White Smoke at the Vatican: Cardinal Prevost Becomes First American Pope; Takes Leo XIV (Bloomberg)

Cardinal Robert Francis Prevost was elected as Roman Catholic pontiff, the first ever pope from the US and a possible bridge between the moderate and hardline sides of a divided Church. It was Thursday evening when white smoke rose above the Sistine Chapel, signaling that cardinals had chosen a new pope.

Prevost, 69, chose the name of Leo XIV for his pontificate and was greeted by thousands of cheering faithful as he stepped out onto a balcony overlooking St. Peter’s Square to be presented to the world.

"May peace be with you," the new pope told a cheering crowd waving flags.

The crowd sees newly elected Pope Leo XIV from the main central loggia balcony of the St Peter's Basilica for the first time on May 8, 2025. (Photo: Vatican Media via AP)

It took only two days to reach a consensus among the Church’s 133 electors, many of whom had been appointed by Francis, suggesting the former pontiff may have helped to shape the decision. 

"Build bridges, with dialogue, with meetings, uniting everyone to be a single people," Leo said in his first address as pope, in which he spoke in both Spanish and Italian. "Evil will not prevail."

"We have to look together how to be a missionary church, building bridges, dialogue, always open to receiving with open arms for everyone, like this square, open to all, to all who need our charity, our presence, dialogue, love," he added in his remarks to those gathered in St. Peter's Square, and heard around the world.

Instantly, Pope Leo XIV became a subject of immense fascination, Politico Playbook writes, with Catholics around the US rallying to lay claim to him. Chicagoans rejoiced in the selection of one of their own, and a brief debate over whether his loyalties were to the Cubs or White Sox. He attended Villanova ("Can he stream Big East games in Vatican City?" asked a subhead in the Philly Inquirer.)

Big Philanthropy News.

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Bill Gates Plans to Spend $200 Billion Then Wind Down His Foundation in 2045 (New York Times)

On Thursday, the Gates Foundation celebrated its 25th anniversary by announcing its plans to close up shop.

Established in 2000, the foundation quickly became one of the most consequential philanthropies the world has ever seen, according to the New York Times, utterly reshaping the landscape of global public health, pouring more than $100 billion into causes starved for resources and helping save tens of millions of lives.

"You could say this announcement is not very timely," Gates says, but the timeline isn’t short: He is committing the foundation to 20 more years of generous aid, more than $200 billion in total, targeting health and human development. And it comes laced with familiar humanitarian confidence, as Gates and his team now believe that their central goals can be achieved in much shorter time.

"I’ve always thought the ultimate in financial planning is to bounce the check to the undertaker. I know Bill shares that philosophy - and it was great to see the news that the Gates Foundation will accelerate its giving," Mike Bloomberg said in remarks yesterday at the Gates Foundation 25th Anniversary event.

Gates' announcement is also definitive: The foundation will close its doors, permanently, on December 31, 2045, at least several decades before originally intended. The quick acceleration follows a change to the Gates Foundation’s charter that said the organization would close 20 years after Gates’ death.

In an interview with the New York Times about his decision and the current state of philanthropy, Gates questioned whether Elon Musk would uphold his commitment to what is known as the Giving Pledge - a nonbinding commitment to give away at least half of one’s wealth to charity - which Musk signed in 2012. 

"He could go on to be a great philanthropist," Gates said. "In the meantime, the world’s richest man has been involved in the deaths of the world’s poorest children."

Read More: Bill Gates' Charity Vows to Give Away 99% of His Fortune by 2045 (Bloomberg)

What I'm Reading.

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Check out the Daily Read podcast: Click here to listen to today's AI-generated audio companion to this newsletter. And 'Follow' the Sheekey Daily Read podcast on Spotify and Apple Podcasts to listen and be notified when the latest are available.

Is It Really 'Historic'? Trump’s Scant UK Deal Shows Limits of Frenzied Trade Strategy (Bloomberg)

Donald Trump pitched his trade framework with the UK as a 'historic achievement,' and the first step in his revolutionary effort to overhaul the global economy. 

But as the president began revealing specifics of the deal, it became clear it fell short of the "full and comprehensive" agreement he had promised, or the US-UK free-trade pact he pursued during his first term. 

"From the point of view of markets generally, as well as those who are concerned about the US economy, this is a nothingburger," said Tim Meyer, an international trade law professor at Duke University School of Law. "There’s nothing really to see here. Obviously this is a framework, this is not actually an agreement."

Popular on the Bloomberg Terminal: European Stocks Boosted by Easing Tariff Tensions (Bloomberg - Terminal link)

Tensions Soar: India Says It Thwarted Pakistan Air Strikes as Hostilities Continue (Bloomberg)

India said it "neutralized" Pakistani drone and missile attacks targeting several military sites on Thursday night, marking an escalation in hostilities between the two nuclear-armed neighbors. The military action marks a second day of hostilities between the two rival nations. India began the strikes on Wednesday on what it called terrorist targets in Pakistan in retaliation for an April 22 attack that killed 26 civilians in the India-controlled part of Kashmir region. 

Middle East: Saudi Arabia is Pulling Off An Astonishing Transformation (The Economist)

When Donald Trump lands in Saudi Arabia on Tuesday for the opening state visit of his second term in office - a reprise of his very first state visit eight years ago - you should pause for a moment to take in just how unexpectedly the situation has changed. Trump has become wilder and more autocratic. By contrast, his host, the crown prince and de facto Saudi ruler, Muhammad bin Salman (MBS), has transformed his country into a force for order.

Today the country is still an autocracy. Its crown prince does not tolerate dissent. However, the Saudi Arabia you used to know no longer exists. The kingdom is now a stabilising influence in the Middle East. At home it has undergone a stunning social revolution that has few parallels.

Made-for-TV Presidency: Trump Names Fox News Host Jeanine Pirro as Top Federal Prosecutor in DC (New York Times)

President Trump said on Thursday that he would name the Fox News personality Jeanine Pirro, whose false statements about the 2020 election were part of a lawsuit against the network, the interim US attorney for Washington, hours after he was forced to pull his first choice under pressure from Senate Republicans.

Public Health: Wellness Influencer Close to Robert F. Kennedy Jr. Tapped by Trump for Surgeon General (Associated Press)

Seen in Central Park: Scarlett Johansson, Martha Stewart, Mike Bloomberg and More Attend Famed 'Hat Lunch' to Celebrate Central Park (New York Post)

"Central Park is one of the great parks in the world," Bloomberg told the New York Post. "It’s inconceivable to think of New York or America without Central Park. It’s a park that is open to everybody of every background and every economic level and they get along in ways that I don’t know any other place that they do this."

Don't Forget! How to Celebrate Mother's Day in New York City This Weekend (Time Out New York)

Tomorrow in NYC: Knicks Game 3 Ticket Prices at Madison Square Garden Soar After Win Over Celtics (FOX Sports)

The New York Knicks are headed back to Madison Square Garden holding a 2-0 lead in their second-round series against the Boston Celtics, with the game set for 8:30PM ET tomorrow night.

Weekend Guide.

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Recommended Listening: What Happened to American Conservatism? (The Prof G Pod with Scott Galloway)

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If you're trying to make sense of where we are as a country - and where conservatism went off the rails - this conversation between Scott Galloway and David Brooks is worth your time. Two of the clearest thinkers around, Galloway and Brooks unpack a lot in this honest, sharp and refreshingly free of performative outrage episode. Click here to listen on Apple Podcasts.

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Recommended Reading: David Brooks on the Power of Meaning

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New York Times columnist David Brooks is the rare commentator who writes with moral clarity. He recently spotlighted one of his favorite books: 'Man’s Search for Meaning' by Viktor Frankl.

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Frankl, a Holocaust survivor, challenged the ideas of Freud, who thought people are driven by a need to feel good, and Nietzsche, who emphasized the will to dominate. Frankl said what people really crave is a sense of purpose, something that makes their life feel worthwhile.

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When people lose that sense of meaning, they feel empty, anxious, or lost. With it, we become more resilient and more alive.

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Frankl’s message: meaning isn’t handed to us. It’s something we discover, and that discovery is what makes life worth living.

Best of Late Night.

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On President Donald Trump saying on Tuesday that he would make a 'big announcement' in the next few days.

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"This could literally be about anything. He could be getting rid of the tariffs or installing a Big Mac button on the White House desk."

-- Jimmy Fallon

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"This had better not be another set of his Trump NFTs or a golf tournament that he won."

-- Jimmy Kimmel

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"But this is what happens when you put a loose cannon into the White House. It could be about anything from new tariffs to announcing our next attorney general is Gary Busey."

-- Jimmy Kimmel

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"The US Navy lost its second $60 million fighter jet in less than ten days after an F/A-18 Super Hornet fell off the deck of an aircraft carrier yesterday during a botched landing. Well, still safer than flying into Newark."

-- Seth Meyers