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Good morning! Here's the latest in trending:

AI debate: It's 'do or die' time for semiconductor stocks.

Beyond the Strait: Chevron (CVX) explores ways to bypass Hormuz.

Still suffering: Netflix (NFLX) tumbles 10% after latest results.

It's one of the world's most profound climate policies, but it's soon changing. The European Commission today will unveil an overhaul of the Emissions Trading System, or ETS, which has been in place since 2005 to control the amount of emissions released by the European Union. The scheme eventually led the bloc to adopt a carbon-neutral plan by 2050, though as time goes on, many are panicking against the backdrop of energy crises and rising competition across the globe.

How does it work? ETS regulates the largest sources of emissions in the EU, like factories, power plants, steelworks, and refineries. It effectively puts a price on pollution, with the aim of incentivizing firms to diversify away from fossil fuels and invest in cleaner energy. The system grants pollution permits (and free allowances), enabling companies to buy and sell them on the open market, with current permits trading at around €80 per ton. However, the number of allowances is determined by an overall emissions cap, which continues to be lowered each year with the goal of completely eliminating them by the end of the next decade.

It's now reaching a tipping point, according to both sides of the climate debate. Industry heavyweights like ArcelorMittal (MT) and BASF (BASFY), along with EU member states such as Italy, Austria and Poland, are arguing that the speed of environmentalism will push industries out of Europe. The other side, led by green energy firms, as well as nations like Spain, Sweden and the Netherlands, says that ETS is the cornerstone of the bloc's green transition. They argue that plenty of time was given to decarbonize and backtracking now will fail to yield a clean energy future and avoid environmental catastrophe.

What to watch: There are likely to be several revisions to the trading system that will attempt to smooth out the disagreements. Those include greater transparency into how revenue generated from ETS is spent by member states, additional help for heavy-emitting industries, and more free permits than originally planned, but ones that are tied to new emissions conditions. The changes impacting ETS will come alongside another announcement on electrification, with the European Commission set to propose new targets for electricity in final energy use as a direct alternative to fossil fuels.

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New global AI order? China to back capacity building in Global South.

Trump Media (DJT) to sell ultra-fast access to market-moving posts.

Google's (GOOGL) Gemini 3.5 Pro delayed to improve performance.

Analysts support Uber's (UBER) disruptive move to buy Delivery Hero.

UnitedHealth (UNH) earnings beat estimates; FY outlook raised.

Puerto Rico starts rationing water as drought worsens shortages.

Honda's (HMC) minimal EV presence in U.S. will soon go to zero.

SpaceX (SPCX) sinks below IPO price after Starship launch abort.

PayPal (PYPL) board calls Stripe (STRIP)-Advent bid inadequate.

Trump administration caps visa duration for foreign students, media.

In Asia, Japan -4%. Hong Kong -1.8%. China -3.1%. India +1.3%.
In Europe, at midday, London -0.1%. Paris -0.7%. Frankfurt -0.4%.
Futures at 6:30, Dow -0.6%. S&P -0.8%. Nasdaq -1.6%. Crude +1.9% to $79.79. Gold +0.2% to $4,000.30. Bitcoin -1.6% to $63,127.
Ten-year Treasury Yield -3 bps to 4.53%.

Companies reporting today include Truist Financial (TFC) and Travelers (TRV).

See the full earnings calendar on Seeking Alpha, as well as today's economic calendar.