Context:

Prime Minister Benjamin Netanyahu announced an imminent military escalation in Gaza, planning to deploy tens of thousands of soldiers to seize territory and pressure Hamas into releasing hostages, amidst critical shortages of essentials due to the ongoing blockade. Concurrently, Israeli fighter jets bombed Yemen following a Houthi missile attack near Israel’s main airport. In the U.S., the Trump administration is offering financial incentives for undocumented migrants to self-deport and is in talks with Rwanda for deportee acceptance, while facing legal challenges over recent policy changes. The trial of Sean Combs began, with prosecutors alleging his entourage enabled criminal activities. Warren Buffett, renowned for his long-term investment strategy, is stepping down from his conglomerate, passing leadership to Gregory Abel, marking the end of an era in value investing.

Dive Deeper:

• Israel is preparing for a significant military escalation in Gaza, with Prime Minister Netanyahu stating that additional soldiers will be deployed to seize and hold territory, aiming to pressure Hamas into releasing hostages amid severe resource shortages due to the blockade.

• Israeli fighter jets conducted airstrikes in Yemen in retaliation against Houthi militants who launched a missile near Israel's main airport, highlighting ongoing regional tensions.

• The Trump administration has initiated a program offering $1,000 and a flight home to undocumented migrants who agree to self-deport, seeing it as a cost-effective alternative to detention and deportation, while also negotiating with Rwanda to accept deportees.

• Sean Combs, also known as Diddy, is on trial in Manhattan, facing allegations of leading a criminal enterprise that facilitated sexual exploitation, with the trial expected to last two months as the jury examines whether his entourage was complicit in the crimes.

• Warren Buffett announced his retirement, handing over leadership of his $1.1 trillion conglomerate to Gregory Abel, after a storied career that cemented his legacy as a pioneer of value investing and long-term financial strategies.

• The Trump administration faces multiple legal challenges, including a coalition of states suing to block cuts to health services and a lawsuit seeking to restrict access to abortion pills, while Democrats demand changes to cryptocurrency legislation amid allegations of profiteering.

• The Met Gala, raising a record-setting $31 million, featured a theme honoring Black fashion, coinciding with political shifts to the right, while Jean-Claude Silbermann, a self-proclaimed last Surrealist, showcases his artwork in the U.S. for the first time.