The firm said that “All decisions regarding the work force reduction were driven by business considerations that started long before the unionization effort.”

The firm said that “All decisions regarding the work force reduction were driven by business considerations that started long before the unionization effort.”

In a discussion of the union campaign not long before the layoffs, a senior manager wrote in an email: “Now it’s up to me to design some prophylaxis against any such future efforts.”

A key development is that many in the tech industry now see themselves as regular workers, not co-owners or sought-after professionals or future executives and founders.

"Blue Owl primarily funded the project through a bond offering from Pimco, an asset management firm. Pimco sold the so-called 'Beignet bonds,' which mature in 2049, to its clients that include insurers, pension funds, endowments, financial advisers, BlackRock."

So Chip-maker A has turned a relatively small amount of its own money into a relatively large amount of demand for its own chips.

One example: Chip-maker A invests money in Chip-buyer B. Chip-buyer B levers up on that money, and uses the borrowed money to buy chips from Chip-maker A.

"In sharp contrast to the campaigns of Hillary Clinton & Biden, the Mamdani campaign was an intraparty insurrection seeking to displace what a dysfunctional and failed old guard. This semi-revolutionary element gave the Mamdani campaign its moral legitimacy: the reform of a moribund institution."