Axios

A building boom across the South and Mountain West has cooled rents — but that relief could fade as new construction slows.

Why it matters: Housing is unaffordable for many. Although the median U.S. rent for new leases is down 1.5% from a year ago, it's still roughly 20% above pre-pandemic levels, at $1,400 a month, per Apartment List.

It's a CEO's job to sell their product — not scare people it'll ruin their lives.

• Tell that to OpenAI's Sam Altman and Palantir's Alex Karp, who've both delivered bleak warnings about the disruption AI could bring.

Why it matters: Portraying AI as immensely powerful — even dangerous — reinforces the idea that only a few companies can build it safely. That's an effective message for fundraising but a scary pitch to consumers.

President Trump is working to assemble a coalition of countries to reopen the Strait of Hormuz and hopes to announce it later this week, four sources tell Axios.

• Trump is also weighing a seizure of Iran's critical oil depot on Kharg Island — a move that would require U.S. boots on the ground — if tankers remain bottled up in the Persian Gulf, U.S. officials say.

Why it matters: Oil and gas prices are rising as Iran's blockade of the Gulf's narrow strait drags on, choking off a significant share of the world's crude supply.