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Iran war creates opening for closer Europe-Gulf ties
View / Massie finally fell because of US-Israel politics, not Epstein
The World at a Glance
Updated 6:31pm EDT
1
Nvidia’s revenue topped estimates for the latest quarter, but the chip giant faces headwinds, including its China sales and a bond selloff.
2Meta began laying off thousands of workers, with plans to axe 10% of its staff to offset AI costs.
3The market is bracing for two massive IPOs from tech rivals: SpaceX filed its paperwork to go public, while OpenAI prepares to file confidentially soon.
4Russian President Vladimir Putin left Beijing without an agreement with China’s leader on a long-stalled gas pipeline Moscow urgently sought.
5Energy price spikes from the Iran war are forcing Western countries to soften sanctions against Russia.
6US President Donald Trump said Iran talks were in “final stages,” but friction with Israel, among other factors, could derail the diplomacy.
DeepMind founder on what Google AI products say about ‘singularity’
In an interview with Semafor, Hassabis opines on the steady march of AI capability.
Manuel Orbegozo/ReutersView / Stop talking to new college grads about AI
Frustration with AI is building for the Class of 2026, so here are some suggestions on what to discuss at commencement speeches instead.
Sarah Condon-USA TODAY via Imagn ImagesRepublicans set to scrap Trump’s ballroom money
The reason: GOP opposition to one of Trump’s top priorities.
Kevin Lamarque/ReutersChina, Russia offer veiled US critique during Putin visit
China’s leader hosted Russia’s president, arguing that the countries offered “calm amid chaos.”
Maxim Shemetov/Pool/Reuters‘Of course not’: Rep. Waters expects Trump to dodge Democratic oversight
Even if Democrats take the House back, her party’s leaders are bracing for a wall of opposition, Waters suggested at a Semafor event.
Rep. Maxine Waters, D-Calif. Semafor.Senators propose overhaul of US-Tanzania relationship
A new bipartisan bill would impose sanctions and freeze assistance in response to the country’s political crisis.
Emmanuel Herman/ReutersWorker backlash over ‘flash bang’ grenades sank Boston Dynamics robot deal
Employees said they worried robots could be used in protest control, a characterization the company refuted.
Ludovic Marin/Pool/via ReutersAD
Politics
Stringer/ReutersKevin Lamarque/Reuters 
Kathleen Flynn/Getty Images
Trump suggests Iran talks in ‘final stages’
The US believes it is making progress with Iran in peace talks, but disagreements between Washington and Israel threaten to derail the diplomacy.
Stringer/ReutersRepublicans set to scrap Trump’s ballroom money
The reason: GOP opposition to one of Trump’s top priorities.
Kevin Lamarque/ReutersFive Republican senators back Letlow in bid to sew up Louisiana runoff
The announcement is a sign that the dust is settling from her defeat of Sen. Bill Cassidy.
Kathleen Flynn/Getty ImagesBanks taking a closer look at citizenship is ‘common sense,’ US regulator says
A new executive order presents a “reasonable trade-off,” US Comptroller of the Currency Jonathan Gould said at Semafor’s Banking on the Future Forum.
Massie finally fell because of US-Israel politics, not Epstein
Before he became the president’s sharpest Republican critic in Congress, Massie was a libertarian scientist who hated government spending and the taxes that paid for it.
Four takeaways from a huge primary night
Rep. Thomas Massie’s defeat by the Trump machine claimed all the headlines, but other states brought key lessons.
Top Republican pumps brakes on prediction markets regulation
House Financial Services chair cautions against ‘jumping to a conclusion’ on congressional action.
‘Of course not’: Rep. Waters expects Trump to dodge Democratic oversight
Even if Democrats take the House back, her party’s leaders are bracing for a wall of opposition, Waters suggested at a Semafor event.
Senators propose overhaul of US-Tanzania relationship
A new bipartisan bill would impose sanctions and freeze assistance in response to the country’s political crisis.
Ballroom security money hangs over GOP agenda
Republicans can afford to lose only three votes and still pass the legislation.
Trump threatens ‘another big hit’ on Iran if talks fail
The US and Iran remain far apart on the terms of a potential peace deal, raising doubts about finding an off-ramp to the conflict during a strained ceasefire.
Business
Go Nakamura/Pool/Reuters
Nvidia beats on earnings, but faces headwinds
Nvidia’s revenue topped estimates for the latest quarter, the chip giant reported Wednesday, but it faces challenges.
Go Nakamura/Pool/ReutersOpenAI, SpaceX IPOs on deck
The listings would make 2026 the largest year ever for IPOs.
Inflation hits US alcohol industry
The US alcohol industry, already struggling with falling demand, is being further hit by inflation.
SpaceX prepares for pre-IPO Starship launch
SpaceX is set to debut its Starship V3 rocket on Thursday in a key test of both its technology and investor confidence.
Foreign governments dump US Treasurys amid Iran volatility
Data showed seven of the top 10 foreign holders of US government debt trimmed their holdings of US Treasurys in March.
TechnologyManuel Orbegozo/Reuters 
Mike Blake/Reuters
DeepMind founder Demis Hassabis on what Google AI products say about ‘singularity’
In an interview with Semafor, Hassabis opines on the steady march of AI capability.
Manuel Orbegozo/ReutersMeta begins layoffs amid rising AI angst
Meta began laying off thousands of workers, with plans to axe 10% of its staff to offset AI costs.
Mike Blake/ReutersNvidia beats on earnings, but faces headwinds
Nvidia’s revenue topped estimates for the latest quarter, the chip giant reported Wednesday, but it faces challenges.
OpenAI, SpaceX IPOs on deck
The listings would make 2026 the largest year ever for IPOs.
Monet bait-and-switch sparks debate on art and AI
AI’s image-making abilities are good enough to fool almost anyone, an amateur painter told other artists.
Stop talking to new college grads about AI
Frustration with AI is building for the Class of 2026, so here are some suggestions on what to discuss at commencement speeches instead.
Energy
China Daily via Reuters
Amanda Perobelli/Reuters
Western nations let Russia in from the cold
The US and UK softened sanctions on Russian oil amid the Iran war’s energy crunch.
China Daily via ReutersIran war accelerates move away from fossil fuels
In a new energy market outlook projecting out to 2050, BNEF analysts forecast global oil demand will plateau in the early 2030s.
Amanda Perobelli/ReutersNew infrastructure projects seek to bypass Hormuz
The UAE said it is racing to complete a new pipeline by next year that will double its oil export capacity bypassing the waterway.
Gulf
Saudi theme park turns to Google for AI
Riyadh entertainment district Qiddiya will use Google Cloud’s data and AI products to monitor construction, visitor patterns, and real-time operations.
Saudi Aramco gets its first quantum computer
French startup Pasqal helped Aramco launch the computer, part of a broader push in the Gulf to use technology to squeeze more efficiency from oil and gas operations.
Iran war drives up Hajj pilgrimage costs
Fewer flights and disrupted supply routes are driving up prices ahead of Hajj, the pilgrimage which begins with its main rituals in Mecca.
Iran war creates opening for closer Europe-Gulf ties
Gulf countries would welcome closer defense, investment, and trade ties with Europe.
Porsche launches limited 911 Turbo S ‘Sadu Edition’
The German automaker is producing just 20 vehicles customized with Al Sadu patterns.
China
Alexander Manzyuk/Reuters
Putin leaves China without pipeline deal
Russia’s Vladimir Putin left Beijing without an agreement on a long-stalled gas pipeline he urgently sought.
Putin to discuss long-delayed pipeline with Xi
Russian President Vladimir Putin’s visit to Beijing this week could clear a logjam for the construction of a long-delayed oil pipeline to China.
Alexander Manzyuk/ReutersChinese men are learning to spoil themselves
As more men live alone and delay marriage, they’re spending more on skincare, fragrances, fitness equipment, and other self-care luxuries.
Africa
Adriano Machado/Reuters
Temilade Adelaja/Reuters
Nigeria’s president uses young technocrats to control economy
Nigeria’s septuagenarian president has appointed a new generation of policymakers but critics claim ethnic bias.
Adriano Machado/ReutersSolar minigrids in Nigeria could offer major jobs boost, report finds
Off-grid solar electricity is among the solutions the World Bank is backing to halve the continent’s energy gap.
Temilade Adelaja/ReutersSouth African grocer Pick n Pay raises nearly $300M
Pick n Pay sold a 12.5% stake in Boxer, which has seen its valuation surge since its IPO in 2024.
Kenya cuts fuel prices after deadly protests
Nairobi has been rocked by demonstrations, with four people killed and dozens injured.
Ebola hits central Africa, prompting race for vaccine
There are no treatments for the current Ebola strain, which has already killed 131 people.
Two prominent Republican Africa staffers leave Capitol Hill
Their exits leave an incoming Africa official with one less bridge to Capitol Hill at a fraught moment for US-Africa relations.
SecurityAlexander Manzyuk/Reuters 
Evan Vucci/Reuters
Putin to discuss long-delayed pipeline with Xi
Russian President Vladimir Putin’s visit to Beijing this week could clear a logjam for the construction of a long-delayed oil pipeline to China.
Alexander Manzyuk/ReutersPutin launches nuclear drills in projection of power
The show of force comes as Moscow suffers continued losses on the battlefield in its war against Ukraine.
Trump suspends planned Iran strikes
The US president said he was holding off attacks on Iran at the behest of Middle East allies.
Evan Vucci/ReutersMedia
New arts magazine Totei to focus on the ‘creative process’
The online magazine will publish content weekly, including profiles of artists and musicians, photo essays, reported features, and interviews.
Fortune chairman joined Trump interview
Editor-in-chief Alyson Shontell conducted the interview with the president.
Paramount seeks to calm California’s creatives — and a litigious attorney general
Paramount is racing to reassure Hollywood that its takeover of Warner Bros. Discovery, with its HBO streaming service, isn’t aimed at killing movie theaters.
CBS’ Tony Dokoupil to broadcast from Taiwan after failing to get China visa in time
It was a stumble in the network’s efforts to play a leading role in this week’s dominant global story.
Hollywood appears to avoid Cannes Film Festival
Only two American entrants are competing for the Palme d’Or, both relatively small and financed outside the US.
CEO Signal
Reckitt Benckiser/Handout via Reuters 
Why Allstate’s Tom Wilson thinks CEOs should create more jobs with AI
The insurance industry veteran says executives have an obligation to do hard things.
Reckitt’s Kris Licht on moving at ‘China speed’
The CEO behind Lysol and Durex ‘pivoted hard’ for a new era of TikTok-driven commerce.
Reckitt Benckiser/Handout via Reuters Dan Schulman’s plan to get Verizon back in the fight
“If somebody’s going to punch me, I’m going to punch back,” Verizon CEO Dan Schulman says in this episode of The CEO Signal.
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