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Intelligence for the New World Economy
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The World at a Glance
Updated 7:23pm EDT
1
The Pentagon added some of China’s biggest companies to a blacklist of firms accused of aiding Beijing’s military.
2OpenAI confidentially filed for an IPO, setting up a trifecta of potential trillion-dollar US tech debuts.
3SpaceX’s public market debut will create remarkable wealth — but only a sliver of investors will reap the bulk of the gains.
4Chip stocks rose, following a selloff last week that knocked off more than $1 trillion in market value.
5Apple announced an AI-driven overhaul of its Siri voice assistant, but the long-awaited rollout left investors underwhelmed.
6Israel and Iran halted strikes against each other after a flareup over the weekend, though both vowed retaliation if the other resumed strikes.
Saudi’s NEOM faces $16 billion bill to cancel contracts
Futuristic city once at the heart of Saudi Arabia’s transformation plan will spend more money to halt construction than on new building.
Semafor illustration. Photos courtesy of NEOM.Pentagon blacklists some of China’s biggest tech firms
The entrants to the list include Alibaba and Baidu, EV behemoth BYD, a leading robot-maker, and a top biotech firm.
Aly Song/ReutersBeleaguered in DC, Platner enters his comfort zone
Democrats’ presumptive Senate nominee in Maine isn’t going anywhere, despite the wishes of some in his party.
David Weigel/SemaforSurveillance tools expiration bears down on Senate
Democrats want to use their leverage to get Bill Pulte replaced as interim director of national intelligence.
Kylie Cooper/Reuters Abu Dhabi’s money man pledges accelerated US investment
Khaldoon Al Mubarak visited Washington, where he met with a number of Trump administration officials.
Courtesy of Embassy of the United Arab Emirates Washington DCTreasury advances immigration crackdown
The Treasury Department took its first step this morning toward implementing an executive order that drafted banks to help crack down on undocumented immigrants.
Ken Cedeno/ReutersCBS News in the crossfire
Within the network, every editorial decision has been scrutinized by CBS’ own staff.
Scott Pelley and Bari Weiss
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Politics
Annabelle Gordon/Reuters
Kent Nishimura/Reuters
Guglielmo Mangiapane/Reuters
Republicans want Trump and Netanyahu to smooth things over
The party that revels in Democratic divisions over Israel is in an awkward spot as its president splits from the prime minister over the war.
Annabelle Gordon/ReutersThe West’s age of ‘hyperpolitics’
The West is in an age of “hyperpolitics” in which polarization has surged but institutions are incapable of delivering change, a leading researcher argued.
Kent Nishimura/ReutersPoliticians couldn’t keep kids off social media. They’ll try again with AI.
Leaders of both parties in Washington and in state capitals are confronting AI before it becomes as omnipresent as vertical video.
Guglielmo Mangiapane/Reuters Democrat McCann pulls ahead in key House race
Bill Huizenga, who won his seat by nearly 12 points in 2024, has long been a target for House Democrats’ campaign arm.
Beleaguered in DC, Platner enters his comfort zone
Democrats’ presumptive Senate nominee in Maine isn’t going anywhere, despite the wishes of some in his party.
Surveillance tools expiration bears down on Senate
Democrats want to use their leverage to get Bill Pulte replaced as interim director of national intelligence.
Inside Altman’s pitch on government AI stake
OpenAI’s Sam Altman last year offered to cede equity in his firm to the Trump administration.
Treasury advances immigration crackdown
The Treasury Department took its first step this morning toward implementing an executive order that drafted banks to help crack down on undocumented immigrants.
How one Tennessee student started a red-state anti-Pride push
The movement to counter June’s role as a celebration of LGBTQ rights is catching on with Republicans.
Immigration funding passes Senate, surveillance bill blocked
Senate Republicans passed their $70 billion funding bill for Trump’s immigration enforcement agencies shortly before the sun rose on Friday.
Trump pitches farmers in Wisconsin
The president last appeared in Wisconsin during the 2024 campaign.
Business
Carlos Barria/Reuters
Apple shares fall on Siri’s AI upgrade
Many of the new AI features Apple announced were similar to advances that were previously unveiled and delayed.
Carlos Barria/ReutersSpaceX IPO a boon for banks, ultrarich
Like with many IPOs, most individual investors won’t get in at the offering share price.
Chip stocks rose on Monday, following last week’s selloff
The rebound was a sign that the AI-powered bull run isn’t coming to an end any time soon.
Germany-France fighter jet project dies
Lingering disagreements between defense contractors in the two countries ultimately killed the deal.
Pentagon blacklists some of China’s biggest tech firms
The entrants to the list include Alibaba and Baidu, EV behemoth BYD, a leading robot-maker, and a top biotech firm.
Technology
Kim Kyung-Hoon/ReutersCarlos Barria/Reuters
OpenAI files to go public in major test of AI investment boom
The ChatGPT-maker filed confidentially for an IPO one week after its rival Anthropic.
Kim Kyung-Hoon/ReutersApple shares fall on Siri’s AI upgrade
Many of the new AI features Apple announced were similar to advances that were previously unveiled and delayed.
Carlos Barria/ReutersSpaceX IPO a boon for banks, ultrarich
Like with many IPOs, most individual investors won’t get in at the offering share price.
Chip stocks rose on Monday, following last week’s selloff
The rebound was a sign that the AI-powered bull run isn’t coming to an end any time soon.
Pentagon blacklists some of China’s biggest tech firms
The entrants to the list include Alibaba and Baidu, EV behemoth BYD, a leading robot-maker, and a top biotech firm.
Global backlash to data centers grows
The UN forecasts that global electricity demand from AI data centers will double by 2030.
Energy
Matteo Minnella/Reuters
Rogan Ward/Reuters
Shelby Tauber/Reuters
Iran war impact on European energy market intensifies
Eurozone petrol sales fell 3.5% year-on-year in April, the first drop in almost two years.
Matteo Minnella/ReutersNations race to protect undersea cables
Marine cables carry more than 95% of the world’s intercontinental telecommunications data and ever more electricity.
Rogan Ward/ReutersData center energy challenges mount
Unorthodox and aggressive solutions are emerging amid AI boom.
Shelby Tauber/ReutersGulf
Iron Dome interceptions in Israel. Ayal Margolin/Reuters
Iran, Israel stop attacks for now
Both countries vowed retaliation if the other resumed strikes.
Iron Dome interceptions in Israel. Ayal Margolin/ReutersKuwait arms up against Iranian drones
The US government approved a Kuwaiti order for $2 billion in counter-drone systems.
SpaceX IPO won’t solve Alwaleed’s languishing stock
Saudi billionaire Prince Alwaleed bin Talal has picked many winners in his career, but outside investors in his holding company haven’t benefited.
Abu Dhabi’s money man pledges accelerated US investment
Khaldoon Al Mubarak visited Washington, where he met with a number of Trump administration officials.
US looks to use Iranian assets to help Gulf allies
Washington is reportedly looking to redirect Iranian assets to Gulf countries to help them rebuild following strikes from Tehran.
ChinaAly Song/Reuters 
Florence Lo/File Photo/Reuters
Aly Song/Reuters
Pentagon blacklists some of China’s biggest tech firms
The entrants to the list include Alibaba and Baidu, EV behemoth BYD, a leading robot-maker, and a top biotech firm.
Aly Song/ReutersXi looks to win over Kim during North Korea visit
Pyongyang’s ties to Beijing have been strained by a virtual freeze in trade during the COVID-19 pandemic.
Florence Lo/File Photo/ReutersChinese blue-collar wage growth outpaces white-collar jobs’
Wage growth for blue-collar workers in China has outpaced that of their white-collar peers for six consecutive years, in a sign of the strength of the country’s booming gig economy.
Aly Song/ReutersAfrica
Ivan Alvarado/Reuters
Wikus de Wet/AFP via Getty Images
FIFA bans use of vuvuzelas at World Cup
The vuvuzela became a symbol of South African football following its widespread use in the 2010 World Cup, which was hosted in the country.
Ivan Alvarado/ReutersEuropean DFIs lead Africa’s private capital funds
The data underscores the continent’s continuing dependence on foreign capital for private investment.
Wikus de Wet/AFP via Getty ImagesIran war disrupts phone shipments to Africa
Shipments of African mobile phones have slowed to their lowest level in two years, research firm Omdia said.
GOP proposes State Department Africa staff revamp
Republicans are looking to bolster Washington’s diplomatic capacity on a continent where the US is struggling to keep pace with rivals.
The paradox of Africa’s millionaire growth
More entrepreneurs are getting rich despite difficult conditions, yet many remain reluctant to keep their capital in the markets that made them wealthy.
Ramaphosa vows migrant crackdown amid rising xenophobia
In a televised speech, South Africa’s president said Pretoria was finalizing plans to limit foreign workers and expand labour inspections.
Security
Ammar Awad/Reuters
Adnan Abidi/Reuters
Elizabeth Frantz/Reuters
Iran says it has halted strikes on Israel
Oil prices jumped 5% and stocks fell on the news.
Ammar Awad/ReutersIndia ‘cockroach’ party attracts discontented youth
The Cockroach Janta Party was started by a recent Boston University graduate after India’s chief justice compared young unemployed Indians to cockroaches.
Adnan Abidi/ReutersUS defense secretary attacks European allies in D-Day speech
Speaking in France on Saturday, Pete Hegseth decried a modern “invasion” of “boats and men.”
Elizabeth Frantz/ReutersMedia
Eleanor Kaufman/Semafor
Progressive site Zeteo plans UK expansion
Zeteo UK is a standalone site that will begin publishing this week, with a hard launch date in September.
Eleanor Kaufman/SemaforPolitico folds E&E News ahead of broader energy push
In September, Politico plans to launch a series of energy-focused newsletters.
Former Gourmet magazine owner sues new Gourmet newsletter
Condé Nast filed a lawsuit against Goulash Unlimited, the LLC set up by the owners of a revived Gourmet site.
CBS News in the crossfire
Within the network, every editorial decision has been scrutinized by CBS’ own staff.
Kalshi asks paid influencers to delete posts sowing doubts over LA mayoral election
Kalshi and Polymarket have enlisted hundreds of paid influencers to spur interest in everything from sporting events to political races.
CEO Signal
Courtesy of Smith & Nephew/Graph Massara/Semafor
Courtesy of Cisco/Joey Pfeifer/Semafor
Courtesy of Match Group/Joey Pfeifer/Semafor
Deepak Nath applies pressure at Smith and Nephew
The medtech CEO is standing by his company’s portfolio strategy despite calls to break it up.
Courtesy of Smith & Nephew/Graph Massara/SemaforHow Cisco’s Chuck Robbins gets his team to ‘disagree and commit’
The longstanding CEO says a bad decision that you reverse is better than a delay.
Courtesy of Cisco/Joey Pfeifer/SemaforWhy an anxious AI romantic now drives Match Group’s dating apps
CEO Spencer Rascoff uses digital “personas” to help the Tinder owner understand its users.
Courtesy of Match Group/Joey Pfeifer/SemaforAD