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Intelligence for the New World Economy
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The World at a Glance
Updated 6:05pm EST
1
A divided US Federal Reserve lowered interest rates by a quarter point, but signaled a high bar for additional cuts next year.
2China added homegrown AI chips to its government-approved list of suppliers, the latest move in Beijing’s quest to break reliance on American processors.
3China’s biggest AI players are luring US capital back to the country while extending their reach in overseas markets.
4Elon Musk and Jeff Bezos are racing to build AI data centers in space, as earthbound facilities face massive energy constraints.
5The Trump administration plans to ask foreign tourists to provide five years’ worth of their social media history to enter the country.
6Donald Trump suggested he could extend his anti-drug military campaign in Venezuela to include targets in Colombia and Mexico.
How Rubio donned the ‘MAGA Halo’
The secretary of state is still a politician — so, when he nudges the president, he does so very delicately.
Kevin Dietsch/Getty Images‘Sometimes not liquid at all’: Carlyle CEO on private capital’s retail push
In a true run for the exits, it could take investors years to get their money back. “We need to be very, very clear about the expectations,” Harvey Schwartz
Courtesy of Abu Dhabi Finance WeekEmirates’ ambitions stir rivalries on Wall Street
XRG’s board scrapped plans for a partnership with Apollo to invest in AI and energy projects after pushback from Blackstone’s Jon Gray, people familiar with the matter said.
Hamad I Mohammed/ReutersThe biggest fear in the AI race is not sending chips to China. It’s where they go next.
The worry, AI execs say, is that China will use Nvidia’s chips to build data centers around the world that offer cheaper prices for running models inspired by, or stolen from, US AI firms.
Evelyn Hockstein/ReutersAD
Democrats warn their party may try to unravel any Paramount-Warner Bros. Discovery deal
A new letter from Reps. Sam Liccardo (D-Calif.) and Ayanna Pressley (D-Mass.) also raised concerns about foreign investors’ involvement.
Dado Ruvic/ReutersSenate no closer to health care deal as Republicans remain split
Will there actually be dealmaking after the failed votes? We’ll see, said Senate Majority Leader John Thune.
Jonathan Ernst/ReutersRepublican governor criticizes Trump’s efforts to block wind energy
Oklahoma Gov. Kevin Stitt said he has raised the issue in conversations with Energy Secretary Chris Wright.
Kris Tripplaar/Semafor
Politics
Brian Snyder/Reuters
Ken Cedeno/Reuters
Jon Cherry/Reuters
Senior White House aide: Americans will feel better about the economy in early 2026
Deputy chief of staff James Blair told Semafor that “the fundamentals of the economy are good” as he predicted positive effects from tax season.
Brian Snyder/ReutersHawley skewers his fellow Republicans for failing Trump
The Missouri senator told Semafor the president’s party isn’t following through on his agenda.
Ken Cedeno/ReutersDemocrats in crypto talks are working against the campaign-season clock
Digital assets super PACs are likely to start spending big against lawmakers standing in the way of an industry-sought deal.
Jon Cherry/ReutersHow Minnesota reflects Democrats’ big divides
Peggy Flanagan talks to Semafor about her campaign against centrist Democrat Angie Craig.
China’s AI threat becomes bipartisan issue
“This is an issue that threatens our freedom if we allow China to overtake us on AI development,” Pennsylvania Gov. Josh Shapiro, a Democrat, said at a Semafor event Tuesday.
Democrats warn their party may try to unravel any Paramount-Warner Bros. Discovery deal
A new letter from Reps. Sam Liccardo (D-Calif.) and Ayanna Pressley (D-Mass.) also raised concerns about foreign investors’ involvement.
House lines up vote on annual defense bill
GOP leaders projected confidence that they’ll have enough support to move the National Defense Authorization Act.
Senate no closer to health care deal as Republicans remain split
Will there actually be dealmaking after the failed votes? We’ll see, said Senate Majority Leader John Thune.
How Rubio donned the ‘MAGA Halo’
The secretary of state is still a politician — so, when he nudges the president, he does so very delicately.
Senator has ‘grave doubts’ about Netflix-WBD deal
Sen. Mike Lee, who sits on the Senate Judiciary Committee, said he wouldn’t be surprised if it gets “thwarted.”
GOP governor criticizes Trump’s efforts to block wind energy: ‘Disappointing’
Oklahoma Gov. Kevin Stitt said he has raised the issue in conversations with Energy Secretary Chris Wright.
BusinessHamad I Mohammed/Reuters
Emirates’ ambitions stir rivalries on Wall Street
XRG’s board scrapped plans for a partnership with Apollo to invest in AI and energy projects after pushback from Blackstone’s Jon Gray, people familiar with the matter said.
Hamad I Mohammed/Reuters‘Sometimes not liquid at all’: Carlyle CEO on private capital’s retail push
In a true run for the exits, it could take investors years to get their money back. “We need to be very, very clear about the expectations,” Harvey Schwartz
Investors warm to Paramount’s bid for Warner Bros.
David Ellison and his team impressed Warner Bros. investors with their pitch — and their price tag.
Abu Dhabi is the future of capitalism
The world’s top asset managers are convening in the city as the government commits billions of dollars to accelerate its ascent as a global financial hub.
Inflation, Fed stuck in place ahead of expected rate cut
The central bank is widely expected to cut interest rates tomorrow, despite inflation remaining closer to 3% than the Fed’s long-held target of 2%.
Technology
Courtesy of Google
Kris Tripplaar/Semafor
Google names new chief of AI infrastructure buildout
Amin Vahdat, a veteran leader at Google, will become chief technologist for AI infrastructure, according to the memo reviewed by Semafor, and report directly to CEO Sundar Pichai.
Courtesy of GoogleChina’s AI threat becomes bipartisan issue
“This is an issue that threatens our freedom if we allow China to overtake us on AI development,” Pennsylvania Gov. Josh Shapiro, a Democrat, said at a Semafor event Tuesday.
Kris Tripplaar/SemaforStartups bet on encrypted AI to win over privacy-wary users
One startup, NEAR AI, recently launched a platform hosting popular open-weight frameworks that encrypts all prompts and responses.
A new $75 AI ring finally gets hardware right
The Pebble Index, a ring that can record audio snippets, breaks new ground on the concept of simplicity.
Waymo opens up about safety tech as autonomous cars face scrutiny
In a blog post, Waymo reveals some details of its secret sauce to safety by describing its model architecture, including how it uses both fast- and slow-thinking AI to predict behaviors.
AI devices aim to detect deadly cow disease that costs industry $1B a year
The project, developed by US universities, is an ambitious example of how AI, wearables, and robotics could be applied to improve essential industries like farming.
Energy
Bing Guan/File Photo/Reuters
Courtesy of Ampersand
Jon Nazca/Reuters
Trump elevates fossil fuels in national security plan
The White House’s new National Security Strategy ignores a key source of China’s strength.
Bing Guan/File Photo/ReutersAfrican e-mobility startup shifts strategy amid China competition
Ampersand’s move comes as Chinese competitors rush to African markets.
Courtesy of AmpersandAviation data providers helping to curb emissions
SITA, which counts Singapore Airlines and Air France-KLM among its customers, is helping airlines cut fuel use, its CEO told Semafor.
Jon Nazca/ReutersGulfHamad I Mohammed/Reuters
Emirates’ ambitions stir rivalries on Wall Street
XRG’s board scrapped plans for a partnership with Apollo to invest in AI and energy projects after pushback from Blackstone’s Jon Gray, people familiar with the matter said.
Hamad I Mohammed/ReutersAbu Dhabi has become a ‘co-architect’ of global capital deals
Today’s Gulf countries still have cash — not to splash around, but to invest in projects that bring tangible benefits back home.
Saudi real estate giant Dar Global plans $4.2B project in Muscat
The project will include luxury residential units and hotels, shops, business parks, a marina, and cultural venues, targeting high-net worth individuals.
Abu Dhabi’s Mubadala says needs more compute to power AI push
The Abu Dhabi sovereign wealth fund increasingly relies on AI to screen deals, make investment decisions, monitor assets, and sell its own tech products.
Qatar launches $20B AI push to compete with Saudi, UAE
The new homegrown AI firm has a mandate to build the platforms and systems needed to speed up AI adoption across Qatar, its CEO said.
Africa
Jonathan Ernst/Reuters
Rogan Ward/Reuters
A ‘myopic’ approach to Africa in new US security strategy
The White House’s newly published National Security Strategy devotes just over half a page to Africa.
Jonathan Ernst/ReutersSouth Africa faces AGOA exclusion
Ties between Washington and Pretoria have sharply deteriorated during Trump’s second term.
Rogan Ward/Reuters$500-million Africa-focused infrastructure fund launched in Abu Dhabi
London-based Gemcorp, which focuses on emerging markets, said it will contribute up to $50 million to the fund and manage the projects.
South Africa’s MultiChoice reels from Netflix proposal
MultiChoice, Africa’s largest pay TV player, is already at risk of losing up to 12 WBD channels from its DStv platform if a new carriage agreement isn’t reached.
DR Congo secures $159 million loan for road upgrade
The road projects are meant to improve access to the Ngandajika Agro-Industrial Park.
African startups cross $3 billion in fundraising in 2025
It’s the highest total since 2023, signaling a rebound in investor activity.
Security
Leonardo Fernandez Viloria/Reuters
Ann Wang/Reuters
US Special Envoy Steve Witkoff. Sputnik/Kristina Kormilitsyna/Pool via Reuters.
Maduro strikes defiant tone amid rising US tensions
“Failure is not an option at this crucial juncture,” a sword-brandishing Maduro said in a fiery address to supporters in Caracas.
Leonardo Fernandez Viloria/ReutersTaiwan pledges extra $40B for defense to counter China threat
Tensions have ramped up in the region after Japan’s leader said Tokyo may intervene militarily if Beijing sought to invade Taiwan.
Ann Wang/ReutersUS envoy, Putin to discuss new Ukraine peace plan
US envoy Steve Witkoff is set to meet with Russian President Vladimir Putin next week.
US Special Envoy Steve Witkoff. Sputnik/Kristina Kormilitsyna/Pool via Reuters.MediaDado Ruvic/Reuters
Democrats warn their party may try to unravel any Paramount-Warner Bros. Discovery deal
A new letter from Reps. Sam Liccardo (D-Calif.) and Ayanna Pressley (D-Mass.) also raised concerns about foreign investors’ involvement.
Dado Ruvic/ReutersSenator has ‘grave doubts’ about Netflix-WBD deal
Sen. Mike Lee, who sits on the Senate Judiciary Committee, said he wouldn’t be surprised if it gets “thwarted.”
Investors warm to Paramount’s bid for Warner Bros.
David Ellison and his team impressed Warner Bros. investors with their pitch — and their price tag.
Paramount’s Mideast financing doomed Warner Bros. Discovery auction bid
WBD’s board grew uneasy with how complicated Paramount’s offer became.
In mad dash to stop Netflix-WBD deal, Paramount has ‘no juice’
Seemingly everyone hates that Netflix won out in the bidding war for Warner Bros. Discovery, but the Ellisons couldn’t stop it.
CEO Signal
Courtesy of ServiceNow/Joey Pfeifer/Semafor
The Manufacturing Institute/Joey Pfeifer/Semafor
Courtesy of New Balance/Joey Pfeifer/Semafor
How Bill McDermott’s ‘underdog desire’ drives ServiceNow
The enterprise software CEO sees AI creating ‘chaos’ inside some companies — and opportunities for his own.
Courtesy of ServiceNow/Joey Pfeifer/SemaforHow Saint-Gobain is getting US students to prize factory work
North America CEO Mark Rayfield says young Americans who visit its plants see that “it’s not your 1950s manufacturing job.”
The Manufacturing Institute/Joey Pfeifer/SemaforHow Joe Preston got New Balance back in the race
The sneaker brand’s CEO says problem-solving “sprint” teams have been key to turning around its revenues and reputation.
Courtesy of New Balance/Joey Pfeifer/SemaforAD