Good morning. Donald Trump leaves the G-7 a day early but the exact reason remains a mystery. Meta has found an “AI whisperer.” And how to take on a party dominated by a loud billionaire (clue: find one of your own). Listen to the day’s top stories.

Donald Trump left the G-7 meeting in Canada a day early but denied suggestions it was to work on a ceasefire between Israel and Iran, instead saying his reason was “much bigger than that.” He said he may send JD Vance or Steven Witkoff to meet with Iranian officials, but denied reports he had reached out to Iran for peace talks. Earlier, Trump briefly spooked markets by calling for the evacuation of Tehran. Israel continued to bombard Iran, which fired missiles and drones in retaliation.

In tech, Meta is tapping Scale’s ”AI Whisperer” Alexander Wang to speed its AI turnaround, joining a team being assembled by Mark Zuckerberg. The stock is back near record territory after soaring about 45% from its April low as investors cheer how Zuckerberg is doubling down on his AI commitment.

Softbank raised around $4.8 billion through the sale of T-Mobile US shares to help fund its grandiose AI plans. It’s leading a funding round to put as much as $40 billion into OpenAI, the ChatGPT developer that recently won a contract with the Defense Department to help it use AI for administrative and security tasks.

The US Capitol on June 11. Photographer: Eric Lee/Bloomberg

Senate Republicans released a revised Trump tax bill that would delay and scale back the provision known as the revenge tax, which has sparked fears on Wall Street about reduced foreign investment in the US. Indeed, one large Australian asset manager has already cited the tax for freezing new long-term US investments. Meanwhile, lawmakers dodged the SALT issue for now, including a $10,000 cap as a placeholder while the debate continues.

In markets, equity futures fell and oil rose after Trump’s call for the evacuation of Tehran. Two tankers collided and caught fire in waters off the United Arab Emirates, further rattling global oil and shipping markets. "If the Strait of Hormuz got closed, then our guys think oil would go to 120," Deutsche Bank's Jim Reid told Bloomberg TV.

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Deep Dive: Trump’s Migrant Policy

Cubans flock to a restaurant in Curitiba, Brazil, serving Cuban-style pizza.  Photographer: Maira Erlich

With Trump’s aggressive clampdown roiling migration patterns across the hemisphere, the top destination for outbound Cubans is no longer along Florida’s shores. Instead of Miami, they’re flocking to Curitiba in Brazil’s farm country.

• The rush to this city of 1.8 million is not as much a result of Brazil’s open-border policies as it is the sudden reversal of fortunes for Cuban migrants in the US, the country to which they’ve gravitated for more than half a century.
• Trump’s efforts to strip them of special protections is putting hundreds of thousands of their compatriots at risk of deportation, and has those still on the island nixing their American dreams. Here’s our explainer on Trump’s migrant policies.
• Now, the wave of anti-immigrant sentiment that swept across the US ahead of the 2024 election is now breaking across much of South America. Argentina recently tightened its entry rules and the leading candidates in Chile’s upcoming presidential vote are promising to crack down on borders.

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The Big Take

Ken Griffin at the Citadel offices in Miami. Photographer: Scott McIntyre/Bloomberg

The founder of $66 billion hedge fund Citadel is making waves in Miami, the nucleus of the new “Wall Street South.” In an interview with Businessweek, Ken Griffin shares his views on Trump, Harvard and why novice investors won't beat the pros.

Opinion

An iPhone displays the website for The Trump Organization's mobile phone service.  Photographer: Joe Raedle/Getty Images

What truly separates Trump Mobile from competitors is that the US president looms in the background—around this venture and all others his sons are pursuing, Timothy O’Brien writes. The riches he is harvesting represent a raw financial conflict of interest that shreds the integrity of his office.

Before You Go

Mark Cuban answers questions at a town hall in Atlanta as part of the Harris-Walz campaign. Photographer: Nathan Posner/Anadolu/Getty Images

How do you take on a party dominated by a loud billionaire? Maybe by finding a loud billionaire of your own. Businessweek profiles Mark Cuban, who has done sports and reality TV, and now is working on a plan to upend health care.

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