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Photo: Ben Stansall/AFP via Getty Images

Team USA's men's rugby sevens team was knocked out of the quarterfinals of the Olympics on Tuesday after falling 26-21 to Great Britain.

Why it matters: It's a stinging defeat for a USA team as a favorite to make a deep run in the tournament, buoyed by the comeback of two-time world rugby sevens player of the year Perry Baker.

  • Team USA dominated in the first half, but was unable to cling to a 21-0 lead as Great Britain fought back in the final seven minutes.
  • Great Britain will go on to play the New Zealand All Blacks, perennially one of the best teams in the world, in the semifinals.

Go deeper: Full Axios Olympics coverage

Go deeper

American Jennifer Valente wins final women's cycling gold of Tokyo Games

Team USA's Jennifer Valente with a U.S. flag after winning the women's track cycling omnium points race during the Tokyo Olympic Games at Izu Velodrome in Izu, Japan, on Sunday. It was cycling's final gold medal available. Photo: Peter Parks/AFP via Getty Images

Team USA's Jennifer Valente won the Olympic gold medal in the women's cycling omnium event on Sunday.

The big picture: Japan's Yumi Kajihara won silver and the Netherlands' Kirsten Wild took bronze. It was Valente's second Tokyo Games medal, after winning bronze Tuesday in the team pursuit.

Go deeper: Full Axios Olympics coverage

19 mins ago - World

Putin is challenging Ukraine's "right to exist," Blinken says

Blinken (L) speaks in Berlin on Thursday. Photo: Kay Nietfeld - Pool/Getty

Secretary of State Tony Blinken put the stakes of a Russian invasion of Ukraine in stark terms on Thursday, saying Vladimir Putin's threat is a direct challenge to Ukraine's "right to exist" as an independent country and a democracy.

What he's saying: “There’s been a lot of speculation about President Putin’s true intentions, but we don’t actually have to guess. He’s told us, repeatedly. He’s laying the groundwork for an invasion because he doesn’t believe Ukraine is a sovereign nation," Blinken said during a speech in Berlin.

Dan Primack, author of Pro Rata
55 mins ago - Politics & Policy

Jared Kushner wants to Trump-proof his private equity future

Illustration: Rebecca Zisser/Axios

Jared Kushner appears to have convinced the private equity market that he'll stick with his new firm, called Affinity Partners, even if his father-in-law returns to the White House.

The big picture: Private equity is littered with former presidential advisers and cabinet officials, and Trump's is proving to be no different.