr. David refused to work with him.

Finally, Mr. David assumed the show-runner position himself, to growing acclaim. He and Mr. Seinfeld rewrote every script. But Mr. David also excelled as a talent spotter and mentor. From the ranks of Harvard Lampoon alumni he hired three writers who would become showrunners of other groundbreaking comedies: Alec Berg ("Silicon Valley"), David Mandel ("Veep") and Jeff Schaffer ("The League" and Mr. David's "Curb Your Enthusiasm.")

Mr. David left “Seinfeld” two years before its nine-season run ended. It was “time to try something else,” he tells Mr. Harris.

By the time he created “Curb,” melding intricately intersecting tales of quotidian annoyances with improvised dialogue, Mr. David was firmly in charge. He could cast himself as the ornery protagonist, also named Larry David; hire all his comedy-club and actor friends; and allow years to slip by the highest-grossing film of 1976, winning best picture at the Academy Awards.

In “One Helluva Ride,” Michael Douglas, 82, looks back on a raucous personal life and a career making movies that shaped the zeitgeist, including “The China Syndrome” (1979), “Wall Street” (1987) and “Fatal Attraction” (1987). As a nepo baby, young Michael had entree to the business but also the challenge of establishing his own bona fides. His father was aloof and irritable, and Michael yearned to impress him.

Approval seemed within reach when, as a producer, the younger Douglas won the best-picture Oscar for "One Flew Over the Cuckoo's Nest" (1975). His father held the rights to the story and had played the lead on Broadway. By making a success of the film, Mr. Douglas hoped to make his father proud. But no: The elder Douglas, in his own memoir, expressed only resentment that Jack Nicholson, rather than he, had starred in the movie.

Young Stallone was rejected, belittled and penniless. Douglas, the son of a star, faced a different kind of hurdle.

Mr. Douglas's tale of his adventures, told in collaboration with Shane Salerno and Michael Fleming Jr., is full of fascinating Hollywood tidbits, but in its languorous accounting of big movies made (and love affairs entered and left), it's a baggy read. The Stallone story is more sharply told and, given that it culminates in the production of a single blockbuster, more concise.

As for those shadow casters, only one of them really goes away.

Mr. Douglas relates that his father, after suffering a stroke in 1996, came to regret his emotional deficiencies and tried to become more loving and present. By then, the reader feels, it may have been a little too late for his son. Mr. Douglas does not write with bitterness about his father's volte-face, but neither does he overflow with mercy.

Mr. Stallone ends “The Steps” in the spring of 1977 (though he does include a present-day coda). At that point, in his telling, both his parents were as ghastly as ever. His father, less a bully but now a user, had wheeled his way onto the set of “Rocky” and embarrassed him. When the actor offered to take his mother to the Oscars, she refused unless she could bring a friend. Told that her son only had one extra ticket, she said: “Then I can’t go. I’ll watch it on TV.”

Mr. Stallone does not minimize the pain his parents caused him, nor does he exaggerate the effort required to get past it. “Despite all the turmoil in my life, I’ve learned to live with this aspect of my past and to move on,” he writes. “You can change the future, but not history.”

Mrs. Gurdon is a Free Expression columnist at WSJ Opinion. Her memoir, "Free Range Girl," will be out Oct. 20.

between seasons. The delays frustrated fans but also built anticipation for each absurdist plot arc, including his character's unlikely star turn in the Broadway musical “The Producers.”

Mr. Harris's dozens of interview subjects include Mr. David's closest collaborators, Mr. Seinfeld and Mr. Schaffer; Mr. David's brother Ken, who once worried about having to support Mr. David in his old age; Richard Lewis, who used his own celebrity to promote his long-time friend; Alan Zweibel, a comedy writer with whom Mr. David feuded and then reconciled; and the comedian Susie Essman, who played the foul-mouthed Susie Greene on "Curb."

Focused on Mr. David's career, "Emperor of Nothing" gives short shrift to Mr. David's romantic history. It mentions no relationships other than his two marriages and affords no insight into the foundering of his first, with Laurie Lennard, an environmental activist and producer. (Mr. David once said the reason they divorced was because "she thought it would be nice to have sex with someone she liked.")

Mr. David met his current wife, the producer Ashley Underwood, at a birthday party for the satirist Sacha Baron Cohen. Mr. Harris tactfully omits mention of the 30-plus-year age gap between Ms. Underwood and the 79-year-old comedian, suggesting instead that the couple are kindred spirits. Or, as Ms. Underwood puts it, “we both drive like New York City taxicab drivers.”

Ms. Klein is a cultural reporter and critic in Philadelphia.

'You can't get away from yourself by moving from one place to another.' –ERNEST HEMINGWAY

The Wounded Generation

WAR-TORN Hemingway, 19, recuperating in 1918 after being injured by a mortar shell while working as a volunteer ambulance driver.

The Annotated Sun Also Rises Edited by Robert W. Trogdon Library of America, 364 pages, \$39.95

BY MATTHEW GALLAGHER

N THE SUMMER of 1926, in a rented villa along the French Riviera, F. Scott Fitzgerald, fresh off the publication of "The Great Gatsby" (1925) and nearing the ripe age of 30, wrote a 10-page let-

ter to a younger author who was looking for feedback on his forthcoming novel. Fitzgerald deemed the work “damn good” but cautioned that it didn’t find its stride until page 29.

“You can’t play with people’s attention,” he advised Ernest Hemingway. “A good man who has the power of arresting attention at will must be especially careful.” A few days later, Hemingway wrote their shared editor in New York. The novelist had decided to lop off the manuscript’s opening chapters before publication. “It will move much faster from the start that way,” he explained, mentioning in passing aside that “Scott agrees with me.”

"The Sun Also Rises," Hemingway's ode to, and takedown of, the postwar Paris expatriate scene, was published 100 years ago this month. It both labeled and defined the Lost Genera-

The bloody bullfights of ‘The Sun Also Rises’ are echoes of the violent event that haunts the expatriates: World War I.

tion, capturing a pervasive sense of spiritual disillusionment on a continent trying to emerge from the ruins of World War I. The book's copyright expired a few years ago and it now arrives as a Library of America annotated edition, edited by Hemingway scholar Robert Trogdon, to mark its centennial.

The story is not complicated, but the relationships it describes are messy: Jake Barnes, an American war veteran, works as a newspaperman in Paris. He drinks a lot with friends and acquaintances at the trendy cafes and clubs in the bohemian Latin Quarter. This group includes Robert Cohn, a prim Jewish-American writer who everyone tolerates but no one actually likes, and Lady Brett Ashley, a British socialite who is wild and liberated and in the midst of a divorce.

Jake loves Brett, Brett loves Jake, Robert becomes infatuated with Brett, and—once her divorce finalizes—Brett will marry another war veteran, Mike Campbell, whose ardor for drink can only be matched by the depths of his debt. (He is the character who answers the question “how did you go bankrupt?” with: “Two ways. Gradually, then suddenly.”) Joined by a visiting funnyman, Bill Gorton, the travelers holiday at the Festival of San Fermín in Pamplona, Spain, to watch the bullfights and to party. Bedlam ensues.

There are many prejudices exhibited in the story—some Hemingway's own and some intended to reveal the characters' hypocrisies and flaws. Not least of these is the antisemitism displayed toward Robert. The Library of America edition is an excellent guide through the hidden complexities of the text. It is also a beautiful book, complete with notes, photographs and a chronology to guide readers through the dense entanglements of expatriate Paris and the particulars of the bullfighting arena. Extra material includes the discarded chapters as well as letters Hemingway exchanged at the time, including those with Fitzgerald.

Critics since its publication have dismissed "The Sun Also Rises" as too macho, too ugly.

What they often miss, because Hemingway refuses to spell it out, is that these characters have become mired in escapism because they survived something large, inexplicable and unforgettable: World War I. Might they benefit from therapy? Sure. But that would have made for a boring tale.

Titled “Fiesta” in drafts, the novel is a roman à clef through and through, a story that may have been news across the Atlantic but rang clear as a church bell through the Latin Quarter. Most every character in the book—major, minor or fleeting—came sketched from a real-life analogue. One notable difference is that Hemingway’s stand-in has a permanent war wound. This leaves him unable to consummate the romance he shares with Brett. Or is theirs simply a shared passion for what cannot be? We’ll never know, and neither will they, hence their cyclical dance in the novel, through repressed trauma and lost possibility.

“Funny,” Brett remarks, absorbing quickly the nuances of bullfights, “how one doesn’t mind the blood." Bill, a perennial observer, says: "You wouldn't believe it. It's like a wonderful nightmare." He covered the war as a journalist. So he's not only talking about the blood sport of bullfighting or the endless fallouts from the partying.

As a veteran of the war in Iraq, I've been struck by how “The Sun Also Rises” continues to resonate among the reading ranks of my cohort. Something about the book connects and transcends. I've taught it in workshops; I've recommended it to aspiring vet-writers who find me on social media. A veteran almost always reads this novel with different eyes than others.

Yes, Jake is disenchanted and bemused by the civilian world he's returned to; that's a familiar journey. But other details stand out. There's the scene with Jake standing naked at his bedroom mirror, assessing his hidden "old grievance." On the very next page Jake, stoic and aloof up to this point, sobs himself to sleep, alone. Then there is Mike, ever-angry at everything, making fun of “bloody military medals” and how they have been earned—or not. Bill decides to disappear into irony and jokes. Brett lost the love of her youth to the war in the Mesopotamia campaign.

The long shadow of their war haunts all the expatriates of “The Sun Also Rises.” Well, almost all. It never touched Robert Cohn, and he is resented for that by the others; this is part of the reason why he’s never accepted into the group, wayward and self-destructive as it is. “I can’t stand it to think my life is going so fast and I’m not really living it,” he tells Jake early in the novel, before the fiesta, before a lot of things. He’s the one American wanderer who escapes Pamplona alone, returning to that same existence that he once found so commonplace. He moves on by leaving, putting the past behind him. The others remain trapped, unable—or is it unwilling?—to make the same choice.

Mr. Gallagher's most recent novel is "Daybreak."

Sowing and Reaping Seeds of Doubt

MYSTERIES TOM NOLAN

The discovery of a corpse leads a detective to seek out an eccentric botanist.

LOUISE PENNY'S "Miss Wolcott's Ghost" (Minotaur, 416 pages, \$30) marks the return of Armand Gamache, a French-Canadian police inspector who lives in Three Pines, a quaint village hidden deep in a forested valley. A phone call in the middle of the night informs Armand of a body to be found in Lost Nation, a place even harder to locate than Three Pines. It's a long-abandoned area with little but a cemetery. There, at a tombstone whose name is illegible, the inspector and his crew find a corpse in a tweed suit. "Who was this lost soul?" Armand wonders. And what is that tall, spiky plant growing through his body? A botanist answers the second question: Miss Wolcott's Ghost, long believed extinct.

The grave is dated May 29, 1914, the day of a little-remembered maritime catastrophe. Forensics and detection suggest that the historical tragedy, the unburied victim and the strangely surviving plant are somehow connected. The common link seems to be Daisy Wolcott, a wealthy eccentric who devoted her life and fortune to the discovery and preservation of obscure vegetation.

A corona of cosmic doom shades the horizon of “Miss Wolcott’s Ghost.” Armand considers a series of increasingly sinister explanations as he tries to make sense of Daisy’s back story and how it might relate to the body in the cemetery. Such worries are balanced by his concern for his family, neighbors and colleagues: “He hired the oddballs. The unconventional. The difficult to manage and tame.” This band of investigators diligently works to unravel what is perhaps the most unusual case yet in Ms. Penny’s series.

Jonathan Ames's "A Past Without Pictures" (Mysterious Press, 192 pages, \$23.95) introduces Maria Cole, a nine-year veteran of the Los Angeles Police Department who has worked her way up from street cop to the proud rank of detective. But on her first night of detective duty, stalking a home-invasion killer in a hillside neighborhood, Maria

commits a fatal act prompting an official inquiry and her temporary suspension.

Maria soon after learns that her father, from whom she has been estranged for decades, has been murdered in an Alabama

THIS WEEK

Miss Wolcott's Ghost By Louise Penny

A Past Without Pictures By Jonathan Ames

Backwater By James Sallis

beach town, leaving her his house and worldly goods. The guilt-ridden daughter flies east for the funeral and meets a repellent chief of police who assures her he's already found her dad's murderer—a young black man—who then purportedly kills himself. Maria doesn't buy this story and, aided by a local lawyer who drew up her father's will, conducts her own furtive investigation.

"A Past Without Pictures" is a bleak but intermittently lyrical work with lean prose. Maria struggles with life-defining issues beyond the call of duty. "She had always thought of herself as . . . a protector of the vulnerable." But now "she wasn't sure she could continue as a cop." Whatever Maria decides to do, she would be a fascinating protagonist to meet again.

Bishop, the former police detective who narrates James Sallis's “Backwater” (Soho Crime, 208 pages, \$28.95), has been away from law enforcement for years and now works as a jazz guitarist. One day, without prelude, Bishop's ex-partner Carson shows up asking for help. Carson is now the chief of police in the fictional Southern town of Anne's Ferry. Bishop, unmarried, childless and relatively rootless, picks up and relocates to Anne's Ferry—only to find he has been taken in by what Carson, in a note left for him, admits “has to look like a bait and switch.”

Carson has left town—"I have personal business to attend

to”—and can't say when he might return. Bishop is hired as the de facto chief, assisted by three amiable deputies who remain clueless regarding the puzzle Carson has left them: a stolen and abandoned car full of blood, with no body in sight. Soon, though, Bishop and company have a less ambiguous case at hand. A missing, emotionally disturbed young man is found dead from a blow to the back of his head: Anne's Ferry's first homicide in seven years.

Bishop combs his memories of crime-fighting for clues on how to approach these new events. In their rookie days, he recalls, “Carson and I had this ongoing discussion: How do crimes get solved? Or real mysteries for that matter. By the book, by accretion of information—logically?” Bishop’s worldly ruminations are salted with references to Saint-Exupéry, Plato and Nietzsche. “Backwater,” full of criminous and philosophical puzzles, is no run-of-the-mill police procedural. Sallis, who died in January, was no ordinary genre author. It’s a unique pleasure to read his final, rueful work.

'A melody, tender and noble, / Ought to succeed propitiously / In interpreting and subduing / My heart's sweet burden.' –RICHARD WAGNER

SUN KING Anthony Roth Costanzo in the English National Opera's 2016 production of Philip Glass's 'Akhnaten' at the London Coliseum.

Singing Against the Current

Countertenor

By Anthony Roth Costanzo FSG, 320 pages, \$30

BY TIM PAGE

THE FIRST VERY high notes I heard sung by a man were on John McCormack's old recordings, made in the first decades of the 20th century; they were prized items in my grandmother's collection. In an era of great tenors McCormack alone had the superlative breath control, the honeyed sweetness and the ability to float notes at the top of the register with dulcet ease.

Celebrated composers, from Monteverdi to Handel, Gluck and even Mozart, have written prominent roles with high male voices in mind. After Pope Sixtus V banned women from the stage in the late 16th century, boys on the verge of puberty were routinely castrated to keep their soprano voices intact.

It was a brutal practice that continued through 1870, when Italy conquered the Papal States. Only one of the castrati lived to record: Allesandro Moreschi, who sang with a plaintive, eerily haunting bleat, on discs made in the Sistine Chapel between 1902 and 1904. Moreschi was not considered a great castrato, and his sound was not at all feminine. Rather, he sounded like what he was—a damaged, thwarted middle-aged boy soprano, one of the saddest things in the world.

This lengthy preamble may be helpful to those approaching “Countertenor,” a bright, funny, thoughtful and informative book by Anthony Roth Costanzo, one of the best-known and most musical countertenors alive.

The term “countertenor” dates back to the Elizabethans, for whom it meant the medieval contratenor line that was sung against the generally larger and lower tenor voice. Two remarkable exponents effectively brought the falsetto voice back to general use: Alfred Deller, the English singer most noted for his group the Deller Consort, and Russell Oberlin, the American who sang high-voice Handel with Leonard Bernstein and Glenn Gould. Mr. Costanzo pays tribute to both men—as well as to pop artists such as Michael Jackson and Prince, who turned the falsetto voice into a sound that won millions of listeners.

"I am always aware of the extent to which my particular voice category contains a sensational, sometimes salacious, rather shocking slice of cultural history that is inextricably linked to what I do," the author tells us. Mr. Costanzo, 44, is comfortable in the alto, mezzo and even the soprano registers, with rare beauty and presence. He has appeared with companies all over the world, including the Metropolitan Opera, the English National Opera and the Finnish National Opera. He is now the general director and president of Opera Philadelphia. “Composers today have happily embraced the countertenor and expanded our repertoire greatly,” he writes, “but the genesis and ascendance of the operatic

Countertenors, long seen as facsimiles of the castrati, have been enjoying a resurgence.

falsetto singer is tied to the fact that we can be seen as rough facsimiles of the castrati."

And so when the operas of Monteverdi, Handel & Co. were revived in the early 20th century and began to make their way into the standard repertory, those roles were sung by women or sometimes transposed down for men. The longstanding prejudice was that falsetto was comic, effeminate or simply bizarre. And then in the mid-1950s came what has been dubbed the early-music movement and, with it, the rise of the countertenor.

Today there are many countertenors. Yet certain taboos have remained. “Gender, sexuality, misogyny, religious hypocrisy, pederasty, ethical consent, and a host of layered questions that have a throughline to our world today,” Mr. Costanzo writes. “The way I perceive and think about these issues in our current social context colors my reading and recounting of history.”

Mr. Costanzo explores these issues while acknowledging composers such as Benjamin Britten, György Ligeti and Philip Glass (whose 1983 opera, "Akhnaten," helped make Mr. Constanzo famous) as well as younger artists such as Missy Mazzoli, Matthew Aucoin and Nico Muhly, who have added a great deal of literature for Mr. Costanzo to sing.

His prose is lively and eager. “I have early memories of an old vinyl recording of Frankie Valli and the Four Seasons playing on the record player, and my dad holding me and bopping while singing along to the music of his adolescence,” Mr. Costanzo recalls. “He would gleefully look at me and shout his falsetto for songs like ‘Big Girls Don’t Cry.’ He contorted his tongue or lips to reach the high notes, and it was all hilarious.” The author believes this may have been his first point of contact with falsetto.

Mr. Costanzo recounts his association with Joan Patenaude-Yarnell—a distinguished soprano-turned-teacher who has made a career helping to polish would-be countertenors—writing in a style reminiscent of Tom Wolfe, complete with italics, bold face and passages in capital letters, which he makes seem altogether appropriate. “Joan is famously not a fan of leaving the Upper West Side,” the author observes—which could apply to about three-quarters of New York’s music faculties.

There are some mistakes here and there. “Abstruse,” “obscure” and “obtuse” are perfectly good words, but only the first two are reasonably close to synonyms. “Obtuse” means “stupid” or “simpleminded” and is always a put-down in this context. And so it was a surprise to see Britten’s final opera, “Death in Venice” (1973), described as his “most intricately obtuse.” I’ve never liked the piece very much, but I’d never call it dimwitted.

Mr. Costanzo does not think that the gender fluidity of our times has taken away the thrill, even the shock, of the sound of high notes emitting from a male throat. “Music written before 1750 or after 1950—that’s my life,” he once said. We are lucky to have him here, and to be able to read his engaging book.

Mr. Page is a professor emeritus of musicology at the University of Southern California.

The Adventures of Kindred Spirits

CHILDREN'S BOOKS KATIE DANIELS

Three siblings get into trouble as they navigate the afterlife.

THERE'S BEEN A terrible mix-up at the Ghost Guild, a supernatural organization that aims to "protect and serve the spectral." Thanks to bureaucratic blundering, the siblings Genevieve, Fenella and Tillotson Maconochie find themselves returned to earth as ghosts in the middle of their own funeral, with no guidance on how to begin their new existence in Annie Barrows's "The Lost Three" (Little, Brown Books for Young Readers, 336 pages, \$17.99).

Since they're lacking their standard-issue copies of “Ghostology”—de rigueur for all newly minted ghosts—the Maconochie children test the limits of their new powers through old-fashioned trial and error. Fourteen-year-old Genevieve learns she can change her clothes to pass as a much more glamorous 17-year-old, while 11-year-old Fenella prefers covering herself in gray fur so she resembles a cat. Their younger brother, Tillotson, meanwhile, incites mayhem among local churchgoers by impersonating an angel, much to his sisters' dismay.

Charmingly detailed black-and-white illustrations by Chloe

Bristol complement the book's warmhearted tone—for despite its potentially gloomy premise, "The Lost Three" is far from morose. Ms. Barrows, who is the author of the Ivy and Bean series, depicts the siblings' escapades with her signature gentle humor. "To be honest, we've never scared anyone," Fenella admits. "People keep scaring us." When the Maconochies unwittingly fall under the control of an unscrupulous con artist, they must rescue themselves, as well as a young orphan named Agnes—and ultimately discover there's more to being a ghost than they could have imagined. An open-ended conclusion invites readers ages 8-12 to return for future adventures.

If you think a fluffy sheep couldn't possibly look evil, think again. In "Tom Nancy: The Sheep Who Swapped Brains With a Boy" (Tundra, 48 pages, \$19.99), written by Mac Barnett and illustrated by X. Fang, the titular sheep is a positively sinister creature, with suspicious eyes and a malicious grin. When he convinces a naive farm boy named Felix to swap brains with him for the day—using a handy brain-swapping machine that so happens to be sitting in an old barn—discerning readers ages 4-8 will want to shout at Felix to run away.

There's a lot Tom Nancy likes about his new life as a human boy: sandwiches, climbing trees,

THIS WEEK

The Lost Three By Annie Barrows Illustrated by Chloe Bristol

Tom Nancy By Mac Barnett Illustrated by X. Fang

The Returnus By Joaquín Camp

dessert after dinner. In fact, he tells Felix, there's so much he likes that he'd rather not switch back at all. "How awful!" cries poor Felix. "Yes," Tom Nancy callously replies. "Have some more grass."

What Tom Nancy hasn't accounted for are the great trials of life as a human child: homework, chores, no dessert after dinner. Maybe life as a sheep

isn't so bad after all—a conclusion that Felix, fortunately, has arrived at first. Mr. Barnett, who has written adaptations of “The Three Billy Goats Gruff” and “Rumpelstiltskin,” is clearly steeped in the grand tradition of fairy-tale villains getting their comeuppance without apology. “Tom Nancy” offers a similar sort of satisfaction.

In Joaquín Camp's “The Returnus” (Berbay, 36 pages, \$18.99), translated from the Spanish by Ines Silva, a group of Roman statues flees the confines of a foreign museum and hitches a ride back to Italy. As in his delightful picture book “Aldo: Ghost Dog” (2024), Mr. Camp’s characters commit with extravagant sincerity to whatever surreal situation they find themselves in, and “The Returnus” shares this absurdist charm.

Our narrator, one of the wandering statues, recounts the group's escape plan, peppering his speech with nonsensical, knock-off Latin words. Standing still for the museum's visitors can get a little "boringum," he explains—certainly nothing compared to watching gladiators back home. Colorful illustrations heighten the book's playful tone, as readers ages 3-7 watch the statues bid farewell to their friends in the Egyptian wing and outfit themselves in outlandish disguises from the museum's lost-and-found for their journey home.

Upon arriving, the statues discover that Rome has undergone more than a few changes over the intervening centuries. Their once-fearsome leader, a statue of Julius Caesar, now goes by JC and sports a backward baseball cap. Swarms of selfie-stick wielding tourists pose for pictures among crumbling buildings. A double-page illustration of the bustling crowds around the Colosseum acts as both an entertaining “Where’s Waldo?”-esque search for the statues and an example of the frenetic discombobulation they feel.

It's no wonder the statues are unmoored by the changes around them (or, as they would say, “surprisedmus”). Where is their home, if not in a lively city or a stuffy museum? Happily, there's a solution for their plight—one that leaves a lucky old lady with a collection of better-than-average lawn ornaments.

'A Letter always seemed to me like Immortality, for is it not the Mind alone, without corporeal friend?' – EMILY DICKINSON

When Nazis Put On The Ritz

The Barman of the Ritz By Philippe Collin Scribner, 400 pages, \$29

The Four Wives and Five Deaths of Richard Milford By Nafissa Thompson-Spires Scribner, 176 pages, \$26

BY ANNA MUNDOW

PHILIPPE COLLIN'S war-time thriller "The Barman of the Ritz" depicts the Nazi occupation of Paris as seen through the eyes of

Frank Meier, the real-life barman of the title who served cocktails to high-ranking Nazi officers all the while hiding his Jewish identity.

This gripping suspense narrative spans 1940 to 1944 but is largely confined to the sumptuous interior of the Ritz hotel. Here an atmosphere of subdued terror is evoked in often bizarre details. A chambermaid patrols the corridors, collecting jackboots to polish overnight. Coco Chanel's maid carries her employer's gas mask on a velvet cushion. Hermann Göring, a frequent guest, wallows in hot baths to soothe his morphine addiction.

A Jewish barman at the Ritz serves cocktails to German writers and officers in 1940s Paris.

At the bar where Frank once served Hemingway and Fitzgerald, he now attends to the writer Ernst Jünger, “one of the Führer’s protégés,” and officers such as Carl-Heinrich von Stülpnagel, who will later be hanged by Hitler. He overhears an aristocratic German officer comment, about Nazis, that “our sense of propriety is no match for their rampant sadism,” and is shocked to realize that Hitler’s commanders “are at each other’s throats.”

Like all barmen, Frank is a watcher and a listener, which makes him an ideal narrator. His fears and longings emerge mainly in diary entries that reveal a complex man who “has spent a lifetime running from his past,” but whose present collides with history. In the novel’s opening scene, he watches “his last customer of the old world,” Otto von Habsburg, “drowning his sorrows in gin.”

Four years later, Frank is still at his post as the Americans arrive and Hemingway shoulders his way to the bar. "Hey, Frankie! How's life?" he asks, as though they last saw each other only a month ago." The real Frank Meier died three years later, in 1947, of unspecified causes, having been charged with profiting from the occupation.

A scandalous African-American household is at the center of Nafissa Thompson-Spires's "The Four Wives and Five Deaths of Richard Milford," set in 1920s Oklahoma. The title is both playful and accurate: Richard Milford, called Rich, proves almost as difficult to kill as Rasputin, with whom he shares many unsavory characteristics. As for the wives, only one possesses a marriage certificate.

In the small town of Newville, Lally Milford shares her husband with Georgette Wise, Sophronia Willis and Vivianne Hartford—though not by choice. Theirs is a fractious sisterhood complicated by many children, “at least eleven of them, barefooted and wild-eyed. Word tell, some of them cut their milk with moonshine.” (Rich’s business is illegal hooch.)

How each woman was snared by Rich—and how they collectively prevail—is revealed in chapters that alternate among their narratives, and in the recollections of Alberta, Rich's sardonic housekeeper. The town's opinion is expressed by an unnamed narrator who observes that one of Rich's problems "was that he conducted himself and his affairs like a White man."

The novel opens with Rich's funeral. The truth of who or what killed him is revealed with tantalizing slyness as the author shifts perspectives, lacing each monologue with mordant humor. When Alberta, for example, relates Rich's difficult birth, she concludes that the midwife “reshaped the outside of his head but didn't fix the inside.”

In his wives, Rich met his match. “We wondered whether four women could really overtake a man as rowdy as Rich,” the Newville observer admits, as the scandal fades and the mystery nears its solution.

Ms. Mundow reviews frequently for the Journal.

THE NEW PRESS
RETURN MAIL 'Perhaps you think I'm silly. Well, I suppose I am. But I'm also serious.' The romantic misunderstanding traced in Julian Barnes's one-sided epistolary tale, 'Oranges,' is one of 36 stories-in-postcards gathered in 'Having a Wonderful Time' (The New Press, 192 pages, \$24.99). This unique anthology includes works by Claire Messud, J.G. Ballard and others.

Enemies of Joy

THE IRISH composer and pianist John Field (1782-1837), whose career took him throughout Europe and finally to a life of luxury in Russia, was a forerunner of music's Romantic era and is credited with the creation of the nocturne. This may sound like a reasonably accomplished legacy, but in “Music Against the Night” (FSG, 352 pages, \$29), Yiyun Li is eager to disillusion us. Even at the height of Field’s renown, she writes, a “Pole going by a French name, Chopin, had been drawing attention for his nocturnes—John’s invention—without giving due credit.” In the future, once-proud musicians such as John “would only be footnotes in Chopin’s biography,” Ms. Li adds, twisting the knife.

Ms. Li's novel about the vanity of artistic glory charts John's youth as he is trained from infancy to be "the next Mozart." The aim is presumptuous, but John is a real virtuoso, and his family has invested its future in the boy's eventual success. "The business of raising a prodigy," his mother wryly thinks, "was not unlike that of keeping racehorses or training falcons." John's grandfather, an organist, impresses upon his pupil that music will only torment him if he thinks of it as an art form to be perfected; he must instead treat it as a "commodity." Armed with this hard-headed guidance, John leaves Dublin at the age of 10 and begins to make his name in England.

The novel then shifts to recount the “contrapuntal fate” of Adelaide Percheron, an orphan raised by her grandmother in Pondicherry, a French settlement in India. Adelaide, born in 1790, is also a historical figure: In 1807 she became John’s piano student, and soon after they married. But their difficult union is not portrayed in this novel. Ms. Li instead imagines Adelaide’s coming of age. Though she, too, is a brilliant musician, the novel depicts her primarily as “a prodigy in living.” From a governess in Pondicherry she learns etiquette, charm and culture, and at 13 she sails for Paris determined to become a society lady.

With elegant symmetry and a cool, genteel prose style, Ms. Li tracks these parallel stories, exploring the duo's worldly educations and the ruthless sacrifices to love and friendship they make in pursuit of their ambitions. Woven into the narratives are interludes—some are standalone chapters, others are lengthy parenthetical additions—that flash forward to reveal the anti-climaxes of the characters' latter years and, as Ms. Li views it, their irrelevance to posterity. John's and Adelaide's lives follow a predetermined “road from hope to fantasy to disappointment and despair.” Their dreams are closely flanked by their disenchantments.

The effect is to make this historical re-enactment read like an allegory of determinism. There has always been a fatalistic streak in Ms. Li's fic-

THIS WEEK

Music Against the Night By Yiyun Li

The Martyrs, The Lovers By Catherine Gammon

Luna, Phoenix, Queen By Julie Orringer

tion—"The Vagrants" (2009) is about the execution of a dissident in Communist China; "Must I Go" (2020) is an elegy for a hopeless love affair—but it has never been as insisted upon as it is here. The novel is so doctrinaire about its pessimism that it mostly neglects the characters' music. The moments are rare—and therefore gratefully encountered—when John and Adelaide are permitted to take pleasure in the "pure joy" of their playing.

Catherine Gammon's “The Martyrs, The Lovers” (Baobab, 278 pages, \$17.95) begins with the deaths of Jutta Carroll and Lukas Grimm in their home in Germany. Although the fate of these characters is known in advance, the circumstance of their ending is not. Jutta is a fictionalization of Petra Kelly (1947-92), the pacifist and antinuclear activist who founded Germany’s Green Party. In 1992 Kelly was discovered shot to death beside the body of her colleague and romantic partner, Gert Bastian, who according to police reports had then turned the gun on himself. Drawing loosely from the facts, Ms. Gammon describes the “modeled life” Jutta designed for herself under the influence of

Mahatma Gandhi and Martin Luther King Jr. The author recounts the making of Jutta's protest movement, which, at its acme, draws enormous crowds and becomes a viable force in German politics.

But Ms. Gammon never strays far from the mystery of Jutta and Lukas's demise. The novel explores different theories to explain their deaths, ranging from Stasi-led conspiracies to personal jealousies. The writing grows spiraling and obsessive as it develops each possibility. "She has inspired millions. All for nothing now," Ms. Gammon laments, though she finds something fearfully inevitable in the tragedy. Did Jutta's death undermine her causes or, in the way of martyred saints, give them immortality?

In Julie Orringer's “Luna, Phoenix, Queen” (Knopf, 288 pages, \$32), an aging Midwestern novelist named Barr Pennington discovers a handwritten manuscript hidden inside a wall in his house. The manuscript belongs to Barr's wife, Dava, who now has Alzheimer's disease and lives in a care facility. Reading it, Barr learns two things: First, that before her illness Dava carried on a lengthy love affair with a woman named Svetlana. And second, that his wife was a brilliant writer. Barr revises the work, altering identifying details, and publishes it to acclaim as a novel of his own.

“Luna, Phoenix, Queen” fills out the stories surrounding Barr’s theft, moving back in time to depict the bond between Dava and Svetlana, which endured despite Dava’s unwillingness to leave her husband. The women’s relationship is honest and nurturing, and Ms. Orringer portrays it with great sensitivity. Elsewhere, she is less generous. Barr comes off as a caricature of the “great male narcissists,” as David Foster Wallace memorably smeared postwar novelists such as Norman Mailer and John Updike.

Yet the star of the book is not human at all, but an injured rescue dog, Luna, whom a few of the characters befriend. To Barr, the gentle animal is the one living creature to whom he feels safe to confess his secrets. In touching later chapters the dog becomes a steadying companion to Dava as her memory abandons her. "The dog asked nothing. The dog only gave," Ms. Orringer writes. Her quiet presence is a remedy to the human habits of competition and deceit.

An Artistic Paradise Unravels

The Floating World By Ben Eastham Astra House, 288 pages, \$26 By Toby LICHTIG

P ORTENTS ABOUND in Ben Eastham's ambitious debut novel, "The Floating World." There are references to "the crash" and to

a war that people are not allowed to call a war. Fires rage; it is hot. A mysterious virus does the rounds. A greatest hits of humanity's current fears forms the backdrop to a complex, woozy tale—mostly realist, with brief incursions into phantasmagoria—of doomorphism and heartache, wealth and greed, art, transcendence and spiritual reckoning.

"The Floating World" is narrated by a youngish, principled, unnamed man whose wife has recently died, apparently by suicide. Having left the art world to become a teacher (badly paid), he is lured back by an offer from a tentacular conglomerate—or rather, its "charitable foundation." The Morel Corp. is building a stately eco dome on a remote Greek island: a refuge for plutocratic preppers. A dazzling art exhibition is set to launch it, and our narrator will be handsomely

A mysterious offer to work on an island refuge entices a man back to his former profession.

paid for his assistance—writing promotional material, helping the artist with his research.

And so, despite the protestations of his youngish, principled friends (“You know the Morel Corporation trades with apartheid states, that it manufactures arms?”), our hero heads off to Athens, where he meets shady investors, sexy curators and the Elon Musk-like man behind Morel. Slowly, the narrator is drawn into a web of deception and intrigue, unrest and perhaps even revolution.

Shadowing this all is our narrator's grief. The absence of his wife, Cora, haunts him so thoroughly he wonders if she might yet be alive. He experiences strange visions: of a sea monster, of a "great white bird," even of Cora herself. Bereavement, we are shown, transports us, much as art can. This is a novel about coming to terms with grief.

Mr. Eastham is best known as an art critic, and “The Floating World” is threaded with dazzling disquisitions on individual works and concepts, the enduring relationship between art and money, the timelessness of human creation. His writing is evocative and often funny, whether he is observing “a white marble lobby resembling an especially squeamish god’s en suite bathroom” or a character with “the erotic hauteur of an academic who in her youth danced beneath filtered spotlights at psychedelic happenings.” In a wry nod to Homer, he gives us a “sea that sparkled like lager.”

The author is particularly effective in aphoristic mode, not least when reflecting on the art world: "By virtue of their determination to look different, artists look much the same everywhere"; "artists' studios are always, to some degree, deranged"; "you can't get along in the art world without learning quickly to identify sociopaths and how to appease them." Occasionally, the style can grate, the pileup of short, declarative sentences and pithy reflections threatening to derail us. But more frustrating is the novel's ultimate affect. For all its interest in storytelling, the narrative itself can be a little leaden, the themes a tad insistent. Not all the characters convince.

Perhaps the chief problem is the narrator himself. Mr. Eastham has captured an authoritative voice, but there is something rather guarded about the consciousness behind it. Even—or perhaps especially—in his anguish, he never lets us in, as if his protectiveness toward Cora stretches to his audience. We learn little of substance about their relationship. We know nothing of his family. And while we are frequently encouraged to consider how our minds “fill in the gaps” when creating meaning, such evasion clashes with our impulse to engage.

This is in many ways a critic's book: incisive, often brilliant, but somehow at a remove from itself. And yet, often brilliant it remains. Whatever its shortcomings, there is more than enough here to make attentive readers eager to see what Mr. Eastham does next.

‘Wrapping the rice cakes, / with one hand / she fingers back her hair.’ –BASHō

Savoring East Asia at Home

EAST OF EATING Steamed sea bass with preserved lemon, from 'Five Tastes' by Fuchsia Dunlop.

Japanese Comfort Cooking By Tadashi Ono and Harris Salat Ten Speed, 256 pages, \$32.99

H Mart By Stacey Kwon Artisan, 336 pages, \$50

Five Tastes By Fuchsia Dunlop Norton, 368 pages, \$45 BY ANDREW COE

M Y PARENTS USED to tell me that the more new foods I tried, the longer I would live. Luckily we exist at a time when many Americans have

access to an incredible diversity of dishes and ingredients. Three Asian cookbooks add delicious dishes to our at-home repertoire and provide a key to unlocking the foreign ingredients found on shelves of Japanese, Korean and Chinese markets.

“Japanese Comfort Cooking” by Tadashi Ono and Harris Salat is the sequel to the authors’ “Japanese Soul Cooking” (2013). Both books offer recipes for Japanese home-cooking classics, but “Comfort Cooking” also includes many dishes influenced by American, European and other Asian cuisines. The seasonings, however, are mostly Japanese, including condiments such as soy sauce, mirin, miso paste, rice vinegar and so on.

The first recipe in “Japanese Comfort Cooking” is for all-purpose dashi, a broth flavored by kelp and bonito flakes that provides the essential umami backbone to many Japanese dishes. I used it to prepare the book’s tako meshi, or octopus mixed rice, made with pre-cooked octopus and seasoned with mirin, soy sauce and ginger. The rice got slightly toasted at the bottom of the pot, adding a pleasant crispiness to the dish. Another traditional dish is salmon teriyaki, which the authors rescue from the too-common, gloppy corn-syrup-based sauces by simmering the fish with mirin, sake and soy sauce. It’s served with a tongue-tingling dusting of sansho pepper, the Japanese relative of Sichuan peppercorn.

The book's tuna sashimi transforms a classic Japanese dish with creamy, New World avocado chunks and a sauce made from sake, mirin and two kinds of mustard. The kamo jibuni, a duck-and-mushroom stew supposedly favored by samurai, was less successful. The recipe unaccountably calls for only two cups of dashi, not enough to cook the dry ingredients, let alone feed four hungry warriors.

One way to read “H Mart: the Cookbook” by Stacey Kwon, the Korean supermarket chain’s president, is as an extended advertisement. That’s true, but this is also the tale of a remarkable success story. The author’s immigrant father, Il Yeon Kwon, opened his first supermarket in Queens, N.Y., in 1982 and has since established nearly 100 supermarkets across the country. H Mart was founded to provide Korean foods to the growing number of immigrants in the U.S. and to adventurous eaters intrigued by the flavors of Korean cuisine.

As with many immigrant markets, however, there's a learning curve. Entering an H Mart, with its rows of bags and jars of foreign food-stuffs, can be overwhelming. Fortunately, "H Mart: the Cookbook" provides beautifully illustrated guides to Korean foods, from kimchi and produce to ramyeon (dried noodles) and snacks. The guides include instructions on how to consume specialties such as Korean

H Mart was founded to provide Korean foods to immigrants and to Americans intrigued by Korean cuisine.

barbecue dinners, including many variations on wrapping meat, rice and seasonings in lettuce leaves.

The recipes in “H Mart” cover Korean home cooking, from traditional to modern. It begins with salads served as banchan, or side dishes that accompany many Korean dinners. The oi muchim, or spicy cucumber salad, jolts your tastebuds with the heat of the preferred Korean spice—gochugaru, or ground red chili flakes. A good main for barbecue is dwaeji bulgogi, stir-fried pork flavored with layers of gochugaru,

gochujang (fermented red chili paste) and other sauces, then mellowed with a bit of brown sugar. Ms. Kwon instructs readers to wrap the meat in lettuce leaves, also stuffed with rice, more gochujang and, optionally, raw garlic, making a glorious but messy mouthful.

Other dishes straddle the line between Korean and Western tastes. The ramyeon mazemen is the kind of meal some young mad scientist would mix up in his dorm room. It takes as its base spicy packaged noodles, blends in seasonings to add sweetness, spice and umami, then tops it with stir-fried ground pork or beef, a big handful of chopped garlic chives and strips of dried seaweed. "H Mart: the Cookbook" may be an advertisement, but I'd love to see similar cookbooks focusing on foods sold in other Asian markets.

Fuchsia Dunlop is probably the premier interpreter of Chinese food for Western audiences. She has written five cookbooks, including “The Food of Sichuan” (2019), covering Chinese regional cuisines and home cooking, as well as a food memoir and a food history of China. “Five Tastes” focuses on the five most important flavors in Chinese cooking—sour, bitter, sweet, pungent and salty—and the myriad, artful ways chefs use them to highlight the essential qualities of their ingredients. To illustrate these combinations, her dishes introduce many unfamiliar ingredients to American readers—fermented tofu, for example—but the results are always delectable.

Ms. Dunlop's steamed sea bass with preserved lemon is a showstopper. The whole fish is seasoned with ginger, green onions, soy sauce and Shaoxing wine—for “dispelling fishiness,” according to Ms. Dunlop—and then sprinkled with lemon peel before being put in the steamer. The lemon provided a perfect counterpoint to the sweetness of the fish. As a side, I served lettuce with fermented tofu made with stir-fried little-gem lettuce. This quick dish is seasoned with garlic, a few slices of fresh red pepper and a few squares of Chinese fermented tofu whisked into a cream. The tofu adds a creamy umami flavor to the dish, leading me to wonder why it isn't used in Caesar salad.

I was pleased to find one of my favorite Taiwanese dishes in “Five Tastes”: stir-fried “flyheads.” No, it doesn’t contain actual insect parts. The name comes from fermented black beans, resembling you know what, which are sautéed with ground pork, bud-topped flowering garlic chives, garlic and chili pepper. Now I can make it at home, one of many dishes from “Five Tastes” that I will be adding to my dinnertime repertoire.

Mr. Coe's "American Bread: A History" will be published this month.

America's First Star Author

A Washington Irving

Sketch Book

By Phillip Lopate Princeton, 288 pages, \$28.95

BY MICAH MATTIX

WASHINGTON Irving was America's first literary star. His satirical "A History of New York" was

an immediate hit when it was published in 1809. Under the pseudonym Diedrich Knickerbocker, Irving spoofed sleepy Dutch governors, contemporary manners and political figures. The book went through three editions in 10 years and gave Irving a celebrity, he later recalled, that was “uncommon in America.” He was “overwhelmed with attentions” everywhere. Lord Byron praised Irving to a friend: “His writings are my delight.” Walter Scott compared him to Jonathan Swift.

Yet “A History of New York,” like much of Irving’s body of work, which includes four biographies and several travelogues and collections of literary sketches, is nearly unread today. Instead, he is remembered only for two works of short fiction: “Rip Van Winkle” and “The Legend of Sleepy Hollow.” Why did he fall so far out of favor?

The short answer, Phillip Lopate offers in “A Washington Irving Sketch Book,” is that the generation of American writers that followed Irving—which included Nathaniel Hawthorne, Ralph Waldo Emerson and Edgar Allan Poe—eclipsed his accomplishment. But

Mr. Lopate, a prolific essayist whose books include “Waterfront: A Journey Around Manhattan” (2004) and “A Year and a Day” (2023), maintains that Irving’s work still offers many pleasures. He hopes to give readers “a taste of a writer I enjoy.”

Named after George Washington, Irving was born into a large middle-class family in New York City on April 3, 1783. His father was a merchant and a strict Presbyterian deacon who failed to pass on devotional feeling to his youngest son. “Religion,” the younger Irving wrote, “was forced upon me before I could understand or appreciate it.” Nor did he care much for school. One classmate remembered him as a “sluggish and inapt scholar of great diffidence.” The boy preferred long walks in the city and surrounding countryside to his studies. He also loved adventure stories, such as the tales of Sinbad the Sailor and Daniel Defoe’s “Robinson Crusoe” (1719), which sparked an early interest in writing.

SUNNYSIDE A Currier & Ives illustration of Washington Irving's home in Irvington, N.Y.

Newspapers gave Irving his start. When he was 19, he published a series of humorous letters in the New York Morning Chronicle—a paper founded by Aaron Burr and edited by Irving's brother Peter. Over the name of Jonathan Oldstyle, the letters complained about newfangled fashions and the rowdy audiences and useless critics of the city's theater scene.

In 1804 Irving journeyed abroad to cure his bronchitis and, his family hoped, to improve his education. Instead, he spent the time hobnobbing with European aristocrats. After he returned to New York in 1806, he published 20 issues of the satirical journal Salmagundi before composing “A History of New York.”

Presented as an abandoned manuscript by Knickerbocker, a cantankerous Dutch scholar, "A History of New York" is part satire, part parody and part romantic nostalgia. Like Miguel de Cervantes's "Don Quixote" (1605-15), it offers wry irony, digressions and addresses to the reader. In one episode, the Dutch Gen. Peter Stuyvesant threatens Swedish soldiers by shaking his sword "with such a fierce and vigorous motion that doubtless, if it had not been exceeding rusty, it would have lightened terror into the eyes and hearts of the enemy." In another, Knickerbocker com-

plains about the “diabolical obstinacy” of the women of Salem, Mass., who refused to confess to witchcraft and “be burnt for the good of religion, and the entertainment of the public.” The book, Mr. Lopate writes, shows Irving to be “a master of the accordion-like inflation and deflation of rhetorical rodomontade.” It was so popular that “Knickerbocker” became a lasting synonym for New Yorkers.

In 1815 Irving left the U.S. again for what would be a failed attempt to save the family's import business. He would remain abroad for the next 17 years.

While in England he completed “The Sketch Book of Geoffrey Crayon, Gent.” (1819-20), a collection of short pieces. Its great success determined Irving to make his living as a writer.

Mr. Lopate observes that the sketch, “a highly flexible” literary form that privileged casual impressions, was particularly suited to Irving’s “absorbent, conversational, and quicksilver temperament.” The highlights of

Irving's wide-ranging book are the tales of Rip Van Winkle and Ichabod Crane—both drawn in part from Hudson Valley legends—but it also includes travel writing, political commentaries and literary essays. Some of these would now be considered “sentimental and mawkish,” Mr. Lopate suggests. Others, such as “Rural Funerals,” are “beautifully sad.”

"The Sketch Book of Geoffrey Crayon, Gent." was published not long after the end of the War of 1812, and Mr. Lopate notes that some American readers considered Irving's laudatory view of English country life and traditions “a betrayal.” Irving saw himself as a patriot. He returned to the U.S. in 1832 and wrote an account of a trip to the West that praises the adventurous spirit of his fellow travelers. Sending young men on “a tour of the prairies,” he argues, would produce “that manliness, simplicity, and self-dependence, most in unison with our political institutions.”

Irving never married. Some biographers have suggested that Irving was homosexual, but Mr. Lopate notes that the writer was crushed when his fiancée, Matilda Hoffman, died at 17. He threw himself into his work and there-

Nearly all of Irving's once-famous satires are unread today, though 'Rip Van Winkle' lives on.

after seemed uninterested in the advances of the opposite sex—including those of the widowed Mary Shelley, the author of “Frankenstein” (1818)—until he found himself too set in his ways to marry.

Throughout “A Washington Irving Sketch Book” Mr. Lopate recommends Irving’s writing for its humor, charm and honesty. He quotes long passages that seem to deliberately pad out what would otherwise be a slim volume. The advantage of this decision, however, is that it presents us with the best of Irving directly. Other biographies provide a more complete account of the man. Mr. Lopate’s appreciation gives Irving’s voice pride of place, demonstrating that America’s first popular writer deserves to be read widely again.

'Only be sure that thou eat not the blood: for the blood is the life.' –DEUTERONOMY 12:23

The Birth of the Modern Vampire

Lith in colors by Rosenthal & Kraemer
VAMPYRE。

No. 1.] Nos. 2, 3 and 4 are Presented, Gratis, with this No. [Price 1d.

Vampire Tales Edited by Nick Groom Oxford, 688 pages, \$21.99 BY MICHAEL DIRDA

A S A TITLE, “Vampire Tales” is slightly misleading. Only in this anthology’s substantial introduction do we

learn that the stories and poems chosen by Nick Groom for this red brick of a book were all published before 1897, the year that Bram Stoker's "Dracula" appeared.

Taken together, however, the works describe what Mr. Groom, an eminent academic scholar of supernatural literature, calls “a culture of vampirism.” This comprises many aspects, he writes: “bloodsucking, but also a morbid preoccupation with blood and vitality, and more generally, predation; the exercise of power through possessing and dominating others; the prevalence of dreams and deliria that cast doubt over lived reality; the blurring of boundaries between life and death; and the enthralling intensity of beauty—particularly in bewitching eyes.”

By concentrating on short fiction and poetry in English or in English translation, Mr. Groom can justly ignore early folklore about shambling ghouls, stinking of the grave, who ravage peasants like themselves and are sometimes linked to outbreaks of the plague. Instead, his literary vampires already tend to be aristocratic or beautiful and often both. In general, their bite seldom confers vampire-in-the-making status on those they feed upon. Usually it leaves the unfortunate victims pale and wan and eventually dead.

Mr. Groom begins by reprinting five proto-Draculan works from 1819. These include a fragment from Byron—only a few scribbled pages, set in a Turkish cemetery, about the mysterious Augustus Darvell—and a long story called “The Vampyre” by John William Polidori, Byron’s former doctor. Polidori models the suave, elegant and bloodthirsty Lord Ruthven after Byron himself. The poet wasn’t happy about this: “Damn ‘The Vampyre’—what do I know of vampires?”

But thanks to Polidori, Byronic glamour and charisma have long been ascribed to undead protagonists of stage, film and print—whether the courtly Bela Lugosi of the movies (“I never drink—wine”), the bisexual Lestat of Anne Rice’s novels or those teen heartthrobs, Angel from “Buffy the Vampire Slayer” and Edward Cullen from Stephanie Meyers’s “Twilight.” In 1819 vampiric femmes fatales also began their seductions via an English translation of Goethe’s versified demon-lover tale, “The Bride of Corinth” (1797), and Keats’s medievalist ballad, “La Belle Dame Sans Merci”: “Her hair was long, her foot was light, / And her eyes were wild.”

Rather more surprising, the first vampire tale from the Americas also appeared in 1819: “The Black Vampyre,” by Uriah Derick D’Arcy (Richard Varick Dey). Set in the Carri-bean French colony of Saint-Domingue, this miniature Gothic fantasy features a cruelly vindictive planter and an enslaved black boy; a white widow infatuated with a debonair African man; a scene in a graveyard swarming with spirits; and a concluding didactic section headed “Moral.” According to this last, the seemingly “happy land of liberty and equality” swarms with vampires who have “sucked the whole substance of an hundred honest men” and are then allowed to escape punishment for their “bloated villany” through “the potent magic of an insolvent law.”

As Mr. Groom and other scholars have stressed, the parasitic connection between vampires and their human prey has been used to grossly symbolize the relationship between rapacious business owners and exploited workers. Marx himself used the analogy: “Capital is dead labour that, vampire-like, only lives by sucking living labour, and lives the more, the more labour it sucks.” Besides “The Black Vampyre,” several minor classics in Mr. Groom’s book demonstrate the close ties between blood and money—notably “Good Lady Ducayne” (1896) by Mary Elizabeth Braddon and “Margery of Quether” (1884), written by Sabine Baring-Gould (who also composed the words for the hymn “Onward Christian Soldiers”).

Other tales are simply rich in suspense and mounting terror. In “Wake Not the Dead” (1823) by Ernst Benjamin Salomo Raupach, a medieval German nobleman named Walter pines for his first bride, the sexually excit-

BAD BLOOD 'Vampyre' (1851), an illustration by Henry Louis Stephens from his 'The Comic Natural History of the Human Race.' At right, the cover of 'Varney the Vampire' (1847) by James Malcolm Rymer.

ing Brunhilda, and soon begins to neglect his gentle second wife, Swanhilda, and their two children. He resorts to black magic to bring Brunhilda out of her grave, as beautiful as ever yet strangely distant and cold. Gradually, she begins to regain her passionate vitality, even as the little boys and girls of the castle start to wither and die. Mary Helena Fortune's "The White Maniac: A Doctor's Tale" (1867) presents a mystery: Why does everyone associated with a certain house, secluded behind high walls, dress entirely in white? Is the Duke de Rohan's niece murderously insane, as he claims, or is the duke himself deluded? Needless to say, the young narrator soon yearns to marry the lovely and ethereal Blanche. But why is white the only color she is permitted to see?

From Lord Ruthven to Edward Cullen, vampires have been ascribed Byronic glamour and charisma.

In Freudian psychology, morbid dread tends to signify repressed sexual wishes. Lesbian desire powers J. Sheridan Le Fanu's dazzling "Carmilla" (1871-72) and reveals its protagonist as both victim and monster. In Ambrose Bierce's phantasmagoric "The Death of Halpin Frayser" (1891), vampirism blurs into incest. Eric Stenbock's "The True Story of a Vampire" (1894) depicts the tormented Count Vardalek, heartsick because his nature compels him to kill the thing he loves, the faun-like boy Gabriel.

Two of the genre's most studied works feature invisible vampiric entities, Fitz-James O'Brien's "What Was It?" (1859) and Guy de Maupassant's "The Horla" (1887). The first starts with terror of the unknown and unseen, but culminates in sheer pathos; the latter keeps the reader guessing: Is the creature real or merely the product of a diseased imagination?

“Vampire Tales” also reprints Poe’s “Ligeia” (1838); some extracts from James Malcolm Rymer’s immensely long, serialized penny dreadful, “Varney the Vampire” (1845-47); the English version of Karl Adolf von Wachsmann’s “The Mysterious Stranger” (1854), which may have influenced the opening chapters of “Dracula;” Charles Baudelaire’s poem, “A Carcass” (1857); Julian Hawthorne’s “Ken’s Mystery” (1883); and Robert Louis Stevenson’s “Olalla” (1885), among others. It is, in every respect, an excellent anthology.

Still the glory of Mr. Groom's "Vampire Tales" lies in its reading aids. As well as a lengthy introduction, it features an extensive bibliography, a chronology of vampirism up to 1897 and detailed endnotes that trace the textual history of each story or poem followed by explanations of any arcane allusions and period

LONDON: E. LLOYD, SALISBURY-SQUARE, AND ALL BOOKSELLERS.

vocabulary. At least a quarter of this hefty volume is devoted to scholarship of one sort or another.

Yet even though it reprints 25 key works, “Vampire Tales” can only sample the canon of important Victorian-era stories of the undead. Two older volumes, Richard Dalby’s “Dracula’s Brood” (1987) and Michael Sims’s “Dracula’s Guest” (2010), also focus on 19th-century vampires and add several important texts, including Arthur Conan Doyle’s “The Parasite” (1894) and F.G. Loring’s “The Tomb of Sarah” (1900). Alan Ryan’s “The Penguin Book of Vampire Stories” (1989) and Otto Penzler’s gargantuan “The Vampire Archives” (2009)—not to overlook Elinore Blaisdell’s out-ofprint but superb anthology, “Tales of the Undead” (1947)—assemble both old and modern stories, many of the latter eschewing the jugular vein entirely to emphasize psychological vampirism.

Christopher Frayling's classic "Vampyres: Genesis and Resurrection from Count Dracula to Vampirella" (1978, expanded version 2016) provides a brief, illustrated history of Lord Ruthven and his descendants, a small anthology of representative stories and a dossier of Dracula-related documents, including Stoker's "Dracula's Guest" (1914). This last, it is said, may be a deleted chapter from the novel, but is notable for many chills of its own, such as that evoked* by the alarming tombstone inscription: “The dead travel fast.” For basic information, ranging from the legends of Vlad the Impaler and Elizabeth Báthory to short biographies of relevant actors, authors, musicians and artists, consult the 900-page reference, “The Vampire Book: The Encyclopedia of the Undead” (2010) by J. Gordon Melton.

Remember that if you tire of vampires, you can always turn to the literature of werewolves, demons and revenants. There are many children of the night.

Mr. Dirda's "The Great Age of Storytelling" will be published in December.