Good morning. Trump marks the end of the war in Gaza. Musk’s Dubai Loop may be ready next year. And a six-part Taylor Swift docuseries will hit Disney+ in December. Listen to the day’s top stories.
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Donald Trump hailed the “dawn of a new Middle East” in remarks before the Knesset, as Hamas began releasing hostages and Israel freed about 1,900 Palestinians. He declared the Gaza war over at a ceremony in Egypt, though questions over disarming the militant group and rebuilding the enclave remain. While US pressure made the hostage breakthrough and ceasefire in Gaza possible, their involvement will be just as vital to reaching a longer-lasting peace, Bloomberg’s editors write.
Still left on the president’s plate: China. Scott Bessent said he still expects Trump to meet with Xi Jinping despite last week’s trade blowup between the superpowers. But that doesn’t mean they’re in the clear just yet. The Treasury secretary added that all options remain on the table for retaliating against China’s move to tighten rare earth exports.
The US and China’s willingness to keep trade negotiations alive, cooling Middle East tensions and AI optimism lifted the S&P 500 1.6%, following its worst rout in six months. Crypto didn’t fare as well, struggling to recover from last week’s selloff. Silver continued to climb as a historic short squeeze in London intensified.
OpenAI struck yet another chipmaker deal, this time with Broadcom, to add 10 gigawatts of data center capacity using custom-built semiconductors and networking gear. Under the agreement, the startup will design the hardware and work closely with Broadcom on their development. The tie-up follows partnerships with Nvidia and AMD.
In more tech news, Apple will open preorders for its iPhone Air in China on Oct. 17 after a pause that allowed local carriers to prepare for the eSIM-only device. The phones will be available in stores on Oct. 22.
Deep Dive: (Almost) Ready to Ride
Dubai commuters may be hitching a ride on Elon Musk’s underground transit system as soon as next year, according to an Emirati official. The initial phase of the Dubai Loop will cover 17 kilometers (10.6 miles) of tunnels and carry 20,000 passengers an hour.
The modular Aridge X3-F hovers during a presentation and flight demonstration in Dubai. Photographer: Giuseppe Cacace/AFP/Getty Images
The latest project for the billionaire’s Boring Company is part of Dubai’s ongoing push to ease congestion from its growing population, often through futuristic solutions—including pilot programs for air taxis.
If successful, the Dubai Loop would mark a rare win for Musk’s tunneling firm. So far, the only public, functioning Loop built by the company is in Las Vegas, where Tesla vehicles with human drivers shuttle passengers between stations.
The Dubai project is one of several forays Musk’s companies have pursued in the Gulf region, including the expansion of his Starlink terminals. The world’s richest man has even pitched Boring Company tunnels and robotaxis in Saudi Arabia.
The NBA’s return to China amid a politically fraught landscape—thanks to Trump’s trade war—has amplified what might otherwise be less vexing issues, Juliana Liu writes.
