Here are the key stories from global financial media overnight and this morning.
1. US and Iran Exchange Airstrikes, Reigniting Fears of Full-Scale War
The United States conducted a second consecutive day of military strikes against Iran, while Iran retaliated against American allies in the Persian Gulf. With diplomatic efforts making little progress, concerns are intensifying that the two sides could return to a state of war.
US Central Command stated on platform X that overnight strikes hit approximately 90 targets—following 80 the previous day—"to further degrade" Iran's ability to attack commercial shipping in the Strait of Hormuz.
Iran reported that a nuclear facility's perimeter and two railway bridges connecting the capital Tehran with Mashhad were attacked. According to the semi-official Iranian Students' News Agency (ISNA), Iran subsequently launched attacks on US military bases in Bahrain, Kuwait, and Qatar. Jordan's state television reported that the country intercepted eight missiles fired from Iran.
2. Warsh Announces Leaders for Five Key Working Groups Paving Way for Fed Reform
Federal Reserve Chair Kevin Warsh has announced the leaders for five working groups that will examine the central bank's practices in key policy areas and could drive broad reforms.
The group leaders include prominent academics, former central bank officials, and corporate executives. The five groups will separately study communication mechanisms, the balance sheet, the Fed's "use and reliance on existing data sources," productivity and employment, and the central bank's "inflation framework."
"Each group will carefully consider whether policymakers' means and methods, analytical tools, and policy frameworks can be improved," Warsh said in a statement on Thursday. "The goal is clear: to ensure the Federal Reserve is in the strongest possible position during this critical period to achieve our objectives."
3. OpenAI Launches New GPT-5.6 Series; Altman Unsure on 2024 IPO
OpenAI CEO Sam Altman stated on Thursday that the company's latest AI model, GPT-5.6 Sol, achieves a 54% improvement in token efficiency for agent programming tasks and "performs as well or better than competing products on the market."
"Every business is now thinking about spending and the return they get from AI, and that's exactly what we really want to do," Altman said.
OpenAI launched its latest series of models—GPT-5.6 Sol, Terra, and Luna—on Thursday, which were previewed last month. At the US government's request, the company initially released them in a limited capacity to "a small group of trusted partners."
4. Zuckerberg Sets 'Aggressive' Pricing for Meta's Paid AI Tools
In the fiercely competitive AI tools market, Mark Zuckerberg aims to win with pricing.
Meta Platforms, Inc. released its most advanced AI model, Muse Spark 1.1, and for the first time introduced a paid version for developers. This marks Meta's first move to charge businesses for model usage, opening a new revenue stream. In an interview ahead of the launch, Zuckerberg said this model would be one of the lowest-priced options available.
"Since this is not an open-source model, I think this is the first time we're really serious about launching an API," Zuckerberg said. "Its pricing will be highly competitive and very attractive."
Zuckerberg noted the biggest improvement in the new model is in agent capabilities. Agents are one of the hottest trends in AI this year, typically referring to systems that can perform multi-step tasks on behalf of users. He stated that Muse Spark 1.1 has reached "industry-leading or very close to leading" levels in agent reasoning and tool use.
5. Franklin Templeton Strategist Expects AI Infrastructure Bull Case to Persist Through 2027
Franklin Templeton's Katrina Dudley says the bullish logic surrounding AI infrastructure investment is overwhelming bearish arguments. She expects this investment theme to last through the end of 2027, potentially extending into 2028.
"I do think this will last at least through the end of 2026," Dudley said in an interview Thursday. "We have about half a year left, then all of 2027, and it could even extend well into 2028."
The veteran investment strategist noted that bearish arguments on AI focus mainly on issues like inefficient supply chains and excessive capital expenditure, which sound persuasive. However, she believes companies have been rational in their infrastructure investments, with returns justifying continued spending.
6. Zuckerberg Denies Meta Has Excess Compute, Sees Business Potential in Cloud Development
Meta Platforms, Inc. CEO Mark Zuckerberg stated that Meta needs as much compute power as it can get. However, amid a shortage of compute for AI development and operation, he is also considering whether renting out some AI infrastructure to external customers could create more value.
"Right now, the market bid for compute is very high," Zuckerberg said in an exclusive interview. "In some cases, it might be more economical to rent it out or consider similar transactions rather than keeping it for internal use."
Earlier this month, reports indicated Meta is planning to launch a cloud computing business, hoping to generate direct revenue by leveraging its data centers and other compute partnerships. Zuckerberg said the opportunity to develop a cloud business "has always been there, and we could do it anytime we want."
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