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Intelligence for the New World Economy
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Zacharia’s rocky stint as press secretary ends
An administration official told Semafor that Zacharia will be “transitioning out” of her role.
The World at a Glance
Updated 7:30am EDT
1
US stocks clawed back losses following a multi-day tech selloff, as investors flocked to safer assets amid growing AI jitters.
2Yields on a key cloud provider’s bonds rose further, one of a number of signs of investors souring on AI infrastructure investment.
3Apple and Meta said they would join forces to release a new open-weight AI model to run on high-end Macs.
4Taiwan is set to tighten controls on selling cutting-edge AI chips to China in order to win favor with the US.
5Trade talks between the US and Mexico appeared to be in jeopardy after Washington drew a hard line on steel and aluminium tariffs.
6Major Western carmakers unveiled new flagship models as they look to keep up with Chinese challengers.
The UAE’s ‘Zero Hormuz’ strategy runs through Fujairah
The Iran war has presented one of the country’s poorer emirates with a ‘once-in-a-lifetime opportunity.’
AOC and El-Sayed test-drive a national platform for the left
The progressive duo toured through some of Michigan’s reddest territory with clear eyes on bigger stages.
The $22B startup co-founder working to make chatbots talk back
ElevenLabs’ Mati Staniszewski is betting that “voice AI” will soon become the norm.
US-Ukraine rift not affecting weapons
The Pentagon has told NATO members that a US procurement program that sends weapons to Ukraine via the alliance is continuing uninterrupted.
Trump administration logs record foreign investment
The SelectUSA program has brought in some $280 billion.
Lowball retention bonuses doomed Perella-Piper Sandler merger
Perella bankers balked at $2.5 million in equity to stay with the combined bank.
Zuma’s illness raises questions for South Africa opposition
The cancellation of a campaign rally suggests the former president’s party is reliant on his leadership and charisma.
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Politics
Thune enjoys surprisingly clear path back to GOP leader despite Trump’s attacks
Thune may actually run unopposed this year, regardless of how the midterms go.
Evan Vucci/Reuters
FAA equity talks raise questions about the agency’s legal authority
The Trump administration has negotiated stakes in dozens of other companies, but none through the FAA.
Lindsey Wasson/Reuters
Tariffs pose a risk to US-India relationship
Washington is hoping President Trump will spare at least one country from tariffs: India.
Nathan Howard/Reuters
Zacharia’s rocky stint as press secretary ends
An administration official told Semafor that Zacharia will be “transitioning out” of her role.
State Department warns travelers to China they risk “wrongful detention”
State cites “serious risk” as Trump plans China trip.
AOC and El-Sayed test-drive a national platform for the left
The progressive duo toured through some of Michigan’s reddest territory with clear eyes on bigger stages.
Kalshi in no rush for Supreme Court ruling in fight with states
The company agrees that justices must eventually opine on whether states and tribes should regulate its sports event contracts as sports bets.
US-Ukraine rift not affecting weapons
The Pentagon has told NATO members that a US procurement program that sends weapons to Ukraine via the alliance is continuing uninterrupted.
Trump administration logs record foreign investment
The SelectUSA program has brought in some $280 billion.
Conservative AI safety group proposes export controls, visa restrictions
Humans First, a conservative-led group advocating for stronger AI guardrails, is out with an “America First AI Policy” platform.
US Chamber of Commerce makes midterm moves
The group is launching a new $250,000 issue advocacy ad in Iowa.
Business
Demand for AI experts brings deepfakes and chatbot impostors
Expert networks are devising strategies to test for authenticity, like additional screening and ID verification with questions designed to trip up AI avatars.
Toru Hanai/Reuters
777 Partners founder’s guilty plea deepens scrutiny of Wall Street’s insurance trade
A Semafor investigation in 2023 found that 777 had been funneling insurance policyholders’ money into risky bets that it ginned up itself.
Lowball retention bonuses doomed Perella-Piper Sandler merger
Perella bankers balked at $2.5 million in equity to stay with the combined bank.
Why Suntory’s CEO is still investing in a sobered-up spirits market
Nobuhiro Torii sees a chance to build the family company’s brands as listed rivals cut back.
The $22B startup co-founder working to make chatbots talk back
ElevenLabs’ Mati Staniszewski is betting that “voice AI” will soon become the norm.
Technology
Ecommerce confronts AI shopping agents ahead of holiday season
Cheq, a cybersecurity company that verifies AI shopping agents, says it recorded a 100x surge in agentic traffic.
Dado Ruvic/Reuters
Why the AI bubble fears are overblown
Money is not going to be the thing that finally causes the AI train to go off the rails.
Audrey Richardson/Reuters
OpenRouter challenger closes seed round
Startup TrustedRouter is among a growing crop of model-routing firms looking to cut AI costs and reduce businesses’ dependence on any single AI model maker.
Apple and Meta to collaborate on new AI model
The move is the latest sign of AI reshaping old tech rivalries, as the giants have been at odds for over a decade.
AI infrastructure debt costs soar amid investor concerns
Oracle’s $160 billion debt is rated just above junk status, and Microsoft’s AAA-rated debt costs 25% more to insure than three months ago.
Taipei restricts China chip sales to appease the US
The latest move by Taipei is a significant step in curtailing black market sales to Chinese companies seeking to bypass US curbs.
Energy
The EU’s methane rule pause may not help energy prices
The EU’s decision to delay the implementation of its methane regulations won’t help consumers much, environmental groups argued.
Yves Herman/Reuters
Big Law talent battle for data center expertise moves South
The top 200 US firms are on pace to hire nearly 300 data center lawyers this year, up 21% from the year before.
Andrew Kelly/Reuters
Fossilflation is a permanent risk to the US
Rising energy costs were a major driver of the hotter-than-expected US inflation figures reported yesterday.
Alyssa Pointer/Reuters
Gulf
Saudi’s online war response takes a militaristic turn
Previously, the response to Iranian attacks was posting images of the flag, the crown prince, and a prayer for the country.
A social media post that urges Saudi citizens to defend their country. @saudipopular_/Instagram
IRH and Zambia’s state miner resolve copper financing dispute
The truce followed a meeting in Abu Dhabi between Zambian President Hakainde Hichilema and IRH’s CEO.
LA’s ‘Selling Sunset’ real estate agency opens a Dubai office
Luxury properties in Dubai have continued to sell for over $5 million, even during wartime.
Houthi strikes expose Saudi Arabia’s vulnerabilities
Despite Riyadh’s considerable air defenses and military spending, the militants have been able to outsmart the systems with relatively low-cost tools.
The UAE’s ‘Zero Hormuz’ strategy runs through Fujairah
The Iran war has presented one of the country’s poorer emirates with a ‘once-in-a-lifetime opportunity.’
China
State Department warns travelers to China they risk “wrongful detention”
State cites “serious risk” as Trump plans China trip.
Eric Lee/Reuters
Taipei restricts China chip sales to appease the US
The latest move by Taipei is a significant step in curtailing black market sales to Chinese companies seeking to bypass US curbs.
Florence Lo/Reuters
UK and EU consider coordination on China tariffs
The UK said it was prepared to align its tariffs on Chinese EVs with the EU’s, delivering a boost to Brussels amid trade negotiations with Beijing.
Stephanie Lecocq/Reuters
Africa
African energy’s ‘Big Bang’ moment
Dangote’s mega-refinery has upended conventional thinking by showing that African refineries can supply markets in Europe and Asia.
Kenya’s President William Ruto, Aliko Dangote, and former Nigerian President Olusegun Obasanjo. Monicah Mwangi/Reuters
Congo Basin deforestation nears Amazon levels
The destruction releases vast stores of carbon, adding to climate change that is already contributing to drought and forest fires across the tropics.
Goran Tomasevic/Reuters
South Africa tightens rules on weight-loss drugs
Pharmaceutical giants Novo Nordisk and Eli Lilly have sought to curb the pharmacy-made products competing with their blockbuster GLP-1 drugs.
South Africa’s Black firms face $45B funding gap
The findings come three decades after the government introduced measures aimed at reversing the dispossession suffered by Black people under apartheid.
Nigerian firm launches $200M SME fund
The fund seeks to close a credit access gap that constrains the growth potential of a vital pillar of African commerce.
Dangote extends refinery share sale to Egypt
The sale will involve the use of depositary receipts, the same instruments that will be used to offer ownership to prospective shareholders in Botswana and Kenya.
Security
US expands military campaign against drug cartels in Latin America
The US is deploying 600 soldiers to a Panama training facility, The New York Times reported.
Jose Cabezas/Reuters
Airports are becoming targets in escalating wars
The Houthis have reportedly struck Riyadh’s airport 20 times this month.
Stringer/Reuters
Trump cancels plans for execution livestream after blowback
More than 70 retired military leaders had condemned the “barbaric” order.
Jonathan Ernst/Reuters
Media
Fox stays positive on data centers even as public backlash grows
More than half of the references to data centers on Fox News over the last two years would have left viewers with a favorable impression, according to a Semafor analysis.
Fred Greaves/Reuters
Hack reveals Netanyahu campaign’s media ties
The latest breach comes from the Whatsapp account of Netanyahu aide Jonatan Urich.
ABC News offers contradictory explanation for vanishing Anduril story
Emails between ABC News and its subjects, provided to Semafor, show the network seeking to downplay its errors by misrepresenting its own processes.
New Skydance CEO Kreiz will be Ellison’s enforcer
Investors are warily eying Skydance’s freshly downgraded debt, and layoffs are coming.
Marc Elias’ Democracy Docket sees Trump 2.0 success
One of the Democratic Party’s most prolific lawyers also is becoming one of its most prolific posters.
CEO Signal
The $22B startup co-founder working to make chatbots talk back
ElevenLabs’ Mati Staniszewski is betting that “voice AI” will soon become the norm.
Why Suntory’s CEO is still investing in a sobered-up spirits market
Nobuhiro Torii sees a chance to build the family company’s brands as listed rivals cut back.
The CEO who put Canary Wharf back on the map
Shobi Khan’s success in filling the east London site is tempting him to think about international expansion.
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