Axios:What's in the Iran deal Trump says he's ready to signThe U.S.-Iran memorandum of understanding President Trump claims will soon be signed calls for the Strait of Hormuz to reopen immediately without tolls and for Iran to receive sanctions relief based on compliance, according to a diplomat from one of the mediating countries and a U.S. official. Why it matters: The MOU would extend the ceasefire for 60 days, including in Lebanon, during which time nuclear negotiations would be held. The text includes a framework for addressing Iran's enriched uranium stockpile, though any action on Iran's nuclear program would depend on a second, more detailed accord.State of play: The diplomat from one of the mediating countries, who walked Axios through the latest text, said "the U.S. and Iran have agreed on the text of a deal," but acknowledged the deal still needed final sign-off.As of Thursday evening, the deal had been approved on the Iranian side at high levels but likely not by Supreme Leader Mojtaba Khamenei, two sources with knowledge said. Trump said he expected a signing ceremony over the weekend. A spokesperson for Iran's foreign ministry said Tehran had "not yet reached a final decision."The White House has thought a deal was close several times over the past two months, only for talks to fall through. The diplomat expressed optimism that, this time, the text would stick.The latest: Four U.S. Air Force C-17 planes departed to Europe on Thursday, moving equipment for possible travel by Vice President Vance to a signing ceremony in Geneva in the coming days.Behind the scenes: According to two diplomats from two mediating countries and two U.S. officials, the tentative agreement was reached on Wednesday night after hours of negotiations between Qatari mediator Ali Al-Thawadi and Iranian Foreign Minister Abbas Araghchi.During the talks in Tehran, Al-Thawadi spoke on the phone multiple times with Trump's envoys, Steve Witkoff and Jared Kushner, two sources said.Trump's announcement that a deal had been finalized came as a surprise to Israeli Prime Minister Benjamin Netanyahu.In recent days, Netanyahu found himself in the dark, calling allies close to the Trump administration to try and gather information, according to a U.S. source with direct knowledge. Breaking it down: Under the MOU, Iran would make certain commitments on its nuclear program — first and foremost to never acquire a nuclear weapon and to resolve the standoff around its enriched uranium.A senior U.S. official said Trump agreed that one of the options for resolving the issue could be down-blending Iran's highly enriched uranium inside the country under the supervision of UN inspectors. Any steps on Iran's nuclear program would only take place if a second deal is reached — an uncertain prospect given how difficult the far less technical negotiations over the MOU have been.The diplomat claimed the MOU "goes into details on all the nuclear issues" and "satisfies all U.S. requirements."Zoom in: The MOU calls for the strait to be reopened immediately without tolls, with a return to pre-war shipping volumes within 30 days. In return, the U.S. blockade would also be lifted. U.S. officials previously told Axios that after reopening the strait, Iran would be given temporary sanctions waivers to allow it to sell oil for 60 days. That would generate precious revenue for Tehran.The sanctions relief would increase if Iran complies with the initial agreement and shows "good faith" in subsequent negotiations. "There is no set date for sanctions relief and it will be tied to the implementation of the deal," the diplomat said.The intrigue: It's unclear whether the text includes any detailed explanation of what will happen with the billions of Iranian dollars frozen overseas. Iran has insisted that it must receive some money immediately upon signing any initial deal, while the U.S. has said it would be released in tranches based on compliance.A U.S. source outside the administration expressed concern that the issue of the frozen funds may be addressed in a secret side agreement. A U.S. official recently denied that possibility to Axios.The U.S., Iran and Qatar in recent days discussed a mechanism by which Iran would gain access to some of its frozen funds in Qatar for purchasing humanitarian goods, according to a U.S. official and a source from one of the mediating countries. What's next: The deal, which was mediated jointly by Qatar and Pakistan, will be called the Islamabad agreement — if, that is, both sides ultimately agree to sign."We are working with the parties to put the final touches on the deal and set a date for the signing ceremony," the diplomat from one of the mediating countries said.Iranian foreign minister says deal with U.S. "never been closer"Iranian Foreign Minister Abbas Araghchi said Friday that an agreement with the U.S. to extend the ceasefire, reopen the Strait of Hormuz and launch negotiations on Iran's nuclear program "has never been closer."Why it matters: Araghchi's comments on X were the most positive yet from Tehran about the prospects for a deal in the coming days, and appeared designed to prevent the deal from collapsing amid a battle to shape the narrative around it.Pakistani prime minister Shehbaz Sharif, one of the key mediators between the U.S. and Iran, wrote on X that "an agreed upon text of the peace deal has been reached" and Pakistan was working with the parties on next steps. A senior U.S. official told reporters in a briefing on Friday that "we're not quite at the finish line yet, but we are very close." The official added: "We do expect to be signing this agreement over the next few days...I maybe would have said 75% this morning. It's probably more like 80- 85% now, but it's not 100%."Aragchi later told state TV that if a deal is agreed, it will be signed remotely rather than in a joint ceremony. Driving the news: President Trump, who lashed out earlier on Friday over reports in Iranian state media about the contents of the deal, told Axios in a short call that he considered Araghchi's post "very positive."Trump said he'd demanded a public clarification over the state media reports, which claimed Iran stood to receive billions of dollars in frozen assets immediately after signing the agreement. Trump also claimed Iran had privately "apologized for putting out false information." It's unclear how any such message was conveyed. The president said he still thinks a deal could be signed over the weekend or on Monday. What they're saying: "The Islamabad Memorandum of Understanding has never been closer. Pending its finalization, the media should refrain from entering speculation about its content. In line with our responsible and transparent approach, all details will be shared with the public in due course," Araghchi wrote.That came after Trump posted on Truth Social that "the terms that Iran leaked out... have NOTHING to do with the terms that were agreed to, in writing.""Very dishonorable people to deal with. With them, there is no such thing as dealing in good faith," Trump wrote, adding: "They better get their act together, and FAST!"Sharif wrote that actors "who want to sabotage the peace deal" were conducting a misinformation campaign, but "peace has never been this close as it is now."Araghchi later said on state TV that Iran had won the war and would emerge stronger from it. He said the deal had not been signed and changes were possible, but made the case that the MOU was a good deal for Iran.Between the lines: Iran's foreign ministry spokesperson said Friday afternoon that Iran's decision-making bodies were still holding consultations, but most issues had been agreed with the U.S. and internal deliberations were in their final stages. The senior U.S. official told reporters that the within Iran's "very complicated" system, most people in authority wanted to sign the deal but some officials had been complaining internally that it was not strong enough."We do also see broad consensus in the IRGC, among the hardliners, among the civilian leadership, that this is a good and acceptable deal," the U.S. official contended.The U.S. official said the White House had heard from Iranian civilian and military officials that Supreme Leader Mojtaba Khamenei was "comfortable with where we are." Two sources told Axios that as of Thursday evening, the deal had been approved on the Iranian side at high levels but likely not by Khamenei.Zoom in: The Iranian media reports led to criticism of Trump from hawks and mocking from Democrats who claimed the agreement was, at best, a reheating of the 2015 deal signed by then-President Obama.While both sides now say an agreement is close, the efforts to shape the narrative around it could get in the way of actually signing itThe biggest discrepancy between the Iranian and U.S. claims around the deal is over what happens to Iran's billions of dollars in frozen funds. Iran claims money will be unfrozen immediately, the U.S. says that will only happen in return for nuclear concessions.Vice President Vance insisted the "economic benefits" would only flow if "Iran meets its obligations," and criticized those who were attacking the deal based on "anonymously sourced social media posts."What to watch: The U.S. official said that over the last two weeks, the U.S. got the Iranians to agree to "more specificity" in their commitment to destroy and dispose of the enriched Uranium, with Trump personally involved in "cracking the language" on that element."We sort of had verbal commitments [on the nuclear issue], now we actually have a text that I think both sides feel good about," the official said.But the big question is whether two months of negotiations can actually produce a detailed plan for disposing of Iran's enriched Uranium, as well as limiting enrichment and decommissioning Iran's nuclear sites."How do we do that? It's going to take a little bit of time to figure it out. We're not just going to like go down there with a backhoe and a guy with a backpack and start taking it out. We're going to figure out how to do that in the technical negotiations that will follow," the official said. Go deeper: Our breakdown of what's in the deal When oil prices could get even worseOil prices have defied predictions of even bigger increases than we've seen — but the markets' shock absorbers could easily wear out later this summer unless the Strait of Hormuz opens soon, analysts warn.Why it matters: If the stockpiles run too low and oil prices surge, prices at the pump — which have been falling lately — could spike again as the midterm elections approach.And buffers against economically devastating shortages in major importing countries are also at risk.The latest: President Trump said Thursday that a deal with Iran is imminent, but the outlook changed so many times in the course of one day that it could easily change again.The oil markets seem to think it might happen, though, as oil is trading around its lowest levels in three months.The global benchmark Brent crude is trading at $87.94 this morning.Threat level: At some point, stockpiles will fall too low to keep easing the market, and other measures won't be able to offset the loss of barrels flowing through the strait.That point could be coming soon. A recent note from investment firm Macquarie estimates that if the strait is still closed on Labor Day, Brent crude prices could be $130-$150."If the war continues into 2027, prices of ~$200 may be needed to balance supply and demand," it projects.Oil and gas executives told the Washington Post that some inventories could be depleted within weeks.How it works: Storage can't go to zero. Sludgy oil at tank bottoms is not usable, pipelines need certain amounts to maintain function, and refineries need minimum stocks.State of play: U.S. stockpiles, both private and the Strategic Petroleum Reserve, are dwindling fast. They're falling in a number of other nations, too."The world has been relying on inventories to kind of manage the supply disruption, but ... that can't last forever," Aaron Brady, a top analyst with the research and consulting firm S&P Global Energy, said in an interview.What they're saying: "If the strait is not reopened in, call it the next month or so, those inventories are going to get, we think, towards those minimum operating levels in the U.S., perhaps other places as well," Brady said."When that happens, you don't have that supply buffer, and that's a recipe for upward pressure on oil prices, including gasoline prices," he said.Veteran analyst Daniel Pickering of the investment firm Pickering Energy Partners, in the firm's latest video explainer, said U.S. storage could start to scrape operational minimums "toward the end" of summer.The big picture: Before the war, global oil inventories were rising as production grew faster than demand.It's one of the biggest reasons that while oil prices have soared, they have stopped well short of dire predictions of $150 per barrel or even much higher.Other buffers include China's import decline, Saudi Arabia and some other producers moving more through pipelines, some tankers getting through, and governments' use of strategic reserves.Zoom in: U.S. commercial crude storage levels fell by over 7 million barrels to 426.5 million the week ending June 5, per federal data.These commercial supplies are draining fast even as the Trump administration has provided the market with oil from the Strategic Petroleum Reserve.The intrigue: One reason for the U.S. inventory decline is rising U.S. oil exports.They're going into a global market that needs barrels to help offset the Strait of Hormuz bottleneck.But Trump administration officials have said they're not considering restrictions on U.S. shipments abroad.Reality check: The global oil system has proven surprisingly flexible in the face of an unprecedented disruption, so it's hard for experts to know what's next with any precision.The bottom line: S&P Global Energy points out that inventories in the critical Midwest and Gulf Coast refining markets are currently at 351 million barrels.A "danger zone" starts when they get down to around 325 million, the firm estimates."As inventories drop below this threshold, the market becomes increasingly vulnerable to logistical bottlenecks and price spikes," the firm said in a note Thursday.Sign up here for Axios' Future of Energy newsletter.BBC:Deal to end fighting would lead to Hormuz reopening, Iran saysThe deal which will pave the way for hostilities to end is close to being finalised, the US, Iran and mediators Pakistan say.CBS:"Final, agreed upon text" of U.S.-Iran peace deal reached, Pakistan saysIran's foreign minister said a deal has "never been closer" and that the details of a memorandum of understanding with the U.S. will be shared publicly "in due course."The Hill:Iran deal could include reopening Hormuz{beacon} Energy & Environment Energy & Environment   The Big Story Iran deal could reopen Hormuz Strait The deal with Iran is not complete but is three-quarters of the way there, and a signing should take place within the next few days, according to a senior Trump administration official. © AP Photo/Vahid Salemi The official...Leaked Iran deal details anger TrumpWelcome to The Hill's Defense & NatSec newsletter {beacon} View Online Defense &National Security Defense &National Security   The Big Story Leaked Iran deal details anger Trump President Trump on Thursday lauded an Iran deal he said could be signed as soon as this weekend. As Iranian state media leaked what it said were details...

Axios:SpaceX shoots 19% higher in first day of tradingSpaceX shares rose 11% in initial trades Friday, placing the company in the top 10 largest companies in the U.S.Why it matters: The $150 price indicates a $1.97 trillion market cap, putting it immediately among the top 10 largest U.S. companies.Driving the news: SpaceX shares priced late Thursday afternoon at $135.If SpaceX were included in the S&P 500 today, it would be over 5% of the overall index based on its current valuation.What they're saying: "I gave SpaceX less than a 10% chance of succeeding at all to be clear," Elon Musk said in remarks ahead of the company's debut, adding that it was worth the try to create a "space-faring civilization."Friction point: SpaceX went into its IPO trading at 90 times its sales (not profits. Sales.) That indicates a valuation that is divorced from underlying business fundamentals, Adam Johnson, portfolio manager at the Bullseye American Ingenuity Fund told Axios. Historically, the majority of companies that go public underperform the market in the first three years, according to analysis from University of Florida finance professor Jay Ritter. Yes, but: The top performing companies in the S&P 500 are all trading at a premium to their underlying earnings, a dynamic that has been exacerbated by the euphoria around the AI boom. "Hype is a borrowing, if you will, in the short term against future performance, so some companies will repay it," Isabelle Freidheim, founder at Athena Capital told Axios. What we're watching: What happens when the lock up period ends. Early investors may sell as much as 20% of their holdings as of the second full day of trading after the next earnings report. Those who got in early may want to realize some gains. Anyone can sell 180 days post-IPO, except Elon Musk, who has to hold for 366 days. "The lock up ends fast, so once insiders can sell, we'll see who's left holding the bag," Sarah Kunst of Cleo Capital tells Axios. The bottom line: The demand is strong for this stock regardless of valuation. BBC:Elon Musk becomes world's first trillionaire as SpaceX soars in stock market debutMusk is now worth $1.11tn according to the Bloomberg rich list, while SpaceX listed on the Nasdaq stock exchange with a value of $2.2tn.CBS:Elon Musk becomes the world's first trillionaire with SpaceX's IPOThe SpaceX CEO's fortune on paper now rivals the annual economic output of many countries, according to World Bank data.SpaceX stock soars on first day of trading following record-breaking IPOSpaceX's stock closed the day at $160.95 after making its debut on the Nasdaq exchange.Former SpaceX welder becomes a millionaire after historic IPOJuan Hernandez, a former SpaceX employee, owns 6,500 company shares. On the first day of public trading, his wealth ballooned by $1,046,175.TechCrunch:SpaceX IPO: Live updates on everything you need to knowTechCrunch has followed SpaceX's start, struggles, and successes from the early days. And we're here for what happens next too. This package of SpaceX IPO coverage includes who stands to win (and maybe some who won't), pre-IPO deals, and what's tucked inside its S-1 registration document. SpaceX IPO closes up 19% and delivers the world’s first trillionaireThe company made its heavily anticipated debut on Friday, trading higher than its initial $135 IPO price.Elon Musk becomes the world’s first trillionaire after SpaceX’s historic IPOThe SpaceX IPO has boosted Musk's paper wealth to more than $1,000,000,000,000 at a time when he is more hated -- and powerful -- than ever.SpaceX president Gwynne Shotwell just gave another hint at a Tesla mergerA SpaceX-Tesla merger seems inevitable. Robinhood sees ‘record-breaking’ traffic after SpaceX stock debutsThe trading platform says some customers experienced intermittent disruptions, but those issues have resolved.

Axios:What's in the Iran deal Trump says he's ready to signThe U.S.-Iran memorandum of understanding President Trump claims will soon be signed calls for the Strait of Hormuz to reopen immediately without tolls and for Iran to receive sanctions relief based on compliance, according to a diplomat from one of the mediating countries and a U.S. official. Why it matters: The MOU would extend the ceasefire for 60 days, including in Lebanon, during which time nuclear negotiations would be held. The text includes a framework for addressing Iran's enriched uranium stockpile, though any action on Iran's nuclear program would depend on a second, more detailed accord.State of play: The diplomat from one of the mediating countries, who walked Axios through the latest text, said "the U.S. and Iran have agreed on the text of a deal," but acknowledged the deal still needed final sign-off.As of Thursday evening, the deal had been approved on the Iranian side at high levels but likely not by Supreme Leader Mojtaba Khamenei, two sources with knowledge said. Trump said he expected a signing ceremony over the weekend. A spokesperson for Iran's foreign ministry said Tehran had "not yet reached a final decision."The White House has thought a deal was close several times over the past two months, only for talks to fall through. The diplomat expressed optimism that, this time, the text would stick.The latest: Four U.S. Air Force C-17 planes departed to Europe on Thursday, moving equipment for possible travel by Vice President Vance to a signing ceremony in Geneva in the coming days.Behind the scenes: According to two diplomats from two mediating countries and two U.S. officials, the tentative agreement was reached on Wednesday night after hours of negotiations between Qatari mediator Ali Al-Thawadi and Iranian Foreign Minister Abbas Araghchi.During the talks in Tehran, Al-Thawadi spoke on the phone multiple times with Trump's envoys, Steve Witkoff and Jared Kushner, two sources said.Trump's announcement that a deal had been finalized came as a surprise to Israeli Prime Minister Benjamin Netanyahu.In recent days, Netanyahu found himself in the dark, calling allies close to the Trump administration to try and gather information, according to a U.S. source with direct knowledge. Breaking it down: Under the MOU, Iran would make certain commitments on its nuclear program — first and foremost to never acquire a nuclear weapon and to resolve the standoff around its enriched uranium.A senior U.S. official said Trump agreed that one of the options for resolving the issue could be down-blending Iran's highly enriched uranium inside the country under the supervision of UN inspectors. Any steps on Iran's nuclear program would only take place if a second deal is reached — an uncertain prospect given how difficult the far less technical negotiations over the MOU have been.The diplomat claimed the MOU "goes into details on all the nuclear issues" and "satisfies all U.S. requirements."Zoom in: The MOU calls for the strait to be reopened immediately without tolls, with a return to pre-war shipping volumes within 30 days. In return, the U.S. blockade would also be lifted. U.S. officials previously told Axios that after reopening the strait, Iran would be given temporary sanctions waivers to allow it to sell oil for 60 days. That would generate precious revenue for Tehran.The sanctions relief would increase if Iran complies with the initial agreement and shows "good faith" in subsequent negotiations. "There is no set date for sanctions relief and it will be tied to the implementation of the deal," the diplomat said.The intrigue: It's unclear whether the text includes any detailed explanation of what will happen with the billions of Iranian dollars frozen overseas. Iran has insisted that it must receive some money immediately upon signing any initial deal, while the U.S. has said it would be released in tranches based on compliance.A U.S. source outside the administration expressed concern that the issue of the frozen funds may be addressed in a secret side agreement. A U.S. official recently denied that possibility to Axios.The U.S., Iran and Qatar in recent days discussed a mechanism by which Iran would gain access to some of its frozen funds in Qatar for purchasing humanitarian goods, according to a U.S. official and a source from one of the mediating countries. What's next: The deal, which was mediated jointly by Qatar and Pakistan, will be called the Islamabad agreement — if, that is, both sides ultimately agree to sign."We are working with the parties to put the final touches on the deal and set a date for the signing ceremony," the diplomat from one of the mediating countries said.Iranian foreign minister says deal with U.S. "never been closer"Iranian Foreign Minister Abbas Araghchi said Friday that an agreement with the U.S. to extend the ceasefire, reopen the Strait of Hormuz and launch negotiations on Iran's nuclear program "has never been closer."Why it matters: Araghchi's comments on X were the most positive yet from Tehran about the prospects for a deal in the coming days, and appeared designed to prevent the deal from collapsing amid a battle to shape the narrative around it.Pakistani prime minister Shehbaz Sharif, one of the key mediators between the U.S. and Iran, wrote on X that "an agreed upon text of the peace deal has been reached" and Pakistan was working with the parties on next steps. A senior U.S. official told reporters in a briefing on Friday that "we're not quite at the finish line yet, but we are very close." The official added: "We do expect to be signing this agreement over the next few days...I maybe would have said 75% this morning. It's probably more like 80- 85% now, but it's not 100%."Aragchi later told state TV that if a deal is agreed, it will be signed remotely rather than in a joint ceremony. Driving the news: President Trump, who lashed out earlier on Friday over reports in Iranian state media about the contents of the deal, told Axios in a short call that he considered Araghchi's post "very positive."Trump said he'd demanded a public clarification over the state media reports, which claimed Iran stood to receive billions of dollars in frozen assets immediately after signing the agreement. Trump also claimed Iran had privately "apologized for putting out false information." It's unclear how any such message was conveyed. The president said he still thinks a deal could be signed over the weekend or on Monday. What they're saying: "The Islamabad Memorandum of Understanding has never been closer. Pending its finalization, the media should refrain from entering speculation about its content. In line with our responsible and transparent approach, all details will be shared with the public in due course," Araghchi wrote.That came after Trump posted on Truth Social that "the terms that Iran leaked out... have NOTHING to do with the terms that were agreed to, in writing.""Very dishonorable people to deal with. With them, there is no such thing as dealing in good faith," Trump wrote, adding: "They better get their act together, and FAST!"Sharif wrote that actors "who want to sabotage the peace deal" were conducting a misinformation campaign, but "peace has never been this close as it is now."Araghchi later said on state TV that Iran had won the war and would emerge stronger from it. He said the deal had not been signed and changes were possible, but made the case that the MOU was a good deal for Iran.Between the lines: Iran's foreign ministry spokesperson said Friday afternoon that Iran's decision-making bodies were still holding consultations, but most issues had been agreed with the U.S. and internal deliberations were in their final stages. The senior U.S. official told reporters that the within Iran's "very complicated" system, most people in authority wanted to sign the deal but some officials had been complaining internally that it was not strong enough."We do also see broad consensus in the IRGC, among the hardliners, among the civilian leadership, that this is a good and acceptable deal," the U.S. official contended.The U.S. official said the White House had heard from Iranian civilian and military officials that Supreme Leader Mojtaba Khamenei was "comfortable with where we are." Two sources told Axios that as of Thursday evening, the deal had been approved on the Iranian side at high levels but likely not by Khamenei.Zoom in: The Iranian media reports led to criticism of Trump from hawks and mocking from Democrats who claimed the agreement was, at best, a reheating of the 2015 deal signed by then-President Obama.While both sides now say an agreement is close, the efforts to shape the narrative around it could get in the way of actually signing itThe biggest discrepancy between the Iranian and U.S. claims around the deal is over what happens to Iran's billions of dollars in frozen funds. Iran claims money will be unfrozen immediately, the U.S. says that will only happen in return for nuclear concessions.Vice President Vance insisted the "economic benefits" would only flow if "Iran meets its obligations," and criticized those who were attacking the deal based on "anonymously sourced social media posts."What to watch: The U.S. official said that over the last two weeks, the U.S. got the Iranians to agree to "more specificity" in their commitment to destroy and dispose of the enriched Uranium, with Trump personally involved in "cracking the language" on that element."We sort of had verbal commitments [on the nuclear issue], now we actually have a text that I think both sides feel good about," the official said.But the big question is whether two months of negotiations can actually produce a detailed plan for disposing of Iran's enriched Uranium, as well as limiting enrichment and decommissioning Iran's nuclear sites."How do we do that? It's going to take a little bit of time to figure it out. We're not just going to like go down there with a backhoe and a guy with a backpack and start taking it out. We're going to figure out how to do that in the technical negotiations that will follow," the official said. Go deeper: Our breakdown of what's in the deal CBS:"Final, agreed upon text" of U.S.-Iran peace deal reached, Pakistan saysIran's foreign minister said a deal has "never been closer" and that the details of a memorandum of understanding with the U.S. will be shared publicly "in due course."The Hill:Leaked Iran deal details anger TrumpWelcome to The Hill's Defense & NatSec newsletter {beacon} View Online Defense &National Security Defense &National Security   The Big Story Leaked Iran deal details anger Trump President Trump on Thursday lauded an Iran deal he said could be signed as soon as this weekend. As Iranian state media leaked what it said were details...Vance: Iran will get no cash from deal with USThe Trump administration is pushing back against reported details regarding the proposed deal with Iran, with Vice President Vance insisting Tehran would not be "receiving any cash" under the agreement. Vance on Friday morning reupped President Trump’s dismissal of details leaked by Tehran about a possible memorandum of understanding between the two sides. “I'm seeing...

Politico:Trump's GOP allies draw a line in the sand on IranTheir new deadline for the war: Labor Day.

Ars Technica:Controversial FISA spying law expires tonight. The spying will continue. Section 702 of FISA to expire tonight, but certification lasts until March 2027. CBS:A key spy tool is expiring due to inaction in Congress. Here's what that means.Lawmakers have long sounded the alarm about the risks of letting Section 702 expire. But there's debate over what a lapse in the law actually means.TechCrunch:US surveillance law to expire for first time after lawmakers reject Trump’s controversial pick to lead spy agenciesThe spy law known as Section 702, which authorizes the NSA and FBI's warrantless surveillance, will all but certainly expire on Friday for the first time.

Axios:Scoop: ICE detention numbers slipICE has empty detention bed space and the average daily number of detainees has slid to 58,000, Axios has learned from two sources familiar with the data.Why it matters: ICE went on a $38 billion buying spree to rapidly expand the number of available beds. But after its detention population more than doubled in President Trump's first year in office, the numbers have gone in the other direction. Trump backed off aggressive city-wide enforcement strategies following the killing of two U.S. citizens in Minneapolis, and the detention population — and therefore the number of arrests — dipped.Agency data shows ICE reached a peak of nearly 72,000 migrants in custody in January.ICE hasn't released official detention statistics since early April, when the detention population was just more than 60,000 people.What they're saying: "ICE actually has more capacity right now than they have people in custody," Customs and Border Protection Commissioner Rodney Scott said at an event this week.Homeland Security Secretary Markwayne Mullin echoed Scott's statement at a press conference two days later, speaking about ICE's only family detention center, saying "the detention center is not even close to being at capacity."Mullin also said because there's empty space in the family detention center, in Dilley, Texas, there is also no need to expand detention space suitable to house children. During the presidential transition, this was a top priority. Friction point: This is a major departure from the start of Trump's second term, when detention space was a major limitation on the number of people ICE could arrest. A lack of detention space meant migrants were being held in office buildings, court houses and other federal building space for days and sometimes weeks in unsuitable spaces for long-term stays, according to multiple lawsuits. Some migrants were being released last winter because of lack of ICE bed space, as Axios previously reported.Border czar Tom Homan even pleaded with sheriffs at a national law enforcement conference to let ICE rent their unused jail space, offering to lower detention standards to make quick cooperation possible.Between the lines: Arrests, detentions and deportations are much higher than in President Biden's tenure. But they are falling short of the 3,000 daily arrest goal set by White House Deputy Chief of Staff Stephen Miller.

Ars Technica:PeopleSoft 0-day affecting hundreds of organizations steals gigabytes of data Vulnerability in the Oracle-owned PeopleSoft software is about as critical as they come.

Ars Technica:Verizon sent man a refurbished phone with MDM, then deleted his data remotely Failure raises questions about how Verizon prepares refurbished phones for new users.

Axios:How AI is making health care even less affordableAI is already making health care more expensive, and it's probably only going to get worse.Why it matters: For all of the ways AI could meaningfully improve patients' lives, making care more affordable isn't one of them.Driving the news: PwC on Thursday estimated that medical costs will go up by 9% in the employer market next year, and by 8.5% in the individual market. One of the largest drivers is providers' use of AI-enabled software and scribes that more thoroughly document the care that's delivered.Such tools are being used "to capture greater billing complexity, and plans are absorbing the cost," per the report.PwC said the financial impact isn't so much due to people using more medical services as "changes in coded severity, case mix and paid amount per claim."The big picture: Within the health care system, the current incentives are "to do more and get paid for more," Paul Markovich, CEO of Blue Shield of California parent company Ascendiun, told Axios this week.Companies "will take AI and say, 'How can I use this to further my self-interest?'" he said.However, he added that AI "ultimately will bring a lot of the administrative costs out of the system."Between the lines: It's not only that AI is helping providers make more money per unit of service. It's also poised to flood the system with more products and services."AI makes any system more efficient — and since our health system is already super efficient at driving fee-for-service units of care and coding, I think it is going to drive up both and make health care spending grow even faster," said Venrock partner Bob Kocher.Most of the investment and adoption is for managing revenue cycles and for drug development that will bring promising but pricey new drugs to market, he added.Yes, but: The current hype around using AI for administrative tasks — including billing — will burn off, shifting the focus to AI uses that improve patient outcomes, Harvard Medical School associate professor Hossein Estiri said."I think health care systems are beginning to realize that the market narrative isn't where the real value is. I think the real value is to improve patient lives," he told Axios.AI will "enable more proactive health and make care more precise," he added. The result is fewer sick people and a lower cost of care.A timely new UBS report analyzes the impact of AI tools on both insurers and hospitals through financial and competitive lenses.AI will likely make the entire insurance industry more efficient, but the financial gains from lower administrative costs will be "competed away over time" and reinvested in other ways.That's because administrative AI use isn't likely to give any one insurer an advantage, with the entire industry is pursuing the same efficiencies.Among hospitals, big for-profit operators like HCA, Tenet and UHS have the financial and operational ability to invest aggressively in AI faster than nonprofit hospitals. That market advantage may last for awhile.What we're watching: Whether AI's arrival changes incentives along with payment systems."Efforts to drive more non-fee-for-service payment models that reward lower total costs will drive adoption of AI to achieve these goals," Kocher said.Value-based care — essentially paying for outcomes instead of per unit of care — is an idea that's been thrown around forever. AI could be the thing that truly makes it a necessity.

Ars Technica:$130 billion in data center projects blocked by protests so far this year Winning fight against AI data centers gives people a "taste of political power." When it comes to total water use, AI data centers are a drop in the bucket Even moderately sized data centers can have an outsized local impact.

ABC: Gunmen shoot and kill Mexican journalist in the eastern state of VeracruzA Mexican journalist has been shot and killed in Veracruz, marking the second media worker killing in the state this yearPolitico:‘Knife’s edge’: US-Mexico relationship teeters as World Cup beginsAs the World Cup kicks off, cracks are emerging in Mexican President Claudia Sheinbaum’s carefully tended relationship with President Donald Trump — over trade, cartels and a brewing extradition standoff.

BBC:French town buries murdered child as questions mount over police failingsThe prime suspect in the killing of Lyhanna, 11, was reported to police nine months prior but never questioned.

ABC: Keir Starmer says he's staying put after minister's departure hammers his authorityBritish Prime Minister Keir Starmer is vowing to fight for his position after the sudden resignation of the defense secretaryBBC:Defence row exposes tensions over how to keep UK safeEx-Defence Secretary John Healey has said the defence investment plan is "well short of what is required".I have a duty to stay on, says Starmer, as he justifies defence spending decisionsSir Keir Starmer argues he has made "hard-edged" decisions, one day after his defence secretary quit in a row over money.

ABC: Iranian woman among migrants deported from the US to the Central African RepublicAttorneys say an Iranian woman is among a group of people who have been deported to the Central African Republic from the United States

Pro Publica:A Popular Doctor Had Long Warned That Vitamin K Shots Are Risky for Newborns. Now He’s Changed His Tune.The post A Popular Doctor Had Long Warned That Vitamin K Shots Are Risky for Newborns. Now He’s Changed His Tune. appeared first on ProPublica.

ABC: Ukraine hits fuel supplies to Crimea, sparking a fuel crisis on the Russian-held peninsulaIn a new blow to the Kremlin’s narrative that Moscow is winning the 4-year-old war in Ukraine, Kyiv’s forces have targeted fuel supplies to the Crimean PeninsulaArs Technica:Ukraine's one-time test used fully autonomous drones to kill Russian soldiers Full autonomy is rare, but Ukraine is installing AI modules on drones and robots.

BBC:Palestinian anger at rise in Israeli demolitions in East JerusalemPalestinian homes are being pulled down in occupied East Jerusalem to make way for a park.

Ars Technica:Have politics finally come for the National Academies of Science? A pending report on climate attribution may be setting the stage for conflict.

ABC: Clashes erupt in Congo's capital amid oppositionViolent clashes have erupted in Congo’s capital, Kinshasa, during a rally against a proposed constitutional changeArs Technica:Ebola cases in DRC rise to 676 as Kenya protests erupt over US plans Outbreak responses are still playing catch-up as US works to isolate itself.

Ars Technica:RFK Jr. melts down over NYT report, admits he blacklists reporters NYT reported Kennedy is disengaged. Kennedy's response seems to show NYT is right.

MIT Tech Review:Why “reprogramming” is the buzziest approach to reversing aging right nowEarlier this week, Life Biosciences, a biotech company focused on reversing age-related diseases, announced that it had dosed its first volunteer. A person with glaucoma has had an experimental treatment injected straight into their eyeball. The idea is to try to treat the disease—which can cause vision loss—by regenerating healthy nerves in the eye. But…The Download: “reprogramming” aging, and the hidden sense of interoceptionThis is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology. Why “reprogramming” is the buzziest approach to reversing aging right now Earlier this week, Life Biosciences, a biotech company focused on reversing age-related diseases, announced that it had dosed its first…

BBC:David Hockney: Art's great innovator whose vivid paintings made him a household nameThe proud Yorkshireman, who also painted iconic pictures of America, was routinely described as Britain's greatest artist.King leads tributes to 'giant of the art world' David HockneyThe artist, who has died at the age of 88, "was one of life's true originals", King Charles says.CBS:Notable Deaths in 2026A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.

Axios:America approaches 250 with its best days in doubtMost Americans say the country's best days are behind it as the U.S. approaches its 250th birthday, even as they're personally hopeful about the future.Why it matters: A new Pew Research Center analysis reveals national pessimism, fueled by political polarization and institutional distrust. But the findings also show the American spirit isn't completely broken.By the numbers: Nearly 7 in 10 U.S. adults said in January 2026 they were dissatisfied with the way things are going in the country, compared with 29% who were satisfied, Pew found.59% say the country's best years are behind it, while 40% say they are ahead.Only 50% said in January that the year ahead would be better than the year that just ended — the lowest share in Pew surveys dating back to 2020.Two-thirds of Americans think the country will be more politically divided by 2050.Zoom out: Pew placed today's sour mood inside a broader erosion of public confidence.Americans have become less trusting in recent decades — not only of one another, but of the federal government, both major parties, mainstream media, colleges and universities, and other major institutions, Pew found.Compared with people in other countries, Americans also express more negative views about how their democracy is working and more doubt about whether fellow citizens have good morals.Yes, but: Nearly as many Americans say they are optimistic about the country's future as say they are pessimistic — 48% vs. 51%.Most Americans say they feel hopeful when they think about the future, and 54% say they feel happy.Americans have become somewhat less gloomy about 2050, compared with 2023.The share expecting the U.S. to be more important in the world is up 13 percentage points, the share expecting less political division is up 12 points, and the share expecting a stronger economy is up 11 points.The intrigue: Americans are essentially split on the future of race relations.50% say race relations will get better by 2050. It's the only major 2050 measure where Pew didn't find a clear pessimistic majority.The bottom line: America is entering its 250th year with a public that is personally hopeful, politically exhausted and broadly bracing for a more divided future.Methodology: Pew Research Center's analysis draws on multiple surveys of U.S. adults conducted between July 2025 and April 2026, including a new survey examining Americans' expectations for the year 2050.The primary survey was conducted April 6-12, 2026, among U.S. adults and asked respondents about the country's future economic outlook, political divisions, race relations, safety, global standing and system of government by 2050.Additional findings come from Pew surveys conducted Jan. 20-26, 2026, on satisfaction with the country's direction and expectations for the year ahead; Dec. 8-14, 2025, on whether America's best years are ahead or behind; and July 8-Aug. 3, 2025, on feelings about the future.Politico:Freedom 250’s fair on National Mall highlights conservative groupsIn May, several musical artists dropped out of planned performances at the fair after learning of its ties to Trump.