Steve Yates delivers a Nation States weekend update on the major national security and geopolitical developments shaping the U.S. competition with Iran and China.

Steve examines the attempted attack aboard a FlyDubai flight bound for Israel and developments in the United Kingdom, and discusses what they could mean for Iran, the IRGC, and the possibility of further military action. The FlyDubai investigation remains ongoing; President Trump has suggested a possible Iranian connection and threatened a strong response if one is established, while officials have cautioned that the motive and any connection to Tehran have not yet been confirmed.

Then, Steve turns to the global AI race with China, U.S. energy security, the Strait of Hormuz, and the strategic importance of Alaska and Greenland. He explains his view of how expanded American energy production, access to rare earth minerals, and cooperation with allies could reduce China's leverage over critical supply chains.

Plus, Steve assesses the proposed South Korean investment in Alaska energy infrastructure and what it could mean for U.S. energy dominance and America's allies in the Indo-Pacific. Trump announced plans involving a $54 billion South Korean investment in an Alaska natural-gas project, although South Korean officials have indicated that participation remains subject to commercial considerations.

From Iran and the IRGC to China, AI, energy, rare earths, Alaska, and the Strait of Hormuz, Steve Yates breaks down the stories to watch heading into the weekend.