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Semafor Business
🟡 Semafor Business: Reinvention and reversals
In this edition, the race to go back to tradition thanks to “Trump accounts,” and BlackRock normalizes a rise in private credit defaults.
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The stories (& the scoops) from Wall Street.
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How Bill McDermott’s ‘underdog desire’ drives ServiceNow
The enterprise software CEO sees AI creating ‘chaos’ inside some companies — and opportunities for his own.
Courtesy of ServiceNow/Joey Pfeifer/Semafor
Congrats, we’ve reinvented the public pension
Wall Street’s solution to the death of the defined retirement benefit plans looks an awful lot like defined retirement
Brian Snyder/Reuters
Top Manhattan prosecutor vows to grow fraud team as Trump reshapes DOJ
Manhattan US Attorney Jay Clayton’s told Semafor “the defense bar shouldn’t worry about the breadline.”
Kevin Dale/Semafor
Private credit defaults are coming — and that’s ok
Loan defaults won’t be catastrophic and are to be expected after a decade of easy money, said a BlackRock senior executive.
Semafor/Kevin Dale
What goes around, comes around in AI investments
OpenAI’s bizarre investment in Thrive — normally venture firms give money to startups, not the other way around — looks like a classic diversification play.
Shelby Tauber/Pool/Reuters
Public markets ‘worth reviving’: SEC Chair
Paul Atkins, noting in his Tuesday speech that public-market listings have fallen 40% since the mid-1990s, vowed to reduce paperwork for companies.
Eduardo Munoz/Reuters
How Saint-Gobain is getting US students to prize factory work
North America CEO Mark Rayfield says young Americans who visit its plants see that “it’s not your 1950s manufacturing job.”
How Joe Preston got New Balance back in the race
The sneaker brand’s CEO says problem-solving “sprint” teams have been key to turning around its revenues and reputation.
China buying more US-made goods, Washington says
Beijing offered to increase imports of US commodities in order to lower tensions.
Russia’s oil and gas revenues expected to plummet
The country’s oil and gas revenues are expected to fall 35% this month, year-on-year.
‘Florida is Full’: James Fishback’s running pitch for governor
The investment firm CEO with ties to Trump is taking a fierce MAGA approach in an attempt to beat Republican Rep. Byron Donalds in the race.
MBS brings home a ‘Saudi First’ agenda from US visit
Mohammed bin Salman secured a defense pact, a nuclear agreement, US help to become a critical minerals hub, and access to American technology.
Investors flee US tech stocks after mixed jobs results
Bloomberg suggested that concerns over whether the Federal Reserve will cut interest rates were one factor behind the drop.
Trump walks back tariffs on Brazil as US inflation rises
Duties will be scrapped on Brazilian imports including beef, coffee, and fruits.
A man for Four Seasons: Alejandro Reynal’s ‘intentional growth’ plan
The luxury hotel brand’s CEO says knowing where his brand has the right to win is the key to its global expansion.
Noubar Afeyan on the Flagship model for ‘entrepreneuring’
Flagship Pioneering, led by Moderna’s co-founder, has launched scores of new companies — but first, it tries to kill them.
Tilray’s Irwin Simon on answering to regulators, shareholders, and God
The cannabis and craft beer CEO has responded to tougher conditions by diversifying — and avoiding debt.
Saudi Arabia’s demand: Want our money? Build our future.
The big deals announced in Washington this week benefit Riyadh, which has gone from splashing its money around the world to building its own economy.