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Intelligence for the New World Economy
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Business
Trump administration orders Kalshi to scrap AI price tracker over national security concerns
The futures market for computer power lets buyers and sellers lock in prices, and gives traders a way to bet on where those prices go.
Cassidy rips RFK Jr. on vaccines: ‘This is not making America healthy again’
The outgoing Senate chairman also declined to say whether he’d support Trump’s FDA nominee.
Cassidy rips RFK Jr. on vaccines: ‘This is not making America healthy again’
The outgoing Senate chairman also declined to say whether he’d support Trump’s FDA nominee.
The US and China are hurtling toward Kissinger’s worst AI nightmare
View / Why we need to listen to Africa to shape AGOA’s future
The World at a Glance
Updated 6:37pm EDT
1
US diesel prices hit record highs, as oil executives warned that a supply crunch was entering its most acute phase.
2Scott Bessent defended his bond buyback program, as the 10-year Treasury yield hit its highest level since 2007.
3Elon Musk called for cooperation between top AI labs in the US and China, but a sweeping AI deal at next week’s Trump-Xi summit appears unlikely.
4China bought at least 1 million metric tons of US soybeans last week, fulfilling a trade pledge ahead of Xi Jinping’s visit to Washington.
5Colombia said it would resume aerial spraying of coca crops for the first time since 2015, as Medellín heeds US calls to combat record cocaine production.
6Political and business leaders poured cold water on calls from AI giants to slow the pace of technological development.
AI plays sophisticated defense in a broken Washington
The industry is evolving how it applies the big lessons it learned from the social media techlash.
New AI tool lets influencers ‘scale themselves like software’
Brands can make dozens of variants of ads recorded by human influencers with a new tool from tech-media startup Avail.
AI biotech Isomorphic Labs is not slowing down, exec says
“All of our AI models are locked down and locked down in-house,” Chris Butler, who runs drug discovery at the Google-backed drug company, said at Semafor’s Future of Health Forum.
View / AI is doing what Wall Street couldn’t
It’s not obvious what Dario Amodei’s idea to “pace the frontier” actually means in practice, but it’s clearly a warning issued at the cost of some short-term riches, which is more than Chuck Prince, CEO of Citigroup from 2003 to 2007, ever managed.
Cassidy warns time running out to fix Social Security
The Senate HELP Committee chair spoke to Semafor about his priorities before leaving office.
View / Chipotle tries to get ahead of a potential activist problem
The company is adding KFC’s former CEO to its board of directors.
Walmart is hiring dedicated GLP-1 coaches to work in its stores
In a new pilot program, ‘health ambassadors’ will be stationed in rural locations to focus on weight management, diabetes, and maternal care.
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Politics
Colombia to resume aerial spraying of cocaine crops
The trial initiative sprang from recent talks between Colombia’s new rightist president and US Secretary of State Marco Rubio, according to The New York Times.
Luisa Gonzalez/Reuters
US 10-year yield hits highest level since 2007
US Treasury Secretary Scott Bessent defended his bond buyback program in contentious congressional hearings.
Annabelle Gordon/Reuters
Crypto industry’s top legislative priority implodes
“The amount of money the crypto industry spent on lobbying firms for such a staggering defeat would have been better spent curing cancer,” one lobbyist told Semafor.
Kent Nishimura/Reuters
Slotkin, Peters urge fellow Democrats to help El-Sayed
The Michiganders are making a concerted play for party unity.
Cassidy warns time running out to fix Social Security
The Senate HELP Committee chair spoke to Semafor about his priorities before leaving office.
Cassidy rips RFK Jr. on vaccines: ‘This is not making America healthy again’
The outgoing Senate chairman also declined to say whether he’d support Trump’s FDA nominee.
Walmart is hiring dedicated GLP-1 coaches to work in its stores
In a new pilot program, ‘health ambassadors’ will be stationed in rural locations to focus on weight management, diabetes, and maternal care.
Senate Democrat demurs on ‘Medicare for All’
Andy Kim told Semafor Democrats should campaign on more targeted approaches to achieve “guaranteed coverage” in 2028.
Political and business leaders back AI
US President Donald Trump called Nvidia CEO Jensen Huang during a live panel discussion to argue that worries about AI’s impact were “all a hoax.”
Luna challenger links her to ‘culture of corruption’
Semafor gets first look at Democrat Leela Gray’s new general election ad.
House Democrats to hammer Bessent on rising costs
Potential questions touch on a host of issues, including Russia, Iran, and Venezuela as well as tariffs, bonds, and crypto.
Business
US 10-year yield hits highest level since 2007
US Treasury Secretary Scott Bessent defended his bond buyback program in contentious congressional hearings.
Annabelle Gordon/Reuters
Slowing AI development could boost hyperscaler balance sheets
A Semafor review of analyst estimates finds that at current projections, as tracked by S&P Capital IQ, Amazon, Alphabet, Meta, and Microsoft are expected to spend $66 billion more on capital spending
AI is doing what Wall Street couldn’t
It’s not obvious what Dario Amodei’s idea to “pace the frontier” actually means in practice, but it’s clearly a warning issued at the cost of some short-term riches, which is more than Chuck Prince, CEO of Citigroup from 2003 to 2007, ever managed.
Chipotle tries to get ahead of a potential activist problem
The company is adding KFC’s former CEO to its board of directors.
A slower AI frontier won’t matter for most companies. They aren’t living on it.
Big companies working to adopt AI are nowhere near the frontier, and are reducing their use of frontier AI models.
Technology
Musk calls for cooperation between US, China AI labs
A sweeping AI deal during US President Donald Trump and Chinese leader Xi Jinping’s meeting next week appears unlikely, experts said.
Evan Vucci/Reuters
New AI tool lets influencers ‘scale themselves like software’
Brands can make dozens of variants of ads recorded by human influencers with a new tool from tech-media startup Avail.
Screenshot via @itsemilyhiggins
AI biotech Isomorphic Labs is not slowing down, exec says
“All of our AI models are locked down and locked down in-house,” Chris Butler, who runs drug discovery at the Google-backed drug company, said at Semafor’s Future of Health Forum.
AI agents collude to bypass guardrails, a new study shows
Enterprise AI lab, Emergence AI, ran eight simulations testing how frontier models handle cybersecurity threats.
Trump administration orders Kalshi to scrap AI price tracker over national security concerns
The futures market for computer power lets buyers and sellers lock in prices, and gives traders a way to bet on where those prices go.
Political and business leaders back AI
US President Donald Trump called Nvidia CEO Jensen Huang during a live panel discussion to argue that worries about AI’s impact were “all a hoax.”
Energy
US diesel hits record highs as oil supply fears mount
Executives warned that the monthslong crunch in oil markets is entering its most acute phase, as commercial and strategic oil stockpiles run low and US diesel prices hit record highs Tuesday.
Mohammed Aty/Reuters
House Democrats pitch energy plan ahead of the midterms
It is the most comprehensive energy platform Democrats have put forward in years.
Daniel Cole/Reuters
No energy ceasefire between Ukraine and Russia yet
Trump has sought to blame Ukraine’s strikes on Russian oil refineries for the recent runup in diesel prices.
Courtesy of State Emergency Service Of Ukraine In Odesa Region/ Handout via Reuters
Gulf
Saudi Arabia eyes more tanker transits through Strait of Hormuz
The kingdom is looking to boost oil shipments through the Strait of Hormuz after drone attacks took out a key pipeline bypassing the contested waterway.
Aerial photo of damaged East-West pipeline. Planet Labs PBC/Handout via Reuters
Humanoid robots fight it out in Riyadh
Sponsored by Hero Esports, the brainchild of Chinese billionaire Dino Ying, the event was the first of its kind outside China.
Dubai crams events delayed by the war into autumn
The twice-rescheduled Arabian Travel Market finally opens this week, while GITEX will bring 200,000 tech visitors in December.
DP World expands Africa network with new industrial park in Kenya
The Dubai port operator formalized plans for a 222-hectare industrial park at Mombasa.
UAE infrastructure moves underground
Under consideration is the 5-gigawatt AI data center project underway with US technology partners, Reuters reported.
China
China ramps up US soybean purchases ahead of summit
China bought at least 1 million metric tons of US soybeans last week as the country ramps up purchases ahead of Chinese leader Xi Jinping’s visit to Washington this month.
Reuters
Musk calls for cooperation between US, China AI labs
A sweeping AI deal during US President Donald Trump and Chinese leader Xi Jinping’s meeting next week appears unlikely, experts said.
Evan Vucci/Reuters
China imposes new restrictions on overseas travel
The latest rules apply to a broader swathe of private citizens and lower-level officials.
Lam Yik/Reuters
Africa
Gambia bans protests without permits
The move follows days of unrest over persistent electricity blackouts.
Malick Njie/File Photo/Reuters
South Africa loses $4.7B on oil refinery closures
Refining capacity in Africa’s largest economy has halved over the past decade.
Siphiwe Sibeko/Reuters
Dangote launches Africa’s largest ever IPO
The company looks set to raise more than $4 billion at about a $50 billion valuation.
Trump needs to listen to Africa to shape AGOA’s future
As Washington rethinks its engagement with Africa, the lesson from AGOA’s origins is clear: A durable commercial relationship starts with listening to African priorities.
Uber paid drivers more than it charged passengers in Nigeria — report
The ride hailing giant subsidized drivers on short trips as inflation and weak demand made passengers price sensitive.
Africa’s private credit market triples to $5.6B
Despite recent growth, African private credit represents just 0.3% of the $1.8 trillion global private credit market, according to a new Moody’s report.
Security
Colombia to resume aerial spraying of cocaine crops
The trial initiative sprang from recent talks between Colombia’s new rightist president and US Secretary of State Marco Rubio, according to The New York Times.
Luisa Gonzalez/Reuters
Russia’s ‘gray zone’ tactics in Europe rattle NATO
Poland’s foreign minister has advocated NATO take more steps against Russia.
Janis Laizans/Reuters
Ukraine signals openness to pausing strikes on Russian energy targets
Kyiv contradicted US President Donald Trump’s claim Monday that Ukraine and Russia had agreed to pause strikes against energy infrastructure.
Alina Smutko/Reuters
Media
Inside the US Treasury secretary’s tense relationship with financial media
Scott Bessent’s blacklist starts with Bloomberg.
Brian Snyder/Reuters
Fertile ground
Flagship’s lead writer Tom Chivers says goodbye after four years.
Crooked Media’s nonprofit launches new political creator drive
The nonprofit arm of Pod Save America’s audio empire is hoping to lure younger voters back to the Democratic Party.
YouTube cracks down on ‘ghost creators’
The enforcement action targeted accounts named in Semafor’s report earlier this week.
Paid actors, AI writing: How a new kind of video business cashed in on America’s divided politics
‘Ghost creators’ are reaching millions of viewers with nearly identical, sensationalized videos that take aim at Democrats.
CEO Signal
How the billionaire Bayeux Tapestry backer gets ‘impact per dollar’
WorldQuant’s Igor Tulchinsky finds inspiration in the ‘very, very old data set’ now on display in the British Museum.
The logic behind Scott Kirby’s long-odds bet on a United Airlines deal
The gambler-turned-CEO is making the case for consolidation while trying to build a brand that passengers love.
How a ‘China-for-China’ strategy rebooted Logitech
CEO Hanneke Faber says competing in China is critical to winning in the rest of the world.
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