Semafor

Brent crude prices dropped after the US indicated progress on reopening the Strait of Hormuz, but analysts suggest retail fuel prices may not immediately decline due to refinery capacity and regional energy disruptions. President Trump criticized oil companies for not lowering gas prices despite their high earnings, while JPMorgan predicted potential future price increases if Hormuz issues persist.

SpaceX reported a 92% year-over-year revenue increase, surpassing Wall Street expectations in its first post-IPO earnings. Starlink's growth was attributed to consumer, government, and enterprise businesses, including partnerships with major airlines, though investor uncertainty persists ahead of the IPO lock-up expiration.

AstraZeneca's potential merger with Bristol Myers Squibb could shift more of its revenue away from the UK and Europe, possibly leading to a New York relisting. US regulatory demands might require commitments to US research, manufacturing, and employment, further distancing the company from the UK. Recent trends show UK-based firms increasingly relisting in New York or being acquired by US rivals.

President Donald Trump is avoiding pressure to intervene in Rep. Max Miller’s race amid domestic abuse allegations. Miller, who worked in Trump’s first-term White House, denies the claims and refuses to drop out, straining the Republican Party. The scandal risks harming GOP candidates in Ohio, including Sen. Jon Husted and gubernatorial hopeful Vivek Ramaswamy.

President Donald Trump decided against escalating the war with Iran after reports of a potential Iran-Oman deal to govern shipping through the Strait of Hormuz. The deal would involve reopening the strait, though Iran stated it would not return to its pre-conflict status. Trump cited a desire to avoid casualties, while his advisers remain divided over escalation.

The Major Cities Chiefs Association (MCCA) has endorsed the CLARITY Act, a bipartisan cryptocurrency regulatory bill, citing updated provisions to combat financial crimes involving digital assets. Lawmakers aim to pass the bill before the August recess, though some Democrats have raised concerns about its current version.

A poll by Third Way and Impact Research, first shared with Semafor, shows voters trust Republicans more than Democrats to reduce government waste, fraud, and abuse and address corruption. Despite negative ratings of Trump’s stance on corruption, Democrats have an opening to rebuild trust through accountability measures, with Senate Minority Leader Chuck Schumer planning legislation to prevent presidential personal profit.

Ads in Michigan’s US Senate race claim Abdul El-Sayed has a history of ‘disrespecting women’ based on past comments and sources, which his campaign calls ‘misleading and offensive.’ A fact-check found the cited examples, including policy critiques of Michelle Obama and Gretchen Whitmer, lacked explicit gender-based or misogynistic language. El-Sayed stated the ads have impacted his family, while opponent Haley Stevens denied the claims.

Patrice Louvet, Ralph Lauren's CEO, discusses restoring the brand's identity by balancing creative 'magic' with business logic after the company lost $1 billion in revenue by retreating from markets it wasn't proud of. He emphasizes strategic growth without diluting the brand's essence, even as opportunities like hotel expansions arise.

The US faces economic concerns over Chinese open-source AI, with Palantir's CTO highlighting the threat. Chinese AI companies are accused of replicating US models through distillation, a practice US officials struggle to counter. Experts suggest the US should invest in domestic alternatives rather than restricting Chinese models.

New York has enacted a one-year moratorium on constructing large-scale data centers, marking the first US state action to address political pushback against unchecked AI growth. The move follows progressive candidates leveraging local opposition to data centers in elections, with critics comparing the AI industry to politically controversial groups. A Gallup poll also highlights declining public confidence in Big Tech.

US President Donald Trump abandoned a plan to charge a 20% toll in the Strait of Hormuz, following skepticism about its economic impact. Hours later, the US restarted a naval blockade of Iranian ports and launched fresh strikes against Iran as part of Trump's shifting military strategy to control Hormuz.

California Attorney General Rob Bonta and 11 other attorneys general filed a lawsuit against Paramount, arguing a merger with Warner Bros. Discovery would harm competition in three markets. Paramount plans to challenge the lawsuit's definitions and claims cable TV competition remains strong, while CEO David Ellison may relocate operations if the deal is blocked. The merger's closure has been delayed, with financial penalties for further delays.

Business executives are creating contingency plans amid a growing feud between the UAE and Saudi Arabia, which includes economic competition and logistical challenges. The article highlights border delays, payment holdups, and legal firms avoiding work that could antagonize either nation.

New York City Mayor Zohran Mamdani's allies demanded an on-air apology from 'The View' host Sara Haines for her remarks about Democratic congressional nominee Darializa Avila Chevalier, which they called antisemitic. Mamdani's team cited parallels to progressive media's growing influence and criticized mainstream outlets for perceived bias.

Aviation executives from three Chinese autonomous aviation tech companies avoid using the term 'drone' due to its negative associations with death and security risks, preferring terms like 'self-flying camera' or 'flying car.' The companies are promoting rebranding efforts amid global expansion, though one faces U.S. regulatory barriers.

Artificial intelligence is reshaping the US economy, with debates over its impact on jobs. While some data shows AI adoption correlates with job growth, others highlight risks, particularly for younger workers. Gina Raimondo and Bernie Sanders present opposing views, with Raimondo emphasizing long-term job creation and Sanders warning of significant job losses.

China is considering restricting foreign access to its top AI models, mirroring US efforts to limit access to frontier AI technologies. This could impact US businesses reliant on Chinese AI and challenge Beijing’s claims about its open-source models aiding lower-income countries. Mark Zuckerberg has pledged aggressive pricing for Meta’s premium AI to counter this narrative.

Cross-border trade between Saudi Arabia and the UAE faces significant delays amid escalating tensions, with reports of blocked bank transfers and truck drivers waiting days to cross. The issues mirror past regional rifts and highlight growing economic and geopolitical competition between the two Gulf neighbors.

Ukraine and its neighbors are skeptical of US support against Russian aggression and are preparing for potential conflict. Countries from Poland to Finland are stockpiling resources and fortifying defenses, while concerns about US President Donald Trump persist in Latvia and Kyiv.

The Atlantic is expanding its video podcast offerings, including new shows hosted by Adam Harris and Hanna Rosin, and has seen a 104% year-over-year revenue increase. The company has doubled its video team and plans to launch a weekly podcast with David Brooks later this year, focusing on YouTube for growth.

Global central banks are responding to the Iran war's energy crisis with varied strategies. The US Fed kept rates steady but hinted at future hikes, while the ECB and Japan's central bank raised rates to combat inflation. The People’s Bank of China may ease rates due to growth concerns, and higher US borrowing costs could impact African debt.

US gaming industry groups have urged Congress to ban sports and casino-style prediction markets in a proposed crypto market structure bill, according to a report by Semafor.

Todd Heimes from Amazon Business discusses how the platform is transforming organizational buying by reducing friction through selection, fast delivery, and trust. The interview highlights Amazon Business's goal of making business purchases smarter and more strategic.

The New York Times is reviewing Nicholas Kristof's columns to determine if additional clarifications are needed after he failed to disclose campaign donations from individuals he wrote about, including Bill Gates, Bob Sternfels, and Joseph Nye. Kristof previously ran for Oregon governor and returned to the Times in 2022 after being deemed ineligible due to residency requirements.

The Treasury Department is defending its decision to exempt US companies from a global minimum tax, which has allowed them to avoid $40 billion in taxes, according to a report by The New York Times. Deputy Assistant Secretary Rebecca Burch described the exemption as a 'coexistence mechanism' tied to US sovereignty and compliance challenges, not a repeal of US tax obligations.

Rand Paul and Donald Trump have improved their relationship, with Paul supporting Trump on immigration funding and Iran policies, leading to praise and a White House invitation. Paul's alignment with Trump includes backing voter ID and border security, while maintaining his libertarian principles.

Donald Trump will celebrate his 80th birthday with a UFC fight and motocross competition at the White House. The event aims to counter recent political setbacks but risks distracting from midterms, according to analysts. The New York Times and Semafor report mixed reactions, noting potential energizing effects on supporters versus voter exhaustion.

Chuck Schumer and Susan Collins are engaged in a competitive race for Maine's Senate seat, with Schumer criticizing Collins's support for Trump and Supreme Court votes. Collins defends her record, highlighting federal funding for Maine and denying constant Trump defense. Both emphasize strategies to influence the Senate majority.

Box CEO Aaron Levie stated that most companies did not budget for the high costs of AI tokens, leading to unexpected expenses from coding agents. Box uses AI internally and anticipates increased compute spending as AI tools expand into new workflows. Levie emphasized AI's role in job creation, with Box adding 13 AI-related roles.

Sean McCann leads Rep. Bill Huizenga by three points in a Michigan House race according to a Democratic poll. McCann's campaign outraised Huizenga by $400,000 in Q1 2026, and both campaigns have made public statements about the race.

The House of Representatives approved new funding for Ukraine after 18 Republicans defied GOP leaders by voting with Democrats. Reporters Eleanor Mueller and Igor Bobic discussed the issue on 'The Takeout'.

The Treasury Department, along with regulators, directed banks to flag suspicious activities linked to undocumented immigrants, including identity theft and payroll fraud, and to assess risks from using taxpayer identification numbers. The Consumer Financial Protection Bureau had already acted on the executive order, and House Financial Services Chair French Hill questioned the policy's feasibility for banks.

Business leaders at New York Tech Week discussed challenges in measuring AI's return on investment, with some citing 'massive over-investment' and others attributing spending cuts to difficulty quantifying results. Software engineering workflows, particularly in coding capabilities, are driving costs, while AI companies focusing on measurable tasks like sales and customer experience may see near-term benefits.

The U.S.-Israeli war against Iran is affecting Gulf States and their economies. Semafor's Mohammed Sergie provides insight on CBS News.

US oil reserves are at their lowest since 2004 due to energy disruptions from the Iran war, but global adaptation is mitigating impacts. China's reduced oil imports have shielded the market, and a study shows the US is less affected than the 1970s energy crisis, aided by domestic production. Asia and Europe are accelerating renewable energy transitions amid reduced reliance on Gulf exports.

Japan’s prime minister courted Pacific island nations at a Tokyo summit to counter China’s influence, part of an anti-China strategy involving military exercises in the Philippines, military vessel sales to Australia, and a stealth fighter partnership with Britain and Italy. The government aims to strengthen these nations' 'autonomy and resilience' amid growing regional wariness of China’s rise.

Former Navy Secretary John Phelan's draft shipbuilding proposal, circulated before his firing, was largely copied by his successor, Acting Navy Secretary Hung Cao, in the Trump administration's official 2027 plan. The similarity raises questions about Phelan's dismissal, with Trump attributing it to conflicts over shipbuilding, while Cao emphasized a 'shipbuilding renaissance' to counter adversaries like China.

Tsinghua University School of Economics and Management board has become less Chinese over the past decade, with U.S. representatives making up 53% of the board in 2025, up from 47% in 2016. The board, which unites global CEOs with Chinese government, academic, and business leaders, is where Nvidia CEO Jensen Huang is reportedly set to join, sparking backlash from some China hawks in Washington.

A bipartisan pair of senators, Chuck Grassley and Elizabeth Warren, are introducing legislation to require defense contractors and subcontractors to disclose beneficial owners and foreign influence, lowering the contract threshold from $5 million to $500,000. The Pentagon has not commented on the proposal.