Good morning. OpenAI unveils its long-awaited GPT-5 model. Little-known Tokyo Electron is swept up in the fallout from TSMC’s chip tech theft scandal. And Doodlemania takes over the world. Listen to the day’s top stories.
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It’s finally here. OpenAI’s hotly anticipated GPT-5 began rolling out on Thursday as the startup aims to stay ahead of rising competition from rivals in the US and China. The latest model—which CEO Sam Altman said made him feel “useless relative to the AI”—is designed to be more capable at coding and creative writing as well as reasoning through complex queries.
China may secure another 90-day reprieve from the trade war, with US Commerce Secretary Howard Lutnick saying it’s “likely” that both countries will reach an agreement. The sentiment echoes Donald Trump’s claim earlier this week that Washington and Beijing were “getting very close to a deal.” India is trying to make the best of a bad situation, with officials said to be considering trade concessions to Trump, particularly in agriculture and dairy.
Take a seat. Federal Reserve Governor Christopher Waller has emerged as a leading contender to replace Jerome Powell as central bank chair among Trump’s advisers, people familiar said. As for Adriana Kugler’s soon-to-be-vacant role, the president nominated Council of Economic Advisers Chairman Stephen Miran to fill her seat on a temporary basis.
Intel became one of the latest targets of Trump’s ire, with the president urging CEO Lip-Bu Tan to resign over what he called conflicts of interest. The fresh jab adds to the turmoil surrounding the tech giant as it struggles to find its footing and remain relevant in the age of AI. Trump’s Truth Social post came after a Republican senator asked Intel’s board chairman to answer questions about Tan’s ties to China.
Trump said he’d be willing to meet with Vladimir Putin, even if the Russian leader hadn’t yet agreed to also sit down with Volodymyr Zelenskiy, suggesting an increased willingness to grant the Kremlin’s request for a one-on-one meeting. Whether the deadline to end the war is kept is “up to Putin,” the US president said. In other news, Israel plans to occupy all of Gaza in a final push to topple Hamas, but doesn’t want to govern in the long run, Benjamin Netanyahu told Fox News.
Deep Dive: Tokyo Electron in the Hot Seat
Caught in the crossfire. The Taiwanese investigation into the suspected theft of chip technology at TSMC has put low-profile, lesser-known tech linchpin Tokyo Electron under pressure. One of its former employees was among six people arrested for allegedly stealing trade secrets from the world’s largest contract chipmaker.
Now, Tokyo Electron—one of the world’s biggest suppliers of chipmaking tools—is scrambling to contain the potential fallout, balancing tensions with one of its most important customers and navigating pressure from both Tokyo and Taipei.
The situation speaks to a larger problem brewing across much of corporate Japan, where companies are increasingly caught in the crosshairs of growing tensions between the country’s two largest trading partners, the US and China.
The controversy hits Tokyo Electron at an already difficult moment. Just last week, its shares plunged 18% after canceled orders and a slump in Chinese demand forced the company to slash its earnings forecast.
The Trump administration and its supporters consider the new tariffs a triumph, but it’s too early to claim victory on trade, Bloomberg’s editors write. The question outstanding is when and how the costs of this political win will materialize.
Starky the goldendoodle in Huntington Beach, California in March 2025. Photographer: Sinna Nasseri for Bloomberg Businessweek
Doodlemania. Goldendoodles, labradoodles and bernedoodles are everywhere. They’re now also a high-stakes, billion-dollar industry. But calculating the exact size of the Doodle Economy remains surprisingly elusive.
