- D.C.
- BXL
- Lagos
- Riyadh
- Beijing
- SG
Intelligence for the New World Economy
- D.C.
- BXL
- Lagos
- Riyadh
- Beijing
- SG
The World at a Glance
Updated 6:27pm EDT
1
The US and Iran each signaled they have the upper hand as the stalemate over the Strait of Hormuz endures.
2US GDP rose 2% in the first three months of 2026, as AI investment outweighed a slight pullback in consumer spending.
3US stocks had their best month since 2020, as investors picked winners and losers in Big Tech.
4China’s manufacturing sector is holding up despite the Iran war, even as the country’s broader economy showed vulnerabilities.
5Nearly 60 nations agreed to move toward phasing out oil, gas, and coal, in a climate summit that aimed to accelerate a global shift toward renewables.
6Public backlash is growing in Russia amid Moscow’s efforts to tighten internet control.
Trump signs order expanding workers’ access to retirement plans
The president’s Thursday move will be integrated with the 2022 Saver’s Match, as first reported by Semafor earlier this year.
Evelyn Hockstein/ReutersDan Schulman, Verizon CEO, on AI, layoffs and punching back
“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.
Supreme Court sparks a bipartisan redistricting rush
Lawmakers in both parties are endorsing plans to wipe out their rivals in states they control, with few voices of caution.
Nathan Howard/ReutersSurveillance dilemma: Punt or shutdown
Congress is still racing to keep expiring Foreign Intelligence Surveillance Act powers online.
Kent Nishimura/Reuters Schiff tests GOP ahead of Iran war’s 60th day
Republicans are talking a lot about their concerns with an unauthorized war after more than 60 days, and the California Democrat says this is their chance to act.
Evelyn Hockstein/Reuters Warsh heads straight for Trump’s Fed pressure cooker
“I think he’ll be fine,” one Republican senator quipped as Warsh faces the president’s push for rate cuts. “But if not, it’s too late.”
Elizabeth Frantz/ReutersPowell vows to stay at Fed as a governor
When pressed on timing, Jerome Powell said: “I will leave when I think it’s appropriate to do so.”
Kevin Lamarque/Reuters
AD
Politics
Brian Snyder/Reuters
Kylie Cooper/ReutersNathan Howard/Reuters
Republicans plan ‘all-out assault’ on Platner’s candidacy in Maine
The GOP is readying a barrage of negative attacks on the Democratic Senate candidate.
Brian Snyder/ReutersBipartisan pair of senators introduces prediction markets bill
The proposal would specifically define terms like event contracts while also requiring exchanges to implement safeguards against advertising, illicit finance, and fund segregation.
Kylie Cooper/ReutersSupreme Court sparks a bipartisan redistricting rush
Lawmakers in both parties are endorsing plans to wipe out their rivals in states they control, with few voices of caution.
Nathan Howard/ReutersTrump reportedly weighs renewed Iran attacks
Worries that the conflict could resume drove benchmark oil prices above $126 a barrel.
Schiff tests GOP ahead of Iran war’s 60th day
Republicans are talking a lot about their concerns with an unauthorized war after more than 60 days, and the California Democrat says this is their chance to act.
Surveillance dilemma: Punt or shutdown
Congress is still racing to keep expiring Foreign Intelligence Surveillance Act powers online.
Trump signs order expanding workers’ access to retirement plans
The president’s Thursday move will be integrated with the 2022 Saver’s Match, as first reported by Semafor earlier this year.
Oil rises as Trump rejects Iran’s peace proposal
The price of oil rose Wednesday after US President Donald Trump rejected Iran’s proposal to open the Strait of Hormuz and defended his maritime blockade.
Warsh heads straight for Trump’s Fed pressure cooker
“I think he’ll be fine,” one Republican senator quipped as Warsh faces the president’s push for rate cuts. “But if not, it’s too late.”
Sanders convenes US, Chinese scientists on AI
The senator is heading up a rare discussion with international scientists Wednesday evening to address the “existential threat” posed by AI.
Powell vows to stay at Fed as a governor
When pressed on timing, Jerome Powell said: “I will leave when I think it’s appropriate to do so.”
Business
Brendan McDermid/Reuters
Investors grapple with Big Tech’s AI spending spree
US stocks on Thursday wrapped up their best month since 2020, as investors shrugged off disruptions from the Iran war and picked winners and losers in Big Tech.
Brendan McDermid/ReutersFCC’s Disney probe divides Republicans
The accusations of censorship from some Republicans suggest Brendan Carr misjudged the appetite for a crackdown on speech.
Dan Schulman, Verizon CEO, on AI, layoffs and punching back
“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.
Asian development bank sharply downgrades growth forecasts
The high cost of oil has pushed the rupee down in India, and South Korea and Japan both saw petrochemical and refinery activities slow.
Iran war drive stagflation risk in Europe
The eurozone grew just 0.1% in the first quarter, while inflation accelerated to 3%, and falling consumer sentiment hints at collapsing demand.
TechnologyBrendan McDermid/Reuters 
Brendan McDermid/Reuters
Investors grapple with Big Tech’s AI spending spree
US stocks on Thursday wrapped up their best month since 2020, as investors shrugged off disruptions from the Iran war and picked winners and losers in Big Tech.
Brendan McDermid/ReutersAI investment props up US GDP growth
US GDP rose 2% in the first three months of 2026, new data showed Thursday, driven by AI investment.
Brendan McDermid/ReutersPsiQuantum adds Intel’s Lip-Bu Tan to board
The appointment draws PsiQuantum closer to the semiconductor industry.
Big Tech firms beat earnings expectations amid AI spending questions
Alphabet, Amazon, Meta, and Microsoft all beat first-quarter earnings expectations on Wednesday, but investors are poised to closely scrutinize their heavy spending on AI.
Musk v. Altman trial is reverse Gladiator
Instead of Gladiators fighting for our entertainment, the emperors are shadowboxing before an angry populace.
Is revenue the wrong way to value AI?
Traditional financial metrics like revenue and profit don’t tell you much about who will win the AI race in the long run.
Energy
Carlos Barria/Reuters
Kevin Lamarque/Reuters
Staff/Reuters
Sixty nations agree to landmark climate accord
Nearly 60 nations this week moved toward phasing out oil, gas, and coal, in a climate summit that aimed to accelerate a global shift toward renewables.
Carlos Barria/ReutersClimate tech startups turn to AI
AI is becoming harder to avoid across climate tech in general, and solar developers in particular face narrowing margins.
Kevin Lamarque/ReutersUAE’s OPEC exit deals major blow to oil cartel
Abu Dhabi argued the move would allow it to act more independently in its “long-term strategic and economic vision.”
Staff/ReutersGulf
Poster of former IRGC commander Qassem Soleimani and Iraqi militia commander Abu Mahdi al-Muhandis in Baghdad. Ahmed Saad/Reuters
America’s Iraq failure is haunting Trump’s war with Iran
Iraqi militia attacks on Gulf states show how US failures in Iraq are complicating the Iran war.
Poster of former IRGC commander Qassem Soleimani and Iraqi militia commander Abu Mahdi al-Muhandis in Baghdad. Ahmed Saad/ReutersAbu Dhabi’s Orbitworks plans $1 billion spend on satellite expansion
Space firm signs deal with French government as it looks to build an AI-powered satellite cluster.
Saudi Arabia brings medieval cartography, and Yoko Ono, to Venice
Thirteenth-century maps, first-century incense burners, and new commissions from Yoko Ono and Wael Shawky are coming together in Saudi’s Venice exhibition.
Abu Dhabi saw prewar property boom with best-ever first quarter
Sales in the first three months of 2026 were almost half of the total figure for 2025, according to the sector’s regulator ADREC.
Saudi-backed epic flops at box office in the US
Desert Warrior, a Saudi-backed movie that reportedly cost about $150 million to make, only brought in $472,000 in its opening weekend.
Africa
Military personnel during a defense expo in Mali last year. Francis Kokoroko/Reuters.
Thomas Mukoya/Reuters
Why the Sahel crisis matters to Europe
A coordinated attack by jihadists and Tuaregs in Mali exposes the vulnerability of its ruling junta.
Military personnel during a defense expo in Mali last year. Francis Kokoroko/Reuters.Kenya eyes $600M in World Bank emergency funds
The East African nation is particularly vulnerable given it imports the vast majority of its fuels from the Gulf.
Thomas Mukoya/ReutersSouth Africa’s law and order test
Two major anti-corruption findings are due in the coming weeks.
South Africa withdraws AI policy over AI-generated sources
The communications minister admitted that the department failed to spot the fabricated references before releasing the draft policy for public comment.
Mali leader makes first public appearance since insurgent attacks
An al-Qaida affiliate and an allied separatist group assassinated Mali’s defense minister and captured key territory in the country’s north during the strikes.
Canal+ to list on the Johannesburg Stock Exchange
The announcement comes a year after the French entertainment group took over Africa’s largest cable television company, MultiChoice.
Security
Ramil Sitdikov/Reuters
US Central Command/Handout via Reuters
Quetzalli Nicte-Ha/Reuters
Backlash swells to Russia web crackdown
More ordinary Russians are starting to speak out, in a rare chorus of dissent.
Ramil Sitdikov/ReutersTrump reportedly weighs renewed Iran attacks
Worries that the conflict could resume drove benchmark oil prices above $126 a barrel.
US Central Command/Handout via ReutersMexico arrests cartel leader amid widening gang crackdown
Mexican President Claudia Sheinbaum intensifies her gang crackdown.
Quetzalli Nicte-Ha/ReutersMedia
Jessica Koscielniak/Reuters
How the WHCD shooting laid bare the media’s trust crisis
I was at the White House Correspondents’ Association dinner. Some number of people are convinced we’re not getting the real story.
Jessica Koscielniak/Reuters FCC challenges ABC broadcast licenses
The move could strip ABC of its ability to broadcast to stations across the country following Jimmy Kimmel’s “expectant widow” monologue comments.
What’s next for Letterboxd?
The controlling investor in Letterboxd, the cinephile social platform, is looking to sell its stake.
LeBron James is getting ready for his post-NBA media career, partner says
In an appearance at last week’s Semafor World Economy gathering, Maverick Carter said that changes in the tech and media landscape will allow James some flexibility in terms of his next moves once he retires — which could be as soon as later this month.
CNN backpedals after booker turns away guest for merger segment
“No one advised any editorial employee at CNN not to pursue this story,” a CNN spokesperson said.
CEO Signal
Courtesy of Government of Dubai/Joey Pfeifer/Semafor
Courtesy of Hilton/Joey Pfeifer/Semafor
Issei Kato/Reuters
How Dubai’s Hadi Badri builds confidence in a crisis
The Dubai Economic Development Corp. CEO says data, proactive engagement, and long-term goals can turn the Iran conflict into a “speed bump.”
Courtesy of Government of Dubai/Joey Pfeifer/SemaforHilton’s Chris Nassetta on why CEOs should ‘lift above the noise’
The longstanding leader says it’s critical to avoid “jerking the wheel.”
Courtesy of Hilton/Joey Pfeifer/SemaforHow Ivan Espinosa got Nissan to face reality
Nissan’s vehicle sales and share price have plummeted. Espinosa has a mandate to turn them around.
Issei Kato/Reuters AD