Semafor
@semafor.com
Building a new global news company. Sign up for our newsletters: https://www.semafor.com/newsletters
Africa’s early-stage startups are getting left behind as venture capital firms increasingly prioritize backing proven companies over riskier young ventures www.semafor.com/article/08/0...
Africa’s funding reset leaves early-stage tech founders behind
Later-stage companies with strong revenues, scale, and a firm handle on customer needs tend to be the new beneficiaries rather than seed and series A startups.
semafor.com
The White House is keeping its new AI review framework under wraps, fueling concerns across the industry. Companies say they don't know enough about the voluntary review process to decide whether to opt in. www.semafor.com/article/08/0...
White House’s AI framework close-hold fuels industry concerns
The Trump administration told a handful of tech firms that it will not publicly release its new framework for voluntary government reviews of advanced AI models.
semafor.com
Trump hits the campaign trail in Las Vegas to highlight his administration’s efforts to address the cost of living. Republicans are facing a tough path to victory in the midterms, which has prompted the White House to get Trump out on the trail more regularly. www.semafor.com/article/08/0...
Trump hits the campaign trail in Las Vegas
He plans to give a speech in Las Vegas highlighting his administration’s efforts to address the cost of living.
semafor.com
Oil prices plunged and stocks jumped after the US signaled progress on a deal to reopen the Strait of Hormuz. www.semafor.com/article/08/0...
Oil plunges after US signals progress on Hormuz deal
The drop appeared unlikely to translate to immediate relief for consumers.
semafor.com
SpaceX’s revenue jumped 92% from a year ago, blowing past Wall Street expectations in the rocket maker’s first post-IPO earnings report. www.semafor.com/article/08/0...
SpaceX revenue jumps, beating expectations
Still, shares wobbled after an initial jump on Tuesday.
semafor.com
Tuesday's primaries ended with no clear winner for either party. The Democratic establishment couldn’t get some of its candidates over the line. The party’s rising left wing couldn’t win some key races. Republicans couldn’t convince voters to change election rules to make their party stronger.
An inconclusive Tuesday, in Michigan and beyond
The Democratic establishment couldn’t get some of its candidates over the line, and the party’s rising left wing couldn’t win some key races.
semafor.com
🟡 NEW: With a brutal Michigan primary behind them and Abdul El-Sayed looking likely to be their nominee, Senate Democrats are immediately refocusing on Mike Rogers. The party is launching a six-figure ad buy hitting Rogers for taking money from the drug industry and insurance companies.
The US has used up “virtually all” of its highly accurate long-range missiles during the Iran war. Washington has also expended nearly two-thirds of its Patriot interceptors, CSIS found. www.semafor.com/article/08/0...
Several Democrats are pushing for Ohio GOP Rep. Max Miller to resign or face expulsion over allegations of domestic abuse, but privately some wouldn’t mind if he stuck around for now. Here's why: www.semafor.com/article/08/0...
Why some Democrats may hesitate to push Max Miller out
Several Democrats are pushing for Ohio GOP Rep. Max Miller to resign or face expulsion over allegations of domestic abuse, but privately some wouldn’t mind if he stuck around for now.
semafor.com
🟡 NEW: Democrats want Venezuelan oil revenue details House Oversight Committee Democrats wrote to the Treasury, Energy and State departments and asked what they’ve done with the $13 billion that Trump said the US has collected from selling Venezuelan oil. www.semafor.com/article/08/0...
Airtable, a maker of workflow software, is being sold for just 10% of its peak valuation in a sign that some companies hit hard by the SaaS selloff are bowing to reality and taking whatever money is available. "This is what capitulation looks like," writes Rohan Goswami.
Airtable sale punctures SaaS bubble
It’s a sign that some companies hit hard by the SaaS selloff (or their venture-capital backers, as Airtable is still privately held) are bowing to reality and taking whatever money is available.
semafor.com
AstraZeneca could be Britain’s next loss: Deal talks with US-headquartered Bristol Myers Squibb would strike another blow to the UK’s effort to keep hold of its corporate champions. www.semafor.com/article/08/0...
AstraZeneca could be Britain’s next loss
AstraZeneca’s deal talks with US-headquartered Bristol Myers Squibb, which Semafor confirms remain active, would strike another blow to the UK’s effort to keep hold of its corporate champions.
semafor.com
China’s tech giants are deepening their push into enterprise AI to drive profits. www.semafor.com/article/08/0...
China’s AI giants target enterprise profits
Price wars could erode margins, as firms race to bundle their models and workplaces offerings.
semafor.com
Taiwan’s “Tiger economy” is back, propelled by chips and other AI-related exports to the US, capping a decade-long pivot away from the mainland market. www.semafor.com/article/08/0...
China currency debate bursts into the open: A trio of economists insist that appreciation could worsen Chinese deflation and further reduce demand for foreign goods, exacerbating imbalances. Their prescription: Structural reform in China to boost domestic demand.
China currency debate bursts into the open
Economists are sparring over the yuan’s value as China’s trade surplus continues to grow.
semafor.com
Trump says market-moving things on a social-media site he owns, which is now selling early access to those things for $100,000 a month. It’s a blatant bit of self-dealing, but that's not the where "the real money" is to be made, according to the investors Liz Hoffman spoke to. Read more:
View: The trade in Trump’s social-media previews
Some firms are willing to shell out $100,000 a month for early access to Trump’s social-media posts.
semafor.com
Preparations for the high-stakes US-China summit in Washington next month are off to a rocky start. The US has: • Imposed more tariffs on Chinese goods • Added dozens more Chinese companies to a forced labor blacklist • Banned new Chinese humanoid robots www.semafor.com/article/08/0...
Trade tensions mount ahead of Trump-Xi summit
The US has imposed more tariffs on Chinese goods, blacklisted dozens more Chinese companies, and banned new Chinese humanoid robots.
semafor.com
KKR closed a $19.2 billion global infrastructure fund, some of which is earmarked to address the Gulf’s growing need for more resilient energy and digital build-outs. www.semafor.com/article/08/0...
KKR earmarks some of its $19.2 billion infrastructure fund for Gulf projects
The private equity giant is already pouring billions into data centers in the Gulf, committing $5 billion across the Middle East over the past 18 months.
semafor.com
China has unveiled an AI system for coordinating mass air strikes as part of a growing race to incorporate the technology into military systems. www.semafor.com/article/08/0...
China’s military unveils AI system for coordinating air strikes
The “intelligent strike planning system” helps commanders and pilots prioritize targets and allocate resources.
semafor.com
The UAE received more than $100 million worth of gold bullion that was stolen by paramilitary forces from the Sudanese central bank and its state refinery. www.semafor.com/article/08/0...
UAE procured $100M in stolen gold from Sudan, investigation finds
Sudan’s civil war has fuelled the flow of gold — both legal and illegal — between the two countries.
semafor.com
EU officials have called for stronger borders after nearly 70,000 people entered the Spanish African enclave of Ceuta from Morocco. The violence left 83 people dead and exposed divisions within the bloc over migration. www.semafor.com/article/08/0...
EU officials call for stronger borders following Ceuta violence
Nearly 70,000 people entered the Spanish African enclave of Ceuta from Morocco, causing 83 deaths in the chaos.
semafor.com
Elbit Systems, Israel’s largest defense contractor, reportedly discussed selling the UAE more than $1 billion of gear, as military ties between the two countries warm. www.semafor.com/article/08/0...
Israel’s largest defense firm discussed sales to UAE
The reported discussions about whether Elbit Systems would sell the UAE more than $1 billion of military gear come as ties between Israel and the emirates warm.
semafor.com
Saudi Aramco’s second-quarter profit increased 33% from a year earlier, as higher oil prices and strong refining margins helped offset lower export volumes. www.semafor.com/article/08/0...
Trump accused oil majors of “making too much money” after they reported windfalls from the Iran war, saying they should “give some back to the public.” www.semafor.com/article/08/0...
Trump says oil majors are ‘making too much money’
The US president’s comments came after several of the world’s biggest oil companies reported huge windfalls from a surge in oil prices driven by the Iran war.
semafor.com
While some Democratic candidates tear each other apart over the future of their party, Sean McCann is part of a quieter group attempting to stay above the fray. www.semafor.com/article/08/0...
Exclusive: Battleground Democrats try to stay above their party’s fray
Purple-district candidates like Sean McCann in Michigan are striving to avoid national internecine drama.
semafor.com
A mineral-rich region in DR Congo that was a major source of the uranium that helped produce US nuclear weapons during World War II has quietly been a source of uranium exports to China over the past two decades, a new investigation alleges. www.semafor.com/article/08/0...
DR Congo secretly exporting uranium to China - report
Despite a prohibition on commercial uranium export from the Central African country, “significant quantities” have gone to China.
semafor.com
African nations are building major infrastructure projects at an unprecedented rate as soaring debt levels may risk hampering progress. www.semafor.com/article/08/0...
Africa builds ‘megaprojects’ faster than ever despite debt risks
The war in the Middle East exposed the continent’s reliance on energy imports, accelerating efforts to build new refineries and pipelines.
semafor.com
Qatar’s Baladna Food Industries is developing a $3.3 billion project in Syria to produce cotton, wheat, textiles, and other agriculture goods. www.semafor.com/article/08/0...
Qatari group develops $3.3 billion agricultural project in Syria
Baladna Food Industries is an arm of the business empire of Syrian-born business moguls Moutaz and Ramez Al-Khayyat.
semafor.com
Africa’s space race is becoming Washington’s next China challenge, argues Yinka Adegoke. Read the full view: www.semafor.com/article/08/0...
View: Africa’s space race is becoming Washington’s next China challenge
Space spending across the continent is approaching $1 billion a year. Whoever supplies the hardware now may be setting the terms for the next twenty years.
semafor.com
The Trump administration’s decision to help Japan strengthen its yen doesn’t just hedge against higher US borrowing costs; it also aligns with the president’s trade agenda. Read more from Eleanor Mueller: www.semafor.com/article/08/0...
US yen intervention supports Trump trade stance
The Trump administration’s decision to help Japan strengthen its yen doesn’t just hedge against higher US borrowing costs; it also aligns with the president’s trade agenda.
semafor.com