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View / AI might make us dumber, but it will make companies a lot smarter
View / Hormuz will never really be open again
The World at a Glance
Updated 7:08pm EDT
1
US President Donald Trump said he hoped the Iran war would be in the “rearview mirror” soon, but details of the ceasefire deal are still a mystery.
2Trump suggested that the Ukraine war was not a priority for the US, a striking shift in tone.
3SpaceX shares jumped further, making the company more valuable than Amazon but further raising concerns of a bubble.
4DeepSeek became China’s most valuable AI startup after raising $7.4 billion, but its $50 billion valuation is eclipsed by its US rivals.
5The European Parliament approved its trade deal with the US, agreeing to reduce tariffs on industrial and agricultural goods.
6France’s spy agency ended its contract with US-based software giant Palantir and replaced it with a domestic rival.
Vance fronts the Iran deal as Rubio stays quiet
The vice president has become the main face selling the Trump administration’s US-Iran deal.
Matt Rourke/ReutersGaming industry, unions push for prediction market rules in crypto bill
“Congress should not wait while this nationwide expansion of gambling continues.”
Marco Bello/ReutersDeepSeek fundraises $7.4 billion
The AI upstart upended Silicon Valley with its cost-effective open-source model last year, and is seen as leading Beijing’s race against the US.
Tingshu Wang/ReutersJustice Department zeroes in on Newsom
The investigations involve the taxes of the California governor’s wife and also target his former chief-of-staff, who recently pleaded guilty to a fraud scheme.
Annabelle Gordon/Reuters SpaceX overtakes Amazon in value, raising concerns of a bubble
The space giant’s IPO last week broke records and investors have only piled in since.
Kirsty Wigglesworth/Pool via ReutersBroad skepticism over Iran-US truce
No official document has been released outlining the deal between Washington and Tehran.
Stringer/File Photo/ReutersPodcast listeners stand out on political questions, poll finds
Americans who listen to partisan podcasts and influencers are more likely than others in their political party to believe that citizens with “radical views” should be able to (nonviolently) protest the government, per a new survey.
Amber Searls-Imagn Images
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PoliticsMatt Rourke/Reuters Marco Bello/Reuters 
Annabelle Gordon/Reuters
Vance fronts the Iran deal as Rubio stays quiet
The vice president has become the main face selling the Trump administration’s US-Iran deal.
Matt Rourke/ReutersGaming industry, unions push for prediction market rules in crypto bill
“Congress should not wait while this nationwide expansion of gambling continues.”
Marco Bello/ReutersRepublicans and Democrats unite: Trump’s Iran nuclear deal needs a vote in Congress
The only point of disagreement: whether the administration would heed the law that requires Hill review.
Annabelle Gordon/ReutersJustice Department zeroes in on Newsom
The investigations involve the taxes of the California governor’s wife and also target his former chief-of-staff, who recently pleaded guilty to a fraud scheme.
Podcast listeners stand out on political questions, poll finds
Americans who listen to partisan podcasts and influencers are more likely than others in their political party to believe that citizens with “radical views” should be able to (nonviolently) protest the government, per a new survey.
Ebola quarantine facility in Kenya draws criticism
The US quarantine unit could deter American volunteers, a public health expert warns.
Why House Democrats aren’t worried about aisle-crossing rebellions
Minority Leader Hakeem Jeffries may only win a small majority, but his party still doesn’t fear the discharge petition.
Bernie Sanders endorses Cori Bush’s comeback bid
Bush, an outspoken critic of Israel, launched a primary challenge last fall for what’s now the sole remaining safe blue seat in Missouri.
Defense spending impasse raises fall shutdown threat
Senate Minority Leader Chuck Schumer said his party is going to play hardball on the Trump administration’s request for more defense spending.
Will new Fed chair Warsh play nice?
Kevin Warsh holds his first Federal Reserve meeting as chair on Tuesday.
Trump faces Republican skepticism of his Iran deal
The opaque agreement is leaving many GOP lawmakers to take a wait-and-see-approach.
Business
Sebastian Castaneda/Reuters
Global EV sales surge during Iran war
Global EV sales are expected to hit 23 million this year, an 11% jump from 2025, as the Iran war drives demand for cheaper electric mileage.
Sebastian Castaneda/ReutersFrance’s spy agency drops Palantir
Europe’s tech sovereignty concerns have risen after the US government blocked foreign nationals’ access to Anthropic’s frontier models.
EU removes tariffs from US goods
The European Parliament approved its trade deal with the US, agreeing to reduce tariffs on industrial and agricultural goods.
DeepSeek fundraises $7.4 billion
The AI upstart upended Silicon Valley with its cost-effective open-source model last year, and is seen as leading Beijing’s race against the US.
SpaceX overtakes Amazon in value, raising concerns of a bubble
The space giant’s IPO last week broke records and investors have only piled in since.
Technology
Dado Ruvic/ReutersTingshu Wang/Reuters
France’s spy agency drops Palantir
Europe’s tech sovereignty concerns have risen after the US government blocked foreign nationals’ access to Anthropic’s frontier models.
Dado Ruvic/ReutersDeepSeek fundraises $7.4 billion
The AI upstart upended Silicon Valley with its cost-effective open-source model last year, and is seen as leading Beijing’s race against the US.
Tingshu Wang/ReutersSpaceX overtakes Amazon in value, raising concerns of a bubble
The space giant’s IPO last week broke records and investors have only piled in since.
UK to ban social media for under-16s
The ban will include Instagram, TikTok, and other platforms as well as YouTube but not messaging apps like WhatsApp.
SpaceX extends record-breaking debut
The space giant is yet to turn a profit, but its revenues have grown exponentially.
Anthropic comes to Washington to meet White House officials
The Trump administration blocked foreign nationals’ use of Fable and Mythos, citing security concerns.
Energy
Stringer/Reuters
Stringer/Reuters
Stringer/Reuters
Hormuz will never really be open again
The global energy trade will never be the same.
Stringer/ReutersOil prices hit three-month low over US-Iran truce
Several major banks cut their oil price forecasts.
Stringer/ReutersUS-Iran deal relieves energy markets
Trump insisted the Strait of Hormuz will reopen toll-free on Friday, but many stakeholders remain cautious.
Stringer/ReutersGulf
Tyre, Lebanon. Zohra Bensemra/Reuters
Trump wants Iran in ‘rearview mirror’
Details of the ceasefire deal are still a mystery and Israel’s presence in Lebanon remains a thorny issue.
Tyre, Lebanon. Zohra Bensemra/ReutersSaudi nationals head south for mountain summer escape
This month, the region, Aseer, launched its summer season, aiming to draw more than 3 million visitors with 122 events across its highland villages.
Dubai wants residents to live longer
Dubai launched a new longevity authority, a body tasked with rolling out regulations covering R&D through to patient care.
Saudi Arabia’s slow path to sporting glory
Saudi money has given the kingdom a seat at the top table of international football. Its national side needs time to catch up.
US-Iran deal relieves energy markets
Trump insisted the Strait of Hormuz will reopen toll-free on Friday, but many stakeholders remain cautious.
China
Go Nakamura/Reuters
Joe Skipper/Reuters
Florence Lo/Reuters
Chinese retail sales fall while industrial output rises
While tech-driven exports soar, domestic retail sales remain paltry.
Go Nakamura/ReutersHow the US wins against China
To win its superpower competition with China, Washington’s push for superiority in space may be its best bet.
Joe Skipper/ReutersChina gig economy fears grow as AI threatens jobs
More than 200 million people are flexibly employed in China, but AI has made many of those jobs precarious.
Florence Lo/ReutersAfrica
Kenyans protest plans for a US Ebola center. John Muchucha/Reuters.
Angelika Warmuth/Reuters
Trump is dismantling the tools that gave the US leverage in Africa
The White House wants African deals but keeps cutting its diplomatic tools.
Kenyans protest plans for a US Ebola center. John Muchucha/Reuters.Zimbabwe gold miner plans to double annual output
Mutapa said it secured $75 million from Zimbabwean banks to raise output from a key pit located to the northwest of Harare.
Angelika Warmuth/ReutersE-bike maker Spiro plans manufacturing in Africa
The firm will begin producing the majority of its components on the continent by next year, its CEO told Semafor.
Misinformation fuels Ebola spread
Official Ebola cases approached 1,000.
South Africa’s proposed power pricing plan to end Eskom monopoly
The proposal would separate the cost of producing electricity into distinct components and introduce a regulated wholesale market.
South Africa’s Standard Bank eyes Kenya growth
The lender wants to boost its market share with the move in Kenya’s crowded banking sector.
Security
Yves Herman/Reuters
Vessels near Bandar Abbas, Iran. Amirhosein Khorgooi/ISNA/WANA via Reuters
Japanese Prime Minister Sanae Takaichi. Kin Cheung/Pool via Reuters
US’ Mythos restrictions heighten EU tech fears
The US government’s move to suspend foreign access to Anthropic’s powerful AI models injected fresh urgency into Europe’s plans for tech sovereignty.
Yves Herman/ReutersTrump announces peace deal with Iran
President Donald Trump on Sunday announced that the US and Iran had finalized a deal to extend their ceasefire and reopen the Strait of Hormuz.
Vessels near Bandar Abbas, Iran. Amirhosein Khorgooi/ISNA/WANA via ReutersJapan deepens defense ties with Europe
Japan and Europe are deepening defense ties amid growing unease over Washington’s security commitments, Russian aggression, and China’s surging power.
Japanese Prime Minister Sanae Takaichi. Kin Cheung/Pool via ReutersMedia
Francis Mascarenhas/File Photo/Reuters
Netflix wades into the M&A game
The streamer lost out on Roku, but has its eye on Lionsgate.
Francis Mascarenhas/File Photo/ReutersNew York Times’ Kristof quoted former campaign donors in columns
The paper had promised that Nick Kristof would disclose when someone he reported on was a donor to his Oregon gubernatorial campaign.
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.
Politico 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.
CEO Signal
Courtesy of Honeywell/Joey Pfeifer/Semafor
Courtesy of Smith & Nephew/Graph Massara/Semafor
Courtesy of Cisco/Joey Pfeifer/Semafor
Honeywell’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/SemaforDeepak 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/SemaforAD