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Technology
Token diplomacy: How China is shaping the world’s AI future
Beijing is waging a campaign to set global standards.
The World at a Glance
Updated 4:19pm EDT
1
Saudi Arabia is lobbying G20 countries in its bid to host the bloc’s 2030 meeting, part of an effort by the kingdom to expand its role on the global stage.
2France’s ongoing wildfires represent the country’s greatest crisis since World War II, President Emmanuel Macron said.
3Global funding to combat AIDS has fallen to a nearly twenty-year low, raising concerns of a resurgence in the virus.
4A 2021 fishing ban led to a major recovery of the Yangtze River, which had been a major environmental disaster for decades
5Oil fell nearly 6% after the US and Iran paused strikes, but a new round of Nvidia deals exceeding $750 billion stoked AI spending concerns.
6Beijing adopted a more aggressive tone in response to US’ sanctions threats on Chinese AI firms, while offering a subdued reaction to the latest tariffs.
Iran war pushes borrowing in the Gulf to record highs
The Iran war is spurring record borrowing by Gulf states looking to harden their infrastructure and build trade routes that do not rely on the Strait of Hormuz.
Saudi lobbying to host the G20 summit in 2030
The kingdom wants to expand its role on the world stage with an event coinciding with the culmination of its Vision 2030 diversification drive.
View / AI labs flock to the Bank of Jensen
It’s classic credit-enhancement, taking a risky thing and wrapping it in something safer. Usually this goes fine. Occasionally it’s catastrophic.
China’s up-and-coming pharma giants
Beijing’s pharmaceutical firms are cutting-edge, but remain years away from challenging global heavyweights like AstraZeneca, the company’s CFO said.
Big Oil’s risky profit spike
This week’s earnings reports will likely reinvigorate outrage from US President Donald Trump, members of Congress, and their peers in Europe.
Why Trump is warming toward Zelenskyy
The US president is sitting down with his Ukrainian counterpart at a high point in their dynamic. But there may be an ulterior motive.
China warns US against AI sanctions
The rhetoric signals the extent to which AI is now central to the superpowers’ economic jousting.
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Politics
Washington honors Lindsey Graham
World leaders paid their respects to the late South Caro
Evan Vucci/Reuters
Independent group tests DelBene’s seat
With congressional approval ratings underwater across the races surveyed, the pollsters argue independent candidates have an opportunity to break through.
Brendan Mcdermid/Reuters
Bipartisan funding bill could drop this week
Senate Appropriations Chair Susan Collins, R-Maine, said she has been working on the stopgap funding bill with Democrats.
Eric Lee/Reuters
Republicans drive SCOTUS approval to new low, poll finds
One-third of US adults approve of the job the high court is doing, down from 39% last year.
OpenAI’s Altman returns to DC ahead of crucial deadline
His visit is part of the company’s effort to brief policymakers on its latest advanced model.
Why Trump is warming toward Zelenskyy
The US president is sitting down with his Ukrainian counterpart at a high point in their dynamic. But there may be an ulterior motive.
Trump stops in Michigan swing district
He is visiting a General Motors facility in Milford, where a crowded field of Democrats are vying to challenge GOP incumbent Rep. Tom Barrett.
US importers say new tariffs spark ‘exponential’ uncertainty
With the tariffs that lapsed Friday, “we knew what we were getting,” the Consumer Technology Association’s Ed Brzytwa told Semafor.
Americans are feeling less gloomy about the economy, poll finds
Gallup’s economic confidence measure rose to -31 in July from a low of -45 in May, an improvement largely driven by Republicans and independents shifting in a more positive direction.
Everyone wants something from Thune
Senate Majority Leader John Thune’s rocky two-week road to recess starts Monday evening.
Trump weighs next steps on Iran
President Donald Trump paused strikes against Iran over the weekend after almost two straight weeks of attacks.
Business
AI labs flock to the Bank of Jensen
It’s classic credit-enhancement, taking a risky thing and wrapping it in something safer. Usually this goes fine. Occasionally it’s catastrophic.
Manami Yamada/Reuters
Bloomberg’s post-Mike moves are in motion
The billionaire recently transferred some of his personal stock in the media giant to his foundation, and company executives have had informal talks with investment bankers about a possible IPO or stake sale.
Token diplomacy: How China is shaping the world’s AI future
Beijing is waging a campaign to set global standards.
Europe cuts overseas aid budgets
European countries are severely reducing overseas aid budgets, compounding Washington’s cuts.
Amazon targets SpaceX dominance
Amazon plans to launch more than 5,000 satellites to provide global data and phone services, as competition heats up in the commercial space sector.
Technology
Token diplomacy: How China is shaping the world’s AI future
Beijing is waging a campaign to set global standards.
Andrey Filippov. Illustration: Joey Pfeifer/Semafor.
China warns US against AI sanctions
The rhetoric signals the extent to which AI is now central to the superpowers’ economic jousting.
Maxim Shemetov/Pool via Reuters
Tech leaders back open-source AI
A wave of US tech executives, led by Nvidia’s CEO, rushed to back the development of open-source AI models as divides in the industry widen.
AI fuels a social media marketing scam
In what appears to be a new dropshipping scam flooding Instagram and TikTok, accounts are posting AI-generated videos depicting teens getting bullied for trying to sell Christian apparel alongside links to buy the goods.
OpenAI’s Brockman says distillation is a technical problem
Brockman said OpenAI has systems in place to prevent distillation.
It’s time to learn to live with open-source AI
Today’s open-source models from China don’t appear capable of doing much damage yet, but it’s best to prepare.
Energy
Big Oil’s risky profit spike
This week’s earnings reports will likely reinvigorate outrage from US President Donald Trump, members of Congress, and their peers in Europe.
Yves Herman/Reuters
Chip rout weighs on oil optimism
US stocks were mixed Monday, as relief over falling oil prices was overshadowed by renewed anxieties in the AI trade.
Manami Yamada/Reuters
Oil spikes, stocks fall on Iran and AI fears
Oil hit $100 a barrel and Magnificent 7 stocks shed nearly $800 billion in market value on Thursday, as pessimism over steep AI spending and the Iran war dragged down global markets.
Brendan McDermid/Reuters
Gulf
Iran war pushes borrowing in the Gulf to record highs
The Iran war is spurring record borrowing by Gulf states looking to harden their infrastructure and build trade routes that do not rely on the Strait of Hormuz.
Stringer/Reuters
Dubai business hub tops 10,000 companies
The number of active businesses at the Dubai International Financial Centre has increased 30% over the past year to 10,018.
Saudi lobbying to host the G20 summit in 2030
The kingdom wants to expand its role on the world stage with an event coinciding with the culmination of its Vision 2030 diversification drive.
PIF-backed $2B Gulf fund set to be one of the region’s largest
Brookfield raised $2 billion for a Middle East-focused private equity vehicle backed by Saudi Arabia’s Public Investment Fund.
The Suez Canal is Saudi crude’s costlier alternative route to Asia
The longer route adds about $2.5 million in shipping costs per journey to Asia, stretching a typical voyage to Taiwan from 19 to 48 days, Reuters estimated.
China
China demonstrates ability to overcome AI compute shortage
China is demonstrating its ability to wring greater efficiencies from less-advanced hardware.
Go Nakamura/Reuters
Chinese open-weight models reignite AI safety debate
Some fear that Silicon Valley will get hooked on cheap Chinese AI that’s accused of ripping off American labs.
Florence Lo/Reuters
BYD gears up to enter humanoid robot race
The EV giant hinted it could unveil the product in early August.
Toya Sarno Jordan/Reuters
Africa
South Africa targets political figures to chair Africa’s biggest fund
Following a governance crisis, Pretoria is weighing whether policy-aligned leadership or market distance is best for Africa’s largest investor.
South African Minister of Finance Enoch Godongwana. Nic Bothma/Reuters.
Trump’s $500M private investment push into Africa
The new US-Africa Strategic Investment Program invites businesses to compete for grants that “de-risk and catalyze” private investment on the continent.
Kevin Lamarque/Reuters
African startup funding dips 6% year on year
The number of startups raising $100,000 or more fell to its lowest level since 2021.
Senegal’s president forms new party as political crisis continues
President Bassirou Diomaye Faye will lead the new Kiiraay party in local and legislative polls ahead of national elections in 2029.
Uganda hires Washington lobbyists to combat rights reputation
The push comes as American lawmakers question the outsized role of Chief of Defense Forces Muhoozi Kainerugaba who has drawn criticism for crackdowns on opposition figures and the media.
Chinese investments in Africa soar to $34 billion so far this year
The results were the highest half-year total on record and by far the strongest performance of any region under Beijing’s Belt and Road Initiative.
Security
Russia’s war narrative falters
Russia is suffering from “narrative collapse” in its war against Ukraine, a journalist said, as Kyiv turns the tide in the conflict — on the front lines and in American right-wing media.
Eduardo Munoz/Reuters
Iran and Ukraine wars merge in the Caspian Sea
The Ukraine and Iran wars collided over the weekend, as Kyiv attacked an Iranian commercial ship in the Caspian Sea.
The foreign ministers of Iran and Russia on July 24. Russian Foreign Ministry/Handout via Reuters
Ukraine appears to change tactics in Russia attacks
Kyiv is letting up on its strikes on Russian oil refineries — easing Moscow’s fuel crunch and pushing gas prices back down — and is instead hitting ships.
Social Media via Reuters
Media
Senate Democrat’s new bills would restrict AI-powered ads and paid influencers
California Sen. Adam Schiff plans to introduce two new bills that would attempt to illuminate who is paying influencers for political speech online and restrict AI-generated likenesses of politicians.
Evan Vucci/Reuters
Former Surgeon General Vivek Murthy on loneliness and why he’s more worried about your phone than your body
Former US Surgeon General Vivek Murthy joins Mixed Signals to make the case that America’s loneliness crisis is a public health emergency.
Steve Hilton on the Murdochs, David Ellison, and conservative media’s California
Steve Hilton has lived many lives: a key strategist to former British Prime Minister David Cameron, a populist Fox News host, and — after renouncing his UK citizenship — the Republican nominee in California’s gubernatorial race.
Katie Nolan on the sports gambling takeover, covering politics, and the slow return of the boys’ club
Sports media host and “Casuals” podcast creator Katie Nolan joined Mixed Signals live at Cannes to talk about navigating two decades of upheaval in sports media.
Reddit CEO Steve Huffman on LLMs, fighting the bots, and why it’s good that you can’t get famous on Reddit
Reddit co-founder and CEO Steve Huffman joins Mixed Signals during the platform’s 21st birthday to talk about what it means to be the internet’s anti-social media hub.
CEO Signal
How Bruce Van Saun united Citizens against America’s biggest banks
The superregional lender’s CEO has made a virtue of its place in “the middle of the river.”
Courtesy of Citizens Financial Group/Jake Angelo/Semafor
The German founders bringing a Silicon Valley ethos to America’s Greyhound buses
Flix’s André Schwämmlein and Daniel Krauss say Europeans can’t blame their governments for a shortage of startups with global reach.
Courtesy of Flix/Graph Massara/Semafor
Why Coherent’s CEO believes in giving people room to fail
Jim Anderson says the $60 billion photonics group had to take more risk to meet surging data center demand.
Courtesy of Coherent/Jake Angelo/Semafor
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