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New Infrastructure: OpenAI Says It Will Build Massive Data Centers in the UAE (New York Times)
The company’s new facility is part of a joint venture with G42, an Emirati artificial intelligence firm. The first of several data centers planned for the complex is expected to be up and running next year. G42 is also expected to contribute money to the construction of OpenAI data centers in the United States.
For every dollar that the firm and its partners invest in the Emirates, they will invest an equivalent amount in the US data centers, OpenAI said. While OpenAI did not say how much the new Emirati facility would cost, its size suggests G42 will invest tens of billions of dollars in each country.
Financial News: The Bond Market Hates Trump's 'Beautiful Bill' (Bloomberg)
Trump cut a deal with blue-state Republicans on taxes and put down an 11th-hour rebellion by conservatives over spending to get his "one big, beautiful bill" passed by the House.
But with the yield on 30-year Treasury bonds again passing the 5% mark on Wednesday, the nation’s creditors injected a dose of harsh economic reality into Trump’s fiscal policy - and not for the first time. Last week, a third bond-rating provider lowered the US sovereign grade, projecting the nation’s debt surging to 134% of the size of the economy in 10 years, from roughly 100% today.
Today in Trade: Trump Pushes EU to Cut Tariffs or Face Extra Duties (Financial Times)
Trump’s trade negotiators are pushing the EU to make unilateral tariff reductions on US goods, saying without concessions the bloc will not progress in talks to avoid additional 20% "reciprocal" duties.
Global Markets: Stock Market Ignoring Trump’s Trade War After Wild April Ride (Bloomberg)
Regulatory Update: EU to Delay Capital Rules for Bank Trading Desks by One Year (Bloomberg)
The European Union has decided to delay the application of tougher capital requirements for banks’ trading businesses as the bloc is concerned about the industry’s competitiveness.
Last Night Near DC: Investors Descend on Trump's Northern Virginia Golf Club for $148M Meme Coin Dinner with the President (New York Times)
Making It Official: Pentagon Accepts Qatari Jet for Air Force One (Defense News)
However, lawmakers and aviation experts have expressed concern about the complexity and potential security ramifications of modifying a foreign-gifted Boeing 747-8 into an aircraft that must essentially be a flying White House situation room.
Canada Politics: Alberta Stands Apart in Canada. Now It Plans a Long-Shot Bid to Secede (New York Times)
The western Canadian province of Alberta is laying the groundwork to hold a referendum asking voters whether they support seceding from Canada. While the likelihood of such a divorce ever happening is slim - Canada’s Constitution would have to be amended, among other obstacles - the momentum to put the question on the ballot points to deep grievances bubbling to the surface. (Some Albertans actually prefer becoming a US state.)
Tonight at 8PM at MSG: Pacers Take on the New York Knicks in Game 2 After Ugly Knicks Loss Earlier This Week (The Athletic)
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