Why ‘Margin Call’ remains Wall Street’s favorite movie — and the best indictment of it
The US can’t win the AI race without renewables
The World at a Glance
Updated 9:36am EDT
1
Mark Carney’s Liberals won Canada’s general election in a stunning comeback for the party.
2Spain and Portugal restored virtually all power, after a major outage affected millions across the Iberian peninsula.
3Pakistan warned India may be preparing a military incursion, after a terror attack spiked tensions between the nuclear-armed neighbors.
4Amazon launched the first batch of satellites for its space-based internet constellation, Project Kuiper, which is intended to rival Elon Musk’s Starlink.
5Donald Trump’s approval rating hit historic lows as he marked 100 days in office, following economic and foreign policy turmoil.
6Adults with peanut allergies may be able to reduce their risk by slowly acclimatizing to peanut protein, a trial suggested.
Trump wavers on taxing high earners as his party seeks certainty
The structure of the GOP’s tax cut bill will say a lot about to what extent the party has embraced the president’s populist campaign rhetoric.
Leah Millis/ReutersRussia reiterates maximalist Ukraine ceasefire terms even as it announces three-day truce
The surprise move by Moscow comes as Kyiv faces mounting pressure to agree to a US-brokered peace deal widely seen as favorable to Russia.
Thomas Peter/ReutersVatican sets May 7 as date for conclave to elect next pope
The ballot is highly secretive, with cardinals prevented from engaging with the outside world except in cases of “extreme urgency.”
Claudia Greco/ReutersThe group chats that changed America
A loose private network on Signal and WhatsApp helped usher in the new alliance between Silicon Valley and Donald Trump’s new right.
Al Lucca/SemaforAD
A ‘new epoch’: The high stakes of Canada’s election
Canada’s Conservatives hope to end 10 years of Liberal leadership: Just months ago, before Donald Trump returned to power, that victory seemed almost a foregone conclusion.
Mathieu Belanger/ReutersIllinois governor makes the case for a fighting Democratic Party in New Hampshire
Gov. JB Pritzker had harsh words for the “do-nothing Democrats” who’d hoped that “a simple defense of norms and decorum” would convince Republicans to change.
David Weigel/SemaforUS wants to launch a nuclear ‘renaissance,’ Energy Sec. Chris Wright says
The Trump administration is hoping to spur development of nuclear power to keep up with surging demand for electricity.
Tasos Katopodis/Getty Images for Semafor
politics
Seth Herald/ReutersLeah Millis/Reuters 
Gage Skidmore/Flickr/CC BY-SA 2.0
Warren wants whip race on ice
“We need to stay 110% focused on fighting” Trump, the Massachusetts Democrat tells Semafor.
Seth Herald/ReutersTrump wavers on taxing high earners as his party seeks certainty
The structure of the GOP’s tax cut bill will say a lot about to what extent the party has embraced the president’s populist campaign rhetoric.
Leah Millis/ReutersHouse members push stock ban while leadership stays quiet
Ban supporters want to capitalize on recent comments by President Donald Trump and House Minority Leader Hakeem Jeffries backing the idea.
Gage Skidmore/Flickr/CC BY-SA 2.0Trump loses public on tariffs
Seven in ten US adults say tariffs will end up costing the US more money than they bring in in the short term, according to a Gallup poll.
Uncommon bonds: Federal Reserve independence
A top House Republican said he’s pursuing a bipartisan bill that would preserve the central bank’s political insulation.
Illinois governor makes the case for a fighting Democratic Party in New Hampshire
Gov. JB Pritzker had harsh words for the “do-nothing Democrats” who’d hoped that “a simple defense of norms and decorum” would convince Republicans to change.
Trump approval rating slumps ahead of 100-day mark
The president appeared especially vulnerable on the economy, polls suggested, amid souring sentiment following his ‘Liberation Day’ tariffs.
US wants to launch a nuclear ‘renaissance,’ Energy Sec. Chris Wright says
The Trump administration is hoping to spur development of nuclear power to keep up with surging demand for electricity.
Sebastian Gorka on Trump’s new war on terror
“We will not be using the counterterrorism enterprise against those who politically disagree with us,” Gorka told Semafor’s Shelby Talcott.
Tuberville tells senators he’s running for governor
The Alabama Republican will be the second sitting member of the chamber to launch a home-state run.
Gallego open to working with Trump on housing
He wants more details on a plan to build housing on federal land.
business
Why ‘Margin Call’ remains Wall Street’s favorite movie — and the best indictment of it
Semafor talks with JC Chandor, who wrote the 2011 movie that gains new relevance and fans when markets shudder.
Shareholder adviser Glass Lewis joins political retreat
In what would be a seismic shift in how shareholders vote in corporate elections, the advisory firm is considering scrapping its “house views,” which have drawn fire from conservatives — and from Jamie Dimon.
FedEx CEO’s ‘catbird seat’ view of the global supply chain amid a trade war
“So far, things are OK, but I can’t tell you what happens next week,” says FedEx’s Raj Subramaniam.
Semafor World Economy Summit: Views from policymakers and CEOs on health and the global economy
Pfizer CEO Dr. Albert Bourla and Manas AI co-founder Reid Hoffman were among those discussing how health shapes the global economy.
Semafor World Economy Summit: Views from policymakers and CEOs on AI
Nasdaq CEO Adena Friedman and Uber boss Dara Khosrowshahi are among those discussing the power of artificial intelligence to transform businesses at the Semafor World Economy Summit.
technology
Tyrone Siu/Reuters
Axel Schmidt/Reuters
Huawei eyes new AI chip to rival Nvidia
Huawei has been at the forefront of Beijing’s effort to bolster China’s tech industry and skirt Washington’s restrictions.
Tyrone Siu/ReutersLaw experts, former employees push to stop OpenAI’s nonprofit structure change
“If the problem is [that] investors don’t like that the mission comes first, that’s too bad,” said one former OpenAI employee.
Axel Schmidt/ReutersElon Musk says he will reduce his time at the White House
The Tesla CEO said his time working with the Department of Government Efficiency will drop starting next month.
Google operates illegal monopoly in online ad business, judge rules
The decision marks the second time in a year that the tech giant has been found to have acted illegally to maintain its dominance.
‘Fuzzy logic’ encryption offers a path to safer, easier authentication
The legendary technologist known as “Darpa Dan” joined Badge, which is developing biometric authentication software accessible from anywhere, without storing user data.
Tech carveout adds to global uncertainty over Trump tariffs
The new exemption signaled a possible softening of the president’s aggressive trade agenda, but the reprieve may be brief.
net zero
Dane Rhys/Reuters
Rodrigo Garrido/Reuters
Semafor
The US can’t win the AI race without renewables
The Trump administration wants to push the power sector more into coal and gas, but utility execs have a different plan.
Dane Rhys/ReutersTariffs won’t solve the US copper problem, BHP CEO says
Mike Henry, CEO of BHP, downplayed the possibility of another stab at acquiring rival miner Anglo American.
Rodrigo Garrido/ReutersFormer Colombian president: Petro’s oil policies are ‘absolutely insane’
Iván Duque, the former president of Colombia, criticized some of his predecessor’s climate policy stances at Semafor’s World Economy Summit.
Semaforgulf
King Abdullah Financial District in Riyadh. Mohammed Benmansour/Reuters.
Saudi Arabia expects PIF to triple by 2030
The kingdom expects its sovereign wealth fund to reach $2.67 trillion in assets by 2030, up $800 billion from its previous forecast.
King Abdullah Financial District in Riyadh. Mohammed Benmansour/Reuters.Trade war dims Gulf growth prospects, IMF says
Gulf countries, except Qatar, are all expected to grow more slowly than previously forecast, the International Monetary Fund predicts.
Qatar to build first new Venice Biennale pavilion in 30 years
Qatar Museums tapped Paris-based, Lebanon-born architect Lina Ghotmeh to design its pavilion, only the third to be built in the past 50 years.
Swiss banker: Gulf heirs don’t want to run the family business
UBS wealth adviser predicts M&A activity as heirs prepare to take on family fortunes.
New Jersey governor plans economic mission to the Gulf
Governor Phil Murphy will visit Bahrain, Saudi Arabia, and the UAE to discuss investment and partnerships in AI, manufacturing, and education.
africa
Tiksa Negeri/Reuters
Ruth E. Carter, Best Costume Design winner for “Black Panther,” during the 91st Annual Academy Awards. Valerie Macon/AFP via Getty Images.
Ethiopia’s state-owned Ethio Telecom records lackluster IPO
The mobile operator sold only 10.7% of shares in its initial public offering aimed at boosting the country’s struggling economy.
Tiksa Negeri/ReutersAnalysis: Reframing an optimistic Africa
What if the world’s most untapped opportunity became the single story of
Africa?
Ruth E. Carter, Best Costume Design winner for “Black Panther,” during the 91st Annual Academy Awards. Valerie Macon/AFP via Getty Images.Will the next pope be African?
Three African cardinals are among the potential contenders to become the next leader of the Roman Catholic Church.
US State Department retains Africa bureau
Embassies and consulates on the continent could still be under threat, according to a leaked memo.
Côte d’Ivoire’s main opposition leader disqualified from polls
Tidjane Thiam described the court’s decision as an ‘act of electoral vandalism.’
How Trump’s trade war could bolster the Africa-China relationship
Kenyan President William Ruto heads to Beijing this week, the first African leader to be hosted by Xi Jinping since Washington unleashed its unprecedented global tariffs.
media
Daily Wire
Daily Wire to open DC branch
The outlet is making a push to have a bigger presence in Donald Trump’s Washington.
Daily WireComments from CEO anger Marketplace staffers after layoffs
Last week, the business-focused public radio outlet announced that it was shedding some staff.
MAHA icon Shanahan inks deal with conservative talk network
Blaze Media is partnering with Nicole Shanahan to license and represent her podcast.
The group chats that changed America
A loose private network on Signal and WhatsApp helped usher in the new alliance between Silicon Valley and Donald Trump’s new right.
Mixed Signals: Ezra Klein on Trump, Sanity, and Podcasting
The New York Times columnist discusses what he’s learned about the media and podcasting through this latest tour, how the “abundance” framework might apply to media, and if Trump will go after the press next.
security
Kris Tripplaar/Semafor
Christian Klindt Soelbeck/Ritzau Scanpix/via Reuters
Flickr Creative Commons Photo/NNSA
Trump will likely ‘walk away’ from both Russia and Ukraine if he can’t get a peace deal: Ian Bremmer
If Trump fails to convince Moscow to agree to a ceasefire, he will likely walk away from both Ukraine and Russia, Bremmer said at Semafor’s World Economy Summit.
Kris Tripplaar/SemaforUS scales back Greenland visit after criticism
US President Donald Trump’s expansionist overtures are creating a ‘permissive space’ for other world leaders bent on territorial acquisition, analysts argued.
Christian Klindt Soelbeck/Ritzau Scanpix/via ReutersDOGE reviews nuclear contractors
A review of National Nuclear Security Administration contractors has sparked concern within the agency that it could lose manpower at a critical time.
Flickr Creative Commons Photo/NNSAAD