Morning — Iran's war is straining the US military on three fronts, Wisconsin just blew a hole in the conventional wisdom on polling, and Bob Iger bought himself a basketball team.
Iran war strain
The US is sending another aircraft carrier to the Middle East as the war with Iran drags on, even as the military has lost roughly a quarter of its Reaper drone fleet and the CIA reportedly had only "low confidence" in the Iranian threat that prompted Trump to reroute his plane through Turkey. Iran, meanwhile, says it fully controls the Strait of Hormuz and rejects US claims of dominance over the strategic waterway. North Korea also fired a missile into the sea for the second time in a week, citing looming US-South Korean military drills, as energy stress fuels wider diplomatic tension across East Asia.
The Wall Street Journal · The Washington Post · Al Jazeera · Semafor
Gaza strikes, West Bank pressure
Israel launched a fresh strike on Gaza, drawing new scrutiny of the US-backed peace plan meant to end the war; more than 1,250 people have been killed in the territory since Washington unveiled that plan in October. Separately, the mayor of the West Bank village of Qusra says Israeli troops have been telling Palestinian families to leave their homes, using some as barracks, as Israeli settlers besiege houses in the village.
Wisconsin polling shock
Democratic socialist Francesca Hong lost her bid for Wisconsin governor after past radical comments resurfaced and opponents launched an offensive blitz against her; national progressive stars like Bernie Sanders and AOC had notably stayed away from her campaign, and even some progressives are relieved she lost. The surprise result is now raising broader doubts about the reliability of political polling and Democratic turnout heading into November's midterms.
Politico · Financial Times · The Washington Post
Tariff-dodging crackdown
The White House is accusing more than 40 countries — including Canada, Japan, and EU members — of helping China dodge Trump's tariffs through what it calls a "transshipment scam" worth an estimated $60 billion in trade. Trump's trade enforcers are now deploying AI tools to detect and crack down on the practice.
Anthropic's $2tn IPO bet
Investors are betting on a $2 trillion valuation for Anthropic, the maker of Claude, in what could become the largest IPO in history. Rapid revenue growth is fueling the optimism, though the company still faces challenges to justify a listing of that size.
Lakers sold for $12.5bn
Bob Iger, Disney's former CEO, and venture capitalist Josh Kushner are buying the Los Angeles Lakers for $12.5 billion — the highest price ever paid for an American sports team, with their wives reportedly the ones who set the deal in motion. NBA executives and agents called the sale stunning, and it's fueling a broader debate over whether sports-team valuations have gone mad.
The New York Times · The Economist · ESPN
Black Sea grain war
Ukraine and Russia traded strikes on each other's Black Sea grain infrastructure, with Ukraine damaging Russia's export terminal at Novorossiysk. The tit-for-tat attacks threaten global supplies of wheat, corn, and barley as both sides fight to reassert dominance over the sea route.
Leavitt exits the podium
White House press secretary Karoline Leavitt is leaving the administration, capping a run in which she became arguably the most famous press secretary in history — a rise Monocle's profile traces as unmatched by any of her predecessors in a role not usually known for celebrity.
Quick hits
- A Trump-led board voted again to close the Kennedy Center for renovations, a decision a federal judge will now review after previously ruling the board hadn't thoroughly evaluated the president's plan. The New York Times
- DHS conducted expansive surveillance of left-leaning groups during Minnesota's immigration crackdown, infiltrating group chats and obtaining financial records of organizations never accused of a crime. The New York Times
- Zambian president Hakainde Hichilema cast his vote in Lusaka as he seeks a second term. Al Jazeera
- US clean energy investment surged 22% in the second quarter, driven largely by residential battery storage installations. Semafor
- Prescription drug prices posted their sharpest drop in more than 60 years. The Washington Post
- A single winning ticket claimed the $1 billion Powerball jackpot. The Washington Post