Axios

Demand for second homes is at its lowest in data going back to 2018, Redfin reports.

Why it matters: Vacation homes are losing their luster.

President Trump spoke for more than an hour on Friday at a U.S. Steel facility in Pennsylvania, but never explicitly said if he's approved a deal whereby Japan's Nippon Steel would acquire U.S. Steel for $14.9 billion.

Why it matters: This prolongs a 16-month saga that included lawsuits, intra-union dissension, conflict between geopolitical allies, and literal shouting.

The nonprofit Public Broadcasting Service (PBS) and one of its local affiliates on Friday said they sued the Trump administration over the executive order seeking to cease all federal funding to National Public Radio (NPR) and PBS.

Why it matters: The lawsuit follows a similar complaint filed by NPR earlier this week.

The U.S. Department of Energy has canceled $3.7 billion in clean energy projects nationwide, including more than $1 billion tied to facilities in Texas.

Why it matters: The elimination of the 24 projects created under the 2021 bipartisan infrastructure law is among the biggest and most specific cases yet of Trump 2.0 officials pulling the plug on the Biden administration's unprecedented subsidies for low-carbon energy.

Elon Musk brushed off a New York Times report about his alleged drug use while joining the Trump campaign in a Friday press conference marking the end of the billionaire's days with the Department of Government Efficiency.

The big picture: Musk earlier this week announced his departure from the administration, ending his chainsaw-wielding tour through the federal government as the face of DOGE.

The federal judge deciding how to remedy Google's dominance in online search repeatedly questioned how AI will impact future competition in the search market, as both Google and the Justice Department made final arguments in court Friday.

Why it matters: At the endpoint of a historic tech antitrust case, there are still key questions about how online search works, what AI's role is and what Google owes its competitors in a landscape that has changed dramatically since the case was filed in 2020.

American officials shouldn't assume China will buckle in the face of incessant trade pressure, JPMorgan Chase CEO Jamie Dimon said Friday.

Why it matters: It's a blunt warning from the head of the nation's largest bank to a government that assumes China has no choice but to come to the negotiating table.

Taylor Swift bought the rights to her first six albums, the mega pop star announced Friday, culminating a years-long quest to obtain control over her earliest work.

Why it matters: In her pursuit of owning her music, Swift has captivated her fan base with "Taylor's Version" re-recordings of her studio albums including "1989," "Red," "Speak Now" and "Fearless" in recent years.

• The project drew broader attention to her fight with music executive Scooter Braun and opened a debate on what ownership artists should have over their work.

The Energy Department said Friday it's canceling over $3.7 billion in awards for 24 projects through its Office of Clean Energy Demonstrations created under the 2021 bipartisan infrastructure law.

Why it matters: It's among the biggest and most specific cases yet of Trump 2.0 officials pulling the plug on the Biden administration's unprecedented subsidies for low-carbon energy.

Mary Meeker, the famed internet analyst turned venture capitalist, on Friday published her first Trends report since 2019 — focused on the AI revolution.

• Silicon Valley execs and investors are sure to pour over all 340 pages, but Axios chatted with Meeker this morning to distill some top takeaways.

President Trump on Friday blasted China and accused it of violating the trade truce the two countries signed earlier this month.

Why it matters: Just as courts hollow out Trump's tariff campaign, he's re-escalating on other fronts.

Here are three takeaways from Thursday's Supreme Court ruling that put new limits on federal reviews of infrastructure and energy projects.

Why it matters: Narrowing the National Environmental Policy Act's scope has giant implications for President Trump's pro-fossil "energy dominance" agenda.

The Federal Reserve's favored inflation indicator cooled in April, though consumers pulled back sharply on their spending, the Commerce Department said on Friday.

Why it matters: Price pressures were mild, but consumers were notably cautious as President Trump implemented some of the steepest tariffs to date.

Elon Musk bemoaned President Trump's signature legislative effort in an interview with CBS News this week, saying he was "disappointed to see the massive spending bill," which is projected to add trillions to budget deficits.

Why it matters: Musk and his businesses were walloped by backlash to his leadership of DOGE. Now the fruit of those efforts — more government savings — are at risk of being washed away by Trump's "One, Big Beautiful Bill."

America's government and technology giants are fusing into a codependent superstructure in a race to dominate AI and space for the next generation.

Why it matters: The merging of Washington and Silicon Valley is driven by necessity — and fierce urgency.

At any moment, a Truth Social post — and now a court ruling — can upend the global trade system.

Why it matters: The world economy has never seen anything like this. The tariff legal fight injects new uncertainty into what was already a historically unpredictable situation.

Microsoft is promoting former Trump Administration official C.J. Mahoney while also tapping former Biden Administration lawyer Lisa Monaco to lead global policy efforts, Axios has learned.

Why it matters: At a time when everything in Washington is highly politicized, Microsoft's moves signal its desire to continue working with both parties.

Businesses are racing to replace people with AI, and they're not waiting to first find out whether AI is up to the job.

Why it matters: CEOs are gambling that Silicon Valley will improve AI fast enough that they can rush cutbacks today without getting caught shorthanded tomorrow.

President Trump and Chinese leader Xi Jinping may need to hold a phone call to overcome stumbling blocks in trade negotiations, Treasury Secretary Scott Bessent said Thursday.

The big picture: Bessent helped the U.S. strike a deal with China following a summit in Switzerland earlier this month that saw the world's two largest economies agree to slash tariffs for 90 days.

A federal appellate court on Thursday temporarily stayed a ruling that effectively wiped out most of President Trump's tariffs.

Why it matters: The intervention will deepen the chaos around the Court of International Trade's Wednesday order, which threatens to upend global commerce.

Faizan Zaki won the 2025 Scripps National Spelling Bee on Thursday by correctly spelling "éclaircissement" on the 100th anniversary of the event.

The big picture: It's a remarkable comeback for the 13-year-old 6th-grader from Dallas, who came second in last year's competition.

The U.S. will begin revoking visas for Chinese students, Secretary of State Marco Rubio announced Wednesday.

The big picture: The move marks a major escalation in the Trump administration's immigration crackdown, and comes a day after Rubio directed a halt to student visa interviews.

The New York Times has inked a multiyear AI licensing deal with Amazon to bring its journalism to a number of Amazon-owned products and experiences, the company said Thursday.

Why it matters: It's the Times' first-ever deal with an AI company for its content.