The US and Iran exchanged intense fire in the Strait of Hormuz yesterday, marking the most dire test yet amid the two countries’ ongoing ceasefire.

According to the US Central Command, three US Navy destroyers were targeted by multiple Iranian missiles, drones, and small boats while moving through the strategic waterway. US officials said in a statement that:

A day earlier, the Iranian military accused the US of violating the ceasefire agreement after a US fighter jet fired on an Iranian oil tanker as the vessel attempted to breach the American naval blockade (read why the US is blocking the vital waterway here).

Does this mean the ceasefire is broken? While tensions are undoubtedly flaring, it doesn’t seem so. Washington said it executed “self-defense strikes,” which don’t constitute a breach of the truce, and Iran said the situation had “returned to normal.” Officials from both the US and Iran have said they do not want further escalation.

The exchange came just one day after a potential peace deal: On Wednesday, the White House and Iran were reportedly close to agreeing on a new one-page peace memorandum that involved Iran effectively suspending its nuclear program, the end of US sanctions on the country, and both sides freeing up passage through the Strait of Hormuz.

This is a constantly evolving situation; see live updates here.

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At a time when entry-level jobs are getting harder to find, Birmingham is emerging as one of the best places for recent college grads to land work, according to a new report by ADP.

After analyzing payroll data from over 400,000 workers in their 20s, researchers at ADP ranked all major US cities based on salary, cost of living, and likelihood of getting hired.

Most of this year’s top spots were concentrated in the south:

The coasts did okay, too: San Francisco and New York still made the top 10 thanks to strong hiring and salaries, even with sky-high living costs. Meanwhile, Raleigh, NC, slipped from first place to fourth after leading the rankings for the past two years.

These rankings are more important than ever: While entry-level hiring appears to be improving (albeit slowly), the job market is still historically bad for recent graduates. According to the Federal Reserve Bank of New York, unemployment among young degree holders rose to 5.6% at the end of last year, a far cry from the roughly 3% average seen before the pandemic.

On Sunday, the world’s largest brick-and-mortar video game retailer made an unsolicited $56 billion offer to acquire eBay in an attempt to create a combined company capable of rivaling Amazon.

The problem is, GameStop CEO Ryan Cohen has no idea how to pay for it.

Media outlets across the US labeled the announcement (watch it here) as “bizarre,” “dizzying,” and “awkward,” and even Cohen himself said he’s “selling stuff on eBay to pay for eBay” in a post on X.

So, where would GameStop get the money? The company, best known as a meme stock, said it is offering 50% cash and 50% stock and has secured up to $20 billion in financing from TD Bank (though it’s not finalized).

What would GameStop even do with eBay? Cohen said he could use GameStop’s roughly 1,600 stores to help fulfill eBay orders and push the company toward live commerce by livestreaming sales, similar to how some retailers operate on TikTok (see overview).

Will the sale end up coming together? As of writing, eBay hasn’t made an official decision but said it had received the offer and would review it. Analysts, however, seem to think the sale won’t happen.

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Coinbase has officially joined the biggest trend in tech. The cryptocurrency exchange said Tuesday it plans to cut about 14% of its workforce, or roughly 700 employees, as it moves to automate more roles with AI.

At a time when the crypto market is rather, well, unremarkable, CEO Brian Armstrong said that advances in AI will allow the company to better manage costs with a much leaner workforce.

That means smaller teams leading fleets of AI agents. And by small, I mean ultra small. According to Armstrong:

This shift isn’t unique to Coinbase: Several tech companies like Snap, Block, and Salesforce have recently blamed layoffs on AI automation. However, critics say framing cuts as “innovation” instead of underlying business issues is an inflated tactic aimed at reassuring investors.

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Earlier this week, Apple agreed to settle a $250 million class-action lawsuit after being accused of misleading consumers about the AI capabilities of its newer iPhones… and you might get a piece of the pie (or apple).

Two years ago, Apple heavily promoted several Apple Intelligence features, including a major Siri upgrade, ChatGPT integration, and other AI-powered tools, but none were available when the iPhone 16 launched later that year.

Now, thanks to the settlement, anyone who bought an iPhone 15 Pro, Pro Max, or any iPhone 16 model in the US between June 10, 2024, and March 29, 2025 (which is around 37 million people) is entitled to compensation.

If you happen to be in that group, you can expect:

Learn if you’re eligible and see how to file a claim here.

Are those AI features even coming? While Apple has slowly been adding AI features, it’s still playing catch-up with other tech giants. Earlier this year, the company said Google Gemini (instead of ChatGPT) would help power its AI features, along with the long-delayed Siri overhaul, which is finally expected to launch sometime this year.

> Researchers say a single dose of psilocybin could change the brain circuits tied to emotional regulation, possibly explaining why some people report long-term relief from anxiety and depression.

> A study published on Wednesday revealed a massive tsunami in southeastern Alaska last year was confirmed to be the second-largest in recorded history, with waves reaching as high as 1,578 feet. See an animated reconstruction of the event here.

> The creator of the Roomba has unveiled a new AI-powered robot pet designed to emotionally bond with humans. The machine, called a Familiar, will learn your habits, react to emotions, and follow you around like, well, a pet.

> Researchers have developed a powerful new form of CRISPR that can kill sick cells while leaving healthy cells unharmed, a potentially revolutionary advance in disease treatment if the results can be replicated in humans.

> A small, icy object behind Pluto seems to have an atmosphere, suggesting the outer solar system is more complex than scientists had expected.

> China has begun deploying humanoid robots to direct traffic at busy intersections, with the machines waving pedestrians across streets and assisting police during holiday crowds. Watch how they do it here.