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Intelligence for the New World Economy
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The World at a Glance
Updated 6:58pm EDT
1
The global tech stock rout spread globally, following a dramatic dip on Wall Street on Monday.
2US President Donald Trump insisted Iran had agreed to UN nuclear inspections, rebuffing Tehran’s denial of such a commitment.
3Washington’s pro-Ukraine tone is unnerving Russia, which accused the US of backing away from the Alaska summit agreements.
4Honduras will buy Ukrainian drones to fight drug trafficking, further evidence of Kyiv’s growing defense clout.
5China’s lead in the embodied AI race is prompting major economies to adopt starkly different responses.
6Meta is planning to build a prediction markets app, The New York Times reported, to carve out a slice of the lucrative retail futures market.
Daily Wire, under pressure, seeks strategic investors, targets IPO
The Daily Wire is in talks to take on at least $100 million in investment, with an eye on an initial public offering in a few years’ time.
REUTERS/Cheney OrrUS and Iran disagree on deal terms
The disagreement has raised fears that future talks would fail to yield a final resolution to the conflict.
Evelyn Hockstein/ReutersNew top US solar lobbyist sees a ‘golden age’ under Trump
In an exclusive interview, Tim Pawlenty said many fellow Republicans have an “outdated understanding” of how solar power really works.
Nathan Frandino/ReutersUS’ pro-Ukraine tone unnerves Moscow
Russia accused the US of failing to follow through on “understandings” reached at last year’s Alaska summit.
Sputnik/Gavriil Grigorov/Pool via ReutersMaryland primary showcases candidates with African roots
Three candidates with Africa ties are running in a crowded primary for the state’s 5th Congressional District.
“Governor Moore welcomes Legislators on the House and Senate Floors” by Maryland GovPics, CC BY 4.0; Screenshot/YouTube/Wala Blegay; Screenshot/YouTube/Quincy For CongressGreenspan’s legacy tested by AI jitters
The “Greenspan put” — the easy-money policies that time and again protected stockholders from their worst mistakes — may be tested in the months ahead.
Yuri Gripas/ReutersMamdani makes a big bet on Democratic socialism
The mayor is staking his clout on three congressional challengers.
Eduardo Munoz/Reuters
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Politics“Governor Moore welcomes Legislators on the House and Senate Floors” by Maryland GovPics, CC BY 4.0; Screenshot/YouTube/Wala Blegay; Screenshot/YouTube/Quincy For Congress REUTERS/Cheney Orr Eduardo Munoz/Reuters
Maryland primary showcases candidates with African roots
Three candidates with Africa ties are running in a crowded primary for the state’s 5th Congressional District.
“Governor Moore welcomes Legislators on the House and Senate Floors” by Maryland GovPics, CC BY 4.0; Screenshot/YouTube/Wala Blegay; Screenshot/YouTube/Quincy For CongressDaily Wire, under pressure, seeks strategic investors, targets IPO
The Daily Wire is in talks to take on at least $100 million in investment, with an eye on an initial public offering in a few years’ time.
REUTERS/Cheney OrrMamdani makes a big bet on Democratic socialism
The mayor is staking his clout on three congressional challengers.
Eduardo Munoz/ReutersWhy Rand Paul subpoenaed Fauci
Paul said he’d reached his breaking point after the former National Institute of Allergy and Infectious Diseases director agreed to appear before Paul’s panel this month and then backed out.
How a data center backlash is twisting Utah’s primary
Rep. Blake Moore is facing a tough reelection bid from a conservative challenger.
Republican senators start to question Trump’s audit immunity deal
Some are the same critics who helped thwart his $1.8 billion “anti-weaponization” fund.
US eases oil sanctions on Iran
Washington insisted the Islamic Republic had agreed to resume UN nuclear inspections, though Tehran said it made “no new commitments.”
What if it’s not l’économie, stupid?
Éric Zemmour’s diagnosis is not the standard analysis of why centrist leaders everywhere have grown so profoundly unpopular.
New book depicts how Trump hobbled his presidency
‘Regime Change’ reminds readers what’s to come from the narrator-in-chief, who at one point tells aides: “We need plot twists.”
Can the US waive sanctions on Iranian oil?
The Trump administration may not have legal standing to again waive US sanctions.
‘The president seems to revel in chaos’: Cornyn goes his own way
The Trump-ousted Texas Republican senator sat down with Semafor to talk about how he’s using leverage and the colleagues he’s helping.
Business
Carlos Barria/Reuters
Meta plans to build a prediction market app
The app will reportedly use a points system, but possibly cash in the future, The New York Times reported.
Carlos Barria/ReutersEverything old, even TV, is new again
Instagram’s push onto larger (notably, horizontal) screens signals a shift.
Daily Wire, under pressure, seeks strategic investors, targets IPO
The Daily Wire is in talks to take on at least $100 million in investment, with an eye on an initial public offering in a few years’ time.
Greenspan’s legacy tested by AI jitters
The “Greenspan put” — the easy-money policies that time and again protected stockholders from their worst mistakes — may be tested in the months ahead.
AI, Veblen goods, and M&A fees
If good-enough investment-banking advice becomes cheap and ubiquitous through AI, the premium on the prestige alternative goes up, not down.
Technology
Leah Millis/Reuters
Florence Lo/Reuters
Honduras to buy Ukrainian drones as Kyiv’s defense clout grows
Since Russia’s 2022 invasion, Ukraine has become a world leader in military drone technology, both in attack and defense.
Leah Millis/ReutersCountries grapple with China’s robotics lead
China’s lead in the embodied AI race is prompting major economies to adopt starkly different responses.
Florence Lo/ReutersDeepMind Chief Demis Hassabis says Google’s still winning AI talent
Despite the departure of two top AI leaders that sent the company’s stock price down, Hassabis says Google is still on top.
SK Hynix becomes South Korea’s most valuable company
SK Hynix topped Samsung as South Korea’s most valuable company, propelled by the AI-powered chip boom.
SpaceX, Alphabet lead US tech rout
Tech stocks fell Monday even as the US projected optimism about ongoing peace talks with Iran.
Apple vulnerable in Tata cyber breach
India’s largest conglomerate, Tata is one of Apple’s most important manufacturing partners outside of China.
Energy
David Gray/Reuters
Guglielmo Mangiapane/Reuters
Vantor/Handout via Reuters
China’s green energy exports to US grow
China’s customs data showed strong gains in exports of green energy and battery products to the US last month.
David Gray/ReutersEurope bakes in a punishing heatwave
A heatwave across Europe prompted a partial alcohol ban in France and the cancellation of public World Cup watch parties in Spain.
Guglielmo Mangiapane/ReutersUkraine attacks trigger Russian fuel shortages
Ukraine is hammering Russia’s oil infrastructure, triggering fuel shortages and increasing gas prices.
Vantor/Handout via ReutersGulfEvelyn Hockstein/Reuters
US and Iran disagree on deal terms
The disagreement has raised fears that future talks would fail to yield a final resolution to the conflict.
Evelyn Hockstein/ReutersDubai’s MAF plans $3.1B New Cairo development
Dubai’s Majid Al Futtaim signed a deal with Egypt’s MIDAR to build around 6,000 residential units, hotels, and commercial spaces.
Gulf markets lifted by US-Iran negotiations
Last week, Dubai’s DFM and Abu Dhabi’s ADX General Index hit their highest levels since the war broke out.
Abu Dhabi’s MGX secures $50B for AI investments
The announcement makes MGX one of the biggest global funds dedicated to the technology.
TCW sees Gulf funds ramping up deals
Wall Street firms need to be close to Gulf sovereign funds as “integral” parts of the global economy, TCW’s top executive said.
ChinaFlorence Lo/Reuters 
Co-Founder and CEO of RobCo Roman Hölzl. Fariha Farooqui/Reuters
Stringer/Reuters
Countries grapple with China’s robotics lead
China’s lead in the embodied AI race is prompting major economies to adopt starkly different responses.
Florence Lo/ReutersGerman robotics aren’t sweating China
The CEO of leading German startup Neura Robotics told Semafor he is confident his customers will “think twice of where the technologies come from.”
Co-Founder and CEO of RobCo Roman Hölzl. Fariha Farooqui/ReutersEurope is debating the terms of its industrial surrender
Western politicians complain that China achieved its rise through “forced technology transfer,” but the handover was mostly voluntary.
Stringer/ReutersAfrica
The Cape Town Marathon 2026. @capetownmarathon/Instagram. 
Ghana’s President John Dramani Mahama lays a wreath at Osu Castle, a former slave post. Francis Kokoroko/Reuters.
South African holds world’s oldest ultramarathon
The nearly 55-mile race was held soon after Cape Town was designated a World Marathon Major.
The Cape Town Marathon 2026. @capetownmarathon/Instagram. West African push for slavery reparations
The call comes on the heels of a recent UN declaration that the slave trade was a crime against humanity.
Ghana’s President John Dramani Mahama lays a wreath at Osu Castle, a former slave post. Francis Kokoroko/Reuters.Botswana secures $100M for solar plant
Investors are betting that rising electricity demand will offer lucrative returns on surplus power.
Zimbabwe lithium miners seek processing extension
Africa’s top lithium producer has pressed miners operating in the country to process more of the battery metal locally.
Ethiopian PM Abiy’s party wins parliamentary elections
The party extended its comfortable majority, securing 90% of contested seats in this month’s general election.
South Africa to raise health funding cuts at UN meeting
The meeting comes after the US said it plans to cut HIV/AIDS funding for the country, where rates are the highest in the world.
SecurityLeah Millis/Reuters Sputnik/Gavriil Grigorov/Pool via Reuters Evelyn Hockstein/Reuters
Honduras to buy Ukrainian drones as Kyiv’s defense clout grows
Since Russia’s 2022 invasion, Ukraine has become a world leader in military drone technology, both in attack and defense.
Leah Millis/ReutersUS’ pro-Ukraine tone unnerves Moscow
Russia accused the US of failing to follow through on “understandings” reached at last year’s Alaska summit.
Sputnik/Gavriil Grigorov/Pool via ReutersUS and Iran disagree on deal terms
The disagreement has raised fears that future talks would fail to yield a final resolution to the conflict.
Evelyn Hockstein/ReutersMediaREUTERS/Cheney Orr
Daily Wire, under pressure, seeks strategic investors, targets IPO
The Daily Wire is in talks to take on at least $100 million in investment, with an eye on an initial public offering in a few years’ time.
REUTERS/Cheney OrrOpenAI’s $100 billion ad bet
The tech giant rolled out new tools for creatives.
The Atlantic beefs up its video podcasts
One of America’s oldest magazines is investing in video after seeing notable growth in its audience.
David Droga on AI and the end of ‘mediocre’ human-made ads
As he sees it, the advertising industry is in the throes of a profound technological shift.
Conservatives make the case for right-wing ads at Cannes Lions
The Daily Wire and others are offering an overtly partisan alternative to advertising gatherings that often stay far away from politics.
CEO Signal
Sarah Meyssonnier/Reuters 
Courtesy of Cigna/Graph Massara/Semafor
Courtesy of Honeywell/Joey Pfeifer/Semafor
Former IEA chief says world faces a ‘third oil shock’ despite US-Iran deal
Nobuo Tanaka says the Hormuz crisis has accelerated a seismic shift in the global energy order, but business leaders can learn from it.
Sarah Meyssonnier/Reuters How a marathon-running CEO set the pace for Cigna
David Cordani says the insurer had to “actively listen” to rebuild trust with its customers.
Courtesy of Cigna/Graph Massara/SemaforHoneywell’s CEO on ‘the brutal truth’ about breaking up an industrial giant
Vimal Kapur says delegation and momentum are the keys to splitting a conglomerate.
Courtesy of Honeywell/Joey Pfeifer/SemaforAD