Axios

What looked like a typical round of President Trump insulting European leaders last weekend could turn into a wholesale reordering of the trans-Atlantic relationship.

Why it matters: Administration officials are pointing to Europe's reluctance to get involved in Iran to question why the U.S. should continue underwriting its defense.

• Against that backdrop, NATO Secretary General Mark Rutte is due in Washington tomorrow for what may be the alliance's most consequential encounter with Trump since his return to office.

Investors seem to be hitting pause on the AI run-up. Chip stocks in particular are slumping from their record highs.

Why it matters: We're in a bit of a reality-check moment in the AI buildout — both for the businesses blowing their budgets on compute and for the investors bidding up stock prices for any company engaged in the new technology.

House Democrats were left stunned on Tuesday night after two of their colleagues — including the chair of the Congressional Hispanic Caucus — lost primaries to left-wing challengers.

Why it matters: The New York primary results are poised to double the bloc of Democratic Socialists of America (DSA) in Congress, something that is not sitting well with some moderates.