The annual Allen & Co. retreat opened this week in Sun Valley, Idaho, bringing together a who’s-who of technology, media and political power brokers for five days of private discussions and outdoor networking. The gathering, often a springboard for high-profile deals, is unfolding against a backdrop of rapid advances in artificial intelligence, regulatory uncertainty in Washington and a wave of corporate restructuring across the entertainment industry. Apple’s Tim Cook, Amazon’s Andy Jassy, Meta’s Mark Zuckerberg and Google’s Sundar Pichai were among the early arrivals, alongside OpenAI chief Sam Altman, who recently spent $6.5 billion to acquire Jony Ive’s AI-hardware startup io. Disney chief executive Bob Iger, Warner Bros. Discovery’s David Zaslav, Comcast’s Brian Roberts and Netflix co-chief Ted Sarandos are leading the Hollywood contingent, while political figures including Senate Minority Leader Chuck Schumer and Governors Wes Moore and Glenn Youngkin joined the closed-door sessions. Ivanka Trump and Jared Kushner also made rare appearances, underscoring the event’s mix of corporate and Beltway influence. Artificial intelligence dominated opening conversations, with Altman, Microsoft’s Satya Nadella and other tech leaders pitching new partnerships to studio executives who are weighing both the cost-cutting potential and copyright risks of generative tools. At the same time, legacy media companies—under pressure from cord-cutting and tighter capital markets—are discussing possible asset spinoffs and joint ventures. Comcast and Warner Bros. Discovery have already moved to separate their linear-TV assets, and investors are watching for signs that Disney might eventually follow suit even as Iger works to identify a successor by 2026. Deal-making prospects are further clouded by President Donald Trump’s regulatory posture. Executives cited ongoing FCC probes of newsroom practices, the administration’s 145% tariff on Chinese goods and heightened antitrust scrutiny as factors that could slow mergers or drive valuations lower. While no major transactions were announced on day one, bankers and chief executives suggested that any tie-ups emerging from Sun Valley this year are likely to revolve around AI capabilities or streaming-sports rights rather than the megamergers that once defined the conference.