Axios

The boom that powered semiconductor stocks to record-setting heights just last month is now sputtering.

Why it matters: Chipmakers are the picks-and-shovels of the AI gold rush, and they are now looking shaky.

• A recent selloff, combined with new stress over competition from Chinese open-source AI models, is raising concerns over the durability of the AI trade more broadly.

Live shopping is projected to more than triple in the U.S. by the end of the decade as retailers, creators and streaming platforms embrace the format.

Why it matters: After years of failed attempts to replicate China's livestream shopping boom, the U.S. market is finally gaining momentum.

The latest NATO summit, held in Turkey this month, may be most remembered not for politicking and posturing, but for sideline dealmaking.

The big picture: The Ankara get-together concluded with more than $50 billion in new procurements on the books, according to the alliance's readout, as well as a handful of agreements to expand weapons production across borders.

• "One thing is clear: The money is there, and much more is coming. But this cash must be put to work," NATO boss Mark Rutte said at a defense-industrial-base forum that coincided with the summit.

Even the "cheap seats" at most World Cup games were expensive, with last-minute prices reaching thousands of dollars for some matches.

The big picture: Get-in prices ranged from just over $300 for a group-stage match in Atlanta to more than $3,800 for Mexico's Round-of-16 match with England in Guadalajara.

The latest batch of data offered a fresh look at three corners of the economy: Homebuilding rebounded after a weak spring, import prices continued edging higher, and consumer moods brightened for a second straight month.

Andy Burnham will be the U.K.'s new prime minister after becoming Labour's leader Friday.

Why it matters: Burnham vaulted from regional politics to the cusp of Downing Street within weeks — an unusually rapid ascent that leaves him little time to prepare for mounting economic and political challenges.

Ukraine's drone attacks on refineries have hammered Russia's oil infrastructure, creating an economic shock that is increasingly visible worldwide, including in the U.S.

Why it matters: The effectiveness of the Ukrainian drone campaign is helping drive up world energy prices already elevated by the Iran war.

President Trump alleged Thursday that U.S. intelligence agencies covered up information about alleged Chinese efforts to influence the 2020 U.S. election.

Why it matters: The document release is likely to renew scrutiny of Trump's claims about foreign interference in the U.S. election and the government's past intelligence assessments.

President Trump alleged during a White House address Thursday that China interfered in the 2020 election and that U.S. intelligence agencies covered it up.

Why it matters: Trump is reopening a politically charged debate over China's role in the 2020 election while directly challenging U.S. intelligence assessments that concluded Beijing did not try to influence the election's outcome.

White House officials were surprised in recent days to read in the Israeli press that President Trump would host Prime Minister Benjamin Netanyahu on Monday.

• In fact, no meeting has been scheduled.

Why it matters: Netanyahu has visited the Oval Office six times since Trump returned to office a year and a half ago — more than any other world leader. Each of those meetings was scheduled within a matter of hours or days. This time, Netanyahu has been trying to get an appointment for more than two weeks.