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Politics
Schumer sees Senate map expanding deeper into red territory
The Democratic leader’s chosen candidates lost in two primaries. But he told Semafor he’s only adding to his midterm target list.
The secret ingredients powering AI chatbots
Some US companies are disclosing they use a cocktail of AI, including some Chinese open-source models, to build custom consumer-facing tools.
The secret ingredients powering AI chatbots
Some US companies are disclosing they use a cocktail of AI, including some Chinese open-source models, to build custom consumer-facing tools.
View / The US has a sanctions problem
View / Elon Musk rattles the telecom industry
The World at a Glance
Updated 9:56am EDT
1
Saudi Arabia, Türkiye, and Pakistan signed a joint military agreement as talks to end the Iran war drag on.
2A French ban on unsolicited telemarketing calls could hit 50,000 Moroccan jobs, as firms could face fines of up to €75,000 a call.
3Scientists unveiled new AI-made viruses by using models to build entirely new genomes, raising concerns about potential future human health threats.
4Chinese AI model Kimi K3 bypassed its constraints, the latest in a slew of incidents raising concerns about safety.
5Argentina’s pivot to become an energy supplier is gathering pace, with shale production up 28% from the same time last year.
6Federal Reserve Chair Kevin Warsh has kept lines of communication with President Donald Trump open since taking the role.
US shed 23,000 jobs in July
Labor Department data paints an unexpectedly bleak picture in July.
Middle East ambassadorships sit vacant as Trump relies on special envoys
About half of the nations ensnared by the Iran conflict currently lack a Senate-confirmed leader of their US embassy.
Scientists unveil new AI-made viruses
New research employed AI to generate entirely new genomes with far less human input, using a model trained on DNA sequences.
Miller’s opponent takes a Sanders-esque view of scandal
Brian Poindexter told Semafor that he believes voters want him focused on the cost of living, not his opponent.
South Africa’s cross-border crypto ban proposal sparks backlash
Pretoria’s attempt to pull borderless digital tokens into legacy exchange control risks isolating businesses and driving volume offshore.
Senate finalizes deal on Russia sanctions
The Senate is back in session after senators made progress on a voting deal to go on August recess — but didn’t fully clinch it.
Tennessee Republican booted in primary upset
Tennessee voters ousted Rep. Andy Ogles in Thursday’s primary, despite his endorsement by President Donald Trump.
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Politics
US shed 23,000 jobs in July
Labor Department data paints an unexpectedly bleak picture in July.
Lucas Jackson/Reuters
Miller’s opponent takes a Sanders-esque view of scandal
Brian Poindexter told Semafor that he believes voters want him focused on the cost of living, not his opponent.
Courtesy of Poindexter for Congress
Schumer sees Senate map expanding deeper into red territory
The Democratic leader’s chosen candidates lost in two primaries. But he told Semafor he’s only adding to his midterm target list.
Annabelle Gordon/Reuters
Senate finalizes deal on Russia sanctions
The Senate is back in session after senators made progress on a voting deal to go on August recess — but didn’t fully clinch it.
Tennessee Republican booted in primary upset
Tennessee voters ousted Rep. Andy Ogles in Thursday’s primary, despite his endorsement by President Donald Trump.
Senate negotiations intensify on recess deal
“There’s some movement in the right direction,” Sen. Katie Britt, R-Ala., told Semafor.
Lawmakers urge Trump to impose Balkan sanctions
“We are deeply concerned by reports that current and former employees and associates of the Srebrenica Memorial Center have been summoned for questioning,” the senators wrote.
Middle East ambassadorships sit vacant as Trump relies on special envoys
About half of the nations ensnared by the Iran conflict currently lack a Senate-confirmed leader of their US embassy.
Americans turning to AI for financial advice but confidence low, poll shows
About 20% of Americans have recently used AI for financial advice, but their confidence in its expertise remains low.
Senate Democrats advise party to break out economic populism
Democrats should use Congress’ August recess to take on corporate interests, the four senators wrote.
Crypto’s top legislative priority slips in Senate
The industry needs a vote before November so it can deploy millions in political spending, but leaders have yet to line one up.
Business
Cash-strapped borrowers turn to scrip
The Boston Fed found that over the past four years “pay-in-kind” arrangements rose from 6% to 10% of portfolios at the most common type of private-credit fund, known as a BDC.
Caitlin Ochs/Reuters
Elon Musk rattles the telecom industry
On SpaceX’s earnings call this week, the company confirmed Semafor’s earlier reporting that it planned to move into the mobile business.
Masa Son doubles down on AI bets
The SoftBank CEO is using borrowed money and financial sleight-of-hand to double down on the AI boom.
Novo Nordisk faces a rough patch
Novo’s shares have fallen 15% this year, tumbling further this week after guidance missed analysts’ targets.
Kalshi banks on its predictions’ accuracy
The company studied its bets and found they came closer to reality than most AI models and track human “superforecasters.”
Technology
The secret ingredients powering AI chatbots
Some US companies are disclosing they use a cocktail of AI, including some Chinese open-source models, to build custom consumer-facing tools.
Dado Ruvic/Illustration/Reuters
Demis Hassabis was shifting away from DeepMind CEO duties for a year
The CEO of Google’s AI unit was increasingly unsatisfied with the role of tech executive, preferring a more scientific position, said two people familiar with his thinking.
Toby Melville/Reuters
Google DeepMind boss steps down
Demis Hassabis follows a string of prominent AI executives who have departed DeepMind in recent months.
The White House maintains a little obscurity for AI security
The takeaway shouldn’t be fear that the US government is hiding the ball. It’s that there isn’t a ball to hide yet.
Public records laws must modernize
The public should have greater and more granular visibility into how the technology is being used.
Startup Sapiom routes clients’ AI to lowest-cost tokens
As AI spending ramps up, businesses want fast pathways to the cheapest models.
Energy
Argentina’s fossil fuels boom gains momentum
Argentina’s shale output is up 28% year-on-year as the country’s pivot to become an energy supplier gather pace.
Agustin Marcarian/File Photo/Reuters
The US has a sanctions problem
Tehran and Muscat are scrapping over who will control the Strait of Hormuz, but for ships to actually start moving, it will require a new deal with Washington and a rethinking of US sanctions.
Stringer/Reuters
Emissions-tracking startups see M&A opportunities
Both the US and the EU have scaled back corporate emissions reporting requirements, which ASUENE CEO Kohei Nishiwada believes is a good time to push for growth.
Carlos Osorio/Reuters
Gulf
Gulf investors turn to Asia for AI opportunities
Conflict in the Middle East and Europe and supply-chain uncertainty are raising the appeal of markets seen as relatively stable.
Leah Millis/Reuters
Gulf renewable projects forecasted to grow despite wartime pressure
The Iran war has made financing Gulf solar and wind projects more difficult, but the economics still stack up firmly in their favor.
Saudi builds maritime coalition to secure safe shipping routes
Rear Admiral Abdullah bin Salem Alshehri will lead the effort, which includes Egypt, Pakistan, and Türkiye.
Saudi-Türkiye-Pakistan sign defense pact as peace talks drag
The pact stipulates that an “armed attack against any one of the three states shall be regarded as an attack against them all.”
Saudis flock to new navigation app Hudhud
Standard maps are of little help when the Saudi Arabian capital, which redraws itself weekly, with closures and new interchanges outpacing the Big Tech cartographers.
China
China’s AI giants target enterprise profits
Price wars could erode margins, as firms race to bundle their models and workplaces offerings.
Go Nakamura/Reuters
Taiwan export boom marks return of ‘Tiger economy’
Propelled by chips and other AI-related exports to the US, the surge caps a decade-long pivot away from the mainland market.
Ann Wang/Reuters
China currency debate bursts into the open
Economists are sparring over the yuan’s value as China’s trade surplus continues to grow.
Stringer/Reuters
Africa
Cameroon president’s absence stirs health speculation
The two-month absence of 93-year-old Paul Biya, who is thought to be in Switzerland, has prompted renewed speculation about his health.
Cameroonian President Paul Biya in April. Guglielmo Mangiapane/File Photo/Reuters.
Immigration stokes economic anxiety, survey shows
Nearly two-thirds of respondents preferred to see fewer or no job seekers admitted into their country, Ghana-based polling company Afrobarometer found.
An anti-immigrant demonstration in South Africa. Rogan Ward/Reuters.
French ban on telemarketing calls could hit 50,000 Moroccan jobs
Firms making unsolicited phone calls to French consumers could pay fines of up to €75,000 a call.
South Africa’s cross-border crypto ban proposal sparks backlash
Pretoria’s attempt to pull borderless digital tokens into legacy exchange control risks isolating businesses and driving volume offshore.
African football backs FIFA’s Infantino
As other confederations abandon the FIFA president, Africa gives Infantino a lifeline.
Nigeria raises military salaries as security threats persist
Insurgent groups, such as Boko Haram and Islamic State affiliates, have caused instability in Nigeria’s northeast for many years.
Security
France to deport Russian journalist accused of publishing propaganda
The case has laid bare Europe’s dilemma in carrying out its strategic objectives while upholding its liberal values.
The news studio at RT France. Gonzalo Fuentes/Reuters.
Russia’s war narrative falters
Russia is suffering from “narrative collapse” in its war against Ukraine, a journalist said, as Kyiv turns the tide in the conflict — on the front lines and in American right-wing media.
Eduardo Munoz/Reuters
Iran and Ukraine wars merge in the Caspian Sea
The Ukraine and Iran wars collided over the weekend, as Kyiv attacked an Iranian commercial ship in the Caspian Sea.
The foreign ministers of Iran and Russia on July 24. Russian Foreign Ministry/Handout via Reuters
Media
The AI ‘news’ accounts hyping a blue-state dystopia
AI-generated videos are flooding YouTube with fake narratives about chaos in California and New York.
Screenshot/Truth Social
Senate Democrat’s new bills would restrict AI-powered ads and paid influencers
California Sen. Adam Schiff plans to introduce two new bills that would attempt to illuminate who is paying influencers for political speech online and restrict AI-generated likenesses of politicians.
Former Surgeon General Vivek Murthy on loneliness and why he’s more worried about your phone than your body
Former US Surgeon General Vivek Murthy joins Mixed Signals to make the case that America’s loneliness crisis is a public health emergency.
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.
CEO Signal
Why Max Levchin wants Affirm to act like your smarter older sister
The fintech founder sees AI threatening traditional lenders by alerting consumers to their hidden fees.
How Patrice Louvet blends ‘magic and logic’ at Ralph Lauren
The Procter & Gamble veteran has focused the fashion brand by balancing emotion and data.
How Bruce Van Saun united Citizens against America’s biggest banks
The superregional lender’s CEO has made a virtue of its place in “the middle of the river.”
Courtesy of Citizens Financial Group/Jake Angelo/Semafor
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