Every job will be impacted by AI, Nvidia CEO tells Milken
Nvidia CEO Jensen Huang told the Milken Institute Global Conference that "everybody's job will be impacted" by artificial intelligence. BlackRock chairman Larry Fink argued there is no AI bubble, only supply shortages for electricity and computing power. Brookfield CEO Bruce Flatt estimated US$10-trillion or more will be spent "rewiring the world." CalPERS CEO Marcie Frost, overseeing US$621-billion for 2.3 million members, voiced "pretty grave concerns about disruption of people." Accenture CEO Julie Sweet said Corporate America is increasing AI investments but struggling to translate those dollars into measurable operational transformation.
Israel Struck Iran's Nuclear Weapon Sites, Delaying Program
Israel and the United States targeted Iran's nuclear weaponization infrastructure over existing enrichment facilities during recent military operations, according to an Institute for Science and International Security analysis released May 9. The IDF described the Min Zadai complex as an underground "nuclear headquarters." At least seven weaponization sites, including Malek Ashtar University and Imam Hussein University, were destroyed in Operation Roaring Lion and Operation Epic Fury. Israel also established a secret military base in the Iraqi desert to support airstrikes. Iraqi forces nearly discovered the base in March, prompting IDF airstrikes that killed one Iraqi soldier.
Russia-Ukraine Ceasefire Begins, Lasting Peace Remains Distant
Russia and Ukraine agreed to a U.S.-brokered three-day ceasefire beginning Friday through May 11, with President Trump hoping it could be extended. The Kremlin said a comprehensive settlement remains "a very long way off." Putin said Saturday the conflict may be approaching its end and thanked the United States for facilitating talks, though he emphasized the matter "only concerns Russia and Ukraine." Russian forces have now been fighting in Ukraine for more than four years, longer than the Soviet Union's participation in World War Two.
Iran Slams US Diplomacy as Gulf Naval Clashes Escalate
Iran questioned the seriousness of American diplomacy following renewed Gulf clashes, where a US fighter jet disabled two Iranian-flagged tankers challenging Washington's naval blockade of Iranian ports. An Iranian military official said the country's navy had responded "to American terrorism with strikes" and that fighting had ceased while awaiting Iran's response to US peace proposals. Israeli air strikes killed eight people in southern Lebanon on Saturday despite a three-week-old ceasefire with Hezbollah, prompting the group to claim drone and rocket attacks on Israeli troops and warning of "a new phase."
Peter Magyar sworn in as PM, ending Orbán's 16-year rule
Peter Magyar was sworn in as Hungary's prime minister on Saturday, ending Viktor Orban's 16 years of autocratic rule after his Tisza party won a constitutional majority in April. He ordered the EU flag raised in parliament, reversing a symbol of Orban's years of confrontation with Brussels. Von der Leyen called the inauguration a "powerful signal of hope and renewal." Magyar inherits severe economic challenges and has pledged to unlock suspended EU funding and launch an anti-corruption drive.
Shell doubles profit as Iran blockade pushes oil past $100
Whirlpool executives described the Iran war's impact on U.S. appliance demand as recession-level, with first-quarter industry shipments down 7.4% and consumer confidence at its lowest in 50 years. The company announced its largest price increase in three decades, suspended its dividend and raised $1.1 billion in equity. Shell reported underlying earnings of $6.92 billion, more than double the prior quarter, while BP's profits doubled to $3.2 billion as Iran's Strait of Hormuz blockade drove oil past $100 per barrel. Major investment banks collectively recorded $47.4 billion in first-quarter profits as uncertainty boosted trading volumes.
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- Global oil stockpiles hit crisis low amid Hormuz blockade. Iran's blockade of the Strait of Hormuz has removed over a billion barrels from global markets in two months, pushing OECD inventories toward critical operational minimums and doubling jet fuel prices.
- Trump arrives in Beijing for high-stakes summit with Xi. China's exports to the US have fallen 10.2% this year despite an April rebound, as tariff wars above 100% have created a stalemate. Both leaders face domestic constraints making major breakthroughs unlikely at the first of four planned meetings.
- Israel kills 11 in south Lebanon amid ceasefire violations. Eleven people were killed as Israel struck southern Lebanon and Hezbollah fired at Israeli bases, with both sides blaming the other for violating last month's ceasefire. Direct negotiations are scheduled in Washington next week.
- India tests Agni-5 missile with MIRV technology. India has test-fired its Agni-5 ballistic missile equipped with MIRV technology, enabling a single missile to strike multiple targets. The successful trial places India among a select group of nuclear-armed nations with this advanced strategic capability.
- Iran Approves First Qatari LNG Transit of Hormuz Since War. The Al Kharaitiyat was bound for Pakistan in what sources described as a goodwill gesture to Doha and Islamabad, mediators in the conflict, while the US awaits Tehran's response to peace proposals and the UAE faces fresh Iranian attacks.