Report: Trump Privately Approved of Iran Strike Plans

Welcome back!

Here’s your must-read news this morning:

• Trump’s Iran attack plans

• Microsoft-OpenAI battle 

• Bluesky bans Vance 

I’ve got all the details for you, so let’s dive in.

— Josh

MARKETS

💰 Report: Trump Approved Iran Attack Plans but Holds Off on Final Go-Ahead

The Scoop: President Donald Trump has approved military strike plans targeting Iran’s nuclear facilities but is holding off to see if Tehran abandons its nuclear program, people familiar with the matter told The Wall Street Journal.

The Details:

• Israel and Iran are engaged in a seventh day of conflict, with Israel targeting Iran’s Arak heavy-water reactor and a Natanz site linked to nuclear-weapons development, while an Iranian missile struck an Israeli hospital.

• Trump, keeping his options open, said, “I may do it, I may not do it,” but demanded Iran’s unconditional surrender, warning that “the next week is going to be very big, maybe less than a week.”

• Trump is intensely questioning aides on the efficacy of using bunker-buster bombs to strike Iran’s nuclear facilities, pressing for assurances the plan would succeed without escalating into prolonged conflict.

• Brent crude futures advanced 88 cents, or 1.15%, to $77.58 a barrel Thursday morning, while WTI crude for July gained $1.11, or 1.48%, to $76.25 a barrel.

• Iran’s Supreme Leader Ayatollah Ali Khamenei rejected capitulation and warned U.S. intervention would bring “irreparable” consequences.

What’s Next: Yaakov Amidror, a former Israeli national security adviser, said that without U.S. support, Israel would devise a “creative solution” to neutralize Iran’s fortified Fordow nuclear facility.

Markets Roundup

🏦 Economy & Policy

• ⭐ Editor’s Pick: The Federal Reserve kept its benchmark rate steady at 4.25%–4.5%, unchanged since December, though the FOMC’s “dot plot” forecasts two rate cuts later this year. (CNBC)

• Initial U.S. jobless claims fell slightly to 245,000 last week, below analysts’ expectations of 246,000, signaling a resilient labor market and a potentially stronger economy. (FX)

• The Bank of England maintained its key interest rate at 4.25% as expected. (SKY)

• The 30-year fixed-rate mortgage interest rate eased to 6.84% from 6.93%, yet mortgage applications for home purchases dropped 3% and refinance requests slipped 2%. (CNBC)

• Japan’s government plans to cut super-long bond sales by about 10%, reducing total bond issuance this fiscal year to ease market oversupply concerns after weak auction demand and record-high yields last month. (RTS)

• China is set to hold its benchmark lending rates steady at Friday’s fixing, a survey showed, as a recent tariff agreement with Washington fuels optimism for economic recovery, reducing the need for further monetary easing. (RTS)

🏢 Industry & Deals

• ⭐ Editor’s Pick: The Buss family has agreed to sell a majority stake in the Los Angeles Lakers to TWG Global chairman Mark Walter, valuing the NBA franchise at roughly $10 billion. (ESPN)

• Texas Instruments announced its plans to invest more than $60 billion across seven U.S. semiconductor fabs. (TI)

• Nippon Steel finalized its $14.1 billion acquisition of US Steel, concluding an 18-month endeavor to merge the Japanese and American steel giants. (NIK)

• Microsoft intends to cut thousands of positions, mainly in its sales unit, as the technology giant reorganizes its workforce to focus on expanding investments in AI. (BBG)

• HHS Sec. Robert F. Kennedy Jr. and Starbucks CEO Brian Niccol met to discuss the coffee chain’s plans to "further MAHA its menu." (X)

• CNN employees are grappling with low morale, bracing for another corporate restructuring by Warner Bros. Discovery, with one staffer noting, “The mood remains really grim.” (FOX)

💵 Energy & Commodities

• ⭐ Editor’s Pick: The foreign ministers of Germany, France, and the U.K. are set to hold nuclear discussions with Iran’s foreign minister in Geneva on Friday. (RTS)

• China’s commerce ministry announced Thursday that it approved a limited number of rare earth export licenses but provided no specifics on the total volume or the extent of approvals granted to U.S. companies. (INV)

• Tanker rates through the Strait of Hormuz doubled since Israel’s airstrikes on Iran began, with daily rates for very large crude carriers on the Gulf-to-China route rising from $19,998 to over $47,600 this week. (FT)

• The Energy Department has opened its nuclear microreactor test bed at Idaho National Laboratory to private-sector demonstrations, inviting companies to test advanced reactor technologies. (PM)

• Silver prices surged to $37.32, marking the highest level since 2012. (FXE)

🌕 Crypto

• ⭐ Editor’s Pick: Coinbase launched Coinbase Payments, a stablecoin payment system built on its Base blockchain, enabling instant, 24/7 USDC transactions for merchants worldwide. (SA)

• The Justice Department announced the largest-ever seizure of crypto tied to pig-butchering scams, with federal prosecutors filing a civil forfeiture complaint to confiscate over $225.3 million in digital assets linked to a money laundering network. (DC)

• Bitcoin miner Bitdeer announced a $330 million senior convertible notes offering to fund data center expansion and ASIC-based mining rig development. (CT)

• Pro-Israel hacker group Gonjeshke Darande claimed to have leaked the source code of Iranian crypto exchange Nobitex, following a hack that resulted in roughly $100 million in stolen assets. (TB)

• Treasury Secretary Scott Bessent said that Trump’s crypto and stablecoin support will strengthen the U.S. dollar’s global dominance. (TB)
  

TECH

💻 Microsoft Preparing to Slam Brakes on OpenAI Partnership Over Restructuring Clash

The Scoop: Microsoft is prepared to walk away from multibillion-dollar partnership talks with OpenAI if key disputes, notably over its future equity stake, remain unresolved as the ChatGPT developer seeks to become a for-profit company, according to the Financial Times.

The Details:

• OpenAI has proposed Microsoft take a 33% stake in a restructured unit in exchange for forgoing future profit rights, while also seeking to loosen Microsoft’s exclusive control over hosting its models on Azure, per The Information.

• Microsoft’s approval is critical by December 31 for OpenAI to unlock a $40 billion funding round from investors like SoftBank, but disagreements over valuation and terms have stalled progress.

• OpenAI is contemplating an antitrust complaint against Microsoft, its largest investor, alleging the tech giant exploits its cloud dominance to curb competition, The Wall Street Journal reported.

What’s Next: Microsoft and OpenAI have maintained a public front of cooperation. "Talks are ongoing and we are optimistic we will continue to build together for years to come," they said in a joint statement to Reuters. Should negotiations fail, Microsoft can rely on its existing contract, securing access to OpenAI’s technology through 2030 unless a better offer emerges.

Tech Roundup

🧠 AI

• ⭐ Editor’s Pick: OpenAI CEO Sam Altman said that GPT-5 is expected to launch “probably sometime this summer.” (TD)

• Meta is in advanced discussions to recruit investors Nat Friedman and Daniel Gross to bolster its AI initiatives, with potential plans to partially acquire their venture capital fund, NFDG. (TI)

• OpenAI is phasing out its partnership with Scale AI, the data-labeling startup that secured a multibillion-dollar investment from Meta this month and whose co-founder Alexandr Wang joined the social media giant to head an AI initiative. (BBG)

• Midjourney unveiled its first video model, which transforms static images into short animated clips. (X)

• AI-powered digital avatars in China outperformed human influencers, generating over $7 million in sales during a seven-hour livestream. (CNBC)

• YouTube will integrate Google’s AI video generation tool, Veo 3, into its Shorts platform later this summer, bolstering the capabilities of its short-form video feature. (THR)

🤖 Hardware & Robotics

• ⭐ Editor’s Pick: Surgeons at Baylor St. Luke’s Medical Center in Houston performed the first fully robotic heart transplant in the U.S. on a 45-year-old man, with the advanced heart failure patient discharged in good health within a month. (CHR)

• Italian researchers debuted a major advance in humanoid robotics Thursday, demonstrating the first flight of iRonCub3, the world’s first jet-powered flying humanoid robot designed for real-world applications. (TX)

• Zoox, the Amazon-owned autonomous vehicle firm, has opened its first major production facility in Hayward, California, aiming to eventually produce 10,000 robotaxis annually. (PR)

• All3, a startup combining AI and robotics, launched with plans to reduce housing construction costs by up to 30% and build times by up to 50%. (RR)

• Gap is investing $58 million in robotics and automation at its largest global distribution center in Gallatin, Tennessee, creating 100 new jobs to support enhanced infrastructure. (FBN)

🚀 Defense & Space

• ⭐ Editor’s Pick: Anduril and German defense giant Rheinmetall announced plans to jointly produce aerial drones for European markets. (BD)

• A SpaceX Starship rocket exploded Wednesday at the Starbase facility in Texas during routine pre-launch testing. (CBS)

• BAE Systems and the U.S. Army will collaborate to advance the M109-52 Self-Propelled Howitzer prototype, focusing on enhancing long-range fires and upgrading artillery systems. (INV)

• Varda is set to launch W-4, its fourth spacecraft and first fully in-house built vehicle, on a SpaceX rideshare mission as early as June 21, following the FAA’s approval of a five-year reentry license allowing unlimited landings in Australia (SN)

• Trump nominated Space Force Gen. Michael Guetlein to serve as the direct reporting program manager for the Golden Dome initiative. (ASFM)

💰 Venture Capital & Deals

• ⭐ Editor’s Pick: Senra Systems, a defense manufacturing startup launched by former SpaceX engineers to build wire harnesses, raised $25 million in a Series A round co-led by Figma's Dylan Field and CIV. (BBG)

• Profound, an AI-driven research platform startup, secured $20 million in a Series A round led by Kleiner Perkins, with participation from angel investors including Jordi Hays (TBPN), Guillermo Rauch (Vercel). (PR)

• Traversal, a startup focused on AI-powered site reliability, has emerged from stealth with $48 million in seed and Series A funding from Sequoia Capital and Kleiner Perkins. (FM)

• TerraPower, a nuclear reactor startup, raised $650 million in a funding round backed by founder Bill Gates and Nvidia’s venture capital unit, withholding details on valuation or other financial terms. (BW)

• Maven, a startup developing autonomous AI agents for enterprise customer support, secured a $50 million Series B round led by Dell, bringing its total funding to $78 million. (AX)

• Multiplier, a startup focused on accounting consolidation founded by former Stripe executive Noah Pepper, raised $27.5 million in seed and Series A funding, led by Lightspeed Venture Partners. (YF)

FREEDOM

🤫 JD Vance Temporarily Banned From Bluesky After First Post

The Scoop: Vice President JD Vance’s Bluesky account was suspended within 20 minutes of joining the liberal-leaning platform Wednesday evening, only to be reinstated after an uproar.

The Details:

• Vance joined Bluesky, a liberal refuge from Elon Musk’s X.

• His first post cited Justice Thomas’ concurrence in United States v. Skrmetti, upholding Tennessee’s ban on youth sex change surgeries.

• Thomas’ opinion criticized the lack of medical consensus on gender dysphoria treatments.

• Vance’s next posts slammed “substandard science” and Big Pharma’s role in youth therapies.

• Bluesky’s automated systems suspended his account, ostensibly for impersonation concerns.

• Reinstated within the hour, Vance’s account gained a verified badge, though the timing raised doubts about Bluesky’s moderation.

What’s Next: Observers will track whether Vance remains on Bluesky and if his presence encourages other high-profile Republicans to join, testing the platform’s ability to host diverse voices, especially as billionaire Mark Cuban recently criticized its discourse as “ruder and more hateful.”

Freedom Roundup

🏛️ Economic Policy

• ⭐ Editor’s Pick: The Social Security trust fund, critical for retirement benefits, faces depletion by 2033, when only 77% of promised benefits would be payable, according to projections. (CNBC)

• Business leaders, including hedge fund billionaire Bill Ackman, warn they'll leave New York City if Zohran Mamdani becomes mayor. (FP)

• Trump urged the House to swiftly pass the GENIUS Act, a stablecoin regulation bill, posting on Truth Social, “Get it to my desk, ASAP.” (TB)

• Mike Solana slammed Senate Republicans’ plan to sell 3.3 million acres of federal western land, arguing it won’t dent the $37 trillion national debt or solve housing shortages, which reforming local construction laws could better address. (PW)

💻 Business & Tech Policy

• ⭐ Editor’s Pick: Google appears poised to lose its appeal against a record 4.1-billion-euro ($4.7 billion) EU antitrust fine, as the European Court of Justice’s advocate general recommended dismissal. (CNBC)

• Amazon, Meta, Google, and Microsoft are lobbying through trade group Incompas to block U.S. states from regulating AI for the next decade. (FT)

• Waymo has filed for a New York City permit to test its self-driving tech, beginning with human-driven vehicles as it lobbies for state law reforms to allow driverless testing. (SA)

• AI & Crypto czar David Sacks warned that overly stringent U.S. AI chip export controls could backfire, risking Huawei’s rise to global tech dominance by capturing markets among U.S. allies. (X)

💬 Free Speech & Woke Overreach

• ⭐ Editor’s Pick: Reynolds American, the tobacco company behind Camel and Vuse, is cutting DEI programs, two weeks after activist Robby Starbuck criticized the company. (BBG)

• Telegram founder Pavel Durov warned that France risks societal collapse if it persists with its current trajectory of censorship and restrictive regulatory policies. (CT)

• UK finance professionals anticipate that corporate leaders will increasingly prioritize other objectives over sustainability and diversity commitments in the coming years, according to a survey. (LDN)

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