Axios

The Strait of Hormuz has been Iran's most powerful card since the start of the war in late February. But over the past two months, U.S. officials say the American military has steadily eroded Iran's leverage over the crucial waterway.

Why it matters: What began six months ago with the goal of degrading Iran's missile capabilities and destroying what remained of its nuclear program has evolved into an open-ended fight over the world's most important energy chokepoint.

Nvidia made billions selling AI's essential ingredient: chips.

• Now it's plowing those riches straight back into the AI ecosystem, betting on a buildout that craves ever more compute.

Why it matters: Nvidia has become the AI industry's supplier, banker and kingmaker, feeding a self-reinforcing cycle in which chip profits finance the next wave of chip demand.

Europe's landmark AI law has moved from an idea to enforcement.

Why it matters: Brussels will soon learn whether it can turn its sweeping AI rulebook into regulation that companies can actually follow — and if it can become a global benchmark for AI standards.