Good morning. U.S. and Chinese negotiators reached a framework deal on TikTok after two days of trade talks, a crucial step toward ending the yearslong saga over whether the video-sharing app can operate in America just days before it was set to be banned.

• An about-face: Beijing had previously shown little appetite for a deal on the popular app, but likely conceded to an agreement to keep alive its ambition for President Trump to visit China. The terms of the deal will be confirmed by Trump and Chinese leader Xi Jinping after a call on Friday, Treasury Secretary Scott Bessent said.
   
• Nvidia escalation: The outline of an agreement came together as China escalated its regulatory campaign against U.S. chip juggernaut Nvidia during the negotiations. The Chinese regulator’s action, according to people familiar with the matter, was taken to provide Xi with political cover for the TikTok deal so he wouldn’t appear weak to his domestic audience.
   
• Flexibility: Until the Madrid meetings, Chinese authorities had resisted U.S. demands that TikTok’s Chinese parent company, ByteDance, sell its controlling stake to U.S. investors. A main question is whether Chinese negotiators agreed to let ByteDance part with TikTok’s powerful recommendation algorithm as part of the deal. Beijing has placed this technology on its export-control list and until recently had stood firm on that.

Also: China Says Nvidia Violated Antitrust Law

Trump calls for ending quarterly earnings reports.

President Trump said companies should no longer be required to report their earnings on a quarterly basis, an idea he explored during his first term that has gained traction recently.

Publicly traded companies in the U.S. have reported results every three months for the past 50-plus years. Instead, Trump argued, companies should report their earnings every six months. “This will save money, and allow managers to focus on properly running their companies,” Trump wrote on Truth Social on Monday.

• Ending Quarterly Reports From Companies: What to Know
• What Investors Get Out of Quarterly Earnings

Australian regulators fine ANZ Bank $160 million.

One of Australia’s biggest banks agreed to pay 240 million Australian dollars, or roughly $160 million, in penalties and admitted to widespread misconduct in a settlement with the country’s financial regulator, Risk Journal reports. 

Australia and New Zealand Banking Group, or ANZ, on Monday admitted to “acting unconscionably” when facilitating a A$14 billion bond deal for Australia’s government by selling bond futures in a way that placed undue downward price pressure on them, the Australian Securities & Investment Commission said.

• Exxon Mobil wants to enlist an unlikely ally in its clashes with activist investors—its mom-and-pop shareholders. U.S. regulators on Monday allowed Exxon to ask its thousands of individual investors to sign up for a free program that would cast their votes on shareholder proposals in lockstep with the company.
   
• Tyson Foods said it would stop using high-fructose corn syrup in branded products by the end of the year, the latest company to change recipes as the Trump administration takes aim at ingredients used in processed foods.
   
• California lawmakers approved a measure to boost oil drilling in an effort to reverse the state’s long decline in fuel production, stave off refinery closures and reduce some of the highest gasoline prices in the country.

The FBI destroyed an internet weapon, but criminals picked up the pieces.

The Federal Bureau of Investigation recently disrupted a network of hacked devices used by criminals in some of the largest online attacks yet seen. Now those devices have been hacked by someone new to build an even bigger weapon.

Law-enforcement agencies and technology companies are waging a war against increasingly powerful networks of hacked devices, called botnets, that can knock websites offline for a fee. They are used for extortion and by disreputable companies to knock rivals offline, federal prosecutors say.

But lately, a new age of dangerous botnets has arrived, and existing internet infrastructure isn’t prepared, some network operators say.

• Israel launched a long-anticipated ground offensive into Gaza City early Tuesday morning, Israel’s military said, as Prime Minister Benjamin Netanyahu seeks to end the war against Hamas with military force instead of diplomacy.
   
• Secretary of State Marco Rubio said the U.S. was looking to move beyond the Israeli strike on Hamas officials in Qatar that spurred a diplomatic crisis last week, as Israeli Prime Minister Benjamin Netanyahu said Israel would continue to target terrorists wherever they are despite international condemnation.
   
• Two years ago, Stephen Miran’s career in finance seemed to reach a dead end. The investment firm he co-founded was closing, having never really gotten off the ground. Now he is at the forefront of President Trump’s bid to remake the Federal Reserve.
   
• Japan and New Zealand announced they are reducing the price cap on Russian crude oil from $60 to $47.60 per barrel, joining a growing international coalition to further restrict Moscow’s energy revenues, Risk Journal reports.

• The White House is moving swiftly to galvanize the outpouring of support for slain conservative activist Charlie Kirk into political momentum, as President Trump’s advisers weigh a slate of executive actions targeting liberal organizations.
   
• Former federal prosecutor Maurene Comey sued the Trump administration on Monday, arguing her firing from the Manhattan U.S. attorney’s office was unlawful and unconstitutional.
   
• President Trump filed a $15 billion defamation lawsuit against the New York Times, his latest legal attack against a major news outlet.
   
• They went to work for a stock exchange. Then the Scientology ties became clear.
   
• A pair of self-proclaimed tech bros have hired a president for their 11-month-old, daily live video podcast TBPN, the latest sign of the speed with which independent media businesses can now arise.
   
• Television commercials might soon look a lot like the ads in your Instagram and TikTok feeds: scrappy, niche and often obscure.

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