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Intelligence for the New World Economy
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View / Why Democrats rejected ‘class traitor’ Steyer in California
View / Abu Dhabi continues to attract startup founders
The World at a Glance
Updated 7:01pm EDT
1
The US launched another wave of strikes against Iran, hours after Trump voiced frustration with the long-drawn-out peace talks with Tehran.
2The upcoming SpaceX IPO is raising concerns among some investors that the offering will simply be too large for the market to absorb in a healthy way.
3Ordinary Chinese investors are turning to digital assets to skirt Beijing’s rules and bet on big US IPOs like SpaceX and OpenAI.
4A spate of high-profile violent crimes is roiling the UK and France.
5Ukraine has built and tested a low-cost alternative to US Patriot missiles, potentially reducing a shortfall in anti-air interceptor weapons.
6The number of direct conflicts between states reached its highest level since World War II.
Google quantum exec: US government funding would’ve come with ‘conditions’
Google’s Charina Chou said the government “can do more” to invest in and support the sector.
SemaforTrumpworld connections are fueling Coupang’s clash with South Korea
Republicans are offering remarkable support for South Korea’s biggest online retailer.
Josh Smith/Reuters Democrats weigh whether a Senate majority is possible without Platner
An expanding map and his recent stumbles are nudging some in the party to look beyond Maine.
Brian Snyder/ReutersA Sputnik moment: China’s beating the US in neuroscience
“This is going to be one of the three or four major plot lines of the next decade,” former Neuralink president says.
Semafor$35 insulin deal has 60 votes in Senate
A bipartisan insulin pricing deal in the Senate now has enough votes to clear a filibuster.
Kylie Cooper/ReutersChinese investors want in on US IPOs
The workaround involves cryptocurrency that purportedly has exposure to the underlying stocks.
Aly Song/ReutersSpaceX IPO is oversubscribed
The market debut on Friday is set to be the largest in history.
Gabriel V. Cardenas/Reuters
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PoliticsBrian Snyder/Reuters 
Toby Melville/ReutersKylie Cooper/Reuters
Democrats weigh whether a Senate majority is possible without Platner
An expanding map and his recent stumbles are nudging some in the party to look beyond Maine.
Brian Snyder/ReutersLawmakers warn Commerce about easing trade penalties
A pair of lawmakers worry the Trump administration is going easy on foreign companies potentially involved in dumping Chinese and Russian goods in the US.
Toby Melville/Reuters$35 insulin deal has 60 votes in Senate
A bipartisan insulin pricing deal in the Senate now has enough votes to clear a filibuster.
Kylie Cooper/ReutersWhy Democrats rejected ‘class traitor’ Steyer in California
As Steyer grew more ambitious, the donor-doer billionaire came to embody the Democratic Party’s problems.
Trumpworld connections are fueling Coupang’s clash with South Korea
Republicans are offering remarkable support for South Korea’s biggest online retailer.
Blanche faces a rocky road to confirmation in the Senate
Sen. Thom Tillis’, R-N.C., reservations about the acting attorney general are well-known, but there are other undecided senators on the judiciary panel.
Jockeying starts for a Trump intelligence job that may be taken
The president isn’t clear about whether he would name a permanent replacement for Bill Pulte, but contenders are already materializing.
House prediction market ban faces turbulence
One Democrat said his party would likely oppose it in the hopes of passing a stronger ban next year.
Greer heads to Silicon Valley to promote onshoring
The US trade representative will tour manufacturing facilities.
Some Republicans want Pulte out for intelligence job
“Democrats are not going to vote to pass [a Foreign Intelligence Surveillance Act extension] until he’s withdrawn,” said Sen. John Cornyn, R-Texas.
Democrats aren’t winning the foreign policy argument, group says
Democrats need to revamp their message if they want to capitalize on voter angst over the war in Iran, the centrist Democratic think tank Third Way writes.
BusinessAly Song/Reuters
Chinese investors want in on US IPOs
The workaround involves cryptocurrency that purportedly has exposure to the underlying stocks.
Aly Song/ReutersSpaceX IPO is oversubscribed
The market debut on Friday is set to be the largest in history.
US inflation hits highest level in three years
The Iran war’s continued impact on energy prices pushed overall inflation higher.
China tech on display at World Cup
Sports sponsorships in recent years have gone beyond traditional advertising.
The case for space data centers
By the early 2030s, space data centers could be only around 30% more expensive than terrestrial ones.
TechnologySemafor Semafor
A Sputnik moment: China’s beating the US in neuroscience
“This is going to be one of the three or four major plot lines of the next decade,” former Neuralink president says.
SemaforGoogle quantum exec: US government funding would’ve come with ‘conditions’
Google’s Charina Chou said the government “can do more” to invest in and support the sector.
Semafor‘Nobody has budgeted’ for tokenmaxxing, Box’s Levie says
The bullish news for AI companies is that everyone using the technology will keep spending to keep up.
Chinese investors want in on US IPOs
The workaround involves cryptocurrency that purportedly has exposure to the underlying stocks.
SpaceX IPO is oversubscribed
The market debut on Friday is set to be the largest in history.
AI costs rising for businesses: report
Roughly 20% to 30% of operating expenses could come from spending on agents versus humans in the next three to four years, Bain & Company reported.
Energy
Willy Kurniawan/Reuters
Drone Base/Reuters
Majid Asgaripour/WANA via Reuters
Poorer nations face fertilizer hit as prices soar
Around 30% of global fertilizer supplies flowed through the Strait of Hormuz before the start of the Iran war.
Willy Kurniawan/ReutersOne of Trump’s key oil market fixes is about to break
An uncomfortable energy deadline is looming for the White House.
Drone Base/ReutersOil prices ease as Israel and Iran pause strikes
There still remains little sign of progress toward a full reopening of the Strait of Hormuz.
Majid Asgaripour/WANA via ReutersGulf
Evan Vucci/Reuters
US launches more strikes on Iran
The attacks marked the latest sign that the countries’ ceasefire is deteriorating.
Evan Vucci/ReutersAbu Dhabi continues to attract startup founders despite war
Organizers feared a subdued annual gathering for Abu Dhabi’s seven-year-old entrepreneurial center Hub71; the vibe at the event this week was anything but.
Prewar, Gulf corporate profits were on a tear
The region’s listed companies saw net profits rise 15.5% to a record $67.9 billion in the first quarter, before the beginning of the war in Iran.
Oman pulls in $9B in fresh foreign investment
The country is proving more able than others in the region to handle the disruption caused by the Iran war.
US strikes Iran over downed helicopter
In a first for the US, the two American aviators aboard the chopper were rescued by a drone boat.
ChinaAly Song/Reuters 
Dado Ruvic/Reuters
Tingshu Wang/Reuters
Chinese investors want in on US IPOs
The workaround involves cryptocurrency that purportedly has exposure to the underlying stocks.
Aly Song/ReutersChina’s $300 billion plan to build more data centers
The government wants to construct a network of “computing hubs.”
Dado Ruvic/ReutersChina exports beat forecasts amid global AI boom
Year-on-year exports jumped by close to 20%, driven partly by a 110% surge in semiconductor shipments.
Tingshu Wang/ReutersAfrica
South Africa players during training. Siphiwe Sibeko/Reuters
Stephen Lam/Reuters
The complicated economics of Africa’s football success
African talent has never been more prominent on the global stage, but migration continues to reshape who benefits from that success.
South Africa players during training. Siphiwe Sibeko/ReutersRwanda diversification model drives Zipline’s expansion plans
The drone delivery company plans to include livestock insemination in its plans to expand across Africa following a successful trial in Rwanda.
Stephen Lam/ReutersRwanda secures $250M IMF credit facility
The IMF noted that a prolonged war in the Middle East may jeopardize the country’s resilience.
Gas project forecast to lift Mozambique’s economy
ExxonMobil’s project could lift Mozambique’s economy by more than 4% a year once production starts, estimates Standard Bank.
South Africa Q1 GDP edges higher
South Africa recorded modest growth of 0.5% in the first quarter of the year, underscoring the threat posed by the Iran war when its full impact is felt.
US block of World Cup referee from Somalia prompts scrutiny
Omar Abdulkadir Artan “was determined to be inadmissible due to vetting concerns,” the Trump administration said.
Security
Ammar Awad/Reuters
Adnan Abidi/Reuters
Elizabeth Frantz/Reuters
Iran says it has halted strikes on Israel
Oil prices jumped 5% and stocks fell on the news.
Ammar Awad/ReutersIndia ‘cockroach’ party attracts discontented youth
The Cockroach Janta Party was started by a recent Boston University graduate after India’s chief justice compared young unemployed Indians to cockroaches.
Adnan Abidi/ReutersUS defense secretary attacks European allies in D-Day speech
Speaking in France on Saturday, Pete Hegseth decried a modern “invasion” of “boats and men.”
Elizabeth Frantz/ReutersMedia
Eleanor Kaufman/Semafor
Progressive site Zeteo plans UK expansion
Zeteo UK is a standalone site that will begin publishing this week, with a hard launch date in September.
Eleanor Kaufman/SemaforPolitico folds E&E News ahead of broader energy push
In September, Politico plans to launch a series of energy-focused newsletters.
Former Gourmet magazine owner sues new Gourmet newsletter
Condé Nast filed a lawsuit against Goulash Unlimited, the LLC set up by the owners of a revived Gourmet site.
CBS News in the crossfire
Within the network, every editorial decision has been scrutinized by CBS’ own staff.
Kalshi asks paid influencers to delete posts sowing doubts over LA mayoral election
Kalshi and Polymarket have enlisted hundreds of paid influencers to spur interest in everything from sporting events to political races.
CEO Signal
Courtesy of Smith & Nephew/Graph Massara/Semafor
Courtesy of Cisco/Joey Pfeifer/Semafor
Courtesy of Match Group/Joey Pfeifer/Semafor
Deepak Nath applies pressure at Smith and Nephew
The medtech CEO is standing by his company’s portfolio strategy despite calls to break it up.
Courtesy of Smith & Nephew/Graph Massara/SemaforHow Cisco’s Chuck Robbins gets his team to ‘disagree and commit’
The longstanding CEO says a bad decision that you reverse is better than a delay.
Courtesy of Cisco/Joey Pfeifer/SemaforWhy an anxious AI romantic now drives Match Group’s dating apps
CEO Spencer Rascoff uses digital “personas” to help the Tinder owner understand its users.
Courtesy of Match Group/Joey Pfeifer/SemaforAD