The Wall Street Journal - 31.08.2026.pdf

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华尔街日报

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2026年8月31日，星期一 ~ 第CCLXXXVIII卷 第52期

上周：标准普尔 7711.76 ▲ 0.49%

标准普尔金融 ▲ 1.06% 标准普尔信息技术 ▲ 1.80%

美国版

2年期美债收益率 4.348%

日经指数 66405.56 ▲ 0.59%

更多详情请见 WSJ.com / Markets

今日要闻

商业与金融

◆ 美国通过秘密谈判数月以及美国官员和谈判代表频繁前往加拉加斯，最终达成一项协议，使美国获得委内瑞拉石油的所有权份额。A1

◆ 美联储主席凯文·沃什在杰克逊霍尔政策会议上的言论表明，央行将在下个月提高利率，投资者目前认为这种情况极有可能发生。A2

♦ KKR全球投资公司接近将保险经纪和咨询公司USI以约170亿美元（含债务）的价格出售给怡安集团；该资产是KKR在2017年与魁北克存款投资集团（CDPQ）共同收购的。B1

◆ 在关税退税、联邦支出以及火热的AI投资等因素的推动下，美国最大企业的利润正在激增，企业领导者表示，这种繁荣短期内不太可能放缓。A1

◆ 一家通过针对常见基因突变开发胰腺癌治疗药物的公司选择保持独立，而非寻求被收购，该公司在走自己的道路时引起了华尔街分析师的兴趣。B1

自2025年以来，总部位于印第安纳波利斯的汉堡连锁店“牛排与奶昔”（Steak 'n Shake）采用了使美国再次伟大（MAGA）认可的产品和技术，例如使用蔗糖调味的苏打水，以及使用牛脂而非植物油炸薯条。B3

◆ 加拿大中小企业预计将承受美国新关税的沉重打击，一名总部位于阿尔伯塔省的蜂蜜生产商称，最糟糕的情况将“非常难看”。A8

全球视野

◆ 美国中央司令部表示，美军袭击了霍尔木兹海峡的两个伊朗火箭发射器，这是美国在与德黑兰的冲突中数周以来的首次袭击。A9

◆ 俄罗斯总统弗拉基米尔·普京和中国领导人习近平定于周一在吉尔吉斯斯坦会面，此次会面是在一个包括伊朗在内的10国安全聚焦小组峰会的期间进行的。A9

◆ 美国国家航空航天局（NASA）发射了一台新的旗舰望远镜，这是一款将研究暗物质并寻找其他行星的强大仪器。A3

◆ 乌克兰官员表示，俄罗斯对基辅地区一个弹药库的无人机袭击引发爆炸，造成至少38人死亡，数十人受伤。A9

◆ 俄罗斯在乌克兰地面军事推进困难之际，通过一系列所谓的“灰色地带”活动旨在播种恐惧，从而向基辅的欧洲盟友施压。A9

◆ 纽约市市长佐兰·马姆达尼与教师联合会在向学校助理发放一次性奖金的问题上产生分歧，该工会支持此项付款。A3

◆ 据土耳其媒体报道，一艘载有近270名乘客和船员的渡轮在北塞浦路斯海岸附近倾覆，造成至少七人死亡。A7

◆ 尽管特朗普对其他国家和地区的主权或完整发出威胁，冰岛人在一项全国性公投中投票反对重启加入欧盟的谈判。A7

观点..... A15-17 个人日志 A11-12 体育..... A14 技术..... B4-5 行情..... B4 美国新闻..... A2-5 世界新闻..... A7-9

© 2026 Dow Jones & Company, Inc 保留所有权利

尼泊尔对洪水失踪者仍抱希望

被冲走：周日，在加德满都的一面墙上，贴满了上周袭击尼泊尔和西藏的洪水中失踪的2,500人中的部分姓名和照片。这场可能由冰川崩塌引起的灾难导致死亡人数达770人。A7

委内瑞拉石油权益协议在数月秘密谈判后达成

特朗普总统曾数月宣称，他将委内瑞拉领导人赶下台已为美国确保了该国的石油。

作者：Vera Bergengruen, Drew FitzGerald, Collin Eaton 以及 Juan Forero

然而，当美国能源公司拒绝按照他所希望的速度和规模进行投资时，他的政府设计了一套非同寻常的解决方案。

周五晚上宣布的这项协议将使美国政府的角色发生转变：从委内瑞拉石油投资的中间人变为投资者本身。

这将使华盛顿直接持有某私营公司的财务股份，而该公司将被授予对全球部分最大已探明石油储量长达一个世纪的开发权——同时也将使美国与一个非选举产生的政府建立更紧密的联系。

这家由备受争议的委内瑞拉商人亚历杭德罗·贝坦库尔（Alejandro Betancourt）领导的私营公司，将有机会开发17个油田，据称这些油田含有650 亿美元桶石油，相当于该国储量的五分之一。

五角大楼在对其职能的一次惊人扩张中，将协助为该石油项目提供资金，并从未来的产量中获取回报。

“如果这项协议能在随后的委内瑞拉政府任期内幸存下来，那么特朗普将为美国确保超越页岩革命的战略石油储备，”咨询公司 Rystad Energy 的合伙人施赖纳·帕克（Schreiner Parker）表示。“目前，关于这些原油如何从储量转化为实际产量，以及谁将投入时间、精力

企业盈利激增推动乐观前景

AI投资与关税退税驱动增长，许多消费者继续消费

作者：SARAH NASSAUER 和 THEO FRANCIS

美国最大企业的利润正在激增——且其领导层表示，这种情况在短期内可能不会改变。

从 Target 和 J.M. Smucker 到农机制造商 Deere，涵盖美国经济各领域的公司都在录得更高的销售额和利润。近日，许多公司提高了年度财务预期，并将强劲的销售额列为原因之一。

这种繁荣可归功于一系列幸运事件的交汇：火热的人工智能支出、联邦政府支出，以及企业通过部分关税退税获得的意外之财。此外，股市的繁荣和高房价正帮助许多消费者维持消费，尽管许多其他人仍在努力应对价格上涨。

Abercrombie & Fitch 的高管在上周的一次投资者电话会议上表示，即使该时尚零售商在最近一个季度削减了折扣，消费者仍继续购买。这一点，加上预计约 1.2亿美元 的关税退款，促使该零售商提高了全年财务预估。

“基础业务

雇主在求职面试中采取“AI防范”措施

作者：KATHERINE BINDLEY

求职面试出现了一个新前沿，过程大致如下：请移除您的 Zoom 背景，并将摄像头环顾房间。现在，请在脸前挥挥手好吗？

AI辅助回答的普遍存在——更不用说雇佣到那些可能在居住地撒谎，甚至在为朝鲜工作的候选人的风险——促使公司升级其筛选策略。

他们希望确保所雇佣的人员确实了解他们所谈论的内容，并且其身份真实。

曾担任质量工程师的海瑟·威尔考克斯（Heather Wilcox）目前正在积极寻找工作。她说，她经历过由 AI 主导的面试，软件会监控她的眼神方向，以确保她没有偷看 AI 生成的剧本。

CALEB BOWLIN / GETTY IMAGES

“存在大量的身份替换和作弊行为，”她说。“AI 让招聘变得极其困难，因为每个人的简历都完美无缺。每个人都有正确答案。”

面试官还告诉她，虚拟视频通话背景是被禁止的。但作为一名曾经的招聘经理，她对此表示理解。

内部报道

虽然许多公司希望看到求职者使用人工智能的熟练程度，并可能鼓励其使用，但仍有一些问题他们希望候选人在没有帮助的情况下回答：他们如何思考某个特定问题、之前工作经验的具体细节，或者他们是如何度过一个——请参阅 A11 页

美国新闻 抢到租金稳定公寓的 纽约年轻人 过上了梦想生活。A3

体育

菲律宾网球神童在马尼拉——以及在 美国公开赛上吸引了球迷的关注。A14

大学招生危机冲击名校

雪城大学凸显了招生人数下降这一普遍问题

作者：DOUGLAS BELKIN 和 ROSHAN FERNANDEZ

在担任雪城大学国际学生服务主任期间，胡安·塔瓦雷斯（Juan Tavares）每周六都会收到招生院长发送的电子邮件，报告学生申请数、录取数和入学押金的统计数据。

他说，在疫情期间，这些数字开始下滑，因此他向招生团队提出了七项改进招生的建议。这些建议的核心观点是，雪城大学在招生的积极程度上有所欠缺。

“雪城大学的问题在于，这所学校认为自己像常春藤盟校一样，但事实并非如此，”塔瓦雷斯说。

不再在该校工作的塔瓦雷斯表示，他的建议没有得到任何采纳。

2025年，他所指出的弱点与特朗普总统对学生签证的大规模打击相碰撞。雪城大学本科生和研究生的国际入学人数下降了一半。

雪城大学在整体招生人数上也未能达标，这促使其提供紧急财务援助方案以吸引新生。

本学年（始于 8 月 24 日）的入学人数不足，导致该校出现 1.5% 的预算缺口。

雪城大学还为了建设急需的新宿舍增加了近 5 亿美金的债务，这引发了债券市场的谴责。此外，该校最近削减了一些其认为不受欢迎的项目。

一家拥有 25 亿美元捐赠基金和 150 年悠久传统的全国知名机构，突然开始陷入困境。

长期以来困扰全美小型学校的问题，现在正蔓延到规模更大、资金更雄厚的大学——像雪城大学这样的中型私立学校——请参阅 A10 页

请参阅 A11 页

亚洲最宜居城市之一应对新威胁：蝉

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新加坡向来不采取折中方案，目前正全力控制这个令其困扰的昆虫问题

作者：MIKE CHERNEY

新加坡——作为国防部副部长级别的官员，戴斯蒙德·丘（Desmond Choo）在这个地缘政治环境复杂的地区协助监管这个城市国家的军队。 今年，他接手了另一场战斗：保护选民免受此前在此从未见过的蝉群侵害。

不受欢迎的访客

丘在新加坡议会代表受影响最严重的地区，他表示：“当蝉群激增到开始严重干扰整个社区家庭生活的程度时，我们必须果断采取行动。”

新加坡建立在一个距离赤道以北约 85 英里的丛林岛屿上，对蝉并不陌生。直到最近，这里已知生活着 10 个物种。但当数以万计的蝉出现，用巨大的鸣叫声和杂乱的飞行干扰当地人时，居民们感到很困惑。

科学家确定它们是橙翅蝉——请参阅 A12 页

短期贷款令沃尔特陷入困境

作者：玛格特·帕特里克 (MARGOT PATRICK) 和 乔·华莱士 (JOE WALLACE)

道奇队老板马克·沃尔特 (Mark Walter) 的保险帝国在投资方式上与同行截然不同：它在短期投资上投入巨大。

沃尔特旗下公司的约 200 亿美元 billion 保险投资正处于一项联邦调查的审查之中。该调查旨在研究沃尔特控制的保险公司如何资助其其他业务（即所谓的“关联贷款”），以及其中是否存在欺诈行为。

保险公司表示，联邦调查促使沃尔特旗下的保险公司进行审查，并将超过三分之一的资产重新分类为与所有者相关。

关联贷款最集中的领域是短期投资，而大多数保险公司很少使用这一类别。在沃尔特旗下保险公司去年发放的 52 亿美元 billion 短期贷款中，几乎全部流向了关联公司。沃尔特的 TWG Global 集团及其保险部门表示，计划在 2026 年底前削减大部分关联投资。

这些数十亿美元贷款中的大部分将于本月底（即周一）到期。这可能会加剧沃尔特和 TWG 的资金压力，后者在买入洛杉矶湖人队的一年后，近期出售了该球队的控股权。

“这非常罕见，”华盛顿州的 Strategic Asset Alliance 的奥尔顿·科格特 (Alton Cogert) 表示，他为保险公司的投资组合提供咨询。

请参阅 A5 页

沃什阐述加息理由

美联储主席凯文·沃什上周与其它央行行长一同前往怀俄明州杰克逊霍尔。

即将公布的通胀报告等数据将有助于指导美联储在 9 月 15-16 日会议上的决定

作者：尼克·蒂米劳斯（NICK TIMIRAOS）

怀俄明州杰克逊霍尔——美联储主席凯文·沃什消除了人们对其抗击通胀策略的一些担忧，但同时也为三周后的一次潜在更大考验埋下了伏笔。如果美联储加息，他可能会在期中选举前几周激怒白宫；如果他维持利率不变，则可能会让周五在此次演讲中被平息的质疑再次抬头。

本周末聚集在提顿山脉的央行行长们在抵达时并不确定，这位美联储新任主席会对他们透露多少关于其如何解读经济的看法。沃什在经历了上个月的会议后一直受到批评，包括几位会议参会者在内，批评他没有解释美联储目前的立场将如何降低通胀。

他在周五给出了更详尽的说明。沃什演讲中的两点观察尤其指向下个月加息，而投资者目前认为这种情况发生的可能性更大。其中一点是，沃什很难将目前的金融环境称为“限制性”的。

另一点是，夏季较好的通胀读数并未让他相信潜在趋势正在改善。利率的作用本应是通过提高借贷成本来降低通胀。如果借贷成本不高且通胀没有下降，那么利率就还不够高。

在周五之前，美联储的默认做法是除非数据证明有必要变动，否则维持不变。前美联储副主席唐纳德·科恩（Donald Kohn）表示，沃什的演讲扭转了这一点。“他将预设改变为：除非数据表明没有必要，否则他们将加息，”科恩说道，堪萨斯城美联储年度研讨会的其他与会者也持有相同看法。

这意味着决定将取决于 9 月 15-16 日会议之前的进展，尤其是 9 月 11 日公布的 8 月消费者价格指数（CPI）。沃什曾表示，他不会过分依赖任何单一的读数，但如果数据走低，可能会将此前两个月的利好表现转化为一种趋势。

科恩表示，一份足够疲软的报告将决定结果。如果数据表明没有必要采取行动，美联储就不应变动，投资者也不应反对。另一方面，一个强劲的读数可能会削弱“通胀正朝着央行 2% 目标前进”的论点。如果美联储在这种情况下依然维持利率不变，那么周五演讲所平息的关于沃什行动意愿的质疑将会重启。

虽然这种对数据点的依赖正是沃什在执掌美联储之前所批评的，但对于一位希望每次会议都在会议室中决定而非提前决定主席来说，这也是一个自然的结果。

包括巴克莱银行（Barclays）和法国兴业银行（Société Générale）在内的一些专业预测机构，根据沃什周五的演讲修正了对美联储政策的预期，目前预计 9 月和 12 月将加息。

其他投资者和分析师则将此次演讲视为一次“罗夏墨迹测试”，强化了他们之前的观点。那些认为美联储在 7 月本应加息的人，听到的是一位主席在为行动铺路，并将自己与美联储中最鹰派的阵营联系在一起。而那些认为加息将是一个错误的人，则听到一位主席在修复 7 月的沟通混乱，并向市场保证他严肃对待通胀，但并未在数据尚未要求做出决定之前做出承诺。

曾在会议上主持小组讨论的前英格兰银行政策制定者克里斯汀·福布斯（Kristin Forbes）表示，投资者在将演讲解读为信号时应保持谨慎。她说，沃什已经明确表示他没有预先承诺。“大门向两个方向都敞开，他已经非常清楚地表示人们应该这样进行定价，”她说。

福布斯表示，一位决心证明自己不提供前瞻性指引的主席，可能会有理由在下个月不采取行动，哪怕仅仅是为了阻止投资者在每篇演讲中剖析信号。

周五，沃什为7月份的决定进行了辩护，他给出的理由是推迟决策——以等待关于供应链、投资流向和地缘政治的新信息——而非像他的一些同事那样，论证为何目前的立场是恰当的。如果8月份的数据没有走软，那么在9月份维持利率不变将使他回到7月份的处境：在缺乏令人信服的理由的情况下解释一项决定。

“如果他不能解释清楚，他将失去信誉，”堪萨斯城美联储前主席托马斯·霍尼格（Thomas Hoenig）表示。

下个月加息将发生在11月初中期选举前仅几周，这将削弱政府关于通胀已得到控制的说法。特朗普总统并未像对待前美联储主席杰罗姆·鲍威尔那样，给沃什施加同样的公开压力。

特朗普在近几个月暗示，沃什更倾向于维持利率不变，而是受到了委员会其他成员的推动；总统的高级经济顾问也表示，剔除波动较大的能源价格后，通胀已有所改善。

霍尼格表示，认为政治压力不起作用的想法太天真了。“无论你是谁，这都是不可避免的，”他说，“我们都将其抛之脑后，但它一直存在。”沃什及其同事则表示，他们不考虑政治因素。

沃什领导的委员会内部存在分歧。三名官员对上个月的决定持异议，且至少两名没有投票权的官员表示他们也认为应该加息。这些官员担心，无论8月份的数据如何，通胀都可能持续恶化，部分原因是关税、中东冲突以及AI投资的规模将使价格持续承压。他们还认为，高通胀和强劲增长存在维持较高价格增长的风险。

其他人并不反对最终加息，但认为如果月度价格读数继续向更有利的方向发展（如6月和7月那样），那么现在采取行动将是一个错误。

第三组人则处于两者之间。少数支持7月份决定的人现在可能倾向于支持加息；如果美联储在9月份维持利率不变，那么异议人数将超过上个月的三人。

CRAIG SANDERSON / 美联社 周日，亚利桑那州大峡谷国家公园在前一天遭受严重洪水袭击后的景象。

美国观察

大峡谷洪水迫使人员撤离

国家公园管理局表示，大峡谷发生的一次严重山洪迫使数十人撤离，并将巨大的岩石、金属结构和其他碎片冲入贯穿其中的科罗拉多河。官员们在周日晚些时候表示，洪水还摧毁了为国家公园内的游客和居民提供服务的唯一一条输水管道。

从周一开始，游客将无法在大峡谷国家公园内的旅馆和酒店过夜。公园还要求在那里全年居住的居民节约用水。

在公园管理局试图核实该地区所有人员情况的同时，它要求任何掌握在该地徒步或露营人员详细信息的人员与其联系。

新奥尔良

亚诺普洛斯被遣返回英国

-美联社

美国国土安全部表示，移民与海关执法局（ICE）在英国媒体挑衅者米洛·亚诺普洛斯（Milo Yiannopoulos）因选择“逾期逗留”而被拘留后，将其遣返回英国。

一名国土安全部发言人表示，ICE特工于周四在路易斯·阿姆斯特朗新奥尔良国际机场逮捕了亚诺普洛斯。亚诺普洛斯于周五被遣返。

国土安全部表示，在亚诺普洛斯错过一次移民听证会后，一名法官于7月22日向这位英国保守派评论员发出了遣返令。在2025年的一篇社交媒体帖子中，他敦促特朗普将数百万人从美国遣返，并称“其他事情都不重要”。

亚诺普洛斯及其代表未回应置评请求。

-杰克·莫菲特（Jack Morphet）

南卡罗来纳州一名警员在公园枪战中丧生

哥伦比亚市警察局局长表示，周六在接到一起家庭纠纷的电话后，南卡罗来纳州的一名警察在公园的一场枪战中死亡，另一名警察受伤。

局长W.H. “斯基普” 霍尔布鲁克（W.H. "Skip" Holbrook）表示，嫌疑人为一名33岁且有长期犯罪记录的男子，同样死亡。

霍尔布鲁克表示，遇难警员是29岁的克里斯托弗·德隆（Christopher DeLong），他在警察局工作了两年。局长表示，第二名警员大卫·戴莫克（David Dymock）情况稳定。

此次枪击事件发生在周六上午9:30左右，一名女性打电话给警方称，一名她持有禁制令的男子正在她家中破坏财产。

局长表示，嫌疑人为亚当·泰勒·道迪（Adam Tyler Dowdy），该男子在至少四个州有被捕记录。

-美联社

更正与补充

英伟达（Nvidia）第二季度的销售额同比增长 $106%，比 FactSet 汇总的分析师预期高出 $4%。周四一篇关于英伟达财报的第一版文章错误地称英伟达报告的销售额增长为 $4%。

巴雷特·佐夫（Barret Zoph）在与首席执行官米拉·穆拉蒂（Mira Murati）发生争执后被 Thinking Machines Lab 解雇，随后加入了 OpenAI。周五一篇关于他入职谷歌的新工作报道称，他从 Thinking Machine Lab 叛逃至 OpenAI。

读者可以通过发送电子邮件至 wsjcontact@wsj.com 或拨打 888-762-5450 向《华尔街日报》报告新闻文章中的任何错误。

关税退税提供了巨大的临时助力。根据 Apollo Global Management 8 月中旬的一项估计，这些退税可能占第三季度经济增长的 4% 以上——或者在亚特兰大联储 4% 至 5% 的增长预测基础上增加约 0.2 个百分点。

全年财务预测的提高来自各类公司，包括医疗保健公司 McKesson 和 Charles River Laboratories International，以及果酱巨头 Smucker。在其中许多公司，退税主要流向了净利润，而非转化为给消费者的低价。

健身手表制造商 Garmin 的高管上月底告诉投资者，在截至 7 月底的季度中，2100万美元 的关税退税提升了利润率。其健身产品的强劲需求也起到了推动作用，促使该公司提高了全年财务指引。

首席执行官克利夫顿·彭布尔（Clifton Pemble）告诉投资者，即使没有退税，“我们的毛利率表现无论与历史上任何时期相比都令人印象深刻”。

零售商在最近几周普遍报告了强劲的季度销售数据，指出尽管消费者在应对更高的燃料价格和长期通胀，但仍在购买新家电、玩具和服装。

Dollar General 以吸引资金紧张的购物者光顾其主要分布在农村地区的门店而闻名，该公司公布了连续第五个季度客流量增长，且可比销售额增长 3.5%。电子产品零售商 Best Buy 表示，其购物者正在大量购买电脑、电视和 AI 智能眼镜，从而提升了最近一个季度的销售额和利润。Target 同样报告了最近一个季度销售额和利润的增长，并从关税退税中获益，指出

---

标准普尔 500 指数结果（经分析师共识调整），同比变化

*不包括亚马逊（Amazon）和 Alphabet 的投资收益。注：华尔街收益反映了 17 家公司的分析师预测，以及其余公司报告结果的华尔街共识调整。来源：LSEG

消费环境有所走软，但购物者仍在消费。

购物者推动了玩具、食品和美容产品的销售增长。

这些关于消费强劲的报告与近期的一些经济指标相反。政府7月份的零售销售数据显示整体出现走软，部分原因是亚马逊和其他零售商将今年的夏季线上促销活动从去年的7月提前到了今年6月。世界会议研究中心（Conference Board）上周表示，由于消费者对未来的经济状况感到担忧，一项备受关注的消费者信心指标在8月份有所下降。

部分零售商确实报告了销售低迷。Gap表示，尽管其旗舰品牌Gap表现良好，但受Old Navy和Athleta品牌表现的拖累，其最近一个季度的销售额有所下降。不过，该公司仍上调了全年盈利预期。

Dollar General以及其他面向美国主流市场的零售商表示，他们利用部分关税退款来降低价格，希望进一步刺激销售。Dollar General首席执行官托德·瓦索斯（Todd Vasos）在电话会议上表示：“我们的核心客户在财务上仍然受到限制。”

运营至少一年的沃尔玛门店及数字化渠道的销售额增长速度创下六年多来最慢记录。但这仍足以让这家零售商在本月早些时候上调全年预期。它利用了约 29 亿美元 billion 的关税退款来降低价格，公司高管表示，这应该会在今年晚些时候提升销售额。

他们表示，购物者虽然谨慎，但仍在消费。沃尔玛首席财务官约翰·大卫·雷尼（John David Rainey）在本月的财报电话会议上表示，现在的消费环境“可以说比2月份更走软”。

阿波罗全球管理公司（Apollo Global Management）首席经济学家托斯滕·斯洛克（Torsten Slok）表示，到目前为止，几乎没有迹象表明驱动增长的因素在短期内会减弱。

他表示：“只要AI热潮继续，股市保持高位，且消费者收入继续强劲增长，消费者的状态就会继续保持良好。”但如果AI的承诺无法证明大规模投资的合理性，“我们将面临不同的局面。”

MATHYLDA DULIAN 为 WSJ (5)

JOE SKIPPER / 路透社

[...OMITTED...]

美国国家航空航天局与SpaceX发射望远镜

作者：MICAH MAIDENBERG

美国国家航空航天局（NASA）发射了一台新的旗舰级望远镜，这是一款强大的天文观测设备，将用于研究所谓的暗物质并搜寻其他行星。

周日东部时间上午7:30前，一枚SpaceX火箭携带这台名为“南希·格雷斯·罗曼空间望远镜”（Nancy Grace Roman Space Telescope）的设备从佛罗里达州的发射场起飞。发射过程顺利，该望远镜将飞向距离地球约100万英里的轨道。

在一项计划持续至少五年的任务期间，这台重约18,000磅、长42英尺以上、宽14英尺以上的观测设备将对宇宙进行大规模普查。该望远镜的主要科学传感器本质上是一个被称为“宽场仪器”（Wide Field Instrument）的巨型红外相机。

据该机构称，WFI相机拥有300 megapixels，使其视野比NASA的哈勃天文台大得多，且数据采集速度比该设备快得多。该相机应能让望远镜捕捉到极高分辨率的空间图像。

“正是这款仪器让我们能够获得全景图像，使‘罗曼’如此具有标志性，”参与该望远镜项目的NASA科学家多米尼克·本福德（Dominic Benford）在周日NASA的发射直播中表示。

该望远镜还包含一个所谓的日冕仪，这是一个包含镜面和光学传感器的系统，旨在尝试对其他行星进行成像。

它将研究暗物质，这是一种神秘的物质形式，科学家认为这将帮助他们理解宇宙的本质。该望远镜将追踪数亿颗恒星，寻找可能预示着所谓“系外行星”存在的光线。

这台望远镜以NASA一位先驱女性天文学家的名字命名，它险些未能进入太空。特朗普政府在预算提案中曾建议取消该设备，但国会继续支持为其提供资金并将其发射。该政府曾寻求大幅削减许多NASA的科学项目。

在周日的发射后媒体简报会上，特朗普总统通过电话称赞了此次飞行，并对NASA的这项任务表示赞赏。“天哪，在电视上看起来太美了，”他说。

NASA表示，该设备的总成本（包括开发和运行）预计约为43 亿美元 billion。

该望远镜采用了最初为美国国家侦察局（NRO）开发的镜面技术，后者是一家运行强大间谍卫星以监测地球的美国情报机构。NRO在十多年前将该设备捐赠给NASA，使NASA的团队能够重新利用这项技术。

SpaceX使用猎鹰重型（Falcon Heavy）火箭发射了该设备，这是其主力猎鹰9号（Falcon 9）运载工具的更强型号。

周日在佛罗里达州的起飞瞬间。 ◆ SpaceX及其竞争对手在低地球轨道避开交通拥堵...... B1

活在梦中的纽约年轻人

他们获得了终极交易：一套租金上涨幅度极低的租金稳定公寓

纽约市拥有约100万套租金稳定公寓，约占其租赁住房总量的一半。在市长佐兰·马姆达尼（Zohran Mamdani）实施的新租金冻结政策下，这些公寓的房东必须在10月起将一年期和两年期租约的租金保持不变。

租住这些公寓的人群涵盖了从低收入家庭到继承了家人租约的富裕居民。由于没有收入限制或特殊资格要求，租户

作者：REBECCA PICCIOTTO 和 LILY BELLE POLING

群体差异极大。在市场租金处于历史高位之际，任何足够幸运地找到此类公寓的人，都能从年度租金极低涨幅所带来的稳定性中获益。这需要运气、人脉、毅力——有时还需要支付经纪人费用。

根据市审计长的分析，能够进入这一令人垂涎的住房储备的Z世代和千禧一代租客在减少。婴儿潮一代和X世代的租客不愿放弃他们的优惠条件。而且，旧的租金稳定房产正被拆除用于开发项目，导致此类公寓的数量在缩减。

纽约市的年轻租金稳定租户在他们这一代人中属于罕见群体。其中几位向我们敞开了公寓大门。以下是具体情况。

...... 扎克·莫尔 (Zach Mauer) 曼哈顿，切尔西 年龄：33 租金：$2,000 职业： 媒体公司经理 公寓面积： 300 平方英尺 / 单身公寓

在纽约生活九年后，扎克·莫尔深知仅仅提到“租金管制单元”就具有一种魔力。“我见过这让房间里的人纷纷回头，”他说。

作为一名33岁的媒体公司经理，莫尔在纽约最抢手的地段之一享受着约 60% 的折扣。他是通过在 Craigslist 上认识的一位“认识某个女人的女人”找到这套公寓的。

莫尔在蒙大拿州长大，他将自己的公寓视为证明

艾玛·汉特 (Emma Handte)

布鲁克林，布什威克 (Bushwick, Brooklyn) 年龄：32 租金：$2,100 职业：兼职图书管理员 公寓面积：300 平方英尺 / 单身公寓

当艾玛·汉特搬进她在布什威克的单身公寓时，她在墙上安装了书架。一个造型奇特的书架挂在角落里，一些简单的悬空书架则位于深绿色拉扣沙发上方。每个书架上都摆满了像《白鲸》和《钟形玻璃》这样的平装书。

“我以前从未在公寓里安装过书架，因为我觉得‘我可能一两年内就会搬走’，”她说。“我每隔几年就搬一次家，因为某个地方的租金会上涨或者其他原因，但现在这套公寓的租金稳定机制让我能够考虑更长远的计划。”

32, 岁的汉特此前

......

他作为一名纽约市的租房者获得了成功。“对我来说，值得自豪的是它的稳定性，”他说。“在像纽约市这样疯狂的系统中，任何形式的稳定性——都是一种资本。”

埃文·鲁根 (Evan Rugen) 曼哈顿，东村 (East Village, Manhattan) 年龄：31 租金：$2,000 职业：房地产与金融服务 公寓面积： 575 平方英尺 / 单身公寓

曾与另外三人合租一套四居室公寓。一旦年满 30, 岁，她意识到是时候找一个自己的住处了。

凭借运气，汉特在她的租金稳定公寓发布在StreetEasy上的当天就找到了它。她说，她是第一个到达开放日看房的人，并且在看完房子后立即支付了押金，以抢在竞争对手之前。

埃文·鲁根位于东村的阁楼公寓唯一的缺点是与邻居之间长达数年的不和。

在鲁根的公寓举行了一场喧闹的派对后，他的邻居们（大多在70至80岁之间）在他前门留了一张字条：“谁养大的你？？？这栋楼里不只有你们这些人。”

当时，鲁根才20岁出头，正试图在房地产行业站稳脚跟。如今31岁的鲁根执掌一家金融服务公司，他成为了纽约人私下议论、如同都市传说般富有的租金稳定租户群体的一员。

谢迪卡·威廉姆斯 (Shedika Williams) 布朗克斯区 年龄：29 租金：$1,259 职业：行政助理 公寓面积：800平方英尺 / 1室1卫

谢迪卡·威廉姆斯在偶然发现一个划算的租房机会时，产生了纽约市租房者都熟知的那种心跳加速的感觉：“起初我觉得这有点像个骗局。”

威廉姆斯经历过不少住房纠纷。当时她已经准备将前房东告上法庭。因此，当她发现一个这个面积、这个价格的公寓时，她持怀疑态度。

但一个宽敞的、租金稳定的单卧室公寓且完全由自己掌控？这将改变她的生活。威-

蒂安娜·圣路易斯 (Tianna St. Louis) 布鲁克林， 皇冠高地 年龄：24 职业：模特 租金：$1,152 公寓面积： 600平方英尺 1室1卫

在租金冻结的消息传出后不久，蒂安娜·圣路易斯最好的朋友给她发短信说：“你太幸运了。”他并不是第一个在评论圣路易斯的租金稳定公寓时流露出明显嫉妒之情的人。

这套单卧室公寓有足够的空间存放她的自行车，也能让她的查理王小猎犬洛蒂（Lottie）四处奔跑。这也是她在城市生活的六年里住过的最便宜的

在鲁根居住在那里的10年里，下曼哈顿的价格上涨了一倍多。与此同时，他的租金仅上涨了25%，而且他说他的收入是以前的10倍。他说，为了这种稳定性，与邻居之间产生嫌隙是需要付出的微小代价。

地方。

廉姆斯暂时抛开疑虑，于1月搬入。

这位24岁的模特是通过一名持有非公开房源的经纪人获得这套公寓的。纽约市去年夏天禁止经纪人向租客收取费用，但一些人通过私下展示更抢手的房源来规避这一规定。圣路易斯支付了经纪费——她认为考虑到她计划在那里居住的时间，这笔钱是值得的。而且当她明年续约时，她将享受租金冻结。

现在摆脱了意外的租金上涨，她松了一口气，并开始改善自己的财务习惯。她现在储蓄更多；她削减了冲动购物；大部分剩余收入用于医疗保健费用，例如为了改善呼吸而进行的牙齿矫正。

“我觉得自己更有责任感了，因为这是我的长期公寓，”她说。

当人们看到她的公寓时，他们的反应只有一部分是祝贺：“另一半则是说，‘我需要那个经纪人的联系方式。’”

他承认，有时他也帮腔煽风点火。在那张不祥的门贴出现后的那个周末，鲁根又举办了一场派对。这一次，他在门外留了20多件免费T恤。上面写着：“谁养大的你们？？？你们不是这栋楼里唯一的人。”

马姆达尼与工会就学校助教奖金产生分歧

作者：詹姆斯·法内利 (JAMES FANELLI)

随着新学年的临近，市长佐兰·马姆达尼 (Zohran Mamdani) 正陷入一场出人意料的对峙，而他的对手竟是一位强大的课堂盟友：纽约市教师工会。

马姆达尼提起诉讼，旨在阻止市议会通过的一项法律。该法律计划向低薪的学校助教提供一次性 $10,000 奖金，这些助教通常负责协助特殊需求学生。这起诉讼标志着这位民主社会主义市长与教师联合会（United Federation of Teachers）之间出现了令人惊讶的裂痕。教师联合会是一个极具影响力的劳工团体，代表着该市助教以及全美最大学校系统中的教师。

对于马姆达尼而言，这同样是一次立场反转。在去年的市长选举中，他得到了该工会的支持，且在竞选期间曾表示支持发放奖金。

这场法律之争对于这位将竞选重点放在“可负担性”并曾为寻求提高工资的工人走上抗议 picket lines 的市长来说，具有广泛的影响。此举激怒了教师工会，并可能使他与那些帮助他当选的其他城市雇员工会之间的关系变得复杂。

在今年夏天早些时候接受《纽约时报》采访时，拥有 200,000 名成员的教师工会主席迈克尔·马尔格鲁 (Michael Mulgrew) 威胁称，如果马姆达尼试图阻止该立法，将引发一场“全面战争”。

“当你看到教师工会与民主党政治人物之间出现巨大分歧时，总是令人惊讶，尤其是面对一位相当激进的左翼民主党政治人物，”教育改革智库托马斯·B·福特汉姆研究所 (Thomas B. Fordham Institute) 主席迈克尔·佩特里利 (Michael Petrilli) 表示。“传统观点认为，民主党政治人物会尽量避免与其选民中的重要组成部分产生冲突，而教师工会正是这样一个至关重要的基础。”

这场争端还揭示了马姆达尼在就职后，面对财政约束时履行竞选承诺所面临的现实。

该市约有 25,000 名学校助教（被称为准专业人员），其起薪约为 $32,000。7月下旬，市议会一致通过了授予 $10,000 款项的立法。马姆达尼没有否决该法案，使其自动成为法律。几天后，他向州法院起诉市议会，称这些奖金将使城市承担估计 3.25亿美元 的成本。

通过采取法律行动，市长是在主张其在劳工合同谈判中的行政权力。诉讼称，这些奖金违反了一项数十年前的法律，该法律规定，由工会与市长之间的集体谈判——而非立法——决定薪酬。诉讼指出，允许该奖金立法生效将开创一个坏先例，为工会通过绕过传统谈判过程中的博弈来寻求加薪提供了路径。

市议会议长、民主党人朱莉·梅宁 (Julie Menin) 表示，市议会原本希望市长能为准专业人员协商加薪，或将薪资增长纳入今年早些时候通过的预算中。她说，在上述情况未发生后，市议会决定推进该立法，并补充说学校助教的薪水过低。提高他们的薪资将有助于填补该市目前在该岗位上的 1,600 个空缺，并从长远来看降低教育成本。

“我们认为，提高准专业人员的薪资不仅在规范上是正确的，在财政上也是正确的，”她说。

马尔格鲁在的一份声明中表示，市议会的立法解决了长期的人员短缺问题。“市议会采取这一行动是因为其必要性，而且他们是以一种在法律上保护集体谈判的方式来执行的，”马尔格鲁说道。他领导的工会最近已提交动议申请介入该法院案件。

一名市长发言人表示，马姆达尼政府提起诉讼是“为了确保市政府与其员工之间的谈判留在谈判桌上，而不是通过政治干预来决定”。他补充说，市长办公室一直在与教师工会进行讨论，以解决学校助教获得公平薪酬的需求。

教师主导的倡议团体“追求卓越教育者”（Educators for Excellence）首席执行官埃文·斯通（Evan Stone）表示，市议会的这项立法让市长陷入了一个“非常棘手的境地”。斯通说，马姆达尼同意学校助教理应加薪，但他需要坚守设定薪酬的传统流程。他表示，从历史上看，市长一直采用模式谈判（pattern bargaining），在全市工会合同中设定统一的百分比涨幅，以避免某个群体获得的加薪幅度远高于其他群体。

“我认为，在预算约束非常紧迫的时刻，这将使历史惯例受到质疑，”斯通在谈到奖金问题时说道。他补充说，这场法律斗争可能会损害马姆达尼与许多在市长竞选中支持他的教师之间的关系。

塔拉里科在德克萨斯州竞选中发起攻势

BOB DAEMMRICH / ZUMA PRESS (2) 参议员候选人詹姆斯·塔拉里科在德克萨斯州奥斯汀的一次集会上摆姿势。右图为他的共和党对手肯·帕克斯顿 8 月在德克萨斯州圣安东尼奥发表讲话。

参议员候选人筹款额超过共和党人帕克斯顿，广告铺满电波

作者：MAGGIE SEVERNS 和 ELIZABETH FINDELL

参议员候选人詹姆斯·塔拉里科（James Talarico）在马萨诸塞州开启了 8 月的行程。在富人区南塔克特岛的一个游泳池边，100 多名好奇的岛民戴着太阳镜，穿着运动夹克聚集在一起，想看看这位在德克萨斯州势头强劲、目光炯炯的民主党人究竟是个什么样的人。

这次活动在一位前拜登政府大使的雪松瓦屋顶家中举行。根据邀请函显示，门票价格在 $500 和 $13,500. 之间。此次活动是塔拉里科私人东海岸之行的一部分，行程还包括 8 月在马萨诸塞州的另一个度假胜地马莎葡萄园岛以及纽约市的停留。

前德克萨斯州副州长本·巴恩斯（Ben Barnes）表示，离开这场门票售罄的筹款活动后，宾客们对塔拉里科及其真诚的态度留下了深刻印象——这无疑帮助该竞选活动从大额和小额捐赠者那里筹集了 $6800 万，使其共和党对手肯·帕克斯顿（Ken Paxton）的 900万美元 筹款额显得相形见绌。

“我认为塔拉里科有机会赢得这场竞选，”共同主持南塔克特岛活动的民主党人巴恩斯说道。

在共和党主导的“红州”德克萨斯州，塔拉里科的竞选活动仍被认为机会渺茫，但这位候选人给民主党带来了希望，让他们觉得有可能实现自 20 世纪 90 年代以来首次赢得该州全州范围职位的遥远梦想。福克斯新闻（Fox News）、库克政治报告（Cook Political Report）和政治中心（Center for Politics）的竞选评级机构最近都将这场竞争从“倾向共和党”调整为“势均力敌”。

整个 8 月，塔拉里科一直处于攻势。得益于筹款优势，他的广告在全州无处不在，其中还包括对帕克斯顿的抨击，其中一条广告指责其对手偷了一支 $1,000 钢笔。他的竞选团队最近聘请了共和党参议员约翰·科宁（John Cornyn）的一名高级助手，而帕克斯顿在一次激烈的初选中击败了科宁。

共和党人将身为州代表和神学院学生的塔拉里科贴上了“极左进步主义者”的标签，称其不能代表德克萨斯州的价值观。他们抨击他此前关于“上帝是非二元性别”的言论，并攻击他的男子气概。

但德克萨斯州的共和党人在这次竞选中也面临挑战。他们正在应对人们对特朗普政府为了在大弯曲国家公园（Big Bend National Park）规划边境墙基础设施而推平敏感栖息地的愤怒。他们一直在应对选民（尤其是农村地区）对建设新数据中心日益增长的反对情绪。他们还遭遇了对州政府禁止部分 THC 产品的新禁令的抵制。此外，他们不得不继续为特朗普治下的经济状况进行辩护。

与此同时，他们还必须为深陷丑闻的帕克斯顿辩护。帕克斯顿在 2023 年被其所属政党弹劾，此前他被指控滥用总检察长职权以造福政治盟友。在德克萨斯州参议院经过数日的审理后，他被判定无罪。

帕克斯顿最大的优势是来自特朗普的支持，这使他在与科宁的残酷初选中胜出。总统上周前往德克萨斯州进行竞选，告诉记者“我们希望赢得那场竞选”。但周四一场由特朗普出席的休斯顿筹款活动所筹集的资金将交给共和党全国委员会，而不是直接交给帕克斯顿。

帕克斯顿需要这笔钱。作为州总检察长，他有起诉州内企业的记录——这使他与一些可能向其竞选活动捐款的德克萨斯州富豪站在了对立面。名为“保护德克萨斯”（Preserve Texas）等超级政治行动委员会（Super PACs）已在州内预留了超过 400万美元 的亲帕克斯顿广告资金，而塔拉里科的竞选团队预留的资金则高达 3000万美元 以上。

塔拉里科在全州各地举行了场面盛大的集会，其中包括在某个乡村小镇与德哈诺音乐明星鲍比·普利多（Bobby Pulido）共同举办的一场活动，普利多目前正在竞选南德克萨斯州的一个国会席位。帕克斯顿计划在未来几天于科珀斯克里斯蒂和柳树公园举行集会。

针对那则指控帕克斯顿偷走一支价值 $1,000 的万宝龙钢笔的广告，其竞选团队正在销售名为“非肯·帕克斯顿之笔”的钢笔，并称该产品已迅速售罄。

帕克斯顿的一位发言人表示，塔拉里科采取了“幼稚的攻击，而这些问题此前已在法律程序中得到了彻底解决。这不过是一次安保方面的误会”。

周六，塔拉里科参加了一场播客节目的现场录制，与德克萨斯州知名商人马克·库班（Mark Cuban）讨论医疗保健问题。上周，塔拉里科采取法律行动，试图强制公开帕克斯顿在 2019 和 2022 年提供的两份证词。这两份证词是该州总检察长在宣誓后回答问题的罕见案例，涉及一起与两名前好友及商业伙伴相关的诉讼。《华尔街日报》此前审阅并报道了其中第一份证词，该证词揭示了他的律师执业行为、过去的商业交易，以及用于掩盖其迅速扩张资产的盲信信托。

尽管如此，塔拉里科面临的胜算较低。德克萨斯州已经超过三十年没有选出民主党人进入参议院了。而且在 2024 年，特朗普在德克萨斯州的胜出幅度超过 150 万 票，这种强势地位也让特朗普支持帕克斯顿。

但德克萨斯州的政治环境对民主党人来说仍有可乘之机。数月来，塔拉里科一直公开反对在大弯曲地区修建边境墙，支持 THC 合法化，并呼吁加强对数据中心的监管。

帕克斯顿在这些问题上的公开表态较少。在大弯曲地区建设暂停后，他在一份声明中表示，“用不必要的道路和屏障来破坏我们州最伟大的自然宝藏之一，并不是明智的边境安全措施”。

特朗普专注于历史遗产，共和党则为中期选举担忧

特朗普总统在一块花岗岩上签名，该石材将成为新白宫直升机停机坪的一部分。 AL DRAGO / PRESS POOL

作者：PHILIP WEGMANN 和 MERIDITH MCGRAW

华盛顿——上周，特朗普总统向其 1300 万 名 Truth Social 粉丝阐述了他希望历史如何评价自己的看法。

周四，他发布了一张由 AI 生成的美国总统排名图。特朗普的名字位列榜首，高于乔治·华盛顿和亚伯拉罕·林肯，其肖像上方醒目地写着“最伟大”（The Greatest）字样。

他的顾问们表示，随着支持率下滑，特朗普正致力于美化自己的历史遗产。但共和党人私下担心，特朗普这种关注自我的倾向会对选民产生反作用，使他们维持国会控制权的努力变得复杂，并为民主党的攻击性广告提供了充足的弹药。

据知情人士透露，特朗普的高级顾问们数月来一直试图将总统的注意力转移到经济问题上，旨在向选民证明总统正专注于他们最关心的议题。尽管总统在演讲和椭圆形办公室的活动中吹捧其经济政绩，但他的注意力经常转移到其他问题上，从他的建筑工程到对他认定的敌人的攻击。

特朗普亲眼目睹了一任总统的政策被继任者抹除的速度之快，因此他试图留下一个更难以被抹去的遗产。据亲近他的人透露，他花费大量时间研究一份建筑项目清单，从白宫舞厅到拟建的凯旋门。此外，他还将自己的名字和头像印在限量版护照、国家公园通行证以及即将发行的纪念 $1 硬币上。

一名政府高级官员表示，总统已进入“遗产模式”。助手们称，他执着于后代将如何记住他，并有意识地避免成为他眼中那些软弱的前任白宫主人的样子。

“他是少数几个以完全的历史尺度思考问题的总统之一，”前众议院议长、现任特朗普心腹纽特·金里奇（Newt Gingrich）表示，“他希望产生深远影响。他希望这一切具有意义。他想成为那种让人们感叹‘他担任总统确实很重要’的总统。”

白宫发言人戴维斯·英格尔（Davis Ingle）表示，特朗普“完全专注于”为国家带来繁荣与和平。

本月，特朗普展示了正在白宫南草坪建设的新直升机停机坪。与此同时，共和党人则关注更紧迫的事项。他们在维持国会多数席位方面面临艰巨挑战，并敦促他将注意力——以及资金——转向中期选举。

一个与特朗普结盟的超级政治行动委员会（super PAC）已积累了超过 4亿美元。但该组织尚未开始大规模支出，这令总统党内的许多人感到沮丧。

该组织最近花费了超过 $800,000 进行动员投票的电话和短信宣传，以支持共和党参议员达琳·格雷厄姆（Darline Graham），她在上周的南卡罗来纳州选举中击败了一名共和党挑战者。特朗普曾鼓励格雷厄姆参选以接替她已故的哥哥林赛·格雷厄姆（Lindsey Graham）的席位；如果在该州失利，对于以背书候选人成功而自豪的总统来说将是一次尴尬。

一些共和党人私下抱怨，该组织数月来首次的大规模支出，竟然是用在了一个特朗普在 2024 年获胜且两党均认为 11 月不具竞争力的州内两名共和党人的决选之战中。

尽管支持率较低，特朗普仍计划让自己成为中期选举的中心。据知情人士透露，在总统团队讨论如何使用筹集到的资金时，特朗普告诉顾问，他希望制作一系列以其议程为中心的电视广告。

他的盟友表示，总统坚信他签署成为法律的减税政策将产生共鸣。他主张自己依然是该党最强大的政治力量，认为他能够激励共和党人在11月的选举中踊跃参与。

为了在期中选举前动员“使美国再次伟大”（MAGA）的基层支持者，他在最近的一次福克斯新闻（Fox News）采访中敦促支持者“假装我就在选票上”。

一些共和党人担心，特朗普并不在意他的行为可能给他们带来的反噬。当共和党领导层在就他推动的一项旨在实施新选民资格规则的立法建立共识时陷入困境，一名政府高级官员表示，特朗普并不在乎这场辩论将如何影响寻求连任的议员，因为他关注的是自己的政治遗产。

他的国际竞争有时会分散其国内议程的注意力。上周，就在共和党人在全国范围内开展竞选活动时，特朗普升级了与加拿大的贸易争端。总统上周召集媒体进入椭圆形办公室签署一项行政命令。他指示政府将安大略湖（Lake Ontario）更名为“美国湖”。

“现在请想象一下这样一位美国选民：他周二还持观望态度，双臂交叉，对期中选举犹豫不决，但在读到那个标题后心想，‘好吧，现在我要投给共和党了’，”保守派谈话广播节目主持人埃里克·埃里克森（Erick Erickson）在社交媒体上写道。埃里克森近几个月来对特朗普的批评日益增加。“你无法想象这样一个人，因为他根本不存在。”

如果孩子代表未来，那么他们的现在至关重要。

他们的健康现在至关重要。他们的教育以及通往生计的道路现在至关重要。最重要的是，他们的安全现在至关重要。

ChildFund 始终将关心孩子的人们聚集在一起，帮助他们健康、受教育、有技能且安全地成长。而这对我们所有人来说都至关重要。

ChildFund® 因为我们需要彼此。

JAVIER ROJAS / PIZUMA PRESS

沃尔特的贷款业务受审

（接第一页）

根据美国人寿保险理事会（American Council of Life Insurers）的一本事实手册，2024年，整个行业的短期投资资产占比为0.6%。该类别还可能包括一些到期日超过三个月、不被计作现金的国债。人寿保险公司有时持有期限在一年以下的资产，以帮助支付即将到期的赔付金。

根据对其申报文件的分析，沃尔特旗下的特拉华人寿（Delaware Life）在2025年底的整体投资中，短期贷款占比为$8.6。他的另一家主要保险公司 Clear Spring 的占比接近$14，根据对其申报文件的分析。

TWG Global 的一名发言人未回应置评请求。TWG 在周三的一份声明中表示，公司“坚定支持其业务的诚信”，且其保险公司投资于“表现良好的真实资产”。声明称“不存在欺诈行为”。

保险公司倾向于购买期限较长的债券和抵押贷款，以便在多年内获得现金回报，从而与跨越数十年的负债相匹配。沃尔特的保险公司在销售年金时承担了义务，年金是一种个人预先支付费用以在日后获得退休收入的保单。

大多数短期贷款流向了缺乏公开记录的“黑箱”有限责任公司（LLC），导致沃尔特的保险公司具体投资于何处仅能窥见部分情况。

许多贷款是通过由四家企业代表填写文书的工具实现的。《华尔街日报》此前报道，该群体是美国司法部（DOJ）调查的重点。

其中一家是总部位于芝加哥的 Hudson Trading。该公司的总裁注册了以纽约州地名命名的有限责任公司，如 Dobbs Ferry、Hannacroix 和 Schuylerville。Hudson 的一名律师拒绝置评。

特拉华人寿在2025年底列出的最大一笔贷款为1.4亿美元。该贷款于5月到期。借款方是 Cypress Park Financial MP，由 TWG 的一名高级董事在特拉华州注册，该董事此前曾在沃尔特的一家家族办公室管理机构工作。

整体短期贷款的年利率在6%至12%之间。

长期以来，沃尔特一直与一个同样拥有保险公司的其他高管网络开展业务。公司申报文件显示，沃尔特保险公司的几家借款方由道奇队共同所有者鲍比·帕顿（Bobby Patton）控制。帕顿旗下的公司在2025年底欠款约1.8亿美元。

迈阿密投资公司 ABS Capital 的人员设立了至少九家从沃尔特保险公司获得短期融资的有限责任公司。《日报》此前报道，ABS 与沃尔特共同投资，包括在2017年购买一座位于加利福尼亚州价值$85 million的住宅。这家投资公司由两名前古根海姆合伙公司（Guggenheim Partners，沃尔特的金融公司）高管创立。

ABS Capital 未回应置评请求。帕顿未回应置评请求。

AM Best 的高级总监埃里克·米勒（Erik Miller）表示，非现金的短期投资要求保险公司持有更多资本作为缓冲。这家信用评级公司在评估保险公司的财务健康状况时，会对这类资产相对于公司债券或货币市场基金的持有量进行扣分处理。

AM Best 的数据显示，只有少数其他大型人寿保险集团报告持有大量短期投资。近年来，在发现一些未具名保险公司通过展期贷款来掩盖长期资产后，州保险监管机构收紧了针对该投资类别的规定。

AM Best 的数据显示，报告持有大量短期资产的群体之一是伯克希尔·哈撒韦（Berkshire Hathaway）旗下的一组人寿保险公司。其中一家的申报文件显示，这些资产几乎全部是风险极低的国债，因期限过长而不能计作现金。

另一组积累短期资产的机构是 Amistad Financial。这家控股公司拥有 EquiTrust（一家此前由 Guggenheim 控制的保险公司）以及 Heritage Life（同样曾由 Guggenheim 运营，且直到近期由 Patton 持有）。Amistad 在去年收购了这两家保险公司。

注：不包括现金及现金等价物 来源：AM Best

监管文件显示，2025 年短期贷款占 EquiTrust 资产的 6% 以上。其中许多借款人与 Delaware Life 和 Clear Spring 的借款人重叠。

EquiTrust 和 Amistad 的发言人未回应置评请求。

马克·沃尔特（Mark Walter）旗下公司的约 200 亿加元 billion 保险投资正处于调查之中。

PRATT PAPER =

纸张 气泡膜

盒子

邮寄袋

袋子

还记得你当年对学校用品这种感觉吗？

通过美国志愿者协会（Volunteers of America）的“背包行动”（Operation Backpack®），今年有超过 59,000 名儿童在准备充分的情况下开始了学习生活。扫描二维码，帮助下一个孩子强势起步。

美国志愿者协会（Volunteers of America®）

冰岛人拒绝欧盟成员国谈判

美联社照片 / MARCO DI MARCO 总理克里斯特伦·弗罗斯塔多蒂尔（Kristrún Frostadóttir，居中）表示，冰岛仍将与欧盟合作。

在特朗普表达对格陵兰岛的渴望后，选民们权衡了国家的安全问题

作者：KIM MACKRAEL

在周六举行的一场全国公投中，冰岛人投票反对重启加入欧盟的谈判，拒绝了在特朗普总统威胁吞并格陵兰岛后，这个小岛国应当向布鲁塞尔靠拢的论点。

国家广播公司 RUV 周日公布的结果显示，52.8% 的选民不希望政府与欧盟重启谈判，而支持谈判的比例为 47.2%。政府表示将尊重这一结果。

总理克里斯特伦·弗罗斯塔多蒂尔周日表示：“最重要的是我们能团结地走出这次事件。”她表示，她的政府将继续与欧盟合作，但在其于 2028 年结束的当前任期内不会寻求谈判。

此次投票是冰岛人首次在公投中被问及欧盟谈判问题。政府此前表示，如果公投结果为“赞成”，那么在谈判完成后，将举行第二次公投以决定是否加入该集团。

拒绝欧盟谈判的决定是在雷克雅未克因在国家渔业控制权方面存在分歧而放弃早前与该集团谈判十多年后做出的。

冰岛位于北美和欧洲之间的大陆分水岭，其经济严重依赖贸易和旅游业。长期以来，冰岛一直警惕向布鲁塞尔让渡更多权力——尽管作为欧洲经济区（该区域将欧盟单一市场扩展到其他国家）的成员，它已经采用了欧盟的许多规则。

在过去一年中，关于加入欧盟的辩论发生了转变，原因是美国关税引发了全球贸易准则的崩溃，且特朗普强化了关于美国获取冰岛最近的地理邻居——格陵兰岛的言论。支持重启与欧盟谈判的人认为，雷克雅未克应将扩大与志同道合伙伴的合作作为一项保险政策。

这个拥有 400,000 人口的国家没有自己的军队，在安全方面依赖于其北大西洋公约组织（NATO）的成员身份以及与美国的防御协定。欧盟谈判的反对者在竞选期间表示，他们认为该集团无法提供多少额外的保护。

本周末的结果对欧盟是一个打击，欧盟领导人渴望证明这个由 27 个成员国组成的集团在英国 2020 年退出后，仍然有能力接纳新成员。与其他希望加入欧盟的国家相比，冰岛由于经济和政治稳定，加入成员国的路径可能会更容易。

公投辩论中的一个关键争议点是对冰岛鱼类资源的控制权。行业代表表示，欧盟的共同渔业政策将干扰冰岛决定捕捞量和渔场的能力，尽管欧盟官员在公投前表示其政策可以灵活处理。

支持欧盟谈判的人在公投前表示，加入该集团并将冰岛克朗更换为欧元可以带来经济利益，例如缓解通货膨胀和国家高昂的生活成本。根据欧盟的方法论，冰岛 7 月的年度通胀率达到 5.6%，远高于欧盟和欧元区的平均水平。

尼泊尔与西藏毁灭性洪水致死人数上升

ATHIT PERAWONGMETHA / 路透社 周日，尼泊尔努瓦科特区德维加特（Devighat）致命的闪洪和泥石流导致建筑物和房屋被泥浆覆盖。

作者：TRIPTI LAHIRI

尼泊尔和西藏灾难性洪水导致的人员死亡人数已上升至近 770 人。来自中国和印度的团队已抵达尼泊尔，协助营救被洪水沉积泥沙困在隧道中的水电项目工人。

研究周三洪水原因的科学家认为，此次洪水是由尼泊尔一座山上的部分冰川及其部分基岩坍塌引发的，导致冰雪和岩石雪崩冲入下方山谷，随后演变为携带大量碎片碎石的洪水。

科学家们正在计算雪崩中冰块和碎石的体积，并研究是否曾有任何预警信号能够提示该冰川及其基岩存在脱离风险。

尼泊尔当局表示，当地至少有 752 人死亡，2,500 人失踪，其中许多是前往参观当地印度教徒和佛教徒视为神圣湖泊的朝圣者。

失踪人员中约有 900 人来自十几个运行中或在建的水电项目，其中大多数项目似乎已被基本摧毁。尼泊尔在救援工作中寻求技术援助和设备，其两个庞大的邻国均派遣了团队来评估受损的水电项目隧道。

据中国官方新闻报道，西藏有 16 人死亡，约 550 人失踪。西藏当局表示，在 261 名失踪外国公民中，包括 100 多名尼泊尔人、约 49 名印度人和 18 名美国人。

伊莎基金会（Isha Foundation）有多个朝圣团在尼泊尔与中国边境地区旅行，其中包括 77 名位于吉隆口岸的人员。该基金会周六晚表示，关于中国边境检查站救援行动的信息显示，“移民局办公区域没有发现幸存者的令人鼓舞的迹象”。

该灵性团体表示：“碎片与水的混合物上升得很高，可能高达 150 [英尺]，且力量巨大，完全摧毁了整个建筑群。这是一场难以想象的灾难。”

来自口岸区域以及尼泊尔其他地点的视频显示，军方人员和救援人员在泥浆中爬行，以避免陷入其中。

专家表示，今年的洪水以及 2025 年同一地区由西藏某湖泊溃决引发的洪水表明，迫切需要提高喜马拉雅山脉雪崩和冰川湖溃决等灾害风险分析的跨境共享，而这是一项具有挑战性的任务。

中国驻尼泊尔大使馆近日对部分尼泊尔媒体报道和社交媒体评论做出了回应，这些报道和评论询问中国是否未能向尼泊尔提供预警。中方表示，中国尽一切努力监测喜马拉雅地形风险并与邻国共享信息。

但大使馆表示，由于风险分散在整个喜马拉雅山脉，且 2015 年的一次地震使南坡的许多岩体变得不稳定，因此这项任务非常复杂。

大使馆表示：“此外，陡坡上的图像误差以及在广阔且复杂地形上的高精度监测仍然是一个国际性挑战。”

与此同时，科学家表示，气候变暖导致的冰川消失正在稳步地使喜马拉雅山等山地地区变得不稳定。

尼泊尔政府表示，由于灾害性质需要时间才能理解，导致两国都被措手不及。

世界观察

塞浦路斯

渡轮倾覆，至少7人死亡

羽毛装饰：周日，一名表演者在伦敦诺丁山狂欢节的儿童游行中行进。

据土耳其媒体报道，周日一艘载有近270名乘客和船员的渡轮在北塞浦路斯海岸附近倾覆，造成至少7人死亡。

北塞浦路斯总理乌纳尔·乌斯泰尔（Unal Ustel）告诉土耳其国家电视台TRT新闻频道，约237人获救。他表示，目前正在搜寻另外24人。

乌斯泰尔表示，该渡轮遭遇恶劣天气，在出发15分钟后开始进水。他称，不久之后便发出了求救信号。

这艘双体船式渡轮正从塞浦路斯族群分裂地区中脱离出来的北部基雷尼亚港（Kyrenia，也称Girne）前往梅尔辛省的土耳其塔苏丘（Tasucu）港。

基雷尼亚市长穆拉特·森库尔（Murat Senkul）表示，该船隶属于Filo Denizcilik渡轮公司，在塞浦路斯北海岸的戴安娜海滩（Diana beach）附近沉没。

据TRT报道，该渡轮在距离海岸约4海里处开始进水。

现场视频显示，穿着救生衣的人员漂浮在倾覆船只周围的水域中。

——美联社

德国

男子因致命刺杀被捕

当局表示，一名涉嫌周日凌晨在德国南部城镇罗森海姆（Rosenheim）用刀刺死一名31岁英国女性的男子已被拘留。

罗森海姆警方表示，该女性在罗森海姆火车站遭到袭击，随后被送往附近医院，但在医院死亡。

被召集至现场的联邦警察在刺杀事件发生后立即拘留了嫌疑人。警方确认其为一名来自附近菲尔斯滕费尔德布鲁克县（Fürstenfeldbruck）的27岁德国男子。

警方表示，他们仍在调查该犯罪行为的具体情况和动机。

他们请求任何目击者提供线索，并询问是否有人在火车站目击到“争吵或肢体冲突”。

负责管理该国火车站的铁路运营商德国铁路（Deutsche Bahn）周日表示，“我们今天的思绪与这位年轻女性的家人和朋友在一起。”

警方表示，此次事件未对火车服务造成显著干扰，并补充称，在周日凌晨首批列车重新运行之前，法医调查已经完成。

巴基斯坦

护士因救婴将获表彰

——美联社

一名在导致14名婴儿死亡的医院育婴室火灾中救出唯一幸存新生儿的护士，将获得该国最高级别的民事奖项之一。

周三，火灾吞噬了位于伊斯兰堡的一家主要政府医院——巴基斯坦医学科学研究所（Pakistan Institute of Medical Sciences）。

一段在网上广泛传播的51秒监控录像捕捉到了拉齐亚·诺琳（Razia Noreen）冲进起火的育婴室，并在几秒钟后抱着新生儿跑出来的画面。

她试图再次进入，但因火焰和浓烟而无法进入。

诺琳周日在接受私营广播公司Samaa TV采访时流泪表示，她只是履行了自己的职责。

“我这么做不是为了奖励。我热爱孩子，照顾他们是我的热情，”她说道，并补充说她想救出其他人，但“火灾在两分钟内就蔓延到了整个育婴室”。

诺琳将获得“服务之星”（Si-tara-i-Khidmat）奖章以及约36,000加元。该奖项旨在表彰提供卓越公共服务或对国家做出杰出贡献的人员。

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关税重创大本营，巴西右翼陷入困境

巴西皮拉西卡巴（Piracicaba）的一处生物能源综合体。当地一个工业团体表示，该市是受美国关税打击最严重的城市，估计这些征税措施影响了 40 到 50 家当地公司。

随着选举临近，美国征税削弱了制造业中心的保守派支持

作者：萨曼莎·皮尔森（SAMANTHA PEARSON）

巴西，皮拉西卡巴——特朗普总统在 10 月总统选举前向巴西施压，试图将这个拉丁美洲最后一个由左翼领导的主要国家重新拉回美国的影响力之下。

但在巴西的保守派心腹地带，这一策略产生了反作用。皮拉西卡巴是一座拥有 440,000 人的城市，拥有该国关键的重型机械制造部门之一，目前正因特朗普的关税而陷入困境——这使得选民转向反对右翼，并为中国投资打开了大门。

特朗普在其最新的关税名单中豁免了巴西许多最大的大宗商品出口产品，包括咖啡和橙汁，但并未豁免皮拉西卡巴所依赖的机械设备。当地工业团体 Simespi 表示，该市是受新征税打击最严重的巴西城市，据估计，关税影响了 40 到 50 家当地公司，涉及约 10,000 名员工。

皮拉西卡巴曾主要以周围的甘蔗田而闻名，随后开始制造农场和糖厂设备，之后发展成为一个重型机械中心，产品涵盖从收割机、作物喷雾器到建筑设备和液压系统的所有设备。这里拥有重型设备巨头卡特彼勒（Caterpillar）在美国境外最大的工厂之一，以及一个密集的机械供应商网络。

卡特彼勒未回应置评请求。

市长赫利尼奥·扎纳塔（Helinho Zanatta）表示，在今年上半年皮拉西卡巴近 13 亿美元 billion 的出口额中，51% 流向美国，而其中 80% 是机械设备。“我不记得皮拉西卡巴历史上曾出现过如此严重的外部冲击。”

这种经济痛苦正为特朗普所支持的运动制造麻烦。

皮拉西卡巴本应是巴西政治右翼的囊中之物。这座城市的原住民名称意为“鱼儿停驻之地”，源于其河流的急流；在 2018 年，巴西右翼前总统雅伊尔·博索纳罗（Jair Bolsonaro）在这里获得了 79% 的选票。

由于博索纳罗被禁止参选且因策划政变而被软禁，其子弗拉维奥（Flávio）在旨在推翻总统路易斯·伊纳西奥·卢拉·达席尔瓦（Luiz Inácio Lula da Silva）的竞选中，将希望寄托在像皮拉西卡巴这样的大本营上。

2025, 7 月，特朗普最初针对巴西，对其向美国出口的产品征收 50% 的关税——这是他针对任何主要贸易伙伴所实施的最高税率——理由是对他所谓的迫害其朋友兼盟友雅伊尔·博索纳罗的行为进行报复。此举是在博索纳罗的另一个儿子爱德华多（Eduardo）在美国进行了一场激烈的游说活动之后采取的。

在今年美国最高法院推翻了特朗普更广泛的关税制度后，他的政府选择将巴西作为新一轮关税的首个目标。此举发生在弗拉维奥·博索纳罗访问华盛顿并会见特朗普政府官员后不久。

许多巴西人得出了特朗普可能并未预料到的结论：博索纳罗家族应为此负责。Quaest 7 月的一项民调发现，51% 的人认同达席尔瓦的观点，即弗拉维奥支持征收关税是为了打击其政府；相比之下，只有 30% 的人相信弗拉维奥的说法，即他曾试图说服特朗普不要征税。Quaest 认定，关税使得 42% 的人更倾向于投票给达席尔瓦，而倾向于弗拉维奥的比例为 27%。

在皮拉西卡巴，右翼市议员法布里西奥·波莱齐（Fabrício Polezi）向一个由保守派政治人物组成的 WhatsApp 群组发送了一条消息：

“伙计们，我们完蛋了。”

“我们知道这会制造一个巨大的政治问题，左翼会利用这一点来获利，”波莱齐说。

扎纳塔表示，失业人数的增加将给城市财政带来压力，新失业的工人可能会更多地依赖公共服务，而与此同时，销售额和税收的下降使城市提供这些服务的资金减少。

与此同时，皮拉西卡巴正在采取其他受华盛顿挤压地区的做法：转向中国。

总部位于皮拉西卡巴的机械经销商 Tratorex 的所有者拉尔特·班代拉（Laerte Bandeira）表示，自从特朗普的关税政策生效以来，设备制造商一直在降低价格——这是他在从事该行业 50 年来见到的最剧烈的下滑。

班代拉表示，特朗普并没有帮上任何忙，但他也指责巴西的政治家破坏了商业环境。“一边的一个白痴做一件事，另一边又做另一件事，”他说，“结果双方最终都帮了忙，把巴西给搞砸了。”

对加征税令重创小企业

作者：AMANDA COLETTA

多伦多——加拿大蜂蜜生产商正感受到特朗普总统新关税带来的刺痛。艺术品、羊毛、化妆品、鲜花以及数百种依赖美国市场的其他商品的出口商也同样如此。

预计加拿大整体经济能够承受对200 亿加元 billion加拿大商品征收50%新关税的影响，这约占加拿大对美出口额的5%。但许多加拿大中小企业主预计将承受最沉重的打击，部分企业担心如果贸易争端得不到解决，他们可能会被迫倒闭。

在加拿大独立商业联合会（CFIB）本月发布的一项调查中，40%的出口商报告称其销售的产品在关税目标之列。其中，近80%的人表示，如果关税实施，预计会出现收入损失；超过三分之一的人估计收入损失将至少达到50%。

在草原省份阿尔伯塔省，洛恩·普林斯（Lorne Prins）担心关税可能会导致蜂蜜价格“自由落体”。加拿大农业部估计，2025年加拿大蜂蜜出口总量的56%（按体积计算）运往美国。

“最糟糕的情况实际上非常糟糕，”普林斯说道。他在从事石油和天然气行业后，于2018年共同创立了古尔湖蜂蜜公司（Gull Lake Honey Company）。

面对关税，“最糟糕的情况实际上非常糟糕”

在特朗普7月威胁征收关税后，蜂蜜生产商通过向美国抢先出口来争取时间。但普林斯表示，生产商目前处于观望模式。

自从重返椭圆形办公室以来，特朗普已对加拿大商品实施了几轮关税。其中包括基于关于芬太尼从北部边境入侵美国的未经证实指控而征收的关税（这些指控已被最高法院驳回），以及对钢铁、铝、木材和汽车最高50%的征税。

此前几轮针对加拿大商品的关税豁免了符合《美国-墨西哥-加拿大协定》的商品，但新关税则没有。

德贾尔丹集团（Desjardins Group）的经济学家估计，如果边境两端都维持关税，失业率可能会从7月的6.4%在年底前攀升至7%。卡尔加里大学经济学家特雷弗·汤比（Trevor Tombe）预计，关税可能会导致90,000个工作岗位流失。

新征税主要针对加拿大三大省——安大略省、魁北克省和不列颠哥伦比亚省的产业，其中塑料、机械、化学品和林产品生产商受影响最严重。

在位于安大略湖畔、距离纽约州布法罗以北约35英里的尼亚加拉-翁-得-莱克（Niagara-on-the-Lake）的Orchid Greens公司，美国销售额占其业务的近一半。业主陈冠（Guann Chen，音译）表示，提高价格可能会导致客户流失。他表示，一些客户已经告诉他，由于关税原因，他们可能会寻找其他供应商。

行业组织加拿大花卉种植者协会（Flowers Canada Growers）估计，关税可能会给花卉产业造成$151 million的损失。陈表示，由于商店销售的兰花需要两年时间生长，他正被不确定性所折磨。

“你只能猜测两年后会发生什么，而两年前没有人能猜到现在会有关税，”陈说。“我们给人们的家庭和生活带来快乐，而美国将我们列为目标，这非常奇怪。”

从入职筛选到持续监控，RiskCenter Third Party 通过法律主导的工作流平台，帮助合规团队管理监管和声誉风险。

随着影响力衰减，普京转向习近平

俄中两国领导人在战争驱动的权力动态变化中会晤

作者：THOMAS GROVE 和 AUSTIN RAMZY

在俄罗斯总统弗拉基米尔·普京上一次会见其最重要的战略合作伙伴——中国国家主席习近平后的几个月里，两人的战争运势出现了剧烈分化。

当俄罗斯在夏季遭受乌克兰对其油气工业及其他经济脆弱目标的沉重打击时，中国则从伊朗战争带来的全球冲击中走出来，获得了对石油市场更强的掌控力以及对抗西方的更强韧性。

这两位领导人之间权力地位的转移，将在周一他们计划于吉尔吉斯斯坦会晤时成为核心议题。

同样显而易见的是他们共同对美国权力的抵制。此次会晤定于上海合作组织峰会期间举行。这是一个由10个国家组成的、以安全为中心的组织，其中包含伊朗，这为该被孤立的政权提供了一定程度的额外国际认可。

在德黑兰试图在面对美国的军事和经济打击中坚持到底之际，中国为其提供了资金生命线。与此同时，伊朗向俄罗斯提供了致命无人机，俄罗斯将其用于攻击乌克兰。

对于已经会面数十次（最近一次是5月在北京）的两人来说，习近平与普京会晤的地点具有象征意义。莫斯科在原苏联加盟共和国吉尔吉斯斯坦维持着一个空军基地，但随着莫斯科在旷日持久的乌克兰战争中国际影响力下降，中国在该国的影响力日益增强。

一些分析人士表示，这种动态远不止于中亚。在克里姆林宫内部，中国的主导作用也愈发明显，随着俄罗斯经济对北京的依赖程度增加，普京现在被迫接受初级合作伙伴的角色。

俄罗斯因乌克兰打击而遭受的经济痛苦，进一步增加了莫斯科对中国的依赖。这可能会给习近平提供额外的筹码，促使普京认同北京在俄罗斯对乌战争上的公开立场，即呼吁停止暴力并开始谈判。

与此同时，中国从俄罗斯的入侵中获益，获得了更便宜的石油，并进入了一个没有西方竞争对手的俄罗斯国内市场。俄罗斯市场在很大程度上成为了中国进口商品的“人质”，以至于多个行业已呼吁普京政府限制允许进入的商品数量。

北京从未谴责俄罗斯入侵乌克兰。它仅提出了一些温和的批评，称不应发出核威胁，因为俄罗斯官员多次暗示他们可能会在冲突中使用核武器。

普京与习近平的会晤发生在中央情报局（CIA）局长约翰·拉特克利夫秘密访问莫斯科几天之后。《华尔街日报》报道称，拉特克利夫警告俄罗斯不要攻击北大西洋公约组织（NATO）的欧洲国家，并明确表示美国将继续致力于北约联盟。

一些分析人士表示，虽然俄罗斯将战争扩大到北约国家的可能性可能会引起中国的深切担忧，但习近平不太可能公开提出此类担忧。

柏林 Mercator 中国研究中心的资深分析师 Eva Seiwert 表示：“如果这个问题被讨论，更有可能是在闭门会议中进行。”

然而，俄中关系中的一些紧张局势已经浮出水面。

卡内基俄罗斯欧亚中心高级研究员 Tatiana Stanovaya 表示：“在面对中国时，普京能做的事情非常有限，他仍然将习近平视为战略合作伙伴。”

俄罗斯袭击乌克兰弹药库造成至少38人死亡

乌克兰官员表示，俄罗斯周五对基辅地区的一处弹药库发动无人机袭击并引发爆炸，造成至少38人死亡，数十人受伤。这是两个月内发生的第二起此类事件。

此次袭击是今年俄罗斯发动的最致命袭击之一。目前，莫斯科正在加大对乌克兰城市的空袭力度，利用弹道导弹防御系统的漏洞，并派遣更多喷气式无人机以规避拦截。

乌克兰总统弗拉基米尔·泽连斯基表示，周五被摧毁的弹药库内存放着炮弹和无人机——根据乌克兰法律，此类设施不应位于人口密集区。

右图显示，未爆炸弹药正从袭击现场被移走。此前在7月，俄罗斯袭击了位于维什涅韦（Vyshneve）的一家武器制造商弹药库，造成10人死亡。

“这是一个可怕的局面，那些将爆炸物储存在居民区旁的人员犯下了严重的失职，”泽连斯基在X上写道，“在维什涅韦事件之后，再次发生此类罪行是绝对不可接受的。”

截至周六，已有近400人从该郊区被撤离。

—Anastasiia Malenko

美国袭击伊朗火箭发射器

作者：迈克尔·R·戈登（MICHAEL R. GORDON）

华盛顿——美国中央司令部表示，美军周日在霍尔木兹海峡袭击了两座伊朗火箭发射器。这是美国数周以来的首次袭击，增加了该地区重回全面冲突的风险。

该司令部表示，这些部署在伊朗拉拉克岛（Larak Island）的发射器在被击中时，正准备向海峡发射装有水雷的火箭弹。

“上周，中央司令部完成了清除海峡国际航道水雷的工作，”该司令部发言人蒂姆·霍金斯（Tim Hawkins）上尉表示，“我们绝不允许伊朗再次布雷。”

据美国军方官员称，在袭击发生后不久，美军拦截了针对约旦发射的导弹。约旦军方表示，其成功拦截了8枚进入该国领空的导弹。

约旦驻有近4,000名美军，是美国在中东开展军事行动的集结地。

特朗普政府表示，目前正专注于经济制裁及其封锁措施，以迫使伊朗开放霍尔木兹海峡，并在其核计划上做出让步。

美国军方上一次确认针对伊朗的目标是7月29,，随后不久，特朗普应华盛顿的海湾盟友要求下令停止袭击，以给谈判再次提供机会。

在上一周的一篇社交媒体帖子中，特朗普警告伊朗，如果伊朗试图在海峡布设更多水雷，美国将采取报复行动。

据该国新闻社报道，伊朗伊斯兰革命卫队发言人侯赛因·莫海比（Hossein Mohebi）准将表示，美国的袭击是一个“战略性且致命的错误”，并将导致“严重的后果”。

据国家媒体报道，革命卫队称，对拉拉克岛的袭击造成数名军人和平民伤亡。

莫斯科以敌对的新“灰色地带”行动打击欧洲

俄罗斯发起的混合战争事件总数

SEBASTIAN WILLNOW / DPA / ASSOCIATED PRESS 注：包括被各国政府归因于俄罗斯的领空侵犯、网络攻击、海上入侵、潜在军事威胁及破坏活动；数据截至7月 来源：Sahaidachnyi安全中心 德国人在8月搜寻莱比锡机场一起疑似俄罗斯袭击事件的证据。

作者：DANIEL MICHAELS 和 THOMAS GROVE

由于俄罗斯在乌克兰境内的地面推进陷入困境，且在国内面临日益严重的乌克兰无人机和导弹袭击，俄罗斯增加了对基辅在欧洲盟友的压力，采取了一系列旨在制造恐惧的所谓“灰色地带”活动。

欧洲当局将近几个月来发生在欧洲大陆的一系列无人机入侵、破坏行为、网络攻击和其他敌对行动与俄罗斯联系起来。

美国领导的北大西洋公约组织（NATO）各方领导人表示，这些举动是一个令人担忧的迹象，表明俄罗斯在欧洲的风险承受能力正在提高，因为弗拉基米尔·普京总统试图遏制欧洲向乌克兰提供的援助，并在盟友之间制造分歧。

西方官员表示，俄罗斯可能会进一步升级对抗，并且已经缴获了乌克兰无人机，可能将其用于针对北约国家的“假旗”袭击。克里姆林宫发言人德米特里·佩斯科夫否认了这些报道，称这些报道被用来证明欧洲针对俄罗斯的军事化行为是合理的。

为了表明华盛顿的担忧，中央情报局局长约翰·拉特克利夫上周对莫斯科进行了一次出人意料的访问，据知情人士透露，部分目的是告知普京政府，美国支持其北约盟友。

立陶宛民事情报机构负责人雷米吉乌斯·布里迪基斯（Remigijus Bridikis）表示：“俄罗斯正在寻找方法以减少北约国家对乌克兰的支持，而他们追求的次要效果之一就是散布恐慌。”

最近几周发生的事件包括在德国一个机场及其附近发现了三架携带爆炸物的无人机，其中一架位于一架乌克兰货机下方。俄罗斯无人机多次进入北约领空，其中一架最近在罗马尼亚上空被击落。

荷兰情报机构警告称，“俄罗斯国家行为体正在系统性地进行数字间谍活动”，通过入侵联网摄像头来监视对乌克兰的援助。

根据追踪俄罗斯在欧洲灰色地带活动的乌克兰Sahaidachnyi安全中心的数据，有记录的俄罗斯支持的事件频率已从2024年以来许多月份的最高约10起增加到4月以来的每月约15起。Sahaidachnyi的分析师表示，由于许多疑似与俄罗斯有关的事件未被纳入其数据，因此趋势可能难以辨别。

随着俄罗斯与乌克兰的战争日益激烈，这种低级别的侵略节奏也在加快。乌克兰对俄罗斯深处的目标进行了成功打击，重创了其石油和天然气部门以及其他支撑莫斯科战争机器的工业。克里姆林宫现在对乌克兰采取同样行动——尽管支撑基辅前线的资金和物资延伸到了北约领土。

欧洲当局指责俄罗斯通过Telegram和其他社交媒体平台雇佣当地代理人进行破坏、间谍活动和蓄意破坏，旨在煽动分歧。爱沙尼亚正在调查8月份针对当地国防公司Milrem Robotics的纵火袭击是否由与俄罗斯有关的破坏行为引起，而近期在意大利、保加利亚和芬兰弹药设施发生的爆炸和火灾也引起了对俄罗斯参与的怀疑，尽管当局尚未表示发现了相关证据。

无论普京是否是所有这些混乱的幕后主使，通过将这些事件归功于自己，可以通过提升其影响力与冲击力的名声，从而使莫斯科获益。斯洛伐克警方上周表示，他们挫败了“三名外国人”试图袭击一家无人机工厂的企图，但未透露其国籍。该地区对此怀疑与俄罗斯有关。

俄罗斯的行动可能会引发欧洲人的担忧，让他们觉得由于各自政府的乌克兰政策，他们正面临个人危险。另一种担忧是，向乌克兰发送武器会耗尽欧洲的军械库，而这些军械库可能在与俄罗斯作战时需要用到——如果莫斯科证明其构成了威胁，那么不向东部发送武器的逻辑就更成立了。

一些分析人士表示，对于克里姆林宫来说，动机上的区别并不重要。俄罗斯处理冲突的方式可以追溯到苏联时代，能够模糊秘密颠覆与公开战争之间的界限。

美国最新的情报报告评估认为，俄罗斯可能会在未来几年内，通过从网络攻击到小规模陆地入侵等潜在步骤，对一个成员国发起有限袭击，以测试北约的决心。

北约的集体安全基于其创始原则，即对一个成员国的攻击代表对所有成员国的攻击。

即便未达到该程度，克里姆林宫仍能从煽动德国、法国、芬兰、爱沙尼亚和波兰等北约国家在即将到来的地方或国家选举前的国内政治动荡中获益。

波兰尤其容易受到干扰，因为与乌克兰难民之间的紧张局势一直在升级。

爱沙尼亚议员马尔科·米赫克尔松（Marko Mihkelson）表示：“主要目的是改变欧洲的现状。这是他们在其他国家试图实施的选举干预的延伸。”

美国、英国、匈牙利和罗马尼亚的官员在近年来一直指责莫斯科试图操纵国家投票。

几乎没有证据表明该计划奏效。该联盟最东端的成员国在维持对乌克兰军事援助和增加国内军事支出方面表现出了最强烈的支持。

在俄罗斯入侵后的最初几年里，罗马尼亚曾有大量亲俄选民，但在经历了一系列无人机入侵后，民众情绪已转向强硬地反对莫斯科。7月，三架无人机在罗马尼亚上空被击落；5月的一次无人机入侵导致一栋住宅楼的屋顶起火。

罗马尼亚在7月驱逐了一名俄罗斯外交官，克里姆林宫于周四做出回应，驱逐了一名在莫斯科的罗马尼亚外交官。

揭秘与委内瑞拉的石油协议

（接第一页）以及为此提供资金。”

该协议为数月以来美国官员和谈判代表秘密进行的谈判以及频繁前往加拉加斯的行程画上了句号。据知情人士透露，特朗普与委内瑞拉临时总统德尔西·罗德里格斯在宣布协议前几天的通话中，就协议的轮廓达成了一致。

随后，官员们在最近几天就如何执行这一不同寻常的协议研究细节。

特朗普于周五晚上在社交媒体上宣布了该协议。

尽管该协议是由两国政府的高级官员协商达成的，但其结构将使美国成为一家私营公司的投资者，而非委内瑞拉政府的直接交易对手。

参与协议谈判的人士表示，美国计划持有贝坦库尔（Betancourt）旗下的北美蓝色能源合伙公司（North American Blue Energy Partners）$35%的被动股权，并将获得以成本价购买其$20%产量的优先权。

委内瑞拉加拉加斯的一幅壁画展示了石油设备。 PEDRO MATTEY / 美联社

知情人士称，五角大楼的战略资本办公室计划通过低价认股权证（penny warrants）来构建这项投资，这将使美国在无需投入大量资本的情况下获得该企业的股权。

五角大楼该办公室在签署旨在支持美国国家安全利益的协议方面拥有有限的法定权力，通常是通过贷款和担保来实现。

贝坦库尔在委内瑞拉的能源交易中担任经纪人，与罗德里格斯关系密切。他曾在西班牙和瑞士面临涉嫌洗钱的刑事调查，但尚未被正式起诉。

在过去两年中，他的北美蓝色能源合伙公司（NABEP）已成为委内瑞拉第二大私营石油生产商，仅次于雪佛龙。

国务卿马可·鲁比奥表示，该协议将确保西半球获得低成本石油，并降低美国人的汽油价格。罗德里格斯则强调，这将带来超过1000 亿美元 billion的投资、超过2090 亿美元 billion的税收以及数以千计的就业机会。

然而，该协议激怒了许多委内瑞拉人，并在一些石油高管甚至美国官员中引起了混乱，他们对协议的具体内容及其运作方式感到困惑。

接近相关公司的人士表示，对于寻求在委内瑞拉进行潜在投资的美国石油公司来说，与一家由美国支持、持有该国大片油田股份的私营公司竞争，这一想法令人望而却步。美国官员表示，这家由国家支持的公司将成为仅次于沙特阿美（Saudi Aramco）的全球第二大已探明储量企业持有者。

“美国为什么要资助并打造一个美国石油行业的重大竞争对手？”休斯顿大学的能源经济学家埃德·赫斯（Ed Hirs）表示，“就像《花生漫画》里的露西一样，一旦特朗普离任，她会再次把足球抽走。”

知情人士称，该协议还引起了业内的警觉，担心新的委内瑞拉政府可能会发起成功的法律挑战，以及这是否会削弱新进入者进行投资的信心。

该协议的实质内容似乎与委内瑞拉1999年宪法直接冲突，宪法规定该国的石油储量属于委内瑞拉玻利瓦尔共和国，不得出售。

批评人士指出，委内瑞拉现任政府由特朗普政府维持权力的非选举官员组成，没有法律权力出售该国的石油权益。

参与谈判的人士表示，面对与伊朗之间一场不受欢迎且旷日持久的战争（该战争挤压了全球能源供应），特朗普政府感到迫切需要宣布其已在西半球获得长期原油来源。他们补充说，特朗普还寻求在政治上获得胜利，将委内瑞拉协议描绘成在11月选举前使美国人免受中东动荡成本影响的一种方式。

然而，委内瑞拉目前并非主要的石油生产国——其日产量仅为 110 万 桶，与北达科他州相当。一些石油分析师表示，恢复生产需要数年时间，不太可能迅速促使特朗普所承诺的汽油价格下跌。

据知情人士透露，特朗普政府官员之所以选择贝坦库尔，是因为他们认为他具备实施该项目的条件：他的公司已经在该国运营，并且与委内瑞拉高级官员关系密切。

特朗普政府曾试图推动包括埃克森美孚（ExxonMobil）和康菲石油（ConocoPhillips）在内的主要石油公司返回委内瑞拉油田，并迅速重启原油供应。

但在经历了数月缓慢的谈判后，美国石油工业的大部分企业仍持观望态度。由于安全和法律问题，许多公司不愿投资于该国破旧的石油基础设施。

一些人士表示，包括战略竞争办公室（OSC）主任大卫·洛奇（David Lorch）在内的五角大楼和国务院高级官员代表团于 7 月访问了委内瑞拉，以敲定协议条款。

OSC 成立于 2022 年，其职责是支持被认为对美国国家安全至关重要的产业，不过该办公室直到特朗普第二任期内才开始发放贷款。

一名参与人员表示，采用私营公司结构是刻意为之，旨在将未来的委内瑞拉政府绑定在协议之上，使其难以撤销。

招生困境冲击雪城大学

（接第一页） ……雪城大学尤其感受到了这种压力。

随着美国社会重新审视大学教育的价值，报考大学的年轻人正在减少。数十年来，学费的涨幅超过了通货膨胀率，使学生背负了沉重的债务，且在职业生涯中获得的回报参差不齐。在人工智能兴起导致就业市场收紧的背景下，这种焦虑感进一步加剧。

未来的学生人数可能会进一步减少——随着出生率下降，美国 18 至 24 岁人群的数量预计将有所下降。

最早感受到这些不利因素的是那些捐赠基金规模较小的知名度较低的学院。这导致小型私立学校之间出现了大规模的合并与关闭潮。但现在，高等教育商业模式中的裂痕正促使食物链更高层级的机构进行重新调整。

雪城

雪城大学面临的挑战既有结构性的，也有自找的。它是一所位于全美降雪量最大的城市之一的私立学校，而此时学生们正倾向于选择阳光地带（Sunbelt）的公立机构。该城市本身在地理上较为孤立，且直到最近才开始走出长期的经济停滞，摆脱其粗粝的名声。

全美范围内，大型公立旗舰大学的地位有所提升，吸引了更多追求体育活动和兄弟会 / 姐妹会生活的学生，而其收费远低于雪城大学。此外，NIL（姓名、图像、似像权）体育时代使得与财力最雄厚的巨头竞争变得更加困难。

与此同时，特朗普政府对数十亿美元联邦研究资助的干扰，让雪城大学近 2亿美元 的研究预算蒙上了阴影。而特朗普对学生签证的持续施压，也降低了国际学生的入学意愿——而这正是雪城大学依赖的一项收入来源。

一名雪城大学发言人表示，她不了解塔瓦雷斯（Tavares）关于吸引国际学生的建议，并称当时的招生院长已不在该校任职。

雪城大学的校董们开始质疑：学校是否应该收缩规模，将自己重新定义为一所规模较小的区域性学校，而不是努力维持其作为全国强校的声誉？

雪城大学校长迈克尔·海尼（Michael Haynie）在一次采访中表示，学校正试图在不放弃声誉的前提下，为学生提供更多价值。

“我们不能通过降低筛选标准或损害声望，来边缘化并削弱（雪城大学最顶尖项目的）竞争护城河，”他说道。

今年春天就任校长的海尼目前还不确定雪城大学需要缩减还是扩张。他表示，当学校在今年 4 月意识到会出现招生缺口时，本可以从候补名单中录取学生，但为了维持学术标准，很大程度上决定不这样做。他认为，缺口并非由于缺乏需求。

然而，与波士顿大学、东北大学和纽约大学等同行相比，雪城大学正在失去优势。

这些学校的标价大致相当，年度总费用在 $100,000 左右，但雪城大学在一项著名的全国排名中已连续七年下滑。

得益于其城市地理位置、财务援助和激进的招生策略，其竞争对手的表现更为稳健。

全额标价

东北大学、波士顿大学和纽约大学的申请人数激增，而录取率则大幅下降——这种选择性的提高提升了学校的声望，并增强了其吸引那些愿意且能够支付全额标价学生的能力。

根据国家教育统计中心（National Center for Education Statistics）最新可用的 2023-24 数据（涵盖 2023 年至 2024 年，即 24 年度），这三所学校中支付全额学费的本科生占比达 40% 或更多，而雪城大学的这一比例仅为 21%。

因此，雪城大学的竞争对手可以将财务援助预算集中在较小比例的学生身上，而雪城大学则必须将其配额分散到更广泛的人群中。这意味着对于获得某种财务援助的学生来说，在雪城大学就读的费用比在竞争对手学校高出数千加元。

中型私立学校（如雪城大学）正陷入长期困扰全美小型学院的趋势之中。

田纳西大学诺克斯维尔分校专门研究教育财务的教授罗伯特·凯尔琴（Robert Kelchen）表示，选择性中等的私立学院处于尴尬的中间地带。它们不够顶尖，无法主导市场，而它们吸引的学生群体仍然对价格标签感到担忧。

* 2023 至 2024 学年 来源：美国普查局（美国居民）；国家教育统计中心（录取申请者，标价）

“愿意支付接近全额学费的学生流正在枯竭，”凯尔琴说。“即使他们不是非常担心成本，他们也知道可以通过货比三家来获得更好的方案。”

雪城大学拥有稳健的 AA- 债券评级，但标准普尔全球（S&P Global）分析师去年将其展望从“稳定”下调至“负面”，理由是其需求指标弱于评级相似的同行。

北德克萨斯大学研究高等教育的巴雷特·泰勒（Barrett Taylor）表示：“他们面临着一些相当严峻的限制。”如果雪城大学愿意在声望和选择性上做出一些让步，“他们将拥有更多的自由度，但同时也会失去他们花费很长时间试图获得的社会地位。”

招生办公室的任务是填满每个班级，并产生覆盖学校运营费用所需的大部分收入。近年来，对于非顶尖学校来说，这件事变得困难得多。

“雪城大学的问题在于，这所学校认为自己像常春藤盟校一样。”

联邦数据显示，在过去二十年里，大多数学校在发出录取通知后最终入学的学生百分比下降了一半。

驱动这一趋势的一个因素是：平均而言，学生申请的学校数量是 25 年前的三倍。在线申请使过程变得更加简单，且越来越多的孩子愿意为了上大学而跨越全国搬迁。

顶尖学校有信心学生会接受录取通知，因此部分学校的录取率已骤降至 4%。而选择性较低的学院则需要录取更多学生才能填满班级，因为有太多人拒绝了它们的录取通知。

“入学率波动”

招生办公室将这一现象称为“入学率波动”（yield volatility），这使得预测新生规模变得更加困难。招生顾问表示，仅 1% 的计算偏差就可能对入学人数产生重大影响，并演变成数年的收入损失。

Northeastern University 40%

雪城大学（Syracuse）的入学人数一直像坐过山车一样。就在 2022 年秋季，该校面临的是相反的问题：学生太多。由于接受录取通知书的新生人数超出预期，该校最终比目标人数多出了 400 名学生。一些学生不得不住在喜来登酒店而非宿舍中。

前雪城大学学生支持与体验部门员工朱莉安娜·佩因特-林格斯（Giuliana Painter-Rings）表示，这与近年来随后出现的入学人数不足的挑战形成了鲜明对比。

“发现来的人太多了：‘噢，不，’”她在谈到住房短缺时说道，“然后今年又变成入学学生不够：‘噢，不’。”

海尼（Haynie）表示，雪城大学在招生方法、基础设施和人员方面做出了重大调整。海尼说，该校首次增加了非约束性的提前行动（early action）录取，并希望加快对常规录取申请者的响应时间，因为该校去年的响应速度是最慢的之一。

除了助学金方案外，其他因素也削弱了雪城大学的入学率。海尼表示，学校录取了学生但没有进行后续跟进。“我们只是简单地认为，‘好吧，你被录取了，这里是雪城大学，如果你决定是否入学，会通知我们的’，”他说。

通常，招生官会密切关注“表现出的兴趣”（demonstrated interest），以试图预测哪些学生更有可能接受录取通知。他们会追踪潜在学生打开招生邮件的速度以及阅读邮件的时长。他们是否访问了校园、登录了学校网站，或者在大学展会上访问了招生展位？

体育低谷

在雪城大学，体育项目的衰落放大了入学人数的波动——而体育项目在历史上一直是吸引学生来到校园的重要因素。

雪城大学的男子篮球队曾是一个长期的强队，曾在 2003 年赢得 NCAA 锦标赛冠军，并在 2013 年和 2016 年进入四强，但过去五个赛季未能获得锦标赛入场券，使该大学失去了全国性的曝光度。

雪城大学仍保留着一些世界级的项目，包括建筑学、公共政策、传播学和戏剧艺术。该校还将从距离校园不远的美光科技（Micron Technology）价值 1000 亿美元 billion 的新半导体制造综合体中获益。海尼表示，学校希望通过与这家芯片巨头相关的研究和认证项目，来弥补国际学生入学收入的损失。

雪城大学还取消了 93 个据称吸引学生不足的学术项目，例如儿童治疗和中东研究。发言人表示，该校提供的学位项目数量仍多于同类竞争机构。

与此同时，该校为了解决持续数十年的住房问题而背负了债务。

军备竞赛

在 20 世纪 90 年代和 21 世纪初，大学投入数十亿美元升级设施，展开了一场“军备竞赛”，以吸引那些根据宿舍质量和便利设施（如漂流河和攀岩墙）来仔细权衡就读地点的富裕学生。

雪城大学落后了。自 2009 年以来，该校没有开设新的宿舍，且多年的评估显示，学生希望在主校区附近有更多住房。十年前，在财务状况稳定时，学校曾制定了一项学生住房现代化计划。

2025 年，该校借款 $45800 万，在主校区附近建设新宿舍。由于对于其规模的大学而言，该校的捐赠基金相对较小，这一风险被进一步放大。

海尼表示，回顾过去，学校如果不同时建设这么多项目可能会更好。尽管如此，他表示：“我仍然相信投资而非退缩。没有任何机构能通过削减开支来摆脱困境。”

个人日志

© 2026 道琼斯公司。保留所有权利。

华尔街日报。

你应该喝多少水？这是一个流动的情况

在用餐时和口渴时摄入液体；对于我们大多数人来说，这样就足够补水了

您的健康 SUMATHI REDDY

我有一个坦白：我讨厌喝水。

当其他所有人似乎都在用 40 盎司的 Stanley 随行杯猛灌 H2O 时，我一直不明白整天喝纯净、无味的水的吸引力在哪里。

但我们一天到底需要喝多少水？考虑到气温升高、热浪以及如今猛喝水几乎成了一项竞技运动，这个问题比以往任何时候都更紧迫。

答案可能比你想象的要少，并且根据你的体型、健康状况、活动水平以及居住地而有所不同。

别误会，我并不是在低估水的重要性。水对所有生命和身体功能都至关重要，且占我们身体的 60% 以上。当我们摄入不足时，会发生糟糕的事情，其中最主要的是脱水，这是导致住院的主要可预防原因。

然而，亚利桑那州立大学位于凤凰城的补水科学实验室创始主任、社交媒体上的“补水博士”斯塔夫罗斯·卡武拉斯（Stavros Kavouras）表示，关于补水的优质研究并不多。

他说：“水是被遗忘的营养素。它不含卡路里，所以我们甚至不讨论它。”

建议

最常被引用的补水建议来自美国国家医学科学院，该机构要求男性的每日总液体摄入量为 3.7 升，女性为 2.7 升。

但问题在于：这是总液体摄入量，而不是特指水。而且另一件事是：研究发现，我们大约 $20% 的液体直接来自食物。

卡武拉斯表示，这意味着女性每天大约需要 2 升液体，男性需要 3 升。换算成饮料，大约是 68 盎司和 101 盎司。

卡武拉斯估计，美国平均每次倒水的量为 12 到 16 盎司。因此，这相当于女性每天约 4 到 6 杯液体，男性约 6 到 8 杯。

男性与女性

美国国家科学院（NAM）的建议是基于人群层面的数据，而男性平均而言比女性体型更大。除了体型和性别，其他因素也会影响你每天需要多少水分。

活动量是一个重要因素。一个正在为马拉松训练的人所需要喝的水量，将多于一个基本久坐不动的人。

“根据体重、出汗率和环境温度，所需水量在个体之间存在显著差异，”华盛顿特区乔治城大学内分泌与代谢科主任约瑟夫·G·维巴利斯（Joseph G. Verbalis）博士表示。

水分不足 饮水量低于建议量会对健康产生不利影响。卡武拉斯（Kavouras）的实验室发现，饮水量“较低”的人与患 2 型糖尿病、心脏病和痴呆症等疾病的更高风险之间存在关联。

“较低”被定义为饮水量少到处于水分不足（underhydrated）的状态，但尚未达到脱水（dehydrated）的程度。这意味着你的水分储备较低，但还不足以显示出急性脱水症状，例如感到晕眩或意识模糊。

康涅狄格州哈特福德大学水分健康中心主任科琳·穆诺兹（Colleen Muñoz）表示，长期饮水不足还与复发性尿路感染、肾结石和某些类型的肾脏疾病风险增加有关。

2026年8月31日，星期一 / A11

◀ 水对所有生命和身体机能都至关重要，且占我们身体的 60% 以上。

咖啡，茶？

幸运的是，你每天所需的水分几乎可以来自任何来源。咖啡和茶？当然可以。事实上，黑咖啡中 99% 都是水。

“有一种迷思认为咖啡是利尿剂，会导致脱水，这并不正确，”塔夫茨医学梅尔罗斯-韦克菲尔德医院（Tufts Medicine Melrose-Wakefield Hospital）临床营养经理朱莉·麦肯纳（Juli MacKenna）表示。

不过，避免饮酒并非迷思。酒精确实是利尿剂，会使身体流失水分。

牛奶和果汁？完全没问题。苏打水？甚至这也算在内。当然，为了避免不必要的卡路里和糖分，最好的做法始终是将水作为每日水分的主要来源。

那么气泡水呢？（这是我获取水分的主要来源，比如 Spindrift 和 LaCroix！）卡武拉斯说：“气泡水就是水；如果你喜欢气泡水，没有问题。”

观察信号

判断饮水过多或过少的最简单方法是什么？上厕所的频率和尿液的颜色。

深黄色尿液信号表明你喝水不足。透明的尿液意味着你饮水过多。浅黄色则是理想状态。

她表示，饮水不足的其他症状可能包括头痛、疲劳和意识模糊。

饮水过多也可能具有危险性，尽管严重病例较为罕见。我们的肾脏可以处理大量液体。

健康状况

维巴利斯表示，某些健康状况要求人们减少饮水量。这包括充血性心力衰竭以及肾功能和肝功能衰竭。此外还包括几种罕见的医疗状况。

“如果你没有这些疾病且饮水量超过需求，肾脏会将多余的水分排出，除了排尿次数增加，你不会遇到任何麻烦，”维巴利斯解释道。

另一方面，有肾结石风险的人通常被建议多喝水，以防止结石形成。

结论

在用餐时以及感到口渴时饮水。对于我们大多数人来说，这样就能保持充足的水分。一个注意事项：一些研究人员警告说，口渴感可能会随着年龄增长或服用某些药物而延迟或减轻。

“当我们需要水分时，我们的肾脏非常擅长保留水分；而当我们水分过多时，则擅长将其排出，”布法罗大学研究口渴现象的生物科学教授德里克·丹尼尔斯（Derek Daniels）表示。

因此，补水很重要，但你不需要把喝水变成一项全职工作。换句话说，你可以放心地把那个 40 盎司的大水杯留在家里。

雇主采取措施防止 AI 干扰求职面试

EMIL LENDOF / WSJ. ISTOCK

（接第一页）

例如，描述在之前工作中遇到的挑战性情况。

验证平台 Checkr 在 9 月份对 3,000 名经理进行的一项调查发现，59% 的经理怀疑求职者在招聘过程中利用 AI 工具的帮助来伪造个人情况。

“对于每一家招聘远程员工的公司来说，这都是一个现实，”BrightHire 的总经理本杰明·塞瑟（Benjamin Sesser）表示。BrightHire 是一家隶属于 Zoom 的公司，专门开发用于进行、记录和分析远程求职面试的软件。“这非常成问题。”

BrightHire 在今年早些时候为其 AI 面试产品增加了一个作弊检测工具，该工具可以监控特定的浏览器信号。塞瑟表示：“它在监控：你是否在切换浏览器标签页？你在电脑上在做什么？”

当求职者接受电信和安全公司 Somos 的面试时，他们被要求取消 Zoom 的虚拟背景，并环顾房间拍摄。其目的是寻找线索，以确认他们是否不在声称所在地，或者房间里是否有另一个人——或另一套电脑设备——在为他们提供答案。

一些求职者在听到这一要求后直接挂断了电话。

“我们遇到了很多欺——”

“骗求职者，”总部位于新泽西州但采取远程优先模式的 Somos 公司首席人力资源官埃莉莎·巴雷特（Elissa Barrett）说道。

Somos 最近开始检查求职者的 IP 地址。他们曾发现一些求职者声称在佛罗里达州，但实际上居住在巴西。他们还开始要求求职者在脸前挥手：一个伪装成人类且使用 AI 生成面孔的机器人通常无法完成这个挑战。

“当情况不对劲时，他们会把手放在一边，”巴雷特说。

迈克·豪斯柴尔德（Mike Hauschild）是 Quantum 的招聘人员，该公司为 200 多家风险投资支持的初创公司招聘人才。他表示，求职者被鼓励在家庭作业或编程练习等环节使用 AI，但有些问题他们必须独立回答。

其中一家客户要求求职者在面试题目给出时将双手举起，以证明没有人在实时打字。他说：“他们将其表述为‘我们要进行一个小型的实操屏幕练习’。这太离谱了。”

Passion.io 是一家拥有 30 人的远程优先初创公司，其 AI 运营负责人伊娃·斯佩克萨德（Eva Spexard）表示，她的公司要求求职者在面试的某些部分共享屏幕。他们还将部分问题的回答改为书面形式，要求在共享的 Google 文档中实时提供答案。

“你基本上能看出他们是在打字还是在复制粘贴，”她说。

斯佩克萨德表示，家庭作业中充斥着太多 AI 生成的废话，以至于这些作业正变得过时，现在的趋势是进行实时作业。很多时候，使用聊天机器人的迹象非常明显，包括“复制粘贴的回复中仍然保留着 Claude 的句子：‘我应该把它写得更简洁吗？’”斯佩克萨德说道。

在 Nominal——一家为硬件工程团队构建软件、拥有约 220 名在职员工的公司——求职者必须在参加面对面面试后才能被录用。工程师的编程测试在现场进行。

“我们可以通过现场面试完全控制作弊体验，”Nominal 的首席执行官布莱斯·斯特劳斯（Bryce Strauss）表示。“我们会为他们提供一台笔记本电脑。”

斯特劳斯表示，在过去几年中，他注意到人们思考问题的能力差距正在扩大：他怀疑有些人日常工作中过度依赖 AI，以至于影响了独立思考的能力。当使用 AI 回答问题时，一个明显的迹象是答案最终变得机械化，且远没有那么有趣。

“切线思维、错误的开端，以及你在思考过程中出乎意料地建立的奇特联系，在 AI 的介入下往往会被‘清理’掉，”他说。“在此时此刻，脱颖而出的方式就是保持根本上的‘人性’。”

华尔街日报每日纵横字谜 / 编辑：迈克·申克 (Mike Shenk)

朵莉·帕顿，好莱坞之星

从《9 to 5》到《钢铁木兰》，粉丝们热爱看到这位传奇歌手在银幕上的风采

作者：埃丝特·祖克曼 (ESTHER ZUCKERMAN)

朵莉·帕顿于周二去世，享年 80, 岁。根据她的自传《朵莉：我的生活和其他未竟之事》(Dolly: My Life and Other Unfinished Business)，她用自己的话来说，当时“至少暂时地”成为了“一名真正的电影明星”。

在这本书中，这位乡村音乐传奇回顾了在 1982 年其音乐剧《德克萨斯州最好的小妓院》(The Best Little Whorehouse in Texas) 获得成功后，好莱坞给予她的认可。帕顿的电影生涯产出了包括《9 to 5》和《钢铁木兰》(Steel Magnolias) 在内的经典之作，以及像《闪亮之星》(Rhinestone) 这样的失败之作。以下是她最令人难忘的角色回顾。

《9 to 5》(1980) 她饰演秘书多拉莉·罗兹 (Doralee Rhodes)，该角色向她粗鲁的老板展开报复。

她的故事 帕顿对这部电影最大的贡献可能是其片名——以及她为此创作的歌曲，她在歌中轻唱着要为自己抓住一杯“雄心之杯”。但在银幕上，帕顿同样发挥了关键作用，她与简·方达 (Jane Fonda) 和莉莉·汤姆林 (Lily Tomlin) 共同主演，饰演三名向其残酷且有性骚扰行为的老板进行报复的女性之一。

这是她的第一个电影角色，方达非常渴望启用她。帕顿起初有些犹豫，但在其经纪人的建议下签约了。“事实证明，这是我进入电影界最完美的角色，”她写道。她与合作演员们相处愉快。“很多人在说：‘天哪，我太想看看那个场面了。那三个贱女人绝对不可能相处融洽！你能想象三个那样的女人在一起吗？！’但你知道，我们度过了最美好的时光，”帕顿在接受《滚石》(Rolling Stone) 采访时说道。为了准备，帕顿背诵了整个剧本。

《德克萨斯州最好的小妓院》(1982)

她饰演莫娜 (Mona)，一名管理“鸡舍农场”(Chicken Ranch) 的老鸨。

电影将她与饰演警长且恰好是她情人的雷诺兹配对，但该片最终还是成为了真正的热门，成为当年票房第九高的电影。

她的故事 在书中，帕顿写道，在《9 to 5》中度过了“美妙时光”后，她渴望再拍一部电影。于是她签约出演这部基于 1978 年百老汇音乐剧改编的电影中那位甜美的妓院老板。她写道，这是一次“完全相反的体验”，并补充说：“在电影行业我当时还相对稚嫩，不知道在我参与进来的时候，这个项目已经出现了他们所谓的‘大量血迹’。”她的合作演员伯特·雷诺兹 (Burt Reynolds) 心情糟糕。人们被解雇。评论家们抨击这部电影。

从左起顺时针方向： 《9 to 5》的主演们；帕顿在职场喜剧中的剧照；《钢铁木兰》；《欢乐之声》(Joyful Noise)；《闪亮之星》以及《德克萨斯州最好的小妓院》。

《闪亮之星》（Rhinestone, 1984）

她在片中饰演杰克·法里斯，一名试图将一名纽约出租车司机（西尔维斯特·史泰龙 饰）打造成为乡村音乐之星的歌手。

她的故事：这部电影遭遇了惨败。帕顿在她的书中写道：“我想公众不想看到西尔维斯特·史泰龙演喜剧。或者也许他们不想看到我演西尔维斯特·史泰龙。有一件事是肯定的：他们不想看《闪亮之星》。”帕顿非常崇拜史泰龙，称他“比爆米花还棒”。

《钢铁木兰》（Steel Magnolias, 1989）她在片中饰演特鲁维，一名路易斯安那州的理发师，她的家是当地女性的聚集地。

她的故事：导演赫伯特·罗斯并不特别喜欢帕顿，曾告诉她不会演戏。她的反击是：“我不是演员，我是多莉·帕顿。我是一个被雇来拍这部电影的公众人物。你是导演，让我的表演看起来像在演戏是你的工作。”

其他人强烈反对罗斯的观点。罗杰·埃伯特在评论中称她为“最阳光、最自然的一批演员之一”。帕顿当时告诉美联社，如果她没有成为明星，她可能会寻找像特鲁维那样的工作。“我想在美容美发行业发展，”她说。

《欢乐之声》（Joyful Noise, 2012） 她在片中饰演 G.G. 斯派罗，一名乔治亚州教会合唱团的成员。她的故事：在经历了一段电影工作大多为客串的时期后，帕顿在这部关于小镇教会合唱团的励志喜剧中回归银幕，在片中她与奎恩·拉蒂法饰演的合唱团指挥形成对立。在接受 NPR 采访时，帕顿表示她很乐意拿自己的整形手术开玩笑，甚至鼓励编剧兼导演托德·格拉夫加入这类梗。“我说，‘听着，我对这件事一点也不敏感。如果能让观众笑，我完全赞成，’”她说。

LET'S CELEBRATE / 作者：Ben Wildman-Tobriner & Stephanie Wildman

横向 1 审查员发出的声音 6 魔鬼的领地 10 全部，所有 13 演唱《Bodak Yellow》的说唱歌手 ____ B 14 《沉睡魔咒》中的安吉丽娜 15 披头士乐队的 "____ Loser" 16 洗礼仪式 18 多次 19 听起来像羊在叫？ 20 ____ 拉嘛 22 鸡蛋轮廓 25 学位授予仪式 28 软帽 30 《后翼弃后》中的泰勒-乔伊 31 伦敦人的语言 32 寿司调料 36 “该死！”

40 “阿门！”（以及对横向 16、25、50 和 61 的同音提示） 43 胡克船长的助手 44 故意挑衅 45 乔治·格什温的词作者兄弟 46 滑雪电梯类型 48 俄勒冈州首府 50 成年礼 56 总统的下属 57 产生香膏的植物 58 住所 60 能量损耗 61 生日仪式 67 夏季正中？ 68 激励

69 微波炉加热（非正式用法） 70 豆腐来源 71 亚当和夏娃的孙子 72 紧握 Down

纵向 1 电子邮件中的隐秘包含 2 _di-dah 3 搞砸 4 可安全食用 5 倾斜之塔所在地 6 Accord 或 Civic（车型） 7 四分卫曼宁 8 越南纪念碑建筑师 Maya 9 可能导致大腿酸痛的健身训练 10 大蒜酱 11 文本消息中的“极好笑”

▶ 在 WSJ.com / Puzzles 在线解谜并讨论。

26 轻拍 27 聚集 29 和平手势可能代表的含义 33 板块出现 34 《古战场》播出网络 35 金枪鱼品种 37 敏捷 38 比纵向 29 多一个 39 集邮者的样本 41 “明白吗？” 42 高速公路（缩写） 47 奶油浓汤 49 许多大富翁地产 50 钻石角 51 圣安东尼奥地标 52 _turvy 53 风向标 54 基础 55 园艺工具 59 阴冷潮湿 62 餐饮容器 63 “哪里 _wrong？” 64 划掉 65 锻炼单位 66 电视广告

12 许多格言的语言 14 进行起哄 17 涂鸦签名 21 街机游戏先驱 22 服从命令 23 眼镜蛇毒液 24 加入辩论

本场竞赛的答案是 ADOPT。五个主题答案由一个常见的宠物词包围另一个单词组成（CANADA DRY = CANARY 包围 DAD，ROARED AT = RAT 包围 OARED，PAIRS UP = PUP 包围 AIRS，FRANKISH = FISH 包围 RANK，CAMEMBERT = CAT 包围 MEMBER）。这些内部单词是五个网格答案线索的结尾，而这些网格答案的首字母拼出了本场竞赛的答案。

新加坡与蝉群搏斗

（接第一页）

这些蝉此前曾在菲律宾被发现。这些昆虫的集群规模比新加坡的其他蝉类更大，但它们是如何到达这座岛屿的尚不清楚。

“它们遍布走廊、地板和墙壁，”住在受入侵威胁的住宅区的一位居民、65, 岁的阿舒库马尔·维拉潘（Ashukumar Veerappan）说道，“它们会撞在你的脸上和到处都是。它们就是盲目地飞。”

在混乱最严重的时候，维拉潘每晚都能听到邻居的尖叫声。家长们表示，蝉撞击窗户的声音导致孩子们无法入睡。居民们在露天走廊里使用披肩和雨伞来保护自己。

一些人开始向当地媒体抱怨，当局随即迅速采取行动——这种标志性的高效帮助新加坡从一个挣扎的后殖民贸易站转型为现代金融中心。

由邱（Choo）领导的“蝉类管理工作组”由科学家、社区团体和国家公园管理局组成，他们在 500 多棵树上包裹铝箔或塑料，并在树基部铺设椰壳垫或防水布。他们希望以此干扰蝉幼虫的蜕皮过程，因为幼虫需要脱掉外壳才能发育为成虫。

在大多数新加坡人居住的政府补贴组屋中，部分天花板灯被遮挡，以观察蝉是否会因此减少被吸引。市政工人拿着网在走廊中巡逻。由床单、灯具和肥皂水容器组成的光诱捕装置被用来围捕这些昆虫。

“由于在密集的热带城市环境中，关于蝉群激增的研究并不充分，没有任何一个机构拥有现成的解决方案，”邱说道，他是自 1959 年以来一直统治新加坡的人民行动党成员。

新加坡不习惯采取折中方案。口香糖实际上被禁止，一些罪犯仍会被鞭刑。但街道干净，跨国公司成群结队地进驻，这个岛国在宜居指数中经常名列前茅。

由于这种成功，人们对一个完美运行且和谐的社会期望很高。

《海峡时报》在 2024 年的一篇文章中将其称为“抱怨之国”，文中写道：“如果说新加坡除了排队买食物和达成交易之外还有什么国民爱好，那就是抱怨。”

这成了一套有效的机制。“当更多人开始抱怨时，他们确实会去调查，”维拉潘说。他是反对党新加坡民主党的执行委员会成员，该党自20世纪90年代以来就没有议员了，但他表示对政府在应对蝉群方面的努力“相当满意”。

在美国，每年和周期性地都会出现蝉群，那里倾向于采取一种更放任自流的方式。美国环境保护署表示，这些昆虫基本无害，最终会离开。

与维拉潘住在同一栋楼的卡洛斯·肯纳利（Carlos Kennerley）说，当他 29 岁的女儿艾莎（Aisyah）下班回家时，她会打电话让他拿着羽毛球拍在电梯口接她。

“你站在外面，耳朵会嗡嗡作响，” 59, 岁的肯纳利说，他是一位在新加坡生活了数十年的英国人，“当你进入一个安静的地方，感觉就像‘哇’一样。”

新加坡国立大学李光前自然历史博物馆的昆虫学家傅茂盛（Foo Maosheng）通常专注于研究蟑螂。尽管如此，他还是被部署到了这场从3月持续到6月左右的蝉类入侵前线。

傅茂盛曾参与该工作组并提供关于蝉类生物学的建议，他表示，无论是健康问题还是经济问题，新加坡人“倾向于通过创建工作组来处理这种情况”这一概念，“这与新冠疫情时期非常相似。”

[...OMITTED...]

Foo表示，在三个晚上里，他利用光诱捕器共捕捉到了1,733只蝉。其中许多现在被储存在他在博物馆的实验室中。

Choo表示，树干包裹和光诱捕器效果良好。其目标是减轻对居民的影响，而非完全根除蝉群。

针对明年，官员们正在探索使用极具针对性的杀虫剂，并将提前修剪树木以清除潜在的产卵地。

“我们不再依赖广泛的猜测，”Choo说道，“我们现在拥有了一套更清晰、经过更好验证的行动方案。”

艺术评论

艺术评论

克拉克美术馆的新宝库

一场展览展出了 Aso O. Tavitian 非凡遗赠中的部分珍宝

作者：KAREN WILKIN

马萨诸塞州威廉斯敦 —— 2024, 年，克拉克艺术学院（Clark Art Institute）收到了一份令人震惊的遗赠，包含 331 件作品。这批私人收藏经过深思熟虑且极具洞察力的挑选，涵盖了从文艺复兴到 $19 世纪的 132 幅油画、130 件雕塑、39 幅素描和 30 件装饰艺术品。此次捐赠还包括一项用于设立新策展职位的捐赠基金以管理该收藏，以及用于支持其长期维护、编制目录和建造新展馆以安置这些作品的资金。

这份非凡礼物的慷慨捐赠者 Aso O. Tavitian（1940-2020）同样出类拔萃，他是克拉克美术馆及其他艺术机构的长期好友和受托人。他出生于保加利亚，父母是种族大屠杀的幸存亚美尼亚人。他于 1961 年移民美国，在哥伦比亚大学学习，获得了核工程和核物理的高级学位。作为一家先驱软件开发公司的早期员工，他后来成为了该公司的首席执行官和主要股东，这使其能够为国际教育项目提供大规模的慈善支持，并开展其雄心勃勃且见识广博的收藏活动。

在克拉克美术馆举办的这场呈现优雅的展览——“敏锐之眼： Aso O. Tavitian 收藏展”，通过 150 件来自不同国家、采用不同媒介但品质始终卓越的艺术家作品提供了预览。（由 Annabelle Selldorf 设计的该收藏新展馆计划于 2028 年建成。）我们在这里看到了画布油画和铜板油画；青铜器、陶土器以及一件令人印象深刻的象牙雕刻；冷静的肖像画、亲密的速写以及毫不留情的讽刺画。在整个展览中，我们被那些名声显赫的名字吸引，也被那些主要仅为专家所知的名字所惊艳；展览虽然按时间顺序排列，但也创造了意想不到的对话。由扬·凡·艾克及其工作室创作的微小而精致的《泉边圣母》（c. 1440, ），与一件细节诱人的雪花石膏雕塑——吉尔·德·西洛埃的《圣塞西莉亚》（c. 1500, ），相对而立，不远处是汉斯·梅姆林对一名男子毫不妥协且真实的肖像画（c. 1470-75, ），以及一对由安德烈亚·德拉·罗比亚创作的甜美且理想化的釉面陶土头像（c. 1470-80, ）。著名的胡塞佩·德·里贝拉那幅构图稳健、光影忧郁的《拿着地球仪的哲学家（阿那克萨哥拉斯）》（1630, ），与籍籍无名的瓦勒朗·瓦扬创作的《头戴涡卷帽的自画像》（1675-77, ），相邻，后者的织物头饰绘制得令人惊叹。

由新任 Aso Tavitian 近代绘画与雕塑策展人 Lara Yeager-Crasselt（曾就职于莱顿荷兰黄金时代艺术收藏馆）编写的详尽标签，强调了该收藏所涵盖时期内欧洲艺术家之间的互联性，提醒我们老扬·布鲁盖尔那幅极具感染力的《林间小路上的人物风景》（c. 1595, ），是在这位尼德兰大师从罗马旅居归来后创作的。我们还了解到，收藏中的 Hubert Robert 的风景画——《美第奇别墅的柱廊与花园》（c. 1759, ）和《朱利亚别墅内部与割草工》（1759, ），是在这位法国艺术家在意大利长期逗留期间绘制的。

左侧为扬·凡·艾克及其工作室创作的《泉边圣母》（c. 1440, ），下方为让-安托万·华托创作的《骄傲的人》（1715, ）。

从左起顺时针方向：帕尔米贾尼诺的《男子肖像》（c. 1530, ）；克劳德-约瑟夫·韦尔内的《瑞士沙夫豪森附近的莱茵瀑布》（1779, ）；让-安托万·乌东的《小莉丝》（1775, ）；以及伊丽莎白-路易丝·维热-勒布伦的《工作室装束自画像》（c. 1800, ）。

这里有一些精美的风景画，例如 17 世纪荷兰画家迈因德特·霍贝玛（Meindert Hobbema）在阴沉多云的北欧天空下创作的林间景象，以及法国学院派画家克劳德-约瑟夫·韦尔内（Claude-Joseph Vernet）于 1779 年创作的戏剧化视角作品《瑞士沙夫豪森附近的莱茵瀑布》，传递出一种崇高感。我们还能发现神话题材场景，甚至是一幅静物画。但肖像画占据主导地位，包括雅克-路易·大卫（Jacques-Louis David）约 1788 年创作的对他幼子的深情画像；伊丽莎白-路易丝·维热-勒布伦（Elisabeth Louise Vigée-Lebrun）约 1800 年创作的戴红帽的坦率自画像；让-安托万·乌东（Jean-Antoine Houdon）1775 年创作的温婉的大理石像《小莉丝》；以及路易-利奥波德·博伊（Louis-Léopold Boilly）创作的 32 个独立头像，展现了 1820 年巴黎男女的社会缩影。让-安托万·瓦托（Jean-Antoine Watteau）1715 年创作的小幅作品《骄傲的人》，画中人物身着红色服装，姿态警觉且挺拔；而让-奥诺雷·弗拉戈纳尔（Jean-Honoré Fragonard）约 1773-76 年创作的笔触粗犷、绘制迅速的《信》，这两件作品都拓展了我们对 18 世纪法国绘画的认知，并证实了塔维蒂安（Tavitian）喜欢被同类人类的形象所环绕。

塔维蒂安对复杂性和技术精湛程度的赞赏，可以通过许多细节极其丰富的作品得到证明。我们惊叹于卢卡斯·克拉纳赫（父）（Lucas Cranach the Elder）1528 年作品《持有葡萄和苹果的年轻女子肖像》中复杂的织物、刺绣和珠宝，并思考克洛迪翁（Clodion）1800 年的赤陶雕塑《由两名酒神随从和一名酒神携带葡萄的酒神随从》能够幸存下来的极低概率——那是一个由纤细、脆弱的肢体组成的高 2 英尺的塔状结构。

更令人感兴趣的是，塔维蒂安对那些并非以繁复著称，而是以简洁、直接和亲密感见长的作品也反应热烈。他购入了安东尼·凡·戴克（Anthony van Dyck）约 1638 年为其情妇玛格丽特·莱蒙（Margaret Lemon）创作的高度精细的肖像画，画中她裹在轻盈的丝绸中，卷发随风，目光灵动且斜睨。但他也购买了凡·戴克笔触宽阔、风格果断的纸本油画《年轻胡须男子的习作》（约 1618-19 年），以及吉安·洛伦佐·贝尼尼（Gian Lorenzo Bernini）为其兄弟创作的直接的纸本油画肖像——这些成熟且随意的作品仿佛直接从工作室中取出一般。此外，还有迈克尔·斯韦尔茨（Michael Sweerts）创作的一个年轻男子的强健头像，斯韦尔茨是另一位在意大利度过相当长时间的北欧人，该画作是在他返回北方后创作的。此外还有许多其他作品。

这组奢华的作品阵列促使我们去好奇那个收集它们的人。塔维蒂安一定是个迷人的人。而这个收藏无疑如此。

绝佳的眼光：介绍 Aso O. Tavitian 收藏展 克拉克艺术学院，展至 2027 年 2 月 21 日

威尔金（Wilkin）女士是一位独立策展人和评论家。

（从上至下）：JAVIER LIZON / ；JOSEP LAGO / 杰森·盖伊（JASON GAY）

波加查的血色惨日

这位自行车之星在一次摔车事故中锁骨骨折，被迫退出西班牙自行车赛（Vuelta a España）

我们开始将他视为不可战胜，因为他确实看起来如此。

塔德伊·波加查（Tadej Pogacar）参加的几乎每一场自行车赛都获得了胜利，而且他似乎赢得轻而易举，征服了对手和阿尔卑斯山的陡坡，并化解了这项危险运动中永恒的危机。

周六，危机终于降临。波加查在西班牙自行车赛的一群骑手中以略低于 30 英里 / 小时的速度巡航——当然，这场比赛他当时处于领先地位——这时他的自行车似乎撞到了路面上的一个小物体（至少目前的理论是这样），导致波加查撞向另一名骑手，随后他与自行车惊险地飞向空中。

当波加查撞击沥青路面时，伤害瞬间发生：脑震荡，面部和肩膀瘀伤及割伤，C7 颈椎骨折，以及据称需要手术的锁骨骨折。这次摔车结束了波加查的西班牙赛，并可能终结了他的 2026 赛季，而这本应是任何自行车运动员有史以来最出色的赛季之一。

世界上最顶尖的骑手也无法逃避其职业中充满风险的现实。骑手们穿着几乎就像打折的万圣节服装，以 65 英里 / 小时的速度飞驰在山隘之间，而每个人都表现得像这很正常一样，但事实绝非如此。

危险永远存在。可怕的事情时有发生。就在几周前，一名年轻的威尔士骑手芬利·塔林（Finlay Tarling）在葡萄牙的一场比赛中被车辆撞击身亡，这项运动在哀悼之后继续前行。塔林的哥哥乔什（Josh）参加了西班牙赛，在首个赛段获得第三名，仅次于波加查，但在几天后退赛。

Compartmentaliza-

心理隔离变得像水壶一样至关重要。没有一条路是绝对安全的。波加查的摔车发生在宽阔、笔直的平路上，似乎纯粹是运气不佳。在移动的骑手群体（主车群，peloton）中发生碰撞尤其危险，因为几乎没有反应机会，也很少有操纵空间。

尽管波加查的摔车场面极其惨烈，但情况本可能更糟。他起身后速度很快，波加查的团队甚至一度认为他会重新骑上车并回归比赛。他以前曾戏剧性地这样做过，并赢得了像 Strade Bianchi 和米兰-圣雷莫（Milan San Remo）这样的比赛。

但这次不行。头部受伤导致的出血和眩晕终结了这一切。

波加查参加西班牙赛是因为这是自行车运动三大环赛中他唯一尚未赢得的一项。他已五次征服环法自行车赛（包括今年 7 月），以及环意自行车赛，以及一系列单日赛，这些成就确认了他作为这一代乃至更久以来最伟大的骑手。

这场在赛季最后三分之一阶段进行的西班牙史诗级赛事，是波加查罕见未能夺得的冠军。他此前已赢得三个赛段，并身披领骑红衫处于总成绩领先地位。竞争对手们抱怨他看起来就像在进行轻松的 Zone 2 训练骑行。波加查对待西班牙赛就像对待大多数分段赛一样，将其变成了争夺第二名的比赛。

现在他突然出局了，因为这就是自行车赛。波加查在今年的环法赛中失去了他最强劲的对手约纳斯·温格高（Jonas Vinegegaard），后者在比赛中途因锁骨骨折退赛，而现在同样的伤势也将他送回了家。撞击伤是自行车运动中的常客。残酷的笑话是，自行车赛手只有两种：一种是锁骨已经骨折的人，另一种是即将骨折的人。这种情况随时都在发生。

这项运动将等待进一步的消息。

但很有可能他将在此止步。波加查是现任且两连冠的路赛世界冠军，但很难想象他能恢复健康并拥有足够的信心——在摔车后，信心的恢复往往是最慢的——从而在 9 月 27 日的蒙特利尔站冲击三连冠。魁北克，抱歉了。

波加查可能是一位拥有古灵精怪、搞怪一面且占据统治地位的运动员——看看他在医院病床上发布的那条带有比吉斯乐队（Bee Gees）风格的“Stayin’ Alive”社交媒体帖子——但他也和任何人一样脆弱。没有了他的这项运动已经让人感到空虚。

在周六赛段结束时，接替波加查登顶积分榜的恩里克·马斯（Enric Mas）被授予作为新赛段领先者的红色领骑衫。但马斯拒绝穿上它。

拥有 1.2 亿 粉丝的偶像

作者：CAIRA CONNER

那是一个周二的上午 10:30，距离美国网球公开赛单打抽签正式开始还有五天，但观众已经将路易斯·阿姆斯特朗体育场的 14,000 个座位填得满满当当。

不管这是否是工作日，不管比赛是否是一场短形式的混双赛事，也不管美食广场是否还要 30 分钟才开门。

他们是为了来看一名名为亚历克斯·埃拉（Alex Eala）的 21 岁菲律宾网球天才，她与加拿大的费利克斯·奥热-阿里亚西姆（Félix Auger-Aliassime）搭档。观众用雷鸣般的欢呼迎接她，为每一个得分喝彩，尖叫声之大，以至于她的对手在比赛中出现了一连串非强制性失误。尽管这场比赛仅持续了大约 39 分钟——且埃拉和奥热-阿里亚西姆输掉了比赛——但粉丝们得到了他们想要的：亲眼见到埃拉的机会。

在人口约为 1.2 亿 的菲律宾群岛，网球很难说是一项国民运动，其受欢迎程度远低于篮球和足球。该国最著名的运动员毫无疑问是前世界冠军拳击手曼尼·帕奎奥（Manny Pacquiao），他在短暂担任参议员之前，曾在八个不同的量级中赢得冠军。他的名字依然是国家自豪感的代名词。

而现在，在短短一个赛季的时间里，埃拉正准备赢得类似的地位。

“据我所知，现在很难租到球场，”她最近表示，“在网上，我看到每个人都在打网球。”法国零售商迪卡侬（Decathlon）报告称，其菲律宾门店的初学者球拍销量激增 $66%。

埃拉在马尼拉大都会长大，随后于 2023, 年毕业于拉法·纳达尔学院（Rafa Nadal Academy），她在每次场上采访中至少有一部分是用塔加洛语进行的。那些来看她比赛的人挥舞着菲律宾国旗，穿着印有她头像的定制T恤。在马尼拉，她的面孔被印在埃皮法尼奥·德洛斯桑托斯大道（Epifanio de los Santos Avenue）的一块广告牌上，那是该市最长的一段公路。

“埃拉狂热”在一年多前的 2025 年迈阿密公开赛上开始升温。当时她的世界排名第 140 位，她凭借惊人的势头一路闯入半决赛，接连击败了 3 位大满贯冠军：叶莲娜·奥斯塔彭科（Jelena Ostapenko）、麦迪逊·基斯（Madison Keys）和伊加·斯维亚特克（Iga Świątek），且每场均以直落两盘获胜。埃拉是以外卡身份参加该赛事的。历史上从未有菲律宾女性进入过WTA Masters 1000 的正赛。

而那仅仅是序幕。本月早些时候，在华盛顿特区公开赛（DC Open）上，她实现了真正的突破。她通过三盘大战击败了世界 No. 3 杰西卡·佩古拉（Jessica Pegula），赢得了她的首个WTA巡回赛冠军，成为首位赢得任何职业网球冠军的菲律宾球员。

“她的粉丝每天从早到晚成群结队地出现，只为了看她一眼或要一个签名，”华盛顿特区公开赛主席马克·埃因（Mark Ein）在电子邮件中写道，“自从拉法来到这座城市以来，我还没见过这样的场面。”

在今年于加拿大多伦多举行的国家银行公开赛（National Bank Open）中，她首轮比赛的门票销量是原定比赛场馆可用座位的两倍。组织者匆忙将她的比赛移至中心球场。她在第三轮击败了美国选手凯蒂·麦克纳利（Caty McNally），在网前握手时，麦克纳利只能感谢埃拉让她能成为这次经历的一部分。

赛后，埃拉告诉观众要“给凯蒂献花”。到了第二天早晨，麦克纳利的Instagram粉丝增加了 10,000 多人，其中很大一部分是菲律宾人。

粉丝们对埃拉生活的关注有时显得过于亲密，但埃拉似乎并不在意。当她在 Instagram 故事中分享祝父母结婚纪念日快乐的动态时，在随后于辛辛那提举行的比赛中，一群观众到场支持，他们举着标牌，同样祝愿迈克尔·“迈克”·埃拉（Michael "Mike" Eala）和罗斯玛丽·“里扎”·马尼戈-埃拉（Rosemarie "Rizza" Maniego-Eala）结婚纪念日快乐。

在下一轮对阵美国世界排名第 10 的阿曼达·阿尼西莫娃（Amanda Anisimova）的早期换场期间，一名年轻女子在埃拉座椅正后方的看台上蹲下，拍了一张与埃拉后脑勺的合影。埃拉则直视前方，抿了一口水。

但这些时刻仅仅是她在皇后区将要面对的情况的一小部分，那里拥有纽约最大的菲律宾社区。去年此时，她以世界排名第 75 的身份参加美国公开赛。而本周，她以世界排名第 18 的身份抵达，并在赛事中被列为 17 号种子。

为了纪念她在华盛顿特区获得的首个冠军，耐克（Nike）赠送了她一只定制球鞋，鞋上装饰着菲律宾黄太阳的图案。埃拉多次被问到，代表一个国家的梦想是否曾成为一种负担。她说，从未有过。

“压力是我工作的一部分，很多人问我如何应对，”她在今年早些时候表示，“但与普通菲律宾人为了养家糊口而必须面对的压力相比，这根本不算什么。”

谁才是现在的“工人阶级”？

内部视角 作者：安迪·凯斯勒 (Andy Kessler)

阶级斗争再次弥漫在空气中——这通常预示着双方都已黔驴之技穷。中期选举演变成了一场关于谁在照顾工人阶级的争夺战。但究竟什么是“工人阶级”？

“我认为，如果你必须通过工作来支付账单，这就是一个定义，”纽约市长佐兰·马姆达尼 (Zohran Mamdani) 告诉《纽约时报》。那么，几乎所有人都是吗？众议员亚历山德里娅·奥卡西奥-科尔特斯 (Alexandria Ocasio-Cortez) 解释道：“我们必须建立一个以工人阶级为中心的政治。”

但随着制造业目前在总就业人数中的占比不足 10%，如今谁才是工人阶级？阶级应该按收入、权力还是人脉来排名？蓝领对比白领？这令人困惑。标准的五类学术分类是：上层、中上层、中层、中下层和下层。另一些人则喜欢将下层进一步细分为工人阶级、工作贫困阶层和底层阶级。加上“工作”这样的修饰词，更多的是政治操弄而非社会经济分析。电视主持人迈克·罗 (Mike Rowe) 强调的是“肮脏工作” (Dirty Jobs)，但我们并不会把从事这些工作的人称为“肮脏阶级”。

说到操弄，博主查尔斯·休·史密斯 (Charles Hugh Smith) 列出了一份扭曲的名单，将阶级分为 10 类，涵盖了金钱、权力和声望的不同阶段，而且这些阶级似乎彼此厌恶：深层政府、寡头、新贵族、上层种姓（出生即决定）、国家官僚阶层（统治精英）、中产阶级、工作贫困阶层、国家依赖者、流动创意人士以及零工经济不稳定无产者（意味着没有工作保障）。为什么不分 20 类？把这份名单套在演员乔治·克鲁尼 (George Clooney) 身上——他无疑是个流动创意人士，但按我的计算，除了中产阶级和工作贫困阶层，他几乎属于名单上的每一个阶级。

最重要的是，美国的阶级并非停滞不前，这与古印度的种姓制度不同。在印度，从婆罗门到达利特（贱民）或不可接触者，你的命运在出生时就已决定。虽然印度在 1950, 禁止了种姓制度，但在 2025 年的人口普查中又加入了“种姓计数”。

相比之下，美国人口普查衡量的是收入增长和经济流动性，即阶级之间的流动。请忽略由伯尼·桑德斯 (Bernie Sanders) 等社会主义恐慌制造者所宣扬的虚构美国种姓制度：“亿万富翁变得更富有，而劳动家庭却在苦苦挣扎。” 1960 年，约翰·斯坦贝克 (John Steinbeck) 在《时尚先生》(Esquire) 杂志上论述社会主义的失败时写道：“我们这里没有一个自认是无产阶级的人。每个人都是一个暂时陷入窘迫的资本家。” 我们是奋斗者。伯尼，你对此怎么看。

拉姆·埃马纽埃尔 (Rahm Emanuel) 聪明地告诉 Politico：“如果你试图成为一个能够招募人们——那些过着月光族生活的工人阶级——的政党，那么社会主义者一直以来都在排斥他们。”

此外，我们被大量错误的分析所轰炸，称中产阶级正在空心化。目前最大的收入群体实际上是中上层阶级。1979. 年，中上层家庭占比为 $10%。现在这一比例是 $31%。真的吗？这是来自剥削？还是遗传？绝非如此。更像是努力工作，以及双薪家庭。中产阶级正在变得更富有。这为什么是件坏事？

而且，中上层阶级的收入范围之宽，足以开进一辆卡车，从

阶级现在被随意地按收入、权力和社会关系进行排名。

两人家庭为 $109,000 到 $326,000，四人家庭为 $154,000 到 $462,000。这些人是否觉得自己属于中上阶层则是另一回事——这取决于地理位置。更糟糕的是，在嫉妒政治的驱动下，他们成了被攻击的目标。

马姆达尼先生宣称：“世界上最好的城市理应拥有世界上最好的公园、图书馆和学校。只有当我们每个人都支付公平的份额时，这才有可能。”但所谓的“公平份额”其实是掏你口袋的代名词——因此，他们要对在城里拥有第二套房的非本地人征收临时住所税（pied-à-terre tax）。

金巴尔·马斯克（埃隆的弟弟）在一部关于本周再次开始的“火人节”沙漠集会的 HBO 纪录片中，总结了对上层阶级的愤怒：“财富至上主义是当今美国面临的一项文化挑战，人们心中积压了一种普遍的愤恨。但我们是硬汉，我们走向广阔的世界，大展身手，然后回来，用一颗脆弱且敞开的心去赠予。”

我认为他的意思是，这场为期一周、将“疯狂的麦克斯”与太阳马戏团相结合、想象中的无阶级“去商品化”乌托邦，需要资本主义的财富才能运转。大多数门票的价格在 $775 到 $3,000 之间（不含税）。然后活动结束，现实残酷地袭来。在“默认世界”中不存在乌托邦，除非是在充斥着社会主义色彩的狂热幻想中。相反，我们工作。

工人阶级的规模比马姆达尼先生认为的要大，且渗透在从底层到上层的所有阶级之中。问问任何一位首席执行官他工作多少小时。绝对不是 40 小时，可能超过 80 小时。埃隆·马斯克就曾以在特斯拉工厂办公桌下睡觉而闻名。职业道德不分阶级。我的意思是，这是件好事。请忽略那些关于阶级的说辞。

顺便说一句，我一直很喜欢电影剧本里的那个设定：一种病毒抹去了全人类，但不知为何唯独漏掉了所有参加火人节的人，然后由他们重新繁衍地球。我认为这种情况已经发生在民主党身上了。

请致信 kessler@wsj.com。

特朗普的“白鲸”：加拿大

特朗普总统是在秘密为加拿大的自由党工作吗？在与渥太华的贸易谈判失败后，如果你这么认为，也是情有可原的——

美洲版 作者：玛丽·安娜斯塔西娅·奥格雷迪（Mary Anastasia O'Grady）

——这次失败使得总理马克·卡尼（Mark Carney）处理此事的方式获得了极高的支持。如果说有一样东西比管理联邦政府的那些唯唯诺诺的左翼分子更让加拿大保守派反感，那就是夸夸其谈的特朗普先生。

在一项民调中，约 76% 的加拿大受访者表示，卡尼先生在 8 月 21 日终止与美国的谈判是正确的，尽管这导致特朗普对 200 亿加元 billion 的加拿大进口商品征收新关税。卡尼先生表示，加拿大将采取报复性关税，将于 9 月 8. 生效。特朗普先生则以威胁回应，称将从 1 月 1 日起对所有来自加拿大的汽车和卡车进口产品征收 50% 的关税。

周四，美国总统表示，他正将联邦记录中的安大略湖（Lake Ontario）更名为美国湖（Lake America）。这大概是为了向对方展示谁才是老大。但加拿大对于如何制造痛苦有自己的想法。卡尼先生表示，他的关税将针对中期选举的摇摆州。共和党人已被预先警告。

双方都清楚贸易战对其自身经济不利。可以肯定的是，双方最终都会找到台阶下。但故事不会就此结束。

特朗普先生通过与一个邻国、盟友及重要贸易伙伴挑起一场毫无意义的争端，严重损害了美国的信誉。几十年来，华盛顿一直利用贸易协定帮助美国农民和制造商进入外国市场，开发提升竞争力的国际供应链，并增强消费者的选择权和负担能力。如果这些协定可以被三军统帅单方面废除，谁还会信任山姆大叔？

特朗普先生不喜欢 1994 年的《北美自由贸易协定》。2020 年，他将其替换为自己的《美国-墨西哥-加拿大协定》（USMCA）。现在，他又不喜欢这个协定。他极力想将其摧毁，但需要找个人来背锅。

美国总统称，在贸易谈判方面，加拿大是地球上最糟糕的国家。翻译过来就是：这是一个不愿屈服于他第二任期关税上涨的小民主国家。这对脆弱的自尊心来说是一种伤害，不能不予以回应。

麻烦始于 2025 年 2 月，当时政府利用《国际紧急经济权力法》（IEEPA）宣布对加拿大进口商品征收关税，声称该国是进入美国的芬太尼主要来源地。这简直荒谬。特朗普先生随后似乎承认了这一点，因为他豁免了大多数符合 USMCA “原产地规则”的墨西哥和加拿大进口商品。

特朗普先生还援引了 1962, 年《贸易扩张法》的第 232 条，以国家安全威胁为由，对钢铁、铝以及各种金属“衍生品”（例如重型工业机械和硬件、农用设备以及

他的贸易战是自食其果，且在政治上助推了总理马克·卡尼。

供暖、通风和空调设备）、汽车及汽车零部件（除符合北美贸易协定（T-MEC）的产品外）。时任总理贾斯汀·特鲁多对特朗普的关税采取了回应，宣布对进入加拿大的美国商品（包括汽车）征收新关税并实施配额。贸易战由此打响。

2025年10月，特朗普再次利用第232条，对加拿大加征更多关税。来自北方的软垫家具、橱柜和梳妆台并不可能发起“入侵”，但特朗普是在挑战国会是否敢于阻止他。而国会毫无作为。

今年2月，最高法院告知总统，《国际紧急经济权力法》（IEEPA）并未赋予他征收关税的权力。但这并未能阻止他滥用国会授予的其他贸易权力。

卡尼的表现则更为谨慎。直到现在，他应对特朗普关税的方式是对国内生产商提供补贴，并推行“购买加拿大产品”倡议。然而，尽管加拿大各省停止进口美国葡萄酒和烈酒，但渥太华方面并未征收新关税。加拿大在汽车和乳制品领域保留了保护措施，但这并非报复行动的一部分。为了在去年夏天缓解冲突，卡尼取消了其他报复性关税。

各省政府则没有如此妥协。他们拒绝重启采购美国酒精饮料。特朗普政府感受到了来自美国生产商的压力。葡萄酒协会在3月表示：“美国对加拿大的葡萄酒出口同比下降78%，导致出口价值损失3.57亿美元。”美国指责加拿大歧视美国产品。7月，美国援引此前从未被使用过的1930年《关税法》第338条，表示将对一系列加拿大商品征收新关税。

现在只能由美国商界向特朗普解释他所造成的损害，以及他对比加拿大贸易逆差（由能源进口引起）的痴迷是毫无意义的。如果这个信息能传达到位，那么还有希望。在此之前，卡尼或许想感谢特朗普在政治上给予的助力。

请致信 O'Grady@wsj.com。

“极端天气”并非科学术语

作者：斯蒂芬·爱因霍恩（Stephen Einhorn）

“极端天气”听起来像个科学术语，并被政府机构、记者和活动人士常规使用。但在这种强烈的措辞背后隐藏着一个根本性问题：“极端天气”无法以任何科学、一致或普遍可验证的方式定义。这个词没有客观含义。

天气是可以测量的。科学家测量温度、降雨量、风速、风暴和干旱。但“极端”这个词不是一种测量，而是一种主观的个人判断。

一天要达到多少度才算“极端”？90度，100, 105? 温度必须打破当地记录吗？必须超过历史平均值一定的幅度吗？必须持续两天、三天还是一周？

同样的问题也存在于降雨、飓风、洪水、龙卷风和山火中。不同的机构和研究人员采用不同的标准。有些定义基于百分位数，另一些则使用固定阈值、历史罕见度、物理损坏、经济损失或紧急状态声明。有些定义则随地点和季节而变化。

这是一种恐吓手段，纯属政治操弄，而我们却假装并非如此。

这些不仅仅是衡量同一事物的不同方式，而是对不同事物的不同定义。

一个 95 度的日子在密尔沃基可能被归类为极端天气，但在菲尼克斯则是寻常之举。一场风暴在统计学上可能很不寻常，但造成的破坏却很小；而另一场风暴在统计学上可能很寻常，却造成了巨大的损失。一种定义衡量的是天气，另一种衡量的是其后果。

没有任何定义能够调和所有这些矛盾。定义必须根据事件、地点、时间段和目的不断地进行选择。

“极端天气”从来不是科学的。科学需要能够在单一定义中达成普遍共识的术语。美国政府对“极端天气”至少有四种不同的定义：法律定义、统计气候学定义、基于危险的定义以及操作定义，而操作定义又分为三个部分（气候学、预报和用户特定）。国会以及从联邦紧急事务管理局、国家气象局到环境保护局的一系列机构，必须决定使用哪种定义。否则，对于几乎任何破坏性的、异常的或令人恐惧的事件，这个标签都可以被随意选择或否决。

“极端”这个词听起来很戏剧化，但并不具体，不需要说话者确定一个可衡量的标准。如果一种定义无法证明观点，可以用另一种定义替代。如果风暴频率没有增加，可以引用经济损失；如果损失结论不明确，气温、降雨量或计算机预测可以取而代之。

这种主张永远无法被反驳，因为它的含义并非固定。如果一个术语无法被定义，那么使用该术语所提出的主张就无法被证明是对是错。因此，“气候变化正在导致更多极端天气”这一说法应因毫无意义而被摒弃。

爱因霍恩先生是 Capital Midwest Fund 的创始人兼合伙人，也是《气候变化：大学里很少教授的内容》一书的作者。

书架 / 作者：通库·瓦拉达拉詹 (Tunku Varadarajan)

教授的威望

《学者之黄昏》（Twilight of the Dons）

作者：科林·基德（Colin Kidd）

普林斯顿大学出版，288页，35美元

1961年，《时代》杂志的一篇俏皮文章将全灵魂学院（All Souls College）描述为一个“牛津最顶尖的大脑被保存在酒精之中”的至圣所。 《学者之黄昏》的作者科林·基德曾在全灵魂学院担任研究员21年。他现在是圣安德鲁斯大学（University of St. Andrews）的现代史教授——这种地方可能会让他前住所的那些研究员们感到不适。虽然没有迹象表明基德先生沉溺于酒精，但很明显，他沉醉于“牛剑”（Oxbridge）这个概念之中，这个合成词描述了牛津和剑桥的精英世界。

基德先生尤其痴迷于“牛剑学者”（dons），这是在通俗语言中对这两所英国大学学术人员的称呼。他将自己的书描述为一部关于牛剑教授群体的“知识史”，并表示其“黄金时代”从1945年第二次世界大战结束一直持续到1979年玛格丽特·撒切尔就任英国首相。

他声称，在那段时期，牛剑学者在英国行使了前所未有的“软实力”，在国家的知识生活中扮演了重要角色。基德先生写道：“一种自满的、小写的保守主义，恰逢人们能够更广泛地接触报纸、广播和电视，”从而创造了“一种新型的自满，一种拥有扩音器的自满”。

在杰森·阿尔代（Jason Arday）事件——这位剑桥教授在被媒体曝光为剽窃者和幻想家后显然自杀身亡——之后，如今很难想象，剑桥学者、考古学家格林·丹尼尔（Glyn Daniel）曾在1955年被封为年度电视名人。丹尼尔的学生中包括查尔斯王子，后者终身将其视为心腹和赞助人。其他教授则能获得内阁大臣和传媒大亨的倾听，并担任塑造各项国家政策的皇家委员会成员。

基德先生写道，这是一个“学者的伊甸园时代”，而他所谓的“学者种姓”成员“不仅因其学识而受人尊敬，还吸引了某种社会层面的敬畏”。这些学者同样鄙视英国的省级大学——被贬称为“红砖大学”（Redbrick）——以及美国的学术人员，他们嘲笑美国学者在处理事务时表现出“极其不必要的严肃”。相比之下，一名牛剑学者则能毫不费力地获得成功。

基德先生认为，学者们在战争期间的服务造就了他们在世俗中的声望和影响力。他写道：“在很大程度上，战争重置了牛剑知识分子的政治指南针。”人们“意识到，学者的脑力——无论是体现在科学专家、参谋办公室战略家、临时公务员，还是负责租借法谈判的经济学家身上——在赢得战争中发挥了重要作用。”学者们本身也竭尽全力确保这一观点成为普遍共识。

然而，在“长草丛中潜伏着一条毒蛇”——即撒切尔，基德先生对她持有最纯粹的厌恶。他认为，那些不幸的学者被撒切尔主义“拉下了神坛”——他在书中全程谴责这种意识形态，但从未真正定义它。然而，正是撒切尔主义的到来，及其“斤斤计较的经济政策和咄咄逼人的庸俗基调”，标志着牛剑“意气风发”时代的终结。

在第二次世界大战后的数十年里，牛津和剑桥的显贵们在英国公共生活中享有相当大的影响力和知名度。

这是对撒切尔决定停止将纳税人的资金（其中很少有人真正就读于牛剑）投入到仅使少数学生和教授受益的补贴中，并强迫牛剑采取大多数美国大学一直以来所做之举——从市场和私人捐赠者那里筹集资金——的一种描述方式。基德先生嘲讽撒切尔主义的“吝啬之极”和“威权主义的控制欲”。但最终，撒切尔的削减反而帮了牛剑一个忙，迫使它们转向美国的筹款模式。

基德先生将牛剑教授地位的没落与撒切尔主义的兴起联系起来，这种做法简化到了近乎愚蠢的程度，而且在《教授的黄昏》（Twilight of the Dons）一书中，他从未为其主张提供过令人信服的论据。相反，书中的大段内容读起来像是关于教授生活、时尚潮流和内部纷争的零散随笔，被串联在一起，却始终缺乏连贯性。

一章又一章地，读者被置于深奥的牛剑秘闻之中，话题涵盖从大学学院中圣公会主义的本质（及其“安静、克制的伪善”）到关于教育改革的晦涩且乏味的争论。基德先生回顾了当年试图将社会学加入牛剑学科名单时引发的傲慢骚动——当时这种尝试被“视为等同于接纳纯粹的野蛮”而遭到抵制；他还详述了法国人类学家克洛德·列维-斯特劳斯与其“英国叛徒”之间的博弈（这一章的内容尤为冗长且缺乏重点）。

作者讲述了 20 世纪 60 年代的学生动乱，与法国和美国相比，牛剑的动乱异常温和，尽管读到全灵魂学院（All Souls）的院长要求贝利奥尔学院（Balliol College）的院长刷掉墙上的涂鸦时颇为有趣，其中许多涂鸦是在诋毁前者。（院长写道：“贝利奥尔学院的南立面每天变得越来越像公共厕所的墙壁。”）

1985 年，当牛津投票决定不授予撒切尔荣誉学位时，教授们获得了一次虚荣的报复。基德先生将其描述为“对传统学术礼节的惊人违背”，尤其是因为教授们在同一天毫无异议地授予了 88 岁的意大利总统亚历山德罗·佩尔蒂尼荣誉学位。无论当时的首相多么不受欢迎，对撒切尔的冷遇都是一种狭隘之举，而那些自命不凡的教授们从此再未能恢复元气。因为这最终揭露了他们不过是一群自以为是的人，而这个国家早已厌倦了他们那种过时的特权。他们再也无法重回辉煌。

瓦拉达拉詹先生是《华尔街日报》的撰稿人，同时是美国企业研究所（American Enterprise Institute）和纽约大学法学院古典自由主义研究所（Classical Liberal Institute）的研究员。

评论与展望

特朗普夺取委内瑞拉石油

特朗普总统长期以来一直表示，他支持在美国海外干预时“夺取石油”，而现在他正以一种极其非同寻常的方式这样做。他于周五晚间与非选举产生的总统德尔西·罗德里格斯（Delcy Rodríguez）达成的协议，旨在获得650 亿美元桶委内瑞拉石油储备的权利，这看起来不像是一次正常的商业交易，反而更像电影《教父2》中美国商人与古巴强人会面的著名场景。

“这次历史性交易使美国石油储备增加了一倍多，极大地增加了我们的石油供应，并将从长远来看大幅降低所有美国人的汽油价格，”特朗普在Truth Social上写道。他表示，他将利用委内瑞拉的石油来填补美国战略石油储备，而该储备此前已被他本人和乔·拜登大量动用。

* * *

该协议的官方细节很少，但《华尔街日报》在周末报道的事实并不令人兴奋。美国将在由亚历杭德罗·贝坦库尔（Alejandro Betancourt）经营的一家私营公司中持有$35%的股份，贝坦库尔是一位与罗德里格斯关系密切的委内瑞拉商人。这家名为“北美蓝色能源伙伴”（North American Blue Energy Partners）的贝坦库尔公司将能够开发这650 亿美元桶储备，而美国将拥有以生产成本获得该公司$20%产量的优先权。

令人惊讶的是，这里的美国投资者竟然是五角大楼。五角大楼将通过低价认股权证来构建这项投资，从而在无需纳税人出资的情况下获得股权。由于国防部是在投资一个外国实体，其法律授权远不明确。五角大楼的战略资本办公室（Office of Strategic Capital）能够持有此类股权吗？

当五角大楼在购买短缺的新武器和改革其破碎的采购流程方面已有足够工作时，为什么还要涉足全球石油市场？全球石油市场虽然因伊朗战争而承压，但总体而言，它在匹配供需方面表现良好。

委内瑞拉目前每天仅生产约110 万桶石油，而圭亚那的深井以及对阿根廷页岩油的新投资（包括美国企业家哈罗德·哈姆的投资）正陆续在美洲落地。委内瑞拉的产量需要数年时间才能提升。

谁将为这些石油生产提供资金，哪些公司将投资进行开采？自从特朗普在1月份抓捕总统尼古拉斯·马杜罗（Nicolás Maduro）以来，他一直恳请美国石油公司自行投资委内瑞拉。但大多数公司表示，政府尚未提供适当的法律或合同保护。雪佛龙（Chevron）则是该国长期的参与者。

委内瑞拉的政治局势则更为复杂，这还是委婉的说法。美国政府基本上是在与一名外国独裁者及其青睐的资本家联手。任何投资的外国公司都将把这三方视为事实上的合作伙伴，但特朗普将在2029年离任，而美国这种强硬的角色随着时间的推移在加拉加斯可能不会受欢迎。

这项石油交易至少在短期内将支撑罗德里格斯，这可能是特朗普的动机之一。她通过讨好总统来维持权力，并以此抵御反对派要求建立新选举程序的压力。特朗普最喜欢的就是一个无论是否经过选举、只要能顺从其意愿的领导人。

值得注意的是，委内瑞拉的反对派和罗德里格斯的左翼盟友都在批评这项交易。玻利瓦尔左翼将其视为对北美帝国主义的妥协，如果再次举行选举，他们将打这张民族主义牌。

民主派反对派认为，这项交易是一个非法总统的行为，他没有权利将国家资源移交给其商业伙伴和外国政府。反对派还担心，这项交易将降低特朗普先生和国务卿马尔科·鲁比奥推动举行新选举的可能性。关于最后一点，美国此前已取得小幅进展，但近期发生的地震导致这一进程放缓。

目前仍有许多未知之处，但这看起来像是特朗普政府将其潜行的裙带国家主义延伸至美国境外的一个典型案例。在《教父》系列电影中，古巴独裁者从访客那里得到了一部金电话，但很快就失去了权力。

读者来信

廉价钢铁代价高昂

贵报 8 月 26 日的社论《金属游说团的大窃取》要求美国拿国家安全进行赌博，而不是重新审视其对自由贸易的信念——尽管中国已经证明了在这种制度下能够胜过美国工业。

钢铁不仅仅是一种大宗商品。它是国防不可或缺的。没有它，我们的坦克、航空母舰、弹药和关键基础设施都无法建成。美国钢铁工业基础数十年的侵蚀正是实施 232 条款关税的原因——甚至是对加拿大也实施了关税，因为加拿大日益成为中国钢铁的后门。2020 年至 2024 年间，中国向加拿大出口的钢铁和铝几乎翻了一番，激增至 689,734 吨。

这些关税产生了深远影响。它们驱动了数十亿美元的投资，创造了数千个美国就业岗位。美国国际贸易委员会发现，2018-21 年间的 232 条款关税平均每年使钢铁产品价格上涨 2.4%。

你们忽视了另一种选择的真实规模。北京政府对钢铁工业提供巨额补贴，使生产商能够以人为压低的低价销售，建立巨大的过剩产能并夺取全球市场份额。全球钢铁过剩产能论坛报告称，尽管全球粗钢消费量下降了 4.5%，但 2025 年的过剩产能仍达到了惊人的 6.4 亿 公吨。其中近 57% 的过剩产能由中国造成。

但中国钢铁带有隐藏成本。它导致美国钢厂关闭，削弱供应链，并对战略竞争对手产生危险的依赖。中国还多次证明，它愿意利用在战略材料上的主导地位来推进其地缘政治利益。

当竞争对手遵守市场规则时，自由贸易才有效。但中国并不遵守。保留武装和保卫美国所需的工业能力，是至关重要的国家安全政策。

布兰登·法里斯 (BRANDON FARRIS) 钢铁制造商协会执行副总裁 华盛顿

国会，修复海军的时间不多了

沃尔特·罗素·米德 (Walter Russell Mead) 在 8 月 25 日的《全球视角》专栏文章《美国面临民主的约束》中，出色地解释了数十年的国防支出不足如何造成了一场危机，而要妥善解决这场危机将需要数年时间以及巨额的稀缺财政资源。国会必须觉醒，开始履行其职责。

特朗普总统敦促加大国防投资，特别是为海军增加更多舰船，这一点值得赞赏。海军迫切需要更多作战舰艇：从潜艇、航空母舰、驱逐舰，一直到小型无人导弹艇。现在国会能做的最好的事情，就是采纳总统的基本构想，并将其制定成一个详细的舰船投资计划。一个审慎的立法过程将最有利于国家。

在此过程中，国会应当细化设计、优先级和时间表。作为一名曾在航空母舰担任舰队值班军官以及在导弹驱逐舰担任特种海事值班军官的人员，我认为，修改航空母舰的设计（包括改变舰岛位置和回归蒸汽弹射系统）并不是实现总统“增加舰船”这一核心目标的最佳方案。这些做法将增加数万亿美元的成本并导致数年的延误。同样，创建一个新级别的战列舰会对海军预算造成不必要的压力，且能造出的船体数量极少，成本却高于航空母舰，且能为舰队提供的作战能力非常有限。

彼得·A·米歇尔 (PETER A. MICHEL) 弗吉尼亚州，亚历山德里亚

重新审视宇宙

周日上午，一枚 SpaceX 火箭发射了一台新的美国国家航空航天局（NASA）望远镜，它将为人类提供迄今为止最出色、最广阔的宇宙视野。在地球上充满焦虑的当下，这值得人们鼓掌。

1990年发射的哈勃空间望远镜开启了对天空全新且迷人的观测。而以已故 NASA 天文学家命名的南希·格雷斯·罗曼空间望远镜（Nancy Grace Roman Space Telescope）将提供视野宽度增加一百倍、观测速度提升一千倍的图像。它可能能够完成一次对银河系的天文普查，并调查其他星系。

这不仅仅是一次学术物理练习。科学家估计，所谓的暗物质和暗能量占据了宇宙的 95%，而对它们进行更多的（呃）“光照”可能会揭示更多关于宇宙如何创建的秘密。罗曼望远镜预计还将定位更多太阳系外的行星，其中一些可能拥有像我们一样的生命。最令人兴奋的是，这种对天空的观测可能会发现一些意想不到的事物。

此类发现本身就具有价值，但它们也带来了必然会让我们的星球生活变得更好的益处。在我们这个政治不和与经济悲观的时代，我们需要一些关于人类成就的乐观主义。祝贺 SpaceX 和 NASA 成功发射，我们期待着那些照片。

北卡罗来纳大学争取自由思考之战

改革美国高等教育的战斗是一场惨烈的斗争，而北卡罗来纳大学（UNC）教堂山分校的公民生活与领导力学院（SCiLL）身上留下的伤痕证明了这一点。该学院由 UNC 董事会于 2023 年创建，一直面临着反对其使命并试图诋毁其领导层的教职员工的无情攻击。

好消息是，我们

大学的规则和程序。”

教职员工试图破坏新成立的公民生活与领导力学院（SCiLL），但以失败告终。

我们可以报道，旨在削弱该学院的最严重尝试已经失败。法院文件显示，一项由北卡罗来纳大学（UNC）委托、针对该学院及其院长杰德·阿特金斯（Jed Atkins）所涉指控的调查，称这些指控“未经证实”。

该调查报告虽然保密，但 UNC 在应对一项公共记录诉讼时提交的一份备忘录揭示了针对 SCiLL 指控的范围。备忘录称，该报告“评估了 院长 [阿特金斯先生] 在其行政职责几乎所有方面的总体表现”，包括“大学员工及求职者的申请、筛选和录用（或拒绝）”。

该学院的招聘工作是教职员工抹黑行动的主要目标。UNC 的法院备忘录称，“报告中的多个章节详细列举了针对 教职员工和管理层在职场歧视方面的未经证实的指控”。UNC 以报告包含机密人事信息为由反对公开，法官对此表示同意。但调查结果应当消除对该学院的质疑。

在 启动之初，教授们将投诉提交给了媒体。英格·布罗迪（Inger Brodey）教授指称，该学院的招聘过程充满了“不当行为、诽谤、报复和操纵”，并指责阿特金斯先生录用了“符合某种心照不宣的、单一的、意识形态标准的候选人”。

真正的问题在于，该学院正在从 UNC 的“回声室”之外招聘新教授。创建 的立法要求其必须从 UNC 外部聘请至少 10 名教授。大学媒体关系部门在 4 月向《Inside Higher Ed》确认，该学院的教师招聘“遵守了所有

更大的问题可能是，为什么调查没有同时考虑 成员对大学内其他人员提出的指控。这项由 K&L Gates 律师事务所的纳森·哈夫（Nathan Huff）领导的调查，最初在临时执行副校长兼教务长詹姆斯·迪恩（James Dean）给 教职员工的一份备忘录中被描述为一次全面审查，其范围“包括任何人已经提出或希望提出的所有顾虑”。

但只有 遭受了严厉审讯。大学的法院呈请将最终报告描述为对“针对 及其教职员工和管理层所提出指控”的审查。

UNC 将此次调查宣传为通过“独立、公正的视角”评估指控的一种方式，但它同时聘请了一位 的批评者担任专家顾问。现任 UNC 教职员工主席的迈克尔·格哈特（Michael Gerhardt）在 2025 年 3 月的一封教职员工邮件列表中发帖称，他曾“尝试……成为一名附属教员”，教职员工对此进行了投票，但随后他被院长“否决”了。

教授达斯汀·塞贝尔（Dustin Sebell）表示，并没有针对格哈特先生的投票，但为什么一名该学院的教职员工批评者会为一项关于招聘的独立调查提供建议？在 3 月对 UNC 教职员工委员会发表的讲话中，格哈特先生表示，他被“聘请是为了利用我的专业知识……作为教职员工的倡导者。我在那个职位上所做的一切都是为了维护教职员工的利益”。格哈特先生告诉我们，当他说自己是一名倡导者时，“我的意思是，在顾问的职位上，我代表了教职员工的声音和利益”。UNC 没有回应我们的置评请求。

尽管如此， 依然蓬勃发展。它已成为大学中的一个独立学院，并获得了州议会 500万美元 的经常性拨款，有 100 多人注册了 的“辅修”（或第二学习课程），共有 523 人选修了诸如《美国的民主：承诺与危机》之类的课程。

教职员工的投诉最终毫无结果，该学院得到了证明。但与大多数进步主义攻击一样，这个过程本身就是惩罚的一部分。

华盛顿无法通过挥霍走向繁荣

关于格雷格·伊普（Greg Ip）的分析文章《国债的避风港地位正在消褪》（美国新闻，8月21日），当国家债务达到 $40 万亿美元，且预算赤字顽固地维持在国内生产总值 6% 附近时，联邦借贷将不可避免地挤出私营企业，推高抵押贷款利率，并迫使投资者要求更高的收益率。诉诸于不可预测的干预手段来人为压低收益率，会侵蚀美国债券市场历史悠久的信誉。

现在是财政部和美联储停止配合的时候了。他们需要公开站出来，陈述不加掩饰的现实：政府不能在不破坏美元价值且不惩罚每一个试图借贷资本的个人和公司的情况下，通过挥霍走向繁荣。他们必须公开指责国会，要求结束毫无节制的联邦支出，并让自由市场发挥作用。如果没有真正的财政克制，所有这些金融伎俩最终都将失败，而代价将是经济稳定。

马克·R·吉安尼尼（MARK R. GIANNINY） 纽约州罗切斯特

加州人厌倦了妄想般的气候法规

令人欣慰的是，每个问题都有解决方案——即使是像你在社论《现在加州盯上了你的轮胎》（8月24日）中所阐述的那种荒谬的轮胎提案这种多层级的问题。我的应对方案是：当我的燃油车（一辆樱桃红色的敞篷车）需要更换轮胎时，我会自己开车去拉斯维加斯。我会把我的排放留在加利福尼亚，交给州长加文·纽森（Gavin Newsom）去清理；一旦跨过内华达州边界，我就把车停在一家店里，在那里我可以随意选择任何我喜欢的轮胎。在我等待那些被禁用的轮胎安装时，我会找一台老虎机。希望我能赢足够的钱来支付旅费和轮胎费，并且还能剩下一点钱来支付纽森先生下一次的异想天开。

丽贝卡·福斯特（REBECCA FORSTER） 加州帕洛斯弗德斯庄园

为鲁道夫·狄塞尔喝彩

约翰·斯蒂尔·戈登（John Steele Gordon）的评论文章《财富创造简史》（8月3日）提出了一个令人信服的观点，即变革性技术通过大幅降低基本经济投入的成本来创造财富。但令人惊讶的是，他的历史叙述忽略了鲁道夫·狄塞尔（Rudolf Diesel）。

柴油发动机的作用远不止是用在机车上取代蒸汽机。多种尺寸且可靠、高效的发动机有助于工业动力的去中心化，使得制造业、农业、建筑业和运输业能够在远离大型蒸汽动力工厂和固定电源的地方运行。随后，柴油动力卡车和机车帮助美国商品实现了前所未有的规模运输。

狄塞尔理应被提及，尤其是因为这加强了他的论点：让生产动力变得更便宜、更高效且更广泛可用，财富创造随之而来。

你提到加州新的轮胎法规是“危险的”，因为它们可能会增加湿路面上的制动距离。但这还不是全部——增加的购买价格和更换成本使其更难以负担，从而减少了消费者原本会购买的更安全轮胎和车辆的销量，导致更陈旧、更不安全的轮胎和车辆继续行驶在道路上。增加的生命损失和车辆全损足以成为放弃燃油经济性标准的理由。

汤姆·沃尔顿（Tom Walton） 科罗拉多州高地牧场

基辅与乔治·华盛顿

关于林赛·切尔文斯基（Lindsay Chervinsky）的评论文章《乔治·华盛顿的失败如何引领美国的胜利》（8月27日）：乌克兰在面对规模更大的俄罗斯军队时，似乎采用了与华盛顿当年相同的法比乌斯战略（Fabian strategy）。乌克兰优先保护其人数处于劣势的士兵，以土地换生命，同时削弱俄罗斯在后方线自由行动的能力，并摧毁对莫斯科资助战争至关重要的物流设施。正如初创时期的美国最终获胜一样，乌克兰也将获胜。

威廉·迪贾克（WILLIAM DIJAK） 休斯顿

胡椒…… 与盐

吉姆·科克（Jim KOHK） 伊利诺伊州橡树布鲁克

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华尔街日报

“这段欢快的小曲子是在告诉你，该单元已发生灾难性故障。”

美国系统性的弹药短缺

作者：威廉·施奈德（William Schneider Jr.） 以及 大卫·A·德普图拉（David A. Deptula）

五角大楼于 8 月 17 日宣布与雷神公司（Raytheon）签署一项为期七年、金额为 229 亿美元 billion 的合同，旨在将“战斧”巡航导弹的年产量从大约 60 枚增加到 1,000. 枚以上。看来，华盛顿已经准备好面对这样一个现实：美国消耗先进弹药的速度快于其工业体系补充的速度。

但弹药短缺的问题比工业失效更为复杂。它是几个相互依赖的因素共同导致的结果：不稳定的国防预算、对战争持续时间的过度乐观假设、不断萎缩的生产能力，以及对盟友制造能力的限制。拨付更多资金并要求承包商加大生产线强度是第一步，但长期的解决方案需要美国改变产生当前短缺状况的体制。

长期以来，当五角大楼在支付账单时陷入困境时，削减弹药生产一直是其积累储蓄的一种方式。相比于取消重大采购计划、关闭基地或精简部队结构，削减导弹产量面临的政治阻力较小。这种模式在冷战后加速，当时华盛顿收获了“和平红利”，削减了部队和采购，导致其背后的许多生产能力消失。持续决议（Continuing resolutions）通过推迟新项目的启动并阻止项目经理执行长期订单，进一步加剧了这一问题。面对不确定的需求，工业界投资工厂、模具、供应商或工人的动力很小。

这些削减一旦实施，往往会被合理化。当库存有限时，规划者会降低需求标准，使库存看起来充足。自冷战结束以来，国防规划变得更多是由预算驱动而非战略驱动。其结果之一就是假设战争将是激烈的但短暂的，从而使较小的库存和较少的生产来源显得足够。

近期的经验摧毁了这一假设。现代战争毫无疑问是激烈且致命的，但并不一定短暂。俄罗斯与乌克兰的战争始于 $4 \frac{1}{2}$ 年前；美国在阿富汗的战争持续了 20 年。美国也不能总是假设冲突将局限于 1 个战区。一场危机可能会给其他地方的对手创造机会，从而增加对有限武器库存的压力。

美国应寻求通过盟友来扩大其工业基础。在第二次世界大战期间，美国向多个生产商发布标准化设计。“自由号”货轮计划在四年内利用 18 个美国造船厂，根据统一设计生产了 2,700 多艘船只。同样，美国无需依赖 1 家国内制造商来生产所有的“爱国者”和“战斧”导弹。更好的战略应该是利用统一设计，在全美及盟国范围内增加产量。

我们知道这种方式行之有效。美德在“滚动机载导弹”（Rolling Airframe Missile）上的合作已持续数十年。

日本已经在生产“爱国者”导弹，并于去年同意生产“先进中程空对空导弹”。德国工业已被授权制造“爱国者”PAC-2 GEM-T 拦截弹。

然而，目前的美国政策使得此类合作变得困难，在很大程度上是因为 1976 年的《武器出口管制法》以及围绕《国际武器贸易条例》建立的监管结构。该体系创建于冷战时期，旨在防止敏感

美国需要的不仅仅是新武器，还需要招募盟友生产武器的新方式。

……防止敏感技术落入对手或未经授权的第三方之手，并让华盛顿能够监督美国武器在海外的使用情况。这些目标依然正当。但一套为控制单一外国转让而构建的监管结构，并不适用于一个美国需要信任的盟友共同开发、制造和维持通用武器的时代。

相反，除非有特定的国家安全原因要求否则，通常应当允许在指定的盟友工业基地内进行生产。

由澳大利亚、英国和美国组成的名为 AUKUS 的三边伙伴关系指明了解决方案。华盛顿意识到传统的出口管制阻碍了这三个盟友之间的整合，因此为这三个国家授权参与者之间的国防贸易创建了广泛的许可豁免。同样的原则应当被更广泛地应用：能够保护敏感技术的信任盟友应当被视为共同工业基地的参与者，而非外国客户。

敏感技术仍可通过安全安排进行控制。知识产权可以通过合同予以保护。再次转让可以通过具有明确最终用途限制和处罚条款的协议来管理。但这种转变将实现地理分布的多元化生产来源，增加激增产能，减少瓶颈，并使工业基地在面对攻击、破坏、自然灾害和供应链中断时更具韧性。

战略算术很简单。美国及其盟友面对的是俄罗斯、中国、伊朗和朝鲜，这些国家的国防工业能力可以相互增强。仅中国就拥有一个远大于美国的制造基地。美国应当通过将信任盟友的工业能力视为自身的延伸，而非追求自给自足，来抵消这一优势。随着欧洲盟友增加在自身国防方面的投资，美国政策应当鼓励他们生产兼容的武器，而不是建立独立的武器生态系统。

华盛顿通常通过新的拨款来应对弹药短缺。与雷神公司（Raytheon）签署的“战斧”导弹合同是向前迈出的重要一步，扩大“爱国者”和“萨德”生产的努力亦然。但如果资金继续流向一个以预算不稳定、临时决议、需求受压制和监管壁垒为特征的系统，美国将继续面临武器短缺。

一个可持续的解决方案需要采取进一步行动。五角大楼应当基于可能发生长期多战区冲突的可能性，而非基于对短期战役的天真希望来确定弹药需求。国会应当在经济上有意义的生产率水平上提供稳定的多年期资金，并确保有足够的冗余制造能力以应对激增需求。此外，应当用一套旨在扩大基于通用设计的信任盟友之间工业协作的系统，来取代《武器出口管制法》。

美国拥有所需的所有优势：盟友、技术、资本和需求。它唯一缺乏的是将这些优势转化为军事生产所需的制度框架。

美国无法承受在进入下一场战争时，仍依赖于一个由过往时代假设所塑造的工业系统。重建军械库需要重建其背后的系统。

施耐德先生（Mr. Schneider）是哈德逊研究所（Hudson Institute）的高级研究员。他曾在 1982-86 年担任负责国家安全事务的国务部次长，并在 2001-09 年担任国防科学委员会主席。德普图拉先生（Mr. Deptula）是米切尔航空航天研究学院（Mitchell Institute for Aerospace Studies）院长，美国空军退役中将。

查尔斯·狄更斯给财富税带来的启示

生活 科学 作者：Ally sia Finley

如今的年轻社会主义者将财富税描绘成一种进步的创新。事实并非如此。这个想法既不进步，甚至也不新颖。其历史前身是18和19世纪英国的窗户税，

当时的改革者对此深恶痛绝，因为该税种对穷人造成了意想不到的伤害。

威廉三世国王在1696年率先推出了这项税收，根据房主的窗户数量征税。其意图是宽待穷人，向富人催缴。当时的逻辑是，窗户可以粗略地代表纳税人的财富：规模更大、更豪华的房屋拥有更多的窗户。

18世纪英国的一项税收针对富人，却让穷人陷入黑暗。

这项税收类似于累进所得税，即超过特定水平的每增加一扇窗户，都会产生更高的费用。该税收带来的收入远低于政府的预期，因为业主通过封死窗户或建造窗户更少的房屋来应对。

随后，政府提高了税率以增加收入，但这导致了更多的避税行为。马里兰大学经济学家在2015年的一项研究中发现，窗户数量恰好低于税收门槛的房屋数量大幅增加。这难道是巧合吗？

伦敦的古董店，约1900年。

业主经常就纳税责任与政府发生争执。迈克尔·基恩（Michael Keen）和乔尔·斯莱姆罗德（Joel Slemrod）在2022年的一篇名为《对上天之光征税》的论文中解释道：“争议、偏袒和不满层出不穷。例如，窗户究竟怎么定义？当涉及大量（税）金时，那些看似答案显而易见的问题可能会变得模糊不清。”

房东由于需要根据其出租公寓中的窗户总数来纳税，面临着尤为沉重的税单，因此他们试图通过遮盖哪怕是最小的孔洞来减少缴税。基恩先生和斯莱姆罗德先生解释说，结果是：“通风不良导致疾病传播；缺乏光照导致维生素B缺乏”——作者可能指的是维生素D——“从而导致生长发育迟缓——这就是法国人所谓的‘英国病’。”

查尔斯·狄更斯愤怒地谴责道，“‘像空气一样自由’这句格言在议会法案面前已经过时了。自从征收窗户税以来，空气和光线都不再免费。”在名为《繁文缛节》的随笔中，狄更斯讽刺了那些负责评估税收却对穷人的困境视而不见的政府官僚。结果，“其中极不自然的高比例人群患上了淋巴结核和肺结核，并始终在向赤贫状态滑落。”

法国经济学家让-巴蒂斯特·赛（Jean-Baptiste Say）在访问英国时观察到，他租的房间里有一扇窗户被砖块封死了。他利用这一情节来阐述经济学中的“超额负担”（excess burden）概念——即当一项税收扭曲行为，导致社会福利损失超过政府收入增加时的情况。

虽然窗户税在理论上是累进的，但在实践中却是累退的。房东通过提高租金将部分税收转嫁给租客。这加剧了那个时代的经济差距。当时的改革派作家将其谴责为“阳光税”。

夏洛蒂·勃朗特的小说《教授》中的英国男主角在访问比利时时，对房间里的窗户数量感到惊讶：

“由于比利时不对光线征税，人们从不吝于让光线进入房屋。”尽管该税收在1851, 被废除，但英国的一些历史建筑中仍保留着被封死的窗户，见证了其造成的破坏。

以今天的眼光来看，这项税收可能显得短视且愚蠢。但它难道比那些累进财富税提案更愚蠢吗？后者将根据纸面财富向富人征税，而这种财富可能像伦敦的阳光一样转瞬即逝。官僚们将根据自己的意愿定义财富。游说和政治偏袒将不可避免。

与窗户税一样，财富税将鼓励避税并产生一系列超额负担。加利福尼亚州的一项11月投票倡议将要求净资产超过 10 亿美元 billion 的居民，对其截至 31, 2026. 的财富征收 5% 的税。许多亿万富翁已经搬离该州以逃避此税。

其他人肯定会设计方案来规避——例如，该倡议豁免了房地产。预计亿万富翁将出售公司股票并扩大他们的宫殿帝国。避税的结果将是政府收入减少、就业机会减少以及创新受阻——即超额负担。预计为了弥补亿万富翁离去带来的损失，所有人的州税都将增加。

人们可能还会发现，窗户税与租金管制等其他累进政策之间存在相似之处，后者会导致房东在维护上克扣资金，从而导致居住条件恶劣。

或者考虑纽约市的一项房产税减免政策，该政策要求在单栋建筑中建造 100 套或更多单元的开发商必须支付极高的工资——每小时 42.03 美元，在某些地区的更大项目中甚至高达每小时 76.12 美元。结果是：出现了大量恰好拥有 99 套单元的建筑，与拥有更多公寓的更高建筑相比，这对稀缺土地的利用效率较低。

另一个例子是市长佐兰·马姆达尼（Zohran Mamdani）的度假屋税（pied-à-terre tax），这将降低高端公寓的价值，而开发商通常利用这些高端公寓来补贴面向普通大众的公寓。可能的结果是：经济适用房的数量减少。至少到目前为止，马姆达尼先生还没有尝试对窗户征税。

特朗普的新伊朗制裁向中国发出警告

作者：Max Meizlish

多年来，华盛顿一直对伊朗及其政权支持者实施制裁，但很大程度上放过了那些帮助德黑兰规避制裁的外国银行。特朗普政府希望改变这一局面。

在财政部长斯科特·贝森特（Scott Bessent）宣布针对伊朗支持者发起一场“经济 D-Day”行动几天后，财政部于 8 月 28 日宣布，将切断埃及国有银行——米斯尔银行（Banque Misr）位于阿拉伯联合酋合国的五个分行访问美国金融系统的权限。财政部可以在 30 天的公众评论期后完成该措施。这为该银行以及埃及和阿联酋的监管机构提供了一个与华盛顿协调并解决违规行为的窗口。如果该银行能切实地清理内部，财政部可以重新考虑拟议的措施。

根据负责监测和报告可疑金融活动的财政部金融犯罪执法网络（Fin-CEN）的数据，自 2024 年以来，被针对的分行已为 103 个涉嫌伊朗影子银行的前端机构处理了约 $1.8 亿美元的资金，其中包括与伊朗国防部和伊斯兰革命卫队有关的公司。

伊朗政权利用一个包含数千家不透明壳公司和贸易行的网络（尤其是在阿联酋和香港等地）来规避制裁，通过转移数十亿美元的石油和石化产品收益，最终获得进入美国金融系统的机会。

特别指定国民清单。

通过打击服务于该网络的外国银行，特朗普政府正在施加一种在历届政府中罕见的压力。总统的批评者会认为，这次宣布未能兑现贝森特先生关于采取重大制裁行动的承诺，但他们错了。威胁切断米斯尔银行阿联酋分行访问美国金融系统的权限，在任何实质意义上都是一种制裁。

通过为改革留出窗口，特朗普政府旨在改变行为，而不仅仅是惩罚。但米斯尔银行阿联酋分行只能是一个开始。香港是 Fin-CEN 认定的另一个 harboring 伊朗影子银行前端机构的主要枢纽。财政部应考虑对一家或多家香港银行采取类似行动。财政部还应通过将其列入特别指定国民清单，对中国的昆仑银行实施全面的封锁制裁。

昆仑银行最终由中国石油天然气公司（中国最大的国有企业之一）控制。华盛顿在 2012, 年切断了该银行与美国代理行的联系，但该银行继续为伊朗业务提供便利。这是因为该银行最初从事的美元业务很少，[...OMITTED...]

美国政府不再仅仅追查壳公司，转而打击协助德黑兰的银行。

这使得其在金融上的脱钩在很大程度上仅具有象征意义，而财政部的有限行动从未迫使中国石油天然气集团（CNPC）在昆仑银行与其他利益之间做出选择。全面的封锁认定将迫使中石油决定，维持该银行的生存是否值得将其规模大得多的商业利益暴露在拥有受制裁金融机构所带来的风险之中。

财政部可以采取进一步行动。针对埃及米斯尔银行（Banque Misr UAE）的行动依据的是《爱国者法案》第311条。第311条措施不仅可以针对单个金融机构，还可以针对整类交易。金融犯罪执法网络（FinCEN）可以利用该权限，要求对具有其已认定的伊朗规避制裁特征的石油及石化相关交易加强审查：这些特征包括大额整数付款、资金快速转移、商业目的不明、异常使用兑换所，以及付款与底层贸易记录之间存在差异。

这种审查应延伸至经常被重新贴标为马来西亚原油并出售给中国买家的伊朗原油。中国报告的从马来西亚进口的石油数量远超马来西亚自身报告的出口数量。这一差异应当给相关银行敲响警钟，尤其是考虑到中国购买了伊朗出口石油的大约90%。来自财政部的更多压力有助于防止银行对此视而不见。

财政部的最新行动表明，美国可能终于在行动上实现了跨越，不再仅仅追查伊朗的壳公司，而是开始威胁维持这些公司生存的外国金融基础设施。这将是对以往政府做法的一次重大突破。但若要取得成功，这场行动需要持续进行——并且需要触及中国。

Meizlish先生是国防民主基金会（Foundation for Defense of Democracies）的研究员。他曾在美国财政部海外资产控制办公室（OFAC）工作。

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利兹·哈里斯 (Liz Harris)，执行编辑 大卫·克劳 (David Crow)，副总编辑 艾贾·惠特克-摩尔 (Aja Whitaker-Moore)，副总编辑 莎拉·鲍尔 (Sarah Ball)，专题；埃琳娜·切尔尼 (Elena Cherney)，高级编辑；丹·科拉鲁索 (Dan Colarusso)，商业、金融、经济；奇普·卡明斯 (Chip Cummins)，电讯；塔内斯·埃文斯 (Taneth Evans)，数字化；戈登·费尔克劳 (Gordon Fairclough)，国际；亚历克斯·马丁 (Alex Martin)，印刷与写作；布鲁斯·奥尔沃尔 (Bruce Orwall)，企业；达米安·帕莱塔 (Damian Paletta)，华盛顿；克里斯托弗·S·斯图尔特 (Christopher S. Stewart)，调查报道

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制药商的独立精神获得回报

在癌症研究取得飞跃之前，RevMed曾吸引收购兴趣，但决定独立发展

作者：XAVIER MARTINEZ

今年，一家没有任何药物上市——仅有前景研究——的肿瘤生物技术公司吸引了收购兴趣。Revolution Medicines选择了保持独立。

上周，这一赌注得到了回报。

这家拥有12年历史的制药商（通常被称为RevMed），在其大部分生存期间一直试图解决一个令业内一些顶尖研究人员都感到困惑的科学难题。

该公司成功针对一种常见的癌症突变，研发出一种能使胰腺癌患者生存期近乎翻倍的药物——对于这种以高致死率著称的疾病来说，这是一个显著的突破。

随着美国食品药品监督管理局（FDA）批准其新药Rasonque，这家位于加利福尼亚州红木城的生物技术公司正迎接下一个挑战：研究如何快速将该药物提供给数以千计渴望用药的患者。

自公司成立以来一直领导该公司的医生兼科学家、RevMed首席执行官马克·戈尔茨密斯（Mark Goldsmith）

金融机构曾提议帮助RevMed进入全球市场。

去年表示，他面临着一个决定，即公司是否应该独立交付这款产品，而这是一个复杂且昂贵的工程。

他表示，有金融机构接触他，并提供资金以帮助RevMed进入全球市场。“当他们问我我们需要什么样的财务支持规模时，我告诉他们规模很大，”戈尔茨密斯说，“我原以为他们不会继续谈下去，但他们回来后说：‘我们有兴趣。’”

RevMed决心独立完成此事。在短短几个月内，该公司从零开始建立了其有史以来首支销售团队、分销网络和报销运营体系。该公司已达成海外生产该药物的协议，并计划投资多条生产线以防止出现瓶颈。

古根海姆（Guggenheim）的生物技术分析师迈克尔·施密特（Michael Schmidt）表示：“成功的生物技术公司往往会被大型制药公司收购。一家公司能够保持独立，至少在目前的阶段，绝对是非常令人兴奋且值得关注的事情。”

请参阅 B2 页

SpaceX及其竞争对手在低地球轨道避让交通

那上面的情况正变得拥挤。在苏联发射第一颗卫星近70年后，太空中的人造物质比以往任何时候都多。

[...OMITTED...]

作者：迈卡·梅登伯格 (Micah Maidenberg)、梅里尔·舍曼 (Merrill Sherman) 和 佩申斯·哈金 (Patience Haggin)

近地轨道（距离地球大约 100 到 1,200 英里）上的卫星和碎片数量正在增加，人们担心碰撞可能会损坏或摧毁航天器和卫星。最糟糕的担忧是，碎片可能会引发连锁碰撞反应，导致近地轨道的部分区域无法使用。

埃隆·马斯克 (Elon Musk) 的 SpaceX 在使近地轨道变得更加拥挤方面发挥了主导作用，该公司以创纪录的速度发射卫星，并建立了历史上规模最大的卫星群，以构建其 Starlink 互联网服务。

更多的卫星即将到来。

美国公司和政府机构已制定了部署自有星座的宏伟计划。中国公司蓝箭航天 (LandSpace Technology) 最近展示了其能够像 SpaceX 那样重复使用火箭助推器，这一成就可帮助其更快地部署卫星。

根据提交给美国联邦通信委员会 (FCC) 的文件，随着近地轨道变得更加拥挤，SpaceX 的卫星改变航向的频率正在增加。

在今年到 2034 年之间，

41,000

预计到 2034 年部署到近地轨道的卫星近似数量。卫星咨询公司 Analysis Mason 的分析师达拉斯·卡萨博斯基 (Dallas Kasaboski) 表示，预计将有至少 41,000 颗更多卫星被部署到近地轨道，其中约三分之二来自 SpaceX、亚马逊 (Amazon.com) 和中国公司。

他说，SpaceX 等公司推动开发轨道数据中心（旨在部署搭载人工智能芯片的卫星群），可能会使卫星总数达到约 150 万颗。

在近地轨道上，超过 34,000 颗卫星和碎片以每小时 17,500 英里或更高的速度疾驰，每 90 到 120 分钟绕地球一周。

其中 10,000 多个物体与 SpaceX 的 Starlink 卫星群相关。大多数是该公司用于提供高速互联网的活跃卫星。

来源：Space-Track.org；人造空间物体通用目录

卫星公司 Muon Space 的首席执行官乔尼·戴尔 (Jonny Dyer) 指出，每天有大量商业飞机安全地在繁忙的机场起降，且通常在狭窄的飞行走廊内运行。戴尔认为，近地轨道为卫星提供的空间比地面航空空间为飞机提供的空间更多，但敌对行动或协调不力可能会构成威胁。他说：“对我来说，风险不在于数量，而在于是否存在明确从事恶意活动或玩忽职守的恶劣行为者。”

碰撞虽然罕见——欧洲空间局记录了四起涉及空间编目物体的碰撞——但它们会造成混乱。2009 年，一颗铱星通信 (Iridium Communications) 卫星撞击了一颗失效的俄罗斯卫星，产生了约 1,800 块尺寸至少为 10 厘米的碎片。其他碎片则来自组件破裂和反卫星导弹袭击。

科学家利用雷达追踪大约垒球大小或更大的碎片，SpaceX 则操纵其卫星绕过这些碎片。但太小而无法追踪的碎片可能会造成危险。一块油漆碎片大小的碎片就可能

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汽车天窗持续“自发性”爆炸

向监管机构提交的报告称天窗发生爆炸或破碎

来源：美国国家公路交通安全管理局（报告）；Omdia（产量） *截至2026年8月20日

作者：RYAN FELTON

在最近的一个工作日清晨，安伯·阮（Amber Nguyen）正驾驶着她的2025款雷克萨斯SUV在高速公路上前往参加工作会议，这时她听到一声巨响。

“我没开玩笑，那听起来像枪击声，”这位居住在路易斯安那州的26岁女性阮说道。天窗破碎了。如果当时遮阳帘没有关闭，她可能会被玻璃碎片覆盖。

这种经历绝非仅限于她的那辆车。数千名驾驶员已向美国汽车安全监管机构提交投诉，描述了天窗在行驶过程中意外爆炸或破碎的惊险事件。

投诉数量近期激增，并将在2026年创下纪录，今年以来已有近500起报告。

联邦数据库中列出的这些事件描述令人心惊胆战：一辆起亚（Kia）小型客车的天窗在威斯康星州的高速公路上爆炸；一辆通用汽车（GMC）运动型多用途车的全景天窗掉落在儿童乘坐的座椅上；一名梅赛德斯-奔驰（Mercedes-Benz）车主在车辆玻璃破裂前听到了像阮描述的那样类似“枪击”的声音——根据联邦报告，这是此类事件中经常出现的一种描述。

原因同样广泛。汽车设计师和测试人员表示，驾驶员未察觉的路面碎片是其中一个诱因。高温和剧烈的温度变化会导致玻璃迅速膨胀。有时，设计和制造缺陷则是罪魁祸首。

根据一份报告，天窗故障报告涉及所有主要汽车制造商，在过去三年中涵盖了17家制造商和200多个车型。

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怡安集团拟以 170 亿美元 Billion 收购保险经纪公司 USI

作者：劳伦·托马斯 (LAUREN THOMAS) 和 马克·莫雷尔 (MARK MAURER)

据知情人士透露，怡安集团 (Aon) 即将达成一项协议，以约 170 亿美元 billion（含债务）从私募股权公司 KKR 手中收购保险经纪公司 USI Insurance。

知情人士表示，如果交易顺利达成，最早可能在周一宣布。

USI 总部位于纽约州瓦尔哈拉 (Valhalla)，是一家保险经纪和咨询公司。根据其网站显示，该公司主要帮助企业和个人寻找保险单并制定福利计划等，年收入约为 30 亿美元 。

2017 年，KKR 与加拿大投资公司 CDPQ 共同以 43 亿美元 从私募股权公司 Onex 手中收购了 USI。此后，KKR 通过追加投资增加了在该公司的持股比例，并成为了最大股东。

怡安集团是一家大型保险经纪和咨询公司，长期专注于帮助企业管理风险、医疗福利和退休财富。

一名知情人士表示，此次收购将扩大怡安集团在服务中型企业方面的能力，并预计最早在 2028, 提高每股收益。

在私募股权行业难以处置资产之际，该交易将成为 KKR 一系列大规模退出行动中的最新一项。

该公司报告称，在最近一个周期内，其季度资产销售额达到 12.9 亿美元 ，创历史新高。

近期的退出项目包括出售数据中心冷却业务 CoolIT（其回报约为投入股权的 15 倍），以及出售泵阀制造商 Cir-cor 的商业和国防航空航天部门。

KKR 表示，今年早些时候，该公司关闭了一支规模为 230 亿美元 、专注于北美私募股权投资的基金，使其最新一期旗舰区域基金累计筹集资金总额达到 460 亿美元 。

截至周五，怡安集团的市值约为 750 亿美元 。该公司报告称，其商业风险和再保险业务的需求正在增长。

在一次类似的交易中，怡安集团于 2024. 以约 130 亿美元 的现金和股票，从 Madison Dearborn 和 HPS Investment Partners 手中收购了中端市场财产和意外险经纪公司 NFP。去年，Madison Dearborn 以约 27 亿美元 回购了怡安集团持有的 NFP 大部分财富管理业务。

内页

餐厅 中西部汉堡连锁店“牛排与奶昔” (Steak 'n Shake) 正在进行 MAHA 改造。B3

科技界如何对 AI 叛乱视而不见

蒂姆·希金斯 (TIM HIGGINS)

街头传闻 蒸馏酒企业 陷入困境。B8

硅谷的惯用套路在人工智能领域失效了。而且，围绕 AI 的局面越是混乱——正如过去两周再次发生的那样——许多科技领袖就显得越脱离实际。这表明，即便 Anthropic 和 OpenAI 的首次公开募股（IPO）能达到华尔街的高预期，这些公司在很长一段时间内仍将面临对于新兴产业而言极不寻常的政治和监管风险头痛。

更直白地说，对于许多科技圈以外的人来说，这些公司在诞生之初就被视为“反派”，这与 2010 年代初期创始人被尊为文化英雄的局面形成了显著的反差。

“在泰诺危机之后，这将是下一个伟大的公关案例研究，但这一次是关于‘不该怎么做’的案例，”资深科技公关专家瑞秋·霍维茨 (Rachael Horwitz) 在本周于 X 上发帖称，当时 AI 数据中心的焦虑情绪正搅动着国家的政治局势。

在某种程度上的自我反省中，OpenAI 的萨姆·奥特曼 (Sam Altman) 在最近的一档播客中承认了失误。

“作为整个领域，我们在向人们解释益处以及如何减轻负面影响方面做得并不好，”这位 OpenAI 首席执行官表示。

但为什么情况会变得如此糟糕？

当前的 AI 热潮与一群更加内向的科技精英（technorati）摒弃主流机构——无论是政府、监管机构、媒体，还是任何被认为会减缓其创新速度的团体——在时间上恰好重合，这可能并非巧合。

埃隆·马斯克在 2022 年收购 Twitter（后更名为 X），开启了创始人与风险投资家之间的“直接沟通”运动，他们觉得可以直接与利益相关者对话。

被罢免的 Uber 创始人特拉维斯·卡兰尼克 (Travis Kalanick) 今年重新公开露面，在他推广其最新的 AI 初创公司时，将功劳归于这种动态。

“埃隆购买 Twitter 是我们能够畅所欲言、且持有异见不再被视为‘非法’的开始，”他在本月的一档播客中说道。

社交媒体的强大影响力使得精明的创始人能够以极低成本且极其便捷地触达新受众。大胆的想法——甚至可能是古怪的想法——变得流行起来。

但这也意味着，科技界许多人只是在他们自己创造的回音室里彼此对话。他们触达的是沙丘路 (Sand Hill Road)、华尔街和宾夕法尼亚大道，而不是普通大众（Main Street）。

反过来，他们产生了盲点，而随着普通民众推动一场针对他们的跨党派民粹主义叛乱，这些盲点现在成了显而易见的隐患。

“我们已经失去了走出硅谷并让人们——真正的活生生的人——在当地参与进来的肌肉记忆，”霍维茨在发布泰诺相关帖子几天后在谈到科技行业时告诉我。

她最初在政治领域磨练，随后在谷歌等公司工作，谷歌在早期就运行着复杂的公关运作以建立——

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企业索引

本索引列出了今日版面中提及的大多数母公司和商业人士的显著参考位置。区域插页中的文章未列入本索引。

A 怡安集团 (Aon).....B1 B 伯克希尔·哈撒韦 (Berkshire Hathaway).....A5 Biglari Holdings.....B3℃ 雪佛龙 (Chevron).....A10 康菲石油 (ConocoPhillips).....A10 D-E 帝亚吉欧 (Diageo).....B8 埃克森美孚 (ExxonMobil).....A10 F Facebook.....B4

G Gap.....A2 通用汽车 (General Motors).....B2 古根海姆合伙公司 (Guggenheim Partners).....A5 H 本田 (Honda).....B2 现代 (Hyundai).....B2 K 起亚 (Kia).....B1 KKR.....B1 M-N 梅赛德斯-奔驰 (Mercedes-Benz).....B1 英伟达 (Nvidi).....B5

P 保乐力加 (Pernod Ricard).....B8 R Revolution Medicines.....B1 S 赛诺菲 (Sanofi).....B2 SpaceX.....A3,B1 T 特斯拉 (Tesla).....B4 丰田 (Toyota).....B2 U Uber.....B1

人物索引

A-C< / td>< / tr><><>奥特曼，萨姆 (Altman, Sam)......B1< / >< / ><><>本内特，大卫 (Bennett, David)......B2< / >< / ><><>比格拉里，萨达尔 (Biglari, Sardar)......B3< / >< / ><><>博斯，迈克尔 (Boes, Michael)......B3< / >< / ><><>布赖恩，扎克 (Bryan, Zach)......B4< / >< / ><><>科格特，奥尔顿 (Cogert, Alton)......A1< / >< / ><><>D-H< / >< / ><><>戴尔，乔尼 (Dyer, Jonny)......B1< / >< / ><><>戈德史密斯，马克 (Goldsmith, Mark)......B1< / >< / ><><>霍维茨，蕾切尔 (Horwitz, Rachael)......B1< / >< / ><><>黄仁勋 (Huang, Jensen)......B5< / >< / ><><>黄麦迪逊 (Huang, Madison)......B5< / >< / table>

《郊狼对阵 Acme》开画位列第 2 名

该电影在首个周末获得 $15.500 万 票房。

预计票房数据，截至周日销售额，单位：百万美元

<><>电影< / ><>发行商< / ><>周末*< / ><>累计< / ><>% 变化< / >< / ><><>1. 蜘蛛侠：崭新之日< / ><>索尼 (Sony)< / ><>$22.2< / ><>$891.5< / ><>-43< / >< / ><><>2. 郊狼对阵 Acme< / ><>Falling Forward Films< / ><>$15.5< / ><>—< / >< / ><><>3. 奥德赛< / ><>环球 (Universal)< / ><>$14.3< / ><>$563.8< / ><>-27< / >< / ><><>4. 招魂：走出彼岸< / ><>索尼 (Sony)< / ><>$10.1< / ><>$43.6< / ><>-60< / >< / ><><>5. 狗星< / ><>20世纪影业 (20th Century Studios)< / ><>$8.0< / ><>—< / >< / table>

*北美院线周五、周六及周日 来源：Rentrak 来源：该公司（药物研究）；FactSet（股价）

天窗持续爆裂

接 B1 页

《华尔街日报》的分析显示，在此期间提交的投诉中，大约 1-in-5 涉及 2025 或 2026 款车型。此类故障大约每天发生一次。

即便如此，这些问题很少导致召回行动。监管机构表示，除安全缺陷外的其他因素（如道路碎片）通常是导致这些事件的原因。

美国国家公路交通安全管理局（NHTSA）的一位代表表示，尚未发现任何由天窗破碎引起的经证实的碰撞或严重伤害。

碎片损坏。

该代表表示：“天窗破碎可能会令人惊恐且代价高昂，NHTSA 已经对此问题进行了调查并正在持续监测。”

电动天窗在 20 世纪 80 年代开始流行。根据行业研究公司 Omdia 的数据，天窗最初是奢侈品市场的专属配置，而现在美国市场生产的车辆中，配备天窗的比例已超过 50%，高于十年前的 35%。有些天窗配有可伸缩的固定覆盖物；另一些通常被称为“月窗”（moonroofs）的则是单块玻璃。（这两个术语经常互换使用；关于破碎的报告涵盖了这两类。）

通用汽车前设计经理大卫·史密斯（David Smith）表示，天窗在工程上是一个挑战：既要在车顶开孔，又要维持车辆的稳定性和完整性。随着汽车制造商解决了早期的常见问题（如漏水和风噪），这一配置变得广泛普及。

史密斯目前是创意研究学院（College for Creative Studies）交通设计项目的教授，他在谈到如今的汽车制造商时表示：“他们现在已经知道如何把天窗造得相当不错了。”

道路救援组织 AAA 的汽车总监大卫·贝内特（David Bennett）表示，近年来玻璃尺寸有所增加，使其更容易受到道路——

NHTSA 之前曾调查过这些问题。2013, 该机构针对大量关于天窗意外破碎的报告，对起亚 Sorento SUV 展开了调查。该调查持续了七年，涉及十多家其他汽车制造商，共记录了 4,000 多起天窗裂缝报告。

NHTSA 在 2021, 表示，未发现足够的证据证明存在与安全相关的缺陷，而是指出潜在因素，例如其他车辆溅起的小石子造成了“难以察觉”的损坏，从而导致破碎。

该机构表示，联邦法规允许天窗使用钢化玻璃（破碎后必须变成像碎石一样的颗粒）或夹层玻璃（碎片会粘在塑料中间层上而不会飞散）。一名发言人表示，制造商通常选择钢化玻璃。

NHTSA 表示，主要供应商似乎正转向使用夹层玻璃和其他改良材料。这些变化应当能减少玻璃破碎的事件。

根据《华尔街日报》的分析，自 2021 以来，NHTSA 收到近 2,800 起关于天窗意外爆裂的投诉，其中 500 多起涉及较新车型。

近年来被提及最多的车型包括丰田 RAV4、现代 Palisade SUV、起亚 Telluride SUV 和本田 CR-V。现代汽车表示，将继续监测该问题，并在确认产品缺陷后采取行动。该公司表示，已委托开展多项研究以分析天窗破碎原因，但尚未发现内在缺陷，仅发现与异物撞击玻璃相关的问题。

本田则主张，尚未看到 CR-V 玻璃损坏投诉中存在可归因于安全缺陷的显著趋势。该公司表示，售出的 CR-V 中有大量配备了月窗，包括今年 $95% 将其作为标准配置，因此对比原始投诉数量可能无法反映实际的破碎发生率。

起亚和丰田拒绝置评。

商业与金融

药企决定独立发展

Revolution Medicines 的临床开发管线，精选药物研究

接 B1 版

药物在获批前需经过三个阶段的医学试验：

华尔街预计，Rasonque（一年药量成本超过 $477,000）最早在明年就能产生超过 10 亿美元 billion 的销售额。该公司还有更多处于开发阶段的资产，同样具有成为“重磅药物”的潜力。Rasonque 的目标是一种名为 RAS 的突变蛋白，该蛋白驱动了约三分之一的所有癌症以及 90% 以上的胰腺肿瘤。几十年来，药企一直将 RAS 称为“不可成药”，因为其表面过于光滑，传统的分子无法附着其上。

该公司花费了近十年时间试图使其奏效。到 4 月，它获得了支持其假设的数据。在一项 500 人的研究中，使用该药物的患者中位生存期为 13.2 个月——几乎是接受标准化学疗法患者生存时间的两倍。

Rasonque 最初并非 RevMed 投资组合的一部分。其主导药物针对的是另一种与癌症相关的蛋白，曾吸引了赛诺菲（Sanofi）的投资，但这家法国制药公司在 2022 年放弃了该项目。

在全美另一端，哈佛大学研究员格雷格·弗丁（Greg Verdine）创办了一家名为 Warp Drive Bio 的公司，该公司利用一种名为“分子胶”的技术来针对 RAS——这种化合物能招募一种辅助蛋白，附着在 RAS 上并阻断其驱动癌细胞

*在美国获批用于符合特定标准（如至少接受过一次既往系统治疗）的成年转移性胰腺癌患者。

增殖。

在马萨诸塞州鳕鱼角的一次休养期间，RevMed 的首席执行官戈德史密斯（Goldsmith）发现自己坐在当时 Warp Drive 的首席执行官劳伦斯·里德（Laurence Reid）旁边。在一次蛤蜊大餐中，戈德史密斯提出了将 的技术授权给 RevMed 以针对 RAS 的话题。

戈德史密斯表示，里德对授权公司核心技术的想法表示反对，因此 RevMed 决定直接收购 。

“我们已经决定要攻克 RAS，我们需要获得一些能为我们提供差异化方案的技术，”戈德史密斯说。“这次机会非常特殊。”

为了完成交易，戈德史密斯必须在董事会进行一次策略操作。当时 的最大股东是赛诺菲。戈德史密斯表示，他给这家法国公司的领导层打了电话，以确保他们不会感到措手不及，并提出了用 RevMed 的部分股权交换他们在 中多数股权的方案。

方案奏效了。2018, RevMed 通过一项全股票交易收购了 ，吸收了其技术并重塑了公司的发展轨迹。

Rasonque预计最快在明年销售额将超过10 亿美元 billion。

突破发生在2020, 年，当时该公司的研究人员证明，后来成为Rasonque的这种药物能够针对所有变体形式的RAS。其他测试表明该药物具有耐受性。

“这是偶然的发现，”加州大学旧金山分校的研究员、RevMed联合创始人凯文·肖卡特（Kevan Shokat）表示，“这就是化学领域有时会发生的情况：你得到了一个分子，而它的作用比你预期的要多一点。”

为了帮助资助该药物的上市，RevMed与一家名为Royalty Pharma的公司达成协议，获得高达20 亿美元 billion的资金，以换取未来分享Rasonque及另一种药物销售额的权利。

“我们原本打算独立完成所有工作，”戈德史密斯（Goldsmith）说道，并补充称公司达成了一项极具吸引力的协议，并“简单地做出了决定”。

戈德史密斯现在负责将Rasonque推向市场。这次推广实际上在近四个月前就已经开始，当时美国食品药品监督管理局（FDA）允许RevMed在批准前将该药作为同情使用计划的一部分进行分发。在批准时，已有超过2,000名患者加入了该计划。

7月9日早些时候，一枚携带29颗星链（Starlink）卫星的SpaceX猎鹰9号火箭。

企业面临太空交通拥堵

接第B1页

美国国家航空航天局（NASA）轨道碎片计划的行星科学家马克·马特尼（Mark Matney）表示，由于两者飞行速度都极快，可能会损坏卫星。

SpaceX已就拥挤情况发出警告。该公司在与公开募股相关的文件中表示：“随着近地轨道上的卫星和其他物体数量持续增加，发生意外碰撞、碎片化事件或其他轨道事故的可能性随之增加。”

所有近地轨道物体*

“在我看来，我们正处于可以安全运行的最大密度，”天体物理学家乔纳森·麦克道尔（Jonathan McDowell）表示，他维护着一份被广泛引用的空间物体目录。

星链卫星执行避撞机动次数 $^{\ddagger}$

近地轨道卫星*

已发射的星链卫星 *截至2026年7月8, 日 †非活跃的星链卫星包含在其他卫星和碎片中。 *截至2026年5月31, 日 数据来源：人造空间物体通用目录（轨道物体及发射情况）；美国联邦通信委员会（FCC）（机动次数）

观看视频播客：我的周一早晨与苏泽·奥曼（Suze Orman）

扫描此代码观看视频系列《我的周一早晨》的第一集，该系列灵感来自《华尔街日报》专栏。莱恩·弗洛尔舍姆（Lane Florsheim）与苏泽·奥曼坐在一起，探讨退休的合适年龄，以及她为什么不信任AI。

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破产公告

美国密歇根州东区联邦破产法院-底特律 关于 Fieldstone A&E, LLC 的破产程序，

经营名称为 Fieldstone Architecture & Engineering, 经营名称为 A & E, 经营名称为 Engineering, 经营名称为 Architecture

案件编号：26-48494-tjt

您可能对 A&E, LLC 拥有债权

On July 30, 2026, A&E, LLC（以下简称“债务人”）根据《美国法典》第11章第11节（以下简称“破产法”）申请救济。债务人的地址、案件编号、债权证明表格以及与本第11章案件相关的其他相关信息，可通过 Kurtzman Carson Consultants, LLC（经营名称为 Verita Global，以下简称“债权代理人”）获取，网址为：

针对债务人提交一般债权申请的截止日期为 October 22, 2026, AT 5:00 P.M. (PREVAILING EASTERN TIME)。债务人根据第11章小企业第V分章提交计划的截止日期为 October 28, 2026。

欲了解更多信息以及如何获取并提交债权证明及相关文件的说明，请访问债权代理人的指定网站：https: / www.veritaglobal.net / 或致电债权代理人：(877) 725-7539（美国 / 加拿大）或 (424) 236-7247（国际）。

任何被要求及时提交债权证明但未能提交的个人或实体，在债务人的第11章案件的投票和分配过程中，将不被视为该项债权的债权人。

中西部汉堡连锁店押注 MAHA 转型

作者：HEATHER HADDON

印第安纳州舍勒维尔——在芝加哥东南部的一家牛排与奶昔 (Steak 'n Shake) 店上方，一面足以覆盖两辆校车的美国国旗在飘扬。支付系统支持比特币；对于驾驶特斯拉到店的顾客，店方提供装在金色盒子里的免费大份薯条升级。

薯条使用牛脂而非植物油烹制。瓶装可口可乐使用蔗糖而非高果糖玉米糖浆甜化，而牛排汉堡中的牛肉则来自草饲牛。

自 2025, 年以来，这家总部位于印第安纳波利斯的连锁店采取了一项大胆的转型战略，拥抱特朗普总统式的爱国主义，以及由卫生部长小罗伯特·F·肯尼迪倡导的“让美国再次健康” (Make America Healthy Again, MAHA) 运动。

牛排与奶昔的“首席 MAHA 官”迈克尔·博斯 (Michael Boes) 表示，连锁店正在响应人们对能够让人感到安心的快餐的需求。

“这场政治运动并非凭空出现，对吧？”他在一次采访中说道。

激进投资者

“牛排与奶昔”（Steak 'n Shake）的改造由萨达尔·比格拉里（Sardar Biglari）主导，他是一位激进投资者，也是一名保守派人物，同时拥有《Maxim》杂志、保险供应商和石油公司。

今年4月，他聘请了曾在特朗普政府卫生与公众服务部任职的博斯（Boes），来牵头该连锁店新的 MAHA 推广计划。

根据母公司 Biglari Holdings 的申报文件，这一举措正助力业务增长：截至6月30日的三个月内，同店销售额较去年同期增长了 14%。根据地点数据公司 Placer.ai 的数据，这家拥有约 400 家门店的连锁店在今年上半年的单店平均客流量增长了 5.8%，扭转了 2024 年的下降趋势。

这一努力吸引了像莱克西·卡曼（Lexi Carman）这样的顾客，她最近从伊利诺伊州比彻（Beecher）开车 30 分钟，带着两个孩子和两个侄女来到舍勒维尔（Schererville）分店。

“我们周六其实刚来过，”她说，此时孩子们正在啃着牛排汉堡，喝着奶昔。

公司表示，由于对品质的投资，今年“牛排与奶昔”的食材成本有所增加。其整体利润自 2024 年以来有所改善，但尚未恢复到 2023 年的水平，且部分门店继续关闭。博斯表示，价格已适度上涨，以抵消品质提升带来的成本。

几十年来，“牛排与奶昔”一直处于美国快餐行业的中游水平。高管们表示，食材的改造使其在不完全依赖折扣的情况下脱颖而出，且该连锁店正利用这一举措攻击竞争对手，包括在 8 月的一篇 X 帖子中针对 Five Guys。

“我们不声称自己是一家沙拉连锁店，”博斯说，他表示牛肉占其饮食的约 $75%，并且他一直与特朗普政府的官员就“牛排与奶昔”的努力保持联系。“但我确实认为，这些食物在纯净形式下确实具有健康益处。”

一些营养专家对 MAHA 运动的许多饮食优先级是否能切实改善人类健康持怀疑态度。

营养与饮食学会（Academy of Nutrition and Dietetics）首席影响力官艾莉森·斯泰伯（Alison Steiber）表示，使用牛脂而非大豆油烹饪就是一个例子。“无论你用什么油炸薯条，它们依然是油炸食品，”她说。

左图为印第安纳州舍勒维尔的“牛排与奶昔”门店，右图为公司“首席 MAHA 官”迈克尔·博斯（Michael Boes）。

“牛排与奶昔”并未对草饲牛肉或牛脂做出健康声明，但公司认为顾客对该连锁店的食物感觉更好。“我们只是告诉他们，你可以品尝出区别，”博斯在检查印第安纳州“牛排与奶昔”门店的炸油时说道。

加油站根源

“牛排与奶昔”（Steak 'n Shake）的根源可以追溯到 20 世纪 30 年代，当时奥古斯都·“古斯”·贝尔特（Augustus "Gus" Belt）买下了多家加油站，其中包括伊利诺伊州诺默尔（Normal）的一家带有餐厅的加油站。由于该镇投票决定禁酒，贝尔特将主营产品从鸡肉和啤酒改为汉堡和奶昔，并在顾客面前直接绞肉，肉源有时来自他自己的牛群。

牛排堡的牛肉来自在牧场草地上饲养的牛。

几十年来，“牛排与奶昔”在中西部地区不断扩张。但在经历了多次所有权变更且竞争加剧后，到 21 世纪初，该连锁店陷入困境且资金短缺。来自德克萨斯州的年轻投资者比格拉里（Biglari）在 2007 年建仓持有这家上市公司的股份，并将“牛排与奶昔”私有化。

到 2017 年，利润开始萎缩，随后陷入亏损。根据市场研究公司 Technomic 的数据，在 2018 年至 2024 年期间，“牛排与奶昔”关闭了约 200 家门店，销售额下降三分之一至 7.6亿美元。

2025 年初，比格拉里对“牛排与奶昔”进行了调整，以反映新政府的优先事项。各门店悬挂了当地分区法允许的最大尺寸的美国国旗，并为美国建国 250 周年提供“爱国奶昔”（Patriot Shakes）。

“牛排与奶昔”弃用了植物油——肯尼迪将其归咎为导致肥胖和炎症的诱因——转而使用牛脂，并将混合种子油的油脂更换为 A 级威斯康星州黄油。

马斯克的赞赏

肯尼迪对这些举措表示赞赏。埃隆·马斯克（Elon Musk）在网上称赞了该连锁店。“牛排与奶昔”开始为特斯拉司机提供额外的薯条。

比格拉里从特朗普政府中挖掘了此前在健康产业工作的博斯（Boes）。

博斯对包括劝说快餐连锁店去除添加剂在内的政府工作感到沮丧，他表示，“牛排与奶昔”提供了一个机会，可以展示 MAHA（使美国健康再次伟大）的全面改革

将如何运作。

博斯发起了一场旋风般的餐厅和营销之旅，包括今年早些时候与劳拉·特朗普（Lara Trump）在一家“牛排与奶昔”门店的活动。

盈利潜力

在舍勒维尔（Schererville）门店，加盟商基思·米切尔（Keith Mitchell）表示，这次转型带来了挑战和收益。他现在必须每周更换一次油炸锅中的牛脂，而使用植物油时则是每 10 到 14 天更换一次。这增加了成本，草饲牛肉也是如此。

在米切尔去年提供牛脂炸薯条的样品后，食客们开始为此回头光顾。虽然他没有收到多少比特币支付，但有一位顾客每周都会为了特斯拉的促销活动而来。

36 岁的米切尔在今年提高了价格，以帮助覆盖部分新食材的成本，尤其是草饲牛肉。

博斯表示，“MAHA 妈妈们”正在帮助推动“牛排与奶昔”的销售，且他认为这种情况不会改变。他目前专注于增加无种子油的面包，他表示在 6 月份白宫草坪上的终极格斗冠军赛（UFC）笼斗比赛期间，他与肯尼迪讨论了这一目标。

没有 新闻 自由， 就没有 民主。

但只有当女性拥有发声机会时，自由才真正存在。

国际女性媒体基金会（International Women's Media Foundation）的变革性工作增强了全球范围内的平等机会和新闻自由。

纳森·霍华德 / 路透社

OpenAI 首席执行官萨姆·奥特曼（Sam Altman） 7 月在华盛顿特区会议间隙与媒体成员交谈。

科技界如何对 AI 叛乱视而不见

（接 B1 页）支持其颠覆性的商业模式。

其他公司，如 Uber 和特斯拉，在推行威胁到既得利益竞争对手的新方法时，也会依赖类似的策略。

几代以来，科技初创公司（尤其是涉及消费者的公司）一直依赖于一个相当简单的策略：利用“势头”的感知来助力提升。

增长是关键指标。尽可能快地建立用户群，进而向投资者发出信号，表明产品与市场匹配，从而证明更多融资的合理性。如此循环往复，理想状态是直到公司处于如此有利的地位，以至于令潜在竞争对手望而却步。

然后是上市或被收购。

一种大胆且傲慢的姿态也是这种文化的一部分。史蒂夫·乔布斯的海盗旗庆祝了一种特定的反叛团队精神。马克·扎克伯格在“快速行动，打破常规”的座右铭上构建了 Facebook，这允许在失误后进行方向修正。

卡兰尼克在 Uber 的成功，在许多人看来是靠一种不惜一切代价获胜的策略，这在他给员工的指示中得到了集中体现：“作弊码。找到它们。使用它们。”

AI 也有类似的氛围：预测能够治愈癌症、颠覆整个行业、提供机器人仆人，同时还带有尖锐的警告——如果这些科技巨头不被倾听，创造出神一般的超级智能可能会导致糟糕的后果。所有这些都助长了投资者的热情，消费者和企业纷纷涌向 ChatGPT、Claude 等产品进行尝试。

然而，反弹也随之迅速而至：生成式 用令人困惑的劣质内容（slop）和版权威胁淹没了社交媒体； 带来的效率提升——无论是否公正——被指责导致了裁员。在期中选举前， 数据中心和 Flock 摄像头成为了政治热点问题；宾夕法尼亚州最近成为最新一个限制 数据中心建设的州。

除了政治，围绕 的担忧正成为流行文化的一部分。前 NFL 球员、Garage Beer 的共同所有者杰森·凯尔西在一段现已走红的网络视频中，鼓励观众收集自己的尿液发送给数据中心。他说：“我们希望用你们的尿液来为这些数据中心降温。”

而仿佛为了给这一切画上句号，社交媒体上过去一周流行起一些粉丝拍摄的视频，内容是乡村音乐明星扎克·布赖恩可能即将发布的一首新热门歌曲，捕捉到了美国各地许多小镇居民的惆怅心情。在达拉斯附近面对人群演唱这首尚未发布的歌曲时，他唱道：“机器人杀死了劳动者。”

这些歌词很有可能成为这个秋天的代表曲目。

反过来，技术精英们则在结结巴巴地试图重新集结以发起反攻，同时将 之梦未被接纳的原因归咎于他人。 末日论者对类似《终结者》电影结局的预测通常排在名单首位。此外，还暗示了“飞越州”（中西部偏远地区）缺乏认知水平。外国影响力活动是另一种理论。

一些人正在分析民调数据，认为人们并非反对 ，而只是反对关于 对电费或当地用水量影响的错误认知。

这与十年前的 Uber 不同。Uber 证明了当反对的政治力量试图阻碍其业务时，它可以依靠强大的用户群为其游说。

实验室尚未证明自己拥有这样的肌肉。事实证明，在 X 上大放厥词的科技男们并没有同样的影响力。

财经快讯

本周市场事件

周一

Science Applications International 2.31 / 3.63

周二

建筑支出 6月，前值

7月，预期下降 0.1%

ISM 制造业指数 7月，前值 55.6 8月，预期 55.1

预期财报

Credo Technology Group Holding

Dell Technologies

4.91 / 2.32 Gitlab 0.18 / 0.24 Medtronic 1.39 / 1.26 MongoDB

1.62 / 1.00 Palo Alto Networks 0.98 / 0.95

周三

EIA 状态报告 前值库存变化（单位：百万桶） 原油库存增加 0.1

汽油库存

下降 2.5 馏分油下降 2.2

6月，前值

下降 0.3% 7月，预期上升 0.5% 抵押贷款银行指数 采购，前值

再融资，前值

预期收益

博通 (Broadcom) 3.22 / 1.69 棕褐形曼 (Brown-Forman)

Five Below 1.40 / 0.81 惠普企业 (Hewlett Packard Enterprise) 0.93 / 0.44 NetApp 2.12 / 1.55 Snowflake 0.45 / 0.35

周四

初请失业金人数 前值 203,000 预期 205,000 生产率 第一季度，前值上升 1.4% 第二季度初步，预期

房地美 (Freddie Mac) 抵押贷款调查 前值周平均 30年期固定利率 6.66% 15年期固定利率 5.98%

国际贸易逆差

6月，前值 \$73.26 7月，预期 \$89.70

单位劳动力成本

第一季度，前值上升 1.3% 第二季度初步，预期 上升 1.4%

EIA报告：天然气 前值库存变化（单位：十亿立方英尺）

预期收益

Ciena 1.73 / 0.67 DocuSign 1.09 / 0.92 Guidewire Software

lululemon athletica

1.79 / 3.10 Samsara 0.16 / 0.12 Zscaler 1.09 / 0.89

周五

非农就业人数 7月，前值 23000 8月，预期 50,000 失业率 7月，前值 4.1% 8月，预期 4.1%

周一

美国所有金融市场因劳动节休市。

Lululemon 的预期每股收益为 \$1.79。

* FactSet 预估：每股收益预估不包括非常项（括号内为亏损） ◆ 已根据拆股调整 注：预测数据来自道琼斯每周经济学家调查

年龄增长带来的是经验，而非记忆缺失。

有些东西随年龄增长而增加。 有些则不然。

了解阿尔茨海默病的预警信号。

...

阿尔茨海默病协会 (ALZHEIMER'S ASSOCIATION®)

JOHANNES NEUDECKER / DPA / ZUMA PRESS

英伟达在机器人领域找到热切客户

said.

2026年上半年全球人形机器人出货量市场份额

来源：Counterpoint

中国企业在不断增长的物理AI业务中依赖美国芯片和软件

作者：RAFFAELE HUANG

英伟达（Nvidia）的芯片不仅仅用于训练聊天机器人。该公司还在大举押注于机器人、汽车和无人机等现实世界实体的人工智能——而中国正成为一个主要客户。

物理人工智能业务已为英伟达每年带来约100 亿美元的收入。虽然这在公司总收入中仅占一小部分（截至7月的四个季度总收入为3030 亿美元），但首席执行官黄仁勋表示，该业务在未来十年内将增长10倍。

“如果我能生成手指移动的视频，如果我能生成一只手拿起玻璃杯的视频，为什么我不能让机器人也这样做？”黄仁勋在7月于旧金山的一次舞台演讲中回忆道。

英伟达将用于物理AI的专用芯片与机器人及机器人出租车（robotaxis）开发人员使用的软件工具相结合，从而使客户对英伟达的产品套件产生依赖。该公司发布了名为GROOT和Cosmos等开源权重模型，机器人开发人员可以自由下载并修改。

智能初创公司Radiant Intel的首席执行官迈克尔·弗兰克（Michael Frank）表示：“物理AI为英伟达提供了一条从数据中心进入规模大得多的物理经济——车辆、工厂、仓库和机器人——的路径。”

黄仁勋已让他的子女参与协助管理这项工作。他的女儿麦迪逊（Madison）负责英伟达物理AI部门的营销，而他的儿子斯宾塞（Spencer）则是产品管理总监。

8月，在韩国LG电子公司公布了一项使用英伟达机器人模型的人形机器人计划后，麦迪逊·黄访问了该公司位于首尔的机器人数据工厂。

英伟达一直在与中国的人形机器人产业建立联系。

次日，她在北京参观了一个机器人展览，就像她的父亲在亚洲之行中经常那样，吸引了围观者。她观看机器人表演飞踢，并停留在使用了英伟达技术的中国公司展位前。

美国已禁止英伟达向中国销售其最强大的AI芯片，但其机器人和汽车芯片的贸易仍然开放。

中国是全球最大的工业机器人市场，今年上半年，该国出货量约占全球人形机器人的$90\%$。

Counterpoint Research分析师布雷迪·王（Brady Wang）表示：“中国对英伟达的物理AI路线图至关重要。”他说，中国公司在制造和商业化新技术方面具有优势，因此与他们合作能为英伟达“提供许多实际应用案例”。

业内人士表示，尽管中国已在国家层面努力开发能与英伟达相媲美的AI芯片，但目前的中国机器人制造商仍依赖英伟达的硅片和软件工具来训练和运行其机器。

这些人士透露，英伟达在其美国和中国的实验室中，使用了来自不同供应商的人形机器人（包括中国的宇树科技 Unitree、智元机器人 Agibot 和傅利叶 Fourier）来收集数据并进行实验。

根据公司网页及知情人士透露，英伟达一直在加强其在中国的机器人和自动驾驶团队。英伟达发表的研究论文反映了包括在当地大学学习的实习生在内的中国研究人员的贡献。知情人士称，宇树科技等中国机器人制造商已使用了英伟达最新的Thor芯片。

英伟达的一位代表表示：“英伟达在符合美国法律的前提下，与全球各地的公司开展合作。”

近二十年前，英伟达（Nvidia）发布了一款名为统一计算设备架构（compute unified device architecture），即 CUDA 的工具，允许用户直接为其芯片编写代码。通过将硬件与软件相结合，英伟达锁定了客户，并成长为一家市值数万亿美元的公司。

现在，它正将同样的策略应用于争取机器人开发商。

英伟达的代表表示，公司提供了开放模型和开源材料，“因为物理人工智能（physical AI）将由一个广泛的生态系统构建，而非由任何一家公司完成。”

黄仁勋在 7 月表示，英伟达已将目标锁定在自动驾驶汽车上，将其视为第一个可能拥有足够大市场和真实经济价值的机器人应用。其客户包括 Alphabet 旗下的自动驾驶出租车部门 Waymo、特斯拉以及中国的汽车和自动驾驶出租车公司。

其面向开发者的产品线包括可用于编程和操作设备的专用计算机。其中最新的一款入门级型号 Jetson Orin Nano 2 于 8 月 25 日发布。

英伟达在物理 AI 芯片和软件工具方面的竞争对手包括英特尔（Intel）和高通（Qualcomm）。由于预见到华盛顿可能会扩大出口限制，中国的一些企业正在测试来自华为、黑芝麻智能（Black Sesame）和地平线（Horizon Robotics）等中国供应商的产品。

“目前使用国产替代方案并不是首要考虑的问题，但我预见到随着技术变得敏感，这一天最终会到来，”哈里·秦（Harry Qin）表示。他曾是地平线的一名研究员，并共同创办了一家利用英伟达芯片和软件开发机器人系统的初创公司。

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值得信赖的同行交流

会议室内的讨论内容可自由使用，但不得识别任何发言人或参与者的身份——这使得本论坛成为领导者们可以毫无保留地发言的场所。

申请邀请：

OCTOBER 14–15, 2026 WASHINGTON, D.C.

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August 21< / td><>26700< / >< / tr><><>24< / ><>26400< / >< / ><><>25< / ><>26100< / >< / ><><>26< / ><>25800< / >< / ><><>27< / ><>26700< / >< / ><><>28< / ><>< / >< / table>

IPO 计分板 IPO 表现，最近上市者排在首位

市场摘要

道琼斯工业平均指数

<>< colspan="4">53559.99 ▲282.98, or 0.53% last week< / >< / ><><>< / ><>滚动市盈率< / ><>21.80< / ><>24.98< / >< / ><>< rowspan="3">过去 52 周每周的最高、最低、开盘和收盘价< / ><>预计市盈率*< / ><>20.36< / ><>21.75< / >< / ><><>股息率< / ><>1.46< / ><>1.60< / >< / ><><>历史最高点< / ><>54349.12< / ><>08 / 05 / 26< / >< / table>

当前除数 0.1682481652835

<>< colspan="15">柱状图衡量自周一开盘以来的点数变化< / >< / ><><>A< / ><>S< / ><>O< / ><>N< / ><>D< / ><>J< / ><>F< / ><>M< / ><>A< / ><>M< / ><>J< / ><>A< / >< colspan="2">36000< / >< / table>

纽约证券交易所（NYSE）周交易量，单位：十亿股 主市场 ▶ 综合市场

标准普尔 500 指数

*每周市盈率数据基于 Birinyi Associates Inc. 报告的收益；†基于纳斯达克-100 指数

7711.76 ▲37.39, 或 0.49% 上周 过去 52 周的最高价、最低价、开盘价和收盘价

< / td><>最新< / ><>一年前< / >< / tr><><>滚动市盈率 < / ><>24.50< / ><>25.15< / >< / ><><>预测市盈率 < / ><>21.12< / ><>23.99< / >< / ><><>股息率 *< / ><>1.07< / ><>1.21< / >< / ><><>历史最高点< / >< colspan="2">7798.99, 08 / 13 / 26< / >< / table>

美国主要股市指数

可在 WSJMarkets.com 免费获取

获取美国股票实时报价，并追踪最活跃股票、新高 / 新低、共同基金和 ETF。

<>< rowspan="2">道琼斯< / >< colspan="5">最新一周< / >< colspan="4">52 周< / >< colspan="2">% 变化< / >< / ><><>最高< / ><>最低< / ><>收盘< / ><>净变化< / ><>% 变化< / ><>最低< / ><>收盘 (●)< / ><>最高< / ><>% 变化< / ><>YTD< / ><>3 年年化< / >< / ><><>工业平均指数< / ><>53819.65< / ><>53261.95< / ><>53559.99< / ><>282.98< / ><>0.53< / ><>45166.64< / ><>< / ><>54349.12< / ><>17.6< / ><>11.4< / ><>15.7< / >< / ><><>运输平均指数< / ><>21713.14< / ><>21277.27< / ><>21378.75< / ><>-191.51< / ><>-0.89< / ><>15067.87< / ><>< / ><>23933.14< / ><>34.4< / ><>23.2< / ><>10.8< / >< / ><><>公共事业平均指数< / ><>1099.66< / ><>1074.16< / ><>1078.28< / ><>2.84< / ><>0.26< / ><>1048.33< / ><>< / ><>1190.23< / ><>-1.0< / ><>1.0< / ><>6.9< / >< / ><><>股市综合指数< / ><>76871.11< / ><>75679.25< / ><>76272.17< / ><>214.87< / ><>0.28< / ><>62750.36< / ><>< / ><>77313.23< / ><>19.2< / ><>13.0< / ><>19.9< / >< / ><><>巴伦 400 指数< / ><>1665.78< / ><>1650.37< / ><>1650.40< / ><>-9.71< / ><>-0.58< / ><>1318.70< / ><>< / ><>1685.46< / ><>19.9< / ><>16.8< / ><>18.7< / >< / table>

纳斯达克综合指数 ▲ 221.97, 或 0.85% 上周

<><>纳斯达克综合指数< / ><>26700.68< / ><>25910.82< / ><>26402.42< / ><>221.97< / ><>0.85< / ><>20794.64< / ><>< / ><>27093.9< / ><>23.1< / ><>13.60< / ><>24.4< / >< / ><><>纳斯达克-100 指数< / ><>29752.78< / ><>28875.97< / ><>29433.43< / ><>124.57< / ><>0.43< / ><>22953.38< / ><>< / ><>30660.6< / ><>25.7< / ><>16.6< / ><>25.0< / >< / table>

<>< colspan="13">S&P< / >< / ><><>500 指数< / ><>7771.48< / ><>7638.17< / ><>7711.76< / ><>37.39< / ><>< / ><>0.49< / ><>6343.72< / ><>< / ><>7798.99< / ><>19.4< / ><>12.7< / >< / ><><>中盘 400 指数< / ><>3837.07< / ><>3778.92< / ><>3779.47< / ><>-50.93< / ><>-1.33< / ><>< / ><>3109.89< / ><>< / ><>3926.98< / ><>16.1< / ><>14.4< / >< / ><><>小盘 600 指数< / ><>1790.94< / ><>1767.57< / ><>-21.81< / ><>-1.22< / ><>< / ><>1364.94< / ><>< / ><>1828.54< / ><>22.9< / ><>20.4< / >< / ><>< colspan="13">其他指数< / >< / ><><>罗素 2000 指数< / ><>3019.40< / ><>2972.37< / ><>-45.50< / ><>-1.51< / ><>< / ><>2305.11< / ><>< / ><>3068.42< / ><>25.6< / ><>19.8< / >< / ><><>NYSE

Composite< / td> 24819.29< / ><>24548.73< / ><>24585.18< / ><>-143.49< / ><>-0.58< / ><>< / ><>20912.89< / ><>< / ><>24821.68< / ><>16.2< / ><>11.7< / >< / tr> <>Value Line< / ><>692.31< / ><>685.06< / ><>685.69< / ><>-6.58< / ><>-0.95< / ><>< / ><>590.50< / ><>< / ><>702.6< / ><>8.7< / ><>9.1< / >< / ><><>NYSE Arca Biotech< / ><>9571.21< / ><>9280.18< / ><>9296.21< / ><>-134.47< / ><>-1.43< / ><>< / ><>5973.75< / ><>< / ><>9539.76< / ><>55.6< / ><>30.0< / >< / ><><>NYSE Arca Pharma< / ><>1318.08< / ><>1253.21< / ><>1260.97< / ><>-43.00< / ><>-3.30< / ><>< / ><>925.18< / ><>< / ><>1315.38< / ><>32.6< / ><>12.0< / >< / ><><>KBW

Bank< / ><>188.45< / ><>185.59< / ><>187.17< / ><>1.21< / ><>< / ><>0.65< / ><>143.23< / ><>< / ><>193.91< / ><>24.1< / ><>14.0< / >< / ><><>PHLX$ Gold / Silver< / ><>436.07< / ><>409.65< / ><>413.18< / ><>-8.94< / ><>-2.12< / ><>< / ><>249.08< / ><>< / ><>470.37< / ><>65.9< / ><>20.7< / >< / ><><>PHLX$ Oil Service< / ><>104.49< / ><>98.93< / ><>104.41< / ><>0.73< / ><>< / ><>0.71< / ><>60.27< / ><>< / ><>109.24< / ><>59.5< / ><>42.4< / >< / ><><>PHLX$ Semiconductor< / ><>11910.03< / ><>11263.34< / ><>11469.66< / ><>-270.71< / ><>-2.31< / ><>< / ><>5592.82< / ><>< / ><>14634.72< / ><>102.3< / ><>61.9< / >< / ><><>Cboe

Volatility< / ><>16.30< / ><>14.13< / ><>14.43< / ><>-0.70< / ><>-4.63< / ><>< / ><>13.47< / ><>< / ><>31.05< / ><>-6.1< / ><>-3.5< / >< / table>

$\S_{\mathrm{Nasdaq PHLX}}$

21 24 25 26 27 28 八月 DJ US TSM ▲ 214.87, 或 0.28% 上周

Sources: FactSet; Dow Jones Market Data

国际股票指数 大宗商品与货币

<>< rowspan="2">地区 / 国家< / >< rowspan="2">指数< / >< colspan="2">最新一周< / >< colspan="3">52周范围< / >< rowspan="2">年初至今%变化< / >< / ><><>收盘价< / ><>%变化< / ><>最低< / ><>收盘价< / ><>最高< / >< / ><>< rowspan="4">全球< / ><>MSCI ACWI< / ><>1153.16< / ><>< / ><>945.10< / ><>< / ><>1160.80< / ><>13.7< / >< / ><><>MSCI ACWI ex-USA< / ><>486.53< / ><>-0.01< / ><>386.42< / ><>< / ><>486.69< / ><>15.6< / >< / ><><>MSCI World< / ><>4986.16< / ><>< / ><>4143.34< / ><>< / ><>5034.04< / ><>12.5< / >< / ><><>MSCI Emerging Markets< / ><>1722.14< / ><>< / ><>1258.44< / ><>< / ><>1802.77< / ><>22.6< / >< / ><><>美洲< / ><>MSCI AC Americas< / ><>2921.49< / ><>< / ><>2411.22< / ><>< / ><>2954.11< / ><>12.6< / >< / ><><>加拿大< / ><>S&P / TSX

Comp< / ><>36553.92< / ><>-0.18< / ><>28564.45< / ><>< / ><>36957.63< / ><>15.3< / >< / ><><>拉美< / ><>MSCI EM Latin America< / ><>3030.68< / ><>-0.11< / ><>2394.48< / ><>< / ><>3368.83< / ><>11.9< / >< / ><><>巴西< / ><>Bovespa< / ><>175664.62< / ><>< / ><>139863.63< / ><>< / ><>198657.33< / ><>9.0< / >< / ><><>智利< / ><>S&P IPSA< / ><>5763.74< / ><>< / ><>4513.29< / ><>< / ><>6013.24< / ><>6.3< / >< / ><><>墨西哥< / ><>S&P / BMV IPC< / ><>65484.32< / ><>-0.37< / ><>58708.86< / ><>< / ><>71601.35< / ><>1.8< / >< / ><>< rowspan="2">EMEA< / ><>STOXX Europe 600< / ><>655.16< / ><>< / ><>543.17< / ><>< / ><>660.51< / ><>10.6< / >< / ><><>STOXX Europe 50< / ><>5476.04< / ><>-0.24< / ><>4509.93< / ><>< / ><>5548.17< / ><>11.3< / >< / ><><

rowspan="2">欧元区< / td> 欧洲斯托克指数 (Euro STOXX)< / ><>681.21< / ><>< / ><>560.19< / ><>< / ><>689.45< / ><>11.3< / >< / tr> <>欧洲斯托克50指数 (Euro STOXX 50)< / ><>6485.67< / ><>< / ><>5291.04< / ><>< / ><>6551.22< / ><>12.0< / >< / ><><>奥地利< / ><>ATX< / ><>6786.58< / ><>< / ><>4577.95< / ><>< / ><>6786.58< / ><>27.4< / >< / ><><>比利时< / ><>Bel-20< / ><>5869.08< / ><>< / ><>4642.33< / ><>< / ><>5869.08< / ><>15.6< / >< / ><><>法国< / ><>CAC 40< / ><>8401.18< / ><>-0.98< / ><>7654.25< / ><>< / ><>8726.03< / ><>3.1< / >< / ><><>德国< / ><>DAX< / ><>26569.99< / ><>< / ><>22300.75< / ><>< / ><>26569.99< / ><>8.5< / >< / ><><>希腊< / ><>雅典综合指数 (Athex Composite)< / ><>2679.97< / ><>< / ><>1986.89< / ><>< / ><>2687.04< / ><>26.4< / >< / ><><>以色列< / ><>特拉维夫指数 (Tel Aviv)< / ><>4172.26< / ><>< / ><>2982.63< / ><>< / ><>4527.63< / ><>14.9< / >< / ><><>意大利< / ><>FTSE MIB< / ><>52616.12< / ><>-0.10< / ><>41608< / ><>< / ><>53717< / ><>17.1< / >< / ><><>荷兰< / ><>AEX< / ><>1112.28< / ><>< / ><>883.89< / ><>< / ><>1119.59< / ><>16.9< / >< / ><><>挪威< / ><>奥斯陆交易所全股指数 (Oslo Bors All-Share)< / ><>2488.42< / ><>< / ><>1822.75< / ><>< / ><>2488.42< / ><>28.2< / >< / ><><>葡萄牙< / ><>PSI 20< / ><>9430.91< / ><>< / ><>7648.38< / ><>< / ><>9484.93< / ><>14.1< / >< / ><><>南非< / ><>富时 / 约翰内斯堡全股指数 (FTSE / JSE All-Share)< / ><>118173.36< / ><>< / ><>100432.95< / ><>< / ><>128455.68< / ><>2.0< / >< / ><><>西班牙< / ><>IBEX 35< / ><>20041.90< / ><>< / ><>14704.2< / ><>< / ><>20213.6< / ><>15.8< / >< / ><><>瑞典< / ><>斯德哥尔摩OMX指数 (OMX Stockholm)< / ><>1154.65< / ><>< / ><>961.24< / ><>< / ><>1154.65< / ><>10.4< / >< / ><><>瑞士< / ><>瑞士市场指数 (Swiss Market)< / ><>14399.77< / ><>-0.40< / ><>11875.80< / ><>< / ><>14633.70< / ><>8.5< / >< / ><><>英国< / ><>富时100指数 (FTSE 100)< / ><>10824.26< / ><>< / ><>9116.69< / ><>< / ><>10910.55< / ><>9.0< / >< / ><><>亚太地区< / ><>MSCI AC 亚太指数 (MSCI AC Asia Pacific)< / ><>278.10< / ><>< / ><>210.44< / ><>< / ><>285.9< / ><>22.2< / >< / ><><>澳大利亚< / ><>标准普尔 / 澳交所200指数 (S&P / ASX 200)< / ><>9092.30< / ><>< / ><>8365.9< / ><>< / ><>9271.6< / ><>4.3< / >< / ><><>中国< / ><>上证综合指数 (Shanghai Composite)< / ><>3952.18< / ><>< / ><>3764.15< / ><>< / ><>4242.57< / ><>-0.4< / >< / ><><>香港< / ><>恒生指数 (Hang Seng)< / ><>25584.79< / ><>-1.63< / ><>22671.86< / ><>< / ><>27968.09< / ><>-0.2< / >< / ><><>印度< / ><>孟买 BSE Sensex 指数 (BSE Sensex)< / ><>77264.51< / ><>-0.36< / ><>71947.55< / ><>< / ><>85762.01< / ><>-9.3< / >< / ><><>日本< / ><>日经225指数 (NIKKEI 225)< / ><>66405.56< / ><>< / ><>41938.89< / ><>< / ><>72366.34< / ><>31.9< / >< / ><><>马来西亚< / ><>富时马来西亚交易所KLCI指数 (FTSE Bursa Malaysia KLCI)< / ><>1725.88< / ><>-0.61< / ><>1575.12< / ><>< / ><>1771.25< / ><>2.7< / >< / ><><>新加坡< / ><>海峡时报指数 (Straits Times)< / ><>5699.93< / ><>< / ><>4265.98< / ><>< / ><>5768.46< / ><>22.7< / >< / ><><>韩国< / ><>综合股价指数 (KOSPI)< / ><>6788.88< / ><>-1.79< / ><>3142.93< / ><>< / ><>9114.55< / ><>61.1< / >< / ><><>台湾< / ><>加权指数 (TAIEX)< / ><>46331.45< / ><>< / ><>24016.78< / ><>< / ><>47741.51< / ><>60.0< / >< / table>

< / td>< colspan="2">上周< / >< rowspan="2">% 变化< / >< rowspan="2">年初至今 % 变化< / >< / tr><><>收盘价< / ><>净变化< / >< / ><><>道琼斯商品指数< / ><>1439.25< / ><>-2.10< / ><>-0.15< / ><>27.29< / >< / ><><>富时 / CC CRB 指数< / ><>406.36< / ><>0.12< / ><>0.03< / ><>36.01< / >< / ><><>原油，美元 / 桶< / ><>83.40< / ><>-3.66< / ><>-4.20< / ><>45.25< / >< / ><><>天然气，美元 / 百万英热单位< / ><>2.888< / ><>0.077< / ><>2.74< / ><>-21.65< / >< / ><><>黄金，美元 / 金衡盎司< / ><>4478.10< / ><>-150.20< / ><>-3.25< / ><>3.53< / >< / ><><>美元指数< / ><>99.68< / ><>0.88< / ><>0.89< / ><>1.38< / >< / ><><>华尔街日报美元指数< / ><>95.90< / ><>0.57< / ><>0.60< / ><>-0.02< / >< / ><><>欧元，每美元< / ><>0.8631< / ><>0.007< / ><>0.82< / ><>1.42< / >< / ><><>日元，每美元< / ><>160.08< / ><>1.13< / ><>0.71< / ><>2.17< / >< / ><><>英镑，美元计价< / ><>1.35< / ><>-0.0108< / ><>-0.79< / ><>0.46< / >< / table>

<>< rowspan="2">< / >< colspan="4">52周< / >< / ><><>最低< / ><>收盘价(●)< / ><>最高< / ><>% 变化< / >< / ><><>道琼斯商品指数< / ><>1061.22< / ><>< / ><>1467.33< / ><>34.64< / >< / ><><>富时 / CC CRB 指数< / ><>291.69< / ><>< / ><>406.36< / ><>34.40< / >< / ><><>原油，美元 / 桶< / ><>55.27< / ><>< / ><>112.95< / ><>30.29< / >< / ><><>天然气，美元 / 百万英热单位< / ><>2.523< / ><>< / ><>7.460< / ><>-3.64< / >< / ><><>黄金，美元 / 金衡盎司< / ><>3473.70< / ><>< / ><>5318.40< / ><>28.91< / >< / ><><>美元指数< / ><>96.22< / ><>< / ><>101.61< / ><>1.95< / >< / ><><>华尔街日报美元指数< / ><>93.64< / ><>< / ><>97.73< / ><>0.84< / >< / ><><>欧元，每美元< / ><>0.8305< / ><>< / ><>0.8805< / ><>0.86< / >< / ><><>日元，每美元< / ><>146.47< / ><>< / ><>163.87< / ><>8.86< / >< / ><><>英镑，美元计价< / ><>1.30< / ><>< / ><>1.39< / ><>0.24< / >< / table>

访问 WSJMarkets.com 免费获取实时市场数据。WSJ / 市场

市场数据< / td>< / tr><>< colspan="5">报价与公司 查看所有公司< / >< / ><>< colspan="5">概览< / >< / ><>< colspan="5">概览 / 股票 / 债券 / 货币 / 加密货币 / 大宗商品< / >< / ><><>< / ><>最新< / ><>涨跌< / ><>净涨跌< / ><>道琼斯工业平均指数高级数据< / >< / ><><>道琼斯工业平均指数 (DJIA)< / ><>31500.68< / ><>823.32< / ><>2.68< / ><>31750< / >< / ><><>标准普尔 500 (S&P 500)< / ><>3912.74< / ><>116.01< / ><>3.05< / >< rowspan="2">31500< / >< / ><><>纳斯达克综合指数< / ><>11607.62< / ><>375.43< / ><>3.34< / >< / ><><>日本：日经 225< / ><>26491.97< / ><>320.72< / ><>1.23< / ><>31250< / >< / ><><>英国：富时 100< / ><>7208.81< / ><>188.36< / ><>2.68< / ><>31000< / >< / table>

来源：FactSet；道琼斯市场数据

消费者利率与投资者回报

美国消费者利率

过去一年消费者利率与其基准的对比

<>< rowspan="2">< / ><>联邦基金目标利率< / ><>货币市场账户收益率< / >< / ><><>0.00%< / ><>< / >< / table>

-2.00 S O N D J F M A M J J A 2025 2026

货币市场 / 储蓄账户

<><>Bankrate.com 平均值1：< / ><>0.44%< / >< / ><><>BankFive< / ><>4.00%< / >< / ><><>马萨诸塞州，福尔河 (Fall River, MA)< / ><>508-679-8551< / >< / ><><>美国第一国民银行 (First National Bank of America)< / ><>4.00%< / >< / ><><>密歇根州，东兰辛 (East Lansing, MI)< / ><>800-968-3626< / >< / ><><>Peak Bank< / ><>4.01%< / >< / ><><>爱达荷州，麦考尔 (Mccall, ID)< / ><>866-484-5705< / >< / ><><>PiBank< / ><>4.10%< / >< / ><><>佛罗里达州，科勒尔盖布尔斯 (Coral Gables, FL)< / ><>877-678-0888< / >< / ><><>Newtek Bank< / ><>4.20%< / >< / ><><>佛罗里达州，迈阿密 (Miami, FL)< / ><>888-681-7238< / >< / table>

Bankrate.com 利率基于对 1,500 多家在线银行的调查。*全美 70% 的最大银行公布的基准利率。† 不包括结清费用。 来源：FactSet；道琼斯市场数据；Bankrate.com

<><>联邦基金目标利率< / ><>3.50-3.75< / ><>3.50< / ><>< / ><>4.50< / ><>-1.75< / >< / ><><>最优惠利率*< / ><>6.75< / ><>< / ><>7.50< / ><>-1.75< / >< / ><><>担保隔夜融资利率 (SOFR)< / ><>3.64< / ><>3.63< / ><>3.50< / ><>< / ><>4.51< / ><>-1.66< / >< / ><><>货币市场，年收益率< / ><>0.44< / ><>0.41< / ><>< / ><>0.45< / ><>-0.16< / >< / ><><>五年期定期存款 (CD)，年收益率< / ><>1.74< / ><>1.67< / ><>< / ><>1.74< / ><>-1.12< / >< / ><><>30 年期固定抵押贷款†< / ><>6.70< / ><>6.67< / ><>6.11< / ><>< / ><>6.77< / ><>-0.97< / >< / ><><>15 年期固定抵押贷款†< / ><>6.15< / ><>6.13< / ><>5.55< / ><>< / ><>6.18< / ><>-0.77< / >< / ><><>巨额抵押贷款，

$832,750 及以上†< / ><>6.76< / ><>6.73< / ><>6.34< / ><>< / ><>6.87< / ><>-0.95< / >< / ><><>五年期可调利率抵押贷款 (ARM)†< / ><>6.06< / ><>5.98< / ><>5.66< / ><>< / ><>6.15< / ><>-0.47< / >< / ><><>新车贷款，48 个月< / ><>6.98< / ><>6.85< / ><>< / ><>7.19< / ><>-0.34< / >< / table>

基准收益率与利率

国债收益率曲线 当前短期国库券、中期国债和长期债券的到期收益率

汇率走势 日元、欧元兑美元；美元兑美国主要贸易伙伴货币

企业借贷利率与收益率

债券总回报指数< / td>< colspan="2">收益率 (%)< / >< colspan="3">基点，52-wk 范围< / >< colspan="2">总回报< / >< / tr><><>最新< / ><>一周前< / ><>最新< / ><>最低< / ><>最高< / ><>52-wk< / ><>3-yr< / >< / ><><>美国国债，彭博 (Bloomberg)< / ><>4.610< / ><>4.550< / ><>< / ><>1.20< / ><>3.45< / >< / ><><>美国长期国债，彭博 (Bloomberg)< / ><>5.200< / ><>5.260< / ><>< / ><>0.06< / ><>0.68< / >< / ><><>综合指数，彭博 (Bloomberg)< / ><>4.990< / ><>4.960< / ><>28< / ><>23< / ><>31< / ><>1.86< / ><>4.36< / >< / ><><>固定利率 MBS，彭博 (Bloomberg)< / ><>5.260< / ><>5.250< / ><>27< / ><>14< / ><>34< / ><>3.08< / ><>4.90< / >< / ><><>高收益 100, ICE BofA< / ><>6.191< / ><>6.314< / ><>183< / ><>298< / ><>4.01< / ><>8.33< / >< / ><><>市政债券综合指数，ICE BofA< / ><>3.684< / ><>3.645< / ><>8< / ><>1< / ><>10< / ><>3.88< / ><>3.28< / >< / ><><>EMBI 全球指数，摩根大通 (J.P. Morgan)< / ><>6.696< / ><>6.738< / ><>185< / ><>184< / ><>276< / ><>7.19< / ><>9.53< / >< / table>

来源：摩根大通 (J.P. Morgan)；标准普尔道琼斯指数 (S&P Dow Jones Indices)；彭博固定收益指数 (Bloomberg Fixed Income Indices)；ICE BofA 预测市场：2026 年 12 月底最大的公司？该市场将根据 31, 2026, 收盘时的市值，判定谁是全球最大的公司。

新上市企业

股票公开募股

美国市场 IPO

本周预计无新股发行

公司 代码 IPO日期 / 发行价< / td>< rowspan="2">周五收盘价 ($)< / >< colspan="2">% 变化自< / >< / tr><><>发行价< / ><>首日收盘价< / >< / ><><>Infection Point Acquisition VIII PHXU 8月28日 / $10.00< / ><>10.10< / ><>1.0< / ><>...< / >< / ><><>Rainier Acquisition RNAQU 8月27日 / $10.00< / ><>10.18< / ><>1.8< / ><>0.1< / >< / ><><>JATT III Acquisition JTTT 8月26日 / $10.00< / ><>10.96< / ><>9.6< / ><>-4.3< / >< / ><><>Southern Cross Acquisition II SCATU 8月26日 / $10.00< / ><>10.01< / ><>0.1< / >< / ><><>Advasa Hldgs ADBT 8月25日 / $10.00< / ><>4.99< / ><>-50.1< / ><>-20.3< / >< / ><><>First Breach FBDT 8月20日 / $8.00< / ><>0.70< / ><>-91.2< / ><>-83.1< / >< / ><><>Lyntris LYNX 8月19日 / $17.50< / ><>14.06< / ><>-19.7< / ><>-6.3< / >< / ><><>Karman Line Acquisition XTERU 8月18日 / $10.00< / ><>9.98< / ><>-0.2< / ><>0.4< / >< / ><><>NorthStrive Acquisition I NSAIU 8月18日 / $10.00< / ><>10.00< / ><>...< / ><>0.2< / >< / ><><>Robinhoond Ventures Fund II RVII 8月13日 / $25.00< / ><>22.28< / ><>-10.9< / ><>-2.9< / >< / table>

<>< rowspan="2">公司 代码 IPO日期 / 发行价< / >< rowspan="2">周五收盘价 ($)< / >< colspan="2">% 变化自< / >< / ><><>发行价< / ><>首日收盘价< / >< / ><><>Thunder Bridge Capital Ptnrs VTBCVU 8月13日 / $10.00< / ><>9.93< / ><>-0.7< / ><>0.2< / >< / ><><>SunScout Holding SNSC 8月12日 / $5.00< / ><>1.35< / ><>-73.0< / ><>-56.0< / >< / ><><>Vogenx VOGX 8月12日 / $13.00< / ><>33.96< / ><>161.2< / >< / ><><>BlossomHill Thera BLSM 8月7日 / $16.00< / ><>19.56< / ><>22.3< / >< / ><><>Latigo Biotherapeutics LTGO 8月7日 / $18.00< / ><>24.23< / ><>34.6< / ><>32.8< / >< / ><><>Pinnacle Acquisition PNAQ,UT 8月7日 / $10.00< / ><>9.95< / ><>-0.5< / ><>-0.1< / >< / ><><>Ticketplus TP 8月7日 / $8.00< / ><>7.83< / ><>-2.1< / ><>11.9< / >< / ><><>Braveheart Bio BRVE 8月6日 / $18.00< / ><>27.44< / ><>52.4< / ><>-7.9< / >< / ><><>Attovia Thera ATTO 8月5日 / $17.00< / ><>20.70< / ><>21.8< / ><>-5.5< / >< / ><><>TCGX Acquisition TCGX 8月5日 / $10.00< / ><>13.67< / ><>36.7< / ><>27.2< / >< / table>

数据来源：道琼斯市场数据；FactSet

禁售期届满

以下公司的高管及其他内部人士将首次获得出售其新上市公司的股票资格。此类出售可能会影响股价。

<><>禁售期届满日< / ><>发行日期< / ><>代码< / ><>发行价($)< / ><>发行金额 ($ 百万)< / ><>截至周五 (%)< / ><>禁售条款< / >< / ><><>9月2日< / ><>'26年3月6日< / ><>MiniMed Group< / ><>MMED< / ><>20.00< / ><>560.0< / ><>0.5%< / >< / table>

数据来源：LSEG数据与分析；道琼斯市场数据

公共与私人借贷

<><>8月31日，星期一< / ><>9月2日，星期三< / >< / ><><>13周和26周短期国债拍卖；8月27日公布；9月3日结算< / ><>17周短期国债拍卖；1日公布；8日结算< / >< / ><><>1日，星期二< / ><>3日，星期四< / >< / ><><>6周短期国债拍卖；8月27日公布；3日结算< / ><>4周和8周短期国债拍卖；1日公布；8日结算< / >< / ><><>52周短期国债拍卖；8月27日公布；3日结算< / ><>< / >< / table>

道琼斯工业平均指数一周回顾

回顾过去一周道琼斯工业平均指数（DJIA）成分股的表现及其对指数的影响。本周 DJIA 上涨 282.98 点，涨幅 0.53%。任何 DJIA 成分股价格每变动 \$1 = 指数变动 5.94 点。截至目前，若在 12 月 31 日向每只当前的 DJIA 成分股各投资 \$1,000，包括再投资的股息在内，这笔 \$30,000 的投资将获得 \$33,494 的回报，收益率为 11.65%。

6.04< / td><>35.90< / ><>摩根大通 (JPMorgan Chase)< / ><>JPM< / ><>357.62< / ><>1,125< / >< / tr> <>1.32< / ><>2.83< / ><>16.82< / ><>英伟达 (NVIDIA)< / ><>NVDA< / ><>217.55< / ><>1,168< / >< / ><><>0.73< / ><>2.84< / ><>16.88< / ><>联合健康 (UnitedHealth)< / ><>UNH< / ><>392.95< / ><>1,206< / >< / ><><>0.71< / ><>1.53< / ><>9.09< / ><>霍尼韦尔国际 (Honeywell International)< / ><>HON< / ><>217.43< / ><>1,078< / >< / ><><>0.51< / ><>1.77< / ><>10.52< / ><>谷歌 (Alphabet)< / ><>GOOGL< / ><>346.59< / ><>1,109< / >< / ><><>0.30< / ><>0.32< / ><>1.90< / ><>华特迪士尼 (Walt Disney)< / ><>DIS< / ><>108.10< / ><>958< / >< / ><><>-0.04< / ><>-0.09< / ><>-0.53< / ><>IBM< / ><>235.59< / ><>812< / >< / ><><>-0.50< / ><>-1.73< / ><>-10.28< / ><>舍温-威廉姆斯 (Sherwin-Williams)< / ><>SHW< / ><>344.86< / ><>1,072< / >< / ><><>-0.51< / ><>-5.29< / ><>-31.44< / ><>高盛 (Goldman Sachs)< / ><>GS< / ><>1,033.99< / ><>1,188< / >< / ><><>-0.59< / ><>-0.61< / ><>-3.63< / ><>沃尔玛 (Walmart)< / ><>WMT< / ><>103.09< / ><>931< / >< / ><><>-0.62< / ><>-0.90< / ><>-5.35< / ><>宝洁 (Procter & Gamble)< / ><>PG< / ><>143.78< / ><>1,025< / >< / ><><>-0.81< / ><>-2.20< / ><>-13.08< / ><>强生 (Johnson & Johnson)< / ><>JNJ< / ><>268.04< / ><>1,316< / >< / ><><>-0.83< / ><>-2.80< / ><>-16.64< / ><>美国 74.34< / ><>1,104< / >< / ><><>-2.75< / ><>-4.20< / ><>-24.96< / ><>默克 (Merck)< / ><>MRK< / ><>148.35< / ><>1,430< / >< / ><><>-2.85< / ><>-1.16< / ><>-6.89< / ><>耐克 (NIKE)< / ><>NKE< / ><>39.60< / ><>631< / >< / ><><>-3.34< / ><>-27.65< / ><>-164.34< / ><>卡特彼勒 (Caterpillar)< / ><>CAT< / ><>800.25< / ><>1,406< / >< / table>

*基于综合价格。DJIA 根据一级市场价格计算。来源：道琼斯市场数据；FactSet。

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 (in US$)< / ><>周五每美元汇率 (Fri per US$)< / ><>年初至今涨跌幅 (%)< / >< / tr><>< colspan="4">美洲< / >< / ><><>阿根廷比索< / >< colspan="2">.00071512.7178< / ><>4.2< / >< / ><><>巴西雷亚尔< / ><>.1925< / ><>5.1940< / ><>-5.9< / >< / ><><>加拿大元< / ><>.7191< / ><>1.3906< / ><>1.3< / >< / ><><>智利比索< / ><>.001074< / ><>931.01< / ><>3.4< / >< / ><><>哥伦比亚比索< / ><>.000311< / ><>3211.02< / ><>-14.8< / >< / ><><>厄瓜多尔美元< / ><>1< / ><>持平< / >< / ><><>墨西哥比索< / ><>.0587< / ><>17.0350< / ><>-5.4< / >< / ><><>乌拉圭比索< / ><>.02483< / ><>40.2780< / ><>3.1< / >< / table>

<><>国家 / 货币< / ><>折合美元 (in US$)< / ><>周五每美元汇率 (Fri per US$)< / ><>年初至今涨跌幅 (%)< / >< / ><><>越南盾< / ><>.00003835< / ><>26073< / ><>-0.9< / >< / ><>< colspan="4">欧洲< / >< / ><><>捷克克朗< / ><>.04799< / ><>20.838< / ><>1.3< / >< / ><><>丹麦克朗< / ><>.1550< / ><>6.4532< / ><>1.5< / >< / ><><>欧元区欧元< / ><>1.1586< / ><>.8631< / ><>1.4< / >< / ><><>匈牙利福林< / ><>.003173< / ><>315.15< / ><>-3.7< / >< / ><><>冰岛克朗< / ><>.008238< / ><>121.39< / ><>-3.1< / >< / ><><>挪威克朗< / ><>.1066< / ><>9.3767< / ><>-7.0< / >< / ><><>波兰兹罗提< / ><>.2668< / ><>3.7487< / ><>4.4< / >< / ><><>瑞典克朗< / ><>.1041< / ><>9.6052< / ><>4.3< / >< / ><><>瑞士法郎< / ><>1.2352< / ><>.8096< / ><>2.1< / >< / ><><>土耳其里拉< / ><>.0207< / ><>48.2358< / ><>12.3< / >< / ><><>乌克兰格里夫纳< / ><>.0224< / ><>44.6500< / ><>5.4< / >< / ><><>英镑< / ><>1.3538< / ><>.7387< / ><>-0.5< / >< / table>

<><>澳大利亚元< / ><>.7164< / ><>1.3959< / ><>-6.8< / >< / ><><>中国元< / ><>.1487< / ><>6.7268< / ><>-3.8< / >< / ><><>港元< / ><>.1276< / ><>7.8401< / ><>0.7< / >< / ><><>印度卢比< / ><>.01047< / ><>95.489< / ><>6.3< / >< / ><><>印尼卢比< / ><>.0000563< / ><>17756< / ><>6.4< / >< / ><><>日元< / ><>.006247< / ><>160.08< / ><>2.2< / >< / ><><>哈萨克斯坦坚戈< / ><>.002157< / ><>463.54< / ><>-8.6< / >< / ><><>澳门元< / ><>.1238< / ><>8.0775< / ><>0.7< / >< / ><><>马来西亚林吉特< / ><>.2484< / ><>4.0259< / ><>-0.8< / >< / ><><>新西兰元< / ><>.5914< / ><>1.6909< / ><>-2.7< / >< / ><><>巴基斯坦卢比< / ><>.00360< / ><>277.600< / ><>-0.9< / >< / ><><>菲律宾比索< / ><>.0160< / ><>62.371< / ><>5.9< / >< / ><><>新加坡元< / ><>.7846< / ><>1.2746< / ><>-0.9< / >< / ><><>韩国韩元< / ><>.0007263< / ><>1376.81< / ><>-4.4< / >< / ><><>斯里兰卡卢比< / ><>.0030486< / ><>328.02< / ><>5.9< / >< / ><><>台湾元< / ><>.03160< / ><>31.644< / ><>0.9< / >< / ><><>泰国铢< / ><>.03018< / ><>33.140< / ><>5.2< / >< / table>

<><>巴林第纳尔< / ><>2.6523< / ><>.3770< / ><>0.02< / >< / ><><>埃及镑< / ><>.0199< / ><>50.2570< / ><>5.3< / >< / ><><>以色列谢克尔< / ><>.3347< / ><>2.9881< / ><>-6.2< / >< / ><><>科威特第纳尔< / ><>3.2372< / ><>.3089< / ><>0.3< / >< / ><><>阿曼里亚尔< / ><>2.6007< / ><>.3845< / ><>-0.1< / >< / ><><>卡塔尔里亚尔< / ><>.2744< / ><>3.644< / ><>-0.3< / >< / ><><>沙特阿拉伯里亚尔< / ><>.2664< / ><>3.7532< / ><>0.1< / >< / ><><>南非兰特< / ><>.0618< / ><>16.1709< / ><>-2.4< / >< / table>

< / td><>收盘价< / ><>净变化< / ><>% 变化< / ><>年初至今 % 变化< / >< / tr><><>WSJ美元指数< / ><>95.90< / ><>0.36< / ><>0.38< / ><>-0.02< / >< / ><>< colspan="5">来源：Tullett Prebon, 道琼斯市场数据 5< / >< / table>

Polymarket / 道琼斯合作伙伴

2026年8月28日，星期五

白银，金衡盎司< / td>< / tr><><>Engelhard 工业级< / ><>70.9500< / >< / ><><>Handy & Harman 基础级< / ><>68.0890< / >< / ><><>Handy & Harman 加工级< / ><>85.1110< / >< / ><><>金币，批发面值 $1,000-a< / ><>47314< / >< / table>

<>< colspan="4">担保隔夜融资利率< / >< / ><><>< / ><>3.64< / ><>3.63< / ><>4.51< / >< / ><><>< / >< rowspan="2">最新< / ><>数值< / ><>-52周< / >< / ><><>< / ><>交易< / ><>最高< / >< / table>

隔夜回购

封闭式基金

以下是按资产规模排列的 300 个最大的封闭式基金。封闭式基金出售有限数量的份额，并将所得资金投资于证券。与开放式基金不同，封闭式基金通常不会从希望兑现持仓的投资者手中回购其份额。相反，基金份额在股票市场上交易，但目前尚不可用或不适用。NS 表示在整个期间内不存在的基金。12 个月收益率是通过将支付的收入股息（在截至月末的过去 12 个月期间内）除以相关数值计算得出的。产品价格为 \$500,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000。

基金 (代码)	资产净值 (NAV)	收盘价	52 周
			溢价/折价	总回报
通用股票基金
Adams Diversified Eq Inc ADX	26.48	25.96	-2.0	29.5
BlackRock En Lg Cap Cr CII	24.24	24.76	+2.1	30.8
Central Secs CET	65.38	54.80	-16.2	15.7
CohenStrsCEOppFd FOF	13.60	13.53	-0.5	11.9
EVtAdvDivlncm EVT	30.91	28.95	-6.3	28.2
GabelliDivGlnCr GDV	33.97	30.30	-10.8	19.6
Gabelli Equity Tr GAB	5.92	5.66	-4.4	3.0
GeneralAmer GAM	75.13	67.16	-10.6	24.3
JHancockTaxAdvDiv HTD	26.07	25.31	-2.9	11.0
Liberty All-Star Equity USA	6.85	6.00	-12.4	1.5
Liberty All-Star Growth ASG	5.95	5.24	-11.9	3.2
NuveenNasdaq100 Dyn Ov QQQX	NA	30.87	NA	25.0
NuvS&P500DynOvFd SPXX	NA	19.26	NA	15.3
Royce Micro-Cap Tr RMT	15.62	13.99	-10.4	47.7
Royce Value Trust RVT	20.61	18.60	-9.8	26.1
Source Capital SOR	50.90	47.00	-7.7	11.4
Special Opportunities SPE	15.75	13.55	-14.0	-1.7
Sprott Focus Trust FUND	11.89	10.70	-10.0	38.9
SRH Total Return STEW	23.80	18.51	-22.2	4.3
Tri-Continental TY	39.58	35.59	-10.1	18.3
专业股票基金
abrdn Glb Prem Prop AWP	11.37	11.56	+1.7	9.0
abrdn Global Infra Inc ASGI	21.72	23.81	+9.6	30.3
abrdn Healthcare Invest HQH	23.56	22.67	-3.8	54.5
abrdn Healthcare Opps THQ	20.27	19.62	-3.2	29.7
abrdn Life Sciences Inv

HQL< / td> 22.12< / ><>20.96< / ><>-5.2< / ><>69.8< / >< / tr> <>abrdn World Healthcare THW< / ><>14.21< / ><>13.95< / ><>-1.8< / ><>32.2< / >< / ><><>Adams Natural Resources PEO< / ><>31.17< / ><>28.31< / ><>-9.2< / ><>39.1< / >< / ><><>Allspring Ut & Hi Inc ERH< / ><>12.21< / ><>11.34< / ><>-7.1< / ><>2.6< / >< / ><><>ASA Gold & Prec Met Ltd ASA< / ><>NA< / ><>63.51< / ><>NA< / ><>68.9< / >< / ><><>BlackRock Energy & Res BGR< / ><>18.81< / ><>16.96< / ><>-9.8< / ><>34.5< / >< / ><><>BlackRock Eq Enh Div BDJ< / ><>10.57< / ><>9.87< / ><>-6.6< / ><>19.5< / >< / ><><> Enh Glbl Div BOE< / ><>13.46< / ><>12.47< / ><>-7.4< / ><>17.4< / >< / ><><> Enh Intl Div BGY< / ><>6.51< / ><>5.94< / ><>-8.8< / ><>12.6< / >< / ><><> ESG Cap All T

ECAT< / ><>15.19< / ><>15.39< / ><>+1.3< / ><>15.6< / >< / ><><> Hlth Sci Term BMEZ< / ><>18.58< / ><>16.78< / ><>-9.7< / ><>28.3< / >< / ><><> Hlth Sciences BME< / ><>46.57< / ><>45.88< / ><>-1.5< / ><>35.0< / >< / ><><> Res & Comm BCX< / ><>13.85< / ><>13.01< / ><>-6.1< / ><>38.4< / >< / ><><> Sci&Tech Term BSTZ< / ><>32.99< / ><>31.29< / ><>-5.2< / ><>56.4< / >< / ><><> Sci&Tech Trust BST< / ><>52.04< / ><>50.81< / ><>-2.4< / ><>41.3< / >< / ><><> Innov&Gro Term BTX< / ><>9.87< / ><>8.96< / ><>-9.2< / ><>38.4< / >< / ><><> Ult Inf & PWR BUI< / ><>26.60< / ><>26.88< / ><>+1.1< / ><>9.2< / >< / ><><>Bluerock Private RE BPRE< / ><>< / ><>NS< / >< / ><><>CLEARBRIDGEENYMDSOPP

EMO< / ><>< / ><>55.24< / ><>< / ><>23.9< / >< / ><><>ChnStrInfr UTF< / ><>27.43< / ><>27.14< / ><>-1.1< / ><>9.6< / >< / ><><>Cohen&SteersQualInc RQI< / ><>13.15< / ><>12.30< / ><>-6.5< / ><>7.8< / >< / ><><>CohenStrs Real Est and RLTY< / ><>16.92< / ><>15.58< / ><>-7.9< / ><>8.7< / >< / ><><>Cohen&Steers TotRet RFI< / ><>11.73< / ><>11.43< / ><>-2.6< / ><>2.7< / >< / ><><>CohenStrsREITPrefInc RNP< / ><>21.72< / ><>20.36< / ><>-6.3< / ><>-1.5< / >< / ><><>Columbia Sel Prm Tech Gr STK< / ><>55.40< / ><>52.53< / ><>-5.2< / ><>76.9< / >< / ><><>DNP Select Income DNP< / ><>< / ><>10.93< / ><>< / ><>19.1< / >< / ><><>Duff&Ph UtiInfra Inc Fd DPG< / ><>16.08< / ><>14.58< / ><>-9.3< / ><>20.8< / >< / ><><>EtnVncEqtyInc

EOI< / ><>21.35< / ><>20.21< / ><>-5.3< / ><>2.2< / >< / ><><>EtnVncEqtyIncoll EOS< / ><>23.98< / ><>21.66< / ><>-9.7< / ><>-2.0< / >< / ><><>EVRskMvnDvsEqInc ETJ< / ><>9.21< / ><>8.51< / ><>-7.6< / ><>3.6< / >< / ><><>ETrnVncTxMgdBuyWrtInc ETB< / ><>17.11< / ><>15.82< / ><>-7.5< / ><>15.1< / >< / ><><>ETrnVncTxMgdBuyWrtOpp ETV< / ><>16.20< / ><>15.49< / ><>-4.4< / ><>20.1< / >< / ><><>EvTxMnDvsEqInc ETY< / ><>15.86< / ><>14.60< / ><>-7.9< / ><>-0.1< / >< / ><><>EtnVncTxMgdGlbGB ETW< / ><>10.92< / ><>9.92< / ><>-9.2< / ><>20.0< / >< / ><><>EVTxMnGlbDvEqInc EXG< / ><>10.80< / ><>10.04< / ><>-7.0< / ><>22.2< / >< / ><><>First Enhanced Eq FFA< / ><>25.72< / ><>23.27< / ><>-9.5< / ><>17.8< / >< / ><><>Gab GI Util & Inc

GLU< / td> 20.00< / ><>19.15< / ><>-4.3< / ><>14.1< / >< / tr> <>Gabelli Healthcare GRX< / ><>11.26< / ><>10.06< / ><>-10.7< / ><>14.2< / >< / ><><>Gab Utility GUT< / ><>2.99< / ><>6.39< / ><>113.7< / ><>30.4< / >< / ><><>GAMCOIGold&NatRes GGN< / ><>6.21< / ><>5.64< / ><>-9.2< / ><>27.7< / >< / ><><>GAMCO NRGLD & INC GNT< / ><>9.09< / ><>9.19< / ><>+1.1< / ><>46.3< / >< / ><><>J Han Finl Opptys BTO< / ><>42.04< / ><>39.68< / ><>-5.6< / ><>13.2< / >< / ><><>KayneEnrgyInfralnc KYN< / ><>16.76< / ><>14.83< / ><>-11.5< / ><>27.7< / >< / ><><>Neuberger Enrgy In& In NML< / ><>11.75< / ><>10.51< / ><>-10.6< / ><>30.4< / >< / ><><>Neuberger Nxt Gen Conn NBXG< / ><>17.47< / ><>15.33< / ><>-12.2< / ><>13.9< / >< / ><><>Neuberger Real Est SI

NRO< / ><>3.21< / ><>2.95< / ><>-8.1< / ><>2.0< / >< / ><><>NuvCorEqAlpha JCE< / ><>NA< / ><>17.01< / ><>NA< / ><>17.7< / >< / ><><>NuevenNasdaq 100 Dyn Ov QQQX< / ><>< / ><>30.87< / ><>< / ><>25.0< / >< / ><><>Nuv Real Est JRS< / ><>9.18< / ><>8.40< / ><>-8.5< / ><>12.9< / >< / ><><>NuvS&P500DynOvFd SPXX< / ><>< / ><>19.26< / ><>< / ><>15.3< / >< / ><><>NXG Cushing Mdstm Energy SRV< / ><>43.97< / ><>45.50< / ><>+3.5< / ><>24.9< / >< / ><><>NXG NextGen Infras Inc NXG< / ><>54.03< / ><>56.29< / ><>+4.2< / ><>35.4< / >< / ><><>PIMGlb StkPI PGP< / ><>< / ><>8.78< / ><>< / ><>13.5< / >< / ><><>ReavesUtilityIncome UTG< / ><>37.37< / ><>37.72< / ><>+0.9< / ><>5.7< / >< / ><><>Tortoise Englnfra Crp

TYG< / ><>< / ><>43.48< / ><>< / ><>15.2< / >< / ><><>VDiInt&PremStr NFJ< / ><>< / ><>15.57< / ><>< / ><>30.3< / >< / ><><>V Art Int&Tech Opps AIO< / ><>< / ><>26.23< / ><>< / ><>21.8< / >< / ><><>XAI Madison Equity Prnc MCN< / ><>6.32< / ><>5.65< / ><>-10.6< / ><>1.0< / >< / ><>< colspan="5">收益与优先股基金< / >< / ><><>Dividend and Income BRSY< / ><>29.00< / ><>18.25< / ><>-37.1< / ><>35.8< / >< / table>

<><>基金 (代码)< / ><>资产净值 (NAV)< / ><>收盘价< / ><>12个月溢价 / 折价< / ><>收益率< / >< / ><><>Western Asset Hi Inc Opp HIO< / ><>< / ><>3.48< / ><>< / ><>11.7< / >< / ><><>Western Asset Hi Yld Opp HYI< / ><>< / ><>10.37< / ><>< / ><>10.9< / >< / ><>< colspan="5">其他国内应税债券基金< / >< / ><><>Allspring Multi-Sector ERC< / ><>9.84< / ><>9.27< / ><>-5.8< / ><>9.5< / >< / ><><>Ares Dynamic Crdt Alloc ARDC< / ><>< / ><>12.37< / ><>< / ><>10.9< / >< / ><><>BlackRock Mlt-Sctr Inc BIT< / ><>13.10< / ><>11.96< / ><>-8.7< / ><>12.1< / >< / ><><>BlackRock Tax Muni Bd BBN< / ><>16.49< / ><>15.88< / ><>-3.7< / ><>7.4< / >< / ><><>DoubleLineOppor Crtd Fd DBL< / ><>14.52< / ><>14.18< / ><>-2.3< / ><>9.4< / >< / ><><>EVLmtDurIncm

EVV< / ><>< / ><>9.12< / ><>< / ><>9.5< / >< / ><><>Franklin Ltd Dur Income FFT< / ><>6.32< / ><>5.80< / ><>-8.2< / ><>12.9< / >< / ><><>Putnam Mas Int PIM< / ><>3.33< / ><>3.18< / ><>-4.5< / ><>7.8< / >< / ><><>Putnam Prem Inc PPT< / ><>3.64< / ><>3.46< / ><>-4.9< / ><>9.2< / >< / ><><>FS Credit Opportunities FSCO< / ><>< / ><>5.18< / ><>< / ><>15.4< / >< / ><><>J Han Investors JHI< / ><>14.53< / ><>13.23< / ><>-8.9< / ><>9.3< / >< / ><><>NuvCorePlusImpact NPCT< / ><>< / ><>9.70< / ><>< / ><>12.4< / >< / ><><>NuvenTaxable Muni NBB< / ><>15.74< / ><>15.43< / ><>-2.0< / ><>7.6< / >< / ><><>PIMCO Corp & Inc Oppty PTY< / ><>< / ><>11.80< / ><>< / ><>12.1< / >< / ><><>PIMCO Corp & Inc Strat

PCN< / td> NA< / ><>11.78< / ><>NA< / ><>11.6< / >< / tr> <>PIMCOHilnco PHK< / ><>< / ><>4.54< / ><>< / ><>12.3< / >< / ><><>PIMCO IncmStrFd PFL< / ><>< / ><>7.62< / ><>< / ><>12.6< / >< / ><><>PIMCO IncmStrFd II PFN< / ><>< / ><>6.99< / ><>< / ><>12.1< / >< / ><><>Western Asset Dvsfd Inc WDI< / ><>< / ><>12.87< / ><>< / ><>13.6< / >< / ><><>Western Asset Inf-Lk Inc WIA< / ><>< / ><>7.94< / ><>< / ><>6.8< / >< / ><><>Western Asset Inf-Lk O&I WIW< / ><>< / ><>8.32< / ><>< / ><>7.6< / >< / ><>< colspan="5">全球收益基金 (World Income Funds)< / >< / ><><>abrdn AP IncFd FAX< / ><>15.14< / ><>14.68< / ><>-3.0< / ><>13.6< / >< / ><><>BmdwnGLB Glc Opts BWG< / ><>< / ><>7.65< / ><>< / ><>12.0< / >< / ><><>EtnVncStdDivInc

EVG< / ><>11.08< / ><>10.75< / ><>-3.0< / ><>8.5< / >< / ><><>MS EmMktDomDeed EDD< / ><>5.98< / ><>5.88< / ><>-1.7< / ><>10.8< / >< / ><><>Ms EmMktDebtFd MSD< / ><>7.98< / ><>7.29< / ><>-8.6< / ><>8.4< / >< / ><><> Access Income PAXS< / ><>< / ><>14.04< / ><>< / ><>12.6< / >< / ><><> Dynamic Strat PDX< / ><>< / ><>21.66< / ><>< / ><>7.0< / >< / ><><> Dynamic Income PDI< / ><>< / ><>15.33< / ><>< / ><>16.5< / >< / ><><> Dynamic Opp PDO< / ><>< / ><>12.55< / ><>< / ><>11.7< / >< / ><><> Stratg RCS< / ><>< / ><>5.26< / ><>< / ><>9.2< / >< / ><><>Templtn Glbl SABA< / ><>< / ><>8.27< / ><>< / ><>NE< / >< / ><><>Templeton Emr TEI< / ><>7.10< / ><>6.77< / ><>-4.6< / ><>13.2< / >< / ><><>Virtus SH Emerg Mkts

EDF< / ><>< / ><>5.25< / ><>< / ><>14.6< / >< / ><><>WstAstEmergDebt EMD< / ><>< / ><>10.55< / ><>< / ><>9.4< / >< / ><>< colspan="5">国家市政债券基金 (National Muni Bond Funds)< / >< / ><><>AllBerNatMuniInc AFB< / ><>11.67< / ><>10.90< / ><>-6.6< / ><>5.3< / >< / ><><>BlackRock 2037 Muni Trg BMN< / ><>25.09< / ><>26.10< / ><>+4.0< / ><>4.4< / >< / ><><>BlackRock Muni 2030 Tgt BTT< / ><>24.49< / ><>22.57< / ><>-7.8< / ><>2.4< / >< / ><><>BR MuniAssets Fd MUA< / ><>10.73< / ><>9.94< / ><>-7.4< / ><>6.5< / >< / ><><>BR MuniHoldings MHD< / ><>12.38< / ><>11.40< / ><>-7.9< / ><>6.2< / >< / ><><>BR MuniYield Qlty MQY< / ><>11.96< / ><>11.07< / ><>-7.4< / ><>6.2< / >< / ><><>BR MuniYld Qlty 3 MYI< / ><>11.47< / ><>10.74< / ><>-6.4< / ><>6.2< / >< / ><><>BNY Mellon Muni Bd Infra

DMB< / ><>11.37< / ><>10.60< / ><>-6.8< / ><>4.9< / >< / ><><>BNY Mellon Str Muni Bond DSM< / ><>6.31< / ><>5.83< / ><>-7.6< / ><>5.2< / >< / ><><>BNY Mellon Strat Muni LEO< / ><>6.69< / ><>6.20< / ><>-7.3< / ><>4.9< / >< / ><><>DWS Muni KTF< / ><>8.87< / ><>8.80< / ><>-0.8< / ><>7.1< / >< / ><><>EVMuniBd EIM< / ><>10.27< / ><>9.60< / ><>-6.5< / ><>6.3< / >< / ><><>EVMuniIncm EVN< / ><>10.53< / ><>10.68< / ><>+1.4< / ><>5.9< / >< / ><><>EVNatMuniOpp EOT< / ><>17.77< / ><>17.20< / ><>-3.2< / ><>4.7< / >< / ><><>Putnam Mgd PMM< / ><>6.50< / ><>6.24< / ><>-4.0< / ><>4.9< / >< / ><><>Putnam Muni Opp PMO< / ><>10.98< / ><>10.23< / ><>-6.8< / ><>4.8< / >< / ><><>InvAdvMulncTrll VKI< / ><>8.66< / ><>8.91< / ><>+2.9< / ><>7.5< / >< / ><><>Invesco MuniOp

OIA< / td> 6.05< / ><>6.05< / ><>0.0< / ><>5.8< / >< / tr> <>InvescoMuOppTr VMO< / ><>9.68< / ><>9.74< / ><>+0.6< / ><>7.7< / >< / ><><>InvescoMuTr VKQ< / ><>9.72< / ><>9.78< / ><>+0.6< / ><>7.7< / >< / ><><>InvescoQual Inc IQI< / ><>9.78< / ><>10.17< / ><>+4.0< / ><>7.6< / >< / ><><>InvTrInvGrMu VGM< / ><>10.03< / ><>10.39< / ><>+3.6< / ><>7.6< / >< / ><><>InvescoValMunInc IIM< / ><>11.96< / ><>12.75< / ><>+6.6< / ><>7.4< / >< / ><><>Neuberger Municipal NBH< / ><>10.96< / ><>10.26< / ><>-6.4< / ><>6.3< / >< / ><><>Nuven AMT-Fr Mu Val NUW< / ><>14.72< / ><>13.96< / ><>-5.2< / ><>4.1< / >< / ><><>Nuven AMT-Fr Qlty Muni I NEA< / ><>11.10< / ><>11.23< / ><>+1.2< / ><>7.2< / >< / ><><> AMT-Fr Mu CI NVG< / ><>NA< / ><>12.20< / ><>NA< / ><>7.6< / >< / ><><> Dyn Muni

Opp NDMO< / ><>< / ><>9.91< / ><>< / ><>7.4< / >< / ><><> Mu Crdt Opps NMCO< / ><>< / ><>9.84< / ><>< / ><>7.8< / >< / ><><>NuV Muni Credit Income NZF< / ><>< / ><>12.19< / ><>< / ><>7.8< / >< / ><><>NuV MuniHilncOpp NMZ< / ><>< / ><>9.97< / ><>< / ><>7.7< / >< / ><><> Muni Inc NMI< / ><>< / ><>10.40< / ><>< / ><>4.2< / >< / ><><> Muni Val NUV< / ><>< / ><>8.99< / ><>< / ><>4.2< / >< / ><><> Quality Muni Inc NAD< / ><>< / ><>11.70< / ><>< / ><>7.2< / >< / ><><> Sel Mat NIM< / ><>9.78< / ><>9.31< / ><>-4.8< / ><>3.7< / >< / ><><> Sel TF NXP< / ><>14.07< / ><>14.21< / ><>+1.0< / ><>4.5< / >< / ><><>NYLiMACay DT Muni Opp MMD< / ><>16.07< / ><>14.93< / ><>-7.1< / ><>5.1< / >< / ><><>PIMCOMuniIncII

PML< / ><>7.75< / ><>7.33< / ><>-5.4< / ><>6.4< / >< / ><><>RiverNorth Flx Mu Inc II RFMZ< / ><>< / ><>13.15< / ><>< / ><>7.5< / >< / ><><>RiverNorth Mgd Dur Muni RRMZ< / ><>< / ><>15.10< / ><>< / ><>7.4< / >< / ><><>RiverNorth Mgd Dur Muni RMM< / ><>< / ><>14.26< / ><>< / ><>7.3< / >< / ><><>Western Asset Mgd Muni MMU< / ><>< / ><>10.09< / ><>< / ><>6.5< / >< / ><><>Western Asset Muni Inc MHF< / ><>< / ><>6.85< / ><>< / ><>5.4< / >< / ><>< colspan="5">单州市政债券< / >< / ><><>BR MH CA Qly FD Inc MUC< / ><>11.39< / ><>10.63< / ><>-6.7< / ><>6.0< / >< / ><><>BR MH NJ Qly MUJ< / ><>12.20< / ><>12.02< / ><>-1.5< / ><>5.4< / >< / ><><> MuniYld MI MIY< / ><>12.05< / ><>12.67< / ><>+5.1< / ><>5.3< / >< / ><><> MuniYld NY

MYN< / ><>10.45< / ><>9.68< / ><>-7.4< / ><>6.3< / >< / ><><> MuniYld PA MPA< / ><>11.95< / ><>10.99< / ><>-8.1< / ><>5.9< / >< / ><><>InvCaValMulncTr VCV< / ><>9.86< / ><>10.50< / ><>+6.5< / ><>7.3< / >< / ><><>InvPAValMulncTr VPV< / ><>10.45< / ><>11.29< / ><>+8.0< / ><>7.4< / >< / ><><>InvTrInvGrNYMu VTN< / ><>10.41< / ><>10.75< / ><>+3.3< / ><>7.5< / >< / ><><> AZ Qual Muni Inc NAZ< / ><>11.23< / ><>12.35< / ><>+10.0< / ><>6.5< / >< / ><><> CAAMT-F Qual MI NKX< / ><>11.65< / ><>12.05< / ><>+3.4< / ><>7.4< / >< / ><><> CA Val NCA< / ><>9.05< / ><>9.07< / ><>+0.2< / ><>3.9< / >< / ><><>NuvenCAQtyMuniNAC< / ><>11.20< / ><>11.68< / ><>+4.3< / ><>7.4< / >< / ><><> MA Qual Muni Inc

NMT< / td> 10.85< / ><>12.56< / ><>+15.8< / ><>6.0< / >< / tr> <>Nuven NYAMT-Fr Qual MI NRK< / ><>10.34< / ><>10.22< / ><>-1.2< / ><>7.9< / >< / ><><>Nuven NY Val NNY< / ><>8.69< / ><>8.17< / ><>-6.0< / ><>4.3< / >< / ><><>Nuven NY Qual Muni INC NAN< / ><>10.89< / ><>10.93< / ><>+0.4< / ><>7.6< / >< / ><><>Nuven VA Qlty Mun Inc NPV< / ><>10.98< / ><>10.49< / ><>-4.5< / ><>7.2< / >< / ><><>PIMCO CA PCQ< / ><>9.62< / ><>8.72< / ><>-9.4< / ><>5.0< / >< / ><><>PIMCONYMuniI PNI< / ><>7.56< / ><>6.83< / ><>-9.7< / ><>5.2< / >< / table>

<><>基金 (代码)< / ><>资产净值 (NAV)< / ><>收盘价< / ><>溢价 / 折价< / ><>52周总回报< / >< / ><><>CalamosStratTot CSQ< / ><>22.74< / ><>20.96< / ><>-7.8< / ><>21.0< / >< / ><><>CohenStrsLtdDurPref&Inc LPD< / ><>22.12< / ><>20.68< / ><>-6.5< / ><>4.1< / >< / ><><>CohenStrsSelPref&Income PSF< / ><>21.58< / ><>19.44< / ><>-9.9< / ><>2.6< / >< / ><><>CohenStrsTaxAvPrteSecs&I PTA< / ><>20.29< / ><>18.53< / ><>-8.7< / ><>-0.3< / >< / ><><>FirstTrlntDurPref&Inc FPF< / ><>18.77< / ><>17.80< / ><>-5.2< / ><>0.0< / >< / ><><>JHanPrefInc HPI< / ><>15.03< / ><>15.85< / ><>+5.5< / ><>8.4< / >< / ><><>JHPrefIncll HPF< / ><>14.92< / ><>15.64< / ><>+4.8< / ><>6.3< / >< / ><><>HnckJFpldInco III HPS< / ><>13.46< / ><>13.94< / ><>+3.6< / ><>3.5< / >< / ><><>J Han Prm

PDT< / ><>14.07< / ><>12.65< / ><>-10.1< / ><>1.9< / >< / ><><>LMP CapInco SCD< / ><>NA< / ><>15.68< / ><>NA< / ><>10.7< / >< / ><><>Nuveen Pref & Inc Opp JPC< / ><>< / ><>7.38< / ><>< / ><>0.4< / >< / ><><>Nuveen Var Rate P&I NPFD< / ><>< / ><>18.78< / ><>< / ><>5.6< / >< / ><><>TCW Strat Income TSI< / ><>4.84< / ><>4.41< / ><>-8.9< / ><>-3.2< / >< / ><>< colspan="5">可转换证券基金< / >< / ><><>AdvntCnvtrb&IncFd AVK< / ><>< / ><>12.64< / ><>< / ><>13.4< / >< / ><><>Bancroft Fund Ltd BCV< / ><>27.66< / ><>24.84< / ><>-10.2< / ><>25.3< / >< / ><><>CalamosConvHi CHY< / ><>12.62< / ><>13.03< / ><>+3.2< / ><>31.4< / >< / ><><>CalmosConvOp CHI< / ><>11.87< / ><>12.86< / ><>+8.3< / ><>36.2< / >< / ><><>Ellsworth G&I Fund Ltd

ECF< / ><>14.15< / ><>12.43< / ><>-12.2< / ><>21.9< / >< / ><><>HilncBd PCF< / ><>6.39< / ><>5.50< / ><>-13.9< / ><>-4.4< / >< / ><><>V Conv & Inc NCV< / ><>< / ><>16.83< / ><>< / ><>25.8< / >< / ><><>V Conv & Inc II NCZ< / ><>< / ><>15.50< / ><>< / ><>26.2< / >< / ><><>V Div Inc & Conv ACV< / ><>< / ><>26.45< / ><>< / ><>26.4< / >< / ><><>V Eqty & Conv Inc NIE< / ><>< / ><>26.06< / ><>< / ><>16.3< / >< / ><>< colspan="5">全球股票基金< / >< / ><><>India Fund IFN< / ><>12.65< / ><>11.47< / ><>-9.3< / ><>-10.6< / >< / ><><>abrdnAusEq IAF< / ><>14.58< / ><>13.47< / ><>-7.6< / ><>8.2< / >< / ><><>abrdn Emg Mkts Ex-China AEF< / ><>10.27< / ><>9.49< / ><>-7.6< / ><>72.3< / >< / ><><>abrdn Glbl Dyn Div

AGD< / td> 12.15< / ><>12.60< / ><>+3.7< / ><>18.3< / >< / tr> <>abrdn Tot Dyn Div AOD< / ><>10.58< / ><>10.78< / ><>+1.9< / ><>33.5< / >< / ><><>Allspring GI Div Oppty EOD< / ><>7.26< / ><>6.68< / ><>-8.0< / ><>27.6< / >< / ><><>Central and Eastern Euro CEE< / ><>22.89< / ><>19.73< / ><>-13.8< / ><>23.5< / >< / ><><>Gabelli GI Sm&Mid Cp Val GGZ< / ><>18.35< / ><>16.44< / ><>-10.4< / ><>20.4< / >< / ><><>Gabelli Multimedia GGT< / ><>3.70< / ><>4.07< / ><>+10.0< / ><>17.8< / >< / ><><>GDL Fund GDL< / ><>10.77< / ><>8.41< / ><>-21.9< / ><>4.3< / >< / ><><>J Han Hdgd Ety & Inc HEQ< / ><>12.98< / ><>11.76< / ><>-9.4< / ><>19.4< / >< / ><><>Japan Smaller Cap JOF< / ><>14.22< / ><>12.63< / ><>-11.2< / ><>29.7< / >< / ><><>Korea

KF< / ><>76.25< / ><>64.23< / ><>-15.8< / ><>144.1< / >< / ><><>Mexico MXF< / ><>24.59< / ><>21.64< / ><>-12.0< / ><>26.5< / >< / ><><>MS ChinaShrFd CAF< / ><>22.72< / ><>19.01< / ><>-16.3< / ><>24.9< / >< / ><><>MS India IIF< / ><>26.06< / ><>23.12< / ><>-11.3< / ><>-5.0< / >< / ><><>New Germany GF< / ><>13.07< / ><>11.76< / ><>-10.0< / ><>3.2< / >< / ><><>NuvenRI Asst Inc & Gro JRI< / ><>NA< / ><>12.35< / ><>NA< / ><>2.5< / >< / ><><>NYLCBRE Glbl Inf Meg T MEGI< / ><>16.16< / ><>14.82< / ><>-8.3< / ><>12.7< / >< / ><><>Royce Global Value Trust RGT< / ><>17.87< / ><>15.34< / ><>-14.2< / ><>22.2< / >< / ><><>Templeton Dragon TDF< / ><>12.59< / ><>10.89< / ><>-13.5< / ><>1.4< / >< / ><><>Templeton Em Mk t

EMF< / ><>25.11< / ><>22.72< / ><>-9.5< / ><>63.4< / >< / table>

<><>基金 (代码)< / ><>资产净值 (NAV)< / ><>收盘价< / ><>12个月溢价 / 折价< / ><>收益率< / >< / ><>< colspan="5">美国抵押贷款债券基金< / >< / ><><>BlckRk Income BKT< / ><>10.72< / ><>10.38< / ><>-3.2< / ><>10.4< / >< / ><><>Western Asset Mtg Oppty DMO< / ><>< / ><>10.23< / ><>< / ><>12.7< / >< / ><>< colspan="5">投资级债券基金< / >< / ><><>MFS Intmdt MIN< / ><>2.56< / ><>2.45< / ><>-4.3< / ><>2.1< / >< / ><><>Angel Oak FS Inc Trm FINS< / ><>< / ><>12.70< / ><>< / ><>11.0< / >< / ><><>BIRck Core Bond BHK< / ><>9.29< / ><>9.07< / ><>-2.4< / ><>10.0< / >< / ><><>BR Credit Alloc Inc BTZ< / ><>10.78< / ><>10.14< / ><>-5.9< / ><>10.1< / >< / ><><>InvescoBond VBF< / ><>15.94< / ><>14.69< / ><>-7.8< / ><>5.6< / >< / ><><>J Han Income

JHS< / ><>11.98< / ><>10.90< / ><>-9.0< / ><>5.6< / >< / ><><>WA Investment Grade Inc PAI< / ><>< / ><>11.94< / ><>< / ><>5.3< / >< / ><><>WesternAssetPremBd WEA< / ><>< / ><>10.44< / ><>< / ><>7.7< / >< / ><><>Westn Asst IG Def Opp IGI< / ><>< / ><>16.12< / ><>< / ><>5.4< / >< / ><>< colspan="5">贷款参与基金< / >< / ><><>BR Debt Strategy DSU< / ><>9.56< / ><>9.45< / ><>-1.2< / ><>12.5< / >< / ><><>BR F / R Inc Str FRA< / ><>11.34< / ><>11.07< / ><>-2.4< / ><>13.7< / >< / ><><>BlackRock Floating Rt Inc BGT< / ><>11.11< / ><>0.0< / ><>13.3< / >< / ><><>Blackstone Lng-Sh Cr Inc BGX< / ><>12.31< / ><>10.77< / ><>-12.5< / ><>9.1< / >< / ><><>BS SFR 2027 T BSL< / ><>13.47< / ><>13.06< / ><>-3.0< / ><>8.2< / >< / ><><>BS St Cr 2027 Tm

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

内幕交易聚焦

公司“内部人士”（如首席执行官、副总裁或董事）的交易行为，可能会传递出关于公司前景的新信息。内部人士必须在两个工作日内向美国证券交易委员会（SEC）报告大额交易。以下是基于 LSEG 数据与分析公司在 8 月 28 日接收的数据，所列出的内部人士最大单笔交易情况，以及该公司的年初至今股票表现。

关键索引：B：持有该类证券 10% 以上的受益所有者 CB：董事长 CEO：首席执行官 CFO：首席财务官 CO：首席运营 D：董事 DO：董事兼受益所有者 GC：总法律顾问 H：，董事兼受益所有者 I：通过信托、内部人士配偶、未成年子女或其他方式提交的间接交易 O：OD：和董事 P：总裁 UT：未知 VP：副总裁 不包括纯期权交易

本周最大单笔个人交易

基于上周提交给监管机构的报告

日期< / td><>公司< / ><>股票代码< / ><>内部人士< / ><>职位< / ><>交易股数 (千股)< / ><>交易价格范围 ($)< / ><>价值 (千美元)< / ><>收盘价 ($)< / ><>年初至今 (%)< / >< / tr>< / table>

<>< colspan="10">买方< / >< / ><><>8月25日< / ><>Madison Air Solutions< / ><>MAIR< / ><>E. Bertarelli< / ><>BI< / ><>8,771< / ><>24.97< / ><>219,000< / ><>26.33< / ><>< / >< / ><><>8月18-19日< / ><>Energy Transfer< / ><>ET< / ><>K. Warren< / ><>DI< / ><>1,000< / ><>21.26-21.27< / ><>21,264< / ><>21.31< / ><>29.2< / >< / ><><>8月20日< / ><>Global Water Resources< / ><>GWRS< / ><>J. Levine< / ><>DI< / ><>652< / ><>8.85< / ><>5,767< / ><>9.13< / ><>8.0< / >< / ><><>8月20日< / ><>< / ><>A. Cohn< / ><>D< / ><>139< / ><>8.85< / ><>1,233< / ><>< / >< / ><><>8月25日< / ><>NGL Energy Partners< / ><>NGL< / ><>J. Raymond< / ><>D< / ><>300< / ><>16.98< / ><>5,094< / ><>18.02< / ><>80.2< / >< / ><><>8月20日< / ><>Odysight.ai< / ><>ODYS< / ><>M. Arkin< / ><>DOI< / ><>1,125< / ><>3.20< / ><>3,600< / ><>3.78< / ><>14.5< / >< / ><><>7月20日< / ><>ZeroStack< / ><>ZSTK< / ><>M. Heinrich< / ><>ODI< / ><>4,609< / ><>.75< / ><>3,479< / ><>5.41< / ><>-13.6< / >< / ><><>8月21日< / ><>Alpha Metallurgical Resources< / ><>AMR< / ><>K. Courtis< / ><>D< / ><>15< / ><>209.03-211.09< / ><>3,158< / ><>226.23< / ><>13.2< / >< / ><><>8月20日< / ><>< / ><>K. Courtis< / ><>D< / ><>15< / ><>189.84-194.48< / ><>2,903< / ><>< / >< / ><><>8月21日< / ><>< / ><>M. Gorzynski< / ><>DOI< / ><>10< / ><>208.92< / ><>2,089< / ><>< / >< / ><><>8月25日< / ><>< / ><>K. Courtis< / ><>D< / ><>5< / ><>216.22-216.97< / ><>1,083< / ><>< / >< / ><><>8月21-25日< / ><>ProFrac Holding< / ><>ACDC< / ><>D. Wilks< / ><>BI< / ><>607< / ><>4.70-4.81< / ><>2,868< / ><>4.99< / ><>28.3< / >< / ><><>8月12日< / ><>Outlook Therapeutics< / ><>OTLK< / ><>G. Sukhtian< / ><>BI< / ><>2,525< / ><>.99< / ><>2,500< / ><>0.64< / ><>-59.2< / >< / ><><>8月25-26日< / ><>Welltower< / ><>WELL< / ><>A. Gundlach< / ><>DI< / ><>10< / ><>239.47-242.06< / ><>2,408< / ><>238.07< / ><>28.3< / >< / ><><>8月24-26日< / ><>American Assets Trust< / ><>AAT< / ><>E. Rady< / ><>HI< / ><>80< / ><>22.74-22.89< / ><>1,821< / ><>22.43< / ><>18.5< / >< / ><><>8月21日< / ><>< / ><>E. Rady< / ><>HI< / ><>50< / ><>22.75< / ><>1,138< / ><>< / >< / ><><>8月18日< / ><>i-80 Gold< / ><>IAUX< / ><>R. Young< / ><>CEO< / ><>1,000< / ><>1.62< / ><>1,620< / ><>1.85< / ><>26.7< / >< / ><><>8月25-26日< / ><>Northpointe Bancshares< / ><>NPB< / ><>C. Williams< / ><>CEOI< / ><>78< / ><>16.95-16.95< / ><>1,327< / ><>17.04< / ><>1.5< / >< / table>

8月20-21日< / td>< rowspan="2">Aveanna Healthcare Holdings< / >< rowspan="2">AVAH< / ><>P. Vigano< / ><>BI< / ><>16,750< / ><>< / ><>11.50< / ><>192,625< / ><>13.32< / ><>63.0< / >< / tr><><>8月20-21日< / ><>R. Williams< / ><>BI< / ><>16,750< / ><>< / ><>11.50< / ><>192,625< / ><>< / >< / ><><>8月20-21日< / >< rowspan="2">Cerebras Systems< / >< rowspan="2">CBRS< / ><>S. Lie< / ><>CT< / ><>727< / ><>203.78-212.64< / ><>< / ><>151,050< / ><>179.08< / ><>< / >< / ><><>8月21日< / ><>A. Feldman< / ><>CEO< / ><>238< / ><>196.20-210.21< / ><>< / ><>47,339< / ><>< / >< / ><><>8月19-21日< / >< rowspan="2">Illumina< / >< rowspan="2">ILMN< / ><>K. Meister< / ><>DI< / ><>680< / ><>202.37-220.13< / ><>< / ><>145,556< / ><>215.59< / ><>64.4< / >< / ><><>8月25-27日< / ><>K. Meister< / ><>DI< / ><>376< / ><>224.72-231.23< / ><>< / ><>85,242< / ><>< / >< / ><><>8月18-19日< / ><>Stryker< / ><>SYK< / ><>.< / ><>DI< / ><>350< / ><>331.74-343.47< / ><>< / ><>117,776< / ><>330.69< / ><>-5.9< / >< / ><><>8月18-19日< / ><>Snowflake< / ><>SNOW< / ><>F. Slootman< / ><>D< / ><>300< / ><>319.07-333.37< / ><>< / ><>97,425< / ><>328.00< / ><>49.5< / >< / ><><>8月24-25日< / ><>Corpay< / ><>CPAY< / ><>R. Clarke< / ><>CEO< / ><>214< / ><>409.56-419.62< / ><>< / ><>88,514< / ><>407.88< / ><>35.5< / >< / ><><>8月20日< / ><>Palantir Technologies< / ><>PLTR< / ><>A. Karp< / ><>CEO< / ><>492< / ><>172.65-176.31< / ><>< / ><>86,057< / ><>186.29< / ><>4.8< / >< / ><><>8月19日< / ><>Marriott Vacations Worldwide< / ><>VAC< / ><>C. Asmar< / ><>DOI< / ><>750< / ><>< / ><>111.49< / ><>83,618< / ><>110.09< / ><>90.8< / >< / ><><>8月24-25日< / ><>Airbnb< / ><>ABNB< / ><>N. Blecharczyk< / ><>HI< / ><>353< / ><>190.27-193.14< / ><>< / ><>67,324< / ><>189.43< / ><>39.6< / >< / ><><>8月25日< / ><>Carpenter Technology< / ><>CRS< / ><>T. Thene< / ><>CEO< / ><>109< / ><>479.49-489.33< / ><>< / ><>52,876< / ><>476.43< / ><>51.3< / >< / ><><>8月21日< / ><>Micron Technology< / ><>MU< / ><>S. Mehrotra< / ><>CEO< / ><>40< / ><>959.14-989.59< / ><>< / ><>38,756< / ><>932.86< / ><>226.8< / >< / ><><>8月25-26日< / ><>Hinge Health< / ><>HNGE< / ><>E. Robinson< / ><>DI< / ><>337< / ><>91.08-91.71< / ><>< / ><>30,772< / ><>87.35< / ><>88.1< / >< / ><><>8月18日< / >< rowspan="2">CoreWeave< / >< rowspan="2">CRWV< / ><>M. Intrator< / ><>CEO< / ><>308< / ><>93.59-101.60< / ><>< / ><>29,451< / ><>84.23< / ><>17.6< / >< / ><><>8月25日< / ><>M. Intrator< / ><>CEO< / ><>308*< / ><>88.31-89.93< / ><>< / ><>27,263< / ><>< / >< / ><><>8月19-21日< / ><>Cloudflare< / ><>NET< / ><>M. Zatlyn< / ><>PI< / ><>99< / ><>274.47-300.84< / ><>< / ><>28,288< / ><>299.84< / ><>52.1< / >< / table>

* 一半交易为间接交易 **两天交易 p - 粉单市场

各行业内部人士买入与卖出情况

基于上周收到的报告中的实际交易日期

行业	买入	卖出
基础工业	11,866,839	64,727,889
资本货物	999,728	43,558,117
耐用消费品	525,684	3,344,536
非耐用消费品	2,499,971	62,784,494
消费服务	1,928,902	134,972,616
能源	10,102,517	43,147,410

行业	买入	卖出
金融	11,671,879	135,673,837
医疗保健	6,590,175	281,263,335
公共事业	7,293,279	1,141,258
技术	10,018,830	410,582,673
运输	1,001,510	10,374,707

美国及国际市场借贷资金的主要年度利率。以下利率仅作为一般水平的参考，并不总是代表实际交易。

基金 (代码)	资产净值 (NAV)	收盘价	52周
			溢价/折价	总回报
通用股票基金
Alternative Strategies:1	12.91	NA	NA	4.3
CALAMOS AKSIA HDG D STRA	10.48	NA	NA	N
CALAMOS AKSIA HDG DSTRC	10.43	NA	NA	N
CALAMOS AKSIA HDG DSTRI	10.50	NA	NA	N
CALAMOS AKSIA HDG DSTRM	10.45	NA	NA	N
FT VEST TRIF:D: SER A2:A	NA	NA	NA	N
SS PRIV EQTY STRAT:1	NA	NA	NA	N
SS PRIV EQTY STRAT:S	NA	NA	NA	N
TRP GS Prv Mkt:A	25.39	NA	NA	N
TRP GS Prv Mkt:D	25.41	NA	NA	N
TRP GS Prv Mkt:I	25.42	NA	NA	N
专业股票基金
ARK Venture	59.33	NA	NA	70.2
ArrowMark Financial Corp BANX	NA	20.65	NA	NA
Calamos Akslia PE & Alt:A	12.18	NA	NA	18.2
Calamos Akslia PE & Alt:C	12.08	NA	NA	17.5
Calamos Akslia PE & Alt:I	12.20	NA	NA	18.5
Calamos Akslia PE & Alt:M	12.11	NA	NA	17.6
CAP GRP KKR US EQ+;A	NA	NA	NA	NS
CAP GRP KKR US EQ+;A-2	NA	NA	NA	NS
CAP GRP KKR US EQ+;A-3	NA	NA	NA	NS
CAP GRP KKR US EQ+F-2	NA	NA	NA	NS
CAP GRP KKR US EQ+F-3	NA	NA	NA	NS
CAP GRP KKR US EQ+;R-6	NA	NA	NA	NS
CARLYLE ALPINVEST PMS:I	NA	NA	NA	NS
CARLYLE ALPINVEST PMS;U	NA	NA	NA	NS
CASCADE PRIVATE CAP:1	22.43	NA	NA	17.8
CBRE GlbRIest	NA	NA	NA	NA

IGR< / td><>4.47< / ><>4.57< / ><>+2.2< / ><>4.7< / >< / tr> <>CIM R&AC A< / ><>20.57< / ><>NA< / ><>0.6< / >< / ><><>CIM R&AC C< / ><>19.64< / ><>< / ><>0.0< / >< / ><><>CIM R&AC I< / ><>20.90< / ><>< / ><>0.9< / >< / ><><>CIM R&AC L< / ><>20.25< / ><>< / ><>0.4< / >< / ><><>Clarion Partners REI D< / ><>11.33< / ><>< / ><>5.2< / >< / ><><>Clarion Partners REI I< / ><>11.33< / ><>< / ><>5.3< / >< / ><><> S< / ><>11.33< / ><>< / ><>4.5< / >< / ><><> T< / ><>11.32< / ><>< / ><>4.7< / >< / ><><> U< / ><>11.31< / ><>< / ><>NS< / >< / ><><>Connetic Venture

CA;I< / ><>9.99< / ><>< / ><>-4.6< / >< / ><><>FT VEST TRIF: SER A2;A< / ><>< / ><>NS< / >< / ><><>Versus Cap :1< / ><>23.32< / ><>< / ><>0.0< / >< / ><><>Versus Capital Real Asst< / ><>28.90< / ><>< / ><>6.9< / >< / ><><>JACKSON REAL ASSETS:1< / ><>11.33< / ><>< / ><>5.6< / >< / ><><>MEKETA INFRSTRCTR:1< / ><>30.14< / ><>< / ><>6.8< / >< / ><><>MEKETA INFRSTRCTR:III< / ><>30.18< / ><>< / ><>7.0< / >< / ><><>NexPointRIEst Strat:A< / ><>12.15< / ><>< / ><>-3.2< / >< / ><><>NexPointRIEst Strat:C< / ><>12.36< / ><>< / ><>-3.9< / >< / ><><>NexPointRIEst StratZ< / ><>12.36< / ><>< / ><>-3.0< / >< / ><><>PENDER ESTATE

CRA< / ><>10.02< / ><>< / ><>6.8< / >< / ><><>PENDER ESTATE CRII< / ><>10.03< / ><>< / ><>7.1< / >< / ><><>PENDER ESTATE CRI2< / ><>10.03< / ><>< / ><>7.5< / >< / ><><>Principal Asst A< / ><>28.39< / ><>< / ><>8.2< / >< / ><><>Principal Asst Ins< / ><>28.67< / ><>< / ><>8.5< / >< / ><><>Principal Asst Y< / ><>29.12< / ><>< / ><>8.8< / >< / ><><>Redwood RI Est:1< / ><>25.21< / ><>< / ><>7.1< / >< / ><><>STEPSTONE PRIVATE MRKT;SR< / ><>< / ><>NS< / >< / ><><>THEPRE-IPO & GROWTHF< / ><>15.60< / ><>< / ><>NS< / >< / ><><>THEPRE-IPO & GROWTHS< / ><>15.60< / ><>< / ><>NS< / >< / ><><>The Private

Shares;A< / ><>51.18< / ><>< / ><>20.5< / >< / ><><>The Private Shares;I< / ><>52.16< / ><>< / ><>20.6< / >< / ><><>The Private Shares;L< / ><>50.13< / ><>< / ><>20.3< / >< / ><><>Thirdline EstateI< / ><>8.50< / ><>< / ><>-7.3< / >< / ><><>USQ Core Estate:1< / ><>14.15< / ><>< / ><>2.1< / >< / ><><>Wildermuth;I< / ><>0.16< / ><>< / ><>-91.8< / >< / ><><>WILSHIRE PRIV ASST;INST< / ><>15.39< / ><>< / ><>16.2< / >< / ><>< colspan="5">收益与优先股基金< / >< / ><><>ALPHA ALT AS;ST:A< / ><>6.52< / ><>< / ><>8.8< / >< / ><><>Alpha Alternative Assets< / ><>6.59< / ><>< / ><>8.7< / >< / ><><>Calamos LS Equity and CI

CPZ< / td> 15.33< / ><>13.36< / ><>-12.9< / ><>-3.9< / >< / tr> <>Flat Rock Opportunity< / ><>14.13< / ><>NA< / ><>-5.2< / >< / ><><>Versus Capital Infra Inc< / ><>10.04< / ><>< / ><>10.3< / >< / ><><>Lord Abbett Corp Opps:A< / ><>8.98< / ><>< / ><>3.2< / >< / ><><>Lord Abbett Corp Opps:I< / ><>8.99< / ><>< / ><>4.0< / >< / ><><>Variant Altrntv Inc;Inst< / ><>25.69< / ><>< / ><>6.6< / >< / ><><>Variant Impact;Instl< / ><>26.30< / ><>< / ><>6.4< / >< / ><>< colspan="5">可转换证券基金< / >< / ><><>Calmos Dyn Conv and Inc CCD< / ><>23.65< / ><>24.91< / ><>+5.3< / ><>32.0< / >< / ><>< colspan="5">全球股票基金< / >< / ><><>Alpha Summit Strat

Alt:I< / ><>< / ><>NS< / >< / ><><>AMG PANTHEON INF FD:1< / ><>< / ><>NS< / >< / ><><>AMG PANTHEON INF FD;M< / ><>< / ><>NS< / >< / ><><>AMG PANTHEON INF FD;S< / ><>< / ><>NS< / >< / ><><>Calamos GlbTotRet CGO< / ><>14.34< / ><>13.07< / ><>-8.9< / ><>24.6< / >< / ><><>Cantor Fitzgerald St:A< / ><>13.93< / ><>< / ><>9.1< / >< / ><><>Cantor Fitzgerald St:C< / ><>13.56< / ><>< / ><>8.2< / >< / ><><>Cantor Fitzgerald St:I< / ><>14.01< / ><>< / ><>9.3< / >< / ><><>CANTOR FITZGERALDINS:X< / ><>14.40< / ><>< / ><>10.3< / >< / ><><>Sweater Cashmere< / ><>23.87< / ><>< / ><>2.2< / >< / ><><>HMLTN LN PRIV

INFRA;I< / ><>16.32< / ><>< / ><>15.2< / >< / ><><>HMLTN LN PRIV INFRA;R< / ><>15.87< / ><>< / ><>13.9< / >< / ><><>HMLTN LN PRIV INFRA;Y< / ><>16.38< / ><>< / ><>15.2< / >< / ><><>IDA Private Access;I< / ><>< / ><>NS< / >< / ><><>Primark Priv Eq Inv;I< / ><>17.53< / ><>< / ><>19.3< / >< / ><><>RBC BlueBay Enh Inc;A< / ><>< / ><>NS< / >< / ><><>RBC BlueBay Enh Inc;I< / ><>< / ><>NS< / >< / ><><>RBC BlueBay Enh Inc;T< / ><>< / ><>NS< / >< / ><><>Thornburg Inc Bldr Opps TBDL< / ><>23.64< / ><>22.33< / ><>-5.5< / ><>19.2< / >< / ><><>Virtus TotalRetFd ZTR< / ><>< / ><>6.84< / ><>< / >< / table>

<><>基金 (代码)< / ><>资产净值 (NAV)< / ><>收盘价< / ><>12个月溢价 / 折价< / ><>收益率< / >< / ><><>Forum RE Income;I< / ><>9.68< / ><>< / ><>8.6< / >< / ><><>Forum RE Income;K< / ><>9.66< / ><>< / ><>7.7< / >< / ><><>ORGN RE CRDT;I< / ><>9.93< / ><>< / ><>NS< / >< / ><><>ORGN RE CRDT;O< / ><>9.94< / ><>< / ><>NS< / >< / ><>< colspan="5">贷款参与基金< / >< / ><><>1WS Credit Income;A2< / ><>< / ><>9.8< / >< / ><><>1WS Credit Income;Inst< / ><>< / ><>9.4< / >< / ><><>Apollo Diversified Cd:A< / ><>< / ><>7.7< / >< / ><><>Apollo Diversified Cd:C< / ><>< / ><>7.0< / >< / ><><>Apollo Diversified

Cd:F< / td> NA< / ><>NA< / ><>< / ><>10.6< / >< / tr> <>Apollo Diversified Cdl< / ><>< / ><>7.9< / >< / ><><>Apollo Diversified Cd:L< / ><>< / ><>7.4< / >< / ><><>Apollo Diversified Cd:M< / ><>< / ><>7.7< / >< / ><><>Axonic Alternative I;A< / ><>< / ><>10.0< / >< / ><><>Axonic Alternative I Ins< / ><>< / ><>10.1< / >< / ><><>Bluerock HI Inst Crd:A< / ><>< / ><>8.7< / >< / ><><>Bluerock HI Inst Crd:C< / ><>< / ><>8.1< / >< / ><><>Bluerock HI Inst Crd:F< / ><>< / ><>9.5< / >< / ><><>Bluerock HI Inst Crd:I< / ><>< / ><>8.9< / >< / ><><>CALLODINE SPCLTY INC,I< / ><>10.14< / ><>< / ><>NS< / >< / ><><>CIBC Prvt Lndng Strat I< / ><>10.04< / ><>< / ><>NS< / >< / ><><>CliffwaterCIFd'I< / ><>< / ><>10.0< / >< / ><><>Cliffwater Ehn Lending;D< / ><>< / ><>NS< / >< / ><><>CliffwaterElFd'I< / ><>< / ><>10.5< / >< / ><><>CNR Strategic Credit< / ><>4.38< / ><>< / ><>34.4< / >< / ><><>EAGLE POINT ENH INC:A< / ><>< / ><>NS< / >< / ><><>EAGLE POINT ENH ;AA< / ><>< / ><>10.6< / >< / ><><> ;C< / ><>< / ><>NS< / >< / ><><> ;I< / ><>< / ><>NS< / >< / ><><> ;S< / ><>< / ><>NS< / >< / ><><> Instl Income< / ><>< / ><>18.0< / >< / ><><>Equalize Community Dev< / ><>9.50< / ><>< / ><>2.6< / >< / ><><>FedProj&TrFinanceTendr< / ><>10.19< / ><>< / ><>6.0< / >< / ><><>FEDERATED HRMS P&FINSS< / ><>10.19< / ><>< / ><>6.0< / >< / ><><>Flat Rock Core Income< / ><>19.04< / ><>< / ><>9.7< / >< / ><><>Flat Rock Enhanced < / ><>21.42< / ><>< / ><>8.9< / >< / ><><>FRANKLIN BSP LENDING;I< / ><>10.02< / ><>< / ><>NS< / >< / ><><>InvDYCrOpp:A< / ><>9.52< / ><>< / ><>10.7< / >< / ><><>InvDYCrOpp:R6< / ><>9.53< / ><>< / ><>11.0< / >< / ><><>InvDYCrOpp:Y< / ><>9.53< / ><>< / ><>11.0< / >< / ><><>Invesco Sr Loan A< / ><>5.43< / ><>< / ><>7.6< / >< / ><><>Invesco Sr Loan C< / ><>5.45< / ><>< / ><>6.9< / >< / ><><> IB< / ><>5.43< / ><>< / ><>7.9< / >< / ><><> IC< / ><>5.43< / ><>< / ><>7.7< / >< / ><><> Y< / ><>5.44< / ><>< / ><>7.9< / >< / ><><>Monachil Credit Income;I< / ><>10.19< / ><>< / ><>7.6< / >< / ><><>NBASSET-BASED

CRDT;INST< / td> 10.31< / ><>NA< / ><>NS< / >< / tr> <>Nomura Alt Inc;I< / ><>9.67< / ><>< / ><>10.0< / >< / ><><>Nuveen Enh CLO Inc;A1< / ><>17.27< / ><>< / ><>12.7< / >< / ><><>Nuveen Enh CLO ;A2< / ><>17.27< / ><>< / ><>13.0< / >< / ><><>Nuveen Enh CLO ;I< / ><>17.27< / ><>< / ><>13.5< / >< / ><><>OFS Credit Company OCCI< / ><>< / ><>2.71< / ><>< / ><>31.3< / >< / ><><>PC PCAAM Al;I< / ><>10.43< / ><>< / ><>5.6< / >< / ><><>PRINCIPAL PRVT CR;A< / ><>10.28< / ><>< / ><>7.0< / >< / ><><>PRINCIPAL PRVT CR;INS< / ><>10.33< / ><>< / ><>7.1< / >< / ><><>PRINCIPAL PRVT ;Y< / ><>10.38< / ><>< / ><>7.1< / >< / ><><>PURSUIT

ASSET-BASED;I< / ><>8.80< / ><>< / ><>NS< / >< / ><><>SARDIS CREDIT OPPTYS;I< / ><>10.19< / ><>< / ><>NS< / >< / ><><>SEI Alternative Income;F< / ><>10.03< / ><>< / ><>7.0< / >< / ><><>SEI Alternative Income;Y< / ><>10.03< / ><>< / ><>7.2< / >< / ><><>SOUND POINT ALT ;I< / ><>< / ><>NS< / >< / ><><>VanEck CLO Oppts;I< / ><>25.17< / ><>< / ><>NS< / >< / ><><>Octagon XAI CLO ;A< / ><>24.11< / ><>< / ><>8.3< / >< / ><><>Octagon XAI CLO ;I< / ><>24.15< / ><>< / ><>8.8< / >< / ><><>Yieldstreet Alt < / ><>< / ><>6.7< / >< / ><>< colspan="5">高收益债券基金< / >< / ><><>AB CarVal

Opp;Adv< / ><>10.02< / ><>< / ><>7.0< / >< / ><><>AB CarVal Opp;A< / ><>10.03< / ><>< / ><>6.2< / >< / ><><>AB CarVal Opp;C< / ><>10.03< / ><>< / ><>5.9< / >< / ><><>AB CarVal Opp;U< / ><>10.03< / ><>< / ><>6.2< / >< / ><><>Opprtnstc Crdt Intrvl;I< / ><>11.47< / ><>< / ><>8.6< / >< / ><><>PIMCO Flexible I:A-1< / ><>< / ><>10.9< / >< / ><><>PIMCO Flexible I:A-2< / ><>< / ><>10.9< / >< / ><><> I:A-3< / ><>< / ><>10.7< / >< / ><><> I:A-4< / ><>< / ><>10.7< / >< / ><><> I;Inst< / ><>< / ><>11.5< / >< / ><><>Polen

Opps;Inst< / ><>8.32< / ><>< / ><>10.7< / >< / ><>< colspan="5">其他国内应税债券基金< / >< / ><><>ABX Longevity Gro & < / ><>10.02< / ><>< / ><>NS< / >< / ><><>AFA Private ;Fndr< / ><>< / ><>9.96< / >< / ><><>AFA Private ;Inst< / ><>< / ><>9.97< / >< / ><><>Alternative :A< / ><>< / ><>9.2< / >< / ><><>Alternative :C< / ><>< / ><>8.2< / >< / ><><>Alternative :I< / ><>< / ><>9.5< / >< / ><><>Alternative :L< / ><>< / ><>8.9< / >< / ><><>Alternative ;W< / ><>< / ><>9.2< / >< / ><><>AMG BBH Ast-Back

Crd;I< / td> 11.20< / ><>NA< / ><>NS< / >< / tr> <>AMG BBH Ast-Back Crd;M< / ><>11.20< / ><>< / ><>NS< / >< / ><><>AMG BBH Ast-Back Crd;S< / ><>11.20< / ><>< / ><>NS< / >< / ><><> Pantheon Crdt Soln;I< / ><>< / ><>7.3< / >< / ><><> Pantheon Crdt Soln;M< / ><>< / ><>6.8< / >< / ><><> Pantheon Soln;S< / ><>< / ><>7.3< / >< / ><><>Angel Oak Str ;FI< / ><>< / ><>8.4< / >< / ><><>Angel Oak Str ;Inst< / ><>< / ><>8.4< / >< / ><><>BlackRock HPS Cr ;A< / ><>8.05< / ><>< / ><>8.3< / >< / ><><>BlackRock HPS Cr ;I< / ><>8.01< / ><>< / ><>9.2< / >< / ><><>

;J< / ><>8.03< / ><>< / ><>8.6< / >< / ><><> ;U< / ><>8.02< / ><>< / ><>8.4< / >< / ><><> ;W< / ><>8.05< / ><>< / ><>8.3< / >< / ><><>CAP GRP KKR PL+;A< / ><>< / ><>6.2< / >< / ><><>CAP GRP KKR PL+;A-2< / ><>< / ><>6.4< / >< / ><><> +;A-3< / ><>< / ><>NS< / >< / ><><> +;F-2< / ><>< / ><>6.6< / >< / ><><> +;F-3< / ><>< / ><>6.7< / >< / ><><> +;R-6< / ><>< / ><>6.7< / >< / ><><> MUL-SC+A< / ><>< / ><>6.4< / >< / ><><>

MUL-SC+A-2< / ><>< / ><>6.5< / >< / table>

<><>基金 (代码)< / ><>资产净值 (NAV)< / ><>收盘价< / ><>12个月溢价 / 折价< / ><>收益率< / >< / ><><> MUL-SC+A-3< / ><>< / ><>NS< / >< / ><><> MUL-SC+F-2< / ><>< / ><>6.7< / >< / ><><> MUL-SC+F-3< / ><>< / ><>6.8< / >< / ><><> MUL-SC+R-6< / ><>< / ><>6.8< / >< / ><><>CION Ares Dvsfd ;A< / ><>< / ><>8.5< / >< / ><><>CION Ares Dvsfd ;C< / ><>< / ><>7.7< / >< / ><><> ;I< / ><>< / ><>8.9< / >< / ><><> ;L< / ><>< / ><>8.4< / >< / ><><> ;U< / ><>< / ><>8.1< / >< / ><><>

;U2< / ><>< / ><>8.1< / >< / ><><> ;W< / ><>< / ><>8.4< / >< / ><><>CNR Select Strategies< / ><>17.32< / ><>< / ><>0.0< / >< / ><><>COLUMBIA INC OPP;A< / ><>19.62< / ><>< / ><>9.6< / >< / ><><>COLUMBIA INC OPP;I< / ><>19.64< / ><>< / ><>10.1< / >< / ><><>Diamond Hill Sec ;I< / ><>10.63< / ><>< / ><>6.6< / >< / ><><>Diamond Hill Sec ;R< / ><>10.62< / ><>< / ><>7.1< / >< / ><><>EAGLE POINT DFNSV INC;A< / ><>< / ><>NS< / >< / ><><>EAGLE POINT DFNSV INC;C< / ><>< / ><>NS< / >< / ><><>EAGLE POINT DFNSV INC;I< / ><>< / ><>NS< / >< / ><><>EAGLE POINT DFNSV

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

ACI;I< / td> 10.53< / ><>NA< / ><>9.1< / >< / tr> <>Calamos-Aksia ACI;M< / ><>10.53< / ><>< / ><>8.3< / >< / ><><>Carlyle Tact Pvt Cred;A< / ><>< / ><>8.1< / >< / ><><>Carlyle Tact Pvt Cred;I< / ><>< / ><>8.6< / >< / ><><> ;L< / ><>< / ><>8.1< / >< / ><><> ;M< / ><>< / ><>7.8< / >< / ><><> ;N< / ><>< / ><>8.6< / >< / ><><> ;U< / ><>< / ><>7.8< / >< / ><><> ;Y< / ><>< / ><>8.3< / >< / ><><>EMERY PRTRNS INC CRE STR< / ><>10.35< / ><>< / ><>6.6< / >< / ><><>Fid MS

Cr;A< / ><>< / ><>5.5< / >< / ><><>Fid MS Cr;C< / ><>< / ><>4.7< / >< / ><><>Fid MS Cr;I< / ><>< / ><>5.7< / >< / ><><>Fid MS Cr;L< / ><>< / ><>5.2< / >< / ><><>Jackson Credit Opps;I< / ><>10.98< / ><>< / ><>0.7< / >< / ><><>Lincoln Bain CTC;A< / ><>9.79< / ><>< / ><>NS< / >< / ><><>Lincoln Bain CTC;D< / ><>9.79< / ><>< / ><>NS< / >< / ><><>Lincoln Bain CTC;I< / ><>10.18< / ><>< / ><>NS< / >< / ><><>Lincoln Bain CTC;IS< / ><>9.80< / ><>< / ><>NS< / >< / ><><>Lord Abbett Opps Fd< / ><>8.15< / ><>< / ><>9.7< / >< / ><><>Lord Abbett Opps Fd< / ><>8.15< / ><>< / ><>10.5< / >< / ><><>Lord Abbett

Crd Op;U< / ><>8.15< / ><>< / ><>9.7< / >< / ><><>Nuveen En Corp Opp;I< / ><>< / ><>NS< / >< / ><><>OAKTREE ASST-BCKD INC;I< / ><>10.32< / ><>< / ><>NS< / >< / ><><>OAKTREE VDSFD INCOME;A< / ><>8.90< / ><>< / ><>NS< / >< / ><><>Oaktree Vdsfd Income;D< / ><>8.91< / ><>< / ><>8.4< / >< / ><><>PIMCO Flexible EM Instn< / ><>< / ><>9.0< / >< / ><>< colspan="5">国家市政债券基金< / >< / ><><>BlackRock Mun Cr Alpha A< / ><>12.19< / ><>< / ><>5.2< / >< / ><><>BlackRock Mun Cr Alpha U< / ><>12.18< / ><>< / ><>5.3< / >< / ><><>First Eagle Tct Mn Op;I< / ><>10.04< / ><>< / ><>6.8< / >< / ><><>Lind Cap Pt Mun

Inc< / ><>8.65< / ><>< / ><>4.9< / >< / ><><>Lord Abbett Muni Opps;A< / ><>10.30< / ><>< / ><>5.3< / >< / ><><>Lord Abbett Muni Opps;I< / ><>10.30< / ><>< / ><>6.0< / >< / ><><>Nuveen En HY Bd;A1< / ><>< / ><>5.5< / >< / ><><>Nuveen En HY Bd;A2< / ><>< / ><>5.8< / >< / ><><>Nuveen En HY Bd;l< / ><>< / ><>6.3< / >< / ><><>NYLI MacKay Mu IO;A1< / ><>9.99< / ><>< / ><>3.5< / >< / ><><>NYLI MacKay Mu IO;A2< / ><>10.00< / ><>< / ><>3.5< / >< / ><><>NYLI MacKay Mu IO;A3< / ><>9.99< / ><>< / ><>3.3< / >< / ><><>NYLI MacKay Mu IO;I< / ><>9.99< / ><>< / ><>4.0< / >< / ><><>PIMCO Flex Mun

IncA-3< / td> 9.98< / ><>NA< / ><>3.6< / >< / tr> <>PIMCO Flex Mun IncA1< / ><>9.98< / ><>< / ><>3.9< / >< / ><><>PIMCO Flex Mun IncA2< / ><>9.98< / ><>< / ><>3.9< / >< / ><><>PIMCO Flex Mun IncInst< / ><>9.98< / ><>< / ><>4.4< / >< / ><><>ROCKFELLER MUNI OPPS;I< / ><>19.96< / ><>< / ><>5.4< / >< / ><>< colspan="5">单州市政债券基金< / >< / ><><>PIMCO CA FMI;A-1< / ><>9.94< / ><>< / ><>3.1< / >< / ><><>PIMCO CA FMI;Inst< / ><>9.94< / ><>< / ><>3.6< / >< / table>

<><>基金 (代码)< / ><>资产净值 (NAV)< / ><>收盘价 / 折价< / ><>溢价 / 12个月收益率< / ><>< / >< / ><>< colspan="5">美国抵押贷款债券基金< / >< / ><><>Arca US Treasury< / ><>< / ><>0.0< / >< / ><><>CATALYST / PERINI STRAT IN< / ><>9.79< / ><>< / ><>12.9< / >< / ><><>Ellington Inc Opp:A< / ><>< / ><>11.1< / >< / ><><>Ellington Inc Opp:M< / ><>< / ><>11.3< / >< / ><><>Forum RE Income;Founders< / ><>9.68< / ><>< / ><>8.7< / >< / table>

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

货币利率

通货膨胀< / td>< / tr><><>< / ><>7月指数水平< / ><>较 2026年6月 (%) 2025年7月< / >< / table>

<><>< rowspan="2">< / >< rowspan="2">最新< / >< rowspan="2">一周前< / >< colspan="2">—52周—< / >< / ><><>最高< / ><>最低< / >< / ><><>英国< / ><>3.75< / ><>4.00< / ><>3.75< / >< / ><><>澳大利亚< / ><>4.35< / ><>3.60< / >< / >

<><>< colspan="4">美国消费者价格指数< / >< / ><><>所有项目< / ><>333.918< / ><>-0.01< / ><>3.4< / >< / ><><>核心< / ><>337.133< / ><>0.07< / ><>2.5< / >< / >

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">最优惠利率 (Prime rates)< / >< / ><><>美国< / ><>6.75< / ><>7.50< / ><>6.75< / >< / ><><>加拿大< / ><>4.45< / ><>4.95< / ><>4.45< / >< / ><><>日本< / ><>2.375< / ><>1.875< / >< / ><>< colspan="5">政策利率< / >< / ><><>欧元区< / ><>2.40< / ><>2.15< / >< / ><><>瑞士< / ><>0.25< / ><>0.50< / ><>0.25< / >< / >

<><><>美国< / ><>3.69< / ><>3.67< / ><>4.45< / ><>3.49< / >< / ><>< colspan="5">美国政府利率< / >< / ><>< colspan="5">贴现率< / >< / >

<><><>< / ><>3.19< / ><>4.20< / ><>3.19< / >< / ><>< colspan="5">联邦基金利率< / >< / ><><>有效利率< / ><>3.6400< / ><>4.3300< / ><>3.6300< / >< / ><><>最高< / ><>3.7000< / ><>4.5500< / ><>3.7000< / >< / ><><>最低< / ><>3.5500< / ><>4.3200< / ><>3.5500< / >< / ><><>买入价< / ><>3.6300< / ><>4.3200< / ><>3.6100< / >< / ><><>卖出价< / ><>3.6400< / ><>4.3300< / ><>3.6300< / >< / >

<><><>< / ><>最新< / ><>一周前< / ><>-52周-最高< / ><>最低< / >< / ><><>13周< / ><>3.715< / ><>4.100< / ><>3.540< / >< / ><><>26周< / ><>3.790< / ><>3.780< / ><>3.945< / ><>3.475< / >< / >

数据注释：

2026年8月28日

<><><>< / ><>最新< / ><>一周前< / ><>-52周-最高< / ><>-最低< / >< / ><>< colspan="5">同业拆借资金 (Call money)< / >< / ><><>< / ><>5.50< / ><>6.25< / ><>5.50< / >< / >

<><>< colspan="5">国库券拍卖< / >< / ><><>4周< / ><>3.650< / ><>3.640< / ><>4.245< / ><>3.550< / >< / >

美国最优惠利率是由至少 70% 的 10 家最大美国银行公布的企业贷款基准利率，并于 2025年12月11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 2025年12月11日 生效。担保隔夜融资利率 (SOFR) 截至 2026年8月27日。DTCC GCF 回购指数是美国证券托管结算公司 (DTCC) 对适用 CUSIPs 隔夜交易的加权平均值。交易额以 10 亿美元为单位。联邦基金利率为截至东部时间下午 3:30 的 Tullett Prebon 利率。 来源：美联储；劳工统计局；DTCC；FactSet；Tullett Prebon Information, Ltd.

<><>< colspan="5">DTCC GCF 回购指数< / >< / ><><>国债< / ><>3.687< / ><>53.400< / ><>4.492< / ><>3.504< / >< / ><><>MBS< / ><>3.693< / ><>79.128< / ><>4.623< / ><>3.517< / >< / >

<><><>< / ><>最新< / ><>一周前< / ><>一年前< / >< / ><>< colspan="4">房地美 (Freddie Mac)< / >< / ><><>30年固定利率< / ><>6.66< / ><>6.65< / ><>6.56< / >< / ><><>15年固定利率< / ><>5.98< / ><>5.95< / ><>5.69< / >< / >

现货价格 / wsj.com / market-data / commodities

这些价格反映了市场上各种实际或“实物”商品的买卖情况——与交易所的期货价格不同，后者反映的是该商品在未来几个月可能具有的价值。

能源< / td>< / tr><><>煤炭,C.Aplc,12500Btu,1.2SO2-r,w< / ><>81.000< / >< / ><><>煤炭,PwdrRvrBsn,8800Btu,0.8SO2-r,w< / ><>14.500< / >< / ><>< colspan="2">金属< / >< / table>

<><>< / ><>周五< / >< / ><><>BMI 碳酸锂, EXW 中国, =99.5%-v,w< / ><>23100< / >< / ><><>BMI 氢氧化锂, EXW 中国, =56.5%-v,w< / ><>20575< / >< / ><><> 硫酸钴, EXW 中国, >20.5%-v,w< / ><>10430< / >< / ><><> 硫酸镍, EXW 中国, >22%-v,k< / ><>4381< / >< / ><><> 片状石墨, FOB 中国, -100 Mesh, 94-95%-v,m< / ><>425< / >< / table>

<>< colspan="2">黄金，每金衡盎司< / >< / ><><>Engelhard 工业金< / ><>4605.00< / >< / ><><>克鲁格金币,批发-e< / ><>4630.62< / >< / ><><>枫叶金币-e< / ><>4675.15< / >< / ><><>美国鹰金币-e< / ><>4675.15< / >< / ><><>墨西哥比索金币-e< / ><>5376.40< / >< / ><><>奥地利克朗金币-e< / ><>4367.36< / >< / ><><>奥地利爱乐金币-e< / ><>4675.15< / >< / table>

纤维与纺织品

<><>黄麻布,10-oz,40-inch NY yd-n,w< / ><>1.2625< / >< / ><><>棉花,11 / 16 std lw-mdMphs-u< / ><>0.8617< / >< / ><><>Cotlook 'A' 指数-t< / ><>*98.30< / >< / ><><>皮革,hvy native steers piece fob-u< / ><>n.a.< / >< / ><><>羊毛,64s,staple,Terr del-u,w< / ><>n.a.< / >< / table>

谷物与饲料

<>< colspan="2">其他金属< / >< / ><><>铂金,Engelhard 工业铂< / ><>1894.0< / >< / ><><>钯金,Engelhard 工业钯< / ><>1454.0< / >< / ><><>铝, LME, 每公吨美元< / ><>3212.5< / >< / ><><>铜,Comex 现货< / ><>6.5620< / >< / ><><>铁矿石, 62% Fe CFR 中国-s< / ><>97.8< / >< / ><><>钢材, HRC 美国, FOB Midwest Mill-s< / ><>*1200.0< / >< / ><>< colspan="2">电池 / 电动汽车金属< / >< / table>

<><>麸皮,小麦中间层, KC-u,w< / ><>138< / >< / ><><>玉米,No. 2 yellow,Cent IL-bp,u< / ><>5.0000< / >< / ><><>棉籽粕-u,w< / ><>320< / >< / ><><>玉米饲料,Cent IL-u,w< / ><>120< / >< / ><><>肉骨粉,50% pro Mnpls-u,w< / ><>443< / >< / ><><>燕麦,No.2 milling,Mnpls-u< / ><>3.8075< / >< / ><><>大米,Long Grain Milled, No. 2 AR-u,w< / ><>30.13< / >< / ><><>豆粕,Cent IL,rail,ton48%-u,w< / ><>n.a.< / >< / ><><>大豆,No.1 yllw IL-bp,u< / ><>12.8000< / >< / ><><>小麦,Spring14%-pro Mnpls-u< / ><>8.9525< / >< / ><><>小麦,No.2 soft red,St.Louis-u< / ><>7.2950< / >< / ><><>小麦 - Hard - KC (USDA) 每蒲式耳美元-u< / ><>8.1025< / >< / ><><>小麦,No.1soft white,Portld,OR-u< / ><>7.0000< / >< / table>

代码说明：A=卖价; B=买价; BP=国家电梯对生产者的买价; C=已修正; D=CME; E=Manfra, Tordella & Brookes; H=美国商品经纪公司; K=每两周; M=每月; N=名义; n.a.=未报价或不可用; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=每周; Y=国际咖啡组织; Z=未报价。 *数据截至 8 / 27

食品< / td>< / tr><><>牛肉，胴体等值指数< / ><>< / >< / ><><>精选级 1-3,600-900 磅-u< / ><>346.30< / >< / ><><>精选级 1-3,600-900 磅-u< / ><>328.70< / >< / ><><>肉鸡，全国综合加权平均-u,w< / ><>1.1641< / >< / ><><>黄油，AA 芝加哥-d< / ><>1.4625< / >< / ><><>切达奶酪，桶装，芝加哥-d< / ><>156.50< / >< / ><><>切达奶酪，块装，芝加哥-d< / ><>148.25< / >< / ><><>牛奶，脱脂干奶，芝加哥 磅-d< / ><>186.50< / >< / ><><>咖啡，巴西，综合-y< / ><>3.1349< / >< / ><><>咖啡，哥伦比亚，纽约-y< / ><>3.7980< / >< / ><><>鸡蛋，大号白色，芝加哥-u,w< / ><>0.6850< / >< / ><><>面粉，硬冬小麦 KC-p< / ><>20.70< / >< / ><><>火腿，17-20 磅，美国中西部 fob-u< / ><>n.a.< / >< / ><><>生猪，艾奥瓦-南明尼苏达-u< / ><>88.24< / >< / ><><>猪五花，12-14 磅 美国中西部-u< / ><>1.8606< / >< / ><><>猪里脊，13-19 磅 美国中西部-u< / ><>1.1450< / >< / ><><>阉牛，德州-俄克拉荷马 精选级-u< / ><>n.a.< / >< / ><><>阉牛，育肥牛，俄克拉荷马城-u,w< / ><>381.25< / >< / table>

油脂

<><>脱胶玉米油，原油加权平均-u,w< / ><>n.a.< / >< / ><><>油脂，精选白色，芝加哥-h< / ><>n.a.< / >< / ><><>猪油，芝加哥-u< / ><>n.a.< / >< / ><><>大豆油，原油；伊利诺伊州中部-u,w< / ><>0.7309< / >< / ><><>牛脂，漂白；芝加哥-h< / ><>n.a.< / >< / ><><>牛脂，食用，芝加哥-u< / ><>n.a.< / >< / table>

ROMAIN PERROCHEAU / AGENCE FRANCE-PRESSE / GETTY IMAGES

蒸馏酒厂商陷入困境

酒精饮料公司正被包括干邑、波本和苏格兰威士忌在内的陈年烈酒淹没

注：数据展示了美国威士忌库存（以纯酒精升为单位）与当年美国威士忌销售量的倍数关系。 来源：TTB；IWSR；Bernstein分析

这在企业层面就像是为一场家庭聚会订购了过多的酒，结果一半的客人竟然不喝酒。不同的是，这次涉及数十亿美元的资金，且不接受退货。

蒸馏厂的仓库里塞满了在形势较好时酿造的陈年烈酒桶，而如今想要饮用这些酒的人数在减少。这个问题不仅影响美国的波本威士忌，干邑、爱尔兰威士忌和苏格兰威士忌在全球范围内也出现了过剩。那些被酒精饮料公司低股票估值所吸引的投资者，应当首先审视其饱和的资产负债表。

当陈年烈酒蒸馏商决定每年存放多少新库存时，他们必须对酒精成熟时的需求情况做出一个合理的推测。

“仓库里的酒桶是多年前做出的实物预测，”行业数据提供商 IWSR 的咨询总监 Koryn Ternes 表示。

对于 VS 级干邑，这意味着需要预测两年后的情况。而更高品质的 XO 级干邑则需要至少十年的远见。成熟中的库存作为资产记录在蒸馏商的资产负债表上，直到它们被装瓶销售。

近期的预测出现了严重偏差。在行业繁荣的 2021 年至 2024 年间，各大饮料公司大量投资于库存。随后，需求骤降。路易十三干邑的所有者人头马-路易十三（Rémy Cointreau）的销售额自该公司截至 2023 年 3 月的财年达到顶峰以来，已暴跌 $40%。像伏特加这样不需要陈年的烈酒制造商也面临需求下降，但他们能够根据新现实调整产量。

导致酒精需求下降的部分原因（如关税）超出了行业的控制范围。作为与美国贸易战的一部分，加拿大将美国制造的饮料从货架上撤除。同样，特朗普总统对欧盟进口商品征收的关税也损害了帝亚吉欧（Diageo）和人头马-路易十三（Rémy Cointreau）等对美国市场依赖度较高的欧洲蒸馏商。

在消费者信心疲软的中国，高端干邑的需求也出现了崩溃。

但人们对酒精态度的快速转变也让蒸馏商措手不及。

节制饮酒成为时尚。根据盖洛普（Gallup）的一项民意调查，2025 年表示饮酒的美国人比例降至 54% 的历史低点。考虑到疫情期间酒精消费量如此之高，这种向清醒状态的转变令人震惊。

下一代饮酒者的口味也不太适合陈年烈酒蒸馏商。 Z 世代消费者倾向于甜味的混合饮料，如即饮罐装鸡尾酒。他们的饮酒时间更早，且不在酒吧等传统场所，而更青睐音乐节或野餐。

他们越来越多地选择低酒精饮料，或实践“斑马线饮酒法”：在夜晚外出时交替饮用酒精饮料和非酒精饮料，以限制总摄入量。

这些趋势均不利于传统上纯饮的高级干邑和威士忌。不过，蒸馏商正在尝试风味烈酒和即饮饮料（RTDs）等新形式，以吸引年轻饮酒者。

干邑需求在中国崩溃，当地消费者信心疲软。

大型酒精饮料公司的资产负债表上存在巨大的过剩。詹姆森威士忌和马爹利干邑的制造商保乐力加（Pernod Ricard）在 6 月底时，仓库酒桶中存放的成熟中库存价值 €72 亿，即 $84 亿。这比 2019 年底的水平增长了 78%。

54% Share of Americans who said they drink alcohol in 2025, a record low.

干邑巨头人头马-路易十三（Rémy Cointreau）账面上拥有 €19 亿美元 的库存，相当于该公司整个市值的四分之三。

投资者的风险在于，陈年烈酒的过剩可能会引发价格战，因为酒精饮料公司试图清理多余库存。目前，各大知名品牌正在缩减生产规模，而非削减价格。

帝亚吉欧（Diageo）计划在未来三年内将蒸馏量减少 50%，同时处理 85 亿美元 billion 的陈年库存积压。持有如此大量的库存成本高昂，因此该公司正在尽可能地削减成本。

一个积极的方面是，随着上市蒸馏公司在铺设新桶上的投资减少，其自由现金流应当会改善。伯恩斯坦（Bernstein）的分析师指出，在人头马-路易十三大量囤积仓库库存的年份，其自由现金流转换率低至 5%。

目前酒精饮料公司的股价处于低位。帝亚吉欧和保乐力加（Pernod Ricard）的市盈率回到了全球金融危机期间的水平。那些相信陈年烈酒需求最终会恢复的耐心投资者，可能会倾向于持有这些股票。

通过分析陈年库存占年销售额的百分比，可以提供一些线索，揭示哪些公司可能最快消化其过剩库存——尽管不同类别陈年烈酒的需求以及它们推出创新新产品的数量也将发挥作用。

在这项指标上，帝亚吉欧和 Davide-Campari Milano 看起来最健康。其账面上的陈年库存分别相当于其上一个完整财年销售额的 31% 和 39%。布朗-福曼（Brown Forman）和保乐力加的库存价值则超过销售额的 60%。人头马-路易十三的陈年库存则是其最新年度销售总额的两倍。

审视蒸馏公司的仓库内部，可以帮助投资者明智地选择自己的投资标的。

——卡罗尔·瑞安（Carol Ryan）

您认为瘫痪退伍军人是否应该拥有无障碍汽车和住房？

马尔科·B (Marco B.)，美国陆军退伍军人及 PVA 成员

我们国家的英雄们曾为您的独立而战，现在请加入 PVA，为他们的独立而战。*

在 PVA，我们的使命非常明确——实现无障碍。由于 PVA 的工作人员在退伍军人事务部（VA）医院内部工作，没有其他非营利性退伍军人服务组织能为瘫痪退伍军人及其家属提供如此及时且持续的支持。他们理应拥有所需的无障碍住房和汽车，获得他们渴望的工作，以及他们应得的福利，以及更多。

MANAN VATSYAYANA/AFP/GETTY IMAGES

THE WALL STREET JOURNAL.

DOW JONES

News Corps

* * * * *

MONDAY, AUGUST 31, 2026 \~ VOL. CCLXXXVIII NO. 52

WSJ.com

Last Week: S&P 7711.76 ▲ 0.49%

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See more at WSJ.com/Markets

What's News

Business & Finance

◆ An agreement that would give the U.S. an ownership stake in Venezuelan oil came after months of secretive talks and frequent trips to Caracas by U.S. officials and negotiators. A1

Comments by Fed Chairman Kevin Warsh at the Jackson Hole policy meeting pointed toward the central bank's raising interest rates next month, which investors now think is more likely than not. A2

♦ KKR is close to selling insurance brokerage and consulting firm USI to Aon for roughly \$17 billion, including debt, divesting itself of an asset that it acquired alongside CDPQ in 2017. B1

◆ Profits are booming at the biggest U.S. companies, boosted among other things by tariff refunds, federal spending and red-hot AI investment—and corporate leaders say the bonanza is unlikely to slacken soon. A1

◆ The company that developed a drug to treat pancreatic cancer by targeting a common genetic mutation opted to remain independent rather than solicit a takeover and is intriguing Wall Street analysts as it pursues its own path. B1

Since 2025, Indianapolis-based burger chain Steak 'n Shake has embraced MAGA endorsed products and techniques such as soda flavored with cane sugar and fries cooked in beef tallow rather than vegetable oil. B3

◆ Canadian small businesses are expected to bear the brunt of new U.S. tariffs, with one Alberta-based honey producer calling the worst-case scenario “very ugly.” A8

Worldwide

◆ U.S. forces attacked two Iranian rocket launchers in the Strait of Hormuz, U.S. Central Command said, marking the first American strike in weeks in the conflict with Tehran. A9

◆ Russian President Vladimir Putin and Chinese leader Xi Jinping were set to meet Monday in Kyrgyzstan on the sidelines of a summit of a 10-nation security-focused group that includes Iran. A9

◆ NASA launched a new flagship telescope, a powerful instrument that will study dark matter and search for other planets. A3

◆ A Russian drone attack on an ammunition depot in the Kyiv region caused an explosion that killed at least 38 people and injured dozens more, Ukrainian officials said. A9 ◆ Russia has turned up the heat on Kyiv's allies in Europe with a string of so-called gray-zone activities aimed at sowing fear as it struggles to advance militarily on the ground in Ukraine. A9

◆ New York City Mayor Zohran Mamdani and the United Federation of Teachers split on the issue of one-time bonuses for school aides, payments the union endorses. A3

◆ At least seven people died after a ferry carrying nearly 270 passengers and crew capsized off the coast of northern Cyprus, Turkish media reported. A7

◆ Icelanders voted against restarting negotiations on joining the EU in a nationwide referendum despite Trump's threats against the sovereignty or integrity of other nations and territories. A7

Opinion..... A15-17 Personal Journal A11-12 Sports..... A14 Technology..... B4-5 Ticker..... B4 U.S. News..... A2-5 World News..... A7-9

© 2026 Dow Jones & Company, Inc All Rights Reserved

Nepal Clings to Hope for the Many Missing in Flood

SWEPT AWAY: The names and faces of some of the 2,500 people missing in the floods that struck Nepal and Tibet last week fill a wall in Kathmandu on Sunday. The death toll in the disaster, likely caused by a glacier collapse, stood at 770. A7

Deal for Venezuela's Oil Rights Followed Months of Secret Talks

President Trump spent months declaring his ouster of Venezuela's leader had secured the country's oil for the

By Vera Bergengruen, Drew FitzGerald, Collin Eaton and Juan Forero

U.S. When U.S. energy companies resisted investing at the speed and scale he wanted, his administration devised an extraordinary solution.

The agreement announced Friday evening would transform the U.S. government from a broker of U.S. oil investments in Venezuela to an investor itself.

It would give Washington a direct financial stake in a private company that would be granted centurylong rights to some of the world's largest proven oil reserves—and tie the U.S. more closely to an unelected government.

The private company, led by controversial Venezuelan businessman Alejandro Betancourt, would have the opportunity to develop 17 oil fields said to contain 65 billion barrels of oil, or one-fifth of the country's reserves.

The Pentagon, in a striking expansion of its remit, would help finance the oil venture and reap the rewards of its future output.

"If this deal can survive subsequent Venezuelan governments, then Trump will have secured strategic oil reserves for the U.S. that go beyond the shale revolution," said Schreiner Parker, a partner at consulting firm Rystad Energy. "Now, there's a lot of uncertainty as to how these barrels go from reserves to actual production, and who's going to invest the time, effort Please turn to page A10

Booming Corporate Earnings Fuel Lofty Outlooks

AI investment, tariff refunds drive gains as many shoppers continue to spend

BY SARAH NASSAUER AND THEO FRANCIS

Profits are booming at America's biggest companies—and their leaders say that likely won't change soon.

From Target and J.M. Smucker to farm-equipment maker Deere, companies spanning the breadth of the U.S. economy are ringing up heftier sales and earnings. In recent days, many have raised financial outlooks for the year, citing robust sales as just one of the reasons.

Chalk the good times up to a confluence of fortunate events: red-hot artificial-intelligence spending, federal spending and the windfall companies are getting in the form of refunds of some of their tariff payments. Plus, a booming stock market and high home values are helping many shoppers keep spending, even as many others struggle to absorb rising prices.

At Abercrombie & Fitch, consumers kept buying even after the fashion retailer pared back discounts in the most recent quarter, executives told investors on a conference call last week. That, plus around \$120 million in expected tariff refunds, led the retailer to raise its full-year financial estimates.

"The underlying business Please turn to page A2

Employers AI-Proof Their Job Interviews

BY KATHERINE BINDLEY

There's a new frontier in job interviews and it goes something like this: Remove your Zoom background and pan your camera around the room. Now, could you please wave your hand in front of your face?

The ubiquity of AI-assisted answering—not to mention the risk of hiring candidates who might be lying about where they live, or even working for North Korea—has companies upping their screening tactics.

They want to ensure the people they're hiring really know what they're talking about and are who they say they are.

Heather Wilcox, who has worked as a quality engineer, is actively job hunting now. She says she has been subject to interviews conducted by AI in which software monitors where her eyes are looking to ensure she's not glancing at an AI-generated script.

CALEB BOWLIN/GETTY IMAGES

“There is a lot of person-swapping and cheating that goes on,” she says. “AI has made hiring super difficult because everybody’s résumé is super perfect. Everybody has the right answer.”

She also has been told by interviewers that virtual video-call backgrounds are a no-no. But as a former hiring manager herself, she gets it.

INSIDE

While many companies want to see how adept job seekers are at using artificial intelligence and might encourage its use, there are certain questions they still want candidates to answer without help: how they think through a particular problem, specifics of their prior work experience or how they got through a Please turn to page A11

U.S. NEWS Young New Yorkers who nabbed rent- stabilized apartments live the dream. A3

SPORTS

Filipino tennis prodigy is drawing fan interest in Manila—and at the

College Enrollment Crisis Hits Brand-Name Schools

Syracuse illustrates spreading problem of falling enrollment

U.S. Open. A14

BY DOUGLAS BELKIN AND ROSHAN FERNANDEZ

When he was the director of international student services at Syracuse University, Juan Tavares received a regular Saturday email from the dean of admissions reporting the tally of student applications, acceptances and enrollment deposits.

During the pandemic the numbers began to slide, so Tavares offered the admissions team seven suggestions to improve recruiting, he said. The recommendations centered on the idea that Syracuse was failing to recruit aggressively enough.

"The problem with Syracuse is that the school thinks of itself as like an Ivy, but it's not," Tavares said.

Tavares, who no longer works at the school, said his recommendations went nowhere.

In 2025, the weaknesses he had pointed out collided with President Trump's high profile crackdown on student visas. Syracuse's international enrollment numbers declined by half for undergraduate and graduate students.

Syracuse also failed to draw enough students overall—prompting it to offer emergency financial-aid packages to lure freshmen.

This school year, which began Aug. 24, enrollment fell short, sending the school into a 1.5% budget shortfall.

Syracuse also added nearly half a billion in debt to build desperately needed new dorms, which brought on a bond market reprimand. And it recently cut programs it said weren't popular.

A national brand-name institution with a \$2.5 billion endowment and a storied 150-year tradition is suddenly beginning to flail.

The problems that have long buffeted the nation's smaller schools are now spreading to the nation's bigger, richer universities—with midsize private schools such as Syra-Please turn to page A10

Please turn to page A11

One of Asia's Most Liveable Cities Tackles a New Threat: Cicadas

* * *

Singapore, not known for half-measures, has gone all out to control what's bugging it

BY MIKE CHERNEY

SINGAPORE—As the equivalent of a deputy minister for defense, Desmond Choo helps oversee this city-state's mili-

tary in a tough geopolitical neighborhood. This year he's taken on an- other fight: De- fending constitu- ents against swarms of cica-

Unwelcome visitor

das never before seen here.

sively," said Choo, who represents the hardest-hit area in Singapore's parliament.

"When the cicada surges escalate to a point where it starts to significantly disrupt home life across a neighborhood, we had to act deci-"

Built on a jungle island roughly 85 miles north of the equator, Singapore is no stranger to cicadas. Until recently, there were 10 known species living there. But residents were perplexed when tens of thou-

sands appeared, annoying locals with their loud songs and haphazard flying.

Scientists determined they were orange-winged cicadas Please turn to page A12

Short-Term Loans Put Walter in a Tight Spot

BY MARGOT PATRICK AND JOE WALLACE

Dodgers owner Mark Walter's insurance empire made investments in an unusual way compared with peers: It invested a lot in the short term.

Around \$20 billion in insurance investments at Walter's companies are under scrutiny in a federal investigation. That probe is studying how Walter-controlled insurers helped fund his other businesses, known as affiliated lending, and whether there was fraud.

The federal probe prompted Walter's insurers to conduct a review and reclassify more than a third of their assets as connected to their owner, the insurers said.

The highest concentration of affiliated lending was in short-term investments, a little-used category at most insurers. Almost all of the \$5.2 billion of short-term loans Walter's insurers made last year turn out to have gone to affiliates. Walter's TWG Global conglomerate and its insurance arm have said they plan to cut most affiliated investments by the end of 2026.

Most of those billions in loans were due to mature by the end of this month, which is Monday. That could ratchet a funding squeeze on Walter and TWG, which recently sold a controlling stake in the Los Angeles Lakers a year after buying it.

“It’s very unusual,” said Alton Cogert of Strategic Asset Alliance in Washington state, who advises insurers on their investment mix.

Please turn to page A5

Warsh Makes the Case for Higher Rates

Fed Chairman Kevin Warsh was in Jackson Hole, Wyo., last week with other central bankers.

Coming data such as inflation report will help guide Fed's call at Sept. 15-16 meeting

BY NICK TIMIRAOS

JACKSON HOLE, Wyo.—Fed Chairman Kevin Warsh put to rest some concerns raised about his inflation-fighting strategy but set up a potentially bigger test three weeks from now. If the Fed raises interest rates, he risks infuriating the White House weeks before the midterm elections. If he holds, he could revive the doubts that Friday's speech here quieted.

The central bankers gathered in the Tetons this weekend arrived unsure how much the Fed's new chairman would tell them about how he reads the economy. Warsh had been criticized after last month's meeting, including by several conference attendees, for not explaining how the Fed's current stance would bring inflation down.

He gave a fuller account on Friday. Two observations in particular from Warsh's speech pointed toward raising rates next month, which investors now think is more likely than not. One was that Warsh would be hard-pressed to call financial conditions restrictive.

The other was that the summer's better inflation readings hadn't convinced him the underlying trend was improving. Rates are supposed to bring inflation down by making borrowing costly. If borrowing isn't costly and inflation isn't falling, rates aren't high enough.

Before Friday, the Fed's default was to hold unless the data made a case to move. Warsh's speech reversed it, said Donald Kohn, a former Fed vice chairman. "He's changed the presumption to they'll raise rates unless the data suggests it's not necessary," said Kohn, whose reading was shared by others at the Kansas City Fed's annual symposium.

That means the decision will turn on developments before the Sept. 15-16 meeting, especially the August consumer-price index on Sept. 11. Warsh has said he doesn't put much weight on any single reading, but cooler data could turn two prior encouraging months into a trend.

A weak enough report would settle it, Kohn said. If the data say a move isn't necessary, the Fed shouldn't move, and investors shouldn't object. A firm reading, on the other hand, could undercut the argument that inflation is on its way to the central bank's 2% target. If the Fed held steady anyway, it would revive the doubts about Warsh's willingness to act that Friday's speech had quieted.

While this is the kind of data-point dependence Warsh criticized before he ran the place, it is also a natural outcome for a chairman who wants every meeting to be decided in the room rather than in advance.

Some professional forecasters, including at Barclays and Société Générale, revised their expectations for Fed policy on the basis of Warsh's speech on Friday, and now expect hikes in September and December.

Other investors and analysts treated the speech as an inkblot test that reinforced their prior views. Those who thought the Fed should have raised rates in July heard a chairman laying the groundwork to move and identifying himself with the Fed's most hawkish contingent. Those who think a hike would be a mistake heard a chairman repairing July's communications confusion and reassuring markets he takes inflation seriously, without committing to a decision the data don't yet demand.

Kristin Forbes, a former Bank of England policymaker who moderated a panel at the conference, said investors should be careful reading the speech as a signal. Warsh has been explicit that he isn't pre-committing, she said. "The door is open either way, and he's been very clear that's how people should be pricing it," she said.

A chairman determined to show he isn't offering guidance might have reason not to move next month, if only to stop investors parsing every speech for a signal, said Forbes.

On Friday, Warsh defended July's decision with reasons to postpone a call—awaiting new information on supply chains, investment flows and geopolitics—rather than make the arguments some of his colleagues did to say why the current stance is appropriate. Absent soft August data, holding in September would put him back where July left him, explaining a decision without a satisfying rationale.

"If he doesn't explain it well, he will lose credibility," said Thomas Hoenig, a former president of the Kansas City Fed.

A rate increase next month would fall just weeks before the midterm elections in early November and would undercut the administration's message that inflation has been brought under control. President Trump hasn't put the same public pressure on Warsh that he applied to former Fed Chair Jerome Powell.

Trump has suggested in recent months that Warsh would prefer to leave rates alone and is being pushed by others on the committee, and the president's top economic advisers have said inflation, excluding volatile energy prices, has improved.

Hoenig said it would be naive to think political pressure doesn't register. "I don't care who you are. It's unavoidable," he said. "We all put it aside, but it's always there." Warsh and his colleagues have said they don't take politics into consideration.

Warsh leads a committee that is split. Three officials dissented from last month's decision and at least two others without a vote said they also thought rates should rise. These officials are worried that inflation is likely to fester regardless of what the August data show, in part because tariffs, the conflict in the Middle East and the scale of AI investment will keep pressure on prices. They also see a risk that elevated inflation and strong growth will sustain higher price growth.

Others aren't opposed to raising rates eventually but see a mistake in moving if monthly price readings continue to break in a more favorable direction, as they did in June and July.

A third group sits somewhere in between. A few who supported July's decision could now lean in favor of hiking, leading to more dissents than the three last month if the Fed holds steady in September.

CRAIG SANDERSON/ASSOCIATED PRESS
Grand Canyon National Park in Arizona on Sunday after it was hit by heavy flooding a day earlier.

U.S. WATCH

GRAND CANYON Flooding Forces Evacuations

A major flash flood at the Grand Canyon forced the evacuation of dozens of people and swept large boulders, metal structures and other debris into the Colorado River that runs through it, the National Park Service said. Flooding also knocked out the sole water pipeline that serves tourists and residents at the national park, officials said late Sunday.

Starting Monday, tourists won't be able to stay overnight at lodges and hotels within Grand Canyon National Park. The park is also asking residents who live there year-round to conserve water.

As the park service tries to account for everyone in the area, it is asking asked anyone with details about people hiking or camping there to get in touch.

NEW ORLEANS

Yiannopoulos Gets Deported to U.K.

-Associated Press

Immigration and Customs Enforcement deported British media provocateur Milo Yiannopoulos to the United Kingdom after detaining him for choosing to “overstay his welcome,” the Department of Homeland Security said.

ICE agents arrested Yiannopoulos at the Louis Armstrong New Orleans International Airport Thursday, a Department of Homeland Security spokesperson said. Yiannopoulous was deported on Friday.

A judge issued the British conservative commentator a deportation order July 22 after he missed an immigration hearing, the DHS said. In a 2025 social-media post, he urged Trump to deport millions of people from the U.S., saying “nothing else matters.”

Yiannopoulos and his representatives didn't respond to requests to comment.

-Jack Morphet

SOUTH CAROLINA Officer Killed in Gunfight in a Park

A South Carolina police officer died and a second was injured in a gunfight Saturday in a park following a call about a domestic dispute, the police chief in Columbia said.

The suspect, a 33-year-old man with a lengthy criminal record, also died, Chief W.H. "Skip" Holbrook said.

The deceased officer, 29-year-old Christopher DeLong, had been with the police department for two years, Holbrook said. The second officer, David Dymock, was in stable condition, the chief said.

The shooting unfolded after a woman called police around 9:30 a.m. Saturday saying a man who she had a restraining order against was destroying property at her home.

The suspect was Adam Tyler Dowdy, a man with a history of arrests across at least four states, the chief said.

-Associated Press

Earnings Growth Continues

Continued from Page One performed above our expectations," Chief Financial Officer Robert Ball said on the conference call.

Across S&P 500 companies, per-share earnings soared 53% in the second quarter from a

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GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS year earlier, while sales rose nearly 16%, according to data from LSEG. Investment gains from tech giants Amazon.com and Alphabet added fuel to the big earnings surge.

Even without those gains, S&P 500 earnings rose the most since fall 2021. Quarterly sales also climbed more than they have in years. By a nearly 2-to-1 margin, more companies raised their profit guidance for the current quarter than lowered it—a turnaround from a year ago, when more were lowering their outlooks.

CORRECTIONS & AMPLICATIONS

Nvidia's second-quarter sales, which rose $106\%$ from the year-earlier quarter, were $4\%$ higher than analysts' estimates compiled by FactSet. A Page One article on Thursday about Nvidia's earnings report incorrectly said Nvidia reported a $4\%$ rise in sales.

Barret Zoph was fired from Thinking Machines Lab amid a dispute with Chief Executive Mira Murati and joined OpenAI. A Technology article on Friday about his new job with Google said he defected from Thinking Machine Lab to join OpenAI.

Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling 888-762-5450.

Tariff refunds are providing a big, temporary tailwind. They are likely to account for more than 4% of third-quarter economic growth—or add about 0.2 percentage point to the Atlanta Fed's growth forecast of between 4% and 5%—according to a mid-August estimate from Apollo Global Management.

Improved full-year financial estimates came from a diverse set of companies, including healthcare companies McKesson and Charles River Laboratories International and jelly giant Smucker. At many of them, the refunds flowed primarily to the bottom line, rather than into lower prices for shoppers.

At fitness-watch maker Garmin, \$21 million in tariff refunds boosted profit margins in the quarter that ended in late July, executives told investors late last month. Strong demand for its fitness products helped, too, leading the company to raise its full-year financial guidance.

Even without the refund, "our gross margin performance was impressive by any historical comparison," Chief Executive Clifton Pemble told investors.

Retailers generally reported strong quarterly sales figures in recent weeks, noting that consumers are spending on new appliances, toys and clothing even as they navigate higher fuel prices and long-term inflation.

Dollar General, known for drawing cash-strapped shop-

S&P 500 results as adjusted by analyst consensus, change from a year earlier

*Omits investment gains at Amazon and Alphabet. Note: Street earnings reflect analyst estimates for 17 companies and Wall Street consensus adjustments to reported results for the rest. Source: LSEG

pers to its mostly rural stores, posted a fifth consecutive quarter of higher traffic and a 3.5% increase in comparable sales. Electronics retailer Best Buy said its shoppers were buying up computers, TVs and

AI-enabled glasses, lifting its most recent quarterly sales and profit. Target also reported higher sales, profit and a benefit from tariff refunds in the most recent quarter, noting

The consumer environment is softer, but shoppers are still spending.

shoppers pushed up sales of toys, food and beauty products.

The reports of robust spending run counter to some recent economic indicators. Government retail-sales data for July showed overall softening, partly driven by Amazon and other retailers moving online summer sales to June this year from July last year. A widely watched measure of consumer confidence

slipped in August as consumers fretted about future economic conditions, the Conference Board said this past week.

Some retailers did report sluggish sales. Gap said its most recent quarterly sales fell, hampered by performance at its Old Navy and Athleta brands, even as its flagship Gap brand did well. The company still raised its earnings estimates for the full year.

Dollar General and other retailers catering to mainstream America said they used part of their tariff refunds to lower prices, hoping to further juice sales. “Our core customers continue to be financially constrained,” said Dollar General’s CEO Todd Vasos on a conference call.

Sales at Walmart stores and digital channels operating at least a year rose at their slowest pace in more than six years. Yet it was enough for the retailer to raise full-year estimates earlier this month. It used some of its roughly \$2.9 billion in tariff refunds to lower prices, which its executives said should boost sales later this year.

Shoppers are cautious, but still spending, they said. It's "arguably a softer consumer environment than in February," said Walmart Chief Financial Officer John David Rainey on the retailer's earnings call this month.

So far, there are few signs that the factors driving growth will wane in the near future, said Torsten Slok, chief economist of Apollo Global Management.

"As long as the AI boom continues and the stock market continues to be elevated, and we continue to have strong consumer income growth, the consumer will continue to be in good shape," he said. But if the promise of AI fails to justify the massive investment, "we will be having a different conversation."

MATHYLDA DULIAN FOR WSJ (5)

JOE SKIPPER/REUTERS

NASA, SpaceX Launch Telescope

BY MICAH MAIDENBERG

The National Aeronautics and Space Administration launched a new flagship telescope, a powerful observatory device that will study so-called dark matter and hunt for other planets.

A SpaceX rocket took off with the device, called the Nancy Grace Roman Space Telescope, just before 7:30 a.m. ET Sunday from a launchpad in Florida. The launch went smoothly, setting up the telescope to fly out to an orbit about one million miles from the planet.

During the course of a mission designed to last at least five years, the observatory, which weighs about 18,000 pounds and measures more than 42 feet long and over 14 feet wide, will take sweeping surveys of the cosmos. The telescope's main scientific sensor is essentially a giant, infrared camera dubbed the Wide Field Instrument.

The WFI camera has 300 megapixels, giving it a much bigger field of view than NASA's Hubble observatory, according to the agency, and will gather data much faster than that device. The camera should allow the telescope to capture extremely high resolution images in space.

"It's the instrument that allows us the panoramic imagery that makes Roman so iconic," Dominic Benford, a NASA scientist working on the telescope program, said Sunday during a NASA livestream of the launch.

The telescope also includes what is called a coronagraph, a system that includes mirrors and optical sensors to try to image other planets.

It will study dark matter, a mysterious form of matter that scientists think will help them understand the nature of the universe. The telescope will track hundreds of millions of stars, searching for light that could indicate the presence of so-called exoplanets.

Named after a pioneering female astronomer at NASA, the telescope nearly didn't get to space. The Trump administration proposed canceling the device in budget pitches, but Congress continued to support funding the device and having it launched. The administration has sought significant cuts to many NASA science programs.

During a post-launch media briefing Sunday, President Trump called in to praise the flight, giving NASA kudos for the mission. "Boy, it looks beautiful on television," he said.

NASA has said the total cost of the device, including development and operations, is expected to be roughly \$4.3 billion.

The telescope uses mirror technology originally developed for the National Reconnaissance Office, a U.S. intelligence agency that operates powerful spy satellites that monitor Earth. The NRO donated the gear to NASA more than a decade ago, allowing teams at NASA to repurpose the technology.

SpaceX launched the device using a Falcon Heavy rocket, a more powerful variant of its workhorse Falcon 9 vehicle.

Liftoff on Sunday in Florida.
◆ SpaceX, rivals dodge traffic in low-Earth orbit...... B1

Young New Yorkers Living the Dream

They scored the ultimate deal: A rent-stabilized apartment that comes with minimal annual rent increases

New York City is home to about one million rent-stabilized apartments, roughly half of its rental housing stock. Under Mayor Zohran Mamdani's new rent freeze, landlords of these apartments will have to keep rents flat for one- and two-year leases starting in October.

The people who rent these apartments range from low-income families to wealthier residents who inherited the lease from a family member. The tenants

BY REBECCA PICCIOTTO AND LILY BELLE POLING

vary so widely because there are no income limits or special qualifications. Whoever is lucky enough to find one can benefit from the stability that comes with minimal annual rent increases at a time when market-rate rents are around record highs. It takes luck, connections, grit—and sometimes a broker's fee. Fewer Gen-Z and millennial renters have been able to break into this coveted housing stock, according to an analysis by the city comptroller. Baby-boomer and Gen-X renters are loath to give up their deals. And old rent-stabilized properties are getting torn down for development projects, shrinking the pool of such apartments.

The young rent-stabilized tenants of New York City represent a rare breed of their generation. A few of them opened their apartment doors. Here's a look.

......
Zach Mauer
Chelsea, Manhattan
Age: 33
Rent: \$2,000
Occupation:
Manager at media company
Apartment Size:
300 square feet | Studio

After nine years in the city, Zach Mauer knows the mere mention of a rent-regulated unit holds a kind of power. "I've seen it turn heads in rooms," he said.

A 33-year-old manager at a media company, Mauer is getting a roughly 60% discount in one of the most sought-after coves of the city. He found his apartment through “a woman who knew a woman” whom he met on Craigslist.

Raised in Montana, Mauer sees his apartment as proof

Emma Handte Bushwick, Brooklyn Age: 32 Rent: \$2,100 Occupation: Adjunct Librarian Apartment Size: 300 square feet| Studio

When Emma Handte moved into her studio apartment in Bushwick, she put bookshelves on the walls. A funky one hangs in the corner, some simpler ones float above the dark-green tufted couch. Each shelf is stocked with paperbacks like “Moby-Dick” and “The Bell Jar.”

"I've never put in shelves in an apartment before because I was like, 'I'm probably gonna move out in like one or two years,'” she said. "I was moving every few years because the rent would go up in one place or whatever, but now the rent stabilization of this apartment allows me to think more long term."

Handte, 32, previously

......

that he is making it as a New York City renter. “The brag for me is the stability of it,” he said. “Stability in a crazy system like New York City—any kind of stability—that is a flex.”

Evan Rugen East Village, Manhattan Age: 31 Rent: \$2,000 Occupation: Real-estate and financial services Apartment Size: 575 square feet | Studio

shared a four-bedroom apartment with three other people. Once she turned 30, she realized it was time to find her own place.

By a stroke of luck, Handte found her rent-stabilized apartment the day it was posted on StreetEasy. She was the first person at the open house and sent in her deposit as soon as she had seen the place to get ahead of the competition, she said.

The only downside of Evan Rugen's East Village loft is the yearslong feud with his neighbors.

After a rowdy party at Rugen's apartment, his neighbors, mostly in their 70s and 80s, left a note on his front door: "Who raised you??? You are not the only people in this building."

At the time, Rugen was in his early 20s trying to establish himself in the real-estate industry. Now 31 at the helm of a financial-services firm, Rugen is in the pool of wealthy rent-stabilized tenants that New Yorkers whisper about as urban legend.

Shedika Williams The Bronx Age: 29 Rent: \$1,259 Occupation: Administrative Assistant Apartment Size: 800 square feet | 1 bed, 1 bath

Shedika Williams had that well-known stomach pang that New York City apartment hunters get when they stumble on a good deal: “I thought it was a little bit of a scam at first.”

Williams has experienced her fair share of housing battles. She was already getting ready to take her previous landlord to court. So when she found an apartment of this size, at this price, she was skeptical.

But a large rent-stabilized one-bedroom all to herself? It would be a game changer. Wil-

Tianna St. Louis Crown Heights, Brooklyn Age: 24 Occupation: Model Rent: \$1,152 Apartment Size: 600 square feet 1 bed, 1 bath

Soon after news of the rent freeze broke, Tianna St. Louis's best friend texted her, "You're so lucky." He wasn't the first to remark on St. Louis's rent-stabilized apartment with more than a tinge of envy.

The one-bedroom has enough space to store her bike and for Lottie, her Cavalier King Charles Spaniel, to run around. It's also the cheapest

Lower Manhattan prices have more than doubled in the 10 years that Rugen has lived there. Meanwhile, his rent is 25% higher and he says he makes 10 times more than he used to. Bad blood with the neighbors, he said, is a small price to pay for that stability.

place she has lived in her six years in the city.

liams suspended her disbelief and moved in January.

The 24-year-old model got the apartment from a broker who was holding it off-market. New York City banned brokers from charging tenant fees last summer, but some get around it by showing more coveted listings privately. St. Louis shelled out for the broker's fee—she figured it would pay off given how long she plans to stay there. And when she renews her lease next year, she will get the rent freeze.

Now free of surprise rent hikes, she is breathing a sigh of relief and cleaning up her financial habits. She saves more now; she pared back on im-

When people see her apartment, their reaction is only partly congratulatory: “The other half is like, ‘I need the broker information.’”

And at times, he admits, he helped stir the drama. The weekend after that ominous door note, Rugen threw another party. This time, he left 20-some free T-shirts outside his door. They read: "Who raised you??? You are not the only people in this building."

pulse shopping; most of her leftover income goes toward healthcare costs like orthodontics to help her breathe better.

“I feel more responsible because this is my apartment long-term,” she said.

Mamdani, Union Split on Bonuses to School Aides

BY JAMES FANELLI

As the start of the school year approaches, Mayor Zohran Mamdani is locked in an unlikely showdown with a powerful classroom ally: the New York City teachers union.

Mamdani filed a lawsuit to stop a law passed by the City Council to provide one-time \$10,000 bonuses to low-paid school aides who typically work with students with special needs. The lawsuit marked a surprising rift between the Democratic socialist mayor and the United Federation of Teachers, the influential labor group that represents the aides, as well as teachers in the nation's largest school system.

It was also an about-face for Mamdani, who had the endorsement of the union in last year's mayoral election and said during his campaign that he supported the bonuses.

The legal fight carries broad implications for a mayor who focused his campaign on affordability and has walked picket lines for workers seeking better wages. It has angered the teachers union and could complicate his relationship with unions representing other city workers who helped sweep him into office.

Michael Mulgrew, the president of the 200,000-member teachers union, threatened an “all-out war” if Mamdani tried to stop the legislation in a New York Times interview earlier this summer.

“It’s always surprising when you see a big rift between the teachers unions and Democratic politicians, especially a pretty far-left Democratic politician,” said Michael Petrilli, president of Thomas B. Fordham Institute, an education reform think tank. “Conventional wisdom would say that Democratic politicians try not to get sideways with important parts of their constituency and the teachers unions are such an important base.”

The fight has also exposed the realities Mamdani faces now that he is in office to follow through on campaign promises when faced with fiscal constraints.

The city has about 25,000 school aides, who are known as paraprofessionals and whose salaries start at about \$32,000. In late July, the City Council unanimously passed the legislation granting the \$10,000 payments. Mamdani didn't veto the bill, allowing it to automatically become law. Days later, he sued the council in state court, saying the bonuses would cost the city an estimated \$325 million.

In taking legal action, the mayor was asserting his executive authority in labor-contract negotiations. The lawsuit said that the bonuses violate a decades-old law that stipulates collective bargaining between unions and the mayor—not legislation—determines compensation. Allowing the bonus legislation to stand sets a bad precedent, the lawsuit says, giving unions a path to seek pay increases that circumvent the give-and-take of the traditional bargaining process.

City Council Speaker Julie Menin, a Democrat, said the council had hoped that the mayor would have negotiated pay raises for paraprofessionals or included salary bumps in the budget passed earlier this year. When that didn't happen, the council went forward with the legislation, she said, adding that the school aides are underpaid. Increasing their salaries would help fill the 1,600 vacancies the city currently has for the role and lower education costs in the long run.

“We believe that it is not only the right thing normatively to raise a paraprofessional’s salary, but it is the right thing fiscally,” she said.

Mulgrew said in a statement the council's legislation addresses chronic workforce shortages. "The council took this action because it was necessary, and they did it in a way that legally protects collective bargaining," said Mulgrew, whose union filed a motion to intervene in the court case recently.

A mayoral spokesman said the Mamdani administration filed the lawsuit “to ensure that negotiations between the city and its workforce remain at the bargaining table rather than being decided through political intervention." He added that the mayor's office has been in talks with the teachers union to address the need for fair compensation for school aides.

Evan Stone, chief executive of teacher-led advocacy group Educators for Excellence, said the council's legislation left the mayor in a “really tricky place.” Mamdani agrees that school aides deserve pay hikes, Stone said, but he needs to hold the line on the traditional process for setting compensation. Historically, mayors have used pattern bargaining to set a standard percent raise across city union contracts and avoid one group getting a much larger pay hike than another, he said.

“I think it would throw the historical process into question at a time when there are very tight budget constraints,” Stone said of the bonuses. He added that the legal fight could hurt Mamdani’s relationship with many of the teachers who supported him in the mayor’s race.

Talarico Goes on Offensive in Texas Race

BOB DAEMMRICH/ZUMA PRESS (2)
Senate candidate James Talarico posed at an Austin, Texas, rally. Right, his Republican opponent Ken Paxton speaking in San Antonio, Texas, in August.

Senate candidate is out-fundraising Republican Paxton, flooding airwaves

BY MAGGIE SEVERNS AND ELIZABETH FINDELL

Senate candidate James Talarico began August in Massachusetts, standing beside a swimming pool on tony Nantucket, where more than 100 curious islanders gathered in sunglasses and sports coats to see what the bright-eyed Democrat on a hot streak in Texas was all about.

The event, held at the cedar-shingled home of a former Biden administration ambassador, came as Talarico made a private East Coast swing that included August stops in Martha's Vineyard, another Massachusetts vacation spot, and New York City, according to invitations that priced tickets between \$500 and \$13,500.

Guests left the sold-out fundraiser impressed by Talarico and his sincerity, said former Texas Lt. Gov. Ben Barnes—which no doubt has helped the campaign raise \$68 million from both big- and small-dollar donors, dwarfing Republican opponent Ken Paxton's \$9 million.

“I do think Talarico has a chance to win this race,” said Barnes, a Democrat who co-hosted the Nantucket event.

The Talarico campaign is still considered a long shot in red Texas, but the candidate is giving Democrats hope that they can fulfill the elusive dream of winning statewide office there for the first time since the 1990s. Race raters at Fox News, Cook Political Report and the Center for Politics all recently have moved the contest from “leans R” to “tossup.”

Throughout August, Talarico has been on offense. His ads are ubiquitous in the state, thanks to his fundraising advantage, and have included digs against Paxton including one accusing his opponent of stealing a \$1,000 pen. His campaign recently hired a top aide to Republican Sen. John Cornyn, whom Paxton defeated in a tight primary.

Republicans have branded Talarico, a state representative and seminary student, as a far-left progressive who doesn't reflect Texas values. They have assailed his prior remarks that "God is nonbinary" and attacked his masculinity.

But Texas Republicans have challenges in the race. They are managing fury over the Trump administration bulldozing sensitive habitats in Big Bend National Park for border-wall infrastructure planned in the park. They have been navigating rising voter opposition, especially in rural areas, to construction of new data centers. They have seen backlash to a new state ban on some THC products. And they have continued to have to defend the state of the economy under Trump.

Meanwhile they have had to defend the scandal-tarred Paxton, who was impeached by his own party in 2023 after he was accused of abusing his position as attorney general to benefit political allies. He was acquitted after a dayslong trial before the Texas Senate.

Paxton's greatest strength is his support from Trump, which got him through the nasty primary against Cornyn. The president traveled to Texas last week to campaign, telling reporters that “we want to win that race.” But money from a Houston fundraiser Thursday featuring Trump will go to the Republican National Committee, not directly to Paxton.

Paxton needs the money. As the state attorney general, he has a record of suing businesses in the state—putting him on the wrong side of some wealthy Texans who could donate to his campaign. Super PACs with names such as “Preserve Texas” have reserved more than \$4 million in pro-Paxton advertising in the state, while Talarico’s campaign has reserved upward of \$30 million.

Talarico has held flashy rallies across the state, including in a rural town for an event with Tejano music star Bobby Pulido, who is running for a South Texas congressional seat. Paxton plans to hold rallies in coming days at Corpus Christi and Willow Park.

In connection with the ad accusing Paxton of stealing a \$1,000 Montblanc pen, his campaign is selling “Not Ken Paxton’s Pen” pens, which it said it quickly sold out.

A Paxton spokesperson said Talarico has resorted to “childish attacks that have already been thoroughly litigated. This was nothing more than a mix-up at security.”

Talarico sat down Saturday for a live podcast taping to discuss healthcare with Texas celebrity businessman Mark Cuban. Talarico last week took legal action to try to compel the unsealing of two depositions Paxton gave in 2019 and 2022, rare cases of the attorney general answering questions under oath, in connection to a lawsuit involving two former friends and business associates. The Wall Street Journal previously reviewed and reported on the first of the depositions, which shed light on his conduct as a lawyer, past business dealings and blind trust that shielded his rapidly expanded assets.

Still, Talarico faces difficult odds. It has been more than three decades since Texas elected a Democrat to serve in the Senate. And Trump won Texas by a margin of more than 1.5 million votes in 2024, a sign of strength that Trump has thrown behind Paxton.

But the political terrain in Texas is fertile for Democrats. Talarico has for months spoken out against a border wall through Big Bend, has supported legalizing THC and has called for tighter regulation of data centers.

Paxton has made fewer public comments on these issues. He said in a statement after the Big Bend construction was paused that “destroying one of our state’s greatest natural treasures with unnecessary roads and barriers is not smart border security.”

Trump Focuses on Legacy as GOP Frets Over Midterms

President Trump signs a piece of granite that will be part of the new White House helipad.
AL DRAGO/PRESS POOL

BY PHILIP WEGMANN AND MERIDITH MCGRAW

WASHINGTON—President Trump last week offered his 13 million Truth Social followers an assessment of how he hopes history will remember him.

On Thursday, he posted an AI-generated image that ranked the U.S. presidents. Trump's name was at the top of the list, above George Washington and Abraham Lincoln, with the words "The Greatest" emblazoned above his portrait.

As his approval ratings sag, Trump is on a mission to burnish his legacy, his advisers said. But Republicans privately worry that Trump's focus on himself is backfiring with voters, complicating their efforts to keep control of Congress and giving Democrats plenty of ammunition for attack ads.

Trump's senior advisers have for months tried to shift the president's focus to the economy, according to people familiar with the matter, in a bid to show voters that the president is focused on the issue they care about the most. While the president has touted his economic record in speeches and Oval Office events, his attention frequently shifts to other issues, from his construction projects to attacks on his perceived enemies.

Trump has seen firsthand how quickly a president's policies can be wiped away by their successor, so he is trying to leave behind a legacy that will be more difficult to erase. He spends much of his time, said those close to him, working on a list of construction projects, from the White House ballroom to a proposed triumphal arch. And he is putting his name and face on limited-edition passports, national park passes and a soon-to-be released commemorative \$1 coin.

One senior administration official said the president has entered “legacy mode.” He is fixated on how he will be remembered by future generations, according to aides, conscious of avoiding the fate of past occupants of the White House he views as weak.

“He is one of the handful of presidents who thinks on an entirely historic scale,” said Newt Gingrich, the former House speaker and current Trump confidant. “He wants to be consequential. He wants this to matter. He wants to be the kind of president who people say, you know, it mattered that he was president.”

White House spokesman Davis Ingle said Trump is “solely focused” on delivering prosperity and peace to the country.

This month, Trump showed off a new helipad that is being built on the White House's South Lawn. Republicans, meanwhile, are concerned with more immediate matters. They face an uphill battle to maintain their congressional majorities and have urged him to turn his attention—and money—to the midterms.

A super PAC aligned with Trump has amassed more than \$400 million. But the group hasn't started spending on a large scale, frustrating many in the president's party.

It recently spent more than \$800,000 on get-out-the-vote calls and text messages in support of Republican Sen. Darline Graham, who bested a GOP challenger in South Carolina last week. Trump encouraged Graham to run to succeed her late brother, Lindsey Graham, and a loss in the state would have been an embarrassment for the president, who takes pride in the success of candidates he endorses.

Some Republicans privately groused that the group's first significant spending in months was in a runoff between two Republicans in a state that Trump won in 2024 and that isn't seen by either party as competitive in November.

Despite his low approval ratings, Trump plans to put himself at the center of the mid-terms. As the president's team debates how to spend the fundraising haul, Trump has told advisers he wants to produce a series of television ads centered on his agenda, said people familiar with the matter.

The president, his allies said, is confident the tax cuts he signed into law will resonate. And he contends he is still the party's most powerful political force, arguing he can motivate Republicans to show up in November's elections.

To turn out the MAGA base ahead of the midterms, he urged his supporters during a recent Fox News interview to “pretend I’m on the ballot.”

Some Republicans worry Trump isn't concerned about the blowback they could face from his actions. When Republican leadership struggled to build consensus around legislation he is pushing that would impose new voter-eligibility rules, a senior administration official said Trump didn't care about how the debate would affect members running for re-election because he was focused on his legacy.

His international rivalries have, at times, distracted from his domestic agenda. While Republicans were campaigning around the country last week, Trump was escalating his trade feud with Canada. The president called the media into the Oval Office last week for an executive-order signing. He directed the government to change the name of Lake Ontario to “Lake America.”

"Now picture the American voter who was on the sidelines Tuesday, arms folded, undecided about the midterms, who read that headline and thought, 'Well, now I'm voting Republican,' " conservative talk-radio host Erick Erickson, who has increasingly criticized Trump in recent months, wrote on social media. "You cannot picture him because he does not exist."

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Walter's Lending Scrutinized

Continued from Page One

The industry as a whole had 0.6% of its assets in short-term investments in 2024, according to an American Council of Life Insurers factbook. The category can also include some Treasury bills dated for more than three months that don't count as cash. Life insurers sometimes hold assets with maturities of under a year to help meet payouts that are about to come due.

Walter's Delaware Life had $8.6\%$ of its overall investments in short-term loans at the end of 2025. His other main insurer, Clear Spring, had almost $14\%$ , according to an analysis of their filings.

A spokesman for TWG Global didn't return requests for comment. In a statement on Wednesday, TWG said it "stands firmly behind the integrity of its business" and that its insurance companies invested in "real assets that are performing well." It said "there has been no fraud."

Insurers tend to buy longer-dated bonds and mortgages that pay out cash for years, matching liabilities that stretch out decades. Walter's insurers have obligations from selling annuities, a type of policy in which individuals pay upfront for retirement income later on.

Most of the short-term loans went to black-box limited-liability companies, or LLCs, with little public footprint, leaving a partial picture of what exactly Walter's insurers invested in.

Many were made through vehicles whose paperwork was filled out by representatives at four businesses. The Wall Street Journal has reported this group is a focus of the Justice Department probe.

One is Hudson Trading, based in Chicago. The firm's president registered LLCs named after places in New York state such as Dobbs Ferry, Hannacroix and Schuylerville. A lawyer for Hudson declined to comment.

The largest loan listed at the end of 2025 at Delaware Life was for \$140 million. It came due in May. The borrower was Cypress Park Financial MP, registered in Delaware by a senior managing director at TWG, who previously worked for a Walter family office administrator.

Annual interest rates for the overall short-term lending ranged from 6% to 12%.

Walter has long done business with a network of other executives who also have owned insurance companies. Several of the borrowers from Walter's insurers are controlled by a Dodgers co-owner, Bobby Patton, corporate filings show. The Patton companies owed around \$180 million at the end of 2025.

Personnel from ABS Capital, a Miami investment firm, set up at least nine of the LLCs that received short-term financing from Walter's insurance companies. The Journal previously reported that ABS made investments with Walter, including to buy an \$85 million house in California in 2017. The investment firm was founded by two former executives at Guggenheim Partners, Walter's financial firm.

ABS Capital didn't respond to a request for comment. Patton didn't respond to a request for comment.

Short-term investments that aren't cash require insurers to hold more capital as a buffer, said Erik Miller, senior director at AM Best. When it assesses the financial health of insurers, the credit ratings company penalizes the assets compared with holdings of corporate bonds or money-market funds.

Only a few other big life-insurance groups report large holdings of short-term investments, AM Best data show. In recent years, state insurance regulators tightened rules around the investment category, after finding that some unnamed insurers rolled over loans to conceal longer-term assets.

One group reporting large short-term holdings is a set of Berkshire Hathaway life insurers, according to the AM Best data. Filings for one showed those were almost all risk-free Treasury bills that are too long-dated to count as cash.

Another group that accumulated short-term assets is Amistad Financial. The holding company owns EquiTrust, an insurer previously controlled by Guggenheim, and Heritage Life, also once operated by Guggenheim and until recently owned by Patton. Amistad acquired both of those insurers last year.

Note: Excludes cash and cash equivalents
Source: AM Best

Short-term loans made up more than 6% of EquiTrust's assets in 2025. Many of the borrowers overlap with those at Delaware Life and Clear Spring, regulatory filings show.

Spokespeople for EquiTrust and Amistad didn't respond to requests for comment.

Around \$20 billion in insurance investments at Mark Walter's companies are under a probe.

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Icelanders Reject EU Membership Talks

AP PHOTO/MARCO DI MARCO
Prime Minister Kristrún Frostadóttir, center, said Iceland would still cooperate with the EU.

Voters weighed the nation's security in wake of Trump's desire for Greenland

BY KIM MACKRAEL

Icelanders voted against re-starting negotiations on joining the European Union in a nationwide referendum on Saturday, rejecting arguments that their small island nation should pull closer to Brussels after President Trump's threats to annex Greenland.

Results published by national broadcaster RUV on Sunday said $52.8\%$ of voters didn't want their government to reopen talks with the EU, compared with $47.2\%$ who favored talks. The government said it would respect the outcome.

"The most important thing is that we come out of this united," Prime Minister Kristrún Frostadóttir said on Sunday. She said her government would continue to cooperate with the EU but wouldn't pursue negotiations during its current term, which ends in 2028.

The vote marked the first time Icelanders have been asked about EU negotiations in a referendum. The government said previously that, had the referendum resulted in a “yes” vote, it would have held a second referendum on whether to join the bloc once negotiations were complete.

The decision to reject EU talks comes more than a decade after Reykjavík walked away from earlier negotiations with the bloc amid disagreements over control of the country's fishing industry.

Iceland sits on the continental divide between North America and Europe, and its economy relies heavily on trade and tourism. It has long been wary of ceding more power to Brussels—although it has adopted many of the EU's rules as a member of the European Economic Area, which extends the EU's single market to other countries.

Iceland's debate over EU membership shifted during the past year, after U.S. tariffs sparked a breakdown in global trading norms and Trump amplified his talk of the U.S. acquiring Greenland, Iceland's closest geographic neighbor. Advocates of reopening talks with the EU said Reykjavík should expand cooperation with like-minded partners as an insurance policy.

The country of 400,000 people doesn't have a military of its own and depends on its membership in the North Atlantic Treaty Organization and a defense pact with the U.S. for security. Opponents of EU negotiations said during the campaign that they didn't think the bloc could offer much additional protection.

This weekend's result is a blow for the EU, whose leaders are eager to show the 27-member bloc is still capable of absorbing new members after the U.K.'s 2020 exit. Iceland would likely have had an easier path to membership compared with other EU hopefuls because it is economically and politically stable.

A key point of contention in the referendum debate was control of Iceland's fish stocks. Industry representatives said the EU's common fisheries policy would interfere with Iceland's ability to determine catch levels and fishing grounds, although EU officials had indicated before the referendum that their policies could be flexible.

Those in favor of EU talks said ahead of the referendum that joining the bloc and swapping the Icelandic króna for the euro currency could bring economic benefits such as easing inflation and the country's high cost of living. Iceland's annual inflation hit 5.6% in July based on EU methodology, much higher than the average levels in the EU and euro area.

Death Toll Climbs From Devastating Nepal, Tibet Floods

ATHIT PERAWONGMETHA/REUTERS
Deadly flash floods and mudslides left buildings and houses covered in mud in Devighat, Nuwakot district, Nepal, on Sunday.

BY TRIPTI LAHIRI

The number of people dead in catastrophic flooding in Nepal and Tibet rose to nearly 770, as teams from China and India arrived in Nepal to help with rescue efforts for hydropower project workers trapped in tunnels by mud deposited by the deluge.

Scientists examining the causes of Wednesday's flood believe it was sparked by part of a glacier on a Nepalese mountain collapsing along with some of its bedrock, sending an avalanche of ice and rock into the valley below where it turned into a debris-laden flood.

Scientists are working on calculating the volume of ice and debris in the avalanche, as well as looking at whether any advance warning signs could have signaled that the glacier and its bedrock were in danger of detaching.

At least 752 people are dead in Nepal, authorities there said, while 2,500 people are missing, many of them pilgrims who were visiting lakes in the area that Hindus and Buddhists consider sacred.

About 900 of the missing are workers from more than a dozen hydropower projects in operation or under construction, most of which appear to have been largely destroyed. Nepal has sought technical assistance and equipment in its rescue efforts, with both its giant neighbors dispatching teams to assess damaged hydropower project tunnels.

In Tibet, 16 people are dead, according to Chinese state-run news reports, and around 550 are missing. More than 100 Nepalese, some 49 Indians and 18 Americans are among the 261 foreign nationals missing, Tibetan authorities said.

The Isha Foundation, which had a number of pilgrim groups traveling in the Nepal-China border region, including 77 people who were at the Gyirong Port, on Saturday night said information on rescue operations at the Chinese border checkpoint had given “no encouraging indications of survivors at the immigration office area.”

"The mix of debris and water rose very high, probably as high as 150 [feet] with immense force, completely wip-"

ing out the whole building complex," the spiritual group said. "This is an unimaginable calamity."

Video from the port area, as well as from other locations in Nepal, showed military personnel and rescue workers crawling across the mud to avoid getting bogged down in it.

Experts said this year's flood, as well as one in 2025 in the same region that was caused by a lake in Tibet that burst, point to the need for rapidly improving transboundary sharing of risk analysis of hazards such as avalanches and glacial lake bursts in the Himalayas, a challenging task.

China's embassy in Nepal in recent days has responded to some Nepalese media reports and social-media comments that asked whether China had failed to provide Nepal with a warning. China said the country makes every effort to monitor Himalayan terrain for risks and share the information with its neighbor.

But the task is complicated by the fact that risks are dispersed across the Himalayas, while a 2015 earthquake destabilized many rock masses on the southern slopes, the embassy said.

“Furthermore, image errors on steep slopes and high-precision monitoring over vast and complex terrain remain an international challenge,” the embassy said.

Meanwhile, ice vanishing because of climate warming is steadily destabilizing mountainous regions like the Himalayas, scientists said.

Nepal's government has said the nature of the disaster took time to understand, catching both countries by surprise.

WORLD WATCH

CYPRUS

Ferry Capsizes, Killing at Least 7

FEATHERED FINERY: A performer marched in the Children's Parade at London's Notting Hill Carnival on Sunday.
UMAPRESS.COM

At least seven people died after a ferry carrying nearly 270 passengers and crew capsized off the coast of northern Cyprus on Sunday, Turkish media reported.

Some 237 people were rescued, Northern Cyprus Prime Minister Unal Ustel told Turkish state-run TRT news channel. He said a search was under way for another 24 people.

Ustel said the ferry faced adverse weather conditions and began taking on water 15 minutes after departure. A call for help was issued shortly after, he said.

The catamaran-style ferry was traveling to the Turkish port of Tasucu in Mersin province from the port of Kyrenia, also known as Girne, in the breakaway north of ethnically divided Cyprus.

Kyrenia Mayor Murat Senkul said the ship belonged to the Filo Denizcilik ferry company and sank off the coast of Diana beach on Cyprus' northern coast.

The ferry started taking in water about 4 nautical miles off the coast, TRT reported.

Video footage from the scene shows people with life-vests floating in the waters around the capsized vessel.

—Associated Press

GERMANY

Man Is Arrested In Fatal Stabbing

A man suspected of fatally stabbing a 31-year-old British woman with a knife early Sunday in the southern German town of Rosenheim was detained, authorities said.

The woman, who was attacked at the Rosenheim train station, was taken to a nearby hospital where she died, Rosenheim police said.

Federal police officers, called to the scene, detained the suspect right after the stabbing. Police identified him as a 27-year-old German man from the nearby county of Fürstenfeldbruck.

They said they were still investigating the circum-

stances and motive behind the crime.

They asked any witnesses to come forward and asked whether anybody had witnessed “an argument or a physical altercation” at the train station.

Train operator Deutsche Bahn, which is also in charge of the country's train stations, said on Sunday that "our thoughts today are with the family and friends of the young woman."

Train service wasn't significantly disrupted by the incident, police said, adding that the forensic investigation had been completed by the time the first trains began running again early on Sunday morning.

PAKISTAN

Nurse to Be Lauded For Saving Infant

-Associated Press

A nurse who rescued the sole surviving newborn from a hospital nursery fire that killed 14 infants will receive one of the country's most prestigious civil awards.

Fire engulfed Pakistan Institute of Medical Sciences, a major government hospital in Islamabad, on Wednesday.

A 51-second segment of CCTV footage, widely circulated online, captured Razia Noreen running into the burning nursery and emerging seconds later with the newborn in her arms.

She tried to go back in, but couldn't because of the flames and thick smoke.

Noreen told private broadcaster Samaa TV on Sunday, while in tears, that she had merely done her duty.

"I did not do it for a reward. I love children, and caring for them is my passion," she said, adding that she wanted to save the others, but "the fire spread through the nursery within two minutes."

Noreen will receive the Si-tara-i-Khidmat, or Star of Service, which recognizes people who have rendered distinguished public service or made exceptional contributions to the nation, and about \$36,000.

—Associated Press

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Brazil's Right Is Reeling As Tariffs Hurt a Stronghold

A bioenergy complex is seen in Piracicaba, Brazil, which a local industry group says is the city hardest hit by U.S. tariffs, estimating the levies have impacted 40 to 50 local companies.

U.S. levies undermine conservative backing in manufacturing hub as elections near

BY SAMANTHA PEARSON

PIRACICABA, Brazil—President Trump is pressuring Brazil ahead of October's presidential election, seeking to pull Latin America's last major left-led nation back under U.S. influence.

But in Brazil's conservative heartland, that strategy is backfiring. Piracicaba, a city of 440,000 that hosts one of the country's key heavy-machine making sectors, is reeling from Trump's tariffs—turning voters against the right and opening the door to Chinese investment.

Trump exempted many of Brazil's biggest commodity exports from his latest tariffs, including coffee and orange juice—but not the machinery on which Piracicaba depends. It is the Brazilian city hardest hit by the new levies, said Simespi, a local industry group, which estimates the tariffs have affected 40 to 50 local companies that employ around 10,000 people.

Once known primarily for the sugar-cane fields that surround it, Piracicaba began making equipment for farms and sugar mills before developing into a heavy-machinery hub producing everything from harvesters and crop sprayers to construction equipment and hydraulic systems. It is home to one of the largest factories outside the U.S. of heavy-equipment giant Caterpillar and a dense network of machinery suppliers.

Caterpillar didn't respond to requests for comment.

Of Piracicaba's nearly \$1.3 billion in exports in the first half of this year, 51% went to the U.S.—and 80% of those were machinery, Mayor Helinho Zanatta said. “I can’t remember an external shock this severe in Piracicaba’s history.”

The economic pain is creating a problem for the very movement Trump supports.

Piracicaba should be an easy win for Brazil's political right. The city, whose indigenous name—"the place where the fish stops"—comes from its river rapids, gave Brazil's right-wing former president, Jair Bolsonaro, 79% of the vote in 2018.

With Bolsonaro barred from running and under house arrest for plotting a coup, his son Flávio was counting on strongholds like Piracicaba in his campaign to unseat President Luiz Inácio Lula da Silva.

In July 2025, Trump initially targeted Brazil with 50% tariffs on its exports to the U.S.—the highest he had leveled against any major trading partner—in retaliation for what he described as the persecution of Jair Bolsonaro, his friend and ally. The move followed an intense lobbying campaign in the U.S. by another Bolsonaro son, Eduardo.

After the U.S. Supreme Court struck down Trump's broader tariff regime this year, his administration picked Brazil as the first target in a new wave of tariffs. The move came shortly after Flávio Bolsonaro visited Washington and met Trump officials.

Many Brazilians came to a conclusion Trump likely didn't intend: The Bolsonaros were to blame. A July poll by Quaest found 51% sided with da Silva's argument that Flávio had supported the tariffs to hurt his government, compared with 30% who believed Flávio's account that he had tried to persuade Trump not to impose them. The tariffs made 42% more inclined to vote for da Silva, versus 27% for Flávio, Quaest determined.

In Piracicaba, right-wing city councilman Fabrício Polezi fired off a message to a WhatsApp group of fellow conservative politicians:

"Man, we're screwed."

“We knew that this would create a monstrous political problem that the left would use in its favor,” Polezi said.

Job losses would put a strain on city finances, Zanatta said, with newly unemployed workers likely to rely more on public services just as falling sales and tax revenues leave the city with less money to provide them.

In the meantime, Piracicaba is doing what other places squeezed by Washington are doing: looking to China.

Laerte Bandeira, owner of Piracicaba-based machinery dealer Tratorex, said equipment makers have been cutting prices since Trump's tariffs hit—the sharpest decline he has seen in 50 years in the business.

Trump has done the right no favors, Bandeira said, though he also blames Brazil's politicians for disrupting business. "One idiot on one side does one thing, the other side does another," he said. "And both end up helping screw Brazil."

Levies on Canada Sting Small Firms

BY AMANDA COLETTA

TORONTO—Canadian honey producers are feeling the sting from President Trump's new tariffs. So are exporters of artwork, wool, cosmetics, flowers and hundreds of other goods that depend on the U.S. market.

The Canadian economy as a whole is projected to withstand the new tariffs of 50% on \$20 billion of Canadian goods, or about 5% of Canada's U.S.-bound exports. But many small and midsize Canadian business owners are expected to bear the brunt of the pain, and some fear they could be put out of business without a resolution to the trade spat.

In a CFIB survey released this month, 40% of exporters reported they sold products

targeted by the tariffs. Of them, nearly 80% said they expected revenue losses if the tariffs were imposed; more than one-third estimated revenue losses of at least 50%.

In the prairie province of Al-

"The worst-case scenario is actually very ugly," said Prins, who co-founded the Gull Lake Honey Company in 2018 after a career in oil and gas.

'The worst-case scenario is actually very ugly' for the tariffs.

Honey producers bought themselves time by rushing exports to the U.S. after Trump threatened tariffs in July. But producers are now in wait-and-see mode, Prins said.

berta, Lorne Prins fears the tariffs could send honey prices "into a free fall." Canada's agriculture department estimates 56% of Canada's total honey exports by volume in 2025 were shipped to the U.S.

fentanyl into the U.S. from the northern border—which have been struck down by the Supreme Court—as well as levies of up to 50% on steel, aluminum, lumber and autos.

Since returning to the Oval Office, Trump has imposed several sets of tariffs on Canadian goods. They include duties imposed over unsubstantiated claims about an invasion of

Previous rounds of tariffs on Canadian goods have exempted goods compliant with the U.S.-Mexico-Canada Agreement, but the new ones don't.

Economists at Desjardins Group estimate the unemployment rate could climb to 7% by year-end from 6.4% in July, if tariffs are kept in place on both sides of the border. Trevor Tombe, a University of Calgary economist, projects that the tariffs could cost 90,000 jobs.

The new levies predominantly target industries in Canada's three largest provinces—Ontario, Quebec and British Columbia—with producers of plastics, machinery, chemicals and forest products among the most exposed.

U.S. sales make up almost half the business at Orchid Greens in Niagara-on-the-Lake, on the shores of Lake

Ontario at the U.S. border about 35 miles north of Buffalo, N.Y. Owner Guann Chen said raising prices would likely lead to losing customers. Some clients have already told him they might look elsewhere because of the tariffs, he said.

An industry group, Flowers Canada Growers, estimated tariffs could cost the floriculture sector \$151 million. Because a store-bought orchid can take two years to grow, Chen said he is wracked by uncertainty.

“You’re kind of guessing what’s going to happen in two years, and no one would have guessed that there’d be tariffs now” two years ago, Chen said. “We bring happiness to people’s homes and lives, and the fact the U.S. has targeted us is very odd.”

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As Clout Fades, Putin Turns to Xi

Russia, China leaders meet amid changing power dynamics that are driven by wars

BY THOMAS GROVE AND AUSTIN RAMZY

In the months since Russian President Vladimir Putin last met his most important strategic partner, China's Xi Jinping, their wartime fortunes have sharply diverged.

While Russia suffered a summer of painful strikes by Ukraine on its oil-and-gas industry and other economically vulnerable targets, China emerged from the global shock of the Iran war with more power over oil markets and greater resilience against the West.

The shifting power status of the two leaders will be front and center on Monday, when they are set to meet in Kyrgyzstan.

Also evident will be their shared resistance to U.S. power. The meeting is set on the sidelines of a summit of the Shanghai Cooperation Organization, a 10-nation, security-focused group that includes Iran, giving the isolated regime a measure of added international recognition.

China has provided a financial lifeline to Iran as Tehran tries to outlast a U.S. military and economic assault. Meanwhile, Iran has supplied lethal drones that Russia has used against Ukraine.

The location of the Xi-Putin meeting carries symbolic meaning for the pair, who have met dozens of times, most recently in May in Beijing. Moscow maintains an air-force base in Kyrgyzstan, a former Soviet republic, but as Moscow's international clout has waned during its protracted war in Ukraine, China has grown ascendant in the country.

That dynamic extends far beyond Central Asia. China's more-dominant role is felt within the Kremlin itself, some analysts said, with Putin now forced to accept the role of junior partner while the Russian economy grows more reliant on Beijing.

The economic pain that Russia has suffered from Ukrainian strikes only increases Moscow's dependence on China. That could provide Xi extra leverage to urge Putin to come around to Beijing's public position on Russia's war in Ukraine, calling for an end to violence and the start of negotiations.

At the same time, China has benefited from Russia's invasion, gaining cheaper oil and entry to the country's domestic market devoid of Western competitors. Russia's market has become so hostage to Chinese imports that various sectors have called on the Putin government to limit the amount of goods allowed in.

Beijing has never condemned the Russian invasion of Ukraine. It has offered some muted criticism, saying nuclear threats shouldn't be issued, as Russian officials have repeatedly suggested they could employ nuclear weapons in the conflict.

The Putin-Xi meeting comes days after Central Intelligence Agency Director John Ratcliffe made a secretive visit to Moscow. Ratcliffe warned Russia against attacking European countries in the

North Atlantic Treaty Organization and made clear that the U.S. remained committed to the NATO alliance, The Wall Street Journal reported.

While the prospect of Russia expanding its war to NATO countries could cause deep concerns for China, Xi is unlikely to raise such worries publicly, some analysts said.

“If the issue is discussed at all, it would more likely happen behind closed doors,” said Eva Seiwert, a senior analyst with Mercator Institute for China Studies in Berlin.

However, some tensions in the Russia-China relationship have surfaced.

"There's very little Putin can do when it comes to China, he still sees Xi as a strategic partner," said Tatiana Stanovaya, a senior fellow at the Carnegie Russia Eurasia Center.

Russian Attack on Ukraine Ammo Depot Kills at Least 38

A Russian drone attack on an ammunition depot in the Kyiv region caused an explosion Friday that killed at least 38 people and injured dozens more, Ukrainian officials said, in the second such incident in two months.

One of the deadliest Russian attacks of this year comes as Moscow steps up its airstrikes on Ukrainian cities, taking advantage of gaps in ballistic-missile defenses and sending more jet-powered drones to evade interceptors.

Ukrainian President Volodymyr Zelensky said the ammunition depot destroyed on Friday contained artillery shells and drones—and under Ukrainian law shouldn't have been in a populated area.

At right, unexploded ordnance is removed from the site of the attack, which followed a Russian strike in July on an ammunition depot belonging to an arms manufacturer in Vyshneve, which killed 10 people.

"A terrible situation and terrible negligence on the part of those who stored explosives right next to people," Zelensky wrote on X. "Another such crime—after what happened in Vyshneve—is absolutely unacceptable."

By Saturday, nearly 400 people had been evacuated from the suburb.

—Anastasiia Malenko

U.S. Strikes Iranian Rocket Launchers

BY MICHAEL R. GORDON

WASHINGTON—U.S. forces attacked two Iranian rocket launchers in the Strait of Hormuz on Sunday, the U.S. Central Command said, marking the first American strike in weeks and heightening the risk of a return to all-out conflict in the region.

The command said the launchers, which were deployed on Iran's Larak Island, were preparing to fire rockets filled with sea mines into the strait when they were struck.

“Last week, Centcom completed clearing sea mines from the strait's international shipping routes,” said Capt. Tim Hawkins, spokesman for the command. “We simply will not allow Iran to emplace more mines.”

Shortly after the strike, U.S. forces defended against missiles launched at Jordan, according to U.S. military officials. Jordan's military said it successfully intercepted eight missiles that entered the country's airspace.

Jordan hosts nearly 4,000 U.S. troops and is a staging ground for U.S. military operations in the Middle East.

The Trump administration has said it is focusing on economic sanctions and its blockade to compel Iran to open the Strait of Hormuz and make concessions on its nuclear program.

The last time the U.S. military confirmed targeting Iran was July 29, shortly before Trump ordered a halt on strikes at the request of Washington's Gulf allies to give talks another chance.

In a social-media post last week, Trump warned Iran that the U.S. would retaliate if Iran tried to place additional mines in the strait.

Brig. Gen. Hossein Mohebi, a spokesman for Iran's Islamic Revolutionary Guard Corps, said the U.S. strike was "a strategic and fatal error" and would lead to "severe repercussions," the country's news agency reported.

The Revolutionary Guards said the attack on Larak Island killed and wounded several servicemen and civilians, according to state media.

Moscow Hits Europe With Hostile New ‘Gray Zone’ Moves

Total hybrid warfare incidents by Russia

SEBASTIAN WILLNOW/DPA/ASSOCIATED PRESS
Note: Includes airspace violations, cyber attacks, maritime intrusions, potential military threats and sabotage attributed by governments to Russia; data through July Source: Sahaidachnyi Security Center
Germans searched in August for evidence in a suspected Russian attack at Leipzig Airport.

BY DANIEL MICHAELS AND THOMAS GROVE

Russia has turned up the heat on Kyiv's allies in Europe, with a string of so-called gray-zone activities aimed at sowing fear, as it struggles to advance on the ground in Ukraine and faces increasingly damaging Ukrainian drone and missile attacks at home.

European authorities have linked Russia to a spate of drone incursions, acts of sabotage, cyberattacks and other hostile actions across the Continent over recent months.

Leaders across the U.S.-led North Atlantic Treaty Organization say the moves are a worrying indication of Russia's rising appetite for risk in Europe, as President Vladimir Putin seeks to curb flows of European aid to Ukraine and sow divisions among allies.

Western officials say Russia could escalate its confrontation further and has already captured Ukrainian drones that it could use for false-flag attacks on NATO countries. Kremlin spokesman Dmitry Peskov has dismissed the reports, saying they are being used to justify European militarization against Russia.

In a sign of Washington's concern, Central Intelligence Agency Director John Ratcliffe last week made a surprise trip to Moscow, in part to tell Putin's government that the U.S. stands by its NATO allies, people familiar with the visit said.

“Russia is looking for ways to reduce support among NATO countries for Ukraine and, one of the secondary effects they are also pursuing is spreading panic,” said Remigijus Bridikis, director of Lithuania’s civilian intelligence agency.

Incidents over recent weeks included three explosive drones discovered in or near a

German airport, one of them beneath a Ukrainian cargo plane. Russian drones have repeatedly entered NATO airspace. One was recently shot down over Romania.

Dutch intelligence agencies warned that “Russian state actors are systematically conducting digital espionage” by hacking web-linked cameras to spy on aid to Ukraine.

The tempo of documented Russia-backed incidents has increased from a maximum of around 10 in many months since 2024 to around 15 a month since April, according to Ukraine's Sahaidachnyi Security Center, which tracks Russian gray-zone activities in Europe. Sahaidachnyi analysts said trends can be difficult to discern because many incidents suspected of being linked to Russia aren't included in their data.

The drumbeat of low-level aggression has accelerated as Russia's war with Ukraine has increasingly intensified. Ukraine has carried out successful strikes on targets deep inside Russia, battering its oil and gas sector as well as other industries that feed Moscow's war machine. The Kremlin is now doing the same to Ukraine—though the money and supplies feeding Kyiv's front lines extend into NATO territory.

European authorities have accused Russia of hiring local agents over Telegram and other social-media platforms to conduct sabotage, espionage and vandalism meant to stoke divisions. Estonia is investigating whether Russian-linked sabotage was behind the arson attack in August on a local defense company, Milrem Robotics, while recent explosions and fires at munitions facilities in Italy,

Bulgaria and Finland have drawn suspicion of Russian involvement, even though authorities haven't said they see evidence of that.

Whether Putin is behind all the mayhem or not, getting credit for it can play to Moscow's advantage by boosting its reputation for influence and impact. Slovak police last week said they had thwarted an attempted attack on a drone factory by "three foreigners," whose nationality they didn't identify. Suspicions in the region turned to Russian involvement.

Russia's campaign may prompt worry among Europeans that they face personal danger as a result of their governments' Ukraine policies. Another fear is that sending weapons to Ukraine depletes European arsenals, which might be needed to fight Russia—and if Moscow shows it poses a threat, the logic of not sending arms east increases.

Distinctions in motivation matter little to the Kremlin, some analysts said. Russia's approach to conflict, dating back to Soviet times, can blur lines between covert subversion and outright warfare.

New U.S. intelligence reports assess that Russia could try to test NATO's resolve with a limited assault on a member country in the next few years, through steps potentially ranging from a cyberattack to a small-scale land incursion.

NATO's collective security is based on the founding principle that an attack on one member represents an attack on all.

Short of that, the Kremlin still gains from riling domestic politics ahead of coming local or national elections in NATO countries including Germany, France, Finland, Estonia and Poland.

Poland is particularly prone to disruption because tensions with Ukrainian refugees have been mounting.

"The primary interest is to change the status quo in Europe,” Estonian lawmaker Marko Mihkelson said. “It’s an extension of the election interference you’ve seen them try to carry out” in other countries, he said.

Officials in the U.S., U.K., Hungary and Romania over recent years have accused Moscow of trying to skew national voting.

There is little evidence that the plan is working. The alliance's easternmost members show some of the strongest support for maintaining military aid to Ukraine and boosting military spending at home.

Romania, which had a robust Russia-sympathetic electorate in the years immediately following Russia's invasion, has seen popular sentiment harden against Moscow following a series of drone incursions. Three drones were shot down over Romania in July and a drone incursion in May started a fire on the roof of a residential building.

Romania expelled a Russian diplomat in July, and the Kremlin responded on Thursday by kicking out a Romanian diplomat in Moscow.

Inside Oil Deal With Venezuela

Continued from Page One and money to do that."

The deal caps months of secretive negotiations and frequent trips to Caracas by U.S. officials and negotiators. Trump and interim Venezuelan President Delcy Rodríguez agreed to the outlines of the deal on a phone call days before the announcement, people familiar with the talks said.

Officials then spent recent days working through details on how to implement the unusual agreement.

Trump announced the deal on social media Friday night.

Although it was negotiated by senior officials in both governments, the structure would make the U.S. an investor in a private company rather than a direct counterparty to the Venezuelan government.

The U.S. plans to take a $35\%$ passive stake in Betancourt's North American Blue Energy Partners and would secure preferential rights to purchase $20\%$ of its production at cost, people involved in negotiating the agreement said.

A mural in Caracas, Venezuela, displays oil equipment.
PEDRO MATTEY/ASSOCIATED PRESS

The Pentagon's Office of Strategic Capital plans to structure the investment through penny warrants that would yield the U.S. an equity ownership in the business without a significant capital investment, the people said.

The Pentagon office has limited statutory authority to strike deals designed to support U.S. national-security interests, typically through loans and guarantees.

Betancourt has served as a broker in Venezuela's energy deals and has close ties to Rodríguez. He faced criminal investigations of alleged money laundering in Spain and Switzerland, though no formal charges have emerged.

His NABEP has become the second-largest private oil producer in Venezuela, after Chevron, over the past two years.

Secretary of State Marco Rubio said the agreement would secure low-cost oil in the Western Hemisphere and lower gas prices for Americans. Rodríguez underscored that it would bring more than \$100 billion in investment, more than \$209 billion in taxes, and thousands of jobs.

Yet the deal angered many Venezuelans and sowed confusion among some oil executives, and even U.S. officials, over what was agreed upon and how it would work.

For U.S. oil companies pursuing potential investments in Venezuela, the idea of competing with a U.S.-backed private company with a stake in swaths of the country's oil fields is daunting, people close to the companies said. U.S. officials said the state-backed company would be the second-largest corporate holder of proven reserves after Saudi Aramco.

"Why is the U.S. subsidizing and building a major competitor to the U.S. oil patch?" said Ed Hirs, an energy economist at the University of Houston. "Lucy [of the Peanuts comic strip] will pull out the football once again—once Trump is out of office."

The deal is also raising alarms in the industry about whether a new Venezuelan government could mount a successful legal challenge, and whether it might undercut new entrants' confidence in making investments, the people said.

The substance of the agreement appears to be in direct conflict with Venezuela's 1999 constitution, which states that the country's oil reserves belong to the Bolivarian Republic of Venezuela and can't be sold.

Critics say Venezuela's current government, populated by unelected officials kept in power by the Trump administration, has no legal authority to sell the country's oil rights.

Faced with an unpopular and grinding war with Iran, which has squeezed global energy supplies, the Trump administration felt a sense of urgency to announce it had secured a long-term source of crude in the Western Hemisphere, people involved in the talks said. Trump also sought a political win in portraying the Venezuela deal as a way to insulate Americans from the costs of the turmoil in the Middle East ahead of November elections, they added.

Venezuela, though, isn't currently a major oil producer—it pumps just 1.1 million barrels a day, on par with North Dakota. Restoring production would take years and is unlikely to quickly spur the drop in gas prices that Trump has promised, some oil analysts said.

Trump officials turned to Betancourt because they felt he was positioned to implement the venture: His company is already operating in the country, and he has close relationships with senior Venezuelan officials, people familiar with the negotiations said.

The Trump administration tried to push major oil companies including ExxonMobil and ConocoPhillips to return to Venezuela's oil fields and quickly reopen the spigot.

But after months of sluggish negotiations, much of the U.S. oil industry has remained on the sidelines. Many companies are reluctant to invest in the country's dilapidated oil infrastructure because of security and legal issues.

A delegation of senior Pentagon and State Department officials, including OSC Director David Lorch, visited Venezuela in July to hammer out the deal's terms, some of the people said.

The OSC launched in 2022 with a mandate to support industries considered critical to U.S. national security, though loans only started flowing from the office during the second Trump administration.

The private company structure was deliberately intended to bind future Venezuelan governments to the agreement and make it difficult to unwind, one of the people involved said.

Enrollment Woes Hit Syracuse

Continued from Page One cuse especially feeling the pinch.

Fewer young people are en- rolling in college, as the country reconsiders the value of a university education. Tuition that has outpaced inflation for decades has saddled students with high debt and yielded uneven returns on careers. The current tough job market, squeezed by the rise of artificial intelligence, has added to the anxiety.

There could be even fewer students in the future—as the birthrate falls, the number of 18- to 24-year-olds in the U.S. is set to decline.

The first institutions to feel these headwinds have been lesser-known colleges with nominal endowments. That has led to a surge of mergers and closings among small private schools. But the cracks in the business model of higher education are now prompting a realignment much further up the food chain.

Snowy city

Syracuse's challenges are both structural and self-inflicted. It's a private school in one of the snowiest cities in the country at a moment when students are gravitating toward public institutions in the Sunbelt. The city itself is geographically isolated, and has only recently begun to climb out of a long period of economic stagnation and to shake off a gritty reputation.

Big public flagships have risen in status nationwide and are drawing more students seeking sports and Greek life—for far less than Syracuse charges. And the NIL sports era has made it harder to compete against the deepest-pocketed behemoths.

At the same time, the Trump administration's disruption of billions of dollars in federal research grants has thrown a question mark over Syracuse's nearly \$200 million research budget. And Trump's continued pressure on student visas is disincentivizing international enrollment—a revenue stream on which Syracuse depends.

A Syracuse spokeswoman said she wasn't aware of Tavares's recommendations on attracting international students and said the dean of admissions at that time is no longer at the university.

Syracuse trustees are beginning to ask: Should the school retrench and redefine itself as a smaller, regional school instead of striving to hold on to its reputation as a national powerhouse?

The school is trying to offer more value to students without abandoning its reputation, said Syracuse Chancellor Michael Haynie in an interview.

"We cannot marginalize and erode the competitive moats [around Syracuse's best programs] by compromising the selectivity, by compromising the prestige," he said.

Haynie, who started as chancellor this spring, isn't sure yet whether Syracuse needs to shrink or expand. He said when the school realized there was going to be an enrollment shortfall this April, it could have pulled from its wait list but largely decided not to in order to maintain its academic standards. The shortfall wasn't due to a lack of demand, he said.

In comparison, though, with its peers, which include Boston University, Northeastern University and New York University, Syracuse is losing ground.

All have roughly equivalent sticker prices, with total costs hovering near \$100,000 a year, but Syracuse has dropped in a prominent national ranking seven years in a row.

Its competitors have been more steady, aided by their urban locations, financial aid and aggressive enrollment strategies.

Full sticker price

Northeastern, BU and NYU have seen application numbers surge and the percentage of applicants admitted plummet—a measure of selectivity that boosts a school's prestige and ability to draw more students willing and able to pay full sticker price.

The three enroll 40% or more of undergraduates paying the full price, compared with just 21% at Syracuse, according to 2023-24 data from the National Center for Education Statistics, the most recent available.

As a result, Syracuse's competitors can concentrate their financial-aid budgets on a smaller percentage of students, while Syracuse has to spread its allotment over a broader pool. That means that for students who get some sort of financial aid, Syracuse costs thousands more than its competitors.

Midsize private schools such as Syracuse are getting caught up in trends that have long buffeted the nation's smaller colleges.

Moderately selective private colleges are caught in the middle. They aren't elite enough to dictate the market, and they attract a student-body that is still concerned about the price tag, said Robert Kelchen, a professor at the University of Tennessee, Knoxville, who specializes in education finances.

*For 2023 to 2024 academic year Sources: U.S. Census Bureau (U.S. residents); National Center for Education Statistics (applicants admitted, sticker price)

"The stream of students willing to pay something closer to full price is drying

up," Kelchen said. "Even if they're not terribly concerned about how much it costs, they know that they can shop around and get a better deal."

Syracuse has a solid AA-mi-nus bond rat-

ing, but S&P Global analysts revised their outlook to negative from stable last year citing weaker demand metrics compared with similarly rated peers.

“They face some pretty formidable constraints,” said Barrett Taylor, who studies higher ed at the University of North Texas. If Syracuse is willing to concede some prestige and selectivity, “they have more degrees of freedom, but they also lose that social position that they spent a long time trying to achieve.”

Enrollment offices are tasked with filling every class and generating the lion's share of revenue needed to cover school operating expenses. In recent years, that has become considerably harder among nonelite schools.

'The problem with Syracuse is that the school thinks of itself as like an Ivy.'

The percentage of students who enrolled after receiving an admission offer at most schools has declined by half in the past two decades, according to federal data.

One factor driving the

trend: on average students apply to three times as many schools as they did 25 years ago. Online applications make it easier, and more kids are willing to move across the country for

college.

Elite schools are confident students will accept admission offers, so acceptance rates have plummeted to 4% at some schools. Less-selective colleges admit many more students to enroll a full class, because so many turn down their offers.

'Yield volatility'

Enrollment offices have dubbed this phenomenon “yield volatility,” making it harder to predict the size of an incoming class. A miscalculation of just 1% can significantly impact enrollment and

Northeastern University 40%

compound into years of lost revenue, enrollment consultants say.

Syracuse has been on an enrollment roller coaster. As recently as fall 2022, the school had the opposite issue: too many students. The university surpassed its goal by 400 students after more freshmen than expected accepted offers. Some students had to live in a Sheraton Hotel instead of dorms.

It was a stark contrast to the underenrollment challenges that followed in recent years, said Giuliana Painter-Rings, a former Syracuse employee who worked on student support and experiences.

“Finding out that there are too many people coming: ‘Oh no,’” she said of the housing shortage. “And then this year being like, there’s not enough students enrolling: ‘Oh no.’”

Haynie said Syracuse has made significant changes to its enrollment approach, infrastructure and personnel. The school is adding nonbinding early action for the first time, and hopes to expedite its response timeline to regular decision applicants, since it was one of the slowest last year, Haynie said.

Other factors—beyond financial-aid packages—dent Syracuse's yield rate. Haynie said the school admits students but doesn't follow up. "We just sort of assume that 'OK, you've been admitted and it's Syracuse University and you'll let us know if you're going to show up or not," he said.

Typically, enrollment officers pay close attention to demonstrated interest to try to predict which students are likely to accept admission offers. They track how quickly prospective students open recruiting emails and how long they spend reading them. Are they visiting campus, logging into the school website or visiting recruitment booths at college fairs?

Sports lull

At Syracuse, enrollment volatility has been magnified by the decline in its sports programs—historically an important factor in drawing students to a campus.

Syracuse's men's basketball team, a perennial powerhouse that won the NCAA tournament in 2003 and reached the Final Four in 2013 and 2016, has failed to earn a bid in the tournament for the past five seasons, depriving the university of national exposure.

Syracuse retains a number of world class programs, including architecture, public policy, communications and dramatic arts. The school is also poised to benefit from Micron Technology's new \$100 billion semiconductor manufacturing complex not far from campus. Haynie said the school hopes to replace revenue from international enrollment with research and credentialing connected to the chip giant.

Syracuse has also eliminated 93 academic programs that it said didn't draw enough students, such as child therapy and Middle Eastern studies. The spokeswoman said the school still offers more degree programs than comparable peer institutions.

At the same time, the school has gone into debt to address a decadeslong housing problem.

Arms race

Through the 1990s and early 2000s, universities spent billions upgrading facilities in an arms race to attract affluent students who carefully weighed where to enroll based on the quality of dorms and amenities, such as lazy rivers and climbing walls.

Syracuse fell behind. It hasn't opened a new dorm since 2009, and years of reviews showed students wanted more housing near the main campus. The school outlined a plan to modernize student-housing a decade ago when finances were stable.

In 2025, it borrowed \$458 million to build new dorms near its main campus. The risk was exacerbated because the school has a relatively small endowment for a university of its size.

Haynie said that in retrospect, the school might have been better off not constructing so much simultaneously. Still, “I do believe in investing rather than pulling back,” he said. “No institution is going to cut their way out of this.”

PERSONAL JOURNAL.

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THE WALL STREET JOURNAL.

How Much Water Should You Drink? It's a Fluid Situation

Take liquids with your meals and when you're thirsty; for most of us, that's adequate hydration

YOUR HEALTH SUMATHI REDDY

have a confession: I hate drinking water.

While everyone else seems to be slugging H20 from 40-ounce Stanley tumblers, I have never understood the

appeal of drinking plain, tasteless water all day.

But how much water do we really need to drink a day? The question feels more pressing than ever given rising temperatures, heat waves and the fact that chugging water is almost a competitive sport these days.

The answer may be less than you think and varies based on your size, health, activity level and where you live.

Don't get me wrong, I am not underestimating the importance of water. It's essential to all life and bodily functions and is upward of 60% of our bodies. Bad things happen when we don't get enough of it, the main one being dehydration, a leading preventable cause of hospitalizations.

Yet, there isn't a lot of good research on hydration, says Stavros Kavouras, founding director of Arizona State University's Hydration Science Lab in Phoenix and DrHydration on social media.

“Water is the forgotten nutrient,” he says. “It doesn’t come with calories, so we don’t even talk about it.”

Recommendations

The most cited recommendations for water come from the National Academy of Medicine, which calls for a total daily fluid intake of 3.7 liters for men and 2.7 liters for women.

But here's the thing: That is total fluid intake, not water specifically. And here's the other thing: Roughly $20\%$ of our fluids come directly from food, studies

have found.

That leaves roughly 2 liters of fluids daily for women and 3 for men, says Kavouras. That translates to about 68 ounces and 101 ounces from beverages.

Kavouras estimates the average pour of water in the U.S. is 12 to 16 ounces. So that works out to about four to six glasses of fluids daily for women and six to eight for men.

Men and women

The NAM recommendations are based on population-level data, and men on average are bigger than women. Beyond body size and gender, other factors affect how much fluid you need in a day.

Activity level is a big one. Someone who is training for a marathon is going to need to drink more fluids than someone who is largely sedentary.

"The amount varies markedly on individuals based on weight, sweat rates and ambient temperatures," says Dr. Joseph G. Verbalis, chief of endocrinology and metabolism at Georgetown University in Washington, DC.

Being underhydrated Drinking a lower than recommended amount of fluids can have a detrimental health effect. Kavouras's lab has found an association between people who are "low" drinkers of fluids and higher risks of conditions including Type 2 diabetes, heart disease and dementia.

Low is defined as drinking less fluids to the point of being underhydrated, but not dehydrated. This means you're running low on fluids, but not enough to show acute dehydration symptoms, like feeling faint or confused.

Chronic low-water intake is also linked to an increased risk of developing recurrent urinary tract infections, kidney stones and some types of kidney disease, says Colleen Muñoz, director of the hydration-health center at the University of Hartford in Connecticut.

Monday, August 31, 2026 | A11

◀ Water is essential to all life and bodily functions and is upward of 60% of our bodies.

Coffee, tea?

Fortunately, your daily fluid needs can come from just about any source. Coffee and tea? Sure. Black coffee, in fact, is 99% water.

"There's this myth that coffee is a diuretic and is going to dehydrate you, it's not true," says Juli MacKenna, manager of clinical nutrition at Tufts Medicine Melrose-Wakefield Hospital.

Avoiding alcohol isn't a myth, though. It is a diuretic and makes your body lose water.

Milk and juice? Absolutely fine. Soda? Even that counts. Of course, it's always best for the primary source of daily fluids to be water to avoid unnecessary calories and sugar.

So what about sparkling water, which is where I get most of my hydration from (hello Spindrift and LaCroix!? “Sparkling water is water; it’s not a problem if you like sparkling water,” says Kavouras.

Reading the signs

What is the easiest way to tell if you are drinking too much or too little? Bathroom frequency and the color of your pee.

Dark yellow urine signals you're not drinking enough. Clear pee means you're drinking too much fluids. Light yellow is the sweet spot.

Other symptoms of not drinking enough fluids can include headaches, fatigue and confusion, she says.

Drinking too much water can also be dangerous, though severe cases are rare. Our kidneys can handle a lot of fluid.

Health conditions

Certain health conditions require people to drink less fluids, says Verbalis. This includes congestive heart failure and kidney and liver failure. It also includes a couple of rare medical conditions.

"If you don't have those diseases and you're drinking more than you need, the kidneys are going to excrete that and you're not going to get into any trouble other than urinating more frequently," Verbalis explains.

On the other hand, people at risk for kidney stones are often advised to drink more water to prevent stone formation.

Bottom line

Drink with your meals and when you're thirsty. For most of us, that will keep us well hydrated. One caveat: Some researchers warn thirst can be delayed or reduced with age or certain medications.

"Our kidneys are really, really good at holding on to water when we need it and excreting it when we have too much," says Derek Daniels, a professor of biological sciences at the University at Buffalo, who studies thirst.

So hydration is important, but you don't need to turn drinking water into a full-time job. In other words, you can safely leave the 40-ounce tumbler at home.

Employers AI-Proof Job Interviews

EMIL LENDOF/WSJ. ISTOCK

Continued from Page One

challenging situation at a prior job, for example.

A September survey of 3,000 managers by Checkr, a verification platform, found that 59% of managers suspected job candidates had help from AI tools to misrepresent themselves during the hiring process.

“This is a reality for every company that hires remote,” says Benjamin Sesser, general manager of BrightHire, a Zoom company that makes software to conduct, record and analyze remote job interviews. “It’s very problematic.”

BrightHire added a cheating-detection tool to its AI-interviewing product earlier this year that can monitor certain browser signals: "It's monitoring: Are you switching browser tabs? What are you doing on your machine?" says Sesser.

When candidates interview with the telecommunications and security company Somos, they are asked to take down their Zoom background and pan their camera around the room. The goal is to spot clues that they're not where they claim to be or if there's another person—or computer setup—in the room feeding them answers.

Some candidates disconnect the call upon hearing the request.

"We were getting a lot of fraudu-"

lent candidates," says Elissa Barrett, chief people officer of Somos, which is based in New Jersey but is a remote-first company.

Somos recently started checking candidate IP addresses. They had been catching candidates claiming to be in Florida, for example, but actually residing in Brazil. They have also started asking job seekers to wave their hand in front of their face: A bot posing as a human with an AI-generated face can't typically complete the challenge.

"When something is off, they hold their hand to the side," says Barrett.

Mike Hauschild is a recruiter with Quantum, which hires candidates for more than 200 venture-backed startups. He says job seekers are encouraged to use AI for things like take-home assignments or coding exercises, but there are other questions they need to answer on their own.

One client requires candidates to put their hands in the air while the interview prompt is being delivered to prove there's no live typing going on. "They phrase it as, we're going to do a little bit of a hands-on screen exercise," he says. "It's wacky."

Eva Spexard, head of AI operations for a 30-person remote-first startup called Passion.io, says her company asks candidates to share their screen for certain parts of the interview. They have also moved to written answers for some questions, providing answers in real-time in a shared Google doc.

“You basically see if they’re typing or if they’re copy-pasting,” she says.

Spexard says take-home assignments became so riddled with AI slop that they are becoming obsolete and live assignments are now the way to go. There were too many times where it was clear a chatbot had been used, including “copy-pasted replies that still had the Claude sentence, ‘Should I make that more concise?’” says Spexard.

At Nominal—which builds software for hardware engineering teams and has around 220 in-office employees—candidates aren't hired until after they come for an in-person interview. Coding tests for engineers are conducted on site.

“We can fully control the cheating experience through the on-site interview,” says Bryce Strauss, Nominal’s CEO. “We have a laptop that we provide them.”

In the past few years, Strauss says he has noticed a widening gap in people's abilities to think through problems: He suspects some are relying on AI so much in their day-to-day work that it is affecting their ability to think on their own. When AI is being used to answer a question, a telltale sign is the answer ends up being mechanical and far less interesting.

“Tangents, false starts, weird connections you didn’t expect to make mid-thought tend to get cleaned up when AI is involved,” he says. “The way to stand out in this moment is to be fundamentally human.”

The WSJ Daily Crossword | Edited by Mike Shenk

Dolly Parton, Hollywood Star

From ‘9 to 5’ to ‘Steel Magnolias,’ fans loved seeing the legendary singer grace the screen

BY ESTHER ZUCKERMAN

Dolly Parton, who died Tuesday at the age of 80, was “at least tem-

porarily," in her words, "a full-fledged movie star," according to her autobiography "Dolly: My Life and Other Unfinished Business."

In the book, the country music legend recounted the Hollywood recognition that followed the success of her musical “The Best Little Whorehouse in Texas” in 1982. Parton’s film career yielded classics, including “9 to 5” and “Steel Magnolias,” as well as flops, like “Rhinestone.” Here’s a look at her most memorable roles.

'9 to 5' (1980) She played Secretary Doralee Rhodes, who takes revenge on her boorish boss.

Her story Parton's greatest contribution to the movie might have been its title—and the song she wrote for it,

in which she croons about grabbing herself a “cup of ambition.” But Parton was just as instrumental on-screen, starring alongside Jane Fonda and Lily Tomlin, as one of three women who take revenge on their cruel, sexual harassment of a boss.

It was her first movie role, and Fonda was eager to cast her. Par- ton was at first reluctant, but she signed up on the advice of her manager. "As it turned out, it was the perfect role for me to break into the movies," she wrote. She had a great time with her co-stars. "A lot of people were sayin', 'Boy, I would l-o-o-o-v-e to see that. There ain't no way them three bitches are gonna get along! Can you imagine three women like that?!' And you know, we had the greatest time," Parton said in an interview with Rolling Stone. To prepare, Parton memorized the entire script.

'The Best Little Whorehouse in Texas' (1982)

She played Mona, the madam who presides over the “Chicken Ranch.”

Movie, which pared her with Reynolds as the sheriff who happens to be her lover, but it became a bona fide hit anyway and was the ninth highest grossing movie of the year.

Her story In her book, Parton wrote that after she had a “wonderful time” on “9 to 5,” she was eager to do another movie. So she signed on to play the sweet brothel proprietor in this film, based on a 1978 Broadway musical. It was the “completely opposite experience,” she wrote, adding, “I was still relatively green in the movie business and didn’t know that by the time I got involved there was already what they call ‘a lot of blood on the project.’” Her co-star Burt Reynolds was in a bad mood. People were being fired. Critics panned the movie, which paired her

Clockwise from left: Stars of '9 to 5;' Parton in the workplace comedy; 'Steel Magnolias;' 'Joyful Noise;' 'Rhinestone' and 'The Best Little Whorehouse in Texas.'

'Rhinestone' (1984)

She played Jake Farris, a singer who tries to make a New York cabbie (Sylvester Stallone) a country star.

Her story The film was a massive flop. Parton wrote in her book: "I guess the public didn't want to see Sylvester Stallone do comedy. Or maybe they didn't want to see me do Sylvester Stallone. One thing is certain: They didn't want to see 'Rhinestone.' " Parton adored Stallone, whom she called "better than popcorn."

'Steel Magnolias' (1989) She played Truvy, the Louisiana hairdresser whose home is a gathering spot for the local women.

Her story Director Herbert Ross didn't particularly like Parton, telling her she couldn't act. Her retort: “I'm not an actress, I'm Dolly Parton. I'm a personality who has been hired to do this movie. You're the director. It's your job to make me look like I'm acting.”

Others strongly disagreed with Ross. In his review, Roger Ebert called her “one of the sunniest and most natural of actresses.” Parton told the Associated Press at the time that if she hadn’t become a star she might have sought a job like Truvy’s. “I would have wanted to have a career in glamour,” she said.

'Joyful Noise' (2012)
She played G.G. Sparrow, a member of a Georgia church choir. Her story After an extended period where her film work was mostly cameos, Parton returned to the screen in this inspirational comedy about a small town church choir where she plays antagonist to Queen Latifah's choir director. Speaking with NPR, Parton said she was happy to make jokes about her plastic surgery, even encouraging writer-director Todd Graff to make those kinds of references. "I said, 'Look, I'm not touchy at all about this. If we can get a laugh, I'm all for it,'” she said.

LET'S CELEBRATE | By Ben Wildman-Tobriner & Stephanie Wildman

Across 1 Sound from a censor 6 Devil's domain 10 Whole kit and caboodle 13 "Bodak Yellow" rapper ____ B 14 Angelina of "Maleficent" 15 The Beatles' "____ Loser" 16 Baptism ceremony 18 Many a time 19 Sounded sheepish? 20 ____ Lama 22 Egg outline 25 Degree conferral ceremony 28 Floppy cap 30 Taylor-Joy of "The Queen's Gambit" 31 Londoner's lang. 32 Sushi condiment 36 "Doggone!"

40 "Amen!" (and a homophonic hint to 16-, 25-, 50- and 61-Across) 43 Captain Hook's sidekick 44 Deliberately taunted 45 George Gershwin's lyricist brother 46 Ski lift type 48 Oregon's capital 50 Coming-of-age ceremony 56 Prez's subordinate 57 Balm-yielding plants 58 Dwelling 60 Drain of energy 61 Birthday ceremony 67 Middle of summer? 68 Goads on

69 Heated in the microwave, informally
70 Tofu source
71 Grandson of Adam and Eve
72 Holds onto Down
1 Stealthy inclusion in an email
2 _di-dah
3 Goof
4 Safe to consume
5 Site of a skewed tower
6 Accord or Civic
7 Quarterback Manning
8 Vietnam Memorial architect Maya
9 Gym session that may lead to sore quads
10 Garlicky spread
11 Hilarious, in texts

▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles.

26 Blot gently
27 Come together
29 What the hand sign for peace might also mean
33 Plate appearance
34 "Outlander" network
35 Tuna variety
37 Nimble
38 One more than 29-Down
39 Philatelist's specimen
41 "Capeesh?"
42 Hwys.
47 Creamy soup
49 Many a Monopoly property
50 Diamond corners
51 San Antonio landmark
52 _turvy
53 Wind indicators
54 Fundamentals
55 Gardener's tool
59 Cold and damp
62 Catering container
63 "Where did _wrong?"
64 Scratch (out)
65 Workout unit
66 TV spots

12 Language of many mottos
14 Do some heckling
17 Graffiti signature
21 Arcade game pioneer
22 Follows orders
23 Cobra's poison
24 Join the debate

The contest answer is ADOPT. The five theme answers consist of a common pet surrounding another word (CANADA DRY = CANARY around DAD, ROARED AT = RAT around OARED, PAIRS UP = PUP around AIRS, FRANKISH = FISH around RANK, CAMEMBERT = CAT around MEMBER). Those inner words end the clues for five grid answers, and the first letters of those grid answers spell the contest answer.

Singapore Battles Cicadas

Continued from Page One

that had previously been found in the Philippines. How the critters, which move in larger swarms than Singapore's other cicada species, got to the island is unknown.

They were “all over the corridor, the floors, the wall,” said Ashukumar Veerappan, 65, a resident of a housing complex that was menaced by the intruders. “They hit on your face and everywhere. They just fly blindly.”

During the peak of the chaos, Veerappan heard screams every night from neighbors. Parents said cicadas banging into windows prevented their children from sleeping. Residents used shawls and umbrellas to protect themselves in open-air hallways.

Some began griping to local media and the authorities sprang into action—with a hallmark efficiency that has helped Singapore transform from a struggling postcolonial trading post to a modern financial hub.

A “Cicada Management Taskforce,” led by Choo and comprising scientists, community groups and the national parks agency, wrapped foil or plastic around more than 500 trees and laid coconut husk mats or tarpaulin at their base. They hoped to disrupt the molting process of cicada nymphs, which need to shed their outer layer to emerge as adults.

In government-subsidized apartment buildings, where most Singaporeans live, some ceiling lights were masked to see if cicadas would be less attracted to them. Municipal workers roamed the hallways with nets. Light traps, made from sheets, lamps and containers of soapy water, were used to corner the bugs.

“Because cicada surges are not well-studied in dense tropical urban settings, no single agency had an off-the-

Foo Maosheng shows how to collect nymphal shells of the orange-winged cicada.

shelf solution," said Choo, a member of the People's Action Party that has governed Singapore since 1959.

Singapore isn't used to half measures. Chewing gum is effectively banned and some criminals are still caned. But the streets are clean, multinational companies are here in droves and the island country frequently ranks at the top of livability indexes.

Due to that success, expectations are high for a perfectly functioning and harmonious society.

"If Singapore has a national pastime beyond lining up for food and scoring deals, it is complaining," read a 2024 article in the Straits Times that dubbed it "complain nation."

It has been an effective recipe. “They do look into it when more people start to complain,” Veerappan said. He is on the executive committee of the opposition Singapore Democratic Party, which hasn’t had a member of parliament since the 1990s, but said he was “quite satisfied” with the government’s cicada effort.

The U.S., where there are both annual and periodical cicada swarms, tends to take a more laissez-faire approach. The Environmental Protection Agency says the bugs, which are largely harmless, will leave eventually.

Carlos Kennerley, who lives in the same building as

Veerappan, said when his 29-year-old daughter, Aisyah, came home from work, she would call him to meet her at the elevator—with a badminton racket in hand.

“You stand outside and your ears are ringing,” said Kennerley, 59, a Brit who has lived in Singapore for decades. “You come into a quiet place and it’s like, ‘Whoa.’”

Foo Maosheng, an entomologist at the National University of Singapore's Lee Kong Chian Natural History Museum, usually specializes in cockroaches. Nonetheless, he deployed to the front lines of the cicada invasion, which runs from about March to June.

Whether it is a health or economic problem, Singaporeans “tend to have this concept of creating a working group in order to handle the situation,” said Foo, who was on the task force and provided input on cicada biology. “It’s very similar to back in the Covid times.”

Over three nights, Foo said he caught 1,733 cicadas using the light traps. Many are now stored in his lab at the museum.

The tree wrappings and light traps worked well, Choo said. The goal was to reduce the impacts on residents, not totally eradicate the cicadas.

For next year, officials are exploring using very targeted pesticides and will prune trees early to remove potential egg-laying sites.

“We moved away from broad guesswork,” Choo said. “We now have a clearer, better-tested playbook.”

ARTS IN REVIEW

ART REVIEW

The Clark's New Trove

A show displays some of the treasures included in the extraordinary bequest of Aso O. Tavitian

BY KAREN WILKIN

Williamstown, Mass. n 2024, the Clark Art Institute received an astonishing be- quest of 331 works from a lo- ingly and perceptively chosen private collection, comprising 132 paintings, 130 sculptures,

39 drawings, and 30 decorative arts objects, from the Renaissance to the $19^{\text{th}}$ century. The donation also included an endowment for a new curatorial position to oversee the collection, and funds to support its long-term care, prepare a catalog and construct a new wing to house the works.

The generous author of this remarkable gift, Aso O. Tavitian (1940-2020), a longtime friend and trustee of the Clark and other arts institutions, was equally remarkable. Born in Bulgaria to Armenian parents who survived the genocide, he immigrated to the U.S. in 1961 and studied at Columbia University, earning advanced degrees in nuclear engineering and nuclear physics. An early employee of a pioneering software development company, he became its CEO and main shareholder, enabling his major philanthropic support of international educational programs and his ambitious and informed collecting.

The elegantly presented “An Exquisite Eye: Introducing the Aso O. Tavitian Collection,” at the Clark, offers a preview with 150 works by artists from different countries, deploying different mediums, united by consistent excellence. (The new wing for the collection, designed by Annabelle Selldorf, is scheduled for 2028.) We encounter paintings on canvas and on copper; bronzes, terracottas and an impressive ivory; dispassionate portraits, intimate sketches and pitiless caricatures. We are stopped by celebrated

names and surprised by those known mainly to specialists throughout an installation that, while chronological, also creates unexpected conversations. The tiny, exquisite “Madonna at the Fountain,” Jan van Eyck and Workshop, c. 1440, faces a seductively detailed alabaster sculpture, “Saint Cecilia,” Gil de Siloé, c. 1500, not

far from Hans Memling's uncompromisingly truthful portrait of a man, c. 1470-75, and a pair of delicious, idealized glazed terracotta heads by Andrea della Robbia, c. 1470-80. The celebrated Jusepe de Ribera's sturdy, moodily lit "Philosopher With a Globe (Anaxagoras)," 1630, lives near "Self-Portrait in a Turban," 1675-77, by the obscure Wallerant Vaillant, with its dazzlingly painted fabric headgear.

Informative labels by the newly minted Aso O. Tavitian curator of early modern painting and sculpture, Lara Yeager-Crasselt, formerly of the Leiden Collection of Dutch Golden Age art, emphasize the interconnectedness of European artists during the period illu-

'Madonna at the Fountain' (c. 1440), by Jan van Eyck and Workshop, left, and 'The Proud Man' (1715), by Jean-Antoine Watteau, below.

Clockwise from left: Parmigianino's 'Portrait of a Man' (c. 1530); Claude-Joseph Vernet's 'Rhine Falls Near Schaffhausen, Switzerland' (1779); Jean-Antoine Houdon's 'Little Lise' (1775); and Elisabeth Louise Vigée-Lebrun's 'Self Portrait in Studio Costume' (c. 1800).

minated by the collection, reminding us that Jan Brueghel the Elder's evocative “Landscape With Figures on a Wooded Path,” c. 1595, was made after the Netherlandish master returned from a sojourn in Rome. We learn, too, that the collection’s landscapes by Hubert Robert, “Colonnade and Gardens at the Villa Medici,” c. 1759, and “Interior of the Villa Giulia With Haymakers,” 1759, were painted during the French artist’s extended stay in Italy.

There are fine landscapes, such as the 17 $^{th}$ -century Dutch painter Meindert Hobbema's wooded scene under a lowering, cloudy Northern European sky, and the French academician Claude-Joseph Vernet's dramatic view of the "Rhine Falls Near Schaffhausen, Switzerland," 1779, signaling the sublime. We discover mythological scenes and even a still life. But portraits dominate, including Jacques-Louis David's affectionate image of his young son, c. 1788; Elisabeth Louise Vigée-Lebrun's forthright self-portrait in red cap, c. 1800; Jean-Antoine Houdon's suave marble "Little Lise," 1775; and Louis-Léopold Boilly's 32 individual heads, a cross-section of the men and women of Paris in 1820. Jean-Antoine Watteau's small "The Proud Man," 1715, with its alert, erect figure in red, and Jean-Honoré Fragonard's brushy, rapidly painted "The Letter," c. 1773-76, both enlarge our ideas about $18^{\text{th}}$ -century French painting and confirm that Tavitian liked being surrounded by images of his fellow man and woman.

Tavitian's admiration for complexity and technical virtuosity is attested to by many extraordinarily detailed works. We marvel at the intricate fabric, embroidery and jewelry in Lucas Cranach the Elder's "Portrait of a Young Woman Holding Grapes and Apples," 1528, and ponder the sheer improbability of the survival of Clodion's terracotta sculpture "Bacchante With Grapes Carried by Two Bacchantes and a Bacchant," 1800—a 2-foot tower of slender, fragile limbs.

What is even more interesting is Tavitian's enthusiastic response to works noteworthy not for elaboration but for economy, directness and intimacy. He acquired Anthony van Dyck's highly finished portrait of his mistress, Margaret Lemon, c. 1638, wrapped in crackling silk, with her curly hair and lively, side-long glance. But he also purchased Van Dyck's broadly painted, assertive oil on paper "Study of a Young Bearded Man," c. 1618-19, and Gian Lorenzo Bernini's straightforward oil-on-paper portrait of his brother—accomplished, casual works that seem plucked straight from the studio. And then there's the robustly modeled head of a young man by Michael Sweerts, another northerner who spent considerable time in Italy, painted after his return to the North. And much more.

The sumptuous array of works encourages us to wonder about the person who assembled them. Tavitian must have been fascinating. The collection certainly is.

An Exquisite Eye: Introducing the Aso O. Tavitian Collection The Clark Art Institute, through Feb. 21, 2027

Ms. Wilkin is an independent curator and critic.

FROM TOP: JAVIER LIZON/EPA/SHUTTERSTOCK; JOSEP LAGO/AFP/GETTY IMAGES

JASON GAY

A Bloody, Bad Day for Pogacar

The cycling star was knocked out of the Vuelta a España with a broken collarbone after a crash

We started treating him as invincible, because he really seemed to be.

Tadej Pogacar won nearly every bike race

he entered, and he appeared to do it with ease, conquering rivals and Alpine ascents and eliding the perpetual danger of a perilous sport.

On Saturday the peril caught up. Pogacar was cruising at a little under 30 miles per hour in a pack of riders in the Vuelta a España—a race he was winning, of course—when his bike appeared to strike a small object in the roadway (that's the theory, at least), causing Pogacar to veer into another rider and vaulting him and his bike frighteningly into the air.

When Pogacar hit the asphalt, the damage was instant: a concussion, bruises and cuts to his face and shoulder, a fractured C7 vertebrae and a broken collarbone said to require surgery. The crash ends Pogacar's Vuelta and possibly wraps his 2026 season, which was already one of the best any cyclist has ever had.

The world's best rider couldn't evade the risky reality of his job. Cyclists fly at 65 mph down mountain passes in little more than discount Halloween costumes and everyone acts like it's normal, when it's anything but.

The danger is forever. Horrible things occur. Just a couple of weeks ago, a young Welsh rider, Finlay Tarling, died after being struck by a vehicle during a race in Portugal, and the sport mourns and moves on. Tarling's brother, Josh, started the Vuelta, finishing third in the opening stage, two slots behind Pogacar, before dropping out a few days later.

Compartmentaliza-

Compartmentalization becomes as critical as a water bottle. No road is utterly safe. Pogacar's crash took place on a wide, straight flat, and seems to have been nothing more than

tough luck. Crashes in a moving group of riders—the peloton—are especially hazardous because there's little opportunity to react, and seldom any room to maneu-

ver.

As ugly as Pogacar's crash was, it could have been much worse. He got up pretty fast, and there was actually a moment when Pogacar's

Tadej Pogacar, top, crashed in the Vuelta a España on Saturday. Enric Mas, below, took over the red jersey but refused to put it on.

team thought he would remount his bike and rejoin the race. He'd done that before, dramatically, to win races like Strade Bianchi and Milan San Remo.

Not this time. The bleeding and wooziness from his head injury put an end to all that.

Pogacar had been competing in the Vuelta because it is the only one of cycling's three Grand Tours he hasn't won. He's conquered the Tour de France five times, including this past July, as well as the Giro d'Italia, and a whole bunch of one-day races that confirmed him as the greatest rider of his generation and almost certainly more.

The Spanish epic—contested in the back third of the season—was the rare title that eluded Pogacar. He'd already won a trio of stages and was pedaling away with the red jersey as overall leader. Competitors cracked that he looked like he was on casual Zone 2 training rides. Pogacar had done to the Vuelta what he does to most stage races, which is turn it into a competition for second place.

Now he's out, suddenly, because that's bike racing. Pogacar lost his closest rival in this year's Tour, Jonas Vinegegaard, to a busted collarbone midway through the race, and now the same injury has sent him home, too. The impact injury is a cycling standby. The cruel joke is that there are only two types of bike racers: Those who have broken their collarbone, and those who are about to. It happens all the time.

The sport will wait for updates,

but the likelihood is he shuts it down from here. Pogacar is the reigning, two-time defending world champion in the road race, but it is difficult to imagine him being healthy and confident enough—confidence can be the recovery that takes the longest after a crash—to go for the three-peat in Montreal on Sept. 27. Désolé, Quebec.

Pogacar may be a dominant athlete with an offbeat, silly side—look at his Bee Gees inflected “Stayin’ Alive” social-media post from his hospital bed—he’s as vulnerable as anyone else. The sport already feels hollow without him.

At the end of Saturday's stage, Pogacar's successor atop the standings, Enric Mas, was offered the red jersey as the new race leader. Mas refused to wear it.

The Sensation With 120 Million Fans

BY CAIRA CONNER

It was only 10:30 a.m. on a Tuesday morning, five days before the U.S. Open singles draw actually started, but spectators had packed the 14,000 seats of Louis Armstrong Stadium to the brim.

Never mind that it was a week-day, or that the competition was a short-format mixed-doubles event, or that the food courts wouldn't open for another half-hour.

They had come to see a 21-year-old Filipino tennis prodigy named Alex Eala, who was paired up with Canada's Félix Auger-Aliassime. They greeted her with a roar, cheered every point, and screamed with such deafening volume that her opponents made a string of unforced errors in the middle of a game. Though the match only lasted roughly 39 minutes—and Eala and Auger-Aliassime lost—fans had gotten what they came for: a chance to see Eala in the flesh.

Tennis is hardly a national past-time in the Philippines, ranking far behind basketball and soccer to the archipelago's population of roughly 120 million. The country's most famous athlete is, without a doubt, former world champion boxer Manny Pacquiao, who racked up titles in eight different weight classes before briefly serving as a senator. His name remains synonymous with national pride.

Now, in the space of a season, Eala is primed to capture something similar.

“From what I’ve been told it’s very difficult to get courts nowadays,” she said recently. “Online

SCOTT TAETSCH/GETTY IMAGES

I'm seeing everybody is playing tennis." French retailer Decathlon reports seeing beginner racket sales surge $66\%$ in their Philippines stores.

Eala, who grew up in Metro Manila and later graduated from the Rafa Nadal Academy in 2023, conducts at least part of every on-court interview in Tagalog. Those who come to watch her play, wave Filipino flags and wear custom T-shirts with her likeness on the front. In Manila, her face is plastered across a billboard on Epifanio de los Santos Avenue, the city's longest stretch of highway.

“Eala Mania” began picking up steam just over a year ago, at the 2025 Miami Open. Then ranked No. 140 in the world, she made a charmed run to the semifinals by knocking out three Grand Slam champions in merciless succession: Jelena Ostapenko, Madison Keys, and Iga Świątek, each in straight-set victories. Eala had entered the tournament on a wild card. No Filipina in history had ever entered the main draw of a WTA Masters 1000.

That was merely prologue. Earlier this month, at the DC Open, she delivered her true breakout. She toppled world No. 3 Jessica Pegula in three sets to win her first WTA tour title, becoming the first tennis player from the Philippines to win any professional tennis title.

“Her fans came out in droves every day, from morning until night, just to get a glimpse of her or an autograph,” Mark Ein, the Chairman of the DC Open, wrote in an email. “I haven’t seen anything like it since Rafa came to

Alex Eala reacts after winning the DC Open. The 21-year-old Filipino star is seeded 17th at this year's U.S. Open.

town."

At the National Bank Open, held this year in Toronto, Canada, ticket sales for her opening round doubled the number of seats available in the venue she was slotted to play in. Organizers scrambled to relocate her to Centre Court. She beat American Caty McNally in the third round and, at the net, McNally could only thank Eala for allowing her to be a part of the experience.

After the match, Eala told the crowd to “give Caty the flowers.” By morning, McNally had gained more than 10,000 new followers on Instagram, with a heavy Filipino contingent.

The claim that Eala's fans have staked on her life is occasionally intimate, but Eala doesn't seem to mind. When she shared an Instagram story wishing her parents a happy wedding anniversary, a flock of attendees arrived at her next match, in Cincinnati, holding up signs also wishing Michael "Mike" Eala and Rosemarie "Rizza" Maniego-Eala a happy wedding anniversary.

During an early changeover in the next round, against the American world No. 10 Amanda Anisimova, a young woman squatted down in the bleachers directly behind Eala's chair, to have her picture taken with the back of Eala's head. Eala stared straight ahead and sipped her water.

But those moments are only a fraction of what awaits her in

Queens, home to the largest Filipino community in New York. This time last year, she entered the U.S. Open as the world No. 75. This week, she arrived as the world No. 18, and seeded 17th at the tournament.

To honor her inaugural title in D.C., Nike gifted her with a custom shoe, decorated with a graphic of the yellow Philippines sun. Eala has been asked repeatedly if representing the dreams of a nation is ever a burden. Never, she says.

“Pressure is part of my job, and a lot of people ask me how I handle it,” she said earlier this year. “But it’s nothing compared to the pressure that regular, everyday Filipinos have to face providing for their families.”

Who's ‘Working Class’ Anymore?

INSIDE VIEW By Andy Kessler

Class warfare is in the air again—usually a sign that both sides have run out of ideas. The midterms are a battle over who is taking care of the

working class. But what is "working class" anyway?

“I think if you have to work to pay your bills, I think that is one definition,” New York Mayor Zohran Mamdani told the New York Times. So almost everyone? Rep. Alexandria Ocasio-Cortez explains, “We have to have a working-class-centered politics.”

But with manufacturing now less than 10% of total employment, who is working-class these days? Should classes be ranked by income, power, connections? Blue vs. white collar? It's confusing. The five standard academic classifications are upper, upper middle, middle, lower middle and lower. Others like to break the lower class into working class, working poor and underclass. Adding modifiers like “working” is more political spin than socioeconomics. TV host Mike Rowe highlights “Dirty Jobs.” But we don't call those who hold them the dirty class.

Speaking of spin, blogger Charles Hugh Smith came up with a twisted list of 10 different classes with various stages of money, power and prestige that seemingly all hate each other: deep state, oligarchs, new nobility, upper caste (born into it), state nomenklatura (ruling elite), middle class, working poor, state dependents, mobile creatives and gig-economy precariat (meaning no job security). Why not 20 classes? Run that list against actor George Clooney—certainly a mobile creative, but by my count he is in every one of these classes except middle class and working poor.

Most important, classes in the U.S. aren't stagnant, unlike the ancient Indian caste system, which meant, from Brahmins to the Dalits or Untouchables, you were born into your fate in life. While India banned castes in 1950, it added “caste enumeration” to its census in 2025.

In contrast, the U.S. Census measures income growth and economic mobility, movement between classes. Ignore the fictional American caste system touted by socialist fear-mongers like Bernie Sanders: "Billionaires get richer while working families struggle." In 1960 John Steinbeck wrote in Esquire magazine on the failure of socialism: "We didn't have any self-admitted proletarians. Everyone was a temporarily embarrassed capitalist." We're strivers. Eat that, Bernie.

Rahm Emanuel smartly told Politico, “If you’re trying to be a party that recruits people, working class people that go paycheck to paycheck, socialists have been repulsing them.”

Plus, we're barraged with false analysis that the middle class is hollowing out. The largest income group is now the upper middle class. The upper middle was $10\%$ of families in 1979. It's now $31\%$ . Really? Is that from exploitation? Heredity? Heck no. More like hard work. And dual incomes. The middle class is getting richer. Why is that bad?

Moreover, the income ranges of the upper middle class are wide enough to drive a truck through, from

Classes are now arbitrarily ranked by income, power and social connections.

\$109,000 to \$326,000 for a family of two and \$154,000 to \$462,000 for a family of four. Whether any of these folks feel upper middle class is a different matter—it depends on geography. Worse, they have a target on their backs from the politics of envy.

Mr. Mamdani declared, "The best city in the world deserves the best parks, libraries and schools in the world. That's only possible when we all pay our fair share." But that "fair share" is code for pick your pocket—hence a pied-à-terre tax for out-of-towners with second homes in the city.

Kimbal Musk (Elon's brother) sums up the anger at the upper classes in an HBO documentary on the Burning Man desert gathering, which starts again this week: “Wealthism is a cultural challenge in America today and there is a general resentment that has been built up. But we’re bad-asses, we go out into the deep whole world, and we kick ass and we come back, and we gift with a vulnerable open heart.”

I think he means that the weeklong cosplaying “Mad Max” meets Cirque du Soleil imagined classless “decommodification” utopia needs capitalism’s wealth to work. Most tickets run \$775 to \$3,000 plus tax. Then it ends and reality bites. There is no utopia in the “default world” except in socialism-infused fever dreams. Instead, we work.

The working class is larger than Mr. Mamdani thinks and is infused from lower class through the upper class. Ask any CEO how many hours he works. It isn't 40. It's probably more than 80. Elon Musk famously slept under his desk at a Tesla factory. Work ethic knows no class. And I mean that in a good way. Ignore class rhetoric.

By the way, I've always liked the movie-script idea of a virus that wipes out humanity but somehow misses all those attending Burning Man, who then repopulate the earth. I think that's already happened to the Democratic Party.

Write to kessler@wsj.com.

Trump's Great White Whale: Canada

Is President Trump secretly working for Canada's Liberal Party? You could be forgiven for thinking so after the failure of trade talks with Ot-

AMERICAS By Mary Anastasia O'Grady

tawa sent support soaring for Prime Minister Mark Carney's handling of the matter. If there's one thing conservative Canadians dislike more than the sniveling lefties running their federal government, it's the bombastic Mr. Trump.

In one poll some 76% of Canadian respondents said Mr. Carney was right to end negotiations with the U.S. on Aug. 21, even though it led to new Trump tariffs on \$20 billion of Canadian imports. Mr. Carney says Canada will retaliate with its own tariffs, to take effect Sept. 8. Mr. Trump has countered with a threat to impose 50% tariffs on all car and truck imports from Canada starting Jan. 1.

On Thursday the U.S. president said he is changing the name of Lake Ontario in federal records to Lake America. That'll show 'em who's boss. But Canada has its own ideas about how to inflict pain. Mr. Carney says his tariffs will be aimed at states in play in the midterm elections. Republicans are forewarned.

Both sides know a trade war is bad for their own economies. It's a good bet both sides will find ways to climb down—eventually. But the story won't end there.

Mr. Trump has done serious damage to U.S. credibility by picking a senseless fight with a neighbor, ally and important trade partner. For decades Washington has used trade agreements to help American farmers and manufacturers gain access to foreign markets, to develop international supply chains that boost competitiveness, and to enhance consumer choice and affordability. If those agreements can be abrogated unilaterally by the commander in chief, who's going to trust Uncle Sam?

Mr. Trump didn't like the 1994 North American Free Trade Agreement. In 2020 he replaced it with his own U.S.-Mexico-Canada Agreement. Now he doesn't like that. He's desperate to blow it up but needs someone to blame.

The U.S. president says Canada is the worst country on earth when it comes to negotiating trade. Translation: It's a little democracy that won't knuckle under to his second-term tariff hikes. This is hurtful to a frail ego. It can't go unanswered.

The trouble started in February 2025 when the administration used the International Emergency Economic Powers Act, or IEEPA, to announce tariffs on imports from Canada, claiming the country was a major source of fentanyl coming into the U.S. That was absurd. Mr. Trump seemed to admit it soon after, when he exempted most imports from

Mexico and Canada that complied with the USMCA's “rules of origin.”

Mr. Trump also invoked Section 232 of the Trade Expansion Act of 1962, claiming threats to national security, to impose duties on steel, aluminum, a variety of metals “derivatives” (e.g., heavy industrial machinery and hardware, farm equipment, and

His trade war is self- defeating and helps Prime Minister Mark Carney politically.

heating, ventilation and air-conditioning units), autos and auto parts except those complying with the USMCA. Then-Prime Minister Justin Trudeau responded to the Trump tariffs, announcing new tariffs and quotas on U.S. goods entering Canada, including autos. The trade war was on.

In October 2025, Mr. Trump, again using Section 232, put more tariffs on Canada. Upholstered furniture, cabinets and vanities from the north weren't about to invade. But Mr. Trump was daring Congress to stop him. It did nothing.

In February the Supreme Court told the president that IEEPA didn't give him the power to impose tariffs. That hasn't kept him from abusing other trade powers delegated by Congress.

Mr. Carney has been more circumspect. Until now he has responded to Trump tariffs with subsidies for domestic producers and a buy-Canadian initiative. Yet while Canadian provinces stopped importing American wine and spirits, Ottawa hasn't imposed new tariffs. Canada has retained protection in autos and in dairy, which wasn't part of the retaliation. But in an effort to de-escalate the conflict last summer, Mr. Carney reversed other retaliatory duties.

The provinces haven't been so conciliatory. They have refused to restart purchases of American alcohol. The Trump administration has felt the heat from American producers. “U.S. wine exports to Canada fell 78% year over year, driving a \$357 million loss in export value,” the Wine Institute said in March. The U.S. accuses Canada of discriminating against American products. In July, invoking the never-before-used Section 338 of the Tariff Act of 1930, it said it would impose new tariffs on a range of Canadian goods.

It's left to the American business community to explain to Mr. Trump the harm he's doing and that his obsession with the trade deficit with Canada, caused by energy imports, is misplaced. If that message gets across, there's hope. Until then, Mr. Carney might want to thank Mr. Trump for the political assist.

Write to O'Grady@wsj.com.

‘Extreme Weather’ Isn’t a Scientific Term

By Stephen Einhorn

“Extreme weather” sounds like a scientific term and is used routinely by government agencies, journalists and activists. Behind the strong language lies a fundamental problem: “Extreme weather” can’t be defined in any scientific, consistent or universally testable way. The phrase has no objective meaning.

Weather can be measured. Scientists measure temperature, rainfall, wind speed, storms and droughts. But the word “extreme” isn’t a measurement. It’s an arbitrary personal judgment.

How hot must a day be to be “extreme”? Ninety degrees, 100, 105? Must the temperature set a local record? Must it exceed the historical average by a particular amount? Must it last two days, three days or a week?

The same problem exists with rainfall, hurricanes, floods, tornadoes and wildfires. Different agencies and researchers employ different standards. Some definitions are based on percentiles. Others use fixed thresholds, historical rarity, physical damage, economic losses or emergency declarations. Some definitions change according to location and season.

It is a scare tactic, pure politics, yet we pretend otherwise.

These aren't merely different ways of measuring the same thing. They are different definitions of different things.

A 95-degree day might be classified as extreme in Milwaukee but ordinary in Phoenix. A storm may be statistically unusual but cause little damage. Another storm may be statistically ordinary but cause enormous losses. One definition measures the weather; another measures its consequences.

No definition can reconcile all of these contradictions. The definition must constantly be selected according to the event, location, time period and purpose.

“Extreme weather” is never scientific. Science requires terms that can be universally agreed upon in a single definition. The U.S. government has at least four different definitions of “extreme weather”: a legal definition, a statistical climatological definition, a hazard-based definition and an operational definition, which in turn is divided into three parts (climatological, forecast and user-specific). Congress and a host of agencies, from the Federal Emergency Management Agency and the National Weather Service to the Environmental Protection Agency, must decide which definition to use. Otherwise the label can be selected or rejected for almost any de- structive, unusual or frightening occurrence.

“Extreme” sounds dramatic without being specific, without requiring the speaker to identify a measurable standard. And if one definition fails to make the point, another can be substituted. If storm frequency hasn't increased, economic damage can be cited. If damage is inconclusive, temperature, rainfall or computer projections can take its place.

The claim can never be disproved because its meaning isn't fixed. If a term can't be defined, claims made with that term can't be proved true or false. Therefore, the statement “Climate change is causing more extreme weather” should be rejected as meaningless.

Mr. Einhorn is founder and a partner in Capital Midwest Fund and author of “Climate Change: What They Rarely Teach in College.”

BOOKSHELF | By Tunku Varadarajan

The Prestige Of the Professors

Twilight of the Dons

By Colin Kidd

Princeton, 288 pages, \$35

A mischievous 1961 article in Time magazine described All Souls College as a sanctum sanctorum “where the best brains of Oxford are preserved—in alcohol.” Colin Kidd, the author of “Twilight of the Dons,” was a fellow at All Souls for 21 years. He’s now a professor of modern history at the University of St. Andrews, the sort of place that might send a shudder down the fellowship at his former abode. Although there’s no indication that Mr. Kidd is pickled in drink, it’s clear that he’s intoxicated with the idea of Oxbridge, the portmanteau that describes the elite world of Oxford and Cambridge.

Mr. Kidd is obsessed in particular with Oxbridge dons, as the academics at these two British universities are known in demotic parlance. He describes his book as “an intellec-

tual history" of the Oxbridge professoriate, whose "golden age," he says, ran from the end of World War II in 1945 to the ascent of Margaret Thatcher to the British premiership in 1979.

In that period, he claims, the dons of Oxbridge exercised “soft power” in Britain to an unprecedented extent, playing a considerable role in the intellectual life of the nation. “A complacent lowercase conservatism,” Mr. Kidd writes, “coincided with greater access to the press, the radio and television,”

creating “a new kind of complacency, one with a megaphone at its disposal.”

It's hard to imagine today, in the aftermath of l'affaire Jason Arday—the Cambridge professor who apparently died by suicide after being exposed in the press as a plagiarist and fantasist—that a Cambridge don, the archaeologist Glyn Daniel, was anointed TV personality of the year in 1955. Among Daniel's pupils was Prince Charles, who remained a lifelong confidant and patron. Other professors had the ear of cabinet ministers and press barons and sat on royal commissions that shaped this or that national policy.

This was “an Edenic age of the don,” Mr. Kidd writes, and members of the “donnish caste,” as he calls it, “were not only esteemed for their learning but also attracted deference of a social kind.” These same dons disdained Britain’s provincial universities—known pejoratively as Redbrick—as well as academics in the U.S., whom they scorned for going about their business with “woefully unnecessary seriousness.” A don, by contrast, was effortlessly successful.

Mr. Kidd contends that the dons' wartime service accounted for their worldly cachet and influence. “To a significant degree,” he writes, “the war reset the Oxbridge intelligentsia’s political compass.” There was a “recognition that donnish brainpower—whether embodied in scientific experts, staff office strategists, temporary civil servants or economists tasked with Lend-Lease negotiations—had played a significant part in winning the war.” The dons themselves spared no effort in ensuring that this view became conventional wisdom.

There was, however, “a serpent lurking in the long grass”—to wit, Thatcher, for whom Mr. Kidd has the purest loathing. The hapless dons, he contends, were “knocked off their pedestal” by Thatcherism—an ideology he berates throughout his book but never actually defines. And yet it is “the coming of Thatcherism,” with its “penny-pinching economies and its aggressively philistine tone,” that spells the end of the Oxbridge era of “ebullience.”

In the decades after World War II, the grandees of Oxford and Cambridge enjoyed considerable influence and visibility in British public life.

That's one way to describe Thatcher's decision to stop pouring the money of taxpayers (few of whom actually went to Oxbridge) into subsidies that benefited only a select stratum of students and dons, and to force Oxbridge to do what most American universities had always done: raise money from the market and private donors. Mr. Kidd derides Thatcherism's “cheese-paring parsimony” and “authoritarian desire for control.” But in the end, Thatcher's cuts did Oxbridge a service, forcing it to look to the American model of fundraising.

Mr. Kidd's linking of the eclipse of the Oxbridge dons to the rise of Thatcherism is reductionist to an almost fatuous extent, and nowhere in “Twilight of the Dons” does he make a persuasive argument for his contention. Instead, long stretches of the book read like disparate essays on donnish life, fads and internecine disagreements, strung together in a sequence that never coheres.

Chapter after chapter subjects the reader to recondite Oxbridge arcana, on topics ranging from the nature of Anglicanism (and its “quiet, measured hypocrisy”) at the universities’ colleges to abstruse and tedious debates on educational reform. Mr. Kidd revisits the snobbish rumpus that ensued when attempts to add sociology to the list of Oxbridge subjects were “resisted as akin to the admission of outright barbarism,” and dilates on the tussle between the French anthropologist Claude Lévi-Strauss and his “English apostates” (this is a particularly gelatinous chapter).

The author recounts the student upheavals of the 1960s, which were astonishingly tame at Oxbridge compared with those in France and the U.S., although it is amusing to read of how the warden of All Souls demanded that the master of Balliol College scrub graffiti, much of which disparaged the former, from the latter's walls. ("The south front of Balliol," the warden wrote, "becomes daily more and more like the walls of a public lavatory.")

The dons got a measure of meretricious revenge on Thatcher in 1985 when Oxford voted to deny her an honorary degree. Mr. Kidd describes this as “a spectacular breach of conventional academic protocol,” especially as the dons conferred unopposed—on the same day—an honorary degree on Alessandro Pertini, the 88-year-old Italian president. The Thatcher snub was an act of pettiness from which the preening dons never recovered, however unpopular the prime minister may have been at the time. For it exposed them at last as a gaggle of entitlement in a country that had grown sick of their anachronistic privilege. They would never be grand again.

Mr. Varadarajan, a Journal contributor, is a fellow at the American Enterprise Institute and at NYU Law School's Classical Liberal Institute.

REVIEW & OUTLOOK

Trump Takes the Oil in Venezuela

President Trump has long said he favors "taking the oil" when the U.S. intervenes overseas, and now he is doing so in ex-

traordinary fashion. His deal announced late Friday with unelected President Delcy Rodríguez for rights to 65 billion barrels of Venezuelan oil reserves looks less like a normal commercial transaction

The deal recalls the famous Cuba scene in ‘The Godfather Part II.’

than it does the famous scene of U.S. businessmen meeting with the Cuban strongman in “The Godfather Part II.”

“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future,” Mr. Trump wrote on Truth Social. He said he’ll use Venezuelan oil to refill the U.S. Strategic Petroleum Reserve that has been extensively tapped by him and Joe Biden.

* * *

Official details of the agreement are scarce, but the facts reported by the Journal over the weekend aren't cause for enthusiasm. The U.S. will take a $35\%$ stake in a private company run by Alejandro Betancourt, a Venezuelan businessman close to Ms. Rodríguez. The Betancourt firm, North American Blue Energy Partners, will be able to develop those 65 billion in reserves, and the U.S. will have preferential rights to $20\%$ of what the firm produces at the cost of production.

The U.S. investor here will be the Pentagon, of all agencies, which will structure the investment through penny warrants that will gain the equity stake without taxpayer cash. The legal authority for this is far from clear, since the Defense Department is investing in a foreign entity. Can the Pentagon Office of Strategic Capital take such equity stakes?

Why is the Pentagon even playing in global oil markets when it has enough to do buying new weapons in short supply and reforming its broken procurement process? The global oil market is under stress from the Iran war, but by and large it does a good job of matching supply and demand.

Venezuela produces only about 1.1 million barrels of oil a day now, and deep wells in Guyana and new investment in Argentine shale (including by U.S. entrepreneur Harold Hamm) are coming in the Americas. Venezuelan production will take years to ramp up.

Who will finance this oil production and which companies will invest to extract it? Mr. Trump has been pleading with U.S. oil firms to invest on their own in Venezuela since he snatched President Nicolás

Maduro in January. But most say the government hasn't provided the right legal or contractual protections. Chevron is a long-time player in the country.

The politics of all this are even more complicated, to put it mildly. The U.S. government is essentially getting in bed with a foreign dictator and her favored capitalist. Any foreign firm that invests will have all three as de facto partners, but Mr. Trump will be out of office in 2029 and the heavy-handed U.S. role might not play well over time in Caracas.

The oil deal will prop up Ms. Rodríguez, at least in the short term, and that may be part of Mr. Trump's motivation. She has courted the President to survive in power and to stave off demands from the opposition to establish a process for new elections. Mr. Trump likes nothing better than a leader, elected or not, who bends to his wishes.

It's notable that both the Venezuelan opposition and Ms. Rodríguez's left-wing allies are criticizing the deal. The Bolivarian left views it as a concession to North American imperialism, and it will play that nationalist card if there is another election.

The democratic opposition views the deal as the act of an illegitimate president who has no right to turn over national resources to a business pal and a foreign government. It also fears that the deal will make it less likely that Mr. Trump and Secretary of State Marco Rubio will press for new elections. On that last point the U.S. had been making modest progress, which was slowed by the recent earthquake.

Much still isn't known, but this all looks like an example of the Trump Administration extending its creeping crony statism beyond U.S. shores. In the “Godfather” saga, the Cuban dictator got a golden telephone from his visitors but was soon out of power.

LETTERS TO THE EDITOR

There Is a High Cost for That Cheaper Steel

Your editorial “The Metals Lobby’s Big Steal” (Aug. 26) asks America to gamble with its national security rather than reconsider its faith in free trade—despite China’s demonstrated ability to outmaneuver U.S. industry under such a system.

Steel isn't just another commodity. It is indispensable to national defense. Our tanks, aircraft carriers, munitions and critical infrastructure can't be built without it. The decades-long erosion of America's steel industrial base is why Section 232 tariffs were imposed—even on Canada, which has increasingly become a back door for Chinese steel. Between 2020 and 2024, Chinese steel and aluminum imports to Canada nearly doubled, surging to 689,734 tons.

Those tariffs have been consequential. They have driven billions of dollars in investment and created thousands of American jobs. The U.S. International Trade Commission found that Sec. 232 tariffs from 2018-21 on average increased the price of steel products by 2.4% a year.

You overlook the true scope of the alternative. Beijing heavily subsidizes its steel industry, enabling producers to sell at artificially low prices, build massive excess capacity and capture global-market share. The Global Forum on Steel Excess Capacity reported that excess capacity hit an astonishing 640 million metric tons in 2025, despite global crude steel consumption shrinking by 4.5%. China is responsible for nearly 57% of that excess.

But Chinese steel carries hidden costs. It shutters U.S. mills, weakens supply chains and creates a dangerous dependence on a strategic rival. China has also repeatedly demonstrated its willingness to leverage dominance over strategic materials to advance its geopolitical interests.

Free trade works when competitors play by market rules. China doesn't. Preserving the industrial capacity necessary to arm and defend the U.S. is essential national security policy.

BRANDON FARRIS

Executive vice president Steel Manufacturers Association Washington

Congress, Time Is Running Out to Fix the Navy

Walter Russell Mead does an excellent job in “America Faces the Constraints of Democracy” (Global View, Aug. 25) of explaining how decades of underspending for defense have created a crisis which will take years and huge amounts of scarce financial resources to adequately address. Congress must wake up and begin taking care of its responsibilities.

President Trump deserves praise for urging greater defense investment, particularly more ships for the Navy. The Navy desperately needs more combatants: from submarines, aircraft carriers and destroyers all the way down to small unmanned-missile boats. Now the best thing for Congress to do is to pick up the president's basic idea and shape it into a detailed ship investment program. A deliberative legislative process will best serve the country.

In the process Congress should flesh out designs, priorities and schedules. As a former fleet officer of the deck on an aircraft carrier and special sea detail officer of the deck on a guided missile destroyer, I believe that altering the designs of aircraft carriers, including changing the placement of the island and returning to steam catapult systems, are suboptimal approaches to achieving the president's essential goal of more ships. They would add trillions of dollars in costs and years in delays. Likewise, creating a new class of battleships puts unnecessary pressure on naval budgets for very few hulls, which would cost more than aircraft carriers, and provide very limited operational capabilities to the fleet.

PETER A. MICHEL Alexandria, Va.

A New Look at the Universe

A SpaceX rocket on Sunday morning launched a new NASA telescope that will provide the best and most expansive view of the universe that humanity has had. Amid all the anxiety on Earth, this is cause for applause.

The Hubble Space Telescope, launched in 1990, opened the heavens to new and fascinating inspection. But the Nancy Grace Roman Space Telescope, named for the late NASA astronomer, will provide views a hundred times wider and a thousand times more rapid. It may be able to complete an astronomical census of the Milky Way, as well as survey other galaxies.

This is more than an academic physics exercise. Scientists estimate that so-called dark matter and dark energy make up 95% of the universe, and shedding more, er, light on them could unveil more about how the universe was created. The Roman telescope is also expected to locate more planets beyond our solar system, some of which could hold life like our own. Most exciting is what this view of the heavens might discover that is unexpected.

Such discoveries are valuable for their own sake, but they also yield benefits that inevitably make life better on our own planet. In our current era of political discord and economic pessimism, we can use some optimism about human achievement. Congratulations to SpaceX and NASA on a successful launch, and we look forward to the pictures.

The Fight for Free Thinking at UNC

The battle to reform American higher education is a bruising fight, and the University of North Carolina Chapel Hill's

School of Civic Life and Leadership (SCiLL) has the scars to prove it. Created by the UNC trustees in 2023, the school has faced relentless attacks from faculty who oppose its mission and want to discredit its leadership.

The good news is that we

university rules and procedures."

The faculty tries but fails to ruin the new School of Civic Life and Leadership.

can report that the most serious attempt to undermine the school has failed. Court documents show that a UNC-commissioned investigation of claims against the school and Dean Jed Atkins called the allegations “unsubstantiated.”

The investigation's report is confidential, but a UNC memorandum in response to a public records lawsuit shows the scope of the accusations against SCiLL. The report “evaluate(d) the general performance of SCiLL’s dean [Mr. Atkins] in practically all aspects of his administrative duties,” says the memo, including the “application, selection, and hiring (or rejection) of University employees and applicants for employment.”

The school's hiring was the primary subject of the faculty smear campaign. “Multiple sections of the Report,” the UNC court memo says, “detail the unsubstantiated allegations against SCiLL faculty and management for workplace discrimination.” UNC argues against the report’s disclosure on grounds it contains confidential personnel information, and a judge agreed. But the results should put an end to doubts about the school.

As SCiLL launched, professors took complaints to the media. Professor Inger Brodey alleged that the school's hiring was marred by "improprieties, slander, vindictiveness and manipulation" and accused Mr. Atkins of hiring "candidates who conform to unspoken, homogenous, ideological criteria."

The real issue is that the school was hiring new professors from outside the UNC echo chamber. The legislation creating SCiLL required that it hire at least 10 professors from outside UNC. University Media Relations confirmed to Inside Higher Ed in April that the school's faculty searches "honored all

The bigger question may be why the investigation didn't also consider allegations made by

SCiLL associates against others in the university. The investigation, led by Nathan Huff at law firm K&L Gates, was originally described by Interim Executive Vice Chancellor and Provost James Dean in a memo to SCiLL faculty as a comprehensive review, with

a scope that “includes all of the concerns anyone has raised or would like to raise.”

But only SCiLL got the third degree. The university court filing describes the final report as a review of allegations “made against SCiLL, its faculty and its management.”

UNC billed the investigation as a way to evaluate claims through an “independent, impartial lens,” but it also retained a SCiLL critic as its expert consultant. Michael Gerhardt, now the UNC faculty chair, posted on a faculty listserve in March 2025 that he had “reached out . . . to become an affiliated faculty member” and that the faculty voted on the idea but he was then “nixed” by the dean.

SCiLL professor Dustin Sebell says no vote on Mr. Gerhardt occurred, but why was a faculty critic of the school advising an independent investigation about hiring? In remarks to the UNC Faculty Council in March, Mr. Gerhardt said he was “brought in for my expertise . . . as an advocate for the faculty. Everything I did in that position was to advocate for the faculty.” Mr. Gerhardt tells us that when he said he was an advocate, “I meant that in my position as consultant, I represented the faculty voice and interests.” UNC didn’t respond to our request for comment.

Despite everything, SCiLL is thriving. It has become a standalone school at the university and has a \$5 million recurring appropriation from the state Legislature, more than 100 registered for SCiLL “minors” (or secondary courses of study), and 523 enrolled in classes like “Democracy in America, Promises and Perils.”

Faculty complaints have amounted to nothing and the school is vindicated. But as with most progressive attacks, the process is intended to be part of the punishment.

Washington Can't Spend Its Way to Prosperity

Regarding Greg Ip's analysis “Treasurys’ Haven Status Fades” (U.S. News, Aug. 21), when the national debt hits \$40 trillion and budget deficits stubbornly hover near 6% of gross domestic product, federal borrowing inexorably crowds out private enterprise, drives up mortgage rates and forces investors to demand higher yields. Resorting to unpredictable interventions to artificially suppress yields erodes the historic credibility of the U.S. bond market.

It is time for the Treasury Department and Federal Reserve to stop playing along. They need to step forward publicly and state the unvarnished reality: The government cannot spend its way to prosperity without destroying the value of the dollar and penalizing every person and corporation trying to borrow capital. They must call out Congress, demand an end to undisciplined federal spending and allow the free market to work. Without genuine fiscal restraint, all these financial gimmicks will ultimately fail, and economic stability will be the cost.

MARK R. GIANNINY Rochester, N.Y.

Californians Tire of Delusional Climate Rules

Happily, there's a solution to every problem—even a multilevel one like the nonsensical tire proposal that you lay out in your editorial “Now California Is Coming for Your Tires” (Aug. 24). My workaround is this: When my gas vehicle—a cherry-red convertible—needs tires, I'll take myself off to Las Vegas. I'll leave my emissions in California for Gov. Gavin Newsom to clean up and, once across the Nevada border, drop my car at a shop where I can choose any tire I please. While I wait for my outlawed tires to be mounted, I'll find a slot machine. Hopefully, I'll win enough to pay for my trip and my tires and be left with a bit to pay for Mr. Newsom's next flight of fancy.

REBECCA FORSTER

Palos Verdes Estates, Calif.

Three Cheers to Rudolf Diesel

John Steele Gordon's op-ed "A Brief History of Wealth Creation" (Aug. 3) makes a compelling case that transformative technologies create wealth by dramatically reducing the cost of essential economic inputs. But his history surprisingly overlooks Rudolf Diesel.

The diesel engine did far more than replace steam in locomotives. Reliable, efficient engines available in many sizes helped decentralize industrial power, allowing manufacturing, agriculture, construction and transportation to operate far beyond large steam-powered factories and fixed power sources. Diesel-powered trucks and locomotives then helped move American goods on an unprecedented scale.

Diesel deserved a mention, not least because it strengthens his thesis: Make productive power cheaper, more efficient and more widely available and wealth creation follows.

You note that California's new tire regulations are “perilous” because they may increase stopping distances on wet pavements. But that’s not all—the added purchase price and replacement cost make them less affordable, reducing sales of otherwise safer tires and vehicles that consumers would have bought, keeping older and less safe tires and vehicles on the road. The increased lives lost and vehicles totaled are reason enough to ditch the fuel-economy standards.

Tom Walton Highlands Ranch, Colo.

Kyiv and George Washington

Regarding Lindsay Chervinsky's op- ed "How George Washington's Defeat Led to America's Victory" (Aug. 27): Ukraine seems to have adopted the same Fabian strategy against Russia as Washington did when facing a larger force. Ukraine prioritizes its outnumber- bered soldiers, trading land for lives, while undermining the ability of Rus- sia to operate freely in the rear lines and destroying logistics vital to Mos- cow funding the war. As a fledgling America prevailed, so will Ukraine.

WILLIAM DIJAK Houston

Pepper ... And Salt

Jim KOHK Oak Brook, Ill.

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.

THE WALL STREET JOURNAL

"This happy little tune lets you know the unit has failed catastrophically."

America's Systemic Munitions Shortfall

By William Schneider Jr. And David A. Deptula

The Pentagon announced on Aug. 17 a seven-year, \$22.9 billion contract with Raytheon to increase Tomahawk production from

roughly 60 missiles a year to more than 1,000. Washington, it seems, is ready to address the reality that the U.S. has been consuming advanced munitions faster than its industrial system replaces them.

But the munitions shortfall is more complex than industrial failure. It resulted from several interdependent factors: unstable defense budgets, overly optimistic assumptions about how long wars will last, shrinking production capacity, and restrictions on allied manufacturing. Appropriating more money and asking contractors to run production lines harder is the first step, but a long-term fix requires the U.S. to change the system that produced the current shortage.

Reducing munitions production has long been a way for the Pentagon to bank savings when it struggled to pay the bills. Cutting missiles creates less political resistance than canceling major acquisition programs, closing bases or eliminating force structure. The pattern accelerated after the Cold War, when Washington harvested the “peace dividend,” cutting forces and procurement and allowing much of the production capacity behind them to disappear. Continuing resolutions have exacerbated the problem by delaying new starts and preventing program managers from executing long-term orders. Facing uncertain demand, industry has little incentive to invest in plant, tooling, suppliers or workers.

These cuts, once made, tend to be rationalized. When inventories are limited, planners reduce requirements to make them appear adequate. Since the end of the Cold War, defense planning has become more budget-led than strategy-led. One consequence is the assumption that wars will be intense but short, making smaller inventories and fewer production sources seem adequate.

Recent experience demolishes this assumption. Modern war is unquestionably intense and lethal, but not necessarily short. Russia's war with Ukraine began $4 \frac{1}{2}$ years ago; the U.S. war in Afghanistan went on for 20 years. Nor can the U.S. always assume that conflict will be confined to one theater. A crisis may create opportunities for adversaries elsewhere, increasing pressure on finite inventories of weapons.

The U.S. should look to its allies to expand its industrial base. During World War II, the U.S. issued standardized designs to multiple producers. The Liberty Ship program used 18 American shipyards to produce more than 2,700 ships from a common design in four years. In the same way, the U.S. need not rely on one domestic manufacturer to produce all its Patriots and Tomahawks. A better strategy would involve increased production across the U.S. and allied nations using common designs.

We know this works. U.S.-German cooperation on the Rolling Airframe Missile has endured for decades.

Japan already produces Patriots and agreed last year to produce Advanced Medium-Range Air-to-Air Missiles. German industry is authorized to manufacture the Patriot PAC-2 GEM-T interceptor.

Yet current U.S. policy makes such cooperation difficult, in large part because of the Arms Export Control Act of 1976 and the regulatory structure built around the International Traffic in Arms Regulations. Created during the Cold War, that system was designed to prevent sensitive

The U.S. needs more than new weapons. It needs new ways of enlisting allies to produce weapons.

technology from reaching adversaries or unauthorized third parties and to give Washington oversight of how U.S. weapons were used abroad. Those remain legitimate objectives. But a regulatory structure built for controlling individual foreign transfers is poorly suited to an era in which the U.S. needs trusted allies to co-develop, manufacture and sustain common weapons.

Instead, production inside a designated allied industrial base should ordinarily be permitted unless a specific national-security reason requires otherwise.

The trilateral partnership among Australia, the U.K. and the U.S., known as Aukus, points toward the solution. Recognizing that traditional export controls were impeding integration among the three allies, Washington has created broad licensing exemptions for defense trade among authorized participants in the three countries. The same principle should be applied more broadly: Trusted allies capable of protecting sensitive technology should be treated as participants in a common industrial base, rather than as foreign customers.

Sensitive technologies can still be controlled through security arrangements. Intellectual property can be protected contractually. Onward transfers can be governed by agreements with clear end-use restrictions and penalties. But the shift would enable multiple geographically dispersed production sources, increase surge capacity, reduce bottlenecks and make the industrial base more resilient to attack, sabotage, natural disaster and supply-chain disruption.

The strategic arithmetic is simple. The U.S. and its allies face Russia, China, Iran and North Korea, whose defense-industrial capabilities can reinforce one another. China alone possesses a manufacturing base far larger than America's. The U.S. should counter this advantage by treating the industrial capacity of trusted allies as an extension of its own rather than striving for self-sufficiency. As European allies invest more in their own defense, U.S. policy should encourage them to produce compatible weapons instead of separate weapons ecosystems.

Washington usually responds to munitions shortages with new appropriations. The Tomahawk contract with Raytheon is an important step forward, as are efforts to expand Patriot and Thaad production. But if money continues to flow through a system characterized by unstable budgets, continuing resolutions, suppressed requirements and regulatory barriers, the U.S. will continue to face weapons shortages.

A sustainable solution requires additional action. The Pentagon should base munitions requirements on the possibility of prolonged multitheater conflicts rather than the naive hope of a brief campaign. Congress should provide stable multiyear funding at economically meaningful production rates and ensure the availability of excess manufacturing capacity for surge requirements. And the Arms Export Control Act should be replaced with a system designed to expand industrial collaboration among trusted allies working from common designs.

The U.S. has all the advantages it needs: allies, technology, capital and demand. It lacks only the institutional framework necessary to turn those advantages into military production.

America can't afford to enter the next war dependent on an industrial system shaped by the assumptions of a bygone era. Rebuilding the arsenal requires rebuilding the system behind it.

Mr. Schneider is a senior fellow with the Hudson Institute. He served as undersecretary of state for national security affairs, 1982-86 and chairman of the Defense Science Board, 2001-09. Mr. Deptula is dean of the Mitchell Institute for Aerospace Studies and a retired U.S. Air Force lieutenant general.

A Lesson on Wealth Taxes From Charles Dickens

LIFE SCIENCE By Ally sia Finley

Today's young socialists portray a wealth tax as a progressive innovation. It isn't. The idea is neither progressive nor even novel. A historical progenitor is the window tax of 18th- and 19th-century England,

which reformers of that era ab- horred because of its unintended harm to the poor.

King William III in 1696 pioneered the tax, which charged property owners based on their number of windows. The intent was to spare the poor and dun the wealthy. The thinking was that windows represented a rough proxy of a taxpayer's wealth: Bigger and more opulent houses had more windows.

An 18th-century British levy targeted people of means and plunged the poor into darkness.

The tax was similar to a graduated income tax, in that every additional window above certain specified levels incurred higher charges. The tax raised much less revenue than the government hoped, because owners responded by boarding up windows and building houses with fewer of them.

The government then raised rates to generate more revenue, which resulted in more tax avoidance. A 2015 study by University of Maryland economists found a sharp increase in homes with windows just below the tax thresholds. Coincidence?

London's Old Curiosity Shop, circa 1900.

Property owners frequently tussled with government over their liability. "Disputes, favoritism, and upset abounded," Michael Keen and Joel Slemrod explained in a 2022 essay, "Taxing the Light of Heaven." "What exactly, for instance, is a window? Questions with seemingly obvious answers can get murky when lots of (tax) money is involved."

Landlords, who faced especially hefty tax bills because they were assessed on the total number of windows in their tenements, tried to reduce their payments by covering even the smallest apertures. The re-

sult, as Messrs. Keen and Slemrod explain: “Poor ventilation spread disease; lack of light led to a deficiency of vitamin B”—the authors likely meant vitamin D—“that stunted growth—what the French came to call the ‘British sickness.’”

Charles Dickens railed that “the adage ‘as free as air’ has become obsolete by Act of Parliament. Neither air nor light have been free since the imposition of the window-tax.” In an essay, “Red Tape,” Dickens lampooned the paper-pushing government bureaucrats who assessed the tax and turned a blind eye to the plight of the poor. “A most unnatural per-centage of them were, in consequence, scrofulous, and consumptive, and always sliding downward into Pauperism.”

On a visit to England, French economist Jean-Baptiste Say observed that a window in a room he was renting was bricked up. He used the episode to illustrate the economic concept of “excess burden”—that is, when a tax distorts behavior in a way that results in a social-welfare loss exceeding the revenue gain to the government.

While progressive in theory, the window tax was regressive in practice. Landlords passed some of the tax on to tenants in higher rents. That exacerbated the era's economic disparities. Reformist writers of the era decried it as a sunlight tax.

The English protagonist in Charlotte Bronte's novel "The Professor" gapes on a visit to Belgium about the number of windows in his room:

“Light not being taxed in Belgium, the people never grudge its admission into their houses.” While the tax was repealed in 1851, some historical buildings in England still include boarded-up windows, bearing witness to its damage.

By today's lights, the tax may seem myopic and silly. But is it any more so than progressive wealth-tax proposals, which would charge the affluent based on paper fortunes that can be as fleeting as the London sun? Bureaucrats will define wealth as they see fit. Lobbying and political favoritism are certain.

Like the window tax, a wealth tax would encourage tax avoidance and produce an array of excess burdens. A November ballot initiative in California would charge residents with more than \$1 billion in net worth a 5% tax on their fortunes as of Dec. 31, 2026. Many billionaires have already moved out of the state to duck the tax.

Others will surely devise schemes to avoid it—for instance, the initiative exempts real estate. Look for billionaires to sell shares in companies and expand their palace empires. The result of the tax avoidance will be less government revenue, fewer jobs and stunted innovation—excess burdens. Expect state taxes for everyone to increase to compensate for the loss of billionaires.

One might also observe parallels between the window tax and other progressive policies like rent control, which causes landlords to skimp on maintenance, resulting in squalid living conditions.

Or consider a New York City property tax break that requires developers who build 100 or more units in a building to pay sky-high wages—\$42.03 an hour and as high as \$76.12 an hour on larger projects in some areas. The result: A profusion of buildings with exactly 99 units, which are a less efficient use of scarce land than taller buildings with more apartments.

Another example: Mayor Zohran Mamdani's pied-à-terre tax, which will reduce the values of high-end condos that developers use to subsidize apartments for the hoi polloi. The likely result: Fewer affordable apartments. At least Mr. Mamdani hasn't tried to tax the windows—yet.

Trump's New Iran Sanctions Put China on Notice

By Max Meizlish

For years, Washington has imposed sanctions on Iran and its regime's supporters while largely sparing the foreign banks that help Tehran evade those sanctions. The Trump administration wants to change that.

Days after Treasury Secretary Scott Bessent announced an “economic D-Day” campaign against Iran’s enablers, the department announced on Aug. 28 it will cut off five United Arab Emirates-based branches of Egypt’s state-owned Banque Misr from access to the U.S. financial system. Treasury can complete the measure after a 30-day public comment period. This gives the bank, along with regulators in Egypt and the U.A.E., a window to coordinate with Washington and address misconduct. If the bank credibly cleans house, Treasury can reconsider the proposed measure.

According to Treasury's Financial Crimes Enforcement Network, or Fin-CEN, which monitors and reports on suspicious financial activity, the targeted branches have processed about \$1.8 billion for 103 suspected Iranian shadow banking fronts since 2024, including companies tied to Iran's Defense Ministry and Islamic Revolutionary Guard Corps.

The regime in Iran leverages a network that includes thousands of opaque shell companies and trading houses—especially in places like the U.A.E. and Hong Kong—to evade sanctions by moving billions in oil and petrochemical proceeds, ultimately gaining access to the U.S. financial system.

Specially Designated Nationals List.

By acting against foreign banks that service this network, the Trump administration is applying a level of pressure rarely seen across administrations. The president's critics will argue that the announcement falls short of Mr. Bessent's promise of a major sanctions action, but they are mistaken. Threatening to cut Banque Misr UAE's access to the U.S. financial system is a sanction in every meaningful sense.

By leaving a window open for reform, the Trump administration seeks to change behavior—not merely punish it. But Banque Misr UAE must only be the start. Hong Kong is another major hub that Fin-CEN identifies as harboring Iran's shadow-banking fronts. Treasury should consider similar actions against one or more Hong Kong banks. Treasury should also apply full blocking sanctions to China's Bank of Kunlun by adding it to the

Bank of Kunlun is ultimately controlled by China National Petroleum Corp., one of China's largest state-owned enterprises. Washington cut the bank off from U.S. correspondent banking in 2012, but the bank has continued facilitating Iranian business. That's because the bank did little business in dollars to begin with,

The administration moves beyond chasing shell companies and targets banks that help Tehran.

making its U.S. financial cutoff largely symbolic, while Treasury's limited action never forced CNPC to choose between Kunlun and other interests. A full blocking designation would force CNPC to decide whether keeping the bank alive is worth exposing its far larger commercial interests to the risks that come with owning a financial institution subject to sanctions.

Treasury can go further. The action taken against Banque Misr UAE draws on Section 311 of the Patriot Act. Section 311 measures can target not only individual financial institutions but entire classes of transactions. FinCEN could use that authority to require heightened scrutiny of oil- and petrochemical-related transactions exhibiting the hallmarks it already associates with Iranian sanctions evasion: large round-dollar payments, rapid movement of funds, unclear commercial purposes, unusual use of exchange houses, and discrepancies between payments and underlying trade records.

That scrutiny should extend to the Iranian oil that is frequently rebranded as Malaysian and sold to Chinese buyers. China's reported oil imports from Malaysia vastly exceed what Malaysia itself reports exporting. That discrepancy ought to be a warning for banks involved, especially since China purchases roughly $90\%$ of Iran's exported oil. More pressure from Treasury could help keep them from ignoring it.

Treasury's latest action suggests the U.S. may finally be moving beyond chasing Iranian shell companies toward threatening the foreign financial infrastructure that keeps them alive. That would be a meaningful break with the approach of past administrations. But for it to be a success, the campaign needs to be sustained—and it needs to reach China.

Mr. Meizlish is a research fellow at the Foundation for Defense of Democracies. He has worked in the U.S. Treasury's Office of Foreign Assets Control.

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Drugmaker's Independent Streak Pays Off

Before cancer leap, RevMed attracted takeover interest but decided to go it alone

BY XAVIER MARTINEZ

This year, an oncology biotech with no drugs on the market—just promising research—was attracting takeover interest. Revolution Medicines stayed independent.

Last week that bet paid off.

The 12-year-old drugmaker, more commonly known as RevMed, spent much of its existence trying to solve a scientific puzzle that had stumped some of the industry's leading researchers.

The company successfully targeted a common cancer mutation, resulting in a drug that nearly doubled how long people with pancreatic cancer survived—a remarkable breakthrough for a notoriously deadly disease.

Now that the Food and Drug Administration has approved its new drug, Rasonque, the Redwood City, Calif., biotech is taking on its next challenge: figuring out how to quickly bring the drug to the thousands of patients desperate to take it.

R e v M e d Chief Executive Mark Goldsmith, a doctor-scientist who has led the company since its founding,

Financial institutions offered to help RevMed reach global markets.

said last year he faced a decision about whether the company should deliver this product on its own, a complicated and costly undertaking.

He was approached by financial institutions that of-

fered money to help RevMed reach global markets, he said. “When they asked me what sort of scale of financial support did we need, I told them it was big,” Goldsmith said. “I didn’t think they’d continue the conversation, and they came back and said, ‘We’re interested.’”

RevMed is set on doing this on its own. In a matter of months, the company has built its first-ever sales force, distribution network and reimbursement operation from scratch. It has struck deals to make the drug overseas and is planning to invest in several manufacturing lines to guard against bottlenecks.

“Successful biotechs tend to be acquired by large pharma companies,” said Michael Schmidt, a biotech analyst at Guggenheim. “Having a company remain independent, at least at this stage in the game, is definitely something that’s very exciting and interesting to follow.”

Please turn to page B2

SpaceX and Rivals Dodge Traffic in Low-Earth Orbit

It's getting busy up there. Nearly 70 years after the Soviet Union launched the first satellite, there is more man-made material in space than ever before.

By Micah Maidenberg, Merrill Sherman and Patience Haggin

The quantity of satellites and debris in low-Earth orbit—roughly 100 to 1,200 miles above the planet—is raising concerns of collisions that could damage or destroy spacecraft and satellites. One worst-case fear is that debris could set off a chain reaction of crashes, leaving parts of low-Earth orbit unusable.

Elon Musk's SpaceX has played a lead-

ing role in making low-Earth orbit more crowded, launching satellites at record rates and creating the largest satellite fleet in history to build its Starlink internet service.

More satellites are coming.

U.S. companies and government agencies have set out ambitious plans to deploy their own constellations. Chinese company LandSpace Technology recently showed it could reuse a rocket booster, like SpaceX does, a feat that could help it deploy satellites faster.

As low-Earth orbit grows more crowded, SpaceX's satellites are changing course more often, according to filings with the Federal Communications Commission.

Between this year and 2034,

41,000

Approximate number of satellites expected to be deployed to low-Earth orbit by 2034 at least 41,000 more satellites are expected to be deployed to low-Earth orbit, with about two-thirds coming from SpaceX, Amazon.com and Chinese companies, according to Dallas Kasaboski, an analyst at

satellite consulting firm Analy- sys Mason.

The push by SpaceX and others to develop orbital data centers, designed to feature swarms of satellites laden with artificial-intelligence chips,

In low-Earth orbit, more than 34,000 satellites and pieces of debris zip around at 17,500 miles per hour or more, circling the globe every 90 to 120 minutes.

More than 10,000 of these objects are related to SpaceX's Starlink fleet. Most are active satellites the company uses to provide high-speed internet.

Sources: Space-Track.org; General Catalog of Artificial Space Objects

could bring the total to roughly 1.5 million satellites, he said.

Jonny Dyer, chief executive of satellite company Muon Space, pointed to the number of commercial planes that safely fly in and out of busy airports every day, often operating in narrow flight corridors. There is more room in low-Earth orbit for satellites than there is terrestrial airspace available for planes, but adversarial actions or poor coordination could pose a threat, according to Dyer. “To me, the risk is not the number. It’s whether there are bad actors explicitly doing bad things or are negligent,” he said.

Collisions are rare—the European Space Agency counts four involving cataloged objects in space—but they can make a mess. In 2009, an Iridium Communications satellite hit a nonfunctional Russian satellite, generating about

1,800 pieces of debris at least 10 centimeters in size. Other debris comes from components rupturing and antisatellite missile strikes.

Scientists track pieces that are about softball-size or larger using radar, and SpaceX maneuvers its satellites around them. But pieces that are too small to track can pose hazards. A piece of debris the size of a paint fleck could

Please turn to page B2

Car Sunroofs Keep ‘Spontaneously’ Exploding

Reports filed with regulators citing sunroofs exploding or shattering

Sources: National Highway Traffic Safety Administration (reports); Omdia (vehicles produced)
*As of August 20, 2026

BY RYAN FELTON

Early one morning on a recent weekday, Amber Nguyen was driving her 2025 Lexus SUV on a highway to a work meeting when she heard a loud bang.

“I’m not even joking, it sounded like a gunshot,” said Nguyen, a 26-year-old who lives in Louisiana. The sunroof shattered. Had the sunshade not been closed, she might have been covered in glass.

The experience is far from limited to her particular vehicle. Thousands of drivers have filed complaints with U.S. auto-safety regulators describing jarring incidents in which their sunroof unexpectedly exploded or shattered, often while they were driving. The

number of complaints soared recently and is set to hit a record in 2026, with nearly 500 reported so far this year. The descriptions of those incidents listed in a federal data-

Vehicles produced for the U.S. market, by model year

base are harrowing: A Kia minivan's sunroof exploded on a Wisconsin highway. A GMC sport-utility vehicle's moonroof fell onto seats where children ride. A Mercedes-Benz owner heard a “gunshot” sound like Nguyen—a frequent descriptor of these events, according to federal reports—before their car’s glass ruptured.

The causes are similarly widespread. Road debris that drivers don't notice is one culprit, car designers and testers say. Hot temperatures and rapid temperature shifts can cause rapid expansions of the glass. Sometimes, design and manufacturing defects are to blame.

The sunroof failure reports target all major automakers, including 17 manufacturers and more than 200 models over the past three years, according to a

Please turn to page B2

Aon Nears \$17 Billion Deal for Insurance Broker USI

BY LAUREN THOMAS AND MARK MAURER

Aon is near an agreement to buy insurance brokerage USI Insurance from private-equity firm KKR for roughly \$17 billion, including debt, according to people familiar with the matter.

A deal could be announced as soon as Monday, the people said, assuming it comes together.

USI, based in Valhalla, N.Y., is an insurance brokerage and consulting firm. It helps businesses and individuals find policies and build benefit plans, among other things, and has roughly \$3 billion in annual revenue, according to its website.

KKR acquired USI from the private-equity firm Onex in 2017 alongside the Canadian investment firm CDPQ for \$4.3 billion. KKR has since made additional investments to increase its ownership stake in the business and become the largest shareholder.

Aon, a large insurance broker and consulting firm, has long specialized in helping businesses manage risk, healthcare benefits and retirement wealth.

The acquisition would expand Aon's capabilities in helping midsize businesses and is expected to increase earnings per share as soon as 2028, a person familiar with the matter said.

The deal would be the latest in a string of big exits for KKR at a time when the private-equity industry has been struggling to unload assets.

The firm reported its best-ever quarterly asset sales in the latest period, at \$1.29 billion.

Recent exits include the sale of the data-center cooling business CoolIT, on which it made about 15 times the equity it invested, and the sale of the commercial and defense aerospace unit of pump-and-valve maker Cir-cor.

Earlier this year, KKR closed a \$23 billion fund focused on private-equity investments in North America, bringing the total amount of capital raised across the most recent vintages of KKR's flagship regional funds to \$46 billion, the firm has said.

Aon had a market value of around \$75 billion as of Friday. The company has reported rising demand for its commercial risk and reinsurance businesses.

In a similar deal, Aon bought NFP, a middle-market property and casualty insurance broker, for about \$13 billion in cash and stock from Madison Dearborn and HPS Investment Partners in 2024. Madison Dearborn last year bought back most of Aon's NFP wealth business for around \$2.7 billion.

INSIDE

RESTAURANTS Midwestern burger chain Steak 'n Shake undergoes a MAHA overhaul. B3

How Tech Blinded Itself to the AI Revolt

TIM HIGGINS

HEARD ON THE STREET Distillers find themselves over a barrel. B8

The Silicon Valley playbook is failing artificial intelligence. And the messier

Things around AI become, as they did again in the past two weeks, the more out of touch many tech leaders appear. That suggests that even if Anthropic and OpenAI initial public offerings live up to Wall Street's lofty expectations, these companies will be long dealing with risky political and regulatory headaches atypical for nascent industries.

More bluntly, for many outside the tech world, these companies will be birthed as the bad guys, a remarkable swing from the early 2010s when founders were venerated as cultural heroes.

"After the Tylenol crisis, this is the next great comms case study but in this instance it's what not to do," Rachael Horwitz, a longtime tech public-relations pro, posted on X this past week as AI data-center agita stirred the nation's politics.

In something of a mea culpa, OpenAI's Sam Altman in a recent podcast acknowledged missteps.

"We have not, as a field, done a very good job of explaining to people what the benefits are and how the downsides can be mitigated," the OpenAI chief ex-

ecutive said.

But why has it gone so badly?

It is probably no coincidence that the rise of the current AI excitement coincided with a more inward-looking technorati spurning major institutions—whether that be government, regulators, media or any group perceived as slowing their innovation.

Elon Musk's acquisition of Twitter-turned-X in 2022 ushered in a “go-direct” movement among founders and venture capitalists who felt like they could talk directly to their stakeholders.

Travis Kalanick, the ousted founder of Uber, resurfaced publicly this year, crediting that very dynamic as he pushed his newest AI-focused startup.

“Elon buying Twitter is the beginning of us being able to speak our minds and for disagreeing to not be illegal,” he said on a podcast this month.

The powerful sweep of social media has made reaching new audiences infinitely easier and cheaper for savvy founders. Wild ideas—maybe even outlandish ones—became in vogue.

But it also meant many in tech also have just been talking to each other in an echo chamber of their own creation. They were reaching

Sand Hill Road, Wall Street and Pennsylvania Avenue, not Main Street.

In turn, they were developing blind spots that are now glaring hazards as everyday folks fuel a bipartisan populist revolt against them.

"We have lost the muscle memory around actually what it takes to get out of Silicon Valley and get people—real human beings—engaged locally," Horwitz told me about the tech industry a few days after her Tylenol post.

She cut her teeth first in politics then working for the likes of Google, which early on ran sophisticated public-relations operations to build

Please turn to page B4

INDEX TO BUSINESSES

These indexes cite notable references to most parent companies and businesspeople in today's edition. Articles on regional page inserts aren't cited in these indexes.

A Aon.....B1 B Berkshire Hathaway.....A5 Biglari Holdings.....B3 C Chevron.....A10 ConocoPhillips.....A10 D-E Diageo.....B8 ExxonMobil.....A10 F Facebook.....B4

G Gap.....A2 General Motors.....B2 Guggenheim Partners.....A5 H Honda.....B2 Hyundai.....B2 K Kia.....B1 KKR.....B1 M-N Mercedes-Benz.....B1 Nvidi.....B5

P Pernod Ricard.....B8 R Revolution Medicines.....B1 S Sanofi.....B2 SpaceX.....A3,B1 T Tesla.....B4 Toyota.....B2 U Uber.....B1

INDEX TO PEOPLE

A-C

Altman, Sam......B1

Bennett, David......B2

Biglari, Sardar......B3

Boes, Michael......B3

Bryan, Zach......B4

Cogert, Alton......A1

D-H

Dyer, Jonny......B1

Goldsmith, Mark......B1

Horwitz, Rachael......B1

Huang, Jensen......B5

Huang, Madison......B5

'Coyote vs. Acme' Starts at No. 2 Spot

The film earned \$15.5 million in its first weekend.

Estimated Box-Office Figures, Through Sunday Sales, In Millions

Film	Distributor	Weekend*	Cumulative	% Change
1. Spider-Man: Brand New Day	Sony	$22.2	$891.5	-43
2. Coyote vs. Acme	Falling Forward Films	$15.5	$15.5	—
3. The Odyssey	Universal	$14.3	$563.8	-27
4. Insidious: Out of the Further	Sony	$10.1	$43.6	-60
5. The Dog Stars	20th Century Studios	$8.0	$8.0	—

*Friday, Saturday and Sunday in North American theaters
Source: Rentrak
Sources: the company (drug studies); FactSet (share price)

Sunroofs Keep Exploding

Continued from page B1

Wall Street Journal analysis. Roughly 1-in-5 complaints lodged in that time involved 2025 or 2026 model vehicles, the analysis showed. Such failures happen roughly once a day.

Even so, the issues have rarely resulted in recall campaigns. Regulators say factors other than safety defects, such as road debris, are typically responsible for these events.

A representative for the National Highway Traffic Safety Administration said it hasn't identified any verified crashes or serious injuries caused by breaking sunroofs.

debris damage.

“A breaking sunroof can be startling and costly, and NHTSA has investigated and is monitoring this issue,” the representative said.

Motor-driven sunroofs rose in popularity in the 1980s. Initially a feature relegated to the luxury market, sunroofs are now equipped on more than 50% of vehicles produced for the U.S. market, up from 35% a decade prior, according to data from industry-research firm Omdia. Some have fixed coverings that retract; others, often called “moonroofs,” are single pieces of glass. (The two terms are often used interchangeably; reports about shattering include both.)

David Smith, a former design manager at General Motors, said sunroofs present an engineering challenge: cutting a hole out of a car's roof while maintaining the vehicle's stability and integrity. The feature has become widespread as automakers eliminated common early issues, like leaking water and wind noise.

“They know how to build them pretty good now,” Smith, a professor at the College for Creative Studies transportation design program, said of carmakers today.

David Bennett, automotive director for roadside assistance organization AAA, said the pieces of glass have grown larger in recent years, making them more vulnerable to road-

NHTSA has investigated these issues before. In 2013, the agency opened a probe into Kia Sorento SUVs in response to many reports of unexpected sunroof breakage. That investigation spanned seven years and roped in more than a dozen other automakers, identifying over 4,000 reports of sunroof fractures.

NHTSA said, in 2021, that it didn't find sufficient evidence of a safety-related defect, pointing instead to potential factors such as small rocks kicked up by other vehicles causing “imperceptible” damage that can result in breakage.

The agency said federal regulations allow sunroofs to be made with tempered glass, which must break into gravel-like pieces, or laminated glass, where pieces stay stuck to a plastic interlayer instead of scattering. Manufacturers generally choose tempered glass, a spokesman said.

NHTSA said major suppliers appeared to be moving toward using laminated glass and other improved materials. Those changes should reduce the incidents of glass breakage.

Since 2021, NHTSA has received nearly 2,800 complaints of sunroofs unexpectedly exploding, of which more than 500 involve newer vehicles, according to the Journal's analysis.

Among the vehicles most commonly cited in recent years include Toyota's RAV4, the Hyundai Palisade SUV, the Kia Telluride SUV, and the Honda CR-V. Hyundai said it continues to monitor the issue and will take action if a product defect is identified. The automaker commissioned multiple studies to analyze sunroof breakage, it said, but hasn't found an inherent defect as a cause, only issues related to foreign objects impacting the glass.

Honda contends it hasn't seen a significant trend in complaints about the CR-V glass damage attributable to safety defects. A large number of CR-Vs sold have been equipped with a moonroof, including $95\%$ this year as standard equipment, so comparing raw complaint numbers may fail to reflect actual occurrence rates of breakage, the company said.

Kia and Toyota declined to comment.

BUSINESS & FINANCE

Drugmaker Decides to Go It Alone

Revolution Medicines' clinical development pipeline, select drug studies

Continued from page B1

There are three stages medical trials go through before approval:

Wall Street expects Rasonque—which costs more than \$477,000 for a year's supply—to generate more than \$1 billion in sales as soon as next year. The company has more assets in development that could also hold blockbuster potential. Rasonque targets a mutated protein called RAS that drives about a third of all cancers and more than 90% of pancreatic tumors. For decades, drugmakers had called RAS “undruggable,” because its surface was too smooth for traditional molecules to latch on to.

The company spent nearly a decade trying to make it work anyway. By April, it had the data to support its hypothesis. In a 500-person study, patients on the drug lived a median of 13.2 months—nearly double the time those on standard chemotherapy survived.

Rasonque wasn't part of RevMed's portfolio. Its lead drug, which targeted a different protein involved in cancer, had attracted investment from Sanofi, but the French pharmaceutical company walked away from it in 2022.

Across the country, Harvard University researcher Greg Verdine had started a company, Warp Drive Bio, that was targeting RAS with a technology called “molecular glue”—compounds that recruit a helper protein, latch on to RAS and block its signal that drives cancer cells to

*Approved in the U.S. for adult patients with metastatic pancreatic cancer who meet certain criteria, like having received at least one prior systemic therapy.

multiply.

During a retreat on Cape Cod, Mass., Goldsmith, RevMed's CEO, found himself sitting next to Laurence Reid, then-CEO of Warp Drive. Over a clam bake, Goldsmith brought up the subject of licensing Warp Drive's technology to RevMed to target RAS.

Reid balked at the idea of licensing away the company's core technology, Goldsmith said, so RevMed decided to acquire Warp Drive instead.

“We had decided we wanted to embrace RAS, we needed to get some technology to give us a differentiated approach," Goldsmith said. "The opportunity was very particular."

To close the deal, Goldsmith had to pull off a boardroom maneuver. Warp

Drive's largest shareholder at the time was Sanofi. Goldsmith said he phoned the French company's leadership to make sure they didn't feel blindsided, and pitched the idea of swapping their majority stake in Warp Drive for some of RevMed's equity.

It worked. In 2018, RevMed bought Warp Drive in an all-stock deal, absorbing its technology and resetting the company's trajectory.

Rasonque is expected to have more than \$1 billion in sales as soon as next year.

The breakthrough came in 2020, when the company's researchers showed that the drug that would later become Rasonque targeted RAS in all of its variations. Other testing showed it was tolerable.

“It was serendipity,” said Kevan Shokat, a researcher at the University of California, San Francisco, and a co-founder of RevMed. “This is what happens in chemistry sometimes: You get a molecule, and it does something a little more than you expect.”

To help fund the drug's launch, RevMed struck a deal with a company called Royalty Pharma that gave it access to up to \$2 billion in funding in exchange for future rights to a share of Rasonque and another drug's sales.

“We were going to build the whole thing ourselves,” Goldsmith said, adding that the company worked out an attractive deal and “simply made the decision.”

Goldsmith is now responsible for bringing Rasonque to market, a rollout that actually began nearly four months ago when the FDA allowed RevMed to distribute the medicine as part of a compassionate-use program before approval. More than 2,000 patients were enrolled in the program at the time of approval.

A SpaceX Falcon 9 rocket carrying 29 Starlink satellites in early July 9.

Companies Face Traffic In Space

Continued from page B1

damage a satellite, since both are traveling so fast, said Mark Matney, a planetary scientist for the orbital debris program at the National Aeronautics and Space Administration.

SpaceX has warned about the crowd. “As the number of satellites and other objects in low-Earth orbit continues to grow, the probability of accidental collisions, fragmentation events, or other in-orbit incidents increases,” the company said in a filing tied to its public offering.

All low-Earth orbit objects*

“In my opinion, we are operating at the maximum density that can be safely operated,” said Jonathan McDowell, an astrophysicist who maintains a widely cited catalog of objects in space.

Number of collision-avoidance maneuvers by Starlink satellites $^{\ddagger}$

Satellites in low-Earth orbit*

Starlink satellites launched
*As of July 8, 2026 †inactive Starlink satellites are included in other satellites and debris. *As of May 31, 2026 Sources: General Catalog of Artificial Space Objects (objects in orbit and launched); FCC (maneuvers)

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BANKRUPTCIES

UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF MICHIGAN-DETROIT In re Fieldstone A&E, LLC,

d/b/a Fieldstone Architecture & Engineering, d/b/a Fieldstone A & E, d/b/a Fieldstone Engineering, d/b/a Fieldstone Architecture

Case No. 26-48494-tjt

YOU MAY HAVE A CLAIM AGAINST FIELDSTONE A&E, LLC

On July 30, 2026, Fieldstone A&E, LLC (the "Debtor") filed for relief under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code"). The Debtor, its address, case number, proof of claim form, and other relevant information related to this chapter 11 case may be obtained from Kurtzman Carson Consultants, LLC dba Verita Global (the "Claims Agent") at:

https://www.veritaglobal.net/fieldstone

THE LAST DAY TO FILE GENERAL CLAIMS AGAINST THE DEBTOR IS OCTOBER 22, 2026, AT 5:00 P.M. (PREVAILING EASTERN TIME). THE DEBTOR'S CHAPTER 11 SMALL BUSINESS SUBCHAPTER V PLAN FILING DEADLINE IS OCTOBER 28, 2026.

For more information, and instructions on how to obtain and file a proof of claim and associated documents, please visit the Claims Agent's designated website: https://www.veritaglobal.net/fieldstone or call the Claims Agent at (877) 725-7539 (U.S./Canada) or (424) 236-7247 (International)

ANY PERSON OR ENTITY THAT IS REQUIRED TO TIMELY FILE A PROOF OF CLAIM BUT FAILS TO DO SO SHALL NOT BE TREATED AS A CREDITOR WITH RESPECT TO SUCH CLAIM FOR THE PURPOSE OF VOTING AND DISTRIBUTION IN THE DEBTOR'S CHAPTER 11 CASE.

Midwest Burger Chain Bets on A MAHA Revamp

BY HEATHER HADDON

SCHERERVILLE, Ind.—An American flag big enough to cover two school buses flaps over a Steak 'n Shake location southeast of Chicago. Payment systems take bitcoin and for customers who pull up in Teslas, there are free supersize fry upgrades served in gold boxes.

French fries are cooked in beef tallow instead of vegetable oil. The bottled Coca-Cola is sweetened with cane sugar, not high-fructose corn syrup, and the beef in the Steakburgers comes from cattle raised on pasture grass.

Since 2025, the Indianapolis-based chain has mounted an audacious turnaround strategy that embraces President Trump's brand of patriotism, and the Make America Healthy Again movement championed by Health Secretary Robert F. Kennedy Jr.

Michael Boes, Steak 'n Shake's "chief MAHA officer," said the chain is responding to people looking for fast food they can feel good about.

“This political movement didn’t come out of nowhere, right?” he said in an interview.

Activist investor

Steak 'n Shake's revamp is led by Sardar Biglari, an activist investor and conservative figure who also owns Maxim magazine, insurance providers and oil companies.

In April he hired Boes, a former Trump administration Health and Human Services staffer, to spearhead the chain's new MAHA push.

It is helping business, with same-store sales up 14% in the three months ended June 30 compared with the same period last year, according to filings by parent Biglari Holdings. Average restaurant visits per location at the roughly 400-unit chain grew 5.8% in the first half of this year, reversing a decline in 2024, according to location data firm Placer.ai.

The effort is attracting customers like Lexi Carman, who recently drove 30 minutes from Beecher, Ill., to bring her two children and two nieces to the Schererville location.

“We were actually just here on Saturday,” she said, as the children munched Steakburgers and sipped milkshakes.

Steak 'n Shake's food costs have grown this year as a result of its investments in quality, the company said. Its overall profit has improved since 2024 but hasn't returned to 2023 levels, and some locations have continued to close. Boes said prices have moderately increased to offset the quality improvements.

For decades, Steak 'n Shake subsisted in the middle of the U.S. fast-food pack. The ingredient revamp helps it stand out without relying solely on discounts, executives said, and the chain is leveraging the effort to go after rivals, including in an X post targeting Five Guys in August.

"We don't claim to be a salad chain," said Boes, who said ground beef makes up about $75\%$ of his diet and that he keeps in touch with Trump administration officials about Steak 'n Shake's efforts. "But I do think these foods in their pure form do have a health benefit."

Some nutrition experts have been skeptical about whether many of the MAHA movement's food priorities do much to help human health.

Cooking with beef tallow versus soybean oil is one example, said Alison Steiber, chief impact officer for the Academy of Nutrition and Dietetics. “Regardless of how you fry your french fries, they are still fried,” she said.

Steak 'n Shake in Schererville, Ind., left, and right, Michael Boes, the company's 'chief MAHA officer.'

Steak 'n Shake doesn't make health claims about grass-fed beef or tallow, but the company believes its customers feel better about the chain's food. "We just tell them you can taste the difference," Boes said while surveying the fry oil in the Indiana Steak 'n Shake.

Gas-station roots

Steak 'n Shake traces its roots to the 1930s, when Augustus "Gus" Belt bought a number of gas stations, including one with a restaurant in Normal, Ill. The town voted to go dry, so Belt switched to burgers and milkshakes from chicken and beer, grinding meat right in front of customers, sometimes sourced from his own cattle.

Steakburger beef comes from cattle raised on pasture grass.

Steak 'n Shake over the decades expanded across the Midwest. But after changing ownership multiple times and with competition intensifying, by the 2000s the chain was struggling and running out of cash. Biglari, a young, Texas-based investor, built up a position in the publicly traded company's shares in 2007 and took Steak 'n Shake private.

By 2017 profit began to fizzle and then fell into losses. Steak 'n Shake closed around 200 locations between 2018 and 2024, with sales dropping by one-third to \$760 million, according to market-research firm Technomic.

Biglari in early 2025 made changes at Steak 'n Shake reflecting the new administration's priorities. Locations hoisted the largest American flags allowed by local zoning codes and served Patriot Shakes for the country's 250th anniversary.

Steak 'n Shake dumped vegetable oil—which Kennedy has blamed for fueling obesity and inflammation—in favor of beef tallow, and switched to Grade A Wisconsin butter versus a blend containing seed oil.

Musk praise

Kennedy has applauded the moves. Online, Elon Musk praised the chain. Steak 'n Shake began giving extra fries to Tesla drivers.

Biglari plucked Boes, who previously worked in the health industry, from the Trump administration.

Frustrated with government work that included cajoling fast-food chains to remove additives, he said Steak 'n Shake offered the chance to show how a MAHA overhaul

could work.

Boes launched a whirlwind restaurant and marketing tour, including a spot with Lara Trump at a Steak 'n Shake earlier this year.

Profit potential

At the Schererville location, franchisee Keith Mitchell said the transition has brought challenges and benefits. He now has to change the beef tallow in his fryer each week instead of every 10 to 14 days with vegetable oil. It costs more, and so does grass-fed beef.

After Mitchell offered samples of the tallow-cooked fries last year, diners started coming back for them. He hasn't taken many bitcoin payments, though one customer comes weekly for the Tesla promotion.

Mitchell, 36 years old, increased prices this year to help cover some of the new ingredients, particularly the grass-fed beef.

Boes said “MAHA moms” are helping drive Steak ’n Shake’s sales, and he doesn’t see that changing. He is focused on adding seed-oil free buns, a quest he said he discussed with Kennedy while they huddled at the June Ultimate Fighting Championship cage match on the White House lawn.

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OpenAI CEO Sam Altman speaks with members of the media between meetings in Washington, D.C., in July.

How Tech Was Blind To AI Revolt

Continued from page B1 support for its disruptive business model.

Others, such as Uber and Tesla, would rely on similar tactics as they pushed new ways of doing things that threatened entrenched rivals.

For generations, tech startups, especially those involving consumers, have relied on a rather simple strategy of using the perception of momentum to help lift them.

Growth was the key metric. Build a user base as quickly as possible, which in turn signals to investors there is a market fit, justifying more funding. Rinse and repeat, ideally until the company is so well positioned it scares off potential rivals.

Go public or get sold.

A swashbuckling swagger was all part of the culture as well. Steve Jobs's pirate flag celebrated a certain rebellious esprit de corps. Mark Zuckerberg built Facebook on a “move fast and break things” motto that allowed for course corrections after missteps.

Kalanick succeeded with Uber with what many saw as a win-at-all-costs strategy epitomized in his staff instructions: “Cheat codes. Find them. Use them.”

And AI had a similar vibe with predictions of curing cancer, disrupting entire industries, robot servants plus spicy warnings of what could go wrong from the creation of godlike superintelligence if these tech titans weren't listened to. All of which helped fuel investor enthusiasm as consumers and businesses rushed to experiment with ChatGPT, Claude and others.

Yet, just as quickly, blow-back followed: generative AI flooded social media with confusing slop and copyright threats; AI efficiencies were blamed—fairly or not—for job cuts. AI data centers and Flock cameras became political hot potatoes ahead of midterm elections; Pennsylvania recently became the latest state to limit AI data-center construction.

More than just politics, concerns around AI are becoming part of the fabric of pop culture. Former NFL player Jason Kelce, a co-owner of Garage Beer, featured in a now-viral online video encouraging viewers to bottle up their urine to send to data centers. “We want your pee to cool these data centers,” he said.

And, as if to punctuate things, social media was trending this past week with fan-filmed videos of what's likely going to be a new banger from country music star Zach Bryan that captures the wistful feelings that many in towns across America are having. "The robot killed the working man," he sang while belting out the yet-to-be released song to a crowd near Dallas.

Those lyrics could very well become the anthem of the fall.

In turn, the technorati are sputtering, trying to regroup for their counteroffensive while laying blame for why the dreams of AI aren't being embraced. AI doomers' predictions of "Terminator"-like movie outcomes are often on top of the list. Flyover-states' lack of sophistication has been implied. Foreign influence campaigns is another theory.

Some are parsing polling data, arguing people aren't against AI. They are just against wrong-headed perceptions about the effects on their electricity bills or local water consumption.

Unlike, say, Uber a decade ago. It showed it could turn to a powerful user base to lobby on its behalf when opposing political forces tried to hinder its business.

AI labs haven't yet shown they have such muscles. It turns out tech guys ranting on X don't have the same influence.

THE TICKER

MARKET EVENTS COMING THIS WEEK

Monday

Science Applications International 2.31/3.63

Tuesday

Construction spending Jun., previous

Jul., expected down 0.1%

ISM mfg. index Jul., previous 55.6 Aug., expected 55.1

Earnings expected

Credo Technology Group Holding

Dell Technologies

4.91/2.32 Gitlab 0.18/0.24 Medtronic 1.39/1.26 MongoDB

1.62/1.00 Palo Alto Networks 0.98/0.95

Wednesday

EIA status report Previous change in stocks in millions of barrels Crude-oil stocks up 0.1

Gasoline stocks

down 2.5 Distillates down 2.2

Jun., previous

down 0.3% Jul., expected up 0.5% Mort. bankers indexes Purch., previous

Refinan., prev.

Earnings expected

Broadcom 3.22/1.69 Brown-Forman

Five Below 1.40/0.81 Hewlett Packard Enterprise 0.93/0.44 NetApp 2.12/1.55 Snowflake 0.45/0.35

Thursday

Initial jobless claims Previous 203,000 Expected 205,000 Productivity 1st qtr., prev up 1.4% 2nd qtr. prel, exp.

Freddie Mac mortgage survey Previous weekly averages 30-year fixed 6.66% 15-year fixed 5.98%

Int'l trade deficit in

Jun., previous \$73.26 Jul., expected \$89.70

Unit labor costs

1st qtr., prev up 1.3% 2nd qtr. prel, exp. up 1.4%

EIA report: natural-gas Previous change in stocks in billions of cubic feet

Earnings expected

Ciena 1.73/0.67 DocuSign 1.09/0.92 Guidewire Software

lululemon athletica

1.79/3.10 Samsara 0.16/0.12 Zscaler 1.09/0.89

Friday

Nonfarm payrolls Jul., previous 23000 Aug., expected 50,000 Unemployment rate Jul., previous 4.1% Aug., expected 4.1%

Monday

All U.S. financial markets are closed for Labor Day.

Lululemon is expected to post per-share earnings of \$1.79.

* FactSet Estimates earnings-per-share estimates don't include extraordinary items (Losses in parentheses) ◆ Adjusted for stock split Note: Forecasts are from Dow Jones weekly survey of economists

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Nvidia Finds Eager Customers in Robots

said.

Market share in global humanoid-robot shipments, first half of 2026

Source: Counterpoint

Chinese firms rely on U.S. chips and software in growing physical AI business

BY RAFFAELE HUANG

Nvidia's chips aren't just for training chatbots. The company is also betting big on artificial intelligence for real-world objects like robots, cars and drones—and China is emerging as a major customer.

The business of physical artificial intelligence already generates some \$10 billion in annual revenue at Nvidia. While that is still a fraction of the company's overall revenue, which totaled \$303 billion in the four quarters ended in July, Chief Executive Jensen Huang says it will grow 10-fold within the next decade.

"If I can generate video of a finger moving, if I could generate video of a hand picking up a glass, why can't I cause a robot to do the same?" Huang recalled thinking, speaking on-stage in San Francisco in July.

Nvidia pairs specialized chips for physical AI with software tools used by developers of robots and robotaxis so that customers grow committed to an Nvidia suite of products. The company has released open-weight models, which robot developers can freely download and modify, with names such as GROOT and Cosmos.

“Physical AI gives Nvidia a path from data centers into the much larger physical economy—vehicles, factories, warehouses and robots,” said Michael Frank, chief executive of intelligence startup Radiant Intel.

Huang has brought in his children to help run the effort. His daughter, Madison, oversees marketing for Nvidia's physical AI division while his son, Spencer, is a director of product management.

In August, Madison Huang visited LG Electronics' robotics data factory in Seoul after

Nvidia has been building links with China's humanoid robot industry.

the South Korean company unveiled plans for a humanoid robot using Nvidia's robotic model.

The following day, she toured a robot exhibition in Beijing, drawing onlookers as her father often does on his Asia trips. She watched robots perform flying kicks and stopped by the booths of Chinese companies that have used Nvidia's technology.

The U.S. has barred Nvidia from selling its most powerful AI chips to China, but trade remains open for its robot and car chips.

China is the world's largest industrial-robot market, and in the first half of this year, the country shipped around $90\%$ of the world's humanoid

robots.

“China is critical to Nvidia’s physical AI road map,” said Brady Wang, an analyst at Counterpoint Research. Chinese companies are strong in manufacturing and commercializing new technology, so working with them “provides many real use cases” for Nvidia, he said.

While China has undertaken a national effort to develop AI chips that can match Nvidia's, Chinese robot makers today rely on Nvidia silicon and software tools to train and operate their machines, people in the industry said.

In its labs in the U.S. and China, Nvidia has used humanoid robots from different vendors including China's Unitree, Agibot and Fourier for collecting data and conducting experiments, the people said.

Nvidia has been beefing up its robotics and self-driving teams in China, according to company webpages and people familiar with the recruiting. Nvidia's published research papers reflect contributions from China-based researchers including interns studying at local universities. Chinese robot makers such as Unitree have used Nvidia's latest Thor chips, people familiar with the matter

“Nvidia works with companies around the world consistent with U.S. laws,” an Nvidia representative said.

Nearly two decades ago, Nvidia released a tool called compute unified device architecture, or CUDA, which allows users to write code directly for its chips. By pairing hardware and software, Nvidia locked in customers and grew to be a company valued at trillions of dollars.

Now it is applying that same playbook to win over robotics developers.

The Nvidia representative said the company has supplied open models and open-source materials “because physical AI will be built by a broad ecosystem—not by any one company.”

Jensen Huang said in July that Nvidia had set its sights on self-driving cars as the first robotics application that could have a large enough market and real economic value. Among its customers are Alphabet's robotaxi unit Waymo and Tesla as well as Chinese auto and robotaxi companies.

Its lineup for developers includes specialized computers that they can use to program and operate their devices. The latest of these computers, an entry-level model called Jetson Orin Nano 2, was released Aug. 25.

Nvidia's competitors in physical AI chips and software tools include Intel and Qualcomm. Some in China are testing products from Chinese vendors such as Huawei, Black Sesame and Horizon Robotics, anticipating that Washington could extend export restrictions.

“Using homegrown alternatives isn’t top of mind right now, but I can see a day coming eventually as the technology gets sensitive,” said Harry Qin, a former Horizon researcher who co-founded a startup using Nvidia’s chips and software to develop robotic systems.

WORLDecr FROM DOW JONES

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IPO Scorecard Performance of IPOs, most-recent listed first

MARKETS DIGEST

Dow Jones Industrial Average

53559.99 ▲282.98, or 0.53% last week
	Trailing P/E ratio	21.80	24.98
High, low, open and close for each of the past 52 weeks	P/E estimate*	20.36	21.75
	Dividend yield	1.46	1.60
	All-time high	54349.12	08/05/26

Current divisor 0.1682481652835

Bars measure the point change from Monday's open

A

S

O

N

D

J

F

M

A

M

J

J

A

36000

NYSE weekly volume, in billions of shares Primary market ▶ Composite

S&P 500 Index

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

7711.76 ▲37.39, or 0.49% last week High, low, open and close for each of the past 52 weeks

	Last	Year ago
Trailing P/E ratio *	24.50	25.15
P/E estimate *	21.12	23.99
Dividend yield *	1.07	1.21
All-time high	7798.99, 08/13/26

Major U.S. Stock-Market Indexes

Available free at WSJMarkets.com

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows, mutual funds and ETFs..

Dow Jones	Latest Week					52-Week				% chg
	High	Low	Close	Net chg	% chg	Low	Close (●)	High	% chg	YTD	3-yr. ann.
Industrial Average	53819.65	53261.95	53559.99	282.98	0.53	45166.64		54349.12	17.6	11.4	15.7
Transportation Avg	21713.14	21277.27	21378.75	-191.51	-0.89	15067.87		23933.14	34.4	23.2	10.8
Utility Average	1099.66	1074.16	1078.28	2.84	0.26	1048.33		1190.23	-1.0	1.0	6.9
Total Stock Market	76871.11	75679.25	76272.17	214.87	0.28	62750.36		77313.23	19.2	13.0	19.9
Barron's 400	1665.78	1650.37	1650.40	-9.71	-0.58	1318.70		1685.46	19.9	16.8	18.7

Nasdaq Composite ▲ 221.97, or 0.85% last week

Nasdaq Composite	26700.68	25910.82	26402.42	221.97	0.85	20794.64			27093.9	23.1	13.60	24.4
Nasdaq-100	29752.78	28875.97	29433.43	124.57	0.43	22953.38			30660.6	25.7	16.6	25.0

S&P
500 Index	7771.48	7638.17	7711.76	37.39		0.49	6343.72			7798.99	19.4	12.7
MidCap 400	3837.07	3778.92	3779.47	-50.93	-1.33		3109.89			3926.98	16.1	14.4
SmallCap 600	1790.94	1767.57	1767.57	-21.81	-1.22		1364.94			1828.54	22.9	20.4
Other Indexes
Russell 2000	3019.40	2972.37	2972.37	-45.50	-1.51		2305.11			3068.42	25.6	19.8
NYSE Composite	24819.29	24548.73	24585.18	-143.49	-0.58		20912.89			24821.68	16.2	11.7
Value Line	692.31	685.06	685.69	-6.58	-0.95		590.50			702.6	8.7	9.1
NYSE Arca Biotech	9571.21	9280.18	9296.21	-134.47	-1.43		5973.75			9539.76	55.6	30.0
NYSE Arca Pharma	1318.08	1253.21	1260.97	-43.00	-3.30		925.18			1315.38	32.6	12.0
KBW Bank	188.45	185.59	187.17	1.21		0.65	143.23			193.91	24.1	14.0
PHLX$ Gold/Silver	436.07	409.65	413.18	-8.94	-2.12		249.08			470.37	65.9	20.7
PHLX$ Oil Service	104.49	98.93	104.41	0.73		0.71	60.27			109.24	59.5	42.4
PHLX$ Semiconductor	11910.03	11263.34	11469.66	-270.71	-2.31		5592.82			14634.72	102.3	61.9
Cboe Volatility	16.30	14.13	14.43	-0.70	-4.63		13.47			31.05	-6.1	-3.5

$\S_{\mathrm{Nasdaq PHLX}}$

21 24 25 26 27 28 August DJ US TSM ▲ 214.87, or 0.28% last week

Sources: FactSet; Dow Jones Market Data

International Stock Indexes
Commodities and Currencies

Region/Country	Index	Latest Week		52-Week Range			YTD % chg
		Close	% chg	Low	Close	High
World	MSCI ACWI	1153.16		945.10		1160.80	13.7
	MSCI ACWI ex-USA	486.53	-0.01	386.42		486.69	15.6
	MSCI World	4986.16		4143.34		5034.04	12.5
	MSCI Emerging Markets	1722.14		1258.44		1802.77	22.6
Americas	MSCI AC Americas	2921.49		2411.22		2954.11	12.6
Canada	S&P/TSX Comp	36553.92	-0.18	28564.45		36957.63	15.3
Latin Amer.	MSCI EM Latin America	3030.68	-0.11	2394.48		3368.83	11.9
Brazil	Bovespa	175664.62		139863.63		198657.33	9.0
Chile	S&P IPSA	5763.74		4513.29		6013.24	6.3
Mexico	S&P/BMV IPC	65484.32	-0.37	58708.86		71601.35	1.8
EMEA	STOXX Europe 600	655.16		543.17		660.51	10.6
	STOXX Europe 50	5476.04	-0.24	4509.93		5548.17	11.3
Eurozone	Euro STOXX	681.21		560.19		689.45	11.3
	Euro STOXX 50	6485.67		5291.04		6551.22	12.0
Austria	ATX	6786.58		4577.95		6786.58	27.4
Belgium	Bel-20	5869.08		4642.33		5869.08	15.6
France	CAC 40	8401.18	-0.98	7654.25		8726.03	3.1
Germany	DAX	26569.99		22300.75		26569.99	8.5
Greece	Athex Composite	2679.97		1986.89		2687.04	26.4
Israel	Tel Aviv	4172.26		2982.63		4527.63	14.9
Italy	FTSE MIB	52616.12	-0.10	41608		53717	17.1
Netherlands	AEX	1112.28		883.89		1119.59	16.9
Norway	Oslo Bors All-Share	2488.42		1822.75		2488.42	28.2
Portugal	PSI 20	9430.91		7648.38		9484.93	14.1
South Africa	FTSE/JSE All-Share	118173.36		100432.95		128455.68	2.0
Spain	IBEX 35	20041.90		14704.2		20213.6	15.8
Sweden	OMX Stockholm	1154.65		961.24		1154.65	10.4
Switzerland	Swiss Market	14399.77	-0.40	11875.80		14633.70	8.5
U.K.	FTSE 100	10824.26		9116.69		10910.55	9.0
Asia-Pacific	MSCI AC Asia Pacific	278.10		210.44		285.9	22.2
Australia	S&P/ASX 200	9092.30		8365.9		9271.6	4.3
China	Shanghai Composite	3952.18		3764.15		4242.57	-0.4
Hong Kong	Hang Seng	25584.79	-1.63	22671.86		27968.09	-0.2
India	BSE Sensex	77264.51	-0.36	71947.55		85762.01	-9.3
Japan	NIKKEI 225	66405.56		41938.89		72366.34	31.9
Malaysia	FTSE Bursa Malaysia KLCI	1725.88	-0.61	1575.12		1771.25	2.7
Singapore	Straits Times	5699.93		4265.98		5768.46	22.7
South Korea	KOSPI	6788.88	-1.79	3142.93		9114.55	61.1
Taiwan	TAIEX	46331.45		24016.78		47741.51	60.0

	Last Week		%Chg	YTD % chg
	Close	Netchg
DJ Commodity	1439.25	-2.10	-0.15	27.29
FTSE/CC CRB Index	406.36	0.12	0.03	36.01
Crude oil, $ per barrel	83.40	-3.66	-4.20	45.25
Natural gas, $/MMBtu	2.888	0.077	2.74	-21.65
Gold, $ per troy oz.	4478.10	-150.20	-3.25	3.53
U.S. Dollar Index	99.68	0.88	0.89	1.38
WSJ Dollar Index	95.90	0.57	0.60	-0.02
Euro, per dollar	0.8631	0.007	0.82	1.42
Yen, per dollar	160.08	1.13	0.71	2.17
U.K. pound, in dollars	1.35	-0.0108	-0.79	0.46

	52-Week
	Low	Close(●)	High	% Chg
DJ Commodity	1061.22		1467.33	34.64
FTSE/CC CRB Index	291.69		406.36	34.40
Crude oil, $ per barrel	55.27		112.95	30.29
Natural gas, $/MMBtu	2.523		7.460	-3.64
Gold, $ per troy oz.	3473.70		5318.40	28.91
U.S. Dollar Index	96.22		101.61	1.95
WSJ Dollar Index	93.64		97.73	0.84
Euro, per dollar	0.8305		0.8805	0.86
Yen, per dollar	146.47		163.87	8.86
U.K. pound, in dollars	1.30		1.39	0.24

Go to WSJMarkets.com for free access to real-time market data. WSJ | MARKETS

MARKET DATA
Quoties & Companies View All Companies
Overview
Overview | Stocks | Bonds | Currencies | Cryptos | Commodities
	LAST	CHG	NCHG	DJIA Advanced Data
DJIA	31500.68	823.32	2.68	31750
S&P 500	3912.74	116.01	3.05	31500
Nasdaq Composite	11607.62	375.43	3.34
Japan: Niskei 225	26491.97	320.72	1.23	31250
UK: FTSE 100	7208.81	188.36	2.68	31000

Source: FactSet; Dow Jones Market Data

Consumer Rates and Returns to Investor

U.S. consumer rates

A consumer rate against its benchmark over the past year

	Federal-funds target rate	Money market account yields
	0.00%

-2.00 S O N D J F M A M J J A 2025 2026

Money Market/Savings Accts

Bankrate.com avg1:	0.44%
BankFive	4.00%
Fall River, MA	508-679-8551
First National Bank of America	4.00%
East Lansing, MI	800-968-3626
Peak Bank	4.01%
Mccall, ID	866-484-5705
PiBank	4.10%
Coral Gables, FL	877-678-0888
Newtek Bank	4.20%
Miami, FL	888-681-7238

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

Federal-funds rate target	3.50-3.75	3.50-3.75	3.50			4.50	-1.75
Prime rate*	6.75	6.75	6.75			7.50	-1.75
SOFR	3.64	3.63	3.50			4.51	-1.66
Money market, annual yield	0.44	0.44	0.41			0.45	-0.16
Five-year CD, annual yield	1.74	1.74	1.67			1.74	-1.12
30-year mortgage, fixed†	6.70	6.67	6.11			6.77	-0.97
15-year mortgage, fixed†	6.15	6.13	5.55			6.18	-0.77
Jumbo mortgages, $832,750-plus†	6.76	6.73	6.34			6.87	-0.95
Five-year adj mortgage (ARM)†	6.06	5.98	5.66			6.15	-0.47
New-car loan, 48-month	6.98	6.98	6.85			7.19	-0.34

Benchmark Yields and Rates

Treasury yield curve Yield to maturity of current bills, notes and bonds

Forex Race Yen, euro vs. dollar; dollar vs. major U.S. trading partners

Corporate Borrowing Rates and Yields

Bond total return index	Yield (%)		in basis pts, 52-wk Range			Total Return
	Last	Wk ago	Last	Low	High	52-wk	3-yr
U.S. Treasury, Bloomberg	4.610	4.550				1.20	3.45
U.S. Treasury Long, Bloomberg	5.200	5.260				-0.06	0.68
Aggregate, Bloomberg	4.990	4.960	28	23	31	1.86	4.36
Fixed-Rate MBS, Bloomberg	5.260	5.250	27	14	34	3.08	4.90
High Yield 100, ICE BofA	6.191	6.314	183	183	298	4.01	8.33
Muni Master, ICE BofA	3.684	3.645	8	1	10	3.88	3.28
EMBI Global, J.P. Morgan	6.696	6.738	185	184	276	7.19	9.53

Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Fixed Income Indices; ICE BofA
Prediction Market: Largest Company end of December 2026? This market will resolve to the largest company in the world by market cap on Dec. 31, 2026, as of market close.

New to the Market

Public Offerings of Stock

IPOs in the U.S. Market None expected this week

Company SYMBOLIPO date/Offer price	Friday'sclose ($)	% Chg From
		Offerprice	1st-dayclose
Infection Point Acquisition VIIIIPHXU Aug. 28/$10.00	10.10	1.0	...
Rainier AcquisitionRNAQU Aug. 27/$10.00	10.18	1.8	0.1
JATT III AcquisitionJTTT Aug. 26/$10.00	10.96	9.6	-4.3
Southern Cross Acquisition IISCATU Aug. 26/$10.00	10.01	0.1	0.1
Advasa HldgsADBT Aug. 25/$10.00	4.99	-50.1	-20.3
First BreachFBDT Aug. 20/$8.00	0.70	-91.2	-83.1
LyntrisLYNX Aug. 19/$17.50	14.06	-19.7	-6.3
Karman Line AcquisitionXTERU Aug. 18/$10.00	9.98	-0.2	0.4
NorthStrive Acquisition INSAIU Aug. 18/$10.00	10.00	...	0.2
Robinhoond Ventures Fund IIRVII Aug. 13/$25.00	22.28	-10.9	-2.9

Company SYMBOLIPO date/Offer price	Friday'sclose ($)	% Chg From
		Offerprice	1st-dayclose
Thunder Bridge Capital Ptnrs VTBCVU Aug. 13/$10.00	9.93	-0.7	0.2
SunScout HoldingSNSC Aug. 12/$5.00	1.35	-73.0	-56.0
VogenxVOGX Aug. 12/$13.00	33.96	161.2	161.2
BlossomHill TheraBLSM Aug. 7/$16.00	19.56	22.3	22.3
Latigo BiotherapeuticsLTGO Aug. 7/$18.00	24.23	34.6	32.8
Pinnacle AcquisitionPNAQ,UT Aug. 7/$10.00	9.95	-0.5	-0.1
TicketplusTP Aug. 7/$8.00	7.83	-2.1	11.9
Braveheart BioBRVE Aug. 6/$18.00	27.44	52.4	-7.9
Attovia TheraATTO Aug. 5/$17.00	20.70	21.8	-5.5
TCGX AcquisitionTCGX Aug. 5/$10.00	13.67	36.7	27.2

Sources: Dow Jones Market Data; FactSet

Lockup Expirations

Below, companies whose officers and other insiders will become eligible to sell shares in their newly public companies for the first time. Such sales can move the stock's price.

Lockup expiration	Issue date	Symbol	Offer price($)	Offer amt ($ mil.)	Through Friday (%)	Lockup provision
Sept. 2	March 6, '26	MiniMed Group	MMED	20.00	560.0	0.5%

Sources: LSEG Data and Analytics; Dow Jones Market Data

Public and Private Borrowing

Monday, August 31	Wednesday, September 2
Auction of 13 and 26 week bills;announced on August 27; settles on September 3	Auction of 17 week bill;announced on September 1; settles on September 8
Tuesday, September 1	Thursday, September 3
Auction of 6 week bill;announced on August 27; settles on September 3	Auction of 4 and 8 week bills;announced on September 1; settles on September 8
Auction of 52 week bill;announced on August 27; settles on September 3

A Week in the Life of the DJIA

A look at how the Dow Jones Industrial Average component stocks did in the past week and how much each moved the index. The DJIA gained 282.98 points, or 0.53%, on the week. A \$1 change in the price of any DJIA stock = 5.94-point change in the average. To date, a \$1,000 investment on Dec. 31 in each current DJIA stock component would have returned \$33,494, or a gain of 11.65%, on the \$30,000 investment, including reinvested dividends.

The Weeks' Action
Pctchg (%)	Stock pricechange	Point chgin average1	Company	Symbol	Close	$1,000 Invested(year-end '25)$1,000
22.39	46.83	278.34	Salesforce	CRM	$256.00	$971
6.27	30.29	180.03	Microsoft	MSFT	513.53	1,069
3.35	10.35	61.52	Apple	AAPL	319.70	1,179
3.02	7.80	46.36	Amazon.com	AMZN	266.43	1,154
2.85	10.56	62.76	Visa	V	381.60	1,095
1.74	6.32	37.56	Travelers	TRV	369.90	1,285
1.72	6.04	35.90	JPMorgan Chase	JPM	357.62	1,125
1.32	2.83	16.82	NVIDIA	NVDA	217.55	1,168
0.73	2.84	16.88	UnitedHealth	UNH	392.95	1,206
0.71	1.53	9.09	Honeywell International	HON	217.43	1,078
0.51	1.77	10.52	Alphabet	GOOGL	346.59	1,109
0.30	0.32	1.90	Walt Disney	DIS	108.10	958
-0.04	-0.09	-0.53	IBM	IBM	235.59	812
-0.50	-1.73	-10.28	Sherwin-Williams	SHW	344.86	1,072
-0.51	-5.29	-31.44	Goldman Sachs	GS	1,033.99	1,188
-0.59	-0.61	-3.63	Walmart	WMT	103.09	931
-0.62	-0.90	-5.35	Procter & Gamble	PG	143.78	1,025
-0.81	-2.20	-13.08	Johnson & Johnson	JNJ	268.04	1,316
-0.83	-2.80	-16.64	American Express	AXP	333.20	908
-1.00	-1.11	-6.60	Cisco Systems	CSCO	109.93	1,448
-1.57	-6.91	-41.07	Amgen	AMGN	432.42	1,348
-1.58	-1.44	-8.56	Coca-Cola	KO	89.66	1,300
-1.61	-5.42	-32.21	Home Depot	HD	330.19	973
-1.66	-3.41	-20.27	Chevron	CVX	201.86	1,361
-2.04	-4.38	-26.03	Boeing	BA	209.82	966
-2.20	-5.95	-35.36	McDonald's	MCD	265.00	878
-2.58	-4.62	-27.46	3M	MMM	174.34	1,104
-2.75	-4.20	-24.96	Merck	MRK	148.35	1,430
-2.85	-1.16	-6.89	NIKE	NKE	39.60	631
-3.34	-27.65	-164.34	Caterpillar	CAT	800.25	1,406

*Based on Composite price. DJIA is calculated on primary-market price. Source: Dow Jones Market Data; FactSet.

Currencies

U.S.-dollar foreign-exchange rates at 5 p.m. ET

Country/currency	in US$	Fri per US$	YTD chg (%)
Americas
Argentina peso	.00071512.7178		4.2
Brazil real	.1925	5.1940	-5.9
Canada dollar	.7191	1.3906	1.3
Chile peso	.001074	931.01	3.4
Colombia peso	.000311	3211.02	-14.8
Ecuador US dollar	1	1	unch
Mexico peso	.0587	17.0350	-5.4
Uruguay peso	.02483	40.2780	3.1

Country/currency	in US$	Fri per US$	YTD chg (%)
Vietnam dong	.00003835	26073	-0.9
Europe
Czech Rep. koruna	.04799	20.838	1.3
Denmark krone	.1550	6.4532	1.5
Euro area euro	1.1586	.8631	1.4
Hungary forint	.003173	315.15	-3.7
Iceland krona	.008238	121.39	-3.1
Norway krone	.1066	9.3767	-7.0
Poland zloty	.2668	3.7487	4.4
Sweden krona	.1041	9.6052	4.3
Switzerland franc	1.2352	.8096	2.1
Turkey lira	.0207	48.2358	12.3
Ukraine hryvnia	.0224	44.6500	5.4
UK pound	1.3538	.7387	-0.5

Australiadollar	.7164	1.3959	-6.8
China yuan	.1487	6.7268	-3.8
Hong Kong dollar	.1276	7.8401	0.7
India rupee	.01047	95.489	6.3
Indonesia rupiah	.0000563	17756	6.4
Japan yen	.006247	160.08	2.2
Kazakhstan tenge	.002157	463.54	-8.6
Macau pataca	.1238	8.0775	0.7
Malaysia ringgit	.2484	4.0259	-0.8
New Zealand dollar	.5914	1.6909	-2.7
Pakistan rupee	.00360	277.600	-0.9
Philippines peso	.0160	62.371	5.9
Singapore dollar	.7846	1.2746	-0.9
South Korea won	.0007263	1376.81	-4.4
Sri Lanka rupee	.0030486	328.02	5.9
Taiwan dollar	.03160	31.644	0.9
Thailand baht	.03018	33.140	5.2

Bahrain dinar	2.6523	.3770	0.02
Egypt pound	.0199	50.2570	5.3
Israel shekel	.3347	2.9881	-6.2
Kuwait dinar	3.2372	.3089	0.3
Oman sul rial	2.6007	.3845	-0.1
Qatar rial	.2744	3.644	-0.3
Saudi Arabia riyal	.2664	3.7532	0.1
South Africa rand	.0618	16.1709	-2.4

	Close	Net Chg	% Chg	YTD % Chg
WSJ Dollar Index	95.90	0.36	0.38	-0.02
Sources: Tullett Prebon, Dow Jones Market Data

Polymarket | A Dow Jones partner

Friday, August 28, 2026

Silver, troy oz.
Engelhard industrial	70.9500
Handy & Harman base	68.0890
Handy & Harman fabricated	85.1110
Coins, wholesale $1,000 face-a	47314

Secured Overnight Financing Rate
	3.64	3.63	4.51
	Latest	Value	-52-Week
		Traded	High

Overnight repurchase

CLOSED-END FUNDS

Listed are the 300 largest closed-end funds as measured by assets. Closed-end funds sell a limited number of shares and invest the proceeds in securities. Unlike open-end funds, closed-ends generally do not buy their shares back from investors who wish to cash in their holdings. Instead, fund shares trade on a stock which is not yet available or not applicable. NS signifies funds not in existence for the entire period. 12 month yield is computed by dividing income dividends paid (during the previous 12 months for periods ending at month-end). The price of the product is \$500,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,

Fund (SYM)	NAV	Close	52 wk
			Prem/Disc	Ttl Ret
General Equity Funds
Adams Diversified Eq Inc ADX	26.48	25.96	-2.0	29.5
BlackRock En Lg Cap Cr CII	24.24	24.76	+2.1	30.8
Central Secs CET	65.38	54.80	-16.2	15.7
CohenStrsCEOppFd FOF	13.60	13.53	-0.5	11.9
EVtAdvDivlncm EVT	30.91	28.95	-6.3	28.2
GabelliDivGlnCr GDV	33.97	30.30	-10.8	19.6
Gabelli Equity Tr GAB	5.92	5.66	-4.4	3.0
GeneralAmer GAM	75.13	67.16	-10.6	24.3
JHancockTaxAdvDiv HTD	26.07	25.31	-2.9	11.0
Liberty All-Star Equity USA	6.85	6.00	-12.4	1.5
Liberty All-Star Growth ASG	5.95	5.24	-11.9	3.2
NuveenNasdaq100 Dyn Ov QQQX	NA	30.87	NA	25.0
NuvS&P500DynOvFd SPXX	NA	19.26	NA	15.3
Royce Micro-Cap Tr RMT	15.62	13.99	-10.4	47.7
Royce Value Trust RVT	20.61	18.60	-9.8	26.1
Source Capital SOR	50.90	47.00	-7.7	11.4
Special Opportunities SPE	15.75	13.55	-14.0	-1.7
Sprott Focus Trust FUND	11.89	10.70	-10.0	38.9
SRH Total Return STEW	23.80	18.51	-22.2	4.3
Tri-Continental TY	39.58	35.59	-10.1	18.3
Specialized Equity Funds
abrdn Glb Prem Prop AWP	11.37	11.56	+1.7	9.0
abrdn Global Infra Inc ASGI	21.72	23.81	+9.6	30.3
abrdn Healthcare Invest HQH	23.56	22.67	-3.8	54.5
abrdn Healthcare Opps THQ	20.27	19.62	-3.2	29.7
abrdn Life Sciences Inv HQL	22.12	20.96	-5.2	69.8
abrdn World Healthcare THW	14.21	13.95	-1.8	32.2
Adams Natural Resources PEO	31.17	28.31	-9.2	39.1
Allspring Ut & Hi Inc ERH	12.21	11.34	-7.1	2.6
ASA Gold & Prec Met Ltd ASA	NA	63.51	NA	68.9
BlackRock Energy & Res BGR	18.81	16.96	-9.8	34.5
BlackRock Eq Enh Div BDJ	10.57	9.87	-6.6	19.5
BlackRock Enh Glbl Div BOE	13.46	12.47	-7.4	17.4
BlackRock Enh Intl Div BGY	6.51	5.94	-8.8	12.6
BlackRock ESG Cap All T ECAT	15.19	15.39	+1.3	15.6
BlackRock Hlth Sci Term BMEZ	18.58	16.78	-9.7	28.3
BlackRock Hlth Sciences BME	46.57	45.88	-1.5	35.0
BlackRock Res & Comm BCX	13.85	13.01	-6.1	38.4
BlackRock Sci&Tech Term BSTZ	32.99	31.29	-5.2	56.4
BlackRock Sci&Tech Trust BST	52.04	50.81	-2.4	41.3
BlackRock Innov&Gro Term BTX	9.87	8.96	-9.2	38.4
BlackRock Ult Inf & PWR BUI	26.60	26.88	+1.1	9.2
Bluerock Private RE BPRE	NA	NA	NA	NS
CLEARBRIDGEENYMDSOPP EMO	NA	55.24	NA	23.9
ChnStrInfr UTF	27.43	27.14	-1.1	9.6
Cohen&SteersQualInc RQI	13.15	12.30	-6.5	7.8
CohenStrs Real Est and RLTY	16.92	15.58	-7.9	8.7
Cohen&Steers TotRet RFI	11.73	11.43	-2.6	2.7
CohenStrsREITPrefInc RNP	21.72	20.36	-6.3	-1.5
Columbia Sel Prm Tech Gr STK	55.40	52.53	-5.2	76.9
DNP Select Income DNP	NA	10.93	NA	19.1
Duff&Ph UtiInfra Inc Fd DPG	16.08	14.58	-9.3	20.8
EtnVncEqtyInc EOI	21.35	20.21	-5.3	2.2
EtnVncEqtyIncoll EOS	23.98	21.66	-9.7	-2.0
EVRskMvnDvsEqInc ETJ	9.21	8.51	-7.6	3.6
ETrnVncTxMgdBuyWrtInc ETB	17.11	15.82	-7.5	15.1
ETrnVncTxMgdBuyWrtOpp ETV	16.20	15.49	-4.4	20.1
EvTxMnDvsEqInc ETY	15.86	14.60	-7.9	-0.1
EtnVncTxMgdGlbGB ETW	10.92	9.92	-9.2	20.0
EVTxMnGlbDvEqInc EXG	10.80	10.04	-7.0	22.2
First Tr Enhanced Eq FFA	25.72	23.27	-9.5	17.8
Gab GI Util & Inc GLU	20.00	19.15	-4.3	14.1
Gabelli Healthcare GRX	11.26	10.06	-10.7	14.2
Gab Utility GUT	2.99	6.39	113.7	30.4
GAMCOIGold&NatRes GGN	6.21	5.64	-9.2	27.7
GAMCO NRGLD & INC GNT	9.09	9.19	+1.1	46.3
J Han Finl Opptys BTO	42.04	39.68	-5.6	13.2
KayneEnrgyInfralnc KYN	16.76	14.83	-11.5	27.7
Neuberger Enrgy In& In NML	11.75	10.51	-10.6	30.4
Neuberger Nxt Gen Conn NBXG	17.47	15.33	-12.2	13.9
Neuberger Real Est SI NRO	3.21	2.95	-8.1	2.0
NuvCorEqAlpha JCE	NA	17.01	NA	17.7
NuevenNasdaq 100 Dyn Ov QQQX	NA	30.87	NA	25.0
Nuv Real Est JRS	9.18	8.40	-8.5	12.9
NuvS&P500DynOvFd SPXX	NA	19.26	NA	15.3
NXG Cushing Mdstm Energy SRV	43.97	45.50	+3.5	24.9
NXG NextGen Infras Inc NXG	54.03	56.29	+4.2	35.4
PIMGlb StkPI PGP	NA	8.78	NA	13.5
ReavesUtilityIncome UTG	37.37	37.72	+0.9	5.7
Tortoise Englnfra Crp TYG	NA	43.48	NA	15.2
VDiInt&PremStr NFJ	NA	15.57	NA	30.3
V Art Int&Tech Opps AIO	NA	26.23	NA	21.8
XAI Madison Equity Prnc MCN	6.32	5.65	-10.6	1.0
Income & Preferred Stock Funds
Dividend and Income BRSY	29.00	18.25	-37.1	35.8

Fund (SYM)	NAV	Close	Prem12 Mo/Disc	Yld
Western Asset Hi Inc Opp HIO	NA	3.48	NA	11.7
Western Asset Hi Yld Opp HYI	NA	10.37	NA	10.9
Other Domestic Taxable Bond Funds
Allspring Multi-Sector ERC	9.84	9.27	-5.8	9.5
Ares Dynamic Crdt Alloc ARDC	NA	12.37	NA	10.9
BlackRock Mlt-Sctr Inc BIT	13.10	11.96	-8.7	12.1
BlackRock Tax Muni Bd BBN	16.49	15.88	-3.7	7.4
DoubleLineOppor Crtd Fd DBL	14.52	14.18	-2.3	9.4
EVLmtDurIncm EVV	NA	9.12	NA	9.5
Franklin Ltd Dur Income FFT	6.32	5.80	-8.2	12.9
Putnam Mas Int PIM	3.33	3.18	-4.5	7.8
Putnam Prem Inc PPT	3.64	3.46	-4.9	9.2
FS Credit Opportunities FSCO	NA	5.18	NA	15.4
J Han Investors JHI	14.53	13.23	-8.9	9.3
NuvCorePlusImpact NPCT	NA	9.70	NA	12.4
NuvenTaxable Muni NBB	15.74	15.43	-2.0	7.6
PIMCO Corp & Inc Oppty PTY	NA	11.80	NA	12.1
PIMCO Corp & Inc Strat PCN	NA	11.78	NA	11.6
PIMCOHilnco PHK	NA	4.54	NA	12.3
PIMCO IncmStrFd PFL	NA	7.62	NA	12.6
PIMCO IncmStrFd II PFN	NA	6.99	NA	12.1
Western Asset Dvsfd Inc WDI	NA	12.87	NA	13.6
Western Asset Inf-Lk Inc WIA	NA	7.94	NA	6.8
Western Asset Inf-Lk O&I WIW	NA	8.32	NA	7.6
World Income Funds
abrdn AP IncFd FAX	15.14	14.68	-3.0	13.6
BmdwnGLB Glc Inc Opts BWG	NA	7.65	NA	12.0
EtnVncStdDivInc EVG	11.08	10.75	-3.0	8.5
MS EmMktDomDeed EDD	5.98	5.88	-1.7	10.8
Ms EmMktDebtFd MSD	7.98	7.29	-8.6	8.4
PIMCO Access Income PAXS	NA	14.04	NA	12.6
PIMCO Dynamic Inc Strat PDX	NA	21.66	NA	7.0
PIMCO Dynamic Income PDI	NA	15.33	NA	16.5
PIMCO Dynamic Inc Opp PDO	NA	12.55	NA	11.7
PIMCO Stratg Inc RCS	NA	5.26	NA	9.2
Templtn Glbl Inc SABA	NA	8.27	NA	NE
Templeton Emr Inc TEI	7.10	6.77	-4.6	13.2
Virtus SH Emerg Mkts Inc EDF	NA	5.25	NA	14.6
WstAstEmergDebt EMD	NA	10.55	NA	9.4
National Muni Bond Funds
AllBerNatMuniInc AFB	11.67	10.90	-6.6	5.3
BlackRock 2037 Muni Trg BMN	25.09	26.10	+4.0	4.4
BlackRock Muni 2030 Tgt BTT	24.49	22.57	-7.8	2.4
BR MuniAssets Fd MUA	10.73	9.94	-7.4	6.5
BR MuniHoldings MHD	12.38	11.40	-7.9	6.2
BR MuniYield Qlty MQY	11.96	11.07	-7.4	6.2
BR MuniYld Qlty 3 MYI	11.47	10.74	-6.4	6.2
BNY Mellon Muni Bd Infra DMB	11.37	10.60	-6.8	4.9
BNY Mellon Str Muni Bond DSM	6.31	5.83	-7.6	5.2
BNY Mellon Strat Muni LEO	6.69	6.20	-7.3	4.9
DWS Muni Inc KTF	8.87	8.80	-0.8	7.1
EVMuniBd EIM	10.27	9.60	-6.5	6.3
EVMuniIncm EVN	10.53	10.68	+1.4	5.9
EVNatMuniOpp EOT	17.77	17.20	-3.2	4.7
Putnam Mgd Inc PMM	6.50	6.24	-4.0	4.9
Putnam Muni Opp PMO	10.98	10.23	-6.8	4.8
InvAdvMulncTrll VKI	8.66	8.91	+2.9	7.5
Invesco MuniOp OIA	6.05	6.05	0.0	5.8
InvescoMuOppTr VMO	9.68	9.74	+0.6	7.7
InvescoMuTr VKQ	9.72	9.78	+0.6	7.7
InvescoQual Inc IQI	9.78	10.17	+4.0	7.6
InvTrInvGrMu VGM	10.03	10.39	+3.6	7.6
InvescoValMunInc IIM	11.96	12.75	+6.6	7.4
Neuberger Municipal NBH	10.96	10.26	-6.4	6.3
Nuven AMT-Fr Mu Val NUW	14.72	13.96	-5.2	4.1
Nuven AMT-Fr Qlty Muni I NEA	11.10	11.23	+1.2	7.2
Nuven AMT-Fr Mu CI NVG	NA	12.20	NA	7.6
Nuven Dyn Muni Opp NDMO	NA	9.91	NA	7.4
Nuven Mu Crdt Opps NMCO	NA	9.84	NA	7.8
NuV Muni Credit Income NZF	NA	12.19	NA	7.8
NuV MuniHilncOpp NMZ	NA	9.97	NA	7.7
Nuven Muni Inc NMI	NA	10.40	NA	4.2
Nuven Muni Val NUV	NA	8.99	NA	4.2
Nuven Quality Muni Inc NAD	NA	11.70	NA	7.2
Nuven Sel Mat NIM	9.78	9.31	-4.8	3.7
Nuven Sel TF NXP	14.07	14.21	+1.0	4.5
NYLiMACay DT Muni Opp MMD	16.07	14.93	-7.1	5.1
PIMCOMuniIncII PML	7.75	7.33	-5.4	6.4
RiverNorth Flx Mu Inc II RFMZ	NA	13.15	NA	7.5
RiverNorth Mgd Dur Muni RRMZ	NA	15.10	NA	7.4
RiverNorth Mgd Dur Muni RMM	NA	14.26	NA	7.3
Western Asset Mgd Muni MMU	NA	10.09	NA	6.5
Western Asset Muni Inc MHF	NA	6.85	NA	5.4
Single State Muni Bond
BR MH CA Qly FD Inc MUC	11.39	10.63	-6.7	6.0
BR MH NJ Qly MUJ	12.20	12.02	-1.5	5.4
BR MuniYld MI Qly MIY	12.05	12.67	+5.1	5.3
BR MuniYld NY Qly MYN	10.45	9.68	-7.4	6.3
BR MuniYld PA Qly MPA	11.95	10.99	-8.1	5.9
InvCaValMulncTr VCV	9.86	10.50	+6.5	7.3
InvPAValMulncTr VPV	10.45	11.29	+8.0	7.4
InvTrInvGrNYMu VTN	10.41	10.75	+3.3	7.5
Nuven AZ Qual Muni Inc NAZ	11.23	12.35	+10.0	6.5
Nuven CAAMT-F Qual MI NKX	11.65	12.05	+3.4	7.4
Nuven CA Val NCA	9.05	9.07	+0.2	3.9
NuvenCAQtyMuniNAC	11.20	11.68	+4.3	7.4
Nuven MA Qual Muni Inc NMT	10.85	12.56	+15.8	6.0
Nuven NYAMT-Fr Qual MI NRK	10.34	10.22	-1.2	7.9
Nuven NY Val NNY	8.69	8.17	-6.0	4.3
Nuven NY Qual Muni INC NAN	10.89	10.93	+0.4	7.6
Nuven VA Qlty Mun Inc NPV	10.98	10.49	-4.5	7.2
PIMCO CA PCQ	9.62	8.72	-9.4	5.0
PIMCONYMuniI PNI	7.56	6.83	-9.7	5.2

Fund (SYM)	NAV	Close	Prem/Disc	52 wkTtl Ret
CalamosStratTot CSQ	22.74	20.96	-7.8	21.0
CohenStrsLtdDurPref&Inc LPD	22.12	20.68	-6.5	4.1
CohenStrsSelPref&Income PSF	21.58	19.44	-9.9	2.6
CohenStrsTaxAvPrteSecs&I PTA	20.29	18.53	-8.7	-0.3
FirstTrlntDurPref&Inc FPF	18.77	17.80	-5.2	0.0
JHanPrefInc HPI	15.03	15.85	+5.5	8.4
JHPrefIncll HPF	14.92	15.64	+4.8	6.3
HnckJFpldInco III HPS	13.46	13.94	+3.6	3.5
J Han Prm PDT	14.07	12.65	-10.1	1.9
LMP CapInco SCD	NA	15.68	NA	10.7
Nuveen Pref & Inc Opp JPC	NA	7.38	NA	0.4
Nuveen Var Rate P&I NPFD	NA	18.78	NA	5.6
TCW Strat Income TSI	4.84	4.41	-8.9	-3.2
Convertible Sec's Funds
AdvntCnvtrb&IncFd AVK	NA	12.64	NA	13.4
Bancroft Fund Ltd BCV	27.66	24.84	-10.2	25.3
CalamosConvHi CHY	12.62	13.03	+3.2	31.4
CalmosConvOp CHI	11.87	12.86	+8.3	36.2
Ellsworth G&I Fund Ltd ECF	14.15	12.43	-12.2	21.9
HilncBd PCF	6.39	5.50	-13.9	-4.4
V Conv & Inc NCV	NA	16.83	NA	25.8
V Conv & Inc II NCZ	NA	15.50	NA	26.2
V Div Inc & Conv ACV	NA	26.45	NA	26.4
V Eqty & Conv Inc NIE	NA	26.06	NA	16.3
World Equity Funds
India Fund IFN	12.65	11.47	-9.3	-10.6
abrdnAusEq IAF	14.58	13.47	-7.6	8.2
abrdn Emg Mkts Ex-China AEF	10.27	9.49	-7.6	72.3
abrdn Glbl Dyn Div AGD	12.15	12.60	+3.7	18.3
abrdn Tot Dyn Div AOD	10.58	10.78	+1.9	33.5
Allspring GI Div Oppty EOD	7.26	6.68	-8.0	27.6
Central and Eastern Euro CEE	22.89	19.73	-13.8	23.5
Gabelli GI Sm&Mid Cp Val GGZ	18.35	16.44	-10.4	20.4
Gabelli Multimedia GGT	3.70	4.07	+10.0	17.8
GDL Fund GDL	10.77	8.41	-21.9	4.3
J Han Hdgd Ety & Inc HEQ	12.98	11.76	-9.4	19.4
Japan Smaller Cap JOF	14.22	12.63	-11.2	29.7
Korea KF	76.25	64.23	-15.8	144.1
Mexico MXF	24.59	21.64	-12.0	26.5
MS ChinaShrFd CAF	22.72	19.01	-16.3	24.9
MS India IIF	26.06	23.12	-11.3	-5.0
New Germany GF	13.07	11.76	-10.0	3.2
NuvenRI Asst Inc & Gro JRI	NA	12.35	NA	2.5
NYLCBRE Glbl Inf Meg T MEGI	16.16	14.82	-8.3	12.7
Royce Global Value Trust RGT	17.87	15.34	-14.2	22.2
Templeton Dragon TDF	12.59	10.89	-13.5	1.4
Templeton Em Mk t EMF	25.11	22.72	-9.5	63.4

Fund (SYM)	NAV	Close	Prem12 Mo/Disc	Yld
U.S. Mortgage Bond Funds
BlckRk Income BKT	10.72	10.38	-3.2	10.4
Western Asset Mtg Oppty DMO	NA	10.23	NA	12.7
Investment Grade Bond Funds
MFS Intmdt MIN	2.56	2.45	-4.3	2.1
Angel Oak FS Inc Trm FINS	NA	12.70	NA	11.0
BIRck Core Bond BHK	9.29	9.07	-2.4	10.0
BR Credit Alloc Inc BTZ	10.78	10.14	-5.9	10.1
InvescoBond VBF	15.94	14.69	-7.8	5.6
J Han Income JHS	11.98	10.90	-9.0	5.6
WA Investment Grade Inc PAI	NA	11.94	NA	5.3
WesternAssetPremBd WEA	NA	10.44	NA	7.7
Westn Asst IG Def Opp Tr IGI	NA	16.12	NA	5.4
Loan Participation Funds
BR Debt Strategy DSU	9.56	9.45	-1.2	12.5
BR F/R Inc Str FRA	11.34	11.07	-2.4	13.7
BlackRock Floating Rt Inc BGT	11.11	11.11	0.0	13.3
Blackstone Lng-Sh Cr Inc BGX	12.31	10.77	-12.5	9.1
BS SFR 2027 T BSL	13.47	13.06	-3.0	8.2
BS St Cr 2027 Tm BGB	11.82	11.20	-5.2	8.4
EtnVncFltRtInc EFT	11.96	10.65	-11.0	8.9
EV SenFIRTr EFR	NA	10.57	NA	8.6
FS Specialty Lending Fd FSSL	NA	NA	NA	NS
Highland Oppty & Income HFRO	11.92	7.39	-38.0	6.1
InvDYCrOpp:AX VTA	9.52	NA	NA	NA
InvSnrIncTr VVR	3.35	2.93	-12.5	14.4
Nuveen Credit Strat Inc JQC	NA	4.77	NA	13.1
NuVFloatRateIncFd JFR	NA	7.66	NA	12.7
SOUND POINT MRDAN CAP SIPC	NA	NA	NA	27.5
High Yield Bond Funds
abrdn Inc Credit Str ACP	5.36	5.12	-4.5	18.3
AllianceBernGlHlncm AWF	11.29	10.16	-10.0	7.7
Allspring Income Oppty EAD	7.13	6.39	-10.4	10.1
Barings Glb SD HY Bd BGH	14.97	14.16	-5.4	12.1
BR Corporate HY HTY	9.17	8.29	-9.1	11.2
BlackRock Ltd Dur Inc BLW	13.18	12.73	-3.4	10.8
BNY Mellon Hi Yield Drf DHF	2.68	2.35	-12.3	8.9
Brookfield Real Asst Inc RA	13.91	12.62	-9.3	9.2
Credit Suisse Hi Yld Crd DYH	1.92	1.71	-10.9	10.6
CSAM Income Fd CIK	2.72	2.43	-10.7	10.5
DoubleLine Inc Sol DSL	11.43	10.68	-6.6	12.3
DoubleLine Yld Opps DLY	15.08	13.88	-8.0	9.96
First Trust HY Opp 2027 FTHY	13.93	13.38	-3.9	11.0
Franklin Univ FT	8.59	7.73	-10.0	6.4
KKR Income Opportunities KIO	NA	11.00	NA	13.2
NeubHgYldStrt NHS	6.56	5.97	-9.0	18.1
Nuven Global High Inc JGH	NA	12.42	NA	9.9
PGIM Global High Yield GHY	NA	11.61	NA	10.8
PGIM High Yield Bond ISD	NA	12.36	NA	10.1
PGIM Sh Dur Hi Yld Opp SDHY	NA	15.97	NA	8.0
WstAstHIF II HIX	NA	3.91	NA	15.1

Insider-Trading Spotlight

Trading by 'insiders' of a corporation, such as a company's CEO, vice president or director, potentially conveys new information about the prospects of a company. Insiders are required to report large trades to the SEC within two business days. Here's a look at the biggest individual trades by insiders, based on data received by LSEG Data and Analytics on August 28, and year-to-date stock performance of the company KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: unknown VP: vice president Excludes pure options transactions

Biggest weekly individual trades

Based on reports filed with regulators this past week

Date(s)

Company

Symbol

Insider

Title

No. of shrs in trans (000s)

Price range ($) in transaction

$ Value (000s)

Close ($)

Ytd (%)

Buyers
Aug.25	Madison Air Solutions	MAIR	E. Bertarelli	BI	8,771	24.97	219,000	26.33
Aug.18-19	Energy Transfer	ET	K. Warren	DI	1,000	21.26-21.27	21,264	21.31	29.2
Aug.20	Global Water Resources	GWRS	J. Levine	DI	652	8.85	5,767	9.13	8.0
Aug.20			A. Cohn	D	139	8.85	1,233
Aug.25	NGL Energy Partners	NGL	J. Raymond	D	300	16.98	5,094	18.02	80.2
Aug.20	Odysight.ai	ODYS	M. Arkin	DOI	1,125	3.20	3,600	3.78	14.5
July 20	ZeroStack	ZSTK	M. Heinrich	ODI	4,609	.75	3,479	5.41	-13.6
Aug.21	Alpha Metallurgical Resources	AMR	K. Courtis	D	15	209.03-211.09	3,158	226.23	13.2
Aug.20			K. Courtis	D	15	189.84-194.48	2,903
Aug.21			M. Gorzynski	DOI	10	208.92	2,089
Aug.25			K. Courtis	D	5	216.22-216.97	1,083
Aug.21-25	ProFrac Holding	ACDC	D. Wilks	BI	607	4.70-4.81	2,868	4.99	28.3
Aug.12	Outlook Therapeutics	OTLK	G. Sukhtian	BI	2,525	.99	2,500	0.64	-59.2
Aug.25-26	Welltower	WELL	A. Gundlach	DI	10	239.47-242.06	2,408	238.07	28.3
Aug.24-26	American Assets Trust	AAT	E. Rady	HI	80	22.74-22.89	1,821	22.43	18.5
Aug.21			E. Rady	HI	50	22.75	1,138
Aug.18	i-80 Gold	IAUX	R. Young	CEO	1,000	1.62	1,620	1.85	26.7
Aug.25-26	Northpointe Bancshares	NPB	C. Williams	CEOI	78	16.95-16.95	1,327	17.04	1.5

Aug. 20-21	Aveanna Healthcare Holdings	AVAH	P. Vigano	BI	16,750		11.50	192,625	13.32	63.0
Aug. 20-21			R. Williams	BI	16,750		11.50	192,625
Aug. 20-21	Cerebras Systems	CBRS	S. Lie	CT	727	203.78-212.64		151,050	179.08
Aug. 21			A. Feldman	CEO	238	196.20-210.21		47,339
Aug. 19-21	Illumina	ILMN	K. Meister	DI	680	202.37-220.13		145,556	215.59	64.4
Aug. 25-27			K. Meister	DI	376	224.72-231.23		85,242
Aug. 18-19	Stryker	SYK	.	DI	350	331.74-343.47		117,776	330.69	-5.9
Aug. 18-19	Snowflake	SNOW	F. Slootman	D	300	319.07-333.37		97,425	328.00	49.5
Aug. 24-25	Corpay	CPAY	R. Clarke	CEO	214	409.56-419.62		88,514	407.88	35.5
Aug. 20	Palantir Technologies	PLTR	A. Karp	CEO	492	172.65-176.31		86,057	186.29	4.8
Aug. 19	Marriott Vacations Worldwide	VAC	C. Asmar	DOI	750		111.49	83,618	110.09	90.8
Aug. 24-25	Airbnb	ABNB	N. Blecharczyk	HI	353	190.27-193.14		67,324	189.43	39.6
Aug. 25	Carpenter Technology	CRS	T. Thene	CEO	109*	479.49-489.33		52,876	476.43	51.3
Aug. 21	Micron Technology	MU	S. Mehrotra	CEO	40	959.14-989.59		38,756	932.86	226.8
Aug. 25-26	Hinge Health	HNGE	E. Robinson	DI	337	91.08-91.71		30,772	87.35	88.1
Aug. 18	CoreWeave	CRWV	M. Intrator	CEO	308*	93.59-101.60		29,451	84.23	17.6
Aug. 25			M. Intrator	CEO	308*	88.31-89.93		27,263
Aug. 19-21	Cloudflare	NET	M. Zatlyn	PI	99	274.47-300.84		28,288	299.84	52.1

* Half the transactions were indirect **Two day transaction p - Pink Sheets

Insider Buying and selling by sector

Based on actual transaction dates in reports received this past week

Sector	Buying	Selling
Basic Industries	11,866,839	64,727,889
Capital Goods	999,728	43,558,117
Consumer durables	525,684	3,344,536
Consumer non-durables	2,499,971	62,784,494
Consumer services	1,928,902	134,972,616
Energy	10,102,517	43,147,410

Sector	Buying	Selling
Finance	11,671,879	135,673,837
Health care	6,590,175	281,263,335
Public Utilities	7,293,279	1,141,258
Technology	10,018,830	410,582,673
Transportation	1,001,510	10,374,707

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.

Fund (SYM)	NAV	Close	52 wk
			Prem/Disc	Ttl Ret
General Equity Funds
Alternative Strategies:1	12.91	NA	NA	4.3
CALAMOS AKSIA HDG D STRA	10.48	NA	NA	N
CALAMOS AKSIA HDG DSTRC	10.43	NA	NA	N
CALAMOS AKSIA HDG DSTRI	10.50	NA	NA	N
CALAMOS AKSIA HDG DSTRM	10.45	NA	NA	N
FT VEST TRIF:D: SER A2:A	NA	NA	NA	N
SS PRIV EQTY STRAT:1	NA	NA	NA	N
SS PRIV EQTY STRAT:S	NA	NA	NA	N
TRP GS Prv Mkt:A	25.39	NA	NA	N
TRP GS Prv Mkt:D	25.41	NA	NA	N
TRP GS Prv Mkt:I	25.42	NA	NA	N
Specialized Equity Funds
ARK Venture	59.33	NA	NA	70.2
ArrowMark Financial Corp BANX	NA	20.65	NA	NA
Calamos Akslia PE & Alt:A	12.18	NA	NA	18.2
Calamos Akslia PE & Alt:C	12.08	NA	NA	17.5
Calamos Akslia PE & Alt:I	12.20	NA	NA	18.5
Calamos Akslia PE & Alt:M	12.11	NA	NA	17.6
CAP GRP KKR US EQ+;A	NA	NA	NA	NS
CAP GRP KKR US EQ+;A-2	NA	NA	NA	NS
CAP GRP KKR US EQ+;A-3	NA	NA	NA	NS
CAP GRP KKR US EQ+F-2	NA	NA	NA	NS
CAP GRP KKR US EQ+F-3	NA	NA	NA	NS
CAP GRP KKR US EQ+;R-6	NA	NA	NA	NS
CARLYLE ALPINVEST PMS:I	NA	NA	NA	NS
CARLYLE ALPINVEST PMS;U	NA	NA	NA	NS
CASCADE PRIVATE CAP:1	22.43	NA	NA	17.8
CBRE GlbRIest IGR	4.47	4.57	+2.2	4.7
CIM R&AC A	20.57	NA	NA	0.6
CIM R&AC C	19.64	NA	NA	0.0
CIM R&AC I	20.90	NA	NA	0.9
CIM R&AC L	20.25	NA	NA	0.4
Clarion Partners REI D	11.33	NA	NA	5.2
Clarion Partners REI I	11.33	NA	NA	5.3
Clarion Partners REI S	11.33	NA	NA	4.5
Clarion Partners REI T	11.32	NA	NA	4.7
Clarion Partners REI U	11.31	NA	NA	NS
Connetic Venture CA;I	9.99	NA	NA	-4.6
FT VEST TRIF: SER A2;A	NA	NA	NA	NS
Versus Cap REI:1	23.32	NA	NA	0.0
Versus Capital Real Asst	28.90	NA	NA	6.9
JACKSON REAL ASSETS:1	11.33	NA	NA	5.6
MEKETA INFRSTRCTR:1	30.14	NA	NA	6.8
MEKETA INFRSTRCTR:III	30.18	NA	NA	7.0
NexPointRIEst Strat:A	12.15	NA	NA	-3.2
NexPointRIEst Strat:C	12.36	NA	NA	-3.9
NexPointRIEst StratZ	12.36	NA	NA	-3.0
PENDER REAL ESTATE CRA	10.02	NA	NA	6.8
PENDER REAL ESTATE CRII	10.03	NA	NA	7.1
PENDER REAL ESTATE CRI2	10.03	NA	NA	7.5
Principal Real Asst A	28.39	NA	NA	8.2
Principal Real Asst Ins	28.67	NA	NA	8.5
Principal Real Asst Y	29.12	NA	NA	8.8
Redwood RI Est:1	25.21	NA	NA	7.1
STEPSTONE PRIVATE MRKT;SR	NA	NA	NA	NS
THEPRE-IPO & GROWTHF	15.60	NA	NA	NS
THEPRE-IPO & GROWTHS	15.60	NA	NA	NS
The Private Shares;A	51.18	NA	NA	20.5
The Private Shares;I	52.16	NA	NA	20.6
The Private Shares;L	50.13	NA	NA	20.3
Thirdline Real EstateI	8.50	NA	NA	-7.3
USQ Core Real Estate:1	14.15	NA	NA	2.1
Wildermuth;I	0.16	NA	NA	-91.8
WILSHIRE PRIV ASST;INST	15.39	NA	NA	16.2
Income & Preferred Stock Funds
ALPHA ALT AS;ST:A	6.52	NA	NA	8.8
Alpha Alternative Assets	6.59	NA	NA	8.7
Calamos LS Equity and CI CPZ	15.33	13.36	-12.9	-3.9
Flat Rock Opportunity	14.13	NA	NA	-5.2
Versus Capital Infra Inc	10.04	NA	NA	10.3
Lord Abbett Corp Opps:A	8.98	NA	NA	3.2
Lord Abbett Corp Opps:I	8.99	NA	NA	4.0
Variant Altrntv Inc;Inst	25.69	NA	NA	6.6
Variant Impact;Instl	26.30	NA	NA	6.4
Convertible Sec's Funds
Calmos Dyn Conv and Inc CCD	23.65	24.91	+5.3	32.0
World Equity Funds
Alpha Summit Strat Alt:I	NA	NA	NA	NS
AMG PANTHEON INF FD:1	NA	NA	NA	NS
AMG PANTHEON INF FD;M	NA	NA	NA	NS
AMG PANTHEON INF FD;S	NA	NA	NA	NS
Calamos GlbTotRet CGO	14.34	13.07	-8.9	24.6
Cantor Fitzgerald St:A	13.93	NA	NA	9.1
Cantor Fitzgerald St:C	13.56	NA	NA	8.2
Cantor Fitzgerald St:I	14.01	NA	NA	9.3
CANTOR FITZGERALDINS:X	14.40	NA	NA	10.3
Sweater Cashmere	23.87	NA	NA	2.2
HMLTN LN PRIV INFRA;I	16.32	NA	NA	15.2
HMLTN LN PRIV INFRA;R	15.87	NA	NA	13.9
HMLTN LN PRIV INFRA;Y	16.38	NA	NA	15.2
IDA Private Access;I	NA	NA	NA	NS
Primark Priv Eq Inv;I	17.53	NA	NA	19.3
RBC BlueBay Enh Inc;A	NA	NA	NA	NS
RBC BlueBay Enh Inc;I	NA	NA	NA	NS
RBC BlueBay Enh Inc;T	NA	NA	NA	NS
Thornburg Inc Bldr Opps TBDL	23.64	22.33	-5.5	19.2
Virtus TotalRetFd ZTR	NA	6.84	NA	NA

Fund (SYM)	NAV	Close	Prem12 Mo/Disc	Yld
Forum RE Income;I	9.68	NA	NA	8.6
Forum RE Income;K	9.66	NA	NA	7.7
ORGN RE CRDT;I	9.93	NA	NA	NS
ORGN RE CRDT;O	9.94	NA	NA	NS
Loan Participation Funds
1WS Credit Income;A2	NA	NA	NA	9.8
1WS Credit Income;Inst	NA	NA	NA	9.4
Apollo Diversified Cd:A	NA	NA	NA	7.7
Apollo Diversified Cd:C	NA	NA	NA	7.0
Apollo Diversified Cd:F	NA	NA	NA	10.6
Apollo Diversified Cdl	NA	NA	NA	7.9
Apollo Diversified Cd:L	NA	NA	NA	7.4
Apollo Diversified Cd:M	NA	NA	NA	7.7
Axonic Alternative I;A	NA	NA	NA	10.0
Axonic Alternative I Ins	NA	NA	NA	10.1
Bluerock HI Inst Crd:A	NA	NA	NA	8.7
Bluerock HI Inst Crd:C	NA	NA	NA	8.1
Bluerock HI Inst Crd:F	NA	NA	NA	9.5
Bluerock HI Inst Crd:I	NA	NA	NA	8.9
CALLODINE SPCLTY INC,I	10.14	NA	NA	NS
CIBC Prvt Lndng Strat I	10.04	NA	NA	NS
CliffwaterCIFd'I	NA	NA	NA	10.0
Cliffwater Ehn Lending;D	NA	NA	NA	NS
CliffwaterElFd'I	NA	NA	NA	10.5
CNR Strategic Credit	4.38	NA	NA	34.4
EAGLE POINT ENH INC:A	NA	NA	NA	NS
EAGLE POINT ENH INC;AA	NA	NA	NA	10.6
EAGLE POINT ENH INC;C	NA	NA	NA	NS
EAGLE POINT ENH INC;I	NA	NA	NA	NS
EAGLE POINT ENH INC;S	NA	NA	NA	NS
Eagle Point Instl Income	NA	NA	NA	18.0
Equalize Community Dev	9.50	NA	NA	2.6
FedProj&TrFinanceTendr	10.19	NA	NA	6.0
FEDERATED HRMS P&FINSS	10.19	NA	NA	6.0
Flat Rock Core Income	19.04	NA	NA	9.7
Flat Rock Enhanced Inc	21.42	NA	NA	8.9
FRANKLIN BSP LENDING;I	10.02	NA	NA	NS
InvDYCrOpp:A	9.52	NA	NA	10.7
InvDYCrOpp:R6	9.53	NA	NA	11.0
InvDYCrOpp:Y	9.53	NA	NA	11.0
Invesco Sr Loan A	5.43	NA	NA	7.6
Invesco Sr Loan C	5.45	NA	NA	6.9
Invesco Sr Loan IB	5.43	NA	NA	7.9
Invesco Sr Loan IC	5.43	NA	NA	7.7
Invesco Sr Loan Y	5.44	NA	NA	7.9
Monachil Credit Income;I	10.19	NA	NA	7.6
NBASSET-BASED CRDT;INST	10.31	NA	NA	NS
Nomura Alt Inc;I	9.67	NA	NA	10.0
Nuveen Enh CLO Inc;A1	17.27	NA	NA	12.7
Nuveen Enh CLO Inc;A2	17.27	NA	NA	13.0
Nuveen Enh CLO Inc;I	17.27	NA	NA	13.5
OFS Credit Company OCCI	NA	2.71	NA	31.3
PC PCAAM Al;I	10.43	NA	NA	5.6
PRINCIPAL PRVT CR;A	10.28	NA	NA	7.0
PRINCIPAL PRVT CR;INS	10.33	NA	NA	7.1
PRINCIPAL PRVT CR;Y	10.38	NA	NA	7.1
PURSUIT ASSET-BASED;I	8.80	NA	NA	NS
SARDIS CREDIT OPPTYS;I	10.19	NA	NA	NS
SEI Alternative Income;F	10.03	NA	NA	7.0
SEI Alternative Income;Y	10.03	NA	NA	7.2
SOUND POINT ALT INC;I	NA	NA	NA	NS
VanEck CLO Oppts;I	25.17	NA	NA	NS
Octagon XAI CLO Inc;A	24.11	NA	NA	8.3
Octagon XAI CLO Inc;I	24.15	NA	NA	8.8
Yieldstreet Alt Inc	NA	NA	NA	6.7
High Yield Bond Funds
AB CarVal Credit Opp;Adv	10.02	NA	NA	7.0
AB CarVal Credit Opp;A	10.03	NA	NA	6.2
AB CarVal Credit Opp;C	10.03	NA	NA	5.9
AB CarVal Credit Opp;U	10.03	NA	NA	6.2
Opprtnstc Crdt Intrvl;I	11.47	NA	NA	8.6
PIMCO Flexible Cr I:A-1	NA	NA	NA	10.9
PIMCO Flexible Cr I:A-2	NA	NA	NA	10.9
PIMCO Flexible Cr I:A-3	NA	NA	NA	10.7
PIMCO Flexible Cr I:A-4	NA	NA	NA	10.7
PIMCO Flexible Cr I;Inst	NA	NA	NA	11.5
Polen Credit Opps;Inst	8.32	NA	NA	10.7
Other Domestic Taxable Bond Funds
ABX Longevity Gro & Inc	10.02	NA	NA	NS
AFA Private Credit;Fndr	NA	NA	NA	9.96
AFA Private Credit;Inst	NA	NA	NA	9.97
Alternative Credit Inc:A	NA	NA	NA	9.2
Alternative Credit Inc:C	NA	NA	NA	8.2
Alternative Credit Inc:I	NA	NA	NA	9.5
Alternative Credit Inc:L	NA	NA	NA	8.9
Alternative Credit Inc;W	NA	NA	NA	9.2
AMG BBH Ast-Back Crd;I	11.20	NA	NA	NS
AMG BBH Ast-Back Crd;M	11.20	NA	NA	NS
AMG BBH Ast-Back Crd;S	11.20	NA	NA	NS
AMG Pantheon Crdt Soln;I	NA	NA	NA	7.3
AMG Pantheon Crdt Soln;M	NA	NA	NA	6.8
AMG Pantheon Crdt Soln;S	NA	NA	NA	7.3
Angel Oak Str Crdt;FI	NA	NA	NA	8.4
Angel Oak Str Crdt;Inst	NA	NA	NA	8.4
BlackRock HPS Cr Str;A	8.05	NA	NA	8.3
BlackRock HPS Cr Str;I	8.01	NA	NA	9.2
BlackRock HPS Cr Str;J	8.03	NA	NA	8.6
BlackRock HPS Cr Str;U	8.02	NA	NA	8.4
BlackRock HPS Cr Str;W	8.05	NA	NA	8.3
CAP GRP KKR CR PL+;A	NA	NA	NA	6.2
CAP GRP KKR CR PL+;A-2	NA	NA	NA	6.4
CAP GRP KKR CR PL+;A-3	NA	NA	NA	NS
CAP GRP KKR CR PL+;F-2	NA	NA	NA	6.6
CAP GRP KKR CR PL+;F-3	NA	NA	NA	6.7
CAP GRP KKR CR PL+;R-6	NA	NA	NA	6.7
CAP GRP KKR MUL-SC+A	NA	NA	NA	6.4
CAP GRP KKR MUL-SC+A-2	NA	NA	NA	6.5

Fund (SYM)	NAV	Close	Prem12 Mo/Disc	Yld
CAP GRP KKR MUL-SC+A-3	NA	NA	NA	NS
CAP GRP KKR MUL-SC+F-2	NA	NA	NA	6.7
CAP GRP KKR MUL-SC+F-3	NA	NA	NA	6.8
CAP GRP KKR MUL-SC+R-6	NA	NA	NA	6.8
CION Ares Dvsfd Crdt;A	NA	NA	NA	8.5
CION Ares Dvsfd Crdt;C	NA	NA	NA	7.7
CION Ares Dvsfd Crdt;I	NA	NA	NA	8.9
CION Ares Dvsfd Crdt;L	NA	NA	NA	8.4
CION Ares Dvsfd Crdt;U	NA	NA	NA	8.1
CION Ares Dvsfd Crdt;U2	NA	NA	NA	8.1
CION Ares Dvsfd Crdt;W	NA	NA	NA	8.4
CNR Select Strategies	17.32	NA	NA	0.0
COLUMBIA CR INC OPP;A	19.62	NA	NA	9.6
COLUMBIA CR INC OPP;I	19.64	NA	NA	10.1
Diamond Hill Sec Cr;I	10.63	NA	NA	6.6
Diamond Hill Sec Cr;R	10.62	NA	NA	7.1
EAGLE POINT DFNSV INC;A	NA	NA	NA	NS
EAGLE POINT DFNSV INC;C	NA	NA	NA	NS
EAGLE POINT DFNSV INC;I	NA	NA	NA	NS
EAGLE POINT DFNSV INC;S	NA	NA	NA	NS
First Eagle Crdt Opps A	21.81	NA	NA	8.9
First Eagle Crdt Opps A2	21.77	NA	NA	8.5
First Eagle Crdt Opps I	21.69	NA	NA	9.1
First Trust Private Cr;A	NA	NA	NA	10.0
First Trust Private Cr;I	NA	NA	NA	9.98
Franklin BSP Pvt Cr;A	NA	NA	NA	6.8
Franklin BSP Pvt Cr;Adv	NA	NA	NA	7.3
FS Credit Income;A	11.84	NA	NA	9.3
FS Credit Income;I	11.88	NA	NA	9.5
FS Credit Income;T	11.87	NA	NA	9.0
FS Credit Income;U	11.81	NA	NA	8.8
FS Credit Income;U-2	11.93	NA	NA	8.7
JHANCOCK QCS ASSETS;A	18.49	NA	NA	9.4
JHANCOCK QCS ASSETS;I	18.51	NA	NA	9.6
JHANCOCK QCS ASSETS;U	18.45	NA	NA	8.9
KKR ASST BSD FIN;D	NA	NA	NA	8.2
KKR ASST BSD FIN;I	NA	NA	NA	8.4
KKR ASST BSD FIN;T	NA	NA	NA	7.6
KKR ASST BSD FIN;U	NA	NA	NA	7.6
LibreMax AsstBckd Inc;M	NA	NA	NA	NS
Loomis Sayles Cr In Op;R	10.00	NA	NA	NS
Loomis Sayles Cr In Op;I	10.00	NA	NA	NS
LORD ABETT FLEX INC;A	10.03	NA	NA	6.2
LORD ABETT FLEX INC;I	10.03	NA	NA	6.9
LORD ABETT FLEX INC;U	10.03	NA	NA	6.1
MA SPECIALTY CREDIT IN;S	24.65	NA	NA	9.2
NIAGARA INCOMEOPPORTNTS	NA	NA	NA	9.8
Palmer Square Opp Inc	17.49	NA	NA	6.9
TCG STRATEGIC INCOME;I	10.01	NA	NA	NS
TCW PRIV ASSET INC;A	9.87	NA	NA	8.7
TCW PRIV ASSET INC;I	9.99	NA	NA	8.3
TCW PRIV ASSET INC;I-3	9.98	NA	NA	NS
World Income Funds
BlueBay Destra Itl E:A	21.97	NA	NA	8.4
BlueBay Destra Itl E:I	22.00	NA	NA	8.6
BlueBay Destra Itl E:T	21.81	NA	NA	7.9
BOOSTER INCOME OPPTYS	9.88	NA	NA	9.7
Calamos-Aksia ACI;A	10.53	NA	NA	8.9
Calamos-Aksia ACI;C	10.50	NA	NA	8.2
Calamos-Aksia ACI;I	10.53	NA	NA	9.1
Calamos-Aksia ACI;M	10.53	NA	NA	8.3
Carlyle Tact Pvt Cred;A	NA	NA	NA	8.1
Carlyle Tact Pvt Cred;I	NA	NA	NA	8.6
Carlyle Tact Pvt Cred;L	NA	NA	NA	8.1
Carlyle Tact Pvt Cred;M	NA	NA	NA	7.8
Carlyle Tact Pvt Cred;N	NA	NA	NA	8.6
Carlyle Tact Pvt Cred;U	NA	NA	NA	7.8
Carlyle Tact Pvt Cred;Y	NA	NA	NA	8.3
EMERY PRTRNS INC CRE STR	10.35	NA	NA	6.6
Fid MS Cr;A	NA	NA	NA	5.5
Fid MS Cr;C	NA	NA	NA	4.7
Fid MS Cr;I	NA	NA	NA	5.7
Fid MS Cr;L	NA	NA	NA	5.2
Jackson Credit Opps;I	10.98	NA	NA	0.7
Lincoln Bain CTC;A	9.79	NA	NA	NS
Lincoln Bain CTC;D	9.79	NA	NA	NS
Lincoln Bain CTC;I	10.18	NA	NA	NS
Lincoln Bain CTC;IS	9.80	NA	NA	NS
Lord Abbett Cred Opps Fd	8.15	NA	NA	9.7
Lord Abbett Cred Opps Fd	8.15	NA	NA	10.5
Lord Abbett Crd Op;U	8.15	NA	NA	9.7
Nuveen En Corp Opp;I	NA	NA	NA	NS
OAKTREE ASST-BCKD INC;I	10.32	NA	NA	NS
OAKTREE VDSFD INCOME;A	8.90	NA	NA	NS
Oaktree Vdsfd Income;D	8.91	NA	NA	8.4
PIMCO Flexible EM Instn	NA	NA	NA	9.0
National Muni Bond Funds
BlackRock Mun Cr Alpha A	12.19	NA	NA	5.2
BlackRock Mun Cr Alpha U	12.18	NA	NA	5.3
First Eagle Tct Mn Op;I	10.04	NA	NA	6.8
Lind Cap Pt Mun Cred Inc	8.65	NA	NA	4.9
Lord Abbett Muni Opps;A	10.30	NA	NA	5.3
Lord Abbett Muni Opps;I	10.30	NA	NA	6.0
Nuveen En HY Muni Bd;A1	NA	NA	NA	5.5
Nuveen En HY Muni Bd;A2	NA	NA	NA	5.8
Nuveen En HY Muni Bd;l	NA	NA	NA	6.3
NYLI MacKay Mu IO;A1	9.99	NA	NA	3.5
NYLI MacKay Mu IO;A2	10.00	NA	NA	3.5
NYLI MacKay Mu IO;A3	9.99	NA	NA	3.3
NYLI MacKay Mu IO;I	9.99	NA	NA	4.0
PIMCO Flex Mun IncA-3	9.98	NA	NA	3.6
PIMCO Flex Mun IncA1	9.98	NA	NA	3.9
PIMCO Flex Mun IncA2	9.98	NA	NA	3.9
PIMCO Flex Mun IncInst	9.98	NA	NA	4.4
ROCKFELLER MUNI OPPS;I	19.96	NA	NA	5.4
Single State Muni Bond
PIMCO CA FMI;A-1	9.94	NA	NA	3.1
PIMCO CA FMI;Inst	9.94	NA	NA	3.6

Fund (SYM)	NAV	Close/Disc	Prem12 MoYld
U.S. Mortgage Bond Funds
Arca US Treasury	NA	NA	NA	0.0
CATALYST/PERINI STRAT IN	9.79	NA	NA	12.9
Ellington Inc Opp:A	NA	NA	NA	11.1
Ellington Inc Opp:M	NA	NA	NA	11.3
Forum RE Income;Founders	9.68	NA	NA	8.7

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

Money Rates

Inflation
	July index level	Chg From (%) June '26 July '25

	Latest	Week ago	—52-WEEK—
			High	Low
Britain	3.75	3.75	4.00	3.75
Australia	4.35	4.35	4.35	3.60

U.S. consumer price index
All items	333.918	-0.01	3.4
Core	337.133	0.07	2.5

International rates

	Latest	Week ago	—52-Week—
			High	Low
Prime rates
U.S.	6.75	6.75	7.50	6.75
Canada	4.45	4.45	4.95	4.45
Japan	2.375	2.375	2.375	1.875
Policy Rates
Euro zone	2.40	2.40	2.40	2.15
Switzerland	0.25	0.25	0.50	0.25

U.S.	3.69	3.67	4.45	3.49
U.S. government rates
Discount

	3.19	3.19	4.20	3.19
Federal funds
Effective rate	3.6400	3.6400	4.3300	3.6300
High	3.7000	3.7000	4.5500	3.7000
Low	3.5500	3.5500	4.3200	3.5500
Bid	3.6300	3.6300	4.3200	3.6100
Offer	3.6400	3.6400	4.3300	3.6300

	Latest	Week ago	-52-WEEK-High	Low
13 weeks	3.715	3.715	4.100	3.540
26 weeks	3.790	3.780	3.945	3.475

Notes on data:

August 28, 2026

	Latest	Week ago	-52-Week-high	-low
Call money
	5.50	5.50	6.25	5.50

Treasury bill auction
4 weeks	3.650	3.640	4.245	3.550

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 December 11, 2025. Other prime rates aren't directly comparable; lending practices vary widely by location; Discount rate is effective December 11, 2025. Secured Overnight Financing Rate is as of August 27, 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. Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Tullett Prebon Information, Ltd.

DTCC GCF Repo Index
Treasury	3.687	53.400	4.492	3.504
MBS	3.693	79.128	4.623	3.517

	Latest	Week ago	Year ago
Freddie Mac
30-year fixed	6.66	6.65	6.56
15-year fixed	5.98	5.95	5.69

Cash Prices | wsj.com/market-data/commodities

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate from the futures price on an exchange, which reflects what the commodity might be worth in future months.

Energy
Coal,C.Aplc,12500Btu,1.2SO2-r,w	81.000
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w	14.500
Metals

	Friday
BMI Lithium Carbonate, EXW China, =99.5%-v,w	23100
BMI Lithium Hydroxide, EXW China, =56.5%-v,w	20575
BMI Cobalt sulphate, EXW China, >20.5%-v,w	10430
BMI Nickel Sulphate, EXW China, >22%-v,k	4381
BMI Flake Graphite, FOB China, -100 Mesh, 94-95%-v,m	425

Gold, per troy oz
Engelhard industrial	4605.00
Krugerrand,wholesale-e	4630.62
Maple Leaf-e	4675.15
American Eagle-e	4675.15
Mexican peso-e	5376.40
Austria crown-e	4367.36
Austria phil-e	4675.15

Fibers and Textiles

Burlap,10-oz,40-inch NY yd-n,w	1.2625
Cotton,11/16 std lw-mdMphs-u	0.8617
Cotlook 'A' Index-t	*98.30
Hides,hvy native steers piece fob-u	n.a.
Wool,64s,staple,Terr del-u,w	n.a.

Grains and Feeds

Other metals
Platinum,Engelhard industrial	1894.0
Palladium,Engelhard industrial	1454.0
Aluminum, LME, $ per metric ton	*3212.5
Copper,Comex spot	6.5620
Iron Ore, 62% Fe CFR China-s	*97.8
Steel, HRC USA, FOB Midwest Mill-s	*1200.0
Battery/EV metals

Bran,wheat middlings, KC-u,w	138
Corn,No. 2 yellow,Cent IL-bp,u	5.0000
Cottonseed meal-u,w	320
Hominy feed,Cent IL-u,w	120
Meat-bonemeal,50% pro Mnpls-u,w	443
Oats,No.2 milling,Mnpls-u	3.8075
Rice,Long Grain Milled, No. 2 AR-u,w	30.13
SoybeanMeal,Cent IL,rail,ton48%-u,w	n.a.
Soybeans,No.1 yllw IL-bp,u	12.8000
Wheat,Spring14%-pro Mnpls-u	8.9525
Wheat,No.2 soft red,St.Louis-u	7.2950
Wheat - Hard - KC (USDA) $ per bu-u	8.1025
Wheat,No.1soft white,Portld,OR-u	7.0000

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra, Tordella & Brookes; H=American Commodities Brokerage Co; K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 8/27

Food
Beef, carcass equiv. index
choice 1-3,600-900 lbs.-u	346.30
select 1-3,600-900 lbs.-u	328.70
Broilers, National comp wtd. avg.-u,w	1.1641
Butter, AA Chicago-d	1.4625
Cheddar cheese, bbl,Chicago-d	156.50
Cheddar cheese, blk,Chicago-d	148.25
Milk, Nonfat dry, Chicago lb.-d	186.50
Coffee, Brazilian, Comp-y	3.1349
Coffee, Colombian, NY-y	3.7980
Eggs, large white, Chicago-u,w	0.6850
Flour, hard winter KC-p	20.70
Hams, 17-20 lbs, Mid-US fob-u	n.a.
Hogs, Iowa-So. Minnesota-u	88.24
Pork bellies, 12-14 lb MidUS-u	1.8606
Pork loins, 13-19 lb MidUS-u	1.1450
Steers, Tex.-Okla. Choice-u	n.a.
Steers, feeder, Okla. City-u,w	381.25

Fats and Oils

Degummed corn oil, crude wtd. avg.-u,w	n.a.
Grease,choice white,Chicago-h	n.a.
Lard,Chicago-u	n.a.
Soybean oil,crude;Centl IL-u,w	0.7309
Tallow,bleach;Chicago-h	n.a.
Tallow,edible,Chicago-u	n.a.

ROMAIN PERROCHEAU/AGENCE FRANCE-PRESSE/GETTY IMAGES

Distillers Are Over a Barrel

Alcohol companies are swamped with aged spirits including cognac, bourbon and Scotch whisky

Note: Data shows U.S. whiskey inventories (in proof liters) as a multiple of U.S. whiskey volumes sold in that year. Sources: TTB; IWSR; Bernstein analysis

It's the corporate equivalent of ordering too much alcohol for a house party where half the guests turn out to be dry. Except with billions of dollars at stake and a no-returns policy.

Distillers' warehouses are crammed with barrels of aging spirits laid down in better times that fewer people want to drink these days. The problem doesn't only affect bourbon in the U.S. There is a global glut of cognac, Irish whiskey and Scotch whisky too. Investors tempted by alcohol companies' low stock-market valuations should look at their saturated balance sheets first.

When aged-spirits distillers are deciding how much new stock to lay down each year, they have to make an educated guess about what demand will look like when the alcohol matures.

“Barrels in a warehouse are physical forecasts that were made years ago,” says Koryn Ternes, a consulting director at IWSR, an industry data provider.

For a VS cognac, that means projecting what will happen in two years. A higher quality XO cognac requires foresight of at least a decade. Maturing inventories show up as assets on distillers' balance sheets until they are bottled and sold.

Forecasts have been wildly off lately. Major drinks companies invested heavily in stocks between 2021 and 2024 when the industry was booming. Then demand fell off a cliff. Sales at Rémy Cointreau, the owner of Louis XIII Cognac, have collapsed $40\%$ since peaking in the company's fiscal year that ended in March 2023. Makers of spirits that don't need aging like vodka also face lower demand, but they have been able to adjust production to the new reality.

Some of the reasons for lower alcohol demand, such as tariffs, were out of the industry's control. Canada pulled American-made drinks off the shelves as part of its trade war with the U.S. Similarly, President Trump's tariffs on EU imports are hurting European distillers like Diageo and Rémy Cointreau that have high exposure to the U.S. market.

Demand for posh cognac also has collapsed in China where consumer sentiment is weak.

But rapid changes in attitudes toward alcohol have also caught distillers off guard.

Moderation is in fashion and the share of Americans who say they drink alcohol hit a record low of 54% in 2025, according to a Gallup poll. The shift to sobriety is jarring considering alcohol consumption was so high during the pandemic.

The tastes of the next generation of drinkers aren't an ideal fit for distillers of aged spirits, either. Gen Z consumers are gravitating toward sweet, mixed beverages like ready-to-drink canned cocktails. They drink earlier in the day and outside tradi-

and outside traditional settings like bars, favoring music festivals or picnics instead.

They increasingly opt for low-alcohol drinks, or practice “zebra striping”: alternating between alcoholic and nonalcoholic drinks on nights out to limit overall intake.

None of this plays to the strengths of fine cognac and whiskey, which is traditionally served neat. However, distillers are experimenting with new formats like flavored spirits and RTDs that ap-

Cognac demand collapsed in China where consumer sentiment is weak.

peal to younger drinkers.

Major alcohol companies have massive gluts on their balance sheets. Pernod Ricard, the maker of Jameson whiskey and Martell cognac, had maturing inventory

54% Share of Americans who said they drink alcohol in 2025, a record low.

worth €7.2 billion sitting in barrels in warehouses at the end of June, or \$8.4 billion. That is up 78% from levels at the end of 2019.

Cognac giant Rémy Cointreau has €1.9 billion of inventory on its books, which is equivalent to three-quarters of the company's entire market capitalization.

The risk for investors is that the aged-spirits glut sparks a price war as alcohol companies try to unload the excess. For now, the big names are scaling back pro-

duction rather than cutting prices.

Diageo is reducing the amount it distills by 50% over the next three years, while it works through an \$8.5 billion backlog of aging inventory. Carrying that much stock is expensive, so the company is trimming costs where it can.

A silver lining is that free cash flow at listed distillers should improve as they invest less in laying down new barrels. Bernstein analysts point out that Rémy's free cash flow conversion was as low as 5% in years when the company was heavily stocking its warehouses.

The shares of alcohol companies are cheap at the moment. Diageo and Pernod Ricard are trading at earnings multiples last seen during the global financial crisis. Patient investors who believe that demand for aged spirits will eventually recover might be tempted to own these stocks.

An analysis of maturing inventories expressed as a percentage of annual sales provides some clues about which companies are likely to work through their glut fastest—although demand for different categories of aged spirits and how many innovative new products they launch will play a role too.

Diageo and Davide-Campari Milano look healthiest on this metric. The aging stock on their books is worth 31% and 39% of their last full-year sales, respectively. Inventory at Brown Forman and Pernod Ricard is worth more than 60% of sales. Rémy Cointreau's maturing inventories are double its latest annual sales tally.

A look inside distillers' warehouses can help investors to pick their poison wisely.

—Carol Ryan

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