President Trump has formally notified Congress that US "military action" against Iran has resumed, capping off the end of the monthslong ceasefire.

In a letter sent under the War Powers Resolution, Trump said Iran violated a previous agreement by attacking commercial shipping in the Strait of Hormuz last week, prompting the US to restart military strikes (see previous briefing). In the letter:

Is he allowed to extend the war? Technically, yes, from a legal perspective. Under the War Powers Resolution, Trump's ceasefire with Iran gives him a brand-new 60-day window for the Pentagon to conduct military action in the region, though legal scholars remain divided on the issue.

Trump already hit the deadline once: Earlier this year, Trump passed the key legal deadline for wartime operations, leading both the House and Senate to approve resolutions seeking to limit the president's ability to continue military action in Iran without congressional approval.

🌎 Why is this important? If fighting with Iran escalates, Americans could see higher gas prices and broader inflation as oil markets react to disruptions in the Middle East. The renewed conflict also intensifies the debate over how much authority a president should have to commit US forces to military action without explicit approval from Congress.

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Americans have dealt with years of rising prices for outdoor experiences like concerts, sporting events, and travel. But now, as more people stay in to save money, inflation is even reaching the living room.

As companies have looked to offset higher development costs and boost profits, home entertainment has become increasingly expensive, forcing consumers to cut back.

The funflation is reaching every corner of the household. According to exclusive data analyzed by PNC Financial Services for CNBC:

Companies are betting you’ll keep paying: They attribute the higher prices to the rising costs of producing blockbuster movies, TV shows, and video games. At the same time, many are also investing heavily in AI, cloud gaming, and live sports rights. Analysts say companies think consumers are willing to pay more for premium content, even if it means subscribing to fewer services.

The high prices won’t stop here: The average US household is expected to spend about $792 on electricity between June and September, up 10.5% from last summer and roughly 40% from 2020.

🌎 Why does this matter? While streaming giants may be betting that consumers will still pay, many Americans are already cancelling their most expensive subscriptions and opting instead for cheaper bundle services. Analysts say the change could push companies to offer more bundles, discounts, and ad-supported plans as they compete for increasingly budget-conscious consumers.

Well, Apple sure thinks so. The tech giant filed a lawsuit against OpenAI on Friday, alleging the company (and two former Apple employees) took part in a coordinated scheme to steal the company’s trade secrets.

The former employees are accused of using current Apple employees to gain access to Apple's internal systems and share secret product information. According to the lawsuit:

Apple claims that “every level” of OpenAI was in on the coordinated effort to steal proprietary information, including hundreds of former employees.

Apple says more than 400 of its former employees now work at OpenAI. The case largely centers on two of them, engineer Chang Liu and former Apple VP Tang Tan, who spent 20 years developing key products before leaving to be OpenAI’s chief hardware officer.

According to Apple, Liu:

Looking ahead: Apple is seeking damages and wants OpenAI to destroy any confidential Apple materials, calling its hardware business "rotten to its core” (pun intended?). Of course, OpenAI has denied the allegations, saying it has "no interest in other companies' trade secrets" and intends to defend itself in court.

🌎 How does this affect you? The case could also push tech companies to strengthen safeguards around trade secrets and employee hiring, potentially making it harder for engineers to move between competitors. That means consumers could see AI-powered products take longer to reach the market and become more expensive to develop.

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The US housing market stumbled at the end of its busiest selling season, with existing home sales falling unexpectedly last month as mortgage rates remained high and prices soared.

Hopes that the housing market was beginning to rebound were dramatically slashed as potential buyers were swept to the sidelines, opting to wait for better conditions:

Why the sales slump? It was largely a mix of higher borrowing costs, economic uncertainty, and high prices. Earlier this year, the housing market improved as mortgage rates dipped below 6%, but rising inflation and the war in Iran have since pushed rates higher, reducing affordability for many buyers.

Prices were the biggest factor: The median price for existing homes climbed to an unprecedented level, reaching a record high of $440,600, an almost 2% increase from the same time last year.

Economists say that’s not enough. The number of homes for sale has increased compared with last year, giving buyers more choices than they had during the pandemic housing boom.

However, experts say supply is still below what's needed to meaningfully lower prices:

Will it ever get better? While inventory has improved and wages are growing faster than home prices, affordability remains the biggest obstacle for many households, but analysts say the housing market is unlikely to rebound unless mortgage rates fall or incomes rise enough to offset today's higher costs.

🌎 Why should you care? Homeownership is becoming increasingly out of reach for many homeowners as they grapple with unprecedented prices, high borrowing costs, and economic uncertainty. If the sales slowdown continues, it could ripple to the broader economy, economists warn.

We’re tracking housing affordability live on our Watchlist dashboard. Click the button below to see its status, momentum, and other key developments.

EU regulators concluded that Facebook and Instagram are too addictive and harm younger users. They now want Meta to make changes… or pay steep fines.

The European Commission announced this week that the company currently violates the Digital Services Act, as certain design elements increase the risk of excessive screen time and harm to young users' mental health.

Meta now has a chance to offer solutions before regulators make a final ruling. However, Regulators want Meta to:

The stakes are high: If regulators stick with their conclusions, Meta could face fines worth up to 6% of its global revenue for the year. The company says it disagrees with the findings, arguing it has already strengthened parental safeguards, but also pledged to keep cooperating with regulators.

🌎 Why is this important? Europe's latest action against Meta could eventually reshape Facebook and Instagram for users well beyond the EU if the company adopts similar design changes globally. It could also lead regulators to continue cracking down on addictive features across social media platforms.

> A team of Italian engineering students has built and flown the world's largest paper airplane, a 66-foot-wide creation that glided nearly 200 feet to earn a Guinness World Record.

> Denmark's annual World Santa Claus Congress brought dozens of professional Santas together for festive competitions and parades months before the holiday season officially begins.

> The Bayeux Tapestry has returned to England for the first time in nearly 1,000 years, where it will go on display at the British Museum after a secret, high-security journey from France.

> MIT engineers developed a flapping-wing robot that can dive beneath the surface, swim, and then launch itself back into flight. The bird-like robot could inspire similar drone designs that would collect data from areas that are otherwise too hard to reach.

> Last week, Palm Beach Airport officially changed its name to President Donald J. Trump International Airport, becoming the first airport named after a sitting US president.