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Intelligence for the New World Economy
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Politics
A divided Fed votes to hold rates steady
The decision against a hike is a win for Trump — but a contrast with Warsh’s hawkish rhetoric.
Saudi defense minister visits Washington to lobby for F-35s
Both the jet sale and wider security cooperation were on the agenda, people familiar with the plans told Semafor.
Saudi defense minister visits Washington to lobby for F-35s
Both the jet sale and wider security cooperation were on the agenda, people familiar with the plans told Semafor.
View / How Congress entrenched its own unpopularity by trying to rein in stock trading
View / Big Oil’s risky profit spike
The World at a Glance
Updated 2:04pm EDT
1
The US Fed held rates steady today, despite growing concerns about stubborn levels of inflation
2The global tech rout deepened, with shares in chip companies leading the slump despite supercharged earnings.
3OpenAI and Anthropic backed calls for the US to “pace the frontier” of tech development amid rising safety concerns.
4The US and Saudi Arabia launched joint attacks on Iran-backed militias in Iraq, the first time Riyadh has acknowledged involvement in the war.
5The US reinstated the global humanitarian vaccine program in an unexpected U-turn from the Trump administration.
6The leaders of Ukraine and Israel sought to curry US President Trump’s favor during their visits, which came at a critical time for global conflicts.
Censorship in Chinese AI models can be undone, new research shows
Models distilled from Chinese AI don’t adhere to the same guardrails; research undercuts US concerns about Chinese influence on users of its open-source models.
SpaceX looks to compete with the carriers
The company is expected to bid in upcoming spectrum auctions.
The UAE cautiously engages with Iran as strikes decline
Whether by carrot or stick — and there’s still no definitive reporting on which — the animosity between Iran and the UAE has been easing.
US-backed DRC miner strikes deal to cut debt
The Trump-backed firm still needs up to $260 million to complete projects in copper and cobalt mining as White House seeks to rival China in supply chains.
FCC ban on new Chinese robots poses challenges for US firms
American robot makers may have to move quickly to onshore their supply chains, as many still rely on Chinese components or do some assembly overseas.
US looks to allies to prepare for 6G
No one knows exactly what 6G will look like, but the US appears eager to avoid the pitfalls of the 5G era.
Americans see AI more negatively, poll finds
About four in ten Americans say the technology does more harm than good.
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Politics
Saudi defense minister visits Washington to lobby for F-35s
Both the jet sale and wider security cooperation were on the agenda, people familiar with the plans told Semafor.
Kevin Lamarque/Reuters
A divided Fed votes to hold rates steady
The decision against a hike is a win for Trump — but a contrast with Warsh’s hawkish rhetoric.
Evelyn Hockstein/Reuters
How Congress entrenched its own unpopularity by trying to rein in stock trading
The STOCK Act, by forcing transparency, has created a perception of an unfixable institution.
Eric Lee/Reuters
US reinstates global vaccine program after freezing funding last year
US Health Secretary Robert F. Kennedy Jr. is a longstanding vaccine skeptic.
Sudan sanctions may catch ride on defense bill
Sen. Jim Risch, R-Idaho, filed the PEACE in Sudan Act as an amendment to the annual defense policy bill moving through the chamber.
Americans see AI more negatively, poll finds
About four in ten Americans say the technology does more harm than good.
Republican in Montana’s Senate race gets a boost
A one-on-one matchup between Republican Kurt Alme and independent Seth Bodnar in Montana’s Senate race is looking less likely.
Fed chair’s latest test: Messaging a murky rate choice
Federal Reserve Chair Kevin Warsh’s tightrope walk atop the central bank will get even dicier.
Trump meets with Zelenskyy, Netanyahu
The separate, closed-door meetings came at a critical time for Volodymyr Zelenskyy — whose stock with Trump is rising — and Benjamin Netanyahu, whose influence is waning.
‘Give him a chance’: Democrats sticking by embattled chair
There are real drawbacks to an attempted ouster of national party chief Ken Martin, despite mounting questions about his tenure.
Washington honors Lindsey Graham
World leaders paid their respects to the late South Caro
Business
SpaceX looks to compete with the carriers
The company is expected to bid in upcoming spectrum auctions.
Illustration/Dado Ruvic/Reuters
FIFA reveals plans for $20 billion private vehicle
The body is looking to capitalize on the lucrative men’s World Cup this year.
Chinese tech grapples with compute shortage
Chinese AI startup Moonshot is looking to acquire more advanced Nvidia chips to create its next model, The Information reported, as China’s tech sector grapples with an AI compute shortage.
US bans import of new Chinese robots
American robot makers have been lobbying Washington for months to take action to counter the spread of popular Chinese bots.
Oil falls to lowest point in a week on US-Iran lull
Doubts about US-Iran negotiations also grew, with Washington saying “good talks” were underway, while Tehran denied they were even taking place.
Technology
Nvidia’s frothy bet on Safe Superintelligence
The AI lab doesn’t have a product yet — it says it has an AI breakthrough, but hasn’t shared any details publicly.
Nathan Howard/Reuters
US looks to allies to prepare for 6G
No one knows exactly what 6G will look like, but the US appears eager to avoid the pitfalls of the 5G era.
Bruna Casas/Reuters
FCC ban on new Chinese robots poses challenges for US firms
American robot makers may have to move quickly to onshore their supply chains, as many still rely on Chinese components or do some assembly overseas.
Chip firms lead tech stocks rout despite blockbuster earnings
Some investors are concerned that tech giants’ enormous AI spending is unsustainable.
AI leaders back calls for US to pace tech development
OpenAI and Anthropic both backed a petition signed by 1,224 AI workers calling for regulation to “pace the frontier” of development.
Censorship in Chinese AI models can be undone, new research shows
Models distilled from Chinese AI don’t adhere to the same guardrails; research undercuts US concerns about Chinese influence on users of its open-source models.
Energy
Oil falls to lowest point in a week on US-Iran lull
Doubts about US-Iran negotiations also grew, with Washington saying “good talks” were underway, while Tehran denied they were even taking place.
Stringer/File Photo/Reuters
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
Gulf
Extreme heat casts doubt on viability of MidEast tree planting project
If the water runs out due to extreme heat, it won’t be much good having billions more trees, a climate expert argued.
Isabel Infantes/Reuters
Saudi bread ritual outgrows the riyal
Bakers spent years holding the symbolic one-riyal line for ‘tamees’, but rising costs have finally outrun them.
The UAE cautiously engages with Iran as strikes decline
Whether by carrot or stick — and there’s still no definitive reporting on which — the animosity between Iran and the UAE has been easing.
Oil falls to lowest point in a week on US-Iran lull
Doubts about US-Iran negotiations also grew, with Washington saying “good talks” were underway, while Tehran denied they were even taking place.
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.
China
FCC ban on new Chinese robots poses challenges for US firms
American robot makers may have to move quickly to onshore their supply chains, as many still rely on Chinese components or do some assembly overseas.
Maxim Shemetov/Reuters
Censorship in Chinese AI models can be undone, new research shows
Models distilled from Chinese AI don’t adhere to the same guardrails; research undercuts US concerns about Chinese influence on users of its open-source models.
Florence Lo/Illustration/Reuters
Chinese tech grapples with compute shortage
Chinese AI startup Moonshot is looking to acquire more advanced Nvidia chips to create its next model, The Information reported, as China’s tech sector grapples with an AI compute shortage.
Florence Lo/Illustration/Reuters
Africa
Zimbabwe gets its first lithium processing plant
The development of the plant is part of efforts by African governments to capture more of the added value in mining industries.
Philimon Bulawayo/Reuters
S&P Global to acquire Nigerian ratings agency
The move expands S&P’s ground presence in Africa amidst a growing clamor for better assessments of the continent’s realities.
Akintunde Akinleye/Reuters
Economic concerns in focus as Zambia heads to the polls
The southern African nation is seeking to rebuild after defaulting on its debt in 2020 and as it faces severe power shortages.
Sudan sanctions may catch ride on defense bill
Sen. Jim Risch, R-Idaho, filed the PEACE in Sudan Act as an amendment to the annual defense policy bill moving through the chamber.
US-backed DRC miner strikes deal to cut debt
The Trump-backed firm still needs up to $260 million to complete projects in copper and cobalt mining as White House seeks to rival China in supply chains.
South Africa targets political allies 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.
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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