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Intelligence for the New World Economy
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Politics
Democrats prepare to resist Saudi nuclear deal
The Trump administration’s new agreement will face steep skepticism on the Hill, particularly given the escalating war in Iran.
Intel seeks operating partners for Ohio chip fab
The chipmaker has struggled to get the $32 billion Ohio facility online to meet increasing demand.
The World at a Glance
Updated 7:22pm EDT
1
The Houthis’ blockade of the Red Sea is raising market fears of a ‘two-chokepoint problem’ with disruptions to both of the region’s main oil arteries.
2The Trump administration has yet to formally notify Congress of its Saudi nuclear deal, but Democrats are already laying the groundwork for an attempt to block it.
3US President Trump is barreling toward a war funding crisis, with slim chances of congressional approval for more defense money anytime soon.
4Earnings for Google’s parent company beat analysts’ expectations, though the results could lead to intensified scrutiny over tech firms’ AI spending.
5The US accused Moonshot of exploiting American tech for its Kimi K3 model, threatening sanctions in response to what it called “industrial-scale” theft.
6Ukraine is letting up on its strikes on Russian oil refineries and is instead hitting ships, as Kyiv appears to shift strategy in the war.
Trump nears war funding crisis as congressional Republicans splinter
The White House and Pentagon are pushing for more Pentagon money, but a lack of clarity about needs in Iran and elsewhere is making their job harder.
Houthi blockade adds pressure to oil markets
The declared blockade of the Red Sea is raising fears of a “two-chokepoint problem” as oil markets contend with simultaneous disruptions to both of the region’s main oil arteries.
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.
US says China’s Moonshot stole from Anthropic
Washington accused the Chinese AI startup of exploiting American tech to create its Kimi K3 model, threatening sanctions in response to what it called “industrial-scale” theft.
Tech earnings intensify AI spend scrutiny
Alphabet’s spending doubled since the same period last year, and its report is the first major test of investors’ patience over the record capital expenditures tied to the AI boom.
OpenAI to spend more on data centers
The proliferation of data centers during the AI boom faces growing grassroots pushback and is animating politicians nationwide.
Riyadh wins US nuclear concessions
Trump has reportedly approved allowing Saudi Arabia to build a civil nuclear program, potentially paving the way for the kingdom to develop its own enrichment facilities.
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Politics
Democrats prepare to resist Saudi nuclear deal
The Trump administration’s new agreement will face steep skepticism on the Hill, particularly given the escalating war in Iran.
Evelyn Hockstein/Reuters
Trump nears war funding crisis as congressional Republicans splinter
The White House and Pentagon are pushing for more Pentagon money, but a lack of clarity about needs in Iran and elsewhere is making their job harder.
Evan Vucci/Reuters
Democrats crash their own party
Democrats are tending towards do-overs that might create a problem for their base.
Joel Angel Juarez/Reuters
Key Democrat will oppose crypto bill absent stronger ethics language
Sen. Angela Alsobrooks called draft language “wild and unserious”
Republican senator rails against AI data centers
Kansas voters are “on fire” against them, Roger Marshall warns
Riyadh wins US nuclear concessions
US President Donald Trump has reportedly approved allowing Saudi Arabia to build a civil nuclear program, potentially letting the kingdom develop its own enrichment facilities.
Center-left Democrats seek distance from Medicare for All
The center-left Searchlight Institute is urging Democrats to work toward universal healthcare in ways that don’t disrupt private insurance.
Higher share of adults in US than in other countries see danger in politics, poll finds
One in 10 US adults identified politics as the “greatest source of risk” to their daily safety, according to new Gallup polling.
Trump edges back to tariff maximalism to sway trade talks
His administration is threatening tariffs on Canada that amount to a legally dubious negotiating tactic, stressing out Republicans on Capitol Hill.
Cornyn threatens to sink Trump nominees over PEPFAR
The Texas Republican told Semafor he would not support action on two ambassadorial picks without movement on the AIDS-fighting program for Africa.
How Democrats learned to embrace Native American land acknowledgments
The party has kept to a formal custom that Republicans at times try to turn into a culture-war wedge issue.
Business
OpenAI to spend more on data centers
The proliferation of data centers during the AI boom faces growing grassroots pushback and is animating politicians nationwide.
Kim Kyung-Hoon/File Photo/Reuters
Tech earnings intensify AI spend scrutiny
Alphabet’s spending doubled since the same period last year, and its report is the first major test of investors’ patience over the record capital expenditures tied to the AI boom.
Intel seeks operating partners for Ohio chip fab
The chipmaker has struggled to get the $32 billion Ohio facility online to meet increasing demand.
Fervor over top-selling drugs fuels biotech dealmaking
Pharma companies have acquired 37 biotech firms worth at least $1 billion this year, more than all of 2025.
Novo sues Lilly amid escalating weight-loss rivalry
Novo Nordisk argued that Eli Lilly’s ads used outdated comparisons for how much weight users lost using the drugs.
Technology
EU leaders to discuss AI — later this year
Europe’s heads of state will hold their first dedicated meeting on AI as the continent comes under pressure to address the economic and geopolitical challenges the tech poses.
John MacDougall/Pool via Reuters
US says China’s Moonshot stole from Anthropic
The US accused the Chinese AI startup of exploiting American tech to create its Kimi K3 model, threatening sanctions in response to what Washington described as “industrial-scale” theft of intellectual property.
Moonshot AI founder Yang Zhilin. Tingshu Wang/Reuters
OpenAI to spend more on data centers
The proliferation of data centers during the AI boom faces growing grassroots pushback and is animating politicians nationwide.
Tech earnings intensify AI spend scrutiny
Alphabet’s spending doubled since the same period last year, and its report is the first major test of investors’ patience over the record capital expenditures tied to the AI boom.
AI is just software
Large language models — especially those trained on other labs’ data — are, in the end, just massive, billion-dollar pieces of software.
PsiQuantum gets DARPA backing
The $125 million cash infusion adds a new vote of confidence for the company’s efforts to build the world’s first large-scale quantum computer.
Energy
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
Houthi blockade adds pressure to oil markets
The declared blockade of the Red Sea is raising fears of a “two-chokepoint problem” as oil markets contend with simultaneous disruptions to both of the region’s main oil arteries.
File Photo via Reuters
Renewed US-Iran strikes up risk for daring Dynacom vessels
The Greek shipowners are among the few still chasing outsized profits by sending their tankers into the world’s most dangerous waters.
Amirhosein Khorgooi/ISNA/via WANA via Reuters
Gulf
Houthi blockade adds pressure to oil markets
The declared blockade of the Red Sea is raising fears of a “two-chokepoint problem” as oil markets contend with simultaneous disruptions to both of the region’s main oil arteries.
File Photo via Reuters
UAE companies cut back on hiring as uncertainty over Iran war persists
Companies’ patience has thinned as the war has ebbed and flowed, and a quarter of companies now plan cuts, a survey by staffing firm ManpowerGroup found.
Riyadh wins US nuclear concessions
US President Donald Trump has reportedly approved allowing Saudi Arabia to build a civil nuclear program, potentially letting the kingdom develop its own enrichment facilities.
Signs of a Saudi-UAE rapprochement emerge on social media
The split between the two countries was driven by disputes over Yemen, Sudan, and economic and geopolitical rivalry, but the Iran war has brought their shared security threat into focus.
What I learned as Israel’s first Consul General in Dubai
Liron Zaslansky reflects on how the bilateral relationship has grown in the face of multiple challenges.
China
US says China’s Moonshot stole from Anthropic
The US accused the Chinese AI startup of exploiting American tech to create its Kimi K3 model, threatening sanctions in response to what Washington described as “industrial-scale” theft of intellectual property.
Moonshot AI founder Yang Zhilin. Tingshu Wang/Reuters
Chinese magnet shipments to US fall despite trade truce
China’s US-bound shipments of rare-earth magnets so far this year are 20% below average levels seen between 2022 and 2024, customs data showed.
David Gray/Reuters
Chinese startup founded by AI pioneer eyes potential IPO
Kai-Fu Lee’s firm is aiming to raise funds ahead of a potential 2027 IPO, joining other AI labs that have gone public or plan to.
David Gray/Reuters
Africa
Chinese firms invest $900 million into new Angolan port
Luanda is seeking to develop its free trade zone, part of its efforts to diversify its oil-dominant economy.
Ships off the coast of Luanda. Saul Loeb/Reuters.
Africa’s biggest fund manager is caught up in an escalating crisis
The shake-up at the $200 billion-plus state-owned Public Investment Corporation is turning into a showdown over political interference.
South African Minister of Finance Enoch Godongwana. Nic Bothma/Reuters.
Inflation in South Africa, Nigeria increasingly diverging
Nigeria’s consumer price increases are cooling off while South Africa’s inflation rate jumped to levels last seen two years ago.
Africa’s AI-driven lender to enter Ethiopia, Egypt
Opstasia is betting its algorithm stack can score 200 million unbanked consumers in frontier markets.
Africa’s data center growth needs power sector overhaul
AI will have a negligible impact on the continent’s economic growth without upgrading infrastructure, warns the IMF.
Cameroonian designer Ayissi showcases couture in Paris
Ayissi is the only designer from sub-Saharan Africa to ever take part in Paris’ haute couture shows.
Security
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
Zelenskyy sacks Ukraine military chief
The move followed widespread protests triggered by the removal of the country’s popular, young defense minister.
Thomas Peter/Reuters
UK cabinet picks point to defense priorities
New UK Prime Minister Andy Burnham named the country’s ex-defense secretary as his finance minister, a surprise move that signals a focus on military spending.
Ed Miliband. Jack Taylor/Reuters
Media
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.
Alex Cooper on flipping ‘Call Her Daddy’ into a media business and entering the creative agency space
Call Her Daddy host and Unwell co-founder Alex Cooper joins Mixed Signals live at Cannes Lions to talk about what it takes to turn a hit podcast into a real media business.
David Droga on being ‘the last Don Draper,’ AI’s impact on creativity, and why the boldest ads are the easiest sells
David Droga is the vice chair of Accenture Song and the most decorated creative in Cannes Lions history.
CEO Signal
Why the CEO of an elite law firm sees AI driving more deals
Miguel Zaldivar says Hogan Lovells Cadwalader’s smaller rivals will struggle to compete.
Courtesy of Hogan Lovells Cadwalader/Graph Massara/Semafor
Why Edward Jones thinks AI can defuse a demographic time bomb
Managing partner Penny Pennington wants to capture financial advisers’ insights before they retire.
How Allianz’s CEO prepares for the risk of ‘huge havoc’
Oliver Bäte says Europe can no longer afford all the options its citizens expect.
Courtesy of Allianz/Graph Massara/Semafor
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