(FILES) The logo of luxury brand Gucci is seen in Tokyo on June 22, 2021. L'Oréal and Gucci have signed a 50-year licensing agreement in the beauty sector, following the decision to bring forward by one year the termination of the license that existed between Gucci and the US company Coty. (Photo by Charly TRIBALLEAU / AFP via Getty Images)

SUN VALLEY, IDAHO - JULY 07: LinkedIn co-founder Reid Hoffman (L) arrives at the Sun Valley Lodge for the Allen & Company Sun Valley Conference on July 7, 2026 in Sun Valley, Idaho. Every year, some of the world's wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. (Photo by Kevin Dietsch/Getty Images)

SUN VALLEY, IDAHO - JULY 07: LinkedIn co-founder Reid Hoffman (L) arrives at the Sun Valley Lodge for the Allen & Company Sun Valley Conference on July 7, 2026 in Sun Valley, Idaho. Every year, some of the world's wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. (Photo by Kevin Dietsch/Getty Images)

SUN VALLEY, IDAHO - JULY 07: CEO of Disney Josh D'Amaro (2nd-L) and co-founder and managing partner of K5 Global Michael Kives (2nd-R) arrive at the Sun Valley Lodge for the Allen & Company Sun Valley Conference on July 7, 2026 in Sun Valley, Idaho. Every year, some of the world's wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. (Photo by Kevin Dietsch/Getty Images)

SUN VALLEY, IDAHO - JULY 07: CEO of Disney Josh D'Amaro (C) and co-founder and managing partner of K5 Global Michael Kives (R) arrive at the Sun Valley Lodge for the Allen & Company Sun Valley Conference on July 7, 2026 in Sun Valley, Idaho. Every year, some of the world's wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. (Photo by Kevin Dietsch/Getty Images)

SUN VALLEY, IDAHO - JULY 07: Film producer Brian Grazer arrives at the Sun Valley Lodge for the Allen & Company Sun Valley Conference on July 7, 2026 in Sun Valley, Idaho. Every year, some of the world's wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. (Photo by Kevin Dietsch/Getty Images)

SUN VALLEY, IDAHO - JULY 07: Film producer Brian Grazer (L) speaks to co-founder and managing partner of K5 Global Michael Kives as they arrive at the Sun Valley Lodge for the Allen & Company Sun Valley Conference on July 7, 2026 in Sun Valley, Idaho. Every year, some of the world's wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. (Photo by Kevin Dietsch/Getty Images)

SUN VALLEY, IDAHO - JULY 07: President and CEO of Warner Bros. Discovery David Zaslav attends the Allen & Company Sun Valley Conference at the Sun Valley Lodge on July 7, 2026 in Sun Valley, Idaho. Every year, some of the world's wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. (Photo by Kevin Dietsch/Getty Images)