Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) US Army Secretary Dan Driscoll is stepping down after repeated clashes with his boss, Pete Hegseth, leaving the service without several top leaders even as the conflict with Iran continues.

(2) Shein struggled in its Hong Kong debut after a years-long process to an initial public offering that eventually valued the company at a fraction of what it was once worth and still left investors questioning its value as consumer play.

(3) US Treasury Secretary Scott Bessent told Japanese Finance Minister Satsuki Katayama and Bank of Japan Governor Kazuo Ueda that the Asian country’s next step should be to raise interest rates, NHK reports, citing an interview with a US official.

(4) Anthropic agreed to a $35 billion computing deal with Lambda, a cloud provider backed by Nvidia , part of an effort to quickly expand its AI capacity, according to a person familiar with the matter.

(5) Superstar Lionel Messi announced his retirement from Argentina’s national team after more than two decades, marking the end of an era for the football-obsessed South American nation.

Podcast Conversation: US Economy Needs Clusters Like Silicon Valley: Allison Schrager