Flagship

Trump to address nation on Iran

US President Donald Trump is set to address the nation Wednesday night to provide an “operational update” on the Iran war, the White House said. Trump may lay out an endgame, but is not expected to announce a full end to the one-month military campaign, Semafor’s DC team reported. The president on Wednesday continued to offer conflicting messages on the future of the war, saying that he didn’t care about Tehran’s enriched uranium and announcing that Iran wants a ceasefire — a claim the Islamic Republic denied. In an open letter addressed to the American people, Iran’s president did not mention a ceasefire but said the current “path of confrontation is more costly and futile than ever before.”

US seeks to ramp up Greenland presence

The US military is ramping up expansion efforts in Greenland, negotiating with Denmark for more access to military bases on the Arctic island. US President Donald Trump’s sustained interest in the autonomous Danish territory could further strain Washington’s relationship with NATO, which is already eroding over the alliance’s reluctance to get pulled into the Iran war. Trump’s threat to exit NATO — which would require congressional approval — “plunged European leaders into another cycle of anxious deliberation,” The New York Times wrote. Trump has repeatedly lashed out at allies for refusing to help reopen the Strait of Hormuz; the UK is hosting talks with dozens of nations Thursday aimed at forming a coalition focused on that goal.

Europe’s far right sours on Trump

Europe’s hard-right parties are breaking ranks with US President Donald Trump over the Iran war. Populist groups across the continent have broadly aligned themselves with Trump’s MAGA movement. But the partnership has been weakened by the US campaign against Iran, which undermines Trump’s isolationist “America First” vision and has pushed up energy prices worldwide. France’s Marine Le Pen said the strikes had “catastrophic consequences,” the Alternative für Deutschland party demanded US troops leave Germany, Britain’s Nigel Farage argued the UK should stay out of the war, and the Danish People’s Party leader said earlier this year that Trump should be given a “FIRM REJECTION” over his threats to annex Greenland: “IT’S THE ONLY LANGUAGE HE UNDERSTANDS,” he added, in Trumpesque all-caps.

Gulf citizens harden on Iran

Attitudes in Gulf Arab states about Iran have hardened since the war broke out, with many seeing “no return of normal relations with Tehran,” Semafor’s Gulf editor wrote. People in Bahrain, Kuwait, Qatar, Saudi Arabia, and the UAE long saw Iran as a destabilizing force, but were still shocked the Islamic Republic chose to strike civilian infrastructure in retaliation for US attacks. The UAE is reportedly restricting the return of Iranian residents from abroad. Most strikingly, there is little appetite among Gulf citizens “to blame Israel or the US for starting the war,” Mohammed Sergie wrote. Instead, safety and stability are top of mind, with the growing consensus that Iran is “now an enemy to be confronted and contained.”

SCOTUS skeptical of Trump birthright order

US Supreme Court justices appeared skeptical of President Donald Trump’s efforts to end automatic birthright citizenship for children of undocumented immigrants or temporary residents. Trump signed the sweeping executive order on his first day back in the White House, aiming to unwind a cornerstone of US immigration law with implications for millions. Trump attended Wednesday’s hearing on the case, making him the first sitting president to attend oral arguments at the Court. His administration argued the measure would prevent “birth tourism,” saying, “we’re in a new world now.” The Court’s chief justice shot back: “It’s a new world. It’s the same Constitution.” A decision is due in June or July.

NASA launch heralds new space race

A crew of astronauts — three Americans and one Canadian — prepared to journey around the Moon for the first time in 50 years on Wednesday, traveling the furthest ever from Earth and heralding a new era of space competition. The much-delayed Artemis II mission comes 53 years after NASA’s last crewed lunar trip: “We stopped, and then we forgot,” an expert told Scientific American. Whereas the last space race was defined by symbolic technical achievements by the US and Soviet Union, the next will be defined “more by sustained presence, partnerships, and the ability to shape how activity on the Moon is conducted,” as well as greater contributions by commercial firms, a space law professor wrote.

SpaceX files to go public

SpaceX on Wednesday filed confidentially to go public, according to reports, setting up what could be the largest IPO ever. The Elon Musk-founded rocket and satellite maker is aiming to hit the stock market in June, with the goal of raising $50-75 billion from going public, per The New York Times. SpaceX, which merged with Musk’s AI startup xAI in February, kickstarted the modern private space industry, and now has more than 10,000 satellites in orbit, surpassing any other company. The IPO could test investor appetite for other high-profile enterprises, including OpenAI and Anthropic: Many large startups in recent years have stayed private for longer, but a SpaceX listing could change their thinking.

Ynon Kreiz, Chairman & CEO, Mattel; Barbara Humpton, CEO, USA Rare Earth; Michel Khalaf, President & CEO, MetLife; Sen. Rick Scott, R-FL.; David Baszucki, Founder & CEO, Roblox; and more will join the Rethinking Global Business session at Semafor World Economy. This session will examine how technological disruption, geopolitical shifts, and changing consumer behavior are reshaping the business landscape, and what sets apart the companies that are adapting from those falling behind.

China chipmakers threaten Nvidia’s lead

Chinese chipmakers are grabbing a larger slice of the domestic market, eating away at US-based Nvidia’s lead. Beijing has spearheaded a push for technological self-sufficiency in critical chips that underpin AI applications. Nvidia remained the market leader in China last year, new data shows, but its dominance diminished after Washington restricted it from selling its most advanced chips. Shipments to China could pick back up this year after sales of Nvidia’s more advanced processors were greenlit by the Trump administration, but the chip giant will have to contend with Chinese competitors: Venture capital funding in the country hit a record high in the first quarter of 2026, largely owing to state-backed funds, with money flowing toward tech startups including chipmakers.

US approves new GLP-1 pill

US regulators on Wednesday approved Eli Lilly’s GLP-1 pill for sale in the country, opening up a new phase in weight-loss medication. The drug, which will be sold under the brand name Foundayo, will compete with the pill version of Novo Nordisk’s Wegovy, approved in December. But Lilly’s pill is cheaper to manufacture and more convenient to consume, Vox noted. It is similar in form to statins or blood-pressure medications — unlike Wegovy’s, which is a peptide — which could make it more appealing to consumers looking to lose weight. The oral medications mark the next battleground for the multibillion-dollar GLP-1 industry; the treatments have traditionally required injections.