SUN VALLEY, IDAHO - JULY 07: Lead Independent Director of The Coca‐Cola Company David B. Weinberg 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)

SUN VALLEY, IDAHO - JULY 07: Former CEO of The Walt Disney Company Bob Iger 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)

SUN VALLEY, IDAHO - JULY 07: Former CEO of The Walt Disney Company Bob Iger 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)

SUN VALLEY, IDAHO - JULY 07: Former CEO of The Walt Disney Company Bob Iger 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)

(COMBO) This combination of files pictures created on July 7, 2026 shows the logo of leading world cosmetics group L'Oreal in the group's global hair research center in saint-Ouen near Paris on February 5, 2020 and the logo of luxury brand Gucci 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 ERIC PIERMONT and Charly TRIBALLEAU / AFP via Getty Images)

(FILES) (FILES) This photograph taken on February 5, 2020 shows the logo of leading world cosmetics group L'Oreal in the group's global hair research center in saint-Ouen near Paris. 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 ERIC PIERMONT / AFP via Getty Images)

(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)