Axios: Catch me up

Catch me up
 
President Trump toasts during a state banquet at the Great Hall of the People this evening in Beijing. Photo: Kenny Holston/The New York Times 

In an evening toast, PresidentTrump said his visit to China has been “a great honor.” He also said that Chinese leader Xi Jinping will visit the White House in September. Meanwhile, Xi warned Trump that they may clash over Taiwan if the issue is handled improperly. Go deeper.

🏛️ Senators unanimously approved a resolution to withhold their pay during government shutdowns, an attempt to make federal closures financially painful for lawmakers. Go deeper. 

U.S. Border Patrol chief Mike Banks is stepping down, CBS News reports. He’s the latest in a string of Trump administration immigration officials to leave their posts. Go deeper.

🚙 Honda posted its first-ever full-year loss ($2.7 billion), caused in part by sluggish electric vehicle adoption. 

Go deeper. The World Cup final will feature a star-studded halftime show headlined by Madonna, Shakira and BTS, FIFA announced. Go deeper.
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Joe Rogan Podcast News: Obama on Iran. “We pulled it off without firing a missile. We got 97% of their enriched uranium out….”

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Mario Nawfal on X: Cuba has officially run out of fuel. Not “running low.” Zero. 20+ hours of daily blackouts, the protests breaking out. Venezuela and Mexico cut off shipments after Trump threatened tariffs on anyone supplying the island. One energy minister confirmed it plainly: “The country has no fuel and that’s no lie. Our economy has hit rock bottom.” This is what maximum pressure actually looks like up close. Now this is a blockade, not what the regime told for decades. Source: Reuters

Mario Nawfal

@MarioNawfal

🇨🇺 Cuba has officially run out of fuel. Not “running low.” Zero. 20+ hours of daily blackouts, the protests breaking out. Venezuela and Mexico cut off shipments after Trump threatened tariffs on anyone supplying the island. One energy minister confirmed it plainly: “The country has no fuel and that’s no lie. Our economy has hit rock bottom.” This is what maximum pressure actually looks like up close. Now this is a blockade, not what the regime told for decades. Source: Reuters

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Forbes: Who is the richest? Who makes least donations to charities?

@Forbes

Elon Musk is the planet’s richest person by far, worth $839 billion as of Forbes’ annual World’s Billionaires list. He also ranks among the least philanthropic billionaires. Sure, Musk has transferred $8.5 billion of Tesla stock to his charitable foundations (1% of his net worth)—but nearly all of it is still sitting there idle. Only an estimated $500 million, or 0.06% of Musk’s vast fortune, has ever been disbursed to those in need.

His lack of giving raises a question: What would our billionaires ranking look like if the world’s most generous people had never donated a dollar to charity? https://forbes.com/sites/mattdurot/2026/04/20/reranking-the-worlds-billionaires-by-wealth–and-altruism/?utm_campaign=ForbesMainTwitter&utm_source=ForbesMainTwitter&utm_medium=social

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Reuters: Trump touts business wins as China airs Iran, Taiwan concerns

Trump touts business wins as China airs Iran, Taiwan concerns

By Trevor Hunnicutt and Liz Lee

May 14, 202611:02 PM GMT+1Updated 28 mins ago

Item 1 of 7 U.S. President Donald Trump participates in a friendship walk through Zhongnanhai Garden with Chinese President Xi Jinping in Beijing, China, May 15, 2026. REUTERS/Evan Vucci/Pool

[1/7]U.S. President Donald Trump participates in a friendship walk through Zhongnanhai Garden with Chinese President Xi Jinping in Beijing, China, May 15, 2026. REUTERS/Evan Vucci/Pool Purchase Licensing Rights, opens new tab

  • Summary
  • Companies
  • Xi warns that mishandling Taiwan issue could lead to conflict
  • Iran war ‘should have never happened’, Beijing says
  • Leaders meet for tea and lunch on last day of summit
  • Boeing shares slump after orders missed expectations
  • U.S. officials tout deals on farm goods, beef and energy

BEIJING, May 15 (Reuters) – U.S. President Donald Trump entered his final talks with Xi Jinping on Friday touting economic wins that gave markets little ​to cheer, while Beijing warned Washington about mishandling Taiwan and said its war with Iran should never have started.

Trump is making the first visit by a U.S. president to China, America’s main ‌strategic and economic rival, since his last in 2017, and has been seeking tangible results to beef up his dented approval ratings ahead of crucial midterm elections.

The Reuters Iran Briefing newsletter keeps you informed with the latest developments and analysis of the Iran war. Sign up here.

“We’ve made some fantastic trade deals, great for both countries,” Trump said, seated beside Xi in a decorative red armchair at the opulent Zhongnanhai complex, a former imperial garden that houses the offices of Chinese leaders.

Earlier, they had chatted and strolled outside, with Trump remarking about the beautiful roses and Xi promising to send him seeds for the flowers, before a ​lunch of lobster balls, Kung Pao scallops and shrimp dumplings.

But as Trump prepared for his final meeting, China’s foreign ministry issued a blunt statement outlining its frustration with the Iran war.

“This conflict, which ​should never have happened, has no reason to continue,” the ministry said, adding that China was supporting efforts to reach a peace deal in a war that ⁠had severely affected energy supplies and the global economy.

At Zhongnanhai, Trump said the leaders had discussed Iran and felt “very similar”, though Xi did not comment.

Trump had been expected to urge China to convince Iran to make a ​deal with Washington to end a war that has pushed up prices and made him politically vulnerable at home.

But analysts doubt Xi will be willing to push Tehran hard or end support for its military, given Iran’s value to Beijing ​as a strategic counterweight to the US.

A brief U.S. summary of Thursday’s talks highlighted what the White House called the leaders’ shared desire to reopen the Strait of Hormuz off Iran and Xi’s apparent interest in American oil purchases to pare China’s dependence on Middle East supply.

A fifth of global supplies of oil and liquefied natural gas travel through the Strait in normal times.

BOEING SHARES SLIDE ON UNDERWHELMING DEAL

U.S. officials said they had also agreed deals to sell farm goods, beef and energy to China, with progress ​on setting up mechanisms to manage future trade, and both sides expected to identify $30 billion of non-sensitive goods.They’re gonna do a lot00:0300:40

There were scant details of the deals, however, and no signs of a breakthrough on selling Nvidia’s (NVDA.O), opens new tab advanced H200 AI chips ​to China, despite CEO Jensen Huang’s dramatic last-minute addition to the trip.

Trump told Fox News that China had agreed to order 200 Boeing BA.N jets, its first purchase of U.S.-made commercial jets in nearly a decade, but that was far short of ‌the roughly 500 ⁠markets had expected, and Boeing shares fell more than 4%.

“For the market, the summit can be strategically reassuring while underwhelming in substance,” said Chim Lee, senior China analyst at the Economist Intelligence Unit.

The main achievement of the summit may be maintaining a fragile trade truce struck when the leaders last met in October and Trump suspended triple-digit tariffs on Chinese goods while Xi backed away from choking off supplies of vital rare earths.

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Axiom: Golden age of swiping

Golden age of swiping
Illustration of directional sign with multiple arrows featuring digital icons including a thumbs up, a writing icon, a heart, and an exclamation point
Illustration: Sarah Grillo/Axios. Stock: Getty Images
 
Axios’ tech editor Megan Morrone explores dating on apps over 60:

Dating app fatigue is driving younger users away, but one demographic is just discovering the swipe: seniors.

💞 Why it matters: As more older Americans live longer and increasingly alone, they’re looking for love the new-fashioned way.

“Many older daters are approaching dating with a level of confidence and intentionality that younger users are still developing,” Michael Kaye, director of communications at Match.com, tells Axios.

The biggest names in dating — Tinder, Hinge and Bumble — skew younger.

Other apps, including Match and OurTime, “provide access and opportunity that may not exist organically in everyday life, especially after retirement, relocation, divorce or the loss of a partner,” Kaye says.

AARP calls Match the best site for “serious relationships” for seniors.

The intrigue: Shows like ABC’s “The Golden Bachelor” and Netflix’s “The Later Daters” have tapped into popular interest in seniors looking for love.

🌹 By the numbers: Most adults 65+ are not longtime dating app users, per a new UserTesting survey of 217 U.S. adults in this age group, provided to Axios

60% started using dating apps within the past three years. 30% started within the past year.72% say one of the hardest parts is figuring out which profiles are real.

Here’s how to get started on the apps:

1. ✨ Build an honest profile with recent photos. Write a bio that highlights your interests, lifestyle and whether you’re looking for a dinner companion, travel partner, long-term relationship or something else.

Ask someone you trust to take a look and offer tips. Claude or ChatGPT can also be helpful editing tools.

2🚫 Don’t send money or share financial details. Use the app’s messaging system before moving to personal email or phone calls. Meet in public places for first dates (coffee shops or daytime activities are ideal). Tell a friend or family member about your plans

.3. 🚩 Avoid sharing too much personal information early (address, full name, financial details). Red flags include overly quick professions of love, requests for money or inconsistent stories.

Friction point: AI advancements are making it much easier for scammers to create fake profiles.

Nearly 1 in 10 adults over 50 say they’ve had an online romantic connection that turned into a request for money or crypto, according to AARP data released in February.📲 

The bottom line: Older daters may be late to the apps, but they’re arriving at the exact moment dating platforms are being forced to solve their oldest problem: figuring out who’s real.Share this story.
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Fortune: The next test of leadership is how well you manage your AI agents

NewslettersCEO Daily

The next test of leadership is how well you manage your AI agents

Diane Brady

By 

Diane Brady

Executive Editorial Director

May 11, 2026, 6:05 AM ET

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Today's leaders are contemplating how they'll manage an agentic workforce.

Today’s leaders are contemplating how they’ll manage an agentic workforce.Getty Images

  • In today’s CEO Daily: Digging into the questions about AI agents that every leader has to figure out.
  • The big leadership story: GameStop’s eBay bid echoes one of the worst business deals of all time.
  • The markets: Mixed globally as an Iran peace plan stalls.
  • Plus: All the news and watercooler chat from Fortune.

Good morning. Who’s your agent? That’s not a question that most of us who work outside the realm of entertainment are used to hearing. But it’s a question that author and MIT fellow Michael Schrage posed to a group of chief financial officers last week during a dinner that Fortune cohosted with Deloitte and Salesforce in Boston. Schrage was talking, of course, about AI agents, those software programs created to autonomously take action on your behalf and interact with other humans or programs.

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The answer from our attendees was mixed: some CFOs had personal AI agents that they deploy to help manage workflow or prepare for, say, quarterly calls. Others are more focused on overseeing how agents are created and deployed through their organizations. And some were holding back to figure out the right guard rails and directives to put in place before unleashing too many of autonomous ‘workers’ throughout their corporations.

It was a timely and thought-provoking conversation for me because it touched on issues that I think every leader has to figure out right now:

The role of the CFO: They’re sometimes cast as the Debbie Downer of the C-suite: the keeper of the coin, Dr. No, the balancer of budgets, controller of costs, and reality check on corporate ambitions. But Deloitte research reinforces that the CFO is actually the enabler and core driver of innovation and the one “anchoring AI initiatives to measurable business outcomes,” as noted in its Tech Trends 2026 report. They have to measure the risk-to-return ratio on AI investments and figure out new ways of valuing the agentic workforce.

The role of the agent: Schrage talked about functional agents that are deployed across a team and personal agents that act on behalf of the individual. The latter may be designed to keep an eye on the former, and the bespoke nature of such agents raises fascinating ethical and legal questions about what happens to them when the human that spawned them moves on to another organization. It’s not a theoretical exercise. I have a digital twin. While it’s, ahem, somewhat simplistic and sycophantic in its current form, it could theoretically be deployed to one day write and speak on my behalf long after I’m gone. So who owns the IP on your digital self?

Corporate norms: If, as Schrage suggests, tomorrow’s leaders could include cyborgs with the intelligence, skills, judgement and authority of their human keepers, how should the work flow, assessment of employees, and corporate design be reimagined to accommodate this? Should super users be allowed to create as many agents as they like? How are costs and compensation calculated? Schrage predicts that “CEOs will be judged as much for their agents as for their hires,” as will other C-suite leaders. Their augmented ability to manage the augmented ability of others will make for very different relationships with coworkers, customers, and the communities they serve.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

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Netanyahu just announced: This summer every Iraeli kid from kindergarten to high school gets special AI training…

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Futurism: The AI Industry Is Secretly Powered by Homeless People

The AI Industry Is Secretly Powered by Homeless People

Companies like Mercor are ushering in a new Wild West with no standards.

By Krystle Vermes

Published May 13, 2026 10:29 AM EDT

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Last year, a San Francisco-based AI company called Mercor exploded onto the tech scene, just as US workers were buckling under the grip of unemployment.

The online job marketplace connects contractors — often struggling unemployed workers — with companies like OpenAI, the creator of ChatGPT. The gigs have a ghoulish tint, since the basic idea is for former employees to teach AI how to do their old jobs. Adding insult to injury, Mercor is known for treating its workers poorly.

Now, a mini documentary published by More Perfect Union pulls the curtain back even further on companies like Mercor. In the video, reporter Karen Hao interviews a series of data workers — many of whom wanted to remain anonymous for fear of retaliation — about what it’s like to be employed by what the nonprofit calls “America’s AI sweatshops.”

Perhaps the project’s most eye-catchingly tragic stat comes from 2025 research by the Communication Workers of America, which found that among these tenuous workers training AI systems, a staggering 22 percent said they’d experienced homelessness due to their meager wages.

I Tracked Down the Hidden Workers Secretly Powering ChatGPT thumbnail

In the documentary, Hao also cites startling data from a study led by labor researcher Tim Newman. According to his piece, about 86 percent of data workers — those who may be training the AI models you use every day — struggled to pay their bills last year. Nearly one-quarter relied on public assistance programs, such as food stamps and Medicaid.

One interviewee who went by the pseudonym Jen told Hao that she faced an uphill battle in the job market after graduating from an Ivy League school with a PhD more than a year ago. Without any promising career leads, she was forced to move in with her sister and rely on food stamps. Out of desperation, she applied for a gig opportunity from Mercor that offered $55 an hour, far surpassing what she was making as a cashier and substitute teacher.

“I think the role I saw was philosophy intelligence analyst,” Jen told Hao. “I’m looking and I’m like, ‘Well, why wouldn’t I be able to do that?’”

But she soon realized there was reason for skepticism. A mere two weeks after her first project, Mercor entirely pulled the rug out from Jen entirely.

“We all get a message in our group comms where it’s like, ‘Actually, like, this contract is ending,’” Jen explained about her experience.

It turned out there was reason for her to be skeptical — and Mercor’s reported workforce of 30,000 may want to take note.

More on AI labor: AI Companies Are Treating Their Workers Like Human Garbage, Which Be a Sign of Things to Come for the Rest of Us

Krystle Vermes

Contributor

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Fortune: Michael Burry, Paul Tudor Jones, and a Nobel-winner all see the same thing: A stock market reckoning

Michael Burry, Paul Tudor Jones, and a Nobel-winner all see the same thing: A stock market reckoning

Shawn Tully

By 

Shawn Tully

Senior Editor-at-Large

May 13, 2026, 3:00 AM ET

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Photo by Michael Ostuni/Patrick McMullan via Getty Images

In a new substack post, Michael Burry, the hero ofThe Big Short book and movie, declared that the stock market has “jumped the shark,” and posited that “a complete reversal” in the soaring, tech-laden NASDAQ 100 is at hand. Burry noted the resemblance between today’s price action and the waning days of the dot.com craze—adding that it’s feeling like “the last months of the 1999-2000 bubble.” Fellow famed veteran Paul Tudor Jones, in a CNBC interview on May 8, partially echoed Burry’s warning. Jones stated that the current scenario reminds him of 1999, the first year of the infamous furor, noting that if the current momentum keeps rolling, we could be facing “breathtaking kinds of corrections.”

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Wall Street’s analysts and market strategists are at pains to explain what Burry and Jones can’t, namely, why U.S. big caps keep jumping to fresh, all-time records. The economic fundamentals overall look mediocre at best. The current scenario headlines inflation that’s proving both high and extremely sticky, as underlined once again in the April CPI report on May 12 that showed consumer prices advancing a hot 3.7% in the prior 12 months. GDP growth’s ho-hum, the 10-year Treasury yield’s stuck in the elevated mid-4% range, and ultra-tall energy prices keep digging into consumers’ wallets, hiked by a war that keeps dragging on. Not to mention vanishing hopes that the Fed will juice the market via big rate cuts. 

In their notes to investors and TV appearances, the bulls increasingly cite the same justification: A surge in corporate earnings that’s supposed to prove unstoppable due to the super-power of AI. “Absolutely non-stop AI,” Burry fretted after listening to prognosticators in the media endlessly tout the breakthrough as a miraculous cure-all for the sundry negatives. “No one is talking about anything else all day.”

But investors should beware: Torrid earnings-per-share—and they’ve never been this overcooked before—aren’t durable. They come and then inevitably, they go. Profits are subject to huge swings that when they’re unsustainably high, push regular price-to-earnings ratios artificially low, wrongly suggesting stocks are cheap, and when EPS temporarily craters, render PEs abnormally steep, incorrectly portraying the S&P as unusually expensive. Corporate profits now sit at historic peaks as a share of national income, strongly suggesting that in the years ahead, they’ll “revert to the mean” by falling towards the lower, long-term average. That’s always happened when EPS numbers exploded beyond normal bounds in the past. Hence, by swelling the denominator, today’s inflated earnings mask how expensive stocks really are by making PEs appear on the borderline of reasonable.

A highly-respected yardstick erases that illusion. It deploys an averaging system that smooths those temporary spikes and drops in earnings to get a consistent gauge on how richly or lowly-priced stocks really are.

This preferred measure is the renowned cyclically-adjusted price earnings ratio or CAPE developed by Yale professor emeritus and Nobel Prize laureate Robert Shiller. The CAPE’s one of the best forecasters of future returns. When it’s way above the historic norms, you’re likely to get weak returns 5 or 10 years hence; when the measure’s far below average, your chances of prospering in the years ahead are greatly enhanced.

Specifically, the CAPE marshals a 10-year average of inflation-adjusted earnings. That methodology removes the zig-zagging, and calculates a far more accurate PE. 

As of May 11, the CAPE had just moved past a dangerous milestone, reaching 40.3. The CAPE—which Shiller posts every month—has only exceeded 40 in its entire 145-year history 21 times, all concentrated in a single continuous period running from January of 1999 to September of 2000. That interlude marked the height of the Dot Com frenzy. Even in the run-up to the Great Depression, the CAPE barely broke 30.

So what kind of returns can you expect buying into the 500 index, or even holding a diversified portfolio of large-valuation U.S. stocks going forward? The record since the end of those 40-plus, Dot Com CAPEs provides a guide: It took twelve years and five months, until February of 2013, for the S&P to regain the super-heady levels of September 2000.

Investors did collect dividends while their cap gains amounted to zero, but all in all, the gains lagged well behind inflation. Investors did much worse than if they’d parked their cash in Treasuries. 

The incredible run we’re witnessing may have a simple explanation: Sometimes, markets just go crazy. That argument could be wrong. But it makes just as much sense as the Wall Street hype that paints a gray backdrop as a scene of brilliant sunshine. 

The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials, top founders, and thought leaders to help define what’s next for the American economy, Nov. 16-17 in Detroit. Apply here.

About the Author

By Shawn TullySenior Editor-at-Large

Shawn Tully is a senior editor-at-large at Fortune, covering the biggest trends in business, aviation, politics, and leadership.

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