A sweeping negative take on US policy: debt, overstretched military, angry allies, and a stock market propped up by AI and crypto bets that are already cracking.

• The Atlantic Council warns US global leadership is slipping on three fronts at once — money, military, and alliances.
• Bitcoin treasury companies have lost tens of billions in value as their business model unravels, while Nvidia jumped on strong earnings and renewed AI enthusiasm.
• Trade talks with Canada are souring, with the US trade rep floating bans on Canadian goods and Canada questioning whether any US deal will be honored.
• Washington is weighing troop cuts in Europe while the CIA quietly warns Moscow against attacking NATO, and the UK prepares to tell citizens to stock food.
• Iran and Oman reached an interim deal to reopen the Strait of Hormuz over the next month or two, though mine-clearing remains disputed.

Outlook: Expect more trade friction with Canada, a shakier crypto sector, and continued pressure on US alliances heading into the midterms.