Face to face

Good morning. Donald Trump and Vladimir Putin prepare to meet at their first summit in seven years. You can now buy your very own slice of a hedge fund. And demand for used luxury timepieces is back. Listen to the day's top stories.

— Eleanor Thornber and Omar El Chmouri

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Crunch time. Donald Trump will meet with Vladimir Putin at 11am local time in Alaska for their first summit in seven years. The two leaders will measure success on very different terms: Trump wants a Ukraine ceasefire, while for Russia's leader, a meeting on US soil alone marks a win.

Columbia's Karen Young Says Alaska Summit Agenda More Favorable to Putin

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Russian government hackers lurked in the records system of the US courts for years and stole sensitive documents that judges had ordered sealed from public view, according to people familiar with the breach. Trump hasn't ruled out asking Putin about it.

US Border Patrol officers outside the Japanese American National Museum where Gov. Newsom was holding a redistricting press conference. Photographer: Carlin Stiehl/Los Angeles Times

California Governor Gavin Newsom unveiled his campaign to slash the state's Republican-leaning congressional seats, while accusing the White House of stationing armed Border Patrol agents outside the event. The proposed redistricting plan would allow lawmakers to redraw congressional lines through 2030, but only if Texas approves its own controversial map changes.

Companies with no detention experience want to run Trump's ICE camps. Obscure disaster-response firms have been angling to profit from the president's mass deportation plans, since even before his reelection. Meet five of the people hoping to get rich from detention spending. And here's a explainer on the president's efforts to deport migrants.

Fancy owning a hedge fund? A little bit of one anyway. Goldman Sachs is offering clients a stake in Millennium Management for a minimum commitment of $1 million (or as much as $20 million, if you have it.) Meanwhile, Warren Buffett's Berkshire Hathaway bought shares of UnitedHealth in the second quarter, sending the health insurer's stock soaring in post-market trading.

Deep Dive: Big Tech Gets Even Bigger

The logos of the DeepSeek and ChatGPT artificial intelligence apps. Photographer: Andrey Rudakov/Bloomberg

The gap between large and small tech shares is widening due to the massive spending required to compete for artificial intelligence riches.

Microsoft alone is expected to spend $86 billion on AI investments next year. Such outlays just can't be matched by smaller companies, and the difference has become so stark that analysts see little chance for them to catch up.
But it's not just AI spending that's hitting the smaller cohort. Some, like Wix.com and Chegg, may simply be made obsolete by the new technology. Shares in those two firms have tumbled this year.
The selloff stands in contrast to the tech giants, which have seen earnings report largely been greeted warmly, and new behemoths like Palantir created. Microsoft and Nvidia have soared 24% and 36% this year, respectively, boosting the large-cap tech index 16%, while the small-cap tech index has fallen 1%.

The Big Take

Prabowo Subianto. Photographer: Samsul Said/Bloomberg

Indonesian President Prabowo Subianto is channeling the architect of China's economic rise in his push for legacy, seeing himself as a similarly transformative figure as Deng Xiaoping, according to people familiar with his thinking. But investors are concerned his ambitions aren't matched by realistic policies.

Big Take Podcast

Unpacking Trump's Unusual Deal With Nvidia

Bloomberg Green New York: Join us on Sept. 25 for a solutions-focused look into a new era of climate action during Climate Week NYC. On the heels of the 80th United Nations General Assembly, we'll hear how top leaders in business, finance and government are approaching climate issues during times of geopolitical uncertainty. Learn more.

Opinion

Donald Trump in the Oval Office of the White House in Washington, on Aug. 14, 2025. Photographer: Will Oliver/EPA

Sometimes the best outcome from a high-profile summit is just another summit, Marc Champion writes. That may well be the case today. But success for Trump is possible and Putin is fully aware that no other US president will be more favorable to him.

More Opinions

Editorial

Trusted Data Is a Vital Economic Asset

Chris Bryant

Jaguar and Aston Martin Must Find a Way to Share

Before You Go

A Rolex Daytona watch. Photographer: Bing Guan/Bloomberg

Got an old Rolex sitting around? Now's the time to sell it. The market for used luxury timepieces recorded its best half-year performance since early 2022. In demand: Rolex's gold Daytona 116508 and Patek Philippe's Aquanaut 5167A.

A Couple More