Goldman Sachs is canceling a pledge to ensure diversity on the boards of companies it helps go public.

• It's the latest corporate rollback of diversity, equity and inclusion initiatives following conservative blowback and a series of court rulings calling certain quotas into question.

Goldman confirmed today that it's ending its commitment to make sure that every company it shepherds through the IPO process in the U.S. or western Europe had at least two board members who were not white men.

• The pledge also called for at least one of those two members to be a woman.
• Zoom in: Spokesperson Tony Fratto attributed today's reversal to "legal developments related to board diversity requirements."

Context: A federal Court of Appeals ruled in December against a Nasdaq board diversity requirement.

• The Supreme Court also ruled in 2023 against affirmative action in college admissions.

Zoom out: Goldman told Axios back in 2022 that the policy was working.

• Today, Fratto noted in his statement: "We continue to believe that successful boards benefit from diverse backgrounds and perspectives, and we will encourage them to take this approach."

Also today: Disney is making changes to its own DEI efforts. Read the exclusive from Axios' Sara Fischer.

"For example, if aluminum cans become more expensive, we can put more emphasis on PET bottles."

🏨 Marriott's stock tumbled after the company issued a disappointing profit forecast. The world's largest hotel company said domestic travel in China is looking weak. (Reuters)

⦿ Travelers estimated it will incur $1.7 billion in pre-tax losses from the Los Angeles wildfires. It comes after Allstate estimated $1.1 billion in losses and Chubb pegged its losses at $1.5 billion. (Bloomberg)

🏪 JCPenney is closing more stores this year in a move unrelated to the Catalyst Brands merger announced in January. Its current closing list has eight locations, which represents less than 2% of its 650-plus locations. (Axios)

NBA superstar Giannis Antetokounmpo and soccer legend Alex Morgan are used to making highlights — but now they're funding highlights, too.

State of play: The sports icons are among the investors in an AI-powered sports clip service called ScorePlay, CNBC reports.

• The service, whose 200+ clients include NBA and NHL teams, fetched $13 million in a Series A funding round that included Antetokounmpo, Morgan and Reddit co-founder Alexis Ohanian's Seven Seven Six VC firm.

How it works: "ScorePlay's service, created in 2021 by Victorien Tixier and Xavier Green, automatically tags and organizes content, allowing teams to speed up the delivery to everyone from broadcasters and sponsors to the athletes themselves," CNBC reports.