US-Iran negotiations on the horizon + Morgan Stanley exceeds 1Q expectations

Good afternoon, folks, and happy almost weekend — we hope you find yourselves not too bothered by the heat, seeing as it seems the sun is just getting started. In other news, it’s a quiet afternoon at home, and we’ve got a news-light issue for you…

Has your feed been flooded by war-themed AI slop? You’re certainly not alone. In today’s issue, we take a look at the digital activists ushering in a new era of political propaganda and explore a modern classic that asks: What happens to humanity when the lights go out?

THE BIG STORY ABROAD-

🌐 It’s more of the same on the US-Iran front this afternoon, with US President Donald Trump confirming talks between the two sides could soon resume and end in a peace agreement. US forces continue to impose blockades on Iranian ports, forcing vessels to turn back or halt operations altogether in the strait.

^^Read more on: Bloomberg, CNBC, and Reuters.

OVER IN THE BUSINESS PRESS- Morgan Stanley joins Wall Street’s record-breaking run with stronger-than-expected 1Q earnings, generating nearly USD 1 bn more in revenue than forecast. The firm saw equity trading jump 25% to USD 5.15 bn, helping push total trading revenue to USD 8.51 bn. Fixed income revenue also rose 29% y-o-y to USD 3.36 bn.

^^Read more on: Bloomberg and CNBC.

ALSO- Snap CEO Evan Spiegel announced in a memo to employees that the social media company is planning to cut 16% of its global full-time workforce — around 1k positions. Spiegel cited AI efficiency and profitability growth as reasons for the cut. Following the news, the company’s stock jumped 8.6% in premarket trading.

^^Read more on: Business Insider, CNBC, and the Wall Street Journal.

From the Dept. of Tooting Our Own Horn: This morning we published the first issue of EnterpriseAM MENA+ — our new regional flagship covering trends and the flows of capital, people, and ideas across the MENA region.

What’s with the “+” in MENA+? We think one of the most powerful stories in the region is the *export* of ideas and capital not just to neighboring regions (Asia, the Stans) but to international financial centers. MENA countries are jockeying for position in the new global economy now taking shape, and we’re going to shape that conversation.

MENA+ covers AI and tech — and geopolitics, the war for talent, which BSD is on top (and who’s gunning for them), the changing energy economy, new corridors to India and China, and much, much more.

Want your own copy? You can subscribe here — or just hit “reply” to this email and ask to be added to the list and we’ll take care of it for you.

EnterpriseAM MENA+ is available without charge thanks to the generous support of our friends at Mashreq, the most ambitious financial institution we know in our region. We’re publishing Monday, Wednesday, and Friday at 12pm UAE / 11am KSA / 10am Egypt.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Steel giant Ezz Steel could be lining up to build a USD 780 mn direct reduced iron facility in Algeria. The facility could produce as much as 2.5 mtpa of DRI with an annual sales value of USD 835 mn at current market prices;
• The national wheat harvest kicks off today as the Madbouly government looks to build a hedge against the prospect of a global food-price shock fuelled by fallout from the war in the Gulf. Officials are hoping to buy some 5 mn tons of local wheat by mid-August;
• The European Bank for Reconstruction and Development is extending a USD 65 mn bridge loan to Hassan Allam Utilities subsidiary HAU Energy. The financing will cover the construction of Nefer Benban — a 200 MW solar facility and 120 MW battery energy storage system near Aswan.

☀️ TOMORROW’S WEATHER- Stay cool and — if you can — indoors. We’re in for a hotter-than-usual day in C-town tomorrow, with temperatures peaking at 35°C, and a low of 22°C, according to our favorite weather app.