The Journal.

A new chairman is taking over from Jerome Powell at the Federal Reserve. But Powell isn't leaving. He plans to stay on as a voting member on the Fed’s board of governors. WSJ’s Nick Timiraos reflects on Powell’s tenure and unpacks his controversial decision to remain at the central bank. Jessica Mendoza hosts. Further Listening: - Who Is the New Fed Chair? - Why is the Fed Chair Facing a Criminal Investigation? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

President Trump has arrived in Beijing for a two-day summit with Chinese leader Xi Jinping. WSJ's Annie Linskey and Lingling Wei lay out what each side is hoping to get out of the talks, which will range from trade to Taiwan to the war in Iran. Jessica Mendoza hosts. Further Listening: - China's Cheap Goods Are Europe's Problem Now - Move Over, Humans. China's Robots Are Taking Over - The Missing Minister Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Dr. Marty Makary has resigned as commissioner of the Food and Drug Administration. Makary faced criticism over the FDA’s rejections of rare-disease drugs, the agency’s handling of abortion pills and high-profile departures of key FDA staff. But WSJ’s Liz Essley Whyte reports that it was a battle over flavored vapes that sealed Makary’s fate. Jessica Mendoza hosts. Further Listening: - The Flu Shot Drama at the FDA - The FDA Boss on the Agency’s MAHA Makeover - How Puff Bar Became the Most Popular Vape for KidsSign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Personal tech journalist Joanna Stern let AI be her doctor, driver, colleague, housekeeper, therapist and lover as research for her new book "I Am Not a Robot." In this live taping of The Journal, Stern discusses how artificial intelligence is increasingly shaping how we think and work. Ryan Knutson hosts. Further Listening:  Move Over, Humans. China's Robots Are Taking Over Inside Meta’s Big AI Pivot Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

GameStop has made an unsolicited offer to buy eBay for about $56 billion. The proposed deal, which eBay says it is reviewing, is the brainchild of GameStop CEO Ryan Cohen. In an interview with WSJ’s Lauren Thomas, Cohen said that putting his videogame retailer and eBay under one roof could create opportunities to cut costs and improve earnings. Jessica Mendoza hosts. Further Listening: - To the Moon: How did a bunch of amateurs take Wall Street by surprise? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Around the country, there’s been a construction boom in AI data centers, but opposition is surging too. In the small town of Festus, Missouri, a $6 billion project angered residents, leading to the removal of local council members and a campaign to recall the mayor. WSJ's Will Parker explains how intense local pushback is changing where data centers are built. Ryan Knutson hosts. Further Listening: - More Coding, Less Slop? Why OpenAI Ditched Sora - The AI Economic Doomsday Report That Shook Wall StreetSign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Private credit was the hottest craze on Wall Street. Throughout the boom, one firm became its poster child, Blue Owl. But a recent panic posed a troubling question. What happens if investors suddenly want out at the same time? WSJ's Matt Wirz reports on the turmoil and explains why private credit is something American workers need to pay attention to. Ryan Knutson hosts.  Further Listening: - The Wall Street Craze Jamie Dimon Can’t Resist. Even If It Blows Up. - Private Equity and Crypto Could Be Coming for Your 401K Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

After years of industrial decline, the Germany economy is stagnant. Government officials now hope an audacious plan, to pivot from consumer goods to weapons, will kickstart growth again. WSJ’s Bojan Pancevski explains how the same factories built to make German car parts are now gearing up to supply the defense industry. Jessica Mendoza hosts. Further Listening: - The Global Scramble for Patriot Missiles - Germany’s Economy Is Broken. There’s No Plan B. Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Spirit Airlines ceased operations on Saturday after a possible government bailout plan fell apart. WSJ’s Alison Sider reports on the company’s challenging last few years and what the end of Spirit means for travelers. Jessica Mendoza hosts. Further Listening: - Why Air Travel Costs Will Continue to Rise - How Spirit Airlines Landed in Bankruptcy Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Last year, a massive cyberweapon terrorized the internet. It launched thousands of DDoS attacks, threatening tens of millions of people around the world. The weapon came to be known as Kimwolf. WSJ’s Robert McMillan reports that cybersecurity experts were stumped. Kimwolf’s attacks seemed to be launched from millions of internet-connected devices like TV boxes, cameras and picture frames. Eventually, the experts got help from an unlikely ally: a 22-year-old college senior named Benjamin Brundage. Jessica Mendoza talks to Ben about how he might have saved the internet. To check if your network is secretly connected to a residential proxy network, here are a few tips. Further Listening: - Cybersecurity Braces for AI ‘Bugmaggedon’ - ‘Hack Me If You Can’ from The Journal Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Tariffs, inflation and an energy crisis have driven up the cost of nearly every consumer good. Despite those economic headwinds, IKEA has tried to keep its furniture affordable. Juvencio Maeztu is the CEO of the Ingka Group, IKEA’s largest franchise, and he explains how the company is making the numbers work. Ryan Knutson hosts.  Further Listening: Can Burger King Regain Its Crown? The Battle to Be the King of Retail: Walmart vs. Amazon Etsy: Big Commerce or Crafters' Community? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

In China, humanoid robots are on the rise. Robots with heads and torsos have been spotted staffing the front desk at hotels, working factory floors, and serving lattes. It's all thanks to an investment boom and subsidies from the Chinese government, which is betting on "embodied AI" as the next frontier in a global arms race. WSJ's Yoko Kubota explains how China's robots got so good, and what the US is doing to catch up. Ryan Knutson hosts. Further Listening: - China and the U.S. Are in a Race for AI Supremacy - The Man Leading Trump’s AI Charge Against China Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Meta is kicking its AI transformation into high gear. The Facebook, WhatsApp, and Instagram parent is getting aggressive about AI talent, integrating AI technology into employees’ workflows and even developing an AI agent to help its CEO Mark Zuckerberg. Last week, the company announced a 10% cut in its global workforce. WSJ’s Meghan Bobrowsky unpacks what the pivot means for the AI race and the company’s employees. Ryan Knutson hosts. Further Listening: Why Meta Is Offering $100 Million for AI Geniuses The Battle Within Meta Over Chatbot Safety Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

After 15 years as the CEO of Apple, Tim Cook announced this week that he will be stepping down. During his tenure, Cook quadrupled Apple’s revenue and transformed the company’s supply chain, building a complex global network that churns out hundreds of millions of devices each year. WSJ’s Rolfe Winkler reports on Cook’s legacy, and the new guy that’s set to replace him. Ryan Knutson hosts. Further Listening: - China and the U.S. Are in a Race for AI Supremacy - The Company Taking on Apple’s Watch Technology Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to our L.A. live show here!In the first Trump administration, the U.S. launched a “maximum pressure” campaign to cut Iranian oil from the global market and eliminate Tehran’s biggest source of revenue. Today, Iran sells billions of dollars’ worth of oil every month via a shadow fleet of ships that have been passing through the Strait of Hormuz. WSJ’s Rory Jones takes us inside Iran’s underground network for shipping, processing and selling oil in China. Ryan Knutson hosts. Further Listening: - How Iran's Regime Changed... for the Worse - The Strait of Hormuz Showdown - In Iran, an Uneasy Calm Amid a Cease-Fire Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

AI models like Anthropic's Mythos are finding software bugs at an unprecedented rate, kicking off a cybersecurity scramble to prevent what experts are calling “bugmageddon.” Thanks to these new models, hackers will be able to exploit those bugs more quickly than ever before. WSJ’s Robert McMillan explains why major corporations and the White House are scrambling to patch their systems. Jessica Mendoza hosts. Further Listening: - The Battle Over AI in Warfare - AI Is Coming for Entry-Level JobsSign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to our L.A. live show here!At the outset of the U.S.-Iran War, the U.S. and Israel assassinated key figures in the Iranian regime, including Ayatollah Ali Khamenei. But the killings of high-ranking officials have failed to spark the popular uprising President Trump initially called for. WSJ’s Margherita Stancati explores the current regime and reports that Iran’s theocratic dictatorship not only remains in control, but is more conservative, more radical, and more entrenched than ever before. Ryan Knutson hosts. Further Listening: - The Strait of Hormuz Showdown - The Energy Shock Is Here - In Iran, an Uneasy Calm Amid a Cease-Fire Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to our L.A. live show here! In 2019, influencer Tai Lopez made a pitch to his social media followers: by buying up distressed retail brands like Radio Shack and Pier 1 out of bankruptcy, they could all get rich. But as WSJ’s Suzanne Kapner reports, the Securities and Exchange Commission accused Lopez of running a “Ponzi-like scheme” through his company, Retail Ecommerce Ventures. Ryan Knutson hosts. Further Listening/Viewing: - Influencer Arielle Charnas’s Fashion Fail - How a Miami Couple Used Empty Mansions to Pocket Millions Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

The automotive industry is facing a shortage of mechanics. Ford Chief Executive Jim Farley has said his company’s dealerships have 5,000 open jobs – positions he says can pay up to $120,000 a year. WSJ’s Christopher Otts explains why more people aren’t taking him up on it. Ryan Knutson hosts. Further Listening: - The 20,000 Steps to a Walmart Manager’s Six-Figure Salary - The Repo Man Is Busier Than Ever Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to our L.A. live show here! The standoff in the Strait of Hormuz means millions of barrels of oil are still trapped in the Persian Gulf. As countries around the world begin to feel the impact of that energy shock, new inflation numbers are signalling that the U.S. economy is being impacted too. WSJ’s David Uberti explains how the stock market and consumers are processing what could be the worst oil crisis ever. Jessica Mendoza hosts. Further Listening: - The Strait of Hormuz Showdown - In Iran, an Uneasy Calm Amid a Cease-Fire - Will the U.S.-Iran Cease-Fire Hold? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to our L.A. live show here!The Trump administration has shrunk the IRS. WSJ’s Richard Rubin reports on how the federal government has scaled back tax enforcement, leaving fewer federal employees to audit returns and collect unpaid tax debts. The cutbacks could lead to more Americans skirting the tax law. Jessica Mendoza hosts. Further Listening: - How Do You Refund $166 Billion? - DOGE: The Plan to Downsize the GovernmentSign up for WSJ’s free What’s News newsletter.Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

President Trump’s announcement that the U.S. military would blockade the Strait of Hormuz sets up a risky showdown to control the strategic chokepoint. WSJ’s Vera Bergengruen explains what the blockade could look like, explores the global economic damage caused by the conflict and discusses what could come next in the war. Jessica Mendoza hosts. Further Listening: - In Iran, an Uneasy Calm Amid a Cease-Fire - Will the U.S.-Iran Cease-Fire Hold? - Israel Wants "Decisive Victory" in Iran. Is It Succeeding? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

When Tom Curtis took over as president of Burger King in 2021, the company was struggling. After joining, Curtis worked to update restaurants and streamline the menu. Jessica Mendoza talks with Curtis about the fast food chain’s recent struggles, the rising price of beef and his turn as a social media influencer.  Further Listening: - KFC Got Fried in the Chicken Wars. Can It Come Back? - The Epic Mess at TGI Fridays - Red Lobster's New CEO Plots Its Comeback  - McDonald’s Wants To Offer Quality And Value. Can It Do Both? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to our L.A. live show here!After nearly six weeks of war in Iran, a fragile cease-fire is holding for now. But for people on the ground, the uncertainty is far from over. Jessica Mendoza speaks with a Tehran resident living through the strangeness of war and WSJ’s Jared Malsin unpacks the sticking points for achieving long-term peace. Further Listening: - Will the U.S.-Iran Cease-Fire Hold? - Israel Wants "Decisive Victory" in Iran. Is It Succeeding? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

The U.S. and Iran agreed to a two-week cease-fire. President Trump said the truce was conditional on Iran opening up the Strait of Hormuz. WSJ’s Damian Paletta explains how the fragile cease-fire came together, why there are still many unanswered questions and what comes next. Jessica Mendoza hosts. Further Listening: - Israel Wants "Decisive Victory" in Iran. Is It Succeeding? - Iran Thinks It’s Winning the War - The Escalating Crisis at the Strait of Hormuz Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to our L.A. live show here! After the smash success of ChatGPT, OpenAI positioned its video generation model Sora as AI’s next consumer-friendly frontier. Disney signed on to the vision, promising a huge investment and allowing the studio’s characters to appear in Sora videos. Then OpenAI abruptly shut Sora down. WSJ’s Berber Jin takes us inside the pivot and explores what it means for the AI industry. Jessica Mendoza hosts. Further Listening: - OpenAI's 'Code Red' Problem - Is the AI Boom… a Bubble? - Artificial: The OpenAI Story Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

A new billion-dollar industry of hemp-derived THC drinks exploded onto the market last year by exploiting an apparent legal loophole. Now, a federal ban is set to wipe the popular alcohol alternatives off shelves by November. WSJ's Laura Cooper and Cann CEO Jake Bullock detail the last-ditch effort to lobby Washington. Jessica Mendoza hosts. Further Listening: - How Scotts Miracle-Gro's Weed Business Went Up in Smoke - California's Wine Industry Is in Crisis Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to our L.A. live show here!After Jeffrey Epstein’s death, Svetlana Pozhidaeva said she finally felt free. The former Russian model, who became one of Epstein’s “assistants” and a victim of his abuse, changed her name and moved to another city. Then the Epstein files dropped. WSJ’s Khadeeja Safdar unspools Pozhidaeva’s story and what it reveals about who Epstein allegedly ensared and how he did it. Jessica Mendoza hosts. Further Listening: - How Jeffrey Epstein Made Millions From His Connections - The Growing Fallout From the Epstein Files - Trump’s Letter to Jeffrey Epstein Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

After the Supreme Court ruled that many of President Trump’s tariffs were illegal, thousands of companies have sued the government in the hopes of getting their money back. WSJ’s Lydia Wheeler reports on the obscure court at the center of the refund battle and explains why the process will be slow and messy. Ryan Knutson hosts.   Further Listening: - How One Company Is Navigating a New Era of Tariff Uncertainty - Trump's Tariffs Are Illegal. He's Got a Plan B. Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to our L.A. live show here! When the war with Iran started, Israel had three goals: reduce the threat from Iranian missiles, eliminate its nuclear capabilities and, most importantly, create the conditions for regime change. WSJ’s Dov Lieber reports that about four weeks in, achieving those goals against Israel’s biggest enemy is proving elusive. With President Trump stating that he wants the war to end within weeks, Israel is now racing to cripple Iranian industry. Jessica Mendoza hosts. Further Listening:- Iran Thinks It’s Winning the War - The Global Scramble for Patriot Missiles Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to our L.A. live show here! OpenAI planned to launch an “adult mode” for ChatGPT, opening the door to AI-generated, sexually explicit conversations. The decision created an internal uproar as some company experts warned of potential risks to minors and unhealthy emotional attachments. WSJ’s Sam Schechner discusses the complicated future of sex and artificial intelligence. Ryan Knutson hosts. Further Listening: - Her Client Was Deepfaked. She Says xAI Is to Blame. - Why Elon Musk’s AI Chatbot Went Rogue Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to our L.A. live show here! In a landmark case, a 20-year-old woman just beat Meta and YouTube in court. WSJ’s Erin Mulvaney explains how a new legal strategy got around a decades-old legal shield for social media companies, and how Big Tech could end up like Big Tobacco. Jessica Mendoza hosts.  Further Listening: - In a Landmark Trial, Zuckerberg Takes the Stand - The Battle Within Meta Over Chatbot Safety Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Genetically engineered babies are banned in the U.S. But that isn’t stopping Silicon Valley tech titans from trying to make one. In this final installment from The Journal’s investigation into the fringes of the fertility industry, WSJ’s Emily Glazer reports on the controversial new companies pushing the boundaries of reproductive genetics. Ryan Knutson hosts. Further Listening: - Fertility Inc.: One Dad, One Hundred Babies - Fertility Inc.: ‘Our Money Was Gone’ - Fertility Inc.: When the Surrogate Gets Left With the Bill - Fertility Inc. from The Journal Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to our L.A. live show here!The most recent batch of the Epstein files show how easily Jeffrey Epstein collected confidential information from his well-connected associates. WSJ’s Emily Glazer reports on how Epstein sometimes used the tips to invest for himself. Ryan Knutson hosts. Further Listening: - The Growing Fallout From the Epstein Files - Trump’s Letter to Jeffrey EpsteinSign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to our L.A. live show here! If you’ve taken a flight lately, you might have noticed hourslong lines to get through Transportation Security Administration checkpoints at airports like New York, Atlanta and Houston. This week, President Trump deployed Immigration and Customs Enforcement officers to airports to try to ease bottlenecks as Congress works to try to make a deal to end the partial government shutdown. WSJ's Michelle Hackman dives into the situation at airports and what’s being done in Washington to get lines moving again. Ryan Knutson hosts. Further Listening:- Americans Are Now a Target in Trump’s Immigration Crackdown- The Florida Cops Who Act as ICE AgentsSign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about our L.A. live show here! Just weeks after the war started, Iran believes it is winning, but not because it has more firepower than the US and Israel. The regime wants its control over the Strait of Hormuz to become a permanent economic weapon. WSJ's Chief Foreign-Affairs Correspondent Yaroslav Trofimov reports on the steep price Iran wants to end the war. Ryan Knutson hosts. Further Listening: - The Escalating Crisis at the Strait of Hormuz - Will Gas Prices Go Up Because of the Iran War? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about our L.A. live show here! Click here to see the Wall Street Journal’s full visual investigation. American citizens are being targeted in the government's immigration enforcement operations. That's according to a Wall Street Journal visual investigation that reviewed thousands of videos, social media posts, and court documents. WSJ's Hannah Critchfield breaks down the Journal's findings, and explains how the government's actions are impacting free speech in the U.S. Jessica Mendoza hosts. Further Listening: - Kristi Noem’s $200 Million Mistake - The Florida Cops Who Act as ICE AgentsSign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the third episode from the fringes of the fertility industry, The Journal examines the rise of the surrogacy superuser. In the absence of meaningful regulation, the industry has enabled a new phenomenon of wealthy foreign men having dozens of children via surrogacy in the U.S. Ryan Knutson speaks with WSJ’s Katherine Long, who reports on the strange case of Xu Bo, a Chinese tech entrepreneur on a mission to have a mega-family.  Further Listening: - Fertility Inc.: ‘Our Money Was Gone’ - Fertility Inc.: When the Surrogate Gets Left With the Bill - Listen to all the Fertility Inc. episodes Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

President Trump’s oil blockade is grinding Cuba’s economy to a standstill, spreading unrest and intensifying pressure on the Communist regime. On Monday, the island nation’s obsolete power grid collapsed, causing blackouts across the country and exposing the magnitude of its economic implosion. WSJ’s Vera Bergengruen explains the U.S. pressure campaign and its impact. Jessica Mendoza hosts.   Further Listening: - Trump's 'Donroe Doctrine' on Foreign Policy Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Earlier this year, federal prosecutors unsealed an indictment alleging a widespread cheating scandal in D1 college basketball. WSJ's Jared Diamond reports on how this scandal unfolded, where endorsement deals come in, and how it might affect this year's March Madness tournament. Ryan Knutson hosts. Further Listening: - How Gambling Scandals Are Rocking Sports Leagues - How a Psychiatrist Lost $400,000 on Gambling AppsSign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Congress is moving to increase regulation over the crypto industry with the CLARITY Act. But the potential legislation has provoked a big clash between crypto companies like Coinbase and traditional banks over rewards that function a lot like interest. WSJ’s Amrith Ramkumar explores the tension and the impact the new bill could have on both industries. Ryan Knutson hosts.    Further Listening: - Coinbase’s CEO on the Future of Crypto - Inside the Trump Crypto Bromance Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Just one week into the blockbuster antitrust trial between the Justice Department and Live Nation, the two parties reached a tentative agreement. WSJ’s Dave Michaels explores a deal that would allow the dominant concert promoter to keep ownership of Ticketmaster, a potential monopoly the DOJ had been concerned about for years. But for a coalition of state attorneys general who were also part of the original lawsuit, the deal wasn't good enough. Jessica Mendoza speaks to North Carolina Attorney General Jeff Jackson about why he didn’t sign onto the agreement and what he’s looking for as the case continues. Further Listening: - The Trustbuster Taking on Ticketmaster - The Taylor Swift Ticketmaster Debacle Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Journal’s investigation into the wild west of the fertility industry continues, this time from an intended parent’s perspective. Ryan Knutson speaks with AnnaMaria Gallozzi, who wanted to have a child through surrogacy after a cancer diagnosis. Gallozzi and her husband set aside a large sum of money, but they lost it all when the escrow company entrusted with that cash defrauded them. WSJ’s Ben Foldy walks us through the complicated legal battle, and reveals how a lack of oversight has exposed hopeful parents to fraud.  Further Listening: - Fertility Inc.: When the Surrogate Gets Left With the Bill - The Mystery of the Mansion Filled With Surrogate Children Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

The shutdown of the Strait of Hormuz has triggered a global economic disruption and created a major military and political challenge for the Trump Administration. WSJ's Jared Malsin explores the militarization of the strait, the options for its reopening and the risks of a prolonged closure of the world’s most important energy-transport route. Jessica Mendoza hosts. Further Listening: - Will Gas Prices Go Up Because of the Iran War? - The Global Scramble for Patriot Missiles Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Since the start of the war in Iran, the U.S. and regional allies have relied on American-made Patriot missile systems to counteract Iran’s airstrikes. But WSJ’s Bojan Pancevski reports that production shortfalls are draining reserves. This urgent math problem is not only straining U.S defenses around the world, it’s also creating an existential crisis for another country seeking to defend itself: Ukraine. Ryan Knutson hosts. Further Listening: - Will Gas Prices Go Up Because of the Iran War? - Trump’s Shifting Reasons for War With Iran - What’s Next for Iran? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Anthropic is taking the Trump administration to court, after the Trump administration designated the AI company a security threat and tried to cancel its federal contracts. The move brings the ongoing battle between the two sides to new heights. WSJ’s Keach Hagey explains Anthropic’s ‘red lines’ at the heart of the saga, how rival OpenAI stepped in to make its own deal with the Pentagon, and what all of this could mean for the future of Anthropic’s business. Jessica Mendoza hosts. Further Listening: - Anthropic’s Pentagon Problems - The AI Economic Doomsday Report That Shook Wall Street Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Kristi Noem brought a camera-ready leadership style to the Department of Homeland Security. Now, after a turbulent year leading the agency, Trump has fired her. WSJ's Michelle Hackman takes us behind the scenes of her controversial tenure and what led to her downfall. Ryan Knutson hosts. Further Listening: - Inside the ICE Hiring Blitz - Inside ICE's Aggressive Approach to Arresting Migrants Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Reproductive technology is a modern miracle. It's made it possible for millions of people to become parents who might otherwise not have been able to. But growing demand has spawned a multibillion-dollar industry that’s largely unregulated in the U.S.  In our first episode looking at the wild west of the fertility industry, Ryan Knutson speaks with a three-time surrogate who ended up in a big legal battle. Nia Trent-Wilson was left with hundreds of thousands of dollars in medical debt after a family didn’t pay up after delivery. WSJ’s Katherine Long reports on how the industry fosters a dramatic power imbalance between surrogates and intended parents. Further Listening: - The Mystery of the Mansion Filled With Surrogate Children - America’s Maternal Health Crisis Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

After a months-long bidding war, Paramount Skydance has secured a deal to acquire Warner Bros. Discovery, snatching the media giant away from Netflix. WSJ’s Joe Flint breaks down how Paramount CEO David Ellison pulled off the $81 billion takeover and what this debt-heavy merger means for the future of entertainment and news. Jessica Mendoza hosts. Further Listening: - The Man Who Wants Netflix to Save Hollywood  - She Swore Off Legacy Media. Now She's Running CBS News. Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

The conflict with Iran has raised energy prices and sent shock waves through markets. WSJ’s Rebecca Feng explains what’s happening in the Strait of Hormuz, an Iran-controlled waterway through which a fifth of the world’s oil supply typically travels. And WSJ’s Harriet Torry breaks down what this could mean for consumers and inflation in the U.S. Jessica Mendoza hosts. Further Listening: - Trump’s Shifting Reasons for War With Iran - Trump's 'Donroe Doctrine' on Foreign Policy Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices