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View / Where is Ryan Cohen’s highly confident letter?
View / Republicans prepare for long-term domination of the redistricting battle
The World at a Glance
Updated 6:33pm EDT
1
Stocks climbed globally and oil prices fell on optimism that the US and Iran were nearing an end to their stalemate in the Strait of Hormuz.
2China pushed for the reopening of the Strait of Hormuz after hosting Iran’s foreign minister.
3Spending among Americans is holding up despite the volatility of the Iran war, data from Uber and Disney suggests.
4Germany’s Chancellor Friedrich Merz is falling behind on his core goals one year into his tenure, analysts argued.
5Novo Nordisk’s new weight loss pill is proving more popular than expected, boosting the company’s shares after a prolonged slump.
6French President Emmanuel Macron pushed to deploy an anti-coercion ‘bazooka’ as part of fraught EU-US trade talks.
Lutnick faces grilling on Epstein relationship
The commerce secretary is likely to face pointed questions from lawmakers about the nature and extent of his Epstein connections.
Jonathan Ernst/Reuters Energy shortfall ‘problem’ scuppers Kenya’s $1B Microsoft data center
The Kenyan president’s comments that poor power capacity held back plans for the flagship project confirms Semafor’s exclusive reporting that it had stalled.
The Olkaria geothermal complex in Kenya’s Great Rift Valley. Donwilson Odhiambo/Semafor.Fuel price crunch could worsen, executives warn
Supplies of jet fuel and liquefied petroleum gas are poised to plunge in Asia, Africa, and Europe.
Issei Kato/ReutersGOP risks ‘distraction and liability’ with East Wing money
Republicans’ party-line immigration bill provides $1 billion for securing President Donald Trump’s East Wing project.
Ken Cedeno/Reuters Rubio heads to high-stakes sitdown with the pope
The secretary of state maintains the trip was planned before the Iran war strained relations between the pope and President Donald Trump.
Jonathan Ernst/Pool via Reuters DR Congo eyes stake in $270M Zambia power link
As power demand grows due to the expansion of mineral processing, Kinshasa is investing in new power plants.
Kenny Katombe/ReutersCFTC eyes Minnesota as next front for prediction markets fight
Chair Mike Selig is monitoring states that advance legislation that would ban or regulate prediction markets.
Jonathan Ernst/Reuters AD
Politics
Brendan McDermid/Reuters
Seth Herald/Reuters
Evelyn Hockstein/Reuters
Stocks climb on US-Iran deal hopes
Stocks climbed globally and oil prices fell on optimism that the US and Iran were nearing an end to their stalemate in the Strait of Hormuz.
Brendan McDermid/ReutersRepublicans prepare for long-term redistricting domination
The “gerrymandering wars” have gone better than Democrats expected at the start, but they shouldn’t celebrate yet.
Seth Herald/ReutersLeft-wing groups targeted in new Trump counterterrorism plan
It’s the first version of the strategy released during the president’s second term.
Evelyn Hockstein/ReutersMacron threatens ‘bazooka’ in US trade talks
US President Donald Trump threatened last week to increase tariffs on European vehicles, accusing the bloc of reneging on an agreed deal.
Lutnick faces grilling on Epstein relationship
The commerce secretary is likely to face pointed questions from lawmakers about the nature and extent of his Epstein connections.
CFTC eyes Minnesota as next front for prediction markets fight
Chair Mike Selig is monitoring states that advance legislation that would ban or regulate prediction markets.
GOP risks ‘distraction and liability’ with East Wing money
Republicans’ party-line immigration bill provides $1 billion for securing President Donald Trump’s East Wing project.
Rubio heads to high-stakes sitdown with the pope
The secretary of state maintains the trip was planned before the Iran war strained relations between the pope and President Donald Trump.
White House downplays Hormuz flare-ups
President Donald Trump characterized the renewed attacks in the waterway as a “skirmish.”
Vance heads to Iowa amid tight House race
The state is also a convenient stop to meet voters in the shadow 2028 presidential race.
He’s back: Biden returns to the campaign conversation
One reason why he jumped in may be his enduring popularity with the Democratic base, even among voters who think his reelection attempt was a mistake.
Business
Brendan McDermid/Reuters
Where is Ryan Cohen’s highly confident letter?
For something that is supposed to publicly inspire confidence, few people have seen it.
Brendan McDermid/Reuters Novo Nordisk shares rise on strong demand for GLP-1 pill
Novo Nordisk’s new weight loss pill is proving more popular than expected.
Americans are still spending on deliveries and resorts
Spending among Americans is holding up despite the volatility of the Iran war — at least according to two giant US consumer brands.
Ryan Cohen’s incoherent bid for eBay, and confidence at Milken
The Milken Institute Global Conference is the annual home of ambition untethered from arithmetic.
Wall Street remains bullish on AI
AI is extending its reach on Wall Street as companies exhibit strong demand for the tech and reshape their workforces around it.
Technology
Joe Skipper/Reuters
Courtesy of Familiar
Anthropic’s tie up with Elon Musk paves way for space data centers
The partnership hands a big win to OpenAI’s biggest competitor at the peak of Musk’s public feud with OpenAI.
Joe Skipper/ReutersiRobot founder faces Chinese market again
Colin Angle says he’s learned his lessons in competing with China.
Courtesy of FamiliarThe investment banking AI push is a rising tide
Frontier Al labs are slowly encroaching on well-funded startups that have served companies’ industry-specific AI needs.
Little-known materials startup Intalus raises $11M seed round
Intalus’ invention is going to become increasingly important in an economy that is asking more of the physical world.
Companies have already lost control of workplace AI
The utility-to-risk ratio in AI has shifted so far toward utility that companies have already lost control.
UK Google DeepMind staff vote to unionize
The UK staff of Google DeepMind voted to unionize amid concerns of the company’s deal with the US Department of Defense.
EnergyIssei Kato/Reuters 
Pavel Mikheyev/Reuters
Giuseppe Cacace/AFP via Getty Images
Fuel price crunch could worsen, executives warn
Supplies of jet fuel and liquefied petroleum gas are poised to plunge in Asia, Africa, and Europe.
Issei Kato/ReutersEnergy shock concerns grow in US
The Iran war and the AI buildout are driving up concerns over the prospect of an energy squeeze in the US.
Pavel Mikheyev/ReutersQatar backs sustainable jet fuel project in Egypt
The risk of a shortage of aviation fuel due to the Strait of Hormuz blockade has made the search for alternative sources a critical issue for airlines.
Giuseppe Cacace/AFP via Getty ImagesGulf
Abu Dhabi’s ADGM. Courtesy of ADGM.
Leading hedge fund manager opens Abu Dhabi office
Fund managers are committing to the UAE’s financial centers despite the uncertainty caused by the Iran conflict.
Abu Dhabi’s ADGM. Courtesy of ADGM.UAE visa rules exclude stablecoin salaries despite crypto push
Such policies matter more now than they did a few months ago, as the Gulf’s pitch to attract expatriates has been undermined by the Iran war.
Saudi non-oil economy returns to growth in April, PMI shows
Domestic sales and government largesse are driving the upturn, but activity is still affected by supply chain disruptions and businesses deferring spending.
Saudi quarterly deficit highest since 2018
Spending on new projects surged by more than 50% compared to a year earlier, with military and transport outlays also up significantly.
Aramco’s archival footage shows first ever Saudi oil shipment
The footage shows Saudi Arabia’s founding father King Abdulaziz turning the valve of a tanker, enabling the first shipment of Saudi oil to leave on May 1, 1939.
China
China’s Ministry of Foreign Affairs/Handout via Reuters
Andrew Boyers/Reuters
Brian Snyder/File Photo/Reuters
China renews call for the Strait of Hormuz to reopen
China pushed for the reopening of the Strait of Hormuz after hosting Iran’s foreign minister, an exchange that reflected Beijing’s fraught position in the conflict.
China’s Ministry of Foreign Affairs/Handout via ReutersChina eyes soft power growth with major snooker win
Wu Yize won the World Snooker Championship, a competition traditionally dominated by Europeans.
Andrew Boyers/ReutersChina becomes a scapegoat for US data center backlash
China is playing a growing role in US discourse over domestic tech growth and regulation.
Brian Snyder/File Photo/ReutersAfrica
Ugandan opposition figure Bobi Wine. Abubaker Lubowa/Reuters.
Dado Ruvic/Illustration/File Photo/Reuters
Ugandan pop star-turned-opposition figure Bobi Wine outlines artistic influences
Wine said that art remains central to dissent despite censorship under Ugandan President Yoweri Museveni.
Ugandan opposition figure Bobi Wine. Abubaker Lubowa/Reuters.Nearly 8 million South Africans use crypto: report
South Africans increasingly see cryptocurrencies as an investment option to supplement traditional assets like stocks and properties.
Dado Ruvic/Illustration/File Photo/ReutersUS plans to reopen ties with Eritrea
The potential move marks the country’s rising strategic importance along the Red Sea shipping route, one of the world’s busiest transport lanes.
Canal+ faces test in South Africa following $2B Multichoice acquisition
The South African pay TV group is preparing to face antitrust regulators over decade-old allegations of collusion.
Energy shortfall ‘problem’ scuppers Kenya’s $1B Microsoft data center
The Kenyan president’s comments that poor power capacity held back plans for the flagship project confirms Semafor’s exclusive reporting that it had stalled.
DR Congo eyes stake in $270M Zambia power link
As power demand grows due to the expansion of mineral processing, Kinshasa is investing in new power plants.
Security
Christian Mang/ReutersChina’s Ministry of Foreign Affairs/Handout via Reuters 
Sputnik/Alexander Kazakov/Pool via Reuters
Germany’s Merz marks one year in office
Germany’s chancellor is falling behind on his core goals one year into his tenure, analysts said.
Christian Mang/ReutersChina renews call for the Strait of Hormuz to reopen
China pushed for the reopening of the Strait of Hormuz after hosting Iran’s foreign minister, an exchange that reflected Beijing’s fraught position in the conflict.
China’s Ministry of Foreign Affairs/Handout via ReutersKremlin enacts new security measures on assassination fears
Russian President Vladimir Putin is reportedly increasingly fearful of assassination attempts.
Sputnik/Alexander Kazakov/Pool via ReutersMedia
Aaron Schwartz/Reuters
Old news: Why a former New York Times editor blocked Epstein Pulitzer
“Not the best entry,” Joe Sexton told Semafor, referencing Miami Herald investigative reporter Julie Brown’s 2018 series that effectively reopened the Epstein investigation.
Aaron Schwartz/ReutersDispatch exec departs amid uncertainty
Mike Rothman’s exit comes as The Dispatch has explored a potential sale.
How the Fox News hawks got back in Trump’s good graces
And how Marc Thiessen saved Ukraine.
Johnny Harris on building a journalism project that doesn’t sell out
Harris joins Mixed Signals to break down how he went from selling his own plasma to running a YouTube channel with over 7 million subscribers
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.
CEO Signal
Courtesy of Government of Dubai/Joey Pfeifer/Semafor
Courtesy of Hilton/Joey Pfeifer/Semafor
Dan Schulman’s plan to get Verizon back in the fight
“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.
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/SemaforAD