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Nvidia restarts H200 chip manufacturing for China
View / A military-industrial-financial complex is rising in America
The World at a Glance
Updated 6:22pm EDT
1
Israel killed Iran’s top security official as well as the head of its paramilitary force, in a major double blow to Tehran’s leadership.
2US diesel prices surpassed $5 per gallon for the first time since 2022, as the Iran conflict triggers historic supply disruptions.
3Nvidia is restarting manufacturing of its powerful China-bound chips, weeks after halting production.
4The US and China are discussing launching a new “Board of Trade” to help manage what both countries could sell to each other.
5China is reportedly restricting the country’s companies incorporated abroad from pursuing IPOs in Hong Kong.
6Energy facilities in the Middle East suffered fresh attacks, including a tanker off the UAE and an Iraqi oil field.
White House details status of immigration enforcement talks
Still, Democrats say a deal to reopen the Department of Homeland Security is far off.
Go Nakamura/Reuters Why the world can’t afford to lose the UAE model
Iran’s strikes have exposed how much of the global economy runs through the country, UAE Special Envoy for Business and Philanthropy Badr Jafar said in an interview.
Badr Jafar. Benedikt von Loebell/World Economic Forum. CC BY-NC-SA 2.0.Iran conflict tests Federal Reserve’s dual mandate
Policymakers were already split over whether to prioritize persistent inflation or lackluster employment.
Jonathan Ernst/Reuters Ireland seeks slice of AI boom
Irish companies “have a very strong confidence in the US market and the growth opportunity that’s in the US,” the CEO of Ireland’s government trade agency told Semafor.
Clodagh Kilcoyne/Reuters Trump’s top priority faces pivotal Senate vote
Republican leaders are focused on getting the 50 votes needed to win the initial roll call.
Rebecca Blackwell/Pool via ReutersKlobuchar seeks to stiffen antitrust review process in wake of Live Nation scrutiny
The senator plans to introduce legislation on Tuesday that would broaden the judiciary’s abilities to approve — or reject — antitrust settlements.
Mike Blake and Annabelle Gordon/Reuters Europe ‘near-unanimous’ in rejecting US call to reopen Strait
Iran has effectively closed the Strait of Hormuz, causing global energy prices to soar.
Suzanne Plunkett/Pool/Reuters
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Politics
Kevin Lamarque/ReutersGo Nakamura/Reuters 
Elizabeth Frantz/Reuters
Republicans descend into a familiar mode: Risky House-Senate infighting
The agenda items imperiled by the cross-Capitol squabble include national security and affordability priorities.
Kevin Lamarque/ReutersWhite House details status of immigration enforcement talks
Still, Democrats say a deal to reopen the Department of Homeland Security is far off.
Go Nakamura/Reuters Counterintelligence official’s resignation reflects MAGA rift over Iran
Joe Kent publicly left the Trump administration over a war he couldn’t back “in good conscience.”
Elizabeth Frantz/ReutersTrump to postpone Xi summit over Iran war
The US and Chinese leaders were due to hold the first of four potential meetings this year on March 31.
Klobuchar seeks to stiffen antitrust review process in wake of Live Nation scrutiny
The senator plans to introduce legislation on Tuesday that would broaden the judiciary’s abilities to approve — or reject — antitrust settlements.
Ireland seeks slice of AI boom
Irish companies “have a very strong confidence in the US market and the growth opportunity that’s in the US,” the CEO of Ireland’s government trade agency told Semafor.
Trump’s top priority faces pivotal Senate vote
Republican leaders are focused on getting the 50 votes needed to win the initial roll call.
Iran conflict tests Federal Reserve’s dual mandate
Policymakers were already split over whether to prioritize persistent inflation or lackluster employment.
Trump lashes out at US allies over Iran
Europe has largely resisted Trump’s efforts to build an international coalition against Iran, with Germany’s defense minister saying, “This is not our war.”
US sends mixed messages over China summit
The US Treasury secretary walked back President Donald Trump’s remarks tying his upcoming China visit to the Iran conflict.
Illinois primaries showcase the rise of the bizarro-world super PAC
The cash, much of it from the crypto and AI industries as well as AIPAC, is swamping races throughout the state.
Business
Tyrone Siu/Reuters
China eyes Hong Kong IPO curbs
The pressure could dent Hong Kong’s IPO market, which had only recently gained momentum.
Tyrone Siu/ReutersUS diesel prices top $5 a gallon
US President Donald Trump faces increasing pressure to resolve the conflict.
A military-industrial-financial complex is rising in America
Wall Street and Silicon Valley are adding a third leg to the intertwining of government and the defense industry that Eisenhower warned about.
Tech CEOs need to leave their ‘God complex’ behind, says a16z partner David Ulevitch
In the latest episode of Semafor’s Compound Interest, Ulevitch says if tech wants to work with government, it has to trust it
Global economic impact of Iran war deepens
In Brazil, higher fuel costs are taking a toll on soybean farmers, leading to a surge in prices and fueling anxiety in China, the world’s biggest soy buyer.
Technology
Carlos Barria/Reuters
Nvidia restarts H200 chip manufacturing for China
CEO Jensen Huang said the company has taken purchase orders from Chinese companies.
Carlos Barria/ReutersTech CEOs need to leave their ‘God complex’ behind, says a16z partner David Ulevitch
In the latest episode of Semafor’s Compound Interest, Ulevitch says if tech wants to work with government, it has to trust it
Iran war threatens global chip supply
Barring a quick end to hostilities, Taiwan will struggle to satisfy its needs for liquefied natural gas, as well as other chemicals on which chip production depends.
Nvidia expects $1 trillion in chip orders through 2027
The figure exceeds Nvidia’s previous projection of $500 billion revenue from its Blackwell and Vera Rubin systems.
EV sales surge in Europe while slowing in US, China
The European increase — a 21% year-on-year rise in February — was driven by continuing subsidies and policy support.
‘RAMageddon’ hits gaming industry
A global memory shortage driven by the AI boom is threatening to blunt the gaming industry’s multi-year momentum.
Energy
Mike Segar/Reuters
Florence Lo/Reuters
Ritzau Scanpix/Sebastian Elias Uth via Reuters
US diesel prices top $5 a gallon
US President Donald Trump faces increasing pressure to resolve the conflict.
Mike Segar/ReutersSurging oil prices could benefit Trump in Beijing meeting
China remains deeply exposed to a protracted oil price spike despite having heavily invested in oil and gas storage.
Florence Lo/ReutersOil majors, smaller energy firms stand to gain from the Iran war
Fund managers spoke to Semafor about the potential winners of surging oil and gas prices.
Ritzau Scanpix/Sebastian Elias Uth via ReutersGulf
Zohra Bensemra/Reuters
The Iranian proxy war the world is missing
The Tehran-linked Polisario Front is quietly expanding in the disputed Western Sahara.
Zohra Bensemra/ReutersRestoring confidence to the Gulf will be costly
Gulf economies will need to spend to get their economic diversification plans back on track once the war ends.
Eid shoppers flock to malls as shipping disrupted
Iran’s attacks have hit shipping routes through the Strait of Hormuz, a key corridor for goods entering the Gulf.
Iran targets Gulf’s tech infrastructure
US tech firms such as Amazon, Google, IBM, Microsoft, Nvidia, Oracle, and Palantir have all been in the firing line.
Gulf economies projected to contract because of war
In a prolonged conflict, with the Strait of Hormuz blocked until the end of April, the worst-hit economies, Qatar and Kuwait, would contract by 14%.
Africa
Raw copper from Zambia awaits export in a warehouse in Durban. Rogan Ward/File Photo/Reuters.
Bobi Wine and his wife, Barbie Kyagulanyi. Michel Lunanga/Getty Images.
Mineral exports curbs across Africa upend Chinese supply chains
The restrictions have squeezed Chinese refineries — the world’s biggest — forcing many to draw from domestic stockpiles.
Raw copper from Zambia awaits export in a warehouse in Durban. Rogan Ward/File Photo/Reuters.Opposition leader Bobi Wine flees Uganda
Wine said he was escaping the government’s attempt to capture him following his criticism of recent election results.
Bobi Wine and his wife, Barbie Kyagulanyi. Michel Lunanga/Getty Images.South Africa’s MTN revamp strategy neglects Iran assets
Iran remains one of MTN’s most valuable assets, where it has a 49% stake in the major telecoms company, Irancell.
South Africa’s Transnet in critical loan talks
The state-owned freight company is preparing to refinance this year.
Why the Horn of Africa could become the next front in the Iran war
Strategic bases and Red Sea trade routes are putting the region in the crosshairs as the Middle East conflict widens.
US eyes rebuilding relations with West African juntas
The Trump administration says its outreach is “pragmatic” as critics question the lack of democracy support.
Security
Omar Sanadiki/Reuters
DVIDS/Handout via Reuters
Stoyan Nenov/Reuters
Israel kills powerful Iran security chief
Ali Larijani ran Iran’s national security council and was seen as the country’s de facto leader after the former ayatollah was assassinated.
Omar Sanadiki/ReutersIran’s asymmetric warfare challenges US
The US is confronting its limitations in dealing with Iran’s asymmetric warfare, analysts argued.
DVIDS/Handout via ReutersEurope races to develop new security strategy
The European Commission is consulting with EU member states to produce a sweeping new security strategy document, tentatively set to publish by June.
Stoyan Nenov/ReutersMedia
Gary Miller/FilmMagic
Newsom calls FCC chairman’s threats ‘sick’
The California governor argued people from all political perspectives should be concerned about federal regulators weighing in on news content.
Gary Miller/FilmMagicWhy (and how) everyone is cold-calling the president
Plus, what happened when Semafor’s Max Tani gave him a ring.
Oscars mask a Hollywood in crisis
As Hollywood celebrates the Oscars on Sunday, the glitz masks a deeper crisis for the entertainment industry: rising production costs.
AI is the latest gatekeeper between brands and buyers
Companies are now writing ad copy for bots, not people, and those bots are telling consumers what products to buy.
Hasan Piker on streaming all day, his relationship with Zohran Mamdani, and the lefty media machine
Since 2018, Hasan Piker has gone from streaming alone in his bedroom to becoming one of North America’s most influential leftist creators.
CEO Signal
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How Kyle Clark got BETA’s air taxis ready for takeoff
The electric aircraft company’s CEO has a ‘burn-the-boats’ approach to decision-making.
Courtesy of BETA/Joey Pfeifer/SemaforUpwork’s CEO on the AI agents that try to hire human workers
Hayden Brown sees the pairing of technology and human “orchestrators” redefining workforces.
Courtesy of Upwork/Joey Pfeifer/SemaforWhy Vlad Tenev thinks you’ll want Robinhood’s ‘James Bond’ credit card
A platinum-plated physical product advances the broker’s bid to become a financial “super app.”
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