1 hr. ago
Sign up for Semafor Washington, DC: What the White House is reading. Read it now.
In this article:
As soon as Republican Sen. Darline Graham won the GOP nomination to replace her late brother in August, Democrat Annie Andrews made her move.
Andrews immediately began spending more than $5 million on advertising in South Carolina’s Senate race at a moment when she largely had the airwaves to herself as her new opponent struggled to raise money. At the time, Republicans were racing to prioritize other competitive races across the country — and most people in both parties still saw South Carolina as a pipe dream for Democrats.
But by October, when the rest of the country began tuning into South Carolina — and spending money — Andrews quietly became the frontrunner, according to internal campaign details shared with Semafor following her victory on Tuesday.
#semafor #began
In this article:
As soon as Republican Sen. Darline Graham won the GOP nomination to replace her late brother in August, Democrat Annie Andrews made her move.
Andrews immediately began spending more than $5 million on advertising in South Carolina’s Senate race at a moment when she largely had the airwaves to herself as her new opponent struggled to raise money. At the time, Republicans were racing to prioritize other competitive races across the country — and most people in both parties still saw South Carolina as a pipe dream for Democrats.
But by October, when the rest of the country began tuning into South Carolina — and spending money — Andrews quietly became the frontrunner, according to internal campaign details shared with Semafor following her victory on Tuesday.
#semafor #began
27 days ago
Investing.com -- Shares of Chipotle Mexican Grill (NYSE: CMG) and Starbucks (NASDAQ: SBUX) swung sharply Thursday following a Financial Times report that Starbucks has explored a potential acquisition of the burrito chain.
Before you buy NVIDIA: our AI model's stock picks are beating the market by 120%+. See the list now »
Chipotle shares initially jumped as much as 8% following the report, while Starbucks fell as much as 6%. Both stocks later pared those moves as investors weighed the potential implications of a deal.
Whispers of a potential tie-up had circulated previously, including a report from Semafor, but the speculation was largely dismissed by the market at the time. The Financial Times report carries greater weight, indicating that Starbucks has worked with advisers in recent months on a potential proposal for Chipotle, which currently has a market value of nearly $39 billion.
The sharp divergence in the stocks, however, could complicate the financial mechanics of a potential transaction. Starbucks' declining share price would reduce the value of any equity used as consideration, while Chipotle's rally increases the price Starbucks would need to pay for the company. The status of Starbucks' plans, including whether it has made a formal offer, remains unclear.
#starbucks #market #shares
Before you buy NVIDIA: our AI model's stock picks are beating the market by 120%+. See the list now »
Chipotle shares initially jumped as much as 8% following the report, while Starbucks fell as much as 6%. Both stocks later pared those moves as investors weighed the potential implications of a deal.
Whispers of a potential tie-up had circulated previously, including a report from Semafor, but the speculation was largely dismissed by the market at the time. The Financial Times report carries greater weight, indicating that Starbucks has worked with advisers in recent months on a potential proposal for Chipotle, which currently has a market value of nearly $39 billion.
The sharp divergence in the stocks, however, could complicate the financial mechanics of a potential transaction. Starbucks' declining share price would reduce the value of any equity used as consideration, while Chipotle's rally increases the price Starbucks would need to pay for the company. The status of Starbucks' plans, including whether it has made a formal offer, remains unclear.
#starbucks #market #shares
2 months ago
United Airlines CEO Scott Kirby doesn't have time for endless meetings.
Instead, he sleeps eight and a half hours a day and reads roughly 2 books a week.
Does his advice change how you would structure your day?
Don't think that United Airlines CEO Scott Kirby is going to sit through your slide deck.
"If you want to send a deck, send it to me in advance, and then we're just going to talk about it, but you're not going to read slides to me," Kirby told Semafor's "CEO Signal" podcast.
#airlines #scott #deck #don 't
Instead, he sleeps eight and a half hours a day and reads roughly 2 books a week.
Does his advice change how you would structure your day?
Don't think that United Airlines CEO Scott Kirby is going to sit through your slide deck.
"If you want to send a deck, send it to me in advance, and then we're just going to talk about it, but you're not going to read slides to me," Kirby told Semafor's "CEO Signal" podcast.
#airlines #scott #deck #don 't
2 months ago
While it seems that Democrats and Republicans can't agree on much of anything these days, there's at least one common enemy that's bringing both sides of the aisle together: data centers. Representatives on both sides of the aisle are increasingly pushing back against hyperscalers who are developing massive data center campuses on local energy grids, driving up energy demand and therefore causing electricity prices to skyrocket for everyone, whether they benefit from the artificial intelligence boom or not.
The Trump administration has attempted to resolve the issue by pushing the tech sector to provide its own energy sources to power its rapidly proliferating data centers. But while the legislation ostensibly pushes the responsibility of energy buildout – and the money to support it – back onto the tech firms responsible for skyrocketing energy demand rates in the first place, there is some concern that the policy may yield some considerable and costly unintended consequences.
Trump "essentially envisions a bespoke new power system built in parallel to the existing one," argues a recent op-ed from the energy editor of non-partisan news outlet Semafor. By inviting Big Tech to build its own energy infrastructure, policymakers are inviting the private sector to create a shadow grid that operates outside of the regulations that govern our standard electricity grids, and the oversight mechanisms that ensure compliance with other policy measures, such as environmental protections.
Plus, by encouraging Big Tech to invest in its own energy infrastructure, the country is missing out on a major opportunity to encourage much-needed investment in its own aging grid at a time when more resilience and greater transmission infrastructure is sorely needed. "Most of today's cost pressure is coming from transmission, distribution, and system readiness, not energy supply," Brandon Owens, a grid expert and founder of advisory platform AIxEnergy, was quoted by Politico last week. "Those costs remain even if a data center self-supplies generation."
Despite these concerns, Big Tech is pushing ahead with some truly gargantuan energy infrastructure projects, most of which are being developed in tandem with sprawling data center campuses. Amazon is currently building a gas-fired power plant in Texas that is set to become the single-biggest source of power-related emissions in the entire United States. And just this week, Nvidia announced that it would team up with ****** an's SoftBank and the United States government to build the country's largest fossil-fuel plant to power an OpenAI project in Ohio.
#Trump
The Trump administration has attempted to resolve the issue by pushing the tech sector to provide its own energy sources to power its rapidly proliferating data centers. But while the legislation ostensibly pushes the responsibility of energy buildout – and the money to support it – back onto the tech firms responsible for skyrocketing energy demand rates in the first place, there is some concern that the policy may yield some considerable and costly unintended consequences.
Trump "essentially envisions a bespoke new power system built in parallel to the existing one," argues a recent op-ed from the energy editor of non-partisan news outlet Semafor. By inviting Big Tech to build its own energy infrastructure, policymakers are inviting the private sector to create a shadow grid that operates outside of the regulations that govern our standard electricity grids, and the oversight mechanisms that ensure compliance with other policy measures, such as environmental protections.
Plus, by encouraging Big Tech to invest in its own energy infrastructure, the country is missing out on a major opportunity to encourage much-needed investment in its own aging grid at a time when more resilience and greater transmission infrastructure is sorely needed. "Most of today's cost pressure is coming from transmission, distribution, and system readiness, not energy supply," Brandon Owens, a grid expert and founder of advisory platform AIxEnergy, was quoted by Politico last week. "Those costs remain even if a data center self-supplies generation."
Despite these concerns, Big Tech is pushing ahead with some truly gargantuan energy infrastructure projects, most of which are being developed in tandem with sprawling data center campuses. Amazon is currently building a gas-fired power plant in Texas that is set to become the single-biggest source of power-related emissions in the entire United States. And just this week, Nvidia announced that it would team up with ****** an's SoftBank and the United States government to build the country's largest fossil-fuel plant to power an OpenAI project in Ohio.
#Trump
3 months ago
Long before becoming a Hollywood mainstay with a market cap of over $315 billion, Netflix was struggling to stay afloat. After the dotcom bust, the then DVD rental company was forced to make its first major round of layoffs in 2001, cutting roughly one-third of its workforce.
For Netflix cofounder Reed Hastings, the experience drove home a lesson about how to think about a company: It may be a tight-knit team, but it isn't a family.
"People respect great teams, and they respect families and how we operate," Hastings recently told Semafor. "But if you describe yourself as a family at a company, you better not ever do a layoff. You would never lay off two of your kids, right? Then people get very cynical if you say it's a family but don't operate that way."
Netflix soon found a path forward, capitalizing on the rise of DVD players—pivoting to a subscription-based DVD delivery service—and going public in 2002. But Hastings argued that getting too close makes employees feel protected, even when their performance falls short.
"We realized, Wow, maybe we should do a one-third layoff every year," the 65-year-old said. "And of course that's impractical—but we said, how about if we keep the bar high and really think about us as a championship sports team rather than a family."
#netflix #family #Third #team
For Netflix cofounder Reed Hastings, the experience drove home a lesson about how to think about a company: It may be a tight-knit team, but it isn't a family.
"People respect great teams, and they respect families and how we operate," Hastings recently told Semafor. "But if you describe yourself as a family at a company, you better not ever do a layoff. You would never lay off two of your kids, right? Then people get very cynical if you say it's a family but don't operate that way."
Netflix soon found a path forward, capitalizing on the rise of DVD players—pivoting to a subscription-based DVD delivery service—and going public in 2002. But Hastings argued that getting too close makes employees feel protected, even when their performance falls short.
"We realized, Wow, maybe we should do a one-third layoff every year," the 65-year-old said. "And of course that's impractical—but we said, how about if we keep the bar high and really think about us as a championship sports team rather than a family."
#netflix #family #Third #team
3 months ago
CNN's potential new parent company and its network chief have separately both floated the same idea to ******* uage viewers jittery about future meddling in the iconic cable news network's journalism.
Last week, The Wall Street Journal reported that Paramount leadership had discussed forming an independent editorial board to oversee CNN as it hopes to complete its merger with CNN parent company Warner Brothers Discovery. The report came days after Endeavor chief Ari Emanuel, a major proponent of the merger, pitched the idea on CNBC.
CNN has not weighed in on the idea publicly, as the network awaits the resolution of Democratic-led states' lawsuits to block the deal. But in recent months, CNN President Mark Thompson has pondered a similar setup.
Last year, during an off-the-record gathering with media executives, two people familiar with the conversations told Semafor that Thompson was questioned about how he would preserve the network's journalistic independence amid broader speculation that CNN would likely come under new ownership. The gathering included senior figures in media and media-focused nonprofits, many of whom were increasingly concerned about preserving news media amid a period of radical change.
Thompson suggested that the network could establish an independent board, similar to British models like the Guardian's Scott Trust, which shields the UK media outlet from business-side meddling.
#parent #chief #independent
Last week, The Wall Street Journal reported that Paramount leadership had discussed forming an independent editorial board to oversee CNN as it hopes to complete its merger with CNN parent company Warner Brothers Discovery. The report came days after Endeavor chief Ari Emanuel, a major proponent of the merger, pitched the idea on CNBC.
CNN has not weighed in on the idea publicly, as the network awaits the resolution of Democratic-led states' lawsuits to block the deal. But in recent months, CNN President Mark Thompson has pondered a similar setup.
Last year, during an off-the-record gathering with media executives, two people familiar with the conversations told Semafor that Thompson was questioned about how he would preserve the network's journalistic independence amid broader speculation that CNN would likely come under new ownership. The gathering included senior figures in media and media-focused nonprofits, many of whom were increasingly concerned about preserving news media amid a period of radical change.
Thompson suggested that the network could establish an independent board, similar to British models like the Guardian's Scott Trust, which shields the UK media outlet from business-side meddling.
#parent #chief #independent
3 months ago
Saudi Arabia's data center capacity is forecast to reach 1 gigawatt by 2030, making it the fastest-growing Gulf market in a sector awash in cash and FOMO. The pipeline of announced projects is larger still — PIF's HUMAIN alone is targeting more than 6 GW in the coming decade. Financing even half of that will require up to $32 billion in debt, more than the kingdom's banks are likely to be willing to ****** emble themselves, according to a report from consulting firm Alvarez & Marsal.
"Digital infrastructure is now one of the largest single sources of new project debt in our pipeline," Kurt Davis Jr., the report's author, told Semafor. The pace is being driven by vast government demand, data sovereignty legislation that is keeping caches in-country, and hyperscalers increasingly looking to lease data center ****** e rather than build in new markets. Cheap power and plentiful land further help the pitch.
Institutional money is already circling: KKR earmarked part of its massive new infrastructure fund to back more Gulf tech build-outs last week. Such bullishness comes just five months after Iranian drones struck AWS sites in the UAE and Bahrain, casting doubt at the time on the future of the sector in the region. Unlike data centers, the memories of their investors can be short.
— Kelsey Warner
#sector #pipeline
"Digital infrastructure is now one of the largest single sources of new project debt in our pipeline," Kurt Davis Jr., the report's author, told Semafor. The pace is being driven by vast government demand, data sovereignty legislation that is keeping caches in-country, and hyperscalers increasingly looking to lease data center ****** e rather than build in new markets. Cheap power and plentiful land further help the pitch.
Institutional money is already circling: KKR earmarked part of its massive new infrastructure fund to back more Gulf tech build-outs last week. Such bullishness comes just five months after Iranian drones struck AWS sites in the UAE and Bahrain, casting doubt at the time on the future of the sector in the region. Unlike data centers, the memories of their investors can be short.
— Kelsey Warner
#sector #pipeline
3 months ago
African countries must open up their power markets in order to court the private investors needed to supply the electricity that AI will demand, a data center executive told Semafor, as a new report warned the continent risks seeing little economic benefit from the technology.
Africa's economy is barely expanding on a per capita basis, and household living standards are stagnant across the continent. With the labor force projected to almost double by 2050, many African governments fear growing unemployment in the next few years. AI, as in other parts of the world, offers an opportunity to drive economic growth. But Africa only hosts about 160 data centers — around 5.5% of the global total — and aging grids in many African countries mean access to power, the key driver of AI infrastructure expansion, is limited.
In Africa, independent power producers typically sell electricity to state utilities under long‑term power purchase agreements. But private‑to‑private supply — in which a private generator sells directly to an industrial or commercial buyer using the grid, a practice that is commonplace across the West — remains rare on the continent.
In an interview, Robert Skjødt, CEO of Raxio, a data center company that operates in six African countries, said that in many nations, regulatory reform was needed to "allow a private supplier of electricity to supply to a private buyer" while using the grid.
The potential upside is significant: The International Monetary Fund, in a paper published on Tuesday, said AI could make sub-Saharan Africa's economy around 4% bigger over the next decade than its baseline projection — but that requires better electricity supply, internet access, and digital skills. Policymakers and business leaders have long warned that Africa's power shortfall in particular, if left unaddressed, would starve energy-hungry data centers of the electricity needed to digitize economies.
#private #african #needed #many
Africa's economy is barely expanding on a per capita basis, and household living standards are stagnant across the continent. With the labor force projected to almost double by 2050, many African governments fear growing unemployment in the next few years. AI, as in other parts of the world, offers an opportunity to drive economic growth. But Africa only hosts about 160 data centers — around 5.5% of the global total — and aging grids in many African countries mean access to power, the key driver of AI infrastructure expansion, is limited.
In Africa, independent power producers typically sell electricity to state utilities under long‑term power purchase agreements. But private‑to‑private supply — in which a private generator sells directly to an industrial or commercial buyer using the grid, a practice that is commonplace across the West — remains rare on the continent.
In an interview, Robert Skjødt, CEO of Raxio, a data center company that operates in six African countries, said that in many nations, regulatory reform was needed to "allow a private supplier of electricity to supply to a private buyer" while using the grid.
The potential upside is significant: The International Monetary Fund, in a paper published on Tuesday, said AI could make sub-Saharan Africa's economy around 4% bigger over the next decade than its baseline projection — but that requires better electricity supply, internet access, and digital skills. Policymakers and business leaders have long warned that Africa's power shortfall in particular, if left unaddressed, would starve energy-hungry data centers of the electricity needed to digitize economies.
#private #african #needed #many
4 months ago
President Donald Trump may be posting and talking about the fresh ***** assination threat he faces from Iran — but in private, according to those closest to him, he rarely brings it up.
Trump is still affected in his own way by the near-constant threats he faces as president, from both domestic and foreign actors. He has long taken a fatalistic view of his life — an outlook that's only deepened since the ***** assination attempt in Butler, Pennsylvania, just over two years ago, and subsequent attempts to harm him or his circle.
The threat to Trump's life from Tehran, which dates back to his 2020 authorization of the drone strike that killed Iranian military commander Qassem Soleimani, spilled into public view in Turkey earlier this month. Amid an unraveling ceasefire with Iran, Trump mused that he is its "Number One target" and ultimately ditched his new Air Force One, reportedly due to security concerns about the aircraft's defensive capabilities.
Behind closed doors, however, Trump shows a different, almost wry side as he considers his safety. More than a half-dozen aides and lawmakers close to him confirmed to Semafor that he doesn't dwell seriously on ***** assination risks — but when it does come up, he's known to "joke about it," one White House official said.
"He says it privately a lot, too: 'Nobody told me how dangerous it is to be president, and if they had told me, I probably wouldn't have run.' And he makes comments like that in jest, but there's a reality behind that," the official told Semafor.
Trump is still affected in his own way by the near-constant threats he faces as president, from both domestic and foreign actors. He has long taken a fatalistic view of his life — an outlook that's only deepened since the ***** assination attempt in Butler, Pennsylvania, just over two years ago, and subsequent attempts to harm him or his circle.
The threat to Trump's life from Tehran, which dates back to his 2020 authorization of the drone strike that killed Iranian military commander Qassem Soleimani, spilled into public view in Turkey earlier this month. Amid an unraveling ceasefire with Iran, Trump mused that he is its "Number One target" and ultimately ditched his new Air Force One, reportedly due to security concerns about the aircraft's defensive capabilities.
Behind closed doors, however, Trump shows a different, almost wry side as he considers his safety. More than a half-dozen aides and lawmakers close to him confirmed to Semafor that he doesn't dwell seriously on ***** assination risks — but when it does come up, he's known to "joke about it," one White House official said.
"He says it privately a lot, too: 'Nobody told me how dangerous it is to be president, and if they had told me, I probably wouldn't have run.' And he makes comments like that in jest, but there's a reality behind that," the official told Semafor.
4 months ago
An aide to New York City Mayor Zohran Mamdani reportedly lashed out at ABC executives after "The View" co-host Sara Haines called a Mamdani-backed socialist congressional candidate an antisemite.
Mamdani flexed his political influence last month after three candidates that he endorsed in New York congressional primaries — Brad Lander, Claire Valdez and Darializa Avila Chevalier — won over Democratic establishment candidates.
The New York City mayor's team had pitched the liberal talk show to have the socialist candidates on, but the show had declined, according to Semafor.
Democratic Infighting Grows As Congresswoman Exposes 'Disrespectful' Welcome Of Socialists Into 'Big Tent'
During an episode of the show on June 24, co-host Alyssa Farah Griffin and Haines pushed back on the actions and comments of some of the candidates backed by Mamdani. Haines said Chevalier was at an anti-Israel rally on October 8, 2023, the day after Hamas' massive terrorist attack against Israel by Hamas.
Mamdani flexed his political influence last month after three candidates that he endorsed in New York congressional primaries — Brad Lander, Claire Valdez and Darializa Avila Chevalier — won over Democratic establishment candidates.
The New York City mayor's team had pitched the liberal talk show to have the socialist candidates on, but the show had declined, according to Semafor.
Democratic Infighting Grows As Congresswoman Exposes 'Disrespectful' Welcome Of Socialists Into 'Big Tent'
During an episode of the show on June 24, co-host Alyssa Farah Griffin and Haines pushed back on the actions and comments of some of the candidates backed by Mamdani. Haines said Chevalier was at an anti-Israel rally on October 8, 2023, the day after Hamas' massive terrorist attack against Israel by Hamas.
5 months ago
Lionsgate Studios Corp. (NYSE:LION) is one of the 10 Stocks With Standout Gains.
Lionsgate climbed to a fresh all-time high on Tuesday following reports that it was being eyed for acquisition by Netflix Corp.
In intra-day trading, the stock surged to its highest price of $16.70 before paring gains to finish the session just up by 13.85 percent at $16.36 apiece. Tuesday also marked its fifth consecutive day of gains.
Photo by Tima Miroshnichenko on Pexels
A report by Semafor said Tuesday that Netflix has set its sights on Lionsgate Studios Corp. (NYSE:LION), albeit it has yet to make a formal offer. Both parties have yet to issue a comment about the report.
Lionsgate climbed to a fresh all-time high on Tuesday following reports that it was being eyed for acquisition by Netflix Corp.
In intra-day trading, the stock surged to its highest price of $16.70 before paring gains to finish the session just up by 13.85 percent at $16.36 apiece. Tuesday also marked its fifth consecutive day of gains.
Photo by Tima Miroshnichenko on Pexels
A report by Semafor said Tuesday that Netflix has set its sights on Lionsgate Studios Corp. (NYSE:LION), albeit it has yet to make a formal offer. Both parties have yet to issue a comment about the report.
7 months ago
LeBron James is getting ready for his post-NBA media career, partner says
LeBron James’ longtime business partner has been laying the groundwork to grow the basketball superstar’s business when he steps away from the game.
In an appearance at last week’s Semafor World Economy gathering, Maverick Carter said that changes in the tech and media landscape allowed James some flexibility in terms of his next moves once he retires — which could be as soon as later this month, if the Lakers fall to the Houston Rockets in the first round of the NBA playoffs, or after next season.
Carter told Semaf
LeBron James’ longtime business partner has been laying the groundwork to grow the basketball superstar’s business when he steps away from the game.
In an appearance at last week’s Semafor World Economy gathering, Maverick Carter said that changes in the tech and media landscape allowed James some flexibility in terms of his next moves once he retires — which could be as soon as later this month, if the Lakers fall to the Houston Rockets in the first round of the NBA playoffs, or after next season.
Carter told Semaf
7 months ago
Republicans enter spring legislative sprint
The House and Senate are speeding toward quick — and finite — action on the Trump administration’s immigration enforcement funding and on expiring surveillance powers.
Sen. Rick Scott, R-Fla., said at Semafor World Economy on Monday that he’d back the plan to send roughly $50 billion in frontloaded Immigration and Customs Enforcement and border security funding for Customs and Border Protection, a crucial conservative boost for the plan.
Senate Majority Leader John Thune said Republicans are aggressively moving to “limit” the measure to help shi
The House and Senate are speeding toward quick — and finite — action on the Trump administration’s immigration enforcement funding and on expiring surveillance powers.
Sen. Rick Scott, R-Fla., said at Semafor World Economy on Monday that he’d back the plan to send roughly $50 billion in frontloaded Immigration and Customs Enforcement and border security funding for Customs and Border Protection, a crucial conservative boost for the plan.
Senate Majority Leader John Thune said Republicans are aggressively moving to “limit” the measure to help shi
