Railroad operator Union Pacific is holding talks to acquire its smaller rival Norfolk Southern in a deal that could create the largest rail operator in the country.

The WSJ’s Lauren Thomas and Ben Glickman report that the talks are early stage and there are no guarantees they will result in any deal or receive regulatory signoff, according to people familiar with the matter. It is also possible another suitor could emerge.

Union Pacific has a market value of some $140 billion, while Norfolk is valued at about $60 billion.

The deal would create a sprawling rail network that spans the continent and handles a sizable share of freight across the U.S. Currently, no railroad operator has a network that runs coast to coast in the U.S.

Union Pacific Chief Executive Officer Jim Vena has said publicly that a transcontinental railroad would improve service by smoothing out delays at interchanges, when a railroad operator transfers railcars to another operator.

Still, any deal would face serious scrutiny from a series of regulators, though analysts have speculated that Union Pacific is likely entertaining a merger proposal in part because of a more favorable regulatory environment under President Trump.

• A demand by Norfolk Southern is hiking the price of a railyard being built to support cargo shipments through the Port of Charleston. (South Carolina Daily Gazette)

The world’s largest contract semiconductor maker is accelerating plans to expand in the U.S. amid soaring demand for artificial intelligence and high-performance computing.

The WSJ’s Sherry Qin and Joyu Wang report that Taiwan Semiconductor Manufacturing plans to pull forward production timelines for some of its planned facilities in Arizona by several quarters.

The company that makes chips for some of the world’s largest tech companies, including Nvidia and Apple, announced earlier this year that it would boost its investment in U.S. production. TSMC now plans to invest $165 billion across six chip-fabrication plants, two advanced-packaging facilities, and a research and development center.

The company faces several challenges, including a tumultuous global trade environment. But despite currency headwinds and uncertainty around tariffs, TSMC reported a record second-quarter profit and raised its full-year guidance.

TSMC Chief Executive C.C. Wei told investors last month that the company faces a limited impact from tariffs, which are typically paid by importers. He added this week that the company hasn’t seen any changes in its customers’ behavior despite the uncertainty.

The race to secure critical minerals is heading to the landfill.

The WSJ’s Clara Hudson writes that U.S. lawmakers are pushing for improved recycling of items such as discarded laptops and phones to help shore up supplies of much-needed critical minerals.

Electronics recycling is complicated in part due to the medley of metals, glass and plastic that make up many devices. A boom in construction of data centers, which use graphic-processing units and servers that only last a few years, is expected to contribute to growing amounts of electronic waste in the coming years.

The U.S. is working to secure its supply of critical minerals—such as lithium, used to power electric vehicles and smartphones—in part to offset China’s dominance in the ownership and processing of the materials. Advocates for recycling used electronics say the practice offers a way to extend the lifespan of the metals long after items are thrown out.

U.S. jobless claims filings fell to 221,000 last week. (WSJ)

Retail sales in the U.S. rose 0.6% in June. (WSJ)

China’s gross domestic product grew 5.2% in the second quarter. (WSJ)

The longtime leader of trucking and logistics company ArcBest, Judy McReynolds, plans to retire at the end of the year. (WSJ)

FedEx is parting ways with its chief digital and information officer after a monthslong internal investigation into the unit he oversaw. (WSJ)

Advanced manufacturing startup Hadrian raised $260 million to expand production of critical defense components at a factory in Mesa, Ariz. (WSJ)

Boeing plans to sell up to 18 of its 787 Dreamliner jets to Gulf Air. (WSJ)

GE Aerospace reported that orders across its commercial and defense businesses increased in the second quarter. (WSJ)

PepsiCo logged higher revenue despite a small drop in volumes in the latest quarter. (WSJ)

Volvo Car swung to a second-quarter net loss amid a deteriorating global auto market. (WSJ)

Chinese consumers are spending big on items such as Labubu dolls, gold jewelry and bubble tea. (WSJ)

The Commerce Department imposed preliminary antidumping duties on Chinese imports of graphite, a key battery component. (Bloomberg)

Yang Ming Marine Transport selected Hanwha Ocean to build seven containership newbuildings. (TradeWinds)

Japan’s Yusen Logistics is in talks to acquire the healthcare logistics business of Walden Group. (Journal of Commerce)

At least 2,286 seafarers on 222 vessels have been abandoned so far this year, up 30% from last year. (Lloyd's List)

Mark R. Long is editor of WSJ Logistics Report. Reach him at mark.long@wsj.com. Follow the WSJ Logistics Report team on LinkedIn: Mark R. Long, Liz Young and Paul Berger.