U.S. President Donald Trump (left) and NATO Secretary-General Mark Rutte (right) attend a North Atlantic Council meeting held as part of the 36th NATO Heads of State and Government Summit at the Presidential Palace in Ankara, Turkiye on July 8, 2026.
Anadolu | Anadolu | Getty Images
Hello, my name is Katie Foley from London. Welcome to today’s Daily Open Newsletter.
It was a week of narrative whiplash.
In just 48 hours, the NATO summit saw the atmosphere change from tense confrontation to a “love-in” between the allies and the US president.
Meanwhile, on Tuesday, investors aggressively sold semiconductor stocks after Samsung’s financial results disappointed expectations. It’s Friday, and rival SK Hynix is poised to become Wall Street’s darling for the latest AI chips.
What you need to know today
Despite the recent airstrikes, the US remains committed to participating in “technical talks” with Iran and finding a solution to the conflict, MS Now reported on Thursday, citing US officials. This comes after President Donald Trump said at the North Atlantic Treaty Organization (NATO) summit in Ankara, Turkey that the ceasefire with Iran was “over.”
As my colleague Steve Sedgwick said on the ground, “I have never seen such a dramatic reversal of fortune occur in just 48 hours, affecting so many global players.” This summit was more than just a diplomatic gathering. It was a real-time demonstration of how quickly the geopolitical landscape can change when Trump is at the center.
In the market, Asian stocks are echoing Wall Street’s gains, with technology fueling the rally. But futures are showing a more subdued start here Europe.
SK hynix, FRB task force
SK Hynix, South Korea’s second-most valuable company after Samsung, is scheduled to begin trading on the Nasdaq today. The company raised $26.5 billion in a U.S. offering, with an ADR price of $149. This listing will test whether the stock can break free from the “Korean undervalue” that has persisted for many years.
In the US, Federal Reserve Chairman Kevin Warsh announced several prominent outside names to lead five advisory task forces. When it comes to artificial intelligence, all members seem to believe in AI as a transformative technology.
Anthropic reversed course and appointed former Federal Reserve Chairman Ben Bernanke to head its long-term benefit trust. The long-term benefit trust is an independent governance structure that advises the company and appoints board members.
On the European corporate front, Volkswagen announced its biggest restructuring to date, cutting its model lineup by up to half. Competition from China, U.S. tariffs and domestic regulations cut the auto giant’s profit margins in half from 2021 to 2025.
— Katie Foley
And finally…
Ukraine’s drone strategy wreaks havoc on Russia and upends where NATO wants to invest
Drone strikes in Ukraine have dominated headlines regarding the war with Russia and upended NATO’s investment thesis.
Ukraine, which has built up drone production and capabilities over four years of war, is ramping up attacks on Russia’s energy infrastructure and military assets, targeting high-profile refineries in major cities as part of continued efforts to cut off Russia’s energy revenues.
Defense experts and strategists describe Russia’s drone campaign as critical to stalling Russia’s military momentum, while warning that the successful Kiev barrage greatly increases the risk of escalation.
— Sam Meredith and Elsa Oren
