Wall Street Journal - 22 May 2024

****** WEDNESDAY, MAY 22, 2024 ~ VOL. CCLXXXIII NO. 120 WSJ.com HHHH $5.00 DJIA 39872.99 À 66.22 0.17% NASDAQ 16832.62 À 0.2% STOXX 600 522.95 g 0.2% 10-YR. TREAS. À 6/32 , yield 4.414% OIL $79.26 g $0.54 GOLD $2,421.70 g $12.20 EURO $1.0855 YEN 156.18  A rise in utilities’ share prices this spring reflects a growing belief that the U.S. economy can power through higher interest rates and turn the hype around artificial intelligence into reality. A1  U.S. stocks extended their May rally, with the S&P 500 and Nasdaq hitting records on gains of 0.3% and 0.2%, respectively, and the Dow adding 0.2%. B12  Fewer American parents said they were coping financially in 2023 compared with a year earlier, according to a Fed survey that nonetheless contained some bright spots. A2  Samsung, recently a laggard in the artificial-intelligence boom, replaced the head of its semiconductor business, who had also served as co-chief executive. B1  Elvis Presley’s granddaughter said swindlers are trying to sell off Graceland, the home that belonged to the rock ’n’ roll legend. B1  Chinese EV maker XPeng forecast a rise in its second-quarter vehicle deliveries after its first-quarter net loss narrowed. B2  Pixar will lay off about 14% of its workforce as parent Disney seeks to cut costs and scale back the volume of content made exclusively for streaming. B3  Macy’s raised its outlook after the department store chain’s first-quarter results exceeded expectations. B3  GSK’s experimental drug for asthma met its goals in the latest trial, moving a treatment with potential annual peak sales of more than $3.81 billion closer to market. B3 What’s News Business & Finance World-Wide BY LAURENCE NORMAN AND MICHAEL R. GORDON Western Officials Brace for Volatility With Iran No big policy shift is seen, but transition to new government heightens tension Donald Trump opted not to testify, and so his lawyers wrapped up their case in his hush-money trial in Manhattan. Jurors were sent home until next week, with closing arguments set for Tuesday. A4 BY ASA FITCH AND MIRIAM GOTTFRIED An unlikely stock-market winner this spring stands out even in a year full of Wall Street surprises. Utilities—yes, utilities—are outpacing the competition. The climb in shares of power companies is in part a rebound from a bleak 2023. But their move upward also SPORTS He was the $13 million QB recruit—now he’s suing the boosters who never paid up. A12 When a major owner of AI chips wanted to raise billions of dollars to buy more, it turned to a crop of Wall Street investment firms for a loan backed by the chips themselves. CoreWeave, a New Jerseybased startup that owns artificial-intelligence chips and associated computing gear in data centers, raised $7.5 billion last week in one of the largest ever private-debt financing deals. Investment giant Blackstone led the deal, which will fund CoreWeave’s expansion in data centers across the globe and help it buy more chips from Nvidia, the main supplier of computational power to the AI boom. Nvidia’s GPU, or graphicsINSIDE SINGAPORE—For the past few years, the West has been trying to break China’s grip on minerals that are critical for defense and green technologies. Despite their efforts, Chinese companies are becoming more dominant. They are expanding operations, supercharging supply and causing prices to drop. Their challengers can’t compete. “China is not just standing still waiting for us to catch up,” said Morgan Bazilian, director of the Payne Institute at the Colorado School of Mines. “They are making investments on top of their already massive investments in all aspects of the critical-minerals supply chain.” Take nickel, which is needed for electric-vehicle batteries. Chinese processing plants that dot the Indonesian archipelago are pumping out vast quantities of the mineral from new and expanding facilities, jolting the market. Meanwhile, Switzerlandbased mining giant Glencore is suspending operations at its nickel plant in New Caledonia, a French territory, concluding it can’t survive despite offers of financial help from Paris. The U.K.’s Horizonte Minerals, whose new Brazilian mine was expected to become a major Western source, said in April that investors had bailed, citing oversupply in the market. At least four nickel mines in Western Australia are winding down. Lithium projects in the U.S. and Australia have been postponed or suspended after a Please turn to pageA8 BY JON EMONT China Tightens Minerals Grip As West Fails to Make Headway Western officials were bracing for a period of increased volatility with Iran as the country prepares to choose a successor to President Ebrahim Raisi, who died in a helicopter crash over the weekend. But they said they don’t expect Tehran to make major foreign-policy shifts. Iran, where ultimate authority lies with Supreme Leader Ayatollah Ali Khamenei, is likely to stay on its current trajectory, deepening ties with China and Russia, supporting Hamas and other regional militias and pursuing its nuclear program, officials in Washington and European capitals said. “I think that the decision to align strategically with the Kremlin as well as with Beijing…is frankly growing firmer by the year,” said Michael Singh, a former National Security Council official now at the Washington Institute for Near East Policy, a think tank. “I think that the days of Iran hoping for a rapprochement with the West…are over for the foreseeable future.” The coming election camPlease turn to pageA8 Trump’s Defense Rests JUSTIN LANE/PRESS POOL Lenders Bet Billions On Booming Growth Of AI Chip Industry BUSINESS & FINANCE CEO pay reached new heights in 2023, with stock awards boosting compensation. B1 BLOOMBERG NEWS (2), REUTERS Red Lobster Gets Cooked By Endless Shrimp iii As the chain files for bankruptcy, fans rush to dine there—or try to snag a souvenir Michael Paine loved Red Lobster’s coconut shrimp. Maybe too much. He forked over $25 for the chain’s all-you-can-eat shrimp deal, and got 64 coconut, garlic and dragon-style pieces for his money. “I was very full,” he says. While Paine left satisfied, Red Lobster seems to be drowning in regret. The promotion proved a shipwreck for one of America’s oldest casual-dining chains, with about 600 locations. On Sunday night, it filed for Chapter 11 bankruptcy, aiming to hand ownership to creditors. Elevated debt and slowing traffic had also left the company floundering. The news sent nostalgia seekers scurrying to dine at the nautical-themed chain, which is still doing $2 billion in sales a year. Some fans even dreamed of owning Red Lobster history, as dozens of slated-to-close locations hawked tea brewers, beer dispensers and other kitchen equipment. The auctions drew calls from consumers who just wanted a lobster tank for their homes. “I didn’t know there was this level of passion,” says liquidator Neal Sherman. Paine, a 45-year-old cybersecurity specialist, grew up celebrating birthdays at the Nanuet, N.Y. location, mesmerized by the lobster tanks and Please turn to pageA5 BY HEATHER HADDON In a pinch processing-unit, chips are central to the development of the most advanced AI models, ones that produce humanlike text, images and audio. They are expensive and have become harder to get as tech titans such as Amazon and Microsoft spend billions of dollars on them in a competition to build up computing power. For Wall Street, their utility has given them another kind of power, turning them into assets that can backstop loans. CoreWeave isn’t the only chip owner to have borrowed against its stash. At least three such deals have closed since the AI boom took off last year, raising more than $10 billion Please turn to pageA2  Decades-old tech sparks AI standard................................. B4 reflects the growing belief that the U.S. economy can power through higher interest rates and turn the hype around artificial intelligence into reality. Data in recent weeks have shown job growth cooling and inflation resuming its gradual slowdown, without any alarming deterioration in economic conditions. That has turned power generators, which are set to supply a wave of increasingly energy-hungry data centers needed for AI, into a bank-shot bet on the projected tech boom. The S&P 500’s typically staid utility sector has advanced 18% over the past three Please turn to pageA4 BY DAVID UBERTI Boring Utility Stocks Wow Market  S&P 500, Nasdaq reach records.................................. B12 Midair Turbulence Leaves One Dead, Dozens Hurt SHAKEN: A Singapore Airlines jet headed to Singapore from London was diverted to Bangkok on Tuesday after hitting extreme turbulence. One person died and at least 30 were injured. For a video on the incident, scan the code with the article on A16. VIRALPRESS/REUTERS © 2024 ServiceNow Inc., © 2024 NVIDIA Corporation. All rights reserved. TOGETHER,WE’RE TRANSFORMING HOW YOUR PEOPLE WORK. ServiceNow.com/AIForPeople SERVICENOW AND NVIDIA ARE PUTTING AI TO WORK FOR PEOPLE s 2024 Dow Jones & Company, Inc. All Rights Reserved CONTENTS Arts in Review..... A11 Business News....... B3 Crossword................ A12 Equities........................ B8 Heard on Street.. B13 Markets...................... B12 Opinion................ A13-15 Personal Journal A9-10 Property Report.... B6 Sports.......................... A12 Technology................ B4 U.S. News.............. A2-5 World News... A6,8,16 >  Western officials braced for a period of increased volatility with Iran as the country prepares to choose a successor to the late President Raisi, though they don’t expect Tehran to make major foreign-policy shifts. A1  Election officials are increasingly enlisting younger poll workers to address a shortage as baby boomers who long signed in voters and scanned ballots step away. A5  Crypto companies fighting for survival after a regulatory crackdown are spending heavily this year to get politicians they see as allies elected and to defeat those who are critical of the industry. A5  The potential sale of a U.S. gun and ammunition maker to a Czech arms company is drawing scrutiny from some lawmakers, highlighting concern about foreign ownership in an era of global arms shortages. A8  Support for Benny Gantz as Netanyahu’s main political challenger in Israel has waned amid perceptions that the war cabinet member has stayed too long in the prime minister’s emergency government and become part of the failures of the conflict with Hamas. A6  PDX Stolen Cars, a Facebook group boasting more than 20,000 members, scours Portland, Ore., for vehicles taken from their owners and has become a resource for the city’s police bureau. A3  Scandal is clouding the electoral ambitions of Germany’s far-right AfD, with the party at risk of being relegated to a purely regional force concentrated in the former communist east. A16

A2 | Wednesday, May 22, 2024 ****** THE WALL STREET JOURNAL. BY ANNA WILDE MATHEWS U.S. NEWS Hospital Plays Hardball With Union Fund THE WALL STREET JOURNAL (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com Need assistance with your subscription? By web: customercenter.wsj.com; By email: support@wsj.com | By phone: 1-800-JOURNAL (1-800-568-7625) Reprints & licensing: By email: customreprints@dowjones.com | By phone: 1-800-843-0008 WSJ back issues and framed pages: wsjshop.com Our newspapers are 100% sourced from sustainably certified mills. GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS mention Fed Chair Jerome Powell—still viewed it as a short-term blip. A number of households also enjoyed a short-term child tax credit that year, though it expired at the start of 2022. More broadly, the Fed’s annual survey underscores how Americans’ perceptions of the economy can differ from what headline economic data show. Voters’ belief that the economy did better under former President Donald Trump has been a key hurdle to President Biden’s re-election hopes. The Fed survey added further evidence to the most likely explanation for Americans’ sour take on the economy: Prices that are far higher than they were a few years ago. The share of survey respondents who reported price increases as their main source of financial challenges rose to 35% last year from 33% in 2022—and 8% in 2016. According to the Fed survey, parents with young children were more likely to experience hunger, with 11% saying they sometimes or often didn’t have enough to eat in the previous month. At the other end of the income spectrum, paid child care ate into family budgets. The median household that uses such services spent $800 a month. WASHINGTON—Fewer American parents are hanging on financially. About 64% of parents living with children under the age of 18 said they were doing all right financially in 2023, down from 69% in 2022, according to a survey released Tuesday by the Federal Reserve. That was worse than the broader response. Overall, about 72% of all respondents said they were doing all right financially in 2023, down slightly from 73% the prior year. More than a third of survey respondents, parents and not, cited inflation as their biggest financial challenge. A number of households with young children reported paying nearly as much on child care as they did on housing. There were some bright spots in the Fed’s economic picture too: A smaller share of Americans—31%—said they were worse off financially than a year earlier, down from 35% in 2022. The responses represent how much the ground has shifted since 2021, when households were flush with cash from pandemic stimulus checks. Inflation was starting to rise that year, but at the time many households—not to BY PAUL KIERNAN People examine the damage after a tornado Tuesday struck Greenfield, Iowa, southwest of Des Moines. HANNAH FINGERHUT/ASSOCIATED PRESS Peter Goldberger, who leads a major union benefits fund, was on the verge of completing a new health-insurance deal with Aetna to cover its 210,000 members. Then he learned the union fund would have to pay the powerful NewYork-Presbyterian hospital system $25 million—to stay out of its plan. The 32BJ Health Fund didn’t want its insurance to include NewYork-Presbyterian, which the Service Employees International Union affiliate says has high prices. But Aetna’s contract with the hospital system required the insurer to get a signoff from NewYork-Presbyterian to omit it from a client’s plan. Aetna told the union fund, Goldberger says, that the price for excluding NewYork-Presbyterian from its network would be $25 million, which the hospital system argued 32BJ owed it for past medical services. Otherwise, Aetna couldn’t offer the plan the union fund wanted. “We were totally shocked,” says Goldberger, who is executive director of the union’s benefit funds. He said the union fund hadn’t previously heard from NewYork-Presbyterian about the disputed charges. “That’s just not how business is done.” 32BJ wound up ditching Aetna, its first choice to provide health coverage in 2025, and sticking with the insurer it had been using to keep out NewYork-Presbyterian. Big, high-profile hospital systems can command premium rates and favorable terms in their negotiations with private insurers, and sometimes deploy bare-knuckle tactics to get what they want. Among hospitals’ demands can be guarantees that they will be included in all of an insurer’s networks, even if a client doesn’t want them. The contract terms can make it hard for insurers’ clients—typically employers and unions—to exclude pricey systems or steer patients to lower-priced hospitals. They end up living with the conditions in the contracts, which are typically secret, and paying prices that are often double or more what the government spends for the same medical services. NewYork-Presbyterian believes it is owed approximately $25 million due to improper payment shortfalls for emergency care it previously gave 32BJ plan members, according to a person with knowledge of the matter. NewYorkPresbyterian said it had no knowledge or comment on 32BJ’s insurance coverage negotiations, and it doesn’t comment on the terms of its contracts. Aetna, which is a unit of CVS Health, said 32BJ isn’t a current client, and it declined to comment on discussions with prospective customers. NewYork-Presbyterian is one of the most prestigious hospital systems in the U.S. The nonprofit’s 10 New York-area hospitals include Columbia University Irving Medical Center and Weill Cornell Medical Center, which score high in national quality rankings. Major corporate clients of the insurance companies want to ensure they have access to its well-known doctors and esteemed facilities, managed-care executives say. “They’re a must-have in the network, which gives them the power to get what they want in negotiating contracts with insurers,” says Alan Muney, a former Cigna executive. Such leverage helped NewYork-Presbyterian win provisions in contracts with certain health insurers that limit their ability to exclude the system, The Wall Street Journal has reported. 32BJ’s health plan spends about $1.5 billion a year covering union members and their families. The union represents Big, high-profile hospital systems can command premium rates, favorable terms. U.S.WATCH building services employees such as cleaners, maintenance workers and airport staffers. Since 2022, 32BJ hasn’t included NewYork-Presbyterian in its insurance plan, which has been administered by another major insurer, Elevance’s Anthem. Union members and their families can still go to NewYork-Presbyterian, but if it isn’t an emergency, they have to pay big out-of-pocket charges. According to 32BJ, the union health plan spent about $22.5 million on care at NewYorkPresbyterian in 2023, often because of emergency care. But the union plan saved about $35 million that year by keeping the system out of its network because members got lowerpriced medical services elsewhere. “The No. 1 cost for the health fund is hospital care,” said Manny Pastreich, president of 32BJ. “This is where the big money is.” After they heard from Aetna about the $25 million, the union health plan officials say, Anthem told them that NewYorkPresbyterian had just sent the health insurer a letter about the alleged underpayments. NewYork-Presbyterian’s letter requested corrected payments for emergency services to 32BJ health fund members, and said the hospital system felt it had been reimbursed in a way that violated its agreement with Anthem, according to people familiar with it. Aetna, which 32BJ had chosen to administer its health benefits starting in 2025, was caught in the middle. It wasn’t handling the 32BJ business when the alleged payment shortfalls took place. 32BJ officials thought the insurer could deliver additional savings of $15 million to $20 million a year. But that benefit would be more than canceled out by the additional cost of including NewYork-Presbyterian in the plan. That NewYork-Presbyterian “was effective in stopping Aetna from doing the deal with us, that is just so outrageous,” Goldberger says. He and other union health fund officials say they have seen no evidence to justify the $25 million claim. Survey Finds Parents Suffering Financially ARIZONA Giuliani Arraigned, Pleads Not Guilty Former New York City Mayor Rudy Giuliani pleaded not guilty Tuesday to nine felony charges stemming from his role in an effort to overturn Donald Trump’s 2020 election loss in Arizona to Joe Biden. Ten others, including former Arizona Republican Party Chair Kelli Ward, also pleaded not guilty to conspiracy, forgery and fraud charges related to the case. Giuliani appeared remotely for the arraignment, held in a Phoenix courtroom. The indictment alleged Giuliani spread false claims of election fraud in Arizona after the 2020 election. It also accused him of pressuring Maricopa County officials and state legislators to change the outcome of Arizona’s results. —Associated Press IOWA Fatalities Reported As Tornado Hits Multiple people died Tuesday and at least a dozen were injured when a powerful tornado tore through Greenfield, destroying much of the town of about 2,000 people around 55 miles southwest of Des Moines. “We do have confirmed fatalities,” Iowa State Patrol Sgt. Alex Dinkla said. He said authorities were still determining the total number but thought they had accounted for all of the town’s residents. Dinkla said there were at least a dozen injuries amid widespread devastation in Greenfield, including at the community’s small hospital. Patients there had to be transferred to other facilities in nearby cities. —Associated Press asking questions about how the chips worked, whether the technology was going to stand the test of time and whether the chips would retain value when a new generation replaced them, said Jasvinder Khaira, a senior managing director in the firm’s Tactical Opportunities group, who helped lead the deal. “If they were leasing out fleets of Jeep Cherokees, they could go to a bank,” Khaira said of CoreWeave. “We were trying to do something that gave us an attractive investment and opened up the market.” Blackstone provided $4.5 billion of the latest CoreWeave financing, spreading the loan out across a number of its investment vehicles. Investors are likely to become more comfortable with the newfangled legal structures over time, advisers said, which could reduce borrowing costs and lead to more deals. Activity is already picking up. Lambda Labs, another AI cloud-computing company, raised $500 million in a deal backed by Nvidia’s chips in April. Applied Digital, a company that operates data centers and rents out AI chips, is closing in on a financing deal worth hundreds of millions of dollars, Chief Executive Wes Cummins said. Early on, speaking to investors about the merits of lending vehicles backed by AI chips was extremely difficult, said Stéphane Fisch, a principal at Argo Capital who has pitched one such deal. “When I started doing this, everybody thought I was nuts,” Fisch said. “Now people are starting to see the light.” for companies that rent access to chips used to create and deploy AI systems such as OpenAI’s ChatGPT. More deals are in the pipeline, the companies and bankers said, underlining the rapid growth of startups that provide AI computation services and the eagerness of credit investors for exposure to the boom. Getting the capital in the door hasn’t been cheap—deals such as CoreWeave’s have come with interest rates significantly higher than bank loans or corporate bonds, ranging in the low double-digits, according to bankers and companies involved in the transactions. The high interest rates reflect the risk these lenders are taking with relatively unproven companies and untested collateral. But the structure meshes with an AI boom that is moving at lightning speed, with demand for AI computing startups’ services rising more quickly than they can show sufficient revenue or profits to entice traditional lenders. CoreWeave’s large contracts with customers such as Microsoft helped build confidence among lenders that its financial future was strong. The costly chip loans could also turn out to be more stopgaps than long-term sources of Continued from PageOne Lenders Bet Billions on AI Chips funding for borrowers as they come into their own financially and can tap more traditional lenders. CoreWeave expects to have $5 billion in earnings before interest, taxes, depreciation and amortization next year, people familiar with its finances said. “When you’re trying to build and scale a company at the speed that we’re going, it is access to capital that defines success or failure,” said Michael Intrator, CoreWeave’s chief executive. The company would move over time toward cheaper ways of raising funds, he said, but for now, “it gets us what we need, which is the powder to be able to move at this size and scale.” All of it hinges on the strength of the AI boom. Demand for AI chips has shown few signs of slowing in recent months, although big tech companies and startups are struggling to generate revenue from AI that would justify the cost of the computing power that underlies it. Nvidia’s earnings on Wednesday are set to provide the latest gauge of demand. Analysts expect its revenue to more than triple to about $24.6 billion in its latest quarter and to rise steadily thereafter. Nvidia’s stock has almost doubled so far this year; it more than tripled last year. Blackstone, which invests thematically across its various business lines, was looking for ways to play the AI boom when the CoreWeave opportunity arose in 2023. The private-equity firm had already made a big bet on data centers in its real estate and infrastructure businesses, buying data-center operator QTS in 2021 and in 2023 signing a deal with Digital Realty to develop $7 billion in data centers. CoreWeave needed a lot of capital. At the time, though, the company was tiny, with only around $30 million in revenue in 2022, according to people familiar with its finances. It did, however, have chips. Blackstone ended up coleading with hedge-fund firm Magnetar Capital a $2.3 billion financing for CoreWeave, which got its start supplying computing power for cryptocurrency mining before pivoting to AI. Blackstone accounted for $1 billion of that, with investment firms Coatue, DigitalBridge, BlackRock, Pimco, Carlyle and Great Elm also contributing. The financing deals establish a metaphorical lockbox, housing all of CoreWeave’s AI chips. Any revenue the company generates from clients using those chips, the most advanced of which cost tens of thousands of dollars each, goes first toward paying its lenders. Any excess cash after making the loan payment flows to the company as net revenue. To get comfortable with the structure, Blackstone spent a lot of time talking to Nvidia, ‘...it is access to capital that defines success or failure,’ says CoreWeave CEO. Prosecutors called 20 witnesses during Donald Trump’s trial in New York. U.S. News articles on Friday and Tuesday about the trial incorrectly said prosecutors called 19 witnesses. Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling 888-410-2667. 2015 ’20 ’16 ’17 ’18 ’19 ’21 ’22 ’23 60 65 70 75 80% All adults Parents Share of adults who say they are doing ‘at least OK’ financially Source: Federal Reserve Note: Data points for 2023 based on a survey of 11,400 respondents. Parents are for those living with their own children under age 18. CORRECTIONS  AMPLIFICATIONS

THE WALL STREET JOURNAL. **** Wednesday, May 22, 2024 | A3 BY TALAL ANSARI and Hurricane Idalia, just in the last two years, haven’t even been able to deduct their expenses from their taxes, which is ridiculous,” he said. “It’s hard for me to go back to my district.” Steube filed a discharge petition, a procedural maneuver that lets a majority of House members force a vote on a specific bill. With Democrats’ help, he won the chance to split his tax bill off from larger legislation that is stalled in the Senate. The proposal passed 382-7 on Tuesday evening. That wasn’t business as usual. Typically in the House, the majority party and the speaker keep tight control over which bills get a vote. Republican leaders didn’t see a need to advance the stand-alone disaster-relief proposal since the House had passed it as part of a larger tax bill. Steube relied on a force that has been key to the few major bills that succeeded this Congress: an ad hoc bipartisan coalition. Backed by a handful of other Republicans from disaster-stricken areas and most House Democrats, Steube’s petition hit the magic number of 218 last week. House Speaker Mike Johnson (R., La.), who had just relied on a bipartisan vote to save his speakership, relented and scheduled Tuesday’s vote. “The Democrats were very organized in the way they got on board,” said Steube. Democrats who supported forcing the bill’s advancement saw it as a practical way to help people who are struggling after a natural disaster and make a point to Republicans on bipartisan cooperation. The House considered the bill under an expedited process that required a two-thirds majority. Tax policy divides the parties, but at $4.9 billion, Steube’s bill is relatively small and uncontroversial. The House passed it in January, inside a larger package that would revive expired businesstax provisions and expand the child tax credit. That broader measure has been stuck for months in the Senate over objections unrelated to the disaster tax pieces. Steube’s bill would let taxpayers get larger deductions for losses suffered during recent major disasters, including wildfires in Maui and Hurricane Ian in Steube’s district. Victims could deduct losses exceeding $500, instead of only being allowed to deduct losses above 10% of adjusted gross income under the tax law that would otherwise apply. And they could take deductions atop the standard deduction instead of needing to itemize to claim them. But even with the strong House vote, Steube’s bill might not get over the finish line in the Senate. Senate Finance Chairman Ron Wyden (D., Ore.) signaled that he wouldn’t favor allowing a stand-alone vote on the disaster bill, saying that Republican senators would get to show whether they support disaster tax breaks when the Senate votes on the broader bill. That vote hasn’t been scheduled as Senate Republicans have demanded changes that Democrats say they can’t accept. WASHINGTON—The path that led Rep. Greg Steube (R., Fla.) to find common cause with House Democrats and make an end run past his party’s leadership started at the airport shoeshine stand last month. Steube, who represents a storm-battered coastal stretch between Sarasota and Fort Myers where many homes still have tarped-over roofs, recalled that he was getting his boots polished at Reagan National Airport when an irate constituent approached him, pointing a finger at the congressman and reminding Steube that he had said he would deliver a tax bill to help disaster victims. Steube said he explained the legislative steps he had been taking for more than a year to nudge the bill through Congress. He decided to act more assertively. “We’ve given almost $200 billion to Ukraine, and the American people who in my district suffered Hurricane Ian BY RICHARD RUBIN AND KATY STECH FEREK Airport Run-In Leads to Hurricane Bill Vote PORTLAND, Ore.—Each day after work, Titan Crawford drives his red 2005 Chevy Silverado through the alleys and dumping grounds of this city, looking for cars that have been reported stolen. If he finds one, he grabs his phone to post it on the Facebook group he founded, PDX Stolen Cars. With over 20,000 members, it is often the second place Portlanders go after calling the police to report a stolen vehicle. “Some people have hobbies, like playing sports. Mine has turned into this,” said Crawford, a 40-year-old used-car salesman. Crawford founded PDX Stolen Cars in October of 2021 after he found an out-of-place, damaged Kia while walking his dog. He was able to see the registration on the front seat and called the owners, who were out of town and didn’t know their car had been stolen. As in many major cities at the time, auto thefts were surging in Portland, with around 1,000 reported each month—the highest since at least 2015, as far back as online police data goes. Crawford searched Facebook for a group where people could post information on stolen cars and others could help find them, but there wasn’t one. So he created PDX Stolen Cars. (PDX refers to the Portland airport code.) Within a week, 300 people had joined. In a month, after the group had a few successes, it was close to 1,000. “You find a few stolen cars and then it spreads like wildfire on the internet,” he said. He estimates his group has helped to find around 3,000 cars since its creation. PDX Stolen Cars receives nearly 30 posts a day. Some are photos of stolen vehicles along with information like vehicle identification numbers and license-plate numbers, while others are pictures of suspicious vehicles people think may be stolen. Theft victims can search for their vehicle’s license plate, or make and model. Bounties and rewards for returning cars are forbidden on the group, as are monetary tips. For safety reasons, members tend to focus on finding abandoned or parked cars. Other cities have similar Facebook groups. One in Detroit has nearly 50,000 members and another in Dallas has 24,000. Crawford said he has tried to keep his group smaller to weed out potential scammers. PDX Stolen Cars has earned enough respect in the city that it has collaborated with the local police department 18 times since last July on operations to locate large numbers of stolen vehicles. “They’re really providing you the best leads,” Portland Police officer Michael Terrett said of the group. Nationwide, vehicle-theft trator for the group, first joined after her boyfriend’s motorcycle was stolen. “I went out every day searching for his bike. I just instinctively started searching for other people’s stolen cars as well. And then I got hooked,” she said. The 43- year-old estimates she has helped recover more than 100 cars in the past 2½ years. Earlier this month, Crawford and two other group admins headed out on an operation in conjunction with the Portland Police Bureau and other law-enforcement agencies to find stolen vehicles. Admins like Crawford looked primarily for parked vehicles that have been reported stolen, while police officers looked for occupied ones. The PDX Stolen Cars team has helped police recover 41 vehicles during similar past operations, but didn’t find any this time. The police, however, ended up in a high-speed chase after a stolen Ford F-250, the drivers of which were eventually captured after spike strips were deployed. In addition to help from the Facebook group, Portland Police said their operations have improved thanks to a data system made with input from a local team of medical researchers that helps specify characteristics indicating a vehicle has likely been stolen, such as self-installed tinted windows. Despite its recent doubledigit decreases, the Portland metro area had the 11th highest vehicle-theft rate per 100,000 residents in 2023, according to the latest available data analyzed by the NICB. That is down from the fifth highest theft rate in 2022. “Two years ago, you couldn’t turn a corner without having a stolen car in the vicinity,” Crawford said. “And now it’s nice to have to go out and actually have to try hard to find them.” Wayne, Mich. San Diego, Calif. Maricopa, Ariz. Riverside, Calif. Orange, Calif. Pierce, Wash. Denver, Colo. Adams, Colo. Multnomah, Ore. -25% -20 -15 -10 -5 0 Multnomah County, Ore., which includes Portland, led other hightheft areas in the percentage drop in auto thefts from 2022-2023. Source: National Crime Information Center data via National Insurance Crime Bureau *For counties with 10,000 or more auto thefts in 2022 U.S. counties with a percentage decrease in auto thefts from 2022 to 2023* rates rose steadily from 2019 to 2023, according to the National Insurance Crime Bureau. That was in part due to a raft of stolen Kias and Hyundais, which led to lawsuits and a settlement by the companies. While increases have slowed, nationwide auto thefts rose 1% last year to 1.02 million, according to the NICB. Oregon reported a 27% decrease, the second biggest drop in the nation behind Utah. In Portland, car thefts were down 40% in March from the same month last year, at 442. Maria del Rosario Perez’s 2000 Ford Explorer was stolen in front of her house in April while she was on unpaid maternity leave. The loss was devastating for the 32-yearold. Her car contained a stroller, booster seat and an infant car seat. With her husband using their other car for work, Perez struggled to go to the grocery store and infant checkups. Each morning, she would embark on a 20-minute walk each way to drop off her other two children at the school-bus stop while carrying her 3-month-old. “It was a lot of walking. I think I even lost weight,” she said. After reporting the theft to the police and her insurance company, Perez went to the PDX Stolen Cars group on Facebook, which she had first heard about years ago when another car of hers was stolen and Facebook suggested the group to her. Two weeks later, another member replied to her post with photos of an Explorer that looked exactly like hers, right down to the “baby on board” sticker. Crawford met Perez at the stolen vehicle’s location, where police arrived and verified it belonged to her before she took it home— though the baby items were missing. “I’m very excited and happy that someone came through for us,” Perez said. “No one paid them.” Nicole Heath, an adminisNationwide, vehicle-theft rates rose steadily from 2019 to 2023. U.S. NEWS Facebook Group Hunts Down Stolen Cars Amateur sleuths help reunite owners with their vehicles and take no rewards Clockwise from top left, Michael Terrett leads fellow Portland Police officers during a search of a recovered truck; Titan Crawford, who founded PDX Stolen Cars on Facebook in October 2021, examines a stripped, abandoned vehicle and drives around East Portland this month trying to find stolen vehicles. CELESTE NOCHE FOR THE WALL STREET JOURNAL (3) 8.81.083 | TERRANEA.COM Rates From $595 Ocean Views | Spa | Golf | Villas 4 Pools | 5 Restaurants LUXURY ON THE SOUTHERN CALIFORNIA COAST

A4 | Wednesday, May 22, 2024 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL. U.S. NEWS S&P 500 sector performance Utilities Technology Communications services S&P 500 utility sector dividend yield premium over 10-year Treasury yield Sources: FactSet (performance); Dow Jones Market Data (yield difference) 2000 ’05 ’10 ’15 ’20 ’24 –4 –2 0 2 4 percentage points March 2024 April May –5 0 5 10 15 20% former president directed the coverup of the hush-money payment. Merchan held a charging conference Tuesday afternoon, where he, the prosecution and the defense hash out how to explain the law to jurors ahead of deliberations. Earlier Tuesday, Bob Costello, a lawyer and the defense’s main witness, returned to the stand to face a final round of questioning from prosecutors. On Monday, he had given testimony that contradicted what Cohen had told jurors. Costello recalled meeting with a panicked Cohen in April 2018 after federal investigators had searched his hotel and office. “I swear to God, Bob, I don’t have anything on Donald Trump,” Costello said Cohen told him. Cohen also said he made the payment to Daniels himself and Trump had no role, Costello recounted. Prosecutors challenged Costello’s testimony on Tuesday, portraying him as a Trump ally who pressured Cohen to remain loyal to Trump after the raids by federal authorities. Assistant District Attorney Susan Hoffinger also showed the jury emails from 2018 in which Costello appeared frustrated that Cohen had spurned his offer of legal representation. “You still have a lot of animosity against Michael Cohen, don’t you?” Hoffinger asked. “I don’t have any animosity,” said Costello. “I just don’t think Michael Cohen is telling the truth.” Donald Trump’s defense team rested its case in his hush-money trial Tuesday, with the former president opting not to testify. His lawyers wrapped up their case after calling two witnesses, setting the stage for the next phase of the trial. Justice Juan Merchan, the judge presiding over the case, dismissed the jurors for the rest of the week and instructed them to return on Tuesday next week for closing arguments. He said he expected deliberations to begin the following day. Whether Trump would take the stand had been a question hanging over the trial. He had previously said that he intended to testify, but on other occasions he hedged. Criminal defense attorneys typically advise their clients not to testify because of the unpredictability of cross-examination. Testifying would have opened Trump up to grueling questioning by prosecutors about an alleged sexual encounter with porn star Stormy Daniels and his treatment of other women. Trump is charged with 34 counts of falsifying business records to conceal a $130,000 payment to Daniels ahead of the 2016 election to buy her silence about the alleged tryst. He has denied the allegations— and having sex with Daniels. The presumptive Republican presidential nominee has accused Manhattan District Attorney Alvin Bragg, whose office brought the charges, of being politically motivated. Over more than four weeks, jurors have heard testimony from nearly two dozen witnesses, including Daniels and Michael Cohen, Trump’s onetime fixer who said that the BY JAMES FANELLI AND ERIN MULVANEY Trump Won’t Testify in Criminal Trial, Defense Rests Jury returns Tuesday for closing arguments in hush-money case involving porn star Former President Donald Trump spoke to reporters outside of the courtroom Tuesday in New York. In a sketch below, prosecutor Susan Hoffinger is seen cross-examining Bob Costello, the defense’s main witness. The jury has heard testimony from almost two dozen witnesses over more than four weeks. FROM TOP: DAVE SANDERS/PRESS POOL, JANE ROSENBERG/REUTERS months, while the secondplace information-technology industry has climbed 11%. Of the index’s top five performers this year, three are power producers. Texas-based Vistra’s 145% surge in 2024 has made Nvidia’s much-celebrated 93% increase look pedestrian. Few if any investors think power stocks, prized for their steady dividends, are en route to the high price/earnings multiples commanded by the chip makers and large tech companies vying to dominate AI. On Wall Street, though, a growing cohort feels the sector will ride higher as new data centers drive what many analysts believe will be the first sizable growth in U.S. electricity demand in a generation. “That’s where the puck is going,” said John Bartlett, president of Reaves Asset Management. A longtime utility investor, Bartlett now trains much of his focus on the development plans of cloud-computing giants funneling billions of dollars into AI, including Alphabet, Amazon.com and Microsoft. “Those are the people that you really need to pay attention to on what’s going on with the demand for electricity,” he added. Data centers could account for 10.9% of U.S. electricity demand by 2030, according to Citi analysts, up from 4.5% today. If power needs grow as much as many anticipate, it will also mean more plants, transmission lines and other infrastructure—and more returns for the companies that build them. Utility stocks’ rise marks a U-turn from last year, when the Federal Reserve’s interestrate increases created a world awash with tempting highyield investments. The shift turned basically risk-free Treasurys into cash machines, drawing investors away from utilities and their solid dividends. Continued from PageOne That dynamic hasn’t relented this year; investors still take home less income from utility dividends than government debt. Even so, more traders have flocked to the sector after tech analysts and power providers put out a slew of projections of ballooning electricity demand in the years ahead. It has turned power companies, which are usually seen as defensive stocks, into a surprising bet on growth. The rally began early this year with independent power producers that sell electricity into wholesale markets and has since expanded to regulated utilities. Analysts warn that companies with less exposure to data centers and businesses that manufacture equipment for the grid might lag behind. There is also the possibility that the U.S. economy slows or AI hype dissipates before utilities—a rare sector where investors often applaud capital expenditures—can get into build mode. “Nothing in the world of electric power is a sprint,” said Pavel Molchanov, a Raymond James analyst. The longer-term threat to investors: Higher electricity prices or dirtier power generation could push regulators to clamp down. In states including Georgia, utilities’ plans to build new fossil-fuel-burning power plants have drawn the ire of consumer groups and climate advocates. If growth projections for power demand don’t materialize, critics warn that ratepayers would be stuck with higher costs for decades. “The risk is always that this build-out is very inflationary,” said Jim Lydotes, deputy chief investment officer of equities at Newton Investment Management. “It’s going to have to come on the backs of consumer bills.” That tension between ratepayer concerns and shareholder returns could grow as more utilities propose construction. Regulators might effectively cap utility returns, hurting the investment appeal of companies that will likely have to issue stock to finance projects. “The utilities are going to have to self-fund this growth,” Lydotes said. “The regulators have to keep returns acceptable.” AI Bet Lifts Utilities Stocks 622 Royal Street, New Orleans, LA • 877-677-2801 • ws@msrau.com • msrau.com Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry. 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THE WALL STREET JOURNAL. Wednesday, May 22, 2024 | A5 U.S. NEWS BY CAITLIN OSTROFF AND VICKY GE HUANG Crypto Companies Are Spending Big To Influence Elections BY ALYSSA LUKPAT AND MARIAH TIMMS As More Poll Workers Age Out, States Enlist Teens to Fill Gap Amanda Delima, a 17-year-old in Philadelphia, said she enjoys hearing the stories of older voters. RACHEL WISNIEWSKI FOR THE WALL STREET JOURNAL Red Lobster is America’s largest seafood restaurant chain. MICHAEL NAGLE/BLOOMBERG NEWS the cheddar biscuits. Earlier this month, he returned to find the dining room nearly empty. “It is sad, very sad,” says Paine, whose Nanuet location is now listed as closed. “There are no other affordable seafood restaurants.” Jess McKay, a 33-year-old fitness instructor from Ontario, Canada, savors childhood memories of coconut shrimp at Red Lobster with her mom and grandmother. When old enough to imbibe, she asked her family to take her to Red Lobster—for a piña colada. Jumbo shrimp issue When McKay, now a New Yorker, learned about the looming bankruptcy, she and her husband hustled over to the Times Square location before the Westminster dog show. They indulged in lobster dip, crab legs and three varieties of shrimp for $91. “With the unknown future of the company, we wanted to get in this meal before any more Continued from PageOne PHILADELPHIA—Ahead of Pennsylvania’s primary last month, city elections officials eager for new poll workers visited a stuffy high-school classroom to teach more than a dozen teenagers how to sign in voters and scan ballots through a voting machine. Many of the trainees from Philadelphia’s Abraham Lincoln High School weren’t old enough to vote but were excited to help their neighbors cast ballots in a critical election—and to receive a $280 paycheck for their efforts. “I might take my girlfriend on a date at Applebee’s,” said Isaiah Green, a 19-year-old senior. The U.S. will need as many as a million poll workers this year, according to the U.S. Election Assistance Commission. That demand comes as baby boomers who long worked the polls have stepped away, an exodus that accelerated during the pandemic. Now, election officials are increasingly looking to schools and other unconventional sources for workers to address the rising shortage. “It is so critical that we get new people in the polling place,” said Benjamin Hovland, chairman of the commission, a government agency that supports state and local officials in managing elections. A 2022 survey found that 54% of electoral jurisdictions had a “difficult” or “very difficult” time recruiting poll workers. The survey also found that the average poll worker age is 61. Minors aren’t allowed to be poll workers in every state, but some allow younger residents if they are preregistered to vote. At polling sites, teenage workers are often paired with seasoned ones. While they lack experience, they can lift heavy things for older colleagues and use their tech savvy to reboot voting machines, Hovland said. States have varying approaches to teen workers at election sites. In Bangor, Maine, government teacher Joe Pelletier has been arranging for his students to work the polls since 2018. The students don’t get paid in anything more than free pizza, but he said they don’t mind because they get a day off from school and a résumé booster. “I tell them flat out, ‘Hey, this looks great to colleges,’ ” Pelletier said. With less than a month to go until Maine’s June 11 state primary, the secretary of state’s office recently said it still needs poll workers, asking Mainers, including 16- and 17- year-olds, to step up. Lincoln High science and special-education teacher Sarah Caswell has been reing voters’ names in a poll book at her own pace, instead of feeling rushed like she does at school. The high-school push is one of a range of creative ways states are trying to bring in new recruits. In Kentucky, some wine bottles have had a QR code for poll-worker signups. The Detroit Pistons basketball team has been promoting poll work. Lawyers in some states can receive professional credits for volunteering. One Nebraska county drafts voters to be poll workers. And college students could join in larger numbers after the White House made clear in March that federal work-study funds can be used to hire poll workers. Military veterans are increasingly taking up the job, too, said Ellen Gustafson, cofounder of Vet the Vote, a group recruiting veterans and their family members. In 2022, the group recruited more than 60,000 poll workers. Veterans are service-minded so poll working is a natural fit for them, Gustafson said. Poll-worker recruitment faces extra challenges in the wake of the 2020 election and the Jan. 6, 2021, Capitol riot by a mob of then-President Donald Trump’s supporters. Minnesota Secretary of State Steve Simon said election administrators and poll workers have felt that stress. “Some people may have retired earlier than they otherwise would have because of the intensity of the elections in the last few years,” he said. “I think that has weighed on some people.” Nearly 20 states have beefed up protections for poll workers and election officials since 2020, according to the National Conference of State Legislatures. Many jurisdictions also train poll workers on how to de-escalate situations. cruiting students to work at their Philadelphia polling place since 2021, when she received a call for help from a local election administrator. She selects students who have strong attendance records and good grades. “Now we have kids of all abilities, and kids of all language skills,” said Caswell, who hopes to recruit more students for the general election to staff nearby polling locations as well. For the April 23 primary, about 40 students and recent graduates worked Lincoln’s polling site, with few complaints about having to get there by 6:30 a.m. “It’s fun hearing stories of the voters, especially the old people. They love to talk,” said Amanda Delima, a 17-year-old senior. Delima, who had a stroke when she was 13 and relearned to write using her opposite hand, said she enjoyed enter61–70 41–60 26–40 18–25 Under 18 71+ 2022 2020 2018 2016 Poll worker age group, by election 0% 10 20 30 2018 2020 2022 0% 25 50 75 100 Very or somewhat easy Neither difficult nor easy Not enough information to answer Somewhat or very difficult Reported difficulty in recruiting poll workers, by election Source: U.S. Election Assistance Commission Note: Based on survey responses by jurisdiction, with not all jurisdictions reporting data Crypto companies are fighting for survival after a regulatory crackdown. Their latest strategy: spending big on this year’s elections. The industry has amassed a formidable war chest and is working to elect politicians it sees as allies and defeat those who are critical. A trio of super political-action committees has together raised more than $85 million, one of the largest amounts among PACs engaged in the 2024 elections. Fairshake, along with two affiliated super PACs, raised the funds from an industry Alist, including crypto exchange Coinbase Global and Cathie Wood’s ARK Invest. The push is being powered by a surge in crypto prices. “This is the first time we’ve really had all the pieces in place,” said Kristin Smith, chief executive of the Blockchain Association, an industry group. Wealthy investors and big companies have long used campaign donations and lobbyists to win influence in Washington. What sets the crypto industry’s push apart this year is that its ability to keep operating in the U.S. is at stake. With regulators filing civil lawsuits alleging that the industry is running afoul of securities laws and prosecutors unsealing criminal indictments, some companies have been looking overseas for growth or relocating entirely. Earlier this month, former President Donald Trump was asked what he would do if reelected to stop crypto companies from leaving the U.S. “If we are going to embrace it, then we have to let them be here,” Trump said in support of the industry at Mar-a-Lago, his club in Florida. Fairshake hasn’t yet weighed in on the presidential election. Previous attempts by crypto advocates to influence elections haven’t been as wellfunded. In 2022, FTX founder Sam Bankman-Fried contributed to a PAC that ultimately raised $12 million. A federal judge sentenced BankmanFried to a quarter-century in prison on several counts of fraud earlier this year. This cycle is different. The industry has banded together after a string of lawsuits from the Securities and Exchange Commission. Crypto firms have brought on more lobbyists, working to convince lawmakers that Bankman-Fried’s FTX isn’t indicative of the industry. Fairshake, launched late last year, has been leading the efforts. The group brings together the major players in crypto, including the parent company of crypto exchange Kraken, venture-capital firm Andreessen Horowitz and stablecoin issuer Circle Internet Financial. The efforts so far have focused on Congress. The industry is supporting legislation that would regulate issuers of stablecoins, or dollar-pegged cryptocurrencies, which make it easier to trade in and out of the market. The legislation would set rules for issuers, including requiring that tokens are completely backed by reserves. Fairshake built its war chest through both cash and cryptocurrency donations. Phil Potter, the former chief strategy officer at crypto exchange Bitfinex, donated 33 bitcoins to the PAC last summer, equivalent to about $1 million. Those tokens were sold for cash, a Fairshake spokesman said. To date, Fairshake said it has spent $25 million in the current election cycle. Earlier this year, it unleashed its biggest spending spree to date, aimed at defeating Katie Porter, a California congresswoman who launched a Senate bid. The group deployed $10 million on ads against Porter, a beloved figure among many liberals and a critic of how much energy consumption bitcoin requires. The ads by Fairshake focused on topics that resonate with voters more widely, claiming Porter took cash from “big banks, big pharma and big oil,” not on Porter’s crypto stance. Porter later lost the primary. Porter said that Fairshake isn’t engaging in genuine dialogue with candidates, and that the group is just trying to scare elected leaders into accepting their agenda. It is unclear to what degree Fairshake’s efforts affected the outcome of the race. But the crypto industry is increasingly open about its desire to influence campaigns. Stand With Crypto, a nonprofit spun off from Coinbase, recently announced its affiliated PAC. It also grades various politicians. President Biden, whose administration has waged a crackdown on crypto, got an “F.” Meanwhile, candidate Robert F. Kennedy Jr. won better marks after calling crypto a “bulwark against government and corporate expansion” at a conference last year. His grade from the group: an “A.” changes happened,” she says. Red Lobster famously gave families an affordable taste of buttery crab legs. Wood-paneled dining rooms, adorned with lighthouse and seagull pictures, transported patrons to simpler times, when food was cheaper and the biscuits never ended. Legendary restaurateur Bill Darden brought this vision to life in 1968, founding Red Lobster in Lakeland, Fla. An investment by General Mills propelled Red Lobster to rapid expansion. “Popcorn Shrimp” in 1974 and “Lobsterfest” in 1984 became menu hits. By the 1990s and 2000s, Red Lobster reigned as the country’s biggest casual dining seafood chain. Red Lobster has struggled in recent years, finding it harder to attract diners than when it was part of Darden Restaurants, which also owns Olive Garden. Owner Thai Union Group— one of the world’s biggest canned-tuna producers and Red Lobster’s longtime supplier—said it tried to keep the chain afloat. But Red Lobster had previously sold its real estate, leaving it less able to pay down debt. It launched a $20 all-youcan-eat shrimp deal in June, allowing dine-in customers to scarf down unlimited garlic shrimp scampi, coconut shrimp or shrimp linguini alfredo. The promotion worked too well. Thai Union told investors in November that the shrimp deal contributed to a $11 million loss for Red Lobster for the quarter. “We are back to a challenging situation at Red Lobster,” Thai Union Chief Financial Officer Ludovic Garnier said in an investor call. “We don’t earn a lot of money at $20.” ‘Also delicious’ Americans, he also noted, were tightening purse strings and choosing fast food, or opting for cheaper fare when dining out. This year, other chains, including Tijuana Flats and Sticky’s Finger Joint, have also filed for bankruptcy. Brit Swider, a 35-year-old nonprofit director and Charlotte, N.C., native, fondly recalls lugging her Beanie Babies and other birthday gifts to Red Lobster for childhood parties—a rare treat for her family. Now a vegetarian, Swider seldom frequents chains, yet makes exceptions for the occasional visit to a Red Lobster. “It’s kind of trash but also delicious,” says Swider, who noshes on shrimp scampi, salad with Thousand Island dressing and a Dr Pepper— with a side of slight sheepishness: “This isn’t how I usually treat my body.” Swider recalls how she confessed one odd thing about herself when she was dating her now-husband: she digs Red Lobster. She recently dragged him to one after hearing news about closings. “I don’t think I can handle losing this right now,” she says. Despite officially filing for bankruptcy Sunday, Red Lobster had a lot of fish in its sea. It buys 20% of North American lobster tails and 16% of rock lobsters sold worldwide, serving 64 million annually, it said in its bankruptcy filing. But Red Lobster had accrued nearly $300 million in debt to creditors. With less than $30 million in cash by late 2023 and unpaid vendors, the all-you-caneat shrimp deal was a questionable strategy and is being probed by the creditors, its CEO said in the bankruptcy filing. Last week, an auction for the contents of around 50 shuttered Red Lobsters started with $1 bids. The offerings from one San Antonio location fetched $15,500, according to the listing, and some spots reeled in twice that. Independent restaurants and wholesalers won most auctions, but consumers also called to inquire. “I would have to explain, it’s a truckload of equipment,” says Sherman, the liquidator. “Do you want to bring a 10- foot griddle to your house?” Despite Red Lobster’s woes, some chains are diving into bottomless deals. Buffalo Wild Wings announced an allyou-can-eat wings and fries deal for $19.99 twice weekly. “Please don’t bankrupt us,” the chain said in a tweet. Red Lobster Fans Get Caught Up The crypto industry’s ability to keep operating in the U.S. is at stake.

A6 | Wednesday, May 22, 2024 THE WALL STREET JOURNAL. WASHINGTON—For more than 25 years, the U.S. relationship with the International Criminal Court has veered between idealistic support to outright hostility, with an arm’s length distance being the norm. Now, with ICC prosecutor Karim Khan announcing he will seek charges against Israeli Prime Minister Benjamin Netanyahu and Defense Minister Yoav Gallant for the Gaza war a year after obtaining an arrest warrant for Russian President Vladimir Putin over Ukraine allegations, the ICC has asserted the independence its framers imagined— at the likely cost of practical support and diplomatic legitimacy that only superpower backing can bring. Just weeks ago, the ICC, which for years was shunned by Republicans and viewed skeptically by many Democrats, was seen in Washington as part of the international effort to hold Moscow to account over its invasion of Ukraine. Sens. Lindsey Graham (R., S.C.) and Chris Coons (D., Del.) worked together to secure U.S. funding for the ICC—something that would have been unthinkable as recently as 2020, when the Trump administration imposed sanctions on the ICC’s then prosecutor for reviewing war-crimes allegations against U.S. forces in Afghanistan. On Monday, Graham and Coons joined President Biden in condemning Khan’s move against Netanyahu and Gallant, who the prosecutor alleges committed war crimes and crimes against humanity by using starvation as a tactic against civilians in Gaza. The charges don’t include genocide, although South Africa has made that allegation against Israel in a separate proceeding before a United Nations tribunal, the International Court of Justice. Khan’s office declined to take questions or make the prosecutor available for an interview. Israel says it has complied with the laws of war, and that it seeks to keep civilian casualties at a minimum while pursuing legitimate military objectives. Both senators said Khan disregarded the ICC’s statutory obligation to act only when a nation can’t or won’t hold high ranking officials accountable, something they said Israel’s legal system has proven capable of doing. “Prosecutor Khan is drunk with self-importance and has done a lot of damage to the peace process and to the ability to find a way forward,” Graham said on X. Coons, who has been critical of some Israeli operations in Gaza, said “the ICC is meant to be a court of last resort only” and had stepped beyond that in targeting the Israeli leaders. “I have long supported the ICC, including in its investigation of Russian war crimes in BY JESS BRAVIN The International Criminal Court emerged from a 1998 conference in Rome backed by the U.S. as an effort to create a permanent court to succeed the United Nations tribunals that prosecuted war crimes in the Yugoslavia and Rwanda conflicts. But the Rome Statute treaty gave the court too much independence for countries seeing frequent military operations to stomach; the U.S. and Russia, along with Israel and China, India and Pakistan, all withheld ratification from a treaty giving a panel of judges in The Hague authority to second guess decisions of their own armed forces. Still, the court came into existence in 2002, after the Rome Statute was ratified by the necessary 60 countries. During the intervening years, U.S. policy toward the ICC depended less on any administration’s conceptual support for international law than political and diplomatic needs of the moment, said Todd Buchwald, a former U.S. ambassador for global criminal justice who worked under both Democratic and Republican presidents. International Court Has Faced Hurdles Over the Years have won 17 seats, down from the 32 it currently holds. But recent polling shows support for Gantz is slipping. A May 16 poll by Channel 12 found Gantz’s party would win only 29 seats, while Netanyahu’s would take 19. Analysts say Gantz is concerned about losing an opportunity to gain power if elections remain far off. “People in Israel admire that you put aside your narrow political interests and you fight for your country, and that’s exactly what Gantz did,” said Ayelet Frish, a former senior adviser to ex-Israeli President Shimon Peres. With his numbers slipping, “he thinks that quitting will light the fire for elections.” Gantz called for early elections in the fall, two years ahead of schedule. Although Netanyahu has declined to hold them, he could be forced to if he loses his parliamentary majority, a possibility that requires both Gantz and a handful of other lawmakers to leave his coalition. Shortly after joining the emergency cabinet, cracks began to show. Netanyahu increasingly has consolidated decision-making and Gantz and Gallant have been unable to push him into charting a plan for Gaza’s post-Hamas governance. Officials and experts say this failure is creating a power vacuum in the enclave that is requiring the Israeli military to repeatedly return to fight militants in previously cleared areas. Gantz has staked his political career as a centrist committed to national cohesion and has put forward policies that have straddled both camps. He has drawn voters from Netanyahu’s right-wing base and Israel’s center-left opposition, and last year he pushed back against Netanyahu’s plan to weaken the Supreme Court. He has emerged as the government’s loudest voice pushing for a cease-fire in Gaza to release Israeli hostages, but said he wouldn’t accept a pact that had ending the war as a condition, a key Hamas demand. Now, he is criticizing the war cabinet for not overcoming Netanyahu’s reluctance to set a long-term vision for the war, but he isn’t immediately quitting. Analysts say Gantz is losing support because of his role as one of the war’s managers. A 63% majority of Israelis rated Netanyahu’s performance as poor while 53% thought Gantz’s also was bad, according to a recent Channel 12 poll. “Clearly people are unhappy with anybody leading a war that they increasingly think cannot be won, according to the way the government has defined that,” said Israeli pollster Dahlia Scheindlin. “If you superimpose that onto the public narrative,” she added, “that this government has refused to set clear aims, plan for a day after, then people are blaming the government with that in mind and Gantz is part of that.” Ukraine, and I hope to continue working with it if it returns to its legitimate role.” Matthew Waxman, a Columbia University law professor and national-security official in the George W. Bush administration, said the odds of the U.S. eventually joining the ICC have “gone from very low to zero.” Khan’s charges “ignore the nature of this war and the challenges of defeating an armed force that has been embedded in densely populated areas,” Waxman said. Israel, he said, probably could do more to facilitate humanitarian aid to Gaza, but WORLD NEWS that wasn’t a legal obligation that could give rise to the extraordinary allegations of crimes against humanity. Under ICC procedures, Khan must get approval from a three-judge panel to issue arrest warrants, which he also is seeking for Hamas leaders Yahya Sinwar, Ismail Haniyeh and Mohammed Deif for atrocities in the Oct. 7 attacks on Israel. That panel could act within weeks, and observers expect it to decide on the warrants before the court’s recess in August. Most U.S. officials had little to say regarding the charges against leaders of Hamas, which the U.S. and European Union designate as a terrorist group. “Whatever this prosecutor might imply, there is no equivalence—none—between Israel and Hamas,” Biden said. Sen. Bernie Sanders disagreed. “The ICC prosecutor is right to take these actions” against figures such as Putin, Sinwar and Netanyahu, the Vermont independent said. “It is imperative that the global community uphold international law.” David Scheffer, who represented the U.S. at the 1998 conference in Rome that gave birth to the ICC, said Khan had no choice but to pursue the case against Netanyahu. “For the ICC there may be a risk, but at the end of the day what is the ICC supposed to do?” he said. “Israel here has a rightful exercise of self-defense, a just war,” he said. “The issue is how do you conduct that just war. Prosecutor Khan is being presented with a scale of atrocity in warfare that is somewhat unprecedented for the ICC prosecutor to be confronted with.” More than 120 nations belong to the ICC—and provide its roughly $200 million budget—and many of them want to see action against Israeli leaders. Scheffer said: “There is an entire world here beyond the U.S.” Prosecuting Netanyahu Has Risks for ICC U.S. support for court collapsing after prosecutor targets two Israeli leaders The ICC prosecutor is seeking charges against Benjamin Netanyahu, left, and Defense Minister Yoav Gallant for the Gaza war. ABIR SULTAN/PRESS POOL Prime Minister’s Top Rival Loses Edge in Israeli Polls TEL AVIV—Israeli Prime Minister Benjamin Netanyahu’s main challenger has positioned himself as a leader who can unite the country, but Benny Gantz’s lack of decisiveness is alienating voters and costing him support in opinion polls. Support for the leader of the National Unity Party soared after the Oct. 7 Hamas attack, when public anger with Netanyahu was at its height. Previously a member of the opposition, Gantz joined Netanyahu’s coalition as part of an emergency government, a move that gave him a seat on the powerful three-member war cabinet. But as the war drags on, support for Gantz has slid while Netanyahu’s has stabilized. Many voters think Gantz has stayed in the emergency government too long and he is perceived as being part of the failures of the war instead of someone who can change its course. Gantz was trying to stake out a space to criticize Netanyahu but not take any clear positions himself, said Uriel Abulof, a political scientist at Tel Aviv University. “There’s no vision.” Gantz representatives didn’t respond to requests for comment. Over the weekend, Gantz issued his sharpest rebuke yet of Netanyahu’s handling of the war and threatened to quit the government within weeks if the prime minister didn’t present a plan for ending the conflict and securing Gaza. His comments, made in a prime-time news conference, followed a public call from Defense Minister Yoav Gallant to declare a successor authority in Gaza. Both blamed Netanyahu for holding up critical decision-making. In the weeks after the Oct. 7 attack, public anger about security failures saw support for Gantz grow. Polling by Channel 12, Israel’s leading TV news channel, showed his party would have won about 36 seats in the 120-seat Israeli Parliament, the Knesset, up from the 12 it held at the start of the war. Netanyahu’s party would BY CARRIE KELLER-LYNN Analysts say Benny Gantz is losing support because of his role as one of the managers of Israel’s war with Hamas. ALEXI J. 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THE WALL STREET JOURNAL. Wednesday, May 22, 2024 | A7

A8 | Wednesday, May 22, 2024 **** THE WALL STREET JOURNAL. WORLD NEWS Toronto Stock Exchange and stepped up exploration. By 2021, they decided to sell. The three best offers the company received were from Chinese companies, including the winning $750 million bid from Zijin, whose largest shareholder is a Chinese state-owned firm. The sale passed a Canadian government review but perturbed conservative lawmakers in the country and in the U.S. “The Chinese were true believers, but the Westerners were not,” Perez said. China has many advantages in the race to lock up minerals. Its miners are deep-pocketed and aggressive, making bets in resource-rich countries that Western companies have long viewed as corrupt or unstable, such as Indonesia, Mali, Bolivia and Zimbabwe. State banks provide financing for power plants and industrial parks abroad, paving the way for further private Chinese investment. China’s rapid industrial development also means its companies have spent decades finetuning the art of turning raw ore into metals. They can set up new facilities quickly and cheaply. A paper published in February by the Oxford Institute for Energy Studies pegs the costs of building a lithium refinery outside China as three to four times higher than building one within the country. Fleet of plants In eastern Indonesia, Chinese companies have built a fleet of highly efficient nickel and cobalt plants over the past few years after mastering a technology Western miners long considered glitchy and expensive. The plants run on coal power, some of it new, as the world is looking to phase out dirty energy. “It’s just a simple, straightforward engineering capability that the Chinese have that has been lost in the rest of the world,” said Jim Lennon, managing director for commodities strategy at Macquarie, an Australian bank. “The Chinese have this overwhelming comRevolutionary Guard members on Tuesday carried the flag-draped coffin of President Ebrahim Raisi. IRANIAN PRESIDENCY OFFICE/ASSOCIATED PRESS tire political establishment enthusiastically backed Hamas’s fight with Israel. U.S. intelligence agencies have assessed that Iran’s leaders “did not orchestrate nor had foreknowledge” of Hamas’s Oct. 7 attack on Israel. But Khamenei has hailed the attack. Iranian officials have denounced regional normalization efforts between Israel and Arab states, including the Biden administration efforts to establish formal relations between Israel and Saudi Arabia. Iran’s missile and drone attack on Israel last month marked Tehran’s first-ever direct attack on Israel. It was taken in response to an Israeli strike on Iranian paramilitary officials in Damascus. Yet after that attack and Israel’s narrow response in central Iran, both sides sought to avoid an escalation. Tehran has also sought to avoid direct conflict with the U.S. or to push Hezbollah to open a new front against Israel from Lebanon. After three U.S. soldiers were killed by a pro-Iranian Iraqi militia in January, Khamenei personally intervened to prevent further attacks on U.S. forces, according to two Western diplomats. As president, Raisi championed Iran’s turn to the east. Yet Iran’s most consequential decisions were made by Iran’s security establishment, experts said, in particular the move to supply drones and drone technology to Russia for its war in Ukraine. U.S. officials are still expecting Tehran to send ballistic missiles to Russia, a step that Washington has warned would produce a volley of joint Western sanctions on Tehran. paign, expected to end in a vote on June 28, could generate momentum in Iran for a more assertive posture in the region, these officials said. The approach of U.S. elections and a possible White House transition could also be seen by Khamenei as an opportunity to push a tougher stance. A more immediate worry is that Iran might react to threats, real or imagined, that adversaries could try to take advantage of political upheaval as a new president takes office against the backdrop of widespread popular protests in recent years. U.S. officials said the Biden administration’s fundamental approach to Iran boils down to keeping open channels of communication to avoid direct conflict or a crisis in the run-up to November’s elections. “Ayatollah Khamenei and the security bureaucracy will be acutely aware of the risk inherent in any perception of vulnerability,” said Suzanne Maloney, director of the Foreign Policy program at the Brookings Institution. “I’d expect a skittish, reactive Iran at a time when the temperature is already running high in the region.” The State Department offered “official condolences” for the death of Raisi and several other Iranian officials while reContinued from PageOne West Sees Volatility With Iran Foreign Purchase Of U.S. Gun Maker Draws Scrutiny The potential sale of an American gun and ammunition maker to a Czech arms company is drawing scrutiny from some lawmakers, highlighting concern about foreign ownership in a key industry in the midst of global arms shortages sparked by the continuing wars in Ukraine and Gaza. Minnesota-based Vista Outdoor announced in October that it had agreed to a $1.91 billion sale of its firearms business—which includes ammunition brands such as Remington—to the Czechoslovak Group, or CSG, based in Prague, a major supplier of munitions and military equipment to Ukraine. Opponents of the deal, including former Secretary of State Mike Pompeo and Sen. J.D. Vance (R., Ohio), an ally of former President Donald Trump, have alleged CSG links to China and Russia and urged the Treasury Department to block the sale through the Committee on Foreign Investment in the U.S., or Cfius, which is reviewing the purchase. They have said the CSG deal would give the foreign company a grip on domestic small-arms ammunition supply. Vista is entertaining a rival bid from a Texas investment group. A CSG purchase of Vista could have an impact on “reliable access to an affordable supply of primers and ammunition,” Sen. John Kennedy (R., La.) wrote in a letter to Treasury Secretary Janet Yellen. CSG Chief Executive Michal Strnad said the deal would “deepen the strategic industrial relations” between the U.S. and the Czech Republic, a North Atlantic Treaty Organization ally. The dispute over the deal reflects heightened fears of foreign influence and coincides with a global shortage of gunpowder. It also comes as Washington appears to be increasingly disposed to disrupting foreign acquisitions that it determines could threaten national security. The struggle over the company dates back to 2022, when an investor group led by Texas-based MNC Capital Partners and a Vista board member, Mark Gottfredson, made a series of bids to buy Vista’s firearms business, offering as much as $1.8 billion. In October last year, Vista announced that it had accepted CSG’s $1.91 billion bid; in December, the two companies filed a notice with Cfius, which they renewed in March. Gottfredson resigned from the Vista board in January to make an offer for the entire company, according to MNC. The investor group led by MNC subsequently offered $3 billion for all of Vista—the company’s firearms divisions as well as its outdoors business, including the binocular and scope maker Bushnell and the motocross brand Fox Racing. Vista pushed its annual shareholder meeting from May to June. Shareholders are also expected to vote on the CSG deal then. Vista’s leadership expects the CSG transaction to receive Cfius approval soon, a company executive said. A Treasury Department spokeswoman declined to comment on the review but said Cfius was “committed to taking all necessary actions within its authority to safeguard U.S. national security.” CSG grew from the mass of decommissioned and surplus military goods and hardware that sloshed around Eastern Europe in the 1990s after the fall of the Soviet Union and the dissolution of the Warsaw Pact. After Russia’s full-scale invasion of Ukraine in 2022, CSG became a major supplier of arms and equipment to Kyiv. “We are not a national security risk,” said David Stepan, CSG’s investment director for international projects. “We are already doing business in the United States.” Scrutiny of CSG’s history and intentions has intensified as the availability of gunpowder globally has dwindled. In a January letter to Yellen, Vance alleged that CSG had ties to Russia’s leadership. Responding in April to Vance in an open letter, Strnad emphasized CSG’s past work with the American defense contractors General Dynamics and Raytheon; NATO secret clearances held by several CSG subsidiaries; and the company’s role in the supply of weapons to Ukraine. “Any speculation about CSG’s connection” to the regime of Russian President Vladimir Putin “should be considered nonsense,” Strnad said. BY BRETT FORREST Western producers is that there is little sign of a letup. “It’s just the way China does things. They have tended to build more capacity whether it’s in aluminum, or cement, or nickel,” said William Adams, head of base-metals research for Fastmarkets. Chinese companies “all gun for market share, and the consequence for that is you get oversupply.” Western officials, too, are sounding the alarm. In response to a question in April about China’s dominance in nickel, Deputy Prime Minister Chrystia Freeland of Canada said the market had been flooded, making businesses in free-market democracies uneconomic. “It is our belief that that behavior can be intentional, can be happening with the purpose of driving companies in our country, in those of our allies, out of business,” she said. China’s Foreign Ministry didn’t respond to a request for comment. Chinese companies are continuing to ramp up as a result of years of aggressive acquisitions. Zijin Mining, a Chinese state-backed company, said it would increase lithium production by around 85 times this year from a low base, and by a further five times next year. The projected growth stems from its 2022 purchase of a Western asset—a premium untapped mine in Argentina— that is scheduled to begin pumping out lithium this year. The mine was discovered in 2015 when Waldo Perez, an Argentinian-born geologist, took samples at a remote lake 13,000 feet above sea level in the Andes, which turned out to be part of a massive lithium deposit. He formed a Canadian company called Neo Lithium with partners, secured the mineral rights, listed it on the petitive advantage now that can’t really be addressed.” Talon Metals is trying to compete. The company, based in Toronto, controls a rich underground nickel reserve in central Minnesota—a mine the White House said is part of its plan for breaking U.S. mineral dependence on China. The Energy Department has earmarked more than $100 million for Talon to build a refinery in North Dakota to process ore from Minnesota and elsewhere in North America. Tesla agreed to buy the nickel for car batteries. “U.S. policymakers on both sides of the aisle realize we cannot allow China to become a ‘single-member OPEC’ for critical minerals like nickel,” Sean Werger, Talon’s president, said in April, referring to the oil cartel formed by many of the world’s top producers to coordinate supply. But some investors have soured on Talon, whose share price on the Toronto Stock Exchange has dropped around two-thirds over the past two years amid a flood of Chinese nickel from Indonesia. Many analysts said projects outside Indonesia will struggle to take off unless nickel prices rise significantly. Talon said its high-quality ore gives it an edge, that it is using innovative technologies to boost revenue, and that there is still demand for U.S.-mined minerals. Talon said it isn’t a fair fight. Chinese nickel companies receive cheap state financing as part of a “strategic imperative to gain control over pricing,” said Todd Malan, Talon’s director of external affairs. “All the Western projects have to meet marketbased economic criteria.” The mineral industry is a national priority for Beijing. Metals and mining investments under its Belt and Road Initiative hit record levels last year, according to a report by Australia’s Griffith Asia Institute. Chinese official lending for minerals projects in developing countries typically offers lower rates than commercial loans, according to AidData, a university research lab at William & Mary in Virginia. Meanwhile, Western companies struggle to get loans. Amos Hochstein, a top White House energy adviser, said this month that Western banks are reluctant to finance projects in risky mineral-rich countries and that China is often the only player. U.S. legislation passed in 2022 offers electric-vehicle manufacturers incentives to buy minerals domestically or from countries with whom the U.S. has free-trade agreements. Starting next year, batteries could be disqualified for subsidies if they contain minerals that are mined or processed by Chinese companies. Last Tuesday, the White House announced new tariffs on China, including on critical minerals such as natural graphite that Beijing dominates. Western miners are hopeful that these provisions will eventually drive demand for their minerals, though some are concerned carmakers could find workarounds. They also hope Chinese companies will dial down production. “At today’s prices, the economics for new greenfield projects, particularly in the West are not supported,” Kent Masters, chief executive of Albemarle, the largest U.S. lithium producer, said this year. Unless prices rise, Masters has said he doesn’t think there is a “business case” for a complete Western lithium supply chain. surge in Chinese production at home and in sub-Saharan Africa. The only dedicated cobalt mine in the U.S. also suspended operations last year, five months after local dignitaries attended its opening ceremony. Its owners said they are struggling against a flood of Chinese-produced cobalt from Indonesia and the Democratic Republic of Congo. Last year, non-Chinese production of refined cobalt declined to its lowest level in 15 years, according to Darton Commodities. The share of lithium mining done within China or by Chinese companies abroad has grown to 35% this year from 14% in 2018, according to Fastmarkets, a commodities-information provider. Over the same time, lithium processing done within China has risen to 70% from 63% in 2018, according to Fastmarkets. ‘It’s just the way’ The breakneck expansion has assailed Western producers, who have said China’s domestic economy can’t always absorb the flood of minerals its firms bring to market. Slower-than-expected electriccar sales growth in China last year meant there were fewer takers for China’s mineral surge, contributing to the crash in global prices. What is more worrying for Continued from PageOne China Edge In Minerals Widens 2015 ’20 ’24 0 50 100% 25 75 Cobalt Nickel Lithium Share of key battery metals controlled by China* Sources: Fastmarkets (price); Benchmark Mineral Intelligence (share) *Refined supply from within China, or from companies with majority Chinese ownership abroad 2020 ’21 ’22 ’23 ’24 0 10 20 30 $40 per pound Price of key battery metals affirming its support for the Iranian people “and their struggle for human rights.” On Tuesday, U.S. Secretary of State Antony Blinken told lawmakers that “given the horrible acts” Raisi had engaged in, the Iranian people were probably better off without him and “we’re certainly not mourning the death.” President Vladimir Putin of Russia was one of the first foreign leaders to phone Iran’s new interim president, Mohammad Mokhber, to express his condolences on Monday. Iran asked Washington and Moscow for help finding Raisi’s helicopter. Russia sent planes, a helicopter and personnel. The U.S. agreed but ultimately wasn’t able to provide that help— which probably would have consisted of satellite reconnaissance—for what the State Department said were “logistical reasons.” While Iran’s military and foreign policy strategies are framed by Khamenei and his top advisers, a new president and his team would have some sway over how these are implemented. Decision makers in Washington and Europe will look first to see what signals Tehran sends about its potential foreign policy priorities by which presidential candidates it permits to run and who wins, Singh said. Last week, senior U.S. and Iranian officials, including a diplomat who has since become Iran’s new acting foreign minister, Ali Bagheri-Kani, held indirect talks in Oman for the first time since January. The two sides discussed nuclear and regional issues, according to people briefed on discussions, with U.S. officials nudging Tehran to control its production of highly enriched uranium and cooperate with the United Nations atomic agency. Some Western officials said the elevation of Bagheri-Kani is welcome, seeing Iran’s chief nuclear negotiator, who has personal ties to Khamenei and opposed the 2015 nuclear deal, as now favoring de-escalation of tensions with the West. But it is unclear if he will keep the role under a new team. The possibility that Iran might edge closer to a nuclear weapon is perhaps the greatest concern in the West. Tehran has stockpiled enough fissile material for around three nuclear weapons, experts said. Iran denies it has ever worked on nuclear weapons, and U.S. officials said there is no evidence Iran is currently trying to build a nuclear weapon. In recent months, Iranian officials have suggested they are close to mastering the ability to build a nuclear weapon and that the fatwa—a religious order—that Khamenei issued in 2003 against the use of weapons of mass destruction could be revisited. Less prone to a shift is Iran’s approach to Gaza. Tehran’s enRaisi championed Tehran’s turn to the east under his presidency.

© 2024 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, May 22, 2024 | A9 FROM TOP: BRIAN STAUFFER; STUDIO ACEP PERSONAL JOURNAL. tone of voice. Envision a positive outcome. That’s what athletes do. When you begin the discussion, acknowledge up front that you may not agree but you want to talk so you can better understand each other. Explain that you’d like to start by hearing the other person’s point of view. (Be sincere!) This defuses tension and shows that you’re on the same team. Choose your words carefully. Use “I” instead of “you.” (Think: “I feel unheard.” Not: “You’re not listening.”) The word “I” comes across as less judgmental. And avoid the word “but.” It negates what the other person said. Try the phrase “yes, and…” instead. Like this: “Yes, I agree with you, and…” Actively listen Stop waiting for someone to finish a sentence just so you can have your say. Don’t interrupt. Really listen. Summarize what the person said and ask if you heard it correctly. For example: “I heard you say you’re upset because you think I haven’t been helping take care of Mom enough. Am I right?” Then ask deeper questions that get at the person’s values, rather than opinions. Some good ones: “What led you to feel so strongly about this?” “Do you have personal experiences you can share?” “Will you tell me more?” The goal is to find common ground, says Mylien Duong, a psychologist and senior director of research at the Constructive Dialogue Institute, a nonprofit that teaches people across the political spectrum how to talk to each other. “There are always points of agreement, even if it’s as simple as you both wanting the conversation to succeed.” Slow it down If things get heated, take some deep breaths. Speak slower. Excuse yourself to grab a glass of water. If you need a longer break, explain that the conversation isn’t going the way you’d hoped and ask to continue it later. Then offer to take some action to further educate yourself on the subject before your next conversation, suggests Fatimah Gilliam, a lawyer and author of “Race Rules: What Your Black Friend Won’t Tell You.” This builds trust, she says. Discuss next steps Ask the other person how he or she wants to move forward. And remember, it’s OK to agree to disagree. If you learned something, say so. That’s both validating and reassuring, says Elizabeth Esrey, a professional mediator, who has worked with families, gang members and with the Truth and Reconciliation Commission in South Africa after apartheid ended. And thank the person for his or her willingness to talk. “People are giving you the gift of their time even if they disagree with you,” Esrey says. Mayer, of the NFL Players Association, has developed strategies for difficult conversations. He practices his message, cuts to the chase quickly and listens closely. “The goal is not to ‘win’ the conversation, but to communicate important, if difficult, information in a way the other person can process and be heard themselves,” he says. Before his talk with the injured player, who was hoping to get signed to a team, Mayer tried to imagine the pain of having a career-sidelining injury. He explained his point of view—that the player needed to take more time to recover—and listened patiently when the athlete argued with him. “You are a great person, but we have to stick to the science,” Mayer says he replied. The player took his advice, he says. And earlier this month, Mayer received a call from him with happy news: He’d recovered fully and signed to an NFL team. Mayer says he thanked him for the difficult conversation. How to Master the Art Of Respectful Disagreement Experts in conflict resolution offer advice for having a productive conversation ELIZABETH BERNSTEIN T here are many tough talks we need to have right now, about everything from the IsraelHamas war to how to care for Mom as she ages. Too often, we’re avoiding those productive and necessary conversations. When we do have them, we end up yelling at each other. We can just look at the unrest on college campuses to see what happens when discourse melts down. It’s time to master the art of disagreeing—having a productive conversation when we’re passionate about a topic but our opinions differ. Experts in conflict resolution have advice that can help: Plan ahead. Actively listen. Discuss how to move forward. Dr. Thom Mayer geared himself up for a tough conversation recently. As the medical director for the NFL Players Association, he needed to tell an athlete who’d recently had knee surgery that he wasn’t ready to go back to playing. To prepare, he imagined how the young man was feeling and rehearsed what he wanted to say. Then he picked up the phone and spoke words you may want to memorize: “Hello, I need your help,” he said. “We are going to disagree, but we are going to have a discussion.” Conversations tend to become heated because we’re wired to have a fight-or-flight response when we feel threatened, especially during times of chronic stress, psychologists say. “Our brains treat having our ideas attacked in the same way as if our body was being attacked,” says David Supp-Montgomerie, an associate professor of communication studies at the University of Iowa, who directs the school’s Civic Dialogue Initiative. What can we do? It’s OK not to talk about a topic if you think the conversation won’t be productive. Sometimes that’s the best way to preserve the relationship. But if you’re up for a tough discussion, here’s some advice. Prepare ahead Set a goal. Do you want to explain how you feel, understand the other person’s point of view, or solve a problem? “It’s important to understand why you want to have the conversation in the first place,” says Supp-Montgomerie. Practice your message. Write it down or rehearse it in front of the mirror in a calm  As the medical director for the NFL Players Association, Thom Mayer has held many tough conversations. land, which usually means they are reserved for suburban areas. It is a lot simpler to restrict lefthand turns at downtown intersections. Unlike alternative intersections, restricting left turns requires no changes to infrastructure (other than changing or adding signs) and is essentially cost-free. Of course, eliminating left turns means some people would sometimes need to take more-circuitous routes. But overall, the extra distance isn’t very significant: On wellconnected gridlike streets, the additional travel distance would overall be more than offset by the shorter waiting times at individual intersections, as Carlos F. Daganzo and I showed in recent research. If banning all left turns seems too much, our research shows that restricting turns at just 46% of very busy intersections would have a significant effect, cutting travel times by 15.4% on average—so a 20-minute drive would take 17 minutes. When the roads are relatively empty, restrictions could be lifted. Dozens of cities in the U.S. and around the world already restrict left turns in some ways, including Salt Lake City and Tucson, Ariz. Let’s have more cities follow their example. People will get where they are going with fewer delays—and less risk. Vikash V. Gayah is a professor of civil engineering at the Penn State College of Engineering. ISTOCK  One day, turns like this by a tractor trailer in New York might be illegal, or heavily restricted, if left-turn critics have their way. section—about 2.6 million out of 5.9 million crashes. And nearly a third of those crashes at intersections—about 800,000—involved a vehicle turning left. Usually, downtowns handle left turns in one of two ways. First, there is the “permitted” method, where you wait for an opening to make a left turn—which can lead to tricky turns and big delays as traffic piles up behind the person turning. In the “protected” method, there is a left-turn arrow at the traffic light that gives drivers a set amount of time to turn. It is much safer than “permitted,” but also leads to big waits. Traffic signals operate on a regular pattern—known as a cycle—that is typically 60 to 90 seconds. Adding extra left-turn phases to the cycle means taking away time that other drivers could spend moving. Each additional phase also adds dead time at the intersection during which no driver can move. This amount is small— about two to three seconds per phase—but can quickly add up. Traffic engineers have come up with various new designs to keep intersections from getting clogged. For instance, there is the “Michigan left.” If you want to turn left, you drive past the intersection and make a U-turn farther up the road, which prevents backups at the stoplight. Then, when you’re heading in the opposite direction, you can make a right turn to get where you wanted to go. A low-cost option Approaches like this simplify signal timing and improve safety. But they require a lot of costly new infrastructure, and they need big footprints of In cities, left-hand turns are risky and contribute to clogged traffic. Y ou’re driving downtown and you see it coming. You can’t avoid it. You grit your teeth and put on your blinker. It is time for a left turn. Making a left can be a nightmare in a crowded city. You need to wait forever for a break in coming traffic, or you may get caught behind somebody who is waiting for a break. And sometimes you end up making a split-second choice to turn that puts everybody at risk—yourself, the coming cars and bikes, and anybody who’s crossing the street. But there is a simple step we can take that would make downtown driving a lot faster and safer, without spending a dime on new stoplights or turning lanes. We can ban—or heavily restrict—left turns downtown. Why lefts are tricky It might sound drastic, but left turns aren’t just frustrating, they are dangerous. Consider this. In 2022, according to the National Highway Traffic Safety Administration, about 44% of all traffic crashes reported to police involved an interLeft Turns Should Be Rightly Banned BY VIKASH V. GAYAH ESSAY

A10 | Wednesday, May 22, 2024 THE WALL STREET JOURNAL. PERSONAL JOURNAL. AI-puter (noun): A computer designed to execute AI tasks better than older, non-AI computers. Example sentence: “I’ll be at the coffee shop, working on my AI-puter.” O K, fine, nobody’s really going to use my new term, but plenty of big names will try to sell you one. And Microsoft is leading the charge—with a new Windows platform optimized for artificial intelligence announced Monday. I tried these new Copilot+ PCs. They’ve got improved performance, battery life and enhanced AI features. Finally! Microsoft is promising some real competition to Apple’s M-powered MacBooks. “Apple’s done a fantastic job of really innovating on the Mac,” Microsoft Chief Executive Satya Nadella told me in an exclusive video interview. “We’re going to outperform them. We finally feel we have a very competitive product.” Microsoft made two important moves to do it. It optimized Windows for Qualcomm’s latest chips, which are more like the ones in your smartphone than the Intel chips in most Windows PC. They claim to have it all: all-day battery life, cooler temperatures, blazing performance. And a new chip component amps up AI features right on your laptop—no need to send everything to the cloud. Microsoft has a new $999 Surface Laptop and Surface Pro based on the platform. Other Windows PC makers, including Dell, Lenovo, HP and Asus, have refreshed laptops, too. You can get them all starting on June 18. I’ve been skeptical about this whole AI PC thing. You know what runs just fine on my laptop? ChatGPT and other generative-AI tools. Yet after checking out the improved Surface devices and spending time with Nadella, I’m in. Just get the basics right this time, Microsoft! The hardware When I asked Nadella what makes an AI PC an AI PC, it got real nerdy, real fast—NPUs, system architecture, edge computing and a lot more. Here’s what set these machines apart—no computer-science degree needed:  Arm chips. Your current Windows laptop likely has an Intel or JOANNA STERN PERSONAL TECHNOLOGY Six-figure pay packages. The promise of a promotion within months. Thousands of dollars in student-loan reimbursements. Look at hundreds of entry-level job postings for college grads, and you’ll find that companies are still in sales mode, despite employers’ moderating demand for young professionals. Not long ago, new college graduates on the hunt for their first professional role could expect job ads to contain a litany of duties and responsibilities to the company. Postings today extol the opportunities that workers can expect from their employers, including commitments to flexible work styles and bosses’ respect for work-life boundaries. The Wall Street Journal analyzed hundreds of entrylevel job postings in a range of roles, sectors and locations, from Chicago to Dallas to San Jose, Calif. They reveal what entry-level work looks like—a mix of in-office and remote work that puts new graduates on track for more responsibility— and what companies think young workers want now. Pay and promotions Entry-level job ads highlight the career paths and pay new grads can achieve after a few years. Young professionals care more about salary than paid-time off and remote work, according to a recent poll of about 2,000 college students on priorities in the job search by research and analytics firm Veris Insights. New grads can expect more employers to spell out salary ranges in job postings, thanks to paytransparency laws in places like New York City, California and Colorado. New grads prefer clear development plans. Third Bridge, an investment research firm advertising for an associate in Dallas, revamped its job descriptions to reflect young professionals’ interest in their future trajectories, said What Firms Offer For Entry-Level Jobs BY LINDSAY ELLIS AND KARA DAPENA Job postings today extol the opportunities that workers can expect. Heather McClory, the company’s head of people for the U.S. and Europe. “There’s much more likelihood of someone leaving if they don’t have that picture,” she said. Office debate Some companies are hyping the office like it’s 2019. Others are highlighting flexible workdays. Many, though not all, job postings specified how much time hires must spend in the office. Some of the in-office perks being offered: comfy chairs by a fireplace, snacks, floor-to-ceiling windows and a flavored water bar. Benefits Employers are trumpeting benefits that go far beyond 401(k)s and basic health plans. Companies are emphasizing mental health resources as college campuses have seen spikes in student anxiety. Many companies are highlighting their work-life balance. Companies are expanding student debt-repayment programs, which usually come with strings attached. Many companies offer thousands of dollars toward loan repayment, as long as employees stay with the company for several years. Epic, a healthcare software company seeking a project manager in Madison, Wis., offers a paid fourweek sabbatical after five years. Epic says these sabbaticals allow staff to travel to new places. The company pays for flights and a per-diem for lodging, meals and activities. If employees use their time to volunteer, Epic will donate to the organization they are helping. Experience required Employers want hires with a track record, even when they’re freshly out of school. Job descriptions note hiring managers prefer to see several years’ experience—or even an advanced degree—for jobs described as entry level. Internships matter. Research shows that securing one internship during college significantly improves the odds of landing a college-level job upon graduation. More than 80% of employers said that communication—like asking thoughtful questions or effectively highlighting experience —was a sought-after skill in emerging professionals, ranking closely behind adaptability and reliability, according to a survey by Handshake, a job-search platform, and SHRM, the human-resources trade association. Students who attended college in the Covid-19 era often need extra help on soft-skills like emailing, managing up and making presentations, say campus staff, HR leaders and recent grads. Diversity and identity After last year’s Supreme Court decision to strike down affirmative action in college admissions, many companies stopped discussing their diversity, equity and inclusion programs openly. In entry-level job ads, however, hiring managers are clear that applicants’ diverse identities are valued. One firm explicitly spells out to applicants, “You are welcome here.” One-third of new and soon-to-be graduates say they would turn down a job at a company without a diverse workforce and leadership team, according to a Monster and Harris Poll survey of 1,000 of them conducted this spring. Mission Employers often describe their mission and lofty goals to show new grads they can be part of something bigger than themselves. Most young job seekers would prioritize a mission aligned with their values over higher pay, according to a survey by Veris Insights. ADRIENNE TONG/THE WALL STREET JOURNAL (6)  Recall takes snapshots constantly of what’s on your screen and then makes your daily activity searchable.  Recall. You know the situation: You see an image or take a note and then completely forget where it was. With Recall, Windows constantly captures what’s on your screen. Then it uses an ondevice generative-AI model to process and search it all. The demo laptop had a slideshow with pictures of marine life, so I typed “PowerPoint with fish.” The word “fish” wasn’t even in the presentation, and yet Recall opened it immediately. Uh, screenshots of everything I do? What could possibly go wrong? Nadella assured me none ever leave the computer. You can also restrict Recall from taking screenshots of certain apps or websites—or turn it off entirely.  Live Captions. Similar to other AI gadgets and smartphones, there is on-laptop live translation that can turn 44 languages into English. Since it’s built into Windows, it can work with any video call or app you’re using. You can even use it for in-person conversations. I tried it out with Spanish and Russian speakers. I was impressed with the speed, but it made some slip-ups. Also, the interface doesn’t distinguish between speakers.  Cocreator. As a longtime MS Paint stickfigure and box-house artist, I was delighted by this new tool. I typed in a prompt: “A Windows XP wallpaper with a mountain and sky.” Then, as I started drawing, an AI image appeared in a new canvas alongside mine. When I changed a color in my sketch, it changed a color in the generated image. Microsoft says it still sends the prompt to the cloud to ensure content safety. The future Those tools are just a start. Developers can make their own on-device AI software that takes advantage of the NPU. For the first time in a long time, Microsoft seems to have a winning computer strategy: modern, cutting-edge chips and unique software features. Yet there was one obvious question to ask Nadella: If AI is creating this more natural, humanlike way of interacting, why are we talking about traditional computers? “I fully expect the Copilot to be everywhere,” he said, adding that as Microsoft develops its AI agent that can speak and see, it will be in smart speakers, smartphones and even VR headsets. “It’s going to be ambient.” So that’s the future: AI-puters here, there and everywhere.  Microsoft CEO Satya Nadella discussed the new Copilot+ PCs with the WSJ’s Joanna Stern. Watch a Video Scan this code to see Microsoft’s CEO talk about how AI Copilot+ PCs with Qualcomm chips beat MacBooks. FROM TOP: JACOB REYNOLDS FOR THE WALL STREET JOURNAL; DAVID HALL/THE WALL STREET JOURNAL (3) AMD chip, which is based on decades-old x86 architecture. This first crop of Copilot+ PCs with Qualcomm Snapdragon X series chips are based on the more efficient Arm architecture. Apple moved all its Macs to its own Arm chips a few years ago. Almost everything we hated about laptops? Gone. The machines run quiet and cool, and their batteries last a long time. Now, Nadella has the same in his new Surface Laptop. He told me he hasn’t heard his Surface Laptop’s fan go on, and he’s been blown away by the all-day battery life. The company claims the new Surfaces are 58% faster than the M3-powered MacBook Air, too. (Apple just released its next-generation chip, the M4, with the iPad Pro.) Stop me if you’ve heard all this before. Microsoft has tried Arm chips several times, but Nadella says it’s “finally there.” Popular apps like Chrome, WhatsApp, Spotify and others now run natively on the systems, and the latest Windows can run older apps faster, too. There will be Copilot+ PCs powered by Intel and AMD chips, too, but they won’t arrive until later.  NPUs. Computers generally have a central processing unit, the CPU, and a graphics processing unit, the GPU. Now, let’s welcome the neural processing unit. (Yep, NPU.) You can think of it as the AI accelerator. It’s optimized for handling complex AI tasks right on the computer.  Edge computing. With ChatGPT, Microsoft Copilot and all the other generative AI tools, the processing happens in the cloud—aka at some data center. Now, with an NPU, some AI processing can happen right in your lap. This is called the “edge.” Processing on your computer can be faster and more secure. Copilot+ PCs have more than 40 on-device AI models, including eight small language models for generative AI. To access large language models like ChatGPT or Microsoft’s own Copilot, which provide more versatile and wideranging responses, you still need to connect to the internet. In the coming weeks, Copilot will integrate OpenAI’s latest GPT-4o model, Nadella said. The software Microsoft put all that together to provide new AI tricks to Windows 11. Everything is processed by that NPU. No cloud necessary.  With Cocreator, as you draw in Microsoft Paint, AI generates an image based on your sketch.  Right in the middle are the new Qualcomm X Series chips powering these Copilot+ PCs. AI-Focused PCs Make Windows Exciting Again Microsoft promises some competition to Apple’s M-powered MacBooks

THE WALL STREET JOURNAL. NY Wednesday, May 22, 2024 | A10A

A10B | Wednesday, May 22, 2024 THE WALL STREET JOURNAL. TEAR THE PAPER CEILING.ORG Keith, Data Analyst, Google Career Certificate Graduate, STAR It’s time for “qualified” to mean qualities, not just a bachelor’s degree. Tear the paper ceiling that is keeping you from discovering over 70 million STARs: workers SkilledThrough Alternative Routes that are being held back by degree screens, stereotypes and more. Find out how STARs can meet your talent needs. #HireSTARs NY/NE

turity (“Twenty-one took a lifetime”). A string quartet makes the first of many appearances on the album, and the song almost feels like a sequel to “What Was I Made For?” with its pillow-soft tone and Ms. Eilish’s search for internal strength in the face of exterior judgment. Had the album stuck with the weepy introspection of “Skinny” it might have seemed like an extension of “Happier Than Ever,” an intermittently powerful album marred by a few too many momentum-killing ballads. But the following “Lunch” is an upbeat number that harks back to the sonically progressive pop of “When We All Fall Asleep.” That album was striking not just because of Ms. Eilish’s distinctive voice and mischievous persona, but also because it married those qualities with driving, minimalist productions that were heavy on bass yet left a great deal of space in the arrangements. “Lunch,” about wanting to gobble up a person who catches your eye, is like a beautifully hollowed-out version of an ’80s pop tune, its danceable beat complemented by a shimmering guitar part that could have been inspired by a Hall & Oates hit. The rest of the album moves between the modes of the opening diptych while adding a few new wrinkles. The following “Chihiro,” built around a rubbery bass and spare electronic percussion that’s little more than a tiny clip of static, is another effortlessly catchy number about the search for love and a missed connection. Toward the end, a swell of arpeggiated synths builds and then overwhelms the mix, borrowing a technique from DJs trying to work a crowd into a frenzy. The album sags in the middle thanks to a few slower numbers S ometimes when musicians have been famous for what feels like a long time you lose track of just how young they are. The buzz around Los Angeles singer Billie Eilish began shortly after she uploaded “Ocean Eyes,” a song she created with her brother, Finneas O’Connell, to SoundCloud in November 2015. She turned 14 years old a month later. She was just 17 when her chart-topping and Grammy-winning debut album, “When We All Fall Asleep, Where Do We Go?,” came out in 2019. And 2021’s “Happier Than Ever,” which seemed like a conscious pivot toward a mature, “I’m no longer a kid” outlook, came out when she was 19. It’s been three years since her last LP, but recently she’s been more ubiquitous than ever. July 2023 saw the release of “What Was I Made For?,” a song written for the film “Barbie” that Ms. Eilish performed on seemingly every televised awards show in the past 10 months (it won a Golden Globe, an Oscar and two Grammys). It’s a song about the quest for selfknowledge and the disconnect between what you feel you are inside and what the world expects you to be. It’s a resonant theme for Ms. Eilish, given how famous she has been from a young age. Her third album, “Hit Me Hard and Soft” (Darkroom/Interscope), out now, ventures further into such territory on its first track. “Skinny” is a spacious ballad that opens with a brooding guitar line played by Finneas (as with her previous work, he produced the album and plays almost all the instruments). Ms. Eilish, in the whispered voice that is her trademark and has become quite influential on even-younger pop vocalists, sings about what it does to a person’s self-image to be so heavily scrutinized (“People say I look happy / Just because I got skinny”) and shares how much she PETROS STUDIO went through before attaining maThe record moves between brooding ballads and shimmering pop songs. MUSIC REVIEW | MARK RICHARDSON Billie Eilish Rediscovers Herself The 22-year-old singer summons the fresh spirit of her early work on a new album that go on for a bit too long. And these quiet tunes throw weaker lyrics into sharp relief. The acoustic “Wildflower” is particularly egregious in this regard, Ms. Eilish leaning on the most obvious suite” mixes artful distortion, a weighty bass grind, and surging synths that bring to mind a Radiohead interlude one moment before shifting to a hypnotic half-reggae groove the next. In interviews, Ms. Eilish has said that she wanted to capture the sense of freedom she felt on her debut LP, and the best tracks here carry some of that spirit. It may not have that record’s shock of the new, but “Hit Me Hard and Soft” is far better than its immediate predecessor, and it’s a solid argument for continuing to embrace youthful experimentation. Mr. Richardson is the Journal’s rock and pop music critic. Follow him on X @MarkRichardson. rhymes. “Good things don’t last / And life moves so fast.” That sort of thing. But “Hit Me Hard and Soft” closes strong, with a few tracks that stretch out and take surprising turns. “L’Amour de Ma Vie” has some of the jazziness of Ms. Eilish’s last record, with a fingersnapping rhythm and airy arrangement, but then it shifts gears and becomes a fleshed-out midtempo tune with a delightful synth-pop sheen, like a mix of the new-wave band Berlin and Charli XCX. The penultimate “BitterBillie Eilish, above; ‘Hit Me Hard and Soft,’ her third studio LP, is out now. John Murray and his camera crew exploit so gracefully. The weather is unfriendly, the ocean is fierce, there isn’t a McDonald’s for miles, and there’s a tangible sense of life at its most primal. But while a sense of solitude might be the most appealing quality of the Burren, the place actually teems with life, as an hourlong “Nature” presentation is apt to reveal. This life includes species that thrive precisely because the landscape is harsh and the number of predators so limited. The rare but resurging pine marten—specifically, a mother of two kits, nested in a tree—provides a narrative hook, the mom providing very fresh food for her young until she can evict them (which she does). The program profiles many Clockwise from above: the Poulnabrone Dolmen; a foraging pine marten; and sunset in the Burren of County Clare. P ublic television’s science-classcum-travelogue “Nature” ends its 42nd season with “Wild Ireland: Kingdom of Stone,” and while the venerable series has never been averse to including the role of homo sapiens in the state of the world, we have seldom been cited as such principals in the formation of the world: The strange beauty of the seemingly barren Burren of County Clare on the Atlantic coast is the result of deforestation, burning, erosion and the surfacing of the bottommost limestone shelf, itself made of 200 million years’ worth of fishbones. You could call it an eco-crime. But you would have to call it an eco-crime committed 4,000 years ago by Irish cavemen. With its starkness and scalped stonework, the Burren wouldn’t be everyone’s idea of a vacation getaway, but some of us would go in a heartbeat and because of the very PBS (3) qualities that both writer-director of the current inhabitants of the Burren—seven kinds of bat in the air; plankton-eating basking sharks in the waters; and, as close to the ground as possible, the “slow worm” (Anguis fragilis), which would be a snake if it didn’t have eyelids and is from narrator Colin Stafford-Johnson: the approximately 5,000-yearold Poulnabrone Dolmen, for instance, which suggests a miniStonehenge and is the best known of many Neolithic burial sites in Ireland; or the ancient fieldstone fortresses on the nearby Aran Islands, which Mr. StaffordJohnson describes as “chunks of the Burren trying to escape into the Atlantic.” Sometimes, worlds collide: Corcomroe Abbey, a 13th-century ruin once home to Cistercian monks, is now inhabited most regularly by jackdaws and kestrels. As Messrs. StaffordJohnson and Murray tell us, William Butler Yeats was among the forces in the early 20th-century Irish literary renaissance who were besotted by the region, its connection to ancient Hibernian culture and the symbolic qualities of the nation’s wildlife— whooper swans, for instance, which return to the region from Iceland every year and which, to Yeats, represented both cultural resilience and human impermanence. The focus of “Kingdom of Stone” ranges from the enormous to the minute—fin whales that populate the deepest parts of the Irish Atlantic and occasionally make an appearance offshore; and the Marsh fritillary, Ireland’s rarest butterfly, “the only insect on the island with full legal protection.” Mr. Stafford-Johnson doesn’t elaborate on what that means, exactly, but one presumes it is meant to keep the Burren-dwelling Irish butterfly from going the way of those Burren-dwelling Irish Cistercians. Wild Ireland: Kingdom of Stone Wednesday, 8 p.m., PBS Mr. Anderson is the Journal’s TV critic. a slithery creature of the type St. Patrick supposedly rid the island of some 1,600 years ago. But the remnants of bygone humans are easily as interesting as the beasts that flourish on the Burren, and are given equal attention TELEVISION REVIEW | JOHN ANDERSON Thriving Life on Ireland’s Barren Coast THE WALL STREET JOURNAL. Wednesday, May 22, 2024 | A11 ARTS IN REVIEW

A12 | Wednesday, May 22, 2024 THE WALL STREET JOURNAL. FOR MOST OF ITS MODERN history, Bayer Leverkusen was a club best known for specializing in late-season pratfalls. There was the spell when it came second in the German Bundesliga four times in the space of six years. Then there was the time, in 2002, when the club pulled off a rare treble of near misses by finishing second in the league, runner-up in the German Cup, and losing the Champions League final. All that heartbreak was enough to earn it one of the most depressing nicknames in sports: Neverkusen. So after the club’s hot start to this season, anyone who had ever watched German soccer was pretty sure where things were headed. Bayer Leverkusen would put up a spirited fight and then fall apart, right on schedule. What no one saw coming was Leverkusen going undefeated for the entire season—and not just in the Bundesliga. After completing its unbeaten 34-game league campaign to win its first ever championship last weekend, the club formerly known as Neverkusen has a perience, he made up for with lessons picked up from some of the best coaches in the game. As a midfielder who won the Champions League with Liverpool and Real Madrid before joining Bayern Munich, Alonso worked under Pep Guardiola, José Mourinho, and Carlo Ancelotti. What Alonso found in Leverkusen was a club known for developing young talent that decided it suddenly needed to infuse some veteran know-how. The club spent $100 million on new players last summer and immediately saw results. But the prospect of an undefeated season? Rolfes didn’t believe it was possible until around a month ago. That’s when Leverkusen pulled out a 97th-minute equalizer on the road at Borussia Dortmund to keep the streak alive. From there, Leverkusen cruised to the finish line, wrapping up its league marathon with 28 victories in 34 league games. All that remains now is a pair of finals for the club to banish the Neverkusen label once and for all. “We have to do it this season,” Rolfes said. chance to pull off an inconceivable sweep when it takes on Atalanta in the Europa League final on Wednesday and Kaiserslautern in the German Cup final on Saturday. “We had to prove that we go in another direction, write a new story in the history of the club,” Leverkusen’s managing director Simon Rolfes says. “It’s not an option to fail anymore.” Across Europe’s big five leagues, only two others have pulled off undefeated seasons this century: Arsenal in 2003-2004 and Juventus in 2011-2012. The difference is that those were only league campaigns. Leverkusen hasn’t lost this season in any competition. Its unbeaten streak has now reached 51 matches, eclipsing the previous record for major European leagues of 48 set by Benfica in 1965. At the heart of Leverkusen’s turnaround is a manager in the first major gig of his career. Xabi Alonso, a former player and World Cup winner from Spain, only began coaching in 2019 with Real Sociedad’s B team. He moved to Leverkusen in October 2022. But what he lacked in exBayer Leverkusen Is the Team That Forgot How to Lose Bayer Leverkusen manager Xabi Alonso, center, celebrates after winning the Bundesliga. MIKA/ZUMA PRESS BY JOSHUA ROBINSON sight. It could even sway public opinion—and lawmakers’ appetite to overhaul college sports—as industry leaders confront the once unthinkable possibility of paying athletes directly. “Sadly, this type of fraud is becoming more commonplace in the Wild West that is today’s college NIL landscape,” said Rusty Hardin, an attorney representing Rashada. “Jaden seeks to hold these defendants accountable for their actions and to expose their as-yet unchecked abuse of power.” Hathcock, Napier and CastroWalker didn’t immediately respond to requests for comment. Rashada, one of the top highschool quarterbacks from the Class of 2023, initially committed to the University of Miami in June 2022 and struck a $9.5 million endorsement deal with a Hurricanes booster. Months later, he flipped his allegiance to Florida with the expectation he’d be receiving even more from Hathcock. That never happened. Florida wound up releasing Rashada from his signed National Letter of Intent, and he ultimately enrolled at Arizona State. He appeared in three games for the Sun Devils last fall and recently transferred to Georgia. He isn’t expected to see much action this season. NCAA regulations prohibit boosters from interacting with recruits or using the allure of NIL money to convince players to choose a specific school. Rashada’s claims, however, paint a picture of the ways that well-heeled donors attempt to exert their influence now that they can compensate athletes—that casts an ugly light on big-money football programs. Rashada’s suit alleges that on his official visit to Gainesville in June 2022, Rashada spoke with Hathcock, an auto magnate and avid Gators football fan who has given millions to Florida. Hathcock told Rashada, according to the filing, that he would “make happen” whatever Rashada needed to pick Florida. (In an interview with The Wall Street Journal in November 2022, Hathcock said he never dealt directly with Rashada.) Rashada says that even after he verbally committed to Miami, Florida continued to recruit him in the hopes he’d change his mind. In October 2022, Castro-Walker, Napier’s former deputy, sent a text message to one of Rashada’s agents that said, “Get us the QB.” Shortly after, Hathcock upped his offer to Rashada to $13.85 million over four years. At one point, according to the suit, one of the facilitators of the deal texted Rashada’s agent, “Tell Jaden we look forward to setting him up for life” and, “Need to set up his brokerage accounts ASAP” and, “Dude is rich and we just got started.” Late on the night of Nov. 10, Rashada announced on X that he was decommitting from Miami and heading to Florida. According to the lawsuit, Hathcock was on the hook to pay Rashada $500,000 by Dec. 5. The funds never arrived. Instead, the quarterback received a letter on Dec. 6 saying his deal had been terminated. With the start of the early signing period looming, Rashada’s commitment to the Gators was suddenly in flux. Castro-Walker told Rashada’s agents that Hathcock would find another way to get the quarterback his money, according to the lawsuit. When Rashada hesitated to sign his letter of intent later in December, Napier personally called Rashada’s father and told him his son would receive $1 million from Hathcock once he signed. Less than an hour later, he did, believing he had nearly $14 million coming his way. In the weeks that followed, however, the money that Rashada believed he was promised never arrived. In January, Napier agreed to release the quarterback from his letter of intent. The following month, Rashada signed with the Sun Devils—without any promise of endorsement deals. After a promising freshman season was cut short by injury, Rashada entered the transfer portal. He chose Georgia, a Southeastern Conference rival of the school that spurned him. The NCAA has opened an investigation into potential violations committed by Florida in its recruitment of Rashada. But it has been required to pause its investigations into endorsement deals involving third parties because of other litigation. In filing a lawsuit, Rashada has now put the whole mess in front of a federal court to sift through. ROSS D. FRANKLIN/ASSOCIATED PRESS I n the rapidly evolving landscape of college sports, where athletes can now rake in money off their name, image and likeness but can’t directly be paid to play, Jaden Rashada has emerged as the poster child for everything that could possibly go wrong. He was a star quarterback lured to a big-time school with the promise of millions of dollars in endorsements. Then the deal fell apart, leaving Rashada with limited options and no money in his pocket. Now, following a rocky two years during which he missed out on the possibility of a life-changing fortune, Rashada is lifting the veil on the seedy underbelly of recruiting in the NIL era. On Tuesday, Rashada sued the University of Florida’s head football coach, an administrator and a top donor in federal court, alleging they fraudulently induced him to abandon a lucrative offer from another program to sign with the Gators instead. The lawsuit accuses prominent Florida booster Hugh Hathcock of conspiring with Gators coach Billy Napier and former director of player engagement Marcus CastroWalker to entice Rashada with a payday they had no intention of fulfilling. As a result of those “fraudulent assurances” from Florida, Rashada lost the chance to pursue other opportunities. Rashada is believed to be the first person to file a lawsuit of this kind since a wave of states forced the NCAA to allow athletes to profit off their name, image and likeness in the summer of 2021. His story stands as a prime example of the potential perils that exist in today’s college football, where players are paid not by their schools but by a shadowy network of donors with little overBy Jared Diamond, Laine Higgins and Louise Radnofsky DOUBLE DUTY | By Freddie Cheng Across 1 Peeper, e.g. 5 Country club club 9 Overture follower 13 Neutral hue 14 University ofMaine location 15 Well-versed sort? 16 Person who dresses newborns? 18 Regrets 19 1920s presidential nickname 20 Key of Mozart’s Piano Trio No. 4 22 Symbol used for density 23 How some territory is taken 27 Took up 29 “Amores” author 30 Delivery directive wd. 32 Located 33 “Don’t worry about us!” 35 Trait transmitter 36 Reno-to-San Diego dir. 37 Person who polices carillons? 39 “___ Persisted” (Chelsea Clinton book) 42 Vintner’s sediment 44 Lodge with low energy usage, probably 46 Blunt who played Kitty Oppenheimer 48 Word with visual or martial 49 Wedding couturier Wang 50 State of disrepair 52 Old hand 54 Rooting cry 55 Check line 57 Type a typo, say 58 Not for 60 Switch careers, and a hint to 16- and 37-Across and 10- and 25-Down 65 Cobblers’ cousins 66 What Gonzaga has and Georgetown doesn’t 67 Orchestra’s A giver 68 Glossary entry 69 Mount near Messina 70 “Ouchie!” Down 1 Mar. preceder 2 Nipper’s co. 3 Scepter companion 4 Not hooking up with a bro’s ex, and the like 5 NYC’s original subway line 6 Learning method 7 Like some small shows 8 Tracking org. 9 Mar. follower 10 Person who checks surfaces at Wimbledon? 11 Snickering sound 12 “Hmm, weird...” 14 Clumps remaining after pressing cottonseeds 17 Way off 21 Cotten of “Citizen Kane” 23 Fiddle sticks 24 French surrealist Tanguy 25 Person who brings a spark to events? 26 Roster abbr. 28 ATM need 31 Polk’s predecessor 34 Did as told 35 Big nothing 38 Security footage sys. 40 Vengeful Olympian 41 Verve 43 Angled extension 45 Elate 46 Fascinated 47 Nasty sort 48 To boot 51 Computer store 53 Due follower 56 Bring in 59 Basic belief 61 Confidentiality doc. 62 Honor awarded by HRH 63 “Get off the stage!” 64 Patch things up 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 The WSJ Daily Crossword | Edited by Mike Shenk ▶ Solve this puzzle online and discuss it atWSJ.com/Puzzles. AU T O A T OM A R C D E S T EM T ODO DOOMS PAP I PO I NC I ANAS CH I CKENNOODL E ANDREA CADS O R C WO K S T CM BEAN I EBABY ORE RATS R I O AGED A R T P A T E N T L AWS MPH DOGS E E L EDEN ACHEBE HEADOVERHEE L S SHEL FSPACE ARUT SOL VE ENOS R I ME WOM E N C E N T T E E S Previous Puzzle’s Solution Jaden Rashada appeared in three games for Arizona State last year and recently transferred to Georgia. He Was the $13 Million QB Recruit. He’s Suing the Boosters Who Never Paid Up. Quarterback Jaden Rashada accuses University of Florida donors of promising him millions in endorsements that they never intended to pay, in a first-of-its-kind lawsuit in the NIL era SPORTS

THE WALL STREET JOURNAL. Wednesday, May 22, 2024 | A13 The Dilemma Of Digital Ghosts The Afterlife of Data By Carl Öhman Chicago, 200 pages, $22.50 BOOKSHELF | By Steven Poole You Say ‘Trickle Down’ as if It’s a Bad Thing President Biden in his State of the Union address encouraged Americans to imagine a future in which “the days of trickledown economics are over” and the economy is built “from the middle out and the bottom up.” That expression, “middle-out” economics, has bounced around Democratic politics for at least a decade. But how would it work? No one says. Politicians may scorn the trickle-down effect, but it is responsible for Americans’ economic well-being. Even some prominent 20th-century liberal economists, including Paul Samuelson and Alfred Kahn, agreed that the innovation and investment that lead to capital formation are crucial to economic growth. Kahn once wrote: “The most powerful engine of productivity advance is technological progress, generated in large measure by expenditures on research and development and embodied in improved capital goods and managerial techniques.” That process confers benefits on everyone, he added, “precisely by trickling down.” When employees use better equipment and have better managers, they become more productive. This makes them more valuable to their companies and stirs competition in the labor market, causing their real incomes to rise. Sen. Elizabeth Warren (D., Mass.) sees the world differently. During her 2020 presidential campaign, she said the wealth tax she wanted to impose on billionaires would have no important cost to society. In her view, the tax would be reserved for “the diamonds, the yachts and the Rembrandts.” Ms. Warren ignored an important point. It’s the superrich who have the greatest ability to save and invest in businesses. For his 2019 book, “The Billion Dollar Secret,” entrepreneur Rafael Badziag interviewed 21 self-made billionaires. He found that they generally derived more pleasure from investing in technologies to create new and improved products—a benefit to everyone—than from spending on personal luxuries. A good example is the smartphone. Wealthy Americans were among the first buyers of and investors in the product when it was a new technology. In time, costs dropped and smartphones became ubiquitous. Politicians and the press mislead voters and readers when they claim that tax cuts for the rich don’t benefit other economic classes. We all gain from new, improved products made possible by innovative startups funded by the wealthy. Excessive taxation, doubtless a feature of a “middle-out” plan, could deplete the funds that entrepreneurs use to start and sustain useful ventures. Americans shouldn’t worry so much about wealth distribution. Instead, we should be grateful for how the wealthy enable entrepreneurial ideas to come to life, allowing everyone to prosper. Mr. Rhoads is a professor emeritus of politics at the University of Virginia. By Steven E. Rhoads Lower taxes for the rich spur investment, which is good for people of all classes. OPINION All around us we are constructing a vast necropolis, a global city of the dead whose inhabitants might eventually outnumber the living. Who will rule this realm of Thanatos? Who will trim the verges and maintain the buildings to preserve the indefinite afterlife of its citizens? Such are the questions posed in “The Afterlife of Data” by Carl Öhman, a digital ethicist and professor of political science at Uppsala University in Sweden. Mr. Öhman’s research attracted headlines five years ago when he co-authored a study showing that within 50 years the number of Facebook profiles of dead people could outnumber those of the living. By the end of this century, Facebook could be hosting more than five billion accounts belonging to the departed. This raises deep questions of memorialization, ownership and preservation, deftly teased out by the author. To the extent that our personal data, much-traded and monetized by giant corporations, partly constitutes our social being while we are alive, it does not cease to do so when we die. The dead have rights—or, at least, we have a duty to respect what remains of them. This, of course, has been true throughout human history: To desecrate the bodies of the dead—as Achilles did the slain body of Hector, tying it to his chariot and driving it around the walls of Troy—has everywhere been deemed wrong. And now there is our data, another kind of body, a digital corpse. One way such desecration might happen is through sheer neglect. We tend to think of electronic data as permanent, but disks become corrupted and information is lost to bit rot. As Mr. Öhman emphasizes, maintaining the fidelity of data storage requires a lot of human labor in the upkeep of equipment and facilities. Why should social-media companies— whose aim is to profit from the quick—spend money on maintaining the presence of the dead? Why indeed, thought Twitter, when in 2019 it announced that it would purge those accounts that had been inactive for more than six months. Only after an outcry by grieving relatives and friends over the potential loss of deceased users’ data did the company relent. Four years later, Elon Musk tried again, announcing: “We’re purging accounts that have had no activity at all for several years.” If one of the largest social-media sites has no corporate memory of what happened four years before, what hope do we have for our own virtual legacies? One way to keep accounts active after death is to get someone (or something) else to do it for you. In a fascinating study, Mr. Öhman found that users of an automated prayer-posting service for Muslims generated nearly two million supplication tweets a day—increasingly from the accounts of dead users—in the belief that such postmortem piety pays off in the afterlife. “In a couple of decades,” the author concludes, “the dead may be responsible for one of the biggest social phenomena on X (Twitter), at least in terms of sheer number of posts.” Then there is the advent of apps promising to train an artificial intelligence on a digital corpse so that loved ones may interact with an uncanny simulacrum of the deceased. For some, it is a piquant example of tech corporations engaging in a kind of digital vampirism. For others it is inspirational. Mr. Öhman cites one transhumanist philosopher who predicts that within 50 years the online world will be inhabited by millions of “digital ghosts,” virtual copies of the dead that are “both conscious and self-conscious.” “Rest assured,” Mr. Öhman writes, “this is all nonsense”— at least so far, no one has any idea how to build a truly conscious AI. But the fact that some people already welcome the prospect tells us a lot about our changing relationship to the dead. As the author argues, we are living through a huge cultural reversal of modernity’s success in making death disappear. He recounts one of the most telling symbols of that success: the popularization of cremation in the 19th century, reducing corpses to “virtually nothing.” But now, as the dead live on in our social-media feeds, we have more in common with those ancient peoples who kept the skulls of the departed in their homes, gazing at the living with seashells for eyes. The problem of the preservation and ownership of data, the author shows, is also a wider challenge for the rich and granular historical record we are creating every day. One organization that collects evidence on the war in Syria, for instance, estimates that 21% of the YouTube footage it has cataloged has disappeared; meanwhile, Human Rights Watch estimates that 11% of the social-media evidence that it documented on abuses between 2007 and 2020 has already been deleted. This hasn’t been for “economic incentives, nor is it intentional,” Mr. Öhman writes. Rather, “social media sites do not see themselves as archives of historical data and cultural heritage.” So what should we do about all this? The book considers, but rejects, the formation of a single United Nationsstyle global body to police data preservation. As George Orwell showed, Ministries of Truth have certain drawbacks. But individual corporations cannot be left to their own whims either, since their commercial interests don’t suffice as incentives to do the right thing. Instead, the author calls for a “plurality” of bodies—including states, nongovernmental organizations and private enterprises—to have the right to audit and control the data of the dead. How this would avoid degenerating into ungovernable chaos Mr. Öhman doesn’t quite explain. The author offers two names for the strange new cultural age he describes. One is “the post-mortal condition”— the problem with that formulation is that it must be hedged with the explanation that it doesn’t mean we’re not going to die. But I liked his alternative coinage, describing modern humans as “archeopolitans”: citizens of an archive that surrounds and perfuses us. We are all archivists now. The only true afterlife this fascinating book evokes is a science-fiction vision of the bureaucratic sublime: rows of filing cabinets, stretching into infinity. Mr. Poole is the author of “Rethink: The Surprising History of New Ideas.” In 2019 Twitter abandoned a plan to delete inactive accounts after protests from people who cherish their lost loved ones’ posts. When AP reports that “Putin says Russia prefers Biden to Trump, calling the US president more experienced and predictable,” how should we interpret this? Vladimir Putin hopes to help Donald Trump by tainting Joe Biden? Or by reminding Americans of his past meddling, Mr. Putin’s actually helping Mr. Biden? Or maybe he really just wants to signal to a Russian audience that he’s not depending on Mr. Trump for a Ukraine resolution? Get ready for the most polluted election in American memory. Here’s CNN: “US intelligence officials are watching closely to see if the United States’ support for Ukraine will lead the Russian government to take more risks in potentially interfering in the 2024 presidential election.... President Joe Biden’s reliable backing of Kyiv—might be an ‘animating event for the Russians,’ the FBI official said at a briefing with reporters.” That word “reliable” might have them rolling their eyes in Kyiv. Adds CNN: “Russia could be motivated to more aggressively meddle in the 2024 election than it did in 2020. But US officials have not publicly identified any examples of that happening yet.” But I just identified one— Mr. Putin declaring for Mr. Biden in the 2024 election. I identified another recently, Russia Influence Racket Redux Russia using its foreign ministry apparatus to circulate accusations that a company Hunter Biden worked for, Burisma, financed terrorism inside Russia. This latter claim, promoted through diplomatic channels as deliberate, undisguised Russian policy, is the kind of meddling the U.S. press loves to report. It goes unreported, perhaps because it would remind U.S. voters of the Hunter mess, something Biden supporters don’t want the U.S. public reminded of. Ask yourself: Which has a bigger effect on our politics? A Russian propaganda video among millions of social media videos posted daily? Or the New York Times and MSNBC touting the video to their influential audiences last week as a Kremlin effort to inflame U.S. politics? In 2017, Obama intelligence leaders testified that Russia deliberately sought to call attention to its meddling. Last year, led by NYU researchers, yet another study confirmed that Russian propaganda had zero effect on the 2016 election even as exaggerated and disingenuous claims of Kremlin influence had an incalculable effect on our politics. Certainly Russian trolls can figure out MSNBC’s business model. Out of the whole melange last week, the one element that most bespoke a clear propaganda purpose was Joe Scarborough’s redefinition of “Russia hoax.” Now, on one channel at least, it means falsely denying the existence of Russian propaganda campaigns (which I’ve never heard anyone do) rather than the documented circulation by the media, Democrats and FBI of false evidence against the Trump campaign. Look, as I’ve said for nearly 20 years, contemplating a nuclear-armed mafia state isn’t pleasant for American policymakers. Every president has attempted Putin outreach, including Messrs. Trump and Biden. It also wasn’t news that other governments take an interest in our elections, and that they have access to the internet. But the giant, fibrillating, man-bites-dog change has been the weaponization of Russia relations in our domestic politics, and not to manage our Putin risk or advance U.S. foreign policy. Imagine 2020 had turned out differently and it was Mr. Trump who revived Nord Stream II, awarded Mr. Putin the plum of a presidential summit, and said a “minor incursion” in Ukraine might go unpunished. It was a Trump administration that predicted a quick Russian victory, urged the Zelensky government to flee and held back weapons. In 2017, I fretted about the then-new “Russia interference racket,” about how our sickly elites had become “uninhibited in exploiting” a deadly nuclear rival for shallow partisan purposes. (This was before 51 former intelligence officials lied to the American people about the Hunter Biden laptop.) I’m waiting for the wise person of either party, a role once played by Sam Nunn for the Democrats, to say we have exceeded all restraint in this regard. I’m waiting for the Abe Rosenthal or Ben Bradlee who sees that reporting accurately on such matters isn’t inconsistent with reporting on Mr. Trump’s own recklessness and irresponsibility. Voters can recognize both that there’s a problem here and Mr. Trump isn’t the solution. But commentators also never cottoned on to the biggest Trump novelty, from day one placing foreign policy at the center of his pitch. Voters aren’t supposed to care about foreign policy. He invited his deplorables to ask whether it was serving their interests. The savagery and recklessness of the establishment attack on Mr. Trump strikes me as not unconnected to this fact. In Ukraine, I also suspect, they reaped the whirlwind. Now Mr. Trump may be coming back and we would be idiots—true idiots— not to see his political resurrection since Jan. 6 as largely his enemies’ doing. A psychiatrist will have to explain why his opponents allowed themselves to be caught red-handed fabricating discrediting material about Mr. Trump (e.g., the Steele dossier) when he supplied them so much authentically discrediting material gratis. In the meantime, it’s heartening that Democrats are again talking about replacing Mr. Biden before Election Day. Expect the most polluted election ever as MSNBC redefines ‘Russia hoax.’ BUSINESS WORLD By Holman W. Jenkins, Jr. While Congress finally did the right thing by passing its recent foreign-aid package, the unconscionable delay in doing so had serious consequences. Months of waiting for additional military aid has weakened Ukrainian troops’ ability to defend a front line stretching 600 miles—and its cities behind that line. The stall in aid left Ukrainians short of ammunition, outgunned by as much as 10 to 1 on some parts of the front by the time the new aid was finally approved. The delay has also made it harder for Ukraine to build fortifications as sturdy as those Russia has built. To do so, Ukraine would have needed to move excavators and other equipment into areas where Russia would have quickly spotted and targeted them for destruction. Air-defense shortages have left Ukraine less equipped to repel Russian ground-launched missiles. Ukraine’s defenses are no match for air-launched glide bombs, which Russia has in abundance. Ukrainian commanders say that until the long-delayed F-16 fighter jets arrive later this year, there’s little they can do to mitigate this threat. Five attacks since March have destroyed 20% of Ukraine’s electrical generatUkraine Pays the Price for U.S. Dithering ing capacity, Maksym Timchenko, CEO of DTEK, a private-energy supplier, told reporters last week. Unlike previous attacks, which focused on the power grid, the latest ones have targeted power plants, which take longer to repair at much greater cost. If allies don’t ship the equipment and supplies necessary for repairs soon, there’s little chance that Ukraine can regain full energy capacity before winter. Electricity shortages will also hamper the economy and inflict further hardship on the civilian population. Russia has been making steady gains throughout the spring in the east and has opened a new northern front that threatens Kharkiv, Ukraine’s second-largest city. While Kharkiv isn’t in danger of being overrun immediately, some surrounding towns have fallen, and others are under assault. The Russian advance could bring Kharkiv within range of several Russian missile systems within a week, threatening civilians with daily attacks that will lower morale. In response to the Russian advancement, Ukraine has been forced to move troops from the eastern to the northern front, reducing its ability to resist Russia in the Donetsk region and elsewhere. In a recent interview with the New York Times from Kharkiv, Gen. Kyrylo Budanov, head of Ukraine’s military intelligence agency, said that “all of our forces are either here or in Chasiv Yar,” a town that serves as a strategic stronghold in the Donetsk region. “I’ve used everything we have,” he said. “Every hour this situation moves toward critical.” In the coming months, U.S. aid will help Kyiv bolster its defenses and stabilize the war, but it’s unlikely to reverse Ukraine’s losses. Since April, Russia has seized almost 300 square miles of Ukrainian territory, more than Ukraine gained in its lackluster 2023 counteroffensive. Not all these losses can be attributed to U.S. aid being delayed. With a population less than a third Russia’s, Ukraine is at a manpower disadvantage. Russia now has about 510,000 troops, which Ukraine won’t be able to match. Even so, Volodymyr Zelensky’s government could boost recruitment by expanding the draft beyond the modest changes made in April, which it has been reluctant to do for economic and political reasons. Ukraine’s ability to hold its own rests on superior technology and training, which only the U.S. and other allies can supply. The Biden administration bears a share of the responsibility for recent reverses. Delays in authorizing the delivery of advanced weapons systems have limited Ukraine’s capacity to defend itself. The White House has prohibited Ukraine from using high-precision weapons against targets inside Russia. As the Ukrainian military could see Russian forces building up on the northern border in recent weeks, it could do little to stop them. Still, the bulk of the responsibility for these losses belongs to congressional Republicans who delayed the latest aid package as they fought among themselves. Members of the House Freedom Caucus warned wavering colleagues that a vote in favor of aid would expose them to punishment at the polls. Yet when members who voted yes went home, the much-feared wrath of their constituents failed to materialize. As Rep. Brian Fitzpatrick, a Republican who represents a swing district in the Philadelphia suburbs, put it, “when you explain it, people get it.” Republicans from redder districts and states have made similar comments. There’s no excuse for a repetition of this sorry episode, no matter who wins the presidential election. The outcome of Ukraine’s war will determine whether other countries believe it is advantageous, or even safe, to be America’s friend. Delays and conditions on military aid have allowed a perilous Russian advance. POLITICS & IDEAS By William A. Galston

A14 | Wednesday, May 22, 2024 THE WALL STREET JOURNAL. Exxon and the Proxy Abusers Progressives are abusing the shareholder proxy process to drive their climate and social agenda, and now they want to punish Exxon Mobil for daring to fight back. California Public Employees’ Retirement System (Calpers) on Monday said it would vote against all of Exxon’s directors at its shareholder meeting next week. Proxy adviser Glass Lewis last week recommended that shareholders reject Exxon’s lead independent director Joseph Hooley’s re-election, citing “unusual and aggressive tactics” against activist investors. Majority Action, a leftist outfit, is also prodding institutional investors to oust CEO Darren Woods and Mr. Hooley for “attacking shareholder democracy and failing to address climate risk.” Far from protecting shareholder rights, these agitators want to punish Exxon and its investors for refusing to surrender. Exxon filed a federal lawsuit in January to block a shareholder resolution by Follow This and Arjuna Capital that sought to force steep cuts to the company’s CO2 emissions, including any from the combustion of its products. As Exxon explained in its suit, the resolution would force it to “change the nature of its ordinary business or to go out of business entirely.” Follow This and Arjuna invest in companies to drive their anti-fossil-fuel agenda. As Follow This says, “we buy shares in order to work on our mission to stop climate change, not to make a financial profit,” and to make producers “stop exploring for more oil and gas and start exploring for new business models.” The Securities and Exchange Commission’s longstanding rules let public companies block shareholder resolutions that affect a company’s “ordinary business operations.” But current SEC Chair Gary Gensler has declined to let companies nix resolutions if they have a “broad societal impact.” Read: political impact. As a result, annual proxy voting has increasingly become a shareholder plebiscite on environmental, social and governance (ESG) matters. All shareholders pay for the costs that companies incur responding to such resolutions, which the SEC estimates at $150,000 per proposal. They also distract boards from more important business. Arjuna and Follow This in February dropped their resolution, perhaps worried that they might be required to pay legal damages if they lost. Yet Exxon has continued its lawsuit because it says “the underlying issue remains and must be resolved.” That is, can progressive activists harass companies with ESG resolutions that seek to harm other shareholders? “Until the courts weigh in, activist investors will continue, with the SEC’s approbation, to inundate public corporations with proposals designed to push an ideological agenda divorced from the success of the corporation,” the U.S. Chamber of Commerce and Business Roundtable wrote in a friend-of-court brief for Exxon. Courts have ruled that cases aren’t moot unless it’s clear that defendants won’t resume their allegedly wrongful behavior. Arjuna and Follow have twice pursued unsuccessful resolutions to force Exxon to reduce its emissions. Who doubts that they will introduce similar proposals in the future? This explains the retaliation against Exxon because progressives fear a judge could stop their corporate harassment. “Decades of shareholder rights are under threat from a lawsuit filed by the leaders of a powerful U.S. corporation, designed to punish two small groups that dared to speak truth to power,” Calpers leaders said Monday. The real threat to shareholders are progressive investors with minor stock holdings who want to commandeer and destroy companies for their own political ends. Progressives retaliate after the company fights harmful resolutions. The IRS Money Hole Gets Deeper The Internal Revenue Service can’t write its own checks, which means it has to ask Congress for funding like any other agency. But if lawmakers have been tracking its misspending, they’ll turn down the tax collectors’ new $104 billion budget request and demand an audit instead. Commissioner Danny Werfel appeared before the House Appropriations Committee recently and told legislators that the IRS faces financial collapse. “Resources are limited,” he said, and the agency “will likely use them entirely before the funding expires.” In other words, the IRS doesn’t think the $60 billion bonus it received from Congress in 2022 is enough, though it is supposed to last through 2031. The IRS has a brilliant solution for this cash burn: Add more to the pile. Instead of explaining where the money went, Mr. Werfel asked the House to look away and grant his team another massive funding boost, this time through 2034. The extended bonus he seeks would bring total supplementary funding to $104 billion over 10 years. Mr. Werfel also hinted at mass layoffs if Congress doesn’t pay up. The bad news for taxpayers is that jobs would be cut from the customer service team rather than the growing audit squad. “The vast majority of taxpayers would be unable to reach an IRS representative for assistance,” Mr. Werfel warned. He’s betting that voters will blame their representatives who don’t give him the money he wants and then the agency keeps taxpayers on hold for an hour. This is called political blackmail. Missing from the IRS’s request was an accounting of how its last round of funding has been run down so quickly. The money it received in the 2022 Inflation Reduction Act (IRA) was meant to fund a strategic overhaul, but not much of the plan has been carried out. The biggest dud so far has been the hiring spree the agency promised. The strategic plan called for about 20,000 new hires by the end of 2024, and another 10,000 by next year. The IRS fell short of its first-year target and has struggled in particular to recruit auditors, one of its highest-paid types of staffer. The agency has had an even worse start reforming its taxpayer service arm. Early reports suggest that progress has been flat since the last round of funding. By December the IRS said it had almost 700,000 returns still waiting to be processed, most of which were filed earlier last year. Another money pit is Direct File, the new government-run platform for submitting returns. Democratic lawmakers have sought inhouse tax filing for years to push private preparers out of business, and they funded an IRS study of the program. Yet the IRS went ahead and launched a pilot this year, spending about $114 million for a platform currently serving only 140,000 filers. All of this is proof of mismanagement at the agency, which howled in protest when House Republicans clawed back $20 billion from the original $80 billion Democrats gave the agency in the 2022 IRA. Despite his pleas, Mr. Werfel is making a strong case for stripping the remainder instead of adding another cent of additional cash. The agency is already pleading poverty despite its 2022 windfall. The School-Choice Runoffs in Texas Can Greg Abbott finish the job? The Texas Governor has been defeating Republican state lawmakers who voted against his school choice plan last year. Primary runoff races on May 28—with early voting this week—will determine whether he’s positioned to clinch a choice majority in November. His goal: at least 76 proschool choice seats in the 150-seat House. Twenty-one Republicans joined Democrats to kill legislation last fall that would have provided education savings accounts (ESAs) to Texas school children. Sixteen of the 21 ran for re-election, and the Governor went all in to oust a majority of them by campaigning for primary challengers. He needs to pick up about a dozen overall to reach 76 and beat the teachers union opposition. In the March primaries, pro-choice candidates won 10 seats from the 21 anti-choice Republicans. Four incumbents were forced into runoffs when no candidate won more than 50% of the vote. An open-seat race is also a runoff showdown over ESAs. Three of the candidates challenging incumbents in runoffs ran ahead in their primaries. In the fourth, House District 1, anti-choice incumbent Rep. Gary VanDeaver was ahead of challenger Chris Spencer by only 2.5 points. In the open-seat race in District 29, Jeffrey Barry, who has opposed the Abbott plan, had a fourpoint lead over Alex Kamkar. Mr. Abbott wants enough pro-choice primary victories to provide a cushion against anti-choice Democrats in November. “We don’t want to rely upon a field-goal kicker,” he said after the March primaries, according to the Texas Tribune. “We want to make sure that, when these runoffs are over at the end of May, that we are ahead by more than two points, or three points or four points.” Texas currently has no private school choice, which raises the stakes. The Governor’s plan would have allotted about $10,500 per student for private school tuition or other education expenses. The package also included some $6 billion in new money for public schools. Nearly 40 House Democrats asked Gov. Abbott in a letter last week to call a special session to pass education funding “to address the school budget crisis.” But as the Governor reminded them in response, Democrats “voted to kill that package” that included the funding. If they want more public school dollars, he added, “it is incumbent upon you to work with your fellow House members to muster the votes in the Texas House to get it passed—something you were unwilling to do last year.” They may have missed their chance. Gov. Abbott noted in a local Fox 4 interview in April that if the Legislature has a new pro-school choice majority next year, “They may not take up that deal, which was the best deal public schools could have gotten.” Who really cares about Texas students? Gov. Abbott needs to turn a few more seats to beat the teachers union. REVIEW & OUTLOOK OPINION The Case for a Surprising Pick for Trump’s VP Your editorial “Trump’s Vice Presidential Opportunity” (May 13) makes good points but misses the obvious conclusion: Don’t pick someone like Mike Pence—pick Mike Pence. This would greatly undercut the Democrats’ Jan. 6 narrative, since they portray the former vice president as the hero. It would also show the former president not to be vindictive. Mr. Trump would need to show some humility to convince Mr. Pence to take the job, but that would also improve his standing with swing voters. Mr. Pence has already shown himself to be a good and loyal vice president. I’m sure Nikki Haley voters would be impressed by this choice. Mr. Pence should take the job, since he agrees with Mr. Trump on 90% of the issues. Plus, he would be in a position to promote the other 10%. As VP in a successful second Trump term, Mr. Pence would be a favorite to win the nomination and election in 2028. MICHAEL MCNUTT Lake Forest, Calif. I don’t understand how a top-contender list doesn’t include Mike Pompeo, the most intelligent, loyal and productive of Mr. Trump’s cabinet. The former secretary of state would bring his congressional, political, intelligence and foreign-policy experience. He is a no-brainer. One can picture a debate between Mr. Pompeo and Vice President Kamala Harris—if she dared. It would be an exhibition you would never forget, and seal the election once folks were forced to envision the latter as president. PETE BROWN Norwell, Mass. LETTERS TO THE EDITOR “I weigh 60 tons and have a brain the size of a walnut, so no, I can’t say I live by my wits.” THE WALL STREET JOURNAL 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. You Shouldn’t Need the Courage of Your Convictions Your editorial “Campus Protesters, Unmasked” (May 13) glosses over the importance of anonymous speech, which the First Amendment protects. The Ohio law that you cite takes a reasonable approach, allowing protesters to wear masks if they obey the law, but imposing stiffer penalties for committing a crime while masked. While it’s fine to encourage protesters to show “the courage of their convictions” by demonstrating unmasked, not all speakers are courageous, and some would be foolish to speak publicly. For example, Americans with relatives in China who protest the Communist regime should wear masks. I also note that the Journal solicits anonymous tips for its news reporting, and a recent article reported that the composer of the protest song “Glory to Hong Kong” is anonymous. DAVID KEATING President, Institute for Free Speech Washington Leave Room for a Near-Death Experience In reviewing “Christof Koch’s “Then I Am Myself the World: What Consciousness Is and How to Expand It” (Bookshelf, May 8), Matthew Hutson mentions “the popular notion that consciousness can exist and act independently of the material brain— that we have a soul and free will.” He then adds, “There’s no evidence for this.” But there is if you credit testimonial evidence, as our court system does, and since the soul isn’t material (i.e., of matter), this is the only evidence one can ever discover. Still, there is a great deal of it, from Plato’s account of the neardeath experience of the “soldier of Er” to the miracles and resurrections of the Gospels and the myriad testimonies in the “Life After Life” books by Raymond Moody and others. The International Association of Near Death Studies posts weekly accounts from ordinary people who it seems were always astounded by their own “dips” of near-death or out-of-body experiences into the “twilight zone.” I know I was surprised more than 50 years ago when I had a near-death experience as I was drowning in a Vermont river. Before then, I had believed as Mr. Hutson appears to, that the “soul”—an endless consciousness—was only magical thinking. NOLO SEGUNDO Ocean City, N.J. Where Did All the University Leaders Go? One question on a recent trivia quiz was Dwight Eisenhower’s day job before politics. Answer: President of Columbia University. Time was when university presidents (and their small staffs) were personages of such magnitude that they signaled, not received, the essence of the institution’s character (“Anti-Israel Protests and the ‘Signaling’ Problem,” op-ed by Roland Fryer, May 10). Today, university presidents are too often chosen, after due consideration to the diversity, equity and inclusion process, for their fundraising and bureaucratic skills. Lesser leaders equal less leadership. LARRY FELLMAN Dallas I agree with Mr. Fryer that “to permit attacks on one identity group while prohibiting attacks on others is worse than hypocrisy—it is profoundly immoral.” His application of the concept of signaling to campus protests, however, is misguided. He divides interested parties into two categories: alumni and students. But most students are neither supportive of, nor participating in, the protests. Their lives have been greatly disrupted by the protests, which led universities to move many classes online and even cancel some graduation ceremonies. Administrators’ calculus should be easy. Expel the disrupters who violate campus rules and codes of conduct (and the civil rights of Jewish students). That would put an end to the chaos—and the ensuing lawsuits and investigations. That administrators seemingly have opted to side with the pro-Hamas students takes us back to the immorality of college administrators in 2024. LAURI B. REGAN Scholars for Peace in the Middle East Irvington, N.Y. Mr. Fryer deplores that elite universities should discriminate in enforcing their principle that any speech act “that attacks, questions or even declines to affirm the self-understood identity of another constitutes harm worthy of punishment.” He writes that it is profoundly immoral that this rule should be applied selectively. I think Mr. Fryer doesn’t understand the progressive mindset. For progressives, objectivity is a fraud and a tool of the oppressor. It never occurs to them to apply laws and principles (such as tolerance) evenhandedly. Like the Jacobins in the French Revolution, they reduce moral questions to a single test: Does this act support the revolution? WILLIAM GIETZ Eagle, Idaho If Biden Were President in ’44 Regarding your editorial “Will Biden Now Step Up on Ukraine?” (May 17): Had Joe Biden been president on June 5, 1944, one wonders if he would have canceled the Normandy invasion out of fear of escalating the conflict. JOHN H. HEYER Venice, Fla. Pepper ... And Salt Why Serious Christians Can Vote for Donald Trump In his letter to the editor “Lost Credibility With Trump” (May 15), Anthonie Woller lists the biblical commandments that former President Donald Trump has unrepentantly broken. Mr. Woller presumably does so in the hopes that serious Christians will reconsider voting for Mr. Trump, but he misses that we’re not looking for someone to date our sisters. Serious Christians know that the only perfect guy was nailed to a Roman cross. A shallow dive into the morals of any American will convince any thinking person that no one should be throwing stones. Like all other Americans, I continue to buy the cars, clothes, washing machines and vegetables of mean, stupid and sinful people, as well as elect them to every office in the land. If Mr. Trump’s moral issues should disqualify him, then President Biden’s ineptitude should have at least as great an effect. KIMBERLEY MOORE Bay Village, Ohio

THE WALL STREET JOURNAL. Wednesday, May 22, 2024 | A15 T he death of Iran’s President Ebrahim Raisi may further unsettle the region, but it doesn’t change a fundamental reality: The U.S. has fallen into Iran’s trap. Tehran needed only seven months of war to accomplish a primary strategic objective—dividing the U.S. and Israel. The Biden administration has accelerated a potential rupture with the Jewish state that overwhelmingly benefits America’s enemies in the Eurasian axis. The result will be more war. After months of negotiations and largely empty diplomatic discussion, Israel moved into Rafah last week. In response, the Biden administration said it had paused various military support shipments to Israel. Although these U.S. actions are unlikely to curtail the Israeli military’s operational performance, the Biden administration has taken broader, more dangerous diplomatic steps. It also extended a waiver that allows the U.S. to sell weapons to countries boycotting Israel, including Lebanon—whose government is increasingly subordinated to Hezbollah and Iran—and Qatar, Iran’s crucial financial conduit in the Gulf. The U.S. may well abstain from future United Nations Security Council resolutions on Palestinian statehood, allowing them to pass. Iran understands that it can’t defeat Israel militarily. Israel and Iran are separated by 600 miles and multiple countries. Despite the sophistication of Iran’s missile program, its still-improving nuclear capacity, and its solidified military-technical relaBiden’s failure to stand with Israel emboldens Tehran in its strategy to dominate the region. Weakness Invites War With Iran tionship with Russia, Iran can’t deploy large-scale armored units along the Israeli border and invade. Nor can Iran’s proxies, numerous as they may be, credibly threaten to take and hold Israeli territory given the Israel Defense Forces’ conventional superiority and well-designed plans to defend the Golan Heights. Rather than conquer Israel, Iran’s objective is to destroy the state’s political character—that is, to convert Israel from a state that is democratic and Jewish into a non-Jewish, likely nondemocratic state primarily populated with Iran’s Islamist partners. This requires Iran to sap the strength of Israeli society. It won’t work if America and Israel have a robust relationship. The U.S. provides Israel with extraordinary diplomatic and military cover, which facilitates modern Israel’s economic dynamism and allows it to function as a multiparty capitalist democracy. By undermining, and ultimately eliminating, the U.S.-Israel relationship, Iran could force Israel into a new political and strategic paradigm emphasizing defense of local settlements and continuous societal armament. This would cause enormous social stress. International isolation would trigger a cycle of emigration and impoverishment, until Israeli society crumbles. The Biden administration has been playing directly into Iran’s hands. U.S. leaders with a strategic backbone and coherent political instincts would grasp the unmistakable links among Hamas, Hezbollah and Iran. They would understand that Iran has orchestrated the current confrontation, hoping to drive the U.S. from the Middle East. They would recognize that Iran wants to slow down the war in Gaza so that it can turn world opinion against Israel and the U.S. They would accept that the protests on American college campuses are part of this coordinated media strategy. And they would grasp, most critically, that Iran’s objectives are fundamentally aligned with those of Russia and China. All three countries seek to destroy the U.S.-backed Eurasian security system. The Biden administration’s nonstrategy for dealing with the emerging axis of Iran, China and Russia is to avoid conflict at all costs and restrain American allies. By progressively undermining the U.S.-Israel relationship, the administration sends a profoundly destabilizing message to Ukraine. After months of political stasis, Kyiv has finally received a fresh tranche of U.S. aid, with more to arrive in the coming weeks. Combined with the Czech Republic’s artillery-shell initiative and other European aid, Ukraine now has a chance to neutralize Russian offensive capacity. Yet the Biden administration has increasingly signaled its unwillingness to facilitate real Ukrainian gains. The result is policy listlessness that hangs Kyiv out to dry and provides Europe and Ukraine no guidance. China, meanwhile, continues to menace Taiwan and has extended its pressure to the Philippines. Taiwan’s new president, the pro-independence Lai Ching-te, was inaugurated this week. A major crisis is improbable for a variety of reasons, including China’s domestic situation, economic difficulties, and the coming typhoon season. Yet the Biden administration’s message to Israel— and increasingly to Ukraine—is clear. China will be emboldened, convinced that it can move on Taiwan absent an American response, particularly if it triggers enough domestic psychosis through media manipulation and presents its operation as a response to manufactured domestic Taiwanese disruption. All this could have been avoided with a modicum of strategic coherence. Had the White House provided Israel the political cover to execute its Rafah operation two months ago, Hamas might not have been able to reconstitute in northern Gaza. Hamas might now be damaged enough to incapacitate itself, enabling legitimate discussions around postwar reconstruction. Instead, the White House has chosen to dishonor its allies and force them to accept a strategic disaster. War is coming, sooner or later. Mr. Cropsey is president of the Yorktown Institute. He served as a naval officer and as a deputy undersecretary of the Navy and is author of “Mayday” and “Seablindness.” By Seth Cropsey ATTA KENARE/AFP/GETTY IMAGES Iran’s late President Ebrahim Raisi at an April 17 military parade. OPINION Buy This Legislation Or We’ll Kill The Internet By Christopher Cox And Ron Wyden A1973 National Lampoon cover featured a dog with a gun to its head. The headline: “If You Don’t Buy This Magazine, We’ll Kill This Dog.” The image is reminiscent of how Congress approaches its most serious responsibilities. Lawmakers increasingly prefer brinkmanship to rational leadership. The narrow margins of party control have empowered disruptors in the House and made it more difficult to reach the 60-vote threshold to move most business forward in the Senate. Unable to function under regular order, some lawmakers’ default has been to provoke artificial crises to force action. Hence the parade of debt-ceiling standoffs, government shutdowns, and holdups of desperately needed aid to allies. The latest such exercise will be on display at a House hearing on Wednesday, where members of both parties will threaten to repeal the clear-cut legal rules that for decades have governed millions of websites. The dog with a gun to its head is every American who uses the internet. The law in question is Section 230 of the 1996 Communications Decency Act. The statute provides that the person who creates content online is legally responsible for it and that websites aren’t liable for efforts to moderate their platforms to make them more welcoming, useful or interesting. When we introduced this legislation in 1995, when both of us served in the House, two things convinced our colleagues to endorse it almost unanimously. The first was that the internet was different from traditional publishing. The equation had been flipped. We weren’t dealing with millions of people watching a television network’s production, or subscribers reading a newspaper. Publishing and broadcasting tools were suddenly free or nearly so, offering a microphone to millions of Americans who wouldn’t have the power, clout or fame to be featured on NBC’s “Meet the Press” or in Time magazine. The second was that without new legislation, the law perversely penalized content moderation. Under the old rules of publisher liability, only an “anything goes” approach would protect a website from legal responsibility for usercreated content. Prohibiting bullying, swearing, harassment, and threats of violence could be legally disastrous for any site. It was clear, then as now, that if the law were to encourage such a hands-off approach, the internet would turn into a cesspool. It’s important to remember this history when evaluating the merits of sunsetting Section 230, as the House proposal intends. According to the bill’s text, if Congress can’t agree on a successor to Section 230 by Dec. 31, 2025, websites from Yahoo and Etsy to the local restaurant hosting customer reviews will become liable for every syllable posted on the site by a user or troll. A single post can generate claims that run into the millions of dollars. Reverting to this pre-Section 230 status quo would dramatically alter, and imperil, the online world. Most platforms don’t charge users for access to their sites. In the brave new world of unlimited liability, will a website decide that carrying usercreated content free of charge isn’t worth the risk? If so, the era of consumer freedom to both publish and view web content will come to a screeching halt. As Section 230’s authors, we welcome debate on serious efforts to make the internet a more welcoming place. The proposal on offer this week—dependent on an arbitrary drop-dead date to resolve a complex issue—isn’t one of them. Recent history suggests Congress won’t meet its self-imposed deadline. It’s best to judge this latest exercise in brinkmanship for what it is: A reckless ploy to repeal Section 230 without a plan to replace it. Mr. Cox, a Republican, served as chairman of the Securities and Exchange Commission, 2005-09, and a U.S. representative from California, 1989-2005. Mr. Wyden, a Democrat, is a senator from Oregon. Repealing Section 230 without a plan to replace it is a bipartisan idea—and a terribly reckless one. Biden’s Demoralizing Speech to Morehouse Grads President Obama’s commencement address at Morehouse College in 2013 couldn’t have been more different from the one President Biden gave on Sunday. Not just in terms of style or delivery—no one expects Mr. Biden to match Mr. Obama’s oratory skills—but, more important, in its tone and emphasis. Mr. Obama urged graduates of the historically black, all-male college in Atlanta not to squander the tremendous opportunities that 21st-century America had to offer them. He highlighted that “laws and hearts and minds” had changed significantly for the better over the decades as evidenced by, among other things, his election, and he said that “your generation is uniquely poised for success unlike any generation of African-Americans that came before it.” Mr. Obama emphasized the importance of individual responsibility in black advancement and counseled the graduates to guard against selfpity. He said that while his job as president was to advocate policies that “generate more opportunity for everybody,” government efforts go only so far. “There are some things, as black men, we can only do for ourselves,” he said. Among them was being a role model. “Just as Morehouse has taught you to expect more of yourselves, inspire those who look up to you to expect more of themselves.” Mr. Obama said that too many young black men in the U.S. continue to make bad personal choices and then blame others. “And I have to say, growing up, I made quite a few myself,” he noted. “Sometimes I wrote off my own failings as just another example of the world trying to keep a black man down. I had a tendency sometimes to make excuses for me not doing the right thing. But one of the things that all of you have learned over the last four years is there’s no longer any room for excuses.” Pointedly, the former president said that while racism and discrimination still exist, they shouldn’t be used as a crutch. “Nobody cares how tough your upbringing was. Nobody cares if you suffered some discrimination. And moreover, you have to remember that whatever you’ve gone through, it pales in comparison to the hardships previous generations endured—and they overcame them. And if they overcame them, you can overcome them.” When Mr. Biden took the stage on Sunday, he didn’t see an audience of black men with limitless opportunities awaiting them. Instead, he saw an audience of black victims who should question their prospects. “You started college just as George Floyd was murdered and there was a reckoning on race,” Mr. Biden said. “It’s natural to wonder if democracy you hear about actually works for you. What is democracy if black men are being killed in the street?” Only in Mr. Biden’s imagination would it be “natural” for the black people in that audience—many of whom were second- and third-generation college graduates—to wonder if democracy is working for them. Atlanta has had black mayors going back to the 1970s, and Georgia currently has a black Democratic U.S. senator (a Morehouse graduate) who won re-election by defeating a black Republican. Mr. Obama told Morehouse graduates that if they act responsibly and make good choices, they can live productive and fulfilling lives in a society that has never had more to offer them. Mr. Biden suggested that the graduates see themselves in George Floyd. “If black men are being killed on the streets, we bear witness,” Mr. Biden said. “For me, that means to call out the poison of white supremacy, to root out systemic racism.” Which is fine, but what is the connection between white supremacy and black homicides when nearly all black murder victims are killed not by white people or police officers but by other black people? Name-checking Floyd in front of a black audience doesn’t change that reality, and using a convicted felon and drug addict as a poster child for black men in this country is deeply insulting. Given that Mr. Biden lacks Mr. Obama’s unique standing among blacks, let’s concede that these comparisons aren’t entirely fair. They do, however, offer insights into what Mr. Biden believes black people want to hear from their president in an election year. Mr. Biden’s speech revealed someone who doesn’t believe that black people can or should be held to the same standards as other groups. He believes they want to be told constantly that racial inequality is entirely the fault of others and the responsibility of others to address. He believes they need lectures from him about racism. If the president’s slipping support among black voters is any indication, he’s wrong on all counts. And if Morehouse College can’t do better in choosing a commencement speaker next year, just replay Mr. Obama’s address. In his 2013 commencement address, Obama stressed opportunity. His successor emphasizes victimization. UPWARD MOBILITY By Jason L. Riley Amid Bullying, ‘Where Were You Kids?’ I t always comes down to one haunting question. I can still hear the words, from an anguished father: “Why weren’t you his friends?” This month it happened in Greenfield, Ind., but it goes on every day in cities and towns across the country: children being bullied and tormented by other children, sometimes to the breaking point. Children being singled out by other children who evidently enjoy seeing their tears. This month in Greenfield, 10-yearold Sammy Teusch, a fourth-grader, took his own life after what his parents say was constant bullying by other children at his school. The parents, Sam and Nichole Teusch, told reporters they had appealed to school officials 20 times about the bullying that made their boy’s life a daily misery. They say he was mocked endlessly about his teeth and about his glasses; they say he was beaten on the school bus, that his glasses were taken from his face and broken, that something done to him in a school bathroom shortly before his death made him fearful to go to classes. After Sammy took his life, the school’s superintendent insisted that no reports of bullying had ever been submitted. The school district, however, later said: “Our staff in Greenfield-Central has worked with the Teusch family quite a bit over the last 18 months. Contact between school personnel and the parents was frequent.” We hear about these stories only when they become so unbearable that a child commits suicide. But the bullying—such a mild term for something that can afflict boys and girls deep into their adult years, the taunting of the afraid and alone by the strong and many—has been such a dark part of childhood for so long that it isn’t considered news until the end result is a funeral. I think often of a boy named Curtis Taylor, an eighth-grader in Burlington, Iowa, who in 1993 took his own life after what his father, Bill Taylor, told me was years of bullying by a group of boys at school. Like Sammy Teusch’s parents in Indiana, Mr. Taylor tried repeatedly to get school officials to take what was happening to his son seriously. Curtis would come home weeping, Mr. Taylor said, saying that boys would bang his head into metal lockers, would trip him in hallways to the laughter of other students, would knock things out of his hands and then, after Curtis had picked them up, would knock them out again. He had several books that were his favorites; the boys took them from him. He had a sweatshirt he enjoyed wearing; the boys poured chocolate milk on it in front of other students. After a while, his father said, “he blamed himself for the other students’ not liking him.” Such suffering is happening today, in places we will never hear about unless a child like Sammy Teusch or Curtis Taylor decides he can’t take it any longer. And that is why I have never forgotten the sound of Curtis’s dad’s voice after his boy was dead, and after students at the school signed a memorial display, some of them writing that Curtis was a nice person. “But I could only think,” Mr. Taylor said: “Where were you kids? Why weren’t you his friends?” Mr. Greene’s books include the novel “All Summer Long.” By Bob Greene Childhood tormenting can haunt its victims deep into their adult years. EDITORIAL AND CORPORATE HEADQUARTERS: 1211 Avenue of the Americas, New York, N.Y., 10036 Telephone 1-800-DOWJONES DOW JONES MANAGEMENT: Daniel Bernard, Chief Experience Officer; Mae M. 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A16 | Wednesday, May 22, 2024 THE WALL STREET JOURNAL. WORLD NEWS BEATING THE BARRIER: Mount Fuji fans captured a photo Tuesday—hours before installation of a screen cutting off the view, meant to deter what locals say are badly behaved tourists. KAZUHIRO NOGI/AGENCE FRANCE-PRESSE/GETTY IMAGES WORLD WATCH EUROPEAN UNION Russian Profits Will Go to Help Ukraine European Union countries said Tuesday that they have reached an agreement to use profits earned from frozen Russian assets to provide military support to Ukraine and help rebuild the country. Some member states, notably Hungary, refuse to supply weapons to Ukraine. The 27-nation EU holds around $225 billion in Russian central-bank assets in retaliation for Moscow’s war against Ukraine. It estimates the interest could provide around $3.3 billion a year, and officials have said that a first tranche of the funds could be available in July. Ukraine is desperate for weapons and ammunition. —Associated Press FRANCE Macron Taking Off For New Caledonia French President Emmanuel Macron is making a surprise trip to New Caledonia, the French Pacific territory gripped by deadly unrest. Six people have been killed and hundreds injured during armed clashes, looting and arson. There have been decades of tensions between indigenous Kanaks who seek independence for the archipelago and settlers who want to remain part of France. Macron, set to arrive Thursday morning local time, will meet with political, business, civic and youth leaders and aim to “renew the thread of dialogue,” French Prime Minister Gabriel Attal said. —Associated Press SPAIN Argentina Dispute Gets More Heated A diplomatic crisis expanded Tuesday as Spain announced the official withdrawal of its ambassador from Argentina and Argentine President Javier Milei called the move “nonsense typical of an arrogant socialist.” Spain had recalled the ambassador for consultation after President Milei, during a visit to Spain, accused the Spanish prime minister’s wife of corruption and called socialism “cursed and carcinogenic.” Spanish Foreign Minister José Manuel Albares said Tuesday, “There is no precedent for a head of state going to the capital of another country to insult its institutions.” —Associated Press for spots. Afterward, they join the nation’s reservists for 10 years, or until they turn 47. The system has proved so successful at nurturing talent that former conscripts are sought by the civil service and prized by tech companies. It could provide a model for the U.S., which in 2022 had its toughest recruitment year in nearly five decades, dragging on America’s military might. As a proportion of its population, Sweden’s annual armedforces recruitment rate now tops the U.S’s. For months, Forsberg trained for the conscription tests by lifting weights and braving the blistering cold to run along the coast in her hometown of Kungsbacka. “I’ve always wanted to be part of it,” she said of the army. “If someone says they’re in the military, you look up to them.” Moscow’s 2022 invasion of Ukraine has reawakened Europe to the necessity of maintaining sizable, battle-ready armies. European intelligence officials say Russia anticipates a conflict with NATO within the next decade, and aims to raise a standing army of 1.5 million by the end of 2026. Russia’s military superiority over Ukraine will continue to grow, “unless Western countries quickly step up,” one intelligence official said. Russian President Vladimir Putin has dismissed warnings of a potential Russian attack on NATO members as “complete nonsense.” The Kremlin used similar language to ridicule U.S. warnings that Russia planned to invade Ukraine. Sweden, apart from a brief gap during the 2010s, has relied on conscription to populate its army for more than a century. Of about 100,000 young Swedes who had to enlist this year, just 6,200 made the cut for conscription, an annual increase of slightly more than 10%. The country aims to reach 8,000 conscripts next year, and 10,000 soon after that. Selection is based on physical and mental fitness, IQ tests and motivation to serve. Health issues such as allergies, asthma or eczema can rule recruits out. Forsberg did so well on her tests that the army picked her to train for the highly skilled role of artillery observer for a company of Combat Vehicle 90s in the South Scanian Regiment. She began in March, an hour before the blue NATO flag was hoisted on the base in Revingehed, marking the country’s joining the alliance. Not everyone who meets the military’s requirements wants to serve, and the armed forces traditionally have weeded out such people to ensure its soldiers aren’t just skilled, but highly motivated. To further increase its intake, however, it might start insisting more of them join, officials say. Evading the draft is punishable by a fine or up to a year in prison. REVINGEHED, Sweden— Deep in the Scandinavian forest, Elin Forsberg’s face is planted in the grass, her arms pinned to her back by two soldiers in mock arrest. The 19- year-old high achiever is one of the newest members of Sweden’s armed forces and a product of its fiercely competitive conscription process. “It’s a privilege,” Forsberg says of being chosen for military service—less than 10% make the cut. In this exercise, she is playing an enemy intruder at an arms depot with her regiment, which this year will send forces to Latvia as part of Sweden’s first international mission as a North Atlantic Treaty Organization member. To confront and deter an expansionist Moscow, the U.S. and many of Russia’s neighbors are struggling to attract enough recruits to reinforce their militaries. Not so Sweden, whose armed forces each year turn thousands of young men and women away. As the newest member of NATO, Sweden is betting that the best way to bolster its defenses against Russian aggression is to stack its military with the country’s top performers. Conscription under the Swedish model functions as a filter, not a dragnet. All young men and women in Sweden must enlist, but rigorous testing sorts the best from the rest. That has created a virtuous recruitment circle where military service, lasting up to 15 months depending on the role, is regarded as prestigious, and conscripts compete BY SUNE ENGEL RASMUSSEN Thousands Are Drafted, but Few Make the Cut for Sweden’s Army The Swedish military bases its conscription decision on candidates’ physical and mental fitness, IQ tests and motivation to serve. passenger appeared pale and unconscious. Davies helped pull the man out of his seat, he said. Crew performed CPR for about 20 minutes, but couldn’t revive him. They covered him in an airline blanket. “It was a very surreal experience,” Davies said. “If I hadn’t had the seat belt on, I would have been one of the many injured.” The journey from London to Singapore typically takes about 13 hours, flying over parts of Europe, Central Asia and northern India, then turning southward over Myanmar and the Gulf of Thailand before the plane reaches its destination. The airline said the turbulence occurred at 37,000 feet over the Irrawaddy Basin—an area largely located in Myanmar. Flightradar24, a flighttracking service, said its initial assessment was that the plane hit turbulence just before 2:50 p.m. Bangkok time. It wasn’t just the drop Davies said he felt. Their data show the aircraft rose 400 feet and then fell about the same distance within one minute. About 20 minutes later, it began its descent into Bangkok and landed there at 3:45 p.m. The organization said there were thunderstorms in the region. Tuesday’s death marked the first fatal incident involving Singapore Airlines in nearly 25 years, said Cirium, an aviation-data specialist. —Andrew Tangel contributed to this article. One person died and at least 30 others were injured aboard a Singapore Airlines flight that encountered “sudden extreme turbulence” en route to Singapore from London, the airline said Tuesday. The jet, a Boeing 777-300ER that departed London’s Heathrow Airport on Monday evening, was diverted to Bangkok and landed Tuesday afternoon, Singapore Airlines said. It had 211 passengers and 18 crew on board. The deceased was a 73- year-old British national who had a history of heart problems and likely died from cardiac arrest, said Kittipong Kittikachorn, general manager of Bangkok’s Suvarnabhumi Airport. Seven of the injured were in critical condition, he said. The airline said 18 people were hospitalized. The turbulence hit about 10 hours into the flight. When the seat belt sign flashed on, Andrew Davies, a 54-year-old from London, was trying to decide between catching a nap and a movie. As he pushed the metal piece into the buckle, he felt the plane start to drop. Pillows, plates and cups were thrown in the air. His seat belt tugged at his waist and he found himself covered in his neighbor’s coffee. Oxygen masks dropped down. When the plane became stable again—in what seemed to him to be a few seconds— he saw a woman with a deep gash on her head, covered in blood, he said. Flight crew also appeared bloody and injured, hobbling around trying to help passengers. In a nearby seat, an elderly BY JON EMONT AND BENJAMIN KATZ Passenger Dies After Turbulence Hits Singapore Jet Active armed forces Estimated reservists NATO members 300,000 100,000 Number of forces 1,500,000 1,500,000 ,500,000 1,100,000 1,100,000 ,100,000 RUSSIA Note: Iceland is a NATO member but maintains only a coast guard service. NATO members U.S. and Canada not shown. Source: The International Institute for Strategic Studies Emma Brown/THE WALL STREET JOURNAL Med. Sea Black Sea North Sea Atlantic Ocean The interior of a Singapore Airlines flight following an emergency landing at Bangkok’s Suvarnabhumi Airport. Speaking in her sixth-floor office overlooking Berlin’s monumental Reichstag building, Alice Weidel, the AfD’s co-chairwoman, acknowledged the difficulties. “Like no other party, we are facing an institutional assault,” she said, pointing to what she called biased public-sector media. “And it’s having an impact on our electoral chances.” On May 13, a court ruled that Germany’s intelligence agency could investigate the party as a suspected extremist organization—a move that could lead to its ban. The next day, another judge fined a popular AfD leader for using a banned Nazi slogan in a speech. On Thursday, the party said investigators had searched the office of an AfD lawmaker who is the party’s No. 2 candidate for this year’s European Parliament election, as part of what prosecutors said was a corruption investigation involving Russia. Other prosecutors are also conducting a preliminary probe into the party’s top European Union election candidate following reports he had accepted payments from Russia and China. In April, the candidate’s parliamentary assistant was detained on suspicion of spying for Beijing. “It’s definitely having an impact, because at the core, a politician and a party’s most valuable capital is their credibility and that’s what’s being undermined here,” said Weidel, referring to the corruption allegations. The AfD remains the second or third most popular party in Germany, depending on the polls, amid voter frustration with the ruling coalition, but its ratings have dropped to 16% from 24% in December, according to a recent survey by polling group Forsa. Forsa head Manfred Güllner said the succession of scandals was the main reason for the ratings drop, causing “some who had turned to the party because of their rejection of the government to leave again.” The rough patch began late last year after Correctiv, an investigative publication, reported that senior party members discussed the forced deportation of migrants, including some who had become German citizens—a policy that would be in breach of the constitution. Tens of thousands took to the streets in protest. Weidel said deporting German citizens was never discussed. “That’s complete nonsense. No one wants that. That would be unconstitutional and, as far as I’m concerned, a breach of human rights,” she said. Founded in 2013 by fiscally conservative economic professors to protest the bailout of Greece, the AfD morphed into an anti-immigration and antiestablishment party. Some of its leaders want Germany to stop atoning for the Holocaust. Despite its difficulties, pollsters say the AfD continues to appeal to voters beyond its far-right base. “The AfD has a substantial share of loyal supporters who will stick to the party no matter what,” said Manès Weisskircher, a political scientist at the Technical University Dresden. “Convincing them to vote differently is a long-term challenge for other parties.” BERLIN—Months ago, the AfD was on a roll. With its best poll ratings, the German far-right party appeared headed for record election results this year, promising to extend a winning streak for nationalist and populist parties across the region. Now, an avalanche of scandals is clouding the party’s national and European ambitions. After years of thriving on controversy, the AfD is seeing voters pull away and risks being relegated to a purely regional force concentrated in Germany’s former communist east. BY BERTRAND BENOIT AND BOJAN PANCEVSKI Scandals Cloud German Far-Right Party’s Electoral Goals ÅSA SJÖSTRÖM FOR THE WALL STREET JOURNAL REUTERS Watch a Video Scan this code for a video on the turbulence on a Singapore Airlines flight.

BY KATE KING BY JIYOUNG SOHN Samsung Abruptly Ousts Its Top Chip Executive BEIJING—Xiaomi is a Chinese company known for its rice cookers, robot vacuums, air purifiers and smartphones. Now, it has pulled off what Apple, its longtime rival, couldn’t: Make an electric car and bring it to market. And it did it in three years. In its home market, Xiaomi is cranking out its SU7 sedan to a waiting list of buyers after its launch in late March. Since early April, the Beijing-based company said it had delivered more than 10,000 of the electric vehicles and received nearly 90,000 binding orders. Priced between $30,000 and $42,000, the SU7 can go up to 500 miles on one charge, Xiaomi says, undercutting comparable versions of the Tesla Model 3 in China by around Please turn to page B2 S&P 5321.41 À 0.25% S&P FIN À 0.57% S&P IT À 0.31% DJ TRANS g 1.67%( WSJ $ IDX g 0.06% 2–YR. TREAS. yield 4.831% NIKKEI (Midday) 38719.35 g 0.58% See more atWSJ.com/Markets Elvis Presley’s granddaughter said swindlers are trying to sell off Graceland, the home that belonged to the rock ’n’ roll legend. Lawyers for Riley Keough, the eldest daughter of Lisa Marie Presley, asked a Tennessee court to stop an auction of the storied Memphis, Tenn., property planned for Thursday. In an injunction request filed last week, they said a fake company is trying to defraud the trust that owns Graceland. The auction was initiated by an entity known as Naussany Investments & Private Lending. Naussany Investments filed a public notice for a foreclosure sale in Tennessee, alleging Lisa Marie Presley, who died in January 2023, defaulted on a $3.8 million loan it made to her. The group said that because of Presley’s default, it now owns Graceland. It said it would be selling the property to the highest bidder. Last week, Chancery Court in Shelby County, Tenn., granted Keough a temporary restraining order on the sale ahead of a hearing Wednesday. Please turn to pageB6 BY JOSEPH DE AVILA National drugstore chains, once resistant to the retail apocalypse that swept across the U.S., are finally succumbing to competition from online shopping and discount stores. About 3,000 fewer drugstores were open for business at the start of this year compared with the same period in 2019, according to analytics company RetailStat, which tracks 15 pharmacy chains. CVS Health, Walgreens and Rite Aid each closed hundreds of stores since the onset of the pandemic. Online shopping has been growing and offers customers a more convenient way to buy household staples. Competition increased from discount retailers such as Walmart, grocers such as Aldi, and dollar stores, which all sell many of the same items at lower prices. The spread of beauty stores such as Sephora further siphoned customers from drugstore aisles. “Everybody’s gone after a component of their business,” said Henry Fonvielle, president of the real-estate company Rappaport. Financial pressures on the prescription side of the business and rampant thefts are forcing drugstore chains to close locations. As pharmacy chains continue to struggle and their creditworthiness takes a hit, the previously robust market for building and buying drugstores has slowed. Drugstore chains are latecomers to retail property’s reset. Other kinds of retailers began to downsize their fleets about a decade ago as they grappled with the effects of overexpansion and the rise of e-commerce. Now, many are bearing the fruit of that right sizing. A growing number integrated online shopping into their bricks-and-mortar locations and are expanding again. The rate of available retail space has dropped to its lowest level in many years. Drugstores had certain inherent advantages that allowed them to delay shrinking their footprints. The need to drop off and pick up prescriptions reliably drew customers. While they were there, they often bought something else. In the early 2000s, CVS and Walgreens were opening and acquiring hundreds of stores annually in the U.S., said Mike Blackburn, an analyst at RetailStat. Pharmacies also started growing in size and selling more groceries and even specialty items such as sushi. “The thinking was, you want a drugstore on every Please turn to pageB6 Drugstore Chains Start to Downsize CVS, Walgreens and Rite Aid are closing hundreds of stores as competition rises SEOUL—In a surprise move, Samsung Electronics replaced the head of its semiconductor business, who had also served as co-CEO, after the South Korean company had lagged behind rivals in the recent artificial-intelligence boom. Samsung, one of the biggest recipients of the Biden administration’s Chips Act subsidies, has seen its homecountry rival, SK Hynix, become Nvidia’s initial partner for the specialized memory used in generative AI applications, such as OpenAI’s ChatGPT. Meanwhile, Samsung’s contract chip-making unit that goes head-to-head with Taiwan’s TSMC has lost ground. The U.S. is betting big on Samsung to help revive America’s homegrown chip production. Last month, Samsung received a grant of up to $6.4 billion for roughly $45 billion in semiconductor facilities planned for Taylor, Texas, just outside Austin. Only Intel and TSMC have received bigger subsidies. At a March shareholder meeting, the departing chipdivision head, Kyung Kyehyun, who had held the job for just over two years, acknowledged Samsung’s recent shortcomings. In the realm of “high bandwidth memory”— the type paired with Nvidia’s processors—Kyung admitted Samsung had made early missteps. “We’ll be well prepared to ensure that will never happen again,” said Kyung, 61 years old, responding to a shareholder’s question about Samsung’s having apparently fallen behind in HBM technology. Samsung, without elaborating, called the leadership change a “pre-emptive measure” meant to strengthen the company’s competitiveness in an uncertain global business environment. Kyung will remain at the company in a different role. The move was unexpected, according to company employees, since Samsung’s management shake-ups typically Please turn to page B4 BY SHA HUA AND YOKO KUBOTA China Phone Maker One-Ups Apple by Introducing Own EV INSIDE 2010 ’15 ’20 0 5 10 $15 million 0 50 100 $150 million Hock Tan (Broadcom) Nikesh Arora (Palo Alto Networks) Stephen Schwarzman* (Blackstone) Christopher Winfrey (Charter Communications) William Lansing (Fair Isaac) Equity Cash Other 0 100 200 300% Jensen Huang (Nvidia) Brian Niccol (Chipotle Mexican Grill) Patrick Gelsinger (Intel) Charles Robbins (Cisco Systems) Glenn Fogel (Booking Holdings) Gain on 2023 awards Total shareholder return: 1-year 3-year† Highest total compensation for S&P 500 CEOs in 2023 Return on equity through fiscal year-end for shareholders and select CEOs *Compensation includes distributions of carried interest and incentive fee allocations, in cash, and restricted shares in real-estate investments. †Annualized MyLogIQ (pay); ISS (shareholder returns) Median total compensation for CEOs of S&P 500 companies, including equity awards and cash pay Number of S&P 500 CEOs by 2023 total pay, in $1 million increments NUMBER OF S&P 500 CEOS $1 million or less 5 10 15 20 25 30 35 40 45 50+ 5 10 15 20 25 Median CEO pay $15.7 million About half the total Elvis’s Granddaughter Fights Graceland Sale The chiefs of America’s biggest companies reached new pay heights in 2023 as stock awards swelled the value of compensation packages. Half of the executives in a Wall Street Journal analysis made at least $15.7 million, a record for median CEO pay in the annual survey, with several making more than $50 million. Median pay for the same companies a year earlier was about $14.5 million. Most of the executives received year-over-year raises of at least 9%—1 in 4 got 25% or more—and most companies recorded annual shareholder returns of at least 13%, the Journal found in an analysis of data on more than 400 companies from MyLogIQ, a provider of public-company data and analysis. Eight tech executives ranked among the 25 top earners, as did five each heading financial companies and media or entertainment companies. Hock Tan, the highest-paid CEO in the Journal’s analysis at $162 million, has to stay on the job for five years and Broadcom’s share price must reach certain targets after October 2025 to get the full value of most of his pay. Broadcom said the company has outperformed competitors under Tan, and he won’t get more equity or cash bonuses for five years. Pay for Nikesh Arora at Palo Please turn to page B7 BY THEO FRANCIS CEO Pay Climbed to New Heights in 2023 Xiaomi says it has delivered 10,000 of its SU7 sedans. GREG BAKER/AGENCE FRANCE-PRESSE/GETTY IMAGES 2019 ’21 ’24 2019 ’21 ’24 2019 ’21 ’24 0 2,000 4,000 6,000 8,000 10,000 Number of pharmacies in operation Note: As of January of each year Source: RetailStat CVS Walgreens Rite Aid BUSINESS NEWS Pixar plans to cut jobs as it shifts its focus from streaming series to feature films. B3 FINANCE Blackstone will grant equity stakes to most employees at its large U.S. buyouts. B7 AITOR MARTIN/EPA/SHUTTERSTOCK interlakemecalux.com (877) 632-2589 MAXIMIZE WAREHOUSE PRODUCTIVITY WITH AUTOMATION © 2024 Dow Jones BUSINESS & Company. All Rights Reserved. * * * * * * THE WALL STREET & JOURNAL. FINANCE Wednesday, May 22, 2024 | B1

B2 | Wednesday, May 22, 2024 ***** THE WALL STREET JOURNAL. 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 Advanced Energy Industries...................................B2 Amazon.com......................A1,B13 Apollo Global Management ................................................................B7 Apple.....................A10,B1,B4,B13 Ares Management................B7 AstraZeneca................................B3 B Blackstone....................................B7 Broadcom.......................................B1 BYD.....................................................B2 C China Vanke................................B6 Cleveland-Cliffs.........................B2 CVS Health...........................A2,B1 CyberArk Software...............B4 Czechoslovak..............................A8 D Dexus................................................B6 Dillard's.........................................B13 E-H Exxon Mobil................................B4 Glencore..........................................A1 GoPro..............................................B13 GSK.....................................................B3 Handshake.................................A10 Home Depot...............................B3 Horizonte Minerals................A1 I Intel.....................................................B1 J JPMorgan Chase..................B13 K KKR.....................................................B7 L Li Auto..................................B2,B13 Lowe’s.....................................B3,B12 M Macy's..........................B3,B12,B13 Merlin Entertainment........B7 Microsoft.............................A1,A10 MNC Capital...............................A8 N Nippon Steel...............................B2 Nvidia......................................A1,B12 P Peloton Interactive.............B13 Q-S Qualcomm..................................A10 Rite Aid...........................................B1 Samsung Electronics...........B1 Sephora............................................B1 Silver Lake....................................B7 SK Hynix.........................................B1 Sonos..............................................B13 Sony.................................................B13 T Tesla................................................B13 Thai Union...................................A5 Third Bridge.............................A10 TPG.....................................................B7 Taiwan Semiconductor Manufacturing.......................B1 U U.S. Steel.......................................B2 V Veris Insights..........................A10 Vicinity Centres.......................B6 Vista Outdoor...........................A8 Volkswagen...............................B13 W Walgreens.....................................B1 Walt Disney................................B3 X Xiaomi...............................................B1 XPeng.....................................B2,B13 XP Power......................................B2 INDEX TO PEOPLE ton agreed to remove the company from the blacklist.) In March 2021, Xiaomi declared its intention to join the ranks of Chinese EV makers and pledged to invest $10 billion over the next decade. Xiaomi’s entry catapulted it into the top 10 EV newcomers in China and intensifies a price war in China’s EV market. Lei said Xiaomi is currently selling at a loss. To turn a profit, Xiaomi would have to produce 300,000 to 400,000 of the SU7 each year, he told CCTV. Xiaomi needs to quickly increase production to meet demand. Customers who ordered the car in late April will have to wait 40 to 50 weeks for delivery. Last week, the U.S. increased tariffs on Chinese EVs to roughly 100%. Xiaomi has said it would focus on the China market in the next three years. The company didn’t make Lei available for an interview. Earlier this year, Apple ended its yearslong push to create its own electric vehicle, daunted by the increasing difficulty the company faced as it spent billions trying to catch or exceed the capabilities of existing carmakers. Upon learning of Apple’s exit, Lei said he instructed employees to ensure the SU7 would work with Apple’s CarPlay software, which displays iPhone screens on car dashboards, he told CCTV. A Adams, William.......................A8 Arnold, Ben...............................B13 Arora, Nikesh..............................B1 B Bancel, Stéphane....................B7 Bankman-Fried, Sam..........A5 Baratta, Joseph........................B7 Bartlett, John............................A4 Blackburn, Mike........................B1 Bourla, Albert............................B7 Brickman, Danny....................B4 C Chandrasekaran, Arun.......B4 Cohen, Matt................................B4 Cummins, Wes.........................A2 D-J D’Auria, Dana.............................B2 Fisch, Stéphane.......................A2 Fonvielle, Henry........................B1 Gelsinger, Pat....................B4,B7 Goncalves, Lourenco............B2 Gong, Paul....................................B2 Gottfredson, Mark................A8 Gualtieri, Mike..........................B4 He, Xiaopeng..............................B2 Hooley, Joseph.........................B4 Huang, Jensen..........................B7 Iger, Bob.........................................B3 Intrator, Michael.....................A2 Jakkal, Vasu................................B4 Jun, Lei............................................B2 K Kelley, Steve...............................B2 Khaira, Jasvinder....................A2 Kothari, Akshay.......................B4 Kyehyun, Kyung........................B1 L Liberty, Edo.................................B4 Liberty, Jason............................B7 Lydotes, Jim...............................A4 M Malan, Todd................................A8 McClory, Heather.................A10 Molchanov, Pavel...................A4 Musk, Elon.................................B13 N-S Nadella, Satya........................A10 Niccol, Brian................................B7 Pieretti, Cristina......................B4 Potter, Phil...................................A5 Rana, Sanjeev...........................B4 Sandven, Terry.......................B12 Schwarzman, Steven...........B7 Sivapalan, Jay...........................B6 Smith, Kristin............................A5 Spence, Patrick.......................B13 Spring, Tony......................B3,B13 Stavros, Pete..............................B7 Strnad, Michal..........................A8 Su, Lisa............................................B7 Svec, Brandon...........................B6 Sweet, Julie.................................B7 T Tan, Hock........................................B1 Thill, Brent.................................B13 Thomas, Rob..............................B4 U-Z Ullal, Jayshree...........................B7 Walmsley, Emma...................B3 Werger, Sean.............................A8 Williams, Rob..........................B12 Winfrey, Christopher...........B7 Wood, Cathie.............................A5 Woods, Darren.........................B4 Yingbo, Ma...................................B2 Young-hyun, Jun.....................B4 Zhang, Jeff...................................B6 don’t need to take any action at this time. Advanced Energy said it would welcome the opportunity to engage in constructive talks with the XP Power board and receive access to the required diligence. “We believe that the proposed offer for XP Power provides compelling value for both Advanced Energy’s and XP Power’s shareholders,” Advanced Energy President and Chief Executive Steve Kelley said. Responding, XP Power confirmed that it had received the latest proposal on May 7 and rejected it on May 13 as the price undervalues the business and its prospects. XP Power, which describes itself as a leading provider of power-converter solutions, added that shareholders should take no action in relation to the proposal. It said performance to date has been line with the board’s expectations. Under U.K. Takeover Panel rules, Advanced Energy has until June 18 to either make a formal offer or walk away. XP Power shares rose 48% in Tuesday trading in London after Advanced Energy Industries disclosed its interest buying the London-listed company for 468 million pounds, equivalent to $594.6 million. The Nasdaq-listed Advanced Energy said on Tuesday that it had made a number of approaches to the board of XP Power to buy the company, the latest at £19.50 a share, equivalent to $24.78. Its first approach on Oct. 24 was for £17, which it then raised to £18.50 on Nov. 5. The latest proposal is a 67.5% premium to XP Power’s closing price on Monday of 1,164 pence, or £11.64, equivalent to $14.79. XP Power shares gained 556 pence Tuesday, to 1,720 pence each. The 48% jump was their biggest-ever percentage rise, and puts the year-to-date gain at 27%. Advanced Energy said it has decided to make its interest public given the lack of engagement from the XP Power board, but said shareholders BY IAN WALKER Advanced Energy’s Takeover Interest Drives XP Power The companies are sparring over a deal that could reshape the American steel industry. Last summer Cleveland-Cliffs went public with an offer that touched off a monthslong sale process, which eventually led to U.S. Steel accepting a competing offer from Japan’s Nippon Steel, the world’s fourthlargest steelmaker. The steelworkers union, which represents about 10,000 U.S. Steel employees, had endorsed Cleveland-Cliffs’ attempt to acquire U.S. Steel. Nippon Steel has said it would accept all the terms in U.S. Steel’s existing contract with the union, but the union has so far rejected the ownership successor language offered by Nippon Steel. U.S. Steel has said the union doesn’t have the right to block a sale. U.S. Steel said Tuesday that Nippon Steel’s $55-a-share cash offer, which U.S. Steel accepted in December, was superior to Cleveland-Cliffs’ cashand-stock offer worth $54. U.S. Steel’s shares closed down 1.6% Tuesday, while Cleveland-Cliffs fell 1.1%. U.S. Steel sought to quash the notion that Nippon Steel is trying to unwind the companies’ $14 billion deal, saying that rival Cleveland-Cliffs is spreading false rumors among investors. “Nothing could be further from the truth,” U.S. Steel’s board of directors said in a Tuesday letter to investors and employees. “Both Nippon Steel and U. S. Steel remain as fully committed as ever to completing the transaction.” Cleveland-Cliffs fired back later Tuesday with a response that called the sale of the Pittsburgh-based company “doomed,” because U.S. Steel’s board refuses to recognize that the United Steelworkers union will effectively block the deal by refusing to accept Nippon Steel as the new owner. “With a USW-represented facility, you are not entitled to sell to whomever you please,” Cleveland-Cliffs Chief Executive Lourenco Goncalves said. “You cannot and will not close your announced deal with Nippon Steel.” BY BOB TITA U.S. Steel Spars With Rival Over Nippon Deal ration with Volkswagen Group. Its vehicle margin rose to 5.5% from negative 2.5% a year earlier and 4.1% in the fourth quarter. The company attributed the increase to cost rea near-doubling in revenue from services, which it attributed to a recent tie-up with Volkswagen Group in the fields of autonomous driving and advanced in-car software systems. XPeng forecast secondquarter deliveries to rise 25% to 38% to between 29,000 and 32,000 vehicles, and revenue to increase 48% to 64% to between 7.5 billion yuan and 8.3 billion yuan. Gross margin was 12.9%, up sharply from 1.7% a year earlier and 6.2% in the fourth quarter. Bigger rivals Li Auto and BYD reported first-quarter gross margins of 20.6% and 21.9%, respectively. Xpeng’s improved gross margin was driven by a sharp rise in its services-and-others margin, thanks to revenue from research-and-development services related to its platform and software collaboduction and a better product mix of models. XPeng, which has yet to turn a profit since its founding nearly a decade ago, is seeking to leverage its advances in auto-driving technology as it works to boost production in the world’s most crowded EV market. The company launched its artificial-intelligence-powered in-car operating system on Monday. The system can help drivers better identify road situations, assist with parking and provide interactive in-car assistance. “Through our strategic partnership with the Volkswagen Group, XPeng is at the forefront of monetizing inhouse developed smart technologies as a technology enabler,” said Chairman and Chief Executive Xiaopeng He. XPeng forecast a rise in second-quarter vehicle deliveries after its first-quarter net loss narrowed on higher sales and improved margins. The Chinese electric-vehicle maker posted a quarterly net loss of 1.37 billion yuan, or about $189.4 million, compared with a 2.34 billion yuan loss a year earlier, it said Tuesday. Quarterly revenue jumped 62% to 6.55 billion yuan, beating an estimate of 6.22 billion yuan in a FactSet poll of analysts. The company attributed the increase to higher deliveries, driven by its X9 model launch during the quarter. XPeng delivered 21,821 vehicles in the first quarter, meeting its prior guidance for 21,000 to 22,500 units. The EV maker cut prices for its models in March. The top line was helped by BY JIAHUI HUANG XPeng Narrows Its Quarterly Loss $4,000 and outrunning it by around 200 miles per charge. Xiaomi’s feat illuminates a new reality in the century-old automotive business: The barriers to entry for making a car have shrunk in recent years with the emergence of electric vehicles. And in this new reality, China is speeding way ahead. As the hardware has become simpler, the focus for what makes an appealing product has shifted decisively to software and features. “New EVs are more like computers with batteries on wheels,” said Paul Gong, head of China autos research at UBS. “Chinese carmakers are now ahead of almost everyone else along the entire EV supply chain.” To save on time and costs, the company adopted practices from Tesla and other automakers, mined its own product-development know-how and plugged into China’s fast-moving car supply chain. Years of honing laptops, blenders and petcams helped it develop features tailored to a fickle consumer base. Consumer-product expertise also helped in integrating the car with smartphones and household devices. Xiaomi is the world’s thirdlargest smartphone maker, after Apple and South Korea’s Samsung Electronics. But making cars required a whole new level of complexity, Xiaomi CEO Lei Jun told state broadcaster China Central Television in April—even without having to make the internal combustion engine. Xiaomi hired 6,000 people to work on the car project, Lei said. Some were recruited from foreign carmakers; others were transferred from other departments, said Ma Yingbo, a member of Xiaomi’s marketing team. Among the cars Xiaomi looked to for inspiration was Tesla’s Model 3. To simplify development and reduce costs, Xiaomi adopted Tesla’s process of “gigacasting,” which employs large-scale, high-pressure aluminum diecasting to create the car’s frame. The process combines hundreds of manufacturing steps into one, saving on components, weight, cost and time. Xiaomi also had to innovate. The liquid aluminum that gets injected into the die-casting machine has to be a certain variety that can withstand an extraordinary amount of pressure. Xiaomi had to come up with its own material, building an artificial-intelligence program that used a method known as deep learning to simulate how different materials would behave when placed inside the die-cast machine, Ma said. Xiaomi joined with Beijing Automotive Group to begin its plant project using the stateowned company’s car-making license. From there, it took Xiaomi half a year to design the plant and an additional 15 months to build it, with the remainder of the three-year road to launch spent dealing with approvals, quality control and standards. The company only seriously started looking into entering the car sector after the U.S. government blacklisted it in January 2021 for what it said were ties to China’s military, Lei told CCTV. (In May 2021, WashingContinued from page B1 Xiaomi EV One-Ups Apple 2020 ’21 ’22 ’23 ’24 –4.0 –3.5 –3.0 –2.5 –2.0 –1.5 –1.0 –0.5 0 billion yuan XPeng’s quarterly net losses Source: S&P Capital IQ Note: 1 billion yuan = $138 million 1Q 2024 –1.37B 2015 ’20 ’23 0 50 100 150 200 250 300 350 billion yuan Others Internet services IoT*/Lifestyle products Smartphones Xiaomi segment revenue *Internet of Things Note: 1 billion yuan = $138 million Sources: FactSet (performance); S&P Capital IQ (revenue) Jan. 2024 March May –30 –20 –10 0 10 20 30% Xiaomi Samsung Apple Share performance this year  Heard on the Street: XPeng gets supercharged.......... B13 alexa FREE INSIDE THE 3NYP101 THE HAMPTONS AMPTONS ISSUE ‘Riverdale’ alum Madelaine Petsch takes a new plunge OUT TODAY BUSINESS & FINANCE NY

THE WALL STREET JOURNAL. Wednesday, May 22, 2024 | B3 BY ROBBIE WHELAN of $7.26. Revenue for the quarter rose 19% to $12.68 billion while its core per-share earnings increased 13% to $2.06. Spring has been focusing on a group of 50 stores where he is testing ideas, such as adding more sales associates, improving the merchandise assortment and providing experiences like fashion shows. Sales gains at these stores far outpaced the broader chain. Spring said in an interview MACKENZIE COFFMAN Watch a Video: Why Sushi Chefs Pay Up to $20,000 for These Stainless Steel Knives Scan this code for a WSJ video on the knifemaker who has found cult status among top sushi chefs. Pixar Animation Studios is laying off about 14% of its workforce as parent company Disney seeks to cut costs and scale back the volume of content made exclusively for streaming. Disney leadership notified BUSINESS NEWS Pixar staff of the coming cuts, which affect about 175 employees, several months ago, according to people familiar with the situation. Pixar had hired additional animators and other staff to help make titles such as “Win or Lose,” an eight-episode animated series set to be released this year about a middle-school softball team, starring Will Forte and Rosa Salazar. The job cuts signal that Pixar likely won’t invest in streaming-only series going forward, and will focus on making feature films, said a person familiar with the matter. The studio could continue to make some shorts and other projects for Disney+. The layoffs were earlier reported by the Hollywood Reporter. Bob Iger, Disney’s chief executive, has said in recent months that the company is reining in content spending and trying to produce fewer, better shows and movies. Disney has promised investors that its streaming business will break even by the end of September and has made progress in reaching that goal. In Disney’s most recent fiscal quarter, its streaming entertainment business produced a profit of $47 million. Its overall direct-to-consumer business, which includes sports, lost $18 million in that period, an improvement from a $659 million loss in the year-earlier quarter. Pixar, which Disney acquired in 2006 for $7.4 billion, is based in Emeryville, Calif., and before Tuesday’s layoffs had about 1,300 employees. The studio is responsible for some of Disney’s biggest hits, including the “Toy Story,” “The Incredibles” and “Monsters, Inc.” franchises, as well as critical darlings like “Up” and “Coco.” Recently, however, Pixar titles such as “Elemental” and “Lightyear” have underperformed at the box office. Three of the studio’s movies were sent straight to Disney+ without theatrical release. The studio’s latest release, “Inside Out 2,” a sequel to a 2015 hit about the inner workings of a young girl’s mind, is set to debut in theaters next month. Disney is shifting resources away from streaming series and back toward a more traditional theatrical release model in other parts of its empire as well. In February, the company said it pulled a planned series based on Walt Disney Animation Studios’ hit feature “Moana,” from Disney+ and would instead release it in theaters as a feature-length sequel later this year. Pixar to Ax Jobs in Shift From Streaming Disney-owned animation studio is cutting costs with focus on feature films caused by high levels of white blood cells, the company said on Tuesday. Depemokimab could be the first approved drug to allow a long-term dosing interval, requiring only two injections a year. This would benefit patients exposed to multiple therapies, the company said. GSK plans to submit the drug for approval for severe asthma in the U.S. in the second half of the year. The company is building out its respiratory portfolio— one of its core therapy areas— as part of Chief Executive Officer Emma Walmsley’s longterm growth plan, with depemokimab as one of 12 major new product launches it plans over the next few years. As part of that strategy, GSK in January bought biopharmaceutical company Aiolos Bio to further strengthen its pipeline for respiratory treatments. Elsewhere, GSK is streamlining its operations. Last week it sold off its reGSK’s experimental drug for asthma met its goals in the latest trial, moving a treatment with potential annual peak sales of more than £3 billion, or $3.81 billion, closer to market. The British pharmaceutical company’s depemokimab drug reduced asthma attacks in late-stage trials for patients with severe eosinophilic asthma, a form of the disease BY NAJAT KANTOUAR AND HELENA SMOLAK AstraZeneca has set out a target to grow revenue to $80 billion by 2030 as it aims to bolster its investment in technologies and platforms. The pharmaceutical giant said it will develop 20 new medicines throughout the next six years and expects significant growth across all its therapy areas. To deliver its revenue target, it aims for a mid-30s percentage core operating margin by 2026. Beyond 2026, core operating margin will be influenced by its portfolio evolution, targeting at least the mid-30s percentage range, it said. It expects sustained growth post 2030. The company generated revenue of $45.81 billion last year and core earnings per share—its preferred metric— BY HELENA SMOLAK AstraZeneca Sets Revenue Target Lowe’s shares fell after the company posted better-thanexpected quarterly results that showed persistent softness in big-budget spending. The home-improvement retailer said Tuesday that comparable sales were down 4.1% during the quarter ended May 3. Do-it-yourself customers, who make up about 75% of Lowe’s customer base, cut back on higher-priced discretionary purchases. That slippage was partially offset by higher sales online, and to contractors and other professional customers. Both earnings and revenue topped Wall Street’s expectations. Shares closed down 1.9%. The report comes a week after rival Home Depot recorded lower-than-expected quarterly sales, citing a delayed start to spring and interest-rate pressure on spending for big projects and renovations. Lowe’s sales slid about $1 billion to $21.36 billion, topping analysts’ projections for $21.14 billion, according to FactSet. Same-store sales, which adjust for store openings and closings, were down 4.1%. Analysts had been expecting a steeper drop of 5.5%. Profit fell to $1.76 billion, from $2.26 billion a year earlier. Earnings were $3.06 a share. Analysts had been expecting $2.95 a share. Lowe’s also backed its guidance for the year. BY DEAN SEAL Lowe’s Reports Big-Ticket Sales Remain Weak Do-it-yourself customers, who make up about 75% of Lowe’s customer base, cut back. EVA MARIE UZCATEGUI/BLOOMBERG NEWS he hopes to expand these initiatives to more Macy’s stores. Spring said he has been able to pay for these investments by cutting back elsewhere. Macy’s reduced its workforce earlier this year and has been automating certain functions. Macy’s sales declined 2.7% to $4.84 billion, above the $4.82 billion expected by analysts polled by FactSet. Net income fell to $62 million from $155 million. For the full year, Macy’s now expects sales between $22.3 billion and $22.9 billion, versus a prior forecast range of $22.2 billion to $22.9 billion. Macy’s raised its outlook after first-quarter results topped expectations, adding to signs that the department store chain’s turnaround is taking shape. Sales fell from last year’s level, but to a lesser extent than Wall Street predicted. Meanwhile, adjusted profit topped expectations. The stock closed up 5.2% Tuesday. The latest numbers offer further credibility to Chief Executive Tony Spring’s modernization efforts. Spring said Macy’s investments in product, presentation and experience are gaining traction. BY DENNY JACOB AND SUZANNE KAPNER Macy’s Lifts Outlook as It Beats Expectations 2012 ’15 ’20 ’23 0 10 20 30 40 50 60 70 $80 billion AstraZeneca annual revenue Source: the company 2023 $45.8B s2030 target $80B maining stake in consumer health company Haleon, ending its gradual disposal of shares in the company formed by a joint venture with Pfizer in 2019. GSK will present full results on depemokimab at a coming scientific congress, it said. It expects depemokimab results on further treatments for a range of related respiratory conditions, which are also in late-stage trials. It expects approvals across a range of conditions in 2026 and 2027. GSK Drug for Asthma Shows Promise FY2021 ’22 ’23 ’24 –20 –15 –10 –5 0 5 10 15 20 25% Lowe’s quarterly revenue, change from a year earlier Sources: S&P Capital IQ; the company Note: Latest fiscal quarter ended May 3. 1Q 2024 –3.2% The department-store chain has been pursuing a turnaround. YUKI IWAMURA/BLOOMBERG NEWS  Heard on the Street: Plan has staying power.......... B13 When people are fed, futures are nourished. DONATE, VOLUNTEER, AND ADVOCATE. FeedingAmerica.org/ActNow

B4 | Wednesday, May 22, 2024 THE WALL STREET JOURNAL. TECHNOLOGY WSJ.com/Tech Identity-management company CyberArk Software said it plans to buy Venafi for $1.5 billion in a cash-and-stock offer, as money starts to flow through the cybersecurity industry again. Venafi, which specializes in identifying machines on a network, such as applications, bots and internet-of-things devices, will bolster CyberArk’s human identity-management products, said Chief Executive Matt Cohen. “We’ve noticed a strong explosion in the number of machine identities that are out there, and the complexity of the communications that they need to make, to data sources or to other machines has also taken off,” he said. The deal, which is subject to regulatory approvals, will involve CyberArk acquiring Venafi from private-equity firm Thoma Bravo for roughly $1 billion in cash and $540 million in shares. The deal is expected to close in the second half of 2024, CyberArk said. Identity management has emerged as a key security principle, and a foundational practice to implementing zero-trust strategies, which focus on controlling access to systems inside networks, rather than preventing breaches of firewalls and other defensive technologies. Recent developments in artificial intelligence and the growth of internet-of-things devices in all critical infrastructure sectors have also put pressure on security teams to identify and control the digital entities in their systems. A company can have anywhere from 10 to 100 times the number of nonhuman identities to manage than human ones, said Danny Brickman, CEO of Oasis Security, a Tel Aviv startup also focused on authenticating these tokens, interfaces and other bits of code. “That’s a large attack surface,” Brickman said. Oasis, launched in 2022, said May 1 it had raised $35 million in a Series A extension round, bringing the total raised to $75 million. CyberArk’s acquisition marks the latest in a flurry of deals, public offerings and significant investments in the cybersecurity industry. Data-management company Rubrik started trading on the New York Stock Exchange on April 25, in a closely watched initial public offering that valued the company at $5.6 billion. Meanwhile, Thoma Bravo announced its acquisition of artificial intelligence and cybersecurity company Darktrace on April 26, in a takeprivate deal worth more than $5 billion. On May 7, cloud security company Wiz raised $1 billion in a funding round, giving it a $12 billion valuation. The company will use the money to fund further acquisitions, executives told The Wall Street Journal, with the round coming around a month after it acquired another cloud startup, Gem Security. BY JAMES RUNDLE pected to dominate. SK Hynix had bet more actively early on than its rivals—including Samsung—that HBM would become a breakthrough product. SK Hynix and U.S.-based Micron both began shipping the newest version of HBM, called HBM3E, to Nvidia in March, industry analysts say. There is no public evidence suggesting that Samsung has begun supplying Nvidia. Memory chips for AI computing are expected to become a major revenue generator in the years ahead. By 2028, HBM is projected to account for more than 30% of worldwide DRAM revenue, up from 8% in 2023, according to TrendForce, a tech-market researcher. HBM is produced by stacking multiple DRAM chips, a major type of memory, on top of one another and fusing them together to achieve greater memory efficiency. Samsung also saw its share of the global foundry business—manufacturing chips designed by others—fall in recent years despite a ramp-up in investment. These chip factories sit at the heart of the Biden administration’s recent efforts to boost U.S. production of advanced logic chips. Back in 2019, Samsung had laid out plans to invest around 133 trillion won, equivalent to roughly $116 billion at the time, in its chip-design and foundry business by 2030, as a way to expand past its powerhouse memory offerings. And it has pledged additional investments since then. Last year, Kyung, the former co-CEO, vowed Samsung’s foundry business would overtake TSMC within five years. But rather than gain ground, Samsung has seen its relative standing in the foundry business fall, a sign of limited growth in customer bookings. TSMC, which manufactures Nvidia’s AI accelerator chips and Apple’s latest processors for iPhones, has seen its share of the worldwide foundry market expand to 59% in 2023 from 50% in 2019, according to CLSA estimates. During the same period, Samsung’s market share fell to 12% from 18%. Samsung must also fend off Intel, which in March received up to $8.5 billion in Chips Act funds and wants to aggressively expand its contractchip-making business. Intel is expected to spend more than $100 billion in the U.S. over the next five years. CEO Pat Gelsinger recently said he expects Intel to be the world’s No. 2 foundry player by 2030. Exiting chip-division head Kyung Kye-hyun also served as co-CEO of Samsung Electronics. SEONGJOON CHO/BLOOMBERG BY BELLE LIN CyberArk to Acquire Venafi for $1.5 Billion occur at the end of the year. Succeeding Kyung is 63- year-old Jun Young-hyun, who has overseen future business strategy for Samsung Electronics and its close affiliates. Called a “relief pitcher” by local media owing to his turnaround feats, Jun led Samsung’s memory-chip business through 2017 as it posted historic profits—and ended Intel’s nearly quarter-century run as the world’s biggest semiconductor player by revenue. After that, Jun served for five years as CEO of Samsung’s battery-making unit, which had attracted controversy over the component’s central role in the company’s global recall of Galaxy Note 7 devices that overheated and caught fire. Samsung had operated with co-CEOs since 2022: One oversaw components, while the other helmed consumer products such as phones and televisions. For now, Jun won’t be given the co-CEO title. “I think there was a realization that we are in the beginning of a new AI boom. But Samsung was caught in a not-so-good position,” said Sanjeev Rana, a senior technology analyst at CLSA Securities, a Hong Kong-based brokerage. The biggest stumble for Kyung sits with HBM—an area that Samsung, the world’s biggest memory player by revenue, would have been exContinued from page B1 Samsung Ousts Head Of Chips Businesses are using a relatively unknown technology called vector databases to help solve the problem of using their private data with generative artificial intelligence. And it is turning the tool, and its makers, into some of the AI boom’s biggest winners. Vector databases have been around for decades but are now emerging as something of an industry standard for AI businesses to use alongside a technique called retrieval-augmented generation, or RAG. When combined, businesses can link their private data with large-language models like OpenAI’s GPT-4, allowing the AI to perform data analysis, summarization and other tasks on their data. Without them, AI models are limited to what they have learned from their initial training on public data online, up to a certain point in time, and are more prone to factual errors called “hallucinations.” New York-based startup Pinecone was an early entrant in the vector database AI space. Valued at $750 million after raising $100 million from Andreessen Horowitz and other investors last April, Pinecone has been building its vector database since 2019—a fortunate few years before OpenAI’s ChatGPT kicked off the AI gold rush in late 2022. “We hit the inflection point with ChatGPT and OpenAI and all the tools that exploded global vector-database market is expected to grow to $4.3 billion by 2028, from $1.5 billion in 2023 to, according to Markets and Markets, a research firm in India. While fewer than 2% of enterprises were using the technology in September 2023, that number will grow to over 30% in the next two years, Gartner predicts. Vector databases have been around for decades but are finding a new use by enterprise and AI developers because they power the RAG technique. Originating from a 2020 paper by an AI research group at Meta Platforms, RAG is commonly used by enterprises to build chatbots for employees to reference company policies, or for customer service and salespeople to pull information from knowledge bases. Vector databases are different from traditional databases with columns and rows because they are designed to store a massive amount of data as vectors, or numerical representations of the raw data. That makes them ideal for RAG, the process where generative AI models pull from large amounts of vector data to improve their responses with the additional information. Compared with fine-tuning—a technique used to create a custom AI model based on an existing large language model—RAG is cheaper because it doesn’t require massive amounts of computing power and advanced AI expertise, and is easier and faster for developers to implement. Roughly 80% of enterprises with it,” said Edo Liberty, Pinecone’s founder and chief executive. “This happened just as we had matured our platform, and we were well ahead of the competition.” Spurred by the wave of interest, the company grew from just a few hundred customers to over 5,000 last year, Liberty said. Its head count also multiplied nearly four times, to more than 100 employees. “We were really the only true viable option for a very long time,” he said. Arun Chandrasekaran, an analyst at market research and consulting firm Gartner, said Pinecone’s success is tied to its early entry in the market, that it manages the product for customers in the cloud, and its integration with AI models and other developer tools. Chandrasekaran said Pinecone’s success is tied to its early entry in the market, its integration with AI models and other developer tools, and the fact that it manages the product for customers in the cloud. But Pinecone is no longer alone. At least eight vector-database startups have entered the market since 2022, according to data provider Crunchbase. Investors have put nearly $1 billion into vector-database startups in that time, $73 million of which has been invested so far this year across eight deals, Crunchbase found. Existing database vendors such as Oracle, MongoDB and Redis also have released their own vector databases, and tech giants Amazon, Microsoft and Google have added similar capabilities to their products. There are also open-source contenders. More may be coming. The are using RAG, compared with 20% using fine-tuning, Chandrasekaran said. Cristina Pieretti, general manager of digital insights for Moody’s, said the rating firm’s financial intelligence group used RAG to connect its research and ratings data with a model from OpenAI. RAG helps the AI model provide up-to-date financial information when customers ask its research assistant to assess investments and compare entities. Many enterprises are using RAG whether they’re aware of it or not, Gartner’s Chandrasekaran said. Microsoft’s Copilot for Security, which aims to help cybersecurity pros with tasks like incident management, relies on RAG to link the AI with customers’ own security data, said Vasu Jakkal, the company’s corporate vice president of security, compliance, identity, management and privacy. Many of Pinecone’s clients are “AI builders”—the developers and companies making generative AI-based products—who use RAG with vector databases under the hood for their customers, Liberty said. Notion, maker of the popular productivity tool of the same name, uses Pinecone’s vector databases to store its nearly 100 million users’ data for use with AI, said cofounder and Chief Operating Officer Akshay Kothari. The company’s Q&A product, unveiled last November, lets users ask questions about their Notion data, such as, “When was the last time I met with this person?” Notion uses OpenAI’s GPT-4 or Anthropic’s Claude as its underlying AI model. Pinecone’s new serverless product, made fully available on Tuesday, separates data storage from the computing to lower data costs. The product reduced Notion’s data costs by 60%, Kothari said. Still, there is uncertainty over vector databases’ longterm usefulness for enterprises. While companies are able to quickly experiment with RAG now, they are more likely to purchase a custom data search or Q&A function from enterprise AI vendors in the future, said Forrester analyst Mike Gualtieri. At International Business Machines, RAG is “the number one use case when we’re working with clients,” said Chief Commercial Officer Rob Thomas. But with hundreds of choices for vector databases, Thomas said IBM doesn’t consider the technology a differentiator. Recognizing that enterprises are likely to purchase AI tools from vendors rather than build them on their own, Pinecone’s Liberty said enterprises will still need to shore up their internal engineering to infuse AI into their own products—and that requires investing in databases and other platform tools. “We see a lot of larger companies actually invest in learning how to build those products because they want to have the talent, the capabilities and the stack in-house,” he said. Decades-Old Tech Sparks AI Standard Startups turn obscure technology of vector databases into thriving market ARTIFICIAL INTELLIGENCE Edo Liberty, Pinecone’s founder and chief executive officer. BELLE LIN/THE WALL STREET JOURNAL CIO JOURNAL wsj.com/news/cio-journal WSJ A group including Exxon Mobil shareholders is calling on its peers to vote against the oil company’s chief executive officer and its lead independent director at the company’s 2024 annual meeting. The group, which includes several U.S. state treasurers and New York City Comptroller Brad Lander, said in a letter that it is calling on the world’s largest asset managers to vote against Executive Chair and CEO Darren Woods and Lead Independent Director Joseph Hooley. In the letter, which was submitted Tuesday to the Securities and Exchange Commission, the group said it believes that the oil company’s attempts to undermine shareholder rights reflect a failure of board oversight and that it has wasted corporate assets on litigation. A spokesperson for Exxon Mobil wasn’t available to comment. The reaction comes following a lawsuit filed by Exxon Mobil against two sustainability investment firms. The Wall Street Journal reported the company sued Arjuna Capital and Follow This in January to block a shareholder proposal that would commit Exxon Mobil to further curb greenhouse-gas emissions. The suit also targets emissions from the company’s customers, the Journal said. The letter filed Tuesday is also signed by a trustee of the United Steelworkers International Union Staff Pension Plan, a trustee of the AFL-CIO Staff Retirement Plan and three members of the California Public Employees’ Retirement System board of administration. This week, Calpers, the nation’s largest public pension manager, said it planned to vote against every Exxon Mobil board member. BY STEPHEN NAKROSIS Exxon Shareholders Are Urged to Oppose CEO BUSINESS & FINANCE Exxon CEO Darren Woods DAVID SWANSON/REUTERS

THE WALL STREET JOURNAL. Wednesday, May 22, 2024 | B5 © 2024 ServiceNow Inc., © 2024 NVIDIA Corporation. All rights reserved. TOGETHER,WE’RE TRANSFORMING HOW YOUR PEOPLE WORK. We’re making the promise of AI real. By partnering with NVIDIA® to develop generative AI solutions that are purpose-built for your business, the ServiceNow® platform is helping companies realize the possibilities of AI today. And with our deep domain knowledge and data, powered by NVIDIA AI and accelerated computing, our customers will not only stay ahead of the AI wave — they’ll ride it into the future. ServiceNow.com/AIForPeople SERVICENOW AND NVIDIA ARE PUTTING AI TO WORK FOR PEOPLE

B6 | Wednesday, May 22, 2024 THE WALL STREET JOURNAL. Above, Graceland, supposedly for sale; right, the late Lisa Marie Presley, in black, with her mother, Priscilla Presley, in 2006. BRANDON DILL/ASSOCIATED PRESS SYDNEY—When values of Australian commercial real estate began tumbling in the aftermath of the pandemic, Janus Henderson Investors leaned on a strategy made popular by Warren Buffett: It got greedy when others were fearful. “We like to take big positions in safe segments during their darkest hour,” as was the case with Australian real-estate investment trusts, or REITs, in the past 12 months, said Jay Sivapalan, Janus Henderson’s head of Australian fixed interest. Now, Janus Henderson is significantly overweight on Australian REITs in its fixedinterest portfolios, building positions in Dexus, GPT and Vicinity Centres because of their low gearing. In Australia, the fund manager has more than 20 billion Australian dollars, or $13.34 billion, of fixedinterest investments and about half is in the form of investment grade credit. It also favors banks, airports, toll roads and universities. Once seen as a steady and defensive investment, commercial property has experienced wild swings since the onset of the pandemic. Office landlords have grappled with customers requiring less floor space as employees chose to work from home. Mall owners are dealing with cost-of-living pressures on consumer budgets. Higher-forlonger interest rates are making it more expensive for property owners to repay their debts. In the first half of 2023, shares of U.S. office landlords and office REITs tumbled as soaring vacancies and falling rents turned investors off the focus on those highest quality assets, there’s great returns to be had for investors,” said Sivapalan, adding that some in the industry had failed to recognize the quality end of the sector. Some investors in Australian offices appeared to be rattled by news flow out of the U.S. where large amounts of U.S. commercial property loans are set to come due in coming years. Concerns around the health of the U.S. real-estate sector intensified earlier this year when New York Community Bancorp disclosed troubles in its commercial property book and piled up millions of dollars for potential future losses. Banks in Europe and Japan also were jolted. However, industry executives say many drivers of the downturn in U.S. commercial property aren’t shared by Australia and there are signs that the sector locally is turning a corner. Office REITs rely on asset sales to support credit quality amid investor redemptions, and while buyers have been on the sidelines for 18 months, S&P Global Ratings expects that slowing inflation, moderating seller expectations, and improving confidence that interest rates have peaked should support a pickup in real-estate transactions later this year. Still, Janus Henderson believes the impact of high interest rates on the property sector will be uneven. Retail has been cushioned by Australia’s growing population, with occupancy around 99%. But the fund manager is seeing a pickup in credit defaults in property construction and real estate-related developments. BY ALICE URIBE sector. In Australia, office and retail sectors delivered negative returns during the 12 months through June. Commercial real estate is typically valued based on its capitalization rate, or the annual net income produced by a property divided by the purchase price. Like bond yields, rising cap rates indicate falling values, and vice versa. Rising cap rates have been a theme for the sector in recent periods. The weighted average cap rate across Dexus’s portfolio expanded by about 0.34 percentage point to 5.45% over the six months through December, with offices suffering the biggest decline in value. GPT was driven to a net loss in 2023 by negative property valuation movements, while Region in February reported another half-year loss due to falling real-estate values. Lower property values can stretch the balance sheets of REITs and stoke concerns around their ability to stay within their loan covenants. Sivapalan said the largest exposure in Janus Henderson’s portfolios is debt that is paid first to lenders should property companies default or become insolvent. “If you are willing to be contrarian and position against the market, but really Commercial property experienced wild swings since the pandemic. The previously robust market for building and purchasing drugstores has slowed. MICHAEL NOBLE JR. FOR THE WALL STREET JOURNAL corner,” Blackburn said. Store growth slowed in the 2010s, as drugstores’ retail business lost market share. CVS and Walgreens generated roughly three-quarters of their total U.S. retail sales from prescriptions and related services over the past three years, up from about twothirds a decade ago, according to the companies’ filings. The pandemic briefly supercharged spending on items such as over-the-counter Covid-19 test kits after years of declining sales. But by last year, drugstore retail sales appeared to be normalizing and inflationweary customers resumed gravitating toward value shopping. Filling prescriptions kept many pharmacies going as Continued from page B1 THE PROPERTY REPORT China Vanke has secured a fresh loan that takes its total borrowings this month to more than $1 billion, part of the state-backed developer’s ongoing efforts to temper liquidity pressures as it seeks to finish housing projects. Vanke, one of China’s few major developers yet to default in the country’s continuing property crisis, said in a stock-exchange filing Monday that it had obtained a loan for 1.2 billion yuan, or about $165.9 million, from Bank of China to use for development projects in Changzhou, a city in Jiangsu province. That loan, which takes the total borrowings of Vanke and its units this month to the equivalent of more than $1 billion, according to public filings, comes after the company last month told investors it was facing short-term liquidity pressures that it was confident it could resolve. Analysts said the loans could give the Shenzhen-based company, once one of China’s largest property developers, a short-term lift until consumers return en masse to the country’s housing market. “It will help ease the market’s concern on Vanke’s cash flow, though more meaningful improvement in liquidity will be from turnaround in its housing sales,” Morningstar analyst Jeff Zhang said. Vanke, in which a stateowned subway operator holds about a one-third stake, is a top property pick among many analysts amid growing signs that Beijing is moving to help rescue an ailing sector, including by recently encouraging local governments to buy up excess apartments and turn them into public housing. BY JIAHUI HUANG China Vanke Secures Fresh Loan over-the-counter sales waned, but declining profitability is now forcing store closures. The National Association of Chain drugstores lobbying group blames pharmacy-benefit managers, which administer health-insurance plans’ drug benefits and act as the middleman between pharmaceutical manufacturers and pharmacies “Pharmacies are more often than not being reimbursed below cost, putting them at a financial loss on the majority of prescriptions,” said Christie Boutte, senior vice president of reimbursement, innovation and advocacy at the association. Pharmacy chains tried fresh approaches to boost revenues. CVS diversified, acquiring the pharmacy-benefit manager Caremark as well as the health-insurer Aetna. Walgreens merged with the European wholesaler and drug retailer Alliance Boots and is increasing its online shopping offerings for retail items, including same-day pickup and delivery services. Rite Aid filed for bankruptcy last year and is closing locations as the company restructures. Several pharmacy chains opened primary-care clinics, but it has been difficult for this business to turn a profit. A CVS spokesman said the company is addressing the many challenges it faces. He said the recent store closures represent about 10% of the company’s total retail footprint and that 85% of Americans will still live within 10 miles of a CVS pharmacy after the downsizing ends later this year. Meanwhile, customers are losing patience. Consumer-research firm J.D. Power found that CVS and Walgreens’s satisfaction ratings fell 23% and 25%, respectively, between 2021 and 2023. Pharmacy chains reported significant losses because of shoplifting and organized retail theft, and company executives have struggled to find the right balance between security and alienating customers when locking up items. On a recent weekday afternoon, many of the shelves were bare at a dated CVS location on the Upper East Side of Manhattan. A sign on the door alerted customers to the store’s impending closure and directed them to another location a few blocks north. That store was bright and bustling, with smiling retail staff, but many items were under lock and key, including toothpaste, $5 lip balm and the entire shampoo aisle. Padlocks hung from the doors of refrigerators that chilled energy drinks and icecream cartons. “Everything’s locked in here,” said Mary Debare as she left the store after buying a bag of Werther’s candy. While urban pharmacies seem to sit dark for an extended period after closing, it isn’t all bad news for the sector. Most drugstores are located in stand-alone buildings, where retail availability is the tightest of any retail type, said Brandon Svec, national director of U.S. retail analytics for data firm CoStar Group. “Those spaces are backfilling relatively quickly,” Svec said. Drugstore Chains Are Downsizing Lawyers for Keough said the documents showing Presley borrowed $3.8 million are forgeries, and Naussany Investments isn’t a real company. Naussany Investments, the lawyers said in the complaint, “appears to be a false entity created for the purpose of defrauding” the trust that owns Graceland, the heirs of Lisa Marie Presley or any purchaser of Graceland. Elvis Presley Enterprises, Continued from page B1 which manages Graceland, said it could confirm that the claims made by Naussany Investments are fraudulent. “The counter lawsuit has been filed to stop the fraud,” it said. Naussany Investments couldn’t be reached for comment. A phone number associated with the group didn’t work. A lawyer for the group couldn’t be identified. One of the associated addresses for the group was for a UPS store in Jacksonville, Fla. According to the complaint, the notary public listed on Presley’s purported loan documents said she didn’t notarize the papers. The notary public also said she has never met Presley. Presley, Elvis’s only child, controlled the trust until her death last year. Keough took over as trustee after her mother’s death. Presley’s mother, Priscilla Presley, reached a settlement in 2023 with Keough over who would control the trust. The settlement came after Priscilla Presley challenged a 2016 amendment to the trust filed by Lisa Marie Presley that removed her mother as trustee. The entire Graceland complex is over 200,000 square feet in size and includes an exhibition center and a 450- room hotel. Hundreds of thousands of fans visit the home every year. Grandchild Fights for Graceland TIM SLOAN/AGENCE FRANCE-PRESSE/GETTY IMAGES Janus Henderson Takes a Big Swing on Australian REITs

THE WALL STREET JOURNAL. Wednesday, May 22, 2024 | B7 BY MIRIAM GOTTFRIED Alto Networks totaled $151 million, mostly in equity awards that included shares granted over three years. Blackstone, where Steven Schwarzman made $120 million, said the company’s 83% total return surpassed U.S. asset managers last year and described its pay structure as aligning executive incentives with those of investors. Christopher Winfrey of Charter Communications, the cable operator, received total pay valued at $89.1 million, largely in options and stock vesting over five years, and much of it only if the company’s shares rise 28% to 152% from when the grants were made. Stock gains Equity awards continued to make up the bulk of most executives’ pay, much of it structured to deliver more stock or options if the company meets financial or share-price performance over several years. That means the pay can lose considerable value if the company’s share price falls or operating targets are missed—or soar in value amid market and operating success. Restricted stock awarded in early March last year to Jensen Huang, CEO of graphics-chip maker Nvidia, quadrupled in value through late January, to $107.5 million. Huang’s pay, originally reported at $34.2 million, included $26.7 million of restricted stock as valued at grant. Under the terms of the award, Huang could receive 50% to 100% more shares than originally targeted if the comContinued from page B1 Blackstone wants rank-andfile employees at the companies it buys to own a piece of their business. The investment giant will grant equity to most employees at its large U.S. buyouts, executives at the firm said. The initiative, which it plans to announce to its investors at a conference this week, will apply to all new deals going forward in which its private-equity business buys control of a company. The plan by Blackstone, whose $143 billion private-equity business employs more than 400,000 people via its portfolio companies, is part of a broader movement in the buyout industry to expand ownership beyond management ranks. based stock programs. The nonprofit counted 19 private-equity firms among its founding partners, including KKR, Apollo Global Management, Ares Management, Silver Lake and TPG, each of which pledged to introduce shared ownership at a minimum of three companies by the end of 2023. Blackstone wasn’t on the list. Blackstone had already implemented broad-based ownership programs at some of its companies such as Legoland owner Merlin Entertainments and didn’t feel the need to join Ownership Works to expand that to others, according to Joseph Baratta, global head of BUSINESS & FINANCE The firm is kicking the program off by giving ownership to the roughly 18,000 employees of Copeland, the former climate-technologies unit of Emerson Electric, which Blackstone bought last year in a $14 billion deal. Employees must be at Copeland, a maker of products used in commercial and residential heating as well as cooling and cold storage, when Blackstone sells the business or takes it public to receive the equity incentive. The amount of the payout will be tied to the firm’s return on the investment. Blackstone is following in the footsteps of rival KKR, which in 2011 began implementing broad-based employee-ownership programs at all of its industrial companies, later extending them to the rest of its U.S. portfolio companies. Pete Stavros, KKR’s global co-head of private equity, pioneered the model and in 2022 launched Ownership Works, a nonprofit that seeks to promote shared ownership and aid companies in rolling out broadprivate equity. Baratta said the firm sees broad-based ownership as an extension of an effort already under way to provide more opportunities for lower-level workers. In 2020, Blackstone launched a program aimed at recruiting people who might not have otherwise had the chance to apply, such as those without a college degree, military veterans and refugees. “In what we’re trying to do across our portfolio, broadbased equity ownership is just a part of a much more important path,” Baratta said. Embracing broader ownership could help the private-equity industry attract and retain more workers in a tight labor market. Proponents say it helps lower-level workers build wealth and better aligns their interests with those of management and shareholders, leading to better investment outcomes for the private-equity firms. Companies that have adopted it say it also makes employees more engaged and less likely to quit. Blackstone to Broaden Its Equity Grants Most employees at its big U.S. buyouts will receive a piece of the investment giant The move is part of a trend in the buyout industry to expand ownership beyond management. JEENAH MOON/BLOOMBERG NEWS pany meets performance criteria, according to Nvidia’s proxy. Nvidia’s share price tripled during the year. Brian Niccol, CEO of Chipotle Mexican Grill, received stock and options valued at $15.5 million when they were granted in February 2023 as part of a $22.5 million pay package. By the end of the year, that equity had more than tripled in value to $52.2 million, the company said. Chipotle shares returned about 65% during 2023, and 18% a year over three years. A Chipotle spokeswoman said the growth in Niccol’s equity-award value reflects the company’s strong share-price performance during the year. The company said the value Niccol ultimately realizes depends on continued financial, operating and stock-market performance by the company. Intel CEO Patrick Gelsinger’s equity awards last year also more than tripled in value by year-end to $39.3 million. The company said in its securities filings that austerity measures last year reduced Gelsinger’s salary by about 15% to $1.1 million, which in turn reduced his cash bonus target by about 15%, to $2.9 million. Overall, median cash pay for CEOs, including salary and annual bonuses, remained flat at about $3.8 million. Top performers Pay for CEOs running the best- and worst-performing companies didn’t vary dramatically. Median total pay was $14.6 million for the 20% of CEOs whose companies recorded the worst returns compared with other companies in the same sector, and $15.7 million for CEOs at the best-performing companies. Chip and computer hardware makers accounted for six of the 25 best-performing companies—including Nvidia, the top performer—while four were in the travel or transportation industries. Several of the top performers bounced back from one or more years of poor returns, often tied to the pandemic. Royal Caribbean Group reported paying Jason Liberty $17.2 million and recorded a total return of 162% last year, after posting minus 36% in 2022 and minus 43% in 2020, when the cruise industry was battered by illness and travel bans. Chip maker Advanced Micro Devices, ranked seventh by one-year performance, was headed by Lisa Su, the secondhighest-paid woman in the analysis, at just over $30 million, including nearly $28 million in restricted stock and options. The highest-paid woman, at $31.55 million, was Julie Sweet of consultant Accenture, which posted a one-year total return of about 14%. Thirty-one women ran S&P 500 companies for the full year of 2023, up from around two dozen at the beginning of the decade. None ranked among the top 25 by pay. One other woman ran one of the 25 best performers: Jayshree Ullal at networking company Arista Networks, which posted a 94% return. Ullal’s pay totaled $15.56 million. Bottom of the pack Among the 25 worst-performing companies in the Journal analysis, nearly one-third operated in the healthcare sector. Pfizer said it didn’t pay bonuses to top executives last year after weak demand for Covid-related products led the company to miss financial targets. The $17.5 million equity award that made up most of CEO Albert Bourla’s total pay last year is meant to recognize his leadership and give him an incentive to focus on long-term strategy, the company said. Poor performance can slash the value of CEO equity awards. Covid-vaccine maker Moderna reported total pay of $17.1 million for CEO Stéphane Bancel last year, including $12.5 million in stock and option awards. The value of those awards fell 42% to $7.3 million at yearend, the company’s proxy shows, as Moderna’s stock price tumbled about the same amount for the year. In addition, equity awards made to Bancel in prior years fell in value by about $167 million during 2023. Those losses offset a net $945 million in new equity awards and increases in value reported for Bancel during the prior three years. Moderna declined to comment. CEO Pay Hit Heights In 2023 METHODOLOGY The Wall Street Journal used data from corporate proxy statements filed through May 16 by companies in the S&P 500 index with fiscal years ended after June 30, 2023. The data was collected by MyLogIQ, a provider of public-company data and analysis. Aggregate pay and shareholder-return figures exclude companies that changed CEOs or fiscal-year-end dates during the year. Pay reflects the value of equity awards at grant, as reported by companies. Total returns reflect stock-price change and dividends, in most cases calculated from the month end closest to the company’s fiscal-year end. 0 20 30 $40 million 10 Jensen Huang (Nvidia) One-year total shareholder return: +215% Mark Zuckerberg* (Meta Platforms) +194% Jason Liberty (Royal Caribbean Group) +162% David Rush (Builders FirstSource) +157% Dara Khosrowshahi (Uber Technologies) +149% Badrinarayanan Kothandaraman (Enphase Energy) –50.1% Mark Douglas (FMC) –48.0% Stéphane Bancel (Moderna) –44.6% Albert Bourla (Pfizer) –41.2% Chad Richison (Paycom Software) –33.1% Total 2023 compensation for CEOs at the bestand worst-performing S&P 500 companies *Compensation includes security ($23.4 million) and personal flights on company aircraft ($968,828). Sources: MyLogIQ (compensation); Institutional Shareholder Services, FactSet (performance) Equity Cash Other BEST PERFORMANCE WORST PERFORMANCE Court Ordered CASE NUMBER CV22-970434 PARK NATIONAL BANK V. WESTLAKE 555, LLC ET AL. DISCLAIMER: The information contained herein is subject to independent inspection and verification by all parties relying on it. No liability for its inaccuracy, errors or omissions is assumed by the sellers or broker/auctioneer. All acreage, square footage, and dimensions are approximate. This offering may be withdrawn, modified, or canceled without notice at any time. Each property is subject to prior sale. This is not a solicitation or offering to residents of any state or jurisdiction where prohibited by law. INCREDIBLE INVESTMENT OPPORTUNITY 64,064 SF Class B office building on 3.04± AC located in Westlake On-Site Auction: June 6 @ 11:00 a.m. (Registration @ 10:00 a.m. EST) OH Auctioneer | OH RE Salesperson: Mark Abood, ESQ. Private Selling Officer (ORC Section 2329.152) OH RE Salesperson: Elizabeth Finazzo, ESQ. Inspection Dates: May 23 & 30 | 10:00 - 11:30 a.m. Published Reserve $1,700,000 (2/3 of Appraised Value of $2,563,000) Projected NOI over $500k at 100% Occupancy! 7.5% Buyer’s Premium 24650 Center Ridge Road, Westlake, Ohio 44145 LIVE AUCTION New 10-Year Lease with Regus +1 216 239 5060 | www.colliers.com/p-usa1136052 ILLINOIS OHIO MULTI STATE OFFERINGS Business Real Estate & Auctions ADVERTISEMENT To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds BID DEADLINE JUNE 14 855.755.2300 HilcoRealEstateSales.com U.S. Bankruptcy Court Southern District of Texas (Houston). Petition No. 23-34815 | In re: GALLERIA 2425 OWNER, LLC 11-Story, 285,000± SF, Class A Building TwentyFour25 – Galleria Office & Mixed-Use Property 2425 West Loop South, Houston, TX •••••••••••••••••••••••••••• •••••••••••••••••••••••••••• BANKRUPTCY SALE Sale Subject to Stalking Horse Bid of $18,600,0000 Min. Overbid: $19,750,000 (Earnest Money Deposit: 10% of Purchase Price) Ideal for office, hotel, residential or mixed-use 1-800-639-1810 . www.jsjauctions.com NH Lic. #2279 MA Lic. #838 PUBLIC AUCTION 25.24 ± AC. RESIDENTIAL PARCEL WEDS. JUNE 19 AT 2:00 PM 27-56-B PAWTUCKET BLVD., TYNGSBOROUGH, MA GREAT DEVELOPMENT POTENTIAL ID #24-160 • 25.24 ± acre R-3 (multi-family) zoned vacant parcel formerly approved to construct sixteen duplex dwellings within the Floodplain District • The land is mostly flat & partially cleared to the front and wet to the rear • The parcel is across the street from the Merrimack River and is close to Vesper Country Club and Route 3 • Public water & sewer is available • Tax Map 27 Lot 56B. Total assessed value: $514,900. 2023 Taxes: $6,270.00. BROKER’S PROTECTED. TERMS: $100,000 deposit by cash, certified check, cashiers or treasurer’s check, balance of purchase price due within thirty (30) days. 5% Buyer’s Premium Due at Closing. Other terms may be announced at time of sale. FOR COMPLETE TERMS & DETAILS, PLEASE CALL OR VISIT OUR WEBSITE MASSACHUSETTS NOTABLE COmmErCiAL prOpErTiEs everyWednesday © 2024 Dow Jones & Company, Inc. All Rights Reserved. LIST YOUR PROPERTY TODAY (800) 366-3975 sales.realestate@wsj.com Place an ad at: wsj.com/classifieds

B8 | Wednesday, May 22, 2024 * * THE WALL STREET JOURNAL. Scan this code Get real-time U.S. stock quotes and track most-active stocks, new highs/lows, mutual funds and ETFs. All are available free at WSJMarkets.com Consumer Rates and Returns to Investor U.S. consumer rates A consumer rate against its benchmark over the past year 1.00 2.00 3.00 4.00 5.00% 2023 J J A S O N D J 2024 F M A M t Five-year CD yields t Federal-funds target rate Selected rates 5-year CDs Bankrate.com avg†: 2.87% America First FCU 4.20% Riverdale, UT 801-627-0900 Popular Direct 4.30% Miami Lakes, FL 800-274-5696 Quontic Bank 4.30% New York, NY 800-908-6600 First Internet Bank of Indiana 4.50% Indianapolis, IN 888-873-3424 First National Bank of America 4.50% East Lansing, MI 800-968-3626 Yield/Rate (%) 52-Week Range (%) 3-yr chg Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Federal-funds rate target 5.25-5.50 5.25-5.50 5.00 l 5.50 5.25 Prime rate* 8.50 8.50 8.25 l 8.50 5.25 SOFR 5.31 5.31 5.05 l 5.40 5.30 Money market, annual yield 0.51 0.48 0.46 l 0.64 0.43 Five-year CD, annual yield 2.87 2.84 2.77 l 2.87 2.42 30-year mortgage, fixed† 7.51 7.50 7.01 l 8.28 4.39 15-year mortgage, fixed† 6.86 6.94 6.34 l 7.42 4.45 Jumbo mortgages, $766,550-plus† 7.61 7.57 7.07 l 8.33 4.45 Five-year adj mortgage (ARM)† 6.64 6.69 5.80 l 7.16 3.58 New-car loan, 48-month 7.83 7.84 7.01 l 7.88 3.82 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Benchmark Yields and Rates Treasury yield curve Yield to maturity of current bills, notes and bonds 1.00 2.00 3.00 4.00 5.00 6.00% 1 month(s) 3 6 1 years 2 3 5 7 10 20 30 maturity t Tradeweb ICE Tuesday Close t One year ago Forex Race Yen, euro vs. dollar; dollar vs. major U.S. trading partners –16 –8 0 8 16% 2023 2024 Euro s Yen s WSJ Dollar Index s Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data International Stock Indexes Latest YTD Region/Country Index Close Net chg % chg % chg World MSCI ACWI 795.98 –0.07 –0.01 9.5 MSCI ACWI ex-USA 336.65 –1.35 –0.40 6.3 MSCIWorld 3479.84 2.77 0.08 9.8 MSCI Emerging Markets 1093.38 –8.53 –0.77 6.8 Americas MSCI AC Americas n.a. n.a. n.a. n.a. Canada S&P/TSX Comp 22468.16 2.79 0.01 7.2 Latin Amer. MSCI EM Latin America 2484.36 –19.61 –0.78 –6.7 Brazil Bovespa 127411.55 –339.37 –0.27 –5.0 Chile S&P IPSA 3650.12 … Closed 5.3 Mexico S&P/BMV IPC 56760.72 –632.56 –1.10 –1.1 EMEA STOXX Europe 600 522.95 –0.94 –0.18 9.2 Eurozone Euro STOXX 523.01 –2.50 –0.48 10.3 Belgium Bel-20 3991.00 –15.94 –0.40 7.6 Denmark OMX Copenhagen 20 2771.49 42.33 1.55 21.4 France CAC 40 8141.46 –54.51 –0.67 7.9 Germany DAX 18726.76 –42.20 –0.22 11.8 Israel Tel Aviv 1974.40 –6.23 –0.31 5.8 Italy FTSE MIB 34603.61 –221.40 –0.64 14.0 Netherlands AEX 911.51 –3.44 –0.38 15.8 Norway Oslo Bors All-Share 1655.26 12.02 0.73 8.9 South Africa FTSE/JSE All-Share 79808.07 –264.92 –0.33 3.8 Spain IBEX 35 11334.90 –4.60 –0.04 12.2 Sweden OMX Stockholm 1001.87 –0.55 –0.05 11.0 Switzerland Swiss Market 12001.50 –36.49 –0.30 7.8 Turkey BIST 100 10895.25 155.68 1.45 45.8 U.K. FTSE 100 8416.45 –7.75 –0.09 8.8 U.K. FTSE 250 20783.37 –89.96 –0.43 5.6 Asia-Pacific MSCI AC Asia Pacific 181.15 –1.25 –0.69 6.9 Australia S&P/ASX 200 7851.70 –11.96 –0.15 3.4 China Shanghai Composite 3157.97 –13.18 –0.42 6.2 Hong Kong Hang Seng 19220.62 –415.60 –2.12 12.7 India S&P BSE Sensex 73953.31 –52.63 –0.07 2.4 Japan NIKKEI 225 38946.93 –122.75 –0.31 16.4 Singapore Straits Times 3307.90 –6.15 –0.19 2.1 South Korea KOSPI 2724.18 –17.96 –0.65 2.6 Taiwan TAIEX 21236.75 –34.88 –0.16 18.4 Thailand SET 1370.83 –7.87 –0.57 –3.2 Sources: FactSet; Dow Jones Market Data Major U.S. Stock-Market Indexes Latest 52-Week % chg High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. Dow Jones Industrial Average 39905.80 39778.73 39872.99 66.22 0.17 40003.59 32417.59 20.6 5.8 5.2 Transportation Avg 15404.77 15164.48 15170.88 -257.67 -1.67 16695.32 13556.07 9.1 -4.6 -0.7 Utility Average 957.29 948.06 955.01 5.09 0.54 955.01 783.08 4.6 8.3 1.7 Total Stock Market 52916.12 52687.56 52892.35 91.53 0.17 52892.35 40847.04 27.9 10.7 6.9 Barron's 400 1158.90 1154.70 1158.74 0.43 0.04 1166.53 895.36 27.1 8.1 5.1 Nasdaq Stock Market Nasdaq Composite 16839.02 16719.97 16832.62 37.75 0.22 16832.62 12484.16 34.0 12.1 7.7 Nasdaq-100 18721.18 18589.91 18713.80 39.61 0.21 18713.80 13604.48 36.9 11.2 11.7 S&P 500 Index 5324.32 5297.87 5321.41 13.28 0.25 5321.41 4115.24 28.4 11.6 8.6 MidCap 400 3015.45 3006.63 3014.51 -5.14 -0.17 3046.36 2326.82 23.3 8.4 3.9 SmallCap 600 1337.76 1333.28 1336.58 -1.08 -0.08 1345.71 1068.80 16.0 1.4 -0.2 Other Indexes Russell 2000 2101.60 2094.02 2098.36 -4.14 -0.20 2124.55 1636.94 17.4 3.5 -1.8 NYSE Composite 18352.09 18300.15 18337.91 2.29 0.01 18388.26 14675.78 20.9 8.8 3.8 Value Line 606.46 603.35 604.71 -1.76 -0.29 615.81 498.09 11.9 1.8 -3.0 NYSE Arca Biotech 5282.64 5246.28 5271.89 -10.39 -0.20 5511.46 4544.40 -3.5 -2.7 -2.0 NYSE Arca Pharma 1040.29 1025.34 1033.62 8.27 0.81 1033.62 837.32 19.3 13.6 11.9 KBW Bank 107.04 105.83 106.94 1.11 1.05 107.64 71.71 35.9 11.4 -6.8 PHLX§Gold/Silver 151.23 149.43 150.50 -0.86 -0.57 151.36 102.94 18.6 19.7 -2.6 PHLX§Oil Service 89.47 88.26 88.32 -0.31 -0.35 98.76 69.29 18.3 5.3 13.3 PHLX§ Semiconductor 5080.91 5020.59 5074.40 -15.95 -0.31 5165.83 3124.09 59.7 21.5 18.5 Cboe Volatility 12.56 11.84 11.86 -0.29 -2.39 21.71 11.86 -36.0 -4.7 -16.2
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data Late Trading Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic trading services, securities dealers and regional exchanges.Minimum share price of $2 and minimum after-hours volume of 50,000 shares. Most-active issues in late trading Volume After Hours Company Symbol (000) Last Net chg % chg High Low Intel INTC 13,287.3 31.71 -0.03 -0.09 31.79 31.65 Sirius XM Holdings SIRI 8,950.1 2.90 0.01 0.35 2.91 2.89 Kenvue KVUE 4,455.9 19.89 -0.08 -0.40 20.01 19.89 SPDR S&P 500 ETF Trust SPY 3,614.3 531.17 -0.19 -0.04 531.43 497.85 CNH Industrial CNH 3,349.6 11.32 0.33 2.96 11.32 10.98 Arm Holdings ADR ARM 3,339.2 114.68 -0.09 -0.08 115.00 114.60 Paramount Global Cl B PARA 3,250.8 12.10 … unch. 12.20 12.09 Driven Brands DRVN 3,124.8 10.61 -0.19 -1.76 11.00 10.61 Percentage gainers… Rapid7 RPD 290.3 40.00 1.92 5.04 40.01 38.00 Nerdy Cl A NRDY 1,654.7 2.03 0.08 4.10 2.03 1.94 Alcon ALC 120.3 91.90 3.20 3.61 91.90 88.50 Associated Banc ASB 50.1 22.50 0.75 3.45 22.50 21.75 Talos Energy TALO 62.0 12.39 0.40 3.34 12.39 11.97 ...And losers ViaSat VSAT 306.3 16.51 -2.33 -12.37 19.50 16.01 Modine Manufacturing MOD 104.7 92.50 -8.97 -8.84 102.40 92.00 IamGold IAG 385.8 4.12 -0.37 -8.24 4.49 4.04 Hudbay Minerals HBM 338.4 9.52 -0.84 -8.11 10.37 9.14 CAE Inc CAE 102.1 18.59 -1.24 -6.25 19.83 16.00 Trading Diary Volume, Advancers, Decliners NYSE NYSE Amer. Total volume* 827,184,403 13,465,904 Adv. volume* 369,472,846 3,263,208 Decl. volume* 439,695,463 9,993,025 Issues traded 2,879 311 Advances 1,330 136 Declines 1,465 158 Unchanged 84 17 New highs 184 9 New lows 33 3 Closing Arms† 1.04 2.07 Block trades* 4,116 153 Nasdaq NYSE Arca Total volume*6,245,097,367 189,885,857 Adv. volume*2,431,633,190 71,379,160 Decl. volume*3,770,334,672 115,039,555 Issues traded 4,383 1,923 Advances 1,778 928 Declines 2,402 954 Unchanged 203 41 New highs 145 182 New lows 112 13 Closing Arms† 1.15 1.20 Block trades* 60,004 847 * Primary market NYSE, NYSE American NYSE Arca only. †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Arms of less than 1 indicates buying demand; above 1 indicates selling pressure. Percentage Gainers... Percentage Losers Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Greenwave Tech Solns GWAV 651,748 666.2 0.06 -62.72 1.12 0.04 MGO Global MGOL 327,802 131237.8 1.25 443.71 3.25 0.19 Crown Electrokinetics CRKN 309,506 194.1 0.13 -36.83 11.70 0.04 Mangoceuticals MGRX 236,106 40252.1 0.52 103.68 2.38 0.14 Faraday Future FFIE 222,658 69.6 1.39 -22.78 117.36 0.04 AgriFORCE Growing Sys AGRI 200,824 2990.5 0.15 17.15 24.35 0.08 Barnes & Noble Education BNED 199,182 5973.6 0.54 74.23 2.26 0.15 Nikola NKLA 151,953 57.1 0.54 2.07 3.71 0.51 Biodexa Pharma ADR BDRX 124,917 4308.2 2.33 83.46 15.92 0.67 Tesla TSLA 113,881 16.6 186.60 6.66 299.29 138.80 * Volumes of 100,000 shares or more are rounded to the nearest thousand Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low T. Rowe Price Growth ETF TGRT 1,178 17160 33.06 0.24 33.06 24.25 Cheetah Net Supply Chain CTNT 88,483 6747 1.18 -92.01 14.76 0.86 Kensington Cap V Cl A KCGI 322 5920 11.00 0.32 11.05 10.47 Franklin FTSE South Korea FLKR 2,226 4187 22.54 -0.70 23.70 18.64 Feutune Light Acqn FLFV 966 3173 11.02 -0.27 12.01 10.44 Haymaker Acqn Corp. 4 HYAC 1,295 3075 10.52 0.05 10.99 10.16 AllianzIM US LC Buffer10 DECT 362 2293 30.61 0.19 30.62 25.35 Arogo Cap Acqn Cl A AOGO 162 2190 10.90 -0.55 11.67 10.44 Trailblazer Merger I Cl A TBMC 265 2165 10.78 ... 11.61 10.11 FT Multi-Mgr SC Opps MMSC 144 1980 19.66 -0.35 20.33 14.15 * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 5,000 shares =Has traded fewer than 65 days Nasdaq Composite Index 16832.62 s 37.75, or 0.22% High, low, open and close for each trading day of the past three months. Last Year ago Trailing P/E ratio *† P/E estimate *† Dividend yield *† All-time high: 31.05 28.12 27.35 26.62 0.81 0.82 16832.62, 05/21/24 14800 15100 15400 15700 16000 16300 16600 Feb. Mar. Apr. May 65-day moving average EQUITIES CREDIT MARKETS Commodities Pricing trends on some raw materials, or commodities Tuesday 52-Week YTD Close Net chg % Chg High Low % Chg % chg DJ Commodity 1075.94 -4.00 -0.37 1079.94 930.59 12.35 12.33 Refinitiv/CC CRB Index 295.96 0.35 0.12 298.18 253.85 13.30 12.18 Crude oil, $ per barrel 79.26 -0.54 -0.68 93.68 67.12 8.71 10.62 Natural gas, $/MMBtu 2.671 -0.080 -2.91 3.575 1.575 15.08 6.25 Gold, $ per troy oz. 2421.70 -12.20 -0.50 2433.90 1816.60 22.78 17.42 Corporate Borrowing Rates and Yields Yield (%) 52-Week Total Return (%) Bond total return index Close Last Week ago High Low 52-wk 3-yr U.S. Treasury, Bloomberg 2141.630 4.620 4.650 5.120 4.010 0.426 –3.163 U.S. Treasury Long, Bloomberg 3065.820 4.620 4.670 5.280 3.920 –4.711 –9.301 Aggregate, Bloomberg 2033.790 5.030 5.060 5.740 4.490 2.233 –2.878 Fixed-Rate MBS, Bloomberg 2002.660 5.250 5.250 6.050 4.590 1.816 –3.104 High Yield 100, ICE BofA 3601.506 7.217 7.349 9.101 7.030 11.172 2.210 Muni Master, ICE BofA 581.849 3.567 3.471 4.311 3.038 3.819 –0.887 EMBI Global, J.P. Morgan 864.520 7.469 7.563 8.842 7.205 11.160 –1.763 Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Borealis Foods Cl A BRLS 7.11 3.11 77.75 12.50 3.71 -33.2 AEye LIDR 3.88 1.34 52.76 24.00 0.92 -35.3 Meta Materials MMAT 3.30 1.00 43.48 28.56 1.80 -87.3 Dogness International DOGZ 11.36 3.14 38.20 17.60 2.79 -30.2 NeoVolta NEOV 2.82 0.57 25.33 4.40 0.63 25.3 Acurx Pharmaceuticals ACXP 2.79 0.56 25.11 8.82 1.17 -6.4 Solowin Holdings SWIN 37.73 6.53 20.93 72.55 1.84 ... CareMax CMAX 3.41 0.55 19.23 126.00 2.24 -96.3 Guardion Health Sciences GHSI 9.27 1.37 17.28 10.75 5.01 38.9 Bloom Energy BE 15.13 2.21 17.11 18.76 8.41 2.0 Siyata Mobile SYTA 2.40 0.35 17.07 101.50 1.86 -97.4 Genelux GNLX 5.02 0.72 16.74 40.98 3.06 -79.3 Iris Energy IREN 7.40 1.04 16.35 9.69 2.79 96.8 RAPT Therapeutics RAPT 4.59 0.59 14.75 27.35 3.95 -78.3 LM Funding America LMFA 3.27 0.42 14.74 5.82 1.63 -29.0 Most Active Stocks Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Cheetah Net Supply Chain CTNT 1.18 -13.58 -92.01 14.76 0.86 ... American Oncology Network AONC 1.70 -0.93 -35.36 39.60 1.60 -83.4 WiSA Technologies WISA 2.46 -1.10 -30.90 306.00 1.66 -98.7 GT Biopharma GTBP 5.60 -2.20 -28.21 16.11 2.95 -40.8 a.k.a. Brands Holding AKA 17.95 -6.89 -27.74 33.73 3.81 283.6 OLB Group OLB 3.97 -1.42 -26.35 11.70 2.84 -50.3 iPower IPW 1.58 -0.47 -22.93 3.48 0.40 215.9 Aptorum Group APM 3.85 -0.98 -20.29 17.49 1.35 5.8 Children's Place PLCE 11.12 -2.70 -19.54 38.03 6.58 -53.2 VinFast Auto VFS 5.14 -1.18 -18.67 93.00 2.26 ... Peloton Interactive PTON 3.27 -0.64 -16.37 9.87 2.70 -54.9 ICZOOM Group Cl A IZM 2.08 -0.40 -16.13 52.21 1.99 -31.8 Blue Star Foods BSFC 2.74 -0.51 -15.69 120.00 2.05 -97.5 SAB Biotherapeutics SABS 2.91 -0.54 -15.65 10.50 2.50 -67.2 James Hardie Indus ADR JHX 30.99 -5.60 -15.30 41.98 24.18 25.7 Volume Movers Ranked by change from 65-day average* CURRENCIES & COMMODITIES Currencies U.S.-dollar foreign-exchange rates in late New York trading US$ vs, Tues YTD chg Country/currency in US$ per US$ (%) Americas Argentina peso .0011889.2419 10.0 Brazilreal .1952 5.1230 5.6 Canada dollar .7324 1.3655 3.1 Chile peso .001125 888.50 1.5 Colombiapeso .000262 3818.16 –1.5 EcuadorUS dollar 1 1 unch Mexico peso .0601 16.6421 –1.9 Uruguay peso .02602 38.4250 –1.6 Asia-Pacific Australiadollar .6666 1.5002 2.2 China yuan .1396 7.1641 0.7 Hong Kong dollar .1281 7.8046 –0.1 India rupee .01200 83.320 0.2 Indonesia rupiah .0000625 16001 4.0 Japan yen .006403 156.18 10.7 Kazakhstan tenge .002262 442.08 –2.9 Macau pataca .1243 8.0430 –0.1 Malaysia ringgit .2131 4.6925 2.1 New Zealand dollar .6090 1.6420 3.8 Pakistan rupee .00359 278.550 –0.9 Philippines peso .0172 58.210 5.1 Singapore dollar .7422 1.3474 2.1 South Korea won .0007329 1364.41 5.4 Sri Lanka rupee .0033331 300.02 –7.4 Taiwan dollar .03096 32.295 5.2 Thailand baht .02747 36.400 5.9 US$ vs, Tues YTD chg Country/currency in US$ per US$ (%) Vietnam dong .00003927 25462 4.9 Europe Czech Rep. koruna .04389 22.785 1.8 Denmark krone .1455 6.8745 1.5 Euro area euro 1.0855 .9213 1.7 Hungary forint .002816 355.17 2.3 Iceland krona .007231 138.29 1.7 Norway krone .0937 10.6727 4.9 Poland zloty .2552 3.9182 –0.5 Sweden krona .0935 10.6957 5.9 Switzerland franc 1.0977 .9110 8.2 Turkey lira .0311 32.1976 9.2 Ukraine hryvnia .0251 39.8500 4.5 UKpound 1.2710 .7868 0.2 Middle East/Africa Bahrain dinar 2.6601 .3759 –0.3 Egypt pound .0214 46.7352 51.1 Israel shekel .2726 3.6688 1.8 Kuwait dinar 3.2586 .3069 –0.1 Oman sul rial 2.5984 .3849 –0.03 Qatarrial .2746 3.641 –0.1 Saudi Arabia riyal .2666 3.7506 0.01 South Africa rand .0553 18.0766 –1.2 Close Net Chg % Chg YTD % Chg WSJ Dollar Index 99.27 –0.055–0.055 3.59 Sources: Tullett Prebon, Dow Jones Market Data Dow Jones Industrial Average 39872.99 s66.22, or 0.17% High, low, open and close for each trading day of the past three months. Last Year ago Trailing P/E ratio P/E estimate * Dividend yield All-time high 27.85 22.03 19.32 17.71 2.11 2.15 40003.59, 05/17/24 36500 37100 37700 38300 38900 39500 40100 Feb. Mar. Apr. May Current divisor 0.15221633137872 Bars measure the point change from session's open t t Session high Session low Session open Close Open Close DOWN UP 65-day moving average S&P 500 Index 5321.41 s13.28, or 0.25% High, low, open and close for each trading day of the past three months. Last Year ago Trailing P/E ratio * P/E estimate * Dividend yield * All-time high 23.83 18.57 21.62 18.82 1.35 1.67 5321.41, 05/21/24 4700 4800 4900 5000 5100 5200 5300 Feb. Mar. Apr. May 65-day moving average *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index MARKETS DIGEST

THE WALL STREET JOURNAL. * * Wednesday, May 22, 2024 | B9 Tuesday Energy Coal,C.Aplc.,12500Btu,1.2SO2-r,w 74.750 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.700 Metals Gold, per troy oz Engelhard industrial 2430.00 Handy & Harman base 2427.30 Handy & Harman fabricated 2694.30 LBMA Gold Price AM *2444.35 LBMA Gold Price PM *2420.30 Krugerrand,wholesale-e 2532.66 Maple Leaf-e 2557.01 American Eagle-e 2557.01 Mexican peso-e 2944.18 Austria crown-e 2390.03 Austria phil-e 2557.01 Silver, troy oz. Engelhard industrial 31.9000 Handy & Harman base 31.7560 Handy & Harman fabricated 39.6950 LBMA spot price *£25.0300 (U.S.$ equivalent) *31.7950 Coins,wholesale $1,000 face-a 24692 Other metals LBMA Platinum Price PM *1057.0 Platinum,Engelhard industrial 1060.0 Palladium,Engelhard industrial 1040.0 Aluminum, LME, $ per metric ton *2568.0 Tuesday Copper,Comex spot 5.1190 Iron Ore, 62% Fe CFR China-s *118.5 Steel, HRC USA, FOB Midwest Mill-s *760.0 Battery/EV metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 15075 BMI Lithium Hydroxide, EXW China, =56.5% -v,w 13525 BMI Cobalt sulphate, EXW China, >20.5% -v,m 4250 BMI Nickel Sulphate, EXW China, >22%-v,m 4168 BMI Flake Graphite, FOB China, -100 Mesh, 94-95% -v,m 485 Fibers and Textiles Burlap,10-oz,40-inch NY yd-n,w 0.8050 Cotton,1 1/16 std lw-mdMphs-u 0.7213 Cotlook 'A' Index-t *85.60 Hides,hvy native steers piece fob-u n.a. Wool,64s,staple,Terr del-u,w 3.07 Grains and Feeds Bran,wheat middlings, KC-u,w 75 Corn,No. 2 yellow,Cent IL-bp,u 4.2800 Corn gluten feed,Midwest-u,w 99.9 Corn gluten meal,Midwest-u,w 417.3 Cottonseed meal-u,w n.a. Hominy feed,Cent IL-u,w 115 Meat-bonemeal,50% pro Mnpls-u,w 320 Oats,No.2 milling,Mnpls-u 3.8700 Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Sorghum,(Milo) No.2 Gulf-u n.a. SoybeanMeal,Cent IL,rail,ton48%-u,w 381.30 Soybeans,No.1 yllw IL-bp,u 12.0900 Wheat,Spring14%-pro Mnpls-u 8.7625 Tuesday Wheat,No.2 soft red,St.Louis-u 6.8100 Wheat - Hard - KC (USDA) $ per bu-u 7.3550 Wheat,No.1soft white,Portld,OR-u 6.6750 Food Beef,carcass equiv. index choice 1-3,600-900 lbs.-u 293.01 select 1-3,600-900 lbs.-u 280.10 Broilers, National comp wtd. avg.-u,w 1.3203 Butter,AA Chicago-d 3.1125 Cheddar cheese,bbl,Chicago-d 206.00 Cheddar cheese,blk,Chicago-d 185.50 Milk,Nonfat dry,Chicago lb.-d 117.50 Coffee,Brazilian,Comp-y 2.0697 Coffee,Colombian, NY-y 2.3118 Eggs,large white,Chicago-u 1.5150 Flour,hard winter KC-p 19.40 Hams,17-20 lbs,Mid-US fob-u n.a. Hogs,Iowa-So. Minnesota-u 90.93 Pork bellies,12-14 lb MidUS-u 1.6789 Pork loins,13-19 lb MidUS-u 1.4364 Steers,Tex.-Okla. Choice-u n.a. Steers,feeder,Okla. City-u,w 294.00 Fats and Oils Degummed corn oil, crude wtd. avg.-u,w n.a. Grease,choice white,Chicago-h 0.4100 Lard,Chicago-u n.a. Soybean oil,crude;Centl IL-u,w 0.4402 Tallow,bleach;Chicago-h 0.4375 Tallow,edible,Chicago-u n.a. 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 5/20 Source: Dow Jones Market Data Metal & Petroleum Futures Contract Open Open High hi lo Low Settle Chg interest Copper-High (CMX)-25,000 lbs.; $ per lb. May 5.0575 5.1615 5.0575 5.1190 0.0315 1,526 July 5.1075 5.1795 5.0125 5.1060 0.0270 156,107 Gold (CMX)-100 troy oz.; $ per troy oz. May 2429.50 2429.50 2421.00 2421.70 –12.20 53 June 2431.50 2438.20 2408.50 2425.90 –12.60 207,262 July 2442.30 2448.80 2420.20 2436.90 –12.60 542 Aug 2453.90 2461.20 2431.80 2449.10 –12.60 259,216 Oct 2478.40 2483.50 2455.20 2472.30 –12.80 16,941 Dec 2501.10 2508.20 2479.20 2495.90 –12.90 32,202 Palladium(NYM)- 50 troy oz.; $ per troy oz. May 973.50 973.50 972.50 1029.40 –1.30 6 June 1035.50 1048.00 1009.50 1030.30 –1.30 15,198 Platinum(NYM)-50 troy oz.; $ per troy oz. May 1055.00 1055.00 1055.00 1056.70 –3.00 2 July 1061.50 1070.90 1039.60 1060.90 –2.80 78,237 Silver(CMX)-5,000 troy oz.; $ per troy oz. May 32.495 32.500 s 31.405 31.868 –0.337 131 July 32.055 32.720 31.280 32.078 –0.348 151,374 Crude Oil, Light Sweet(NYM)-1,000 bbls.; $ per bbl. June 79.70 79.78 78.08 79.26 –0.54 22,678 July 79.23 79.30 77.65 78.66 –0.64 403,934 Aug 78.80 78.91 77.37 78.28 –0.62 207,682 Sept 78.34 78.43 77.00 77.82 –0.60 166,808 Oct 77.84 77.92 76.52 77.31 –0.57 107,611 Dec 76.88 76.92 75.66 76.33 –0.54 184,805 NY Harbor ULSD(NYM)-42,000 gal.; $ per gal. June 2.4826 2.4844 2.4432 2.4623 –.0248 55,555 July 2.4965 2.5007 2.4597 2.4783 –.0248 80,650 Gasoline-NY RBOB(NYM)-42,000 gal.; $ per gal. June 2.5432 2.5457 2.4894 2.5100 –.0299 52,959 July 2.5291 2.5339 2.4780 2.4982 –.0297 112,008 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 2.733 2.798 2.640 2.671 –.080 87,644 July 2.891 2.945 2.802 2.839 –.062 312,031 Aug 2.927 2.977 2.851 2.886 –.049 85,715 Sept 2.877 2.926 2.810 2.844 –.038 188,972 Oct 2.934 2.982 2.873 2.905 –.029 160,457 Jan'25 3.915 3.941 3.856 3.885 –.031 89,132 Agriculture Futures Corn (CBT)-5,000 bu.; cents per bu. July 460.00 461.25 455.00 458.00 –2.50 664,185 Dec 483.50 485.50 479.50 482.25 –2.00 423,464 Oats (CBT)-5,000 bu.; cents per bu. July 372.00 372.25 361.50 362.00 –3.75 2,979 Dec 367.25 367.50 361.00 361.60 –3.50 948 Soybeans (CBT)-5,000 bu.; cents per bu. July 1246.50 1249.25 1230.00 1236.25 –11.75 369,515 Nov 1216.25 1218.75 1207.25 1213.00 –3.75 203,720 Soybean Meal(CBT)-100 tons; $ per ton. July 373.90 375.30 367.80 372.30 –1.80 219,698 Dec 369.20 369.50 365.90 368.60 –.60 97,301 Soybean Oil(CBT)-60,000 lbs.; cents per lb. July 46.27 46.37 45.48 45.81 –.51 228,244 Dec 47.10 47.16 46.35 46.63 –.46 134,554 Futures Contracts Contract Open Open High hilo Low Settle Chg interest Contract Open Open High hilo Low Settle Chg interest Contract Open Open High hilo Low Settle Chg interest Rough Rice (CBT)-2,000 cwt.; $ per cwt. July 18.83 18.85 18.57 18.59 –.26 4,981 Sept 15.55 15.69 s 15.55 15.62 .06 3,945 Wheat(CBT)-5,000 bu.; cents per bu. July 687.50 700.75 s 682.00 697.40 8.75 200,112 Sept 707.00 719.25 s 702.00 717.40 8.75 81,745 Wheat(KC)-5,000 bu.; cents per bu. July 696.00 706.50 689.25 701.40 4.75 116,206 Sept 710.00 720.25 704.25 716.25 5.50 59,576 Cattle-Feeder(CME)-50,000 lbs.; cents per lb. May 247.975 249.400 247.675 248.950 2.250 3,399 Aug 259.100 260.250 258.450 259.825 1.350 22,877 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 181.700 183.250 181.575 182.975 1.500 43,129 Aug 178.850 180.500 178.775 180.425 1.875 116,693 Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 96.200 96.925 95.750 96.400 –.525 34,525 July 99.425 99.875 98.625 99.325 –.625 72,106 Lumber(CME)-27,500 bd. ft., $ per 1,000 bd. ft. July 524.50 542.00 523.50 537.00 11.00 8,331 Sept 538.00 552.50 537.50 548.50 8.50 1,319 Milk (CME)-200,000 lbs., cents per lb. May 18.71 18.72 18.67 18.68 –.03 4,296 June 20.87 21.00 20.48 20.48 –.75 5,666 Cocoa (ICE-US)-10 metric tons; $ per ton. July 7,077 7,492 6,910 7,394 178 45,588 Dec 6,078 6,407 5,925 6,292 95 36,548 Coffee (ICE-US)-37,500 lbs.; cents per lb. July 207.00 219.10 206.35 217.20 10.50 93,096 Sept 206.00 217.75 205.45 216.00 10.25 63,486 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. July 18.67 18.76 18.41 18.56 –.12 359,145 Oct 18.68 18.78 18.45 18.60 –.08 205,106 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. July 38.00 38.00 38.00 38.00 … 1,558 March'25 37.25 37.25 t 36.05 37.25 … 1,752 Cotton (ICE-US)-50,000 lbs.; cents per lb. July 76.03 76.71 74.98 76.38 .35 104,701 Dec 75.01 75.55 74.25 75.28 .27 89,931 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. July 447.25 455.95 s 446.05 455.95 10.00 8,204 Sept 434.55 440.00 s 431.15 438.00 5.70 1,630 Interest Rate Futures Ultra Treasury Bonds (CBT)- $100,000; pts 32nds of 100% June 123-210 124-200 123-170 124-090 13.0 1,674,407 Sept 123-290 124-240 123-230 124-140 13.0 31,228 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% June 116-310 117-190 116-270 117-110 9.0 1,613,293 Sept 117-030 117-230 116-310 117-150 9.0 81,137 Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 109-000 109-105 108-315 109-075 4.5 4,293,412 Sept 109-105 109-200 109-090 109-170 5.0 127,482 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 105-245 105-305 105-242 105-285 2.5 6,174,063 Sept 106-052 106-110 106-047 106-092 3.0 206,704 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 101-210 101-227 101-206 101-218 .5 4,004,410 Sept 102-005 102-025 102-000 102-015 .7 86,464 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. May 94.6725 94.6725 t 94.6700 94.6700 –.0025 435,212 July 94.6800 94.6850 t 94.6800 94.6800 –.0050 344,577 Three-Month SOFR(CME)-$1,000,000; 100 - daily avg. March 94.6500 94.6525 t 94.6500 94.6525 .0025 935,205 Dec 95.0800 95.1100 95.0700 95.1000 .0150 1,231,979 Currency Futures Japanese Yen (CME)-¥12,500,000; $ per 100¥ June .6428 .6444 .6415 .6429 .0001 291,976 Sept .6514 .6531 .6503 .6516 .0001 3,210 Canadian Dollar(CME)-CAD 100,000; $ per CAD June .7343 .7348 .7315 .7328 –.0018 220,048 Sept .7356 .7360 .7330 .7341 –.0017 5,257 British Pound (CME)-£62,500; $ per £ June 1.2709 1.2729 1.2689 1.2714 … 206,615 Dec 1.2743 1.2744 1.2723 1.2735 .0001 10,764 Swiss Franc (CME)-CHF 125,000; $ per CHF June 1.1021 1.1039 1.1004 1.1009 –.0018 92,688 Sept 1.1120 1.1154 1.1119 1.1124 –.0018 519 Australian Dollar(CME)-AUD 100,000; $ per AUD June .6673 .6685 .6653 .6671 –.0008 195,996 Sept .6693 .6701 .6670 .6688 –.0008 1,521 Mexican Peso (CME)-MXN 500,000; $ per MXN June .06009 .06023 .05973 .05984 –.00026 268,286 Sept .05929 .05938 .05890 .05900 –.00026 1,109 Euro (CME)-€125,000; $ per € June 1.0872 1.0888 1.0856 1.0865 –.0013 634,896 Sept 1.0916 1.0933 1.0902 1.0911 –.0013 6,599 Index Futures Mini DJ Industrial Average (CBT)-$5 x index June 39946 40034 39907 40006 62 102,268 Sept 40340 40438 40318 40422 73 679 Mini S&P 500(CME)-$50 x index June 5331.75 5347.50 5322.50 5345.25 13.50 2,087,494 Sept 5393.00 5409.50 5384.75 5407.50 14.00 35,652 Mini S&P Midcap 400(CME)-$100 x index June 3030.20 3032.20 3014.10 3026.30 –4.40 38,643 Sept 3000.00 3057.30 3047.00 3053.50 –4.30 4 Mini Nasdaq 100(CME)-$20 x index June 18746.00 18808.75 s 18678.00 18799.25 36.25 244,166 Sept 18986.50 19048.00 s 18918.75 19039.25 37.75 4,295 Mini Russell 2000(CME)-$50 x index June 2111.60 2113.40 2093.60 2107.10 –2.80 462,036 Sept 2134.10 2135.50 2116.00 2130.10 –2.70 1,507 Mini Russell 1000(CME)-$50 x index June 2915.30 2925.30 2915.10 2924.00 7.00 6,207 U.S. Dollar Index (ICE-US)-$1,000 x index June 104.49 104.67 104.37 104.56 .10 39,187 Sept 104.07 104.22 103.98 104.15 .09 836 Source: FactSet Cash Prices Tuesday, May 21, 2024 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. | wsj.com/market-data/commodities Global Government Bonds: Mapping Yields Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago 4.875 U.S. 2 4.831 t l 4.837 4.969 4.287 4.375 10 4.414t l 4.436 4.613 3.690 4.250 Australia 2 3.967 s l 3.948 3.886 3.505 -87.4 -91.4 -76.3 3.750 10 4.263 s l 4.247 4.267 3.603 -15.5 -20.3 -8.0 2.500 France 2 3.051 t l 3.075 3.036 2.962 -179.0 -178.7 -130.6 3.500 10 2.982 t l 3.006 3.018 3.008 -143.6 -144.4 -67.5 2.900 Germany 2 2.985 t l 3.001 3.013 2.762 -185.6 -186.0 -150.6 2.200 10 2.503 t l 2.535 2.506 2.425 -191.5 -191.5 -125.9 3.600 Italy 2 3.511 s l 3.509 3.567 3.437 -133.0 -135.2 -83.1 3.850 10 3.811 t l 3.821 3.897 4.251 -60.7 -63.0 56.8 0.300 Japan 2 0.342 t l 0.346 0.263 -0.058 -449.9 -451.5 -432.6 0.800 10 0.985 s l 0.980 0.837 0.407 -343.3 -347.0 -327.6 2.800 Spain 2 3.193 t l 3.226 3.203 3.107 -164.8 -163.5 -116.1 3.250 10 3.280 t l 3.301 3.319 3.513 -113.8 -114.9 -17.0 0.125 U.K. 2 4.307 t l 4.362 4.367 3.943 -53.5 -49.9 -32.6 4.250 10 4.127 t l 4.176 4.230 3.988 -29.1 -27.4 30.5 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Corporate Debt Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific expectations Investment-grade spreads that tightened the most… Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Caterpillar Financial Services … 5.000 4.94 May 14, ’27 33 –95 37 Banco Santander … 5.294 5.51 Aug. 18, ’27 91 –89 93 PACCAR Financial … 5.000 4.85 May 13, ’27 25 –77 33 Cooperatieve Rabobank … 5.500 5.19 Oct. 5, ’26 36 –76 36 Westpac Banking … 5.050 5.02 April 16, ’29 59 –74 61 Bank of Nova Scotia BNS 5.350 5.30 Dec. 7, ’26 48 –60 49 Toronto–Dominion Bank* TD 3.200 5.27 March 10, ’32 86 –59 89 National Australia Bank … 2.500 5.05 July 12, ’26 23 –58 n.a. …And spreads that widened the most PACCAR Financial … 5.200 4.97 Nov. 9, ’26 15 66 n.a. Toyota Motor Credit … 5.400 5.12 Nov. 20, ’26 29 53 29 Macquarie Bank … 5.391 5.29 Dec. 7, ’26 47 46 n.a. Conagra Brands CAG 5.300 5.37 Oct. 1, ’26 55 36 n.a. Wells Fargo WFC 4.300 5.23 July 22, ’27 63 36 65 General Motors Financial … 5.400 5.38 May 8, ’27 78 15 81 Toronto–Dominion Bank TD 5.523 5.24 July 17, ’28 81 15 79 Home Depot HD 5.875 5.22 Dec. 16, ’36 82 11 83 High-yield issues with the biggest price increases… Bond Price as % of face value Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Rakuten … 9.750 9.42 April 15, ’29 101.250 0.29 100.250 Occidental Petroleum OXY 6.450 5.87 Sept. 15, ’36 105.014 0.28 104.688 Venture Global Calcasieu Pass … 4.125 6.05 Aug. 15, ’31 88.875 0.28 88.250 Talcott Resolution Life … 7.375 8.48 March 1, ’31 94.375 0.27 n.a. Navient NAVI 5.625 8.48 Aug. 1, ’33 82.000 0.25 81.000 Prime Security Services Borrower … 5.750 6.00 April 15, ’26 99.555 0.15 99.125 Telecom Italia Capital … 7.200 8.01 July 18, ’36 93.800 0.08 n.a. Tenet Healthcare … 6.875 6.04 Nov. 15, ’31 104.941 0.06 n.a. …And with the biggest price decreases Hughes Satellite Systems … 5.250 18.65 Aug. 1, ’26 76.750 –0.75 81.750 United States Cellular USM 6.700 6.32 Dec. 15, ’33 102.695 –0.18 103.050 Bath & BodyWorks BBWI 6.875 6.65 Nov. 1, ’35 101.805 –0.16 101.605 Mauser Packaging Solutions Holding … 7.875 7.01 April 15, ’27 102.250 –0.13 102.000 Telecom Italia Capital … 6.375 7.97 Nov. 15, ’33 89.558 –0.06 89.000 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Note: Data are for the most active issue of bonds with maturities of two years or more Source: MarketAxess Broad Market Bloomberg Fixed Income Indices 2033.79 -1.3 U.S. Aggregate 5.030 4.490 5.740 U.S. Corporate Indexes Bloomberg Fixed Income Indices 3093.90 -0.8 U.S. Corporate 5.460 5.020 6.430 3005.47 0.4 Intermediate 5.370 4.950 6.350 4076.16 -3.3 Long term 5.650 5.160 6.600 587.46 -1.9 Double-A-rated 5.070 4.540 5.760 835.83 -0.4 Triple-B-rated 5.660 5.250 6.700 High Yield Bonds ICE BofA 536.30 2.0 High Yield Constrained 7.832 7.620 9.560 522.02 3.0 Triple-C-rated 13.125 12.616 15.455 3601.51 1.7 High Yield 100 7.217 7.030 9.101 468.79 2.7 Global High Yield Constrained 7.639 7.552 9.440 354.88 2.5 Europe High Yield Constrained 6.327 6.207 8.022 U.S Agency Bloomberg Fixed Income Indices 1783.28 0.1 U.S Agency 5.000 4.380 5.390 1579.44 0.3 10-20 years 5.010 4.360 5.370 3361.51 -2.6 20-plus years 4.980 4.500 5.740 2718.01 -0.3 Yankee 5.290 4.860 6.110 Bonds | wsj.com/market-data/bonds/benchmarks Tracking Bond Benchmarks Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week highs and lows for different types of bonds Total return YTD total Yield (%) close return (%) Index Latest Low High *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan Total return YTD total Yield (%) close return (%) Index Latest Low High Mortgage-Backed Bloomberg Fixed Income Indices 2002.66 -1.6 Mortgage-Backed 5.250 4.590 6.050 1981.05 -1.5 Ginnie Mae (GNMA) 5.240 4.640 6.020 1177.14 -1.7 Fannie mae (FNMA) 5.250 4.570 6.050 1823.91 -1.0 Freddie Mac (FHLMC) 5.160 4.540 6.190 581.85 -1.1 Muni Master 3.567 3.038 4.311 410.94 -1.8 7-12 year 3.326 2.721 4.097 471.05 -1.0 12-22 year 3.805 3.388 4.742 446.80 -0.5 22-plus year 4.302 4.070 5.274 Global Government J.P. Morgan† 534.68 -1.7 Global Government 3.480 2.950 3.810 792.16 -1.3 Canada 3.590 3.090 4.260 351.57 -1.3 EMU§ 3.170 2.669 351.491 646.35 -2.1 France 3.120 2.540 3.630 456.13 -2.5 Germany 2.610 2.020 3.030 271.46 -2.7 Japan 1.370 0.710 1.370 496.07 -2.6 Netherlands 2.820 2.260 3.320 788.41 -2.9 U.K. 4.390 3.790 4.880 864.52 1.9 Emerging Markets ** 7.469 7.205 8.842 iShRussMC IWR 83.25 –0.13 7.1 iShRuss1000 IWB 291.81 0.17 11.3 iShRuss1000Grw IWF 345.48 0.22 14.0 iShRuss1000Val IWD 178.69 0.15 8.1 iShRuss2000 IWM 208.34 –0.10 3.8 iShS&P500Grw IVW 87.16 0.37 16.1 iShS&P500Value IVE 185.92 0.11 6.9 iShSelectDiv DVY 125.49 0.17 7.1 iSh7-10YTreaBd IEF 93.21 0.26 –3.3 iShShortTreaBd SHV 110.35 0.01 0.2 iShTIPSBond TIP 106.74 0.19 –0.7 iSh20+YTreaBd TLT 91.59 0.52 –7.4 iShUSTreasuryBd GOVT 22.48 0.16 –2.5 iSh0-3MTreaBd SGOV 100.59 0.02 0.3 JPM EqPrem JEPI 57.22 –0.17 4.1 JPM UltShIncm JPST 50.41 0.04 0.4 PacerUSCashCows COWZ 55.70 –0.34 7.1 ProShUltPrQQQ TQQQ 64.57 0.51 27.4 SPDRBbg1-3MTB BIL 91.68 0.01 0.3 SPDR DJIA Tr DIA 398.78 0.17 5.8 SPDR Gold GLD 224.23 –0.15 17.3 SPDRPtfDevxUS SPDW 36.49 –0.22 7.3 SPDRS&P500Value SPYV 49.87 0.12 6.9 SPDRPtfS&P500 SPLG 62.51 0.26 11.8 SPDRS&P500Growth SPYG 75.49 0.36 16.0 SPDR S&P 500 SPY 531.36 0.25 11.8 SchwabIntEquity SCHF 39.67 –0.20 7.3 SchwabUS BrdMkt SCHB 61.81 0.18 11.0 SchwabUS Div SCHD 79.46 –0.28 4.4 SchwabUS LC SCHX 62.99 0.21 11.7 SchwabUS LC Grw SCHG 95.58 0.31 15.2 SPDR S&PMdCpTr MDY 551.16 –0.10 8.6 SPDR S&P Div SDY 132.01 0.02 5.6 Closing Chg YTD ETF Symbol Price (%) (%) CommSvsSPDR XLC 82.74 –0.13 13.9 CnsmrDiscSel XLY 178.51 0.64 –0.2 DimenUSCoreEq2 DFAC 32.10 0.03 9.8 EnSelSectorSPDR XLE 93.88 –0.49 12.0 FinSelSectorSPDR XLF 42.18 0.64 12.2 GrayscaleBitcoin GBTC 61.60 –1.28 77.9 HealthCrSelSect XLV 146.25 0.17 7.2 IndSelSectorSPDR XLI 125.16 –0.33 9.8 InvscNasd100 QQQM 187.57 0.20 11.3 InvscQQQI QQQ 455.80 0.20 11.3 InvscS&P500EW RSP 167.83 –0.04 6.4 iShCoreDivGrowth DGRO 58.40 0.19 8.5 iShCoreMSCIEAFE IEFA 75.78 –0.14 7.7 iShCoreMSCIEM IEMG 54.43 –0.62 7.6 iShCoreMSCITotInt IXUS 69.82 –0.31 7.5 iShCoreS&P500 IVV 534.05 0.24 11.8 iShCoreS&P MC IJH 60.27 –0.12 8.7 iShCoreS&P SC IJR 110.16 –0.05 1.8 iShCoreS&PTotUS ITOT 116.78 0.21 11.0 iShCoreTotUSDBd IUSB 45.15 0.20 –2.0 iShCoreUSAggBd AGG 96.86 0.19 –2.4 iShEdgeMSCIMinUSA USMV 83.89 –0.06 7.5 iShEdgeMSCIUSAQual QUAL 166.25 0.09 13.0 iShGoldTr IAU 45.82 –0.15 17.4 iShiBoxx$IGCpBd LQD 107.32 0.17 –3.0 iShMBS MBB 91.47 0.30 –2.8 iShMSCIACWI ACWI 112.25 0.02 10.3 iShMSCI EAFE EFA 81.57 –0.16 8.3 iSh MSCI EM EEM 43.36 –0.62 7.8 iShNatlMuniBd MUB 106.47 ... –1.8 iSh1-5YIGCpBd IGSB 51.13 0.04 –0.3 iSh1-3YTreaBd SHY 81.44 0.05 –0.7 Closing Chg YTD ETF Symbol Price (%) (%) Tuesday, May 21, 2024 TechSelectSector XLK 214.66 0.16 11.5 VanEckSemicon SMH 234.67 –0.14 34.2 VangdSC Val VBR 189.63 –0.12 5.4 VangdExtMkt VXF 173.41 –0.33 5.5 VangdDivApp VIG 183.72 0.11 7.8 VangdFTSEAWxUS VEU 60.26 –0.30 7.3 VangdFTSEDevMk VEA 51.04 –0.16 6.6 VangdFTSE EM VWO 44.53 –0.58 8.3 VangdFTSE Europe VGK 70.05 –0.01 8.6 VangdGrowth VUG 353.84 0.39 13.8 VangdHlthCr VHT 266.91 0.02 6.5 VangdHiDiv VYM 121.01 0.12 8.4 VangdInfoTech VGT 539.81 0.09 11.5 VangdIntermBd BIV 74.59 0.16 –2.3 VangdIntrCorpBd VCIT 79.81 0.14 –1.8 VangdIntermTrea VGIT 57.97 0.17 –2.3 VangdLC VV 243.90 0.17 11.8 VangdMegaGrwth MGK 294.14 0.37 13.3 VangdMC VO 248.65 –0.09 6.9 VangdMBS VMBS 45.20 0.31 –2.5 VangdRealEst VNQ 84.36 –0.04 –4.5 VangdRuss1000Grw VONG 88.88 0.23 13.9 VangdS&P500ETF VOO 488.48 0.27 11.8 VangdST Bond BSV 76.42 0.05 –0.8 VangdSTCpBd VCSH 77.10 0.05 –0.3 VangdShortTrea VGSH 57.85 0.03 –0.8 VangdSC VB 225.31 –0.24 5.6 VangdTaxExemptBd VTEB 50.05 0.02 –2.0 VangdTotalBd BND 71.89 0.21 –2.3 VangdTotIntlBd BNDX 48.75 0.12 –1.2 VangdTotIntlStk VXUS 62.03 –0.29 7.0 VangdTotalStk VTI 263.11 0.21 10.9 VangdTotWrldStk VT 112.54 –0.01 9.4 VangdValue VTV 163.06 0.07 9.1 WT FRTrea USFR 50.49 0.02 0.5 Closing Chg YTD ETF Symbol Price (%) (%) Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET COMMODITIES wsj.com/market-data/commodities Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Money Rates May 21, 2024 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. Inflation April index Chg From (%) level March '24 April '23 U.S. consumer price index All items 313.348 0.33 3.3 Core 317.978 0.28 3.6 International rates Week 52-Week Latest ago High Low Prime rates U.S. 8.50 8.50 8.50 8.25 Canada 7.20 7.20 7.20 6.70 Japan 1.475 1.475 1.475 1.475 Policy Rates Euro zone 4.50 4.50 4.50 3.75 Switzerland 2.00 2.00 2.25 2.00 Britain 5.25 5.25 5.25 4.50 Australia 4.35 4.35 4.35 3.85 Overnight repurchase U.S. 5.35 5.35 5.48 5.04 U.S. government rates Discount 5.50 5.50 5.50 5.25 Federal funds Effective rate 5.3300 5.3300 5.3500 5.0800 High 5.6500 5.6500 5.6500 5.4000 Low 5.3100 5.3100 5.3300 5.0500 Bid 5.3300 5.3300 5.3300 5.0700 Offer 5.3500 5.3500 5.3700 5.0800 Treasury bill auction 4 weeks 5.270 5.270 5.750 5.010 13 weeks 5.245 5.250 5.345 5.130 Notes on data: 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 July 27, 2023. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective July 27, 2023. Secured Overnight Financing Rate is as of May 20, 2024. 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 5:30 p.m. ET. Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Tullett Prebon Information, Ltd. Week —52-WEEK— Latest ago High Low 26 weeks 5.160 5.165 5.350 4.975 Secondary market Fannie Mae 30-year mortgage yields 30 days 6.455 6.507 7.495 5.788 60 days 6.477 6.523 7.554 5.791 Other short-term rates Week 52-Week Latest ago high low Call money 7.25 7.25 7.25 7.00 Commercial paper (AA financial) 90 days 5.26 n.a. 5.54 5.14 Secured Overnight Financing Rate 5.31 5.31 5.40 5.05 Value 52-Week Latest Traded High Low DTCC GCF Repo Index Treasury 5.355 22.170 5.504 5.079 MBS 5.364 40.210 5.689 5.102 Week —52-WEEK— Latest ago High Low

B10 | Wednesday, May 22, 2024 *** THE WALL STREET JOURNAL. Net YTD Fund NAV Chg % Ret AB Funds MuniIncmShares 11.05 -0.01 1.0 AB Funds - ADV LgCpGrAdv 106.87 +0.14 15.2 American Century Inv Ultra 85.37 +0.16 14.6 American Funds Cl A AmcpA 42.27 ... 10.9 AMutlA 54.67 +0.10 7.6 BalA 34.11 +0.06 7.0 BondA 11.16 +0.02 -1.3 CapIBA 69.07 -0.05 5.0 CapWGrA 66.25 -0.02 10.5 EupacA 60.09 -0.19 9.9 FdInvA 81.19 +0.08 13.8 GwthA 71.94 +0.07 13.9 HI TrA 9.61 ... 3.6 ICAA 56.61 +0.08 12.6 IncoA 24.46 +0.01 5.1 N PerA 61.97 +0.02 10.9 NEcoA 60.74 -0.02 12.5 NwWrldA 81.57 -0.31 8.7 SmCpA 67.78 -0.36 2.3 TxExA 12.31 -0.02 -0.2 WshA 62.69 +0.10 10.0 Artisan Funds IntlVal Inst 49.99 +0.01 8.8 Baird Funds AggBdInst 9.66 +0.02 -0.9 CorBdInst 10.00 +0.02 -0.4 BlackRock Funds HiYldBd Inst 7.03 ... 2.7 BlackRock Funds III iShS&P500IdxK 624.64 +1.57 12.2 BlackRock Funds Inst EqtyDivd 20.84 +0.05 9.2 StratIncOpptyIns 9.36 +0.01 1.1 TotRet 9.78 +0.02 -0.7 Calamos Funds MktNeutI 14.56 +0.01 2.9 Columbia Class I DivIncom I 32.80 +0.04 8.3 Dimensional Fds EmgMktVa 32.21 -0.17 9.6 EmMktCorEq 24.29 -0.16 8.6 IntlCoreEq 16.40 -0.04 7.2 IntSmCo 20.50 -0.04 6.3 IntSmVa 23.35 -0.03 10.1 LgCo 35.36 +0.09 12.1 US CoreEq1 40.01 +0.05 11.3 Net YTD Fund NAV Chg % Ret US CoreEq2 35.84 +0.03 10.7 US Small 46.35 -0.04 4.7 US SmCpVal 46.95 +0.01 4.8 US TgdVal 33.12 -0.02 4.2 USLgVa 48.68 +0.03 9.8 Dodge & Cox Balanced 105.02 +0.12 5.5 GblStock 16.25 -0.02 8.9 Income 12.43 +0.03 -0.5 Intl Stk 53.39 -0.20 8.6 Stock 259.51 +0.73 9.1 DoubleLine Funds TotRetBdI 8.65 +0.02 -0.6 Edgewood Growth Instituti EdgewoodGrInst 48.62 +0.04 11.2 Federated Hermes Int TtlRtnBdI 9.33 +0.01 -1.0 Fidelity 500IdxInstPrem 185.09 +0.47 12.2 Contrafund K6 27.71 +0.07 20.3 ExtMktIdxInstPre 82.59 -0.27 5.8 FidSerInt 8.54 ... -1.1 FidSerToMarket 17.42 +0.03 11.3 GrowthCompanyK6 26.64 +0.01 18.7 IntlIdxInstPrem 51.02 -0.16 8.1 Net YTD Fund NAV Chg % Ret Tuesday, May 21, 2024 Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. rRedemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Mutual Funds LgCpGwId InstPre 33.68 +0.09 14.2 MidCpInxInstPrem 32.18 -0.04 7.4 SAIUSLgCpIndxFd 22.13 +0.05 12.2 SeriesBondFd 8.84 +0.02 -1.2 SeriesOverseas 14.15 -0.03 9.1 SerLTTreBdIdx 5.48 +0.03 -5.2 SmCpIdxInstPrem 26.06 -0.05 4.1 TMktIdxInstPrem 146.35 +0.25 11.3 TotalMarketIndex 18.51 +0.03 11.4 TtlIntIdxInstPr 14.12 -0.06 7.4 USBdIdxInstPrem 10.17 +0.02 -1.2 Fidelity Advisor I Total Bd 9.38 +0.02 -0.5 Fidelity Freedom FF2030 17.49 ... 6.0 FF2035 15.55 ... 7.5 FF2040 11.41 ... 9.2 Freedom2030 K 17.47 ... 6.1 Freedom2035 K 15.53 ... 7.5 Freedom2040 K 11.42 ... 9.3 Idx2030InsPre 19.84 +0.01 5.1 Idx2035InsPre 22.81 +0.01 6.4 Idx2040InsPre 23.92 ... 7.9 Idx2045InsPre 25.12 ... 8.5 Idx2050InsPre 25.16 ... 8.5 Fidelity Invest Balanc 29.00 +0.07 8.1 BluCh 207.67 +0.17 19.9 BluChpGr K6 31.83 +0.02 18.6 Contra 19.34 +0.05 20.3 ContraK 19.40 +0.04 20.3 CpInc 9.94 ... 5.0 GroCo 37.75 +0.04 18.3 InvGrBd 9.86 +0.02 -0.8 LowP 48.12 -0.13 9.2 Magin 14.06 +0.02 17.7 NASDAQ 213.80 +0.50 12.4 OTC 21.51 +0.03 17.6 Puritn 25.61 +0.06 10.3 SAIUSMinVolIndFd 20.33 +0.04 8.9 SAIUSQtyIdx 21.84 -0.01 12.8 SrsBlChGroRetail 18.63 +0.01 19.3 SrsEmrgMkt 18.95 -0.13 9.3 SrsGlobal 14.93 -0.06 7.8 SrsGroCoRetail 23.10 +0.02 18.6 SrsIntlGrw 18.61 -0.04 8.6 SrsIntlVal 12.91 -0.02 10.6 TotalBond 9.39 +0.02 -0.4 Fidelity SAI TotalBd 8.89 +0.02 -0.3 U.S.TreBdIdx 8.61 +0.02 -1.4 Fidelity Selects Semiconductors r 32.46 -0.03 33.9 Softwr 27.47 -0.15 1.2 Tech 33.21 +0.01 16.5 First Eagle Funds GlbA 69.05 -0.15 9.4 Franklin A1 IncomeA1 2.35 ... 3.3 FrankTemp/Frank Adv IncomeAdv 2.33 ... 3.4 FrankTemp/Franklin A DynaTech A 155.30 -0.01 16.1 Growth A 138.04 +0.22 12.6 RisDv A 94.08 +0.04 6.6 Guggenheim Funds Tru TotRtnBdFdClInst 23.28 +0.04 -0.5 Harbor Funds CapApInst 110.99 +0.14 15.0 Harding Loevner IntlEq 27.09 -0.15 4.4 Invesco Funds Y DevMktY 40.76 -0.29 5.5 JHF III DispVal DispValMCI 29.36 -0.02 7.3 John Hancock BondR6 13.34 +0.03 -0.4 JPMorgan I Class CoreBond 10.10 +0.02 -0.7 EqInc 24.54 +0.01 7.4 LgCpGwth 71.07 +0.18 18.2 JPMorgan R Class CoreBond 10.11 +0.02 -0.6 CorePlusBd 7.13 +0.01 -0.2 Lord Abbett I ShtDurInc p 3.84 ... 1.7 Metropolitan West TotRetBdI 8.91 +0.02 -1.5 TRBdPlan 8.36 +0.02 -1.4 MFS Funds IIE 35.40 -0.14 7.5 MFS Funds Class I GrowthI 204.56 +0.42 18.9 ValueI 51.49 -0.02 8.6 Natixis Funds LSGrowthY 26.07 +0.07 12.2 Northern Funds StkIdx 54.77 +0.14 12.2 Old Westbury Fds LrgCpStr 19.41 +0.01 11.8 Parnassus Fds ParnEqFd 60.51 -0.02 9.9 PGIM Funds Cl Z TotalReturnBond NA ... NA PIMCO Fds Instl AllAsset 11.20 +0.01 2.7 TotRt 8.50 +0.03 -0.1 PIMCO Funds A IncomeFd 10.55 +0.02 1.6 PIMCO Funds I2 Income 10.55 +0.02 1.7 PIMCO Funds Instl IncomeFd 10.55 +0.02 1.8 Price Funds BlChip 176.05 +0.77 17.9 DivGro 77.55 +0.19 9.8 Growth 98.72 +0.28 14.0 LgCapGow I 76.02 +0.19 15.6 MidCap 106.17 -0.67 6.1 R2030 25.59 +0.01 6.9 Putnam Funds Class A PutLargCap p 35.34 +0.15 14.8 Putnam Funds Class Y PutLargCap 35.36 +0.15 15.0 Schwab Funds 1000 Inv r 114.46 +0.23 11.8 S&P Sel 82.00 +0.21 12.2 TSM Sel r 90.11 +0.16 11.3 TIAA/CREF Funds EqIdxInst 37.45 +0.06 11.2 IntlEqIdxInst 23.65 -0.06 8.2 LrgCpGrIdxInst 59.19 +0.16 14.2 VANGUARD ADMIRAL 500Adml 491.98 +1.24 12.2 BalAdml 46.93 +0.09 6.3 CAITAdml 11.29 -0.01 -0.5 CapOpAdml r 197.78 +0.22 10.4 DivAppIdxAdm 49.85 +0.07 8.3 EMAdmr 36.98 -0.24 8.3 EqIncAdml 91.21 +0.12 8.9 ExplrAdml 109.11 -0.27 5.7 ExtndAdml 131.56 -0.43 5.8 GroIncAdml 102.84 +0.19 14.0 GrwthAdml 182.04 +0.63 13.9 HlthCareAdml r 91.56 +0.20 6.8 HYCorAdml r 5.36 ... 1.3 InfProAd 23.02 +0.05 0.1 InfTechIdx 276.30 +0.16 11.8 IntlGrAdml 111.66 -0.49 9.7 ITBondAdml 10.09 +0.02 -1.2 ITIGradeAdml 8.50 +0.01 -0.3 LarCapAd 123.12 +0.29 12.0 LTGradeAdml 7.71 +0.02 -3.3 MidCpAdml 308.00 -0.25 7.3 MuHYAdml 10.62 -0.02 0.6 MuIntAdml 13.52 -0.02 -0.5 MuLTAdml 10.81 -0.02 -0.4 MuLtdAdml 10.77 -0.01 0.2 MuShtAdml 15.70 -0.01 0.7 PrmcpAdml r 174.45 +0.32 11.6 RealEstatAdml 119.49 -0.04 -3.7 SmCapAdml 107.90 -0.30 5.9 SmGthAdml 89.88 -0.43 5.9 STBondAdml 10.01 +0.01 0.3 STIGradeAdml 10.18 +0.01 1.0 STIPSIxAdm 24.17 +0.02 1.6 TotBdAdml 9.46 +0.02 -1.2 TotIntBdIdxAdm 19.50 +0.03 -0.5 TotIntlAdmIdx r 33.30 -0.13 7.3 TotStAdml 128.02 +0.22 11.2 TxMCapAdml 274.80 +0.55 11.5 TxMIn r 16.39 -0.05 7.0 USGroAdml 166.64 +0.01 13.6 ValAdml 63.60 +0.06 9.8 WdsrllAdml 83.89 +0.10 10.3 WellsIAdml 61.45 +0.11 2.6 WelltnAdml 76.18 +0.15 7.2 WndsrAdml 77.16 +0.07 6.5 VANGUARD FDS DivdGro 39.02 +0.01 6.0 IntlVal 43.24 -0.23 7.1 LifeGro 44.55 ... 7.5 LifeMod 32.07 +0.02 5.3 PrmcpCor 35.29 +0.07 11.2 STAR 28.34 ... 5.5 TgtRe2020 27.79 +0.02 3.4 TgtRe2025 19.24 +0.01 4.7 TgtRe2030 37.45 +0.02 5.6 TgtRe2035 23.54 +0.01 6.4 TgtRe2040 42.13 +0.01 7.2 TgtRe2045 28.80 +0.01 8.0 TgtRe2050 48.26 ... 8.6 TgtRe2060 49.61 -0.01 8.6 TgtRet2055 53.85 ... 8.6 TgtRetInc 13.29 +0.02 2.6 Welltn 44.12 +0.09 7.2 WndsrII 47.28 +0.05 10.3 VANGUARD INDEX FDS ExtndIstPl 324.65 -1.06 5.8 IdxIntl 19.91 -0.07 7.3 MdCpGrAdml 100.87 -0.29 6.9 MdCpVlAdml 80.49 +0.08 7.7 SmValAdml 81.46 -0.10 5.9 TotBd2 9.34 +0.02 -1.3 TotIntlInstIdx r 133.16 -0.52 7.3 TotItlInstPlId r 133.19 -0.52 7.3 TotSt 127.99 +0.23 11.2 VANGUARD INSTL FDS BalInst 46.94 +0.09 6.3 DevMktsIndInst 16.41 -0.05 7.0 DevMktsInxInst 25.65 -0.08 7.0 ExtndInst 131.55 -0.43 5.8 GrwthInst 182.06 +0.64 13.9 InPrSeIn 9.38 +0.02 0.2 InstIdx 438.74 +1.10 12.2 InstPlus 438.74 +1.10 12.2 InstTStPlus 91.16 +0.16 11.2 MidCpInst 68.04 -0.05 7.3 MidCpIstPl 335.56 -0.27 7.3 SmCapInst 107.90 -0.29 5.9 SmCapIstPl 311.45 -0.84 5.9 STIGradeInst 10.18 +0.01 1.0 STIPSIxins 24.19 +0.02 1.6 TotBdInst 9.46 +0.02 -1.2 TotBdInst2 9.34 +0.02 -1.2 TotBdInstPl 9.46 +0.02 -1.2 TotIntBdIdxInst 29.26 +0.04 -0.4 TotStInst 128.04 +0.22 11.2 ValueInst 63.60 +0.07 9.8 WCM Focus Funds WCMFocIntlGrwIns 25.34 ... 11.3 Western Asset CorePlusBdI NA ... NA Net YTD Fund NAV Chg % Ret Net YTD Fund NAV Chg % Ret Net YTD Fund NAV Chg % Ret Net YTD Fund NAV Chg % Ret Net YTD Fund NAV Chg % Ret Net YTD Fund NAV Chg % Ret Data provided by BANKRATE.COM® MMA, Savings and CDs Average Yields of Major Banks Tuesday, May 21, 2024 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR National average Savings 0.60 0.48 0.52 1.73 1.60 1.67 1.44 1.18 1.19 Jumbos 0.96 0.49 0.54 1.78 1.66 1.78 1.54 1.28 1.31 Weekly change Savings 0.02 0.03 0.01 0.04 0.07 0.07 0.04 0.03 0.01 Jumbos 0.01 0.03 0.00 0.04 0.06 0.06 0.02 0.02 -0.01 Consumer Savings Rates Below are the top federally insured offers available nationwide according to Bankrate.com's weekly surveyofhighestyields. For latestoffersand reviewsof these financial institutions,please visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. High yield savings Bank Yield Bank Yield Phone number Minimum (%) Phone number Minimum (%) Money market account Six-month CD MyBankingDirect $500 5.55 Rising Bank $1,000 5.35 (516) 683-4100 (888) 222-9484 BrioDirect $5,000 5.35 Merrick Bank $25,000 5.35 (877) 369-2746 (866) 638-6851 Vio Bank $100 5.30 Popular Direct $10,000 5.30 (888) 999-9170 (800) 274-5696 One-month CD One-year CD VirtualBank, a division of First Horizon Bank $10,000 2.48 CIBC Bank USA $1,000 5.36 (877) 998-2265 (800) 662-7748 Lone Star Bank $1,000 0.20 Limelight Bank, a division of Capital Community Bank $1,000 5.35 (713) 358-9400 (800) 639-6015 Presidential Bank, FSB $1,000 0.10 Rising Bank $1,000 5.31 (800) 799-1424 (888) 222-9484 Two-month CD Two-year CD VirtualBank, a division of First Horizon Bank $10,000 2.74 TAB Bank $1,000 4.80 (877) 998-2265 (800) 355-3063 Lone Star Bank $1,000 0.20 Luana Savings Bank $2,000 4.76 (713) 358-9400 (800) 666-2012 Presidential Bank, FSB $1,000 0.10 First Internet Bank of Indiana $1,000 4.76 (800) 799-1424 (888) 873-3424 Three-month CD Five-year CD Popular Direct $10,000 5.30 First National Bank of America $1,000 4.50 (800) 274-5696 (800) 968-3626 Merrick Bank $25,000 5.30 First Internet Bank of Indiana $1,000 4.50 (866) 638-6851 (888) 873-3424 America First FCU $500 5.25 Quontic Bank $500 4.30 (801) 627-0900 (800) 908-6600 High yield jumbos- Minimum is $100,000 Money market account Six-month CD Vio Bank 5.30 Merrick Bank 5.35 (888) 999-9170 (866) 638-6851 UFB Direct 5.25 Popular Direct 5.30 (877) 472-9200 (800) 274-5696 Western State Bank 5.15 TAB Bank 5.27 (701) 277-5003 (800) 355-3063 One-month CD One-year CD VirtualBank, a division of First Horizon Bank 2.48 GTE Financial Credit Union (U) 5.38 (877) 998-2265 (888) 871-2690 Lone Star Bank 0.20 CIBC Bank USA 5.36 (713) 358-9400 (800) 662-7748 Presidential Bank, FSB 0.10 Limelight Bank, a division of Capital Community Bank 5.35 (800) 799-1424 (800) 639-6015 Two-month CD Two-year CD VirtualBank, a division of First Horizon Bank 2.74 Luana Savings Bank 4.91 (877) 998-2265 (800) 666-2012 Lone Star Bank 0.20 TAB Bank 4.80 (713) 358-9400 (800) 355-3063 Presidential Bank, FSB 0.10 First Internet Bank of Indiana 4.76 (800) 799-1424 (888) 873-3424 Three-month CD Five-year CD Popular Direct 5.30 First Internet Bank of Indiana 4.50 (800) 274-5696 (888) 873-3424 Merrick Bank 5.30 Luana Savings Bank 4.38 (866) 638-6851 (800) 666-2012 America First FCU 5.25 Popular Direct 4.30 (801) 627-0900 (800) 274-5696 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of compounding and rate stated for the lowest required opening deposit to earn interest. CD figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of which may be checks. Rates are subject to change. Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Internet: www.bankrate.com Net Stock Sym Close Chg ABC AECOM ACM 90.14 0.57 AES AES 21.04 -0.24 Aflac AFL 87.59 0.40 AGCO AGCO 108.14 -1.97 Ansys ANSS 326.79 -1.80 APA APA 30.72 -0.18 ASE Tech ASX 10.86 0.01 ASML ASML 925.27 -14.17 AT&T T 17.27 -0.25 ATI ATI 60.49 -0.24 AbbottLabs ABT 102.96 -0.25 AbbVie ABBV 162.93 -1.63 Accenture ACN 303.64 -2.06 AcuityBrands AYI 264.98 3.11 Adobe ADBE 481.85 -2.84 AdvDrainageSys WMS 179.24 1.86 AdvMicroDevices AMD 164.66 -1.67 Aegon AEG 6.87 -0.02 AerCap AER 91.69 0.20 AffirmA AFRM 32.28 -0.75 AgilentTechs A 153.67 -0.97 AgnicoEagleMines AEM 70.12 -0.66 AirProducts APD 264.66 -1.55 Airbnb ABNB 144.10 -2.27 AkamaiTech AKAM 94.50 -0.40 Albemarle ALB 126.64 -3.51 Albertsons ACI 20.50 -0.14 s Alcoa AA 44.09 1.56 Alcon ALC 88.70 0.60 AlexandriaRlEst ARE 123.49 -0.22 Alibaba BABA 86.13 -2.15 AlignTech ALGN 264.02 -3.42 Allegion ALLE 123.55 0.31 AlliantEnergy LNT 52.12 0.34 Allstate ALL 168.19 0.33 AllyFinancial ALLY 39.36 -0.08 AlnylamPharm ALNY 149.62 -0.62 Alphabet A GOOGL 177.85 0.93 Alphabet C GOOG 179.54 1.08 AltairEngg ALTR 90.74 -0.73 s Altria MO 46.33 0.43 Amazon.com AMZN 183.15 -0.39 Ambev ABEV 2.32 -0.02 Amcor AMCR 10.07 0.13 Amdocs DOX 82.14 0.10 AmerSports AS 14.76 -1.27 Ameren AEE 74.56 0.16 AmericaMovil AMX 19.65 -0.18 AmerAirlines AAL 14.03 -0.49 s AEP AEP 92.62 0.03 AmerExpress AXP 243.08 0.78 AmericanFin AFG 132.62 0.30 AmHomes4Rent AMH 36.72 -0.02 AIG AIG 78.68 -0.11 AmerTowerREIT AMT 194.13 2.37 AmerWaterWorks AWK 134.36 0.79 Ameriprise AMP 434.08 0.98 Ametek AME 169.13 0.53 Amgen AMGN 314.85 0.31 AmkorTech AMKR 32.80 -0.33 s Amphenol APH 135.40 2.04 AnalogDevices ADI 216.64 -0.84 s AngloGoldAsh AU 25.39 -0.47 AB InBev BUD 66.24 -0.10 AnnalyCap NLY 20.17 0.05 AnteroResources AR 34.38 -1.14 Aon AON 289.98 -2.98 APi Group APG 36.62 0.71 ApolloGlblMgmt APO 114.70 1.75 AppFolio APPF 238.37 -4.77 Apple AAPL 192.35 1.31 AppliedIndlTechs AIT 201.08 0.09 ApplMaterials AMAT 219.80 -0.15 AppLovin APP 84.00 -0.57 Aptargroup ATR 148.59 0.42 Aptiv APTV 82.31 0.37 Aramark ARMK 32.91 0.10 ArcelorMittal MT 26.19 0.07 s ArchCapital ACGL 101.65 1.48 ADM ADM 61.27 0.40 AresMgmt ARES143.62 -0.94 argenx ARGX 356.66 -4.92 AristaNetworks ANET 316.99 -2.40 Arm ARM 114.77 4.31 AspenTech AZPN 221.28 0.14 Assurant AIZ 171.38 -0.81 AsteraLabs ALAB 73.34 0.83 s AstraZeneca AZN 79.18 2.07 Atlassian TEAM 178.05 -1.79 AtmosEnergy ATO 118.50 0.22 Autodesk ADSK 220.28 -1.12 Autoliv ALV 126.26 0.98 ADP ADP 252.14 0.36 AutoZone AZO 2820.83-103.21 Avalonbay AVB 198.47 1.06 Avangrid AGR 35.99 -0.06 Avantor AVTR 24.90 -0.03 s AveryDennison AVY 229.14 3.09 AxaltaCoating AXTA 34.95 -0.28 AxonEnterprise AXON 287.95 -4.08 BCE BCE 33.85 -0.22 BHP Group BHP 61.63 0.05 s BJ'sWholesale BJ 80.47 -0.22 BP BP 37.06 -0.20 BWX Tech BWXT 88.46 -0.03 Baidu BIDU 105.14 -3.73 BakerHughes BKR 33.02 -0.09 Ball BALL 70.31 0.22 BBVA BBVA 10.87 0.12 BancoBradesco BBDO 2.36 ... BancodeChile BCH 24.54 0.13 BancSanBrasil BSBR 5.49 0.06 BcoSantChile BSAC 19.95 -0.04 BancoSantander SAN 5.20 -0.01 s BanColombia CIB 37.27 -0.04 s BankofAmerica BAC 39.65 0.83 BankMontreal BMO 94.63 0.44 BankNY Mellon BK 59.08 0.13 BankNovaScotia BNS 48.53 0.48 s Barclays BCS 11.17 0.15 BarrickGold GOLD 17.80 -0.12 s Bath&BodyWks BBWI 50.01 -0.66 BaxterIntl BAX 34.45 -0.57 BectonDicknsn BDX 234.86 -2.27 BeiGene BGNE 167.39 -6.93 s BentleySystems BSY 56.72 -0.33 Berkley WRB 79.23 0.56 BerkHathwy A BRK.A 6251501900.00 BerkHathwy B BRK.B 414.37 1.37 BestBuy BBY 72.67 -1.24 Bio-Techne TECH 82.68 0.18 Bio-RadLab A BIO 289.45 -2.43 Biogen BIIB 227.69 -3.89 BioMarinPharm BMRN 77.34 0.29 BioNTech BNTX 92.07 -0.40 Birkenstock BIRK 47.60 -0.41 BlackRock BLK 804.93 -0.26 Blackstone BX 127.71 2.04 Block SQ 71.51 -2.03 BlueOwlCapital OWL 18.92 0.11 Boeing BA 184.78 -1.83 Booking BKNG 3822.34 53.72 BoozAllen BAH 154.15 0.17 BorgWarner BWA 36.50 -0.37 BostonProps BXP 62.35 0.25 s BostonSci BSX 75.67 0.31 t BristolMyers BMY 42.27 -1.09 BritishAmTob BTI 31.47 0.12 Broadcom AVGO 1399.20 -14.83 BroadridgeFinl BR 199.97 -0.42 BrookfieldAsset BAM 40.50 0.02 Brookfield BN 44.58 -0.23 BrookfieldInfr BIP 30.25 -0.39 BrookfieldRenew BEPC 31.67 0.54 s Brown&Brown BRO 89.85 -0.01 t Brown-Forman A BF.A 48.12 0.17 t Brown-Forman B BF.B 47.31 0.09 Bruker BRKR 76.40 -0.07 BuildersFirst BLDR 167.94 -1.29 BungeGlobal BG 103.31 1.03 BurlingtonStrs BURL 190.00 -0.71 CACI Intl CACI 426.89 -0.36 s CAVA CAVA 78.22 -2.25 CBRE Group CBRE 90.42 0.23 CDW CDW 230.38 2.14 CF Industries CF 78.58 0.02 CGI A GIB 105.18 0.47 CH Robinson CHRW 82.60 -1.93 CME Group CME 210.35 -0.92 CMS Energy CMS 62.61 -0.14 CNA Fin CNA 44.93 0.52 CNH Indl CNH 10.99 -0.15 CRH CRH 81.11 -0.74 CSX CSX 33.07 -0.34 CVS Health CVS 57.32 -0.08 CadenceDesign CDNS 290.10 -2.37 CaesarsEnt CZR 35.59 0.65 CamdenProperty CPT 105.92 0.35 s Cameco CCJ 53.73 -0.27 CampbellSoup CPB 46.03 -0.35 CIBC CM 49.07 0.13 CanNtlRlwy CNI 126.69 -1.52 CanadianNatRscs CNQ 77.14 -0.12 CdnPacKC CP 81.21 -1.43 CapitalOne COF 140.42 -0.20 CardinalHealth CAH 96.01 -2.45 s Carlisle CSL 426.80 6.98 Carlyle CG 44.39 1.02 CarMax KMX 71.97 -0.60 Carnival CCL 16.20 0.11 Carnival CUK 14.65 0.02 s CarrierGlobal CARR 66.22 0.24 Carvana CVNA 115.03 -2.47 CaseysGenStores CASY 336.17 1.70 Catalent CTLT 54.96 -0.04 Caterpillar CAT 359.07 -3.68 Celanese CE 155.43 -1.10 CelsiusHldg CELH 95.96 -0.13 Cemex CX 7.75 -0.11 Cencora COR 217.08 -3.92 CenovusEnergy CVE 20.27 0.11 Centene CNC 78.40 0.83 CenterPointEner CNP 30.41 0.42 CentraisElBras EBR 7.35 0.06 CerevelTherap CERE 41.77 -0.28 CharlesRiverLabs CRL 221.48 -1.58 CharterComms CHTR 275.11 0.27 CheckPoint CHKP 151.58 -0.28 Chemed CHE 559.81 -4.53 CheniereEnergy LNG 159.85 0.05 CheniereEnerPtrs CQP 49.47 0.14 ChesapeakeEner CHK 90.73 -0.87 Chevron CVX 159.97 -1.17 Chipotle CMG 3172.80 -3.59 ChordEnergy CHRD 180.39 1.48 Chubb CB 265.00 0.86 ChunghwaTel CHT 38.88 -0.37 Church&Dwight CHD 107.06 0.55 ChurchillDowns CHDN 135.47 0.10 Cigna CI 336.38 3.01 CincinnatiFinl CINF 118.59 0.64 Cintas CTAS 699.95 2.49 CiscoSystems CSCO 46.94 -0.19 s Citigroup C 64.74 1.58 CitizensFin CFG 36.57 0.08 CleanHarbors CLH 215.52 1.44 Cleveland-Cliffs CLF 17.51 -0.20 Clorox CLX 134.36 -0.47 Cloudflare NET 74.38 -1.24 Coca-Cola KO 62.91 0.34 CocaColaCon COKE 981.17 35.84 Coca-ColaEuro CCEP 74.01 0.06 Cognex CGNX 48.16 -0.35 CognizantTech CTSH 68.79 -0.79 Coherent COHR 57.82 -1.07 CoinbaseGlbl COIN 225.78 0.59 ColgatePalm CL 95.17 0.78 Comcast A CMCSA 39.21 ... ComfortSystems FIX 327.36 6.14 SABESP SBS 14.98 -0.21 ConagraBrands CAG 30.79 0.08 Confluent CFLT 31.54 -0.48 ConocoPhillips COP 120.41 -0.48 ConEd ED 96.34 -0.17 ConstBrands A STZ 250.98 0.42 ConstellationEner CEG 222.59 7.52 Cooper COO 96.76 -0.45 Copart CPRT 54.93 0.01 Core&Main CNM 60.63 -0.19 CorebridgeFin CRBG 31.01 0.28 s Corning GLW 36.48 0.96 Corpay CPAY 273.11 -5.83 Corteva CTVA 56.65 -0.09 CoStar CSGP 86.85 -0.67 Costco COST 800.93 7.93 CoterraEnergy CTRA 27.84 -0.59 Coty COTY 10.49 0.03 Coupang CPNG 22.96 ... Crane CR 147.94 0.92 Credicorp BAP 165.67 1.55 Crocs CROX 144.42 5.10 CrowdStrike CRWD 349.32 0.57 CrownCastle CCI 100.75 0.13 Crown Holdings CCK 85.73 0.56 CubeSmart CUBE 43.41 -0.49 Cummins CMI 285.96 1.12 s Curtiss-Wright CW 285.21 5.82 CyberArkSoftware CYBR 245.84 -3.86 DEF s DTE Energy DTE 117.18 0.83 Danaher DHR 266.55 -0.56 Darden DRI 149.69 -2.29 Datadog DDOG 122.33 1.04 DaVita DVA 138.69 -2.24 Dayforce DAY 61.05 -1.25 DeckersOutdoor DECK 899.74 -3.11 Deere DE 386.74 -4.74 DellTechC DELL 147.24 1.79 DeltaAir DAL 52.23 -0.76 DescartesSystems DSGX 98.57 -0.87 DeutscheBank DB 16.88 -0.07 DevonEnergy DVN 49.77 -0.25 DexCom DXCM 130.84 0.15 Diageo DEO 139.73 -0.82 DiamondbkEner FANG 196.56 -1.27 Dick's DKS 188.51 -5.22 DigitalRealty DLR 144.26 0.91 DiscoverFinSvcs DFS 125.18 0.57 Disney DIS 103.01 0.11 DocuSign DOCU 59.89 -0.61 DolbyLab DLB 81.63 -1.06 DollarGeneral DG 142.60 4.77 DollarTree DLTR 114.70 1.22 DominionEner D 53.94 0.16 Domino's DPZ 513.72 -2.36 Donaldson DCI 75.14 -0.42 DoorDash DASH 112.82 -1.14 Dover DOV 186.06 0.98 Dow DOW 58.91 -0.33 DrReddy'sLab RDY 68.92 0.21 DraftKings DKNG 43.38 -1.34 Dropbox DBX 23.63 -0.26 s DukeEnergy DUK 104.38 0.72 Duolingo DUOL 180.89 3.34 DuPont DD 79.52 -0.35 Dynatrace DT 48.29 -0.07 elfBeauty ELF 158.97 5.20 s EMCOR EME 388.24 4.41 ENI E 31.38 -0.32 EOG Rscs EOG 128.90 -0.96 EPAM Systems EPAM 191.26 -0.24 EQT EQT 41.19 -0.73 EagleMaterials EXP 242.29 -14.68 EastWestBncp EWBC 76.02 -0.36 EastGroup EGP 165.45 -0.57 EastmanChem EMN 99.95 -0.66 Eaton ETN 336.73 3.48 eBay EBAY 52.17 0.93 s Ecolab ECL 235.00 0.31 Ecopetrol EC 12.29 -0.01 s EdisonIntl EIX 76.77 0.67 EdwardsLife EW 90.34 0.56 ElancoAnimal ELAN 16.70 -0.30 Elastic ESTC 109.40 -1.26 ElbitSystems ESLT 199.60 3.23 ElectronicArts EA 128.85 0.55 ElevanceHealth ELV 545.61 3.99 EmersonElec EMR 113.70 ... Enbridge ENB 36.78 ... EncompassHealth EHC 85.80 -0.31 s Endeavor EDR 26.77 -0.17 EnergyTransfer ET 15.93 -0.20 EnphaseEnergy ENPH 111.50 -1.95 Entegris ENTG 130.59 -2.27 s Entergy ETR 114.22 1.42 EnterpriseProd EPD 28.68 0.03 Equifax EFX 238.05 -13.64 Equinix EQIX 792.24 1.22 Equinor EQNR 28.67 0.34 Equitable EQH 40.74 0.34 EquityLife ELS 64.63 0.46 EquityResdntl EQR 66.80 0.33 ErieIndemnity ERIE 396.63 -0.68 EssentialUtil WTRG 39.36 0.07 EssexProp ESS 264.16 0.75 EsteeLauder EL 132.72 1.58 s EvercoreA EVR 205.77 2.75 Everest EG 394.16 4.36 Evergy EVRG 55.63 0.54 EversourceEner ES 61.22 0.44 ExactSciences EXAS 53.52 2.52 Exelon EXC 38.52 0.06 Expedia EXPE 111.71 -2.61 ExpeditorsIntl EXPD 117.72 -0.69 ExtraSpaceSt EXR 146.08 -4.21 ExxonMobil XOM 117.85 -0.82 F5 FFIV 173.44 -0.81 FMC FMC 64.03 0.16 s FTAI Aviation FTAI 82.93 2.87 FTI Consulting FCN 223.14 -1.66 Fabrinet FN 231.57 0.23 FactSet FDS 449.93 -2.55 FairIsaac FICO 1374.80 -71.48 Fastenal FAST 66.31 -0.35 FederalRealty FRT 101.29 0.28 FedEx FDX 252.33 -2.38 Ferguson FERG 211.91 -0.65 Ferrari RACE 418.37 1.72 Ferrovial FER 40.90 0.90 FidNatlFinl FNF 52.83 0.09 FidNatlInfo FIS 78.11 0.39 FifthThirdBncp FITB 38.04 0.28 FirstCitizBcshA FCNCA 1777.41 13.96 s FirstHorizon FHN 16.25 0.28 FirstSolar FSLR 212.11 15.77 FirstEnergy FE 40.43 0.37 Fiserv FI 152.77 1.43 Flex FLEX 29.75 -0.09 Floor&Decor FND 116.83 -0.96 FlutterEnt FLUT209.69 -0.11 FomentoEconMex FMX 117.51 -1.27 FordMotor F 12.15 ... Fortinet FTNT 61.31 -1.03 Fortis FTS 40.91 0.07 Fortive FTV 77.10 -0.04 FortuneBrands FBIN 71.81 -0.43 FoxA FOXA 32.87 -0.12 FoxB FOX 30.40 -0.18 Franco-Nevada FNV 128.38 -0.69 FranklinRscs BEN 23.87 -0.07 FreeportMcM FCX 54.32 -0.54 FreseniusMedCare FMS 21.42 -0.51 FullTruck YMM 9.24 -0.17 Futu FUTU 76.76 -1.87 GHI GE Aerospace GE 161.00 1.72 GE HealthCare GEHC 81.94 0.19 GE Vernova GEV 163.93 2.98 GFLEnvironmental GFL 31.61 -0.84 GSK GSK 44.46 -0.13 Gallagher AJG 257.84 1.45 Gaming&Leisure GLPI 46.33 -0.15 Gap GPS 21.49 0.27 Garmin GRMN 170.73 0.54 Gartner IT 449.35 -6.95 GenDigital GEN 25.05 0.58 Generac GNRC 154.23 3.01 s GeneralDynamics GD 297.06 -3.17 GeneralMills GIS 70.63 -0.80 GeneralMotors GM 44.92 -0.19 Genmab GMAB 29.15 -0.54 Gentex GNTX 34.35 -0.06 GenuineParts GPC 151.51 -0.42 Gerdau GGB 3.63 -0.11 GileadSciences GILD 67.29 -0.61 GitLab GTLB 58.17 -0.35 GlobalPayments GPN 107.36 -0.02 GlobalFoundries GFS 54.84 0.84 GlobeLife GL 83.33 -2.68 GlobusMedical GMED 66.50 0.24 s GoDaddy GDDY 138.87 0.91 GoldFields GFI 16.56 -0.24 GoldmanSachs GS 470.41 7.47 Grab GRAB 3.72 -0.02 Graco GGG 83.15 -0.41 Grainger GWW 956.77 3.37 GraphicPkg GPK 27.70 0.41 GpoAeroportuar PAC 194.72 -1.64 GpoAeroportSur ASR 345.94 -8.94 s Guidewire GWRE 123.40 -1.47 HCA Healthcare HCA 321.12 -3.93 HDFC Bank HDB 56.17 -0.34 HF Sinclair DINO 56.90 0.16 HP HPQ 32.69 0.87 HSBC HSBC 44.58 0.39 H World HTHT 37.76 -1.96 Haleon HLN 8.52 0.01 Halliburton HAL 37.63 -0.33 HartfordFinl HIG 102.12 0.04 Hasbro HAS 62.48 0.40 HealthpeakProp DOC 19.75 -0.04 Heico HEI 216.16 1.16 s Heico A HEI.A 174.55 0.63 HenrySchein HSIC 73.25 -0.22 Hershey HSY 207.35 -0.74 Hess HES 154.61 -1.22 HessMidstream HESM 35.81 0.02 HewlettPackard HPE 17.78 -0.02 Hilton HLT 205.80 0.23 Hologic HOLX 74.55 -0.30 HomeDepot HD 336.15 -1.67 HondaMotor HMC 33.38 -0.48 Honeywell HON 203.51 -1.11 HormelFoods HRL 36.43 -0.34 DR Horton DHI 149.38 -0.41 HostHotels HST 18.34 -0.04 Net Stock Sym Close Chg Net Stock Sym Close Chg HoulihanLokey HLI 136.21 0.87 s HowmetAerospace HWM 84.79 0.73 Hubbell HUBB 404.00 6.23 HubSpot HUBS 610.95 -9.04 Humana HUM 355.63 0.41 t JBHunt JBHT 159.36 -4.74 HuntingtonBcshs HBAN 14.15 0.14 HuntingIngalls HII 253.76 -1.83 HyattHotels H 150.30 -0.37 ICICI Bank IBN 27.00 -0.08 IdexxLab IDXX 518.44 -11.63 ING Groep ING 17.98 0.11 IQVIA IQV 229.38 -0.71 ITT ITT 139.17 -0.49 IcahnEnterprises IEP 16.43 -0.23 Icon ICLR 317.88 -0.84 IDEX IEX 217.12 -2.67 IllinoisToolWks ITW 248.78 -1.81 Illumina ILMN 107.61 -0.92 ImperialOil IMO 69.58 -0.13 Incyte INCY 57.40 0.21 Informatica INFA 30.16 -0.43 Infosys INFY 17.01 -0.12 IngersollRand IR 95.20 1.06 Ingredion INGR 118.81 0.58 Insulet PODD 182.79 -1.35 Intel INTC 31.74 -0.36 s InteractiveBrkrs IBKR 126.60 1.05 ICE ICE 137.27 0.32 InterContinentl IHG 100.28 -0.66 IBM IBM 173.47 3.55 IntlFlavors IFF 97.90 -0.92 IntlPaper IP 41.89 0.71 Interpublic IPG 31.48 -0.50 Intuit INTU 667.82 -2.33 IntuitiveSurgical ISRG 402.11 2.08 InvitatHomes INVH 35.18 -0.25 IronMountain IRM 82.85 0.75 ItauUnibanco ITUB 6.45 -0.05 JKL JD.com JD 33.29 -1.46 JPMorganChase JPM 199.52 3.94 Jabil JBL 117.79 -3.22 JackHenry JKHY 169.08 -0.37 JacobsSolns J 138.79 1.90 JamesHardie JHX 30.99 -5.60 JefferiesFinl JEF 47.21 0.14 J&J JNJ 151.24 -0.03 s JohnsonControls JCI 72.86 2.24 JonesLang JLL 200.03 -2.07 JuniperNetworks JNPR 34.55 -0.09 KB Financial KB 59.70 0.42 KBR KBR 66.58 0.47 KE Holdings BEKE 18.91 -0.14 KKR KKR 106.49 1.61 KLA KLAC 765.14 -7.66 s Kanzhun BZ 21.98 -0.65 Kaspi.kz KSPI 115.80 -0.30 Kellanova K 62.25 0.17 Kenvue KVUE 19.97 0.07 KeurigDrPepper KDP 33.96 0.28 KeyCorp KEY 15.32 0.09 KeysightTech KEYS 146.36 -13.39 KimberlyClark KMB 133.74 0.12 KimcoRealty KIM 19.02 0.11 s KinderMorgan KMI 19.74 -0.10 s KinrossGold KGC 8.22 0.06 KinsaleCapital KNSL 385.44 0.08 Knight-Swift KNX 46.47 -1.99 Philips PHG 27.31 -0.07 KoreaElecPwr KEP 7.44 -0.04 KraftHeinz KHC 35.92 0.14 Kroger KR 53.66 -0.23 LKQ LKQ 44.50 -0.26 LPL Financial LPLA 269.65 0.23 s L3HarrisTech LHX 225.25 1.63 Labcorp LH 205.34 -1.49 LamResearch LRCX 964.00 21.96 LamarAdv LAMR 120.74 -0.01 LambWeston LW 87.23 0.56 LasVegasSands LVS 46.21 -0.61 LatticeSemi LSCC 73.29 -0.12 LegendBiotech LEGN 42.96 -2.47 s Leidos LDOS 150.28 0.84 Lennar A LEN 162.71 -0.96 Lennar B LEN.B 150.07 -1.88 LennoxIntl LII 493.35 2.43 LeviStrauss LEVI 21.95 0.11 t LiAuto LI 20.96 -0.75 LibertyBroadbandC LBRDK 52.67 -0.72 LibertyBroadbandA LBRDA 52.91 -0.74 LibertyLiveC LLYVK 41.96 1.14 LibertyLiveA LLYVA 40.46 1.23 LibertyFormOne A FWONA 66.41 0.33 LibertyFormOne C FWONK 72.35 0.27 LibertySirius C LSXMK 23.55 -0.61 LibertySirius A LSXMA 23.59 -0.57 Light&Wonder LNW 96.92 3.67 s EliLilly LLY 803.17 19.99 LincolnElectric LECO 225.03 -2.73 Linde LIN 435.04 2.43 LiveNationEnt LYV 101.98 2.55 LloydsBanking LYG 2.83 ... LockheedMartin LMT 468.31 1.23 Loews L 76.21 0.08 LogitechIntl LOGI 92.46 2.57 Lowe's LOW 224.86 -4.31 t lululemon LULU 322.98 -4.09 LyondellBasell LYB 100.14 0.04 M N M&T Bank MTB 153.38 1.12 MGM Resorts MGM 40.81 -0.55 MKS Instrum MKSI 131.83 -0.78 MPLX MPLX 40.90 0.04 MSA Safety MSA 189.93 -1.62 MSCI MSCI 505.53 -6.73 MagnaIntl MGA 46.49 -0.56 MakeMyTrip MMYT 81.73 -7.98 ManhattanAssoc MANH 225.67 -4.97 ManulifeFinl MFC 26.37 0.21 Maplebear CART 32.58 -0.34 MarathonOil MRO 26.29 -0.17 MarathonPetrol MPC 176.58 0.50 Markel MKL 1637.21 -2.27 MarketAxess MKTX 217.56 2.59 Marriott MAR 238.28 -2.05 Marsh&McLen MMC 209.93 0.77 MartinMarietta MLM 581.31 -1.79 MarvellTech MRVL 73.30 -1.17 Masco MAS 69.90 0.37 MasTec MTZ 108.86 -0.02 Net Stock Sym Close Chg Mastercard MA 459.10 -0.56 MatadorRscs MTDR 62.50 0.09 MatchGroup MTCH 30.03 -0.35 McCormick MKC 74.00 -0.27 McDonald's MCD 265.87 -2.00 McKesson MCK 552.39 -11.61 Medpace MEDP 396.65 -0.60 Medtronic MDT 85.17 0.66 MercadoLibre MELI 1772.07 -15.66 Merck MRK 130.76 -0.23 MetaPlatforms META 464.63 -4.21 MetLife MET 72.59 -0.30 Mettler-Toledo MTD 1521.29 3.00 MicrochipTech MCHP 95.78 -0.23 MicronTech MU 127.50 -1.50 s Microsoft MSFT 429.04 3.70 MicroStrategy MSTR 1655.42 -71.82 MidAmApt MAA 136.50 -0.36 MitsubishiUFJ MUFG 9.98 -0.05 MizuhoFin MFG 4.08 -0.06 Mobileye MBLY 27.51 -0.19 s Moderna MRNA 143.69 2.68 MohawkInds MHK 119.56 0.64 MolinaHealthcare MOH 342.32 -1.52 MolsonCoorsA TAP.A 60.80 -0.60 t MolsonCoorsB TAP 55.16 -0.05 s monday.com MNDY 241.45 12.05 Mondelez MDLZ 70.66 0.39 MongoDB MDB 365.26 -2.75 MonolithicPower MPWR 756.74 0.86 MonsterBev MNST 53.38 -0.20 s Moody's MCO 412.95 0.38 s MorganStanley MS 101.53 1.20 Morningstar MORN 300.04 2.92 Mosaic MOS 30.86 0.08 s MotorolaSol MSI 369.74 1.31 MurphyUSA MUSA 441.01 -2.93 NICE NICE 199.85 -0.83 NIO NIO 5.25 0.03 NNN REIT NNN 42.45 0.31 NRG Energy NRG 83.03 1.55 NVR NVR 7620.22 -57.54 s NXP Semicon NXPI 274.42 0.85 Nasdaq NDAQ 62.44 -0.01 Natera NTRA 108.26 1.95 NationalGrid NGG 72.72 0.35 NatWest NWG 8.21 0.06 s NetApp NTAP 112.95 0.67 NetEase NTES 98.90 -5.83 s Netflix NFLX 650.61 9.79 Neurocrine NBIX 140.55 -1.10 NewOrientalEduc EDU 79.75 -1.62 NYTimes A NYT 49.24 0.21 Newmont NEM 44.04 -0.40 NewsCorp B NWS 27.09 -0.14 NewsCorp A NWSA 26.29 -0.13 NextEraEnergy NEE 76.95 1.08 Nike NKE 92.82 1.05 s NiSource NI 29.21 0.09 Nokia NOK 3.84 0.03 Nomura NMR 5.83 0.01 Nordson NDSN 243.14 -25.27 NorfolkSouthern NSC 224.71 -5.62 NorthernTrust NTRS 84.60 0.14 NorthropGrum NOC 471.90 2.96 Novartis NVS 102.84 ... NovoNordisk NVO 135.16 2.25 NuHoldings NU 12.02 0.35 Nucor NUE 172.12 1.19 s Nutanix NTNX 73.37 1.21 Nutrien NTR 59.58 -0.39 nVentElectric NVT 83.20 1.56 NVIDIA NVDA 953.86 6.06 OPQ s ONEOK OKE 83.01 0.30 ON Semi ON 72.82 -1.46 OReillyAuto ORLY 995.59 0.26 OccidentalPetrol OXY 63.35 -0.22 Okta OKTA 101.38 -1.25 OldDomFreight ODFL 175.46 -3.51 OldRepublic ORI 31.85 0.06 OmegaHealthcare OHI 31.72 0.86 Omnicom OMC 94.97 -1.24 OnHolding ONON 37.31 -1.05 OntoInnovation ONTO 230.58 2.88 OpenText OTEX 30.93 -0.20 Oracle ORCL 124.63 0.11 Orange ORAN 11.77 0.02 Orix IX 107.52 -2.15 Oshkosh OSK 118.40 -0.37 OtisWorldwide OTIS 98.15 1.07 Ovintiv OVV 49.45 -0.36 OwensCorning OC 178.51 1.65 PDD PDD 145.45 -1.32 s PG&E PCG 18.92 0.27 PNC Finl PNC 158.55 1.41 POSCO PKX 72.23 -1.73 PPG Ind PPG 133.73 -0.04 s PPL PPL 29.84 0.23 PTC PTC 182.67 -1.33 Paccar PCAR 105.60 0.18 PackagingCpAm PKG 181.85 0.29 PalantirTech PLTR 21.24 -0.38 PaloAltoNtwks PANW311.66 -12.11 PanAmerSilver PAAS 22.22 -0.23 ParamountA PARAA 21.71 0.72 ParamountB PARA 12.10 0.08 ParkerHannifin PH 546.87 -1.13 Paychex PAYX 125.90 0.33 PaycomSoftware PAYC 179.67 -0.62 Paylocity PCTY 172.58 1.15 PayPal PYPL 64.10 -0.67 Pearson PSO 12.15 -0.01 PembinaPipeline PBA 37.13 -0.07 PenskeAuto PAG 154.92 -0.44 Pentair PNR 84.27 -0.34 Penumbra PEN 200.23 -1.21 PepsiCo PEP 181.08 0.77 PerformanceFood PFGC 71.57 -0.61 PermianRscs PR 16.19 -0.18 PetroleoBrasil PBR 15.02 -0.10 PetroleoBrasilA PBR.A 14.25 -0.08 Pfizer PFE 28.56 0.03 PhilipMorris PM 100.23 0.64 Phillips66 PSX 144.14 -0.28 Pilgrim'sPride PPC 37.79 -0.32 PinnacleWest PNW 78.62 0.61 Pinterest PINS 41.51 -1.13 PlainsAllAmPipe PAA 17.59 0.11 PlainsGP PAGP 18.67 0.13 Pool POOL 371.14 2.85 Primerica PRI 230.95 2.84 PrincipalFinl PFG 83.49 -0.05 Net Stock Sym Close Chg ProcoreTech PCOR 70.24 -0.14 s Procter&Gamble PG 168.35 1.04 Progressive PGR 209.38 2.40 Prologis PLD 110.60 -1.45 PrudentialFinl PRU 117.84 0.14 Prudential PUK 20.48 0.02 s PublicServiceEnt PEG 75.15 0.84 PublicStorage PSA 283.03 -2.87 PulteGroup PHM 117.90 -1.30 PureStorage PSTG 59.91 -0.21 Qiagen QGEN 45.02 -0.45 Qorvo QRVO 97.99 -0.69 s Qualcomm QCOM 200.85 3.09 QuantaServices PWR 272.05 4.39 QuestDiag DGX 143.34 -0.83 R S RBC Bearings RBC 295.36 -1.66 RB Global RBA 75.53 0.28 RELX RELX 44.23 0.11 RPM RPM 112.74 -0.46 RTX RTX 105.43 0.41 RalphLauren RL 168.00 1.06 RangeResources RRC 37.56 -1.29 RaymondJames RJF 124.79 -0.34 RealtyIncome O 55.08 0.10 Reddit RDDT 59.31 -1.91 RegalRexnord RRX 157.85 -2.32 RegencyCtrs REG 60.17 0.22 RegenPharm REGN 993.95 6.68 RegionsFinl RF 19.89 0.01 ReinsGrp RGA 209.69 -0.19 Reliance RS 300.55 -2.76 RenaissanceRe RNR 231.77 4.37 RentokilInit RTO 26.91 -0.57 Repligen RGEN 166.90 -4.88 RepublicSvcs RSG 186.48 0.50 ResMed RMD 218.28 -0.46 RestaurantBrands QSR 69.00 -1.00 Revvity RVTY 113.23 1.21 RexfordIndlRealty REXR 45.80 -0.42 RioTinto RIO 73.48 0.09 Rivian RIVN 10.05 -0.23 s Robinhood HOOD 20.96 0.12 Roblox RBLX 32.55 -1.04 RocketCos. RKT 14.54 -0.11 Rockwell ROK 270.36 -0.86 RogersComm B RCI 39.23 -0.20 RoivantSciences ROIV 11.23 -0.14 Roku ROKU 57.97 -1.30 Rollins ROL 46.50 -0.29 RoperTech ROP 541.40 -4.97 RossStores ROST 132.30 0.78 RoyalBkCanada RY 105.88 0.04 RoyalCaribbean RCL 150.75 3.05 s RoyalGold RGLD 134.31 0.04 RoyaltyPharma RPRX 27.17 -0.31 RyanSpecialty RYAN 54.00 -0.30 Ryanair RYAAY121.77 -0.90 SAP SAP 194.72 -0.58 S&P Global SPGI 439.87 2.13 SBA Comm SBAC 198.37 -0.04 SEI Investments SEIC 68.45 0.48 SK Telecom SKM 21.19 -0.03 SS&C Tech SSNC 63.33 -0.13 Saia SAIA 379.52 -18.76 Salesforce CRM 283.76 -3.31 Samsara IOT 40.95 -0.19 Sanofi SNY 48.95 0.53 SareptaTherap SRPT 129.12 -1.71 Schlumberger SLB 48.29 0.06 s SchwabC SCHW 78.90 0.24 Sea SE 73.26 0.14 Seagate STX 93.60 -3.21 s Sempra SRE 78.40 0.31 ServiceIntl SCI 70.10 0.61 ServiceNow NOW 777.05 2.87 s SharkNinja SN 77.41 1.15 Shell SHEL 71.40 -0.19 SherwinWilliams SHW 309.96 0.54 ShinhanFin SHG 36.12 0.01 ShockwaveMed SWAV 329.64 -0.21 Shopify SHOP 57.02 -1.89 SimonProperty SPG 147.97 1.60 t SiriusXM SIRI 2.89 -0.10 SkechersUSA SKX 68.39 0.15 Skyworks SWKS 92.45 -1.60 SmithAO AOS 85.74 -0.07 Smith&Nephew SNN 25.85 -0.17 Smucker SJM 112.06 -2.25 Snap SNAP 15.63 -0.80 Snap-On SNA 276.10 -3.24 Snowflake SNOW 162.71 -2.07 SOQUIMICH SQM 47.31 -1.59 SoFiTech SOFI 7.08 -0.11 Solventum SOLV 61.22 -0.81 Sony SONY 82.00 -1.59 s Southern SO 79.78 0.59 SoCopper SCCO 126.71 -2.55 SouthwestAir LUV 27.97 -0.23 SouthwesternEner SWN 7.45 -0.10 Spotify SPOT 304.93 -3.28 SproutsFarmers SFM 78.42 -0.77 StanleyBlackDck SWK 88.17 -1.39 Stantec STN 80.39 0.40 Starbucks SBUX 77.72 0.18 StateStreet STT 77.08 -0.07 SteelDynamics STLD 134.35 1.27 Stellantis STLA 22.09 -0.25 Steris STE 230.60 -2.15 StifelFinancial SF 82.15 0.36 STMicroelec STM 40.96 -1.08 Stryker SYK 330.51 0.78 SumitomoMits SMFG 12.65 0.01 SunComms SUI 122.72 0.45 SunLifeFinancial SLF 51.24 -0.24 s SuncorEnergy SU 41.05 1.20 SuperMicroComp SMCI 898.95 -4.99 Suzano SUZ 9.60 -0.61 Symbotic SYM 43.55 0.43 SynchronyFinl SYF 44.80 0.63 Synopsys SNPS 571.53 -2.85 Sysco SYY 75.32 0.26 TUV TAL Education TAL 12.37 -0.25 TC Energy TRP 39.16 0.10 TD Synnex SNX 127.90 0.46 s TE Connectivity TEL 151.80 0.11 Telus TU 16.39 -0.10 Ternium TX 43.44 -0.18 TFI Intl TFII 131.92 -1.53 TIM TIMB 16.24 -0.24 Net Stock Sym Close Chg TJX TJX 97.70 -0.09 TKO TKO 107.53 -0.07 T-MobileUS TMUS 164.36 0.46 TPG TPG 43.41 0.20 T.RowePrice TROW 117.63 0.50 TaiwanSemi TSM 153.67 0.12 TakeTwoSoftware TTWO 151.42 0.52 TakedaPharm TAK 13.20 -0.08 Tapestry TPR 42.35 -0.11 s TargaResources TRGP 118.20 0.65 Target TGT 155.78 -0.93 TechnipFMC FTI 26.59 -0.33 TeckResourcesB TECK 53.40 -1.37 TeledyneTech TDY 407.90 0.35 Teleflex TFX 212.99 -1.60 Ericsson ERIC 5.79 0.02 TelefonicaBras VIV 8.84 -0.09 Telefonica TEF 4.54 0.09 t TelekmIndonesia TLK 18.39 -0.26 TempurSealy TPX 52.55 -0.33 Tenaris TS 34.44 -0.14 TencentMusic TME 14.99 -0.28 TenetHealthcare THC 130.36 -0.60 s Teradyne TER 140.27 0.88 Tesla TSLA 186.60 11.65 TetraTech TTEK 218.55 -0.23 TevaPharm TEVA 16.59 -0.22 s TexasInstruments TXN 199.01 -0.19 TexasPacLand TPL 618.28 1.18 TexasRoadhouse TXRH 167.79 -0.60 Textron TXT 88.82 -0.20 ThermoFisher TMO 590.12 -3.89 s ThomsonReuters TRI 173.10 1.80 3M MMM 103.14 -2.07 Toast TOST 26.53 -0.43 TollBros TOL 130.22 -0.84 TopBuild BLD 407.63 2.52 Toro TTC 86.23 -3.77 TorontoDomBk TD 56.86 0.05 TotalEnergies TTE 71.85 -0.59 ToyotaMotor TM 219.36 -1.14 TractorSupply TSCO 285.68 1.64 TradeDesk TTD 95.65 -1.85 Tradeweb TW 111.29 0.47 s TraneTech TT 335.58 4.67 s TransDigm TDG 1336.84 24.08 TransUnion TRU 76.62 -2.24 Travelers TRV 216.25 0.65 Trex TREX 87.95 0.35 Trimble TRMB 57.30 -0.02 Trip.com TCOM 55.83 -1.22 TruistFinl TFC 39.54 0.51 TrumpMedia&Tech DJT 44.19 -4.19 Net Stock Sym Close Chg Twilio TWLO 60.45 -0.46 s TylerTech TYL 495.98 2.06 TysonFoods TSN 61.04 0.42 UBS Group UBS 30.40 0.30 UDR UDR 39.69 0.30 U-Haul UHAL 67.56 -1.10 U-Haul N UHAL/B 64.54 -1.58 s UL Solutions ULS 40.05 2.05 US Foods USFD 54.71 0.07 UWM UWMC 7.18 0.03 Uber UBER 63.97 -0.68 Ubiquiti UI 151.39 2.48 UiPath PATH 19.90 -0.41 UltaBeauty ULTA 381.83 -4.67 Unilever UL 54.28 0.15 UnionPacific UNP 234.96 -8.67 UnitedAirlines UAL 53.03 -1.59 UnitedMicro UMC 8.50 0.09 UPS B UPS 145.42 -2.17 UnitedRentals URI 694.59 -6.54 US Bancorp USB 41.18 0.29 US Steel X 36.16 -0.59 s UnitedTherap UTHR 275.19 0.52 UnitedHealth UNH 523.55 6.32 t UnitySoftware U 20.56 -0.71 UnivDisplay OLED 175.09 -0.53 UniversalHealthB UHS 180.20 -1.21 UnumGroup UNM 52.75 0.34 VICI Prop VICI 30.12 -0.10 VailResorts MTN 200.60 -2.36 Vale VALE 12.88 -0.04 ValeroEnergy VLO 162.39 -1.39 Vaxcyte PCVX 73.65 -2.28 VeevaSystems VEEV 209.24 -0.72 Ventas VTR 48.37 -0.36 Veralto VLTO 99.53 0.91 VeriSign VRSN 174.22 1.60 s VeriskAnalytics VRSK 251.50 -0.91 Verizon VZ 39.62 -0.50 VertexPharm VRTX 442.00 -3.87 Vertiv VRT 99.13 -0.19 Viatris VTRS 10.96 -0.11 Viking VIK 29.35 -0.46 VinFastAuto VFS 5.14 -1.18 Vipshop VIPS 16.45 -0.23 Visa V 275.95 -2.59 Vistra VST 94.24 2.73 Vodafone VOD 9.54 -0.21 VulcanMatls VMC 262.18 1.97 WXYZ WEC Energy WEC 84.58 -0.11 Net Stock Sym Close Chg WEX WEX 192.52 -1.57 W.P.Carey WPC 59.99 -0.12 WPP WPP 53.04 -0.65 Wabtec WAB 170.05 -0.60 t WalgreensBoots WBA 16.68 -1.14 s Walmart WMT 65.15 0.97 WarnerBrosA WBD 7.89 -0.20 WarnerMusic WMG 31.69 -0.71 WasteConnections WCN 165.15 -0.43 WasteMgt WM 208.33 -0.14 Waters WAT 351.65 -2.37 Watsco WSO 485.40 2.59 Wayfair W 64.24 -2.87 WeatherfordIntl WFRD 123.65 -1.48 WebsterFin WBS 45.98 -0.16 WellsFargo WFC 61.46 0.76 Welltower WELL 101.10 0.26 WescoIntl WCC 188.30 0.30 WestPharmSvcs WST 337.01 -5.75 WesternDigital WDC 74.01 0.96 s WesternMidstrm WES 38.54 -0.04 Westlake WLK 160.58 0.35 WestRock WRK 52.73 0.24 Weyerhaeuser WY 31.11 0.20 WheatonPrecMtls WPM 57.82 0.04 s Williams WMB 41.78 0.34 Williams-Sonoma WSM 314.38 -2.20 WillisTowers WTW 253.89 0.79 WillScotMobile WSC 41.87 0.32 Wingstop WING 380.34 -2.50 Wipro WIT 5.40 0.01 s Wix.com WIX 173.00 4.98 WoodsideEnergy WDS 18.65 -0.10 s Woodward WWD 182.49 1.31 WooriFinl WF 33.25 0.51 Workday WDAY 258.86 -0.64 WynnResorts WYNN 96.59 -1.07 XP XP 21.45 -0.14 XPO XPO 107.01 -3.51 XcelEnergy XEL 56.74 0.67 XPeng XPEV 8.77 0.49 s Xylem XYL 145.95 0.18 YPF YPF 23.53 -0.24 Yum!Brands YUM 139.30 -0.37 YumChina YUMC 38.30 -0.52 ZTO Express ZTO 24.75 0.19 ZebraTech ZBRA 321.78 1.62 Zillow C Z 42.33 -0.84 Zillow A ZG 41.80 -0.78 ZimmerBiomet ZBH 119.00 -0.05 Zoetis ZTS 172.79 -1.60 ZoomVideo ZM 63.86 -0.23 Zscaler ZS 176.98 -3.62 Net Stock Sym Close Chg Tuesday, May 21, 2024 How to Read the Stock Tables The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. Prices are consolidated from trades reported by various market centers, including securities exchanges, Finra, electronic communications networks and other broker-dealers. The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. Footnotes: s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four quarters. Stock tables reflect composite regular trading as of 4 p.m. ET and changes in the official closing prices from 4 p.m. ET the previous day. BIGGEST 1,000 STOCKS Dividend Changes Amount Payable / Company Symbol Yld % New/Old Frq Record Increased Lennox International LII 0.9 1.15 /1.10 Q Jul15 /Jun28 PermRock Royalty Trust PRT 11.4 .0403 /.03067 M Jun14 /May31 Sylvamo SLVM 2.5 .45 /.30 Q Jul29 /Jul08 Reduced Cracker Barrel CBRL 8.8 .25 /1.30 Q Aug06 /Jul19 Cross Timbers Royalty Tr CRT 10.3 .0583 /.13587 M Jun14 /May31 Marine Petroleum Tr Un MARPS 9.4 .056 /.10161 Q Jun28 /May31 Initial AG Mortgage 9.5% Nts MITP 9.5 .59375 Aug15 /Aug01 Stocks Planet Green Holdings PLAG 1:10 /Jun03 Foreign Enel Chile ADR ENIC 7.3 .20933 SA May22 / Granite REIT GRP.U 4.7 .2021 M Jun14 /May31 Grupo Televisa ADR TV 2.4 .1056 A Jun10 /May30 Kaspi.kz ADR KSPI 6.0 1.89542 Q May23 / Petroleo Brasileiro ADR PBR 16.0 .3388 Q Aug27 / Petroleo Brasileiro ADR A PBR.A 16.8 .193 Q Sep27 / Note: Dividend yields as of 3:30 p.m. ET Sources: FactSet; Dow Jones Market Data KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

THE WALL STREET JOURNAL. Wednesday, May 22, 2024 | B11 SHELBY POWELL VICE PRESIDENT, GLOBAL MARKETING OF PORTFOLIO DOLLS AT MATTEL TULANI ANDRÉ VICE PRESIDENT OF SOCIAL MEDIA AT NATIONAL GEOGRAPHIC ADA AGRAIT SENIOR VICE PRESIDENT AND GLOBAL HEAD OF CORPORATE MARKETING AT SAP DOUG ROZEN CHIEF MARKETING OFFICER AT ROKT PAUL BECKLES DIRECTOR OF GLOBAL ATHLETE MARKETING AT NIKE CAROLINE GIEGERICH VICE PRESIDENT, HEAD OF INNOVATION AT WARNER MUSIC EXPERIENCE (WMX) JAMES CULLEN VICE PRESIDENT, GLOBAL BRAND MARKETING AT PARAMOUNT STREAMING ASIA GHOLSTON VICE PRESIDENT OF MARKETING AT DETROIT TIGERS BRYAN WADDELL SENIOR BRAND MANAGER AT HOT POCKETS MARKETERS TO WATCH We are grateful for the leaders in the Marketers That Matter® community who are doing extraordinary things to support their customers, teams, and communities. To hear how they are navigating these fast-moving times of uncertainty, check out their insights or Visionaries Podcast for inspiration as they support the growth of marketers, everywhere. CELEBRATING OUR COMMUNITY Discover marketing strategies, tips, and top-of-mind trends at marketersthatmatter.com/insights SUPPORTING MARKETERS, EVERYWHERE: Marketers That Matter® VISIONARIES

B12 | Wednesday, May 22, 2024 ****** THE WALL STREET JOURNAL. Highs ADMA Biologics ADMA 9.62 2.0 AG Mortgage PfdC MITTpC 24.60 0.2 AXIS Capital AXS 71.98 1.4 Abercrombie&Fitch ANF 146.93 -0.3 AcaciaResearch ACTG 5.73 3.1 AdTheorentWt ADTHW 0.45 1.6 AeroVironment AVAV 198.97 -0.2 Agilysys AGYS 104.00 0.8 AlamosGold AGI 17.29 0.2 AlarumTech ALAR 32.98 12.3 Alcoa AA 44.57 3.7 AllstateDeb ALLpB 26.42 ... AlphaStarWt ALSAW 0.02 ... AltEnergyA AEAE 12.10 4.7 Altria MO 46.44 0.9 Amedisys AMED 96.60 0.1 AmerCoastalIns ACIC 14.38 -2.8 AEP AEP 93.44 ... Amphenol APH 135.68 1.5 AngloGoldAsh AU 26.01 -1.8 AnnalyCapPfdI NLYpI 25.49 0.2 AptIncmREIT AIRC 38.84 0.3 APxAcqnI A APXI 11.51 ... ArchCapital ACGL 102.41 1.5 Archrock AROC 21.61 -1.4 ArdmoreShipping ASC 23.44 3.1 AresCapital ARCC 21.53 0.6 Ashland ASH 100.99 -0.9 AstraZeneca AZN 79.25 2.7 AtlasEnergy AESI 24.93 0.1 AveannaHealth AVAH 3.07 0.3 AveryDennison AVY 229.21 1.4 Avnet AVT 54.52 0.7 BJ'sWholesale BJ 81.19 -0.3 BadgerMeter BMI 199.56 0.8 BaldwinInsurance BWIN 35.21 3.6 BanColombia CIB 37.85 -0.1 BankofAmerica BAC 39.75 2.1 BankofAmPfdE BACpE 24.36 ... Barclays BCS 11.18 1.4 Bath&BodyWks BBWI 50.82 -1.3 BenchmarkElec BHE 42.46 0.4 BentleySystems BSY 57.19 -0.6 BlueOwlCapital OBDC 16.64 0.4 BlueWorldA BWAQ 11.30 0.2 BostonSci BSX 76.11 0.4 BreadFinancial BFH 42.68 2.7 BrightView BV 14.39 6.0 Brink's BCO 100.38 3.5 BrinkerIntl EAT 65.93 -1.0 Bristow VTOL 38.28 -0.2 BrookfieldReinsA1 BNRE.A 44.95 0.2 Brown&Brown BRO 90.50 ... Buenaventura BVN 18.84 3.7 CAVA CAVA 81.74 -2.8 CNX Resources CNX 24.83 0.6 CTS CTS 54.24 0.9 Cabot CBT 103.49 -1.1 Cadeler CDLR 22.36 11.1 Cameco CCJ 54.93 -0.5 Camtek CAMT 102.73 1.0 Carlisle CSL 427.14 1.7 CarpenterTech CRS 112.32 2.2 CarrierGlobal CARR 66.50 0.4 CasellaWaste CWST 100.42 -1.4 CenterraGold CGAU 7.51 2.2 CenturyAluminum CENX 19.88 0.4 CheetahMobile CMCM 6.49 9.7 ChimeraPfdC CIMpC 22.14 1.0 CirrusLogic CRUS 114.20 0.6 Citigroup C 64.88 2.5 CodereOnlineWt CDROW 1.09 ... CorbusPharm CRBP 50.42 -6.9 Corning GLW 36.80 2.7 Corvel CRVL 280.00 ... Curtiss-Wright CW 286.24 2.1 DTE Energy DTE 117.45 0.7 DelcathSystems DCTH 8.50 0.7 DenisonMines DNN 2.33 -0.4 DukeEnergy DUK 104.60 0.7 DycomInds DY 154.44 1.6 DyneTherap DYN 35.98 -7.8 EMCOR EME 388.72 1.1 Ecolab ECL 236.00 0.1 EdisonIntl EIX 76.83 0.9 Endeavor EDR 27.01 -0.6 Entergy ETR 114.28 1.3 Euronav EURN 21.26 0.2 EVeMobilityAcqnUn EVE.U 11.75 -0.2 EvercoreA EVR 206.32 1.4 EvergreenA EVGR 11.45 0.1 FTAI Aviation FTAI 82.95 3.6 FirstHorizon FHN 16.26 1.8 Fitell FTEL 15.50 10.3 FormFactor FORM 58.52 1.3 Frontline FRO 29.05 2.9 GATX GATX 141.24 1.3 GalianoGold GAU 1.86 4.0 GasLogPtrsPfdA GLOPpA 25.25 -0.2 GeneralDynamics GD 301.48 -1.1 GlobalShipLease GSL 27.34 0.6 GoDaddy GDDY 139.21 0.7 GoldenOcean GOGL 15.77 2.5 GoldmanSachsPfC GSpC 24.31 0.8 GreatElmNts29 GECCI 25.12 0.5 GreenlightCapRe GLRE 13.61 2.0 Guidewire GWRE 125.35 -1.2 HanoverIns THG 138.30 -1.6 HarmonyGold HMY 10.25 1.2 Heico A HEI.A 174.94 0.4 HeronTherap HRTX 3.44 1.2 HorizonSpaceI HSPO 10.96 0.1 HowmetAerospace HWM 84.87 0.9 HudbayMinerals HBM 10.49 1.1 Humacyte HUMA 7.46 -0.4 HumacyteWt HUMAW 1.66 2.0 IdahoStratRscs IDR 10.60 0.5 Immersion IMMR 9.78 3.0 Immutep IMMP 3.34 4.2 Inter INTR 6.78 3.5 InteractiveBrkrs IBKR 126.83 0.8 IntlSeaways INSW 65.11 1.4 JohnsonControls JCI 73.08 3.2 KairousAcqnUn KACLU 14.55 4.0 Kanzhun BZ 22.68 -2.9 KinderMorgan KMI 19.93 -0.5 Kinetik KNTK 41.77 1.2 Kingstone KINS 5.04 3.9 KinrossGold KGC 8.23 0.7 Kirby KEX 122.00 2.7 KontoorBrands KTB 73.43 2.7 KratosDefense KTOS 22.04 0.3 L3HarrisTech LHX 225.90 0.7 Leidos LDOS 150.35 0.6 52-Wk % Stock Sym Hi/Lo Chg LeMaitreVascular LMAT 79.53 -0.8 EliLilly LLY 816.61 2.6 Limbach LMB 53.94 10.4 Loar LOAR 56.04 8.5 LouisianaPacific LPX 92.41 0.8 LumentFinance LFT 2.57 ... MaiaBiotech MAIA 3.72 6.2 MDU Rscs MDU 25.99 -0.3 ManhattanBridge LOAN 5.34 2.7 Marex MRX 21.07 5.0 Marygold MGLD 1.92 46.1 Mativ MATV 19.05 3.1 MerchantsBncpPfdD MBINM 26.61 -1.8 MercuryGeneral MCY 59.87 1.1 MetalsAcqnWt MTAL.WS 4.35 -1.7 Metlife pfA METpA 24.96 -0.2 Microsoft MSFT 432.97 0.9 Moderna MRNA 143.87 1.9 monday.com MNDY 244.16 5.3 MontanaTechWt AIRJW 1.01 -0.7 MontroseEnvl MEG 49.97 1.7 Moody's MCO 415.27 0.1 Moog A MOG.A 181.77 2.7 MorganStanley MS 103.25 1.2 MotorolaSol MSI 370.62 0.4 MountainI A MCAA 11.61 0.4 NXP Semicon NXPI 275.49 0.3 Navigator NVGS 17.82 6.3 NaviosMaritime NMM 50.24 1.7 NetApp NTAP 113.12 0.6 Netflix NFLX 650.88 1.5 NewGold NGD 2.19 -1.0 NewparkResources NR 8.02 1.9 NexaResources NEXA 7.68 0.8 NiSource NI 29.44 0.3 NortheastBank NBN 61.11 7.0 NorthViewAcqn NVAC 13.00 8.4 Nova NVMI 206.79 0.3 Novavax NVAX 15.69 0.8 Nutanix NTNX 73.69 1.7 OGE Energy OGE 37.30 0.6 ONEOK OKE 83.31 0.4 OSI Systems OSIS 145.25 2.8 OneSpaWorld OSW 15.32 1.5 OscarHealth OSCR 23.44 5.8 OxfordLaneNts2027 OXLCZ 23.29 0.2 PG&E PCG 18.92 1.4 PPL PPL 29.89 0.8 Pennant PNTG 23.76 2.4 PennantPark PNNT 7.46 0.3 PennyMacFin PFSI 94.80 -0.1 PerellaWeinberg PWP 16.52 -0.7 PerimeterSolns PRM 8.18 1.4 PiperSandler PIPR 216.50 0.4 PlayAGS AGS 11.71 0.1 Procter&Gamble PG 168.54 0.6 PublicServiceEnt PEG 75.17 1.1 Qualcomm QCOM 201.98 1.6 REV REVG 27.31 1.5 RF Acqn RFACU 11.05 2.1 RadNet RDNT 59.12 -0.4 Redwire RDW 5.11 0.6 RegionsFinPfdB RFpB 25.20 0.4 RithmCapPfdB RITMpB 25.01 0.3 RithmCapPfdC RITMpC 23.45 ... Robinhood HOOD 21.21 0.6 RothCHAcqnVUn ROCLU 13.30 4.7 RoyalGold RGLD 134.56 ... RushStreetInt RSI 9.04 -0.7 SFL SFL 14.62 0.7 SLR Invt SLRC 16.36 0.9 SPAR Group SGRP 2.45 1.4 SPX Tech SPXC 144.35 0.4 SandstormGold SAND 6.07 0.8 SchwabC SCHW 79.34 0.3 ScorpioTankers STNG 83.33 0.7 SeanergyMaritime SHIP 13.19 -2.4 SeapeakPfdB SEALpB 25.87 -0.4 SelectWater WTTR 10.78 3.6 Sempra SRE 78.83 0.4 Semrush SEMR 16.42 -0.4 Semtech SMTC 41.62 1.0 SharkNinja SN 77.75 1.5 SiriusPoint SPNT 13.08 2.4 Southern SO 80.14 0.7 SouthwestGas SWX 78.47 0.7 SpringValleyII A SVII 11.08 0.1 StarBulkCarriers SBLK 26.74 0.3 StewartInfo STC 66.49 2.2 Strats Dom GJP GJP 27.82 1.7 SuncorEnergy SU 41.28 3.0 TE Connectivity TEL 152.31 0.1 TTM Tech TTMI 18.77 1.9 TandemDiabetes TNDM 52.51 4.4 TargaResources TRGP 119.68 0.6 Teekay TK 9.52 1.8 Teradyne TER 140.64 0.6 TexasInstruments TXN 199.30 -0.1 ThirdHarmonic THRD 16.94 7.9 ThomsonReuters TRI 173.15 1.1 TraneTech TT 336.17 1.4 Transcat TRNS 141.91 14.3 TransDigm TDG 1340.76 1.8 TransMedics TMDX 140.91 -0.1 TripleFlagPrecMtl TFPM 17.83 1.4 TriumphFinlPfdC TFINP 22.50 1.9 TsakosEnergy TNP 31.31 1.4 TScanTherap TCRX 9.69 1.0 TurkcellIletism TKC 7.00 5.4 TylerTech TYL 498.66 0.4 UL Solutions ULS 40.05 5.4 USCopperIndex CPER 31.63 0.2 UnitedTherap UTHR 279.98 0.2 VeriskAnalytics VRSK 253.21 -0.4 VerraMobility VRRM 28.46 -2.8 VictoryCapital VCTR 52.90 1.1 VistaEnergy VIST 49.58 0.9 VitalFarms VITL 41.05 5.0 Walmart WMT 65.19 1.5 WesternMidstrm WES 38.78 -0.1 Williams WMB 41.89 0.8 WillisLease WLFC 67.45 2.0 WintrustFinPfdE WTFCP 25.27 -0.8 Wix.com WIX 174.09 3.0 Woodward WWD 182.71 0.7 Xylem XYL 146.08 0.1 ZetaGlobal ZETA 18.50 3.5 Lows AN2 Therap ANTX 2.16 -2.9 A2Z SmartTech AZ 0.34 1.1 AcadiaHlthcr ACHC 64.11 -2.1 AirSculptTech AIRS 3.79 -9.7 AkoustisTechs AKTS 0.13 -12.8 Akoya AKYA 2.64 -6.0 AllegiantTravel ALGT 48.41 -2.6 52-Wk % Stock Sym Hi/Lo Chg AlliedGaming AGAE 0.74 -3.2 AltisourceAsset AAMC 2.54 -4.9 AltoIngred ALTO 1.64 ... AmOncology AONC 1.60 -35.4 AnixaBiosci ANIX 2.70 -3.9 AppliedUV AUVI 0.50 -1.8 AptoseBiosci APTO 1.11 ... ArcherAviationWt ACHR.WS 0.37 -5.8 Auddia AUUD 1.35 -4.9 BanzaiIntl BNZI 0.26 -13.1 BauschHealth BHC 6.43 0.8 BinahCapital BCG 2.70 -35.7 BoltBiotherap BOLT 0.76 -1.9 BoneBiologics BBLG 1.38 -19.8 BostonOmaha BOC 13.33 -0.7 BristolMyers BMY 42.25 -2.5 Brown-Forman B BF.B 46.85 0.2 Brown-Forman A BF.A 47.51 0.4 CableOne CABO 363.11 -3.8 CaribouBio CRBU 2.98 -1.3 Cerence CRNC 3.56 -1.9 CERoTherap CERO 1.01 -2.8 Charles&Colvard CTHR 2.33 -0.8 CheetahNetSupply CTNT 0.86 -92.0 Chegg CHGG 3.89 0.7 Chuy's CHUY 26.73 -1.6 ClearSignTech CLIR 0.73 -1.3 CommunityHlthcr CHCT 23.52 1.2 Coursera COUR 8.20 -4.4 CrackerBarrel CBRL 46.79 -2.9 CrossCtyHlthcr CCRN 14.14 -1.7 DXC Tech DXC 15.45 -1.9 Denny's DENN 7.35 -4.8 DermataTherap DRMA 3.37 -9.1 DineBrands DIN 41.52 -2.9 DonegalGroup A DGICA 13.00 -0.5 ECARX ECX 1.20 -3.8 Emcore EMKR 0.97 -2.9 Endava DAVA 28.13 1.5 Envista NVST 17.90 0.4 EuropeanWax EWCZ 10.23 1.3 Expion360 XPON 1.61 -13.9 FAT Brands FAT 5.16 -4.2 FiveBelow FIVE 131.67 -1.4 Five9 FIVN 51.77 -2.2 ForwardAir FWRD 11.21 -7.0 FutureFuel FF 4.71 -1.3 GlenBurnieBncp GLBZ 4.65 -3.3 GoldenEnt GDEN 29.65 -0.3 GoPro GPRO 1.55 0.6 GreenPowerMotor GP 1.17 2.4 HeartTestLabs HSCS 5.57 -4.3 HeliusMedical HSDT 1.32 ... HoldcoNuvo NUVO 1.65 -5.6 HubCyberSecurityWt HUBCZ 0.04 -60.5 JBHunt JBHT 156.70 -2.9 Hywin HYW 0.50 -7.9 iHeartMedia IHRT 1.07 -7.0 iLearningEngines AILE 6.00 -7.6 JohnsonOutdoors JOUT 35.67 ... Leafly LFLY 1.65 -7.7 LegalZoom LZ 8.37 -3.0 LiAuto LI 20.60 -3.5 Longeveron LGVN 1.15 -3.6 lululemon LULU 322.15 -1.3 LuxUrban LUXH 0.24 -40.0 LuxUrbanHtlsPfdA LUXHP 17.90 ... LyraTherap LYRA 0.34 -4.7 MainzBiomed MYNZ 0.57 -6.1 MicroAlgo MLGO 2.00 -11.3 MicroVision MVIS 1.11 -2.6 Mobile-health MNDR 1.77 -6.7 Mobilicom MOB 0.90 -4.1 MolsonCoorsB TAP 54.94 -0.1 MultiPlan MPLN 0.51 -0.5 NaaSTechnology NAAS 0.47 -9.4 NewHorizAircraft HOVR 0.99 -30.2 NextPlat NXPL 1.12 -5.0 Nvni NVNI 1.22 -3.2 Offerpad OPAD 5.25 -3.2 Oklo OKLO 7.12 -4.1 PapaJohn's PZZA 48.87 -0.7 Paragon28 FNA 7.25 -0.1 PatriotNatBncp PNBK 2.66 -6.9 Patterson PDCO 24.76 -1.6 PediatrixMedical MD 7.30 -1.5 Pharming PHAR 8.71 4.8 Polaris PII 81.93 -1.8 PolestarAuto PSNY 0.95 -13.6 PriviaHealth PRVA 15.92 0.4 RaptTherap RAPT 3.95 14.8 Raytech RAY 3.31 -2.7 Replimune REPL 5.47 -6.2 RetractableTechs RVP 0.90 0.8 RevivaPharm RVPH 1.21 -15.3 RevivaPharmWt RVPHW 0.23 -7.6 RichtechRobotics RR 1.15 -3.3 SAB Biotherap SABS 2.50 -15.7 SI-BONE SIBN 13.95 -2.4 ScinaiImmun SCNI 3.20 -5.5 scPharm SCPH 3.82 -5.3 ScrippsEW SSP 2.92 -3.0 SeelosTherap SEEL 1.59 -6.6 SeritageGrwPfdA SRGpA 19.92 -6.3 SiriusXM SIRI 2.89 -3.3 Spectaire SPEC 0.35 -17.6 Stevanato STVN 19.15 -4.4 SunCountryAir SNCY 10.10 -2.4 SuperHiIntl HDL 19.60 0.4 SurfAirMobility SRFM 0.35 -5.1 TTEC TTEC 6.77 -2.5 TeladocHealth TDOC 11.79 -3.8 TelekmIndonesia TLK 18.34 -1.4 10xGenomics TXG 23.90 -3.5 TenonMedical TNON 0.70 -5.4 TItanIntl TWI 8.37 -3.1 TivicHealth TIVC 0.45 -4.2 TransActTechs TACT 3.45 1.1 22ndCentury XXII 1.36 -0.7 U-BX Tech UBXG 3.92 -0.2 UnitySoftware U 20.51 -3.3 VOXX Intl VOXX 3.61 ... VerveTherap VERV 5.52 -6.9 VirpaxPharm VRPX 0.63 -4.3 Vitru VTRU 9.12 ... VividSeats SEAT 4.95 -2.0 VolatoWt SOAR.WS 0.04 -22.0 Volato SOAR 1.45 -3.7 Volcon VLCN 0.19 -9.7 WalgreensBoots WBA 16.55 -6.4 WheelerREIT WHLR 2.14 -2.2 Whirlpool WHR 89.39 -1.2 ZKH ZKH 9.82 -3.0 ZoozPowerWt ZOOZW 0.04 -14.3 ZapataComputing ZPTA 0.82 6.4 Zoomcar ZCAR 0.21 -3.3 52-Wk % Stock Sym Hi/Lo Chg Tuesday, May 21, 2024 New Highs and Lows The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest session. % CHG-Daily percentage change from the previous trading session. stock prices could leave the market vulnerable to a selloff if data on the economy takes an unexpected turn for the worse. The S&P 500 trades at 20.8 times its projected earnings over the next 12 months, according to FactSet. The fiveyear average is 19.6 times. For the year, the benchmark index is up 11.6%. “If you want to look for reasons for bearish sentiment, they’re there, but I can’t call them a base case,” said Dana D’Auria, co-chief investment officer and group president at Envestnet Solutions. Among individual stocks, shares of Lowe’s fell 1.9%, after the home-improvement retailer reported a decline in sales. Macy’s rose 5.1% after it boosted its profit forecast. Investors on Wednesday will get an update on the market’s hottest tech company when chip maker Nvidia reports results after the market closes. Analysts polled by FactSet expect Nvidia to report revenue of $24.6 billion and profit of $5.19 a share. An index of semiconductor stocks fell 0.3%. U.S. crude-oil futures fell 0.7% to $79.26 a barrel. The Stoxx Europe 600 fell 0.2%. At midday Wednesday, Japan’s Nikkei 225 was down 0.6% but Hong Kong’s Hang Seng Index was up 0.4%. S&P 500 futures were up slightly. Five-minute intervals 10 a.m. 11 noon 1 p.m. 2 3 4 –0.4 –0.3 –0.2 –0.1 0 0.1 0.2 0.3 0.4% Index performance on Tuesday Source: FactSet S&P 500 Nasdaq Composite Dow Jones Industrial Average 8%-9%Return TAX EFFICIENCY REAL ESTATE SECURED GROWTH / INCOME SEEKING RIA’S & ACCREDITED INVESTORS 866-700-0600 mortgage REIT www.AlliancePortfolio.com RE Broker • CA DRE • 02066955 Broker License ID ALLIANCE MORTGAGE FUND 120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 BUSINESS OPPORTUNITIES PUBLIC NOTICES The Opportunity: Colchester, Colchester Rubber Co. and Harry in the Hall Intellectual Property for Sale. Don’t Miss Out! Colchester Rubber Co. | AUCTION colchestersneakers.com Contact: Dtorkelson@cordesco.com — For a Sealed Bid Form — The Sealed Bid Auction deadline June 21st at Midnight “The original 19th-century athletic shoe.” (USA registration No. 5363613; 3182789; 3847869; 5640822, EUTM 018285800). Business for Sale. 30 years established durable medical equipment importer with 7 FDA 510K mobility product approval. HCH.0420@gmail.com NOTICE OF SALE The Marketplace ADVERTISEMENT To advertise: 800-366-3975 or WSJ.com/classifieds CAREERS NOTICE OF SALE NOTICE OF SCHEME CREDITORS’ MEETINGS IN THE SUPREME COURT OF BERMUDA, COMPANIES CIVIL JURISDICTION, COMMERCIAL COURT, 2018: No. 159 IN THE MATTER OF PDV INSURANCE COMPANY LTD. AND IN THE MATTER OF SECTION 99 OF THE COMPANIES ACT 1981 SCHEME OF ARRANGEMENT UNDER SECTION 99 OF THE COMPANIES ACT 1981 BETWEEN PDV INSURANCE COMPANY LTD. (THE “COMPANY”) – AND THE – SCHEME CREDITORS NOTICE OF MEETINGS ORDERED BY THE SUPREME COURT OF BERMUDA UNDER SECTION 99 OF THE COMPANIES ACT 1981 NOTICE IS HEREBY GIVEN that on an application by the Company, an order was made on 17 May 2024 that separate meetings of the two classes of Scheme Creditors (as defined in the scheme of arrangement referred to in this Notice) of the Company, could be convened for the purpose of considering and if thought fit, approving (with or without modification) a scheme of arrangement (the “Scheme”) proposed to be made between the Company and its Scheme Creditors pursuant to section 99 of the Companies Act 1981. Terms defined in the Scheme shall have the same meaning in this notice. The meetings are to be held on 5 JUNE 2024 at Deloitte Financial Advisory Ltd. (formerly Deloitte Ltd.), Corner House, 20 Parliament Street, Hamilton HM12, Bermuda commencing at 11:00 a.m. (Bermuda time). The Third Party Scheme Creditors’ Meeting – 11:00 a.m. (Bermuda time) The Ordinary Scheme Creditors – at 11:30 a.m. (Bermuda time) Scheme Creditors may attend and vote in person at the meeting for their class or they may appoint another person, whether or not such person is a Scheme Creditor, as their proxy to attend and vote in their place. Scheme Creditors which are corporations may attend and vote by a duly authorized representative or by proxy. Scheme Creditors who have not already submitted a proof of debt are requested to complete Proof of Debt Forms, which will be emailed to Scheme Creditors with this notice (also available online in the Scheme Data Room (access by request to cbcbmpdvic@deloitte.com)). Any Scheme Creditor who wishes to vote by proxy are request to complete the Proxy Form emailed with this notice. Proxy Forms are also available within the Scheme Data Room. Please read the Proof of Debt and Proxy Forms carefully and complete them in accordance with the instructions printed on them, and return them preferably by email to cbcbmpdvic@deloitte.com or by registered mail to the Company c/o Deloitte Financial Advisory Ltd. (Corner House, 20 Parliament Street, Hamilton HM 12, in each case marked for the attention of “PDVIC Balloting.” Each Proof of Debt Form and Proxy Form should be submitted so that it is received by 5:00 p.m. (Bermuda time) on Friday 31 MAY 2024. Failure by a Company creditor to provide the JPLs with a Proof of Debt Form could result in the inability to attend and vote at the Scheme Creditors’ Meeting. Creditors may rely upon Proofs of Debt previously submitted to the JPLs. Submission of a Proxy Form at a Scheme Creditors’ Meeting may be accepted at the discretion of the Chairman. However, it would be greatly appreciated and would help to avoid delay and inconvenience if you could send it to the Company, at the address or e-mail address stated in the preceding paragraph, in advance of the Scheme Creditors’ Meetings as of the date and time set forth in the preceding paragraph. A copy of the Scheme, the Explanatory Statement to the Scheme required by section 100 of the Companies Act 1981 of Bermuda, Proof of Debt and Proxy Forms for use at this meeting, and all other documents in relation or ancillary thereto have been sent to all Scheme Creditors via access to a Scheme Data Room. For access to the Scheme Data Room please make a request to the JPLs by email at cbcbmpdvic@deloitte.com. If you are unable to access these documents from the Data Room, please contact the Company by email at the above email address and a copy of these documents will be sent to you at the address you specify. The Bermuda Court has directed that John Johnston, a JPL of the Company, act as chairman of the meeting and directed the chairman to report the result of the meeting to the Court. If approved by the scheme creditors’ meeting, the Scheme will not come into force unless it is sanctioned by order of the Bermuda Court at a hearing which is expected to take place sometime after 5 June 2024, and a copy of the order is delivered for registration to the Registrar of Companies in Bermuda after other conditions precedent to the Scheme are satisfied. All Scheme Creditors are entitled to attend the sanction hearing in person or by counsel to support or oppose the approval and sanction of the Scheme. Dated 17 May 2024 ASW Law Limited, Crawford House, 50 Cedar Avenue, Hamilton HM11, Bermuda Attorneys to the Company Sr Mgr Customer Exp Analytics Nespresso USA, Inc. seeks a Sr Mgr Customer Exp Analytics in New York, NY to drive measurement & continuous improvement strategies w/respect to Nespresso's direct to consumer customer exp. Req: Mas deg or frgn equivt in Analytics, Stats or rltd fld + 6yrs exp in the job offered or in an analytics role. Req: 6yrs of exp in adv SQL; 5yrs of exp w/analytics prog’g langs incl R & Python; 5yrs of exp using data visualization tools: R Shiny, Tableau & PowerBI; 3yrs of exp w/data science across diff use cases; 3yrs of exp building a LTV prediction model; 3yrs of exp building a churn prevention model; 3yrs of exp creating customer segmentations; 3yrs of exp building forecasting models; 2yrs of exp in people mgmt; 2yrs of exp upskilling resources in prog’g langs. Telework permitted up to 4 days/week. $199412-$200412/yr. Resume to: nestlejobsgm@us.nestle.com. Job Code 0601. No calls. UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re SVB FINANCIAL GROUP,1 Debtor. ) ) ) Chapter 11 Case No. 23-10367 (MG) NOTICE OF (I) PROPOSED SALE OF THE SVB CAPITAL BUSINESS FREE AND CLEAR OF ANY LIENS, CLAIMS,INTERESTS AND ENCUMBRANCES, (II) SALE HEARING AND (III) RELATED DATES PLEASE TAKE NOTICEthat on March 17,2023,SVB Financial Group (the “Debtor”) filed a voluntary petition for relief under title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (the “Bankruptcy Code”) in the United States Bankruptcy Court for the SouthernDistrictofNewYork(the“Court”). PLEASE TAKE FURTHER NOTICE that the Debtor has executed an Interest Purchase Agreement, dated as of May 2, 2024, by and between the Debtor and Pinegrove Sierra HoldCo LLC (the“Designated Buyer”) for the purchase of the SVB Capital Business (the “Designated Buyer Agreement”). The Designated Buyer Agreement is subject to higher or otherwise better offers pursuanttotheterms andprovisionsthereof. PLEASE TAKE FURTHER NOTICE that on May 2, 2024, the Debtor filed the Debtor’s Motion for Entry of Orders (I)(A) Approving Buyer Protections, (B) Scheduling a Sale Hearing, (C) Approving Form and Manner of Notices for Sale of the SVB Capital Business,(D) Approving Assumption and Assignment Procedures, and (E) Granting Related Relief, and (II)(A) Approving the SVB Capital Purchase Agreement, (B) Approving the Sale of the SVB Capital Business Free and Clear of Liens, Claims, Interests and Encumbrances, (C) Authorizing Assumption and Assignment of Executory Contracts and (D) Granting Related Relief [D.I. 1082] (the “Motion”)2 with the Court seeking entry of orders, among other things,(i) scheduling a hearing to approve the sale of the SVB Capital Business and (ii) authorizing and approving thesale of the SVB Capital Business free and clear of any liens, claims, interests and encumbrances. PLEASE TAKE FURTHER NOTICEthat on May 16, 2024,the Court entered anorder[D.I.1153](the“BuyerProtectionsOrder”) approving,among otherthings,certain buyer protectionsforthe Designated Buyer with respect to its acquisition of SVB Capital Business and the form and manner of notices for thesale of SVB CapitalBusiness. SVB Capital is a venture capital and credit investment platformwith deeproots inthe innovation economy. SVB Capital manages approximately $9.8 billion of assets on behalf of thirdparty limited partner investors and, on a more limited basis, the Debtor. The SVB Capital family of funds comprises pooled investment vehicles such as direct venture funds that invest in companies andfunds offundsthat invest in other venture capital funds, as well as credit funds that provide lending and other financingsolutions. SVB Capitalgenerates incomefortheDebtor primarily through investment returns, management fees and incentive allocations(or carried interest). PLEASE TAKE FURTHER NOTICE that the hearing to consider approval ofthe Sale(the“SaleHearing”)will be held before the Honorable Martin Glenn, Chief United States Bankruptcy Judge, in the United States Bankruptcy Court for the Southern District of New York, located at One Bowling Green, New York, New York 10004 on May 29, 2024, at 11 a.m.(prevailing Eastern Time) and such other dates as applicable. The Sale Hearing may be adjourned or modified by the Debtor by an announcement of the adjourned date or modification at a hearing before the Court and/or by filing a notice on the Court’s docket. At the Sale Hearing,the Debtor willseek approval ofthesale ofthe SVB CapitalBusinesstotheUltimateBuyer. PLEASE TAKE FURTHER NOTICE that except as provided in any agreement with respect to a Sale approved by the Court, the Debtor shall seek to have the Court,through the Sale Order, approve the sale of all of the Debtor’s right,title and interest in and to the assets subject thereto free and clear of any liens, claims, encumbrances and other interests pursuant to section 363(f)oftheBankruptcy Code. PLEASE TAKE FURTHER NOTICE that any responses or objections (“Objections”) to the relief requested in the Motion (other than relief granted by the Buyer Protections Order) must (i) be in writing and specify the nature of such objection, (ii) state, with specificity, the legal and factual bases thereof, (iii) comply with the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure and the Local Bankruptcy Rules for the Southern District of New York and (iv) be filed with the Court and (A) counsel to William K. Harrington, the United States Trustee for Region 2,U.S.Department ofJustice,Office ofthe U.S. Trustee, Alexander Hamilton U.S. Custom House, One Bowling Green, Room 534, New York, New York 10004, Attn: Andrea B. Schwartz,Esq.(andrea.b.schwartz@usdoj.gov) and AnnieWells, Esq.(annie.wells@usdoj.gov);(B) counsel to the Debtor,Sullivan & Cromwell LLP, 125 Broad Street, New York, NY 10004, Attn: Christian P. Jensen (jensenc@sullcrom.com); (C) counsel to the Official Committee of Unsecured Creditors, Akin Gump Strauss Hauer & Feld LLP,One Bryant Park,New York,NY 10036,Attn:Ira S. Dizengoff (idizengoff@akingump.com) and Brad M. Kahn (bkahn@akingump.com) and 2001 K Street NW,Washington,DC 20006,Attn:James R.Savin(jsavin@akingump.com);(D) counsel to the Designated Buyer; (E) counsel to the Ultimate Buyer (if different than the Designated Buyer);(F) counsel to the Ad Hoc Group of Senior Noteholders, Davis Polk & Wardwell LLP, 450 LexingtonAvenue,NewYork,NY10017,Attn:Marshall S.Huebner (marshall.huebner@davispolk.com), Angela M. Libby (angela. libby@davispolk.com) and Aryeh Ethan Falk (aryeh.falk@ davispolk.com); (E) counsel to the Ad Hoc Cross-Holder Group, 200 SouthBiscayneBoulevard,Suite 4900,Miami,FL 33131,Attn: Thomas E. Lauria (tlauria@whitecase.com) and Brian D. Pfeiffer (brian.pfeiffer@whitecase.com) and (G) all parties requesting notice in this Chapter 11 Case pursuant to Bankruptcy Rule 2002 no later than (1)May 22,2024 at 4:00 p.m.(prevailing Eastern Time) (the “Sale Objection Deadline”) or (2) in the event a buyer different than the Designated Buyer is selected as the Ultimate Buyer, and solely with respect to objections relatedtothe identity oftheUltimateBuyer,the earlier of(a)two business days after the notice of the Ultimate Buyer is filed at 4:00p.m.(prevailing EasternTime) and(b)10:00 a.m.(prevailing Eastern Time) on the day of the Sale Hearing (the “Alternative TransactionObjectionDeadline”). PLEASE TAKE FURTHER NOTICEthat only those Objections that are timely filed,served and received will be considered at the Sale Hearing. Any party failing to timely file and serve an Objection to the Sale on or before the Sale Objection Deadline or Alternative Transaction Objection Deadline, as applicable, in accordance with this Notice shall be forever barred from asserting any objection to the Sale, including with respect to the transfer of the applicable assets free and clear of any liens, claims, encumbrances andotherinterests. NO SUCCESSOR OR TRANSFEREE LIABILITY.The proposed Sale Order provides that the Designated Buyer will have no responsibilityfor anysuccessor liability,includingthefollowing: None of the Buyer or its Affiliates is a “successor”to, continuation of or alter ego of,the Debtor or its estate by reason of any theory of law or equity. Neither Buyer nor any of its Affiliates shall have, assume, or be deemed to assume, or in any way be responsible for, any liability or obligation of any of the Debtor, its estate, or any of the Debtor’s predecessors or affiliates; provided that, for the avoidance of doubt, the foregoing shall not discharge or otherwisemodify any existing Liability oftheTarget Companies or the General Partner Entities. The purchase of the SVB Capital Business by Buyer will not cause Buyer or any of its Affiliates to be deemed a successor to, combination of, or alter ego of, in any respect,the Debtor or its businesses, or incur any liability derived therefrom within the meaning of any foreign, federal, state or local revenue, pension, ERISA, tax, antitrust, environmental, labor law (including any WARN Act), employment or benefits law, de facto merger, business continuation, substantial continuity, successor, vicarious, alter ego, derivative or transferee liability, veil piercing, escheat, continuity of enterprise,mere continuation, product line or other law,rule,regulation (including filing requirements under anysuch laws,rules or regulations),or under any products liability law or doctrine with respecttothe Debtor’s liability undersuch law,rule orregulation or doctrine, whether now known or unknown, now existing or hereafter arising,whether fixed or contingent,whether asserted or unasserted, whether legal or equitable, whether matured or unmatured,whether contingent or noncontingent,whether liquidated or unliquidated,whether arising prior to or subsequent to the Petition Date, whether imposed by agreement, understanding, law, equity or otherwise, including, but not limited to, liabilities on account of warranties, intercompany loans and receivables among the Debtor and its affiliates, and any taxes, arising, accruing or payable under, out of, in connection with or in any way relating to the cancellation of debt of the Debtor or its Affiliates, or in any way relating to the operation of the SVB CapitalBusinesspriortothe ClosingDate. All capitalized terms used in this section but otherwise not defined herein shall have the meanings set forth in the proposed Sale Order. The summary descriptions in this notice are qualified in their entirety by the terms of the proposed Sale Order (including, without limitation, Paragraphs P and 23 (no successor liability) and 25–27 (prohibition on actions against Buyer) thereof), and, to the extent of any inconsistencies between the Sale Order and the summary descriptions in this Notice,the SaleOrdershall control in allrespects. PLEASE TAKE FURTHER NOTICEthat this Notice is subject to the fuller terms and conditions of the Motion and the Buyer Protections Order,withsuch Buyer Protections Order controlling in the event of any conflict, and the Debtor encourages parties in interest to review such documents in their entirety. Copies of the Motion andthe Buyer Protections Order,as well as allrelated exhibits, including all other documents filed with the Court, are available (i) free of charge from the website of the Debtor’s claims and noticing agent, Kroll Restructuring Administration (“Kroll”), at https://restructuring.ra.kroll.com/SVBFG and (ii) for a fee on the Court’s electronic docket for this Chapter 11 Case at www.nysb.uscourts.gov (a PACER login and password are required and can be obtained through the PACER Service Center at www.pacer.psc.uscourts.gov). In addition, copies of the Motion and the Buyer Protections Order may be requested from Krollby email atsvbfginfo@ra.kroll.com. Dated: May 17, 2024, New York, New York,/s/ James L. Bromley, James L. Bromley, Andrew G. Dietderich, Christian P. Jensen, SULLIVAN & CROMWELL LLP, 125 Broad Street, New York, NY 10004, Telephone: (212) 558-4000, Facsimile: (212) 558-3588, E-mail: bromleyj@sullcrom.com, dietdericha@sullcrom.com, jensenc@sullcrom.com,Counsel to the Debtor 1 The lastfour digits of SVB Financial Group’stax identification number are2278. 2 All capitalized terms used but otherwise not defined herein shallhavethemeaningssetforth intheMotion. NOTICE OF PUBLIC UCC SALE PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted in the State of New Jersey, and on account of a default under a certain Pledge and Security Agreement, dated as of November 6, 2020, notice is hereby given that PV 751 Vose LLC (“Secured Party”) will sell at a public auction sale to the qualified bidder submitting the highest bid certain collateral, including all right, title and interest of Kimble Wright (the “Pledgor”) as the sole member of 751 Vose Avenue Urban Renewal LLC (the “Company”). The sale will take place beginning at 11:00 a.m. on Friday, June 21, 2024, via the Zoom video conference platform or other web-based video conferencing and/or telephonic conferencing program selected by Secured Party, as well as in person at the offices of Mandelbaum Barrett, P.C., located at 3 Becker Farm Road, Suite 105, Roseland, NJ 07068. Remote login credentials will be provided to qualified bidders upon request. Secured Party’s understanding, without making any representation, warranty, or guarantee, either express, or implied, is that the principal asset of the Company is the real property and improvements thereon located at 751 Vose Avenue, Orange, NJ 07050. The collateral will be sold to the qualified bidder submitting the highest bid; provided, however, that Secured Party reserves the right to (i) credit bid its claim secured by the collateral; (ii) reject any and all bids; (iii) cancel the sale in its entirety, and/or (iv) adjourn the sale. The sale will be conducted by Mannion Auctions, LLC, by Matthew D. Mannion, Auctioneer, and/or William Mannion, Auctioneer, with offices at 305 Broadway, Suite 200, New York, New York, 10007. The collateral will be sold as a single block and will not be divided or sold in any lesser amounts. Secured Party may require the winning bidder to represent in writing that it will purchase the collateral for its own account and not purchase with a view toward the sale or distribution of the collateral. The limited liability company interests comprising a portion of the collateral have not been registered under the Securities Act of 1933 and, if applicable, cannot be sold by the winning bidder without registration under the Act or application of an applicable exemption. Parties interested in bidding on the above collateral must contact Secured Party’s broker, Newmark, attn: Brock Cannon, brock.cannon@nmrk.com, 212-372-2066. Upon execution of a Non- Disclosure Agreement—in a form to be provided by Secured Party—documentation and information will be made available concerning the collateral and the requirements for becoming a qualified bidder. Parties interested in bidding must contact Secured Party’s broker no later than 48 hours prior to the auction to receive the terms of sale, bidding instructions, and required deposit and registration information. Parties who do not contact Secured Party’s broker within this time frame may forfeit their opportunity to register and may be barred from bidding. Only qualified bidders will be permitted to bid. LEGAL NOTICE DEA NOTICE OF FORFEITURE SOUTHERN DISTRICT OF TEXAS 10K Yellow Gold Double Curb Link Bracelet, Seized from Hector Hernandez on 8/29/2020, at Falfurrias Border Patrol Checkpoint, Encino, TX. Any person asserting an ownership or possessory interest and desiring to claim the above bracelet has 30 days from the date of first publication to file a claim with DEA at 1111 Southern Minerals Road, Corpus Christi, TX, 78409. Attn: DEA/ARG DEA UCC Sale. All assets of Municipal Finance & Services Corp, 581 Main St, Suite 660, Woodbridge, NJ 07095, including all rights to Accelerated Municipal Payments (AMP) platform, non-factoring accounts payable program for local governments, to be sold at public sale at 10:00 am local time on Friday, 5/31/24 at 5330 Yacht Haven Grande, Suite J-206, St Thomas, VI 00802. You may register to bid by phone, contact info@dgfunds.com or (340)-774-8800 for more information NOTICE OF SALE Architectural Sales Supervisor (f/t) – Marble Systems, Inc. DBA Marble Systems, Country Floors, Stone Tile Depot- New York, NY – Develop leads, communicate w/designers/architects, understand their needs & the project they are working on & ensure a smooth sales process. Req’s: Associates’ or frgn. equiv. in Archit. or a closely rltd. Fld. + 3 yrs. exp. in an architectural/design occupation or BS degree or frgn. equiv. in Archit. or a closely rltd. Fld. + 3 yrs. exp. in an architectural/design occupation. Int. travel at least twice a yr. Annual wage/salary: $138,965. Send CV to ihsan.sadak@ marblesystems.com. Pls ref code: SEDA. Associate Director Scotia Capital (USA) Inc. seeks Associate Director in NY, NY to support client coverage w/ Sr Bankers through day-to-day accnt mgmt, championing customer-focused culture to deepen client relationships. Req’mnts: Bachelor’s or foreign equiv in Bus. Admin, Econ., Fin’ce, or rel. & 5 yrs of progressively responsible exp in job offered or rel. role: performing fin’l modelling & projection analysis to determine likelihood of loan repayment; conducting stress testing analysis to determine when bus. can slow down before fin’l covenant is breached & refinancing must take place; anlyzg lending & non-lending products to fully understand credit risks & mitigants for Bank & extent of cross-sell opportunities for Bank w/client; implementing knowing-your-client & anti-money laundering training surrounding issues of privacy, disclosure, fraud prevention, & anti-terrorism; anlyzg data while conducting due diligence of entire sector & subsectors regarding mrkt trends. In alternative, employer will accept Master’s in one of above-listed fields & 3 yrs of exp in abovelisted areas. Offered salary is between $185,000 - $185,000/yr, & 40 hrs/wk. 30% domestic trvl req’d. Telecommuting &/or work from home may be permissible pursuant to company policies. When not telecommuting, must report to work site. Pls apply thru https://www.scotiabank.com/careers by searching for Associate Director & indicate job code KL05092024LA. An experienced Church lawyer explains the details of the abuse cases, outlines steps to prevent their recurrence, and defends the enduring relevance of Christianity, and especially the Catholic Church. Available on Amazon and elsewhere. CONFESSIONS OF A CHURCH LAWYER: IN DEFENSE OF CHRISTIANITY BY MATTHEW FLYNN. matthewjflynn2018@gmail.com PRODUCTS CAREERS ADVERTISE TODAY THE MARKETPLACE (800) 366-3975 © 2024 Dow Jones & Company, Inc. All Rights Reserved. For more information visit: wsj.com/classifieds MARKETS is easing and the Federal Reserve will cut interest rates this year. Strong corporate earnings boosted spirits on Wall Street: S&P 5OO companies grew profits by 5.7% from a year ago as of Friday, according to FactSet. “Stocks have become a buy high, sell higher asset class,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. He said high prices are warranted because data on inflation, corporate profits and the expected path of rates are all heading in encouraging directions. Data last week showed that a key measure of consumerprice inflation rose in April at the slowest pace since 2021. Retail sales for the month held steady from March. That helped boost confidence that the economy is cooling, without any signs that it will tip into a severe slowdown. The benchmark 10-year Treasury yield settled at 4.414% on Tuesday, down from 4.436% on Monday. The yield rose as high as 4.706% in April after a string of hotter-than-expected inflation reports. The economic backdrop “has been more agreeable to what the Fed wants to get done,” said Rob Williams, managing partner at Sage Advisory. Though most on Wall Street expect a rate cut this year, the timing is uncertain. Federal Reserve governor Chris Waller on Tuesday said the central bank made progress on inflation. But Waller said several more months of weakening inflation data are needed before the Fed will move to cut rates. Some investors say high Stocks rose again, keeping a May rally intact. The S&P 500 advanced 0.3% to close at a record. The Nasdaq Composite reached a high, rising 0.2%. The Dow Jones Industrial Average gained 0.2%, or 66 points. All three indexes are up 5.4% or more for the month. Stocks rallied in recent weeks on renewed confidence among investors that inflation BY CHARLEY GRANT S&P 500, Nasdaq Reach Records, Fueling May Rally TUESDAY’S MARKETS NY

THE WALL STREET JOURNAL. * * Wednesday, May 22, 2024 | B13 JPMorgan’s Consumers Hang in There Nation’s largest lender sees borrowers trading down but still spending FY2Q 2022 ’24 ’23 –10 –8 –6 –4 –2 0% Macy’s companywide comparable sales, change from a year earlier* Sources: Visible Alpha (up to 4Q 2023); the company *Excluding licensed stores Note: 1Q 2024 ended May 4 HEARD ON THESTREET FINANCIAL ANALYSIS & COMMENTARY Sonos’s Ace headphones are slated to go on sale next month, a significant move into a new market segment. SONOS Macy’s new plan looks eerily similar to its old one. The key difference is the CEO behind it. The retailer, which also owns Bloomingdale’s and beauty-focused Bluemercury, said Tuesday that companywide comparable sales—excluding licensed locations—declined 1.2% in its quarter ended May 4 compared with a year earlier. Wall Street analysts were expecting a 2.7% drop. The company’s more upscale chains fared better, as usual, with both Bloomingdale’s and Bluemercury logging growth in comparable sales. Better-than-expected sales and lower-than-expected operating costs helped Macy’s beat analyst expectations on the bottom line by a respectable 30%. While consumers across all income groups are still benefiting from strong wage and job growth, inflationary pressures are causing them to be more discerning about discretionary purchases, said CEO Tony Spring during a conference call. Consumers are still splurging on shoes, fine jewelry and beauty—especially fragrances—but pulling back on big-ticket items, home categories and handbags. Last quarter was the first one with Spring, former head of Bloomingdale’s, at the company’s helm. In February, he had announced a new initiative, a “Bold New Chapter,” which seemed to repeat elements of the former CEO’s strategy. They include closing 150 underproductive Macy’s stores, sprucing up remaining ones and opening more luxury-focused Bloomingdale’s and Bluemercury locations. The difference this time might be Spring’s attention to detail and understanding of customers. When he took over, he looked at all elements—down to whether clothes sell better when they are folded or hung. At Bloomingdale’s, he was known for bringing excitement through events such as giving away turkeys for Thanksgiving. On the earnings call, he displayed familiarity with consumer trends— down to their current preference for quiet luxury at more accessibly-priced Macy’s. Spring’s touch seems to be shining through on the first batch of gussied-up stores. Macy’s started its makeover on 50 locations last quarter, improving product assortment, adding staff to areas where customers need the most help—such as near fitting rooms and the shoe department— and trying out events like personal styling sessions, fashion shows and bottle-engraving on perfumes. Those locations saw comparable sales rise 3.3%. While encouraging, Macy’s likely picked out the most promising stores to freshen up first. Investors will want to see more evidence in the quarters ahead. Still, Macy’s has a stronger looking balance sheet than peers (excluding Dillard’s) and a fairly clean inventory position, both of which put the retailer in a good spot to chase growth. Macy’s shares rose 5% on Tuesday. But at $20, the price is far below the $24 that investors Arkhouse and Brigade Capital offered in an unsolicited bid back in March. They are conducting due diligence and previously said that the offer price could increase if they like what they see. Spring’s first steps are promising, whether the buyout offer materializes or not. —Jinjoo Lee Macy’s Makeover Strategy Has Staying Power Chinese EV maker XPeng had a surprisingly profitable start to the year. It helps to have a sugar daddy in the car business. XPeng’s first-quarter results were transformed by Volkswagen, which took a roughly 5% stake in the company last July and has since signed a number of collaboration agreements. The Chinese company’s American depositary receipts rose 5.9% in trading in New York on Tuesday amid volatility that was likely exaggerated by a selloff in Chinese EV stocks on Monday following poor results from hybrid specialist Li Auto. XPeng’s gross margin—what it makes before overhead expenses— was 12.9% in the three months through March, up from 1.7% in the same period last year. The margin it made on selling vehicles improved, but it was a jump in highly profitable service revenues that made the bigger difference. In a reversal of the historic relationship between Chinese and German carmakers, Volkswagen is paying XPeng for the latest technology to help it get back on top of the Chinese market it used to dominate. These services payments will increase this quarter as the scope of their work together widens, XPeng said. Finding high-margin recurring services revenue is a business model a lot of car companies aspire to these days, as EV price wars make it harder to turn a profit on vehicle sales alone. Tesla has talked about licensing its driver-automation software to other automakers, but hasn’t come up with a deal. XPeng has a driver-automation package in China similar to Tesla’s. And like Tesla, the Chinese company is focusing on achieving vehicle autonomy using artificial intelligence without maps, as opposed to the more common industry approach of elaborate coding combined with maps. It held an AI day on Monday to showcase its technology—something Tesla investors have been crying out for since Chief Executive Elon Musk tweeted last month about going “balls to the walls for autonomy.” Where XPeng isn’t like Tesla is in valuation. The Chinese company’s $6.9 billion market value works out at about one times expected sales, compared with five times for Tesla. —Stephen Wilmot The country’s biggest bank says its consumer customers are healthy and stable. But doing well from a bank’s point of view might not be the same as how a customer sees it. In its investor day presentation on Monday, JPMorgan Chase gave many impressive metrics for its consumer and community banking business. For example, it bolstered expectations for net charge-offs— or the rate of loans going bad—for cards to roughly 3.4% this year, from a prior guide of under 3.5%. It has recently added millions of new customers and hundreds of branches, and said it expected steady net interest income and rising noninterest income this year in this unit. “Consumer financial health has largely normalized and remains stable,” the bank wrote in its presentation. Certainly those are all good items for JPMorgan’s shareholders. But what is working for America’s biggest bank isn’t necessarily synonymous with what many people might want to see out of the economy, particularly in an election year. Here is how JPMorgan Chase described consumers by segment during its conference on Monday: Segments of customers with lower incomes are showing stronger spending growth, but “with signs of trading down and getting a bit less for their money.” High-earning segments, meanwhile, are showing lower spending growth with “slowing discretionary spend, including in travel and luxury retail.” The bank’s lowest-income segment of customers have seen the largest relative gains in income: a median of 41% nominal growth since January 2020 across a stable cohort of those customers through March, versus a 21% rise in prices. But the bank’s lowest earners’ pandemic-era cash buffers have still also been shrinking, down from a peak of being able to cover an additional 15 days of outflows to just three days as of March. “As excess cash buffers have largely been exhausted, we are closely monitoring consumers whose incomes have not kept pace with inflation,” the bank wrote in its presentation. So something of a mixed bag, even if the bottom line isn’t any major unexpected change. Plus, for JPMorgan Chase, slower macro spending isn’t necessarily much of a growth constraint, as the bank’s consumer-and-small-business unit adds more new customers and deepens its business with its existing ones. It added nearly three million consumer customers in 2023, and grew the number of customers using multiple categories of products by 9% in 2023 from 2022. It has had over 30% growth in active card accounts versus 2019, and is capturing a greater percentage of its branded card customers’ travel spending through its Chase Travel platform. Within its overall strong credit trends, there are some pockets that might stand out. The bank anticipates net charge-offs of about 0.65 percentage point in auto lending in 2024, nearly double the 0.33% rate in 2019. That is partly due to a shift toward customers arranging their own auto loans versus getting them via dealers, and also a shift toward people taking out loans for used cars as opposed to new ones. Overall, though, the bank remains well braced for some further “normalization” of consumer credit. It expects card losses to move to about 3.6% in 2025, and has been underwriting new lending with what it expects could be a 4%-plus loss rate. Yet it still anticipates continuing to generate a very healthy return on equity of 25%-plus over the medium term for consumer and community banking. It was an extraordinary 38% in 2023. Consumers overall might be getting a fairly clean bill of health from their lenders. Whether they are excited about that clean living is another matter. —Telis Demos Sonos Picks Good Time to Enter Headphones There is never a great time to step up competition with Apple. But for Sonos, the timing is a necessity. The maker of premium wireless speakers is finally breaking into the headphone market. Sonos lifted the wraps Tuesday on its Ace headphones, slated to go on sale June 5. It is the most significant move to date into a new market segment by the company that helped pioneer the Wi-Fi speaker market. Market research firm Circana estimates that headphone sales in the U.S. totaled nearly $2.2 billion in 2023—48% larger than the market for Wi-Fi audio speakers. The move also brings Sonos a new list of major competitors. The $450 Ace will compete in the premium end of the over-ear headphone market, where brands such as Sony and Bose have long reigned supreme. But its most formidable foe might be Apple, which sells premium, over-ear headphones under the Beats Electronics brand along with its AirPods Max. The latter product looked like a stretch in late 2020 when Apple launched the massive headset with an even more massive price tag of $550. But that price and eyecatching design also seem to have transformed the AirPods Max into a social-media-fueled status symbol among fashionistas. Vogue described the headset as “the chunky, oversize flex of the moment” in an article this past year. Circana analyst Ben Arnold said the AirPods Max has become a major player in the premium, over-ear headphone market that saw U.S. sales jump 45% in 2023. Sonos has a lot of practice successfully competing against Apple and other tech titans. Cheap smart speakers from Amazon.com and Google sapped some of the company’s growth in 2016. But privacy concerns and those products’ mediocre audio quality helped Sonos quickly regain its footing. The company posted a 28% jump in unit sales in its fiscal year ended in September 2018, nearly tripling from the prior year. That also was the year Apple put out its first smart speaker dubbed the HomePod. It had disappointing sales and was discontinued three years later before being redesigned as a cheaper version. Sonos has had its struggles lately. The company enjoyed a big burst of sales early in the pandemic as workers stuck at home took the opportunity to beef up their sound systems and home theaters. But those are also products that last for years, meaning Sonos likely pulled forward some growth. The company sold 5.1 million devices in the 12-month period that ended in March—down 23% from the same period two years prior. Revenue of $1.66 billion for the fiscal year ended September 2023 was down 6% from the previous year and marked the first ever annual drop reflected in the company’s reported financial statements. Luckily, the company isn’t flying blindly into headphones. Sonos has an installed base of about 15.3 million households using the company’s speakers, and Chief Executive Officer Patrick Spence says headphones are the most requested product from that customer base. Analyst Brent Thill of Jefferies estimates that every 1% of Sonos households that pick up a pair of headphones equates to about $69 million in revenue. Spence says headphones are expected to account for a large portion of the $100 million in new product revenue the company has projected for the current fiscal year. “We expect early on existing customers will pick this up in droves,” Spence said. Hopes are high. Sonos shares have slumped recently, but the stock is still up about 45% since its fiscal fourth quarter report in November when it first dropped hints of a coming headphones launch. That has put Sonos’s 12- month performance nearly on par with Apple’s and well ahead of other premium tech peers such as GoPro and Peloton. In a survey earlier this year, Thill found that 62% of consumers said they buy a new set of headphones every three years, “suggesting a significantly faster refresh cycle compared to typical Sonos products.” Sonos may find its new cans playing a particularly welcome tune. —Dan Gallagher China’s XPeng Gets Supercharged by Volkswagen XPeng’s first-quarter gross margin was 12.9%, up from 1.7% a year earlier. BILLY H.C. KWOK/BLOOMBERG NEWS 2019 ’20 ’21 ’22 ’23 ’24 0 0.5 1.0 1.5 2.0 2.5 3.0 3.5% JPMorgan Chase net charge-off rate for cards Source: the company Note: 2024 is bank’s guidance of approximately 3.4%

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