Number of the day

15% 

That’s the percentage of China revenues Nvidia and AMD reportedly agreed to pay DC in return for the Trump administration’s greenlight to resume certain chip sales to China — a pretty unusual arrangement. We wondered at the time what deal might’ve been done.

Trump to host Putin

Let's get you a quick primer ahead of this Friday's surprise Trump-Putin summit in Alaska.

Why now? Trump made the announcement on Friday, the same day his peace-or-sanctions deadline on Putin was set to expire. It was a response to a proposal Putin relayed to Trump's envoy (Witkoff) in Moscow on Wednesday.

✌️Proposal✌️ might be a bit generous, and there's some confusion on the details (Witkoff doesn't usually bring embassy note-takers with him), but Putin seems to be demanding…

• a) Ukraine's withdrawal from its own (fortified) Luhansk and Donetsk regions plus broad recognition of all Putin's illegal annexations, in return for

• b) Putin ceasing his attacks on Ukraine's Kherson and Zaporizhzhia regions.

Kremlin aides are pushing back on reports of any possible ‘land swap' (which might’ve stemmed from a Witkoff misunderstanding) — to the contrary, word is Putin is offering no withdrawal, and his aims seem unchanged (a disarmed, neutral, and pliant Ukraine).

So let's take a quick world tour to see how this looks for each leader, starting with…

1. 🇷🇺 Putin

If true, this is shaping up as a dream outcome for Putin. He's "offering" something he himself desperately needs: a pause after barely taking 0.6% of Ukraine's territory last year at staggering cost. And in return, he’s demanding something that 1,265 days and a million Russian casualties haven't yet achieved: full control of Ukraine’s Donbas.

On top of that, Putin also gets: a) the credibility of a meeting with a US president, that's b) taking place not just on any US soil, but specifically on c) turf Russia once sold to the US — ie, living proof that borders change (some Russian nationalists want Alaska back).

White House officials have flagged Ukraine's Zelensky could join too, though the Kremlin is rejecting that until “certain conditions” are met. So rather than (say) the White House using a POTUS meeting as a carrot to bring parties together, Putin wants Friday to…

• d) sideline Ukraine and its European allies

• e) cast Ukraine's self-defence as the obstacle to Trump's peace dream, and so…

• f) again avoid US sanctions, while maybe further eroding US support for Ukraine.

It's hard to see any cons for the Kremlin here, perhaps because most cons are for…

2. 🇺🇦 Zelensky

The Ukrainian president is choosing his words carefully to avoid getting re-painted as the problem here, but Putin is making demands he knows Zelensky can’t accept.

It’s a calculated wedge, dividing Zelensky between a) Ukraine’s own major constitutional and political hurdles to ceding land, and yet b) a chunk of Ukraine’s own population really also just wanting the war to end. It also withholds the thing Zelensky truly needs: some kind of guarantee Putin won’t just use any pause to re-arm, re-group, then attack again.

Putin hopes this pressure at home, plus any international isolation he can engineer from Alaska, tilts the chessboard back in his favour. So for now, Zelensky is reiterating that "Ukrainians will not gift their land to the occupier", while seeking support from…

3. 🌍 Europe

Vice President Vance co-hosted European officials at the UK’s Chevening House on Saturday, leading to a joint statement from seven European leaders mostly reiterating their existing support for Ukraine, though including this intriguing line: "Meaningful negotiations can only take place in the context of a ceasefire or reduction of hostilities."

Translation: a ceasefire is not some Russian bargaining chip to extract more Ukrainian land, but rather a precondition for any meaningful negotiations to even take place.

Behind closed doors, the Europeans are again reportedly urging that any turf concessions must be reciprocal, and backed by meaningful security guarantees for Ukraine.

So all in all, it seems we’re now hurtling towards a leader summit despite leader positions remaining unchanged.

Intrigue’s Take

The US president has notched up a few peace-making wins this year, whether on India-Pakistan, Rwanda-DRC, or Friday’s big Armenia-Azerbaijan news (the Zangezur corridor we foreshadowed is now the Trump Route for International Peace and Prosperity).

But the ultimate prizes have always been a) Arab-Israeli normalisation, and b) a Russo-Ukraine peace. Prize a) now looks out of reach with Bibi expanding back across Gaza, leaving only prize b), which Trump famously pledged to deliver within 24 hours. But instead, Putin has now doubled his air attacks as his vaunted summer offensive stumbles.

So if nobody’s positions are shifting ahead of Friday’s Alaska summit, why host? Setting aside any Witkoff misunderstanding, it’s possible the US president sees Friday's summit as validation of both a) his peace-maker branding, and b) his determination to just stop the killing. He might also hope (as he’s voiced before) that by sheer force of personality or connection, he could shake something loose out of Putin.

As for the venue choice? Maybe he sees Alaska more as a US flex, a halfway point, or perhaps even a step short of a full invite to (say) the White House.

But these are all maybes. In the meantime, and with details still evolving every hour, the available info suggests Friday’s summit is shaping up as a win for Putin more than anyone else.

Sound even smarter:

• It's Putin's first US visit since 2015 (for a UN summit), and his first non-UN trip state-side since 2007. It'll be Putin's seventh known face-to-face with President Trump (after six meetings during Trump 1.0).

• Putin’s last meeting with a US president was in 2021 (with Biden in Geneva).

Meanwhile, elsewhere…

Extra Intrigue

🤣 Your weekly roundup of the world’s lighter news

• In a bring-your-kid-to-work-day all-timer, a Colombian air traffic controller has let his son give take-off clearance for an aircraft (before getting suspended).

• The US department of agriculture is using audio of Adam Driver and Scarlett Johansson screaming at each other in a movie to scare wolves away from livestock.

• The Tampa Bay Rays have traded a player to the Yankees… mid-way through a game against the Yankees.

• Researchers in Australia have discovered that the native cockatoo bird can perform 30 distinct dance-moves (including an impressive headbang).

• And it turns out a camper heard yelling in the Canadian wilderness wasn’t in distress, but was just singing Nickelback.

Chocolate of the day

After Friday’s feature on the ol’ wood-panelled Dodge ‘Diplomat’ wagon, fellow Intriguer Mateus wrote in from Brazil to let us know it’s not just 1970s-era US carmakers trying to milk diplomacy for a bit of highfalutin brand-power.

Apparently, Nestlé also has a ‘Diplomata’ chocolate bar which we are assured does not taste like budget cuts or marital stress, but rather creamy milk chocolate with a subtle hint of chocolate and ooooooh infused with my kids hate me finely chopped cashew nuts.

Today’s poll

Last Thursday’s poll: What do you think global CEOs should focus on most these days?

🟩🟩🟩🟩🟩🟩 🧑‍🤝‍🧑 Customers (49%)

🟨🟨🟨⬜️⬜️⬜️ 👷 Employees (26%)

🟨⬜️⬜️⬜️⬜️⬜️ 💰 Investors (8%)

🟨⬜️⬜️⬜️⬜️⬜️ 🏛️ Home governments (9%)

⬜️⬜️⬜️⬜️⬜️⬜️ 🌍 Foreign governments (4%)

⬜️⬜️⬜️⬜️⬜️⬜️ ✍️ Other (write us!) (4%)

Your two cents:

• 👷 M.S: “Nobody ever got fired for obsessing over their customers.”

• 🏛️ E.L: “Deal with the noise from Washington but never lose customer focus.”

• ✍️ W.S: “The big picture (the environment).”