Good morning — America has cleared Nvidia chips for China that China is not buying, the Dow has retaken 50,000 on the strength of layoffs, Ukraine gained more ground than Russia in a single month for the first time since 2024, and Stephen Colbert begins his farewell tour tonight with David Letterman in the guest chair. Here's what happened.

America Clears Nvidia's Chips for Sale to China; China Declines to Buy Them

The US has formally cleared ten Chinese firms — Alibaba, Tencent, ByteDance among them — to purchase Nvidia's H200 chips, a development Jensen Huang greeted with enthusiasm after joining Trump's Beijing trip aboard Air Force One, having been collected mid-refueling in Alaska in the manner of a very expensive parcel. China, however, is not buying: Beijing has made clear it prefers domestic alternatives to semiconductors that could, under changed circumstances, be switched off at the firmware level. The H200 is thus simultaneously approved, unsold, and at the centre of the most consequential bilateral summit of the decade, which is a rather distinguished position for a piece of silicon to find itself in.

Source: CNBC

Hackers Hold Foxconn to Ransom, Which Is One Way to Get Apple's Attention

Foxconn — assembler of the iPhone, various Google and Nvidia devices, and a number of other objects one has rather come to rely upon — has been struck by a ransomware attack, with hackers proceeding to extortion with admirable directness. Security professionals describe it as a "supply chain incident," which is the industry's phrase for having inconvenienced several enormous companies simultaneously without technically attacking any of them. Foxconn has not confirmed the scope; the devices continue to function normally; one imagines a number of senior people at large technology companies are checking their phones in a somewhat different spirit than usual.

Source: Coaio Tech

Xi Jinping Informs Trump, at the Summit Trump Organised to Mend Relations, That Taiwan Is the Most Important Thing

Xi opened the Beijing summit by informing Trump that Taiwan is the "most important issue" between the two countries and that handling it poorly risks "confrontation or even conflict" — an opener at a meeting Trump had organised specifically to close trade deals and restore warmth, giving proceedings the quality of a dinner party at which the host had hoped for pleasant conversation and the first guest has arrived with a prepared ultimatum. The two did agree that Iran cannot have a nuclear weapon and the Strait of Hormuz must remain open, positions that were not especially contested before either of them sat down.

Source: NBC News

The New Acting Director of ICE Has Been Recruited from a Company That Runs ICE Detention Centres for Profit

David Venturella, former senior VP of GEO Group — a for-profit prison company holding hundreds of millions of dollars in ICE contracts for detention facilities and GPS ankle monitoring — has been named acting director of Immigration and Customs Enforcement, an appointment that makes a fairly clear statement about institutional direction without requiring anyone to say it aloud. His arrival coincides with the outgoing Border Patrol chief resigning with "immediate effect," which is the administrative equivalent of leaving through the window and not looking back.

Source: Democracy Now

Ukraine Took Back More Land Than Russia Captured in April — the First Net Russian Loss Since 2024

In April, for the first time since Ukraine's Kursk incursion in August 2024, Ukraine liberated more territory than Russia seized — a net loss of 116 square kilometres for Moscow, according to the Institute for the Study of War. Russia had been capturing nearly ten square kilometres per day in early 2025; that figure has since fallen below three, a decline attributed to attrition, logistics strain, and Ukraine's improving drone capacity. Russia responded with a fresh wave of missile and drone strikes on Ukrainian cities — not exactly a counterargument, but the form Moscow's editorials tend to take.

Source: CNN

Israeli Airstrikes Kill Twelve in Lebanon; the Region Continues to Manage Its Feelings About This

Israeli airstrikes struck Hezbollah infrastructure and vehicles across southern Lebanon on Thursday, killing twelve people. The Senate voted 50–49 not to advance a Democratic effort to withdraw US forces from the Iran conflict — three Republicans crossing over in a gesture that was meaningful and insufficient simultaneously. India's PM Modi, observing from some distance, has urged citizens to conserve fuel amid Gulf shipping disruptions, which is how one knows a regional conflict has reached a scale at which it begins arriving in the inboxes of people not directly involved.

Source: Just Security

The Dow Retakes 50,000; Cisco Beats Estimates and Lays Off Four Thousand People, Which the Market Regards as Positive

The Dow closed above 50,000 Thursday, gaining 370 points on Cisco's earnings beat — which produced a thirteen-percent share price jump and an announcement of nearly four thousand layoffs, both received with equal enthusiasm by the market, it being the market's settled view that efficiency and hardship are, in the short run, the same number. The S&P 500 and Nasdaq both hit all-time highs; retail sales came in above expectations; the mood was what commentators call "cautious optimism," which differs from ordinary optimism mainly in that it arrives with a paragraph about risks that everyone reads and no one acts upon.

Source: EconCurrents

Traders Now Put the Odds of Stagflation at Forty Percent, Which Is Not the Kind of Odds One Hopes For in an Economy

Prediction market Kalshi has revised its stagflation probability to nearly forty percent — up from eleven percent three months ago — as April CPI settled at 3.8%, import prices rose 4.2% year-over-year (the largest such advance since October 2022), and higher-than-expected producer prices revived speculation about a Fed rate hike. Stagflation — last reliably sighted in the 1970s, when the misery index was considered a reasonable way to follow current events — is the condition no official body will name aloud while it is occurring, and that receives its formal acknowledgment roughly a year after the fact, by which point the acknowledgment is of mainly retrospective interest.

Source: CNBC

Scientists Find Original Proteins Still Present in Dinosaur Fossils, Overturning a Belief the Field Has Held Since Roughly the Dinosaurs

Researchers have found compelling evidence that fossilised dinosaur bones may still contain original biological proteins — overturning the long-held consensus that fossilisation eliminates all organic material over millions of years, which is the sort of settled fact one had rather been relying upon. The right conditions, it seems, can preserve collagen considerably longer than previously thought, opening new avenues for studying ancient biology and, one assumes, generating a small number of spirited conversations about a certain film franchise, to which the scientists' answer is: it doesn't change anything, but they appreciate the question.

Source: ScienceDaily

The Japanese, It Turns Out, Have Three Ancestral Groups Rather Than Two, Making the History Considerably More Interesting

A genetic study of thousands of individuals across Japan has identified a previously undetected third ancestral group, complicating the "dual origins" model that attributed modern Japanese ancestry to the indigenous Jōmon and the incoming Yayoi farmers. The finding is described as "a previously overlooked contribution" — the scientific community's gracious way of noting that the accepted account was materially incomplete. History, as a rule, turns out to be more densely populated than its first drafts suggest, and the Japanese case proves no exception to this tendency, which one has come to regard as something close to a law of historical inquiry.

Source: ScienceDaily

Stephen Colbert's Final Late Show Is One Week Away, and He Has Invited David Letterman to Begin the Proceedings

CBS canceled The Late Show with Stephen Colbert earlier this year, citing financial reasons — a phrase some have been reading with close attention, Colbert having spent a decade as one of American political comedy's more pointed participants. The farewell begins tonight with David Letterman, the show's original host, which has the quality of a handshake extended across thirty years of late-night television; the May 21 finale brings John Oliver, Seth Meyers, Jimmy Kimmel, and Jimmy Fallon to the stage. Jimmy Kimmel will air a rerun that evening, which is, in its restrained way, the most eloquent tribute television currently has to offer.

Source: Variety

Frida Kahlo Leaves the Underworld at the Metropolitan Opera, Which Is More or Less What the Met Is For

Gabriela Lena Frank's first opera — imagining Frida Kahlo descending from the underworld on the Day of the Dead to be reunited with Diego Rivera — is debuting at the Metropolitan Opera this week, in a production critics describe as visually striking and emotionally bold, which is exactly what the subject demands and what one would have quietly worried about if it weren't. Frank weaves Mexican folk traditions and the operatic repertoire together in ways the Met has not previously attempted at this scale; the institution, which has been commissioning new works with some urgency, appears on this occasion to have chosen rather well.

Source: NPR Culture