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Semafor

US inflation jumps, though long-term war impact yet to be seen Hospitals consider replacing some radiologists with AI Amazon takes a jab at Nvidia over chips shift VCs step in to fund university upstarts Exclusive: Anthropic is gaining on OpenAI’s revenue, but hasn’t yet eclipsed it Exclusive: AI powerhouses threaten data processing firms A South African artist is changing the way viewers understand Picasso’s Guernica Airbnb faces familiar battle in Cape Town First look at war-related inflation sparks political jostling View: China’s state businesses are reshaping markets in Africa US issues Nigeria travel warning over terrorism, kidnapping FirstRand exits UK business after regulatory hit Afreximbank’s $800M answer to Fitch Exclusive: Navy takes nuclear-powered sub offline after $800 million cost run-up Cuba leader says he will not step down Fed, Treasury summon Wall Street chiefs over AI fears How Bluesky earned its reputation — and why it could be the way of the future China eyes stronger Taiwan influence Orbán slams Hungary’s opposition as he trails in polls Iran war reshapes air travel, perhaps for the long term Tehran residents embrace calm amid tenuous truce Countries lack fiscal capacity to handle war fallout Higher producer prices ease China deflation fears Trump ‘optimistic’ on Iran peace talks Inside the five-year succession plan at a $130B warehouse giant Georges Elhedery on HSBC’s big bets on the Gulf and Asia Warsh’s Fed hearing slips past next week Moore takes on the Sun’s ‘MAGA billionaire’ and more Debatable: AI titans influencing regulation Americans still think taxes are too high, poll finds Lawmakers await Pentagon’s mystery funding request Semafor convenes largest US CEO gathering next week in Washington American Gen Zers are growing more uneasy about AI Amazon defends high AI spending AI turbocharges Chinese microdrama industry OpenAI pauses UK Stargate project UK rejects Iran’s Hormuz toll plan Israel, Lebanon to hold direct talks Republicans fight among themselves over their long pre-election to-do list Exclusive: Gulf sovereigns quadruple private credit portfolios Abu Dhabi’s Mubadala soars after dealmaking spree View: Ceasefire offers respite, but no quick rebound for the Gulf A Saudi oil magazine is publishing some of the best writing about the Islamic world Exclusive: SpaceX bankers game plan to blunt post-IPO selling tsunami Exclusive: Hormuz closure turns truckers into logistics saviors View: As Republicans embrace AI in campaigning, Democrats bet on a backlash Oil prices remain high despite Iran ceasefire Ancient philosopher text unearthed Panama pushes back against China in canal row China’s yuan set to strengthen due to Middle East war View: Ceasefire shows the power of Iran’s energy weapon EU faces ‘stagflation’ over war, economy official warns Trump slams NATO again Iran war support Iran maintains firm grip on Hormuz traffic Israel’s attacks in Lebanon threaten Iran war truce VP Vance to lead Iran truce talks in Pakistan Exclusive: Democrats pressure Pentagon over new media restrictions Exclusive: Ex-diplomat says war has permanently harmed Qatar-Iran ties Israel’s Netanyahu says Iran ceasefire is not ‘end of the war’ Iran truce already in doubt Exclusive: Saudi’s $100 billion electronics fund removes head, drops chip ambitions Trump administration expected to keep waiving Russian oil sanctions as Iran call looms Democrats to force Iran vote next week View: Why OpenAI’s slowdown isn’t as bad as it looks AI research foundation releases test that will warn when AGI arrives Data-center proponents targeted by shooter Exclusive: Microsoft says AI voice command needs more work Anthropic’s Mythos won’t solve the cybersecurity crisis View: Africa begins to feel economic pain of Iran war Gulf countries push nationals to take private sector jobs Türkiye’s chance to take on the Gulf as a haven for business Gulf stocks surge and oil falls after ceasefire deal Lagos celebrates Afro-Brazilian legacy through carnival Ghana hands major gold mine to local operator Zambia-Lobito rail link to cost up to $5 billion Afreximbank unveils $10B support plan for Africa to ease Iran war impact Dangote refinery increases exports amid Iran war supply shocks Global shipping disruption rocks Kenyan economy Democracy improves globally though gains are uneven, report says Cuba launches new banknotes to help ease transactions China’s graft drive ‘has not worked,’ analysts say UK Navy deploys anti-drone weapons amid global scramble All eyes on Hormuz traffic after ceasefire unveiled What Sharpton wants to hear from 2028’s Democratic contenders Iran ceasefire is a diplomatic triumph for Pakistan Oil drops on Iran-US ceasefire news Iran, US agree to two-week ceasefire Fewer in US, Canada see good job opportunities, report finds Exclusive: OpenAI goes after Ari Emanuel’s WME in Musk legal drama Trump agrees to suspend Iran attacks for two weeks Trump backs off threat to annihilate Iran Indian business delegation visits China in sign of bilateral thaw US AI firms team up in bid to counter Chinese ‘distillation’ More airlines cut flights, raise costs Global hedge funds respond to war shocks US targets pillars of Iran economy View: AI is testing the oldest debate in business: Who’s the customer? Bill Ackman tries again with $60B Universal Music Group bid Exclusive: Gulf conferences at risk from Iran war Why Oura is running toward Washington oversight
He’s back: Biden returns to the campaign conversation
David Weigel · 2026-05-06 · via Semafor

Biden left office as the first one-term Democratic president since Jimmy Carter, with approval ratings under 40%. He angered some allies on the way out, pardoning his son Hunter after promising not to and suggesting that he, unlike Harris, could have won the 2024 election. (Few Democrats believe that, outside of Biden’s inner circle.)

Former President Barack Obama hit the trail for Democrats in last year’s competitive elections, but Biden stayed away. He spoke up after the off-year races were over, addressing Nebraska Democrats at a party dinner as Gaza protesters were kept behind a police line outside.

“We handed Donald Trump, literally not figuratively, the strongest economy in the world,” Biden said in Omaha. That set the tone for his next political speech, a commemoration of his 2020 South Carolina primary win, in which he derided Trump for a net job loss in his first term.

Few Democrats were as committed as Biden to defending his record, but the former president’s allies believe he’s being vindicated by Trump. In national Harvard-Harris polling this year, 53% of voters said that the economy was worse than it had been under Biden, and 62% blamed Trump for the decline.

“The Democratic candidates and party leaders who saw through the endless yelling about his age — and stayed focused on what he actually delivered for the American people — are the ones earning his endorsement,” said Nebraska Democratic Party chair Jane Fleming Kleeb. “And they will win their elections, because voters see the good Joe Biden did for our party’s infrastructure and for our country’s infrastructure.”

That sentiment may be giving Democrats with Biden ties a real boost with Democratic voters, even when their work for his administration wasn’t particularly well-reviewed. Becerra, whose Cabinet role came about largely thanks to a push from the Congressional Hispanic Caucus, now highlights that work as executive experience no other Democrat can match.

“Who has had to declare a crisis, a state of emergency, of the candidates that are running — at the scale of California?” Becerra asked at a town hall meeting in the Central Valley last month. “Only one candidate: Me.”

Republicans and one Democrat, San Jose Mayor Matt Mahan, view Becerra’s Biden record as a weakness. At their last debate, on April 28, the only mention of the Biden administration came from Mahan, who used it to attack Becerra’s record.

“The secretary has never met a crisis that he couldn’t ignore, whether it was migrant children, the 85,000 who were lost; monkeypox, where we were slow to respond and then blamed the gay community for the crisis; or COVID, where the Biden administration had to sideline him,” Mahan said.

“You’re not wearing a mask, are you, Matt?” Becerra shot back. “You are not worried about catching monkeypox, right? We were able to deal with these crises.”

The grumbling over Biden’s record has been quieter in Georgia, where Republicans nervous about their own messy primary see Lance Bottoms as a weak potential nominee. Republicans quickly blended her Biden endorsement into their messaging, which focused more on the former Atlanta mayor’s single term as well as her perceived mishandling of the pandemic and national unrest that defined the summer of 2020.

“Keisha Lance Bottoms burned Atlanta to the ground,” Trump-endorsed GOP contender Burt Jones said on X. “Now she and Joe Biden want to do it again.”

Unlike Becerra, who endorsed Biden well after he won the 2020 nomination, Lance Bottoms was an early supporter who defended him to the hilt and made an early running-mate list. In her memoir, published last month, Lance Bottoms writes that she turned down an unspecified Cabinet job to finish her mayoral term.

She spent just eight months leading Biden’s Office of Public Liaison, saying on the way out that the president’s “poll numbers have gone up tremendously,” then served on the low-profile presidential export council. As a 2024 campaign surrogate, she did not join the stampede of Democrats urging him to quit after his final debate with Trump.

“I was surprised by the president’s performance,” she wrote of Biden at the time. “I had never experienced a moment with him that made me question his physical or cognitive abilities.”

Like Koh, she asked the former president for an endorsement, and got it. Her Democratic primary rivals saw her record in Atlanta and DC as easy fodder for Republicans. But the ex-president’s popularity with their own voters made it hard for them to attack it first.