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Intelligence for the New World Economy
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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.
The World at a Glance
Updated 2:15pm EDT
1
An OpenAI agent broke through its constraints and hacked another startup looking for the answer sheet during a security test.
2US President Trump plans to unleash new tariffs on 60 more countries as soon as Friday, setting up another round of bruising trade wars.
3The Trump administration is barreling toward a war funding crisis, with slim chances of congressional approval for more defense money anytime soon.
4Ukrainian President Zelenskyy dismissed his top general following public protests, in the country’s biggest military shakeup since 2024.
5The White House’s Iran war problems are compounding as it faces scrutiny over its military budget and the deaths of US service members.
6Ozempic maker Novo Nordisk sued Eli Lilly, accusing the US drug giant of misleading advertising practices.
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.
Republican senator rails against AI data centers
Kansas voters are “on fire” against them, Roger Marshall warns
Zelenskyy sacks Ukraine military chief
The move followed widespread protests triggered by the removal of the country’s popular, young defense minister.
View / Kimi K3 model won’t kill US frontier labs
The money is usually made on the implementation of AI software and on everything it enables.
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.
Key Democrat will oppose crypto bill absent stronger ethics language
Sen. Angela Alsobrooks called draft language “wild and unserious”
Democrats crash their own party
Democrats are tending towards do-overs that might create a problem for their base.
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Politics
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”
Semafor/Eleanor Kaufman
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.
More US employees are using AI, poll finds
Fifty-two percent of US workers reported using AI in their jobs during the second quarter of this year, according to Gallup.
Business
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.
Mike Blake/Reuters
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.
Trump tees up fresh tariffs on 60 more countries
Washington has already hit Canada and Brazil with new levies, amplifying global trade uncertainty.
Banks pay backhanded compliments to private credit
By putting their own balance sheets and brand names behind these deals, banks are validating the very underwriting they’ve spent months criticizing for being full of cockroaches.
Burnham faces Britain’s overseas business woes
Many of Britain’s corporate crown jewels make more of their money in the US and fast-growing Asian markets than at home.
Technology
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.
Go Nakamura/Reuters
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.
PsiQuantum/Handout via Reuters
Google, Nvidia deepen Europe robotics play with startup compute deal
Google and Nvidia are partnering with German data-robotics startup Microagi to provide computing power to train and deploy humanoids in factories.
Applied Intuition wants to turn robotics into child’s play
Startup’s new Dana service allows developers to build and test physical intelligence using natural language.
Demand for Chinese AI strains compute
Beijing-based AI phenom Moonshot paused new subscriptions for its Kimi K3 model, underscoring the constraints Chinese tech firms face.
AI memory shortage puts pressure on governments to act
A global AI memory shortage threatens to morph into a geopolitical fight as more countries campaign to shore up their own supply, a South Korean tech executive said.
Energy
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
Abu Dhabi National Oil Company invests in $6.2B domestic gas project
The expansion fits within ADNOC’s global gas strategy and is part of a broader effort to meet rising domestic demand driven by industrial growth and AI.
Natural gas wells at the Habshan gas complex in Abu Dhabi. Stringer/Reuters.
Bahrain considers nuclear power option
The potential small modular nuclear power plant would be the first in the kingdom, which holds the Gulf’s smallest hydrocarbon reserves.
A digital visualization of the small modular nuclear reactor planned by Rolls-Royce. Rolls-Royce/Handout via Reuters.
Gulf
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.
Amr Alfiky/File Photo/Reuters
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.
US woes pile up over Iran quagmire
The cost of the Iran war is now estimated at $37.5 billion, US Defense Secretary Hegseth said as he requested more funds to plug what he called an urgent shortfall.
China
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
Kimi K3 model highlights China’s burgeoning AI efforts
China’s AI were on full display over the last week.
Moonshot AI founder Yang Zhilin. Tingshu Wang/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
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
Escalations in Iran and Ukraine compound global volatility
In the Middle East, the deterioration of the US-Iran ceasefire has reignited fears of a prolonged regional war. In Europe, Moscow launched one of its largest ballistic missile attacks against Ukraine while Kyiv ramped up its bombing campaign.
Stringer/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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