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Democrats fighting to preserve states’ ability to regulate AI
View/ Future of multilateralism in question at G20
The World at a Glance
Updated 5:42pm EST
1
The US and Russia have drafted a new plan to end the Ukraine war, and Washington is urging Kyiv to accept it.
2US chip giant Nvidia reported earnings that beat analysts’ expectations, soothing investors’ fears of an AI bubble.
3China said it was halting Japanese seafood imports and movie releases, as it ramps up retaliation against Tokyo amid a diplomatic feud.
4The EU unveiled a ‘digital package of simplification,’ marking a de-escalation after years of aggressive tech regulation.
5The price of bitcoin fell below $90,000, erasing the digital token’s gains for the year and raising concerns of a “crypto winter.”
6Gustav Klimt’s ‘Portrait of Elisabeth Lederer’ became the world’s most valuable work of modern art at auction.
Trump’s deals with Saudi are a two-way street
Saudi Arabia’s economic transformation intersects with the business interests of the first billionaire US president.
Brian Snyder/ReutersSouth Africa’s digital minister rejects preferential treatment for Starlink
Digital Minister Solly Malatsi said that foreign firms should not be allowed to leapfrog local requirements.
South Africa’s Digital Minister Solly Malatsi. Semafor.Saudi firm backs US AI startup’s $900 million fundraise, investment in Saudi Arabia
State-backed HUMAIN led the Luma AI funding round and will develop a 2GW compute cluster for the Silicon Valley firm in Saudi Arabia.
Luma’s co-founder Amit Jain. Courtesy of Luma.Congress mimics Trump’s Saudi embrace
Even many Democrats shifted their focus from past bipartisan worries over human rights as Crown Prince Mohammed bin Salman arrived.
Jessica Koscielniak/ReutersAD
South Africa’s G20 struggles haven’t all been for nothing
Pretoria has had a tough few weeks with the US’ dramatic withdrawal from the G20 summit, and the no-show from China’s leader.
Leah Millis/ReutersUS pushes through new series of oil and gas deals
Saudi Aramco is expected to sign two deals to import US liquefied natural gas.
Brian Snyder/File Photo Preview/ReutersUS investor in Saudi soccer looks to women’s teams
A tech investor is adopting AI and “Moneyball” tactics to compete against Saudi wealth fund-backed soccer clubs.
Courtesy of SPA
Politics
Evelyn Hockstein/Reuters
Annabelle Gordon/Reuters
Kylie Cooper/Reuters
Saudi leader’s Washington visit continues with plenty of fanfare but few details
One clear theme of the business summit President Donald Trump attended alongside Crown Prince Mohammed bin Salman: the importance of exporting US tech to the global AI race.
Evelyn Hockstein/ReutersDemocrats start falling for risk-takers as their early 2028 conversation begins
In the aftermath of the shutdown and the party’s successful off-year elections, the Democrats who’ve taken the biggest risks have seen the biggest benefits.
Annabelle Gordon/ReutersDemocrats fighting to preserve states’ ability to regulate AI
The issue is roaring back to life during defense bill talks after President Donald Trump urged Republicans to act; the Senate had voted 99-1 against a state-level moratorium.
Kylie Cooper/ReutersTrump and MBS solidify US-Saudi ties at White House visit
Washington designated Saudi Arabia a major non-NATO ally, while Riyadh pledged to invest $1 trillion in the US.
Measure allowing senators to sue DOJ splits Republicans
Senate Republicans are divided over whether to repeal the language, which was inserted in last week’s spending deal.
Congress mimics Trump’s Saudi embrace
Even many Democrats shifted their focus from past bipartisan worries over human rights as Crown Prince Mohammed bin Salman arrived.
Epstein files bill suddenly speeding to Trump’s desk
The overwhelming House vote on Tuesday sets the stage for a likely Senate passage as soon as this week.
Conflict with China would devastate pharmaceutical supply chain, Biden’s drug czar says
“It will be like having car factories without car parts,” Dr. Rahul Gupta said at Semafor’s Future of Health Forum.
House Democrat: ‘Madness’ to expect bipartisan health care deal by December
Speaking at a Semafor event, Rep. Becca Balint declined to rule out another government shutdown in January.
US House expected to pass bill forcing Epstein files’ release
President Donald Trump said Monday he would sign the legislation if the Senate passes it.
Almost half of Americans fear they can’t afford health care: Poll
One in five Americans said they or someone in their household couldn’t afford a prescription in the last three months.
Business
Kevin Lamarque/Reuters
Trump’s SEC entices corporate America to defy shareholders
SEC Chair Paul Atkins said the agency will “not respond to… and express no views on” companies’ decisions to exclude shareholder proposals from corporate ballots.
Kevin Lamarque/ReutersEconomists spar over Lina Khan’s plan to cut stadium beer prices
The former FTC commissioner’s role in NYC Mayor-elect Zohran Mamdani’s affordability efforts is part of a new romance with price controls.
US jobs data blackout will be lifted, but not economic gloom
The government will release September’s jobs report on Thursday, ending a nearly seven-week data void that confounded policymakers.
Momentum builds in Europe’s banking hub
Strategic moves by UBS and Deutsche Bank signal a make-or-break moment for Europe’s long-troubled banking sector
Amazon raises $15B in latest Big Tech bond sale
Big Tech giants have embraced borrowing to fund their ambitious AI buildouts.
Technology
Evelyn Hockstein/Reuters
Courtesy of Abu Dhabi Autonomous Racing League
MBS’ visit heralds in tech deals
AWS, Nvidia, and xAI are among the US companies that announced deals with Saudi government-backed HUMAIN.
Evelyn Hockstein/ReutersAI race cars are catching up to human drivers
Only 1.6 seconds separated the best laps of the human racer and the autonomous vehicle.
Courtesy of Abu Dhabi Autonomous Racing LeagueTrust in AI higher for China, Brazil residents than for Americans
Individuals from Brazil and China are more likely to believe AI will solve environmental, mental health, and financial challenges, Edelman report shows.
Anthropic, Microsoft, Nvidia expand funding wheel
Anthropic has agreed to purchase $30 billion in Microsoft Azure, Nvidia will invest up to $10 billion in Anthropic, and Microsoft up to $5 billion in the startup.
US warns of China quantum security risk
A congressional commission’s report cited China’s central planning as the reason its quantum communication technology is so advanced.
Investors eye Nvidia results amid bubble fears
Markets have suffered sharp losses in recent days on growing fears of an AI bubble.
EnergyBrian Snyder/File Photo Preview/Reuters 
Adriano Machado/Reuters
Stoyan Nenov/File Photo/Reuters
US pushes through new series of oil and gas deals
Saudi Aramco is expected to sign two deals to import US liquefied natural gas.
Brian Snyder/File Photo Preview/ReutersRich nations not contributing ‘fair share’ of climate funding, report finds
The ODI think tank calculated each nation’s fair share based on historical responsibility for cumulative emissions, GDP, and population.
Adriano Machado/ReutersUS sanctions on Russia’s Lukoil impede methane cuts
US sanctions saw Lukoil suspended from a coalition of oil majors working together to reduce their methane emissions.
Stoyan Nenov/File Photo/ReutersGulfLuma’s co-founder Amit Jain. Courtesy of Luma.
Saudi firm backs US AI startup’s $900 million fundraise, investment in Saudi Arabia
State-backed HUMAIN led the Luma AI funding round and will develop a 2GW compute cluster for the Silicon Valley firm in Saudi Arabia.
Luma’s co-founder Amit Jain. Courtesy of Luma.Trump’s deals with Saudi are a two-way street
Saudi Arabia’s economic transformation intersects with the business interests of the first billionaire US president.
Trump and MBS solidify US-Saudi ties at White House visit
Washington designated Saudi Arabia a major non-NATO ally, while Riyadh pledged to invest $1 trillion in the US.
Saudi wealth does have a bottom. Trump is about to find it.
The kingdom’s crown prince arrives in Washington in search of deals, to meet with a president who wants the same. Where does the money come from?
Saudi set to announce slew of AI deals with US firms
The US will grant Saudi Arabia access to the latest AI chips as part of data center deals with tech giants.
Africa
South Africa’s President Cyril Ramaphosa. Siphiwe Sibeko/Reuters.
Semafor
Future of multilateralism in question at G20
The issue dictates how businesses approach global expansion to political issues surrounding migration and trade diplomacy.
South Africa’s President Cyril Ramaphosa. Siphiwe Sibeko/Reuters.South Africa must avoid the ‘weaponization of trade’: special envoy
Mcebisi Jonas, a former deputy finance minister, said the country must diversify its commercial ties and protect itself from the fallout of a global transition away from multilateralism.
SemaforAI fintech Optasia eyes major Africa expansion
The company uses machine learning to provide micro-financing and mobile phone credit to people who often don’t have traditional bank accounts.
Africa needs more green financing to unlock growth: report
Productivity growth in Angola, Nigeria, South Africa, and Zambia has slowed over the last decade, S&P noted.
South Africa’s digital minister rejects preferential treatment for Starlink
Digital Minister Solly Malatsi said that foreign firms should not be allowed to leapfrog local requirements.
South Africa’s G20 struggles haven’t all been for nothing
Pretoria has had a tough few weeks with the US’ dramatic withdrawal from the G20 summit, and the no-show from China’s leader.
Security
Ukrainian President Volodymyr Zelenskyy via Telegram/Handout via Reuters
KPRM/Handout via Reuters
U.S. Navy/Petty Officer 3rd Class Gladjimi Balisage/Handout via Reuters
US officials scramble to revive Ukraine peace talks
The Trump administration has been secretly working with the Kremlin on a new peace plan, Axios reported.
Ukrainian President Volodymyr Zelenskyy via Telegram/Handout via ReutersPoland calls train explosion ‘sabotage,’ implying Russian involvement
The incident was the latest in a series of episodes across Europe for which authorities have suggested Moscow was responsible.
KPRM/Handout via ReutersTrump threatens more strikes across Latin America
The US president said yesterday he would be “proud” to extend attacks to include land targets in Colombia, Mexico, and Venezuela.
U.S. Navy/Petty Officer 3rd Class Gladjimi Balisage/Handout via ReutersMedia
Thomas Fuller/SOPA Images/LightRocket via Getty Images
Vox to partner with Patreon for new paywalled shows
Vox said it hopes to supplement its shows with live newsroom conversations and community features such as chats.
Thomas Fuller/SOPA Images/LightRocket via Getty ImagesThe old MSNBC relaunches into a new media world
The network, now called MS NOW, is in the midst of its biggest gamble since it launched in 1996.
An unpublished profile raises questions about Epstein — and journalism
Buried deep in the House Oversight Committee’s recent release of emails from Jeffrey Epstein’s inbox is an 8,684-word profile by the reporter Michael Wolff.
Comcast, Paramount, Netflix near bids for Warner Bros. Discovery
A frenetic pursuit for the last big chunk of media assets is entering its next stage.
BBC director general quits over Trump reporting
He resigned over a report suggesting the broadcaster had misleadingly edited a speech by US President Donald Trump.
CEO Signal
Sean Anthony Eddy/Getty
Merck/Joey Pfeifer/Semafor
Joey Pfeifer/Semafor
Yale study shows CEOs picked from within drive higher returns
Researchers say the performance gap should tell boards not to assume that an outside ‘savior’ will be better.
Sean Anthony Eddy/GettyBelén Garijo’s prescription for Germany’s Merck
The former doctor says long-term success stems from making hard decisions when the going is good.
Merck/Joey Pfeifer/SemaforHow Ariane Gorin sees AI writing Expedia’s third chapter
The former Microsoft executive says agents will not replace her travel site — if it can get its own technology right.
Joey Pfeifer/SemaforAD