The briefing for Monday, June 29.

The U.S. and Iran have agreed to 'stand down' following a weekend of escalating military exchanges in and around the Strait of Hormuz, according to U.S. officials. The agreement comes after both nations accused each other of violating their ceasefire signed just two weeks ago. A U.S. official told CBS News that vessels will now be able to move through the strategic waterway freely and that renewed talks aimed at ending the war will continue. Iran has not yet commented on the reports.

The exchanges began Thursday when an Iranian projectile hit a cargo ship in the Strait of Hormuz. The U.S. retaliated with strikes on Iranian military targets including surveillance infrastructure, communication systems, and air defense sites. Iran responded Saturday with missile and drone attacks on U.S. bases in Kuwait and Bahrain, though the U.S. said none reached their targets and caused no casualties or damage. On Sunday, Iran's Foreign Minister Abbas Araghchi reiterated Tehran's claim that it must govern the strait, warning that alternative arrangements would only increase tensions.

The conflict threatens the June 17 memorandum of understanding between the two nations, which included an immediate termination of military operations on all fronts. Technical talks are scheduled to resume Tuesday in Doha, Qatar, covering arrangements around the strait, removal of the U.S. blockade on Iranian ports, sanctions, and Iran's stockpile of highly enriched uranium. Iranian President Masoud Pezeshkian announced Monday that $6 billion in frozen Iranian assets would be released by Qatar. The Strait of Hormuz, which once carried about a fifth of the world's traded oil and natural gas, has seen ship traffic increase to 89 transits over 72 hours, though still below the historical average of 138 vessels daily.

Comcast announced Monday it will split itself into two separate publicly traded companies by spinning off NBCUniversal and Sky from its internet services business. The company's board and management team believe each entity will be better positioned to pursue its own strategic priorities and create long-term shareholder value as independent companies. The announcement represents one of the most significant restructurings in the media industry in recent years.

Under the plan, NBCUniversal will include its theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock streaming service, and Bravo, along with European media business Sky. Comcast, based in Philadelphia, will continue providing internet services to residential and business customers. Comcast co-CEO Mike Cavanagh will become CEO of NBCUniversal, while former Chief Financial Officer Michael Angelakis will become CEO of Comcast following completion of the separation. Chairman and co-CEO Brian Roberts will remain actively involved in the leadership of both companies.

Once the transaction is complete, Comcast shareholders will own shares in both entities. The separation is expected to be finalized in about a year, pending final board approval and regulatory clearances. Comcast expects to retain up to 19.9% ownership in NBCUniversal for up to one year after the spinoff. In premarket trading Monday, Comcast shares surged 24% on the news.

The Supreme Court is wrapping up its term this week with final decisions expected on eight remaining cases, several involving President Donald Trump's expansive claims of presidential power. The cases address Trump's efforts to restrict birthright citizenship, fire heads of independent agencies at will, and remove a sitting Federal Reserve governor. The court's conservative majority has so far been mostly receptive to Trump's immigration crackdown, including a decision last week allowing the administration to end temporary legal protections for people who came to the U.S. due to war or natural disaster.

Two election-related cases remain outstanding, involving state laws that allow grace periods for mailed ballots and limits on political party spending supporting candidates. The court is also weighing laws from West Virginia and Idaho that prohibit transgender girls and women from playing on public school and college sports teams—similar bans exist in roughly half the states. Another pending case concerns geofence warrants that collect cellphone users' location history to identify people near crime scenes, which critics say violates civil liberties.

The decisions could significantly reshape the balance of power between the executive branch and other government institutions. Another ruling could make it harder for people fleeing persecution to seek asylum in the United States. The court is expected to issue its remaining opinions beginning Monday, with all cases decided before the term concludes this week.

Samsung Electronics and SK Hynix announced Monday they will invest a combined 800 trillion won ($518 billion) to build a new semiconductor manufacturing hub in South Korea's southwest region. The announcement, made alongside President Lee Jae Myung, represents a major expansion beyond the companies' existing facilities in Gyeonggi Province, south of Seoul. The two companies together produce about two-thirds of the world's memory chips and have reported record profits in recent months driven by AI demand.

Each company will build two fabrication plants in the southwest, an area that has historically trailed in economic development and lacks major industrial hubs. Samsung Chairman Lee Jae-yong said the company's new fabs will be built in the southwestern city of Gwangju, with several potential sites under consideration including grounds of a military air base slated for relocation. SK Hynix Chairman Chey Tae-won noted the project would require vast sites along with sufficient power, water, and skilled workers, saying it took nine years to establish the company's major manufacturing cluster in Gyeonggi Province.

The companies didn't specify completion timelines, but officials say the expansion is necessary to meet surging global investment in data centers and AI infrastructure. Government officials outlined plans for a nationwide semiconductor ecosystem, with existing hubs in the southeast expanding production of chip components, the central Chungcheong region specializing in packaging, and data centers built across the country. Officials dismissed concerns about whether the southwest has adequate power and water, citing the region's strength in renewable energy as an advantage.

France recorded around 1,000 additional deaths last week during the peak of its record-breaking heatwave, the country's public health agency reported Sunday. There were more than 1,200 deaths on Wednesday when temperatures were hottest, increasing to over 1,400 deaths on each of the following two days. France's normal death rate in April and May, before the heatwave, was about 900 to 1,000 per day. The increase was sharpest in areas under red warnings of extreme heat, which covered about three-quarters of the country at the peak. About 85% of the deaths involved people aged 65 and above.

Temperature records continued falling across Europe over the weekend as the heatwave moved east. Germany set a new all-time high for the third consecutive day with 41.7°C (107°F) near the Polish border. Poland recorded its hottest day ever at 40.5°C (104.9°F), while the Czech Republic experienced 41.9°C (107.4°F). Denmark marked a provisional record of 37°C in Odum, exceeding its 1976 record of 36.4°C. A study from the World Weather Attribution found the record-breaking heat would have been virtually impossible just 50 years ago and is 200 times more likely today than 20 years ago due to climate change.

WHO Director-General Tedros Adhanom Ghebreyesus warned that Europe is the fastest-warming continent on Earth, heating at twice the global average, with 150 million people currently experiencing temperatures over 35°C. More than 1,300 excess deaths have been recorded since June 21 linked to high temperatures across Europe. The extreme heat has been followed by severe thunderstorms, sparked wildfires in Germany, and contributed to at least 55 drowning deaths in France. The heatwave is caused by a slow-moving area of high pressure creating a 'heat dome' with sinking, compressed air and largely cloud-free skies.

Chinese tech giant Huawei has overtaken Nvidia to lead China's artificial intelligence chip market, according to industry analysts, marking a significant shift driven by U.S. export controls. A report by Bernstein estimates that Nvidia held about 40% market share in China's AI chips market in 2025, roughly matched by Huawei. The firm predicts Nvidia's share will shrink to around 8% this year while Huawei's grows to about 50%. Nvidia CEO Jensen Huang acknowledged the company has lost its edge in China's advanced AI chips market as Chinese competitors have become 'giants.'

U.S. export controls imposed in 2019 initially excluded Huawei, and later China generally, from buying some of the world's most powerful computer chips and chipmaking machinery. By the time President Trump agreed to allow sales of Nvidia's advanced H200 AI chips to China, Beijing had switched to encouraging use of domestically designed chips made by local rivals led by Huawei. Chinese semiconductor makers have rushed to become self-sufficient, developing their own chips and expertise. Huawei's most advanced commercial AI chips, the Ascend 950 series, are considered roughly comparable to Nvidia's H200 by some industry measures.

Last September, Huawei announced it was rolling out some of the world's most powerful AI computing clusters, combining thousands of chips despite having to rely on Chinese-made semiconductors due to export controls. Santa Clara, California-based Nvidia and AMD dominate the U.S. AI chip sector and much of the global market, but Huawei has made significant inroads as Chinese AI companies like DeepSeek drive demand for improved chip performance and cost-effectiveness. Several recent cases linked to smuggling Nvidia chips into China show continued appetite for its technology, though experts say demand still exceeds available supply in China's AI chip market.