Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US and Iran are locked in a battle for control of the Strait of Hormuz after failing to meet for a fresh round of peace talks, with both sides blocking the waterway to gain leverage during an extended ceasefire. The US is maintaining a naval blockade on ships going to and from Iran’s ports, which Iran calls a violation of the ceasefire, while Iran is keeping Hormuz closed to almost all other international traffic. The blockade and closure of the Strait of Hormuz have led to increased oil prices and concerns about supply shortages and a global inflation crisis
2) Navy Secretary John Phelan was fired after clashing with top leaders at the Pentagon, including over administration efforts to revive US shipbuilding. Phelan was pushed out after butting heads with Defense Secretary Pete Hegseth and Deputy Defense Secretary Stephen Feinberg over President Trump’s focus on a new US “Golden Fleet." Undersecretary Hung Cao will replace Phelan, according to Pentagon spokesman Sean Parnell, who said Phelan was stepping down “effective immediately."
3) Tesla anticipates billions of dollars in additional spending this year to support Elon Musk’s ambitions to transform the company into an AI and robotics company. Capital expenditures this year will exceed $25 billion, roughly three times last year’s outlay, to be put toward a dramatic expansion of factory operations and initiatives such as production of its Optimus humanoid robot. The investments will support production of key products including Cybercab, Semi and an updated version of its Megapack battery storage system, with Tesla remaining on track to start making these products.