A group of Senate Democrats is probing President Donald Trump‘s troubled renovation of the reflecting pool in Washington that has drawn scrutiny for running over budget and rapidly deteriorating.

The Democrats, in a Thursday letter led by Senate Energy and Natural Resources Committee ranking member Martin Heinrich, D-N.M., and addressed to Interior Secretary Doug Burgum, argued the “American people deserve to know why the rehabilitation project has failed and the corrective actions the Department is taking to address this ongoing issue.”

“Since announcing the renovations, the project has been plagued with a number of issues — raising serious questions about project management, contracting practices, quality control, and fiscal responsibility,” the senators wrote.

Trump’s renovation of the reflecting pool has captured national attention, as his “American flag blue” resurfacing began peeling and algal blooms flourished. The renovation was intended to enhance the reflective qualities of the pool and reduce algae growth and was touted by the White House as a success despite apparent problems.

Trump has acknowledged issues with the paint and the algae, but has, without evidence, blamed the shallow pool’s problems on vandals.

On Wednesday, Trump posted a photo of the surface of the pool to his Truth Social account and said, “This is the hard rubber surface — No Paint — Before the Vandals cut and pulled it apart!”

The Democrats noted that while Trump initially said the reflecting pool renovation would cost $1.8 million, it has now ballooned to more than $16 million, ABC News reported last week, citing federal contracting documents.

“The issues now facing the reflecting pool are not simply maintenance concerns, but failures in project execution and government oversight,” they wrote. “Following the award of a no-bid contract and a drastic increase in project costs, the public was assured that the rehabilitation project would restore one of the nation’s most visible landmarks. Sadly, that has not happened.”

The pool is now expected to be drained again for additional repairs.

“If a project this costly and of this magnitude cannot remain functional for an entire month after its completion, serious questions must be raised regarding the planning, execution, inspection process, and the Department’s acceptance of the completed work,” they continued.

The senators demanded answers from Burgum about the project. The Interior Department houses the National Park Service, which manages the National Mall and its monuments.

The Interior Department, when asked by CNBC for comment on the letter, responded “What failure?”…

Hello, this is Katie Foley writing to you from London. Welcome to today’s edition of the Daily Open newsletter.

It genuinely feels like we could be on the cusp of some big shifts.

It’s now confirmed — next week we will see the biggest IPO of all time in SpaceX.

The Israel-Lebanon ceasefire announced overnight has seen oil ease off, and although we’ve heard it before, U.S. President Donald Trump says a deal with Iran could come “over the weekend”.

Investors are hoping that several of the year’s biggest unanswered questions are nearing a resolution.

Global stocks are sliding, with Asia-Pacific markets tracking Wall Street losses overnight. European and U.S. futures point to continued pressure in today’s session.

But oil has eased off slightly as Israel and Lebanon agreed to implement a ceasefire, after talks brokered by the U.S., boosting hopes for a broader deal to end the U.S.-Israeli war with Iran.

Israeli Prime Minister Benjamin Netanyahu said in a wide-ranging interview with CNBC’s Sara Eisen in Jerusalem on Wednesday that President Trump had warned Iran of “a full-scale return to military action,” if necessary, emphasizing that it would ultimately be the U.S. president’s decision. Netanyahu, however, noted that there had been tactical disagreements between the U.S. and Israel, though they were largely on the same page on their Middle East strategy.

Meanwhile the U.S. House of Representatives delivered a largely-symbolic rebuke to Trump’s authority on Iran, with four Republicans joining Democrats to vote for a resolution that would block the U.S. President from continuing the war without Congressional approval.

In corporate news, SpaceX finally made it official, setting a fixed price of $135 per share for its IPO next Friday, with a valuation of $1.77 trillion. That move is set to make CEO Elon Musk the world’s first trillionaire. But don’t assume it will all be plain sailing, a CNBC review of 30 major initial public offerings over the past 15 years shows stocks tend to fall and suffer sharp drawdowns in the first year.

Elsewhere, the EU unveiled its long-delayed “tech sovereignty” package, which aims to wean the bloc off dependence on U.S.and Chinese tech giants. The measure has unsurprisingly faced criticism that it does not go far enough. Former U.K. Deputy Prime Minister and Meta’s former President of Global Affairs Nick Clegg told CNBC that European AI laws are a “dog’s dinner.”

On the diplomatic front, Trump confirmed in a post on Truth Social he will travel to Evian, France later this month for the G7, where he might run into OpenAI chief Sam Altman who was personally invited by President Emmanuel Macron, as exclusively reported by CNBC.

— Katie Foley

SoftBank’s OpenAI bet and rising debt are raising liquidity…

Hello, this is Katie Foley writing to you from London. Welcome to today’s edition of the Daily Open newsletter.

Geopolitics generates noise, but AI keeps producing signal.

We spent the last 12 hours parsing Iran headlines, trying to determine whether President Donald Trump’s latest comments and Iranian state media reporting indicate anything concrete, or just another turn in a negotiation that seems perpetually ‘close’.

At the same time, Anthropic moved closer to a public listing and Sam Altman, the CEO of bitter rival OpenAI, discussed the “race” to go public with CNBC, while SoftBank’s Masayoshi Son told us we’re still in the early innings of a technological revolution measured in trillions of dollars.

Investors may not know where oil will trade next. But they seem increasingly convinced they know where capital spending, infrastructure investment and corporate attention will be directed for the next decades.

Anthropic said it confidentially filed its IPO prospectus with the Securities and Exchange Commission, setting up a potentially historic share sale for investors ready to jump into artificial intelligence. “This gives us the option to go public after the SEC completes its review,” Anthropic said in a statement on Monday. “The proposed initial public offering will depend on market conditions and other factors.”

Meanwhile, CNBC’s David Faber sat down with OpenAI CEO Sam Altman for a wide-ranging interview. When asked if there is a race to be the first to go public, Altman said no, that the true race was to deliver the best technology and “we’ll do it when we think it makes sense.”

Alphabet said it plans to sell $80 billion in stock, including through a $10 billion investment by Berkshire Hathaway. The Google parent company said in a statement that the capital will “fund investments in its world-class AI compute infrastructure to meet its unprecedented customer demand.” For Berkshire, the transaction adds to a position it has been rapidly building over the past three quarters, marking one of the conglomerate’s largest recent equity investments.

Softbank CEO Masayoshi Son has identified physical AI and robotics as the next trillion-dollar opportunities. Asked by CNBC’s Arjun Kharpal what sectors excite him most, Son said “both” humanoid and industrial robotics, “with physical AI as a core.”

In geopolitics, President Donald Trump shrugged off the possible collapse of peace negotiations with Iran, telling CNBC, “I don’t care if they’re over, honestly.” Trump told CNBC’s Eamon Javers in a phone interview he thought the protracted discussions had “started to get very boring.” Oil jumped more than 4 percent on the news, after Iranian state news outlet Tasnim reported that Tehran was halting…

Hello, this is Leonie Kidd writing to you from London. Welcome to today’s edition of the Daily Open newsletter.

Chatting to my colleagues in the London newsroom this Monday morning, we remarked how there appears to be two parallel markets at play.

There is an AI-fueled bull market driving stocks from Wall Street to Japan to record highs, as every inch of the AI stack is scrutinized for investment opportunities.

Conversely, there is the geopolitically driven world of risk, which remains volatile as developments taking place far from Silicon Valley keep assets like oil swinging from session to session.

Each day, these market forces jostle for the top spot in investors’ minds – which do you think it is today?

Investment juggernaut Softbank has become Japan’s most valuable firm. Shares rallied through the Asian trading session on Monday, propelling the Nikkei 225 above 67,000 for the first time.

The group, led by CEO Masayoshi Son, has made a €75 billion AI infrastructure commitment to France, its largest investment in Europe. He described the country as “a leading AI infrastructure hub in Europe.”

CNBC will speak exclusively to Masayoshi Son from Paris later this morning. Watch here on CNBC Pro.

Staying within the AI stack, Nvidia is pushing into PCs with a new ARM-based chip for Microsoft, Dell and HP laptops. During a keynote address at Taiwan’s Computex conference on Monday, Nvidia CEO Jensen Huang unveiled a new N1X processor made alongside Microsoft.

“Microsoft and Nvidia are going to reinvent the PC,” Huang said. “This is the first completely re-engineered, reinvented line of PCs that has happened in 40 years.”

Across broader markets, an escalation in hostilities in Iran is driving oil prices higher. U.S. Central Command announced that it had conducted “self-defense” strikes on Iranian targets throughout the weekend, while Israel ordered troops to push deeper into Lebanon.

U.S. President Donald Trump said Saturday that he is in “no hurry” to make a deal with Iran, as the war dragged into its fourth month.

Over the weekend, U.S. Secretary of Defense Pete Hegseth addressed the Shangri-La Dialogue in Singapore and gave a stark warning to his international peers: “Allies who refuse to step up and carry their own weight for our collective defense will face a clear shift in how we do business.” Read more of the key quotes from that meeting here.

Stocks have started the month of June on a broadly positive note. In the Asia-Pacific session, South…

Hello, this is Leonie Kidd writing to you from London. Welcome to today’s edition of the Daily Open newsletter.

In some ways, we end the week where we started, with conflicting accounts of how close the U.S. and Iran actually are to reaching a peace agreement.

A slew of corporate news has continued to support major markets, while oil prices have retreated further from their recent highs.

But it remains to be seen who will “outwait” whom to get the perceived upper hand in these peace negotiations.

A peace deal between the U.S. and Iran seems tantalizingly close, but mixed messages from Washington and Tehran, as well as continued missile strikes, mean obstacles remain.

U.S. President Donald Trump has yet to issue final approval for a 60-day memorandum of understanding, which Tehran has reportedly signed off on. Treasury Secretary Scott Bessent said Trump has “several red lines” for any agreement, while the President himself told a cabinet meeting he would not be pressured.

“They thought they were going to outwait me, you know. ‘We’ll outwait him, he’s got the midterms.’ I don’t care about the midterms,” Trump told cabinet colleagues.

Defense Ministers from across the globe are meeting at the Shangri-La Dialogue in Singapore, with U.S. Defense Secretary Pete Hegseth due to make an address to the group early on Saturday.

Asian markets look set to end the week on a positive note, while U.S. and European futures are on course for a more muted open on Friday.

The biggest moves have been in oil markets. Today, crude prices are trading lower, with Brent now down over 17% through May, while WTI has fallen by over 15% on the month.

Energy major Exxon has issued a stark warning that oil inventories will fall to record lows in the coming weeks. Senior Vice President Neil Chapman told an event in New York: “I mean really, really low levels… You can debate whether [it’s] going to hit those really low levels in two weeks or three weeks. Once you get to that point, then you’ll see [the] price shoot up.”

In other corporate news, Dell shares surged almost 40% in extended trading after the technology group blew past Wall Street’s earnings forecasts and raised its guidance. Some analysts are citing the solid performance to Michael Dell’s early moves to establish good relations with the Trump Administration.

Also overnight, Blue Origin’s New Glenn rocket has exploded during a ground test in Cape Canaveral, Florida. The space group is led by Amazon founder Jeff Bezos, who took to X to confirm that all personnel are safe, adding, “Very rough day, but we’ll rebuild whatever needs rebuilding and get back to flying. It’s worth it.”

— Leonie Kidd

I was at the exclusive launch of Ferrari’s new EV that sent the stock tumbling. But there may be light at the end of the…

Hello, this is Leonie Kidd writing to you from London. Welcome to today’s edition of the Daily Open newsletter.

The war in Iran is once again the dominant market force today, with whipsaw trade in Asia across stocks and oil prices.

Officials insist the ceasefire still holds, but how long can that last as the frequency of attacks from both sides increases?

A significant escalation in tension between the U.S. and Iran has sparked a risk-on reaction in early trading across Asia and European futures.

Oil prices are driving higher after American forces launched fresh strikes in Iran against a military site believed to threaten U.S. troops and commercial shipping through the Strait of Hormuz, a U.S. official told MS NOW. They also reportedly intercepted and downed several Iranian drones.

Following that, Iran’s Revolutionary Guards said on Thursday that they had targeted a U.S. airbase at around 4:50 a.m. local time, according to the Islamic Republic’s semi-official Tasnim news agency. 

Meanwhile, Kuwait activated its own air defenses in response to what it described as “hostile missile and drone threats.”

In a set of exclusive interviews, CNBC spoke with Federal Reserve governors Neel Kashkari and Austin Goolsbee about the inflationary impact of the conflict in the Middle East. Kashkari said the fight against price pressures is taking priority as the labor market is “in decent shape,” while Goolsbee said the energy inflation tied to the war was creating a “stagflationary shock” in Asia.

The EU is reportedly preparing a new plan to reduce its dependence on U.S. technology by backing European alternatives in several critical sectors. That’s according to the Financial Times, which cited a draft document. It says the bloc is looking to increase incentives to help with the construction of data centres, whilst also favouring homegrown cloud and AI tech firms.

CNBC spoke with Europe’s AI giant, Mistral AI, with the CEO Arthur Mensch saying: “Europe is starting to look at AI as a strategic asset and there is a realization by policymakers that something needs to be done.”

In other corporate news, the CEO of supercar group Lamborghini has told CNBC the company was right to cancel its own EV. His comments come amid the backlash to Ferrari‘s new EV, the Luce, which has wiped billions off the Italian car group’s market capitalization.

Staying in the EV space, Chinese group Nio has seen shares pop over 10% on the unveiling of its latest EV model, the first release in over two years. The company is pricing the car competitively despite Beijing’s efforts to curb excessive…

Hello, this is Leonie Kidd writing to you from London. Welcome to today’s edition of the Daily Open newsletter.

The $1 trillion club just got bigger, as the AI-fueled rally propelled more companies into the mega-market-cap space.

The race to scale continues at breakneck speed, and is keeping tech-heavy indices across the world at record levels.

It’s one of the first days when developments in Iran have not dominated international markets, but it is not far from investors’ minds as the fragile truce continues to be tested.

Shares in SK Hynix jumped on Wednesday, taking the South Korean chipmaker’s market capitalization above $1 trillion for the first time. The move follows a blistering rally for the stock, which has skyrocketed around 250% since the start of the year. The gains have been fueled by surging demand for AI chips, which has driven South Korea’s KOPSI to record highs.

And it’s not the only one to join the $1 trillion club over the last 24 hours. U.S. tech group Micron is also riding the AI wave. On Tuesday, UBS tripled its price target for the stock, sending shares 19% higher on the day. You can get Jim Cramer’s take on the top nine U.S.-based trillion-dollar companies here.

Staying with technology, industrial profits in China have surged by 24.7% in April, marking the fastest growth since November 2023. Computing and electronics equipment manufacturing saw earnings almost double from a year ago.

European companies are committed to their supply chains in China, according to a survey released by the European Union Chamber of Commerce, which said one-third of respondents are onshoring further in the country.

Meanwhile, top ECB policymaker Francois Villeroy de Galhau has told CNBC that the central bank “will do what is necessary” to keep inflation on target.

“If I speak on behalf of the ECB, this means do what is necessary to bring inflation back to 2% in the medium term. Markets can be assured of that,” he told CNBC.

In corporate news, shares in Italian luxury car giant Ferrari closed deep in the red after investors took a cynical view of the group’s highly anticipated electric vehicle launch. The Luce was met with widespread disappointment over its appearance and skepticism over the $640,000 price tag.

BP also ended Tuesday in the red after the board removed chairman Albert Manifold over “serious” conduct concerns. He told the Financial Times he “will not allow a false narrative to go unchallenged.”

Across broader equity markets, Japan and South Korea have hit fresh record highs as markets weigh the progress of U.S.-Iran ceasefire talks against fresh tensions in the region. U.S. stock futures are little changed after the S&P 500 closed at another record on Tuesday. In Europe, stocks are heading for a…

HOUSTON — Interior Secretary Doug Burgum said Wednesday that the U.S. recently brought back $100 million of gold from Venezuela.

Burgum visited Venezuela with oil and mining executives earlier this month to meet with interim President Delcy Rodriguez.

“There hadn’t been a shipment of precious metals between Venezuela and America in over 20 years,” Burgum told energy executives at S&P Global’s CERAWeek conference in Houston.

“At the end of the two days, we were able to bring home $100 million of gold — physically, the gold,” the Interior secretary said. U.S. refiners will use the gold for commercial and consumer purposes, he said.

The U.S. captured former Venezuelan President Nicolas Maduro in a military raid in January, leaving the rest of the regime largely in place. The Trump administration is cooperating closely with Rodriguez, vice president under Maduro.

The Interior secretary said he met with Rodriguez for 10 hours during his trip.

President Trump has been pressuring U.S. oil and gas executives to invest in Venezuela’s energy sector. The South American nation is believed to possess the largest crude oil reserves in the world.

Minerals and metals

Beyond petroleum, however, the U.S. also sees a major opportunity to develop Venezuela’s mineral and precious metal resources, Burgum said. The country also has vast coal resources that contain critical minerals, he said.

“The mining opportunity — that’s an industry that’s been in complete collapse in Venezuela and they know that. It’s down to just artisanal miners controlled by gangs, [with] probably some of the worst environmental practices in the world,” Burgum said

“They want a clean environment, they want to have modern investment, they want to see growth in their country,” the Interior secretary said of the Rodriguez government.

Venezuela opposition leader Maria Corina Machado addressed oil and gas executives in Houston on Tuesday. Her role in Venezuela’s future remains unclear as the Trump administration cooperates with Rodriguez.

Machado called for the full privatization of Venezuela’s oil industry during her remarks. She said it will take at least nine months to create the conditions for free and fair elections in Venezuela.

HOUSTON — Asian countries want to buy more U.S. energy to reduce their dependence on oil and gas exports from the Middle East, Interior Secretary Doug Burgum told CNBC on Monday.

Japan, South Korea and Taiwan rely heavily on exports through the Strait of Hormuz. Oil tanker traffic through the strait has plunged as Iran attacks commercial ships in the Persian Gulf.

“They want to buy more energy from the U.S.,” Burgum told CNBC’s Brian Sullivan in an interview. President Donald Trump’s energy dominance agenda is designed to provide U.S. allies with a stable, alternative supply of energy, the Interior secretary said.

The U.S. is the largest oil and gas producer in the world.

“Our allies and our friends can buy from us as opposed to having to buy from countries that either wage war or fund terrorism,” said Burgum, who travelled to Japan earlier this month.

The U.S. and Israeli attack on Iran has triggered the largest oil supply disruption in history. Tokyo relies on the strait for 90% of its oil imports, said Takehiko Matsuo, a vice minister at Japan’s Ministry of Economy, Trade and Industry.

“The impact is significant,” Matsuo said at S&P Global’s CERAWeek conference in Houston, Texas. Japan has placed a high priority on finding alternative supplies, he said.

“I must say it’s not easy,” the vice minister said. “The United States is one of the most anticipated alternative energy source for Asian countries.”

Asian economies are also heavily dependent on liquefied natural gas (LNG) exports through the strait. Iranian attacks on Qatar’s energy infrastructure has shut down about 20% of the world’s LNG supplies.

Alaska will play a major role in providing Asia with secure energy, Burgum said. The Interior Department recently held an oil and gas lease sale for the National Petroleum Reserve in Alaska. The Trump administration has also made an massive LNG project in Alaska a top priority.

Energy exported from Alaska takes just eight days to reach Asian allies, five of which are in U.S. territorial waters along the Aleutian Island, Burgum said.

“It’s a secure supply of energy,” the interior secretary said.