Under CEO John Donahoe, the sneaker giant is heading to the Paris Summer Olympics with something to prove: it may be showing fatigue, but it’s still an innovator. It’s gray season in Beaverton, Oregon. Wet and dank, just warm enough not to be snowing, the moment in March when everyone wearily agrees that winter is supposed to be over. Serena’s tennis court sits empty, speckled with a few dozen fluorescent balls; a “No Walking” sign warns people off Ronaldo’s soccer pitch....

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