Morning Briefing — May 23, 2026
Morning Briefing — May 23, 2026
World News
Tulsi Gabbard resigns as Director of National Intelligence — Tulsi Gabbard is stepping down from her role as Director of National Intelligence in the Trump administration, with her resignation taking effect June 30. She cited her husband's battle with a rare form of bone cancer as the reason for her departure. Fox News
US prepares fresh military strikes against Iran as Tehran weighs proposal — The United States is reportedly readying additional military strikes against Iran even as Tehran reviews a fresh US proposal aimed at ending the months-long conflict. The dual-track approach comes amid a fragile ceasefire that markets and diplomats are watching closely. CBS News
US pauses $14bn arms sale to Taiwan amid Iran war strain — Acting US Navy Secretary Hung Cao said Washington is pausing a roughly $14 billion arms package to Taiwan as resources are diverted to the conflict with Iran. The remarks come as President Trump has offered mixed signals about the future of the sale. Al Jazeera
Rubio arrives in India ahead of Quad ministerial meeting — US Secretary of State Marco Rubio touched down in Kolkata on Saturday ahead of a meeting next week with his counterparts from India, Australia and Japan. The gathering of Quad members comes as Washington reasserts its Indo-Pacific strategy amid heightened tensions with China. NPR
Trump family earned at least $2 billion since return to White House, watchdogs find — Research by watchdog groups and media outlets indicates that President Trump and his family have earned at least $2 billion from business ventures and investments tied to his second-term presidency. The findings raise renewed questions about conflicts of interest at the heart of the administration. CBC News
DOJ vows appeal after judge tosses smuggling case against Abrego Garcia — A federal judge dismissed human smuggling charges against Kilmar Abrego Garcia, ruling that the Justice Department had engaged in vindictive prosecution. The DOJ said it would appeal the decision. Fox News
Trump administration tightens green card rules for visa holders — Non-immigrant visa holders will now have to return to their home countries to apply for green cards under a new Trump administration policy. Roughly half of the one million people who apply each year currently do so from inside the United States. NBC News
California chemical tank in crisis prompts urgent evacuations — Officials warn that a 34,000-gallon chemical tank at GKN Aerospace in Garden Grove is in active crisis and could spill thousands of gallons or explode. Authorities have ordered urgent evacuations of the surrounding area. Fox News
Business
S&P 500 notches eighth straight weekly gain on Iran peace hopes — US stocks posted their longest streak of weekly gains since 2023 as investors bet that a fragile US-Iran ceasefire will turn into a lasting peace deal. The S&P 500 has rallied roughly 18% from war-fueled lows, while two-year yields hit their highest since February 2025 as Fed Governor Waller suggested the next rate move could just as easily be a hike. Bloomberg
Pentagon weighs scrapping rare-earths loan to ReElement Technologies — The Pentagon is considering scrapping a conditional loan offer to rare-earths refiner ReElement Technologies, undercutting an agreement meant to help break China's dominance of critical minerals. Markets are also tracking the collapse of merger talks between Spain's Puig and Estée Lauder. Bloomberg
Intuit to cut 17% of workforce alongside soft outlook — Tax-software maker Intuit said it will cut about 17% of its staff and expects roughly $320 million in restructuring charges, largely in the current quarter. Shares fell after the company's third-quarter results and forward guidance disappointed Wall Street. Bloomberg
Walmart posts solid comparable-sales growth as low-price strategy wins shoppers — Walmart reported solid sales growth, with US comparable sales excluding fuel rising in the latest quarter. The retailer's focus on low prices, fast delivery and wide assortment continues to help it gain market share across income brackets. Bloomberg
Deere lifted by construction segment as agriculture markets stay weak — Deere & Co shares rose as strength in its construction and forestry segment helped offset weakness in agriculture, where volatile commodity markets continue to crimp farmer spending. Tight farm budgets reflect the wider squeeze from elevated fertilizer and energy costs. Bloomberg
Global food prices hit highest level since 2023 on Hormuz energy shock — The FAO Food Price Index averaged 130.7 points in April 2026, its highest level since February 2023, driven by a 5.9% surge in vegetable oil prices. Energy-driven shipping disruptions in the Gulf and elevated fertilizer costs are increasingly spilling into global food costs. Reuters / FAO
Carney unveils 'Canada Strong Fund' sovereign wealth vehicle — Canada's Spring Economic Update 2026 introduces a national sovereign wealth fund, the Canada Strong Fund, to invest in strategic projects and companies. The plan also includes Team Canada Strong to recruit and train up to 100,000 new skilled trades workers by 2030-31. Government of Canada / Globe and Mail
US consumer sentiment hits all-time low on gas prices and cost of living — American consumer sentiment has plunged to an all-time low as high gasoline prices and persistent cost-of-living pressures bite. Mortgage rates have also climbed to a nine-month high, complicating the housing market outlook. CNN
Technology
Nvidia says it has 'largely conceded' China AI chip market to Huawei — Nvidia CEO Jensen Huang said the company has effectively ceded China's advanced AI chip market to Huawei amid continued export restrictions. Huang said Nvidia's share of AI accelerators in China has fallen to near zero, even as the company invests across what he calls the AI industry's 'five-layer cake.' CNBC
China's tech giants accelerate homegrown AI chip production — Tencent and Alibaba signaled that production of Chinese-designed AI chips will ramp significantly this year as Beijing pushes self-sufficiency. Tencent forecast a substantial increase in capital expenditure as more domestic chips become available, even as Nvidia's H200 may return to the market. CNBC
Salesforce pushes AI promise amid SaaS sector slump — Salesforce is leaning heavily on its AI roadmap to defend its position against a broader SaaS downturn that has rattled investors. Bloomberg's coverage frames the pitch as a fight for relevance amid what analysts have dubbed a 'SaaSpocalypse.' Bloomberg
US clears H200 sales to 10 Chinese firms but no chips have shipped — The US has authorized roughly 10 Chinese companies to buy Nvidia's H200 AI chips, but not a single delivery has been made amid security requirements and Chinese caution. Lenovo confirmed it is among the approved buyers under Nvidia's export license. CNBC
Nvidia's AI equity bets top $40 billion as portfolio expands — Nvidia has committed more than $40 billion in AI-related equity investments in 2026, including up to $2.1 billion in data-center operator IREN and $3.2 billion in Corning. The chipmaker's strategy of funding companies that buy its GPUs is raising fresh questions about circular AI demand. CNBC
Wall Street AI chip enthusiasm broadens to Intel, AMD and Micron — Investor focus is shifting beyond Nvidia to other chipmakers, with Intel up more than 200% year-to-date and Micron surging over 750% in the past year on memory shortages. The rally reflects bets that data center buildouts will need a far wider range of advanced components. CNBC
IBM among quantum firms set for $2 billion in Trump administration grants — IBM shares moved on news that the Trump administration has agreed to award roughly $2 billion in grants to quantum computing companies, including $1 billion earmarked for IBM. The funding marks a significant federal commitment to a still-emerging computing frontier. Bloomberg
Renewable Energy
BloombergNEF: Solar to become world's largest electricity source by 2032 — BNEF's New Energy Outlook 2026 projects solar will become the single largest source of electricity globally within six years, with storage capacity jumping 17-fold to 3.8 terawatts by 2050. The report argues that successive energy shocks—Covid, Ukraine and the Iran war—are accelerating the transition by spurring nations to cut fossil-fuel import dependence. BloombergNEF
China's clean-tech exports surge 70% year-on-year — China's exports of the 'new three' clean-energy technologies—solar cells and panels, EVs and lithium-ion batteries—surged 70% year-on-year in March 2026 to $21.6bn. The Iran war, a domestic policy deadline and falling silver prices all helped solar exports nearly double month-on-month. Carbon Brief
Clean energy pushes fossil-fuel power into reverse for first time — Renewables overtook coal as the world's largest source of electricity in 2025, and the growth of clean power has now pushed fossil-fuel generation into structural decline for the first time, according to Ember. Coal power fell 0.6% globally last year, with renewables now beating coal in every region except Asia. Carbon Brief
Santa Marta summit charts roadmaps for transitioning away from fossil fuels — Fifty-seven countries representing a third of the world economy attended the first-of-its-kind Santa Marta summit on transitioning away from fossil fuels. Participants agreed plans to develop national roadmaps to move beyond coal, oil and gas and to address subsidies and carbon-intensive trade. Carbon Brief
UAE quits OPEC amid Iran war-driven energy crisis — The United Arab Emirates announced it is leaving OPEC, dealing a blow to the oil producers' group as the Iran war exposes deepening discord among Gulf nations. The move reshuffles the geopolitics of global oil supply at a particularly volatile moment for energy markets. Reuters via Carbon Brief
Wind and solar beat fossil fuels in Great Britain for 15 months running — Wind and solar have now outpaced fossil fuels in Great Britain for a record 15 consecutive months. A decade ago fossil fuels generated four times as much electricity as wind and solar, but since the Iran war the renewables pair have produced roughly twice as much as fossil sources. Carbon Brief
UK government doubles down on clean power in response to Iran energy crisis — The UK government has announced a package of measures to accelerate clean power deployment in response to the energy crisis triggered by the Iran war. The policy push builds on analysis showing record wind and solar saved the UK roughly £1bn in gas imports in March 2026 alone. Carbon Brief
Dakota Access pipeline easement finalized by US government — The US has finalized a federal easement for the Dakota Access crude oil pipeline, ending years of legal limbo for the project. The decision underscores ongoing tension between expanding fossil-fuel infrastructure and the broader push toward clean energy. Bloomberg
Soil Science
AI tools could transform soil science and climate-resilient farming — A new Frontiers in Science paper led by the University of Sydney's Budiman Minasny outlines how multi-agent AI systems could create digital soil twins, enhance microbiome monitoring and trial climate adaptation strategies in computer models before field testing. The authors argue AI could help land managers detect nutrient loss, water stress, compaction and erosion earlier. Frontiers in Science
How AI could secure soil—a vital global resource — Phys.org reports on the new Frontiers in Science study highlighting how AI tools can speed up early-stage soil research and improve predictions for land-use, carbon and climate adaptation decisions. The paper positions AI as an augmentative tool rather than a replacement for expert judgement, while flagging challenges around data quality and model transparency. Phys.org
AI tools hold potential to enhance soil science for climate-resilient agriculture — Food Ingredients First details how multi-agent AI systems could mimic scientific reasoning to accelerate soil research that supports climate-resilient agriculture. Applications span digital soil twins, nutrient optimization, microbiome monitoring and soil carbon management. Food Ingredients First
FAO Food Price Index extends upward trend on vegetable oil and cereal surge — The FAO Food Price Index averaged 130.7 points in April 2026, up 1.6% from March in a third consecutive monthly increase. Wheat prices rose on drought concerns and expectations of reduced 2026 plantings as farmers shift to less fertilizer-intensive crops amid Strait of Hormuz disruption. FAO
UC Riverside robot maps soil moisture tree-by-tree for precision irrigation — Researchers at UC Riverside have developed a robot system that measures soil electrical conductivity across an orchard and combines it with fixed sensor data to map moisture tree-by-tree. The technology, detailed in Computers and Electronics in Agriculture, aims to help growers cut overwatering amid worsening drought. UC Riverside
Improving soil health dramatically reduces locust damage in Senegal — Scientists working with farmers in Senegal have shown that enriching soils can significantly reduce damage from locust swarms that threaten regional food supplies. The findings point to soil health as an under-appreciated tool for protecting crops from pest outbreaks. ScienceDaily
Biochar emerges as sustainable strategy to remediate microplastic-contaminated soils — A new review in the Soil Science Society of America Journal evaluates biochar as a cost-effective, environmentally sustainable strategy for remediating soils contaminated by microplastics. The authors highlight remaining knowledge gaps around microscopic biochar-microplastic interactions and field-scale application. Soil Science Society of America Journal
Regenerative agriculture spreads as farmers restore soil through diversification — A Food Tank explainer details how regenerative practices—reduced tillage, crop diversification and integrated livestock—are being adopted to rebuild soil health degraded by intensive farming. Organizations like RegenAG in Australia, Kiss the Ground in California and La Delia Verde in Argentina are scaling soil-centered approaches globally. Food Tank