Holmuz has a toll station, Rewire

Iran has installed a toll gate in the Strait of Hormuz, and OpenAI has chosen to buy a media instead of a better-trained model. When control is more valuable than performance, orderly rewriting of cost accounts is emerging。

Iran priced the global oil course during the war

THE UNITED STATES TROOPS BOMBED THE IRANIAN CIVILIAN INFRASTRUCTURE FOR THE FIRST TIME ON THURSDAY, DESTROYING THE B-1 BRIDGE NEAR TEHRAN. TRUMP'S LAST NIGHT ON TELEVISION THREATENED TO BLOW IRAN BACK TO THE STONE AGE. ALMOST AT THE SAME TIME, THE DEPUTY FOREIGN MINISTER OF IRAN ANNOUNCED THAT AN AGREEMENT ON PASSAGE THROUGH THE STRAIT OF HORMUZ WAS BEING DRAWN UP WITH OMAN TO CHARGE TRANSIT SHIPS. WALL STREET READ THE DECOMPOSITION SIGNAL AND THE U.S. STOCK RECOVERED THE FULL DROP. BUT THE CRUDE OIL DOESN'T BUY, THE WTI GOES UP 9% TO $1 108.95/BARREL。

FROM THE FEBRUARY WAR TO THE PRESENT, DAILY SHIPS IN THE STRAITS FELL FROM 130 TO 6. IEA CALLED IT "THE LARGEST SUPPLY DISRUPTION IN THE HISTORY OF THE GLOBAL OIL MARKET". IRAN’S BILLING PROGRAMME IS NOT A DE-ESCALATION, BUT A CHANGE IN THE RIGHT OF PASSAGE FOR 20 PER CENT OF THE WORLD’S OIL SUPPLY FROM “FREE NAVIGATION” TO “CONDITIONAL LICENSING”. MULTINATIONAL DIPLOMATS WERE DISCUSSING THE REOPENING OF THE CHANNEL AND THE UNITED STATES REFUSED TO ATTEND. TRUMP'S POSITION IS CLEAR: PROTECTING HOLMUZ IS NOT A MATTER FOR THE UNITED STATES。

(Source: Axios / Fortune / Al Jazeera / IEA / UNCTAD)

2% OpenAI buys a media company, not content, narrative rights

OpenAI's acquisition of the tech talk show TBPN, the first media merger in the AI industry. TBPN's live three hours a day, and this year's projected receipt of $60 million for Bill Bloomberg and CNBC. Sam Otmann, Zuckerberg, Peter Thiel have all been on the show. OpenAI claims that TBPN maintains editorial independence, but that the programme is presented to Chris Lehane, the company's chief political operator。

The logic is not content, it is being distributed. OpenAI is facing a triple-strike of public confidence crisis, employee loss disputes and regulatory pressure. When the official term is "Standard Public Relations Manual does not apply to us", the answer is to bypass the media and have direct access to the channels of communication. Six media outlets in Bloomberg, WSJ, Wired, Reuters, CNBC, and The New York Times reported the transaction on the same day, which in itself was a sign that AI acquired the media and that everyone was already watching。

(Source: TechCrunch / Wired / Bloomberg / WSJ / Reuters / NYT)

3-ton Microsoft officially started "go to OpenAI" and Suleyman turned to super smart

Microsoft completes the key AI organizational reorganization. Mustafa Suleyman is no longer involved in the Copilot product line and is fully involved in the development of the "super smart" model. The mid-March adjustment pushed three things together. Copilot is under the responsibility of former Snap executive Jacob Andrews, MAI super-smart teams that publish voice transfer, audio generation, and three self-research basic models for image generation, and FT Report Microsoft has launched a "middle-level" AI model for computationalally limited scenarios。

Looking back in October 2025, Microsoft and OpenAI amended the agreement, which allows both parties to "sought independently for AGI". Six months later, Suleyman wrote in his internal memo that he was going to put all his energy into super intelligence. It's no longer a hedge risk, it's a $13 billion investment swap contract that is officially a stand-alone route。

(Source: The Verge / TechCrunch / FT / Bloomberg / CNBC)

4BBrue Owl 54 billion foreclosure, AI's impact on credit assets began to be transmitted

Two private loan funds under the Blue Owl Capital were bought off in exchange. Quarterly foreclosure requests by Blue Credit Corporation. The company was forced to impose a 5% ransom cap, about $5.4 billion locked in the door. Blue Owl stock prices fell by 7 per cent, Blackstone, Apollo, KKR was down by about 3 per cent and the entire alternative asset management board was dragged into panic。

Blue Owl blames this for “negative sentiment in the market”, but investors’ panic points to it. Blue Owl ' s core asset is a loan to a software company, and AI is redefining which software companies will survive and which will be replaced. As the AI programming tool began to encroach on SaaS ' s moat, the cash flow behind these loans became uncertain. The $1.8 trillion private credit market has been seen as "a more robust alternative to solid harvests", and Blue Owl is the first sign of a crack in this narrative。

(Source: Bloomberg / FT / Reuters / CNBC)

IPO, Mask tied the rocket, AI, and the military

SpaceX increased the IPO target valuation to over $2 trillion, potentially the largest listing in history. Goldman Sachs, Morgan Chase, Bank of America, Morgan Stanley all received a sales role, financing a total of $75 billion, more than the Saudi Arabian record in 2019. SpaceX has submitted a confidential IPO document to the SEC and is expected to be boarded this summer。

A few months ago, SpaceX was still valued at $1.25 trillion and acquired XAI and jumped to $2 trillion. The source of the premium was not the number of launches; it was Mask that bound the Starlink satellite Internet, the military launch contract, the xAI Grok model as a non-distributable complex. It's not a space company's stock that investors buy, it's a Marsk infrastructure ticket. Tesla Q1 delivery was published on the same day, 6 per cent more than the same year, but the ring was down and the stock price fell by 5 per cent。

(Source: Bloomberg / 36 Krypton / The Verge / SEC Filling)

And it's worth knowing, Zoo

Mercor was attacked by the supply chain and AI trained to break the data security chain. The $10 billion-valued AI data was initially invaded by Lapsus$ through the Open Source Library LiteLLM, claiming to have stolen 4TB data, including training data sets and project information for Openai, Anthropic and Meta. An attack vector is a supply chain rather than a direct invasion, meaning that a compromise of an open-source component can affect the entire AI training pipeline. (Source: Fortune)

Google Gemma 4 changed to the Apache 2.0 license, and the commercial barrier to Open Source AI disappeared. Four dimensions, for the first time using standard open source licences approved by OSI, remove the resistance of corporate law review. Gemma’s self-defined permission had previously pushed a large number of businesses to Mistral and Ali’s Qwen. Changes in licences may change market patterns more than changes in model performance. (Source: Ars Technica / Venture Beat / Google)

Trump dismissed the Minister of Justice, Bondi, and the Army Chief of Staff, General George, on the same day. Bondi Acting Minister of Justice, Todd Blanche, exonerated for Epstein file processing and failure to prosecute political opponents. Hegseth was summarily relieved of his 41st position as Army Chief of Staff during the Iranian War, and George was asked to "immediately retire". In times of war, both lines were drawn together with political cleansing. (Source: WSJ / Axios / CNN / NBC)

Anthropic published a study on the existence of "functional emotion" in Claude. Researchers have found computational structures within the model that perform functions similar to human perception. This is not to say that AI has feelings, but rather that the model produces internal conditions that are equivalent to emotional functions when processing information. The boundaries of AI's security research are being extended from "will it lie" to "do it have some kind of internal experience." (Source: Wired)

CFTC sued three states to defend the federal jurisdiction of the forecast market. Arizona, Connecticut and Illinois were prosecuted by the Federal Derivatives Regulatory Authority on the grounds that the Länder had no authority to regulate the federal registered market. At the same time, the suspicious transaction pattern that had emerged within 24 hours of Iran ' s war was still pending, with six accounts making a profit of $1.2 million before the air strike. (Source: CoinDesk / Fortune / Banks)

Goldman Sachs quantified the AI capital labour bottlenecks, with a deficit of 500,000 jobs. Data centre construction requires 300,000 power jobs and 200,000 grid jobs, but the United States currently has only 45,000 energy apprentices. North Virginia's electrician earns more than $120,000 a year. According to Ford CEO Jim Farley, AI is creating a structural shortage of blue-collar labour while eliminating white-collar entry positions. (Source: Fortune / Goldman Sachs)