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The Wall Street Journal & Spotify Studios

The most important stories about money, business and power. Hosted by Ryan Knutson and Jessica Mendoza. The Journal is a co-production of Spotify and The Wall Street Journal.

Get show merch here: https://wsjshop.com/collections/clothing

The Journal.

The shutdown of the Strait of Hormuz has triggered a global economic disruption and created a major military and political challenge for the Trump Administration. WSJ's Jared Malsin explores the militarization of the strait, the options for its reopening and the risks of a prolonged closure of the world’s most important energy-transport route. Jessica Mendoza hosts.

Further Listening: 

- Will Gas Prices Go Up Because of the Iran War?

- The Global Scramble for Patriot Missiles

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Learn more about your ad choices. Visit megaphone.fm/adchoices

The Escalating Crisis at the Strait of Hormuz

Since the start of the war in Iran, the U.S. and regional allies have relied on American-made Patriot missile systems to counteract Iran’s airstrikes. But WSJ’s Bojan Pancevski reports that production shortfalls are draining reserves. This urgent math problem is not only straining U.S defenses around the world, it’s also creating an existential crisis for another country seeking to defend itself: Ukraine. Ryan Knutson hosts.

Further Listening:

- Will Gas Prices Go Up Because of the Iran War?

- Trump’s Shifting Reasons for War With Iran

- What’s Next for Iran?

Sign up for WSJ’s free What’s News newsletter.

Learn more about your ad choices. Visit megaphone.fm/adchoices

The Global Scramble for Patriot Missiles

Anthropic is taking the Trump administration to court, after the Trump administration designated the AI company a security threat and tried to cancel its federal contracts. The move brings the ongoing battle between the two sides to new heights. WSJ’s Keach Hagey explains Anthropic’s ‘red lines’ at the heart of the saga, how rival OpenAI stepped in to make its own deal with the Pentagon, and what all of this could mean for the future of Anthropic’s business. Jessica Mendoza hosts.

Further Listening:

- Anthropic’s Pentagon Problems

- The AI Economic Doomsday Report That Shook Wall Street

Sign up for WSJ’s free What’s News newsletter.

Learn more about your ad choices. Visit megaphone.fm/adchoices

The Battle Over AI in Warfare

Kristi Noem brought a camera-ready leadership style to the Department of Homeland Security. Now, after a turbulent year leading the agency, Trump has fired her. WSJ's Michelle Hackman takes us behind the scenes of her controversial tenure and what led to her downfall. Ryan Knutson hosts.

Further Listening: 

- Inside the ICE Hiring Blitz

- Inside ICE's Aggressive Approach to Arresting Migrants

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Learn more about your ad choices. Visit megaphone.fm/adchoices

Kristi Noem’s $200 Million Mistake

Reproductive technology is a modern miracle. It's made it possible for millions of people to become parents who might otherwise not have been able to. But growing demand has spawned a multibillion-dollar industry that’s largely unregulated in the U.S. 

In our first episode looking at the wild west of the fertility industry, Ryan Knutson speaks with a three-time surrogate who ended up in a big legal battle. Nia Trent-Wilson was left with hundreds of thousands of dollars in medical debt after a family didn’t pay up after delivery. WSJ’s Katherine Long reports on how the industry fosters a dramatic power imbalance between surrogates and intended parents.

Further Listening: 

- The Mystery of the Mansion Filled With Surrogate Children

- America’s Maternal Health Crisis 

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Fertility Inc.: When the Surrogate Gets Left With the Bill

After a months-long bidding war, Paramount Skydance has secured a deal to acquire Warner Bros. Discovery, snatching the media giant away from Netflix. WSJ’s Joe Flint breaks down how Paramount CEO David Ellison pulled off the $81 billion takeover and what this debt-heavy merger means for the future of entertainment and news. Jessica Mendoza hosts.

Further Listening: 

- The Man Who Wants Netflix to Save Hollywood 

- She Swore Off Legacy Media. Now She's Running CBS News.

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Learn more about your ad choices. Visit megaphone.fm/adchoices

Inside the Nasty Fight to Take Over Hollywood

The conflict with Iran has raised energy prices and sent shock waves through markets. WSJ’s Rebecca Feng explains what’s happening in the Strait of Hormuz, an Iran-controlled waterway through which a fifth of the world’s oil supply typically travels. And WSJ’s Harriet Torry breaks down what this could mean for consumers and inflation in the U.S. Jessica Mendoza hosts.

Further Listening:

- Trump’s Shifting Reasons for War With Iran

- Trump's 'Donroe Doctrine' on Foreign Policy

Sign up for WSJ’s free What’s News newsletter.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Will Gas Prices Go Up Because of the Iran War?

The U.S.’s war with Iran has entered its fourth day. The Trump administration has given several reasons for initiating attacks on Iran. All of them are coming under scrutiny. WSJ's Alex Ward discusses the intelligence President Trump is using for his case for war and explores the challenges ahead. Ryan Knutson hosts. 

Further Listening: 

- What’s Next for Iran?

- U.S. and Israel Attack Iran

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Learn more about your ad choices. Visit megaphone.fm/adchoices

Trump’s Shifting Reasons for War With Iran

After a joint U.S. and Israeli military campaign against Iran killed Supreme Leader Ayatollah Ali Khamenei, Iran has launched its own strikes in return. Now, the Middle East is on a path to a broader regional war. WSJ’s Sune Engel Rasmussen explains the Iranian regime's existential fight and how its retaliation is drawing in countries around the region. Jessica Mendoza hosts.

Further Listening: 

- The Bank Collapse Behind Iran's Protests 

- Trump's 'Donroe Doctrine' on Foreign Policy 

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Learn more about your ad choices. Visit megaphone.fm/adchoices

What’s Next for Iran?

If you want to start on episode one, or hear the full series up to this point, click on this playlist. 

Jennifer Spivey Foley has her day in court. After a long hearing with new evidence, a judge decides whether Weldon Boyd and Bradley Williams should have immunity under South Carolina’s Stand Your Ground law for the killing of her brother Scott. WSJ’s Valerie Bauerlein reports from the courtroom. 

Read the Reporting:

- What Happened on Camp Swamp Road? 

Follow the Story:

- Camp Swamp Road Playlist

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Camp Swamp Road Ep. 6: Your Side, Their Side and the Truth

Prediction markets like Polymarket and Kalshi are booming, but they’re facing questions about users betting on information that is not publicly available, from Super Bowl performances to geopolitical crises. Advocates for the platforms say they are "truth machines" but critics say they’re a new vehicle for insider trading. WSJ’s Caitlin Ostroff explains how users are making fortunes, and why regulators are starting to take notice. Ryan Knutson hosts.

Further Listening: 

- How ‘The Joker’ Rigged the Texas Lottery

- How Parlays Became the Biggest Bet in SportsSign up for WSJ’s free What’s News newsletter.

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Insiders Are Cashing In on Prediction Markets

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